50 of the Top 250 law firms use our Products every day
|
EXHIBIT 10.1
AMENDMENT TO LICENSE AGREEMENT
This
Amendment Agreement is entered into this 6 th
day of May 2008 by and between CTI Industries Corporation
("CTI"), a corporation organised and existing under the laws
of the State of Illinois and Rapak LLC ("Rapak"), an Illinois
limited liability company.
RECITALS
WHEREAS
CTI and Rapak entered into a license agreement
dated April 28, 2006 ("License Agreement")
and
WHEREAS
CTI and Rapak now wish to amend the License Agreement upon the
terms and conditions set out below:
IT
IS HEREBY AGREED AS FOLLOWS:
|
1.
|
Definitions
in the License Agreement shall equally apply to this Amendment
Agreement.
|
|
2.
|
The
following amendments are made to the License Agreement and are
effective from the date of this Amendment Agreement:
|
| |
2.1
|
Clause
1.5: the definition of "Field of Use" shall be amended by adding
the following at the end of the definition "but excluding pouches
or bags for consumer or home storage use which includes, without
limitation, products manufactured and sold by CTI under the brand
"Zip Vac ™";
|
| |
2.2
|
Clause
2.2: the references to "October 31, 2008" and "November 1, 2008"
shall be amended to "October 31, 2011" and "November 1, 2011"
respectively;
|
|
2.3 |
Clause
3.1 shall be amended to read as follows:
"The parties agree that Section
2.1 of the 2002 Supply Agreement is amended to provide for Rapak to
commit to purchase from CTI not less than 75% of Rapak's production
requirements for Film for the remainder of the current
renewa
|
|
