[TRACTOP INTERNATIONAL, INC. LETTERHEAD]
August 6, 1992
To: Xxxx and Xxxxxx Xxxxxx
Xxxx: Xxxx Xxxxxxxxxxx
I am pleased to have had our lengthy discussions of yesterday and to have
reached final agreement. I am prepared to act on my own, without involving
lawyers.
We all know that things have not gone as well as desired, but not through lack
of effort on all our parts. I also have felt like giving up at times.
We need to get rid of the threat of deadlines and accept the current reality of
the market. Therefore, we have agreed on the following changes to our previous
agreement:
1. All matters are put into current status, without default.
2. We acknowledge the $150,000.00 owing to you, and it will continue, as a
debt without a fixed maturity date and without interest. It will be paid
when the majority of the Board of Directors decides that the company cash
position permits.
3. Royalties are to be reduced to:
Martins - $ 5.00 per unit
TracTop - $50.00 per unit
All notices of default are cancelled. Therefore, all agreements between us
(Martins/TracTop) are in good standing and will continue in force with changes
above.
I am pleased that we were able to resolve this matter, and establish a basis to
move forward together for the mutual success of all parties.
/s/ Xxxx X. Xxxxxx 8/6/92 /s/ Xxxxxxxx Xxxx 8/6/92
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Xxxx X. Xxxxxx - Director Witness
/s/ Xxxxxx Xxxxx Xxxxxx /s/ Xxxxxxxx Xxxx 8/6/92
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Xxxxxx Xxxxx/Xxxxxx - Director Witness
/s/ Xxxx Xxxxxxxxxxx /s/ Xxxxxx X. Xxxxxxx
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Xxxx Xxxxxxxxxxx - President Xxxxxx X. Xxxxxxx Xxxxxxx
