Extension Agreement to January 11, 2008 Agreement Between Benacquista Galleries, Inc., Vibe Records, Inc., James Price, and Timothy Olphie

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement, dated March 7, 2008, extends the payment deadlines under a previous agreement between Benacquista Galleries, Inc., Vibe Records, Inc., James Price, and Timothy Olphie. James Price grants a one-time extension, requiring a non-refundable $25,000 payment by March 11, 2008, with the remaining balance due by March 25, 2008. If payments are not made on time, the option in the original agreement is canceled and deposits are retained as liquidated damages. James Price also receives an additional 200,000 common shares as compensation for the extension. All other terms of the original agreement remain in effect.

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EX-10.2 2 benacq8k031108ex10-2.htm VIBE BENACQUISTA EXTENSION AGREEMENT DATED MARCH 11, 2008 BY AND BETWEEN BENACQUISTA GALLERIES, INC., A NEVADA CORPORATION, VIBE RECORDS, INC., A DELAWARE CORPORATION, TIMOTHY OLPHIE AND JAMES PRICE. benacq8k031108ex10-2.htm
EXHIBIT 10.2
 
March 7, 2008
 
 
 
In reference to the Agreement of January 11, 2008 between Vibe Records, Inc., a Delaware Corporation (“Vibe”), Benacquista Galleries, Inc., a Nevada corporation (“Benacquista”), James Price, an Individual and Timothy Olphie, an individual, I, James Price hereby grant a one-time-only extension under the Agreement under the following terms:
 
I must receive an additional payment of $25,000 no later than 5:00 PM on Tuesday, March 11, 2008 toward the balance of $450,000.  This payment is non-refundable and governed by the same terms of the Agreement.  The remaining balance must be paid by March 25, 2008 by 5:00 PM.  Failure to make any payment exactly as noted in this section results in immediate cancellation of the Option in the Agreement and retention of any non-refundable deposits as liquidated damages by me.
 
In addition, the share amount I am entitled to receive under paragraph 4 shall be increased by 200,000 common shares above and beyond what it would otherwise be in order to compensate me for this extension.
 
All other terms of the Agreement shall apply.
 

 
X    /s/ James Price                                 
James Price, an Individual

X    /s/ James Price                                
Benacquista Galleries, Inc.
James Price, CEO