Exhibit 10.2
 
JOINT RESEARCH AGREEMENT ASSIGNMENT

AND NON-DISCLOSURE AGREEMENT

JOINT RESEARCH AGREEMENT

This Joint Research Agreement ("JRA") is effective as of May 25, 2005 by and
between Nanolution, LLC ("Nanolution") and NaturalNano Inc. ("NaturalNano")
(also referred to herein as "the Parties").

The parties have agreed to conduct and support joint research in the field of
drug delivery utilizing naturally occurring halloysite nanotechnologies ("the
Project"). This JRA covers the exchange of ideas and information as well as the
performance of experimental, developmental, and/or research work ("the Work")
performed under the Project, and the ownership of confidential or proprietary
information, including any intellectual property.

The term of the Project shall be from May 25, 2005 and shall continue at least
until the desired drug delivery technology has been proven commercially viable,
or until mutually terminated by both parties.

The Work performed as a result of the Project shall be subject to this JRA
regardless of where the Work is performed or by whom. In addition, all
intellectual property, including but not limited to inventions, conceptions,
ideas, know-how, discoveries, processes, machines, manufactures, compositions of
matter, formulations, processes, biological material, biological methods, or any
improvements thereof, whether or not patentable or suitable for other form of
exclusive right or legal protection, conceived, made or derived during the
course of Work within the Project under this JRA shall be owned by and assigned
to the Parties as follows:

 
·
All medical uses and inventions that arise out of this JRA shall be owned by
Nanolution.

 
·
All purification processes for raw halloysite and all non-medical applications
that arise out of this JRA shall be owned by NaturalNano.

 

For: NANOLUTION, LLC     For: NATURALNANO INC.                        

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Name: John Lanzafame
Title: President
   

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Name: Michael Riedlinger
Title: President

 

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NON-DISCLOSURE AGREEMENT

The Parties acknowledge that each owns certain CONFIDENTIAL INFORMATION, as
defined herein, which might relate to the inventions, conceptions, ideas,
know-how, discoveries, processes, machines, manufactures, compositions of
matter, formulations, processes, biological material, biological methods, or any
improvements thereof, whether or not patentable or suitable for other form of
exclusive right or legal protection, conceived, made or derived during the
course of Work within the Project under this JRA; and

The Parties are willing to disclose to each other such necessary CONFIDENTIAL
INFORMATION provided each Party preserves the confidential nature of the other
Party's INFORMATION and uses it solely for purposes of this Agreement.

The Parties agree as follows:

1. "CONFIDENTIAL INFORMATION" as used in this Agreement means all technical or
business information disclosed by one of the Parties to another pursuant to the
JRA that is identified at the time of disclosure or within thirty (30) days
thereafter as being confidential and proprietary. No information will be
regarded as CONFIDENTIAL INFORMATION if the Party to which it is disclosed can
show by competent proof that such information

(a) was at the time of disclosure, or subsequently became, through no fault of
the receiving Party, known to the general public through publication or
otherwise; or

(b) was, subsequent to disclosure to a Party, lawfully and independently
received by that Party from a third party who had the right to disclose it
without restriction.

Specific aspects or details of CONFIDENTIAL INFORMATION shall not be deemed to
be within the public domain or in the possession of a Party merely because the
CONFIDENTIAL INFORMATION is embraced by general disclosures in the public domain
or in the possession of a Party. In addition, any combination of CONFIDENTIAL
INFORMATION shall not be considered in the public domain or in the possession of
a Party merely because individual elements thereof are in the public domain or
in the possession of that Party unless the combination and its principles are in
the public domain or in the possession of that Party.

2. Any Party, at its discretion, may disclose to another Party any CONFIDENTIAL
INFORMATION that the disclosing Party, in its reasonable judgment, believes is
sufficient to enable the receiving Party to arrive at conceptions, ideas,
innovations, discoveries, inventions, compositions, biological material,
biological methods, whether or not patentable or susceptible to any other form
of legal protection, during performance Under the IRA. Any Party may also cause
such disclosures to be made to the other Party on behalf of the disclosing Party
by third parties who are Under obligations of confidentiality to the disclosing
Party; such disclosures from third parties shall be deemed to be disclosures by
the disclosing Party.
 
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3. In consideration of each and every disclosure of CONFIDENTIAL INFORMATION,
the Parties agree to:

(a) treat as confidential and to preserve the confidentiality of all
CONFIDENTIAL INFORMATION;

(b) use any and all CONFIDENTIAL INFORMATION solely in connection with the
performance of the IRA and for no other purpose;

(c) make no disclosures of any CONFIDENTIAL INFORMATION to any party other than
officers and employees of a Party to this IRA;

(d) limit access to CONFIDENTIAL INFORMATION to those officers and employees
having a reasonable need for such INFORMATION and being boUnd by a written
obligation to maintain the confidentiality of such INFORMATION; and

(e) maintain in confidence any information regarding the nature or scope of any
transaction between the Parties, except to the extent such information must be
disclosed pursuant to law, and then only after notifying the other Party of such
requirement.

Any obligation imposed by this paragraph 3 may be waived in writing by a Party
as to particular CONFIDENTIAL INFORMATION and to a particular use or disclosure.
Any such waiver will have a one-time effect and will not apply to any subsequent
situation regardless of its similarity.

4. All CONFIDENTIAL INFORMATION will remain the property of the disclosing Party
and, upon request of the disclosing Party, the receiving Party shall promptly
return to the disclosing Party all CONFIDENTIAL INFORMATION, or any part or
reproduction thereof.

5. The obligations of each and every Party, and each employee and officer of
each Party Under this Agreement will expire five (5) years from the termination
of the JRA.

6. This Agreement is subject to the laws (excluding conflicts rules) of the
State of New York.
 
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7. The terms and provisions of this Agreement will inure to the benefit of the
Parties, their respective successors and assigns and will be binding on said
successors and assigns. This paragraph notwithstanding, neither Party may
disclose any CONFIDENTIAL INFORMATION to any successor or assign absent prior
written consent of the disclosing Party.

8. The Parties understand and agree that no right or license under any patent,
patent application, or know-how is granted to any other Party or any other
person by this Agreement or by any disclosure of any CONFIDENTIAL INFORMATION.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first
written above.

For: NANOLUTION, LLC   For: NATURALNANO INC.                     By:     By:    

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Name: John Lanzafame
Title: President
   

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Name: Michael Riedlinger
Title: President

 

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