Ann: FBR Executes Binding US Agreement with CRH Ventures Americas, page-206

The guts of it:

1. Binding Agreement with CRH Ventures Americas, Inc.
2. Demonstration Program: affiliates of CRH and FBR Americas Engineering to jointly construct the external walls of 5-10 single storey houses in Florida using CRH blocks and one Australian spec HX. FBR responsible for entering into contracts for 5 of these houses; affiliate of CRH Ventures responsible for entering into contracts for up to 5 more houses.
3. CRH has exclusive Option to trigger a United States joint venture to supply WaaS in US once demo milestones met. CRH Ventures: 49% equity.
4. Once option exercised, $200,000 paid immediately. Another $800,000 upon completion of a Factory Acceptance Test (test build at FBR’s premises in Perth at an effective lay rate of at least 285 blocks per hour, using only a tablet to control the Hadrian and no more than three people), $600,000 upon completion of a Site Acceptance Test build in Florida that meets standards, $400,000 upon completion of demo program. Total $2m. Milestone payments are non-refundable.
5. Once option exercised, $US40m rolling loan facility and binding but conditional purchase of 20 HXs. If that meets “utilization and gross margin metrics”, another 39 HXs will be purchased and, later, also binding and conditional, another 40 HXs. Then option for 200 more HXs. CRH subsidiaries to be exclusive concrete block suppliers for a minimum of 7 years in territories where they produce concrete blocks.
6. FBR will do maintenance and repair, and personnel training, for a fee of $US220,000 per HX per year.