KOKOMO ENTERPRISES INC.
June 2,
2011
CEIBA
NETWORK UG
Am
Masling 54,
58456
Witten,
Germany
Attention: Xx. Xxxx
Xxxxxxx
Dear
Xxxx:
| Re: |
Incentive
Share Purchase Option Agreement dated June 1, 2011 (the “Incentive Option
Agreement”)
between Kokomo Enterprises Inc. (“Kokomo”) and Ceiba Network UG
(“Ceiba”).
|
The
object of this letter is to confirm our understanding that should Ceiba be
unable to exercise its incentive stock options by the expiry date of the
Incentive Option Agreement i.e., June 1, 2012 due to the trading price of
Kokomo’s common shares being $0.15 per common share or being less than $0.15 per
common share, then Kokomo shall be obligated to make a cash payment of US $3,250
to Ceiba as compensation for Xxxxx’s services. For greater certainty,
if during the twelve month period of the Incentive Option Agreement, Ceiba
exercises all or part of its incentive stock options, then Ceiba shall not be
entitled to receive any payment from Kokomo, and Kokomo shall not be obligated
to make any payment to Ceiba.
Yours
sincerely,
Xxxx X.
Xxxxxxxxx
President
& CEO
Side
Letter_Ceiba Network UG_June 2 2011.doc
|
Suite
0000, 0000 Xxxx Xxxxxxxx Xx.
Xxxxxxxxx,
XX X0X 0X0
Tel:
000 000 0000 Fax: 000 000-0000
xxx.xxxxxxxxxxxxxxxxx.xx email:
xxxx@xxxxxxxxxxxxxxxxx.xx
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