Document:

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                                                                   EXHIBIT 10.23

                               AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT (this "Agreement") is entered into on this 19th day of
August 2003 by and between:

ACTOZ SOFT CO., LTD., a company incorporated and existing under the laws of the
Republic of Korea ("Korea") with its principal place of business at Unsuk B/D
4th Floor, 132-3, Sungbuk-dong, Sungbuk-gu, Seoul, Korea ("Licensor"); and

SHANGHAI SHANDA INTERNET DEVELOPMENT CO., LTD. [Chinese Name], a company
incorporated and existing under the laws of the People's Republic of China
("China") with its principal place of business at 21F Huarong Plaza, No 1289
South Pudong Road Shanghai, P.R. China 200122 ("Licensee).

SHANGHAI PUDONG IMPORT & EXPORT CO., LTD. [Chinese Name] a company incorporated
and existing under the laws of the People's Republic of China ("China") with its
principal place of business No 2A, No 92 Maoxing Road, Shanghai, P.R.China
200122

[Chinese Name], (WOFE) a company incorporated and existing under the laws of the
People's Republic of China ("China") with its principal place is No 638-7, No 2,
No 351 Guoshoujing Road, Zhangjiang High Technical Park, Shanghai, P.R.China
200122

                                   WITNESSETH:

WHEREAS, Licensor and Licensee (together with Shanghai Pudong New Area Import &
Export Corp) have entered into a Software Licensing Agreement dated June 29,
2001 ("SLA") for Licensor to license to Licensee the rights to provide on-line
game service in China by using Licensor's Legend of Mir II game ([Chinese] as a
corresponding Chinese name), attached hereto as Appendix I;

WHEREAS, Licensor and Licensee, together with Wemade Entertainment Co, Ltd
("Wemade"), entered into a Supplementary Agreement on 14 July 2002
("Supplementary Agreement"); and

WHEREAS, the parties now wish to amend the terms and conditions of the SLA in
the manner specified in this Agreement.

NOW, THEREFORE, the parties agree as follows:

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1.       Amendments to the SLA. The SLA shall be amended as follows.

1.1      Section 2.03 of the SLA shall be amended so that the term of the SLA
shall be extended to September 28, 2005 (The End of the License Period) unless
earlier terminated under this Agreement or other related agreements. The said
End of the License Period shall be further extended to September 28, 2006 with
no changes in any terms and conditions of this agreement or of other related
agreements if and only if there are no disputes on the Mir II between both
parties.

1.2      Exhibit One-2-C, D and Two-2-I, J shall be amended so that the royalty
percentage for Legend of Mir II shall be 17.55% of the total user payment until
September 28, 2003 and from September 29th, 2003, it shall be 21% of total user
payment, whether or not Actoz provides the technical support, upgrades or
patches as defined in Clause 1.5 of this Agreement. The license fee for the
extension of Mir II from September 29 2003 to the End of the License Period
shall be four (4) million US dollars. Licensee shall wire the said license fee
to Actoz on or before September 28th, 2003. Total user payment herein shall mean
the gross sales amount calculated based on the actual retail price of each and
every item related to CDs, pre-paid cards and any other forms of the Software
sold by Licensee or by its distributor or agent to end users, or other total
earnings made by Licensee in direct connection with playing of the Legend of Mir
II. For the avoidance of doubt, the total user payment for any of the items
referred to in the above, shall be equal to the actual retail price offered to
end users multiplied by the number of the item sold either by on-line or
off-line during the relevant royalty period. Licensee agrees to issue dedicated
pre-paid cards for Mir II, which will not be combined with other games.

         (1)Of the said licensee fee of four (4) million US dollars, Licensor
            agrees to donate 500,000 US dollars to the following non-profit
            organization:

            a) The organization shall be named "China-Korea Game Industry
               Promotion Fund" and shall be established and controlled by
               Actoz.

1.3      Section 4.01 shall be amended so that the monthly royalty fee shall be
         paid within 15 business days after Licensee receives the invoice from
         the Licensor. Licensee shall submit the royalty report on the previous
         month by the 15th day of the following month.

