Document:

Unassociated Document

    
      

    

    EXHIBIT
      10.5

     

    

      POWER
        OF THE DREAM VENTURES, INC.

      1095
        Budapest

      Soroksari
        ut 94-96

      Hungary

      Tel: +36-1-456-6061

      Fax:
        +36-1-456-6062

      

      May
        29,
        2007

      

      

      CONFIDENTIAL

      

      

      Mr.
        Gabor
        Kolossvary

      8000
        Szekesfehervar

      Lakatos
        u. 6. 1/4

      Hungary

      

      

      
        	
                 

              	
                Re:

              	
                Business
                  Services Consulting Agreement

              

      

      

      

      Dear
        Mr.
        Kolossvary:

      

      This
        letter (this “Agreement”) constitutes the agreement between Power of the Dream
        Ventures, Inc., a Delaware corporation and Mr. Gabor Kolossvary (“Consultant” or
“GK”) pursuant to which GK will serve as a business consultant to the Company
        with respect to its business matters.  The terms of this Agreement are
        as follows:

      

      
        	
                 

              	
                A.

              	
                Services.  At
                  the Company’s request, GK shall provide specific business consulting
                  services including, but not limited to the
                  following:

              

      

      

      
        	
                 

              	
                1.

              	
                assistance
                  with testing approval(s) of the Company’s RiverPower initiative within
                  Hungary and internationally, when
                  appropriate;

              

      

      

      
        	
                 

              	
                2.

              	
                assistance
                  with the development of a testing and evaluation protocol to conform
                  with
                  Hungarian water management regulations of the Company’s RiverPower;
                  and

              

      

      

      
        	
                 

              	
                3.

              	
                general
                  business development services as it relates to the Company’s RiverPower
                  initiate based on GK’s twenty years of industry experience, as illustrated
                  by GK’s curriculum vitae as attached in Annex
                  B

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      B.           Fees
        and Expenses.  In connection with the
        services described in Section A above, the Company shall issue to GK a one-time
        payment of one hundred thousand (100,000) shares of the Company’s common stock,
        $.0001 par value per share upon the execution hereof, in consideration of
        securing his commitment to the Company for the term herein provided. In
        addition, the Company hereby agrees, from time to time upon request, to
        reimburse GK for all reasonable travel and other out-of-pocket expenses incurred
        in connection with GK’s engagement hereunder; provided,
however, that each individual
        expense in excess of
        Five Hundred and 00/100 Dollars ($500.00) shall require the prior written
        approval of the Company and, in any event, cumulative expenses of GK hereunder
        shall not exceed two thousand and 00/100 Dollars
        ($2,000.00).

      

      

       

      
        	
                 

              	
                D.

              	
                Term
                  of Engagement. Except as set forth below,
                  the initial term of GK’s engagement will begin on the date hereof and end
                  twelve (12) months from the date hereof.  Either party may
                  terminate GK’s engagement before the end of the initial term hereto at any
                  time, with or without cause, upon ten (10) days’ prior written notice to
                  the other party.  Notwithstanding any such termination, the
                  provisions in this Agreement regarding Fees and Expenses, Use of
                  Information, Indemnity, Arbitration of Disputes and Confidentiality
                  shall
                  survive and remain in full force and effect and be binding on any
                  successors of the Company. GK acknowledges that all materials produced
                  by
                  GK as part of this agreement become the exclusive property of the
                  Company
                  and that GK may not use any of said materials without the express
                  written
                  consent of the Company.

              

      

      

      
        	
                 

              	
                E.

              	
                Use
                  of Information. The Company will furnish GK
                  such information as GK reasonably requests in connection with the
                  performance of his services hereunder.  The Company understands,
                  acknowledges and agrees that, in performing his services hereunder,
                  GK
                  will use and rely entirely upon such information as is provided
                  by the
                  Company as well as publicly available information regarding the
                  Company
                  and that GK does not assume responsibility for independent verification
                  of
                  the accuracy or completeness of any information, whether publicly
                  available or otherwise furnished to GK, concerning the Company
                  including,
                  without limitation, any technical information, engineering data
                  or
                  prototype plans considered by GK in connection with the provision
                  of his
                  services.  Accordingly, GK shall be entitled to assume and rely
                  upon the accuracy and completeness of all such information and
                  shall not
                  be required to conduct a physical inspection of any of the properties
                  or
                  assets or to prepare or obtain any independent evaluation or appraisal
                  of
                  any of the assets or liabilities of the Company. With respect to
                  any
                  technical data made available to GK by the Company and used by
                  GK in his
                  work, GK shall be entitled to assume that such technical drawings
                  have
                  been reasonably prepared and reflect the best currently available
                  information of the management of the Company as to the matters
                  covered
                  thereby.  If any information provided to GK by the Company
                  becomes inaccurate, incomplete or misleading in any material respect
                  during GK’s engagement hereunder, the Company shall so advise
                  GK.

