Document:

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                                                                   Exhibit 10.29

                              MANAGEMENT AGREEMENT

THIS AGREEMENT effective as of the 1st day of May, 2002 (the "Effective Date").

BETWEEN:

                  SMARTIRE SYSTEMS INC., a company duly incorporated pursuant to
                  the laws of the Province of British Columbia, having an office
                  at 150 - 13151 Vanier Place, Richmond, British Columbia, V6V
                  2J1

                  (hereinafter referred to as the "Company")

                                                               OF THE FIRST PART

AND:

                  ALLAN J. KOZAK, businessman, of 25841 116 Avenue, Maple Ridge,
                  British Columbia, V4R 1Z6

                  (hereinafter referred to as the "Manager")

                                                              OF THE SECOND PART

RECITALS

WHEREAS the Company has requested the assistance of the Manager in providing
certain management services to the Company, as hereinafter described;

WHEREAS the Manager has agreed to provide such assistance and services to the
Company in accordance with the terms and conditions herein set forth;

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
covenants set forth below, the parties hereto agree as follows:

1     DUTIES AND DEVOTION OF TIME

1.1   Duties.  During the term of this Agreement the Manager shall be
responsible for the duties contained in Schedule "A" attached hereto and
incorporated herein by this reference (the "Duties").

1.2   Devotion of Time.  The parties hereto acknowledge and agree that the work
of the Manager is and shall be of such a nature that regular hours may not be
sufficient and

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                                      -2-

occasions may arise whereby the Manager shall be required to work more than
eight (8) hours per day and/or five (5) days per week. The Manager agrees that
the consideration set forth herein shall be in full and complete satisfaction
for such work and services, regardless of when and where such work and services
are performed. The Manager further releases the Company from any claims for
overtime pay or other such compensation which may accrue to the Manager.
Notwithstanding the foregoing, the Company agrees that so long as the Manager
properly discharges his duties hereunder, the Manager may devote the remainder
of his time and attention to other non-competing business and personal pursuits.

1.3   Business Opportunities the Property of the Company.  The Manager agrees to
communicate immediately to the Company all business opportunities, inventions
and improvements in the nature of the business of the Company which, during the
term of this Agreement, the Manager may conceive, make or discover, become aware
of, directly or indirectly, or have presented to him in any manner which relates
in any way to the Company, either as it is now or as it may develop, and such
business opportunities, inventions or improvements shall become the exclusive
property of the Company without any obligation on the part of the Company to
make any payments therefor in addition to the salary and benefits herein
described to the Manager.

1.4   No Personal Use.  The Manager shall not use any of the work the Manager
shall perform for the Company for any personal purposes without first obtaining
the prior written consent of the Company.

2     SALARY, BONUSES AND BENEFITS

2.1   Salary.  In consideration of the Manager providing the services referred
to herein, the Company agrees to pay the Manager an annual base salary (the
"Annual Base Salary") of two hundred and twenty thousand dollars ($220,000) less
applicable deductions, payable bi-weekly, plus incentive compensation as set out
below, subject to increase as from time to time approved by the Board of
Directors of the Company.

2.2   Benefits.  The Company shall provide, maintain and pay for:

         (a)  medical, dental for the Manager and his immediate family as is
              provided by the Company's medical services plan or an equivalent
              plan; and

         (b)  such extended health and other benefits for the Manager and his
              immediate family as are provided to employees of the Company,
              subject to the eligibility of the Manager.

2.3   Incentive Compensation Plan.  The Manager shall be entitled to participate
in the EVA based incentive compensation plan which could result in an annual
bonus that would be payable in common shares of the Company.

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                                      -3-

2.4   Payment in Cash or Shares.  All payments payable by the Company to the
Manager, including the Annual Base Salary and reimbursement of expenses under
Section 4.1 hereof, shall be payable in cash or, at the election of the Manager,
and subject to the approval of the regulatory authorities, such will be paid in
whole or in part in common shares in the capital stock of the Company
("Remuneration Shares"), issued at the 10 day average closing price (for the 10
days prior to the Manager's election) of the Company's common shares on any
stock exchange or quotation system upon which the Company's common shares are
listed for trading.

2.5   Registration of Performance Bonus Shares.  To ensure that any shares
issued to the Manager under paragraph 2.4 of this Agreement are freely tradable,
the Company shall register with the SEC any such shares issued. Upon or as soon
as is practical after the issuance of such shares, the Company shall file a form
S-8 or other appropriate form with the United States Securities and Exchange
Commission (the "SEC) to effect registration.

