AMENDMENT #1 TO OPTION AGREEMENT
EXHIBIT
10.7
AMENDMENT
#1
This
Amendment #1 to September 15,2004 Agreement (“Amendment”) is made and entered
into as of September 15, 2006 by and between Refinery Science Corp.
(”Optionee”) and The University of Texas at El Paso
(“University”), a component of the University of Texas System
(“System”).
RECITALS
A. Optionee
and University entered into a Option Agreement dated September 15, 2004 (the
Option Agreement).
B. Optionee
and University wish to amend the terms of the Option Agreement as to extend
the
period of the agreement to 36 months for a payment of $3,500.
NOW,
THEREFORE, it is hereby agreed as follows:
1. Section
1 of the Option Agreement shall be revised to read in its entirety as
follows:
This
AGREEMENT is effective as of September 15, 2004 (“EFFECTIVE DATE”) for a period
of 36 months (the “OPTION PERIOD”).
2. Section
6.1 of the Option Agreement shall be revised to read in its entirety as
follows:
In
consideration for the option granted herein, OPTIONEE agrees to pay BOARD
$3,500
within 30 days after the EFFECTIVE DATE.
3. Except
as expressly provided in this Amendment, all other terms, conditions and
provisions of the Option Agreement shall continue in full force and effect
as
provided therein.
IN
WITNESS WHEREOF, Optionee and University have entered into this
Amendment effective as of the date first set forth above.
|
BOARD
OF REGENTS OF THE
UNIVERSITY
OF TEXAS SYSTEM
|
REFINERY SCIENCE CORP. | |||
| By | By | |||
|
Xxxxxxx
Xxxxxxxx Viva,
Vice
President for Business Affairs
|
Xxxxx Xxxxxxx, CEO |
|||
| Date: ___________________________ | ||||
Date:
____________________________
|
Approved
as to Content:
|
||||
| By | ||||
|
Xx.
Xxxxxxx Xxxxxxxx,
Vice
President for Research
|
||||
Date:
____________________________
