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Exhibit 10.3
XXXX XXXXXX DIRECT, INC.
000 Xxxxxxxxx, Xxxxx X
Xxx Xxxx Xxxxxx, XX 00000
September 15, 1999
Xxxxxxx Xxxxx
000 Xxxxx Xxxxxxxxxxxx, #0000
Xx. Xxxxx, XX 00000
RE: Modification of $40,000 and $20,000 Promissory Notes
Dear Xxxxxxx:
This will confirm our understanding, more formally referred to as the
Modification Agreement, with respect to the above referenced loans (the
"Loans") in the aggregate principal amount of Sixty Thousand Dollars ($60,000)
made by Xxxxxxx Xxxxx ("Lender") to Xxxx Xxxxxx Direct, Inc. ("Borrower"). We
have agreed as follows:
1. The Maturity Date of the Loans shall be extended to November 15, 1999;
2. As consideration for the extension of the Maturity Dates, Borrower will
issue a total of Fifteen Thousand (15,000) shares of Borrower's Common
Stock (the "Extension Shares") as additional consideration. These Extension
Shares are being issued in addition to the shares issued pursuant to the
original Loans.
If the foregoing confirms our understanding, please execute where indicated
below. Upon receipt of this Modification Agreement, Borrower will cause the
issuance of common stock certificate representing the Extension Shares.
Sincerely,
Xxxx Xxxxxx Direct, Inc. Acknowledged and Agreed
/s/ Xxxxxxx X. Xxxxxxxxx, Xx. /s/ Xxxxxxx Xxxxx
----------------------------- --------------------------------
By: Xxxxxxx X. Xxxxxxxxx, Xx. Xxxxxxx Xxxxx
