ACQUISITION OF THE 49% RIGHTS TO NET PROFITS AGREEMENT
This Acquisition of the 49% rights to net profits Agreement
(the Agreement) is made and entered into this 27th day of February, 2000
by and between Prof. Oleg Figovsky with offices located 3A Shimkin
Street #l Haifa Israel 34750 (referred to herein as the ("Inventor") and
EUROTECH Ltd., a District of Columbia corporation with offices at 1216
16th Street, NW Washington DC 20036 USA (`Company").
A. Inventor is the developer of certain technologies known as
LEM, RubCon, HNIPU, Electronic Glues and anticorrosive additives (the
`Technology"), rights to which were sold in their entirety by the
Inventor to the Company in accordance to the agreements previously
signed and executed in exchange to the royalty equal to 49% of the net
revenues generated from sales of the said technologies as provided in
the agreements attached hereto in Exhibit A.
B. The Inventor and the Company believe that an amendment to
these agreements would better reflect the nature of the ongoing and the
future relations between the Company and the Inventor and have agreed to
amend the original agreements as provided in paragraph (C)of this
Agreement.
C. The Inventor is willing to fully waive his rights to the 49%
net profits as stipulated in the paragraph (2) "Consideration" and all
relevant paragraphs of the original agreements attached hereto in
exchange to a one time sum of $235,000 (two hundred and thirty five
thousand) paid by the Company to the Inventor within 30 days of signing
this contract and one percent (1%) royalty from the gross revenues
generated by the sales of the Technology for the period of the 15 years.
D. All other provisions of the original contracts shall stay
the same.
Company /s/ Don V. Hahnfeldt
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Don V. Hahnfeldt
Chief Executive Officer
SEAL
Inventor /S/ Oleg Figovsky
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Oleg Figovsky
EXHIBIT A
THE ORIGINAL AGREEMENTS ON PURCHASE OF THE TECHNOLOGY.
The Terms and Conditions are described in the attached
Agreements.
