not true -they are only some lines concerning licensing encoded , all other code is not
Well, that at least sounds somewat promising on your end...
if I give you the source code and you modify it is not violation of any thing
well, that dwells down to two things...
1. As the license is encoded and is likely required to run the app; it'd be difficult to test.
2. You could be violating your license by providing the software to third parties; you may want to review the license terms before doing such.