AMENDMENT TO AGREEMENT
Exhibit 10.26
AMENDMENT TO AGREEMENT
The following
provisions are hereby incorporated into, and are hereby made a part of, that
certain Letter Agreement dated March 4, 2003 (the “Agreement”) between Material
Technologies, Inc., a Delaware corporation (the “Matech”) and Strategic
Advisors, Ltd. (“SA”) and such provisions are effective retroactively to the
date of the Agreement (the “Effective Date”). All capitalized terms in
this Amendment to Agreement, to the extent not otherwise defined herein, shall
have the meanings assigned to such terms in the
Agreement.
1. Section 3 of the Agreement is hereby deleted and replaced as follows:
1. Section 3 of the Agreement is hereby deleted and replaced as follows:
3) the payment of the month fee, commencing with the January invoice, shall accrue until such time as Matech has raised funds, through equity or debt instruments, in excess of $400,000. Upon Matech raising funds in excess of $400,000, 25% of any funds raised above $400,000 shall be used to pay down the accrued balance owed to SA.
2. All
other provisions of the Agreement shall remain
unchanged.
IN WITNESS WHEREOF, the Parties have caused this Amendment to Agreement to be duly executed and delivered as of April 9, 2008.
IN WITNESS WHEREOF, the Parties have caused this Amendment to Agreement to be duly executed and delivered as of April 9, 2008.
MATECH: | SA: | |||
MATERIAL
TECHNOLOGIES, INC.,
a
Delaware corporation
|
STRATEGIC ADVISORS, LTD., | |||
/s/ Xxxxxx X.
Xxxxxxxxx
|
/s/ Xxx
Xxxxxxx
|
|||
By:
Xxxxxx X. Xxxxxxxxx
|
By: Xxx
Xxxxxxx
|
|||
Its:
Chief Executive Officer
|
Its:
President
|