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y, 200410757 TERMINATION OF RIGHT OF FIRST REFUSAL AGREEMENT THIS TERMINATION OF RIGHT OF FIRST REFUSAL (this "Agreement') is being made and entered into as of 6--vrekg2 a6, 2004 (the "Effective Date "), by and between ARCTIC NEBRASKA INC., a Nebraska corporation, whose mailing address is c/o Arctic Glacier Inc., 625 Henry Avenue, Winnipeg, Manitoba, Canada R3A OV1 ( "Arctic ") and ICE CASTLES, INC. whose mailing address is 1615 West North Front Street, Grand Island, Nebraska 68801 ( "Ice Castles ") under the following circumstances: WHEREAS, Ice Castles is the owner of a certain parcel of land located at 1615 West North Front Street, Grand Island, Hall County, Nebraska and more particularly described in Exhibit A attached hereto (the "Land ") together with all buildings, structures, fixtures and improvements located thereon (collectively with the Land, the "Property "). WHEREAS, pursuant to that certain First Refusal Agreement entered into between Ice Castles and Arctic on March 6, 2003 (the "First Refusal Agreement'), Ice Castles granted to Arctic a right of first refusal to purchase the Property if Ice Castles elects to sell the Property, a Memorandum of which is recorded in Hall County, Nebraska on March 19, 2003 as Instrument No. 0200303003. WHEREAS, Arctic has elected not to purchase the Property and Arctic and Ice Castles desire and intend to terminate the First Refusal Agreement upon the terms and conditions set forth hereafter. NOW, THEREFORE, in consideration of the premises, and of the covenants set forth hereinafter, the parties, intending to be legally bound, hereby agree as follows: 1. Termination of the First Refusal Agreement. The First Refusal Agreement is terminated effective as of the Effective Date. 2. Mutual Release. Ice Castles hereby agrees that Arctic is released from all obligations, duties and liabilities of Arctic to be performed under the First Refusal Agreement as of the Effective Date. Arctic hereby agrees that Ice Castles is released from all obligations, duties and liabilities of Ice Castles to be performed under the First Refusal Agreement as of the Effective Date. 3. Integration; Modification. This Agreement contains the entire understanding between the parties with respect to the subject matter of this Agreement and this Agreement may not be amended, canceled or superseded, nor will any provision of this Agreement be deemed waived, except by a written instrument executed by each of the parties to be charged. 4. Binding Effect. ffect. This Agreement will be binding upon, and inure to the benefit of, the parties and their respective heirs, personal representatives, successors and assigns. 5. Counterparts; Faxed Signatures. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which, when taken together, DL1- 5872342v 1 If