[Milestone Letterhead]
September 3, 2003
Strider
000 Xxxx Xxxx
Xxxxxxxxxxxx, XX 00000
Attn: Xxxxxxx Xxxxx
Dear Xxxxxxx:
This will confirm our agreement to pay you commissions for any future sales
made by us of products purchased from Da Vinci Systems ("Da Vinci") including
the "Nova Cordless Curing Light" (the "Products").
1. In consideration for your assistance in reaching a distribution
agreement between Xx Xxxxx and us, we hereby agree to pay you the following
commissions:
1.1 We will pay 2% of net sales (less returns, discounts and
allowances) on all Products purchased from Da Vinci and resold by
us directly, or indirectly to dentists, hygienists or other
health care professionals providing dental services
("Professional Dental Market"), including sales through
distributors, agents or wholesale suppliers.
1.2 We will pay 5% of net sales (less returns, discounts and
allowances) on all Products purchased from Da Vinci and resold by
us directly, or indirectly for use in any other market other than
the Professional Dental Market, including sales through
distributors, agents or wholesale suppliers.
2. In consideration for your assistance in financing the final development
of the whitening head product with Da Vinci and us, we hereby agree to pay you
the following:
2.1 We will pay an additional 2% of net sales on Products purchased
from Da Vinci and resold by us directly, or indirectly to
dentists, hygienists or other health care professionals providing
dental services and 5% of net sales on all Products purchased
from Da Vinci and resold by us directly, or indirectly for use in
any other market other than the Professional Dental Market until
such time as a total amount of $25,500 is attained.
Payments will be made within 30 days following the end of each calendar
quarter, with respect to all revenues collected by us from Product sales during
the previous calendar quarter.
3. The term of this agreement shall be for seven years beginning on the
date hereof.
4. All notices or other communications given with respect to this agreement
shall be in writing and shall be valid and sufficient if dispatched by
registered mail, postage prepaid, addressed to the address indicated in this
Agreement or to such other address as the addressee shall have theretofore
furnished to the addressor as indicated below.
5. This agreement represents the entire agreement between the parties and
may not be changed, amended or modified except by a writing signed by both
parties.
6. In the event of any dispute between us, we agree that it shall be
resolved through arbitration in New York under the regulations of the American
Arbitration Association, within ninety (90) days following termination of this
agreement. Any award rendered shall be final and conclusive upon the parties.
This agreement shall be construed under the laws of the State of New York.
Very truly yours,
MILESTONE SCIENTIFIC INC.
by: Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx, CEO
Accepted and agreed to the
8th day of September 2003
Strider
by: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
