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[HORIZON LETTERHEAD]
August 3, 2000
Mr. Michael R. Kerouac
President
Informed.com, Inc.
217 N. Westmonte Drive, Suite 3023
Altamonte Springs, FL, 32714
Re: $1,500,000 Promissory Note (the "Note") dated March 14, 2000 by
and between Informed.com, Inc. ("Informed") and HORIZON
Pharmacies, Inc. ("Horizon")
Dear Mr. Kerouac:
I am in receipt of your letter (the "Letter") dated June 12, 2000
regarding proposed amendments to the Note. Before agreeing to changes, I would
like to discuss revising Section 7.A of that certain Fulfillment and Guaranty
Agreement (the "Guarantee Agreement"), dated March 14, 2000 between Informed and
Horizon, so that it would read, as amended, as follows:
A. In exchange for its designation as the exclusive fulfillment agent
of Informed, Horizon hereby agrees to guaranty the Gross Sales (as
defined) and Pretax Profit (as defined below) of Informed as
follows:
(a) For the twelve month period (the "Initial Period")
beginning on the first day of the first month following
payment in full by Informed of all of its obligations
under that certain Promissory Note, dated March 14,
2000, by and between Informed (as "Maker") and Horizon
(as "Payee") and ended on the last day of the twelfth
month of the Initial Period, Gross Sales of Informed
will be no less than $18,000,000.00 and Pretax Profit
of Informed will be no less than $1,250,000.00;
(b) For the twelve month period (the "Second Period")
beginning on the first day of the first month following
the Initial Period and ended on the last day of the
twelfth month of the Second Period, Gross Sales of
Informed will be no less than $22,000,000.00 and Pretax
Profit of Informed will be no less than $1,750,000; and
(c) For the twelve month period (the "Third Period")
beginning on the first day of the first month following
the Second Period and ended on the last day of the
twelfth month of the Third Period, Gross Sales of
Informed will be no less than $30,000,000.00 and Pretax
Profit of Informed will be no less than $2,500,000.00.
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Assuming that this amendment to and restatement of Section 7.A of the
Guarantee Agreement is acceptable, please execute this document as
acknowledgment of your consent to amend the Guarantee Agreement and return an
executed copy to me in the enclosed self-addressed envelope.
With regard to the changes you propose to the Note, we will agree to
waive the 5% fee we are entitled to under Section 3; however, we will not waive
our right to an interest rate of 10% per annum that we are entitled to under
Section 3. Thus, please re-draft the Letter to reflect the fact that we will
receive an interest rate of 8% per annum for the 45 days prior to June 12, 2000
and an interest rate of 10% until either the Maturity Date or the date on which
the entire unpaid principal balance together with accrued interest shall be
paid.
Very truly yours,
HORIZON PHARMACIES, INC.
/s/ Ricky D. McCord
Ricky D. McCord
President
Accepted and Agreed as of August 4, 2000
INFORMED.COM, INC.
By: /s/ Michael R. Kerouac
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Michael R. Kerouac
President
