ADDENDUM TO LICENSING AGREEMENT
Addendum to Licensing Agreement between Venitech, LLC and Fresh
Ideas Media, Inc. dated March 14, 2005 and the Addendum To Licensing
Agreement Dated January 16, 2007.
WHEREAS, Article 6, of the License Agreement, MINIMUM PROFORMANCE
BY LICENSEE, reads as follows:
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. Thereafter, for any 12 month period, the Licensor agrees to
sell a minimum of four (4) Sub-licenses.
Whereas, the parties desire to amend Article 6 of the Agreement, it is
hereby agreed to by all parties involved that the above Article 6 of
the Licensing Agreement shall be amended to read as follows:
ARTICLE 6
MINIMUM PROFORMANCE BY LICENSEE
It is hereby understood and agreed that the minimum number of
Sub-licensee Agreements that the Licensee is obligated to sell within
the first twelve (12) month period starting at the signing of this
Agreement shall be three (3). If a minimum of three Sub-licensee
Agreements are not sold by the Licensee during the 12 month period,
Licensor, at their option, may consider this Agreement null and void
and will have the right to sell a License in all or any part of the
Territory. Licensee shall sell an additional four (4) Sub-licensees
between March 14, 2006 and August 14, 2007 and thereafter Licensee
agrees to sell a minimum of four (4) Sublicenses during every 12 month
period from August 14, 2007.
This addendum to the above named License Agreement is entered
into by the Parties on this the 30th day of October, 2007.
Venitech, LLC
By: /s/Xxxx Daily
------------------------
Xxxx Daily - Director
Fresh Ideas Media, Inc.
By: /s/Xxxxxxx X. Xxx
------------------------
Xxxxxxx X. Xxx - President
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