Amendment Agreement to Interim Business Combination Agreement between Terrace Ventures Inc. and Pyro Pharmaceuticals, Inc. dated September 26, 2008

Contract Categories: Business Finance › Modification Agreements
Summary

Terrace Ventures Inc. and Pyro Pharmaceuticals, Inc. have agreed to amend their previous interim agreement regarding a potential business combination. The amendment extends a key deadline to December 31, 2008, and allows Pyro Pharmaceuticals to seek alternative funding sources. If Pyro chooses to pursue other funding, it must give Terrace ten business days' notice. If Terrace cannot complete the purchase within that period, Pyro is free to accept the alternative funding and the agreement will end. Both parties have signed to confirm these changes.

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EX-10.2 2 exhibit10-2.htm AMENDMENT AGREEMENT DATED SEPTEMBER 26, 2008 Filed by sedaredgar.com - Terrace Ventures Inc. - Exhibit 10.2

TERRACE VENTURES INC.
810 Peace Portal Drive, Suite 202
Bellingham, WA 98230

September 26, 2008

To: PYRO PHARMACEUTICALS, INC.
  Attention: Alan M. Schechter
                     Chairman and Chief Executive Officer

Dear Sirs:

Re: Business Combination of Terrace Ventures Inc. (“Terrace”) and Pyro Pharmaceuticals, Inc. (“Pyro”)

This will confirm that we have agreed to amend our interim agreement dated July 9, 2008 (the “Agreement”) as follows:

(a)

You have agreed to extend the date in Paragraph 6 of the Agreement to December 31, 2008; and

   
(b)

We have agreed that notwithstanding the provisions of Paragraph 9 of the Agreement, you shall be entitled to enter into negotiations with or seek other sources of funding and that in the event you wish to pursue an alternative source of funding, you may give us ten (10) business days notice of such fact and in the event that we are unable to close the purchase of Pyro under the Agreement within the 10-day notice period, you will be free to accept the alternate funding and our agreement will be terminated concurrent with your receipt of the alternate funding.

If the foregoing is in accordance with your understanding of our agreement, please sign where indicated below.

Yours truly,

TERRACE VENTURES INC.

Per: /s/ Howard Thomson                                     
  Howard Thomson
  President, Secretary and Treasurer

Agreed and accepted as of the 26th day of September, 2008.

PYRO PHARMACEUTICALS, INC.

Per: /s/ Alan M. Schechter                                    
  Alan M. Schechter
  Chairman and Chief Executive Officer