EXHIBIT 10.14
AMENDMENT TO
STOCK PURCHASE AGREEMENT
Dated September 17, 1999
This amendment is to a "Stock Purchase Agreement" by and between INNERCITE, Inc.
(Seller), and INTERNET VENTURES, Inc., (Buyer), executed September 17, 1999.
The payment terms of the purchase price of $660,000 in the agreement are:
$200,000 cash deposit upon execution
$150,000 cash payable 45 days post execution
$310,000 in a form of debenture buyer
The $200,000 cash deposit has been paid. The $310,000 debenture has been issued
in the form of a 2 year convertible 12% debenture due December 31, 2000.
Interest has been paid on the debenture, in stock, through December 31, 1999.
The $150,000 additional cash payment is past due.
The parties agree to modify the payment terms to postpone and establish a due
date certain on the $150,000 additional cash payment. Also, the note shall be
surrendered to an escrow agent converted into stock, which stock will be sold
for cash and the cash delivered to INNERCITE.
It is agreed that:
The $150,000 cash payment shall be converted to a straight note bearing interest
at 12% from January 1, 2000, and be due and payable on March 31, 2001. Buyer
shall be required to accelerate payment, in full, out of the proceeds of its S-1
stock offering, after receiving and reserving to Buyer $1,000,000 of net
proceeds. (Net after payment of expenses of the offering.)
The $310,000 debenture shall be surrendered to an escrow agent who will
liquidate the debenture and forward cash to INNERCITE, Inc. as the liquidation
proceeds. Seller will use its best efforts to liquidate at least $150,000 by
December 1, 1999. After 90 days if the debenture is not liquidated in full, the
remaining portion of the debenture shall be redeemed by Buyer in cash. Interest
after December 31, 1999 shall be waived by Seller.
This amendment modifies only the payment terms of the referenced agreement and
all other terms and conditions shall remain in full force and effect.
Agreed to this 4/th/ day of November, 1999.
SELLER: INNERCITE, Inc.
By /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, President
BUYER: INTERNET VENTURES, Inc.
By /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx, President
