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Ex-10.51
Placement Agreement between the Company and Jack King
EXHIBIT 10.51
September 10, 1999
Mr. Jack King
Southcourt, Ltd.
Irvine, CA 92602
RE: TELEGEN OFFERING
Dear Jack,
Telegen Corporation is pleased to compensate you for your assistance in placing
up to $13.9 million in financing either through an offering of Telegen
post-reorganization common stock, an offering of Telegen Display Laboratories,
Inc., common stock or through a bridge loan offering which converts into
post-reorganization Telegen common stock. This compensation would be in the form
of a placement fee equal to 5% of the net money raised through your sources and
would be payable in post-reorganization Telegen common stock.
As to the compensation regarding the sale of Telegen post-reorganization stock
or debt, this agreement is subject to the approval of the Bankruptcy Court,
which we do not believe should be an issue. I have instructed our Counsel to
make the appropriate applications to the Court for such approvals.
Thanks for again for your assistance.
Best regards,
/S/ JESSICA L STEVENS
Jessica L. Stevens
President/CEO
AGREED:
/S/ JACK KING
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