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EXHIBIT 10.3
AMENDMENT
This Amendment to License Agreement is dated as of January 1, 2000 by
and between Xxxx Xxxxxx and Great White Shark Enterprises, Inc., (collectively
"Xxxxxx"), and Visual Edge Systems, Inc. ("Licensee").
WHEREAS, Xxxxxx and Licensee entered into a License Agreement dated
April 11, 1995 and subsequently amended April 19, 1996; October 18, 1996; June
3, 1997; June 18, 1998 and December 31, 1998; and
WHEREAS, certain disputes arose between Xxxxxx and Licensee previously,
which the parties wish to resolve pursuant to this Amendment.
NOW THEREFORE in consideration of the foregoing, the parties agree as
follows:
1. In consideration of the execution of this Amendment and the renewal
of the Licensee relationship, Licensee agrees to pay Xxxxxx the sum of $75,000
as a renewal fee, which shall not be charged against any royalties due under
this Agreement.
2. The parties agree that the term of the royalty payment as stated in
Paragraph 5.2 of the Amendment dated December 31, 1998 shall remain in full
force and effect during the term of the Agreement. Parties further agree that
during the calendar year of 1999, no royalty payments were made by Licensee to
Xxxxxx and the amount which has accrued equals $441,163.00 of which $143,013.00
is applicable to previously prepaid guaranteed royalties and the balance of
$187,177.00 is due and owing to Xxxxxx. The License warrants that the attached
income statement for 1999 is true and correct.
3. Licensee agrees that this total sum of $262,177.00 (i.e., $75,000.00
and $187,177.00) shall be paid in twelve equal monthly installments to Xxxxxx in
the amount of $21,848.00 commencing March 1, 2000 and continuing through
February 1, 2001.
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4. The parties further agree that on or before the 1st day of each
month of this Agreement, commencing March 1, 2000, Licensee shall furnish to
Xxxxxx a financial report of Licensee's net revenue for the next preceding month
(i.e., January for the March 1st report) and at the same time shall pay Xxxxxx
royalty as called for the Paragraph 5.2 of the Agreement in addition to the
accrued royalties referred to in Paragraph 3 above.
5. The parties agree that Xxxxxx approves the 888 number used by
Licensee under the designation of 1-888-Norman1.
6. The parties agree that Licensee shall assign to Xxxxxx, or Norman's
designee, the URL of its website, "xxxxxxxx.xxx", and shall change the URL on
its website to such name which is reflective of its corporate name or products.
7. All commercial and collateral activities of Licensee on the Internet
related to the Xxxx Xxxxxx One on One golf product shall be directed through
xxxxx.xxx, which is the website of Xxxx Xxxxxx Interactive, LLC, ("GNI")
pursuant to the separate agreement of even date between Licensee and GNI.
IN WITNESS WHEREOF the parties have executed this Amendment as of
January 1, 2000.
VISUAL EDGE SYSTEMS, INC. GREAT WHITE SHARK ENTERPRISES, INC.
By: /s/ XXXXXX X. XXXXX By:
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/s/ XXXX XXXXXX
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Xxxx Xxxxxx
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