Exhibit 10.3
Amendment to Stock Purchase Agreement Dated December 1, 2002.
AMENDMENT TO STOCK PURCHASE AGREEMENT
This Amendment to Stock Purchase Agreement is effective this 1st day of
December, 2002, by and between New Generations Film, Inc., ("New Generation")
and Unimet Group, Limited ("Unimet").
WHEREAS, the parties have entered into a Stock Purchase Agreement dated
June 30, 2001and have agreed to various modifications of that agreement in the
past.
AND WHEREAS, the parties desires to further modify the June 30,
2001Stock Purchase Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, and further good and valuable consideration, the adequacy of
which is acknowledged of the parties, and each of them, the parties agrees as
follows:
1. [UNIMET'S INVESTMENT]
The total investment of Unimet in the common shares of New Generation
shall be limited under the terms of the Stock Purchase Agreement to the
$600,000.00 which Unimet has forwarded to New Generation pursuant to the terms
of the Stock Purchase Agreement as of this date. Unimet shall have no further
obligation to purchase shares of New Generation pursuant to the terms of the
June 30, 2001 Stock Purchase Agreement.
2. [SHARES OF NEW GENERATION PURCHASED]
Unimet's ownership of the shares of the common stock of New Generation
purchased pursuant to the June 30, 2001 Stock Purchase Agreement is limited to
the proportional number of shares purchased by Unimet through its payment of
$600,000.00 to New Generation pursuant to the term of the June 30, 2001 Stock
Purchase Agreement. Because the June 30, 2001 Stock Purchase Agreement provided
for Unimet to pay a total of $1,250,000.00 for 4,500,000 shares of the common
stock of New Generation, Unimet's payment of $600,000.00 has purchased a total
of 2,160,000 shares of the common stock of New Generation.
3. [RELEASE OF OBLIGATIONS UNDER THE TERMS OF THE JUNE 30, 2001 STOCK PURCHASE
AGREEMENT]
Unimet shall have no further duty to purchase shares of New Generation
pursuant to the terms of the June 30, 2001 Stock Purchase Agreement and New
Generation shall have no further duty to deliver shares to Unimet pursuant to
the terms of the June 30, 2001 Stock Purchase Agreement.
WHEREFORE, the parties enter into this amendment to the Stock Purchase
Agreement effective the date first written above.
New Generation Films, Inc.
By: /s/ Evgeny Afineevsky
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Evgeny Afineevsky
Its: President, CEO
Unimet Group, Limited
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx
Its: President
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