              

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      
        	
                 

              	
                F.

              	
                Confidentiality.
                  GK agrees to keep confidential during the term, and for
                  24 months
                  after any termination of this Agreement, all material nonpublic
                  information provided to it by the Company, except as required by
                  law,
                  pursuant to an order of a court of competent jurisdiction or the
                  request
                  of a regulatory authority having jurisdiction over GK, or as contemplated
                  by the terms of this Agreement. Notwithstanding anything to the
                  contrary
                  herein, GK may disclose nonpublic information to his affiliates,
                  agents
                  and advisors whenever GK determines that such disclosure is necessary
                  to
                  provide the services contemplated
                  hereunder.

              

      

      

      
        	
                 

              	
                G.

              	
                Indemnity.
                  GK and the Company agree to the provisions with respect
                  to
                  indemnification by the Company of GK and certain other parties
                  as set
                  forth on Annex A attached
                  hereto.

              

      

      

      
        	
                 

              	
                H.

              	
                Limitation
                  of GK’s Engagement by the Company. The
                  Company acknowledges that GK has been retained only by the Company,
                  that
                  GK is providing services hereunder as an independent expert of
                  water
                  management (and not in any fiduciary or agency capacity), and that
                  the
                  Company’s engagement of GK is not deemed to be on behalf of, and is not
                  intended to confer rights upon, any shareholder, owner or partner
                  of the
                  Company or any other person not a party hereto as against GK. Unless
                  otherwise expressly agreed in writing by GK, no one other than
                  the Company
                  is authorized to rely upon this engagement or any other statements
                  or
                  conduct of GK, and no one other than the Company is intended to
                  be a
                  beneficiary of this Agreement.  The Company acknowledges that
                  any recommendations or advice, written or oral, given by GK to
                  the Company
                  in connection with GK’s engagement are intended solely for the benefit and
                  use of the Company’s management and directors, and any such
                  recommendations or advice are not on behalf of, and shall not confer
                  any
                  rights or remedies upon, any other person or be used or relied
                  upon for
                  any other purpose.

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      
        	
                 

              	
                I.

              	
                Limitation
                  on GK’s Liability to the Company. GK and the
                  Company further agree that GK shall have no liability to the Company,
                  its
                  security holders or creditors, or any person asserting claims on
                  behalf of
                  or in the right of the Company (whether direct or indirect, in
                  contract,
                  tort, for an act of negligence or otherwise) for any losses, fees,
                  damages, liabilities, costs, expenses or equitable relief arising
                  out of
                  or relating to this Agreement or the services to be rendered hereunder,
                  except for losses, fees, damages, liabilities, costs or expenses
                  that
                  arise out of or are based on any action of or failure to act by
                  GK and
                  that are finally determined (by a court of competent jurisdiction
                  and
                  after exhausting all appeals or in an arbitration conducted in
                  accordance
                  with this Agreement) to have resulted solely from the gross negligence
                  or
                  willful misconduct of GK.

              

      

      

      
        	
                 

              	
                J.

              	
                Governing
                  Law. This Agreement shall be governed
                  by and
                  construed in accordance with the laws of the State of New
                  York.

              

      

      

      
        	
                 

              	
                K.

              	
                Arbitration
                  of Disputes. Except as provided below, any
                  claim or controversy arising out of or relating to this Agreement,
                  or the
                  breach thereof, shall be settled by arbitration in accordance with
                  the
                  Commercial Arbitration Rules of the American Arbitration Association,
                  and
                  judgment on the award rendered by the arbitrator(s) may be entered
                  in any
                  court having jurisdiction thereof. The arbitration of any such
                  claim or
                  controversy shall take place in New York,
                  NY.

              

      

      

      
        	
                 

              	
                L.

