Letter Agreement Regarding Capital Stock Purchase Between Edwin McGusty and William Tay Dated June 4, 2004
This letter agreement between Edwin McGusty and William Tay modifies the terms of a Capital Stock Purchase Agreement for Donar Enterprises, Inc. William Tay agrees to deliver 8,333,647 shares of Donar common stock at closing on June 11, 2004 for $500,000, with the remaining 317,800 shares to be delivered to McGusty's attorney within three to four weeks at no extra cost. The agreement clarifies the timing and delivery of the shares and confirms both parties' acceptance of these terms.
EDWIN A. McGUSTY
8649 Himes Avenue #1513
Tampa, FL 33614
(813) 931-8658
June 4, 2004
William Tay
2000 Hamilton Street #520
Philadelphia, PA 19130
Re: Capital Stock Purchase Agreement
Mr. Tay,
The Capital Stock Purchase Agreement we entered into, dated June 7, 2004 references the sale and purchase of 8,651,447 shares of common stock of Donar Enterprises, Inc. (“Donar”) currently representing 93% of Donar’s issued and outstanding common stock.
I understand you will only be able to deliver 8,333,647 common shares (or 90% of the total issued and outstanding common stock) of Donar at the Closing on June 11, 2004. I also understand the balance of 317,800 common shares are currently being transferred into certificate form and will be delivered to my attorney, John Giordano at Bush Ross Gardner Warren & Rudy, PA in approximately three to four weeks, immediately upon the certificate being received by you.
I agree to close on the transaction on June 11, 2004 with the purchase of the 8,333,647 common shares for total consideration of $500,000, with the understanding that the balance of 317,800 common shares will be delivered as soon as possible after the Closing for no additional consideration.
If you are in agreement with this please sign where indicated below and fax to me at ###-###-####.
Sincerely,
Edwin A. McGusty
Agree and Accepted:
| Dated: | ||||||
| William Tay | ||||||
| cc: | John Giordano, Bush Ross |
Jerry Diamond, Apogee
