Attached files
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| EX-10.1 - YTB International, Inc. | v188927_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported): June 17, 2010
YTB
International, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
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000-18412
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20-2181181
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1901
East Edwardsville Road
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Wood
River, Illinois
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62095
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(618)
655-9477
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01. Entry into a Material Definitive Agreement.
On June
17, 2010, YTB International, Inc. (the “Company”) executed a First Amendment
to Loan Modification, Renewal, and Extension Agreement (the “First Amendment”) with FH Partners LLC
(“FH Partners”) relating to the
Company’s headquarters located in Wood River, Illinois. The First
Amendment modifies the Loan Modification, Renewal, and Extension Agreement
entered into with FH Partners on September 29, 2009 (the “Loan Agreement”), which was
subsequently amended under the terms of an extension agreement with FH Partners
entered into on April 22, 2010 (the “Extension”). The Company
has previously disclosed the terms of the Loan Agreement, including the related
promissory note (the “Note”) and
mortgage (the “Mortgage”), and
the Extension.
In
consideration for the First Amendment, the Company paid the sum of ten dollars
to FH Partners. The First Amendment extends the maturity date of the
Loan Agreement to August 31, 2010. In addition, the Company agreed to
release FH Partners from all liabilities and causes of action, known and
unknown, which may be related to the Loan Agreement, as amended. All
other terms and provisions of the Loan Agreement, Note, Mortgage and Extension
remain unchanged.
A copy of
the First Amendment is filed hereto as Exhibit 10.1 and incorporated herein by
reference. The foregoing summary of the First Amendment is qualified
in its entirety by reference to such exhibit.
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Item
2.03.
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
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The
information disclosed under Item 1.01 above is incorporated under this Item 2.03
by reference.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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No.
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Description
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10.1
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First
Amendment to Loan Modification, Renewal and Extension Agreement between
YTB International, Inc. and FH Partners, LLC executed June 17,
2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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YTB
INTERNATIONAL, INC.
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Date:
June 23, 2010
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By:
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/s/
Robert M. Van Patten
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Name:
Robert M. Van Patten
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Title:
Chief Executive Officer and Interim Chief Financial Officer
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EXHIBIT
INDEX
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No.
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Description
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10.1
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First
Amendment to Loan Modification, Renewal and Extension Agreement between
YTB International, Inc. and FH Partners, LLC executed June 17,
2010
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