The Frost Group, LLC Miami, Florida 33137
Exhibit
10.26
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The
Frost Group, LLC
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0000
Xxxxxxxx Xxxxxxxxx
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Xxxxx,
Xxxxxxx 00000
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Date:
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March
11, 2009
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To:
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0
Xxxxx Xxxxxx
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Xxxxxxxx
Xxxxxxx Xxxx
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Xxx-Xxxxx,
Xxxxxx 00000
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Re:
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Reference is hereby made to (i) the
Credit Agreement ( the “Credit
Agreement”) dated as of March 25, 2008 among Modigene, Inc. as the
borrower (the “Borrower”), and The Frost
Group, LLC, as the lender (the “Lender” capitalized terms used
and not otherwise defined herein shall have the meaning assigned to them in the
Credit Agreement), and (ii) the Note.
By signing below, the Lender hereby
agrees that, effective as of the date hereof:
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1.
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Notwithstanding
anything to the contrary in the Credit Agreement or the Note, the One-Year
Anniversary (as defined in the Note) shall be extended and deemed to be
April 30, 2009.
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2.
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The
Lender hereby agrees and acknowledges that the Credit Agreement is binding
and enforceable against the Lender and that, except for the modifications
contained herein, the terms, conditions and provisions of the Credit
Agreement and the Note, and any other documents referred to herein or
therein, shall continue in full force and
effect.
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This
agreement shall be governed by, and shall be construed and enforced in
accordance with, the internal laws of the State of Florida.
[THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]
SIGNED:
THE
FROST GROUP, LLC.
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By:
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/s/
Xxxxxx X. Xxxxx
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Name:
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Xxxxxx
X. Xxxxx
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Title:
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Member
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MODIGENE,
INC.
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By:
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/s/
Xxxx Xxxxx
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Name:
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Xxxx
Xxxxx
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Title:
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President
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2
