Amendment to Financial Consultant Agreement
Exhibit 4.7(a)
GENETRONICS
BIOMEDICAL CORPORATION
00000 Xxxxxxxx Xxxxxx Xxxx
Xxx Xxxxx, XX 00000-0000
July 14, 2003
Catalyst Capital, LLC
0000 X. Xxxxxxx Xxxx.
#00-000, Xxx Xxxxx
XX 00000
Attention:
Dear Sirs:
Amendment to Financial Consultant Agreement
We refer to the financial consultant agreement (the “Agreement”) between Genetronics Biomedical Corporation (the “Company”) and Catalyst Capital LLC (the “Consultant”) dated October 3, 2002. All capitalized terms used herein but not defined in this amending agreement have the meanings given to them in the Agreement.
Section 5(a) of the Agreement provides that the Company agrees to pay to the Consultant a Consulting Fee of Seventy Five Thousand Dollars ($75,000) in accordance with the terms of the Agreement. Pursuant to the structuring of a financing and further negotiation between the parties, the parties wish to amend section 5(a) of the Agreement to reflect that the Company agrees to pay to the Consultant a one – time flat fee of Fifty Thousand Dollars ($50,000).
In consideration of the agreements referred to herein, the parties agree to amend section 5(a) of the Agreement by deleting the following from the second line “Seventy Five Thousand Dollars ($75,000)” and replacing it with “Fifty Thousand Dollars ($50,000)” payable in shares of common stock of the Company, the value of which is based on a ten day trading average prior to closing the Financing.
Except as amended herein, the Agreement remains in full force and effect in accordance with its original terms and conditions.
This agreement shall be construed and interpreted in accordance with the laws of the State of Nevada.
Please confirm your acceptance of these amendments by signing and returning to us the duplicate of this letter attached herewith. Thank you.
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GENETRONICS BIOMEDICAL CORPORATION |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Name: |
Xxxxx X. Xxxxxxx |
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Title: |
Chairman |
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CATALYST CAPITAL LLC |
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By: |
/s/ Xxxxx Xxxxx |
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Name: |
Xxxxx Xxxxx |
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Title: |
Managing Member |
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