EXHIBIT 10.3
WEST WORLDWIDE INDUSTRIES, INC.
New York - Ft. Lauderdale - Xxxxxxx Hills
January 4, 1999
Mr. Xxxxx Xxxxxx, President
Saf T Lok, Inc.
0000 Xxxxx Xxxxx Xxxxxxx, Xxxxx X
Xxxx Xxxx Xxxxx, Xxxxxxx 00000
Dear Xx. Xxxxxx:
This letter will confirm that the agency agreement entered into by Saf T Lok,
Xxxx Xxxxxxxxxxx and West World Industries, Inc. has been cancelled.
In it's place, you agree to provide 12,500 shares of the common stock of Saf T
Lok to Xxxx Xxxxxxxxxxx and 12,500 shares of the common stock to West Worldwide
Industries, Inc. in consideration of the creation of a business plan and the
commencing of a search for funding for Saf T Lok. These shares will be issued
within seven (7) days of execution of this agreement.
Once a bonified term sheet, from a qualified venture capitalist or investor has
been received by Saf T Lok, for an amount not less than $2,000,000 an additional
12,500 shares of Saf T Lok will be issued to Xxxx Xxxxxxxxxxx and an additional
12,500 shares to West Worldwide Industries, Inc.
Once funds are received by Saf T Lok, Saf T Lok will pay 5% of the funds
received as a commission to Xxxx Xxxxxxxxxxx and West Worldwide Industries, Inc.
If no funds are received by Saf T Lok, the issuance of the above-described
shares shall be deemed payment in full.
If the above described minimum of $2,000,000 is secured by Saf T Lok, then Saf T
Lok will retain West Worldwide Industries, Inc. as it's marketing advisor
consistent with the previously received proposal. If such funds are not
received, Saf T Lok shall have no obligation whatsoever to retain West Worldwide
Industries, Inc. as it's marketing advisors.
/s/ Xxxxx Xxxxxx, President, Saf T Lok, Inc.
/s/ Xxxxxx Xxxx, Chairman of the Board West Worldwide Industries, Inc.
/s/ Xxxx Xxxxxxxxxxx