2.6   Incentive Stock Options.  Upon execution of this Agreement, the Company
will issue an incentive stock option agreement for the right for the Manager to
purchase up to one hundred and fifty thousand (150,000) common shares in the
capital of the Company, with options to acquire up to fifty thousand (50,000)
common shares vesting on execution of the Stock Option Agreement which grants
the options and on each of the first and second anniversaries of such Agreement,
all subject to regulatory approval. The options will be issued in accordance
with the plan text.

3     VACATION

3.1   Entitlement to Vacation.  The Company acknowledges that the Manager shall
be entitled to an annual vacation of four (4) weeks. The Manager shall use his
best efforts to ensure that such vacation is arranged with the Company in
advance such that his vacation does not unduly affect the operations of the
Company.

3.2   Increase in Vacation.  The period set out in Section 3.1 above may be
increased from time to time as mutually agreed to by the Manager and the
Company's Board of Directors.

4     REIMBURSEMENT OF EXPENSES

4.1   Reimbursement of Expenses.  The Manager shall be reimbursed for all
reasonable out-of-pocket expenses incurred by the Manager in or about the
execution of the Duties contained herein, including without limiting the
generality of the foregoing, all reasonable travel and promotional expenses
payable or incurred by the Manager in connection with the Duties under this
Agreement. All payments and reimbursements shall be made within two (2) weeks of
submission by the Manager of vouchers, bills or receipts for such expenses.

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                                      -4-

5     CONFIDENTIAL INFORMATION

5.1   Confidential Information.  The Manager shall not, either during the term
of this Agreement or under the provisions of Section 5.3, without specific
consent in writing, disclose or reveal in any manner whatsoever to any other
person, firm or corporation, nor will he use, directly or indirectly, for any
purpose other than the purposes of the Company, the private affairs of the
Company or any confidential information which he may acquire during the term of
this Agreement with relation to the business and affairs of the directors and
shareholders of the Company, unless the Manager is ordered to do so by a court
of competent jurisdiction or unless required by any statutory authority.

5.2   Non-Disclosure Provisions.  The foregoing provision shall be subject to
the further non-disclosure provisions contained in Schedule "B" attached hereto
and incorporated hereinafter by this reference.

5.3   Provisions Survive Termination.  The provisions of this section shall
survive the termination of this Agreement for a period of three years.

6     TERM

6.1   Term.  This Agreement shall remain in effect until terminated in
accordance with any of the provisions contained in this Agreement.

7     TERMINATION

7.1   Termination by Manager.  Notwithstanding any other provision contained
herein, the parties hereto agree that the Manager may terminate this Agreement,
with or without cause, by giving ninety (90) days' written notice of such
intention to terminate.

7.2   Resignation or Cessation of Duties.  In the event that the Manager ceases
to perform all of the Duties contained herein, other than by reason of the
Manager's death or disability, or if the Manager resigns unilaterally and on his
own initiative from all of his positions this Agreement shall be deemed to be
terminated by the Manager as of the date of such cessation of Duties or such
resignation, and the Company shall have no further obligations under Section 2
hereof.

7.3   Termination by Company.  The Company may terminate this agreement at any
time for just cause without further obligation. In the event of termination for
any reason other than for just cause within ninety (90) days of commencing
employment, the Company, at its option, will either (a) continue to pay the
salary under Clause 2.1 and provide benefits under Clauses 2.2 until three (3)
months from the date of termination or (b) pay three (3) months' salary under
Clause 2.1 in lieu of notice. In the event of termination for any reason other
than for just cause upon completion of ninety (90) days of employment, but
within one (1) year of employment, the Company, at its option, will either (a)
continue to pay the salary under clause 2.1 and provide the

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                                      -5-

benefits under Clauses 2.2 until six (6) months from the date of termination or
(b) pay six (6) months' salary under Clause 2.1 in lieu of notice. In the event
of termination for any reasons other than for just cause upon completion of one
(1) year of employment, the Company, at its option, will either (a) continue to
pay the salary under Clause 2.1 and provide the benefits under Clauses 2.2 until
one (1) year from the date of termination or (b) pay one (1) year's salary under
Clause 2.1 in lieu of notice. Any stock options that have been granted but that
have not yet vested shall immediately vest at the date of the final payment, and
may be exercised for a period of 30 days only after the final payment.

