Amendment To Distribution And License Agreement

AMENDMENT TO DISTRIBUTION AND LICENSE AGREEMENT


THIS AMENDMENT, is made at SANTA MARGHERITA LIGURE (GE), as of the 27 day of JULY, 1999, by and between


- - OTAM SpA, a corporation organized under the laws of Italy, with its
registered offices at Via S. Siro, 1, 16038 Santa Margherita Ligure (Ge),
Italy ("LICENSEE")


and


- - CIGARETTE RACING TEAM, INC., a corporation organized under the laws of the
State of Florida, U.S.A., with offices at 3131 N.E. 188th Street, Aventura,
Florida 33180, U.S.A. ("LICENSOR")


(hereinafter collectively referred to as the "Parties")


RECITALS


LICENSEE and LICENSOR entered into a License and Distribution Agreement dated October 28, 1997 (hereinafter referred to as the "Agreement") in order to grant the rights to use LICENSOR's marks (hereinafter referred to as the "Marks") to LICENSEE in connection with manufacturing, selling and/or distribution of specific watercrafts bearing such Mark which are respectively 45 feet and 55 feet in length (hereinafter referred to as the "Boats"); and


LICENSOR has previously waived its rights to the exclusive sale and commissions provisions provided for in Item 24 of the Agreement; and


[INITIALLED]


1


LICENSEE and LICENSOR desire to further modify the Agreement in the manner provided hereinbelow, which modifications ...