Letter Agreement extending Promissory Note with Whalehaven Capital Fund Limited dated September 25, 2009
Exhibit 10.7
Options Media Group Holdings, Inc.
123 NW 13th Street, Suite 300
Boca Raton, FL 33432
September 25, 2009
Whalehaven Capital Fund Limited
560 Sylvan Avenue
Englewood Cliffs, NJ 07632
Re:
Note Amendment
Dear Sir/Madam:
This letter agreement (the Agreement) amends that certain Note dated April 24, 2009 (the Note) between Options Media Group Holdings, Inc., a Nevada corporation (the Company), and Whalehaven Capital Fund Limited (the Holder). In consideration for the Holder (i) extending the maturity date of the Note from August 31, 2009 to December 31, 2009, (ii) waiving its right to the extension fee under the Note in connection with the extension provided by this Agreement, and (iii) waiving its right to charge interest at the default interest rate for any period that the Note was in default prior to the date of this Agreement, the Company shall issue the Holder 50,000 shares of common stock of the Company (the Extension Consideration).
Upon return of your old Note, the Company will deliver you a new Note with the new maturity date, along with a stock certificate representing the Extension Consideration. All other terms and conditions of the Note remain the same.
If the foregoing is acceptable to you, please sign in the place indicated below and return an executed copy to us.
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| Very truly yours, |
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| Scott Frohman |
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| Chief Executive Officer |
AGREED AND ACCEPTED:
Whalehaven Capital Fund Limited
By:__________________________
__________________, Partner