EXHIBIT E

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Intellectual Property License 

This Intellectual Property License (this "License") is made as of this 22 day of April, 

2015 by and between Backpage.com LLC a Delaware limited liability company ("Backpage") 

and Vermillion Holdings, LLC, a Delaware limited liability company ("Licensee"). Backpage 

and Licensee may be referred to individually as a "Party" and collectively as the "Parties." 

WHEREAS, Backpage and Licensee are affiliated companies under common control and 

Backpage has historically provided certain resources to support Licensee and other affiliates of 

Licensee in furtherance of its mission and goals; and 

WHEREAS, the Parties wish to memorialize the license of intellectual property to 

Licensee that has been developed or licensed by Backpage, including software, website domains, 

trademarks and trade secrets ("Intellectual Property"); 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of 

which are hereby expressly acknowledged, the Parties agree as follows: 

1. Definitions. 

"Backpage IP" means all Intellectual Property owned or licensed by Backpage, and 

includes all Backpage Software used in running the Backpage Websites, including object 

code, the associated Documentation, Trade Secrets, Trademarks and URLs. 

"Backpage Software" means the software developed by or on behalf of Backpage for 

use in the Backpage Websites, as more fully described in Schedule A. 

"Backpage Trademarks" means the registered and unregistered trademarks listed on 

Schedule A. 

"Backpage Websites" means the domains listed on Schedule A. 

"Business" means the business of owning, operating, hosting and providing 

administrative support services to an online general classified website. 

"Confidential Information" means product, design, promotional plans, engineering 

data, specifications, processes, formulations, techniques, planning, purchasing, 

accounting, finance, selling, marketing, customer, supplier, distributor, and other 

information of a similar nature, but excluding information that is or becomes public 

knowledge through no fault of the other Party, or that is documented as being known to 

the other Party prior to their first interaction, or that becomes lawfully known to the other 

Party from an independent third party not under a confidentiality obligation. 

"DesertNet Software" means the software owned by DesertNet, L.L.C. and licensed to 

Backpage. 

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"Documentation" means any operating instructions, specifications and other 

documentation related to the operation, description and function of the Intellectual 

Property supplied by Backpage, whether supplied in paper or electronic form. 

"Loan Agreement" means the Loan Agreement entered into effective as of the date 

hereof between Vermillion Holdings, LLC, a Delaware limited liability company, and 

Atlantische Bedrijven, C.V., a Dutch limited partnership. 

"Software" means the Backpage Software and DesertNet Software. 

"Territory" means all countries world-wide, except for the United States of America. 

"Trade Secrets" means those practices, processes, designs, instruments, commercial 

methods and complilations of information that is not generally known or reasonably 

ascertainable by others, as further described on Schedule A. 

2. License Grants. 

2.1 Backpage IP Licenses. The following licenses are granted to Licensee, solely 

within the Territory: 

(a) Backpage Software License. Backpage grants Licensee a fully paid up, 

royalty-free, perpetual, exclusive, transferable right and license to install, use, and copy 

the Backpage Software and the Documentation in connection with the Business and to 

grant a sublicense to install, use and copy the Backpage Software to its wholly-owned 

subsidiaries within the Territory. 

(b) DesertNet Software License. Backpage grants Licensee a limited, nonexclusive, non-transferrable license to use the DesertNet Software so long as any use of 

the DesertNet Software resolves to a website containing www.backpage.com or such 

other URL as may be designated in writing and provided to Backpage. 

(c) Backpage Trademark License. Backpage grants to Licensee a fully paid 

up, exclusive, perpetual, transferable, right and license to use the Backpage Trademarks 

for use in the publication, distribution, display and marketing of content relating to the 

posting of classified advertisements on the Backpage Websites in connection with the 

Business, subject to the provisions of this License, and the right to grant a sublicense to 

use the Backpage Trademarks to its wholly-owned subsidiaries within the Territory on 

terms substantially the same as those in this License. Licensee's right and license applies 

solely to the use of the Backpage Trademarks in connection with the publication, 

distribution, display and marketing of the Backpage Websites, and this License grants no 

right or license to Licensee to: use the Backpage Trademarks in its corporate or trade 

name; to use any other trademark of Backpage or of any Affiliate of Backpage; or to use 

the Backpage Trademarks on or in connection with any other products or services. 

