1
Exhibit 10.5
XXXX XXXXXX DIRECT, INC.
000 Xxxxxxxxx, Xxxxx X
Xxx Xxxx Xxxxxx, XX 00000
September 27, 1999
Xxxxx X. Xxxxxxxxx
Mid-American General Agency, Inc.
00 Xxxxxxxx Xxxxx
Xx. Xxxxx, XX 00000
RE: Modification to $50,000 Promissory Note dated June 10, 1999
Dear Xxxxx:
This will confirm our understanding, more formally referred to as the
"Modification Agreement", with respect to the above referenced Loan (the
"Loan") in the principal amount of Fifty Thousand Dollars ($50,000) made by you
as Lender to Xxxx Xxxxxx Direct, Inc. ("Borrower") on June 10, 1999. We have
agreed as follows:
1. The Maturity Date of the Loan shall be extended by Ninety (90) days to
December 7, 1999.
2. As consideration for the extension of the Maturity Date, Borrower will
issue a total of Fifteen Thousand (15,000) shares of Borrower's Common
Stock (the "Extension Shares") as additional consideration. These Extension
Shares are being issued in addition to the shares issued pursuant to the
original Loan.
If the foregoing confirms our understanding, please execute where indicated
below. Upon receipt of this Modification Agreement, Borrower will cause the
issuance of one common stock certificate representing the Extension Shares.
Sincerely,
Xxxx Xxxxxx Direct, Inc. Acknowledged and Agreed
Mid-American General Agency, Inc.
/s/ Xxxxxxx X. Xxxxxxxxx, Xx. /s/ Xxxxx X. Xxxxxxxxx
----------------------------- -----------------------------
By: Xxxxxxx X. Xxxxxxxxx, Xx. Xxxxx X. Xxxxxxxxx, President
