Amendment to Assignment and Contribution Agreement between Force Fuels, Inc. and ICE Conversions, Inc. (Effective January 31, 2009)

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the payment schedule in the original Assignment and Contribution Agreement between Force Fuels, Inc. and ICE Conversions, Inc. Instead of two payments totaling $400,000, Force Fuels will now pay eight installments of $50,000 each, due quarterly from April 30, 2010, through January 31, 2012. All other terms of the original agreement remain unchanged. The amendment is agreed to and signed by both parties' representatives.

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EX-10.3.1 2 ffi_ex1031-90131.htm AMENDMENT TO THE ASSIGNMENT AND CONTRIBUTION AGREEMENT EFFECTIVE JANUARY 31, 2009. ffi_ex1031-90131.htm
Exhibit 10.3.1
 
ICE Conversions, Inc.
22525 Pacific Coast Highway, Suite 101
Malibu, California 90265
Phone: (310) 927-1711

January 30, 2009

Force Fuels, Inc.

Reference is hereby made to the Assignment and Contribution Agreement, dated as of July 31, 2008 (the “Agreement”) by and between Force Fuels, Inc. a Nevada corporation (“Force Fuels”) and ICE Conversions, Inc. a California corporation (“ICE”) (collectively the “Parties”).

Pursuant to terms of the Agreement, Force Fuels agreed to make a cash payment to ICE in the amount of $400,000, made payable in two separate installments as follows: $100,000 to be paid on or before March 15, 2009; and $300,000 to be paid on or before June 15, 2009.

ICE hereby agrees to extend the timeline for the $400,000 cash payment as follows: Force Fuels shall make eight (8) separate installment payments, each in the amount of $50,000, due on or before the last day of each quarter of Force Fuel’s fiscal year, commencing with the first installment due on or before April 30, 2010 and the eighth and final payment due on or before January 31, 2012.

All other terms and obligations as set forth in the Agreement shall remain as originally stated.
 

 
  ICE CONVERSIONS, INC.  
       
 
By:
/s/ Lawrence Weisdorn  
    Lawrence Weisdorn, President and Chief Executive Officer  

AGREED AND ACCEPTED:
 
FORCE FUELS, INC.
 
           
By:
/s/Lawrence Weisdorn
    
 
  
 
Lawrence Weisdorn, President,
    
 
  
 
Chief Executive Officer and
    
 
  
 
Chief Financial Officer