Agreement
This Agreement is entered into as of December 30, 1998, by and between Xxxxx
Xxxxxxxx and Imaging Technologies Corporation ("ITEC").
ITEC is indebted to Xxxxx Xxxxxxxx in the amount of $80,000 for accrued
vacation, accrued expenses and commissions at December 30, 1998.
In accordance with this Agreement, Xxxxx Xxxxxxxx agrees to convert the full
amount of Eighty Thousand Dollars ($80,000) into One Hundred Sixty Thousand
(160,000) shares of ITEC Common Stock. These shares shall be made part of the
next registration statement to be filed by ITEC, which the Company expects to
file by March 31, 1999.
Xxxxx Xxxxxxxx
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Imaging Technologies Corporation:
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
Chief Executive Officer
