ADDENDUM TO PATENT AGREEMENT
The Patent Agreement dated May 10, 1999 and Promissory Note dated
May 10, 1999 by and between R-TEC TECHNOLOGIES, INC. and XXXXXX XXXXXX and
between the same parties are hereby amended to the following:
WHEREAS, XXXXXX XXXXXX previously agreed to accept $850,000.00 in
cash for the Patent entitled "Composition for the Detection of Electrophlic
Gases and Methods of Use Thereof" GSEN 3.0-001, Serial No. 08/837355, XXXXXX
XXXXXX now agrees to receive $450,000.00 proceeds in cash and 100,000 shares of
restricted (Rule 144) common stock.
The 100,000 shares shall be issued immediately by the Company.
XXXXXX XXXXXX agrees not to sell such shares during the same period as any of
the current officers and directors shall have their shares restricted or
escrowed and further in accordance with Rule 144 of the Securities Act.
The $450,000.00 shall be payable in full thirty (30) days from the
date the Company sells $2,000,000.00 of common stock in its public offering; or
if $2,000,000.00 of common shares are not sold before May 1, 2000, beginning May
1, 2000, accrued interest payable quarterly for two (2) years until May 1, 2000,
at which time the Company will make its first quarterly payment of $22,500.00 in
principal and accrued interest, and thereafter on August 1, November 1, February
1, and May 1 until all principal and accrued interest is paid in full. All
payments to be applied first to accrued interest and then to principal.
The terms of this Agreement shall supersede the terms of the Patent
Agreement and Promissory Note stated above.
----------------------------
XXXXXX XXXXXX
Dated: September 28, 1999
R-TEC TECHNOLOGIES, INC.
By:__________________________
XXXX X. XXXXX
V.P. & General Counsel
Dated: September 28, 1999
