EXHIBIT 10.09
November 21, 2003
Xx. Xxxxxx X. Xxxxxxxx
DYNAMIC INTERNATIONAL, INC.,
D/B/A DYNAMIC CLASSICS
00 Xxxxxx Xxxxxx
Xxxxxxxx, XX 00000
LETTER AMENDMENT (REF. #111804*G) (AMENDMENT "G") TO THE LICENSE AGREEMENT
EFFECTIVE JANUARY 09, 1993 BETWEEN DAIMLERCHRYSLER COPRORATION AND DYNAMIC
INTERNATIONAL, INC., D/B/A DYNAMIC CLASSICS COVERING "JEEP" (REF. #111804)
(AGREEMENT)
Dear Xx. Xxxxxxxx
The following, when signed by you and counter-executed by DaimlerChrysler
Corporation (hereinafter "DC"), shall constitute an Amendment to the
above-referenced Agreement as follows:
SUMMARY SHEET - PARAGRAPH 4. -TERM:
The Term of the Agreement is hereby extended for a period of five (5) years,
and is scheduled to expire on December 31, 2010.
SUMMARY SHEET - PARAGRAPH 7. - MINIMUM GUARANTEE:
In consideration of the additional rights granted hereunder, Licensee
agrees to pay DC a Minimum Guarantee payment in the amount of US
$2,225,000.00 due and payable as follows:
DATE AMOUNT REMARKS
2006 US$400,000 for sales made in calendar year 2006 Payments will be made in four (4) equal installments of
US$100,000 due on the 1st of January, April, July, & October 2006
2007 US$400,000 for sales made in calendar year 2007 Payments will be made in four (4) equal installments of
US$100,000 due on the 1st of January, April, July, & October 2007
2008 US$450,000 for sales made in calendar year 2008 Payments will be made in four (4) equal installments of
US$112,500 due on the 1st of January, April, July, & October 2008
2009 US$475,000 for sales made in calendar year 2009 Payments will be made in four (4) equal installments of
US$118,750 due on the 1st of January, April, July, & October 2009
2010 US$500,000 for sales made in calendar year 2010 Payments will be made in four (4) equal installments of
US$125,000 due on the 1st of January, April, July, & October 2010
Licensee further agrees that the royalty payment referenced herein
shall be in addition to any other advances due under the terms of the
Agreement; and that such payment may not be cross-credited against
advances which have already been paid or become due; and that payments
may only be credited against sales of the Licensed Product under the
extended period, January 01, 2006 to December 31, 2010, to which such
payments apply.
MINIMUM NET SALES:
Licensee agrees to achieve the Minimum Net Sales for the additional rights
granted hereunder in the amount of US $50,000,000.00 as follows:
2006 US$8,000,000 Or seventy-five percent (75%) of the sales made during the
previous year, whichever is greater
2007 US$9,000,000 Or seventy-five percent (75%) of the sales made during the
previous year, whichever is greater
2008 US$10,000,000 Or seventy-five percent (75%) of the sales made during the
previous year, whichever is greater
2009 US$11,000,000 Or seventy-five percent (75%) of the sales made during the
previous year, whichever is greater
2010 US$12,000,000 Or seventy-five percent (75%) of the sales made during the
previous year, whichever is greater
SUMMARY SHEET - PARAGRAPH 17 - ADDITIONAL TERMS:
Licensee shall maintain showroom facilities and experienced senior staff that
will be dedicated to design, manufacturing and sales of the Jeep branded
Licensed Articles.
Except as specifically modified herein, all other terms and conditions of the
Agreement shall remain in full force and effect.
Assuming the preceding statements accurately reflect your understanding, please
sign the original and all copies of this Amendment in the space provided, and
return them to me. We will then have the Amendment executed and return a
fully-executed copy to you for your files. Of course, no binding modification
exists until one fully-executed copy of the Amendment has been returned to you.
If you have any questions, feel free to contact Xxxxx Xxxxxxx.
Sincerely yours,
Glory Ekpe
Director, Contracts
AGREED TO AND ACCEPTED BY:
DAIMLERCHRYSLER CORPORATION DYNAMIC INTERNATIONAL, INC.,
D/B/A DYNAMIC CLASSICS
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxx Xxxxxx X. Xxxxxxxx
Title: Sr. Staff Attorney-Trademarks Title: President
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Date: November 24, 2003 Date: December 3, 2003
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