Document:

exv10w2

 

Exhibit 10.2* — Form 20F 2004 Las Vegas From Home.com

MODIFICATION TO “LICENSE AND SETTLEMENT AGREEMENT”

OF FEBRUARY 17, 2005

     This Modification is entered into this 6th day of May, 2005, by and between
1st Technology LLC (hereinafter “1st Technology”) and LasVegasFromHome.com Entertainment, Inc.
(hereinafter “LVFH.com”).

     WHEREAS, 1st Technology and LVFH.com entered into a License and Settlement Agreement,
incorporated herein by this reference, in settlement of 1st Technology LLC v.
LasVegasFromHome.com Entertainment, Inc., et al., Case No. CV-S-04-1003-RLH-PAL (“the Lawsuit”),
under which the Lawsuit was dismissed and a license was granted to LVFH.com by 1st Technology in
exchange for license fees paid on an agreed upon payment schedule;

     WHEREAS, 1st Technology and LVFH.com have agreed to accelerate payments from the agreed upon
payment schedule;

     NOW, THEREFORE, in consideration of the mutual covenants and promises made herein and for
other good and valuable consideration, the parties agree to modify the License and Settlement
Agreement as follows:

	A.	 	LVFH.com agrees to pay to 1st Technology in a manner stated in Section IV of the License and
Settlement Agreement a sum of ninety thousand dollars ($90,000.00) (“Final Payment”) by wire
transfer initiated on or before May 10, 2005.

	B.	 	1st Technology agrees to accept the Final Payment made in accordance with the terms of Part A
herein, in exchange for a full and complete release and satisfaction of all remaining royalty
obligations, fixed and contingent, owed under the License and Settlement Agreement, including
all “initial royalty obligation,” “additional royalty obligation,” and “further additional
royalty obligation” as those terms are used in the License and Settlement Agreement, as if
LVFH.com had paid all fixed and potential
    contingent royalty amounts under the original terms of the License and Settlement Agreement.

 

 

	C.	 	By this Modification, Section V of the License and Settlement Agreement shall be deleted in
its entirety from the terms of the License and Settlement Agreement and Modification, and
shall have no force or effect after this Modification.
	 
	D.	 	To the extent that the language of Parts A, B, or C herein modifies, amends, or contradicts
the License and Settlement Agreement, the language of Parts A, B, and C herein shall supercede
the License and Settlement Agreement.
	 
	E.	 	The remaining portions of the License and Settlement Agreement not specifically modified by
Parts A, B, or C herein shall continue in full force and effect.

1ST TECHNOLOGY LLC

 

Dated:

By:

Its:

 

LASVEGASFROMHOME.COM ENTERTAINMENT, INC.

 

Dated:

By:

Its:exv10w3

 

Exhibit 10.3* — Form 20F 2004 Las Vegas From Home.com

LOAN AGREEMENT

THIS LOAN AGREEMENT (hereinafter referred to as “this Agreement” or “the Agreement”), is made and
entered into as of June 15, 2004.

BETWEEN:

LAS VEGAS FROM HOME.COM ENTERTAINMENT INC., with offices at 600 – 1199 West Hastings Street,
Vancouver, British Columbia, V6E 3T5 (hereinafter referred to as “Las Vegas”)

OF THE FIRST PART

AND:

INTERNATIONAL INTERACTIVE VENTURES with registered offices at P.O. Box 35, Tefen Industrial Park,
Migdal Tefen, Israel 24959 (hereinafter referred to as “International Interactive”)

OF THE SECOND PART

WHEREAS,

	 	A.	 	Las Vegas has a wholly owned subsidiary in Antigua by the name of Action Poker Gaming
Inc (“Action”).
	 
	 	B.	 	The business of Action is to license and operate online multiplayer interactive card
games.
	 
	 	C.	 	Action is desirous of borrowing U.S. $250,000 (Two Hundred and Fifty Thousand United
States Dollars) from International Interactive.

And,

	 	D.	 	International Interactive is desirous of lending U.S. $250,000 (Two Hundred and Fifty
Thousand United States Dollars) to Action.

NOW THEREFORE, in consideration of these premises and mutual covenants herein set forth, the
parties hereto agree as follows:-

	 	1.	 	To induce Action to enter into this Agreement, International Interactive represents
and warrants that:

					
	 	 	 	 	 
	 

	Loan Agreement

June 15, 2004

LVH/International Interactive
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	 	(a)	 	It is duly incorporated, organized and validly existing under the laws of the
State of Israel.
	 
	 	(b)	 	It has good and sufficient capacity, power, authority and right to enter
into, execute and deliver this Agreement, to complete the transactions contemplated
hereby and to duly observe and perform the covenants and obligations contained herein.

And,

	 	(c)	 	All necessary corporate action has been taken by International Interactive to
authorize and approve the execution and delivery of this Agreement, the completion of
the transactions contemplated hereby and to duly observe and perform the covenants and
obligations herein.

