Waiver Agreement to Sales Distribution Rights Agreement between Montagne Jeunesse (Medical Express UK Ltd.) and Neoteric Cosmetics, Inc.
Montagne Jeunesse, a division of Medical Express (UK) Ltd., and Neoteric Cosmetics, Inc. have agreed to waive the minimum net sales requirement for the year 2001 as set out in their original Sales Distribution Rights Agreement dated December 1, 2000. The specific clause requiring $8 million USD in net sales for 2001 is deleted, with no replacement. All other terms of the original agreement remain unchanged and in effect.
EXHIBIT NO. 10.1
August 15, 2001
Neoteric Cosmetics, Inc.
4880 Havana Street
Denver, CO 80239
Attention: Mark E. Goldstein, President
Ladies and Gentlemen:
This letter agreement concerns the Sales Distribution Rights Agreement (the "Agreement") dated as of December 1, 2000 between you and us. We and you wish to waive mutually the provision in clause 8 dealing with the minimum net sales in calendar year 2001. Accordingly, we and you agree that the following sentence in clause 8(1)(v) of the Agreement is hereby deleted and that there is no replacement "calendar year (2001) is $8 million USD." In all other respects, the Agreement remains in full force and effect.
Very truly yours,
MONTAGNE JEUNESSE, a trading division of
Medical Express (UK) Ltd.
By: | /s/ GREGORY BUTCHER Name: Gregory Butcher Title: Chairman | ||||
AGREED: | |||||
NEOTERIC COSMETICS, INC. | |||||
By: | /s/ MARK E. GOLDSTEIN Name: Mark E. Goldstein Title: President | ||||
Date: August 15, 2001
