EXHIBIT 10.3
AMENDMENT NO. 2
TO
LICENSE AGREEMENT
This AMENDMENT XX. 0 XX XXXXXXX XXXXXXXXX ("Xxxxxxxxx Xx. 0") dated
November 30, 1999 is by and between Xxxxx X. Xxxxxxxxx & Associates, a Texas
general partnership ("Grantor"), and Xxxxxx Resources, Inc., a Nevada
corporation ("Licensee").
WHEREAS, Grantor and Licensee are parties to that certain License Agreement
(the "License Agreement") dated April 28, 1999, granting Licensee an exclusive
private label license for the Biocatalyst and Biomas products for, sewage and
waste water remediation in Alabama, Arkansas, Louisiana and Mississippi; and
WHEREAS, Grantor and Licensee are parties to that certain Amendment No. 1
to License Agreement ("Amendment No. 1") dated May 12, 1999, amending the
License Agreement; and
WHEREAS, Grantor and Licensee wish to confirm, clarify and modify certain
terms of the License Agreement and Amendment No. 1 (collectively referred to as
the "Preexisting Agreements");
NOW THEREFORE, the parties hereto agree as follows:
1. Definitions; References.
-----------------------
Capitalized terms not defined in this Amendment No. 2 shall have the
meanings given them in the Preexisting Agreements. References in the Preexisting
Agreements and this Amendment No. 2 to the "Agreement" shall refer to the
Preexisting Agreements as amended by this Amendment No. 2, and words such as
"herein", "hereinafter" or other words of similar import shall likewise be
construed as referring to the Preexisting Agreements as amended by this
Amendment No. 2.
2. Confirmation of Agreement.
-------------------------
This Amendment No. 2 amends the Preexisting Agreements. Terms of the
Preexisting Agreements not amended by this Amendment No. 2 continue in full
force and effect, and are hereby ratified and confirmed by the parties.
3. Minimum Purchase Requirements.
-----------------------------
The Purchase Obligations set forth on Exhibit C of the License Agreement
are hereby modified so that Licensee's minimum purchase requirement shall be
$125,000 by April 28, 2001 and $175,000 by April 28, 2002, rather than $50,000
and $75,000 for the 1st 6 months and the 2nd 6 months, respectively. In
addition, the following sentence is hereby added after the last sentence on
Exhibit C: "Grantor shall have no right to enforce, and no action shall accrue
in respect of, Licensee's Purchase Obligations until April 28, 2001."
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first set forth above.
GRANTOR: LICENSEE:
XXXXX X. XXXXXXXXX & ASSOCIATES XXXXXX RESOURCES, INC.
/s/ Xxxxx X. Xxxxxxxxx /s/ Xxxxxxx Xxxxx
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By Xxxxx X. Xxxxxxxxx By Xxxxxxx Xxxxx
Its General Partner Its President
Amendment No. 1 to License Agreement
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