Stock Repurchase Letter Agreement between Path 1 Network Technologies Inc. and Ronald Fellman dated September 12, 2003
Path 1 Network Technologies Inc. and Ronald Fellman have agreed that the company will repurchase 27,777 shares of its common stock from Mr. Fellman at the public offering price of $3.60 per share, minus a 7% underwriter commission, for a total payment of $93,000. The repurchase will occur after the company's successful public offering and the exercise of the underwriter's over-allotment option. Mr. Fellman must deliver the shares, free of any pledges or encumbrances, to receive payment.
Exhibit 10.80
| Path 1 Network Technologies Inc. 6215 Ferris Square, Suite 140 San Diego, CA 92121 | ||
| [GRAPHIC APPEARS HERE] | Phone ###-###-#### Fax ###-###-#### www.path1.com | |
September 12, 2003
Mr. Ron Fellman
C/o Path 1 Network Technologies Inc.
6215 Ferris Square, Suite 140
San Diego, California 92121
Re: Letter Agreement For Stock Repurchase
Dear Ron,
This Letter Agreement memorializes our agreement for Path 1 Network Technologies Inc. (the “Company”) to purchase from you $100,000 of the Company’s common stock following the Company’s successful public offering in which the Company’s underwriter exercised its option to purchase all additional units to cover over-allotments with respect this offering.
We agreed that the Company would repurchase 27,777 shares of its common shares at the public offering price of $3.60 per share, less the 7% underwriter commission, resulting in net proceeds of $93,000. Upon receipt of the above-referenced 27,777 shares (that shall not have been pledged or otherwise encumbered), the Company will pay you the net proceeds of $93,000.
If you have any questions, please let me know.
Sincerely,
John R. Zavoli
CFO & General Counsel
| Agreed and Approved: |
| /s/ RON FELLMAN |
| Ron Fellman |
| Date: September 12, 2003 |
