EXHIBIT 10.29
TERMINATION AGREEMENT
BY AND BETWEEN
HIENERGY TECHNOLOGIES, INC.
AND
H.C. WAINWRIGHT & CO., INC.
THIS TERMINATION AGREEMENT ("Agreement") executed on the 27 day of November
,
2002, terminates that certain Placement Agent Agreement (the "Original
Agreement") entered into as of the 8th day of
August, 2002, by and between
HiEnergy Technologies, Inc. ("HiEnergy" of
the "Company"), and H.C. Wainwright &
Co., Inc. ("HCW").
1. TERMINATION. Subject to the terms and
conditions
of this Agreement, the
Original Agreement is terminated effective
as of the date first set forth above.
The Original Agreement shall be of no further
force or effect, and the parties'
obligations thereunder shall be deemed completely performed and discharged.
Except as set forth in this Agreement, any liabilities arising out of the
Original Agreement and performances
rendered thereunder
are hereby released and
shall be deemed satisfied in their
entirety.
2. FURTHER ASSURANCES REGARDING CERTAIN ACCRUED
OBLIGATIONS UNDER THE
ORIGINAL
AGREEMENT. During the term of the Original
Agreement,
HCW served as
placement
agent for a Series A Convertible Preferred Stock offering that yielded gross
proceeds of $929,625 and a common stock
offering that yielded
gross proceeds of
$1,822,400.85. In connection with these
offerings, HCW earned
a cash fee of 8%
of gross proceeds and 279,540 warrants.
In addition,
HCW earned a retainer
fee
of 100,000 warrants. From and after the
date of this Agreement, upon the request
of HCW or the Company, each of the Company and HCW shall execute and deliver
such instruments, documents, and other writings as may be
reasonably necessary
or d
