This Amendment dated October 27, 2003 to that certain Licensing
Agreement entered into the 6th day of January, 2003, ("License
Agreement") by and between (i)Exerciting, LLC., ("Exerciting"), a
limited liability corporation with a principal place of business at
0000-X Xxxx Xxxx Xxxxx, Xxxxxx, XX 00000 and (ii) Advanced Sports
Technologies, Inc., ("Company"), a Florida corporation with its
principal place of business at 0000 Xxx Xxxxxx, Xxxx Xxxxx, XX 00000
who, intending to be legally bound, hereby agree as follows:
WHEREAS, the parties acknowledge that Paragraph 5.2 inaccurately
referred to the ending date of the Company's fiscal quarter as being
December 31, 2003; and
WHEREAS, the parties wish to correct such inaccurate reference;
NOW, THEREFORE, for good and other valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:
Paragraph 5.2 of the License Agreement is hereby amended and restated as
follows:
5.2 Minimum Royalty Payment. Beginning with the fiscal
quarter of the Company's ending January 31, 2004 and
each quarter thereafter the quarterly minimum Royalty
payable to Exerciting under Section 5.1 above will be
fifty thousand dollars ($50,000.00) and the Company
agrees that such Minimum Royalty will be paid within
forty-five (45) days of the last day of each quarter.
Failure by the Company to make the Minimum Royalty
Payment shall be deemed a material breach of this
agreement.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on the dates indicated below.
Exerciting LLC Advanced Sports Technologies, Inc.
By: /s./ Xxxx Xxxxxxxxxx By: /s/ Xxxxxx Xxxxxxxxxx
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Title: President Title: President
Date: October 27, 2003 Date: October 27, 2003