(d) Trade Secret License. Backpage grants to Licensee a fully paid up, 

exclusive, perpetual, transferrable right and license to use the Trade Secrets in the 

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creation, publication and marketing of websites that post classified advertisements in the 

Territory. 

2.2 Restrictions on Use, Access to and use of the Software and Documentation will 

be solely for the internal business use of Licensee, Licensee must not (nor allow any 

third party to) (i) provide, lease, lend, subcontract, sublicense, re-publish or use for 

timesharing, service bureau or hosting purposes any or all of the Software or 

Documentation; (ii) alter, remove, or obscure any copyright, trademark or other 

proprietary notices or confidentiality legends on or in the Software or Documentation, 

whether in machine language or human readable form; or (iii) permit any third party to 

access any of the Software object code that may be disclosed to Licensee under this 

License. . 

2.3 Backpage's Right to Use Backpage IP. Licensee agrees and understands that 

Backpage retains the unrestricted right to use and authorize others to use the Backpage IP 

outside the Territory. 

3. Trademark Quality Controls. 

3.1 Guidelines for Trademark Usage. Licensee may only use the Backpage 

Trademarks in accordance with Backpage's guidelines and in such form and manner and 

with the markings as Backpage may reasonably require from time to time. 

3.2 Quality. Backpage will have the right to control the nature and quality of the 

Backpage Websites and the use of the Backpage Trademarks, including any marketing or 

other printed materials. Licensee will cooperate with Backpage in facilitating 

Backpage's control of the Backpage Trademarks and provide copies of all materials on 

v which the Backpage Trademarks appear upon request. 

3.3 Compliance with Laws. Licensee will comply with all applicable laws and 

regulations and obtain all governmental approvals pertaining to the operation of the 

Backpage Websites. 

4. Ownership of Intellectual Property. 

4.1 Software, Documentation and Trade Secret Ownership. Licensee acknowledges 

and agrees that Backpage or its licensors have, and shall retain, all right, title and interest 

in and to the Software, the Documentation, and Trade Secrets. 

4.2 Backpage Trademarks. Licensee recognizes that Backpage has, and shall retain, 

all ownership of and title to the Backpage Trademarks. Licensee will not acquire or 

claim any title to the Backpage Trademarks nor do any act that may impair Backpage's 

rights in and to the Backpage Trademarks or to any registrations therefor. All use of the 

Backpage Trademarks by Licensee will at all times inure to Backpage's benefit. 

Licensee will not by action or inaction do anything likely to diminish or dilute the value 

or reputation of the Backpage Trademarks or the associated goodwill. 

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5. Breach and Termination. 

5.1 Termination for Breach. In the event of any breach of any provision of this 

License or the Loan Agreement, the non-breaching Party may give written notice, which 

will specify the breach, to the breaching Party. The breaching Party will then have thirty 

(30) days to cure the breach. If the breach is not cured within that period or within any 

extension given by the non-breaching Party, the non-breaching Party may terminate this 

License in whole or in part immediately upon further written notice to the breaching 

Party. 

5.2 Bankruptcy Provisions. In the event of a filing by or against Licensee of a case 

pursuant to the United States Bankruptcy Code or any other similar state or federal 

insolvency, reorganization, receivership or bankruptcy proceedings or insolvency, 

reorganization, receivership or bankruptcy proceedings of any country ("Country") 

outside the United States (the "Bankruptcy"), the following will apply to this License: 

(a) Termination by Backpage. This License and the licenses granted in 

Section 2.1 will terminate immediately without any further action by Backpage if 

Licensee becomes insolvent or is adjudicated a bankrupt, or if Licensee files any 

voluntary petition in bankruptcy or if a receiver or trustee is appointed for any its 

properties. 

