Exhibit
10.21
J. ERIK MUSTAD
CONSULTING TERMINATION AGREEMENT
CONSULTING TERMINATION
AGREEMENT
THIS AGREEMENT made as
of March 15, 2004
BETWEEN:
MOVING BYTES
INC. , a
company incorporated under the Canada Business Corporations Act
having its offices located at 4340 Redwood Hwy., Ste. F222, San
Rafael, California , U.S.A., 94949, (“MBI”)
AND:
J. Erik Mustad, an
individual, of 154 Bret Harte Rd. San Rafael, California
94901 (“Consultant”)
WITNESS THAT
WHEREAS:
A.
MBI and Consultant
entered into an agreement effective as of September 30, 2004, (the
“Original Agreement”) whereunder Consultant agreed to
forgive certain share purchase options of MBI in exchange for
MBI’s promise pay Consultant Twenty Two Thousand Five Hundred
US dollars ($22,500 USD) which it had accrued as payable on its
books (the “Debt”); and
B.
MBI and Consultant wish
to enter into this agreement, effective on the date first above
written.
NOW THEREFORE, in
consideration of the recitals, the following agreements, the
payment of One Dollar ($1.00) made by each party to the other, and
other good and valuable consideration, the receipt and sufficiency
of which is acknowledged by each party, the parties agree as
follows:
ARTICLE ONE
SERVICES
Term of Services;
Services
1)
Subject to the terms and
conditions hereto contained, Mustad will serve as Chief Executive
Officer of MBI, and this Agreement shall remain in effect
until, the earlier event of:
a)
The date on which MBI
files its annual report with US Securities and Exchange Commission
(SEC) on form 10KSB for its fiscal year ended December 31, 2004;
or
b)
April 15, 2005, (the
“Termination Date”),
a copy of Mustad’s
resignation letter is attached hereto as Exhibit A.
2)
Mustad shall review
MBI’s annual report with SEC on form 10KSB for its fiscal
year ended December 31, 2004 and sign such report on behalf of MBI
as may be required by his role as CEO of MBI.
ARTICLE TWO
REMUNERATION
Compensation
3)
MBI shall not be
required to compensate Mustad for his performance of services under
Section 2 hereto.
ARTICLE THREE
MUSTAD’S
COVENANTS
Amounts Due Under
Original Agreement
4)
Mustad agrees to forgive
the debt and all accrued interest thereon.
ARTICLE FOUR
MBI’S
COVENANTS
Hold Harmless
5)
MBI agrees to defend,
indemnify and hold harmless Mustad, from and against all claims,
losses, damages and costs caused by, arising out of, or relating
to, services provided under this Agreement, and acts or omissions
by Mustad, both future and past, as an officer and director of MBI,
except as to any acts or omissions which Mustad knowingly and
intentionally has taken or takes in violation of any applicable
laws.
Provisions which Operate
Following Termination
6)
The provisions of
Section 5 hereto, and any other provisions of this
Agreement
