EX-2
from DEF 14A
1 page
First Amendment to Quantum Technology Group, Inc. License Agreement This Amendment Made Effective as of the Day of , 2003, by and Between the University of Florida Research Foundation, Inc. ("Ufrf") a Not-For-Profit Florida Corporation, and Quantum Technology Group, Inc. ("Quantum"), a Corporation Organized and Existing Under the Laws of Idaho; Whereas, Ufrf and Quantum Entered Into a License Agreement Effective August 28, 2002 (The "License Agreement") and Desire to Amend Certain Provisions of That Agreement to Recognize Certain Development Requirements Relating to Licensed Patent; Now Therefore, in Consideration of the Mutual Covenants and Agreements Set Forth Below in the Amendment, the Parties Covenant and Agree as Follows: 1. Section 3.2.2 "Development" This Section Shall Be Amended to Read as Follows: "Licensee Agrees That the First Commercial Sale of Products to the Retail Customer Shall Occur on or Before March 31, 2004. or This Agreement Shall Terminate Pursuant to Section 7.3 Hereto." 2. Section 3.4.1 "Other Payments" the Payment Schedule Shall Be Amended to Read as Follows: Payment Year $10,000 2004 $10,000 2005 $10,000 2006 $10,000 2007 (And Every Year Thereafter on the Same Date, for the Life of This Agreement). 3. This Amendment Shall Be Effective During the Entire Term of the License. 4. This Amendment and the License Agreement Together Constitute the Full Understanding Between the Parties With References to the Subject Matter Hereof. Page One of Two in Witness Whereof, the Parties Hereto Have Duly Executed This Amendment on the Dates Indicated Below. University of Florida Research Foundation, Inc. By: Date: David L. Day Director Quantum Technology Group, Inc. By: Date: Liem T. Nguyen President & C.E.O. Page Two of Two
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