Amendment to Convertible Promissory Note between SportsNuts.com Entities and Gardner Management Profit Sharing Plan and Trust

Contract Categories: Business Finance › Note Agreements
Summary

This amendment involves SportsNuts.com International, Inc. and SportsNuts.com, Inc. (the Makers) and Gardner Management Profit Sharing Plan and Trust (the Holder). It modifies a previous convertible promissory note by granting the Holder voting rights for shares of common stock that could be received upon conversion of the note, even before actual conversion. The Holder can vote on all matters as if they already owned the shares, with each reserved share counting as one vote. The amendment is effective as of May 30, 2000.

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EX-10.1 2 0002.txt AMENDMENT TO PROMISSORY NOTE 1 EXHIBIT 10.1 AMENDMENT TO CONVERTIBLE PROMISSORY NOTE Principal Amount: $450,000 Date: May 30, 2000 Salt Lake City, Utah WHEREAS, SPORTSNUTS.COM INTERNATIONAL, INC., a Delaware corporation and SPORTSNUTS.COM, INC., a Delaware corporation (collectively, "Maker"), have issued and sold a certain convertible promissory note, dated February 1, 2000 (the "Note"), to Gardner Management Profit Sharing Plan and Trust ("Holder"); and WHEREAS, Maker desires to grant the Holder voting rights with respect to the shares of common stock that would be issuable upon the conversion of this Note. NOW, THEREFORE, Section 6.6 of the Note is hereby restated in its entirety as follows: 6.6 Voting Rights. While the Note remains outstanding and without requiring conversion hereof, Holder shall be entitled to vote any and all shares that would have been received by Holder pursuant to such conversion. Holder shall be entitled to vote with all holders of Common Stock of the Company on all matters to which such holders of Common Stock would be entitled to vote. Each share reserved for issuance pursuant to this Note shall be entitled to one (1) vote per share. IN WITNESS WHEREOF, Maker has executed this amendment to the Note as of the date first above written. "Maker" SPORTSNUTS.COM INTERNATIONAL, INC. By /s/ Kenneth Denos -------------------------------- Kenneth Denos Executive Vice President SPORTSNUTS.COM, INC. By /s/ Kenneth Denos --------------------------------- Kenneth Denos Executive Vice President