1.4      Section V and Exhibit One-1/Two-1 are already executed and are no
         longer applicable.

                                      -2-
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1.5      With regard to the technical support, patches and upgrades, the
         following terms and conditions shall be added to the existing terms
         and conditions of the SLA:

        (1)     Licensor shall not be obligated to, but is entitled to provide
            Licensee with technical support, patches and upgrades regarding to
            the Legend of Mir II. Should such technical support or upgrades or
            patches not be provided by Licensor, Licensee shall request a
            written approval from Licensor to provide Licensee's own technical
            support or patches or upgrades. Licensor agrees to answer to the
            requested written approval within ten (10) business days.

          (2) If there is no written reply by Licensor to Licensee's proposal
              to Licensor within ten (10) business days since Licensee sends
              the written proposal to Licensor, the written proposal shall be
              deemed to be disapproved by Licensor.

          (3) Licensee shall be entitled to provide technical solutions for
              hacker attacks, piracy servers, and cheating programs with written
              notice to Licensor. Licensor shall not be liable or be responsible
              in any way for these provisions of technical solutions by
              Licensee. Licensor shall not, under any circumstances, be
              responsible for any damages or losses due to or arising out of the
              provision of such technical solution by Licensee whether or not
              Licensor has consented to such provision by Licensee.

        (4) Licensee respects Licensor's property rights for the Mir II
            Software. Licensee agrees that the titles and property rights for
            the patches and/or upgrades to the Mir II during the license period,
            excluding technical solutions specified in 1.6 (3) above, shall
            belong to Licensor, whether or not the said patches and/or upgrades
            are provided by Licensor or licensee.

1.6        With regard to the audit and report, the following terms and
           conditions shall be added to the existing terms and conditions of the
           SLA:

           (1) In order to improve the transparency in the calculation of
               royalty payments, Licensee shall provide to Licensor on or before
               the 15th day of each month commencing September 15,2003, the data
               on peak and average concurrent users during the previous month
               and the basis on which Licensee calculates the royalties
               commencing from September 15, 2003 (Royalty Report). After

                                            -3-

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         receiving the previous month's Royalty Report, Actoz has the option of
         sending a representative to Licensee to verify the calculation and the
         on-screen data views (operated by Shanda's employees) from the billing
         system of the Mir II royalties for the previous month with Licensee's
         finance department(s). All activities of Actoz's representative shall
         be accompanied by relevant employees of Licensee.

     (2) Licensee also agrees to provide an annual royalty report, prepared
         by one of the big four international accounting firms
         (PriceWaterhouseCooper, KPMG, Ernst & Young, and Deloitte & Touche
         Tomatsu), related to Licensee's calculation of royalties in connection
         to the Legend of Mir II, once per year upon request by Licensor.

     (3) Licensee also agrees to allow Licensor once a quarter to appoint
         one of the big four international accounting firms
         (PriceWaterhouseCooper, KPMG, Ernst & Young, and Deloitte & Touche
         Tomatsu) to verify the calculation of the royalty payments at
         Licensor's expenses. In case the total user payment reported by
         Licensee shows discrepancy with the one calculated by the
         Licensor-appointed accounting firm, the Licensee has the right to
         appoint its own accounting firm from one of the big four
         international accounting firms (PriceWaterhouseCooper, KPMG, Ernst
         & Young, and Deloitte & Touche Tomatsu) to re-verify the
         Licensor-appointed accounting firm's calculations. The final
         royalties payable shall be determined by the average of the two
         accounting firms' calculations.

     (4) The average of the calculations of the royalty amounts by the two
         accounting firms appointed by the Parties shall be finally
         effective and binding on both Licensee and Licensor. If the
         Licensee's payment of the royalties is less than the average of the
         two calculations, the Licensee shall pay the difference within 15
         business days from the date each of the two accounting firms sends
         its report to the Parties, whichever is later. If the Licensee's
         payment of the royalties is more than the average amount of the two
         calculations, then the Licensee shall be entitled to set-off any
         excess payment from future payable royalty.

