Amendment Agreement to Secured Promissory Notes between Dreyer’s Grand Ice Cream, Inc. and Thomas Delaplane
Dreyer’s Grand Ice Cream, Inc. and Thomas Delaplane have agreed to amend two secured promissory notes originally dated October 5, 1998, and December 18, 1998. The amendment changes the repayment trigger related to the sale of Mr. Delaplane’s primary residence, extending the due date to one year after such a sale. It also requires Mr. Delaplane to provide alternative security, acceptable to Dreyer’s, if he sells the pledged property before repaying the notes. These changes clarify repayment timing and security requirements for the outstanding loans.
EXHIBIT 10.24 March 19, 2001 Thomas Delaplane Re: Amendment to Secured Promissory Notes Dear Mr. Delaplane: This letter will confirm the agreement by Dreyers Grand Ice Cream, Inc. (Dreyers) to amend item (i) in the first paragraph of the two Secured Promissory Notes executed by you in favor of Dreyers in the principal amounts of $95,000 and $186,000 dated October 5, 1998 and December 18, 1998 respectively (collectively, the Notes and individually each a Note). Item (i) in the first paragraph of each of the Notes which currently reads (i) the date of the sale, transfer, assignment or other disposition of the primary residence of Maker (such residence located at 1085 Via Media, City of Lafayette, County of Contra Costa, State of California, 94549); is hereby amended by Dreyers as of the date of this letter to read (i) one (1) year from the date of the sale, transfer, assignment or other disposition of the primary residence of Maker (such residence located at 1085 Via Media, City of Lafayette, County of Contra Costa, State of California, 94549); This letter also confirms Dreyers further agreement to amend the fourth paragraph of each of the Notes to add the following sentence immediately following the first sentence of the fourth paragraph of each of the Notes: In the event Maker proposes to sell, transfer, assign or otherwise dispose of the pledged property prior to repayment of this Note, Maker shall provide alternative security for this Note which shall be adequate, in Payees sole determination and discretion, to secure Makers obligations under the Note. |
Very truly yours, Dreyers Grand Ice Cream, Inc. By: /s/ William C. Collett William C. Collett Treasurer |