AMENDMENT dated June 26, 2009 To the Engagement Letter dated April 1, 2009 by and between Remark Enterprises, Inc. and New Castle Financial Services LLC, And the Inducement Agreement dated 4/3/09 executed by OneUp Innovations, Inc.
AMENDMENT dated June 26,
2009
To
the Engagement Letter dated April 1, 2009 by and between Remark Enterprises,
Inc. and New Castle Financial Services LLC,
And
the Inducement Agreement dated 4/3/09
executed
by OneUp Innovations, Inc.
WHEREAS, the parties have agreed to
lower the minimum raise amount required to close from $2,500,000 to
$2,000,000;
WHEREAS,
the parties desire to reduce New Castle’s compensation in connection
therewith;
WHEREAS,
the parties contemplate closing on $2,000,000 on June 26, 2009;
IT IS HEREBY
AGREED AS FOLLOWS:
1)
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Xxxxxxxxx
0x xxxxx xx amended to reflect that New Castle or its designees shall
receive 2,732,980 common shares, representing 4.5% of the number of the
surviving company’s common stock existing immediately following the
consummation of the closing.
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2)
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Paragraph
3d shall be amended to reduce New Castle’s warrant coverage from 3% to
2.4%.
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IN WITNESS WHEREOF, the
parties have executed this Amendment to the Engagement Letter and Inducement
Agreement effective as of the date written below.
New
Castle Financial Services LLC
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Remark
Enterprises, Inc.
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/s/ Xxxxxxx
Xxxxxx
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/s/ Xxxxxxxx
Xxxxxxxx
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Xxxxxxx
Xxxxxx, President
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Xxxxxxxx
Xxxxxxxx, President
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OneUp
Innovations, Inc.
/s/ Xxxxx X.
Xxxxxxxx
Xxxxx
Xxxxxxxx, CEO