	 	2.	 	To induce International Interactive to enter into this Agreement, Action represents
and warrants that:

	 	(a)	 	It is duly incorporated, organized and validly existing under the laws of
Antigua and Barbuda.
	 
	 	(b)	 	It has good and sufficient capacity, power, authority and right to enter
into, execute and deliver this Agreement, to complete the transactions contemplated
hereby and to duly observe and perform the covenants and obligations contained herein.

And,

	 	(c)	 	All necessary corporate action has been taken by Action to authorize and
approve the execution and delivery of this Agreement, the completion of the
transactions contemplated hereby and to duly observe and perform the covenants and
obligations contained herein.

	 	3.	 	The principal amount of the Loan shall be U.S. $250,000 (Two Hundred & Fifty Thousand
United States Dollars) [hereinafter referred to as the “Loan”].
	 
	 	4.	 	The Loan shall not bear any interest whatsoever. For greater certainty, the Loan
shall be “interest-free”.
	 
	 	5.	 	This Agreement shall become effective from the date of actual receipt of the Loan by
Action and such date must not be later than July 10, 2004 (the “Effective Date”). In the
event that Action does not receive the Loan by the Effective Date, then this Agreement
shall forthwith terminate and shall be of no further force or effect.
	 
	 	6.	 	The term of the Loan shall be for a period of 24 (twenty-four) months commencing from
the Effective Date of this Agreement (hereinafter referred to as the “Term of the Loan”).

					
	 	 	 	 	 
	 

	Loan Agreement

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LVH/International Interactive
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	 	7.	 	The Loan may be repaid, wholly or partially, by Action, without any penalty, at
anytime during the Term of the Loan.
	 
	 	8.	 	After 30 (thirty) days from the Effective Date, Action shall commence the repayment
of the Loan by making regular monthly installment payments to International Interactive
and such regular monthly installment payments shall be equal to 5% (five percent) of
Action’s revenues for the first 12 (twelve) month period of the Term of the Loan or until
the Loan is fully repaid at anytime during the first 12 (twelve) month period of the Term
of the Loan, whichever occurs first (the “First Phase of Loan Repayment”). If the Loan is
not fully repaid at the expiry of the first 12 (twelve) month period of the Term of the
Loan, then Action shall make regular monthly installment payments towards the repayment of
the Loan to International Interactive and such regular monthly installment payments shall
be equal to 10% (ten percent) of Action’s revenues and shall commence from the
13th (thirteenth) month of the Term of the Loan up to the date when the Loan is
fully repaid by Action to International Interactive (the “Second Phase of Loan
Repayment”).
	 
	 	9.	 	In lieu of interest, commencing after 30 (thirty) days from the Effective Date,
Action shall make regular monthly bonus payments to International Interactive and such
regular monthly bonus payments shall be equal to 5% (five percent) of Action’s revenues
(the “Initial Bonus Payments”). The Initial Bonus Payments shall be payable for a period
of not less than the first 12 (twelve) month period of the Term of the Loan and, in the
event that the Loan is not fully repaid by the expiry of the first 12 (twelve) month
period of the Term of the Loan, then the Initial Bonus Payments shall continue until the
Loan is fully repaid by Action to International Interactive. However, in the event that
Action fully repays the Loan to International Interactive at anytime during the first 90
(ninety) day period of the Term of the Loan, then the Initial Bonus Payments shall
forthwith terminate and shall be of no further force or effect, and shall be replaced by a
subsequent bonus which shall be regular monthly subsequent bonus payments by Action to
International Interactive and such regular monthly subsequent bonus payments shall be
equal to 4% (four percent) of Action’s revenues for the period commencing from the date of
the full repayment of the Loan up to the end of the first 12 (twelve) month period of the
Term of the Loan (“Subsequent Bonus Payments ”). Upon the completion of the Subsequent
Bonus Payments, Action will have no further obligations whatsoever to International
Interactive and this Agreement will terminate and shall be of no further force or effect.
	 
	 	10.	 	For greater certainty, Action’s revenues shall mean Action’s share of rakes and
membership fees collected from Action’s players, but shall not include interest income and
Licensee and/or Affiliate fees and/or payments.
	 
	 	11.	 	For as long as this Agreement has not been terminated, International Interactive
shall have the ability to view, in real time, the revenues that shall be generated by
Action.

					
	 	 	 	 	 
	 

	Loan Agreement

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LVH/International Interactive
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	12.	 	Once every year and for as long as this Agreement is not terminated or expired,
International Interactive may at its sole cost and expense, examine and audit the books
and records of Action provided that International Interactive gives 30 (thirty) days prior
written notice to Action.
	 
	13.	 	For as long as this Agreement is not terminated or expired, Las Vegas shall provide
to International Interactive the unaudited financial statements for the 1st,
2nd and 3rd quarters of Las Vegas and the annual audited financial
statements of Las Vegas.
	 
