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Exhibit 4.8
22 September, 1997
TO: XXXXX XXXXX
FROM: XXXX XXXXXXXXXX
SUBJECT: $100,000 PROMISSORY NOTE TERMS
Dear Xxxxx,
This will confirm your agreement to loan Rollerball International
Inc. ("RBI")$100,000 on the following terms:
Principle Amount: $100,000
Interest Rate: 12% paid semi-annually
Due Date: Repayment of $100,000 by January
31,1999. RBI has the sole option to
repay the note at an earlier date.
Common stock: The number of shares of common stock,
par value $.001 per share equal to the
principle amount of the note divided by
the initial public offering price of the
Rollerball common stock. All shares will
come out of Xxxx Xxxxxxxxxx'x personal
shares.
Resale-Lock up Period: Either 6 or 12 months depending on the
decision of the underwriter handling
RBI's IPO and RBI's SEC attorneys.
Redemption Price: Principle amount plus accrued interest.
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Page 2-Xxxxx Xxxxx Agreement
Xxxxx, all of us at Rollerball, and especially me, thank you for this investment
and welcome you to the Rollerball International family.
Sincerely,
Xxxx Xxxxxxxxxx
Agreed to by: Xxxx Xxxxxxxxxx _____________________________
Founder & CEO
Date: _______________
Agreed to by: Xxxxx X. Xxxxx _____________________________
Date: _______________
Witnessed By: Xxxxx X. Xxxxxxxx_____________________________
Vice President, Administration
Date: _______________
