0000 Xxxxxxxxxx Xxxx. Xxxxx 0
Xxx.xxx, Xxxxxxx 00000
(000) 000-0000 Fax: 000-0000
http:xxx.XxxxxxxXxxxxXxxxxxx.xxx
September 25, 2001
AGENCY CONTRACT
This AGENTCY CONTRACT ("Contract") is entered into this 21st day of September,
2001 in DeLand, Florida between:
Incorporated TURBINE TRUCK ENGINES, INC. (hereinafter referred to as the
(‹‹Principal››), a Delaware Corporation, 0000 Xxxxxxxxxx Xxxx., Xxxxx 0, XxXxxx,
Xxxxxxx, 00000, and
XXXXXX XXXXXXXXX, 00 Xxxxxxxxxx Xxxxxx, Valjevo (hereinafter referred to as the
‹‹Agent››) (sometimes collectively referred to as the ‹‹Parties››).
Article 1.
The Principal is in possession of the license and technology for the production
and distribution of the so-called Detonation Cycle Gas Turbine Engine including
ignition system and component parts, all according to the US Patent No. 6000214
(hereinafter referred to as ‹‹DCGT››), together with the Cycle Reduction System
that relates to the DCGT engine, where relation between the Principal and the
Agent is regulated under a separate agreement.
Article 2.
Under this Contract the Agent is engaged and authorized by the Principal to act
as intermediary, in the name and for the account of the Principal, on the EU
market, with the interested manufacturers of trucks and truck engines, as well
as manufacturers of other engines for all possible purposes, to the effect of
finding partners interested in buying the DCGT license for production and
distribution of the above mentioned engines.
Page 2 September 25, 2001
Article 3.
Principal agrees to pay Agent six percent (6%) of all equities raised by Agent.
For all mergers and acquisitions entered into with European manufacturers, Agent
will receive six percent (6%) of the enterprise value for the first $25,000,000,
five percent (5%) of the next $25,000,000, four percent (4%) of the next
$25,000,000, and three percent (3%) of the remaining enterprise value. Provision
is due for payment to the Agent with the date of payment made by the third party
to the Principal.
Agent is authorized to make a choice in the name and for the account of the
Principal, for potential partners, and conduct negotiations. Agent is required
to forward information and documents and also participate in the signing of
documents.
Considering that the Agent is the Principal of technology for the production of
reduction system or DCGT engines and the Principal is interested in purchasing
the reduction system from the Agent, therefore the Agent is authorized to offer
his reduction system together with DCGT engines.
The Principal is under obligation to deliver to the Agent, without delay, all
the necessary documentation in connection to the DCGT, as well as information on
potential market. The Principal confirms that he has potential orders for 13,500
engines a year for the next five years from third parties.
Article 4.
Controlling Law and Venue. This contract is governed by, and shall be construed
and enforced in accordance with the laws of the United States Federal Government
and the State of Florida. Venue of any action arising from or relating to this
contract shall be in Federal Courts located in Volusia County, Florida, and the
parties hereto submit to the full jurisdiction of such Court(s) for all
purposes.
The undersigned represent that they have full power and authority to enter into
this contract on behalf of their respective entities.
Turbine Truck Engines, Inc. Agent
0000 Xxxxxxxxxx Xxxx., Xxxxx 0 00 Xxxxxxxxxx Xxxxxx
XxXxxx, XX 00000 Valjevo, Yugoslavia 14000.
/s/ Xxxxxxx X. Xxxxx 9-25-01 /s/ Xxxxxx Xxxxxxxxx 10-10-01
Xxxxxxx X. Xxxxx Date Vladan lvankovic Date
Chairman and CEO
