Letter Agreement Extending License Milestones Between Select-TV and Oriana Technologies Inc.

Summary

This letter agreement between Select-TV and Oriana Technologies Inc. extends the milestone dates for achieving sales volume targets under their existing license agreement by one year. Oriana must now meet the previously agreed sales targets by August of each subsequent year, starting in 2014. The six-month remedy period for missed targets remains in effect. However, if Oriana does not secure additional investment funding or a binding commitment by the end of February 2014, Select-TV may terminate the agreement. The extension is granted due to Oriana's progress in securing business contracts.

EX-10.2 3 selecttv_8ka-ex1002.htm LETTER EXTENDING LICENSE AGREEMENT

Exhibit 10.2

 

 

 

 

21 November 2013

Oriana Technologies Inc.

550 Chemin du Golf Suite 202,

lle des Soeurs Quebec, H2E 1A8

Dear Mr. Richard Groome

SELECT-TV AND ORIANA TECHNOLOGIES LICENSEE AGREEMENT

With reference to the above, the licensee agreement signed between Select-TV and Oriana Technologies on October 1, 2012 stipulates that upon failure to achieve the volume targets set through August 2013 followed by a six-month remedy period through February 2014, Select-TV has the right to terminate the licensee’s exclusivity for the Americas region.

Based upon the excellent progress that Oriana has made toward securing substantial business contracts, Select-TV hereby agrees to push back the milestone dates for achieving the volumes laid out in the Terms and Targets section of the licensee agreement by one full year, such that the volume previously agreed for August 2013 shall now apply to August 2014 and so on, as indicated below. The six month remedy period shall also continue to apply for each year’s volume targets as before. However, in the event that Oriana fails to secure additional investment funding, or at a minimum a binding commitment for additional investment funding, by the end of February, 2014, Select-TV shall have the right to terminate the agreement.

We continue to look forward to success in our partnership.

Yours truly, 

 

 

/s/ CSGoh                                     
CSGoh
Chief Executive Officer

Year Original Target
STB units
Original Milestone
Date
New Target STB
Units
New Milestone Date
One 10,000 August 2013 10,000 August 2014
Two 12,000 August 2014 15,000 August 2015
Three 12,000 August 2015 15,000 August 2016
Four 12,000 August 2016 15,000 August 2017
Five 12,000 August 2017 15,000 August 2018