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SHARE
CANCELLATION AGREEMENT
THIS AGREEMENT
is dated for reference the 6 th
day
of July, 2009.
BETWEEN:
AND:
WHEREAS:
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The Shareholder
is the registered and beneficial owner of 5,000,000 shares of the
Company’s common stock (the “ Shares
”);
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The Company and
the Shareholder recognize that cancelling the Shares will have a
positive effect on the Company’s ability to secure a business
combination; and
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The
Shareholder’s spouse, Jerry Boyd, is retaining 7,000,000
shares of the Company’s common stock under the terms of a
re-organization and potential business combination.
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NOW
THEREFORE , in
consideration of the mutual promises set forth below and other good
and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company and the Shareholder agree as
follows:
Surrender
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1.
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The Shareholder
shall return all 5,000,000 of the Shares (the “
Surrendered Shares ”) to the treasury of the Company
and deliver to the Company share certificates representing the
Surrendered Shares.
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The Shareholder
recognizes that sufficient consideration is provided by the Company
through the share cancellation agreement entered into by Jerry
Boyd, the Shareholder’s spouse, pursuant to which Jerry Boyd
retains 7,000,000 shares of the Company’s common
stock.
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