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EXHIBIT 10.25
[BEND RESEARCH, INC. LOGO]
March 6, 1997
Xx. Xxxxxx X. Xxxxx
President
Consep, Inc.
000 Xxxxxxxxx Xxxxxxxx
Xxxx, XX 00000
Re: Reduced R&D Programs obligation under the License Agreement (the
"Agreement") dated November 1, 1993 between Consep, Inc. ("Consep") and
Bend Research, Inc. ("Bend") for the calendar year 1997.
Dear Xxxxxx:
Pursuant to Paragraph 4.2 of the Agreement, this letter is to confirm our
mutual agreement regarding Consep's R&D Program obligation, as set forth in
Paragraph 4.1 of the Agreement. Bend agrees with Consep that a reduction in that
obligation is needed to maximize the value of our investment in Consep. The R&D
Program obligation is, therefore, reduced to one hundred twenty five thousand
dollars ($125,000) for the calendar year 1997. Also, during 1997 there is no
required portion of the R&D Program obligation that must be spent on biorational
products. Except as set forth above, the rights of the parties under the
Agreement shall remain unchanged.
This reduction in Consep's R&D Program obligation does not constitute any
intent to reduce that obligation in any subsequent calendar year or to reduce
any other Consep obligation during 1997 or any subsequent calendar year.
If the above accurately reflects your understanding of our mutual
agreement, please sign and date the enclosed copy of this letter and return it
to me.
Best regards,
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
Accepted and agreed to:
CONSEP, INC.
By: /s/ Xxxxxx X. Xxxxx Date: March 13, 1997
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Xxxxxx X. Xxxxx
