Exhibit 10.2
[LETTERHEAD]
April 20, 1999
Mr. Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxx & Co., Inc
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxx, Xxx Xxxx, 00000-0000
Dear Xx. Xxxxxx:
Attached is the signed Agency Agreement for the sale of the Saf T Lok
Incorporated ("STL") Convertible 6% Debentures.
As I mentioned on the phone, we are in the process of freeing up the
necessary shares of stock for issuance to the debenture purchasers. Per our
conversation we have both agreed that Xxxxxxxxx, Xxxxxxx & Co., Inc. ("AWC")
will limit solicitation of the debentures to $1,000,000 until AWC receives
approval in writing from STL to sell more. Please sign this letter at the bottom
to acknowledge your agreement and return a copy to me.
On April 15, 1999 STL filed the 1998 10KSB which is to be included in the
due diligence process by AWC and any of the potential Debenture purchasers.
Included with this letter is a copy of the STL 1998 10KSB for AWC to copy and
distribute.
Section 6 of the Agency Agreement requires AWC to ascertain that potential
debenture purchasers meet the criteria to be deemed Accredited Investors. While
not specifically stated, STL requests AWC to send all information to STL on each
potential investor, that AWC deems to be an Accredited Investor, prior to STL
issuing any debentures.
Please call me if you have any questions.
Sincerely,
/s/ Xxxxxxx X Xxxxxxx
Xxxxxxx X Xxxxxxx
Chief Financial Officer
I have read and agree with the terms of this letter Signed on April 22, 1999
By /s/ Xxxxx X. Xxxxxx, for Xxxxxxxxx, Xxxxxxx & Co., Inc.
