Exhibit 10.26 APTIMUS, INC. 95 SOUTH JACKSON STREET, SUITE 300 SEATTLE, WA 98104 NOVEMBER 13, 2001 VIA FACSIMILE AND US MAIL FINGERHUT COMPANIES, INC. 4400 BAKER ROAD MINNETONKA, MN 55343 RE: PROMISSORY NOTE PAYOFF Gentlemen: Aptimus, Inc. ("Aptimus")...Promissory Note Payoff • November 14th, 2001 • Aptimus Inc • Services-business services, nec
Aptimus, Inc. ("Aptimus") and Fingerhut Companies, Inc. ("Fingerhut") are parties to that certain Stock Redemption Agreement (the "Agreement"), dated as of April 6, 2001, pursuant to which Aptimus redeemed 2,720,000 shares of Aptimus common stock from Fingerhut. In connection with the Agreement, Aptimus delivered to Fingerhut (i) a Promissory Note (the "Note"), dated April 16, 2001, in the principal sum of $838,000, (ii) a Warrant to Purchase Common Stock for 150,000 shares at an exercise price per share of $2.50 (the "Warrant") and (iii) a Letter Agreement, dated April 16, 2001 regarding future purchases of common stock (the "Buyback Letter Agreement").
