Marketing Agreement - UTEK Corp. and Seth Frielich
Mr. Seth Frielich
9 Pond View Circle
Sharon, MA 02067
December 8, 1998
Dear Seth:
As we discussed UTEK Corporation would like to engage your services as
an independent marketing representative. Your duties would be to introduce UTEK
to CEO's of public companies for the purpose of having UTEK be engaged by these
companies to find and acquire and transfer technology licenses to them. Your
services will be rendered as an independent contractor and not as an employee of
UTEK.
Dr. Gross will provide some assistance to you to help ensure that you
can make knowledgeable and effective sales presentation.
We would like you to provide these services on a time available basis,
where you decide how much effort and time you will spend soliciting
prospects/customers for UTEK. You are free to provide these services at a
location of your choice. You must cover your own expenses while providing this
service.
In consideration for providing this service to the company, UTEK will
compensate you with 10% of any monies or stock received from a customer you
introduce to UTEK, within one week following the closing of a technology
transfer agreement between this customer and UTEK.
The term of this Agreement is 12 months. This Agreement may be
cancelled by either party upon 90 days notice.
This Agreement is governed by the Laws of the State of Florida.
If you agree with all of the above terms, please sign and send a copy
of this letter to me. Seth, I look forward to working with you in the months to
come.
Very best regards,
/s/ Clifford M. Gross
Clifford M. Gross, Ph.D.
Chief Executive Officer
Agreed to:
/s/ Seth D. Frielich
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Mr. Seth Frielich
6/30/99
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Date
March 28, 2000
Mr. Seth Frielich
P.O. Box 296
Sharon, MA 02067
Dear Seth:
I hope all is well. In preparation for our public offering, we will be
operating as a business development corporation, which has its own legal
requirements. Accordingly, we will no longer be able to compensate regional
representatives with shares of stock in companies who acquire technologies from
us.
Instead of the current 10% equity commission upon the consummation of
any successful technology transfer (which results from your efforts), we will
now provide you with a $20,000 cash commission upon the successful sale of a
UTEK licensed technology.
If you agree to this new commission program, please sign below and fax
back to Carole Mason, CFO, by April 12th, 2000.
I appreciate all of your efforts to-date and look forward to our
continued mutually beneficial relationship.
Very best regards,
/s/ Uwe
Uwe Reischl, Ph.D., M.D.
President
Cc: Sam Reiber
Agreed to: /s/ Seth D. Frielich Date 4/05/2000
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