Contract
Exhibit
10.3
00000
Xxxx Xxxxxxx, Xxxxx 000
Xxxxxxx,
XX 00000
(000)
000-0000 tel
(000
000-0000 fax
November
3, 2007
Xx.
Xxxxxxxxxx Xxxxxxxx
Xxx
Xxxxxxxx, 000x
Xxxx,
Xxxxx
Re: |
Amendment
No. 3 (“Amendment No. 3) to the Exclusive License Agreement, dated March
20, 2006 and as amended September 11, 2006 and December 13, 2006,
between
Xxxxxxxxxx Xxxxxxxx (“Xxxxxxxx”) and H2Diesel, Inc. (“H2Diesel”), a wholly
owned subsidiary of H2Diesel Holdings, Inc. (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. 3 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 October 31, 2007 to November
15,
2007.
|
2. |
H2Diesel
will pay Xxxxxxxx US$2,000,000 on or before November 15, 2007, with
US$1,500,000 of such payment allocated to the payment formerly due
on
October 31, 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 March 20, 2008.
|
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
|