EXHIBIT 2(b): Amendment to Marine Jet Technology License Agreement
of May 22, 2000
Amendment to Marine Jet Technology License Agreement
of May 22, 2000
This Amendment Agreement amends and modifies that certain
Marine Jet Technology License Agreement dated May 22, 2000
(hereinafter referred to as the "License Agreement").
In consideration of the mutual benefits to the parties of the
License Agreement which accrue to them by and under the terms of
this Amendment Agreement.
It is hereby agreed that the License Agreement is amended as
follows:
1. The "Reservation of Rights" provision, appearing on page 2 of
10 of the License Agreement, is hereby deleted in its entirety.
This amendment is intended to permit the Licensee, Marine Jet
Technology Corp., to apply the license rights to applications
utilizing any horsepower.
2. The "Exploitation" provision, appearing on page 4 of 10 of the
License Agreement is hereby amended to read in its entirety as
follows:
"Exploitation.
License agrees to manufacture, distribute and sell
the Licensed Products, or to cause the Licensed Products
to be manufactured, distributed and sold during the term
of this Agreement. This is a material provision of this
Agreement."
3. In all respects not specifically addressed by this Amendment
Agreement the License Agreement shall remain in full force and
effect as originally written and agreed.
4. This Amendment Agreement shall be effective when signed by all
parties.
AGREED:
/s/ Xxxx X. Xxxxxx 8/23/01
Xxxx X. Xxxxxx, Licensor Date:
/s/ Xxxxxx X. Xxxxxxxxx 8/23/01
Xxxxxx X. Xxxxxxxxx, Licensor Date:
/s/ Xxxx X. Xxxxxx 8/23/01
Xxxx X. Xxxxxx, President on behalf Date:
of Marine Jet Technology Corp., Licensee
