EXHIBIT 10.27
Chou Golf Design Labs, Inc.
Research, Development and Consulting Contract
Contract Amendment
This Amendment to the Research, Development and Consulting Contract
("Amendment") effective as of January 1, 1997, is entered into by and between
Hippo, Inc. a corporation organized and existing under the laws of the State of
Delaware with its principal place of business at 0000 Xxxxx Xxxxxxx Xxxxxxx,
Xxxxx 000, Xxxx Xxxxx, Xxxxxxx ("Hippo") and Chou Golf Design Labs, Inc., a
corporation existing under the laws of the State of Pennsylvania with its
principal place of business at 0000 Xxxxxxx Xxxxx, Xxxx xx Xxxxxxx, Xxxxxxxxxxxx
("Chou").
In consideration of the mutual promises, covenants and undertakings herein
contained and for other good and valuable consideration by each of the other
given, receipt of which is hereby mutually acknowledged, the parties hereby
agree that the Research, Development and Consulting Contract effective as of
October 8, 1996 entered into by Hippo and Chou ("Contract") shall be amended as
of January 1, 1997 as follows:
1. Section 2.1(a) shall be deleted in its entirety and replaced with the
following paragraph:
During the period from January 1, 1997 to December 31, 1998 Chou shall be
paid a monthly fee of $12,500.00.
2. Section 2.1(f) shall be added as follows:
Subject to the terms and conditions set forth herein, Chou shall receive
options to purchase 20,000 shares of Common Stock of Hippo, Inc. at a price of
$0.25 per share. These options are subject to vest as follows: 10,000 shares
shall vest on December 31, 1997 subjected to this Contract being in effect and
10,000 shall vest on December 31, 1998 upon final performance of this contract.
3. This Amendment shall be construed and enforced in accordance with the
laws of the State of Florida without regard to its principles of conflict of
law.
4. As amended hereby, the Contract shall hereafter continue in full force
and effect in accordance with its terms.
IN WITNESS WHEREOF the parties have hereto executed this Amendment as of
the date first written above.
Chou Golf Design Labs, Inc. Hippo, Inc.
By: /S/ Art Chou By: /S/ Xxxx Xxxxxx
------------------------- ---------------------------
Title: President Title: CEO
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Date: May 4, 1997 Date: April 21, 1997
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APPENDIX A
HiPPO INSENT HOSEL
DESCRIPTION AND BENEFITS
Inset in golf clubs is the distance from the heel most side of the
hosel to the heel most portion of the club head. In most clubs there is no
distance between the two as there is no inset.
It is believed that the movement of the hosel "in" toward the center of
the club head (therefore the term "inset") provides the following performance
benefits:
a. By reducing the distance between the centerline of the
shaft and the center of gravity (CG), the moment of
inertia (MOI) is reduced and causes the club face to
return to square or close faster than a conventional hosel
placement. This feature helps the average golfer, who has
the tendency to leave the face open at impact and
therefore hit the ball to the right, square the club face
and hit straighter shots.
b. The reduced MOI also increases the stability of the head
on impact, creating more solid shots and therefore more
distance on off center hits.
The HiPPO Inset Hosel moves the hosel, the maximum distance toward the
CG allowed (.625 in.) by the USGA in order to provide the maximum benefit.
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Appendix A
"DESIGNS"
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