Document:

fueg_ex1022.htm

EXHIBIT 10.22

 

MODIFICATION AND EXTENSION AGREEMENT

THIS MODIFICATION AND EXTENSION AGREEMENT ('Agreement') is executed as of the 15th day of June, 2012, by and among, L Frankel Irrv Childrens TR (‘Lender’) and Face Up Entertainment Group, Inc. F/K/A Game Face Gaming, Inc., a Florida Corporation ('Company').

RECITALS

 

A. Game Face Gaming, Inc as Maker owes the sum of Fifty Thousand Dollars ($50,000)pursuant to that certain Promissory  Note dated February 22, 2011, a copy of which is attached hereto as Exhibit 'A' (hereinafter referred to as the 'Note').

1.             Interest Payments. Accrued unpaid interest shall be paid upon the Maturity Date.  At the Holders's option, the Company may make any interest payment either in cash or by delivery of a number of shares of the Company's Common Stock ("Common Stock") with a value equal to the amount of interest due and payable, calculated by the greater of Twenty-Five cents ($0.25) per share or at Fifty percent (50%) of the average closing bid price of the Common Stock on the OTC Bulletin Board (or whatever exchange, market or quotation system the Common Stock is then traded), for the ten (10) trading days ending five (5) days before the date that such payment is due.

2.            Application of Payments. All payments of principal and interest shall be in lawful money of the United States of America, except as set forth below in connection with conversion of this Note. All payments on account of the indebtedness evidenced by this Note shall be applied first to any and all costs, expenses and other charges then owed the Holder by the Company, second, to accrued and unpaid interest, and thereafter to the unpaid principal balance hereof. All payments so received after demand or acceleration shall be applied in such manner as the Holder may determine in its sole and absolute discretion.

 

 

3.            Maturity Date. Unless this Note has been converted pursuant to the terms of this Note or unless earlier accelerated by the terms of this Note, the principal amount hereof, together with all unpaid accrued interest hereon and all other fees, costs and charges, if any, shall be due and payable on the date which is earlier: (i) eight (8) months from the original date of this Note (the "Maturity Date") or, (ii) upon the closing of any offering including the sale of securities or any debt or convertible offering from which the company shall have raised the gross amount of two million dollars ($2,000,000.00). No payments of principal or interest are required hereunder until the Maturity Date, except as otherwise provided herein.

 

  

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4.            Prepayment. Before the Maturity Date, the Company may prepay this Note, in whole or in part, at any time without penalty, upon five (5) days advance notice to the Holder. If the Company delivers such a notice to the Holder, then the Holder may elect, within such five day period, to convert the Note into the Underlying Securities based on the provisions of Section 5.

5.            Conversion. The principal amount of this Note and all unpaid interest accrued on this Note (together, sometimes referred to as the "Note Balance") may be converted, as follows:

Conversion at the Option of the Holder. At any time commencing sixty (60) days after the date of issuance of this Note and before the Maturity Date or earlier conversion of this Note, the Holder, at Holder's option and upon ten (10) days prior written notice to the Company, may convert in whole or in part the outstanding principal and accrued but unpaid interest of this Note (the amount to be converted referred to as the "Note Amount") into a number of shares of Common Stock (sometimes referred to as the "Underlying Securities") determined by the greater of Twenty-Five cents ($0.25) per share or at fifty percent (50%) of the average closing bid price of the Common Stock on the OTC Bulletin Board (or whatever exchange, market or quotation system the Common Stock is then traded), for the ten (10) trading days ending five (5) days before the conversion date.

6.            Mechanics of Conversion. As promptly as practicable after the conversion of this Note, this Note shall be cancelled, and the Company will issue and deliver to the Holder a certificate or certificates representing the full number of securities issuable upon such conversion (and the issuance of such certificate or certificates shall be made without charge to the Holder of the Note for any issuance tax in respect thereof or other cost incurred by Company in connection with such conversion and the related issuance of shares).

The parties hereto are desirous of entering into this Modification and Extension Agreement.

AGREEMENT

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, included but not limited to, the Recitals above, the parties hereto agree as follows:

	
1. 

	
Maturity Date Extension.

	
a)  

	
The Lender and Company agree that the maturity date of the Note ('Maturity' therein), is hereby extended from June 14, 2012 to September15, 2012.

	
b)  

	
The entire loan, principal, and accrued interest will become immediately due upon the closing of any offering including the sale of securities or any debt or convertible offering from which the company shall have raised the gross amount of Six Hundred Thousand Dollars  ($600,000).

 

	
c)  

	
Interest payments may be converted in whole or in part at $0.05/per share.

	
d)  

	
Principal may be converted in whole or in part at $0.05/per share.

 

  

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As consideration for this Modification and Extension Agreement the Company hereby agrees to issue the amount of One Hundred Thousand (100,000) shares of its common stock, par value $.0001as of this date to the Lender. It is understood and agreed by Lender that these shares shall be issued with a restrictive legend and that the Company shall have no obligation to register such shares.

 

	
2.

	
All other provisions of the original Note remain in effect.

Face Up Entertainment Group, Inc.

