Exhibit 10.5
PWR SYSTEMS, INC.
0000 Xxxxxxxx Xxxxxxxx Xxxxxxx
Xxxxxxx, Xxx Xxxx 00000
December 28, 2001
Xxxxxxx XxXxxxxx
00 Xxxxx Xxxx
Xxxx Xxxxx, Xxx Xxxx 00000
Dear Xx. XxXxxxxx:
This letter shall serve to evidence your agreement to defer payment of the
first two installments under the Second Amended and Restated Promissory Note,
dated September 28, 2001, made by PWR Systems, Inc. (the "Company") in your
favor in the aggregate principal amount of $153,412, until the earlier of (i)
March 1, 2002, or (ii) the date of the first closing under a private placement
of Vizacom Inc. ("Vizacom") common stock, par value $.001 per share, to
accredited investors as contemplated by the Letter of Intent dated September 7,
2001, between SpaceLogix, Inc. and Vizacom. Interest shall continue to accrue
during the deferment period.
Please sign and return a copy of this letter to the undersigned to indicate
your acceptance of the terms set forth herein, whereupon this letter and your
acceptance shall constitute a binding agreement between you and the Company as
of the date hereof.
Sincerely,
PWR SYSTEMS, INC.
By: /s/ Xxxxx X. Xxxxx
-----------------------------
Xxxxx X. Xxxxx
President
Accepted and Agreed:
/s/ Xxxxxxx XxXxxxxx
-------------------------
Xxxxxxx XxXxxxxx
