EXHIBIT 10.3
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FIRST AMENDMENT TO
MASTER TRADEMARK LICENSE AGREEMENT
BETWEEN
SIGNAL INVESTMENT & MANAGEMENT COMPANY
AND
SUNDEX, LLC
This First Amendment to Master Trademark License Agreement is
made and entered into by and between Signal Investment & Management Co., a
Delaware corporation ("Signal"), having its principal place of business at Suite
1300, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000, and SunDex, LLC, a
Tennessee limited liability company ("SunDex"), having its principal place of
business located at 0000 X. 00xx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, effective
as of ____________, 2003.
WHEREAS, Signal and SunDex entered into that certain Master
Trademark License Agreement effective as of March 22, 2002 (the "Master
Trademark License Agreement"), pursuant to which Signal licenses to SunDex
certain trademark rights; and
WHEREAS, Signal and SunDex desire to amend the Master
Trademark License Agreement as provided hereinafter.
NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and agreements contained herein, the parties hereby agree as
follows:
1. Section 4.1 of the Master Trademark License Agreement shall
be deleted in its entirety and in lieu thereof shall be inserted the following:
4.1 Royalty. Licensee and its sublicensed
Subsidiaries shall pay to Licensor a fifteen and two-tenths percent
(15.2%) royalty on Net Sales of all Products sold under the Trademarks
(the "Royalty"). The Royalty shall be payable quarterly within 45 days
of the end of each of the Licensee's fiscal quarters.
2. Section 4.2 of the Master Trademark License Agreement shall
be deleted in its entirety and in lieu thereof shall be inserted the following:
4.1 Sales by Subsidiaries. In the event that Licensee
grants a sublicense to any Subsidiary, Licensee agrees to pay the
fifteen and two-tenths percent (15.2%) Royalty due under Section 4.1 on
all Net Sales of Products by such Subsidiary.
3. Except as expressly set forth herein, this First Amendment
shall not amend or otherwise modify the terms and conditions of the Master
Trademark License Agreement, which shall remain in full force and effect.
IN WITNESS WHEREOF, Licensor and Licensee have caused this
First Amendment to be signed in Wilmington, Delaware, effective as of the date
first above written.
SIGNAL INVESTMENT & MANAGEMENT CO.
By:_______________________________________
A. Xxxxxxxxx Xxxxxx XX, President
SUNDEX, LLC
By:_______________________________________
A. Xxxxxxxxx Xxxxxx, XX, President
