Amendment No. 1 to Patent License Agreement between SecureTech Innovations, Inc., Shongkawh, LLC, and Inventors Lee Kao and Thao Kao

Contract Categories: Intellectual Property › License Agreements
Summary

This amendment updates the original Patent License Agreement dated March 2, 2017, between inventors Lee Kao and Thao Kao, Shongkawh, LLC, and SecureTech Innovations, Inc. The amendment sets the annual royalty payment to $1.00, reserves a section for future changes, and specifies that royalty payments are due within 30 days after each calendar year. All parties have agreed to these changes as of March 13, 2024.

Read More Arrow
EX-10.2 2 ex102.htm AMENDMENT NO. 1 TO PATENT LICENSE AGREEMENT BETWEEN SECURETECH, INC. AND SHONGKAWH, LLC DATED MARCH 13, 2024 Amendment No. 1 to Patent License Agreement

AMENDMENT NO. 1

to

PATENT LICENSE AGREEMENT

(Originally Dated March 2, 2017)

 

 

This AMENDMENT NO. 1 to PATENT LICENSE AGREEMENT entered into between Lee Kao and Thao Kao (collectively, “Inventor”), Shongkawh, LLC, a Minnesota limited liability company (“Assignee”), and SecureTech Innovations, Inc., a Wyoming corporation (“Licensee”), (collectively, “Amendment”) is made and effective as of this 13th day of March, 2024.

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

1.SECTION 3.1 is amended in its entirety to read as follows: 

 

“Royalty Payment. For the rights granted in this Agreement, and subject to Section 3.3 herein below, Licensee shall pay Licensor a royalty payment of one dollar (US$1.00) per annum.”

 

2.SECTION 3.2 is amended in its entirety to read as follows: 

 

“Reserved. This section is reserved for future amendment.”

 

3.SECTION 3.3 is amended in its entirety to read as follows: 

 

“Payment. Payment of royalties shall be made to Licensor not later than the thirtieth (30th) day ("Due Date") after the end of each calendar year to which a royalty payment is earned and due.”

 

 

 

 

 

 

 

 

 

[Signatures on Following Page]

Amendment No. 1 to Patent License Agreement

Shongkawh, LLCPage 1 of 2 

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties, by their duly authorized representative, have caused this Agreement to be executed on this 13th day of March, 2024.

 

INVENTOR/LICENSOR:

 

 

 

/s/ Lee Kao  

Lee Kao

 

INVENTOR/LICENSOR:

 

 

 

/s/ Thao Kao  

Thao Kao

 

 

 

ASSIGNEE/LICENSOR:

 

 

 

/s/ Lee Kao  

Lee Kao

President and Chief Executive Officer

Shongkawh, LLC

 

LICENSEE:

 

 

 

/s/ Lee Kao  

Lee Kao

President and Chief Executive Officer

Securetech, Inc.

 

Amendment No. 1 to Patent License Agreement

Shongkawh, LLCPage 2 of 2