Exhibit
10.1
AMENDED SERVICE AGREEMENT
THIS AGREEMENT
is to have effect and is dated for
reference the 1 st day of May 2009
BETWEEN:
Syntec
Biofuel Inc. ('Syntec')
AND:
Syntec
Biofuel Technologies Inc ('SBT')
Syntec
Biofuel Research Inc. , (
“SBRI”)
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Syntec and SBRI
entered into a Service Contract on the 1st November 2007 (the
'Agreement'), Annexure “A”, whereby SBRI was to provide
certain services including the ongoing research and development of
the Syntec catalysts.
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Syntec has
incorporated SBT as a wholly owned subsidiary which acts as the go
between Syntec and SBRI for the funding of the Services.
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The parties
wish to amend the Agreement
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NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and of the
covenants hereinafter contained, the parties hereto have agreed as
follows:
The Agreement
is hereby amended by substituting in paragraph 4.1, 4.2 and 4.3
' SBT' in place of 'Syntec' .
Other than the
aforementioned substitution all terms and conditions and text of
the Agreement shall remain in full force and effect.
THIS
AGREEMENT shall endure to
the benefit of and be binding upon the parties hereto and their
respective heirs, executors, administrators, successors and
permitted assignees.
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SIGNED,
SEALED AND DELIVERED
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/s/ Michael
Jackson
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)
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Authorized
Signatory
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Syntec Biofuel
Inc.
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)
)
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)
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SIGNED,
SEALED AND DELIVERED
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)
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/s/ Michael
Jackson
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)
)
)
)
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Authorized
Signatory
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)
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Syntec Biofuel
Technologies Inc.
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)
)
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SIGNED,
SEALED AND DELIVERED
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)
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/s/Nancy
Ross
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)
)
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Authorized
Signatory
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Syntec Biofuel
Research Inc
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)
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Annexure
A
SERVICE AGREEMENT
THIS AGREEMENT
is to have effect and is dated for reference on the 1
st
day of November
2007.
BETWEEN:
(hereinafter
called “Syntec”)
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AND :
Syntec
Biofuel Research Inc. ,
(hereinafter
called “SBRI”)
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Syntec wishes
to contract Syntec Biofuel Research Inc. to provide certain
services including the ongoing research and development of the
Syntec catalysts.
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SBRI has
indicated its willingness to undertake the duties and
responsibilities pertaining to the development of the Syntec
catalysts on the terms set out herein.
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The parties
have agreed that the terms and conditions of such appointment will
be as hereinafter set forth.
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NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and of the
covenants hereinafter contained, the parties hereto have agreed as
follows:
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SBRI hereby
agrees to carry out its duties to Syntec under the terms and
conditions set out in this Agreement.
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Subject to the
provisions hereinafter contained, the term of the appointment shall
be for an initial term of 2 years commencing on the date hereof,
and automatically renewing for another 1 year term unless
terminated in writing at least 60 days prior to the end of the
term.
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DUTIES AND
RESPONSIBILITIES
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SBRI will
provide the following services;
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Provide a
laboratory environment and the day to day management of the
laboratory.
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Provide
security of tenancy.
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Continue
developing catalysts that are capable of converting biomass into
ethanol.
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