AMENDMENT
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Exhibit 10.20.2
This Amendment to that certain agreement effective November 15, 1999, entitled Winding-Up of Alliance, Production and Marketing Framework ("the Winding-Up Agreement") is effective as of April 26, 2002 (the "Effective Date"), by and between Displaytech, Inc., a Colorado corporation ("Displaytech") with principal executive offices at 0000 Xxxxxx Xxxxx Xxxxx, Xxxxxxxx, Xxxxxxxx 00000, and Agilent Technologies, Inc. ("Agilent"), a Delaware corporation with an office at 000 X. Xxxxxxx Xxxxxx, Xxx Xxxx, Xxxxxxxxxx 00000. This amendment amends the Winding-Up Agreement to the following extent:
- 1.
- Displaytech
shall deliver royalty reports to Agilent within 45 days after the end of each Displaytech fiscal quarter. The parties reaffirm the audit rights granted to Agilent in
the Winding Up Agreement.
- 2.
- The
parties acknowledge that within 30 days of the Effective Date of this Amendment, Displaytech paid Agilent no less than 50% of the royalties past due.
- 3.
- Contemporaneously
with the quarterly royalty reports, Displaytech shall remit to Agilent no less than 33% of the amounts owed as indicated in the reports.
- 4.
- Any
deferred balance outstanding after the payment of past due royalties referred to in number 2, above, shall be subject to an annual interest of 16%, compounded quarterly.
- 5.
- Displaytech
may make payments for any outstanding balance at any time.
- 6.
- All
outstanding amounts owed to Agilent by Displaytech shall be paid in full no later than January 30, 2005.
- 7.
- In the event that Displaytech is acquired, sold or dissolved, any outstanding balance shall become immediately due and payable.
IN WITNESS WHEREOF, each Party has executed this Agreement by signature of its authorized representative.
| DISPLAYTECH, INC. | SPG, A DIVISION OF AGILENT TECHNOLOGIES | |||||
By |
/s/ XXXXXXX XXXXXX |
By |
/s/ XXXXX X. XXXXXXX |
|||
| Xxxxxxx Xxxxxx Chief Executive Officer |
Xxxxx X. Xxxxxxx Strategic Alliance Manager |
|||||
Date of Signature: May 7, 2004 |
Date of Signature: 7 May, 2004 |
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AMENDMENT
