EXHIBIT 10.9
AMENDMENT
This AMENDMENT is made and entered into this 13th day of November
1998 by and between Technical Consumer Products, Inc. ("TCP"), an Ohio
corporation located at 00000 Xxxxxxxxxx Xx., Xxxx X, xx Xxxxxxxxx, Xxxx,
X.X.X. , represented by Xxxxx Xxx, President; and
PRACTICAL INNOVATIONS, INC. a Delaware corporation represented by
its President, Xxxxxxx Xxxxx ("PRACTICAL"), having principal place of
business at 000 Xxxxxx Xx., Xxx Xxxxxxx, Xxxxxxxx 00000, X.X.X.
This AMENDMENT is made to the AGREEMENT dated June 18, 1996 and
signed by the above named parties.
This AMENDMENT is effective as of January 1, 1999.
Now, both parties, based on mutual considerations agree to amend the
AGREEMENT as follows:
- Delete Paragraph 4.02 in its entirety.
- Enter New Paragraph 4.02 as follows:
4.02 Monthly Total Royalty Amount ("MTRA":
In addition to the Licensing Fee provided for above, TCP shall pay to
PRACTICAL a nonrefundable Monthly Royalty Payments based on the following
terms:
For each and every calendar month, on or before the 15th day of the
following calendar month during the term of this AGREEMENT and/or as long
as PRODUCTS are sold by TCP or any other SELLER, the Monthly Royalty
Payment shall be equal to: Twenty Cents US ($US0.20) multiplied by the
total number of units of PRODUCTS sold during that particular month.
However, in no case shall the Monthly Total Royalty Amount (MTRA) be
higher than:
a) 4% (four percent) of the first $US500,000 (Five Hundred Thousand
Dollars US) of NET SALES during the particular calendar month, and
b) 2% (two percent) of all NET SALES above the first $US500,000 during
that particular calendar month.
This AMENDMENT is mutually accepted and agreed to by TCP and
PRACTICAL, and shall constitute an integral part of the subject
AGREEMENT.
Accepted and Agreed to:
/s/Xxxxx Xxx 11/13/98
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Xxxxx Xxx Date
/s/Xxxxxxx Xxxxx 11/13/98
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Xxxxxxx Xxxxx Date
