EX-10.26 5 vivakor_ex1026.htm AMENDMENT NO. 2 TO SENSOR TECHNOLOGY LICENSE AGREEMENT

Exhibit 10.26

AMENDMENT No. 2 to

SENSOR TECHNOLOGY LICENSE AGREEMENT

This Amendment No. 2 dated July 10, 2021 (“Amendment No. 2”) to the Sensor Technology License Agreement (the “Agreement”) is hereby entered into, by and between, TBT Group, Inc, a Delaware Corporation (“TBT” or the “Licensor”), and Vivakor, Inc., a Nevada corporation (“Vivakor” or the “Licensee”). The Licensor and the Licensee may each be referred to herein as a “Party” and together as the “Parties.”

RECITALS

WHEREAS, the Licensee believes it will need additional time to meet the Payment/Milestones requirement specified in Item 1 of Schedule 1 of the Agreement; and

WHEREAS, the Parties have previously agreed to Amendment 1 dated May 10, 2021 (“Amendment No. 1”) which extended the time period to make a required payment for an additional 60 days in return for a $15,000 payment to Licensor, which payment was made by Licensee at the time of the extension;

WHEREAS, the Licensor has agreed to grant to Licensee an additional 30 days to make the required payment specified in Point 1 of Schedule 1 of the Agreement; and

WHEREAS, Amendment 1 reduced the Licensor’s required payment to Licensee for the License from $225,000 to $210,000;

NOW, THEREFORE, for good and valuable consideration, receipt of which is acknowledged by Licensor, Licensor and Licensee agree:

| 1. | The last sentence of Item 1 of Schedule 1 of the Agreement is hereby modified by deleting the phrase “Within 120 days,” and replacing it with the phrase “Within 210 days,”.

| 2. | In all other respects, the Agreement, Schedule 1, and Exhibit A shall remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the Amendment date specified above.

Licensor: | TBT Group, Inc.
| By: /s/ Daniel Declement
| Daniel Declement
| Chief Executive Officer
Licensee: | Vivakor, Inc.,
| By: /s/ Matt Nicosia
| Matt Nicosia
| Chief Executive Officer