Exhibit # 10.20
Sample Note Conversion Addendum
COMPETITIVE COMMUNICATIONS INC.
A California Corporation
Addendum 1
To A Secured Note
The Secured Note ("Note") dated 8/11/98 for the amount of $10,000.00 between
COMPETITIVE COMMUNICATIONS, INC., now a wholly owned subsidiary of COMPETITIVE
COMPANIES, INC., a Nevada Corporation (hereinafter referred to as "Maker"), and
_____________ (hereinafter referred to as "Holder") is hereby modified as
follows.
Maker hereby offers and Holder hereby accepts to receive for full consideration
and payment for the Note, common stock shares of COMPETITIVE COMPANIES, INC. at
the price of $1.00 per share. This is in lieu of all other consideration
specified in the Note including the 40% discount price off the opening price of
the stock.
In such case that the opening price per share is less than $3.00, Maker will
issue additional shares of common stock to Holder for the difference between the
opening price per share (if less than $3.00) and $3.00. (As an example: If the
current Note is $10,000.00. Maker will upon receipt of this signed Addendum
immediately issue 10,000 shares to Holder. If the opening price is $2.00, Maker
will issue Holder an additional 10,000 shares to bring the total value of shares
(at $1.00 per share value) to $3.00 per share.)
It is further agreed that should COMPETITIVE COMPANIES, INC. fail to file its
application with the SEC to become a publicly trading company prior to January
1, 1999, Holder, at Xxxxxx's sole discretion, may nullify this Addendum and
revert to the original terms of the Note by notifying Maker in writing on or
before January 31, 2000. Should there arise any discrepancy between the Note and
this Addendum, this Addendum shall take precedence.
IN WITNESS WHEREOF, the Maker and Xxxxxx have executed this Addendum 1 to the
aforementioned Secured Note on the date first written below.
HOLDER MAKER
COMPETITIVE COMPANIES, INC. &
__________________________________ COMPETITIVE COMMUNICATIONS INC.
(Name)
---------------------------------- ----------------------------------
(Signature) (Signature)
__________________________________ Xxxxx Xxxxx
(Print Name)
__________________________________ Chairman & CEO
(Title)
----------------------------------
(Date)
