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Contract Termination Agreement

 

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Title:

Contract Termination Agreement

Entities:

Ashworth, Inc.; James W. Nantz, III; Nantz Communications, Inc.

Date:

2003

Size:

Preview shows 2KB of 6KB total

Price:

$31

ID:

#146241

 

 

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CONTRACT TERMINATION AGREEMENT

This Contract Termination Agreement (this "Agreement") is made and
entered into effective as October 31, 2002 (the "Effective Date") by and among
Ashworth, Inc., a Delaware Corporation ("Ashworth"), James W. Nantz, III, an
individual ("Nantz"), and Nantz Communications, Inc. ("NCI").

BACKGROUND

A. Ashworth, Nantz and NCI previously entered into that certain
Promotion Agreement, effective as of November 1, 2001 (the "Promotion
Agreement").

B. The parties wish to terminate the Promotion Agreement as of the
Effective Date of this Agreement.

C. The parties further wish to enter into and document a new
promotional agreement (the "New Agreement") on the terms set forth
below.

AGREEMENT

1. TERMINATION OF PROMOTION AGREEMENT. Ashworth, Nantz and NCI hereby agree
that, as of the Effective Date of this Agreement, the Promotion Agreement
is hereby terminated by mutual agreement. All parties acknowledge and agree
that each party properly performed all obligations and duties required of
it or him up through the Effective Date of this Agreement; provided,
however, that Ashworth shall promptly calculate and pay to Nantz all unpaid
fees for director compensation consistent with the fees paid to other
outside Directors. All parties further acknowledge and agree that all
future obligations and duties required of each party after the Effective
Date of this Agreement shall be governed by the terms of the New Agreement
(and this Agreement) and that all parties are hereby released from future

 

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