ADDENDUM TO
LICENSING AGREEMENT
Addendum to Licensing Agreement between Venitech, LLC and Fresh
Ideas Media, Inc. dated March 14, 2005 and the Addendum To Licensing
Agreement Dated October 30, 2007.
WHEREAS, Article 6, of the License Agreement, MINIMUM PROFORMANCE
BY LICENSEE, as amended, reads as follows:
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. For an additional payment of $10,000, Licensee shall not
have a minimum number of Sub-licensees for the years of 2006 and 2007.
Licensee shall sell a minimum of two (2) Sub-Licensees in 2008 and each
year thereafter.
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. For an additional payment of $10,000, Licensee shall not
have a minimum number of Sub-licensees for the years of 2006 and 2007
and 2008. Licensee shall sell a minimum of two (2) Sub-Licensees in
2009 and each year thereafter.
This addendum to the above named License Agreement is entered
into by the Parties on this the 26 day of December, 2008.
Venitech, LLC
By: /s/Xxxx Daily
-----------------------
Xxxx Daily - Director
Fresh Ideas Media, Inc.
By: /s/Xxxx X. Xxx
-----------------------
Xxxx X. Xxx - President
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