(b) License Not Assumable. The Parties agree that pursuant to applicable 

law, this License is personal and nondelegable, Accordingly, notwithstanding the intent 

of the Trustee or the Debtor in Possession (as defined in Title 11, U.S.C. § 101 or any 

applicable code pertaining to Bankruptcy) with respect to assignment to a third party, the 

Parties acknowledge and agree that the license granted herein could not, pursuant to 

applicable law, be assigned. Therefore, neither this License nor the rights and privileges 

granted to Licensee hereunder will be subject to the provisions of §365(a) of the 

Bankruptcy Code (11 U.S.C. §365(a)) or any similar law of any Country pertaining to the 

assumption or the assumption and assignment of executory contracts, including contracts 

such as this License. This License will not be assumable by a Trustee or Debtor in 

Possession in the Bankruptcy nor will this License be assumable and assignable by a 

Trustee or Debtor in Possession in the Bankruptcy notwithstanding any provision of the 

Bankruptcy Code or other law applicable to Bankruptcy in any Country in which a 

Bankruptcy may be pending and which applies to the assumption or the assumption and 

assignment of executory contracts. 

The parties agree that this License is, pursuant to applicable law and the agreement of the 

parties, nonassumable and nonassignable and, accordingly, the provisions of §365(c) of 

the Bankruptcy Code (11 U.S.C. §365(c)) or any similar law of any Country pertaining to 

the nonassumability and nonassignability of executory contracts in Bankruptcy to apply 

to and govern the assumability or assumability and assignability of this License in a 

Bankruptcy. 

(c) Stay Relief. If a Bankruptcy is filed by Licensee or against Licensee and, if 

filed against Licensee, such case has not been dismissed within 60 days of such filing, 

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Backpage will have immediate, automatic, irrevocable and presently effective stay relief. 

Pursuant to such stay relief, all stays and injunctions in the Bankruptcy, including, but not 

limited to, the automatic stay arising under Section 362(a) of the Bankruptcy Code 

(11 U.S.C. §362(a)), will be terminated automatically and irrevocably as to Backpage and 

with respect to the enforcement of its rights and remedies. In accordance with such stay 

relief terminating the automatic stay and any and all other applicable stays and 

injunctions: (i) Licensee acknowledges that in the event of Bankruptcy the License is 

automatically terminated, void and of no further force and effect; (ii) Licensee will 

cooperate with Backpage in seeking any necessary or appropriate order of the Bankruptcy 

Court (or other court wherever located) having jurisdiction of the Bankruptcy to allow 

Backpage to enforce its rights and remedies hereunder; (iii) Licensee expressly and 

irrevocably waives and releases any right to claim, in the Bankruptcy Court or in any 

other federal court, state court, or the court of any Country involving Licensee that any 

stay, injunction, or other restraint or prohibition of any kind should be issued, imposed, or 

reimposed against or with respect to Backpage; and (iv) Licensee expressly and 

irrevocably waives any claim or argument that this License is assumable by Licensee or 

assumable and assignable by Licensee in the Bankruptcy and waives any right to disclaim 

or disavow the applicability of §365(c) (11 U.S.C. §365(c) or any similar law in 

Bankruptcy pertaining to the nonassumability and nonassignability of executory 

contracts) to this License. Licensee's waiver and release stated in this Section 5.2 

includes, without limitation, any and all proceedings for injunctive relief of any kind filed 

by or on behalf of Licensee under authority of §105 or §362 of the Bankruptcy Code (11 

U.S.C. §105 or §362 or any similar provisions in Bankruptcy that would restrain 

Backpage from enforcing its rights under the License), Bankruptcy Rule 7065, Rule 65 of 

the Federal Rules of Civil Procedure, or any other or similar substantive or procedural 

provisions of federal law, state law, federal or state rules of procedures or the procedural 

and substantive rules of any Country in which a Bankruptcy might be pending. 

