November 10, 1999
Xx. Xxxxxx Xxxxxx
Xxxxx Trading
Re: Collateral Agreement
Dear Xx. Xxxxxxx,
TrimFast Group, Inc. as agreed to additionally collaterize the Agreement dated
October 22, 1999 between TrimFast Group, Inc. and Xxxxx Trading. Under the
Agreement TrimFast Group will purchase 155,000 shares of its common stock for a
share price of $8.25 per share totaling $1,278,760.00.
TrimFast Group, Inc. and Xxxxx Trading have mutually agreed to the following new
term, which supercede all written or oral terms with respect to the said
repurchase of shares.
1. On or before January 25, 2000 TrimFast Group, Inc. share purchase 155,000
shares of its common stock from Xxxxx Trading at a price of $8.25 per
share. TrimFast Group may prior to January 25, 2000 begin purchasing
here from Xxxxx Trading at its discretion.
2. In the event all shares are not completely purchased by January 25, 2000
pursuant to this preceding paragraph, TrimFast Group, Inc. hereby
grants to Xxxxx Trading a security interest in all of its right, title
and interest in and to the real estate that is the subject of the
Warranty Dead attached hereto and that is identified therein as Parcel
I.D. Nos 06-29-15-09072-000-0501 and 06-29-15-09072-000-0502 (the "Real
Estate"). TrimFast Group, Inc. represents that its owns the real estate
free and clear of any and all encumbrances and TrimFast Group, Inc.
further warrants that the real estate shall remain free and clear of any
encumbrances in favor of any party other than Xxxxx Trading until
February 15, 2000.
3. In the event shares are not purchased back by January 25, 2000 where
price shall increase $.25 per month until completion of purchase.
Agreed this 10th day of November 1999
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/s/ Xxxxxx Xxxxxx /s/ Xxxxxxx Xxxxx
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Xxxxx Trading TrimFast Group, Inc.
