Document:

Exhibit

NINTH AMENDMENT TO CREDIT AND SECURITY AGREEMENTS  

THIS NINTH AMENDMENT TO CREDIT AND SECURITY AGREEMENTS (the “Amendment”), dated as of March 30, 2018, is entered into by and among DASAN ZHONE SOLUTIONS, INC., a Delaware corporation (“DZS”),  ZTI MERGER SUBSIDIARY III, INC., a Delaware corporation (“ZTI”; DZS and ZTI are sometimes referred to herein individually as a “Borrower” and collectively as the “Borrowers”), DASAN NETWORK SOLUTIONS, INC., a California corporation (“DNS”), PREMISYS COMMUNICATIONS, INC., a Delaware corporation (“Premisys”), ZHONE TECHNOLOGIES INTERNATIONAL, INC., a Delaware corporation, (“Zhone International”), PARADYNE NETWORKS, INC., a Delaware corporation (“Paradyne Networks”), PARADYNE CORPORATION, a Delaware corporation (“Paradyne Corporation”; DNS, Premisys, Zhone International, Paradyne Networks, and Paradyne Corporation are sometimes referred to herein individually as a “Guarantor” and collectively as the “Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”).
RECITALS
A.    Borrowers, Guarantors, and Lender are parties to (i) a Credit and Security Agreement, dated March 13, 2012 (as amended by that certain First Amendment to Credit and Security Agreements, dated as of March 13, 2013 (the “First Amendment”), that certain Second Amendment to Credit and Security Agreements, dated September 30, 2013 (the “Second Amendment”), that certain Third Amendment to Credit and Security Agreements, dated March 5, 2014 (the “Third Amendment”), that certain Fourth Amendment to Credit and Security Agreements, dated March 6, 2015 (the “Fourth Amendment”), that certain Fifth Amendment to Credit and Security Agreement, dated March 23, 2016 (the “Fifth Amendment”), that certain Sixth Amendment to Credit and Security Agreements and Consent, dated September 9, 2016 (the “Sixth Amendment”), that certain Joinder and Seventh Amendment to Credit and Security Agreements, dated October 7, 2016 (the “Seventh Amendment”), and that certain Eighth Amendment to Credit and Security Agreements, dated March 19, 2018 (the “Eighth Amendment”), and as further amended from time to time, the “Domestic Credit Agreement”), and (ii) a Credit and Security Agreement (Ex-Im Subfacility), dated March 13, 2012 (as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, and the Eight Amendment, and as further amended from time to time, the “Ex-Im Credit Agreement”; and together with the Domestic Credit Agreement, collectively, the “Credit Agreements”).  Capitalized terms used in this Amendment have the meanings given to them in the Credit Agreements unless otherwise specified in this Amendment.
B.    Lender and Borrowers wish to further amend the Credit Agreements on the terms and conditions set forth herein.  
C.    Borrowers and Guarantors are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of the Lender’s rights and remedies as set forth in the Credit Agreements or any other Loan Document is being waived or modified by the terms of this Amendment.  

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:
1.Amendments to Credit Agreements.  The Credit Agreements are amended as follows:
1.1    Section 2.9 of the Credit Agreements.  The Maturity Date that appears in Section 2.9 of the Credit Agreements is hereby changed from “March 31, 2019” to “July 15, 2019”.
1.2    Section 2.13(b) of the Ex-Im Credit Agreement.  Clause (ii) of Section 2.13(b) of the Ex-Im Credit Agreement is amended to read in its entirety as follows:
“(ii)    $10,000,000.”
1.3    Definition of “Maximum Revolver Amount” under Ex-Im Credit Agreement.  The definition of “Maximum Revolver Amount” that appears in Schedule 1.1 to the Ex-Im Credit Agreement is hereby amended to read in its entirety as follows:
““Maximum Revolver Amount” means $10,000,000; provided that such amount may be decreased by permanent reductions in such amount made in accordance with Section 2.11 of this Agreement.”
1.4    Schedule 2.12 to Ex-Im Credit Agreement.  The third row of Schedule 2.12 to the Ex-Im Credit Agreement is amended to read in its entirety as follows:
“(a)  Ex-Im Fee.  On March 30, 2018, an Ex-Im Fee equal to $126,350.  Such fee when paid shall be deemed fully earned and non-refundable as of such payment date under all circumstances.”
2.    No Other Changes.  Except as explicitly amended by this Amendment or the other Loan Documents delivered in connection with this Amendment, all of the terms and conditions of the Credit Agreements and the other Loan Documents shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.  This Amendment shall be deemed to be a “Loan Document” (as defined in the Credit Agreements).
3.    Amendment Fee.  In consideration of the agreements set forth herein, Borrower hereby agrees to pay to the Lender an amendment fee in the amount of $7,500 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of the date of this Amendment.  The Amendment Fee shall be paid in full on the date of this Amendment.
4.    Conditions Precedent.  This Amendment shall be effective when Lender shall have received a duly executed original of this Amendment, together with each of the following, each in substance and form acceptable to Lender in its sole discretion and duly executed by all relevant parties:
4.1    Copies of board of directors’ (or equivalent) approval of this Amendment for each of the Borrowers and Guarantors;

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4.2    The Amendment Fee, which Lender may arrange to be paid as a charge to the Loan Account; and
4.3    The representations and warranties set forth in this Amendment must be true and correct.
5.    Post-Amendment Covenant.  The obligation of Lender to continue to make Advances (or otherwise extend credit under the Credit Agreements) is subject to the satisfaction of the following covenants, and the failure by Borrowers to so perform or cause to be performed the following as and when required, unless extended or otherwise waived in writing by Lender (in Lender’s sole discretion), shall constitute an Event of Default:
5.1    No later than April 15, 2018, Borrowers and Guarantors shall provide to Lender the following completed and executed (as necessary) forms from the Export-Import Bank of the United States:  (i) Export-Import Bank of the United States Joint Application for Export Working Capital Guarantee; and (ii) Ex-Im Borrower Agreement.
6.    Representations and Warranties.  Borrowers and Guarantors hereby represent and warrant to Lender as follows:
6.1    Borrowers and Guarantors have all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder and to perform all of their obligations hereunder, and this Amendment and all such other agreements and instruments have been duly executed and delivered by Borrowers and Guarantors and constitute the legal, valid and binding obligation of Borrowers and Guarantors, enforceable against Borrowers and Guarantors in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.
6.2    The execution, delivery and performance by Borrowers and Guarantors of this Amendment and any other agreements or instruments required hereunder have been duly authorized by all necessary corporate action on the part of Borrowers and Guarantors and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, other than authorizations, consents or approvals that have been obtained and are in full force and effect, (ii) violate any material provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Borrowers or Guarantors, or the certificates of incorporation or by-laws of Borrowers or Guarantors, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other Material Contract to which Borrowers or Guarantors are a party or by which Borrowers and Guarantors or their respective properties may be bound or affected, except to the extent that any such breach or default could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change.
6.3    All of the representations and warranties contained in Section 5 and Exhibit D of the Credit Agreements are true and correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties 

