Exhibit 10.3
ADDENDUM TO AGREEMENT DATED 20TH MAY 2005
THIS ADDENDUM is made on the 7th day of April Two Thousand And Six (2006).
WHEREAS
Pursuant to the Agreement made on the 20th day of May Two Thousand And Five
(2005, between M2B COMMERCE LTD ("M2B), and ALLSPORTS INTERNATIONAL LTD ("AI"),
(AGREEMENT").
ITS IS AGREED AS FOLLOWS:
a) In reference to Clause 2.2, AI agrees that the Clause shall be replaced
and read as follows:
2.2 a) A monthly royalty fee of 40% of the net profit received in
the digit games shall be payable to AI.
b) In the event of net loss position, M2B shall absorb
all the losses and no royalty fee shall be payable to
AI.
b) All other clauses under the Agreement shall remain unchanged and in
force by the parties concerned.
/s/ /s/
____________________________________ ___________________________________
Initialed by representative from M2B Initialed by representative from AI
Addendum between M2B COMMERCE LTD and ALLSPORTS INTERNATIONAL LTD dated 7th
April 2006.
c) This Addendum is effective from the 1st day of January Two Thousand And
Six (2006).
END OF CLAUSES
SIGNED by Xxxxx Xxxxx
for and on behalf of
M2B Commerce Ltd in the presence of
Xxxxxxx Xxxxx(Witness)
SIGNED by /s/
for and on behalf of
ALLSPORTS International Ltd in the presence of
Xxxx Xxx (Witness)
/s/
____________________________________ ___________________________________
Initialed by representative from M2B Initialed by representative from AI
Addendum between M2B COMMERCE LTD and ALLSPORTS INTERNATIONAL LTD dated 7th
April 2006.
