TERMINATION AND RELEASE
AGREEMENT
This Termination and Release
Agreement (the “ Agreement ”) is entered into by
and among Transworld Investment Group, Plc., a Cayman Islands
entity (“ Transworld ”), Premier Wealth
Management, Inc. (collectively with its subsidiaries, assigns, and
affiliates, the “ Company ”), a Delaware
corporation, Michael Abraham, a director of Transworld and an
executive officer of the Company (“ Abraham ”),
effective as of July 2, 2009 (the “ Effective Date
”) relating to the termination by the Company of the term
sheet and related negotiations regarding the potential acquisition
by Transworld of the Company (the “ Transworld
Acquisition ”) pursuant to the Amended and Restated
Confidential Term Sheet entered into among the parties as of May 4,
2009 (the “ Amended Term Sheet ”).
WHEREAS , the Company has, effective as of May 4,
2009, entered into the Amended Term Sheet with
Transworld, providing for, among other things the revised terms of
the Transworld Acquisition, a discharge of all debt owed to
Transworld and the issuance of 8,000,000 shares of common stock the
Company to Transworld as part of the consideration therefore (the
“ Settlement Shares ”);
WHEREAS , the Company, based on due diligence
and general economy related concerns, has determined that the
Transworld Acquisition may no longer be in the best interests of
the Company’s shareholders, and further desires to, and
hereby does, terminate the Transworld Acquisition pursuant to the
Amended Term Sheet; and
WHEREAS , Transworld has received notice of termination
and desires to consent, and hereby does consent, to the termination
of the Transworld Acquisition and to the mutual release of the
parties and discharge of any and all obligations connected
therewith; and
WHEREAS , contemporaneously with the entry into the
Amended Term Sheet and so as to facilitate the transaction, Abraham
was appointed as Chief Operating Officer of the Company
and desires to resign;
NOW, THEREFORE , based on the mutual premises and full and
valid consideration of the parties, the receipt and sufficiency of
which is hereby acknowledged, the Company, and Abraham hereby agree
as follows:
1.
Resignation as Officer . Abraham hereby confirms
his resignation as Chief Operating Officer of the Company effective
as of July 2, 2009.
2.
Termination of All Agreements . The parties
acknowledge and agree that the Transworld Acquisition and Amended
Term Sheet and all other agreements relating thereto, written or
otherwise, between the Company and either of or both Abraham and/or
Transworld or any of their respective affiliated entities and the
Company or its subsidiaries or affiliates, in each case whether
written or oral, implied or otherwise, are deemed terminated,
deemed satisfied and discharged in full with
prejudice. Notwithstanding the foregoing, the issuance
of the Settlement Shares in exchange for the full release and
discharge of indebtedness and any and all other forms of release or
discharge set forth in the Amended Term Sheet shall continue and
remain in full force and effect. The parties have agreed
that no other amounts remain due under such agreements or
otherwise.
3.
Payments . No payments are owed to any party
hereto, and the parties are not aware of any liabilities of any
other party hereto relating to the Transworld Acquisition or
Amended Term Sheet.
4.
No Disagreements with Management . Transworld and
Abraham have been provided with a copy of this Agreement along with
an Current Report on Form 8-K (the “ Current Report
”), which they have had an opportunity to review with his
counsel. Abraham states that he agrees with the
statements set forth therein and that the resignation herein does
not relate in any way to any disputes with management or to any
financial or accounting matters or improprieties or in any way or
to the Company’s internal controls over financial reporting
or disclosure and further, or to any matter relating to the
Company’s operations, policies or
practices. Abraham and Transworld understand that, in
connection with the preparation of future financial statements, due
diligence or the preparation of reports or registration statements
to be filed with the Securities and Exchange Commission (the
“ SEC ”), that they may be called upon by the
Company’s auditors or others to respond to questions relating
to Abraham’s activities as an officer or to the Transworld
Acquisition or verifying the foregoing and that they will cooperate
in a truthful and honest manner so as to enable to Company to
satisfy its reporting obligations.
5.
General Releases .
(a)
Company Releases . For good and valuable
consideration, the receipt and sufficiency of which is
hereby