NETLOJIX ACQUISITIONS CORPORATION 68 Alameda Padre Serra Santa Barbara, California 93103 February 28, 2003
Exhibit 7P
NETLOJIX ACQUISITIONS CORPORATION
00 Xxxxxxx Xxxxx Xxxxx
Xxxxx Xxxxxxx, Xxxxxxxxxx 00000
February 28, 2003
Xxxxx X. Xxxxxx
Box 540
Kenwood Station
0000 Xxxxx Xxxx
Xxxxxxxx, XX 00000
Re: Rescission of Stock Purchase
Dear Xxxxx:
On December 31, 2002, NetLojix Acquisitions Corporation ("NAC") purchased from you ("Seller") a total of 261,939 shares (the "Shares") of the common stock of NetLojix Communications, Inc. ("NetLojix").
This letter agreement (the "Rescission Agreement") will confirm our agreement to rescind the purchase of the Shares on the terms set forth below.
1. Mutual Consent to Rescission. The parties hereby mutually consent and agree to rescind the purchase of the Shares.
2. Disposition of Consideration Received. Upon execution of this Rescission Agreement, Seller will repay the $5,238.78 received from NAC for the Shares.
3. Surrender of Rights. The parties mutually agree to forgo all other rights and benefits relating to the purchase and sale of the Shares as consideration for the rescission of that purchase and sale.
4. General Provisions.
4.1 Amendments, etc. This Agreement may be amended or its provisions waived only by agreement in writing of all parties. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings of the parties in connection therewith.
4.2 Governing Law; Jurisdiction. This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the laws of the State of California, excluding any laws that direct the application of another jurisdiction's laws.
4.3 Counterparts. This Agreement (and any amendment hereto or any other document delivered pursuant hereto) may be executed in one or more counterparts. The facsimile transmission of any original signed counterpart of this Agreement (or any amendment hereto or any other document delivered pursuant hereto) shall be treated for all purposes as the delivery of an original signed counterpart.
If the foregoing correctly sets forth our mutual understanding, please execute and return one copy of this letter to the undersigned.
Very truly yours, |
NETLOJIX ACQUISITIONS CORPORATION |
By /s/XXXXXXX X. XXXX |
Xxxxxxx X. Xxxx |
Chief Executive Officer |
Dated: March 5, 2003 |
Agreed to and accepted:
"Seller"
/s/XXXXX
X.
XXXXXX
Xxxxx X. Xxxxxx