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License
Agreement
This
License Agreement (this “Agreement”) is made
effective as of April 2, 2008, between TW Sports, Inc. and Tom
Olmstead.
In
the Agreement, the Party who is granting the right to use the
licensed property will be referred to as
“Olmstead”, and the party who is receiving the
right to use the license property will be referred to as
“TW Sports”.
The
parties agree as follows:
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1.
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GRANT OF LICENSE . Olmstead
owns the trademark WonderWand and the associated products there
to. In accordance with this Agreement, Olmstead
grants TW Sports an exclusive license to use the mark WonderWand
and the products listed in Exhibit A. Olmstead retains
title and ownership of the products. This grant of
license applies to the world wide geographical area.
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2.
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EXCLUSIVE RIGHT FEE . In exchange for the
exclusive rights to Wonderwand and the products listed in Exhibit
A, TW Sports agree to pay Olmstead $100,000 in Common Stock of TW
Sports at $.0015 per share.
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3.
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PAYMENT OF ROYALTY . TW Sports will pay to
Olmstead a royalty which shall be calculated as
follows: 5% of the Net Royalty Income (as defined below)
from any and all products sold under the name WonderWand and the
products listed in Exhibit A. Net Royalty
Income shall be defined total sales minus returns and
shipping/handling). The royalty shall be paid
Quarterly.
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4.
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TERM . The Royalty Payments shall be due to Stock beginning
with the first bona fide commercial sale of any Product in the
Territory and may, at the discretion of Licensee terminate on April
1, 2018.
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5.
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DEFAULTS . If TW Sports fails to abide by the obligations of
this Agreement, including the obligation to make a royalty
p
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