Document:

Exhibit 10.2

AGREEMENT

OF

TERMINATION AND RELEASE

          AGREEMENT OF TERMINATION AND RELEASE, made
this 13th day of August 2010 (the “Agreement”), by and between World Series of
Golf, Inc., a Nevada corporation (“WSG”) and John F. Slitz, Jr. and Slitz &
Company, a Nevada corporation (collectively, “Slitz”). WSG and Slitz shall each
be referred to as a “Party” and collectively shall be referred to as the
“Parties.”

          WHEREAS, WSG and Slitz have entered into a
Consulting Agreement dated February 6, 2009 (the “Consulting Agreement”),
which, among other things, contains certain rights, obligations, and duties of
WSG and Slitz;

          WHEREAS,
on or about the date hereof, Slitz has resigned as Secretary and Chairman of
the Board of Directors of WSG;

          WHEREAS, the Parties desire to mutually
terminate the Consulting Agreement on the terms and conditions set forth
herein; and

          WHEREAS, each Party desires to release the
other Party from any and all claims including, without limitation, in
connection with or relating to the Consulting Agreement, on the terms and
conditions set forth herein;

          NOW THEREFORE, in consideration of the
mutual covenants and other good and valuable considerations hereinafter
contained, the Parties agree as follows:

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Recitals. The above recitals are
 incorporated into this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Mutual Termination of the Consulting Agreement.
 The Consulting Agreement is hereby terminated so as to be rendered null and
 void and of no further force and effect, and the Parties (and their
 assignees) are hereby relieved of all of their respective obligations
 thereunder. Notwithstanding the foregoing, Slitz’s obligations under Section
 7 of the Consulting Agreement shall remain the same and in full force and effect.
 

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Severance Payments. For a period of three
 months commencing on the date hereof, WSG shall pay Slitz $15,000 in cash per
 month, the first such payment to be made within five calendar days following
 the date hereof, and the second and third such payments to be made by the 5th
 calendar day of September and October 2010 respectively.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Share Issuance. As soon as practicable
 following the date hereof, WSG shall issue Slitz $200,000 in stated value of
 preferred stock, which shall have terms reasonably acceptable to WSG and
 Slitz. 

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Amendment of Note. As soon as practicable
 following the date hereof, WSG and Slitz shall agree to amend and restate
 (the “Amended and Restated Note”) the

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 amended and restated convertible promissory note, dated May 28, 2009,
 issued by WSG to The Slitz Family Trust. The Amended and Restated Note shall
 not be payable on demand, shall not be convertible into common stock, and
 shall not be secured, and shall otherwise be in a form reasonably acceptable to
 the Company and Slitz

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Slitz Release. Slitz (and its past, present
 and future officers, directors, employees, servants, agents, representatives,
 successors, predecessors, divisions, subsidiaries, parents, affiliates,
 business units, and assigns of each of them (collectively, the “Slitz
 Releasors”) hereby releases WSG (and its past, present and future officers,
 directors, employees, servants, agents, representatives, attorneys,
 successors, predecessors, divisions, subsidiaries, parents, affiliates,
 business units, and assigns of each of them) from any and all claims,
 demands, damages, actions, causes of action or suits at law or in equity of
 whatever kind or nature, liabilities, verdicts, debts, judgments, liens and
 injuries, whether based upon the Consulting Agreement, or any other legal or
 equitable theory of recovery, known or unknown, past, present or future,
 suspected to exist or not suspected to exist, anticipated or not anticipated,
 which have arisen or are now arising or hereafter may arise, whether
 presently asserted or not, that the Slitz Releasors ever had, now has or
 hereafter can, shall or may, have for, upon, or by reason of any matter,
 cause or thing whatsoever, whether or not known or unknown, including,
 without limitation, in connection with or relating to the Consulting
 Agreement (including, but not limited to, the performance rendered or not
 rendered thereunder), from the beginning of the World to the date of this
 Agreement, provided, however, that nothing in this Agreement shall release
 any Party from its obligations pursuant to this Agreement and matters that
 are subject to this Agreement, and provided further, that (i) nothing in this
 Agreement shall affect the rights or obligations of any party under the
 secured convertible promissory note, dated February 12, 2010, issued by WSG
 to The Slitz Family Trust, or (subject to Section 5) the amended and restated
 convertible promissory note, dated May 28, 2009, issued by WSG to The Slitz
 Family Trust, and (ii) nothing in this Agreement shall affect WSG’s
 obligations with respect to $270,000 owed by WSG to Slitz for compensation
 for services under the Consulting Agreement (which amount shall be reduced by
 payments pursuant to Section 3 of this Agreement).