              	
                Miscellaneous.
                  This Agreement shall not be modified or amended except
                  in writing
                  signed by GK and the Company.  This Agreement shall not be
                  assigned without the prior written consent of GK and the
                  Company.  This Agreement constitutes the entire agreement of GK
                  and the Company with respect to the subject matter hereof and supersedes
                  all prior agreements.  If any provision of this Agreement is
                  determined to be invalid or unenforceable in any respect, such
                  determination shall not affect such provision in any other respect,
                  and
                  the remainder of the Agreement shall remain in full force and
                  effect.  This Agreement may be executed in counterparts, each of
                  which shall be deemed an original, but all of which together shall
                  constitute one and the same
                  instrument.

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      In
        acknowledgment that the foregoing correctly sets forth the understanding
        reached
        by GK and the Company, please sign in the space provided below, whereupon
        this
        letter shall constitute a binding Agreement as of the date indicated
        below.

      

      
        	 	
                Sincerely,  

              
	 	 	 	 
	 	
                POWER
                  OF THE DREAM VENTURES, INC.  

              
	 	 	 	 
	 	 	 	 
	 	
                By

              	 	 
	 	 	
                Name:

              	
                Viktor
                  Rozsnyay, President

              

      

      

      

      
        	
                ACCEPTD
                  AND AGREED THIS 

              
	
                29
                  DAY OF MAY, 2007: 

              
	  
	
                CONSULTANT: 

              
	  
	  
	 	 

      

      
        	
                Name:

              	
                Gabor
                  Kolossvary

              	 

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      ANNEX
        A

      

      In
        connection with GK’s engagement to advise and to assist the Company pursuant to
        the Agreement dated May 29 2007 to which this Annex A is attached, the Company
        agrees to indemnify and to hold harmless GK (hereinafter referred to as an
        “Indemnified Party”), to the full extent allowed by law or equity, from and
        against any and all judgments, losses, claims (whether or not valid), damages,
        costs, fees, expenses or liabilities, joint or several, to which an Indemnified
        Party may become subject, related to or arising out of GK’s engagement or
        performance under the Agreement, the transaction contemplated thereby, the
        services rendered by GK under the Agreement, or any actual or threatened
        claim,
        litigation, investigation, proceeding or action in any court of before any
        regulatory, administrative or other body relating to any of the foregoing
        (hereinafter referred to collectively as a “Claim”), and shall, upon request,
        reimburse an Indemnified Party for all legal and other costs, fees and expenses
        as they are incurred in connection with investigating, preparing or defending
        a
        Claim, whether or not such Indemnified Party is ever made party to any legal
        proceedings; provided, however, that no such
        indemnification shall be required to be paid to an Indemnified Party with
        respect to a Claim that is finally determined by a court of competent
        jurisdiction (after exhaustion of all appeals) or in an arbitration conducted
        in
        accordance with this Agreement to have resulted solely from the gross negligence
        or willful misconduct of such Indemnified Party.

      

      In
        the
        event that the foregoing indemnity is unavailable or insufficient for any
        reason
        (other than by reason of the terms hereof) to hold any Indemnified Party
        harmless, then the Company shall contribute to any amounts paid or payable
        by an
        Indemnified Party in such proportion as appropriately reflects the relative
        benefits received by such Indemnified Party and to the Company in connection
        with the matters to which the Claim relates.  If an allocation solely
        on the basis of benefits is judicially determined to be impermissible, then
        the
        Company shall contribute in such proportion as appropriately reflects the
        relative benefits and relative fault of the Company and such Indemnified
        Party,
        as well as any other equitable considerations.  In no event shall the
        Company contribute less than the amount necessary to ensure that the aggregate
        liability of GK for contribution pursuant to this paragraph in connection
        with
        all Claims do not exceed the amount of fees actually received by GK under
        the
        Agreement.  For purposes hereof, relative benefits to the Company and
        GK shall be deemed to be in the same proportion that the total value received
        or
        contemplated to be received by the Company and/or its security holders bears
        to
        the fees paid to GK under the Agreement, and other relative fault of each
        indemnified party an the Company shall be determined by reference to, among
        other things, whether the actions and omissions to act were by such Indemnified
        Party or the Company and the parties’ relative intent, knowledge, access to
        information, and opportunity to correct or prevent such action or
        omission.

