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Exhibit 99.1
AMENDMENT TO CONSULTING AGREEMENT
BETWEEN
WORLD TRANSPORT AUTHORITY, INC.
AND
XXXXXXX XXXXXX
World Transport Authority, Inc., a subsidiary of Composite Automobile
Research, Ltd., ("CLIENT") and Xxxxxxx Xxxxxx ("CONTRACTOR") entered into a
consulting agreement effective April 15, 1996.
The term of this consulting agreement was further extended through a
letter agreement dated November 4, 1998 for a period of five years, making the
new agreement expiration November 3, 2003.
In consideration of the premises and mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:
The term of this Agreement shall be for a period of five years,
beginning on the date of this Amendment to Agreement. The expiration date for
the contract shall therefore be January 9, 2005. This Agreement may renew by
mutual consent at the end of the term.
Compensation under the terms and conditions of this Agreement shall be
fifteen percent (15%) commission, payable as follows:
If Contractor is paid in cash, the commission shall be paid in three (3)
payments to be disbursed as follows:
- One-third upon signing of the Master License or
Manufacturing and Distribution License.
- One-third upon shipment of the factory equipment.
- One-third upon deposit of the final payment from the
licensee for the Master License fees or the
Manufacturing & Distribution facility.
If Contractor is paid in stock, payment shall be upon the execution of
the Master License or Manufacturing and Distribution License Agreement.
Executed this 10th day of January 2000.
/s/ XXXX XXXXXXX /s/ XXXX XXXXXX
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Xxxx Xxxxxxx Xxxxxxx Xxxxxx
President, International Sales
World Transport Authority, Inc.
