ADDENDUM TO
LICENSING AGREEMENT
Addendum to Licensing Agreement between Venitech, LLC and Fresh
Ideas Media, Inc. dated March 14, 2005 and the Addendum To Licensing
Agreement Dated January 16, 2007.
WHEREAS, Article 6, of the License Agreement, MINIMUM PROFORMANCE
BY LICENSEE, reads as follows:
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. Thereafter, for any 12 month period, the Licensor agrees to
sell a minimum of four (4) Sub-licenses.
Whereas, on January 16, 2007, the parties agreed to amend Article 6 of
the Agreement, which Amendment read as follows:
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. Licensee shall sell an additional four (4) Sub-licensees
between March 14, 2006 and August 14, 2007 and thereafter Licensee
agrees to sell a minimum of four (4) Sublicenses during every 12 month
period from August 14, 2007.
Whereas, now the parties desire to amend the Licensing and the
Addendum to Licensing Agreement, it is hereby agreed to by all parties
involved that the above Article 6 of the Addendum to Licensing
Agreement shall be amended to read as follows.
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. For an additional payment of $10,000, Licensee shall
not have a minimum number of Sub-licensees for the years of 2006 and
2007. Licensee shall sell a minimum of two (2) Sub-Licensees in 2008
and each year thereafter.
This addendum to the above named License Agreement is entered
into by the Parties on this the 30 day of October, 2007.
Venitech, LLC
By: /s/Xxxx Daily
----------------------------
Xxxx Daily - Director
Fresh Ideas Media, Inc.
By: /s/Xxxx X. Xxx
-----------------------------
Xxxx X. Xxx - President
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