Exhibit 10.3
GENERAL RELEASE OF SECURITY
INTEREST
This General Release of Security
Interest (this “ Release ”) by MedCap Partners
L.P., C. Fred Toney and James D. Durham (each a “
Releasor ” and collectively the “
Releasors ”) in favor of iVOW, Inc., a Delaware
corporation (“ iVOW ”), is dated as of April 4,
2007.
BACKGROUND
WHEREAS, pursuant to the terms of
that certain Stock Pledge Agreement dated as of November 3, 2006,
by and among iVOW, Crdentia Corp., a Delaware corporation (“
Crdentia ”) and the Releasors (the “ Security
Agreement ”), iVOW granted a security interest in all of
its right, title and interest in the Pledged Collateral (as defined
in the Security Agreement) to the Releasors;
WHEREAS, in connection with the
execution of the Settlement Agreement, dated as of April 4, 2007,
by and between Crdentia and the Credentia Parties, on the one hand,
and iVOW and the iVOW Parties, on the other hand (the “
Settlement Agreement ”), the Releasors desire to
release their right, title or interest in the Pledged Collateral or
any other asset that is the subject of the security interest (the
“ Secured Assets ”) created by the Security
Agreement.
NOW, THEREFORE, Releasors, intending
to be legally bound hereby, agree as follows:
1. Consideration
. Releasors acknowledge that Releasors will derive
substantial economic benefit from the Settlement Agreement, and
that the receipt of such benefits constitutes adequate
consideration for Releasors’ promises contained
herein.
2. Release and
Acknowledgement . Releaso
