Thursday, March 25, 1999
Xx. Xxxxx Xxxxxx
President
High Speed Network Solutions, Inc.
0 Xxxxxxx Xxxxx
Xxxxxxxxxxxx, XX 00000-0000
Dear Xxxx,
Pursuant to discussions held today between you and Summus, Ltd., we have agreed
to execute an agency agreement between HSNS and Summus Ltd. For purposes of
facilitating negotiations with Samsung. This agency agreement is intended to
address products not incorporated within the Marketing License Agreement with
HSNS has executed and for which Summus is awaiting completion of the first
$750,000 payment. Both this Marketing License agreement and the agency agreement
will be execute before our planned joint trip in April to Samsung in Korea. We
have agreed that the agency agreement will incorporate the following business
terms.
1. In the event of a conflict between the Marketing License agreement
and the agency agreement, the Marketing License agreement will have
precedence.
2. HSNS will receive an 18% agent's commission on revenues to Summus
Limited generated, as a result of the negotiations with Samsung, and
which are note otherwise covered by the Marketing License Agreement.
3. Summus will not reimburse HSNS for any direct expenses related to its
participation in these negotiations or for its costs incurred in the
fulfillment of its responsibilities under the agreement.
4. The term of the agency agreement will be for 1 year.
5. The agency agreement will solely relate to discussions with Samsung.
These terms are mutually accepted on behalf of HSNS and Summus by:
Summus, Ltd. High Speed Net Solutions, Inc.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxx X. Xxxxxx
Xxxxxx X. Xxxxxxx XXX Xxxxx X. Xxxxxx, President
