EXHIBIT 10.60
[MTI LETTERHEAD]
February 20, 2002
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
WebUseNet Corporation
▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
Re: Finders Fee Agreement
Dear ▇▇. ▇▇▇▇▇▇,
This letter is to serve as a finder's fee agreement (hereafter "Agreement")
effective this day of January 30, 2002 ("Effective Date") by and between MTI
Technology Corporation, a Delaware corporation with its principal place of
business located at ▇▇▇▇ ▇. ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (hereinafter
"MTI") and WebUseNet Corporation with its principal place of business located at
▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ (hereinafter
"WebUseNet").
For all leads provided by Webusenet that result in revenue (as defined by SAB
101) sale of MTI's raid disk products attached hereto as Exhibit A ("Sale
Product"), MTI agrees to pay WebUseNet a ten percent (10%) finders fee of the
sale price. MTI retains the exclusive rights to determine the sale price to the
end-user. The finder's fee will be in effect for all additional orders resulting
from the initial sale of a new end-user for up to six (6) months from the
purchase order ("P.O.") date.
The orders need to meet a minimum margin requirement which will be defined
solely by MTI. WebUseNet and MTI agree to negotiate a reasonable fee if MTI has
to take an order below MTI's minimum margin requirement.
WebUseNet agrees to introduce MTI's ▇▇▇▇ ▇▇▇▇▇▇▇ into potential end-users
accounts designated as leads by WebUseNet.
WebUseNet agrees to use their best efforts to promote and market MTI products.
MTI agrees to pay WebUseNet in USD upon customer payment for the raid disk
products.
The term of this Agreement shall commence on the Effective Date and continue for
a period of one (1) year. The term of this Agreement shall automatically renew
for consecutive additional one (1) year period on the same terms and conditions,
unless earlier terminated as provided herein.
WebUseNet Corporation MTI Technology Corporation
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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Name/Title: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Name/Title: ▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇,
President/CEO COO
Date: 2-20-2 Date: 2-20-2
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