EX-10.67 27 0027.txt REGISTRATION RIGHTS AGREEMENT AMENDMENT NO. 1 EXHIBIT 10.67 AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT THIS AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of this 9th day of October, 2000, by and among KARTS INTERNATIONAL INCORPORATED, a Nevada corporation (the "Company"), and THE SCHLINGER FOUNDATION (the "Investor"). W I T N E S S E T H: WHEREAS, the Investor and the Company are parties to that certain Registration Rights Agreement dated May 17, 2000 (the "Registration Rights Agreement"); and WHEREAS, the Investor and the Company desire to amend the Registration Rights Agreement to include the shares of common stock to be issued to Investor upon conversion of the Company's Series B Preferred Stock which is being purchased from the Company by Investor pursuant to that certain Stock Purchase Agreement of even date; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned parties hereto agree as follows: A. The following amendments to the Registration Rights Agreement are hereby agreed to by Investor and Company: Section 1. Definitions, paragraph (d) is hereby amended to read as follows: "Conversion Shares" shall mean the shares of Common Stock issued or issuable upon conversion of the Series A Preferred and Series B Preferred Stock. Section 1. Definitions, paragraph (i) is hereby amended to read as follows: "Registrable Securities" shall mean the Conversion Shares or shares of any security of the Company issued or issuable upon conversion of the Series A Preferred or Series B Preferred Stock; and (ii) any other securities of the Company distributable on, with respect to, or in substitution of such Registrable Securities, except for those that have been sold or transferred pursuant to an effective registration statement, or pursuant to Rule 144, under the Securities Act. AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT - Page 1 B. All other terms and conditions of the Registration Rights Agreement are hereby reaffirmed by Investor and the Company. WITNESS our signatures this 9th day of October, 2000. KARTS INTERNATIONAL INCORPORATED By:__________________________________________ Charles Brister, President THE SCHLINGER FOUNDATION By:__________________________________________ Evert I. Schlinger Title:_______________________________________ AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT - Page 2