EXHIBIT 10.5
Xxxxxxxx 00, 0000
Xxxxx Xxxxxxx
Xxx Xxxxxxxxxxx Xxxxx, Xxxxx 0000
Xxx Xxxx, XX 00000
Dear Xx. Xxxxxxx:
This letter is to confirm our agreement that you will act as a
consultant and advisor to Donlar Biosyntrex (the "Company") in connection with
the Company's efforts to settle certain claims against the Company and others by
two groups of the Company's shareholders led by Xxxxxxx X. Xxxxxxxxx and Xxxxxx
Xxxxxxxx (the "Claims"). You have and shall take various actions as we have
previously discussed to obtain the settlement and release of the Claims and in
return for such services, the Company shall issue you 2,000,000 shares of its
common stock simultaneously with the settlement and release of the Claims. Our
obligation to issue you the shares shall expire at 11:59 p.m. on December 31,
2002 if the Claims have not been settled and released prior to such time.
If the foregoing is in accordance with your understanding of our
agreement, please sign where indicated below and return a copy of this letter to
me by fax.
Very truly yours,
DONLAR BIOSYNTREX CORPORATION
By: /s/ Xxxxx X. Xxxxxx
-----------------------------------------
Xxxxx Xxxxxx, President and CEO
Accepted and agreed to as of the
date first written above:
/s/ Xxxxx Xxxxxxx
--------------------------------
Xxxxx Xxxxxxx
