AMENDMENT TO PROMISSORY NOTE BY AND BETWEEN KARIM JOSEPH MURRAY AND LARBI JOHN MURRAY AND RG GLOBAL LIFESTYLES, INC.
AMENDMENT
TO PROMISSORY NOTE BY AND BETWEEN
KARIM
XXXXXX XXXXXX AND XXXXX XXXX XXXXXX
AND
RG GLOBAL LIFESTYLES, INC.
This
Amendment to Promissory Note (“Agreement”) is entered into between Karim Xxxxxx
Xxxxxx and Xxxxx Xxxx Xxxxxx ( collectively “Investors”) and RG Global
Lifestyles, Inc. (“Company”) on November 15, 2005.
WHEREAS,
on July 1, 2005 Investors and the Company entered into a promissory note wherein
the Investors loaned the Company $600,000 with a maturity date of 270 days
from
its date of execution at an interest rate of 8.0% (“Promissory
Note”);
WHEREAS,
the Investor and the Company prefer to terminate such Promissory Note and
convert the $600,000, plus accrued interest, into the Company’s current
investment offering in the form of its Note and Warrant Agreement;
NOW,
THEREFORE, in consideration of the foregoing recitals and the agreements set
forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
|
1.
|
Termination
of the Promissory Note.
The Promissory Note between the parties executed on July 1, 2005
is hereby
terminated as of the date of this
Agreement.
|
|
2.
|
Conversion
of Investment to Note and Warrant Agreement.
The parties hereby agree and accept that the investment of $600,000,
plus
interest accrued up to and including November 15, 2005, is to be
converted
immediately into the Company’s current round of investment financing under
the terms and conditions of the Company’s Note and Warrant Agreement, and
all exhibits thereto.
|
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date
above.
RG
Global
Lifestyles, Inc.:
/s/
Xxx
Xxxxxxxxxxxxx
Chief
Executive Officer
Investors:
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/s/
Karim Xxxxxx Xxxxxx
|
/s/
Larbi Xxxx
Xxxxxx |
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