Amendment No. 1 to Wal-Mart Master License Agreement between Wal-Mart Stores, Inc. and PCA International, Inc.

Summary

This amendment, dated June 17, 2002, modifies the Wal-Mart Master License Agreement between Wal-Mart Stores, Inc. and PCA International, Inc. It changes the terms under which Wal-Mart may terminate the agreement, specifying that termination of the entire agreement is now subject to an additional provision (paragraph 26.19). All other terms of the original agreement remain unchanged. The amendment is signed by authorized representatives of both companies.

EX-10.7 32 dex107.txt AM#1 TO WAL-MART MASTER LICENSE AGREEMENT Exhibit 10.7 AMENDMENT NUMBER ONE TO WAL-MART MASTER LICENSE AGREEMENT THIS AMENDMENT NUMBER ONE TO WAL-MART MASTER LICENSE AGREEMENT is entered into as of the 17th day of June, 2002 by and between Wal-Mart Stores, Inc., a Delaware corporation, on behalf of itself, or alternatively, where appropriate, on behalf of, and as authorized agent for, its affiliates, as designated in the Wal-Mart Master License Agreement ("Licensor") and PCA International, Inc.; 815 Matthews-Mint Hill Road, Matthews, NC 28105 ("Licensee"). WHEREAS, Licensor and Licensee entered into a License Agreement entitled Wal-Mart Master License Agreement dated April 4, 2002, and WHEREAS, Licensor and Licensee desire to amend the Wal-Mart Master License Agreement as provided herein, NOW, THEREFORE, in consideration of the obligations of Licensor and Licensee under the Wal-Mart Master License Agreement and for other good and valuable consideration, the receipt and sufficiency of which being hereby acknowledged by the parties, Licensor and Licensee hereby agree as follows: 1. The next to last sentence of paragraph 19.2(b) which reads as follows: In addition, Licensor may choose to terminate either a specific location or the entire License agreement at Licensor's sole discretion. shall be changed to read as follows: In addition, Licensor may choose to terminate either a specific location or, subject to the provisions of paragraph 26.19, the entire License agreement at Licensor's sole discretion. In all other respects, the Wal-Mart Master License Agreement shall remain in full force and effect. LICENSOR: WAL-MART STORES, INC. LICENSEE: PCA INTERNATIONAL, INC. By: /s/ By: /s/ Barry J. Feld --------------------------- ----------------------------------- Director Wal-Mart Realty Title: CEO --------------------------------- Attest: /s/ Attest: /s/ James Robert Wren, Jr. -------------------------- --------------------------------- Assistant Secretary Secretary