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 WSG Release. WSG (and its past, present and
 future officers, directors, employees, servants, agents, representatives,
 successors, predecessors, divisions, subsidiaries, parents, affiliates,
 business units, and assigns of each of them (collectively, the “WSG
 Releasors”) hereby releases Slitz (and its past, present and future officers,
 directors, employees, servants, agents, representatives, attorneys,
 successors, predecessors, divisions, subsidiaries, parents, affiliates,
 business units, and assigns of each of them) from any and all claims,
 demands, damages, actions, causes of action or suits at law or in equity of
 whatever kind or nature, liabilities, verdicts, debts, judgments, liens and
 injuries, whether based upon the Consulting Agreement, or any other legal or
 equitable theory of recovery, known or unknown, past, present or future,
 suspected to exist or not suspected to exist, anticipated or not anticipated,
 which have arisen or are now 

 

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 arising or hereafter may arise, whether presently asserted or not,
 that the WSG Releasors ever had, now have or hereafter can, shall or may,
 have for, upon, or by reason of any matter, cause or thing whatsoever,
 whether or not known or unknown, including, without limitation, in connection
 with or relating to the Consulting Agreement (including, but not limited to,
 the performance rendered or not rendered thereunder), from the beginning of
 the World to the date of this Agreement, provided, however, that nothing in
 this Agreement shall release any Party from its obligations pursuant to this
 Agreement and matters that are subject to this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 Mutual Consent. The Parties hereto, and each
 of them, do hereby: (i) acknowledge that they have reviewed or caused to be
 reviewed the Consulting Agreement; (ii) acknowledge that they have reviewed
 or caused to be reviewed this Agreement; (iii) unconditionally consent to the
 termination of the Consulting Agreement by WSG and Slitz (except as
 explicitly set forth in this Agreement); and (iv) unconditionally consent to
 the release of any and all claims as described in Section 6 and 7 as
 applicable.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Merger. All understandings and agreements
 heretofore had between the Parties, except as set forth herein, are null and
 void and of no force and effect. This Agreement may not be modified or amended
 in any manner except by an instrument in writing specifically stating that it
 is a supplement, modification or amendment to the Agreement and signed by
 each of the Parties hereto.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Duplicate Originals; Counterparts. This
 Agreement may be executed in any number of duplicate originals and each
 duplicate original shall be deemed to be an original. This Agreement may be
 executed in several counterparts, each of which counterparts shall be deemed
 an original instrument and all of which together shall constitute a single
 agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Governing Law; Forum. This Agreement shall
 be interpreted and the rights and liabilities of the Parties determined in
 accordance with the laws of the State of New York, excluding its conflict of
 laws rules. Each Party hereby irrevocably submits to the exclusive
 jurisdiction of the state and federal courts sitting in the State of New York
 for the adjudication of any dispute hereunder or in connection herewith, and
 hereby irrevocably waives, and agrees not to assert in any suit, action or
 proceeding, any claim that it is not personally subject to the jurisdiction
 of any such court, that such suit, action or proceeding is brought in an
 inconvenient forum or that the venue of such suit, action or proceeding is
 improper. 

 

3

          IN WITNESS
WHEREOF, the Parties hereto have executed this Agreement of Termination and
Release as of the day and year first written above.

	
  

 	
  

 	
  

 
	
  

 	
 WORLD SERIES
 OF GOLF, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:  

 	

  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:
 Patrick Brown

 
	
  

 	
  

 	
 Title: CEO

 
	
  

 	
  

 	
  

 
	
  

 	
 Slitz &
 Company

 
	
  

 	
  

 
	
  

 	
 By: 

 	

  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: John
 F. Slitz, Jr.

 
	
  

 	
  

 	
 Title:
 President

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 John F.
 Slitz, Jr.

 

4Exhibit 10.3

	
  

 
	
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
 1933 OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE
 DISPOSED OF UNLESS REGISTERED UNDER SUCH ACT AND ALL SUCH OTHER APPLICABLE
 LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. 

 

PROMISSORY NOTE

	
  

 	
  

 
	
 $275,000

 	
 August 13, 2010

 

          FOR VALUE
RECEIVED, World Series of Golf, a Nevada corporation (the “Company”), promises
to pay to the order of Joseph Martinez (or his assigns, the “Holder”), or shall
have paid pursuant to the terms hereunder, at the Holder’s principal office or
such other address as the Holder of this Note shall designate from time to
time, the principal sum of Two Hundred Seventy-Five Thousand dollars ($275,000)
(the “Principal Amount”) by August 12, 2013 (the “Maturity Date”), or such
earlier date as this Note is required or permitted to be repaid as provided
hereunder, and to pay simple interest to the Holder on the aggregate
unconverted and then outstanding Principal Amount of this Note in accordance
with the provisions hereof. 

          This Note
is subject to the following additional provisions: 

          1. Interest.
Simple interest on this Note shall accrue daily commencing on the date of
issuance at the rate of 1% per annum, and shall be payable in cash on the
Maturity Date, unless this Note is earlier prepaid as provided herein, in which
event interest shall be payable on the date of such prepayment with respect to
the Principal Amount being prepaid. 

