EXHIBIT 10.2
AMENDMENT NO. 1
TO
LICENSE AGREEMENT
This AMENDMENT NO. 1 TO LICENSE AGREEMENT ("Amendment No. 1") dated May 12,
1999 is by and between David R. Mortenson & Associates, a Texas general
partnership ("Grantor"), and Gentry Resources, Inc., a Nevada corporation
("Licensee").
WHEREAS, Grantor and Licensee are parties to that certain License Agreement
(the "Preexisting Agreement") dated as of April 28, 1999, granting Licensee an
exclusive private label license for the Biocatalyst and Biomas products in
Alabama, Arkansas, Louisiana and Mississippi; and
WHEREAS, Grantor and Licensee wish to confirm, clarify and modify certain
terms of the License Agreement;
NOW THEREFORE, the parties hereto agree as follows:
1. Definitions; References.
-----------------------
Capitalized terms not defined in this Amendment No. 1 shall have the
meanings given them in the Preexisting Agreement. References in the Preexisting
Agreement and this Amendment No. 1 to the "Agreement" shall refer to the
Preexisting Agreement as amended by this Amendment No. 1, and words such as
"herein", "hereinafter" or other words of similar import shall likewise be
construed as referring to the Preexisting Agreement as amended by this Amendment
No. 1.
2. Confirmation of Agreement.
-------------------------
This Amendment No. 1 amends the Preexisting Agreement. Terms of the
Preexisting Agreement not amended by this Amendment No. 1 continue in full force
and effect, and are hereby ratified and confirmed by the parties.
3. Preexisting Agreement.
---------------------
Amendment No. 1 to License Agreement
Page 1 of 3
The Preexisting Agreement supersedes and replaces in its entirety that
certain License Agreement (the "Superseded Agreement") dated December 24, 1998,
by and between Grantor and Licensee. The Superseded Agreement is null, void, of
no force or effect, and each party hereby releases, if any, its rights, or any
obligations of the other, thereunder.
4. Termination for Convenience.
---------------------------
At the end of paragraph (a) of the first Section 2.02 of the Preexisting
Agreement, the following sentence is added: "This Agreement may be terminated by
Licensee upon the giving of notice as herein provided."
5. Licensee's Control Over Business.
--------------------------------
A new Section 5.06 is added: "5.06 Licensee's Control Over Business.
Licensee shall establish the means by which it satisfies its obligations under
Sections 5.01 and 5.05. Grantor shall have no right to enforce, and no action
shall accrue under, such provisions until this Agreement shall have been in
force for more than one year and Licensee shall have failed to meet its minimum
purchase requirements set forth in Exhibits A and C."
6. Minimum Purchase Requirements.
-----------------------------
The Purchase Obligations set forth on Exhibit C are hereby modified so that
Licensee's minimum purchase requirement shall be $125,000 for the 1st Year,
rather than $50,000 and $75,000 for the 1st 6 months and the 2nd 6 months,
respectively. In addition, the following sentence is hereby added after the last
sentence on Exhibit C: "Grantor shall have no right to enforce, and no action
shall accrue in respect of, Licensee's Purchase Obligations until this Agreement
shall have been in force for more than one year."
Amendment No. 1 to License Agreement
Page 2 of 3
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first set forth above.
GRANTOR: LICENSEE:
DAVID R. MORTENSON & ASSOCIATES GENTRY RESOURCES, INC.
/s/ David R. Mortenson /s/ Jimmy P. Beehner
- ------------------------------- ----------------------------------
By David R. Mortenson By Jimmy P. Beehner
Its General Partner Its President
Amendment No. 1 to License Agreement
Page 3 of 3