ACKNOWLEDGED AMOUNT OWED. The parties acknowledge and agree that upon the completion of the Merger the entire amount due under the Engagement Agreement from Company to entrenet is $3,557.10 in cash, 3,000,000 shares of FiberChem, Inc. Common Stock, a 10% Subordinated Convertible Note in the amount of $126,500 ($115,000 principal plus interest of $11,500 through April 11, 2000) convertible into FiberChem, Inc. Common Stock at a conversion price of $0.185 per share, and a four year Warrant to purchase 960,000 shares of FiberChem, Inc. Common Stock at the price of $0.185 per share (collectively, the "Debt"). Payment of the Debt will result in full payment and full satisfaction of all amounts and obligations due entrenet from Company under the Engagement Agreement.
ACKNOWLEDGED AMOUNT OWED. The parties acknowledge and agree that the entire amount due under the Engagement Agreement from Company to entrenet is $150,000 in the form of a 10% Convertible Subordinated Note due June 2, 1998 and $40,000 in the form of 280,000 shares of Common Stock of the Company to which entrenet acquired a binding fully vested and unconditional contractual right as of July 25, 1997 (collectively referred to as the "Debt"). Share certificates representing such Common Stock shall be delivered to entrenet (See * below). Payment of the Debt will result in full payment and full satisfaction of all amounts and obligations due entrenet from Company under the Engagement Agreement.
