EXHIBIT 10(b)
REVOLVING LOAN AND SECURITY AGREEMENT
CONVERTIBLE REVOLVING CREDIT PROMISSORY NOTE
DATED OCTOBER 26, 1987
HOWTEK, INC.
00 XXXX XXXXXX
XXXXXX, XX 00000
June 28, 2002
Xx. Xxxxxx X. Xxxxxx
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Re: Revolving Loan and Security Agreement dated October 26, 1987 between
Xxxxxx Xxxxxx and Howtek, Inc. ("Howtek") and the related Convertible
Revolving Credit Promissory Note, as amended (the "Note"), made by
Howtek in favor of Xxxxxx Xxxxxx
Dear Xx. Xxxxxx:
This letter ("Amendment") hereby amends the Note as follows:
1. The first sentence of the first paragraph of Paragraph I of the Note
is hereby amended and restated in its entirety as follows:
"The Holder hereof shall have the right, at the Holder's option, at any
time from and after April 6, 1988 to and including the date on which the
principal amount of and interest on this Note is paid in full, subject to the
terms and provisions hereof, to convert all or any part of the Outstanding
Principal Amount of this Note and any accrued but unpaid interest thereunder
into fully paid and nonassessable shares of the common stock, par value $.01 per
share, of the Borrower (the "Stock") (as such shares shall be constituted at the
time of conversion) at the conversion price equal to the lesser of (i) the
closing sale price of the Stock on the date that such principal amount of this
Note being converted was advanced hereunder or (ii) the closing sale price of
the Stock on the last business day immediately preceding the date of conversion
(the "Conversion Price").
2. The Maturity Date set forth in Paragraph D of the Note is hereby
extended from January 4, 2003 to January 4, 2004.
3. Except as modified by this Amendment, the Note shall continue
unmodified and in full force and effect.
Please sign this Amendment at the place indicated below,
whereupon it shall constitute our mutually binding agreement with respect to the
matters contained herein.
Very truly yours,
HOWTEK, INC.
By: /s/ W. Xxxxx Xxxx
-----------------------
Name: W. Xxxxx Xxxx
Title: President & CEO
AGREED TO AND ACCEPTED BY:
/s/ Xxxxxx Xxxxxx
----------------------
Xxxxxx Xxxxxx
