March 1, 1999
Carmel Mountain #8 Associates, L.P.
Xxxxx X. X. Xxxxxx, President
Chancellor Development Corporation, General Partner
Xxxxx X. Xxxx, Managing Member
Carmel Mountain Environmental LLC
Re: Lease of Property at 00000 Xxxxxxxxxx Xxxxx
Gentlemen:
As partial consideration for the subject lease to Imaging Technologies
Corporation (ITEC), ITEC hereby agrees to grant to Lessors fully-vested warrants
to purchase One Hundred Thousand (100,000) shares of the common stock of ITEC at
the closing price per share on the NASDAQ market on the date of the signing of
said lease by all parties, valid for a period of three (3) years, on the terms
and conditions of Warrant Agreements.
Imaging Technologies Corporation, by
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Senior Vice President, General Counsel