     (5) For the avoidance of doubt, once the Licensor appoints its accounting

                                      -4-
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         firm according to section 1.6(3) to verify the Licensee's computations
         for the previous quarter as provided above, the time for the Licensee
         to make payment for that specific quarter is automatically extended
         until after the Licensee-appointed accounting firm has completed and
         submitted its re-verification report to the Parties and the Licensee
         shall not be considered to have made any delay in payment.

1.7      With regard to the cause for termination of the SLA, the following
         terms and conditions shall be added to the existing terms and
         conditions of the SLA:

         Subject to clause 1.6 above, Licensor and Licensee agree that the SLA
         shall terminate automatically if Licensee does not pay the monthly
         royalty according to Licensee's monthly royalty report for two (2)
         months or more (whether consecutive or not), or if Licensee delays to
         pay the monthly royalty according to Licensee's monthly royalty report
         for three (3) months or more without the prior written agreement of
         Licensor, except for the following situations:

         (1) Delays of payment or partial payment as a result of disagreements
         between Licensee's royalty report(s) and the verifications by Actoz's
         representative and/or by Actoz's accounting firm per clause 1.6;

         (2) Delays of payment or partial payment as a result of factors not
         under Licensee's direct control, for example, natural disasters or
         delays from foreign exchange agencies with official confirmation
         letters from respective government office.

1.8      With regard to the severability of the SLA, the following terms and
         conditions shall be added to the existing terms and conditions of the
         SLA:

         In the event that any clause or provision or part thereof in the SLA
         shall for any reason be determined by any court or tribunal to be
         illegal, invalid or unenforceable, then the remaining clause or
         provision or part thereof shall not be affected, impaired or
         invalidated and shall remain in full force and effect and shall
         continue to be binding upon Licensor and Licensee. In such case, the
         parties shall make their best efforts to amend the SLA so that the
         parties' original intention is provided in the SLA to such extent as
         possible.

                                      -5-
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1.9      With regard to the approval for the performance of the SLA, the
         following terms and conditions shall be added to the existing terms
         and conditions of the SLA:

         Each of the Licensor and Licensee shall be responsible for obtaining
         (if any) all licenses, permits, registrations and other approvals or
         consents and for filing reports necessary for the performance of its
         obligations and acts under the SLA from governmental and other
         authorities, or any other relevant party in Korea and China
         respectively in time, and thereafter for maintaining them in force.
         Such licenses, permits, registrations, approval, consent and reports
         include, without limitation, the approvals of the SLA by the government
         of Korea and China and reports to the relevant authorities in Korea and
         China.

1.10     Licensee agrees not to force end-users of Mir II to leave Mir II to
         switch to any other games operated by Licensee, not to carry
         promotional advertisements of other games operated by the Licensee on
         the web-site www.mir2.com.cn. and not to change the Chinese name
         [Chinese] of Mir II without prior consent by Licensor.

1.11     Licensee shall not transfer the user ID, password, and character
         information including character type, level, items etc related to the
         Legend of Mir II to any other games nor utilize user ID, password, and
         character information including character type, level, items etc
         related to the Legend of Mir II for the benefit of any other games.
         Upon Licensee's failure to comply with this article 1.11, the Licensee
         shall pay US $1 million for each incidence to the Licensor and all
         agreements and commitments signed by Actoz shall be deemed null and
         void and shall lose their effect forthwith automatically.

1.12     All existing and future disputes on the Intellectual Property Rights of
         the Legend of Mir II or of Legend of Mir III shall not affect the
         terms and conditions of this Agreement and of the Settlement Agreement.

2.       Other Terms. Except as amended by this Agreement, all provisions of the
SLA shall remain in full force and effect.

3. Supplementary Agreement

Both Licensee and Actoz acknowledge that by the Supplementary Agreement
WeMade has granted all the rights and representations to Actoz in connection
with the Legend of Mir II in China during the effective period. Upon the signing
of this Agreement, both Actoz and

                                      -6-
<PAGE>

Licensee agree that the following terms in the Supplementary Agreement shall
become null and void automatically between Licensee and Actoz, both of whom
shall waive any and all allegations and claims, whether known and unknown,
against anyone, under the following terms of the Supplementary Agreement.

