Amendment to Demand Promissory Notes between World Asset Management, Inc., Softdiffusion, SA, and Michel G. Laporte
This agreement, dated October 4, 2012, is between World Asset Management, Inc., Softdiffusion, SA, and Michel G. Laporte, as holders of several demand promissory notes. The noteholders agree not to request repayment of their respective notes until on or after March 31, 2013. The notes listed total $1,470,000 in principal and bear interest at 8% per year. This amendment temporarily delays the right to demand payment, providing the issuer with additional time before repayment can be required.
Ex-10.5(i)
Amendment to Demand Notes
The undersigned noteholders of the demand promissory notes (“Note”) set forth in the attached Schedule of Notes, agree not to make demand for payment of their respective Notes until on or after March 31, 2013.
| NOTEHOLDERS: | |
| Dated: October 4, 2012 | World Asset Management, Inc. |
| By: _/s/ Michelle Napjas | |
| Michelle Napjas, President | |
| Softdiffusion, SA | |
| By: _/s/ Karen Barrett | |
| Karen Barrett, Managing Director | |
| _/s/ Michel G. Laporte | |
| Michel G. Laporte |
Schedule of Notes
1) Three Demand Promissory Notes payable to World Asset Management, Inc., made on June 9, 2009, September 8, 2010 and June 28, 2010, in the aggregate principal amount of $280,000 bearing interest at 8% per annum.
2) Demand Promissory Note payable to World Asset Management, Inc., made on March 12, 2012, in the principal amount of $500,000 bearing interest at 8% per annum.
3) Demand Promissory Note payable to World Asset Management, Inc., made on April 26, 2012, in the principal amount of $500,000 bearing interest at 8% per annum.
4) Demand Promissory Note dated January 15, 2010, in the principal amount of $40,000 held by Softdiffusion, SA
5) Demand Promissory Note dated January 15, 2011, in the principal amount of $150,000 held by Michel G. Laporte.