      

      All
        amounts due to an Indemnified Party hereunder shall be payable by the Company
        promptly upon request by such Indemnified Party.  In addition, the
        Company agrees to pay all costs and expenses (including attorneys’ fees)
        incurred by an Indemnified Party to enforce the terms of this Annex
        A.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      The
        Company agrees not to enter into any waiver, release or settlement of any
        Claim
        (whether or not GK is a formal party to such Claim) in respect of which
        indemnification may be sought hereunder without the prior written consent
        of GK
        (which consent will not be unreasonably withheld), unless such waiver, release
        or settlement includes an unconditional release of GK from all liability
        arising
        out of such claim.

      

      The
        provisions of this Annex A shall be in addition to any liability which the
        Company may otherwise have to GK; shall not be limited by any rights that
        GK may
        otherwise have; shall remain in full force and effect regardless of any
        termination of GK’s engagement; and shall be binding upon any successors or
        assigns of GK and the Company.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      ANNEX
        B

      

      Cirruculum
        Vitae

      Gábor
        Kolossváry

      hydraulic
        engineer, hydrology engineer, expert of water resource management,

      euro
        engineer, brevet university docent

      

      Date
        of
        birth: 31. January 1956.

      Place:
        Székesfehérvár, Hungary.

      Mother’s
        name Mária Bruck

      Marital
        status: married, two children (Eszter - 26 years, Dávid - 25 years)

      Address:
        6. Lakatos street, Székesfehérvár 8000, Hungary

      Tel.:
        +36-22-315-982

      

      Schools:

      Technical
        University of Budapest – Faculty of Civil Engineering, Hydraulic Specialization
        1980. (number of  degree: 179/1980), Technical University of Budapest,
        Faculty of Civil Engineering, Hydrology Engineering Specialization 1985 (number
        of degree: 8390/1985)

      

      Professional
        experience:

      

      1980-82
        Water Directorate of the Central Transdanubian region, Department of Water
        Resources and Conduit – water management of industrial plants, improving water
        quality parameters, implementation of modern technologies, denization of
        economical technologies.

      

      1983-
        Department for Water Management, management of water resources in three counties
        (Fejér, Veszprém, Tolna), leadership of planner and application
        judgments.

      

      1984-1992
        – Department of water damage prevention, water utilization and associations
–
management and supervision of flood control, drainage control, water
        regularization and agricultural water supply, water associations and public
        water services, management of technical security service, supervision and
        control of complementary services (forestry, construction).

       

      1992
–
        National Water Authority, Technical and organizational management and
        supervision of Water Authorities in 12 Districts. Coordination of water
        management activities in the district of Lake Velence. Leadership of the
        Danube
        Expert Coordination Office.

      

      1998
–
        Department for Agriculture and Land Development, Coordination and supervision
        of
        the professional activity in Water Authorities of the 19 Hungarian Counties
        and
        82 active Water Management Associations. Countrywide management of the drainage
        control activities.

       

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      Mr.
        Gabor
        Kolossvary

      May
        29,
        2007

      

      

      Educational
        activity:            5
        years as a lecturer at the College of State Administration

      2
        years
        at the University of Agriculture in Gödöllő

      

      Other
        Activities:                 Member
        of the Hungarian National Board of ICID

      Vice
        President of the Hungarian Society for Hydrology

      Member
        of
        the Board of the Hungarian Engineer Chamber

      Hungarian
        Engineer Chamber – Water Management and Hydraulic Professional
        Division

      

      Other
        qualifications:          Basic
        exam of state administration (404/1996)

      Professional
        exam of state administration (725/2000)

      Expert
        of
        Water Management (licence: 07-0111/040428)

      European
        Engineer (Eur Ing) HNC-586/2003

       

       

      9Unassociated Document

    
      

    

    EXHIBIT
      10.6

     

    AMENDMENT
      NO. 1 TO LETTER CONSULTING AGREEMENT

    BY
      AND BETWEEN

    POWER
      OF THE DREAM VENTURES, INC. AND

    MR.
      GABOR KOLOSSVARY

    

    *
      * *
      *

    

    

    AMENDMENT
      NO. 1 dated
      May 29, 2007 (the “Amendment”) to Letter Consulting Agreement dated May 29, 2007
      by and between Power of the Dream Ventures, Inc., a Delaware corporation (the
      “Company”) (the “Agreement”) and Gabor Kolossvary (“Consultant or
      GK”).