         (1)      Section 1

         (2)      Section 2

         (3)      Section 3

         (4)      Section 4

         (5)      Section 5

         (6)      Section 6

4.       Language. The English language version of this Agreement shall control
in all respects and for purposes of any and all disputes and litigation.

5.       Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party, it being understood that all
parties need not sign the same counterpart. Signatures may be evidenced by
facsimile.

6.       Assignment. This Agreement may not be assigned by any party to a third
party without prior written consent of the other party.

7.       Integral Part. This Agreement shall constitute the integral and
inseparable part of the SLA.

8. Obligations and duties of WOFE: .

         (1) Actoz and Shanda and WOFE agree that WOFE shall become part of
         Licensee if and only if Wemade signs this agreement and the Settlement
         Agreement dated August 19th, 2003.

         (2) For the avoidance of doubt, in this Agreement the term of "both
         parties" refers to Shanda and Actoz and does not refer to WOFE unless
         after WOFE becomes part of Licensee as specified above.

9. Representation and Warranties. In addition to the original Representations
and Warranties in the SLA, each Party represents and warrants on the date hereof
as follows:

         (1) Each Party is a corporation duly organized, validly existing and in
         good standing under all applicable laws and is duly registered and
         qualified to do business. Each Party has all requisite corporate power
         and authority to execute and deliver,

                                      -7-
<PAGE>

         and perform its obligations under this Agreement, and to consummate the
         transactions contemplated hereby; and

         (2)The execution, delivery and performance of this Agreement by each
         Party has been duly authorized by all necessary corporate actions on
         the part of such Party. This Agreement has been duly executed and
         delivered by each Party, and is the valid and legally binding
         obligation of each Party, enforceable in accordance with its terms.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective duly authorized signatories as of the day and year first
written above.

LICENSOR                                        LICENSEE

By: /s/ Jong Hyun Lee                          By: /s/ Timothy Chan
    -------------------                            ---------------------
Name: Jong Hyun Lee                            Name: Timothy Chan
Title: CEO & President                         Title: Chairman of BOD
       Actoz Soft Co., Ltd.                            Shanghai Shanda Internet
                                                       Development Co., Ltd.

Acknowledge and agree to the terms and conditions of this Agreement:

By: /s/ Timothy Chan
    --------------------
Name: Timothy Chan
Title: Chairman of BOD
[CHINESE NAME] (WOFE)
[SEAL]

By: (sign)
Name:
Title: Chairman of BOD
       Shanghai Shanda Import & Export  Cor., Ltd.

                                      -8-PROMISSORY NOTE

 Exhibit 10.1 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAW, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION OR (B) SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION. 
  
 PROMISSORY NOTE 
  
 Issue Date: March 26, 2004 
  
 Maturity Date: March 31, 2006 
  

									
	 $250,000.00
	 	 	 	 	 	 	 	 Number 1

					
	 	 	 	 	 	 	 	 	 Orlando, Florida

  
  
 FOR VALUE RECEIVED, ACTION PRODUCTS INTERNATIONAL, INC., a Florida corporation (the “Maker”), promises to pay to Warren Kaplan
Trust, or his, her or its registered assigns (the “Payee”), the principal sum of Two Hundred Fifty Thousand dollars ($250,000.00), together with interest in arrears on the unpaid principal balance from time to time
outstanding from the date hereof until the entire principal amount due hereunder is paid in full at the rate of six (6%) percent per annum. The unpaid principal balance and all accrued interest thereon is due and payable in full on March 31, 2006.
The Maker may prepay this Note at any time without penalty or premium. 
  
