50 of the Top 250 law firms use our Products every day
EXHIBIT 10.5
September 22, 2006
Wilbert van den Hoek
Novellus Corporation
4000 North 1st Street
San Jose, CA. 95134
RE: Agreed Milestones
Under the Extended Collaboration Agreement between Neah
Power Systems, Inc. (a state of Washington corporation) and
Novellus
Systems, Inc.
Dear Wilbert:
Set forth below are the agreed Milestones that were to be
reasonably negotiated
in the ninety (90) days following the date of the Letter Agreement
and Warrant.
All of the terms and conditions relating to these Milestones are
stated in the
Letter Agreement dated May 22, 2006, except as otherwise stated
herein.
1.
Ten (10) percent
of the Warrants granted to Novellus to purchase
4,705,000 shares of the Common Stock of Neah Power Systems, Inc.,
the
Nevada corporation, issued as part of the Letter Agreement and
Warrant
exchange between Neah and Novellus dated May 22, 2006
(hereinafter
such Warrants are referred to as the "Warrants"), shall vest in
full
on the satisfaction of the following project Milestone, targeted
for
the end of Q4, 2006:
Completion of a 10 W PPFC, i.e., a fully self contained fuel
cell
capable of producing 10 Watts of power continuously for 5 hours
using one cartridge. The 10 W PPFC Prototype is to be in an
elongated BA 5590 form factor including cartridge, all as
specified by Thales.
2.
Fifteen (15)
percent of the Warrants shall vest in full on the
satisfaction of the following project Milestone, targeted for the
end
of Q3, 2007:
Completion of a fully self-contained fuel cell capable of
producing 45 Watts of peak power and 300WH capability at 20
Watts
average operating power. The prototype meeting these
specifications is to be in a BA 5590 form factor including
cartridge, all as specified by Thales.
3.
Fifty (50)
percent of the Warrants shall vest in full on the
satisfaction of all of the following pr
|
