AMENDMENT TO EXCLUSIVE LICENSING AGREEMENT Extension of Trial Period
Exhibit
10.2
AMENDMENT
TO EXCLUSIVE LICENSING AGREEMENT
Extension
of Trial Period
This
Agreement is made January l1th, 2006 by and between Xxxxxxxxx Engineering,
a
Montana corporation, whose operating office is located at 0000 Xxxxxxx Xxxxxx
Xxxx, Xxxxxxx, XX 00000 (hereinafter the “LICENSOR”) and SRS Energy, Inc., a
Delaware corporation, whose operating office is located at 0000 Xxxxxxx, Xxxx
000, Xx. Xxxxx, XX 00000 (hereinafter the “LICENSEE”).
RECITALS
WHEREAS,
LICENSOR and LICENSEE are parties to an exclusive license agreement dated April
1, 2005 (hereinafter referred to as the “license agreement”), copies of which
are attached hereto as Exhibit A, and incorporated herein by
reference;
WHEREAS,
the Parties desire to amend the license agreement pursuant to paragraph V
(6).
NOW
THEREFORE, in consideration of the respective agreements and
commitments as set forth below, and other good and valuable consideration,
the
receipt and sufficiency of which. is acknowledged by each of the parties, the
parties agree as follows:
1. Section
C: The section of the license agreement titled “Licensing Fee” is
amended to include the following: The “Trial Option Period” shall be extended
for an additional six (6) months, and; the initiation of the License Execution
Fee of fifty thousand dollars ($50,000) due date shall be moved forward a
commensurate six (6) months and become due beginning April 1, 2006,
2. Full
Force and Effect: The License Agreement is hereby amended by this
Amendment. All other terms and conditions of the License Agreement remain
unchanged and in full force and effect.
3. Term:
This Amendment shall commence on the date hereof and shall continue concurrently
with the term of the License Agreement.
4. Monthly
Trial Option Period: The Monthly Trial Option payment shall be paid at
the time of submission to BEI of this final Amendment to Exclusive Licensing
Agreement
IN
WITNESS WHEREOF, each signatory hereto, through their respective duly
authorized representatives, have executed this Amendment to the license
Agreement consisting of a total of two pages on the date herein set
forth.
Xxxxxxxxx
Engineering, Inc.
A
Montana
Corporation
By: /s/
Xxxxxx X. Xxxxxxxxx DLB
Print
Name: Xxxxxx Xxxxxxxxx
Title:
President
SRS
Energy, Inc.
By: /s/
Xxxxxx X. Xxxxxxxxx, Xx.
Print
Name: Xxxxxx X. Xxxxxxxxx, Xx.
Title:
President
