Amendment No. 3 to Sensor Technology License Agreement between TBT Group, Inc. and Vivakor, Inc.

Contract Categories: Intellectual Property › License Agreements
Summary

This amendment, dated November 11, 2021, updates the Sensor Technology License Agreement between TBT Group, Inc. (Licensor) and Vivakor, Inc. (Licensee). It extends the deadline for Vivakor to pay $225,000 to TBT Group to May 10, 2022, or 10 days after Vivakor is listed on a stock exchange, whichever comes first. It also voids a previous amendment but confirms that any payment made under it is fully earned. All other terms of the original agreement remain unchanged.

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EX-10.27 6 vivakor_ex1027.htm AMENDMENT NO. 3 TO SENSOR TECHNOLOGY LICENSE AGREEMENT

Exhibit 10.27

 

AMENDMENT No. 3 to

SENSOR TECHNOLOGY LICENSE AGREEMENT

 

This Amendment No. 3 ("Amendment No. 3") dated November 11, 2021 ("Effective Date") 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;

 

WHEREAS, the Parties have previously agreed to Amendment 1 dated May 10, 2021 ("Amendment No. 1") and Amendment No. 2 ("Amendment No. 2") each of which extended the time period to make a required payment under the Agreement;

 

WHEREAS, the Licensor has agreed to grant to Licensee an additional time to make the required payment specified in Point 1 of Schedule 1 of the Agreement; and

 

NOW, THEREFORE, for good and valuable consideration, receipt of which is acknowledged, Licensor and Licensee agree:

 

1.The last sentence of Item 1 of Schedule 1 of the Agreement is hereby deleting and replaced by " on or prior to May 10, 2022, Licensee will pay $225,000 to Licensor which payment will be accelerated to a date 10 days after Listing on Listed exchange in the event a listing is obtained."

 

2.Amendment No. 2 shall be deemed void on the Effective Date and the payment made under that Amendment No. 2 shall be deemed fully earned by Licensor.

 

3.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 Licensee: Vivakor, Inc.
   
By: /s/ Daniel Declement By: /s/ Matt Nicosia
       Daniel Declement        Matt Nicosia
       Chief Executive Officer        Chief Executive Officer