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relate solely to an earlier date (in which case such representations and warranties continue to be true and correct in all material respects as of such earlier date).
7.    References.  All references in the Credit Agreements to “this Agreement” shall be deemed to refer to the Credit Agreements as amended hereby; and any and all references in the other Loan Documents to the Credit Agreements shall be deemed to refer to the Credit Agreements as amended hereby.
8.    No Waiver.  The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreements or a waiver of any breach, default or event of default under any Loan Document or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Amendment.
9.    Release.  Borrowers and Guarantors hereby absolutely and unconditionally release and forever discharge Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys, and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which Borrowers or Guarantors have had, now have or have made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.  It is the intention of the Borrowers and Guarantors in executing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified and in furtherance of this intention each of the Borrowers and Guarantors waives and relinquishes all rights and benefits under Section 1542 of the Civil Code of the State of California, which provides:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MIGHT HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
The parties acknowledge that each may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts.
10.    Costs and Expenses.  Borrowers agree to pay all reasonable out-of-pocket fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto.  Borrowers hereby agree that Lender may, at any time or from time to time in its sole discretion 

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and without further authorization by Borrowers, make a loan to Borrowers under the Credit Agreements, or apply the proceeds of any loan, for the purpose of paying any such reasonable out-of-pocket fees, disbursements, costs and expenses.
11.    Miscellaneous.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.  Transmission by facsimile or “pdf” file of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart.  Any party hereto may request an original counterpart of any party delivering such electronic counterpart.  This Amendment and the rights and obligations of the parties hereto shall be construed in accordance with, and governed by, the laws of the State of California.  In the event of any conflict between this Amendment and the Credit Agreements, the terms of this Amendment shall govern.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. 

BORROWERS: 

DASAN ZHONE SOLUTIONS, INC.
By: /s/ Michael Golomb
Name: Michael Golomb 
Title:      Chief Financial Officer

ZTI MERGER SUBSIDIARY III, INC.
By: /s/ Michael Golomb
Name: Michael Golomb 
Title:      Chief Financial Officer

[SIGNATURES CONTINUED ON NEXT PAGE]

WFB/Dasan/Zhone
Ninth Amendment to Credit and Security Agreements 
S-1

GUARANTORS:
 

DASAN NETWORK SOLUTIONS, INC.
By: /s/ Michael Golomb
Name: Michael Golomb 
Title:      Chief Financial Officer

PREMISYS COMMUNICATIONS, INC.
By: /s/ Michael Golomb
Name: Michael Golomb 
Title:      Chief Financial Officer

ZHONE TECHNOLOGIES INTERNATIONAL, INC.
By: /s/ Michael Golomb 
Name: Michael Golomb 
Title:      Chief Financial Officer

PARADYNE NETWORKS, INC.
By: /s/ Michael Golomb
Name: Michael Golomb 
Title:      Chief Financial Officer

PARADYNE CORPORATION
By: /s/ Michael Golomb 
Name: Michael Golomb 
Title:      Chief Financial Officer

WFB/Dasan/Zhone
Ninth Amendment to Credit and Security Agreements 
S-2

LENDER: 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 
By: /s/ Harry L. Joe 
Name:  Harry L. Joe 
Title:  Authorized Signatory

WFB/Dasan/Zhone
Ninth Amendment to Credit and Security Agreements 
S-3Exhibit 10.41

 

MASTER
AGREEMENT

 

THIS
MASTER AGREEMENT (“Agreement”) dated December 21, 2017 (the “Effective Date”) by and between
PLASTIC2OIL, INC., a Nevada corporation having an address of 20 Iroquois Street, Niagara Falls, NY 14303 (hereinafter referred
to as “P2O”), and VERIDISYN TECHNOLOGIES, LLC, a Alabama Limited Liability company with an address of 11208
Mountain Park Circle, Tuscaloosa, AL 35405 (hereinafter referred to as “Customer”);

 

W
I T N E S S E T H:

 

WHEREAS,
P2O is a technology company engaged in, among other things, (i) the development of equipment, a catalyst and the know-how for
their utilization to process waste feedstocks consisting of plastic and using, when reasonably necessary, used oil, into diesel
fuel and naphtha, among other byproducts, and (ii) the sale of such equipment and catalyst and the licensing of such technology;

 

WHEREAS,
P2O has developed certain proprietary technology for the processing of feedstocks through the controlled use of thermal conversion
techniques and processes and as part of such technology has developed a proprietary formula for catalyst used as part of such
processes;

 

WHEREAS,
P2O produces and sells processing machinery and related equipment utilizing and for the deployment of such proprietary technology;

 

WHEREAS,
Customer is engaged in the business of processing waste feedstocks consisting of waste plastic and utilizing, when reasonably
necessary, used oil, for the purposes of, among other things, creating fuel;

 

WHEREAS,
Customer will be locating and operating two (2) or more Processors at one or more facilities to be established by Customer for
the processing of plastic feedstocks; and

 

WHEREAS,
P2O and Customer desire that P2O be Customer’s exclusive source for P2O’s proprietary catalyst and processing equipment
to be used by Customer in connection with the application of the Technology in connection with the Processing Business (defined
herein), and;

 

WHEREAS,
in support of P2O’s covenant, warranty and representation that each Processor shall be capable of performing at the Minimum
Performance Levels established for such Processor pursuant to and in accordance with the terms herein, and to increase P2O’s
opportunity to increase the sale prices of certain Processors sold pursuant to and in accordance with the terms herein, Customer
desires to purchase, and P2O agrees provide, services to monitor, maintain, repair and upgrade Processors in accordance with the
terms of this Agreement.

 

NOW,
THEREFORE, in consideration of One Dollar in hand paid, the covenants herein expressed, and such other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	Certain
                                         Definitions.

 

As
used herein, the following terms shall have the following meanings:

 

		1.1.	“Affiliate”
                                         of a Person means: (i) a director, officer, partner, member, P2O, executor or trustee
                                         of a Person and (ii) any Person directly or indirectly controlling, controlled by, or
                                         under common control with, that Person, provided, however, no party to this Agreement
                                         will be considered an affiliate of any other party solely by reason of it being a party
                                         to this Agreement. The term “control” for purposes of this Agreement means
                                         the power to direct or cause the direction of the actions, management and/or policies
                                         of a Person, whether through the ownership of voting securities, by contract or otherwise,
                                         and “controlled by” and “under common control with” have correlative
                                         meanings.

