Exhibit 10.16
EXTENSION AGREEMENT
This Agreement is entered into as of August 1, 2001, by and among
Global Capital Securities Corporation ("GCAP"), a Colorado corporation, and
Xxxxxx Online, Inc. ("Xxxxxx Online"), a Delaware corporation.
WHEREAS, GCAP and Xxxxxx Online, Inc. have entered into an agreement
dated March 23, 2001 whereby Xxxxxx, Inc. operates as a franchisee of GCAP for
the purpose of operating a branch office of GCAP (the "Franchise Agreement"), a
copy of which is attached hereto; and
WHEREAS, GCAP has entered into an agreement to sell a controlling
interest in Xxxxxx Online to Xxxxxx, his affiliates and/or designees; and
WHEREAS GCAP and Xxxxxx Online desire to enter into this Agreement to
modify the Franchise Agreement;
THEREFORE, upon receipt of good and valuable consideration, the parties
agree as follows:
1. Paragraph 12.1 of the Franchise Agreement shall be amended to
read as follows:
12.1 This Agreement shall become effective as of the date
first appearing herein and will continue in effect for a period of one(1) year
unless sooner terminated as provided in this agreement. Franchisee shall have
the right to extend this Agreement for an additional six (6) months by providing
written notice of such intent to extend 60 days prior to the end of the one-year
term. In the event that this Agreement is extended for such six-month term, GCAP
shall be entitled to receive as compensation under this Agreement the greater of
$20,000 per month or the compensation as would be payable under the Franchise
Agreement as written.
2. In all other respects, the Franchise Agreement shall remain in
force as written.
GLOBAL CAPITAL SECURITIES CORPORATION
By: /s/ XXXXXX XXXXXXXXXX
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Xxxxxx Xxxxxxxxxx
XXXXXX ONLINE, INC.
By: /s/ XXXXXXXX X. XXXXXX
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Xxxxxxxx X. Xxxxxx