    

    RECITALS:

    

    WHEREAS,
GK
      and the
      Company entered into the Agreement on May 29, 2007, pursuant to which, GK is
      to
      provide business consulting services to and for the benefit of the
      Company;

    

    WHEREAS,
in
      consideration for his business consulting services, GK is to be paid a one-time
      payment of one hundred thousand (100,000) shares of Common Stock, $.0001 par
      value per share, of the Company (the “Consulting Shares”);

    

    WHEREAS,
it
      was always
      contemplated between the parties that the issuance of the Consulting Shares
      to
      GK was to be effected pursuant to the registration exemption provided by
      Regulation S as promulgated under the Securities Act of 1933, as amended (the
      “1933 Act”);

    

    WHEREAS,
this
      Amendment is for the express and limited purpose of documenting and confirming
      that all of the pre-requisites for qualification under Regulation S exist with
      respect to the Company’s issuance and delivery of the Consulting Shares to
      GK.

    

    NOW,
      THEREFORE, in
      consideration of the premises and the mutual covenants and conditions herein
      contained, the Agreement is hereby amended by this Amendment as
      follows:

    

    
      	
              1.  

            	
              A
                new Section “M” is hereby added to the Agreement which shall read, in its
                entirety, as follows:

            

    

    

    “M.           Regulation
      S Representations, Warranties & Covenants.

    

    GK
      further acknowledges, represents,
      warrants and covenants to the Company that:

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     (a)           the
      Consulting Shares are being offered and sold to GK in reliance on the exemptions
      from the registration requirements of the 1933 Act provided by the provisions
      of
      Regulation S as promulgated under the 1933 Act, and that the Consulting Shares
      may not be resold in the United States or to a US Person as defined in
      Regulation S, except pursuant to an effective registration statement or an
      exemption from the registration provisions of the 1933 Act as evidenced by
      an
      opinion of counsel acceptable to the Company, and that in the absence of an
      effective registration statement covering the Consulting Shares or an available
      exemption from registration under the 1933 Act, the Consulting Shares must
      be
      held indefinitely. GK further acknowledges that neither this Amendment nor
      the
      Agreement is intended as a plan or scheme to evade the registration requirements
      of the 1933 Act;

    

    (b)           GK
      is a resident of the Republic of Hungary;

    

    (c)           GK
      is not a “US Person” as that term is defined in Rule 902 of Regulation S, as
      more fully set forth in Section 2 of this Amendment;

    

    (d)           GK
      is not, and on the date that he receives the Consulting Shares will not be,
      an
      affiliate of the Company;

    

    (e)           that
      all offers and sales of the Consulting Shares shall be made in compliance with
      all applicable laws of any applicable jurisdiction and, particularly, in
      accordance with Rules 903 and 904, as applicable, of Regulation S or pursuant
      to
      registration of the Consulting Shares under the 1933 Act or pursuant to an
      exemption from registration.  In any case, none of the Consulting
      Shares have been and will be offered or sold by GK to, or for the account or
      benefit of a U.S. Person or within the United States until after the end of
      a
      one year period commencing on the date on which this Amendment is accepted
      by
      the Company (the “Distribution Compliance Period”), except
      pursuant to an effective registration statement as to the Consulting Shares
      or
      an applicable exemption from the registration requirements of the 1933
      Act.

    

    (f)           the
      Consulting Shares have not been offered to GK in the United States and the
      individual making the decision to purchase the Consulting Shares and executing
      and delivering this Amendment on behalf of GK were not in the United States
      when
      the decision was made and this Amendment was executed and
      delivered;

    

    (g)           GK
      will not engage in any activity for the purpose of, or that could reasonably
      be
      expected to have the effect of, conditioning the market in the United States
      for
      any of the Consulting Shares; and

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (h)           neither
      GK nor any of his affiliates will directly or indirectly maintain any short
      position, purchase or sell put or call options or otherwise engage in any
      hedging activities in any of the Common Stock of the Company until after the
      end
      of the Distribution Compliance Period, and acknowledges that such activities
      are
      prohibited by Regulation S.”

    

    
      	
              2.  

            	
              A
                new Section “N” is hereby added to the Agreement, which shall read, in its
                entirety, as follows:

            

    

    

    “N.           Regulation
      S – Definition of US Person.

     

    Rule
      902 (k)(1): "U.S. person" means:

     

    
      	
              i.  