 Upon the occurrence of an Event of Default, the entire unpaid principal balance hereunder and any accrued and unpaid interest thereon may be declared immediately due and payable without notice, demand, presentment or protest. The following
shall constitute “Events of Default” 
  
 (a) If the Maker shall default in the payment of any part of the principal or interest of this Note when the same shall become due and payable, whether at maturity or at any other date fixed for payment; 
  
 (b) If the Maker makes an assignment for the benefit of creditors or is
adjudicated bankrupt, or if a petition in bankruptcy or for reorganization or to effect a plan of arrangement with creditors is filed by or against the Maker; or if the Maker applies for or permits the appointment of a receiver or trustee for any of
its property or assets; or if any such receiver or trustee is appointed for any of its properties or assets, or if any of the above actions or proceedings are commenced by or against the Maker; or 
  
 (c) If the Maker is dissolved or liquidated. 
  
 If any of the foregoing Events of Default shall occur, the interest rate
payable hereunder shall increase to the lower of (i) fifteen percent (15%) per annum or (ii) the highest rate of interest allowable under law and in any such event Payee may at any time (unless all defaults shall theretofore have been remedied) at
Payee’s option, by written notice to the Maker, declare this Note to be due and payable in full. Upon mailing of such notice this Note shall immediately mature and become due and payable in full together with interest accrued hereon and Payee
may execute Payee’s rights as set forth herein. 
  
 If one or
more Events of Default shall occur and be continuing, and this Note shall be due and payable as set forth above and, subject to the terms hereof, Payee may proceed to protect and enforce Payee’s rights by an action at law, suit in equity or
other appropriate proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the 

 terms hereof, or in aid of the exercise of any power granted hereby or by law. In the event of default, the Maker agrees
to pay to Payee such further amount as shall be sufficient to cover the costs and expenses of collection, and all costs related to Payee’s enforcement of Payee’s rights under this Note, including, without limitation, reasonable
attorneys’ fees and expenses whether or not a formal action is commenced. No right, power or remedy conferred hereby upon Payee shall be exclusive of any other right, power or remedy referred to herein nor now or hereafter available at law, in
equity, by statute or otherwise. No course of dealing and no delay on the part of Payee in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice Payee’s rights, powers and remedies. 
  
 This Note shall be governed by and construed and enforced in accordance with
the laws of the State of New York. This Note shall be binding upon the Maker and its successors and assigns and shall inure to the benefit of and be enforceable by Payee and Payee’s successors and assigns. This Note may not be modified or
altered in any manner except by a signed writing. The failure of Payee at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same. No waiver by Payee of any condition
of this Note or the breach of any provision hereof, whether by conduct or otherwise, in any one or more instances shall be deemed to be construed as a further or continuing waiver of any such condition or breach. By accepting this Note, Payee agrees
to be bound by the terms and conditions hereof. 
  
 Upon receipt
of evidence satisfactory to the Maker of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction, upon delivery of indemnity satisfactory to the Maker (if reasonably requested), or in case of
such mutilation, upon surrender and cancellation of this Note, the Maker will issue a new note, or like tenor, in lieu, and dated the date, of such lost, stolen, destroyed or mutilated Note. 
  
 All agreements between the Maker and the Payee are hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Payee for the use, forbearance or detention of the
indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided, however, that in the event there is a change
in the law which results in a higher permissible rate of interest than the highest permissible rate under applicable law in effect as of the date hereof, then this Note shall be governed by such new law as of its effective date. If, from any
circumstance whatsoever, fulfillment of any provision hereof at the time performance of such provision shall be due shall involve transcending the limit of validity prescribed by law, then the obligation to be fulfilled shall automatically be
reduced to the limit of such validity, and if from any circumstances the Payee should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of
the principal balance evidenced hereby and not to the payment of interest, and, if the principal amount of the Note has been paid in full, shall be refunded to the Maker. This provision shall control every other provision of all agreements between
the Maker and the Payee with respect to this indebtedness evidenced hereby. 
  
 IN WITNESS WHEREOF, the Maker has caused this Note to be executed as an instrument under seal by its duly authorized representative as of the day and year first above written. 
  

					
	 WITNESS:
	 	 ACTION PRODUCTS INTERNATIONAL, INC.

			
	 /s/ ROBERT L. BURROWS

	 	 By:
	 	 /s/ RONALD S. KAPLAN

	 Robert L. Burrows
	 	 	 	 Ronald S. Kaplan

	 	 	 	 	 President and Chief Executive Officer

  

 2

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