 

    	 

    	 

    

 

		1.2.	“Agreement”
                                         has the meaning given in the opening paragraph hereof.

 

		1.3.	“Applicable
                                         Law” means each applicable provision of any constitution, statute, law, ordinance,
                                         code, rule, regulation, decision, order, decree, judgment, award, injunction, verdict
                                         subpoena, release, license or other legally binding pronouncement of any Governmental
                                         Body.

 

		1.4.	“Auditor”
                                         shall have the meaning set forth in Section 12.2.1.

 

		1.5.	“Business”
                                         shall mean the processing of plastic feed stocks and used oil using Processors, catalyst,
                                         and utilizing the Licensed Technology.

 

		1.6.	“Catalyst”
                                         shall have the meaning set forth in Section 2.1.

 

		1.7.	“Catalyst
                                         Supply Failure” means a supply failure as set forth and described in Section
                                         23.10.

 

		1.8.	“Catalyst
                                         Technology” means P2O’s proprietary formulae and other Know-How necessary
                                         to produce and transport catalysts for processing waste plastic and used oil into fuel.

 

		1.9.	“Certificate
                                         of Functionality” or “COF” has the meaning set forth in
                                         Section 8.2.2.

 

		1.10.	“Claim”
                                         means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit,
                                         notice of violation, proceeding, litigation, citation, summons, subpoena or investigation
                                         of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law,
                                         in equity or otherwise.

 

		1.11.	“Confidential
                                         Information” shall have the meaning set forth in Section 15.1.

 

		1.12.	“Copyrights”
                                         shall mean all registered and unregistered copyrights.

 

		1.13.	“Disclosing
                                         Party” shall have the meaning set forth in Section 15.1.

 

		1.14.	“Effective
                                         Date” shall be the date first set forth above and defined as such.

 

		1.15.	“Embodied
                                         Trade Secrets” shall have the meaning set forth in Section 11.2.2.

 

		1.16.	“Emergency
                                         Service” means service required due to an issue which results in cessation
                                         of operation of one or more Processors.

 

		1.17.	“Encumbrance”
                                         shall mean any charge, claim, condition, equitable interest, lien, option, pledge, security
                                         interest, right of refusal or restriction of any kind, including any restriction on use,
                                         voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

		1.18.	“Equipment”
                                         shall have the meaning set forth in Section 2.2.

 

		1.19.	“GAAP”
                                         means generally accepted accounting principles, consistently applied.

 

		1.20.	“Goods”
                                         means Catalyst and Equipment.

 

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		1.21.	“Governmental
                                         Authorization” means any consent, license, permit or other authorization issued,
                                         granted, given or otherwise made available by or under the authority of any Governmental
                                         Body or pursuant to any Applicable Law.

 

		1.22.	“Governmental
                                         Body” means any governmental or quasi-governmental body exercising, or entitled
                                         to exercise, any administrative, executive, judicial, legislative, police, regulatory
                                         or taxing authority or power.

 

		1.23.	“Gross
                                         Sales” means the gross revenues earned and actually received by or credited
                                         to Customer, a Permitted Assignee and/or sub-Customers (based on the cash basis of accounting
                                         in accordance with GAAP) from sales of diesel fuel, naphtha and other byproducts from
                                         the processing of plastic feedstocks using the Licensed Technology.

 

		1.24.	“Initial
                                         Order” shall have the meaning set forth in Section 7.2.1.

 

		1.25.	“Initial
                                         Site” means Baldwin County, Alabama.

 

		1.26.	“Know-How”
                                         shall mean proprietary and non-proprietary information relating to the Technology.

 

		1.27.	“Knowledge”
                                         means, with respect to an individual, “Knowledge” of a particular fact or
                                         other matter if that individual is actually aware of that fact or other matter; or (ii)
                                         a reasonably prudent individual would have conducted a reasonably comprehensive investigation
                                         of that fact or other matter and, in the course of doing so, could be expected to become
                                         aware of that fact or other matter.

 

		1.28.	“Knowledge”
                                         means, with respect to a Person (other than an individual), “Knowledge” of
                                         a particular fact or other matter if any individual who is serving as a director, officer,
                                         partner, member, manager or trustee of such Person (or in any similar capacity) has,
                                         at the time with respect to which the term is used, “Knowledge” of such fact
                                         or other matter by which an individual would have such “Knowledge.”

 

		1.29.	“License”
                                         shall have the meaning set forth in Section 11.1.

 

		1.30.	“License
                                         Fee” shall have the meaning set forth in Section 7.4.

 

		1.31.	“Licensed
                                         Technology” means the Technology that is owned, held, used or licensed by P2O
                                         with the right to assign or sub-license the same, and necessary for Customer’s
                                         operation of Processing Equipment and/or use of catalyst for the Processing Business.

 

		1.32.	“Minimum
                                         Performance Levels” has the meaning set forth in Schedule “B” attached
                                         hereto and made a part hereof and shall be established on a Purchase Order and/or Processor
                                         basis as provided in Schedule “B.”

 

		1.33.	“Minimum
                                         Production Levels” shall have the meaning set forth in Schedule “B.”

 

		1.34.	“Normal
                                         Business Hours” are from Monday to Friday, 8AM to 5PM eastern time, excluding
                                         all statutory holidays in the State of Alabama and the state where the services under
                                         this Agreement are being performed.

 

		1.35.	“Order”
                                         means any award, decision, injunction, judgment, ruling or verdict entered, issued, made
                                         or rendered by any Governmental Body or by any arbitrator.

 

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		1.36.	“P2O’s
                                         Technology Business” means the development and licensing of proprietary technology
                                         for the processing of waste feedstocks through the controlled use of thermal conversion
                                         techniques and processes and as part of such technology, the development of proprietary
                                         formulae for catalyst used as part of such processes, and the production and sale of
                                         processing machinery and related equipment utilizing and the deploying such proprietary
                                         technology.

 

		1.37.	“Patents”
                                         means all patents, patent applications, continuations, and continuations in part and
                                         any renewal rights with respect thereto.

 

		1.38.	“Performance
                                         Factors” shall have the meaning set forth in Schedule “B” hereto.

 

		1.39.	“Person”
                                         means any person or entity of every kind and is to be construed as broadly as possible.

 

		1.40.	“Personnel”
                                         means agents, employees or subcontractors engaged or appointed by P2O or Customer.

 

		1.41.	“Price”
                                         shall have the meaning set forth in Section 7.

 

		1.42.	“Proceeding”
                                         means any action, arbitration, audit, hearing, investigation, litigation or suit (whether
                                         civil, criminal, administrative, investigative or informal) commenced by or before, or
                                         otherwise involving, any Governmental Body or arbitrator.

