Letter Agreement Between uWink, Inc. and Bradley Rotter Regarding Convertible Note Repayment and Warrants

Contract Categories: Business Finance › Note Agreements
Summary

uWink, Inc. and Bradley Rotter have agreed to partially repay a $200,000 convertible note by paying $100,000 plus accrued interest. In return, uWink will issue Rotter warrants to purchase 100,000 shares of common stock at $0.345 per share. The remaining $100,000 will be converted into a new 6-month, 10% convertible note on similar terms, and upon its repayment or redemption, Rotter will receive additional warrants for 100,000 shares at the same price.

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EX-10.1 2 uwink_8k-ex1001.txt LETTER AGR EXHIBIT 10.1 uWink, Inc. 12536 Beatrice St. Los Angeles, CA 90066 ###-###-#### ###-###-#### fax www.uwink.com April 19, 2006 Bradley Rotter 850 Corbet Avenue Suite 6 San Francisco, CA 94131 Dear Bradley: Reference is made to the $200,000, 10% Convertible Note, dated October 10, 2005, and due April 10, 2006, between uWink, Inc. (the Company) and you. This letter will confirm our agreement regarding the note as follows: 1. The Company will make repayment to you on the date hereof of $100,000 plus all accrued interest on the note, amounting to $10,356 through the date hereof. 2. In accordance with the terms of the note, the Company will issue to you warrants, in the form attached as Exhibit A, to purchase 100,000 shares of common stock; provided that, in consideration of your agreement to enter into a new note regarding the remaining $100,000 on the original note, the exercise price of such warrants shall be $0.345 per share. 3. Effective as of the date hereof, you and the Company will enter into a new $100,000, 6 month 10% Convertible Note, on substantially the same terms as the original note and in the form of Exhibit B: provided that upon repayment or redemption of such note, you will be granted warrants, in the form of Exhibit A, to purchase an additional 100,000 shares of common stock at $0.345 per share. Best, /s/ Nolan Bushnell Nolan K. Bushnell Chairman and CEO Agreed and accepted: /s/ Bradley Rotter Bradley Rotter