Exclusive Ragnarok Online License and Distribution Agreement [Amendment] - Gravity Corp. and Pt. Lyto Datarindo Fortuna
[GRAVITY LOGO] [LYTO LOGO]
AMENDMENT TO
THE EXCLUSIVE RAGNAROK ONLINE LICENSE AND DISTRIBUTION AGREEMENT
THIS AMENDMENT ("Amendment") is made and entered into on this 29th day of
October, 2004 by and between Gravity Corporation ("Licensor") and PT. LYTO
DATARINDO FORTUNA ("Licensee").
RECITALS
WHEREAS, Licensor and Licensee ("Parties" collectively) entered into an
Exclusive Ragnarok Online License and Distribution Agreement ("The Agreement"),
dated February 26th, 2003.
WHEREAS, Parties to the Agreement now desire to amend the Agreement as specified
below.
NOW, THEREFORE, the parties agree as follows:
1. EXTEND THE TERM OF THE AGREEMENT:
Parties agreed to extend the Agreement for Two(2) years ("Renewed Term")
from the expiration date with conditions stated below in this Amendment.
The newly extended term of the Agreement shall be from February 26th, 2005
to February 26th, 2007.
2. TERMS AND CONDITIONS:
(1) Licensee shall pay Two Hundred and Fifty Thousand United States
Dollars (US$250,000) to Licensor as License Extension Fees. The
License Extension Fees shall be paid in two(2) equal parts according
to the following schedule:
US$125,000 payable within seven(7) days from February 26th, 2005
US$125,000 payable within seven(7) days from May 26th , 2005
<PAGE>
(2) Licensee agrees to increase the Royalty rate ("New Royalty") from
Thirty(30%) percent of the Service-Sales Amount (as defined in
Article 1.10 and Article 6.1 of the Agreement) to Thirty-Two (32%)
percent of the Service-Sales Amount. The New Royalty will be
effective from February 26th 2005 to February 26th, 2007.
(3) No later than three (3) months prior to the expiration of Renewed
Term specified on this Amendment, Licensor shall give Licensee the
first right of negotiation for a period of thirty (30)days for an
extension of Agreement for an additional term ("Extended Term") for
the Game. If no agreement in writing is made between the Parties for
renewal or re-execution of a license agreement after such
negotiation period, this Agreement shall expire without any further
extension or renewal.
IN WITNESS WHEREOF, the Parties have executed this Amendment the day and year
first above-written.
GRAVITY CORPORATION, PT. LYTO DATARINDO FORTUNA
By: _______________________ By: __________________________
Name: Jung-Ryool Kim Name: Bambang Suryanto
Title: Chairman Title: Chairman
2