EXHIBIT 10.3
nStor Technologies, Inc.
000 Xxxxxxx Xxxxxxxxx
Xxxx Xxxx Xxxxx, XX 00000
March 20, 2003
H. Xxxxx Xxxx
nStor Technologies, Inc.
000 Xxxxxxx Xxxx
Xxxx Xxxx Xxxxx, XX 00000
Dear Xx. Xxxx:
In connection with that certain 8% Convertible Promissory Note, dated February
19, 2003, in the amount of $200,000 (the "Note"), payable by nStor Technologies,
Inc. ("nStor") to H. Xxxxx Xxxx ("Holder"), and the related Amended and Restated
Stock Pledge Agreement dated as of February 19, 2003 ("Stock Pledge Agreement"),
we have agreed to the following amendments:
1) The second paragraph of page 1 of the Note, which states that "This Note is
secured by shares of common stock of Stonehouse Technologies, Inc. pursuant to
that certain Stock Pledge Agreement of even date herewith between the Company
and Holder", is hereby deleted in its entirety and Holder hereby relinquishes
any and all of rights under the Stock Pledge Agreement.
2) Under paragraph 1a. of page 2 of the Note, Holder hereby relinquishes it
right to convert all or a portion of the outstanding principal amount of the
Note and/or any accrued and unpaid interest into shares of common stock of
Stonehouse Technologies, Inc. Holder will continue to have conversion rights
into shares of nStor common stock based on the per share conversion price in
said paragraph 1a ($0.29 per share).
Except as set forth in this letter, the Note remains unmodified and in full
force and effect.
Please indicate below your concurrence with the foregoing.
Sincerely, Agreed:
/s/ Xxxx Xxxxxx
By: /s/ H. Xxxxx Xxxx
Xxxx Xxxxxx H. Xxxxx Xxxx
Vice President and Treasurer
JJ/dpj
