[MILESTONE SCIENTIFIC LETTERHEAD]
September 3, 2003
Strider
000 Xxxx Xxxx
Xxxxxxxxxxxx, XX 00000
Attn: Xxxxxxx Xxxxx
Dear Xxxxxxx:
This will confirm our agreement to pay you commissions for any future
sales made by us of products purchased from Da Vinci Systems ("Da Vinci")
including the "Nova Cordless Curing Light" (the "Products").
1. In consideration for your assistance in reaching a distribution
agreement between Xx Xxxxx and us, we hereby agree to pay you the following
commissions:
1.1 We will pay 2% of net sales (less returns, discounts and
allowances) on all Products purchased from Da Vinci and
resold by us directly, or indirectly to dentists, hygienists
or other health care professionals providing dental services
("Professional Dental Market"), including sales through
distributors, agents or wholesale suppliers.
1.2 We will pay 5% of net sales (less returns, discounts and
allowances) on all Products purchased from Da Vinci and
resold by us directly, or indirectly for use in any other
market other than the Professional Dental Market, including
sales through distributors, agents or wholesale suppliers.
2. In consideration for your assistance in financing the final
development of the whitening head product with Da Vinci and us, we hereby agree
to pay you the following:
2.1 We will pay an additional 2% of net sales on Products
purchased from Da Vinci and resold by us directly, or
indirectly to dentists, hygienists or other health care
professionals providing dental services and 5% of net sales
on all Products purchased from Da Vinci and resold by us
directly, or indirectly for use in any other market other
than the Professional Dental Market until such time as a
total amount of $25,500 is attained.
Payments will be made within 30 days following the end of each calendar quarter,
with respect to all revenues collected by us from Product sales during the
previous calendar quarter.
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[MILESTONE SCIENTIFIC LOGO]
3. The term of this agreement shall be for seven years beginning on the
date hereof.
4. All notices or other communications given with respect to this
agreement shall be in writing and shall be valid and sufficient if
dispatched by registered mail, postage prepaid, addressed to the
address indicated in this Agreement or to such other address as the
addressee shall have theretofore furnished to the addressor as
indicated below.
5. This agreement represents the entire agreement between the parties and
may not be changed, amended or modified except by a writing signed by
both parties.
6. In the event of any dispute between us, we agree that it shall be
resolved through arbitration in New York under the regulations of the
American Arbitration Association, within ninety (90) days following
termination of this Agreement. Any award rendered shall be final and
conclusive upon the parties. This Agreement shall be construed under
the laws of the State of New York.
Very truly yours,
MILESTONE SCIENTIFIC INC.
by: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx, CEO
Accepted and agreed to the
8th day of September 2003
Strider
by: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