 

		1.43.	“Processing
                                         Business” means the processing of plastic and, when reasonably necessary, used
                                         oil, into diesel fuel, naphtha and other byproducts through the controlled use of thermal
                                         conversion and/or pyrolysis techniques and processes using the Processing Equipment and
                                         catalyst for the deployment of the Licensed Technology.

 

		1.44.	“Processing
                                         Equipment” shall have the meaning set forth in the recitals hereto and described
                                         in Schedule A.

 

		1.45.	“Processing
                                         Facility” means a facility operated or to be operated by or for Customer for
                                         deployment of the Licensed Technology in connection with the Processing Business where
                                         at least one or more units of the Processing Equipment is or is intended to be located
                                         and operated.

 

		1.46.	“Processor”
                                         shall mean one unit of the Processing Equipment as set forth, described and defined herein.

 

		1.47.	“Purchase
                                         Order” has the meaning set forth in Section 2.2.2.

 

		1.48.	“Receiving
                                         Party” shall have the meaning set forth in Section 15.1.

 

		1.49.	“Representatives”
                                         means a party’s and its Affiliates’ employees, officers, directors, consultants
                                         and legal advisors.

 

		1.50.	“Technology”
                                         shall mean all inventions, whether patentable or not, prototypes, Confidential Information,
                                         designs, drawings, software, controllers, conceived and/or developed by P2O and related
                                         to the Processing Business, as the same may be reengineered and/or updated from time
                                         to time, including Patents, Copyrights, Trade Secrets, and all licenses, internet websites,
                                         internet domain names, and other rights held by or on behalf of P2O and used in connection
                                         with the Processing Business, in any third party product, intellectual property, proprietary
                                         or personal rights, documentation or tangible or intangible property, including the types
                                         of intellectual property and intangible proprietary information set out in this Section
                                         1.50.

 

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		1.51.	“Technology
                                         Consultant” has the meaning set forth in Section 8.2.5.

 

		1.52.	“Term”
                                         shall mean the period commencing with the Effective Date and expiring on the twentieth
                                         (20th) anniversary of the Effective Date.

 

		1.53.	“Territory”
                                         shall mean the United States of America.

 

		1.54.	“Trade
                                         Secrets” means all inventions and discoveries that may be patentable, know-how,
                                         trade secrets, moral rights, confidential information, customer lists, software, programs
                                         or applications (in both source and object code form), prototypes, designs, technical
                                         information, data, process technology, engineering and manufacturing information, procedures,
                                         specifications, rights in mask works, plans, drawings and blue prints.

 

		2.	Delivery
                                         of Goods and Performance of Services.

 

		2.1.	Purchase
                                         and Sale of Catalyst. Subject to the terms and conditions of this Agreement, P2O
                                         agrees to sell, and Customer agrees to buy, exclusively from P2O for the Term, all Customer’s
                                         requirements of catalyst (the “Catalyst”) to be used only by the Customer
                                         and solely for processing plastic feedstocks using, when reasonably necessary, used oil,
                                         into fuel utilizing Processing Equipment purchased from P2O in connection with Customer’s
                                         use of the Licensed Technology.

 

		2.2.	Purchase
                                         and Sale of Equipment.

 

		2.2.1.	P2O
                                         agrees to sell, and Customer agrees to buy, exclusively from P2O for the Term, the following
                                         products (the “Equipment”) in accordance with the terms and conditions
                                         of this Agreement:

 

	Description	 	Quantity	 	Price
	 	 	 	 	 
	Processor(s)	 	Per
    Order	 	(See
    below)

 

		2.2.2.	P2O
                                         shall be Customer’s exclusive source for Processors. As used herein, “Per
                                         Order(s)” shall mean as reasonably ordered pursuant to P2O’s existing
                                         specifications or Customer’s reasonable specifications from time to time pursuant
                                         to the form of purchase order attached hereto as Attachment 1 (a “Purchase Order”)
                                         or as otherwise agreed by the parties.

 

		2.3.	Notwithstanding
                                         anything herein to the contrary, Customer agrees to purchase at least six (6) Processors
                                         over the first three years of the Term and at least two (2) Processors shall be ordered
                                         by Customer within one hundred twenty (120) calendar days of the Effective Date as part
                                         of the Initial Order as defined and set forth in Section 7.2. Customer to have a first
                                         right of refusal for the development of fifteen (15) additional sites in the States of
                                         Alabama, Georgia, Mississippi, Arkansas, Tennessee, Louisiana, Texas and the “panhandle
                                         of Florida”. If P2O receives a valid inquiry from any third party regarding the
                                         development of a project in the territory listed in this section 2.3, then Customer will
                                         have ninety (90) days from the date of notice to confirm its desire to develop the project
                                         and must issue a firm purchase order on or before the end of the ninety (90) day right
                                         of refusal period.

 

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		2.4.	Services.
                                         During the Term, P2O shall provide the following services to Customer (the “Services”)
                                         according to the Services purchased on any Purchase Order :

 

		2.4.1.	Monitoring.
                                         P2O shall coordinate with the manager of the operations of each Processing Facility for
                                         the Term. P2O shall Monitor (as hereinafter defined) each Processor, storing and keeping
                                         secure the resulting data therefrom and making such data reasonably accessible to Customer
                                         upon Customer’s request for access to the same.

 

		(i)	“Monitoring”
                                         shall include P2O periodically (approximately once per week) connecting to the server
                                         computer that controls each P2O Processor at the Customer’s Facility and download
                                         all database information (which includes sensor information, states of valves, temperatures,
                                         pressures, flows, feed and fuel). The data will be used to produce a monthly report to
                                         provide performance information to the Customer. The report may be used to provide information
                                         to better operate the Processor, identify excess component wear, and other useful information.
                                         P2O will not collect data for, and will not produce reports related to, environmental,
                                         employee monitoring, or any other purpose other than the specific monitoring to produce
                                         performance reports as described herein.

 

		(ii)	Other
                                         Use of Information. Customer acknowledges that any reports, including any data contained
                                         in the reports, or other data (collectively, “Information”) provided
                                         pursuant to this Section 2.4.1 are produced solely to indicate the performance of the
                                         corresponding Processor(s) for operational purposes. Any other use of the Information
                                         shall be at the sole risk of Customer. Customer agrees to defend, indemnify, and hold
                                         harmless P2O from and against any and all Losses arising from Customer’s use of
                                         Information, other than as herein described.

 

		2.4.2.	Technical
                                         Support. Upon the request of Customer, provide technical assistance and consultation
                                         related to the operation and maintenance of the Processors. P2O will repair, replace,
                                         or otherwise service a Processor, or portion thereof, as necessary, to facilitate a Processor’s
                                         performance in accordance with Section 13.1.2. If Customer requests Emergency Service,
                                         P2O will waive the mandatory two weeks notice of Section 2.4.3 below and will use best
                                         efforts to remedy the operational issues, which Services shall be provided at an additional
                                         fee.

