Amendment No. 2 to the Sensor Technology License Agreement
Exhibit 10.26
AMENDMENT No. 2 to
SENSOR TECHNOLOGY LICENSE AGREEMENT
This Amendment No. 2 dated July 10, 2021 (“Amendment No. 2”) to the Sensor Technology License Agreement (the “Agreement”) is hereby entered into, by and between, TBT Group, Inc, a Delaware Corporation (“TBT” or the “Licensor”), and Vivakor, Inc., a Nevada corporation (“Vivakor” or the “Licensee”). The Licensor and the Licensee may each be referred to herein as a “Party” and together as the “Parties.”
RECITALS
WHEREAS, the Licensee believes it will need additional time to meet the Payment/Milestones requirement specified in Item 1 of Schedule 1 of the Agreement; and
WHEREAS, the Parties have previously agreed to Amendment 1 dated May 10, 2021 (“Amendment No. 1”) which extended the time period to make a required payment for an additional 60 days in return for a $15,000 payment to Licensor, which payment was made by Licensee at the time of the extension;
WHEREAS, the Licensor has agreed to grant to Licensee an additional 30 days to make the required payment specified in Point 1 of Schedule 1 of the Agreement; and
WHEREAS, Amendment 1 reduced the Licensor’s required payment to Licensee for the License from $225,000 to $210,000;
NOW, THEREFORE, for good and valuable consideration, receipt of which is acknowledged by Licensor, Licensor and Licensee agree:
1. | The last sentence of Item 1 of Schedule 1 of the Agreement is hereby modified by deleting the phrase “Within 120 days,” and replacing it with the phrase “Within 210 days,”. |
2. | In all other respects, the Agreement, Schedule 1, and Exhibit A shall remain unchanged and in full force and effect. |
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the Amendment date specified above.
Licensor: | TBT Group, Inc. |
By: /s/ Daniel Declement | |
Daniel Declement | |
Chief Executive Officer | |
Licensee: | Vivakor, Inc., |
By: /s/ Matt Nicosia | |
Matt Nicosia | |
Chief Executive Officer |