Exhibit 10.6(a)
AMENDMENT TO
LOAN AGREEMENT AND PROMISSORY NOTE
This Amendment to Loan Agreement and Promissory Note (this "Amendment") is
made effective as of July 1, 2000, by and between Xxxxx X. Xxxxxxxx ("Borrower")
and Xxxxxx'x Sporting Goods, Inc., of 0000 Xxxxxxx Xxxx, Xxxxxxx, Xxxxx 00000
("Company").
WHEREAS, the Board of Directors of the Company has previously approved a loan by
the Company to Xxxxx Xxxxxxxx in the original principal amount of $700,000,
payable without interest in installments, pursuant to the terms of a promissory
note (the "Note") and a loan agreement (the "Loan Agreement") each dated October
3, 1990; and
WHEREAS, in conjunction with Xx. Xxxxxxxx'x voluntary salary reduction in 1991,
the Board approved a modification to the Note and Loan Agreement restructuring
the payment schedule such that at the scheduled maturity of the Note in
September 2000, a lump sum balance would be due and payable; and
WHEREAS, the Board has now determined that it is fair and in the best interests
of the Company to permit payment of such lump sum on an installment basis;
NOW, THEREFORE, in consideration of the above premises, the receipt and adequacy
of which is hereby acknowledged by both parties, the Company and Borrower do
hereby agree as follows:
1. The Note and Loan Agreement are hereby amended to provide for repayment of
the balance outstanding thereunder as of July 1, 2000, in 82 equal bi-
weekly installments of $2,768.00 each, plus the bi-weekly installment of
the insurance premium payable pursuant to Section 3 of the Loan Agreement,
which is currently $136.54.
2. Except as expressly set forth above, the Agreement is hereby ratified and
affirmed, and continued in full force and effect. This Amendment may be
executed in counterparts, which taken together shall constitute one and the
same original document.
The validity, interpretation and performance of this Agreement shall be governed
and construed in accordance with the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be
effective as of the date first above written.
XXXXXX'X SPORTING GOODS, INC. /s/ Xxxxx Xxxxxxxx
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Xxxxx X. Xxxxxxxx
By: /s/ Xxxxxx X. Xxxx
-------------------------------- Date: 7/26/00
Printed Name: Xxxxxx X. Xxxx -----------------
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Title: Exec. Vice Pres.
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Date: July 26, 2000
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