Amendment to Promissory Note between eDiets.com, Inc. and Kevin A. Richardson, II

Contract Categories: Business Finance Note Agreements
Summary

This amendment, dated December 1, 2011, is between eDiets.com, Inc. and Kevin A. Richardson, II. It modifies a previous promissory note from November 12, 2010, by extending the due date for repayment of the $600,000 loan, plus interest and charges, to December 31, 2012. All other terms of the original note remain unchanged. The amendment is governed by Illinois law and is binding on both parties and their successors.

EX-10.59 2 d276575dex1059.htm EX-10.59 EX-10.59

Exhibit 10.59

AMENDMENT TO PROMISSORY NOTE

This Amendment to Promissory Note (the “Amendment”) is entered into as of December 1, 2011 by and between eDiets.com, Inc. (“Maker”) and Kevin A. Richardson, II (“Holder”).

WHEREAS, Maker executed and delivered to Holder that certain promissory note dated November 12, 2010 (the “Original Note”), payable to the order of Holder in the original principal amount of Six Hundred Thousand and 00/100 Dollars ($600,000.00), which Original Note evidences a loan in such original principal amount made by Holder to Maker; and

WHEREAS, Maker and Holder wish to amend the Original Note to extend the maturity date thereunder,

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Maker and Holder hereby agree as follows:

1. All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Original Note.

2. The entire outstanding principal balance of the Original Note, together with all accrued and unpaid interest and charges thereon, shall be due and payable on December 31, 2012.

3. Except as otherwise provided in this Amendment, all terms and provisions of the Original Note shall remain in full force and effect.

4. This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois.

5. This Amendment shall bind and inure to the benefit of the parties hereto and to their respective successors and assigns.

6. This Amendment may not be changed orally.

7. This Amendment may be executed in multiple counterparts, and may be delivered by facsimile or other form of electronic transmission. Each counterpart, when so executed and delivered, shall be deemed an original, and all counterparts shall together constitute one and the same instrument.

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]


IN WITNESS WHEREOF, Maker and Holder have duly executed this Amendment as of the day and year first above written.

 

HOLDER:     MAKER:
    EDIETS.COM, INC.

/s/ Kevin A. Richardson, II

    By:  

/s/ Thomas Hoyer

KEVIN A. RICHARDSON, II       Name: Thomas Hoyer
      Title: Chief Financial Officer