AMENDING AGREEMENT
BETWEEN:
Ian Westwood
of Calgary, Alberta, Canada
(the "Licensor")
- and -
Niew Industries Inc., a corporation according to the laws of British Columbia
with offices in Prince George, British Columbia
(the "Licensee")
WHEREAS:
1. Pursuant to an Agreement (hereafter the "Agreement") dated November 8,
1999 the Licensor granted a license to the Licensee to practice an invention
entitled "Portable Overhead Bin" protected by United States Patent Application
Serial Number 09/333182 filed on June 14, 1999 (now issued as United States
Patent Number 6,106,211), and Canadian Patent Application Number 2,254,702 filed
on December 1, 1998;
2. Pursuant to the Agreement the Licensee has paid $35,000 to the Licensor;
3. The Licensee has experienced delays in putting the required financing in
place to proceed with developing the invention, and the Licensor has agreed to
grant an extension of time for payments due under the Agreement.
IN CONSIDERATION of the premises and of the mutual covenants of this Agreement,
the parties hereto agrees as follows:
1. Agreement to Amend Article 3(a)
The Licensor hereby accepts all payments to date and agrees that article 3(a) of
the Agreement is amended to read as follows:
(a) The licensee agrees to pay to the Licensor for the grant of the Licence
herein the sum of $75,000.00 payable as follows:
(i) The sum of $35,000.00 on or before August 31, 2000 and the balance of
$40,000.00 on or before the 28th day of February, 2001;
(ii) All payments stipulated to be made pursuant to this paragraph on
account of the Grant of Licence herein shall be made in Canadian Dollars.
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2. Agreement to Amend Article 5
The Licensor hereby granted that article 5 of the Agreement is amended to read
as follows:
In consideration of the rights and licences granted to the Licensee by the
Licensor pursuant to theis Agreement, the Licensee shall pay to the Licensor a
royalty as follows:
(a) the sum of $6000.00 each for the first (1st) and second (2nd) PORTABLE
OVERHEAD BINS sold in any calendar year;
(b) the sum of $8000.00 each for the third (3rd) and fourth (4th) PORTABLE
OVERHEAD BINS sold in any calendar year;
(c) the sum of $10,000.00 each for the fifth (5th) and any subsequent
PORTABLE OVERHEAD BINS sold and delivered in any calendar year;
(d) the required royalty payment shall be made within 60 days of the sale of
each PORTABLE OVERHEAD BIN and failure to make such payment shall be a DEFAULT
under this agreement.
Provided however, notwithstanding the foregoing, the Licensee shall in any event
pay a minimum royalty of $20,000.00 in any calendar year, beginning with the
year 2001 in which fewer than three PORTABLE OVERHEAD BINS are sold. The
minimum royalty shall be paid on before the 31st day of January first following
said calendar year. For the year 2000, the minimum royalty shall be $10,000.00
dollars, and shall be payable February 28th, 2001. Failure to make such payment
shall be a DEFAULT under this Agreement.
3. Sole Amendments
The Licensor and Licensee agree that in all other respects the Agreement is in
full force and effect as originally set out therein.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby,
have each set their hand the day indicated.
/s/ Ian Westwood /s/ Peter J. Bourossa Nov 16/2000
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Ian Westwood Witness Date
Niew Industries Inc.
by its authorized agent
Ken Bergestad, Director /s/ Ken Bergestad Nov 22/00
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Printed Name and Title Signature Date
