Exhibit 10.3
AMENDED OPTION AGREEMENT
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This Amended Option Agreement is entered into as of the 4th
day of October 1999 by and between AMJ Resources Corporation, a
Delaware Corporation, ("AMJ") and TTI Industries, Incorporated, a
Texas Corporation ("TTI").
WHEREAS, on January 19, 1999, AMJ and TTI entered into that
certain Option Agreement (the "Option Agreement") and AMJ and TTI
now desire to amend the Option Agreement; and
NOW, THEREFORE, in consideration of the premises,
representations, warranties, mutual covenants and other good and
valuable consideration, the receipt of which is hereby
acknowledged by the parties hereto, the parties agree that the
Option Agreement is hereby amended in its entirety as follows:
New Products
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1. AMJ is the owner and developer of three new inventions:
a. Terminator Night Owl (flea trap)
b. Terminator Flower Trap (various insects trap)
c. Terminator Pyramid (fly trap),
and is in the process of acquiring an exclusive
license for the mouse trap portion of the Terminator
Kitty. These products all require additional research
and development efforts to bring them to market
readiness. These inventions are hereinafter referred
to jointly as "the Products".
2. AMJ grants to TTI, an exclusive and irrevocable
option to acquire all of AMJ's right, title and
interest in and to the Products when they are market
ready. The price of such option shall be reimbursement
to AMJ of its costs (calculated on the basis of
generally accepted accounting principles consistently
applied) for all research and development costs up to
the point of market readiness of the Products. This
Option shall expire on the third anniversary of the
date of this Agreement. It is understood that AMJ may
assign its rights to develop the Products to a
California limited partnership for the purpose of
funding research and development activities relating to
the market-readiness of such Products, provided
however, that any such assignment shall be subject to
this Option Agreement.
Governing Law
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This Agreement shall be interpreted under the laws
of the State of California.
IN WITNESS WHEREOF, the Parties hereto, desiring to be legal
bound have executed this Agreement the day and year first set out
herein.
AMJ Resources Corporation
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, President
TTI Industries, Incorporated
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx, President
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