RECITALS:Securities Purchase Agreement • April 14th, 2003 • Intrac Inc • Optical instruments & lenses • New York
Existing Shares of Common Stock 99,988 Debenture holders 3,600,000 Preferred Stockholders 200,000Convertible Debenture Agreement • April 14th, 2003 • Intrac Inc • Optical instruments & lenses
This letter will confirm our agreement concerning the 8 % Series SPA Senior Subordinated Convertible Redeemable Debentures due November 30, 2003, of Intrac, Inc., a Nevada corporation ("Intrac"), in an aggregate principal face amount of approximately $300,000.00 ("Debentures"), which you currently are in the process of acquiring. Section 4(a) of the Debentures currently provides that the holder is entitled, at its option, at any time immediately following execution and delivery of the Debenture to convert all or any of the amount over $5,000 into freely tradable shares of common stock of Intrac. The conversion price for each share of common stock is 50% of the lowest closing bid price of the common stock as reported on the OTC Electronic Bulletin Board or any exchange on which Intrac's shares are traded. Pursuant to this letter agreement, Intrac and you agree to an amendment to the terms of the Debentures.
