Exhibit 10.2
Forward Industries, Inc.
0000 Xxxxx Xxxx, Xxxxx X
Xxxxxxx Xxxxx, Xxxxxxx 00000
January 30, 2001
Xx. Xxxxxx X. Xxxx
00000 Xxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
Dear Xxxxx:
In view of the relocation of the Company's principal executive offices
to Florida, and the Company's desire to maintain an apartment for use in
connection with Company business in the New York area, this letter will confirm
our understanding that as of January 1, 2001 you shall assign to the Company and
the Company will assume and agree to pay directly all of your obligations as the
tenant under that certain lease with Glenwood Management (the "Landlord") of
real property located at 000 Xxxx 00xx Xxxxxx, Xxx. 18J, New York, New York (the
"Lease"); provided, however that the security deposit (the "Security Deposit")
paid by you under the Lease shall remain with the Landlord for the benefit of
the Company. Upon the earlier of termination of the Lease or termination of your
employment by the Company, the Company shall pay to you the Security Deposit. In
addition, you will provide a guarantee of the Company's obligation under the
Lease as requested by the Landlord. For so long as the Company is the assignee
under the Lease, the leased premises will be available for use by you on a
first-priority basis when traveling to the New York area on Company business and
to meet with the Company's accountants and legal counsel, both of whom are
located in New York.
If the foregoing correctly reflects your understanding with respect to
the Lease, please sign in the space indicated below.
Very truly yours,
FORWARD INDUSTRIES, INC.
By:/s/______________________
ACCEPTED AND AGREED: Xxxxxxx X. Xxxxxxxxxx
President
/s/__________________________
Xxxxxx X. Xxxx
