EXHIBIT 10.3
SECOND ADDENDUM TO LICENSE AGREEMENT
THIS SECOND ADDENDUM to the License Agreement dated June 30,
2000, as amended on December 12, 2000 (the "Agreement"), is made
this 16th day of May, 2001.
BETWEEN:
AUTOEYE, INC., a company incorporated under the laws of the
Province of Alberta (hereinafter called the "Licensor");
- and -
REMOTE UTILITIES NETWORK, INC., a company incorporated under
the laws of the State of Nevada (hereinafter called the
"Licensee").
WHEREAS, after revaluation of the consideration given to
Licensor by Licensee under the original terms of the Agreement,
the Licensor and the Licensee wish to amend the consideration
given by Licensee for the grant by Licensor of use of the license
referred to therein.
NOW THEREFORE THE PARTIES hereto, in consideration of the
mutual agreement hereinafter contained and promised herein
expressed, do hereby agree as follows:
1. That paragraph 1 of the Agreement shall be amended in its
entirety to read as follows:
1. In consideration of the issuance and delivery to
the Licensor of Seven Hundred and Twenty Thousand (720,000)
shares of the common stock of Remote Utilities Network, Inc.
on the Closing Date which shall be at the offices of Autoeye
Inc. in Calgary, Alberta at 12:00 p.m. on the 30th day of
June, 1999, the Licensor hereby grants to the Licensee and
its permitted assignees and the Licensee hereby accepts a
license to use the technology, trade marks, trade names,
insignia and other indicia now or in future owned by the
Licensor (collectively referred to herein as the "Xxxx"),
for a period of ten (10) years from the date hereof. This
license is granted for the operation of the business of
manufacturing and marketing the AMVSS on a worldwide basis,
together with all related activities in conjunction with the
Licensee's business.
(a) Licensor shall bear all costs and expenses
incurred by Licensee in the operation of its business
during the development of the project until the AMVSS
is ready to market. Such costs shall include, but not
be limited to, manufacturing costs, registration fees
and employee salaries. In addition, Licensor shall
provide Licensee with office space, at no cost to
Licensee, to perform its administrative tasks, sales,
marketing, research and development of the product.
2. That all other terms and conditions of the Agreement shall
remain in full force and effect.
3. Licensor acknowledges that it received Seven Million Two
Hundred Thousand (7,200,000) shares of the common stock of Remote
Utilities Network, Inc. under the original terms of the
Agreement. Upon execution of this Second Addendum, Licensor
agrees to return Six Million Four Hundred Eighty Thousand
(6,480,000) of those shares to the Licensee, which will be
cancelled and returned to the authorized but unissued shares of
Remote Utilities Network, Inc.'s common stock.
IN WITNESS WHEREOF the parties have executed this Second
Addendum as of the day, month and year first above written.
AUTOEYE, INC.
Per: /s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx, President
REMOTE UTILITIES NETWORK, INC.
Per: /s/ Xxxxx Xxxx
Xxxxx Xxxx, President
