6th June, 2001
LETTER OF INTENT - VARIATION OF LEASE
Difran Pty Ltd
ACN 010 251 493
(Landlord)
Progen Industries Ltd
ACN 010 975 612
(Tenant)
Lease means the lease between the Landlord and the Tenant registered at the
Department of Natural Resources as Lease No. 702700236.
Promises means 0000 Xxxxxxx Xx, Xxxxx, Xxx Lot 2 in RP 172202, County of
Xxxxxxx, Parish of Oxley.
Progen has engaged Fitout an Maintenance Concepts Pty Ltd to carry out works on
the above site as per the attached drawings, for the purpose of providing
additional office space.
Xxxxxx agrees to contribute $29,000 to the cost of these works and indemnifies
Progen of any liability to pay this amount.
Fitout and Maintenance Concepts Pty Ltd will xxxx Xxxxx directly for this
amount.
The parties also agree to:
a) extend the term of the lease from 29 March 2002 to 29 March 2004
b) change the option of renewal for a further period from five years from
the current expiration date [29 March 2002] to three years from the
new expiration date [29 March 2004].
c) in the event of Progen not exercising the above option, Progen will
pay the landlord $15,000 in addition to the regular lease payments.
This letter of intent outlines the terms and conditions agreed to by the above
parties with respect to the above works. A formal variation of lease
incorporating these terms and replacing the variation of lease currently in
force will be drawn up and executed as soon as possible.
Signed
/s/ Xxxxx Xxx /s/ Xxxxxxx Xxxxxxx /s/ Xxxxxxx Xxxxxxx /s/ Xxxxx Xxxxxxx
----------------- ------------------- ------------------- ------------------
Xxxxx Xxx Xxxxxxx Xxxxxxx Xxxxxxx Xxxxxxx Xxxxx Xxxxxxx
Managing Director CFO and Secretary Director Director
Progen Industries Progen Industries Difran Pty Ltd Difran Pty Ltd
Ltd Ltd
Progen
Industries Limited
A.C.N. 010 975 612
