EXHIBIT 10.16
Xxxxx Dead, Inc.
0000 Xxxxxxx Xx.
Xxx Xxxxxxx, Xxxxxxxxxx 00000
As of October 15, 2003
Xx. Xxxxxxx X. Xxxx III
0000 Xxxxxxx Xxxxx
Xxx Xxxxxxx, XX 00000
Xx. Xxxxx X. Xxxxxxx
00000 Xxxxxxxx Xxxxxxxxx, #000
Xxx Xxxxxxx, XX 00000
Gentlemen:
This letter confirms our agreement regarding the resignation by Xxxxxxx X.
Xxxx III ("Xxxx") as Chief Executive Officer/Chief Financial Officer of Xxxxx
Dead, Inc. (the "Company") and his replacement by Xxxxx X. Xxxxxxx ("Xxxxxxx"),
and in connection therewith, the transfer by Xxxx to Xxxxxxx of 144,000 shares
of Common Stock of the Company (the "Shares") in consideration of the amount of
$144.00.
We have agreed as follows:
1. Notwithstanding the provisions of Section 10 of the Employment
Agreement dated as of December 1, 2003 between the Company and Xxxx,
the parties have agreed that effective immediately, Xxxx has sold
the Shares to Xxxxxxx in consideration of the amount of $144. The
Company hereby consents to the transfer of the Shares to Xxxxxxx.
Xxxx will promptly deliver to the Company his original stock
certificate No. 7 representing the Shares, together with a stock
power authorizing the transfer of the Shares to Xxxxxxx. The Company
will promptly issue a replacement certificate for Xxxxxxx for the
Shares, containing the appropriate restrictive legends previously
appearing on Certificate No. 7.
2. Xxxxxxx agrees that his ownership of the shares purchased from Xxxx,
and the Company's ability to repurchase such shares, will be subject
to the Employment Agreement dated as of the date hereof between the
Company and Xx. Xxxxxxx.
If the following accurately reflects our agreement, please sign below
where indicated and return a copy to us at your earliest convenience.
Very truly yours,
Xxxxx Dead, INC.
/S/ XXXXX XXXX
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(Xxxxx Xxxx)
Vice President and Secretary
ACCEPTED AND AGREED:
/S/ XXXXXXX X. XXXX III
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(Xxxxxxx X. Xxxx III)
/S/ XXXXX X. XXXXXXX
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(Xxxxx X. Xxxxxxx)
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