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Exhibit 10.18
June 22, 2000
Soros Private Equity Partners LLC
888 Seventh Avenue
New York, New York 10106
Attn: Neal Moszkowski
Gentlemen:
As we have discussed, Bluefly, Inc. (the "Company") recently revised its
financial statements for quarter ended September 30, 1999 and the year ended
December 31, 1999 to reflect the presentation of the Company's Series A
Convertible Preferred Stock, par value $.01 per share (the "Series A Preferred
Stock"), as redeemable preferred stock. This letter sets forth our mutual
agreement to negotiate in good faith an amendment of the rights of the Series A
Preferred Stock such that the Series A Preferred Stock is not treated as
"redeemable preferred stock" within the meaning of U.S. Securities and Exchange
Commission Accounting Series Release No. 268 within forty-five (45) days of the
date of this letter. Please indicate by your signature below that this letter
accurately sets forth our understanding.
Bluefly, Inc.
By: /s/ E. Kenneth Seiff
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Name: E. Kenneth Seiff
Title: Chairman of the Board, Chief
Executive Officer and President
Agreed to and accepted as of this 23
day of June, 2000.
Soros Private Equity Partners LLC
By: /s/ Neal Moszkowski
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Name: Neal Moszkowski
Title: Partner