5.3 Consequences of Termination. Upon termination of this License for any reason, 

Licensee will immediately discontinue all use of the Backpage IP, including the 

Backpage Trademarks and any trademark or designation confusingly similar to a 

Backpage Trademark, and the DesertNet Software, 

6. Warranty Disclaimer. 

6.1 THE SOFTWARE, DOCUMENTATION, BACKPAGE TRADEMARKS, 

TRADE SECRETS AND URLs ARE PROVIDED "AS IS" AND ALL EXPRESS OR 

IMPLIED WARRANTIES ARE HEREBY DISCLAIMED, INCLUDING ANY 

IMPLIED WARRANTIES OF NONINFRINGEMENT, TITLE, MERCHANTABILITY 

AND FITNESS FOR A PARTICULAR PURPOSE. BACKPAGE DOES NOT 

WARRANT (i) THAT USE OF ALL OR ANY PART OF THE SOFTWARE WILL BE 

CONTINUOUS, ERROR-FREE, FREE FROM OF HARMFUL COMPONENTS OR 

UNINTERRUPTED; (ii) THAT THE RESULTS ARISING OUT OF USE OF THE 

SOFTWARE DOCUMENTATION WILL BE ACCURATE, COMPLETE OR ERRORFREE; OR (iii) THAT THE SOFTWARE OR DOCUMENTATION WILL MEET THE 

NEEDS OF LICENSEE. THESE LIMITATIONS APPLY EVEN IF THE PARTIES 

HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND 

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REGARDLESS OF WHETHER ANY REMEDY SET FORTH HEREIN FAILS OF ITS 

ESSENTIAL PURPOSE. 

6.2 Licensee will be responsible for any problems caused by either of the following: 

(i) Licensee's misuse, accident, modification, unstuitable physical or operating 

environment, operation with equipments and programs incompatible with the Software; 

or (ii) improper maintenance by Licensee. 

7. Limitation of Liability. 

BACKPAGE IS NOT LIABLE OR RESPONSIBLE FOR ANY LOSS OF PROFITS, 

LOSS OF BUSINESS, LOSS OF DATA, COST OF PROCUREMENT OF 

SUBSTITUTE GOODS, SPECIAL, INDIRECT, INCIDENTAL, EXEMPLARY, 

PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF 

THE BACKPAGE IP AND DESERTNET SOFTWARE, EVEN IF BACKPAGE HAS 

BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS LIMITATION 

APPLIES TO ALL CAUSES OF ACTION, WHETHER ASSERTED ON THE BASIS 

OF CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), 

STATUTE OR OTHERWISE. 

8. Infringements. 

8.1 Licensee will promptly notify Backpage of any unauthorized use of the Backpage 

Trademarks or other Intellectual Property by others as it comes to Licensee's attention. 

Backpage will have the sole right and discretion to bring infringement or unfair 

competition or other actions involving the Backpage Trademarks or other Intellectual 

Property. 

8.2 If any action is brought involving the Backpage Trademarks, Backpage and 

Licensee will in good faith determine the allocation of expenses and proceeds (whether 

for damages or past and future royalties) between them, 

9. Confidentiality. 

9.1 Confidentiality. Confidential Information may not be, directly or indirectly, 

copied, reproduced, or distributed by the Party receiving the Confidential Information 

except to the extent necessary for the receiving Party to perform under the terms of this 

License and only for the sole benefit of the Party disclosing the Confidential Information. 

The Party receiving Confidential Information may not, directly or indirectly, sell, license, 

lease, assign, transfer or disclose the Confidential Information of the disclosing Party, 

except as allowed under the terms of this License or upon written consent of the 

disclosing Party. 

9.2 Disclosure Required by Law. In the event that any Confidential Information is 

required to be disclosed pursuant to any law, code, regulation or court order from a court 

of competent jurisdiction, the receiving Party will give the disclosing Party immediate 

notice of such requirement and will use its best efforts to seek or to cooperate with the 

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disclosing Party in seeking a protective order with respect to the Confidential Information 

requested, 

9.3 Injunctive Relief. Any breach of the confidentiality provisions of this Section 9 

will cause irreparable harm to the other Party. The Parties agree that the non-breaching 

Party may enforce the provisions of this Section 9 by seeking an injunction, specific 

performance or other equitable relief without prejudice to any other rights and remedies 

the non-breaching Party may have. 

