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Letter Agreement dated March 26, 1997 between
the Company and Xxxxxxx Xxxxxx
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AQUAGENIX, INC.
0000 XXXXXXXXX 00xx XXXXXX
XX. XXXXXXXXXX, XXXXXXX 00000
Xx. Xxxxxxx Xxxxxx
000 Xxxx Xxxxx Xxxxxx
Xxxxx, Xxxxxxx 00000
Re: Aquagenix Letter Agreement
Dear Xxxxxxx:
As per our conversations of the past, Aquagenix, Inc. (the "Company") has agreed
to issue you 10,000 shares of Common Stock of the Company (the "Shares") in
return for services rendered and to be rendered as an employee of the Company
and also as partial payment for expenses which you have incurred in connection
with your relocation from Arizona to Florida. It is agreed that you will receive
5,000 of the Shares no later than December 31, 1997 and 5,000 of the Shares at
the end of 1998, or at such earlier time as determined by the Company's Board of
Directors in its sole discretion. By way of this letter, you agree that the
issuance of the Shares is contingent upon your continued employment with the
Company through the period of final issuance. The Shares shall be registered by
the Company on a best efforts basis using a Form S-8 or similar registration
statement.
Upon receipt of this letter agreement, please sign or initial confirmation of
the above conditions.
Sincerely,
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Chairman & CEO
ACCEPTED AND AGREED TO
THIS 26TH DAY OF MARCH, 1997:
/s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx
