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Exhibit 10.30
Globe United Holdings, Inc.
x/x Xxxxxx Xxxxxxxxxx & Xxxxxx
Xxx Xxxxxxx Xxxxx
000 Xxxxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
March 27, 2000
Xxxxxxx Xxxxxxxxx
iBIZ Technology Corp.
0000 Xxxx Xxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000
Re: Letter Agreement
Dear Xxx:
This Letter Agreement will serve to document Globe United
Holdings, Inc.'s ("Globe") understanding regarding its rights granted under that
certain Securities Purchase Agreement and Registration Rights Agreement, each
dated November 9, 1999, and the related debenture and warrant, and that certain
Securities Purchase Agreement and Registration Rights Agreement, each dated
December 29, 1999, and the related debenture and warrant (individually the
"Globe SPA's" or the "Globe RRA's"), each with iBIZ Technology Corp. (the
"Company").
Globe hereby gives its consent and approval for the Company to
enter into that certain Securities Purchase Agreement dated March 27, 2000, and
related documents with Lites Trading, Inc. ("Lites Trading"), and to comply with
all terms and obligations set forth therein.
Notwithstanding this inclusive consent and approval, Globe
acknowledges that, as of the date hereof, the Lock-Up Period (as defined in the
Globe SPA's) is currently in effect. In connection with the Lites Trading
transaction, Globe hereby waives its rights under Section 4(i) of the Globe
SPA's related to sales of additional shares, Section 4(q) related to no senior
indebtedness, and Section 4(k) of the Globe SPA's and Section 4(e) of the Globe
RRA's relating to the filing of additional registration statements during the
Lock-Up Period. In addition, in regard to the right of first refusal after the
Lock-Up Period granted in the Globe SPA's, Globe hereby waives its rights in
favor of Lites Trading. In the event that Lites Trading declines to exercise its
right of first refusal, Globe's right shall revert back according to the terms
of the Globe SPA's.
Sincerely,
GLOBE UNITED HOLDINGS, INC., a British Virgin
Islands corporation
By:______________________________
Its:_____________________________
