EXHIBIT 10.94
XXXXXXX X. XXXXX
00000 XXX XXXXXXXX XXXX
XXXXXXXX, XXXXXXXXX 00000
March 1, 1999
Xx. Xxxxx Xxxxxx, President
Xxxxxxxx Bros. Construction, Inc.
000 Xxxx Xxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxxxxxx 00000
Dear Xxxxx:
I refer to your letter to me dated February 15, 1999 ("February 15
Letter") relating to the option agreement dated March 1, 1998 covering my 1,845
non-voting common shares of Xxxxxxxx Bros. Construction, Inc. ("Option
Agreement").
In the February 15 Letter, you, I and Xxxxxxxx Bros. Construction,
Inc. ("Xxxxxxxx") each agreed that the option provisions (sections 2.1 through
2.4) ("Option Provisions") of the Option Agreement were no longer in the best
interest of Xxxxxxxx and its shareholders, and therefore, by mutual agreement of
the parties thereto, those provisions were terminated.
You and I have had further discussions on this matter. Based on
those discussions, you and I have concluded that it is in the best interests of
the shareholders of Xxxxxxxx that the original Option Provisions be rescinded.
The purpose of this letter, therefore, is to confirm that the Option Provisions
of the Option Agreement are hereby rescinded. Enclosed herewith is my check for
$201,900, representing all option payments made to me to date under the Option
Agreement. Please treat this amount as a refund of all option payments made to
me. I will be doing the same for purposes of my personal taxes.
Please counter-sign this letter to confirm your agreement with the
rescission of the Option Provisions.
Regards,
Xxxxxxx X. Xxxxx
The undersigned hereby agree and consent to the rescission of
sections 2.1 through 2.4 ("Option Provisions") of the Option Agreement dated
March 1, 1998. Xxxxxxxx hereby
Xx. Xxxxx Xxxxxx, President
March 1, 1999
Page 2
acknowledges receipt of $201,900 as repayment by Xxxxxxx X. Xxxxx of the option
payments previously made.
XXXXXXXX BROS. CONSTRUCTION, INC.
By
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Xxxxx Xxxxxx, President
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Xxxxx Xxxxxx
Date: March _____, 1999
