EXHIBIT 10.3
Xxxxxx X. Xxxxx
00000 Xxxxxx Xxxx, Xxxxxxxxx 00-X
Xxxx Xxxxxx, XX 00000
949/587-9433
xxxxxxx@xxxxxxx.xxx
April 30, 2000
Xxxxx Xxxxxxxxx, Chairman
Capco Energy, Inc.
0000 Xxxx Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxx, XX 00000
Dear Ilyas:
This letter confirms that the arrangement between Capco Energy, Inc. and
subsidiaries ("Capco") and me regarding settlement of amounts owed to me for
services rendered to Capco during the period January 3 to April 14, 2000, is as
follows:
The amount of $20,280.00 (statement attached) to be paid in three installments
of $5,000.00 each, the first of which is to be paid on May 2, 2000 and the next
two installments on May 25, 2000 and June 26, 2000, respectively; and one final
installment of $5,280.00 on July 25, 2000.
Issuance of 10,000 shares of registered, fully-paid, nonassessable common stock
of Capco Energy, Inc. Registration of such shares will take place as soon as
practicable.
Please indicate confirmation of this arrangement by signing this letter in the
space provided below and returning it to my attention.
Sincerely,
/s/ Walton C. Xxxxx
Xxxxxx X. Xxxxx
Agreed and accepted:
/s/ Xxxxxx X. Xxxxx 5-2-00
------------------- ----------------
(name and title) (date)
