Re: Amendment No. 4 (“Amendment No. 4) to the Exclusive License Agreement, dated March 20, 2006 and as amended September 11, 2006, December 13, 2006 and November 3, 2007 between Ferdinando Petrucci (“Petrucci”) and H2Diesel, Inc. (“H2”) (as amended,...
Exhibit
10.4
00000
Xxxx Xxxxxxx, Xxxxx 000
Xxxxxxx,
XX 00000
(000)
000-0000 tel
(000
000-0000 fax
November
9, 2007
Xx.
Xxxxxxxxxx Xxxxxxxx
Xxx
Xxxxxxxx, 000x
Xxxx,
Xxxxx
| Re: |
Amendment
No. 4 (“Amendment No. 4) to the Exclusive License Agreement, dated March
20, 2006 and as amended September 11, 2006, December 13, 2006 and
November
3, 2007 between Xxxxxxxxxx Xxxxxxxx (“Xxxxxxxx”) and H2Diesel, Inc.
(“H2”) (as amended, the “License
Agreement”)
|
Dear
Xx.
Xxxxxxxx:
Please
acknowledge your agreement that the License Agreement is further amended
as
follows, by executing this Amendment No. 4 to the License Agreement in the
space
provided below:
| 1. |
The
due date for the US$1,500,000 payment required under section 1(b)(i)(C)
of
the License Agreement is extended from November 15 2007 to November
29, 2007.
|
| 2. |
H2Diesel
will pay Xxxxxxxx US$2,000,000 on or before November 29, 2007, with
US$1,500,000 of such payment allocated to the payment formerly due
on
November 15, 2007 and US$500,000 of such payment allocated as a prepayment
of the US$1,000,000 payment due on March 20, 2008 under section 1(b)(i)(D)
of the License Agreement.
|
| 3. |
H2Diesel
will pay Xxxxxxxx the remaining US$500,000 of the payment due in
2008
under section 1(b)(i)(D) of the License Agreement on February 20,
2008.
|
| 4. |
H2Diesel
will pay Xxxxxxxx the US$1,000,000 payment formerly due on March
20, 2009
under section 1(b)(i)(D) of the License Agreement on February 20,
2009.
|
| 5. |
H2Diesel
will pay Xxxxxxxx US$500,000 of the US$1,000,000 payment due in 2010
under section 1(b)(i)(D) of the License Agreement on February 20,
2010.
|
Very
truly yours,
H2Diesel,
Inc.
| By: | /s/ Xxxxx X. Xxxxxxxxx |
|
Name:
Xxxxx X. Xxxxxxxxx
Title:
President and Chief Executive Officer
|
|
Acknowledged
and agreed as of the date above first written:
| /s/ Xxxxxxxxxx Xxxxxxxx |
|
Xxxxxxxxxx
Xxxxxxxx
|
