AMENDMENT TO LICENSE AGREEMENT
THIS AMENDMENT TO LICENSE AGREEMENT ("Amendment") dated this 28th day of
September, 2003, amending that certain License Agreement ("Agreement") entered
into on the 30th day of March, 2001 between Thermoplastic Composite Designs,
Inc., a Florida corporation ("Licensor"), having a business address of 0000
Xxxxx Xxxx, #00, Xxxx, Xxxxxxx 00000, and Envirokare Composite Corp., a Delaware
corporation, ("Licensee"), having a business address of 0000 X. Xxxxxx Xxxx,
Xxxxx 000X, Xxxx Xxxxx, Xxxxxxx 00000.
WHEREAS, Licensor and Licensee have entered into the Agreement referred to
hereinabove to license certain technology during a period preceding a merger
between the two parties and
WHEREAS, Licensor and Licensee have entered into an Amendment to the Merger
Agreement for the merger transaction extending the date of the closing and
WHEREAS, Licensor and Licensee are desirous of amending the Agreement to
extend its effective term to be consistent with and allow for closing of the
merger agreement
NOW THEREFORE in consideration of the mutual promises and covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Licensor and Licensee hereby agree
as follows:
The Agreement shall be modified so that the paragraphs in the Agreement with the
numbers referred to hereinbelow shall be deleted and the paragraphs with the
same numbers set out in this Amendment to License Agreement shall be substituted
therefore as follows:
SECTION 8
TERM AND TERMINATION
8.1 Term. This Agreement shall be effective from the date hereof and shall
extend until the earlier to occur of:
(a) March 20, 2005;
(b) the date the Merger (as such term is defined in the Merger
Agreement) is consummated; or
(c) as otherwise terminated pursuant to this Section 8.
The Agreement shall be read together and shall have the same force and
effect as if the provisions of the Agreement and this Amendment were contained
in one document. Except as expressly amended by this Amendment, the License
Agreement shall remain in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, each of the parties has signed this Agreement or caused
this Agreement to be executed on its behalf by its officer thereunto duly
authorized, all as of the day and year first above written.
Thermoplastic Composite Design, Inc.
By: /s/ Xxxx Xxxx, Xx.
----------------------
Name: Xxxx Xxxx, Xx.
Title: Vice President
Envirokare Composite Corp.
By: /s/ Xxxxxx Xxxxxxxxx
-------------------------
Name: Xxxxxx Xxxxxxxxx
Title: President
