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Exhibit 10.29
[NEW WEST EYEWORKS, INC. LETTERHEAD]
January 17, 1997
Xxxxxx X. Xxxxxxxx
000 Xxxxxx Xxxxxx, Xxxxx 00-0000
Xxxxxxxxx, Xxxx 00000-0000
Dear Xx. Xxxxxxxx:
In consideration of your guaranty of the Note dated December 24, 1996 of New
West Eyeworks, Inc., a Delaware corporation (the "Company"), in the principal
sum of $350,000 payable to the Second National Bank of Xxxxxx (the "Note"), the
Company hereby pays you $7,500 (determined based on the cost savings to the
Company from the difference in the interest rate charged by the Second National
Bank of Xxxxxx and the rate that U.S. Bank of Washington, National Association,
proposed to charge). The Company agrees to indemnify and hold you harmless
against liability under your guaranty of the Note, and shall also be responsible
and shall indemnify and hold you harmless from any and all fees and expenses
(including reasonable attorneys' fees and collection costs) incurred in
connection with enforcing your right to indemnification hereunder. The Company
acknowledges that if it fails to repay the Note on or prior to its due date,
then the Board of Directors of the Company will consider in good faith whether
you should receive any additional consideration.
NEW WEST EYEWORKS, INC.
By /s/ Xxxxx X. Xxxx
----------------------------
Xxxxx X. Xxxx, President and
Chief Executive Officer
