Exhibit10.12
TERMINATION AGREEMENTANDRELEASES
THIS TERMINATION AGREEMENT, TOGETHER WITH RELEASES (the "Agreement"), is made betweenConnied,Inc.("Connied"),as successor ininteresttoContinentalInvestmentsGroup,Inc.("Continental"), andCMGHoldingsGroup,Inc.(the "Company") (the "Company, onthe one hand,and "Continental" and "Connied'', onthe other hand,hereinafterthe"Parties").
RECITALS
WHEREAS,onMarch31, 2011thePartiesenteredintoaSaleandPurchaseAgreementwhereintheCompanyagreedto issue50,000sharesofitsSeriesBConvertiblePreferredStocktoContinentalInvestmentsGroup,Inc.inexchangefor20,000cartoon animated Cels (the "Cel Art) andContinentalagreed todeliver theCel Art totheCompany;and
WHEREAS,Conniedisthesuccessor in interest toContinental;and
WHEREAS,neitherofthetransactionscontemplatedbytheSaleandPurchaseAgreementtookplace,inthatnoCe!Art wasdeliveredtotheCompanyandnoPreferredStockintheCompanywasissuedordeliveredtoContinental;and
WHEREAS,ConniedorContinentalholdanotefromtheCompanywhichpurportstohaveacashvalueof$85,000(the "Note"), and received 2.5 million shares of restricted stock oftheCompany;and
WHEREAS,theParties wish to terminatetheSale and Purchase agreement, release any claimseithermay forperformance oftheAgreement,resolvefullyandfinallyanyandallissuesorclaimspertainingtotheSaleandPurchaseAgreement,canceltheNoteandeffectadisclaimerbyConniedandContinentalofanyright,titleorinterestin2.5millionsharesofrestrictedstockoftheCompany, all in accordancewith thisAgreement,
NOW,THEREFORE,thePartiesherebyagreeasfollows:
TERMSANDCONDITIONS
1. The Saleand PurchaseAgreement enteredintoonMarch 31,2011betweentheCompany andContinentalis hereby terminated and shallhaveno further force oreffect.
2. ConniedandContinentalherebydisclaimanyright,titleorinterestin2.5millionsharesofrestrictedstockofthe Company, andaffirmativelyrepresentthattheyarenotholdersofsaid2.5millionsharesofrestrictedstockoftheCompanyorofany claims in respect of suchstock.
3. ThePartiesagreethattheNoteisherebycancelledinconsiderationforreleasescontainedhereinandConniedorContinentalshalltendertothe NotetotheCompany, as satisfied (without any monetary payment bytheCompany).
4. The Parties agreethat,as ofthedate ofthisAgreement, each Party releases any and all claims it mayhaveorhavehad,respectively,fororinconnectionwiththedeliveryofCelArttotheCompany,fororinconnectionwiththeissuanceordeliveryofPreferredStockoftheCompanytoConniedorContinental,fororinconnectionwith theNote,andfororinconnection with2.5 million shares of restricted stock oftheCompany that was issued toConniedorContinental.
COMPANY GENERALRELEASES
5. InconsiderationforthepromisesandreleasesofConniedandContinentalinthisAgreementandothervaluable consideration,andeffectiveupontheexecutionofthisAgreement,theCompanyunconditionally,irrevocablyandabsolutelyreleasesandforeverdischargesConniedandContinental,togetherwiththeirpresentandformerparents,subsidiariesandrelated entities, aswell asany officers, directors, shareholders, employees, agents, attorneys, successorsand assigns, from any and all claims fromthebeginningofthe worldtothedate ofthis Agreement, andall losses, liabilities, claims, charges, demands and causesofaction,known orunknown, accrued or unaccruedwhichthe Company hasor mayhave had against any of them. These releasesareintended tohavethe broadest possibleapplication andinclude,but arenot limitedto, any and all tort, contract, personal injury, defamation, fraud,intentional or otherwise, commonlaw,constitutional orother statutoryclaims, arisingunderanystateand/or federallaws, andanyandallclaims for attorneys' fees, costs, andexpenses.
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TheCompanyexecutesthesereleaseswiththefullknowledgethatthereleasescoverallpossibleclaimsthatitmayhave or mayhavehad againsttheparties covered thereby tothefullestextentpermitted bylaw.
COMPANYPROMISESNOTTOPROSECUTE
6. Inconsideration forthepromises and releases ofConniedandContinentalinthisagreement,theCompanyagrees thatitwillnotprosecuteorallowtobeprosecutedonitsbehalf,inanyadministrativeagencyorcourt,whetherstateorfederal,or in any arbitration proceeding, any claim or demand of anytyperelated tothereleasedmatters.
