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Technology Stocks : Shiva

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To: bob zagorin who wrote (4792)11/18/1998 6:11:00 AM
From: John M. Baltz  Read Replies (2) of 5036
 
I found the following (in the MX-10 Material Contract section)interesting: (This is just an excerpt)

"NORTEL and SHIVA agree that:

a. This is an amendment to that certain Agreement by and between SHIVA
and NORTEL which was executed by the parties thereto on February 27,
1998 ("2/27/98 Agreement"). Section 8 of the 2/27/98 Agreement is
deleted in its entirety and replaced with the following:

8. By September 30, 1998, Northern Telecom Inc. shall pay SHIVA Four
Million Five Hundred Thousand Dollars ($4,500,000) and thereafter, at
mid-quarter, during each of the next succeeding five (5) calendar
quarters, Northern Telecom Inc. shall pay SHIVA Three Million One
Hundred Thousand Dollars ($3,100,000) for a cumulative total of
Twenty Million Dollars ($20,000,000), according to the below-listed
payment schedule, immediately upon receipt of SHIVA's invoice:

September 30, 1998 $4,500,000
November 15, 1998 $3,100,000
February 15, 1999 $3,100,000
May 15, 1999 $3,100,000
August 15, 1999 $3,100,000
November 15, 1999 $3,100,000

These payments are in lieu of NORTEL's prior product purchase commit-
ments to SHIVA. SHIVA hereby releases and discharges NORTEL from any
claims or liability arising out of nonperformance of such commitments
by NORTEL prior to September 25, 1998.
..."
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