Exhibit 10.29
October 23, 2000
Xx Xxxxx
RE: Repurchase of Restricted Stock
Dear Xx:
This letter sets forth the agreement between you and E-Stamp Corporation
("E-Stamp") regarding the repurchase of 878,906 shares of common stock of
E-Stamp ("Shares") registered in your name and currently subject to a
right of repurchase by E-Stamp pursuant to the terms of the Restricted
Stock Repurchase Agreement dated May 30, 1999 ("Repurchase Agreement").
Effective as of the date of this letter, you hereby transfer and sell to
E-Stamp, and E-Stamp repurchases from you, the Shares for a purchase
price equal to $632,812.32. E-Stamp will pay the purchase price through
a set-off against your obligation to pay principal under the Promissory
Note dated May 30, 1999 in the original principal amount of $1,102,500.
Except as otherwise provided herein, the repurchase of the Shares will be
effected pursuant to the terms of the Repurchase Agreement.
You will continue to be responsible for the payment of the remaining
principal amount of $469,687.68 and all accrued but unpaid interest under
the Promissory Note. Pursuant to the term of the Repurchase Agreement,
the remaining 652,344 shares acquired by you on May 30, 1999 will be held
by E-Stamp as security for the performance of your remaining obligations
under the Promissory Note
Nothing herein shall affect in any manner your obligations under that
certain Promissory Note dated January 14, 2000 in the original principal
sum of $409,962.00.
Xx Xxxxx
October 23, 2000
Page 2
If you agree with the foregoing, please sign in the space provided below.
Sincerely,
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx,
Vice President, General Counsel
Agreed as of the date first set forth above:
/s/ Xxxxxx X. Xxxxx
-------------------
Xxxxxx X. Xxxxx
