EXHIBIT B Revenue Sharing Agreement
Exhibit 24
EXHIBIT B
This Revenue Sharing Agreement (the “Agreement”) is made on this 19 day of May, 2010 by and
between DMCB, Inc. (“DMCB”), with principle offices located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxx
00000 and NYTEX Petroleum, Inc. (“NYTEX”), with principle offices located at 00000 Xxxxx Xxxxx,
Xxxxx 0000, Xxxxxx, Xxxxx 00000, for the following purposes:
WHEREAS, DMCB introduced NYTEX to the opportunity to participate in the purchase and rental
of oil containment boom (“boom”) to contractors working for BP Global in the Gulf of Mexico
(“Gulf”) waters to contain and clean up the ongoing oil spill.
WHEREAS, DMCB introduced NYTEX to Xxxxxxx Environmental Resources Corp. (“Xxxxxxx”), a company
currently renting boom to contractors in the Gulf waters.
WHEREAS, DMCB introduced NYTEX to Gulf Supply Company, Inc. (“Gulf Supply”), a representative
for plants which manufacture boom.
WHEREAS, NYTEX has entered into an oil containment boom rental agreement with Xxxxxxx
whereby NYTEX provides boom to Xxxxxxx to rent to contractors for the Gulf oil spill and receives
100% of the rental payment amounts until payout of the delivered
price paid by NYTEX for each
segment or segments of boom and 50% thereafter.
WHEREAS, NYTEX has entered into an agreement with Gulf Supply whereby NYTEX purchases and Gulf
Supply supplies and delivers 7,500’ of boom to a location specified by NYTEX.
NOW THEREFORE, the terms and conditions of this Agreement are as follows:
| 1. | NYTEX agrees that upon payout of the delivered price paid by NYTEX for each segment or segments of boom and Xxxxxxx begins receiving 50% of the rental payment amounts, NYTEX will pay DMCB 10% of the rental payment amounts. | ||
| 2. | NYTEX will remit all rental payments in accordance with this Agreement within five business days from NYTEX’s receipt of each payment. | ||
| 3. | NYTEX will provide copies of all xxxxxxxx and records received by NYTEX from Xxxxxxx related to NYTEX boom segments. | ||
| 4. | This Agreement will be interpreted in accordance with the laws of the State of Texas. |
By signing below, each party confirms that it has read this Agreement, understands it, and agrees
to be bound by its terms.
NYTEX Petroleum, Inc.
|
DMCB, Inc. | |||
/s/
Xxxxxxx Xxxxxx
|
/s/ Xxxxx XxXxxxx
|
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President
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President | |||
May 18, 2010
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May 19, 2010 |
