Exhibit 10.3
AMENDMENT 1
LICENSE AGREEMENT BETWEEN
TENSIODYNE SCIENTIFIC
CORPORATION
AND
THE TRUSTEES OF THE UNIVERSITY OF
PENNSYLVANIA
This Amendment
1 ("AMENDMENT 1") to the License Agreement effective October 15,
1993 ("AGREEMENT") between Tensiodyne Scientific Corporation
("LICENSEE") and the Trustees of the University of Pennsylvania
("PENN") is made between Material Technology, Inc. ("MATECH") and
PENN effective by the parties as of the date of the last signature
executing this AMENDMENT 1.
BACKGROUND
WHEREAS,
MATECH, is a successor as of February 1994, to LICENSEE's business,
and therefore, is obligated to perform the obligations of LICENSEE
under the AGREEMENT, and this AMENDMENT 1 thereto.
NOW, THEREFORE,
the parties agree as follows:
1. Unless otherwise defined in this
Amendment 1, all capitalized terms shall have the same meaning as
set forth in the AGREEMENT.
2. The parties hereby agree that
PENN, no later than thirty (30) days after the date of the last
signature executing this AMENDMENT 1, will be issued shares of
common stock in MATECH as will cause PENN to own shares of common
stock representing at least five percent (5%) of the outstanding
shares of capital stock of MATECH on a fully diluted basis
subsequent to an additional two million dollars of paid in capital
invested in MATECH.
3.
