EXHIBIT 10.10
Addendum (2003-1) to the
Reg S Stock Purchase Agreement
dated April 23, 2003
This Addendum, dated June 13, 2003, sets forth an amendment of the terms of the
Reg S Stock Purchase Agreement (the "Agreement") dated April 23, 2003 between
Power Efficiency Corp (the "Company"), the address of which is 0000 Xxxxxxx
Xxxxx, Xxxxx X, Xxx Xxxxx, Xxxxxxxx 00000 XXX and Starz Investments Limited, a
Belize corporation (the "Purchaser", and, together with the Company, the
"Parties"), the registered address of which is 00 Xxxxxx Xxxxxx, XX Xxx 000,
Xxxxxx Xxxx, Xxxxxx.
NOW, THEREFORE, the Parties hereby extend the term of the Agreement from July
11, 2003 to August 15, 2003.
NOW, THEREFORE, the Company hereby increases the number of shares the Company
agrees to sell pursuant to the Agreement from 1,500,000 to 4,000,000 and the
Parties agree that all related provisions of the Agreement are amended
accordingly.
NOW, THEREFORE, the Parties hereby reiterate that the Purchase Price, as defined
in the Agreement, shall be .40 times the Share Price, as defined in the
Agreement, for the first 1,500,000 shares and .30 times the Share Price, as
defined in the Agreement, for all subsequent shares with a floor price of $.25
per share.
NOW, THEREFORE, the Parties hereby agree that all other terms and conditions
will remain in full force and effect.
IN WITNESS WHEREOF, the Parties hereto have executed this Addendum (2003-1) to
the Regulation S Stock Purchase Agreement dated April 23, 2003.
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POWER EFFICIENCY CORPORATION, a STARZ INVESTMENTS LIMITED, a Belize
Delaware Corporation International business company
By: By:
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Name: Xxxxxxx Xxxx Name:
Title: President & CEO Title:
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