Exhibit 10.25
July 20, 1976
AMENDMENT OF LICENSE AGREEMENT
WHEREAS, MEDTRONIC, INC., a Minnesota corporation (hereinafter together
with its Subsidiaries referred to as MEDTRONIC), and XXXXXX XXXXXXXXXX LTD., a
New York corporation (hereinafter together with its Subsidiaries referred to as
GREATBATCH) have heretofore entered into a License Agreement having an effective
date of March 16, 1976; and
WHEREAS, MEDTRONIC and GREATBATCH are desirous of eliminating errors in
the expressions and language employed in the License Agreement. NOW THEREFORE
THE PARTIES AGREE TO THE CHANGES IN THE LICENSE AGREEMENT AS FOLLOWS:
ARTICLE I.A. Line 11, add - in - after "and/or"; and
Line 12, change "and" to - an --.
ARTICLE I.B., Line 7, insert - lithium - before "halide".
ARTICLE I.C., Line 2, change "paument" to - payment--.
ARTICLE IV.A., Line 5, after "for", add - MEDTRONIC or --; and
Line 6, after "Subsidiary," add - (excluding Licensed
Products purchased by MEDTRONIC directly or
indirectly from GREATBATCH or GREATBATCH's Licensee
or designee).
ARTICLE IV.B., the second sentence should be amended to read as follows -
From the first day of May each year thereafter that this
License Agreement remains in effect, the unit royalty then
prevailing for that Medtronic fiscal year shall be the
specified unit royalty of paragraph A of this ARTICLE IV
increased or decreased as a function of the change over
time in the U.S. Department of Labor, Bureau of Labor
Statistics, wholesale price index for the output of
selected SIC Industries, specifically primary batteries
(1972 SIC Code 3692), from that index published for the
month of May, 1976. The adjusted unit royalty shall be
calculated by multiplying the specified unit royalty by the
ratio of the May index of the then current fiscal year to
the May, 1976 index. The next more comprehensive wholesale
price index inclusive of the Licensed Products shall be
substituted for the specified index in the event that
publication of the latter is discontinued in the future --.
ARTICLE IV.E., final line, change "or" to - of --.
ARTICLE V.B., Line 6, after "by" add - MEDTRONIC to be determined.
MEDTRONIC agrees to submit said records at --.
ARTICLE V.C., Line 5, change "or" (second instance) to - of --;
Line 14, change "or" to - and --; and
Lines 14 and 15, change ", the latter holding excusing" to
- on which the escrowed sums are due and to --.
ARTICLE VIII.A., Line 5, change "form" to - from --.
ARTICLE XIV.C., Line 2, change "License" to - Licensed --.
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IN WITNESS WHEREOF, GREATBATCH and MEDTRONIC have caused the
Agreement to be executed by their duly authorized officers and their
corporate seals to be hereunto affixed, as of the day and year first above
written.
MEDTRONIC, INC.
By [ILLEGIBLE]
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Xxxx Xxxx, Senior Vice-President
of Corporate Development
Date: [ILLEGIBLE]
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Place: Minneapolis, Minnesota
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XXXXXX XXXXXXXXXX LTD.
By: /s/ XXXXXX XXXXXXXXXX, PRES.
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Date: January 25, 1977
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Place: Xxxxxxxx, New York
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