EXHIBIT 10.1.1
AGREEMENT AMENDMENT
THIS AGREEMENT AMENDMENT, effective as of January 1, 1998, modifies the
LICENSE AGREEMENT, as previously revised on December 1, 1989, and modified by
letter agreement on November 10, 1993, and by amendment on July 31, 1997,
between Kansas State University Research Foundation (hereinafter the
"FOUNDATION") and WTC Industries, Inc. (formerly referred to as "WATER
TECHNOLOGIES," hereinafter "LICENSEE") relating to the commercialization of
certain polyiodide water disinfectant technologies and improvements thereof.
FOUNDATION agrees to reduce the annual minimum royalty payment
specified in Section (2) of ARTICLE VI of LICENSE AGREEMENT from $75,000 to
$25,000 in return for the additional consideration of three hundred and
sixty-five thousand (365,000) unrestricted shares of WTC Industries, Inc.,
common stock. Payment of the minimum royalty for 1998 and transmittal of said
shares of common stock will be due and payable upon execution of this AGREEMENT
AMENDMENT.
Upon execution of this agreement, LICENSEE may elect to no longer
reimburse all subsequent expenses for prosecution and maintenance of any foreign
patent applications and patents, as specified in ARTICLE VII of LICENSE
AGREEMENT, by providing written notice of such intent to FOUNDATION. In such an
event, FOUNDATION may elect to either abandon or sustain at its own expense such
foreign patent applications and patents. However, in the event of abandonment of
such foreign patent applications and patents, the definition of "Licensed
Territory" will remain unchanged as if such foreign patent applications and
patents remained in effect under the LICENSE AGREEMENT.
All other terms, conditions, and obligations of the underlying LICENSE
AGREEMENT shall remain unchanged.
IN WITNESS WHEREOF, the parties hereto caused this AGREEMENT
AMENDMENT to be duly executed by their duly authorized representatives.
KANSAS STATE UNIVERSITY RESEARCH FOUNDATION WTC INDUSTRIES, INC.
Recommended: Agreed:
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxx, Xx.
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Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxx, Xx.
President, Mid-America President
Commercialization Corporation
Date: April 29, 1998 Date: May 7, 1998
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Agreed:
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx. X. Xxxxxx
President
Date: April 30, 1998
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