BARK GROUP INC. Ostergrade 17-19, 3rd Floor, DK-1100 Copenhagen K, Denmark
EXHIBIT 10.29
BARK GROUP INC.
Ostergrade 00-00, 0xx Xxxxx,
XX-0000 Xxxxxxxxxx X, Xxxxxxx
April 7, 2009
Debondo Capital Limited
DeBondo Capital Limited
(Hongkong)
Xxxxx 000, Xxxxxxxxx Xxxxx,
000 Xxxxxx Xxxx,
Xxxxxxx,
Xxxx Xxxx
Dear Sirs/Mesdames:
We write further to the following agreements:
- Indemnification Agreement between Bark Corporation A/S (“Bark”) and
DeBondo Capital Limited (Hongkong) ("DeBondo HK") dated February 29,
2008 (the "Indemnification Agreement");
- Consulting agreement Bark and DeBondo Capital Limited ("DeBondo")
dated October 2, 2007 (the "Consulting Agreement"); and
- Letter Agreement dated June 30, 2008 pursuant to which each of the Indemnification Agreement and the Consulting Agreement were amended (the “First Amendment Agreement”).
Further to our discussions, we write to confirm our agreement to amend the Indemnification Agreement and the Consulting Agreement on the following basis:
- The Indemnification Agreement, as amended by the First Amendment
Agreement, is hereby amended to provide that the date of termination of the
obligation of DeBondo HK to pay to Bark Group a compensation of $25,000, as
set forth in Section 2.2 of the Indemnification Agreement, is extended from
October 30, 2008 to July 31, 2009 in order to reflect the extension of the
date for exercise of the right of repurchase under the repurchase and lock-up
agreements entered into between Bark Group and the original shareholders of
Bark Group (the “Repurchase Agreements”) from September 30, 2008 to
June 30, 2009. For clarification, the June 30, 2008 date referred to in
Section 3.1(b) of the original Indemnification Agreement is hereby replaced
with July 10th, 2009 and the Indemnification Agreement shall
continue without termination until such date.
- The Consultant Agreement, as amended by the First Amendment Agreement, is hereby amended to provide that payment of the US$225,000 cash fee originally payable on final receipt and acceptance of Bark’s Form 211 with NASD (issue of ticker symbol) will only
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be due and payable upon completion by Bark Group of the $2,5 million equity financing contemplated pursuant to either:
- the agreement between Bark and PacificWave Partners Limited, or
- by any other party, provided that in this case the financing completes by June 30, 2009.
- Each of the Indemnification Agreement and the Consulting Agreement will continue in full, force and effect without amendment except as expressly provided herein.
If these amendments to the Indemnification Agreement and the Consulting Agreement are acceptable to DeBondo and DeBondo HK, we ask that you execute a copy of this letter where indicated below and return it to us forthwith.
Yours truly,
BARK CORPORATION AS | |
Per: | /s/ Bent Helvang |
Bent Helvang, Chairman |
BARK GROUP INC. | |
Per: | /s/ Bent Helvang |
Bent Helvang, Chairman |
Accepted and Agreed effective the 8th day of April, 2009. | ||
DEBONDO CAPITAL LIMITED | ||
Per: | /s/ Xxxxx Xxxx | |
XXXXX XXXX | ||
Authorized Signatory | ||
DEBONDO CAPITAL LIMITED (HONGKONG) | ||
Per: | /s/ Xxxxx Xxxx | |
XXXXX XXXX | ||
Authorized Signatory |