EXHIBIT 10.1
AMENDMENT TO THE SOFTWARE LICENSE AGREEMENT AND IP PURCHASE AGREEMENT
THIS DEED OF AMENDMENT ("AMENDMENT"), is dated September 30, 2009 by and among
PLAYTECH SOFTWARE LIMITED with its registered office is at Trident Chambers,
Road Town, Tortola, British Virgin Islands ("PLAYTECH") on one part, and WIN
GAMING MEDIA, INC., (FORMERLY KNOWN AS ZONE 4 PLAY, INC.) (company number
850077188), with its registered office at 103 Foulk Rd, Wilmington, DE 19803,
USA ("LICENSEE") on the other part and WIN GAMING MEDIA (ISRAEL) LTD., company
number 513552950 (FORMERLY KNOWN AS MIXTV LTD.), with its registered office at
65 Igal Alon Street, Tel Aviv, Israel ("WGMI").
WHEREAS Playtech and the Licensee entered into certain Software License
Agreement dated August 6, 2008 for the provision of certain
computer software to enable the Licensee to operate its Online
Service System (the License Agreement including all schedules and
amendments attached thereto shall be referred to as the "LICENSE
AGREEMENT") and Playtech and WGMI entered into certain
Intellectual Property and Technology Purchase Agreement dated
August 6, 2008 (the "IP PURCHASE AGREEMENT") ; and
WHEREAS The parties wish to amend the License Agreement and the IP
Purchase Agreement further in accordance with the terms and
conditions set out hereunder.
NOW THEREFORE THIS DEED PROVIDES AS FOLLOWS:
1. Defined terms in this Amendment will have the meaning ascribed to them in
the License Agreement and/or the IP Purchase Agreement, as applicable.
2. Notwithstanding anything to the contrary in the License Agreement and the
IP Purchase Agreement, the parties agree that the License Agreement and the
provisions of the Employees Services under section 10.3 to the IP Purchase
Agreement ("SERVICES") will terminate on September 30th, 2009.
Notwithstanding the above, Playtech may extend the License Agreement for an
additional month, by providing a written notice, so that the License
Agreement and such Services will terminate on October 30th, 2009 subject to
the payments specified in clause 3.b below.
3. Notwithstanding anything to the contrary in Schedule 2 of the License
Agreement and/or section 10.3 to the IP Purchase Agreement and/or any other
understating between the parties, the License and Services Fees and the
payments under section 10.3 to the IP Purchase Agreement shall be as
follows:
a. For the period commencing on January 1st, 2009 and ending on August
31st , 2009 Playtech is willing to waive WGMI's current debt in the
amount of $499,761 US Dollars ("DEBT AMOUNT") and to set the License
and Services Fees and the payments under section 10.3 to the IP
Purchase Agreement and replace it with an amount of four hundred
thousand US Dollars ($400,000), to be paid by the Licensee as follows:
i. One hundred and fifty US Dollars ($150,000) that were paid to
Playtech on September 29th 2009.
ii. Two hundred and fifty thousand US Dollars ($250,000) to be paid
by way of offsetting the payment due by Playtech to RNG Gaming
Ltd. in accordance to the Intellectual Property and Technology
Purchase Agreement between Playtech and RNG Gaming Ltd.("RNG")
Dated April 13, 2009 ("RNG AGREEMENT").
b. For the period commencing on September 1st, 2009 and ending on
September 30th, 2009 the License and Services Fees and the payments
under section 10.3 to the IP Purchase Agreement will be set at Fifty
thousand US Dollars ($50,000). Licensee has made such payment on
September 29th 2009.
c. If the License Agreement is extended for an additional month in
accordance with clause 2 above, the License and Services Fees and the
payments under section 10.3 to the IP Purchase Agreement due for the
period commencing on October 1st, 2009 and ending on October 31st,
2009 will be set at fifty thousand US Dollars ($50,000), to be paid on
November 20th, 2009.
4. Other than expressly provided herein, all other terms and provisions of the
License Agreement and the IP Purchase Agreement shall remain in full force
and effect and this Amendment shall not derogate from any rights or
undertaking of either of the parties pursuant to the License Agreement and
the IP Purchase Agreement.
5. Provided that Licensee has paid in full and in a timely manner all payments
specified in clause 3 above, and following the termination of the License
Agreement Playtech and the Licensor hereby mutually release each other from
their obligations under the License Agreement including any payments and
WGMI will be released of its obligation to pay any fees under section 10.3
of the IP Purchase Agreement, unless otherwise agreed in writing by the
parties. Notwithstanding the aforesaid, provided that licensee has paid in
full and in a timely manner all payments specified in clauses 3.a3 and 3.b.
then Playtech releases Licensee from its obligation to pay the License and
Services Fees and WGMI from its obligation to pay the payments under
section 10.3 to the IP Purchase Agreement, for the period commencing on
January 1, 2009 and ending on September 30, 2009, and the parties hereby
waive any claims in this respect.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and
delivered on the date above.
PLAYTECH SOFTWARE LIMITED WIN GAMING MEDIA INC
Name: /s/ SHUKI BARAK Name: /s/ CITRON SHIMON
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Title: CEO Title: CEO
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Name: SHUKI BARAK Name: CITRON SHIMON
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Title: Title:
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WIN GAMING MEDIA (ISRAEL) LTD.
Name: /s/ SHIMON CITRON
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Title: CEO
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Name: SHIMON CITRON
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Title:
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We hereby confirm that the payment offset in accordance to clause 3.a.ii above
will constitute good and full payment of the Purchase Price as defined in the
RNG Agreement and RNG Gaming Ltd waives any future claims towards Playtech with
regard to Purchase Price due under or in connection with the RNG Agreement. In
addition, RNG Gaming Ltd, hereby agrees that Playtech will have the right to
offset any Payments Due, including interest, from the Revenue Share Amounts due
to RNG in accordance with clause 3.4 of the RNG Agreement and RNG hereby
undertakes to refrain from bringing forth any claim or demands against Playtech
in respect of any Revenue Share Amounts due to RNG that were offset against
Payments Due.
RNG GAMING LTD.
Name: /s/ HAIM TABAK
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Title: DIRECTOR
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Name: HAIM TABAK
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Title:
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