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Exhibit 10.28
[LETTERHEAD OF PRINCETON VIDEO IMAGE, INC.]
February 27, 2001
Xx. Xxxxx Xxxxxxx
Vice President & Chief Financial Officer
Xxxxxxx Corporation
000 Xxxxxxxxxx Xxxx
XX0000
Xxxxxxxxx, XX 00000-0000
Re: Amendment of Research Agreement, dated as of November 1, 1990
as amended as of December 31, 1993 and June 26, 1995, between
Xxxxx Xxxxxxx Research Center ("Xxxxxxx") and Princeton
Electronic Billboard, now known as Princeton Video Image, Inc.
("PEB" or "PVI")
Dear Xxx:
This letter is to confirm our agreement to amend the above-referenced Research
Agreement to extend by three months the period during which minimum quarterly
royalty payments may be made either in cash or stock at the company's option.
Accordingly, the last paragraph of Article VII, paragraph 4(b) of the Agreement,
is hereby amended to read, in its entirety, as follows:
The minimum quarterly royalty payment to maintain the
licenses in the Xxxxxxx Property in effect beginning
one quarter after January 1, 1999 shall be One
Hundred Thousand Dollars ($100,000) for the Exclusive
Field defined in Article I, paragraph 1. For the
first two (2) years and three (3) months, PEB shall
have the option of paying the minimum royalty in cash
or in PEB stock at its last issue price. There shall
be no minimum royalties outside the Exclusive Field.
If you would kindly indicate your agreement to the amendment by signing the
acknowledgment below, we would be most appreciative.
Very truly yours.
/s/ Xxxxxxxx X. Xxxxxxx
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Xxxxxxxx X. Xxxxxxx
Vice President and Chief Financial Officer
Agreed and Accepted
Xxxxxxx Corporation
By: /s/ Xxxxx Xxxxxxx
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Its: Sr. VP & CFO
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