Amendment to L.G. Agreement between Gryphon Resources and Vendors (Noel Cousins, Steven Van Ert)

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the payment and share issuance schedule in the original L.G. Agreement between Gryphon Resources and the Vendors, Noel Cousins and Steven Van Ert. The revised terms change certain payment and share issuance dates, specifically moving some deadlines from March 1 and February 1 to April 1, 2011. All other obligations, including cash payments, expenditures on the property, and share issuances, remain as previously agreed. The amendment is effective as of February 27, 2011, and is signed by all parties.

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EX-10.2 2 gryphonexh10_2.htm GRYPHON RESOURCES 10Q, AGREEMENT AMENDMENT gryphonexh10_2.htm
Exhibit 10.2
 
 
AMENDMENT TO L.G. AGREEMENT


All parties to the L.G. Agreement, do by their signatures on this amendment, agree to the following changes to the L.G. Agreement:


ORIGINAL WORDING OF Section 2.3 (bolding added to show changed words):
 
2.3 In order to implement exercise of the Option, and maintain the Option in effect, Gryphon shall:
       
  (a) pay Vendors the following cash sums on or before the dates described below:
   
(i)
$15,000 upon execution of this Agreement;
   
(ii)
$15,000 on or before August 10, 2010;
   
(iii)
$50,000 on or before March 1, 2011;
   
(iv)
$60,000 on or before March 1, 2012; and
   
(v)
$100,000 on or before March 1, 2013.
       
  (b) incur the following Expenditures on or with respect to the Property, by the following dates:
       
   
(i)
$50,000 within 12 months following the Execution Date.
       
   
(ii)
an additional $100,000 on or before 24 months following the Execution Date;
       
   
(iii)
$200,000 on or before 36 months following the Execution Date; and
       
   
(iv)
$200,000 on or before 48 months following the Execution Date.
       
  (c) cause Gryphon  to issue shares to the Vendors in the following amounts:
       
   
(i)
250,000 shares upon execution of this Agreement;
       
   
(ii) 
250,000 shares on or before February 1, 2011;
       
   
(iii)
250,000 shares on or before February 1, 2012; and
       
   
(iv)
250,000 shares on or before February 1, 2013.
       
    .....  

 


 
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AMENDMENT TO L.G. AGREEMENT


REVISED WORDING OF Section 2.3 (bolding added to show changed words):
 
2.3  In order to implement exercise of the Option, and maintain the Option in effect, Gryphon shall:
       
  (a)  pay Vendors the following cash sums on or before the dates described below:
   
(i)
$15,000 upon execution of this Agreement;
   
(ii)
$15,000 on or before August 10, 2010;
   
(iii)
$50,000 on or before April 1, 2011;
   
(iv)
$60,000 on or before March 1, 2012; and
   
(v)
$100,000 on or before March 1, 2013.
       
  (b) incur the following Expenditures on or with respect to the Property, by the following dates:
       
   
(i)
$50,000 within 12 months following the Execution Date.
       
   
(ii)
an additional $100,000 on or before 24 months following the Execution Date;
       
   
(iii)
$200,000 on or before 36 months following the Execution Date; and
       
   
(iv)
$200,000 on or before 48 months following the Execution Date.
       
  (c)  cause Gryphon  to issue shares to the Vendors in the following amounts:
       
   
(i)
250,000 shares upon execution of this Agreement;
       
   
(ii) 
250,000 shares on or before April 1, 2011;
       
   
(iii)
250,000 shares on or before February 1, 2012; and
       
   
(iv)
250,000 shares on or before February 1, 2013.
       
    ......  
 


 
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AMENDMENT TO L.G. AGREEMENT


IN WITNESS WHEREOF this agreement addendum has been signed by the parties hereto as of February 27, 2011.
 
GRYPHON:
 
 
Per:  /s/ Alan Muller
Alan Muller, President & CEO
 
 
VENDORS:
 
 
/s/ Noel Cousins
Noel Cousins
 
 
/s/ Steven Van Ert
Steven Van Ert
 
 
 
 
 
 
 
 
 
 
 




 
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