Exhibit 10.29 November 16, 2000 National Broadcasting Company, Inc. 30 Rockefeller Plaza New York, New York 10112 Ladies and Gentlemen: Reference is made to (a) that certain Distribution and Marketing Agreement dated as of March 8, 1999 (the "Distribution Agreement") by and between National Broadcasting Company, Inc. ("NBC") and ValueVision International, Inc. ("VVI") and (b) those certain 1,450,000 Common Stock Purchase Warrants represented by that certain Warrant Certificate No. W-2 (and any replacement(s) thereof) exercisable commencing April 22, 1999, issued by VVI to NBC (the "Initial Distributor Warrants"). For value received, the sufficiency of which is hereby acknowledged, VVI hereby acknowledges and agrees as follows: (i) The Initial Distributor Warrants are hereby amended by replacing Schedule A thereto with Schedule A attached hereto. (ii) Effective as of May 31, 2000, NBC has achieved the Aggregate Performance Target, as defined in Section 8(d) of the Distribution Agreement. This letter shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts to be executed and performed in that state. Please indicate your concurrence with the foregoing by signing where indicated below. Very truly yours, VALUEVISION INTERNATIONAL, INC. By: /s/ Nathan E. Fagre ------------------------------------- Senior Vice President and General Counsel We concur: NATIONAL BROADCASTING COMPANY, INC. By: /s/ Bruce Campbell - --------------------------------------- Vice President of Corporate Development Schedule A SCHEDULE OF VESTING
Date Warrants Vesting on Date ---- ------------------------ April 22, 1999 200,000 April 22, 2000 125,000 November 16, 2000 1,125,000