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EXHIBIT 10.11
MODIFICATION AGREEMENT dated 26th day of October 1999
Reference is made to the Shareholders' and Subscription
Agreement dated 30 September 1999 between CNBC Sports
International Limited, Focused Media Limited ("Focused
Media"), Xxxxxxx Hills Ltd., Inc, Cycad Financial Holdings
Limited ("Cycad") and Xxxx Trading Limited (the "Agreement"),
as amended by that certain letter agreement between the same
parties dated 1 October 1999 (the "Letter Agreement").
Cycad hereby confirms that its board of directors has approved
the terms of the Agreement, as amended by the Letter
Agreement, so that the condition set forth in Clause 3(a) of
the Agreement has been satisfied.
The parties hereby agree that, notwithstanding the provisions
of the Agreement and the Letter Agreement as amended, payment
of the First Subscription Price (as defined in Clause 2.1 of
the Agreement) shall be paid to Focused Media in two
installments of US$2,500,000 each. The first instalment shall
be paid on the First Completion Date (as defined in the Letter
Agreement). The second installment shall be paid upon the
request of Focused Media's board of directors at any time on
or before 31 March 2000 provided that an agreement has been
reached for the provision of comprehensive technical services
between Focused Media and Unleys (or other comparable
organisation), prior to the date the of the request and
provided that this agreement will be finalised by not later
than 31 December, 1999.
/s/ [ILLEGIBLE] /s/ [ILLEGIBLE]
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For and on behalf of For and on behalf of
Xxxxxxx Hills Ltd., Inc. CNBC Sport International Limited
/s/ [ILLEGIBLE] /s/ [ILLEGIBLE]
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For and on behalf of For and on behalf of
Xxxx Trading Company Focused Media Limited
Limited
/s/ [ILLEGIBLE]
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For and on behalf of
Cycad Financial Holdings
Limited
