Exhibit 10.5
AMENDMENT TO OPEN ENDED PRODUCT AGREEMENT
WHEREAS, on March 20, 1998 Xxxx Xxxx Financial Corporation, a Nevada corporation
("WCFC") and/or its assigns and Xxxx X. Xxxx, a resident of Washington State
("Xxxx") and/or his assigns entered into an Open Ended Product Agreement whereby
Xxxx provided WCFC with a non-exclusive worldwide license to all Xxxx
intellectual property as listed in Exhibit A of the Agreement.
Whereas, the original Open Ended Product Agreement provided for a royalty rate
of ten percent (10%) of all gross sales for Products licensed thereunder.
Whereas, Xx. Xxxx and/or his assigns is a substantial shareholder in the company
and Xx. Xxxx and/or his assigns have a vested interest in the continuing
profitability the company.
Whereas, WCFC from time to time has certain cash flow needs beyond the resources
available.
NOW THEREFORE, the parties hereby agree that Xx. Xxxx and/or his assigns may
forego any amount of royalties due under the terms of the Agreement as deemed
appropriate by Xxxx in his sole discretion, depending on the cash flow needs and
or anticipated cash flow needs of WCFC at the time.
Executed in duplicate this 13th day of November, 1998.
XXXX XXXX FINANCIAL CORPORATION
By: /s/ Xxxxx Xxxxx
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Name: Xxxxx Xxxxx
Title: General Counsel
/s/ Xxxx X. Xxxx
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Name: Xxxx X. Xxxx
Title: President
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, Licensor