7.4   Death.  In the event of the death of the Manager during the term of this
Agreement, this Agreement shall be terminated as of the date of such death, and
the Manager's spouse, if living, or surviving children shall be entitled to the
termination allowance stated in Section 7.3 hereof.

7.5   Disability.  In the event that the Manager will during the term of this
Agreement by reason of illness or mental or physical disability or incapacity be
prevented from or incapable of performing the Duties hereunder, then the Manager
shall be entitled to receive the remuneration provided for herein at the rate
specified hereinbefore for the period during which such illness, disability or
incapacity will continue, but not exceeding six (6) successive months. If such
illness, disability or incapacity continues or will continue for a period longer
than six (6) successive months, then this Agreement may, at the option of the
Directors of the Company, forthwith be terminated, and the Manager shall be
entitled to the termination allowance stated in Section 7.3 hereof.

7.6   Termination Payments.  Any payments made by the Company to the Manager
upon the termination of this Agreement shall be made in cash, or, if the Company
does not have available funds, in equal monthly cash instalments over one year,
or in Remuneration Shares, or in a combination of cash and Remuneration Shares,
subject to regulatory approval. All payments required to be made by the Company
to the Manager pursuant to Section 7 hereof shall be made in full.

8     RIGHTS AND OBLIGATIONS UPON TERMINATION

8.1   Rights and Obligations.  Upon termination of this Agreement, the Manager
shall deliver up to the Company all documents, papers, plans, materials and
other property of or relating to the affairs of the Company, other than the
Manager's personal papers in regard to his role in the Company, which may then
be in the Manager's possession or under his control.

9     CLOSING

9.1   Closing Date.  This Agreement shall be effective as of May 1, 2002.

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                                      -6-

9.2   Conditions of Closing.  The parties hereto agree that it shall be a
condition of the execution of this Agreement that prior to or contemporaneously
with the execution of this Agreement:

         (a)  this Agreement shall be approved by the Board of Directors of the
              Company.

10    NOTICES AND REQUESTS

10.1  Notices and Requests.  All notices and requests in connection with this
Agreement shall be deemed given as of the day they are received either by
messenger, delivery service, or mailed by registered or certified mail with
postage prepaid and return receipt requested and addressed as follows:

         (a)  if to the Company:

              SmarTire Systems Inc.
              150 - 13151 Vanier Place
              Richmond, British Columbia
              V6V 2J1

              with a copy to:

              CLARK, WILSON
              Suite 800-885 West Georgia Street
              Vancouver, British Columbia
              V6C 3H1
              Attention:  Bernard Pinsky

         (b)  If to the Manager:

              Allan Kozak
              25841 116 Avenue
              Maple Ridge, BC
              V4R 1Z6

or to such other address as the party to receive notice or request so designates
by written notice to the others.

11    INDEPENDENT PARTIES

11.1  Independent Parties.  This Agreement is intended solely as a management
services agreement and no partnership, agency, joint venture, distributorship or
other form of agreement is intended.

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                                      -7-

12    AGREEMENT VOLUNTARY AND EQUITABLE

12.1  Agreement Voluntary.  The parties acknowledge and declare that in
executing this Agreement they are each relying wholly on their own judgement and
knowledge and have not been influenced to any extent whatsoever by any
representations or statements made by or on behalf of any other party regarding
any matters dealt with herein or incidental thereto.

12.2  Agreement Equitable.  The parties further acknowledge and declare that
they each have carefully considered and understand the provisions contained
herein, including, but without limiting the generality of the foregoing, the
Manager's rights upon termination and the restrictions on the Manager after
termination and agree that the said provisions are mutually fair and equitable,
and that they executed this Agreement voluntarily and of their own free will.

13    CONTRACT NON-ASSIGNABLE; INUREMENT

13.1  Contract Non-Assignable.  This Agreement and all other rights, benefits
and privileges contained herein may not be assigned by the Manager.

13.2  Inurement.  The rights, benefits and privileges contained herein,
including without limitation the benefits of Sections 2 and 7 hereof, shall
inure to the benefit of and be binding upon the respective parties hereto, their
heirs, executors, administrators and successors.

14    ENTIRE AGREEMENT

14.1  Entire Agreement.  This Agreement represents the entire Agreement between
the parties and supersedes any and all prior agreements and understandings,
whether written or oral, among the parties. The Manager acknowledges that he was
not induced to enter into this Agreement by any representation, warranty,
promise or other statement, except as contained herein.

