Amendment to Promissory Note and Revolving Loan Agreement between PivX Solutions, Inc. and Rob & Geoff Shively

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the repayment terms of a previous loan agreement between PivX Solutions, Inc. and Rob Shively and Geoff Shively. PivX will pay Rob Shively $355,000 and Geoff Shively $115,000, both at 0% interest, in equal monthly installments over 24 months starting May 15, 2005. After the final payment, all debts under the original agreement are considered fully paid, except for $14,331 in expenses related to corporate housing refurbishment owed to the Shivelys.

Read More Arrow
EX-10.1 3 pivx_8kex10-1.txt EXHIBIT 10.1 AMENDMENT TO JANUARY 20, 2005 PROMISSORY NOTE AND REVOLVING LOAN AGREEMENT BETWEEN PIVX SOLUTIONS, INC. AND ROB SHIVELY AND GEOFF SHIVELY This addendum, effective as of April 3, 2005, modifies the Promissory Note and Revolving Loan Agreement entered into by Rob Shively and Geoff Shively, 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 Rob Shively 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 Geoff Shively 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 Rob Shively and Geoff Shively will be fully paid for and discharged. For consideration of these revised terms, Rob Shively and Geoff Shively 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/ Rob Shively ------------------------------- Rob Shively By: /s/ Scott Olson By: /s/ Geoff Shively -------------------------------- ------------------------------- Geoff Shively Title: General Counsel and Secretary -----------------------------