10. General. 

10.1 Relationship of Parties. The Parties are independent contractors and this License 

will not be construed as constituting either Party as partner of the other or to create any 

other form of legal association that would impose liability upon one Party for the act or 

failure to act of the others or as providing either Party with the express or implied right, 

power or authority to create any duty or obligation of the other Party. 

10.2 Notices. Any notice required by this License may be given by email with or 

without mailed confirmation, except that any notice regarding breach or termination must 

be given by email with confirmation sent by overnight commercial delivery service, to 

Backpage and Licensee as follows: 

if to Backpage: 

Backpage.com, LLC 

2501 Oak Lawn Avenue, Suite 700 

Dallas, Texas 75219 

Attn: Carl A. Ferrer, Chief Executive Officer 

Email: carl.ferrer@backpage.com 

with a copy (which shall not constitute notice) to: 

Bell Nunnally & Martin LLP 

3232 McKinney Avenue, Suite 1400 

Dallas, Texas 75204 

Attn: Larry L. Shosid 

Email: lshosid@bellnunnally.com 

if to Licensee: 

Vermillion Holdings, LLC 

8901 East Pima Center Parkway 

Suite 145 

Attention: John E. Brunst 

Scottsdale, Arizona 85258 

Telephone: 480-800-3282 

Email: ied.brunst@cereusproperties,com 

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with a copy (which shall not constitute notice) to: 

Quarles & Brady LLP 

One South Church Avenue 

Suite 1700 

Attention: Susan Boswell 

Tucson, Arizona 85701 

Telephone: 520-770-8713 

Facsimile: 520-770-2222 

Email: susan.boswell@quarles.com 

or to such other address or person to which either Party may specify by notice to the other 

Party. 

10.3 Waiver. Failure of either Party to insist on performance of any term or condition 

of this License or to exercise any right or privilege hereunder will not be construed as a 

continuing or future waiver of such term, condition, right or privilege. 

10.4 Severability. If any provision of this License is held invalid or unenforceable, 

such provision will be deemed deleted from this License and will be replaced by a valid 

and enforceable provision which so far as possible achieves the same objectives as the 

severed provision was intended to achieve, and the remaining provisions of this License 

will continue in full force and effect. 

10.5 Survival. The parties' rights and obligations, which by their nature would 

continue beyond the expiration or termination of this License, including Sections 4, 5.3, 

7, 9 and 10, will survive any termination or expiration of this License. 

10.6 Governing Law and Venue. This License and any claims arising hereunder or 

related hereto, whether in contract or tort, will be governed by the laws of Delaware, 

without regard to conflict of laws principles. All disputes relating to this License will be 

be subject to the exclusive jurisdiction of state and federal courts in Delaware, and the 

Parties will submit to the personal and exclusive jurisdiction and venue of these courts. 

10.7 Assignment. Licensee may not assign this License or any right or obligation 

hereunder without Backpage's prior written consent, which Backpage may withhold in its 

sole discretion. Backpage hereby approves the assignment of this License to UGC Tech 

Group C.V., a Dutch limited partnership. Subject to the foregoing, this License will be 

binding upon and will inure to the benefit of the Parties' respective successors and 

assigns. 

10.8 Sublicensing. Licensee may not grant sublicenses of the Intellectual Property 

without Backpage's prior written consent, which Backpage may withhold in its sole 

discretion. 

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10.9 No Third Party Beneficiaries. The Parties do not intend, nor will any clause be 

interpreted, to create for any third party any obligations to or benefit from either 

Backpage or Licensee. 

