NOTE MODIFICATION AGREEMENTAddendum or Modifications |
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Exhibit 10.4
NOTE MODIFICATION AGREEMENT
THIS NOTE MODIFICATION AGREEMENT (the “Note Modification Agreement”) is made as of August 14, 2008, by and between Options Media Group Holdings, Inc., a Nevada corporation (the “Company”), and GRQ Consultants, Inc. 401K (the “Holder”).
WHEREAS , the Company executed that certain 7% Senior Secured Promissory Note dated July 18, 2008 in the original principal amount of Nine Hundred Thousand Dollars ($900,000.00) (a copy of which is attached as Exhibit A) (the “Note”);
WHEREAS , the Company, Options Acquisition Sub, Inc. and the Holder entered into that certain Security Agreement dated as of July 18, 2008 securing the Note and related obligations (the Security Agreement”);
WHEREAS , the Company and the Holder entered into that certain Pledge Agreement dated as of July 18, 2008 securing the Note and related obligations (the Pledge Agreement”);
WHEREAS , the parties desire to modify the Note to extend the Maturity Date of the Note to July 31, 2009; and
WHEREAS , the Holder acknowledges that it and/or its affiliates will benefit materially from this modification and, accordingly, Holder has received adequate consideration for agreeing to this extension.
NOW THEREFORE , in consideration of the mutual covenants contained herein, and other good and va
