Exhibit 10.1
FIRST NATIONAL DATA BANK, INC.
0000 X. 0xx Xxx., Xxxxx X
Xxxxx, Xxxxxxx 00000
(813) 248-0096
May 14, 2002
Xxxxxxx X. Xxxxx, President
NetMerchant, Inc.
000 Xxxxxxx Xx.
Xxxxxxxxxx, XX 00000
Re: Purchase Agreement dated January 24, 2002
Xx. Xxxxx,
Pursuant to our telephone conversation, the following serves to clarify certain
items associated with the referenced purchase agreement by and between First
National Data Bank, Inc. ("FNDB") a wholly owned subsidiary of Be Safe Services,
Inc. and NetMerchant, Inc. ("NetMerchant").
Re: Article 2.1 (a)
Payments made during the Installment Period of the Agreement of $1,000 per month
for up to 12 months are actually licensing fees being paid to NetMerchant by
FNDB for the use of the NetMerchant name and NetMerchant domains during the
Installment Period.
Re: Article 2.1 (b) and 7.2
The payment of the Balloon Payment of $20,000 represents the actual purchase of
100% of the stock of NetMerchant, Inc., which includes the assets listed on
Schedule "A"- Purchased Assets. The stock will not be transferred until the
Balloon Payment of $20,000 is made by FNDB, and actual closing of the purchase
of assets will not occur until all consideration is paid.
Thank you in advance for your assistance in these matters. If you have any
questions, please call me at (000) 000-0000.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
COO
AGREED AND CONFIRMED:
/s/ Xxxxxxx X. Xxxxx Date: May 15, 2002
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Xxxxxxx X. Xxxxx, President
NetMerchant, Inc.
