EXHIBIT 10(u)
Engagement Agreement
This engagement agreement is made between Power Technology, Inc. (the Company)
and Battery Consultation Services, represented by Xx. Xxxxxxx X. Xxxxxx
(Consultant).
Pursuant to Consultant's efforts to assist the Company in achieving its goals
with regard to commercializing its proprietary technology for batteries using
reticulated foam and for good consideration, the Company employs CONSULTANT on
the following terms and conditions:
1. The Company hereby contracts with the CONSULTANT for certain technical
assistance in the ongoing development of its batters prototypes being
produced by BC Research; this agreement with CONSULTANT will begin in
November 2001 and shall continue for a minimum of three months at which
time the parties will determine the terms of a more formal agreement.
2. The Company shall pay CONSULTANT a monthly retainer of $4,000 USD,
payable in the Company's stock at the offering price at the end of each
month during the term of this agreement.
3. the Company agrees to issue80,000 shares of its common stock to the
CONSULTANT for the purchase of an advanced battery paste formula owned
by the CONSULTANT that can be integrated with the Company's patented
technology.
4. Upon the successful commercialization of this jointly developed
battery, the Company will issue $110,000 USD payable in shares at the
closing offer price pursuant to rule 144-investment letter stock to
CONSULTANT for his participation in the development of the combined
technologies.
5. CONSULTANT will devote adequate time, attention and energies to the
business of the Company during this engagement, CONSULTANT will not
engage in any competing business activity, regardless of whether such
activity is pursued for profit, gain or other pecuniary advantage,
CONSULTANT is not prohibited from making personal investments in any
other business provided those investments do not compete with the
Company.
6. CONSULTANT agrees no to reveal any confidential information or trade
secrets to any person, firm, corporation, or entity.
7. CONSULTANT may incur reasonable expenses for furthering the Company's
business. The Company shall reimburse CONSULTANT for all business
expenses pursuant to Company policy.
8. Without cause, the Company may terminate this contract anytime with one
month written notice.
9. Any claim or controversy that arises out of or relates to this
engagement agreement, or breach of the same, shall be settled by
arbitration in accordance wit the rules of the American Arbitration
Association.
10. This instrument is the only agreement and it may only be altered by
written agreement of the parties.
Signed this 1st day of November, 2001.
s/ Xxx Xxxxx s/ Xxxxxxx X. Xxxxxx
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Power Technology, Inc. Xx. Xxxxxxx X. Xxxxxx
Xxx Xxxxx, President Battery Consultation Services
