Open Ended Product Agreement [Amendment] - Wade Cook Financial Corp. and Wade B. Cook
AMENDMENT TO OPEN ENDED PRODUCT AGREEMENT
WHEREAS, on March 20, 1998 Wade Cook Financial Corporation, a Nevada corporation
("WCFC") and/or its assigns and Wade B. Cook, a resident of Washington State
("Cook") and/or his assigns entered into an Open Ended Product Agreement whereby
Cook provided WCFC with a non-exclusive worldwide license to all Cook
intellectual property as listed in Exhibit A of the Agreement.
Whereas, the original Open Ended Product Agreement provided for a royalty rate
of ten percent (10%) of all gross sales for Products licensed thereunder.
Whereas, Mr. Cook and/or his assigns is a substantial shareholder in the company
and Mr. Cook and/or his assigns have a vested interest in the continuing
profitability the company.
Whereas, WCFC from time to time has certain cash flow needs beyond the resources
available.
NOW THEREFORE, the parties hereby agree that Mr. Cook and/or his assigns may
forego any amount of royalties due under the terms of the Agreement as deemed
appropriate by Cook in his sole discretion, depending on the cash flow needs and
or anticipated cash flow needs of WCFC at the time.
Executed in duplicate this 13th day of November, 1998.
WADE COOK FINANCIAL CORPORATION
By: /s/ Kiman Lucas
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Name: Kiman Lucas
Title: General Counsel
/s/ Wade B. Cook
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Name: Wade B. Cook
Title: President
/s/ Wade B. Cook
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Wade B. Cook, Licensor