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