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Exhibit 10.14
PMC International, Inc.
000 00xx Xxxxxx, 00xx Xxxxx
Xxxxxx, Xxxxxxxx 00000
December 24, 1996
X.X. Xxxxx Xxxxxx
Nevcorp, Inc.
000 Xxxxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxx
X0X 0X0 Xxxxxx
Re: Termination of Nevcorp Advisory Agreement
Dear Xxxxx:
This letter will confirm that the Advisory Agreement dated as of July 26, 1995
between PMC International, Inc. (the "Company") and Nevcorp Inc. (the
"Agreement") will terminate immediately upon the closing of the sale of common
stock of the Company pursuant to the Private Placement Memorandum dated
November 11, 1996, as supplemented December 23, 1996 (the "Memorandum") and
payment of all sums due and owning Nevcorp thereunder on and as of such closing
date.
The total amount that will be due and owning under the Agreement as of the
closing date plus a termination fee in the amount of $4,000 will be paid to
Nevcorp by the Company promptly following such closing out of the proceeds of
the Offering (as defined in the Memorandum).
Please acknowledge your agreement with the terms set forth above by executing
this letter in the space provided below and returning a copy to me.
Sincerely,
Xxxxxxx X. Xxxxxxxx
President and Chief Executive Officer
Agreed and Accepted:
Nevcorp, Inc.
By: /s/ X.X. XXXXX XXXXXX
----------------------------
X.X. Xxxxx Xxxxxx
