AMENDMENT
Exhibit
10.2
AMENDMENT
This Amendment, dated as of May 18,
2009 (this “Amendment”), by and
between Clear Skies Solar, Inc. (the “Company”) and
Sichenzia Xxxx Xxxxxxxx Xxxxxxx LLP (“SRFF”), has been
executed for the purpose of amending that certain legal retainer letter dated
March 31, 2009, between the Company and SRFF (the “Letter
Agreement”).
In
consideration of the premises, the mutual agreements contained herein and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the undersigned agree as follows:
1. The
parties wish to memorialize their understanding that shares issued under the
Letter Agreement shall be at a 25% discount to the then market
price. Therefore, the fifth sentence of the second paragraph of the
Letter Agreement shall be replaced and shall read in its entirety as
follows:
“Future
issuances will be valued at 75% of the 10 trading day average closing price
prior to the first of each month and shall be delivered within 10 business days
following the first of each month by your transfer agent to Xxxxxx
Xxxxxx.”
2. In
addition to all amounts specified in the Letter Agreement, as further partial
payment for legal services performed by SRFF for the Company, the Company will
issue to SRFF an additional $10,000 worth of its common stock, valued at 50% of
the 10 trading day average closing price prior to June 1, 2009. These
additional shares shall be issued to Xxxxxx Xxxxxx along with the shares due for
the period beginning June 1, 2009.
3. Except
as modified and amended herein, all of the terms and conditions of
the
Letter
Agreement shall remain in full force and effect.
4. This
Amendment may be executed in one or more counterparts, each of which shall, for
all purposes, be deemed an original and all of such counterparts, taken
together, shall constitute one and the same Amendment.
5. This
Amendment and the rights of the parties hereto shall be interpreted in
accordance with the laws of the State of New York, without giving effect to
principles of conflict of laws.
IN WITNESS WHEREOF, the undersigned
have duly executed this Amendment as of the day and year first above
written.
| CLEAR SKIES SOLAR, INC. | SICHENZIA XXXX XXXXXXXX XXXXXXX LLP | ||||
| By: |
/s/
Xxxx Xxxxx
|
By: |
/s/
Xxxxxx Xxxxxx
|
||
|
Name:
Xxxx Xxxxx
|
Name: Xxxxxx
Xxxxxx
|
||||
|
Title:
Chief Executive Officer
|
Title:
Partner
|
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