Exhibit 10.1
ENERGY & TECHNOLOGY,
CORP.
Cancellation
Agreement
This CANCELLATION AGREEMENT (the
"Agreement"), dated as of May 19, 2009, by and among Energy &
Technology, Corp. (the "Company"), American Interest, LLC
("American Interest"), and Sfeir Family Trust ("Sfeir Trust")
collectively American Interest and Sfeir Trust, the "E&T
Majority Shareholders", contemplates the cancellation of
165,100,000 shares of E&T common stock, par value $0.001 (the
"Common Stock").
WHEREAS, the Company validly issued
American Interest 125,000,000 and Sfeir Trust 50,000,000 shares of
Common Stock respectively; and
WHEREAS, the E&T Majority
Shareholders have agreed to cancel a total of 165,100,000 shares of
the Common Stock (the "Cancellation"); and
WHEREAS, after the Cancellation of
contemplated in this Agreement, the Company will have a total
aggregate of 10,000,000 shares issued and outstanding.
NOW, THEREFORE, in consideration of
the foregoing premises and the mutual covenants set forth herein
and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto do
hereby agree as follows:
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Cancellation of Securities. For
future consideration of reissuing equal percentages of Energy &
Technology, Corp. shares which presently are 50% owned by American
Interest, LLC., and 20% presently owned by the Sfeir Family Trust
of Energy &a
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