- 8 - I. Inasmuch as Knox has substantially exceeded original projections of the time in which a marketable product was to be delivered to the Partnership, and, while acknowledging that he made no warranties, other than to perform in good faith, as to the fruits of his efforts, he acknowledges his imput [sic] into the projections which comprised a pertinent part of the offering materials. II. The Partnership acknowledges dramatic changes in political, economic and engineering environments which have all impacted the progress of the research contemplated by the Research Agreements, and, certifies that Knox has thus far performed his duties in good faith. (Substantial progress having been made toward all research goals). III. Knox hereby makes the following concessions: (a) To forgive all interest due on all Partnership Notes assigned to him as payment for the Research Agreements; (except those that have been sold, optioned, or borrowed against) acknowledging that interest was charged in the first place in light of anticipated high, “1970's” inflation rates, which have not materialized. (b) To push back the due dates of said Notes until either December 1, 1994, (approximately one year after the conclusion of the original research agreement), or, one year after a completed product is delivered to the Partnership, whichever occurs first. Payments on the Notes are to be made over the same number of annual installments as stated therein, and the amount of each installment shall be the remaining balance on the Note, less interest, divided by the number of payments stated. Knox determined the amounts of compensation that he was to receive for his services under the Research Agreement. No companies were organized or contacted to market any potential products created under the Research Agreement, and the partnership did not enter into any contracts with third partiesPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011