EXHIBIT 10.7
AMENDMENT NO. 1 TO
PLEDGE AGREEMENT
This Amendment No. 1 to the Pledge Agreements made as of May 5, 2000
and October 16, 2000 (collectively the "Pledge Agreements") between Xxxxxxx X.
Xxxxxxxxx, an individual residing at 00 Xxxxx Xxxxxx, Xxxxxx XX 00000
("Pledgor") and ePresence, Inc., a Massachusetts Corporation, with its principal
place of business located at 000 Xxxxxxxx Xxxx, Xxxxxxxx, XX 00000 ("Pledgee")
is effective as of the 26th day of July, 2001. Capitalized Terms used and not
otherwise defined herein shall have the respective meaning ascribed to them in
the Pledge Agreement.
WITNESSETH:
WHEREAS, the Pledgor has issued a secured promissory note dated May
5, 2000 (the "May 2000 Note") in the original principal amount of Fifty Two
Thousand Four Hundred Sixty Dollars and Seventy Four Cents ($52,460.74) payable
to the Pledgee, pursuant to its terms; and
WHEREAS, the Pledgor has issued a secured promissory note dated
October 16, 2000 (the "October 2000 Note") in the original principal amount of
Forty-Three Thousand Nine Hundred Thirty Nine Dollars and Thirty Two Cents
($43,939.32) payable to the Pledgee, pursuant to its terms; and
WHEREAS, the May 2000 Note and the October 2000 Note have been
consolidated into a Promissory note dated July 26, 2001 (the "Consolidated
Note") in the original principal amount of One Hundred One Thousand Seven
Hundred Twenty Seven Dollars and Eighty Four Cents ($101,727.84) payable to the
Pledgee, pursuant to its terms; and
WHEREAS, the parties desire to amend the Pledge Agreements pursuant
to Section 15 of them.
NOW THEREFORE, the parties hereto agree and acknowledge that the
foregoing recitals are true and correct and to the following:
1. That all references to the term Note in the Pledge Agreements
shall hereby be replaced with the term Consolidated Note in the Pledge
Agreements.
2. The Pledgor hereby confirms that the representations of the
Pledgor contained in Section 4 of the Pledge Agreements are true and correct on
and as of the date hereof as if made on the date hereof.
3. Except as specifically amended hereby, all terms and conditions
of the Pledge Agreements will continue in full force and effect in accordance
with its terms.
4. This Amendment may be executed in counterparts, each of which
shall be deemed to be an original but both of which shall constitute one and the
same instrument.
Executed under seal as of the date first above written:
Pledgor: Pledgee:
/s/ Xxxxxxx X. Xxxxxxxxx /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxxxxxx By:
Its:
