NOTE MODIFICATION AGREEMENT BY AND BETWEEN ALAN M. MECKLER (“LENDER”) AND WEBMEDIABRANDS INC.; MEDIABISTRO.COM INC. AND (in respect to November 11, 2011 Note only) INSIDE NETWORK INC. (COLLECTIVELY, “BORROWER”)Note Modification Agreement • July 31st, 2012 • Webmediabrands Inc. • Services-business services, nec
On or about May 29, 2009, Borrower executed a Promissory Note in favor of Lender in the original principal amount of $7,197,143.21 (as modified on or about September 1, 2010 and November 14, 2011, the “2009 Note”). On or about November 14, 2011, Borrower executed a Promissory Note in favor of Lender in the original principal amount of $1,750,000 (the “2011 Note,” and together with the 2009 Note, the “Notes”). .. Lender and Borrower intend to amend the Notes to reduce the rate of interest that accrues on the outstanding principal amount. Lender remains the owner and holder of the Notes and has agreed with Borrower to modify certain provisions of the Notes.
