ADDENDUM I TO ASSIGNMENT BETWEEN Ms. TSAI Hsui Ping & Team Profit Asia Limited
Exhibit 10.5
ADDENDUM I
TO
BETWEEN
Xx. XXXX Xxxx Xxxx &
Team Profit Asia Limited
This is the first addendum (the “Addendum”) to the Assignment, dated July 20, 2010.
WHEREAS, Xx. XXXXX Xxx-Po is the sole and exclusive owner of 臺灣植物快速繁植法 Patentable Technology (TFPPT) and has the sole and exclusive right to grant licenses of TFPPT.
WHEREAS, Xx. XXXXX has read and considered the merits and appropriateness of the Assignment dated July 20, 2010 and Xx. XXXXX Xxx-Po hereby approves and authorizes Xx. XXXX Xxxx Xxxx to execute the assignment.
NOW THEREFORE, Team Profit Asia Limited agreed to directly pay Xx. XXXXX Xxx-Po, commencing December 31, 2010 and at every quarter thereafter, as royalty fee, an amount equal to 6% of income received by Team Profit Asia Limited, its subsidiaries and its sub-licensee, on the use and application of TFPPT for the period December 31, 2010 to June 30, 2040.
AS WITNESS, whereof the parties hereto have caused this ADDENDUM to be duly executed on July 21, 2010.
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Sole and exclusive owner of TFPPT
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/s/ XXXXX Xxx-Po
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Xx. XXXXX Xxx-Po
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WITNESS
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/s/ LI Xxx
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XX Hui
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ASSIGNEE
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ASSIGNOR
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Team Profit Asia Limited
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/s/ XXXX Xxxx Ping
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/s/ HO Lai Xxx Xxxxx
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Xx. XXXX Xxxx Xxxx
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XX Xxx Xxx Xxxxx, Director
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WITNESS
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WITNESS
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/s/ XXXX Xxxxxxxx
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/s/ PUN Chi Hong
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Xxxx Xxxxxxxx
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PUN Chi Hong
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