Exhibit 10.1
WESTFINANCE CORPORATION
0000 XXX XXXXXX XXXXXX, X.X.
SUITE 350
WASHINGTON. D.C. 20016
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(000) 000-0000
Xx. Xxxxx Xxxxxxx 4 May 1999
Chairman
Xxxxxxxxx Brewing Company
0000 Xxxxxxxxx Xxxx.
Frederick, MD 21703
RE: Extension of Financing Agent Agreement with Westfinance Corporation
dated November 4, 1998, and amended and extended February 3, 1999
Dear Xx. Xxxxxxx:
Execution of this letter by you will extend and amend the following agreement
with Westfinance Corporation:
The Retention of Westfinance Corporation as Financing Agent
The above referenced Agreement is hereby extended for ninety (90) days,
effective May 4, 1999, with the following changes:
The cash fee set forth in Paragraph 2.a of the original agreement is
increased from 1% to 3%
Paragraph 2.b is amended as follows: Westfinance's additional
compensation in the form of warrants on Xxxxxxxxx Brewing Company's
common stock shall equal 3% of the Company's presently outstanding
shares regardless of the amount of equity capital raised by Westfinance
for Xxxxxxxxx Brewing Company.
All other terms and conditions of the agreement remain unchanged, and
any prior extension is superseded by this extension.
This letter also recognizes Westfinance Corporation as a finder of asset-based
financing and entitled to a fee of 3% of the amount of the debt commitment with
respect to any such financing which it obtains for Xxxxxxxxx Brewing Company.
Such fee, if earned, will be paid as such financing is received or drawn upon,
and at the time of actual receipt.
Sincerely,
/s/ X. Xxxxxxx Xxxxx, II
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X. Xxxxxxx Xxxxx XX
President
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AGREED AND ACCEPTED:
Date: May 12, 1999
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By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, Chairman
Xxxxxxxxx Brewing Company