14.2  Previous Agreements Cancelled.  Save and except for the express provisions
of this Agreement, any and all previous agreements, written or oral, between the
parties hereto or on their behalf relating to the services of the Manager for
the Company are hereby terminated and cancelled and each of the parties hereby
releases and further discharges the other of and from all manner of actions,
causes of action, claims and demands whatsoever under or in respect of any such
agreements.

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                                      -8-

15    WAIVER

15.1  Waiver.  No consent or waiver, express or implied, by either party to or
of any breach or default by the other party in the performance by the other of
its or his obligations herein shall be deemed or construed to be a consent or
waiver to or of any breach or default of the same or any other obligation of
such party. Failure on the part of either party to complain of any act or
failure to act, or to declare the other party in default irrespective of how
long such failure continues, shall not constitute a waiver by such party of its
or his rights herein or of the right to then or subsequently declare a default.

16    SEVERABILITY

16.1  Severability.  If any provision contained herein is determined to be void
or unenforceable in whole or in part, it is to that extent deemed omitted. The
remaining provisions shall not be affected in any way.

17    AMENDMENT

17.1  Amendment.  This Agreement shall not be amended or otherwise modified
except by a written notice of even date herewith or subsequent hereto signed by
both parties.

18    HEADINGS

18.1  Headings.  The headings of the sections and subsections herein are for
convenience only and shall not control or affect the meaning or construction of
any provisions of this Agreement.

19    GOVERNING LAW

19.1  Governing Law.  This Agreement shall be construed under and governed by
the laws of the Province of British Columbia and the laws of Canada applicable
therein.

20    EXECUTION

20.1  Execution in Several Counterparts.  This Agreement may be executed by
facsimile and in several counterparts, each of which shall be deemed to be an
original and all of which shall together constitute one and the same instrument.

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                                      -9-

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
1st day of May, 2002.

SMARTIRE SYSTEMS INC.

Per:  /s/ Robert V. Rudman
      -------------------------------
      Authorized Signatory

SIGNED by ALLAN J. KOZAK in the presence of:   )
                                               )
                                               )
L. Yahav                                       )
-------------------------------------          )
Name                                           )
                                               )
                                               )
150 - 13151 Vanier Place                       )    /s/ Allan Kozak
-------------------------------------          )    ----------------------------
Address                                        )    ALLAN J. KOZAK
                                               )
                                               )
Richmond, B.C.                                 )
-------------------------------------          )
                                               )
                                               )
H.R. Manager                                   )
-------------------------------------          )
Occupation                                     )
                                               )

This is page 9 of Agreement dated above for reference the 1st day of May, 2002.

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                                  SCHEDULE "A"

                                MANAGER'S DUTIES

1.0   The Manager shall be appointed as the Chief Operating Officer of the
Company, and the Manager shall faithfully, honestly and diligently serve the
Company and each of the Company's subsidiaries.

2.0   MANAGEMENT TEAM PARTICIPATION

As a member of the senior management team, deals with major policy and
operational issues and provides leadership to SmarTire's overall business.
Solidifies the mandate of each member of the senior management team and how
these roles support the attainment of SmarTire's business objectives.

3.0   CORPORATE STRATEGIC PLAN

Working with the President and CEO and members of the executive team, formulates
a corporate Strategic Plan that charts the future course for the company. The
plan sets out a future vision, identifies priority issues that must be addressed
in order to realize that vision and sets short, medium, and long-term objectives
and strategies.

Submits to the CEO a quarterly analysis of progress in achieving objectives,
sets out rationale for variances and recommends modifications to the plan for
the remaining year.

This plan will be updated on an annual basis and will act as the framework in
which the business is operated. The achievement of the key objectives in the
plan will be the primary responsibility of the COO.

4.0   ORGANIZATION AND MANAGEMENT OF STAFF

Develops and maintains an effective organizational structure that reflects
operational needs and prescribes the responsibilities of staff as they relate to
the accomplishment of the objectives established in the Corporate Strategic
Plan.

Ensures the development of a strong, effective executive team that works as a
cohesive unit in the achievement of the business objectives.

5.0   LEADERSHIP

Provides strong leadership to the company's employees in order to capitalize on
the full potential of this critical resource. Stimulates, motivates, guides and
directs all personnel to contribute fully to the realization of SmarTire's
vision and objectives. Develops a highly visible presence throughout all sites
of the company.

Provides strong leadership to the executive team to ensure they function as a
highly coherent and effective group.

