EXHIBIT 10.3
AMENDMENT TO LICENSE AND ROYALTY AGREEMENT
This Amendment is made effective as of the 4th day of October, 2002, by
and between Vector Energy Corporation, as Licensor, and Ener1 Technologies,
Inc., as License, with respect to the License and Royalty Agreement originally
executed January 23, 2002 between Ener1 Holdings, Inc., as licensor, and
Inprimis Technologies, Inc., as licensee (the "License"). The original licensor
and licensee assigned their respective interests in the License to the parties
first named above on August 30, 2002.
For $1 and other valuable consideration, the receipt and sufficiency of
which is hereby acknowledge, the parties hereto amend the License as follows:
1. The term of the License is extended to ten years, of which the first
five years shall be exclusive to the Licensee.
2. The Licensor hereby acknowledges and confirms that the License shall
remain in force for the benefit of the Licensee notwithstanding any transfer of
ownership of any kind of the underlying patent-pending technology (or resulting
patent).
3. Section 9.3 of the License, regarding a demonstration prototype, is
hereby deemed to have been satisfied.
Wherefore, the parties have executed this Amendment effective as of the
date first entered above.
VECTOR ENERGY CORPORATION ENER1 TECHNOLOGIES, INC.
By: /s/ Xxxxx Xxxxx By: /s/ R. Xxxxxxx Xxxxxx
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Name: Xxxxx Xxxxx Name: R. Xxxxxxx Xxxxxx
Title: President Title: Chief Financial Officer