OTHERPARTIES'GENERALRELEASES
7. Inconsideration forthepromises and releases oftheCompany inthisAgreement andothervaluable consideration,andeffectiveupontheexecutionofthisAgreement,ConniedandContinentalunconditionally,irrevocablyandabsolutelyreleaseandforeverdischargetheCompany,togetherwithits present andformerparents,subsidiaries andrelated entities, as well as any officers, directors, shareholders, employees, agents, attorneys, successors and assigns ofthe Company, fromany and all claims fromthebeginning of the world tothe date of this Agreement, and all losses, liabilities, claims, charges, demandsand causesofaction,known orunknown,accrued orunaccruedwhichConnied orContinental hasormayhavehad against any of them. These releases areintended tohavethe broadest possibleapplication andinclude,but arenot limitedto, any and all tort,contract,personal injury,defamation,fraud,intentional or otherwise,common law,constitutional orother statutory claims, arisingunderany stateand/orfederal laws, and any and all claims for attorneys' fees, costs, and expenses.
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ConniedandContinentalexecute these releaseswith thefullknowledgethatthereleases cover all possible claimsthat they mayhaveor mayhavehad againsttheparties covered thereby tothefullestextentpermitted bylaw.
OTHERPARTIES' PROMISESNOTTOPROSECUTE
8. Inconsideration fortheCompany's Agreements herein, andothergoodandvaluableconsideration, andeffectiveupontheexecutionof thisAgreement,ConniedandContinentalagreethattheywillnotprosecuteor allowtobeprosecutedontheirbehalf,inanyadministrativeagencyorcourt,whetherstateorfederal,orinanyarbitrationproceeding,anyclaim or demand of anytyperelated totherelease matterscontained herein.
9. Each Partycovenantsand represents, tothebest oftheir knowledge,that they presently arenotplaintiffs, participantsor partiestoanysuit, action, investigationor proceedinginwhichanyofthePartiesor relatedentitiesisapartyor atarget.
ENTIREAGREEMENT
10. ThisAgreementcontainstheentireagreementbetween thePartieswithrespecttothesubjectmatterhereof.Itis agreed that there are no collateral agreements or representations, written or oral that arenot containedinthisAgreement.
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SEVERABILITY
11. ShoulditbedeterminedbyacourtofcompetentjurisdictionthatanytermofthisAgreementisunenforceable, then that term shall be deemed to bedeleted.Thevalidityand enforceability oftheremaining terms, however, shallnotbeaffected bythedeletion oftheunenforceabletermorterms.
APPLICABLELAW
12. Thevalidity,interpretationandperformanceofthisAgreementshallbeconstruedandinterpretedaccordingtothelaws oftheState of New York, and each Partywaivestrial by jury of any issue triablehereunder.
ATTORNEYS'FEES
13. Allparties tothisAgreement agree that theywillbeartheir owncosts and attorneys' fees, ifany.
MODIFICATIONS
14. ThisAgreementmaybeamendedonlybyawritteninstrumentsignedbyallpartiestothisAgreement.
BINDING ONSUCCESSORS
15. The Parties agree thatthisAgreement shall bebindingon,and inure tothebenefit of,theirsuccessors,heirsand/orassigns.
NOASSIGNMENT
16. ThePartieswarrantandrepresentthattheyhavenotassignedortransferredtoanypersonnotapartylothis AgreementanyreleasedmatteroranyrighttoanypaymentorotherconsiderationprovidedpursuanttothisAgreement(exceptthat2.5millionsharesofstockoftheCompanyonceheldbyConniedorContinentalhavebeentransferredtooneMichaelVandetty).
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COUNTERPARTS
17. ThisAgreementmaybeexecutedinoneormorecounterparts,eachofwhichshallbedeemedanoriginal,andwillbecomeeffectiveandbindinguponthepartiesatsuchtimeasallthesignatoriesheretohavesignedacounterpartofthisAgreement.All counterparts so executed shallconstituteone Agreementbinding onthe parties hereto,andthe parties hereto shall sign a sufficient number of counterparts so that each partywillreceive a fully executed original ofthis Agreement.
SURVIVAL
18. The parties understand thattheterms ofthisAgreement are contractual, shall survivethe executionofthe Releasescontainedherein, and shallcontinuein full force and effect thereafter.
The PartiestothisAgreement, withtheopportunitytoobtain representation and advice of counsel, have readthe foregoing Agreement and fullyunderstandeach and every provision containedherein.
ContinentalInvestments Group, Inc. | ||
By: | ||
Name: | ||
Its: |
STATE OF | ) |
COUNTY OF | ) |
The foregoinginstrumentwasacknowledgedbeforemethis ____dayofMarch,2013,by________________.Heorshe is (checkone)[ ] personallyknowntomeor [ ] has produced__________________________asidentification.
WITNESS myhandandofficialsealinthecountyandstatenamedabovethis ___dayof____________________, A.D., 2013.
NOTARY PUBLIC, Stateof | ||
Print Name: | ||
Commission No.: | ||
CommissionExpires: |
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