Amendment to Share Purchase Agreement among Global Technovations, Inc., Onkyo America, Inc., and Onkyo Corporation (January 6, 2001)

Summary

This amendment involves Global Technovations, Inc., Onkyo America, Inc., and Onkyo Corporation. It extends the due date for Onkyo America's inter-company obligations, including a $1,000,000 note, from May 31, 2001, to March 10, 2002. Additionally, the principal amount of a note issued to Onkyo is reduced by $1,000,000, and accrued interest on the forgiven portion is waived. The remaining interest will continue to accrue as before. The amendment is formalized with a nominal payment and requires signatures from the parties involved.

EX-10.36 5 0005.txt AMENDMENT TO SHARE PURCHASE AGREEMENT EXHIBIT 10.36 January 6, 2001 VIA FACSIMILE 81-# ONKYO CORPORATION 2-1, Nisshin-Cho, Neyagawa-Shi Osaka ###-###-####, Japan Attention: Mr. Naoto Otsuki Dear Mr. Otsuki: Thank you for the courtesies you extended to Mr. Shimojima and me on December 22nd during our visit to Japan. This letter confirms our agreement that the Share Purchase Agreement, as amended, by and among Global Technovations, Inc. ("GTI"), Onkyo America, Inc. ("Onkyo America"), Onkyo Corporation ("Onkyo") Onkyo Malaysia SDN.BHD. and Onkyo Europe Electronics GMBH, is further amended as described below. We appreciate that you recognize that the recent softening in the automobile industry has affected the anticipated results of operations of Onkyo America since GTI acquired it on August 31, 2000. As a gesture of your goodwill, Onkyo has agreed as follows: 1. The Onkyo America inter-company obligations (including the $1,000,000 note) referred to in Section 17.01 of the Share Purchase Agreement currently due on May 31, 2001 have been extended to March 10, 2002; 2. The note issued to Onkyo (the "Seller's Note") shall be modified by reducing the total of principal amount by $1,000,000. In addition, the interest which has accrued on the portion of the Seller's Note which is being forgiven shall be waived. The interest on the balance of the Seller's Note has been and shall continue to accrue in accordance with the terms of the Seller's Note. I am enclosing $10.00 checks from GTI and Onkyo America payable to Onkyo which serves as the formal consideration for your agreement. I am also asking Mr. Shinobu Shimojima to execute a copy of this agreement as President of Onkyo America. Please execute a copy of this letter evidencing your agreement to its terms and facsimile it back to me at ###-###-####. Sincerely yours, William C. Willis, Jr., President and Chief Executive Officer Enclosures WE HEREBY AGREE TO THE FOREGOING: Onkyo Corporation By: _______________________ Naoto Otsuki, Chairman and Chief Executive Officer Onkyo America, Inc. By: ________________________ Shinobu Shimojima, President