 

		2.4.3.	Scheduling;
                                         Access. P2O and Customer will cooperate to schedule any onsite visits requested by
                                         Customer as part of the Services. Customer is responsible for providing access to the
                                         Facility and Processor(s) with suitable accompaniment by a Customer representative and
                                         during Normal Business Hours. Customer will provide P2O with a minimum of two weeks’
                                         notice for any desired Service requiring travel, however P2O will not be liable for any
                                         delays or inability to accommodate desired dates or timing. Customer is responsible for
                                         ensuring P2O is free to start, stop isolate, disconnect or otherwise affect the Processor(s)
                                         in the course of Service activities, as arranged with the Customer representative.

 

		3.	Ordering
                                         Procedure. From time-to-time, Customer shall issue to P2O one or more Purchase Orders
                                         for a quantity of Catalyst and/or Equipment. By issuing a Purchase Order to P2O, Customer
                                         makes an offer to purchase Goods pursuant to the terms and conditions of this Agreement,
                                         and on no other terms. For the avoidance of doubt, any variations made to the terms and
                                         conditions of this Agreement in any Purchase Order, including any additional terms, are
                                         void and have no effect unless agreed to and accepted in writing by P2O. Customer shall
                                         be obligated to purchase from P2O quantities of Catalyst and/or Equipment specified in
                                         a Purchase Order. P2O may accept any Purchase Order by confirming the order in writing.
                                         No Purchase Order is binding on P2O unless accepted by P2O as provided in this Agreement.

 

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		4.	Quantity.

 

		4.1.	Catalyst
                                         Quantity. The quantity of catalyst to be provided at any time during the term of this
                                         Agreement shall be determined in accordance with the following procedure:

 

		4.1.1.	No
                                         later than thirty days prior to the first day of each calendar quarter during the Term,
                                         Customer shall deliver to P2O a Forecast (as defined below) for the calendar quarter
                                         beginning with the first day of such calendar quarter. Forecasts are for informational
                                         purposes only and do not create any binding obligations on behalf of either party; provided,
                                         however, that P2O shall not be required to manufacture and sell to Customer any quantity
                                         of Catalyst that is unreasonably disproportionate to any Forecast for the period covered
                                         by such Forecast. “Forecast” means, with respect to any calendar quarter,
                                         a good faith projection or estimate of Customer’s requirements for Catalyst during
                                         each month during the period, which approximates, as nearly as possible, based on information
                                         available at the time to Customer, the quantity of Catalyst that Customer may order for
                                         each such month.

 

		4.1.2.	Customer
                                         will maintain in inventory a quantity of Catalyst sufficient to fulfill Customer’s
                                         reasonably-anticipated needs for 90 days.

 

		5.	Delivery.

 

		5.1.	Timing.
                                         Time is of the essence in the performance of this Agreement. Goods shall be delivered
                                         FCA (Incoterms 2010) at P2O’s facility located at 20 Iroquois Street, Niagara Falls,
                                         NY 14303, or such facility acceptable to Customer in Customer’s reasonable discretion
                                         (the “FCA Facility”) on or before that date which is: (i) with respect
                                         to Equipment, two hundred forty (240) calendar days; and (ii) with respect to Catalyst,
                                         thirty (30) calendar days, in each case after P2O’s acknowledgement of the Purchase
                                         Order for the same or as mutually agreed in writing by the parties.

 

		5.2.	Title
                                         and Risk of Loss. Title to the Goods and the risk of loss thereto shall be transferred
                                         from P2O to Customer upon delivery as set forth in Section 5.1 or as otherwise mutually
                                         agreed by the parties in writing.

 

		6.	Inspection
                                         and Rejection of Nonconforming Goods.

 

		6.1.	Product
                                         Standards. The Goods shall comply with P2O’s current specifications which may
                                         be improved by mutual consent of the parties.

 

		6.2.	Customer,
                                         in seeking to accept delivery of Equipment ordered pursuant hereto, shall have a reasonable
                                         opportunity to inspect such Equipment at the FCA Facility to determine if they materially
                                         conform to the requirements of this Agreement. P2O shall make reasonable accommodation
                                         at the FCA Facility for Customer or Customer’s agent to inspect all Equipment ordered
                                         pursuant hereto. If the Customer, in good faith, determines that all or a portion of
                                         any Equipment are non-conforming, Customer may refuse delivery of such Equipment. Customer
                                         must provide written notice to P2O of the reason for rejecting the Equipment, stating
                                         with specificity all defects and nonconformities, and furnishing such other written evidence
                                         or other documentation as may be reasonably required by P2O to set forth the nature and
                                         scope of any defects and/or non-conformities. Except for Equipment remedied as set forth
                                         in Section 5.2, Customer shall have no obligation to pay any part of the Price for Equipment
                                         that are defective and/or non-conforming. Customer will be deemed to have accepted Equipment
                                         unless it provides P2O with the above-described written notice within thirty (30) days
                                         following the delivery by P2O to the FCA Facility as set forth in Section 5.1. All defects
                                         and nonconformities that are not so specified will be deemed waived by Customer, such
                                         Equipment shall be deemed to have been accepted by Customer, and no attempted revocation
                                         of acceptance will be effective.

 

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		6.2.1.	P2O
                                         will have a reasonable period of time to remedy any Equipment determined to be defective
                                         or non-conforming, under the terms of this Agreement which period, however, shall in
                                         no event exceed thirty (30) days.

 

		6.2.2.	Notwithstanding
                                         any contrary provision in this Section 6.2, any examination and determination of the
                                         character and quality of any Equipment made at the FCA Facility shall not affect or change
                                         in any way (i) the requirement that a Certificate of Functionality for such Equipment
                                         be delivered prior to payment of the 10% balance of the Price therefor in accordance
                                         with Section 8.2.2, (ii) the limited warranty set forth in Section 13.1 hereof, or (iii)
                                         P2O’s obligations under Section 2.4.

 

		6.2.3.	Customer
                                         acknowledges and agrees that the remedy set forth in Section 6.2 and, as applicable,
                                         the Limited Warranty set forth in Section 13.1 hereof are Customer’s exclusive
                                         remedy for the delivery of defective and/or non-conforming goods and that P2O shall have
                                         the ability to remedy such defects and/or non-conformities as provided in Sections 6.2.1
                                         and 6.2.2.

 

		7.	“Price.”

 

		7.1.	Catalyst
                                         Price. Price. The price of the Catalyst to be delivered pursuant to a Purchase Order
                                         shall be computed at $0.50 per pound of catalyst (the “Base Price”),
                                         subject to adjustment as provided in Section 7.5.

