right and privileged to use such Property as provided in this Agreement subject to such changes or alterations. Except as stated herein, no other rights or privileges are granted to Bizzingo by Theismann. "Property" as stated herein shall mean Theismann's name (including "Joe Theismann", "Theismann" "J. Theismann"), nicknames, initials, autograph, facsimile signature, photograph, image, likeness, voice, video portrayals, biographical data, character, symbols, and/or other endorsement, and any variations or deviations thereof. "Territory" as stated herein shall mean worldwide. 2. TERM. Unless sooner terminated under the provisions hereof, this Agreement shall commence on the Effective Date and continue for a period of one (1) year ("Term"). provided however, that the Parties may extend the Term for an additional year period by entering into an written addendum of the Agreement extending such term. 3. COMPENSATION. a. In consideration for the rights granted hereunder and for the promotional appearances provided herein, Bizzingo, subject to the other terms and conditions herein, agrees to pay to Theismann during the Term the royalty recited in Schedule A (the "Royalty"). In addition, concurrent with the execution hereof, Bizzingo will pay Theismann the Initial Bonus described in Schedule A. b. The Royalty owed Theismann shall be calculated on a quarterly calendar basis ("Royalty Period") commencing on the first (1st) day of June, September, December, and March, except that the first and last calendar quarters may be "short" depending on the effective date of this Agreement. Payment of the Royalty shall be made no later than 45 days after the termination of the preceding full calendar quarter. The foregoing notwithstanding, if this Agreement is terminated in accordance with the provisions herein during a Royalty Period, the Royalty shall be calculated up to and including the Termination Date and payment of the Royalty shall be made as provided herein. c.