Agreement
This Agreement is entered into as of December 30, 1998, by and between X.X.
Xxxxxx and Imaging Technologies Corporation ("ITEC").
ITEC is indebted to X.X. Xxxxxx in the amount of $90,000 for accrued salaries
and reduction of current employment agreement.
In accordance with this Agreement, X.X. Xxxxxx agrees to convert the full amount
of Ninety Thousand Dollars ($90,000) into One Hundred Eighty Thousand (180,000)
shares of ITEC Common Stock to be issued in the name of DK Capital. 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.
X.X. Xxxxxx
/s/ X.X. Xxxxxx
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X.X. Xxxxxx
Imaging Technologies Corporation:
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
Chief Executive Officer
February 25, 1999
Imaging Technologies Corporation
00000 Xxx Xxxxxxxx
Xxx Xxxxx, XX 00000
Re: Our Agreement of December 28, 1998
Gentlemen:
Please be advised that I have assigned all of my rights under the
subject agreement to DK Capital and hereby request that all stock to be issued
to me under that agreement be issued in the name of DK Capital.
Very truly yours,
/s/ X.X. Xxxxxx
X.X. Xxxxxx
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