EXHIBIT 10.3
AGREEMENT BETWEEN HEALTH & NUTRITION
SYSTEMS INTERNATIONAL, INC.
AND
XXXXXX XXXXXXXXX
THIS AGREEMENT is entered into by and between XXXXXX XXXXXXXXX of 0000
X.X. 00xx Xxxxx, Xxxxxxxx, XX 00000 (hereinafter XXXXXXXXX), and HEALTH &
NUTRITION SYSTEMS INTERNATIONAL, INC., 0000 Xxxxxxxxxx Xxxx, Xxxxx 0, Xxxx Xxxx
Xxxxx, Xxxxxxx 00000 (hereinafter HNS and/or Company) (both referred to as
parties) on this 12th day of January, 2001, and in consideration of the mutual
promises made herein, the parties hereby agree as follows:
1. XXXXXX XXXXXXXXX shall pledge a C.D. (C.D.) in the amount of
100,000.00 currently held at SunTrust Bank, Northlake Branch, North Palm Beach
County, Florida in the name of Xxxxxx Xxxxxxxxx for a loan to be obtained by HNS
in the principal amount of $100,000.00, said loan to be obtained on terms
mutually agreeable to XXXXXXXXX and HNS.
2. HNS agrees that it shall abide by all terms and conditions of said
loan and shall not cause any default to occur pursuant to this agreement or
pursuant to any loan agreement with SunTrust, which shall in any way, adversely
affect the C.D. held by XXXXXXXXX.
3. XXXXXXXXX, shall at any time be permitted to withdraw the collateral
upon thirty (30) days' written notice to HNS and, if necessary, to SunTrust, at
which time the loan will be paid in full by HNS.
4. HNS specifically agrees that, if XXXXXXXXX desires to withdraw the
collateral, that it shall repay immediately all sums due and owing to SunTrust.
5. HNS, upon receipt of the loan proceeds, shall pay to XXXXXXXXX, as
compensation for providing the collateral for this loan the sum of $5,000.00.
6. In the event of any default pursuant to this Agreement, and if it is
necessary for any party to seek to enforce this Agreement, the prevailing party
shall be entitled to attorney's fees and costs, all deemed to be expenses.
7. It is further agreed by and between the parties that any action
sought to enforce this Agreement, shall be brought in Palm Beach County,
Florida.
/s/ Xxxxxx Xxxxxxxxx
-------------------------------------------
XXXXXX XXXXXXXXX
HEALTH & NUTRITION SYSTEMS
INTERNATIONAL, INC., a Florida corporation
By: /s/ Xxxxxxxxxxx Xxxx
--------------------------------------
Name: Xxxxxxxxxxx Xxxx
--------------------------------------
Title: President
--------------------------------------
2
