RICE
Exhibit
10.2
| RICE | |
| Office of Technology Transfers |
Xxxx
XXXXXXX
|
|
Director
|
October
2, 2008
Xx.
Xxxxxxx X. Xxxxxxx
President
and CEO
Solterra
Renewable Technologies, Inc.
00000 X.
Xxxxxxxx Xxxx
Xxxxxx
date, AZ 85262
RE: Amendment
to the License Agreement between Solterra Renewable
Technologies,
Inc., and Xxxxxxx Xxxxx Xxxx University
(Agreement
#XXX LA 09-1-001)
Dear Xx.
Xxxxxxx:
This
letter confirms our understanding and agreement to amend that certain license
agreement dated August 20, 2008, between Solterra Renewable Technologies, Inc.
and Xxxxxxx Xxxxx Xxxx University (“License Agreement”) as follows:
Article
3.1(a) is amended in its entirety to read as follows:
|
(a)
|
In
partial consideration of the exclusive license granted herein,
Licensee
|
shall pay
to Rice , a non-refundable, non-creditable, license initiation fee of US
$40,000.00 (FORTY THOUSAND US DOLLARS) payable within five business days after
Solterra receives initial funding, and no later than November 4,
2008.
Company
Diligence Milestone (b) in Exhibit B is amended in its entirety to
read:
|
(b)
|
Licensee
shall acquire $5,000,000 (FIVE MILLION DOLLARS) in initial funding
according to the following plan:
|
|
(i)
|
A
first installment of $1,500,000 (ONE MILLION FIVE HUNDRED THOUSAND
DOLLARS) shall be received by November 4,
2008.
|
|
(ii)
|
A
second installment of $3,500,000 (THREE MILLION FIVE HUNDRED THOUSAND
DOLLARS) shall be received by June 30,
2009.
|
All other
provisions of the License Agreement shall remain in full force and
effect.
Rice
University*Office of Technology Transfer*MS 705
0000
Xxxx Xxxxxx,, Xxxxxxx, Xxxxx 00000
Phone
(000)000-0000 FAX(713)348-6289 E-Mail:xxxxxxx@xxxx.xxx
1
Please
indicate your agreement to amend the License Agreement as set forth above,
effective October 2, 2008, by signing where indicated below and returning a copy
to my attention.
Sincerely,
Xxxx X.
Xxxxxxx
Agreed
and accepted:
_________________________
Xxxxxxx
Xxxxxxx
President
and CEO
Solterra Renewable
Technologies Inc.
2
