EXHIBIT 10.25
October 28, 1996
Xxxxxx Industries, Inc.
0000 X. Xxxxxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Gentlemen:
I hereby acknowledge and agree that the Stock Option Agreement and
Financial Public Relations Consulting Agreement previously entered into
between Xxxxxx Xxxxxx and Xxxxxx Industries, Inc. is hereby terminated. I
understand tht the Promissory Note signed by me in favor of Xxxxxx
Industries, Inc. and dated August 29, 1996 will be extended in accordance
with the attached Amendment to Promissory Note.
I hereby release, acquit and discharge Xxxxxx Industries, Inc., its
directors and officers from and against any and all actions and causes of
action, debts, liabilities, claims, amounts and demands of any kind or nature
whatsoever, whether in law or in equity, including without limitation any of
the foregoing arising out of or in relation to the foregoing Stock Option
Agreement and Financial Public Relations Consulting Agreement regardless of
whether such claims or the nature thereof are known or unknown as of the date
of this letter.
Sincerely,
/s/ XXXXXX XXXXXX
---------------------------------
Xxxxxx Xxxxxx
On acceptance of this contract, bal. due of 5,000 shares of Xxxxxx'x stock
for work completed up to October 25th, 1996.
/s/ XXXXXX X. XXXXXX /s/ XXXXX X. XXXXXX
----------------------------------- ------------------------------------
Xxxxxx X. Xxxxxx Xxxxx X. Xxxxxx, President
Amendment to
Promissory Note
Dated August 29, 1996
REPAYMENT TERMS:
Repayment of the Promissory Note has been extended an additional
sixty (60) days to and including December 31, 1996.
INTEREST RATE:
Interest will be calculated at eight percent (8%) per annum.
COLLATERAL:
This Promissory Note is secured by an account in the name of
Xxxxxx X. Xxxxxx located at Empire Financial Group, 0000 X. Xxxxxxxx Xxxxxx,
Xxxxx 000, Xxxxx Xxxxx, Xxxxxxx 00000.
The remaining terms of the Promissory Note remain unchanged.
/s/ XXXXXX X. XXXXXX
------------------------------------
Xxxxxx X. Xxxxxx
0000 X. Xxxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Agreed:
XXXXXX INDUSTRIES, INC.
By: /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx, President
