Ernest K. Jacquet February 8th, 2011
Exhibit 10.56
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#909
West Palm Beach
FL 33407
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CEO and President
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New York, NY 10018
Dear Bob
This Letter will confirm our agreement to extend all the Bridge Notes payable to me from Passport Brands Inc. (formerly I.C. ▇▇▇▇▇▇ & Co.) that are overdue on the attached Exhibit “A” to March 31, 2011.
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Sincerely
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Agreed:
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CEO and President
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Passport Brands Inc.
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Exhibit “A”
PASSPORT BRANDS, Inc. Bridge Notes to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
On November 11, 2010 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $400,000 which is due on December 31, 2010 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note. On February 3, 2011, a partial payment of $20,000 was made on this note.
On December 1, 2010 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $140,000 which is due on December 31, 2010 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note.
On December 28, 2010 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $220,000 which is due on January 31, 2011 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note.
On December 30, 2010 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $130,000 which is due on January 31, 2011 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note.
On January 14, 2011 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $100,000 which is due on January 31, 2011 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note.
On January 20, 2011 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $50,000 which is due on January 31, 2011 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note.
On January 26, 2011 the Company issued a bridge note to a ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $117,000 which is due on February 28, 2011 and bears interest at the rate of 10%. In addition, the stockholder receives a financing fee of 10% upon payment of the note