ADDENDUM TO JOINT VENTURE AGREEMENT DATED AUGUST 24, 2004
ADDENDUM
TO JOINT VENTURE AGREEMENT
DATED
AUGUST 24, 2004
PARTIES:
AXIAL
VECTOR ENGINE CORPORATION
One
World
Trade Center
000
XX
Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxx,
XX 00000
ADAPTIVE
PROPULSION SYSTEMS
000
Xxx
Xxxxxxxxx Xxxx, Xxxxx 00
Xxxxxxxxxxx
Xxxxx, XX 00000
THIS
ADDENDUM is made this 29th
day of
October, 2005, by and between Axial Vector Engine Corporation, formerly Aero
Marine Engine, Inc. (hereinafter Axial Vector) and Adaptive Propulsion Systems,
Inc., (hereinafter Adaptive).
Recitals
1.
Axial
Vector and Adaptive previously entered into a Joint Venture Agreement dated
August 24, 2004 (hereinafter the Agreement).
2.
The
parties wish to add an Addendum to the Agreement by changing paragraph 1(a)
in
its entirety as follows:
| 1. |
RELATIONSHIP
BETWEEN ADAPTIVE AND AXIAL
VECTOR
|
| a) |
Adaptive
will finance the further development of the engine, including upgrades
and
building a prototype, testing and marketing the engine to the military
of
the United States, the military of all NATO countries, and the military
of
the United Arab Emirates (hereinafter the
Military).
|
3.
No
other portions of the Joint Venture Agreement are modified except as would
be
consistent with this Addendum and the expansion of Adaptive’s
rights.
IN
WITNESS WHEREOF, the parties hereto have entered into and caused this Agreement
to be executed by persons duly authorized.
| Adaptive Propulsion Systems | Axial Vector Engine
Corporation |
| By: /s/ Xxxxx Xxxxxx | By: /s/ Xxxxxxx Xxxxxxx |
| Xxxxx Xxxxxx, President | Xxxxxxx Xxxxxxx, President |