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                                      -2-

MANAGER'S DUTIES (CONT'D)

6.0   MARKET RESEARCH

Identifies SmarTire's market and product needs through effective market
research. In the process, develops an understanding of the market opportunity
targeted by the company, including prime competitors, competitive pricing,
product strategies and other factors that influence the buying decisions of each
major customer group.

7.0   PRODUCT DEVELOPMENT

Provides active leadership on product development based on information gathered
through market research, feedback from customers and knowledge of the industry.

Through the Managing Director, North America and the Director, Technical
Operations, ensures the achievement of goals and objectives for engineering and
manufacturing operations as set out in the Corporate Strategic Plan.

8.0   SALES & MARKETING

Ensures development of a marketing strategy for the business and works with
staff to effectively sell the products and services that the organization
provides to its potential customers.

Through the Managing Directors, ensures the achievement of goals and objectives
for sales and marketing as set out in the Corporate Strategic Plan.

Takes a personal role in developing and maintaining relationships with
prospective and current customers to further build these relationships and the
ensuing profitable business.

9.0   RELATIONSHIP WITH BUSINESS PARTNERS AND STAKEHOLDERS

Develops positive and productive working relationships with key business
partners, suppliers and other product and service providers.

Forges strategic alliances where appropriate to support business opportunities.

10.0  FINANCE

Through the Chief Financial Officer, ensures the achievement of goals and
objectives established for the financial function as set out in the Corporate
Strategic Plan.

11.0  HUMAN RESOURCES

Works with the Human Resources Manager, to ensure the achievement of goals and
objectives established for the human resources function as set out in the
Corporate Strategic Plan.

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                                      -3-

MANAGER'S DUTIES (CONT'D)

12.0  EXTERNAL COMMUNICATIONS

Through the Corporate Communications Manager, ensures the effective
communication of information concerning SmarTire's strategies, objectives and
performance externally to create a positive profile for the organization in the
industry and investment community.

13.0  RELATIONSHIP WITH BUSINESS PARTNERS AND STAKEHOLDERS

Develops positive and productive working relationships with key business
partners, suppliers and stakeholders. Forges strategic alliances where
appropriate to support business opportunities.

14.0  INDUSTRY TRENDS

Develops and maintains an understanding of the tire sensor market, the prime
competitors and competitive pricing, product strategies and other factors that
influence the buying decisions of each major customer group. Recommends product
and service modifications as appropriate. With this knowledge, positions the
business to capitalize on emerging opportunities and to address relevant issues.

<PAGE>

                                  SCHEDULE "B"

                            NON-DISCLOSURE PROVISIONS

1.   CONFIDENTIAL INFORMATION AND MATERIALS

     (a)  "Confidential Information" shall mean, for the purposes of this
          Agreement, non-public information which the Company designates as
          being confidential or which, under the circumstances surrounding
          disclosure ought reasonably to be treated as confidential.
          Confidential Information includes, without limitation, information,
          whether written, oral or communicated by any other means, relating to
          released or unreleased Company software or hardware products, the
          marketing or promotion of any product of the Company, the Company's
          business policies or practices, and information received from others
          which the Company is obliged to treat as confidential. Confidential
          Information disclosed to the Manager by any subsidiary and/or agents
          of the Company is covered by this Agreement.

     (b)  Confidential Information shall not include that information defined as
          Confidential Information hereinabove which the Manager can exclusively
          establish:

          (i)    is or subsequently becomes publicly available without breach of
                 any obligation of confidentiality owed to the Company;

          (ii)   became known to the Manager prior to disclosure by the Company
                 to the Manager;

          (iii)  became known to the Manager from a source other than the
                 Company other than by the breach of any obligations of
                 confidentiality owed to the Company; or

          (iv)   is independently developed by the Manager.

     (c)  Confidential Materials shall include all tangible materials containing
          Confidential Information, including, without limitation, written or
          printed documents and computer disks or tapes, whether machine or user
          readable.

2.   RESTRICTIONS

     (a)  The Manager shall not disclose any Confidential Information to third
          parties for a period of three (3) years following the termination of
          this Agreement, except as provided herein. However, the Manager may
          disclose Confidential Information during bona fide execution of the
          Duties or in accordance with judicial or other governmental order,
          provided that the Manager shall give reasonable notice to the

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                                      -2-

          Company prior to such disclosure and shall comply with any applicable
          protective order or equivalent.

     (b)  The Manager shall take reasonable security precautions, at least as
          great as the precautions he takes to protect his own confidential
          information, to keep confidential the Confidential Information, as
          defined hereinabove.

