Amendment to Contract and Agreement between FreeCom LLC and Global Roaming, Inc. dba CelTrek
Exhibit
10.3
Amendment
to Contract and Agreement between FreeCom LLC and Global Roaming, Inc. dba
CelTrek
This
amendment adds to the “Agreement” between the parties dated April 2nd 2007, as
follows:
Should
Global
Roaming CelTrek (hereinafter referred to as CelTrek) be bought out at any time
prior to the 5 year renewal period referred to in the above agreement, Freecom
LLC would get fair market value per subscriber for all the subscribers that
Freecom was responsible for bringing to CelTrek through its marketing
efforts.
Should
FreeCom LLC have less than 5000 active subscribers at buy-out time there shall
be no commitment/obligation from Global Roaming/CelTrek..
Eg.
CelTrek
has 50,000 subscribers. (The number of subscribers is based on the number of
active SIM cards at the time of sale.) CelTrek also has physical plant,
equipment, and inventory which is valued at $100,000.00, Sales price is
$l,000,000.00. It is determined that 10,000 of the subscribers came to CelTrek
via FreeCorm’s efforts.
Under
the
above example, the proceeds from the sale of CelTrek would be disbursed as
follows: The first $l00,000.00 would go to CelTrek, Since FreeCom LLC was
responsible for bringing in 20% of the current subscriber base, it would get
20%
of the remaining $900,000.00 or $180.000.00
The
above
agreement applies and continuos in effect for any renewal period should the
contract between FreeCom LLC and CelTrek be extended.
Should
at
anytime Celtrek chooses not to renew the contract, CelTrek will be obligated
to
buy the subscribers that FreeCom LLC brought in at fair market value within
90
days of the expiration of the contract.
Should
Freecom LLC have less than 5000 active subscribers at renewal time there shall
be no commitment/obligation from Global Roaming/CelTrek.
Should
Freecom LLC and CelTrek not come to a determination of “fair market value” for
the subscribers, the issue shall be submitted for arbitration,
Dated: 6/26/07 | ||||
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FreeCom
LLC
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CelTrek
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