EXHIBIT 10.7
[LOGO]
DUPLICATE ORIGINAL
JULY 26, 1999
724 Solutions Inc.
0000 Xxxxx Xxxxxx
Xxxxx 000
Xxxxxxx, Xxxxxxx
X0X 0X0
Attention: Xx. Xxxxxxxxxxx Xxxxxxxx, President
Dear Sirs:
Re: Deletion of Exclusivity Rights--U.S. and Mexico--respecting Technology
License Agreement
We are writing with respect to sections 2.4.3 and 2.4.4 of the Technology
Licence Agreements between 724 Solutions Inc. ("724") and Bank of Montreal
("BMO"), made as of April 30, 1998 (the "Agreement").
We understand that, in connection with the proposed issuance of shares in
724 to Citicorp, Citicorp Strategic Technology Corporation and/or Sonera Ltd.,
and in connection with the execution of a revised Unanimous Shareholders
Agreement among the shareholders of 724, BMO has been asked to waive its rights
under sections 2.4.3 and 2.4.4 of the Agreement.
Therefore, for good and valuable consideration, BMO and 724, by signing
below, hereby agree that sections 2.4.3 and 2.4.4 shall be deleted from the
Agreement effective August 2, 1999, and that the said sections shall be of no
further force or effect from and after such date provided that the issuance of
shares and the execution of a revised Unanimous Shareholders Agreement by all
shareholders, as contemplated and described above, is completed.
We confirm that all other provisions of the Agreement, unless previously
amended or waived, remain in full force and effect.
Yours very truly,
BANK OF MONTREAL
Per: /s/ Xxxxx Xxxxxxxxxx
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Xxxxx Xxxxxxxxxx
Chief Technology Officer
AGREED:
724 Solutions Inc.
Per: /s/ Xxxxxxxxxxx Xxxxxxxx
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Xxxxxxxxxxx Xxxxxxxx
President
