EXHIBIT 10.1
AMENDMENT TO JANUARY 20, 2005 PROMISSORY NOTE AND REVOLVING
LOAN AGREEMENT BETWEEN PIVX SOLUTIONS, INC. AND
XXX XXXXXXX AND XXXXX XXXXXXX
This addendum, effective as of April 3, 2005, modifies the Promissory Note and
Revolving Loan Agreement entered into by Xxx Xxxxxxx and Xxxxx Xxxxxxx, and PivX
Solutions, Inc. ("PivX") on January 20, 2005.
The modifications are intended to change the repayment provisions of the
Promissory Note and Revolving Loan Agreement and are as follows:
PivX Solutions will pay to Xxx Xxxxxxx a total of $355,000 at 0% interest for a
twenty four month term beginning on May 15, 2005, and the 15th of every month
thereafter. Each installment payment will equal $14,792.
PivX Solutions will pay to Xxxxx Xxxxxxx a total of $115,000 at 0% interest for
a twenty four month term beginning on May 15, 2005, and the 15th of every month
thereafter. Each installment payment will equal $4792.
Upon final payment under these revised terms, such debt by PivX Solutions to Xxx
Xxxxxxx and Xxxxx Xxxxxxx will be fully paid for and discharged.
For consideration of these revised terms, Xxx Xxxxxxx and Xxxxx Xxxxxxx
acknowledge that no other monies are owed to them by PivX Solutions, Inc.,
except for $14,331 in expenses incurred by the Shivelys in connection with
refurbishment of corporate housing.
Accepted and agreed:
PivX Solutions, Inc.
By: /s/ Xxx Xxxxxxx
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Xxx Xxxxxxx
By: /s/ Xxxxx Xxxxx
By: /s/ Xxxxx Xxxxxxx --------------------------------
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Xxxxx Xxxxxxx
Title: General Counsel and Secretary
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