 

		7.2.	Equipment
                                         Price. Customer shall purchase the Equipment from P2O at the prices set forth below.

 

		7.2.1.	Initial
                                         Order Price. The Initial Order Price of the first system to be deployed by Customer,
                                         consisting of two full processing systems, shall be $ 4,000,000.00 paid in two tranches.
                                         The first tranche of $1,500,000.00 shall be paid upon the issuance of the initial Purchase
                                         Order (for the down payment of both processing systems, miscellaneous costs of delivery,
                                         and the cost of installation of the P2O systems. The second tranche of $2,500,000.00
                                         will be paid, if P2O has not materially defaulted on any operating specifications, at
                                         the end of eighteen (18) months following the COF as defined in section 8.2.2.

 

		7.2.2.	Subsequent
                                         Order Price. The Price for Processors ordered after the Initial Order (“Subsequent
                                         Orders” and “Subsequent Processors”) shall be $3,000,000
                                         per Subsequent Processor subject to the CPI Adjustment described below (the “Subsequent
                                         Order Price”). Additionally, a Subsequent Order Price shall be subject to adjustment
                                         upwards based on the productivity of Subsequent Processors as provided in Section 7.5

 

		7.3.	Services
                                         Price.

 

		7.3.1.	P2O
                                         shall perform the obligations set forth in Section 2.4.1 at a fee which will be mutually
                                         agreed upon prior to the Initial Order.

 

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		7.3.2.	P2O
                                         shall perform the obligations set forth in Section 2.4.2 at parts, labor, and expense
                                         rates as follows: (i) the cost of parts used for routine maintenance and repairs and
                                         that are not necessary to enable P2O to comply with and make true (but only to sustain)
                                         its obligations and warranties under section 6.1 (Product Standards) and Section 13.1.1
                                         (Warranties), which costs are set forth in the price list attached hereto and made a
                                         part hereof as Schedule A; (ii) the labor costs for P2O’s technicians and
                                         other personnel in accordance with the rates set forth in Schedule B attached
                                         hereto and made a part hereof; and (iii) the reasonable costs of reasonably necessary
                                         travel and lodging by the individuals described in the preceding subparagraph (ii).

 

		7.4.	License
                                         Fee. In consideration for the License granted hereunder, P2O shall receive a royalty
                                         of five percent (5%) of all Gross Sales (the “License Fee”). The License
                                         Fee shall be due and payable to P2O on a monthly basis for all Gross Sales in a particular
                                         calendar month during the Term (or a partial month), in arrears and no later than thirty
                                         (30) days after the end of the calendar month for which the License Fee applies. The
                                         expiration of the Term notwithstanding, Customer shall owe P2O the License Fee as provided
                                         under this Agreement for all Gross Sales.

 

		7.5.	CPI
                                         Adjustment. Commencing with April 1, 2018 and continuing on the anniversary of such
                                         date throughout the Term, P2O shall notify Customer of the percentage change, if any,
                                         in the Consumer Price Index for “All Cities, All Urban Consumers” as published
                                         by the Bureau of Labor Statistics of the U.S. Department of Labor (the “Index”)
                                         as published for the month of December in the preceding calendar year from the Index
                                         published for December 2017 (using the December 2017 Index as the base). Such percentage
                                         change in the Index shall be applied to the Price, including application to the Initial
                                         Order Price to calculate the Subsequent Order Price, for Purchase Orders and Services
                                         dated from such April 1st date to March 31st of the following calendar
                                         year.

 

		8.	Payment
                                         Terms.

 

		8.1.	Payment
                                         for Catalyst. The Catalyst ordered pursuant to a Purchase Order shall be invoiced
                                         at the time of delivery of the Catalyst described in the Purchase Order. Payment for
                                         any invoice shall be due within thirty (30) calendar days of the invoice.

 

		8.2.	Payment
                                         for Equipment. Except for the Initial Order, which shall be paid according to section
                                         7.2.1, payment for Equipment ordered pursuant to a Purchase Order shall be paid by Customer
                                         to P2O by certified check, wire transfer or other secured payment instrument as agreed
                                         to between the parties, and paid in three (3) installments as follows:

 

		8.2.1.	The
                                         first installment for forty five percent (45%) of the total price shall be due within
                                         five (5) calendar days of when Equipment are ordered. The second installment shall be
                                         due when goods are delivered and accepted, or deemed accepted, by Customer as provided
                                         in Section 6 and shall be in an amount equal to forty five percent (45%) of the total
                                         Price under the corresponding Purchase Order.

 

		8.2.2.	The
                                         final installment for the ten percent (10%) balance of the Price for Equipment shall
                                         be made within five (5) calendar days of when the Technology Consultant (defined below)
                                         certifies that the Equipment for which payment is due are installed and functioning or
                                         capable of functioning at the Minimum Performance Levels established for such Equipment
                                         by providing a Certificate of Functionality in the form attached hereto as Attachment
                                         2 or in such other form as mutually agreed by the parties (a “Certificate
                                         of Functionality” or “COF”). Notwithstanding the foregoing,
                                         if, within sixty (60) calendar days after delivery of any Equipment, P2O has not received
                                         either (i) a COF for such Equipment; or (ii) written notice of the reason(s) why a COF
                                         cannot be issued (as detailed in Section 8.2.3 below) for such Equipment, the COF will
                                         be deemed issued with respect to such Equipment, and payment of the balance of the Price
                                         therefor shall be made within five (5) days of the date of the COF.

 

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		8.2.3.	Customer
                                         agrees to cause the Technology Consultant, who shall be Customer’s agent, to diligently
                                         and expeditiously examine, review and test the Equipment and their operation for the
                                         purpose of seeking to issue one or more COFs, as applicable, and to promptly issue all
                                         such COFs that are capable of being issued. If the Technology Consultant determines that
                                         a COF cannot be issued for Equipment delivered pursuant to this Agreement, the Technology
                                         Consultant shall promptly inform P2O and Customer accordingly, providing in such notice
                                         a reasonable detailed explanation of why a COF cannot be issued for the Equipment in
                                         question, and upon receipt of such notice, P2O shall have the option of: (i) making such
                                         modifications, repairs or replacements to the subject Equipment as necessary for the
                                         Technology Consultant to issue a COF for the same; or (ii) disputing the Technology Consultant’s
                                         determination and submitting the determination to arbitration in accordance with Section
                                         22 below. Customer represents to P2O that, as of the Effective Date, the Technology Consultant
                                         has reviewed and acknowledged its ability and willingness to provide such certification.

