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EXHIBIT 10.8
Letter agreement terminating Fontenelle, LLC Consulting Agreement
VIRTUAL TECHNOLOGY CORPORATION
0000 Xxxx Xxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
July 20, 1999
Fontenelle, LLC
Attn: Xx. Xxxxxx Xxxxxx
000 Xxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxxx Xxxxx, XX 00000
Re: Termination of VTC/Fontenelle, LLC Consulting Agreement
Dear Xx. Xxxxxx:
This confirms our recent discussions and serves as the mutual written agreement
of Virtual Technology Corporation ("VTC") and Fontenelle, LLC ("Fontenelle") to
terminate the Consulting Agreement ("Agreement") entered into between VTC and
Fontenelle on February 23, 1999.
VTC and Fontenelle mutually agree to terminate the Agreement effective July 20,
1999. In consideration for services rendered through July 20, 0000, Xxxxxxxxxx
accepts 333,300 shares of VTC's common stock in full satisfaction of its rights
pursuant to the Agreement. Fontenelle releases VTC from any further obligations
under the Agreement and forever waives and releases any further claims of any
nature whatsoever under the Agreement.
Please contact Xxxxxxx Xxxxxxxx at our office to arrange the cancellation and
exchange of the previously issued stock certificate as required under the
Agreement. Please also sign below at the appropriate signature block and return
the executed correspondence to my attention to confirm Fontenelle's receipt and
understanding of this Agreement.
Yours truly,
VIRTUAL TECHNOLOGY CORPORATION
/s/ Xxxxxxx Israel
Xxxxxxx Israel, Chairman
ACKNOWLEDGED AND AGREED:
By: /s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx, Authorized Officer
Fontenelle, LLC
