AMENDMENT #1 TO EXCLUSIVE LICENSE AGREEMENT
THIS AMENDMENT to the Exclusive License Agreement between Wataire
Industries, Inc. ("Licensor") and Wataire International Inc. formerly Cimbix
Corporation ("Licensee") dated September 12, 2006 (the "License Agreement")
is made as of the 19th day of October, 2006.
WHEREAS, Section 3.01 of the License Agreement provides that the
term of the License Agreement is for a five-year period; and
WHEREAS, Section 3.02 of the License Agreement provides that the
term of the License Agreement may be extended for an additional five-year
period; and
WHEREAS, the parties hereto desire to amend Sections 3.01 and 3.02
of the License Agreement to provide for a 15-year initial term and a 10-year
additional term on extension of the 15-year term;
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties, the parties
hereto agree to amend the License Agreement as follows:
1. Amendment of Section 3.01. Section 3.01 of the License
Agreement is hereby amended to read in full as follows: "The term of this
agreement shall commence on September 12, 2006 and end on September 30, 2021."
2. Amendment of Section 3.02. Section 3.02 of the License
Agreement is hereby amended to read in full as follows: "The Company and the
Licensee agree to extend this agreement for a further 10-year period, if,
within the term of this agreement, the Licensee is the effective cause of
completing the terms contained within."
IN WITNESS WHEREOF the parties hereto as of the day and year first
above written have duly executed this Amendment #1 to the License Agreement.
Wataire Industries Inc.
/s/ Xxxx Xxxxxx
By: ___________________
Xxxx Xxxxxx,
Authorized Signatory
Wataire International Inc.
formerly Cimbix Corporation
/s/ Xxxxxx Xxxxxx
By: ___________________
Xxxxxx Xxxxxx
Authorized Signatory
