Exhibit 10.3
TERMINATION AGREEMENT
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This Termination
Agreement is made effective as of the 26th day of April
2005 (the "Agreement"), by and between the
undersigned employee (the "Employee")
and ANTs software inc., a Delaware
corporation (the "Company").
WHEREAS, the
parties hereto are parties to that certain Salary Agreement
dated October 29, 2004, as amended by those
certain Amendment Agreements dated
January 13, 2005 and February 1, 2005
(collectively, the "Prior Agreements"),
and
WHEREAS, the
parties desire to terminate the Prior Agreements on the terms
and subject to the conditions set forth
herein.
NOW THEREFORE,
in consideration of the agreements contained herein, and
intending to be legally bound hereby, the
parties hereto agree as follows:
1. Acknowledgment. The Parties
acknowledge and agree that the contingent bonus
set forth in the
Prior Agreements has been earned and is due and the
Company shall
pay the entire contingent bonus to Employee, subject to the
Company's
withholding obligations and normal payroll practices, within
thirty days of
the day of this Agreement.
2. Termination of Prior
Agreements. The parties agree that the Prior
Agreements are
terminated, effective as of the date of this Agreement.
Nothing herein
is intended to or shall change the "at-will" nature of the
Employee's
employment by the Company.
3. Base Annual Salary. Subject
to the Company's withholding obligations, the
Company will pay
to the Employee that certain base salary that the Employee
received prior
to the effec
