Exhibit 10.1
EXTENSION AGREEMENT
THIS EXTENSION AGREEMENT made effective the 30th day of April, 2008 by
and between DIGITAL AUDIO CORPORATION ("Company") and DRI CORPORATION (formerly
Digital Records, Inc.) ("Holder").
WHEREAS, on April 30, 2007 Company and Holder entered into a
$344,184.50 Promissory Note that called for a principal payment of $86,046.12
due April 30, 2008 ("Promissory Note");
WHEREAS, the Company has requested an extension of ninety (90) days in
which to pay said principal payment;
WHEREAS, the Holder agrees to allow said ninety(90) day extension with
interest to continue as set forth in the Promissory Note; and
WHEREAS, the parties desire to extend the payment due on April 30, 2008
as set forth herein.
NOW, THEREFORE, for the consideration of Ten Dollars and other mutual
promises and premises made herein, the parties agree as follows:
1. The first principal payment due under said Promissory Note shall be
extended until July 30, 2008.
2. In all other respects, the terms and provisions of the Promissory
Note are ratified and confirmed.
IN WITNESS WHEREOF, the parties have signed this Extension Agreement
the day and year first above written.
DIGITAL AUDIO CORPORATION
By /s/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx
DRI CORPORATION
By /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx
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The undersigned guarantor joins in this Extension Agreement for
acknowledgment purposes.
DOLPHIN DIRECT EQUITY PARTNERS, LP
By: Dolphin Advisors, LLC
Its managing general partner
By: Dolphin Management INC.
Its managing member
By: /s/ XXXXX X. XXXXX
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Name: Xxxxx X. Xxxxx
Title: President
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