ACTIVE LINK COMMUNICATIONS, INC.
FORM 10-KSB
EXHIBIT 10 (O.2)
ACTIVE LINK COMMUNICATIONS, INC.
0000 XXXXXX XXXXX XXXXXX
XXXXXXXXXX, XX 00000
December 23, 2002
Xx. Xxxxxx Xxxxx
00 Xxxx Xxxx Xx.
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxx:
This letter is in reference to the letter agreement ("Agreement") between
yourself ("Xxxxx") and Active Link Communications, Inc. (Company or ACVE). The
Agreement stipulated that the Company would compensate Xxxxx with the Company's
stock for strategic consulting services as set forth in a schedule attached to
the Agreement (attached herein as Schedule I). To date, the Company has issued
stock to Xxxxx as follows:
(a) 500,000 shares issued on November 19, 2002 for work performed from
October 1, 2002 through October 25, 2002.
(b) 150,000 shares issued on December 19, 2002 for work performed
through November 30, 2002.
Given that Xxxxx has failed to successfully raise investment capital for the
Company, and given that Xxxxx has failed to negotiate acceptable compromise
settlements with any of the Company's major creditors, the Company hereby deems
the services as originally contracted not to have been performed as agreed. As
such, the Company and Xxxxx agree to the following revisions to the Agreement:
(a) The two stock certificates issued for a total of 650,000 shares of
Company stock will be cancelled effective immediately.
(b) The remaining stock to be issued for services as documented in the
Agreement will not be issued as originally scheduled.
(c) If Xxxxx assists the Company with the raising of investment capital
of at least $1,500,000 by April 30, 2003, and if Xxxxx assists the
Company in negotiating final compromise settlements with its major
creditors, the Company will reinstate the stock compensation plan in
accordance with the Agreement. In so doing, the dates for stock
issuance in the Agreement will recommence on May 1, 2003. In other
words, the first issuance of stock for 500,000 shares will be done
May 1, 2003.
If the foregoing correctly sets forth the understanding and agreement between
Xxxxx and the Company, please so indicate in the space provided for that purpose
below, whereupon this letter will constitute a binding agreement as of the date
hereof. PLEASE RETURN THIS LETTER ALONG WITH THE TWO STOCK CERTIFICATES.
Active Link Communications, Inc.
By: _______________________________________
Xxxxxxx X. Xxxx, Chief Executive Officer
Date: _____________________________________
AGREED:
Xxxxxx X. Xxxxx
By: ______________________________________
Date: _____________________________________