            	
              Any
                natural person resident in the United
                States;

            

    

     

    
      	
              ii.  

            	
              Any
                partnership or corporation organized or incorporated under
                the laws of the United States;

            

    

     

    
      	
              iii.  

            	
              Any
                estate of which any executor or administrator is a U.S.
                person;

            

    

     

    
      	
              iv.  

            	
              Any
                trust of which any trustee is a U.S.
                person;

            

    

     

    
      	
              v.  

            	
              Any
                agency or branch of a foreign entity located in the United
                States;

            

    

     

    
      	
              vi.  

            	
              Any
                non-discretionary account or similar account (other than
                an estate or trust) held by a dealer or other fiduciary for the benefit
                or
                account of a U.S. person;

            

    

     

    
      	
              vii.  

            	
              Any
                discretionary account or similar account (other than an
                estate or trust) held by a dealer or other fiduciary organized,
                incorporated, or (if an individual) resident in the United States;
                and

            

    

     

    
      	
              viii.  

            	
              Any
                partnership or corporation
                if:

            

    

     

    
      	
              A.  

            	
              Organized
                or incorporated under the laws of any foreign
                jurisdiction; and

            

    

     

    
      	
              B.  

            	
              Formed
                by a U.S. person principally for the purpose of
                investing in securities not registered under the Act, unless it is
                organized or incorporated, and owned, by accredited investors (as
                defined
                in Rule 501(a)) who are not natural persons, estates or
                trusts.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Rule
      902(k)(2):  The following are not "U.S. persons":

     

    
      	
              i.  

            	
              Any
                discretionary account or similar account (other than an
                estate or trust) held for the benefit or account of a non-U.S. person
                by a
                dealer or other professional fiduciary organized, incorporated, or
                (if an
                individual) resident in the United States;

            

    

     

    
      	
              ii.  

            	
              Any
                estate of which any professional fiduciary acting as executor or
                administrator is a U.S. person if:

            

    

     

    
      	
              A.  

            	
              An
                executor or administrator of the estate who is not a U.S. person
                has sole
                or shared investment discretion with respect to the assets of the
                estate;
                     and

            

    

     

    
      	
              B.  

            	
              The
                estate is governed by foreign law;

            

    

     

    
      	
              iii.  

            	
              Any
                trust of which any professional fiduciary acting as
                trustee is a U.S. person, if a trustee who is not a U.S. person has
                sole
                or shared investment discretion with respect to the trust assets,
                and no
                beneficiary of the trust (and no settlor if the trust is revocable)
                is a
                U.S. person;

            

    

     

    
      	
              iv.  

            	
              An
                employee benefit plan established and administered in
                accordance with the law of a country other than the United States
                and
                customary practices and documentation of such
                country;

            

    

     

    
      	
              v.  

            	
              Any
                agency or branch of a U.S. person located outside the
                United States if:

            

    

     

    
      	
              A.  

            	
              The
                agency or branch operates for valid business reasons;
                and

            

    

     

    
      	
              B.  

            	
              The
                agency or branch is engaged in the business of insurance or banking
                and is
                subject to substantive insurance or banking regulation, respectively,
                in
                the jurisdiction where located; and

            

    

     

    
      	
              vi.  

            	
              The
                International Monetary Fund, the International Bank for
                Reconstruction and Development, the Inter-American Development Bank,
                the
                Asian Development Bank, the African Development Bank, the United
                Nations,
                and their agencies, affiliates and pension plans, and any other similar
                international organizations, their agencies, affiliates and pension
                plans.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Rule
      902(l):  United States. "United States" means the United
      States of America, its territories and possessions, any State of the United
      States, and the District of Columbia.

    

    2.  Except
      as
      amended by this Amendment, the remaining terms and provisions of the Agreement
      shall remain unchanged.

    

    IN
      WITNESS WHEREOF, each of the Company and GK have executed this
      Amendment, agreeing to be bound by the terms hereof, as of the day and year
      first-above written.

     

     

    
      	 	
              POWER
                OF THE DREAM VENTURES, INC.

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 By	  
	 	 	
              Name:

            	
              Viktor
                Rozsnyay, President

            

    

    

     

    
      	 	 CONSULTANT: 
	 	 	 
	 	 	 
	 	  
	
               

            	
              
                Name: 

              

            	
               Gabor
                Kolossvary

            

    

     

     

    5

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