ADDENDUM I TO ASSIGNMENT BETWEEN Ms. TSAI Hsui Ping & Team Profit Asia Limited
Exhibit 10.5
ADDENDUM I
TO
BETWEEN
▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ &
Team Profit Asia Limited
This is the first addendum (the “Addendum”) to the Assignment, dated July 20, 2010.
WHEREAS, ▇▇. ▇▇▇▇▇ ▇▇▇-Po is the sole and exclusive owner of 臺灣植物快速繁植法 Patentable Technology (TFPPT) and has the sole and exclusive right to grant licenses of TFPPT.
WHEREAS, ▇▇. ▇▇▇▇▇ has read and considered the merits and appropriateness of the Assignment dated July 20, 2010 and ▇▇. ▇▇▇▇▇ ▇▇▇-Po hereby approves and authorizes ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ to execute the assignment.
NOW THEREFORE, Team Profit Asia Limited agreed to directly pay ▇▇. ▇▇▇▇▇ ▇▇▇-Po, commencing December 31, 2010 and at every quarter thereafter, as royalty fee, an amount equal to 6% of income received by Team Profit Asia Limited, its subsidiaries and its sub-licensee, on the use and application of TFPPT for the period December 31, 2010 to June 30, 2040.
AS WITNESS, whereof the parties hereto have caused this ADDENDUM to be duly executed on July 21, 2010.
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Sole and exclusive owner of TFPPT
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/s/ ▇▇▇▇▇ ▇▇▇-Po
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▇▇. ▇▇▇▇▇ ▇▇▇-Po
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WITNESS
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/s/ LI ▇▇▇
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▇▇ Hui
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ASSIGNEE
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ASSIGNOR
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Team Profit Asia Limited
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/s/ ▇▇▇▇ ▇▇▇▇ Ping
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/s/ HO Lai ▇▇▇ ▇▇▇▇▇
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▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
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▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇, Director
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WITNESS
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WITNESS
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/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
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/s/ PUN Chi Hong
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▇▇▇▇ ▇▇▇▇▇▇▇▇
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PUN Chi Hong
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