Amendment to Loan Agreement Between Pivotal Corporation and Andre Beaulieu
This letter amends the existing loan agreement between Pivotal Corporation and Andre Beaulieu. Under the new terms, Andre Beaulieu will repay his loan by assigning all current and future bonus payments from Pivotal, including his bonus from the previous quarter, until the loan is fully repaid. The amendment is effective upon Andre's acceptance and signature.
EXHIBIT 10.42
May 29, 2002
Andre Beaulieu
c/o Pivotal Corporation
Suite 300 - 224 W. Esplanade
North Vancouver, B.C.
V7M 3M6
Dear Andre:
Re: Personal loan agreement / Pivotal Corporation
May this letter serve to confirm that Pivotal Corporation has agreed to amend your current loan agreement to reflect our subsequent agreement (Manning/Beaulieu) that this loan be repaid by way of your assignment of any and all Pivotal bonus payments to which you will be entitled, and including your bonus from the previous quarter (Q3 of fiscal 2002) until such time as the entire loan amount has been repaid to Pivotal.
Please sign below to indicate that you accept the terms as outlined above and to confirm that it is your intention to so repay your indebtedness to Pivotal.
Yours truly,
| Read and hereby accepted, |
| Bo Manning President, CEO | Andre Beaulieu |
Encl.
