Amendment to Commission Agreement between UTEK Corporation and Seth Frielich dated March 28, 2000

Summary

UTEK Corporation and Seth Frielich have agreed to amend their previous compensation arrangement. Instead of receiving a 10% equity commission for successful technology transfers, Seth Frielich will now receive a $20,000 cash commission for each successful sale of a UTEK licensed technology resulting from his efforts. This change is due to UTEK's transition to a business development corporation and its related legal requirements. The amendment is effective upon Seth Frielich's acceptance and signature.

EX-10.38 11 g67691ex10-38.txt AMENDMENT DATED 3/28/00 WITH SETH FRIELINCH 1 Exhibit 10.38 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 -------------------------------------- ----------------