Exhibit 10.6
AMENDMENT TO OVATION-XXXXX AGREEMENT OF OCTOBER 18, 2001
1. Original agreement remains in effect, except as revised below.
2. Ovation obligation of $150,000 remains in place, to be liquidated by
Ovation at a minimum rate of $5000 per month, payable on the first
day of each month.
3. If Ovation fails to make payment for two consecutive months, entire
balance becomes in default and due and payable on the day following
the due date of the second missed payment.
4. Xxxxx will continue to work - temporarily, at Xxxxx'x sole
discretion--in good faith and without additional retainer. Ovation
will continue to pay out-0f-pocket expenses in accordance with the
original agreement.
5. If Ovation defaults on its obligation to Xxxxx under Paragraph 2.,
above, Xxxxx will have the right to license Ovation technology to
any manufacturer for sales into Japan, the Republic of South Korea,
and such other markets as may be subsequently agreed, at fair and
reasonable cost. In such case, Xxxxx will pay no fees to Ovation
until Xxxxx'x net income from such licensing arrangements have
exceeded the amount of Ovation's residual obligation to Xxxxx, plus
accumulated interest at current commercial bank rates. Ovation will
fully and freely support Xxxxx in any licensing activities,
including provision of necessary documentation and technical advice.
For Ovation: /s/ Xxxxxxx X. Xxxxxx For Xxxxx Associates: /s/ Xxxxxxx X. Xxxxxx
--------------------- --------------------
Date: April 4, 2003 Date: April 4, 2003
--------------------- --------------------------
1
