Exhibit 10.36
January 29, 2003
Mr. Xxxxxxx Xxxxxx
Xxxxxx Racing
0000 Xxxxxxxxxxxx Xxxxx
Xxxxxxxxxxxx, XX 00000
Dear Xx. Xxxxxx:
The purpose of this letter is to memorialize our understanding with regard
to the arrangement made between your company and CART with regard to the
upgrading of four (4) Honda/Reynard chassis to Ford/Reynard conversions. With
regard to this upgrading, CART has agreed to pay your company Four Hundred
Thousand ($400,000.00) Dollars. Two Hundred Thousand ($200,000.00) Dollars has
already been paid in the form of a deposit, and Two Hundred Thousand
($200,000.00) Dollars is to be delivered on February 03, 2003.
It is understood and agreed that this transaction will take place within
the time frames herein but that the details of this transaction must be approved
by the CART Board of Directors. In the event that the CART Board of Directors
denies approval for this transaction, you agree that this transaction may be
rescinded.
If this meets with your approval, please execute in the space provided
below.
Thank you for your consideration.
Sincerely,
CART, Inc. AGREED AND ACCEPTED:
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxxxx Xxxxxx
-------------------------------------- --------------------------------------
Xxxxxx X. Xxxxxx Xxxxxx Racing
Vice President/CFO By: Xxxxxxx Xxxxxx
TLC/cma
