EXHIBIT 10.5
SEGUSO HOLDINGS, INC.
0000 00xx Xxxxx Xxxx, Xxxxx X000
Xxxxxxxxx, Xxxxxxx 00000
September 1, 2007
LETTER AGREEMENT
This Letter Agreement is to memorialize the terms verbally agreed to in
principle by Xxxxxx Xxxxxx (individually, "Seguso"), with Seguso Holdings, Inc.,
a New York corporation ("Company").
Seguso Loan. Seguso hereby agrees to loan the Company the sum of up to
SEVENTY-FOUR THOUSAND ($74,000.00) DOLLARS to cover the expenses of the
Company's Initial Public Offering ("Offering"), on a non-interest bearing basis,
due the earlier of 18 months from the effective date of the Company's
Registration Statement, or until the Company completes a business combination.
If at the time of any business combination the amount due to Seguso exceeds the
proceeds of this Offering, the excess amount will be returned to Seguso as a
condition of the business combination.
This Letter Agreement shall be effective as of the date set forth above.
SEGUSO: COMPANY:
/s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxx
------------------------------------- ------------------------------------
Xxxxxx Xxxxxx Xxxxxx Xxxxxx, Chief Executive
Officer
