Exhibit 10.15
ADDENDUM
To the Option Agreement by and between Cottonbloom, Inc. (hereinafter
Cottonbloom), a New Mexico corporation and Spark Management Corporation
(hereinafter Spark), a Pennsylvania corporation, dated September 26, 1995.
WHEREAS: A previous addendum to the Option Agreement was executed December 24,
1997 extending the Option period under the Option Agreement to January 31, 1998,
and
WHEREAS: The December 24, 1997 addendum provided for a further extension to
March 24, 1998 upon payment by Spark to Cottonbloom of $10,000 against interest
due under the Option Agreement, and
WHEREAS: The December 24, 1997 addendum references the reason for the extension
as being the negotiations of a financing for Septima Enterprises, Inc.
(hereinafter Septima) between Spark and certain investment bankers and venture
capitalists, and
WHEREAS: Spark and Cottonbloom are desirous of completing the financing
negotiations.
NOW, THEREFORE, in consideration of the facts set forth in the recitals above
and intending to be legally bound hereby, Cottonbloom and Spark agree as
follows:
1. Cottonbloom waives the $10,000 interest payment and Spark is hereby granted
an extension of the Option period to March 24, 1998 or until the
negotiations with the investors introduced by the Xxxxxxxxx Group have
concluded, whichever is sooner.
2. Spark will on a regular basis keep Cottonbloom advised of the status of the
negotiations during the extension period and upon receiving funds from a
successful negotiation, will within five days from receipt, pay to
Cottonbloom $10,000 against interest due under the Option Agreement.
3. Royalties due Xxxxxxx Plasma Plug Partnership (HP3) under the Assignment of
Patents dated September 26, 1995 between HP3 and Septima by January 31,
1998 will be waived during the extension period pending agreement with the
new Septima equity investment group.
4. Royalties due Spark under the Technology License Agreement will be waived
during the extension period pending agreement with the new Septima equity
investment group.
Dated this 28th day of January, 1998
/s/ Xxxxxx Xxxxxxx /s/ R. Xxxxx Xxxxxx
----------------------------------- --------------------------------
for Cottonbloom, Inc. for Spark Management Corp.
/s/ J. Xxxxxx Xxxxxxx
-----------------------------------
for Xxxxxxx Plasma Plug Partnership
Exhibit 10.15
-------------
ADDENDUM
To the Option Agreement by and between Cottonbloom, Inc. (hereinafter
Cottonbloom), a New Mexico corporation and Spark Management Corporation
(hereinafter Spark), a Pennsylvania corporation, dated September 26, 1995.
WHEREAS: A previous addendum to the Option Agreement was executed December 24,
1997 extending the Option period under the Option Agreement to January 31, 1998,
and
WHEREAS: The December 24, 1997 addendum provided for a further extension to
March 24, 1998 upon payment by Spark to Cottonbloom of $10,000 against interest
due under the Option Agreement, and
WHEREAS: The December 24, 1997 addendum references the reason for the extension
as being the negotiations of a financing for Septima Enterprises, Inc.
(hereinafter Septima) between Spark and certain investment bankers and venture
capitalists, and
WHEREAS: Spark and Cottonbloom are desirous of completing the financing
negotiations.
NOW, THEREFORE, in consideration of the facts set forth in the recitals above
and intending to be legally bound hereby, Cottonbloom and Spark agree as
follows:
1. Cottonbloom waives the $10,000 interest payment and Spark is hereby granted
an extension of the Option period to March 24, 1998 or until the
negotiations with the investors introduced by the Xxxxxxxxx Group have
concluded, whichever is sooner.
2. Spark will on a regular basis keep Cottonbloom advised of the status of the
negotiations during the extension period and upon receiving funds from a
successful negotiation, will within five days from receipt, pay to
Cottonbloom $10,000 against interest due under the Option Agreement.
3. Royalties due Xxxxxxx Plasma Plug Partnership (HP3) under the Assignment of
Patents dated September 26, 1995 between HP3 and Septima by January 31,
1998 will be waived during the extension period pending agreement with the
new Septima equity investment group.
4. Royalties due Spark under the Technology License Agreement will be waived
during the extension period pending agreement with the new Septima equity
investment group.
Dated this 28th day of January, 1998
/s/ R. Xxxxx Xxxxxx
----------------------------------- --------------------------------
for Cottonbloom, Inc. for Spark Management Corp.
/s/ J. Xxxxxx Xxxxxxx
-----------------------------------
for Xxxxxxx Plasma Plug Partnership
