Letter Agreement with Atlas, Xxxxxxxx, Xxxx & Xxxxxxx, P.A.
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WHITESTONE INDUSTRIES, INC.
00000 Xxx Xxxxxx Xxxxxx - Xxxxx 000
Xxxxxx, XX 00000
October 1, 1996
Xxxxx X. Xxxxxxxxx, Esq.
Atlas, Xxxxxxxx, Trop & Borkson, P.A.
000 Xxxx Xxx Xxxx Xxxxxxxxx, Xxxxx 0000
Xxxx Xxxxxxxxxx, Xxxxxxx 00000
Re: Whitestone Industries, Inc. (the "Company'")
Dear Xx. Xxxxxxxxx.
As of September 30, 1996, the Company has incurred legal fees and related
costs of $20,736, for services rendered to the Company since the time of the
acquisition of Golden Bear Entertainment Corp. by the Company at the conclusion
of 1995. Previously, we had discussed the circumstance that Xxxxx, Xxxxxxxx,
Xxxx & Xxxxxxx, P.A. would be given the opportunity to elect to receive cash or
common stock of the Company in satisfaction of legal services rendered and to be
rendered on behalf of the Company. At the present time, we are in the process of
finalizing a funding which would provide the Company with critical funds
required for the expansion of the operations of the Company. Accordingly, we
wish to offer the opportunity to your firm to elect to receive either 50,000
shares of Common Stock or a cash payment in satisfaction of the above
obligation.
Please advise us as to your determination in this matter.
Very truly yours,
WHITESTONE INDUSTRIES. INC.
By: /s/Xxxxxx Xx
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Xxxxxx Xx, President
On behalf of the firm I wish to express our determination to accept the
50,000 shares of common stock of the Company. Inasmuch as the stock is
restricted securities but is intended to be the subject of an S-8 Registration
Statement, we would be willing to value the stock at 90% of the fair market
value and an amount in excess of the aforementioned obligation would be applied
to future charges incurred by the firm on behalf of the Company.
ATLAS, XXXXXXXX, TROP & XXXXXXX, P.A.
By: /s/ Xxxxx X. Xxxxxxxxx
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Partner
