Offshoreonly.com - wtf is this

I believe it was a licensing 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 shall be deemed effective on the date
of this Amendment as indicated above:

NOW THEREFORE, in consideration of the premises and of the mutual covenants
and conditions set forth herein, the Parties hereby agree as follows:

(1) OTAM SpA may change its name to CIGARETTE RACING TEAM ITALIA SpA or,
incorporate a subsidiary with this name.

(2) LICENSOR confirms its approval of the Royalty Statement covering the period
from October 28, 1997 to October 15, 1998.

(3) For the total term of the Agreement, the sale of nine (9) Boats (see
enclosure hereto) and the payment of royalties totaling (including the
Advance Royalty) $600,000 shall satisfy the minimum sales requirement and
entitle the Licensee to exercise its option to renew the Agreement.

(4) For all subsequent sales of Boats, the royalties shall be 7 1/2% calculated
on OTAM's standard list prices (present list prices enclosed hereto) less
thirty percent (30%)

(5) This Amendment embodies the entire understanding between the LICENSEE and
LICENSOR with respect to this subject matter and can be changed only by an
instrument in writing signed by the Parties.

[INITIALLED]

2

(6) All words commencing with initial capital letters shall have the same
meaning in this Amendment as in the Agreement.

(7) LICENSEE and LICENSOR have all requisite authority to enter into this
Amendment, whether arising under applicable Federal or State laws, rules,
or regulations, to which either of the Parties may be subject.

(8) Except to the extent that the Agreement is modified by this Amendment, the
remaining terms and provisions of the Agreement including the Governing Law
and Arbitration provisions shall remain in full force and effect and are
applicable hereto.

IN WITNESS WHEREOF, this Amendment is entered into by the Parties as of the
day and year first above written.

CIGARETTE RACING TEAM, Inc. OTAM SpA

/s/ ADAM SCHILD /s/ UGO CASA

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