Tuesday, April 6, 2010
EXHIBIT 10(l)
Tuesday,
April 6, 2010
Power
Sports Factory (PSF) and Crossroads Financial (CF) agree to the following
conditions for the companies to continue their current contractual
relationship:
- CF acknowledges that
Power Sports Factory is not presently in default on their current loan
agreement.
- CF will not sell any PSF
scooters to another party before June 30th,
2010 without the consent of PSF.
- CF will receive the
following payment on each bike model prior to release from MMI:
M50 —
$520 + $100 to CTSI = $620
X50- $620
+ $100 to CTSI = $720
150XT -
$620 + $100 to CTSI —$720
RX200 -
$470 + $100 to CTSI = $570
RX50 -
$470 + $100 to CTSI — $570.
- CF and PSF agree this
payment to CF will only cover MMI storage, Product Liability insurance and CF
interest/management fee.
- PSF agrees they will sell
at least 100 scooters in April, 150 scooters in May, 150 scooters in June. PSF
agrees to use its best efforts to facilitate scooter sales as quickly as
possible. PSF will continue to provide proper MS0 documents for each
sale.
- PSF agrees that in order
to sell 1 X50, we must sell at least 10 units of another model. All other models
should be sold in relation to their relative inventory levels.
- PSF confirms that it has
the full right to use the Andretti name and to sell the above mentioned scooters
during this period.
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/s/
Xxxxx Xxxxxxxx
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/s/
Xxxx Xxxxxxx
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Name:
Xxxxx Xxxxxxxx
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Name:
Xxxx Xxxxxxx
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Title: Chief
Executive Officer
Power Sports Factory
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Title:
COO
Crossroads Financial
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