VYSTAR CORPORATION
VYSTAR
CORPORATION
August
15, 2008
Mr.
Xxxxxxx Xxxxx
Universal
Capital Management, Inc.
0000
Xxxxxx Xxxxx
Wilmington,
DE 19808
Re:
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Agreement
regarding Issuance of 600,000 Shares of Vystar Corporation (“Vystar)
Common Stock to Universal Capital Management, Inc.
(“UCM”)
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Dear
Xxxx:
This
letter will memorialize the agreement between Vystar and UCM with respect
to
certain services to be rendered by UCM to Vystar in connection with the proposed
registration of the distribution of 600,000 shares of Vystar Common Stock
described below to the UCM stockholders. In consideration of the services
described below, on or about the effective date of a Vystar registration
statement on Form S-1 which is contemplated to be filed later this year,
Vystar
shall issue to UCM 600,000 shares of its common stock as compensation for
such
services and, in accordance with the contemplated description in the
Registration Statement, UCM shall distribute such shares to its stockholders
on
a record date to be determined. The services include the following:
1.
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Assistance
in preparation of the S-1 Registration Statement and accompanying
documents;
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2.
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Assistance
in locating appropriate market makers with respect to Vystar’s
contemplated listing of its shares for sale on the OTC Bulletin
Board;
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3.
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Assistance
with Vystar’s contemplated application with FINRA with respect to such OTC
Bulletin Board listing; and
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4.
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Assistance
with the contemplated arrangements with a stock transfer agent
with
respect to the Vystar common stock following effectiveness of such
registration statement.
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Notwithstanding
the foregoing, these shares will only be issued to UCM in the event that
such
registration statement is declared effective by the Securities and Exchange
Commission.
If
the
foregoing is acceptable, please so indicate in the space provided
below.
Vystar
Corporation
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Date: | By: | /s/ |
Xxxxxxx X. Xxxxx |
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Agreed
to
as of this 15th day of August, 2008:
Universal
Capital Management, Inc.
By: | /s/ |
Xxxxxxx
Xxxxx
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