          2. Prepayment.
At its option, the Company may, from time to time, prepay all or any portion of
the Principal Amount of this Note in cash. 

          3. Default.
Notwithstanding anything to the contrary contained herein, if any of the
following conditions or events (each, an “Event of Default” and collectively,
the “Events of Default”) shall occur and be continuing: 

	
  

 	
  

 
	
  

 	
 (a) The Company fails to pay any principal or interest of this Note
 when such amount becomes due and payable in accordance with the terms thereof
 and such payment is not made with three business days of when it is due. 

 

          (b) Involuntary
Bankruptcy; Appointment of Receiver, Etc. (1) A court having jurisdiction
in the premises shall enter a decree or order for relief in respect of the
Company in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or 

hereafter in effect, which decree or order is not stayed; or (2) an
involuntary case is commenced against the Company under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect in which
a decree or order of a court having jurisdiction in the premises for the
appointment of a receiver shall have been entered and continues for sixty (60)
days unless dismissed, bonded, stayed, vacated or discharged; or 

          (c) Voluntary
Bankruptcy; Appointment of Receiver, Etc. The Company shall have an order
for relief entered with respect to it or commence a voluntary case under the
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or shall consent to the entry of an order for relief in an involuntary
case, or to the conversion of an involuntary case to a voluntary case, or shall
consent to the appointment of or taking possession by a receiver for all or a
substantial part of its property; or the making by the Company of any
assignment for the benefit of creditors; or in the event of any liquidation,
dissolution or winding up of the Company, either voluntary or involuntary; 

          THEN, upon
the occurrence of any Event of Default described in this Section 2, (a) the
Holder may, by notice to the Company, declare the Principal Amount and all
accrued and unpaid interest to be forthwith due and payable in cash, and (b)
the Holder may exercise any or all rights and remedies available to it
hereunder or under applicable law or otherwise. 

          4. Presentment;
Demand. The Company hereby waives any right to presentment, demand, protest
or notice of dishonor and protest of this Note and any other notice, and any
set-off against sums due and payable under this Note that the Company may have
or claim to have against any Holder of this Note. 

          5. Transferability.
No transfer of this Note or any of the rights contained herein may be effected
unless the Company consents in writing thereto. Any transfer, attempted
transfer or other disposition in violation of the foregoing restriction shall
be deemed null and void and of no binding effect 

          6. Governing
Law. This Note shall be governed by and construed under the laws of the
State of New York applied to contracts between residents of said State and
executed and wholly performed in said State. 

          7. Notices.
Except as otherwise expressly provided herein, any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given or
delivered (as the case may be) upon personal delivery (professional courier
permissible) by facsimile (with written confirmation of receipt) or when mailed
by registered or certified United States mail, three (3) business days after
deposit in the United States mail. Such notice may be personally delivered or
sent to the following address: (a) if to the Holder, to Joseph Martinez, to
either his office or his residence, or to such other address which the Holder
shall have given notice pursuant hereto to the Company, or, (b) if to the
Company, to World Series of Golf, Inc., 10161 Park Run Drive, Suite 150, Las
Vegas, NV 89145, Attention: CEO, or to such other address of which the Company
shall have given notice pursuant hereto with a copy to Andrea Cataneo,
Sichenzia Ross Friedman Ference LLP, Facsimile: 212-930-9725. 

2

          8. Amendments.
Any term of this Note may be amended only with the written consent of the
Company and the Holder. 

          9. Severability.
If one or more provisions of this Note are held to be unenforceable under
applicable law, such provision shall be excluded from this Note and the balance
of this Note shall be interpreted as if such provision were so excluded and shall
be enforceable in accordance with its terms. 

          10. Attorneys’
Fees. If any action at law or in equity (including arbitration) is
necessary to enforce or interpret the terms of this Note the prevailing party
shall be entitled to reasonable attorneys’ fees, costs and disbursements in
addition to any other relief to which such party may be entitled. 

          11. Arbitration.
In the event of any dispute between the Company and the Holder with respect to
any of the provisions of this Note, the Company and the Holder agree to submit
such dispute to binding arbitration before a single arbitrator reasonably
acceptable to the Company and the Holder, conducted in New York, New York
pursuant to the commercial rules of the American Arbitration Association. The
determination of the arbitrator shall be conclusive and binding upon the
Company and the Holder. The non-prevailing party to an arbitration shall pay
its own expenses, the fees of the arbitrator, any administrative fees of the
American Arbitration Association, and the expenses, including reasonable fees,
costs and disbursements of counsel, incurred by the prevailing party. 

3

          The
undersigned has executed this Note as of the date set forth above. 

	
  

 	
  

 	
  

 
	
  

 	
 World Series
 of Golf, Inc.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 	
 Patrick
 Brown

 
	
  

 	
 Title:

 	
 CEO

 

4

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