 

		8.2.4.	In
                                         the event P2O elects to modify, repair or replace any Equipment so as to obtain a COF
                                         therefor, Customer shall arrange for P2O’s access, entry, and use of the applicable
                                         Processing Facility as necessary. Upon the completion of such action(s), P2O shall notify
                                         Customer accordingly and Customer shall promptly instruct the Technology Consultant to
                                         examine, review and test the Equipment as reasonably necessary to determine whether a
                                         COF can be issued, and, if a COF can be issued, to issue one promptly. Customer will
                                         provide P2O with any access to the Equipment necessary, in P2O’s opinion, for such
                                         modification, repair, or replacement. If the Technology Consultant does not issue a COF,
                                         P2O shall have the options set forth at the end of the preceding paragraph. Notwithstanding
                                         the foregoing, if, within thirty (30) calendar days after P2O’s notification of
                                         completion to Customer (described above), P2O has not received either: (i) a COF for
                                         such Equipment; or (ii) written notice of the reason(s) a COF cannot be issued for such
                                         Equipment, then the COF will be deemed issued with respect to such Equipment. If the
                                         Technology Consultant issues a COF for the Equipment, or the COF is deemed issued, payment
                                         of the balance of the purchase price therefor shall be made within five (5) days of Customer’s
                                         receipt of the COF for such Equipment (or, where the COF is deemed issued, upon the date
                                         the COF is deemed issued). Customer will not be liable for any costs to modify, repair,
                                         or replace any equipment as provided by P2O during the initial run up phase, the initial
                                         training phase, and during operations prior to the issuance of the CFO.

 

		8.2.5.	As
                                         used herein, “Technology Consultant” shall mean a professional engineering
                                         firm, licensed in the jurisdiction in which the Equipment are installed and intended
                                         to function, selected by Customer and reasonably acceptable to P2O. Whenever in this
                                         Agreement it is provided that the Technology Consultant will take an action or make a
                                         determination, such action or determination shall be taken and made in the context of
                                         the Technology Consultant acting in its professional capacity, subject to the standards
                                         and practices of professional engineers in the locality and subject jurisdiction of the
                                         placed or installed Equipment for which such action is being taken or determination made.
                                         P2O hereby consents to O’Brien & Gere Engineering, P.C. as the Technology Consultant.

 

		8.2.6.	In
                                         addition to the initial purchase price of Equipment ordered pursuant to a Purchase Order,
                                         Customer may be required to make Increased Price Payments as defined and set forth in,
                                         and in accordance with, Section 7.2. First P2O system of two processors will be at a
                                         fixed price as outlined in section 7.2.1 above.

 

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		8.3.	Payment
                                         for Services. Customer will pay or cause to be paid the full price for the Service
                                         plus applicable taxes. P2O will invoice Customer for the services in advance of services
                                         being performed. Payment is due 30 days from date of invoice, unless otherwise stated.
                                         These terms are subject to credit approval; otherwise, terms are cash with order or C.O.D.

 

		8.4.	Payments
                                         for License Grant. On or before the due date for all payments to P2O pursuant to
                                         Section 7.4, Customer shall provide P2O with a statement showing the quantities sold
                                         and fees received, making up the Gross Sales corresponding to such payment to P2O and
                                         such other particulars as are necessary for an accurate accounting of the payments made
                                         pursuant to this Agreement.

 

		8.5.	Late
                                         Payment. If any payment is not made when due, interest will be added to and payable
                                         on all overdue amounts at 1.5% per month, or the maximum percentage allowed within Applicable
                                         Laws, whichever is less. Customer shall pay all costs of collection, including without
                                         limitation reasonable attorney fees. For purposes of interest accrual, P2O is not required
                                         to give formal notice of late payment.

 

		8.6.	Customer
                                         shall pay for, and shall hold P2O harmless from, all shipping charges and insurance costs.
                                         In addition,

 

		8.7.	Payment
                                         of Taxes. All Prices are exclusive of, and Customer is solely responsible for, and
                                         shall pay, and shall hold P2O harmless from, all taxes of every description, federal,
                                         state, and municipal, that arise as a result of this sale, excluding income taxes and
                                         franchise taxes (including interest and penalties thereon).

 

		8.8.	No
                                         Set-off Right. Customer shall not, and acknowledges that it will have no right, under
                                         this Agreement, the Equipment Supply Contract, the Catalyst Supply Agreement, or any
                                         other agreement, document or Law, to withhold, offset, recoup or debit any amounts owed
                                         (or to become due and owing ) to P2O or any of its Affiliates, whether under this Agreement
                                         or otherwise, against any other amount owed (or to become due and owing) to it by P2O,
                                         whether relating to P2O’s breach or non-performance of this Agreement or any other
                                         agreement(s) of the parties.

 

		9.	P2O
                                         Obligations.

 

		9.1.	P2O
                                         understands and agrees that at all times any of its or its agents’ or contractors’
                                         personnel engaged in connection with the performance of P2O’s obligations under
                                         this Agreement are at a Facility that they shall coordinate with Customer’s then-present
                                         manager for each Facility.

 

		9.2.	P2O
                                         shall cause there to be in place for all individuals engaged in performing P2O’s
                                         duties under this Agreement at a Processing Facility adequate coverage for workmen’s
                                         compensation.

 

		9.3.	P2O
                                         shall have the responsibility for complying with the reasonable rules and regulations
                                         of each Facility at which its obligations are to be performed hereunder and, for the
                                         specific work performed by P2O, with the requirements of any statute, ordinance, law
                                         or regulation of any governmental body or of any public authority or official thereof
                                         having jurisdiction; provided, however, that P2O shall notify Customer promptly or forward
                                         to Customer promptly any complaints, warnings, notices or summonses received by it related
                                         to such matters. For clarity, nothing in this Section 9.3 will obligate P2O with regard
                                         to compliance with Applicable Law except for P2O’s own compliance related to the
                                         specific Service provided by P2O.

 

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		10.	Customer
                                         Obligations.

 

		10.1.	Customer
                                         shall comply with all Applicable Laws. Customer shall maintain in effect all the licenses,
                                         permissions, authorizations, consents and permits that it needs to carry out its obligations
                                         under this Contract. Customer shall comply with all export and import laws of all countries
                                         involved in any sale of parts under this Agreement. Customer acknowledges that P2O is
                                         not responsible for identifying or remediating any unsafe conditions at Processing Facilities
                                         not caused by defective or faulty Processors.

 

		10.2.	It
                                         is the responsibility of Customer to maintain a safe worksite at each Processing Facility.
                                         No conditions or circumstances will be present at a Processing Facility where the onsite
                                         Services are performed that are subject to special precautions or equipment required
                                         by any laws or regulations for the performance of the Services. P2O’s technician
                                         or other personnel, in its reasonable determination, may identify and refuse to perform
                                         Services under unsafe conditions and, without limiting any other term of this Agreement,
                                         P2O has no liability to Customer relating to the non-completion of the Services as a
                                         result of P2O’s technician or other personnel refusing to perform Services under
                                         such unsafe conditions.

