Letter Agreement Extending Convertible Promissory Note Between Bulk Resources, Inc. and Featherlite, Inc.

Summary

Bulk Resources, Inc. and Featherlite, Inc. have agreed to extend the maturity date of a convertible promissory note to December 31, 2002. Featherlite grants Bulk Resources the option to convert the note at $3.00 per share or at the average closing price between April 30 and October 30, 2002. Insiders are limited to purchasing a total of 50,000 shares during this period. Bulk Resources must decide whether to convert by January 15, 2003.

EX-10.37 11 featherlite021972_ex10-37.txt LETTER AGREEMENT Exhibit 10.37 BULK RESOURCES, INC. P.O. Box 50401 Hendersvon, NV 89016 March 15, 2002 Conrad Clement President Featherlite, Inc. Highways 63 & 9 P.O. Box 320 Cresco, IA 52136 Dear Conrad: Bulk Resources, Inc. is agreeable to make the following changes to the convertible promissory note as we discussed pursuant to our letter dated February 18, 2002. We are willing to extend the loan per U.S. Bank's request to December 31, 2002. With the extension of the note, Featherlite, Inc. will give Bulk Resources, Inc. the option of converting at $3.00 or whatever the average price is between 4/30/02 and 10/30/02. The average price would be calculated using the closing price at the end of each trading day between 4/30/02 and 10/30/02. During this time insiders, as defined by the SEC, would need to limit the total purchases of stock to an aggregate total of 50,000 shares through 10/30/02. Bulk Resources, Inc. would have to exercise the option to convert by January 15, 2003. Conrad, please call if you have any other questions. Sincerely, /s/ Terry Taylor Terry Taylor President Bulk Resources, Inc.