ASSIGNMENT AGREEMENT
THIS ASSIGNMENT AGREEMENT dated the 19th day of January, 2001, is between
Xxxx X. Xxxxxxxx ("Xxxxxxxx") and Ten Stix, Inc., a Colorado corporation (the
"Corporation").
RECITALS
WHEREAS Xxxxxxxx created, designed and developed a Class III card game
(hereinafter called "Bet the House"), in which Xxxxxxxx owns all the right,
title and interest therein;
WHEREAS Bet the House has been approved by the Gaming Control Board in the
State of Nevada for distribution and operation;
WHEREAS on October 16, 2000, Xxxxxxxx filed a patent application with the
United State Patent and Trademark Office, application number 60/240.091, for
protection of Bet the House (the "Patent Application");
WHEREAS Xxxxxxxx is a director and the secretary/treasurer of the
Corporation;
WHEREAS the board of directors of the Corporation held a special meeting to
discuss the acquisition by the Corporation of Xxxxxxxx'x right, title and
interest in and to Bet the House, and whether such acquisition was in the best
interests of the Corporation;
WHEREAS the Corporation desires to purchase all of Xxxxxxxx'x right, title
and interest in and to Bet the House, including any rights in the Patent
Application, and Xxxxxxxx desires to sell all of his right, title and interest
in and to Bet the House, including any rights in the Patent Application, to the
Corporation; and
WHEREAS the board of directors approved such acquisition on January 22,
2001.
In consideration of the recitals and for other valuable consideration, the
receipt of which the parties hereby acknowledge, the parties hereby agree as
follows.
AGREEMENT
1. Xxxxxxxx hereby assigns, transfers, sells and conveys to the Corporation
all of Xxxxxxxx'x rights, title and interest in and to Bet the House, including
any rights in the Patent Application.
2. The Corporation agrees to pay to Xxxxxxxx (i) for a period of six months
commencing February 1, 2001 and ending July 30, 2001 (the "Six Month Period), a
monthly royalty fee of $175.00 for each Bet the House game that the Corporation
leases to a third party during the Six Month Period; and (ii) an aggregate
purchase price of either (a) an amount to be calculated by multiplying the
average monthly gross revenues generated by the Corporation from each Bet the
House game leased during the Six Month Period by three (3), or (b) $30,000.00,
whichever is greater.
3. The Corporation agrees to pay the aggregate monthly royalty fee due and
owing to Xxxxxxxx by the fifteenth day of each month, which monthly payments
shall commence when leased by a third party and subject to payment being
received by the Corporation.
4. The Corporation agrees to pay to Xxxxxxxx the aggregate purchase price
(i) in monthly payments of $1,500, which monthly payments shall commence August
1, 2000 and be due and owing by the fifteenth day of each month, or (ii) in one
aggregate payment of such amount due and owing, which aggregate payment shall be
paid to Xxxxxxxx no later than March 31, 2002.
5. This Assignment Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective heirs, personal representatives,
successors and assigns.
6. This Assignment Agreement shall be construed under and governed by the
laws of the State of Colorado.
EXECUTED by the parties on the dates set forth next to their signatures to
be effective for all purposes as of the date first above written.
TEN STIX INC., a Colorado
Corporation
By:
-----------------------------
President
/s/ XXXX X. XXXXXXXX
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XXXX X. XXXXXXXX
