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EXHIBIT 10.30
PLANET POLYMER TECHNOLOGIES, INC.
0000 Xxxxxxxx Xxxx Xxxxxx
Xxx Xxxxx, XX 00000
September 11, 0000
Xxxxxx Xxxx Group, Inc.
c/o Corporate Filings Services, Ltd.
0xx Xxxxx, Xxxxxxx Xxxxxx
X.X. Xxx 00XX
Xxxxxxxxxx, Grand Cayman
Attn: E. Xxxxxx Xxxx
Re: Amendment to Private Equity Line of Credit
Gentlemen:
Reference is made to that certain Private Equity Line of Credit (the
"Purchase Agreement"), dated August 15, 2000, between Planet Polymer
Technologies, Inc. (the "Company") and Triton West Group, Inc. (the
"Purchaser"). In order to register for resale the Common Stock to be purchased
pursuant to the Purchase Agreement, certain provisions of the Purchase Agreement
must be revised.
In consideration of the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree to
restate the following section of the Purchase Agreement as follows:
Section 2.2(a) Put Notice. At any time during the
Commitment Period, the Company may deliver a Put Notice to the Investor,
subject to the conditions set forth in Section 7.2; provided, however,
that the Investment Amount for each Put as designated by the Company in
the applicable Put Notice shall be neither less than $100,000 nor more
than the Maximum Put Amount. Notwithstanding anything herein to the
contrary, if the Maximum Put Amount for any given Put Notice is less
than $100,000, the Investment Amount for such Put shall be the Maximum
Put Amount.
Except as specifically amended by the terms of this letter, the Purchase
Agreement and its exhibits shall remain unmodified and in full force and effect,
and shall not be in any way changed, modified or superseded by the terms set
forth herein. All terms used but not defined in this letter shall have the
meanings set forth in the Purchase Agreement.
This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument and shall
become effective when counterparts have been signed by each party and delivered
to the other parties hereto, it being understood that all parties need not sign
the same counterpart. Execution may be made by delivery by facsimile.
If the foregoing correctly sets forth our understanding and
agreement, please so indicate by signing where indicated below.
PLANET POLYMER TECHNOLOGIES, INC.
By: /s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx, Ph.D., Chairman & CEO
ACCEPTED AND AGREED TO:
TRITON WEST GROUP, INC.
By: /s/ E. Xxxxxx Xxxx
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E. Xxxxxx Xxxx, Authorized Signatory
