Amendment to
Exclusive Distribution and Marketing
Agreement
This Amendment
(the “Amendment”) is made and entered into as of
February 28, 2011 (the “Effective Date”), by and
between MechTech, LLC , a California limited liability
company and Innovative Wireless Technologies, Inc. (formerly
known as “Bayrock Ventures, Inc.”) a Delaware
corporation (together with the MechTech, hereinafter referred to as
the “Parties”)
WHEREAS, the
Parties desire to amend the EXCLUSIVE DISTRIBUTION AND MARKETING
AGREEMENT dated Aug. 6, 2010 (hereinafter referred to as the
“Contract”);
NOW, THEREFORE,
in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties, intending to be legally bound, hereby
agree as follows:
Section 1.1. of
the Contract is hereby deleted in its entirety and replaced with
the following:
The Principal
grants the exclusive (subject the terms set forth in this
Agreement) Market Rights for North America and non-exclusive
worldwide (other than North America) Market Rights for the Products
to the Distributor, according to terms and conditions of this
Distribution and Marketing Agreement. No other
distributor, exclusive or non-exclusive, shall be offered better
terms than the Distributor.
Section 1.2 of
the Contract is hereby deleted in its enti
