EXHIBIT 10.27
January 24, 2003
iVoice, Inc.
000 Xxxxxxx 00
Xxxxxxx, Xxx Xxxxxx 00000
Gentlemen:
This letter will set forth our respective agreement regarding the
conversion of all shares of Class B common stock beneficially owned by me. I
acknowledge that iVoice, Inc. intends to register the resale of 5,000,000,000
shares of Class A common stock under an Equity Line of Credit. I further
acknowledge that iVoice does not have a sufficient number of authorized shares
of Class A common stock in order to honor the exercise or conversion of all
outstanding options, warrants, debentures and Class B common stock. Accordingly,
I hereby agree not to convert any of my shares of Class B common stock until
such time as (i) the registration statement registering the shares of Class A
common stock underlying the Equity Line of Credit is no longer effective or (ii)
until iVoice has increased the number of authorized shares of Class A common
stock to an amount sufficient to honor the exercise or conversion of all
outstanding options, warrants, debentures and Class B common stock.
This letter may be executed in any number of counterparts, all of which
shall be deemed an original, and both of which shall constitute one and the same
instrument. This letter shall be accepted, effective and binding, for all
purposes, when the parties shall have signed and transmitted to each other, by
telecopier or otherwise, copies of this letter. In the event of any litigation
arising hereunder, the prevailing party or parties shall be entitled to recover
its reasonable attorneys' fees and court costs from the other party or parties,
including the costs of bringing such litigation and collecting upon any
judgments. This letter shall be binding upon and shall inure to the benefit of
the parties hereto and their respective heirs, executors, legal representatives,
trustees, successors and assigns.
If the foregoing correctly sets forth the terms of our agreement,
please sign this letter on the line provided below, whereupon it will constitute
a binding agreement between us.
Very truly yours,
iVoice, Inc.
By:
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Name:
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Title:
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Xxxxxx and accepted on
January 24, 2003:
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Xxxxxx Xxxxxxx