 

Name /s/ Felix Elinson

 

Felix Elinson

 

Title: CEO

 

Agreed and Accepted:

 

By: /s/ Allan Weiss

 

Allan J. Weiss, Trustee

 

L Frankel Irrv Childrens TR

 

3fueg_ex1023.htm

EXHIBIT 10.23

 

MODIFICATION AND EXTENSION AGREEMENT

 

THIS MODIFICATION AND EXTENSION AGREEMENT ('Agreement') is executed as of the 15th day of June, 2012, by and among, Small Cap Consultants, Inc. (‘Lender’) and Face Up Entertainment Group, Inc. F/K/A, Game Face Gaming, Inc., a Florida Corporation ('Company').

 

RECITALS

	
A.  

	
Game Face Gaming, Inc. as Maker owes the sum of  Fifty Thousand Dollars ($50,000) pursuant to that certain  Demand  Promissory  Note dated September 22, 2011, and any Modifications and Extensions thereto, a copy of which is attached hereto as Exhibit 'A' (hereinafter referred to as the 'Note').

	
B.  

	
The Note stated:  “The entire outstanding amount shall become immediately payable upon demand by the Lender or holder of this Note, but demand shall not be made before the 15th day of November 2011.”

 

The parties hereto are desirous of entering into this Modification and Extension Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, included but not limited to, the Recitals above, the parties hereto agree as follows:

	
1.  

	
Maturity Date Extension. Lender hereby agrees not to demand payment of the Note until September15, 2012 or earlier if the Company shall have raised One Million Dollars in either equity or debt prior to September15, 2012.

	
2.  

	
In consideration for such extension by Lender, Borrower agrees that Lender may its sole discretion; convert in whole or in part, any and all interest and principal die Lender into shares of common stock of Borrower at $0.05 per share.

	
3.  

	
As consideration for this MODIFICATION AND EXTENSION AGREEMENT, the Company hereby agrees to issue the amount of One Hundred Thousand (100,000) shares of its common stock, par value $.0001 as of this date to the Lender. It is understood and agreed by Lender that these shares shall be issued with a restrictive legend and that the Company shall have no obligation to register such shares.

 

	
4.  

	
All other provisions of the original Note remain in effect.

 

  

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Face Up Entertainment Group, Inc.

 

Name /s/ Felix Elinson

Felix Elinson

Title: CEO

 

Agreed and Accepted:

 

By: /s/ Ryan Mendonca

Ryan Mendonca

 

 

  

2fueg_ex1024.htm

EXHIBIT 10.24

 

 

Letter Agreement

 

This letter Agreement is entered into between Face Up Entertainment Group, Inc., a Florida Corporation with and address at 20 East Sunrise Highway 11581 (“Borrower”)  and Corporate Debt Consultants LLC with an address at 2071 Flatbush Avenue Suite 166 Brooklyn, NY 11234  (“Lender”) as of August 9, 2012.

 

WHEREAS

 

Face Up Entertainment Group seeks to borrow additional funds for operations and or working capital, and;

 

WHEREAS

 

The Board of Directors of Game Face Gaming, Inc. has approved the terms of this Agreement and has provided Corporate Debt Consultants LLC with an executed copy of the Resolution confirming such approval, and

 

WHEREAS

 

Corporate Debt Consultants LLC is willing to provide two additional loans, the total not to exceed One Hundred Thousand Dollars ($100,000) and;

 

WHEREAS

 

The parties have agreed to certain terms of the loan(s) as more fully described in the first Promissory Loan Agreement of given date;

 

THEREFORE

 

For good and valuable consideration, the parties hereby agree as follows:

 

	
1.  

	
Corporate Debt Consultants LLC will lend to  Face Up Entertainment Group, Inc. a total of $1000,000 as further delineated below;

	
2.  

	
The first loan was in the amount of $50,000 and is hereby acknowledged as of August 9, 2012. The Note is attached as Exhibit A.

	
3.  

	
The second loan is in the amount of $50,000 will be advanced no later than August 16, 2012

	
4.  

	
The initial loan and the second loan will each  be documented by a new Promissory Note;

	
5.  

	
Each Note, when issued,  may have its own terms;

	
6.  

	
Interest and other terms are outlined in the individual Promissory Note(s);

	
7.  

	
It is understood by Borrower and Lender that these loans are unsecured;

 

  

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8.  

	
As an inducement for Lender to advance these amounts and as additional consideration for this first loan and for any successive loans, the Company will issue 250,000 shares of the Company’s common stock to Lender.  The full amount of the shares will be issued and delivered no later than August 31, 2012 with an effective issuance date of August 9, 2012. Lender understands and agrees to accept such with standard restrictive legend and language indicating that such shares are not currently registered;

	
9.  

	
The total of the compensation is being given concurrent with the first loan;

	
10.  

	
Each Note will carry a maximum six month term and each Note will payable earlier, under certain conditions as more described in each Promissory Note;

	
11.  

	
Borrower has requested that Lender send the balance of funds, when called, be sent to or deposited with Socii Management, LLC, with an address at 20 East Sunrise Highway – Suite 202- in Valley Stream, NY 11581.  Borrower acknowledges that these funds are advanced to and on behalf of Face Up Entertainment Group, Inc., are an obligation of the Borrower and are owed by the Company as if they were sent directly to Face Up Entertainment Group, Inc.

 

 

	Agreed:	 	 	 
		 		 
	 	 	 	 
	Face Up Entertainments Group, Inc	 	Corporate Debt Consultants LLC	 
	 	 	 	 
	Felix Elinson, CEO	 	Alex Englard	 

 

 

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