Exhibit 10.2
Amendment to Stock Purchase Agreement dated June 1, 2002.
AMENDMENT TO STOCK PURCHASE AGREEMENT
This Amendment to Stock Purchase Agreement is effective this 1st day of
June, 2002 by and between New Generations Film, Inc., a company duly organized
and existing under the laws of the State of Nevada in the United States of
America ("NGF"), formally known as New Xxxxxx, Inc., and Unimet Group, Limited a
private company number 25953873 duly organized and existing under the laws of
England ("Unimet").
WHEREAS, NGF and Unimet entered into a stock purchase on or about June
2001. In connection Unimet's purchase of ten million eighteen thousand
(10,018,000) shares of NGF's common stock;
AND WHEREAS, Unimet has not fulfilled its obligations regarding the
payment of the purchase price of the shares of NGF pursuant to the terms of the
Stock Purchase Agreement;
AND WHEREAS, the parties desires to modify the terms of the Stock
Purchase Agreement with regard to Unimet's payment in order to facilitate the
future relationship of the parties;
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NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the adequacy of which is hereby acknowledged, and in
consideration of the parties' mutual desire to maintain their working
relationship, it is hereby agreed as follows:
1. The parties agree that Unimet's obligation to pay the
remainder of the purchase price pursuant to the Stock Purchase
Agreement shall be modified and Unimet should make the
following payments NGF;
a. Unimet shall pay NGF $50,000.00 on or before July 15, 2002;
b. Unimet shall pay NGF an additional $50,000.00 on or before
August 15, 2002;
c Unimet shall pay NGF an additional $50,000.00 on or before
September 15, 2002; and,
d Unimet shall pay NGF an additional $500,000.00 on or before
October 15, 2002.
2 All payments made by Uinimet to NGF shall be made via wire transfer to NGF's
bank account at the Bank of America, Reno Nevada, account number 004961782434,
ABA number000000000.
3 In the event that the parties agree that Unimets payment obligations as
outlined above may be met via a transfer of assets rather than a payment of
cash, such agreement must be in writing and must specifically list the asset to
be transferred to NGF. Unimet agrees to provide NGF with any and all
documentation NGF, its counsel or accountants may require in order to confirm
the valuation of assets to be transferred pursuant to this paragraph prior to
any such transfer. In the event that NGF does not agree to the value of the
assets to be transferred, Unimets payment obligation as outlined above shall not
be altered and Unimet shall continue to be obligated to make cash payments.
4 All other provisions of the Stock Purchase Agreement between the parties not
otherwise modified by this amendment shall remain in full force and effect.
IN WITNESS of their agreement each party has caused its duly authorized
representative to sign this instrument effective on the date first above
written.
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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