EXHIBIT 10.6
[LETTERHEAD OF SAF T LOK]
July 8, 1999
Mr. Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxx & Co., Inc.
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxx, Xxx Xxxx, 00000-0000
Dear Xx. Xxxxxx:
Xxxxxxxxx Xxxxxxx & Co. ("AWC") and Saf T Lok ("STC") agree to amend the Agency
Agreement ("AA") dated April 20, 1999 for the sale of 6% Convertible Debentures
as follows:
1. The parties agree to close on the initial sale of $400,000 regardless of
whether any additional debentures are to be sold. The "closing date" for
these debentures will be the date they are closed.
2. Any sale of the remaining $600,00 in debentures is on hold and may be
cancelled at the sole discretion of STL. STL has until October 15, 1999 to
direct AWC, who will use its best efforts, to sell any or all of the
remaining 6% Convertible Debentures. STL may repeal the AA at any time
prior to AWC delivering bona fide Subscription Agreements for any of the
remaining $600,000 to STL.
3. In consideration of AWC's efforts STL will prepay a non-refundable cash
commission of $130,000 to AWC upon closing of the initial sale of
$400,000. This commission will apply to any further sale of debentures per
paragraph 2 above.
4. STL will issue the prorated portion of 40,000 shares of STL common stock
to AWC as soon as possible after the close of the initial sale of
$400,000.
5. Only if an when the remaining $600,000, or any portion thereof, of
debentures are subscribed to and issued, will AWC be entitled to receive
the remaining prorated portion of STL common stock.
For STL For AWC
/s/ Xxxxxxx Xxxxxxx /s/ Xxxxx Xxxxxx
Xxxxxxx Xxxxxxx Xxxxx X. Xxxxxx
Chief Financial Officer Secretary/Treasurer
