Exhibit 10.30
May 13th, 2002
Memorandum of Understanding (MOU)
This MOU is intended to set forth the understanding between Visteon Corporation
and SmarTire Systems, Inc., who mutually wish to explore the feasibility of
establishing a business relationship for the design, development, and
manufacture of tire pressure sensing systems. The parties mutually agree that
this MOU merely constitutes the parties' non-binding expression of interest and
does not constitute a binding commitment, offer, acceptance or agreement with
respect to any proposed relationship. The expressions set forth in this MOU are
merely general principles and may be overridden by terms, conditions and
refinements as set forth in future agreements, should any be established.
The main characteristics of the Visteon/SmarTire business relationship
would be:
I. Visteon's pursuit of OEM tire pressure sensor business in North
America, Europe, and Asia. Provided that OEM business is
obtained, the main characteristics of the subsequent
Visteon/SmarTire relationship would be:
a. SmarTire will provide intellectual property for the design
and manufacture of tire pressure sensors, and
b. Visteon will provide sensor manufacturing capability.
II. Investigation of future joint development of tire pressure
sensing systems. The main characteristics of this potential joint
development would be:
a. SmarTire would become the provider of tire pressure sensor
technologies to Visteon.
b. Visteon would provide technologies related to RF receiver
and message center products.
III. Investigation and joint pursuit of aftermarket tire pressure
sensor business. Provided that aftermarket business is obtained,
the main characteristics of the subsequent Visteon/SmarTire
relationship would be:
a: SmarTire would design the receiver and message center
products.
b: Visteon would provide manufacturing capability for the
sensor, RF receiver and message center products.
IV. Joint marketing of current and future tire pressure sensing
systems for the OEM and aftermarket Industries.
Visteon Corporation SmarTire Systems Inc.
By /s/ Xxxx Xxxxxx By /s/ Xxxxxx Xxxxxx
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Xxxx Xxxxxx Xxxxxx Xxxxxx
Director of Body Electronics President and CEO