	14.	 	For as long as this Agreement is not terminated or expired, Action shall provide to
International Interactive, on a regular monthly basis, statistical information regarding
Action’s revenues.
	 
	15.	 	In the event of a default by Action in the repayment of the Loan, then Las Vegas
shall be obligated to repay the Loan to International Interactive.
	 
	16.	 	International Interactive shall provide its written bank wiring instructions to
Action 5 (five) Canadian business days prior to each and every payment that shall be due
and payable to International Interactive pursuant to this Agreement.
	 
	17.	 	This Agreement shall be construed and governed by the Laws of Antigua and Barbuda.
Any claims, actions or litigations arising out of this Agreement must first be submitted
to arbitration, and if such arbitration is unsuccessful, International Interactive and
Action consent and agree to the sole and exclusive jurisdiction of the Courts of Antigua
and Barbuda to entertain any actions or other legal proceedings based on any provisions of
this Agreement.
	 
	18.	 	This Agreement and the rights hereunder may not be assigned or transferred either in
whole or in any part by International Interactive without the prior written approval of
Action.
	 
	19.	 	All notices, communications and other documents required or permitted to be given
hereunder shall be in writing and shall be personally delivered or sent by prepaid
registered mail or facsimile transmission (with confirmed receipt) to the recipients as
follows:

	 	 	 
	          To Action:

	 	ACTION POKER GAMING INC.
	 

	 	No. 6 Temple Street, P.O. Box 2372
	 

	 	St John’s, Antigua and Barbuda
	 

	 	Telefax: (604) 681-9428
	 

	 	Email: info@lvfh.com

					
	 	 	 	 	 
	 

	Loan Agreement

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LVH/International Interactive
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	          To International Interactive:

	 	INTERNATIONAL INTERACTIVE VENTURES
	 

	 	P.O. Box 35
	 

	 	Tefen Industrial Park
	 

	 	Middal Tefen, Israel 24959
	 

	 	Telefax:                                 
     
	 

	 	Email: ag@windowscasino.com

	 	 	and shall be deemed to be validly given and received (i) if personally delivered or sent by
facsimile transmission (with confirmed receipt), on the date of delivery or transmission if
delivered or transmitted during normal business hours and on the next business day
following the date of delivery of transmission if delivered or transmitted after normal
business hours; and (ii) if sent by prepaid registered mail, on the date which is ten (10)
business days after the date of mailing excluding all days in which postal service is
disrupted. Either party may from time to time change its address by notice to the other in
accordance with this Section.
	 
	20.	 	This Agreement contains all the terms and conditions agreed upon by the parties hereto and
supersedes all prior agreements, negotiations, assumptions and undertakings whether written or
oral between the parties hereto concerning the subject matter hereof. This Agreement may
neither be changed nor modified nor reduced nor may any provision hereof be waived, except in
writing and signed by duly authorized representatives of both parties hereto.
	 
	21.	 	Each party hereto agrees to execute and deliver, or cause to be executed and delivered, such
further instruments and assurances, and to do such further acts and things, as may be
necessary or desirable to give effect to this Agreement.
	 
	22.	 	During the currency of the Agreement, the parties hereto shall not pledge, mortgage, charge
or otherwise encumber their rights and obligations under this Agreement without the consent of
the other party, which consent shall not be unreasonably withheld.
	 
	23.	 	This Agreement shall enure to the benefit of and be binding on the parties and their
respective executors, heirs, administrators, successors and permitted assigns.
	 
	24.	 	The parties hereto agree to maintain the highest level of confidentiality with respect to
this Agreement.
	 
	25.	 	This Agreement may be executed in one or more counterparts, each of which will be deemed to
be an original copy of this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement. The exchange of copies of this Agreement and of
signature pages by facsimile transmission shall constitute effective execution and delivery of
this Agreement as to the parties and may be used in lieu of the original Agreement for all
purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their
original signatures for all purposes.

					
	 	 	 	 	 
	 

	Loan Agreement

June 15, 2004

LVH/International Interactive
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	26.	 	Time shall be of the essence hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement on this 15th day of June,
2004.

	 	 	 	 	 	 
	COMPANY: LAS VEGAS FROM HOME.COM ENTERTAINMENT INC.
	 
	 	 	 	 
	NAME:

	 	Bedo H. Kalpakian	 	 
	 
	 	 	 	 
	TITLE:

	 	Chairman and Chief Financial Officer	 	 
	 
	 	 	 	 
	SIGNATURE:

	 	 	 
	 
	 	 	 	 
	COMPANY: INTERNATIONAL INTERACTIVE VENTURES
	 
	 	 	 	 
	NAME:

	 	Andrew G. Szabo	 	 
	 
	 	 	 	 
	TITLE:

	 	President	 	 
	 
	 	 	 	 
	SIGNATURE:

	 	 	 

					
	 	 	 	 	 
	 

	Loan Agreement

June 15, 2004

LVH/International Interactive
	 	 6

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