EXHIBIT 10.7
AMENDMENT TO LICENSE AGREEMENT
between
Wilf and Xxxxx Xxxxxxxxx and Peak Entertainment Ltd. made April 30, 2002
This Amendment to License Agreement (the "Amendment") amends the License
Agreement, dated April 30, 2002, between Wilf and Xxxxx Xxxxxxxxx (as Licensor)
and Peak Entertainment Ltd. (as Licensee) (the "Agreement").
The purpose of this Amendment is to clarify the terms of payment of
royalties and the guaranteed minimum royalty.
Section 4.2 of the Agreement is hereby amended as follows:
4.2 The Licensee shall within 30 days of the 30th March, 30th June, 30th
September and 30th December in each year deliver to the Licensor a
statement giving particulars of all sales of the Products effected
by the Licensee since the last statement date (and in respect of the
first statement; since the date of this Agreement) and showing the
total royalty payable to the Licensor and at the same time deliver
to the Licensor a remittance for the greater of the full amount of
that royalty or an equal quarterly installment of the Guaranteed
Royalty (less only the pro rata Advance applicable for the relevant
quarter). The form of the statement is set out in the second
Schedule.
Commencing with the fiscal quarter ended September 30, 2004, the
minimum quarterly royalty payment shall be $12,500. Licensor, at its
sole discretion, shall be entitled to elect, on a quarter by quarter
basis, to defer receipt of such quarterly payment, and any such
payment(s) shall accrue until the next quarter. The minimum
quarterly payment shall be credited against the Guaranteed Royalty.
Dated: April 14, 2004
/s/ Wilf Shorrocks
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Wilf Shorrocks
/s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx
PEAK ENTERTAINMENT LTD.
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx, Authorized Officer
