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AMENDMENT TO
TECHNOLOGY AND PATENT ASSIGNMENT
BETWEEN
Sung
H. Choi (hereinafter referred to as “Assignor”)
AND
Enable
IPC Corporation (hereinafter referred to as
“Assignee”)
the
effective date of which was March 17, 2005.
BOTH
PARTIES HEREBY AGREE TO MODIFY THE JOINT DEVELOPMENT AGREEMENT AS
FOLLOWS:
1.
EXHIBIT B, “Execution Fee”
Upon execution of this Agreement, Assignee shall
pay to Assignor an Execution Fee of two million (2,000,000) shares
of common stock of Enable IPC Corporation. Both Assignor and
Assignee recognize that this percentage will be diluted as
additional shares are issued; there are no anti-dilution rights
granted under this Agreement.
Is
hereby changed to read as follows:
Upon execution of this Agreement, Assignee shall
pay to Assignor an Execution Fee of two million (2,000,000) shares
of common stock of Enable IPC Corporation, valued at $10,000.
Both Assignor and Assignee recognize that this percentage
will be diluted as additional shares are issued; there are no
anti-dilution rights granted under this Agreement. In
addition, Assignee shall pay to Assignor $90,000, payable in either
stock or cash. Assignee and Assignor agree that this amount
may be paid at such time as is mutually agreed upon by both
Assignor and Assignee.
2.
EXHIBIT B, “Royalties”
Assignee shall pay a royalty, twice each year on
March 31 st and September 30 th , equaling 5%
of the net sales of the product(s) resulting from the Technology.
The combined royalty amounts in any single calendar year must
be at least equal to the amount shown in the Minimum Annual Royalty
Schedule below, or else this 5% royalty on net sales shall not be
paid, and instead t
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