Path 1 Network Technologies Inc. 6215 Ferris Square, Suite 140 San Diego, CA 92121
Exhibit 10.80
Path 1 Network Technologies Inc. 0000 Xxxxxx Xxxxxx, Xxxxx 000 Xxx Xxxxx, XX 00000 | ||
[GRAPHIC APPEARS HERE] | Phone 000.000.0000 Fax 000.000.0000 xxx.xxxx0.xxx |
September 12, 2003
Xx. Xxx Xxxxxxx
X/x Xxxx 0 Xxxxxxx Xxxxxxxxxxxx Inc.
0000 Xxxxxx Xxxxxx, Xxxxx 000
Xxx Xxxxx, Xxxxxxxxxx 00000
Re: Letter Agreement For Stock Repurchase
Dear Xxx,
This Letter Agreement memorializes our agreement for Path 1 Network Technologies Inc. (the “Company”) to purchase from you $100,000 of the Company’s common stock following the Company’s successful public offering in which the Company’s underwriter exercised its option to purchase all additional units to cover over-allotments with respect this offering.
We agreed that the Company would repurchase 27,777 shares of its common shares at the public offering price of $3.60 per share, less the 7% underwriter commission, resulting in net proceeds of $93,000. Upon receipt of the above-referenced 27,777 shares (that shall not have been pledged or otherwise encumbered), the Company will pay you the net proceeds of $93,000.
If you have any questions, please let me know.
Sincerely,
Xxxx X. Xxxxxx
CFO & General Counsel
Agreed and Approved: |
/s/ XXX XXXXXXX |
Xxx Xxxxxxx |
Date: September 12, 2003 |