EXHIBIT 10.3
Walton C. Vance
21141 Canada Road, Apartment 18-C
Lake Forest, CA 92630
949/587-9433
[email protected]
April 30, 2000
Ilyas Chaudhary, Chairman
Capco Energy, Inc.
2922 East Chapman Avenue, Suite 202
Orange, CA 92869
Dear Ilyas:
This letter confirms that the arrangement between Capco Energy, Inc. and
subsidiaries ("Capco") and me regarding settlement of amounts owed to me for
services rendered to Capco during the period January 3 to April 14, 2000, is as
follows:
The amount of $20,280.00 (statement attached) to be paid in three installments
of $5,000.00 each, the first of which is to be paid on May 2, 2000 and the next
two installments on May 25, 2000 and June 26, 2000, respectively; and one final
installment of $5,280.00 on July 25, 2000.
Issuance of 10,000 shares of registered, fully-paid, nonassessable common stock
of Capco Energy, Inc. Registration of such shares will take place as soon as
practicable.
Please indicate confirmation of this arrangement by signing this letter in the
space provided below and returning it to my attention.
Sincerely,
/s/ Walton C. Vance
Walton C. Vance
Agreed and accepted:
/s/ Dennis R. Staal 5-2-00
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(name and title) (date)
