July 21, 1925, dae Mebe Brown Ogden, Utah. BE Oe % Gentlemens seferrang to interview at our office Jume lgth, 1925, between your Urs Jel, Browning and our President, lr, &, M, Stone, relative to possible future royalty acoruale under sub-license privileges to othere which may be granted by this company under the provisions of existing agreements between the Coltts Petent Fire Arma Samulaecturing Company and the dl, & MyS, Browning Company, menting our letter dated Aprll 24, 1924, on the subject, in order that records may be complete, we respectfully subsit our wilerstandinegs at is understood that in the event the Colt's Company mould grant sub-license privelegee to any foreign Oovernment or Ganufaoturer under the provieions of existing agreements between our Companies, from the royalty payments sub-license arrengement, there received under any such shall first be paid therefrom the portion thereof, if any, to which any other or ethers shall be entitled, and the remainder shel 1 averue in the following ratio:« S5j> to the Colts Company and 46% to the Jal, & M.S. Browning Company, amd that said portion acoruing to the dll, & U5, Browning Company @heall be paid therete after receipt by the Colt's Campany, Automatic parts it is Machine thereof further understood Gime and Automatic and accessories that the abeve ehdl pertain to Hachine Rifles, extra component therefore in calibers not exceeding .50 ealiber a liay we have your acknowledgment by acceptance endorsed hereon, A duplicate of the above understanding is supplied fer your Yours very truly, COLTS PATENT FIRE Selly Stoney President ane w Ush. Browning MO dele & UgSe Browning Com; | Company, ppeeEeaRe GaSe SoBe m e Witness to &,i, Stonetg sirnature elle Penfield Bonfieds Watnees to de, Browning's signature files.