Exhibit 3.15
[LETTERHEAD RETRACTABLE TECHNOLOGIES, INC APPEARS HERE]
March 30, 2000
via Facsimile at 000-000-0000
Xxxxxx X. Xxx, PhD
Chief Executive Officer
New Horizons International
0000 Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxxxxx, XX 00000
Dear Xxx:
Pursuant to our conversation on March 10, 2000, the purpose of this letter
is to set forth the agreement of Retractable Technologies, Inc. ("RTI") to
retain the services of New Horizons International ("NHI") and Colebrand Limited
("Colebrand") as consultants to provide marketing advice and assistance,
including, but not limited to, contacts with possible Accredited Investors and
contacts with domestic and international organizations for RTI's use in
enhancing its product reputation within the industry ("Consulting Services").
RTI assures consultants that no other United Kingdom party will have access to
any records of RTI for the purpose of an equity investment in RTI other than the
Series IV Class B Convertible Preferred Stock currently underway. This
restriction will be effective for 90 days from the date of this letter.
In the event NHI and Colebrand provide a contact that results in a proposed
investment in RTI in any amount up to $60 million, which terms are all
acceptable to RTI, in its sole and absolute discretion, NHI and Colebrand shall
be entitled to a Consulting Fee for providing the above Consulting Services.
The Consulting Fee shall be payable as follows:
5% of the total amount of capital invested by the Accredited Investors
payable in cash to NHI;
Issuance to Colebrand Limited of a number and type of securities equal to 2
1/2% of the total number and type of securities issued to the Accredited
Investors; and
Issuance of a warrant to Colebrand Limited for the right to purchase up to
an amount of securities equal to 2 1/2% of the total number and type of
securities sold to the Accredited Investors.
Xxxxxx X. Xxx, PhD
March 14, 2000
Page 2
If the above reflects NHI's and Colebrand's understanding of this
agreement, please evidence this agreement by execution of this letter where
indicated below. Thank you for your assistance.
Sincerely,
/s/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx
President and CEO
Retractable Technologies, Inc.
The above correctly and completely sets forth the agreement with RTI
regarding the provision of consulting services.
Date: April 4, 2000 New Horizons International
By: /s/ Xxxxxx X. Xxx
--------------------------------
Xxxxxx X. Xxx
Chief Executive Officer
Date: April 10, 2000 Colebrand Limited
By: /s/ [ILLEGIBLE]^^
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