     (c)  Confidential Information and Materials may be disclosed, reproduced,
          summarized or distributed only in pursuance of the business
          relationship of the Manager with the Company, and only as provided
          hereunder.

3.   RIGHTS AND REMEDIES

     (a)  The Manager shall notify the Company immediately upon discovery of any
          unauthorized use or disclosure of Confidential Information or
          Materials, or any other breach of this Agreement by the Manager, and
          shall co-operate with the Company in every reasonable manner to aid
          the Company to regain possession of said Confidential Information or
          Materials and prevent all such further unauthorized use.

     (b)  The Manager shall return all originals, copies, reproductions and
          summaries of or relating to the Confidential Information at the
          request of the Company or, at the option of the Company, certify
          destruction of the same.

     (c)  The parties hereto recognize that a breach by the Manager of any of
          the provisions contained herein would result in damages to the Company
          and that the Company could not be compensated adequately for such
          damages by monetary award. Accordingly, the Manager agrees that in the
          event of any such breach, in addition to all other remedies available
          to the Company at law or in equity, the Company shall be entitled as a
          matter of right to apply to a court of competent jurisdiction for such
          relief by way of restraining order, injunction, decree or otherwise,
          as may be appropriate to ensure compliance with the provisions of this
          Agreement.

4.   MISCELLANEOUS

     (a)  All Confidential Information and Materials are and shall remain the
          property of the Company. By disclosing information to the Manager, the
          Company does not grant any express or implied right to the Manager to
          or under any and all patents, copyrights, trademarks, or trade secret
          information belonging to the Company.

     (b)  All obligations created herein shall survive change or termination of
          any and all business relationships between the parties for a period of
          three years after such termination.

<PAGE>

                                      -3-

     (c)  The Company may from time to time request suggestions, feedback or
          other information from the Manager on Confidential Information or on
          released or unreleased software belonging to the Company. Any
          suggestions, feedback or other disclosures made by the Manager are and
          shall be entirely voluntary on the part of the Manager and shall not
          create any obligations on the part of the Company or a confidential
          agreement between the Manager and the Company. Instead, the Company
          shall be free to disclose and use any suggestions, feedback or other
          information from the Manager as the Company sees fit, entirely without
          obligation of any kind whatsoever to the Manager.<PAGE>

                                                                   Exhibit 10.30

                                                                  May 13th, 2002

                        Memorandum of Understanding (MOU)

This MOU is intended to set forth the understanding between Visteon Corporation
and SmarTire Systems, Inc., who mutually wish to explore the feasibility of
establishing a business relationship for the design, development, and
manufacture of tire pressure sensing systems. The parties mutually agree that
this MOU merely constitutes the parties' non-binding expression of interest and
does not constitute a binding commitment, offer, acceptance or agreement with
respect to any proposed relationship. The expressions set forth in this MOU are
merely general principles and may be overridden by terms, conditions and
refinements as set forth in future agreements, should any be established.

     The main characteristics of the Visteon/SmarTire business relationship
would be:

         I.    Visteon's pursuit of OEM tire pressure sensor business in North
               America, Europe, and Asia. Provided that OEM business is
               obtained, the main characteristics of the subsequent
               Visteon/SmarTire relationship would be:

               a.   SmarTire will provide intellectual property for the design
                    and manufacture of tire pressure sensors, and

               b.   Visteon will provide sensor manufacturing capability.

         II.   Investigation of future joint development of tire pressure
               sensing systems. The main characteristics of this potential joint
               development would be:

               a.   SmarTire would become the provider of tire pressure sensor
                    technologies to Visteon.

               b.   Visteon would provide technologies related to RF receiver
                    and message center products.

         III.  Investigation and joint pursuit of aftermarket tire pressure
               sensor business. Provided that aftermarket business is obtained,
               the main characteristics of the subsequent Visteon/SmarTire
               relationship would be:

               a:   SmarTire would design the receiver and message center
                    products.

               b:   Visteon would provide manufacturing capability for the
                    sensor, RF receiver and message center products.

         IV.   Joint marketing of current and future tire pressure sensing
               systems for the OEM and aftermarket Industries.

               Visteon Corporation                  SmarTire Systems Inc.

               By /s/ Mike Medvec                   By /s/ Robert Rudman
                  -------------------------            -------------------------
               Mike Medvec                          Robert Rudman
               Director of Body Electronics         President and CEO

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