AMENDMENT No. 1 to SENSOR TECHNOLOGY LICENSE AGREEMENT
Exhibit 10.32
AMENDMENT No. 1 to
SENSOR TECHNOLOGY LICENSE AGREEMENT
This Amendment No. 1 dated May 10, 2021 (“Amendment No. 1”) to the Sensor Technology License Agreement (the “Agreement”) is hereby entered into, by and between, TBT Group, Inc, a Delaware Corporation (“TBT” or the “Licensor”), and Vivakor, Inc., a Nevada corporation (“Vivakor” or the “Licensee”). The Licensor and the Licensee may each be referred to herein as a “Party” and together as the “Parties.”
RECITALS
WHEREAS, the Licensee believes it will need additional time to meet the Payment/Milestones requirement specified in Point 1 of Schedule 1 of the Agreement; and
WHEREAS, the Licensor has agreed to grant to Licensee an additional 60 days to make the required $225,000 payment specified in Point 1 of Schedule 1 of the Agreement;
NOW, Therefore, Licensor and Licensee agree, that for the payment of $15,000 on the date hereof and other good and value consideration:
1. | The last sentence of Point 1 of Schedule 1 of the Agreement is hereby modified by deleting the phrase “Within 120 days,” and replacing it with the phrase “Within 180 days,”. |
2. | In all other respects, the Agreement, Schedule 1, and Exhibit A shall remain unchanged and in full force and effect. |
3. | The amount due to TBT shall be reduced by the amount paid in this Amendment. |
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the Amendment date specified above.
Licensor: | TBT Group, Inc |
/s/ Xxxxxx Xxxxxxxxx | |
Xxxxxx Xxxxxxxxx | |
Its: CEO | |
Licensee: | Vivakor, Inc., |
a Nevada corporation | |
/s/ Xxxx Xxxxxxx | |
By: Xxxx Xxxxxxx | |
Its: CEO |