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Exhibit: 10.18FD
ADDENDUM TO AGREEMENT
This Addendum to Agreement by and between K & K International, a
Michigan corporation and Xxxxxxx Xxxxxxx, herein collectively called "Inventor",
and Xxxx X. Xxxxx, III and Xxxx X. Xxxxx, XX, herein collectively called
"Xxxxxx".
WHEREAS, Inventor and Xxxxxx entered into an Agreement dated 18th day
of December, 1986, wherein Xxxxx; obtained exclusive worldwide rights to
manufacture and market certain products created by Inventor; and
WHEREAS, the parties have agreed to a modification of such Agreement.
NOW THEREFORE, in consideration of the mutual covenants of the parties
it is agreed as follows:
1. Xxxxxx agree that the total royalties and commissions paid pursuant
to the terms of paragraph 9 of the original Agreement shall equal or exceed,
during each calendar year of the Agreement, the sum of Thirty Thousand Dollars
($30,000.00).
2. In the event, during any calendar year of this Agreement, the total
payments of royalties and commissions does not equal or exceed Thirty Thousand
Dollars ($30,000.00), Xxxxxx, in their sole discretion, may:
a. Pay to Inventor, on or before February 1 of the year
following the calendar year in question, a sum equal to Thirty Thousand
Dollars ($30,000.00) less the total amount of commissions and royalties
paid during said preceding calendar year; or
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b. Elect, in writing, on or before February 1 of the year
following the calendar year in question, to terminate the original
Agreement of December 18, 1986. In the event Xxxxxx choose this option,
Xxxxxx shall have no further rights or obligations under said
Agreement.
In all further respects the parties ratify and confirm the terms of the
original Agreement dated December 18, 1986.
K & K INTERNATIONAL
/s/ Xxxxxxx Xxxxxxx By: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
/s/ Xxxx X. Xxxxx, III /s/ Xxxx X. Xxxxx, XX
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Xxxx X. Xxxxx, III Xxxx X. Xxxxx, XX
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