EXHIBIT 10.22
Xxx XxxXxxxxx August 3, 2005
Ovation Products Corporation
000 Xxxxxxxxx Xxxx
Xxxxxx, Xxx Xxxxxxxxx 00000
RE: STOCK PURCHASE AGREEMENT
Dear Xxx:
Reference is made to that certain Purchase Agreement by and between
GreenShift Corporation ("GreenShift) and Ovation Products ("Ovation) dated
August 3, 2005 and related documents (collectively, the Transaction Documents).
This letter shall confirm our subsequent agreement relative to the timing of
GreenShift's payment of the investment funds due to Ovation under such
agreement.
The parties hereby agree that GreenShift shall pay the total purchase
price due under the Transaction Documents to Ovation in four equal installments
of $250,000 on August 30, 2005, September 30, 2005, October 31, 2005 and
November 30, 2005.
The parties also hereby agree that Ovation shall, upon its receipt of the
first of the above payments, appoint GreenShift's chairman, Xxxxx Xxxxxxxx, to
Ovations board of directors.
Your signature below shall indicate your agreement with the above
conditions. Thank you and we look forward to working with you.
Best Regards,
G R E E N S H I F T C O R P O R A T I O N
By: /s/ Xxxxx Xxxxxxxx
------------------
Xxxxx Xxxxxxxx
Chairman and Chief Executive Officer
Agreed and Accepted to by:
OVATION PRODUCTS
By: /s/ Xxx XxxXxxxxx
-----------------
Xxx XxxXxxxxx
Chief Executive Officer
