5FIFTY5.COM, INC.
Exhibit
10.4
0XXXXX0.XXX, INC.
0000
Xxxxxxxx Xxx Xxxxx, Xxxxx 0000
Xxxxx, XX
00000
January
25, 2008
Xxxxxx X.
XxXxxxxx
000 Xxx
Xxxxx Xx.
Xxxxx, XX
00000
Gentlemen:
Reference
is made to the Agreement for the Purchase of Preferred Stock dated August 8,
2005 between Xxxxxx X. XxXxxxxx ("XxXxxxxx") and 0xxxxx0.xxx,
Inc. (formerly, Energy Control Technology, Inc. and hereinafter, the "Company")
(the "SPA").
This will
confirm that as of the date hereof the Company has not issued to XxXxxxxx the
3,750,000 shares of Preferred Stock of the Company that the Company is
obligated to issue to XxXxxxxx under the SPA. Further, the Company and XxXxxxxx
hereby agree that in lieu of issuing such Preferred Stock, in full satisfaction
of the Company's obligations under the SPA, the Company shall promptly after the
execution of this letter agreement issue to XxXxxxxx an aggregate of 37,500,000
shares of Common Stock, par value $.001 per share, of the Company.
In order
to evidence your agreement with the foregoing, please sign this letter agreement
in the appropriate place indicated below and return to the undersigned one copy
of the signed agreement.
Very
truly yours,
0xxxxx0.xxx,
Inc.
By: Xxxxxx
X. XxXxxxxx
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|
Xxxxxx X. XxXxxxxx | |
TERMS
AGREED TO:
By: Xxxxxx
X. XxXxxxxx
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Xxxxxx X. XxXxxxxx | |