Amend #1 DISTRIBUTION AGREEMENT31.doc
DISTRIBUTION AGREEMENT
AMENDMENT #1
THIS AMENDMENT AGREEMENT #1, made and entered into between Aptus Corp.,
a Delaware corporation ("Aptus"), and Xxxx Xxxxx ("Developer). Aptus and
Developer are referred to collectively herein as the "Parties".
WHEREAS, the Parties have entered into a Distribution Agreement on
January 23, 2004; and
WHEREAS, the Parties desire to amend the Distribution Agreement as
follows:
2. Distribution
Distribution shall be as follows:
A. From the Platinum VAR at $1,000 per month on 5.5% to the
Developer paid invoices.
B. From all other direct and indirect sources 5.5% to the
Developer. on paid invoices
C. Reports: Within thirty (30) days after the end of the calendar
quarter annual period, Aptus shall make a written report to
Developer setting forth the gross sales of Licenses sold by
Aptus and fully paid on by sources. If there are no gross
sales and/or receipts, a statement to that effect will be made
by Aptus. At the time each report is made, Aptus shall pay to
Developer the distributions by such report.
D. Distribution statements and payments to Developer shall be
deemed to be final unless written notification by Developer to
Aptus is made within 120 days specifying the reasons such
statements and payments are unacceptable.
F. Beginning the second calendar quarter of the year 2004, and,
continuing every calendar quarter thereafter during the term
of this Agreement, payments to Developer shall be made within
thirty (30) days of the last day of each calendar quarter.
Section 5. Buyout
This Agreement Aptus may be bought out, at any time during the term of the
Agreement, and, in consideration of such buyout, Aptus will compensate Developer
in the amount of $1,250,000.
IN WITNESS WHEREOF, the Parties hereto have signed this Distribution
Agreement Amendment #1 on the dates that appear below.
/s/ Xxxx Xxxxx 4/15/04
____________________________________ ______________
Xxxx Xxxxx, Developer Date
Aptus Corp.
/s/ Xxxx X. Xxxxx 4/15/04
By: ___________________________________ ______________
Xxxx X. Xxxxx, President Date
