EXHIBIT 10.26
January 13, 1999
Xx. Xxxxxx X. Xxxxx
00-00 00xx Xxxxxx
Xxxx Xxxxxx Xxxx, XX 00000
Dear Xxx:
This letter agreement shall confirm our understanding regarding the payment
of $71,617 of deferred salary owed to you ("the "Deferred Salary"). We agree
that the Deferred Salary shall be payable as follows: (i) $40,000 in cash on or
before January 31, 1999 and (ii) 5,855 shares of Network-1 common stock at a
value of $5.40 per share. If this letter confirms our agreement, please execute
at the appropriate space provided below.
Very truly yours,
Network-1 Security Solutions, Inc.
By: /s/Xxx Xxxxx
-----------------------------------------
Xxx Xxxxx
President and Chief Executive Officer
Agreed and Accepted:
/s/Xxxxxx X. Xxxxx
------------------------
Xxxxxx X. Xxxxx
