AMENDMENT TO L.G. AGREEMENT
Exhibit 10.2
All parties to the L.G. Agreement, do by their signatures on this amendment, agree to the following changes to the L.G. Agreement:
ORIGINAL WORDING OF Section 2.3 (xxxxxxx added to show changed words):
2.3 | In order to implement exercise of the Option, and maintain the Option in effect, Gryphon shall: | ||
(a) | pay Vendors the following cash sums on or before the dates described below: | ||
(i)
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$15,000 upon execution of this Agreement;
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(ii)
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$15,000 on or before August 10, 2010;
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(iii)
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$50,000 on or before March 1, 2011;
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(iv)
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$60,000 on or before March 1, 2012; and
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(v)
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$100,000 on or before March 1, 2013.
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(b) | incur the following Expenditures on or with respect to the Property, by the following dates: | ||
(i)
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$50,000 within 12 months following the Execution Date.
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(ii)
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an additional $100,000 on or before 24 months following the Execution Date;
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(iii)
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$200,000 on or before 36 months following the Execution Date; and
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(iv)
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$200,000 on or before 48 months following the Execution Date.
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(c) | cause Gryphon to issue shares to the Vendors in the following amounts: | ||
(i)
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250,000 shares upon execution of this Agreement;
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(ii)
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250,000 shares on or before February 1, 2011;
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(iii)
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250,000 shares on or before February 1, 2012; and
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(iv)
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250,000 shares on or before February 1, 2013.
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..... |
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AMENDMENT TO L.G. AGREEMENT
REVISED WORDING OF Section 2.3 (xxxxxxx added to show changed words):
2.3 | In order to implement exercise of the Option, and maintain the Option in effect, Gryphon shall: | ||
(a) | pay Vendors the following cash sums on or before the dates described below: | ||
(i)
|
$15,000 upon execution of this Agreement;
|
||
(ii)
|
$15,000 on or before August 10, 2010;
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||
(iii)
|
$50,000 on or before April 1, 2011;
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||
(iv)
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$60,000 on or before March 1, 2012; and
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||
(v)
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$100,000 on or before March 1, 2013.
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||
(b) | incur the following Expenditures on or with respect to the Property, by the following dates: | ||
(i)
|
$50,000 within 12 months following the Execution Date.
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||
(ii)
|
an additional $100,000 on or before 24 months following the Execution Date;
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||
(iii)
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$200,000 on or before 36 months following the Execution Date; and
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||
(iv)
|
$200,000 on or before 48 months following the Execution Date.
|
||
(c) | cause Gryphon to issue shares to the Vendors in the following amounts: | ||
(i)
|
250,000 shares upon execution of this Agreement;
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||
(ii)
|
250,000 shares on or before April 1, 2011;
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||
(iii)
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250,000 shares on or before February 1, 2012; and
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||
(iv)
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250,000 shares on or before February 1, 2013.
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||
...... |
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AMENDMENT TO L.G. AGREEMENT
IN WITNESS WHEREOF this agreement addendum has been signed by the parties hereto as of February 27, 2011.
GRYPHON:
Per: /s/ Xxxx Xxxxxx
Xxxx Xxxxxx, President & CEO
VENDORS:
Xxxx Xxxxxxx
Xxxxxx Van Ert
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