Amendment to Promissory Note between Q Lotus Holdings, Inc. and Frank Powers, dated January 5, 2012
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Summary
Q Lotus Holdings, Inc. and Frank Powers have agreed to amend their original promissory note dated December 1, 2011. The amendment increases the principal amount owed by Q Lotus Holdings, Inc. to Frank Powers from $100,000 to $130,000. Both parties have signed the amendment to confirm their agreement to this change.
EX-10.20 2 v245208_ex10-20.htm EXHIBIT 10.20 AMENDMENT TO PROMISSORY NOTE, DATED DECEMBER 1, 2011 Unassociated Document
| Q Lotus Holdings, Inc. A Diversified Financial Holding Company |  | 500 N Dearborn St, Suite 605 Chicago, IL 60654 (312) 379-1800 |
January 5, 2012
Frank Powers
1 Hughes Center Dr, Unit 1604
Lasa Vegas, NV 89169
Re: Amendment to Promissory Note
Dear Frank:
In accordance with our discussions, Q Lotus Holdings, Inc. and Frank Powers hereby agree to amend the Promissory Note dated December 1, 2011 between Q Lotus Holdings, Inc. and Frank Powers in the amount of one hundred thousand dollars ($100,000) such that, notwithstanding anything contained in the Promissory Note to the contrary:
| 1. | Q Lotus Holdings, Inc. (“Obligor’) hereby promises to pay to the order of Frank Powers (“Payee’) the principal sum of One Hundred Thirty Thousand Dollars ($130,000). |
Please acknowledge your acceptance of the above change by executing this amendment below.
Q Lotus Holdings, Inc.
| By: | /S/ Gary Rosenberg |
| Gary Rosenberg | |
| Its: | CEO |
Understood and Agreed to this 5th day of January, 2011.
| By: | /S/ Frank Powers |
| Frank Powers |
