Exhibit 10.47
BEAR RIVER ZEOLITE COMPANY
ROYALTY AGREEMENT
MAY 29, 2002
1. Bear River Zeolite Company ("BRZ") agrees to pay Xxxxxx Xxxxxxxxxx
and Xxxx Xxxxxxx a royalty on zeolite sales from the BRZ mine, located in
Franklin County, Idaho, including the zeolite mined from Xxxxxxx leased lands
and adjacent to BLM claims, according to the following schedule, in an aggregate
amount FOB Preston plant of zeolite sales:
Sales Price Preston Percentage
-------------------- -------------------
0 - $40 per ton . . 1% (one percent)
40 - $75 per ton. . 1% (one and one-half percent)
75 - $100 per ton . 2% (two percent)
100 - per ton. . . 3% (three percent)
2. Royalties will be paid quarterly.
3. This constitutes the entire agreement between the parties; and all prior
agreements and understandings are merged herein.
4. This Agreement is not modifiable except by a signed writing and may not
be amended or changed by waiver, estoppel or a course of conduct.
5. There are no statements, representations or information relied on by the
parties beyond the face of this Agreement.
6. The terms of this Agreement are accepted by the undersigned and
supersedes all prior agreements and understandings of any kind.
BEAR RIVER ZEOLITE COMPANY
By:/s/ Xxxx X. Xxxxxxxx
--------------------
Xxxx X. Xxxxxxxx
President
1
XXXXXX DESBUROUGH
By:/s/ Xxxxxx Desburough
----------------------
Xxxxxx Desburough
XXXX XXXXXXX
By:/s/ Xxxx Xxxxxxx
-------------------
Xxxx Xxxxxxx
ATTEST:
/s/ Xxxxxxx Fleursch
--------------------
Xxxxxxx Fleursch
2
