TecSec Incorporated and PubliCARD Inc. Stock Issuance Agreement (October 13, 2006)

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Summary

TecSec Incorporated agrees to issue PubliCARD Inc. 2.5% of its fully diluted common stock at no additional cost. This issuance is in connection with PubliCARD transferring its Series A Convertible Preferred shares in TecSec to Sally Port Global Corporation. The 2.5% is calculated based on TecSec’s current fully diluted common stock plus any new shares issued due to Sally Port Global’s financing of TecSec within the year. The agreement is confirmed in a letter dated October 13, 2006.

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EX-10.2 3 v055828_ex10-2.htm
Exhibit 10.2

TecSec Incorporated
1953 Gallows Road
Vienna, Virginia, 22182


October 13, 2006


PubliCARD Inc.
New York, New York

Attention:
Mr. Joe Sarachek

Dear Sir:

This letter confirms my communication with Mr. Joe Sarachek of Friday afternoon, October 13, 2006.

In conjunction with the conveyance of TecSec’s Series A Convertible Preferred heretofore held by PubliCARD Inc to Sally Port Global Corporation, TecSec confirms by this communication, its agreement to issue two and one-half percent (2 1/2 %) of common stock (fully diluted) to PubliCARD Inc. for no additional consideration. 
 
This calculation of 2 1/2 % is to be computed as a percentage of TecSec’s existing common stock (fully diluted) plus common stock that may be issued as a result of Sally Port Global’s financing of TecSec this year.


Very truly yours,

/s/John R. Petty
John R. Petty