ADDENDUM
Hyundai Motor Company ("HMC")
and
Hyundai Electronics Industries Co., Ltd. ("HEI")
and
U.S. Electricar, Inc. ("USE")
February 27, 1997
Regarding the 12 April 1996 Agreement between HMC and USE (hereinafter the
"Agreement"), it is agreed that all references to HMC may mean either HMC
exclusively or HMC and HEI.
Specially due to the participation of HEI, each party agrees the amendment to
the Agreement as follows:
1) with respect to the purchase of 12,000,000 shares of USE, the break-down
and the price shall be as follows:
HMC 8,400,000 shares (70%) at a price of US$0.30.
HEI 3,600,000 shares (30%) at a price of US$0.30.
2) HMC and HEI shall pay royalty as follows:
HMC US$ 1,295,000 of the paid-up royalty and US$ 105,000 of the running
royalty.
HEI US$ 555,000 of the paid-up royalty and US$ 45,000 of the running
royalty.
The running royalty shall be paid on or before the anniversary of the
Effective Date of the License Agreement, through and including the
sixth anniversary of the License Agreement.
Addendum
Page -2-
All other terms and conditions of the 12 April 1996 Agreement remain in full
force and effect.
Hyundai Motor Company
By:
------------------------------------------
X. X. Xxx/Vice President
Hyundai Electronics Industries Co., Ltd.
By:
------------------------------------------
X. X. Xxx/Executive Managing Director
U.S. Electricar, Inc.
By:
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Xxx Xxxxxxxx/President & C.E.O.
