ASSIGNMENT AGREEMENT
THIS ASSIGNMENT AGREEMENT dated the 28th day of December, 2000, is between
Xxxxxx X. Xxxxxx ("Xxxxxx") and Ten Stix, Inc., a Colorado corporation (the
"Corporation").
RECITALS
WHEREAS prior to the Corporation's incorporation, Xxxxxx together with
other individuals created, designed and developed a Class III card game
(hereinafter called "Bonus 6");
WHEREAS Xxxxxx is the president and a director of the Corporation;
WHEREAS on approximately October __, 1997, the board of directors of the
Corporation held a special meeting in which it was decided that the Corporation
was not interested in distributing and marketing Bonus 6, and that Xxxxxx may
individually market and distribute Bonus 6;
WHEREAS Xxxxxx and Xxx Xxxxxxx, the owner of all the rights and interest in
Bonus 6, entered into a distribution agreement dated December 28, 1997 (the
"Distribution Agreement"), in which Xxxxxx was granted the non-exclusive right
to distribute and market Bonus 6 within the United States;
WHEREAS the distribution and sale by Xxxxxx of Bonus 6 has generated
approximately $21,900 and $22,000 during fiscal years ended December 31, 1998
and December 31, 1999, respectively;
WHEREAS the board of directors of the Corporation held a special meeting to
discuss the acquisition by the Corporation of Xxxxxx'x distribution right under
the Distribution Agreement, and whether such acquisition was in the best
interests of the Corporation;
WHEREAS the Corporation desires to acquire Xxxxxx'x distribution rights
under the Distribution Agreement, and Xxxxxx desires to gift and transfer his
distribution rights under the Distribution Agreement to the Corporation to
market and distribute Bonus 6 within the United States, excluding the State of
Colorado; and
WHEREAS the board of directors approved such acquisition on December 17,
2001.
In consideration of the recitals and for other valuable consideration, the
receipt of which the parties hereby acknowledge, the parties hereby agree as
follows.
AGREEMENT
1. Xxxxxx hereby assigns, transfers, sells and conveys his distribution
rights under the Distribution Agreement to the Corporation to market and
distribute Bonus 6 within the United States, excluding the State of Colorado.
2. The Corporation and its successors and assigns hereby assumes Xxxxxx'x
obligations under the Distribution Agreement beginning with the date of this
Assignment Agreement as such obligations pertain to the marketing and
distribution of Bonus 6 within the United States, excluding the State of
Colorado.
3. This Assignment Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective heirs, personal representatives,
successors and assigns.
4. This Assignment Agreement shall be construed under and governed by the
laws of the State of Colorado.
EXECUTED by the parties on the dates set forth next to their signatures to
be effective for all purposes as of the date first above written.
TEN STIX, INC., a Colorado
Corporation
By:__________________________
President
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XXXXXX X. XXXXXX