SECOND AMENDMENT OF DEVELOPMENT AGREEMENT
SECOND
AMENDMENT OF DEVELOPMENT AGREEMENT
THIS
SECOND AMENDMENT OF DEVELOPMENT AGREEMENT is effective as of November 12, 2007,
between Fuel Frontiers, Inc., a Nevada corporation and Kentucky Fuel Associates,
Inc., a Kentucky corporation, collectively known as (the “Parties”)
WHEREAS,
the Parties mutually agree to amend the Development Agreement first entered
into
between the Parties on July 30, 2007:
NOW,
THEREFORE, in consideration of the premises contained herein and other good
and
valuable consideration, the receipt and legal sufficiency of which is hereby
acknowledged, the Parties hereby agree that the Development Agreement be and
the
same hereby is amended as follows:
1. Paragraph
2(C) of the Development Agreement is hereby amended and restated in its entirety
as follows:
“2.
C. In
consideration for each site located by KFA pursuant to the terms of this
Agreement, and accepted by FFI for development, FFI agrees to pay KFA (7%)
of
the net pre-tax income of each CTL fuel production facility identified by KFA
and developed by FFI for the entire lifetime of each production facility, to
be
distributed on a quarterly basis, within 30 business days of FFI and/or its
parent company Nuclear Solutions, Inc.’s quarterly SEC filing. The computation
of the quarterly net income shall be in accordance with GAAP accounting
standards.”
The
Parties each hereby represents and warrants that they have full right, power
and
authority to enter into this Agreement and that the respective persons executing
this Agreement are duly authorized to do so.
IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
the day and year first above written.
Dated
this 12th
day of
November, 2007.
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FUEL
FRONTIERS, INC.
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KENTUCKY
FUEL ASSOCIATES, INC.
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By:
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By:
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Title:
Chairman & CEO
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Title:
President
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