10.10 Interpretation. All headings herein are not to be considered in the construction or 

interpretation of any provision of this License. "Include" and its derivatives, whether or 

not capitalized, means "including without limitation" and introduces a non-exclusive set 

of examples. This License was drafted with the joint participation of both Parties and 

will be construed neither against nor in favor of either, but rather in accordance with the 

fair meaning thereof. In the event of any apparent conflicts or inconsistencies between 

this License and any exhibits or other attachments to it, to the extent possible such 

provisions will be interpreted so as to make them consistent, and if such is not possible, 

the provisions of this License will prevail. 

10.11 Amendments. This License, including any Schedules or attachments hereto, may 

be amended or modified in whole or in part only by a writing signed by Backpage and 

Licensee. 

10.12 Entire License. The terms contained in this License, and any Schedules or other 

attachments, which are incorporated (including any updated versions thereof) into the 

License by this reference, constitute the entire agreement between the Parties with respect 

to the subject matter hereof, superseding all prior understandings, proposals and other 

communications, oral or written, with respect to the subject matter hereof. 

10.13 Counterparts. This License and any amendments thereto may be executed in 

multiple counterparts, each of which will be deemed an original, and all such 

counterparts together will constitute the same instrument. Facsimile signatures, or other 

electronic signatures, are binding and have the same effect as a handwritten signature. 

Signature Page Follows 

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IN WITNESS WHEREOF, the Parties have caused this License to be executed as of the 

day and year first above written. 

Licensee: Vermillion Holdings, LLC 

Signature 

Name John E. Branst 

Title 

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IN WITNESS WHEREOF, the Parties have caused this License to be executed as of the 

day and year first above written. 

Backpage.com LLC 

By: 

Carl A. Ferrer, Chief Executive Officer 

Name John E. Brunst 

fhu. 

Title 

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SCHEDULE A 

INTELLECTUAL PROPERTY DESCRIPTION 

Software: 

a. Backpage Software: 

All software created and maintained by Backpage, including the payment processing 

gateway, internal employee payment management portal, revenue reporting systems, fraud 

monitoring systems, portions of the online advertising application and DNS/CDN management. 

Some of this software interacts directly with DesertNet Software. 

b. DesertNet Software: 

All software created and maintained by DesertNet, including the majority of the public 

online advertising application, internal employee site administration application, reporting 

systems, and fraud and subpoena management tools. Some of this software interacts directly 

with Backpage Software. 

Licensed Backpage Trademarks: 

Trademark Country Registration Number 

Backpage.com Australia (WIPO) 1449766 

Backpage.com UK 2597064 

Backpage.com Canada TMA818893 

BACKPAGE EU/CTM 10223105 

BACKPAGE.com EU/CTM 10223113 

BACKPAGE Ireland 246203 

Backpage.com Ireland 246204 

YMAS Costa Rica 231522 

YMAS Mexico 1385460 

YMAS Mexico 1385461 

YMAS Peru 00077850 

YMAS Peru 00077849 

Backpage. Within the Territory All common law usage rights to the extent they exist 

YMAS . Within the Territory All common law usage rights to the extent they exist 

BigCity.com Within the Territory All common law usage rights to the extent they exist 

Postfaster Within the Territory All common law usage rights to the extent they exist 

Backpage Websites: 

Backpage.com 

Cracker.com.au and Cracker.com 

Postfastr.com 

Truckrjobs.com 

Petseelcr.com 

Rentseekx.com 

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ymas.com 

bigcity.com 

nalcedcity.com 

evilempire.com 

Trade Secrets: 

The licensed trade secrets include: 

(a) a series of processes, tools and techniques developed by Backpage for developing new 

markets outside of North America, such as methods for reaching content creators and 

driving new traffic and referrals to the new markets; 

(b) customer contact techniques and reporting processes used to measure marketing staff 

efforts, and compiled market information; 

(c) pricing, algorithms and processes used to convert free ad posters to paid customers and to 

maximize the revenue potential of paid users; and 

(d) confidential list of vendors to support small transactions for banked and unbanked 

customers across multiple processors, banks, currencies and countries. 

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