Exhibit 10.10
PIVOT RULES, INC.
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Xxxxxx X. Xxxx
c/o Century Real Estate
0000 Xxxxxxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
re: Promissory Note, dated September 30, 1996
Gentlemen:
Reference is made to that certain Promissory Note, dated September
30, 1996, executed by Pivot Rules, Inc. (the "Company") in your favor in the
principal amount of $240,000 (the "Note"). This will confirm our agreement that
the Note is hereby amended to clarify that, in the event that the Company
consummates a bridge financing with GKN Securities Corp. acting as placement
agent, the Note and the security interest granted to you under the Note shall
be subordinated to the obligations of the Company to the investors in such
bridge financing and the security interest granted to such investors in
substantially all of the assets of the Company.
Please sign below to acknowledge your agreement with the foregoing.
Very truly yours,
PIVOT RULES, INC.
/s/ E. Xxxxxxx Xxxxx
-----------------------------------
By: E. Xxxxxxx Xxxxx
Title: Chief Executive Officer
Accepted and Agreed:
/s/ Xxxxxx X. Xxxx
---------------------------------
Xxxxxx X. Xxxx
