EXHIBIT 10.60
[MTI LETTERHEAD]
February 20, 2002
Xxxxxx Xxxxxxxx
WebUseNet Corporation
00 Xxxxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxx 00000
Re: Finders Fee Agreement
Dear Xx. Xxxxxx,
This letter is to serve as a finder's fee agreement (hereafter "Agreement")
effective this day of January 30, 2002 ("Effective Date") by and between MTI
Technology Corporation, a Delaware corporation with its principal place of
business located at 0000 X. Xx Xxxxx Xxxxxx, Xxxxxxx, XX 00000 (hereinafter
"MTI") and WebUseNet Corporation with its principal place of business located at
00 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000 (hereinafter
"WebUseNet").
For all leads provided by Webusenet that result in revenue (as defined by SAB
101) sale of MTI's raid disk products attached hereto as Exhibit A ("Sale
Product"), MTI agrees to pay WebUseNet a ten percent (10%) finders fee of the
sale price. MTI retains the exclusive rights to determine the sale price to the
end-user. The finder's fee will be in effect for all additional orders resulting
from the initial sale of a new end-user for up to six (6) months from the
purchase order ("P.O.") date.
The orders need to meet a minimum margin requirement which will be defined
solely by MTI. WebUseNet and MTI agree to negotiate a reasonable fee if MTI has
to take an order below MTI's minimum margin requirement.
WebUseNet agrees to introduce MTI's Xxxx Xxxxxxx into potential end-users
accounts designated as leads by WebUseNet.
WebUseNet agrees to use their best efforts to promote and market MTI products.
MTI agrees to pay WebUseNet in USD upon customer payment for the raid disk
products.
The term of this Agreement shall commence on the Effective Date and continue for
a period of one (1) year. The term of this Agreement shall automatically renew
for consecutive additional one (1) year period on the same terms and conditions,
unless earlier terminated as provided herein.
WebUseNet Corporation MTI Technology Corporation
By: /s/ XXXXXX XXXXXXXX By: /s/ XXXX X. XXXXX
-------------------------- ------------------------------
Name/Title: Xxxxxx Xxxxxxxx, Name/Title: Xxxx X. Xxxxx, XX,
President/CEO COO
Date: 2-20-2 Date: 2-20-2
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