 

		10.3.	Customer
                                         will provide any and all computer and networking resources at each Processing Facility
                                         sufficient to enable P2O’s monitoring of the Processors, and shall provide P2O
                                         with reasonable access to the computer and networking resources.

 

		11.	Grant
                                         of Technology License.

 

		11.1.	Subject
                                         to the terms and conditions in this Agreement, P2O hereby grants and conveys to Customer
                                         a non-exclusive license (the “License”) to use and apply the Licensed
                                         Technology in the Territory for the Term, solely for the processing of plastic feedstocks
                                         using Processing Equipment purchased from P2O and with catalyst purchased herein or as
                                         otherwise produced in the case of a Catalyst Supply Failure. Notwithstanding the foregoing
                                         or anything in this Agreement to the contrary, (i) the Licensed Technology
                                         includes the Catalyst Technology only upon and only for the duration of a Catalyst Supply
                                         Failure during the Term, if any; and (ii) the License to use and apply the Catalyst Technology
                                         to produce catalysts, is granted only upon, and exists only for the duration of, a Catalyst
                                         Supply Failure during the Term, if any. Any projects developed by Customer shall have
                                         an exclusive license that will preclude the development of a project (by P2O or any other
                                         third party) within a radius determined by a population of a minimum of 1,000,000 people.
                                         In any case, the diameter of exclusivity shall not exceed 150 miles.

 

		11.2.	License
                                         Restrictions.

 

		11.2.1.	Without
                                         limiting the generality of the foregoing, Customer’s rights to the Licensed Technology
                                         do not extend beyond those specifically set forth in this Agreement, and except for the
                                         rights and licenses granted by P2O hereunder, this Agreement does not grant to Customer
                                         or any other Person, any right, title, or interest by implication, estoppel, or otherwise.

 

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		11.2.2.	Notwithstanding
                                         anything to the contrary herein, all Licensed Technology supplied by P2O is and shall
                                         remain the sole and exclusive property of P2O. Customer, by purchasing catalyst and/or
                                         Processing Equipment herein, acknowledges and agrees that such catalyst and Processing
                                         Equipment embodies and/or utilizes P2O’s valuable intellectual property, know-how
                                         and trade secrets, including, without limitation, confidential, proprietary information
                                         associated with the design, operation and use of the Processing Equipment and the formula
                                         of the catalyst (collectively, the “Embodied Trade Secrets”). Customer
                                         hereby agrees, represents and warrants that it will not, nor, other than the performance
                                         by P2O of its obligations herein, will it aid, assist or permit any other Person to:
                                         (i) tamper with the Processing Equipment and catalyst, (ii) utilize any imaging equipment
                                         or other modality to reveal the inner structures and/or designs of the Processing Equipment,
                                         (iii) attempt to disassemble or reverse engineer the Processing Equipment or catalyst,
                                         or (iv) otherwise discover and/or utilize any of the Embodied Trade Secrets. Customer
                                         further agrees, represents and warrants that it will not disclose, nor will it aid, assist
                                         or permit any other Person to disclose any Licensed Technology or any information which
                                         it may learn or discover about the materials and methods of construction, design, assembly,
                                         functioning, geometries, measurements, tolerances, and operation of the Processing Equipment
                                         or the formula of the catalyst other than as may be necessary to produce or have produced
                                         catalyst during a Catalyst Supply Failure. Customer furthermore agrees that Customer
                                         shall be liable to P2O for any and all actual and potential, direct and indirect, incidental
                                         and consequential damages, including, without limitation, lost profits, arising from
                                         or related to any violation of these provisions, as well as any and all equitable relief
                                         as a court may impose, to remedy any such violation. In addition, Customer agrees and
                                         binds itself to make no claim by means of possession to any right, title or interest
                                         either by means of patent application, trademark, trade secret or other proprietary right
                                         with regard to results derived from, or based upon, the Licensed Technology, any Processing
                                         Equipment or any catalyst. Nothing in this Agreement shall be construed as granting to
                                         Customer any license or grant of intellectual property rights, other than the license
                                         expressly granted in Section 11.1.

 

		11.3.	The
                                         parties acknowledge that there may be patentable technology included in the Licensed
                                         Technology. The parties agree that P2O’s rights are not limited to patent rights
                                         and that Customer is licensing the Licensed Technology in all jurisdictions specified
                                         in the Territory regardless of the existence or non-existence of patents in effect in
                                         any one or more jurisdictions encompassed in the Territory. P2O retains all rights with
                                         respect to filing, prosecution, maintenance and enforcement of the patents (or any patent
                                         applications) relating to the Licensed Technology.

 

		11.4.	Inventions,
                                         whether patentable or not, conceived and/or developed in connection with the development
                                         and operation of the Licensed Technology, whether developed under the Licensed Technology
                                         or otherwise, shall be the sole and exclusive property of P2O, and shall be included
                                         in the Licensed Technology subject to the license rights established hereunder.

 

		11.5.	The
                                         parties agree to notify each other in writing of any actual or threatened infringement
                                         by a third party of any patent, or of any claim of invalidity, unenforceability, or non-infringement
                                         of any patent relating to the Licensed Technology.

 

		11.6.	P2O
                                         shall retain all recoveries arising out of prosecutions of infringers by P2O except for:
                                         (i) recoveries relating to actual damages suffered by Customer and (ii) an amount from
                                         any such recoveries to compensate Customer for Customer’s reasonable costs and
                                         expenses incurred in connection with such recoveries, including without limitation attorney
                                         fees and disbursements, and Customer shall, if requested, provide reasonable assistance
                                         to P2O in connection with the prosecution of such claims. Reasonable assistance is defined
                                         as providing supporting documentation, information on contacts and legal agreements,
                                         etc.

 

		11.7.	P2O
                                         shall have the right to control the defense of any claim of invalidity, unenforceability,
                                         or non-infringement of any patent relating to the Licensed Technology. Customer shall,
                                         if requested, provide reasonable assistance to P2O in connection with the defense of
                                         such claims. Reasonable assistance is defined as providing supporting documentation,
                                         information on contacts and legal agreements, etc.

 

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		11.8.	Escrow.
                                         Within forty five (45) calendar days of the COF, P2O will (i) provide an encrypted hard
                                         drive containing the formula and a description of the Know-How necessary to produce the
                                         catalyst according to the formula, and (ii) deposit the encrypted hard drive and a private
                                         key necessary to decrypt the encrypted hard drive each with an escrow agent acceptable
                                         to both parties. There is no reason Upon the occurrence of a Catalyst Supply Failure,
                                         the escrow agents shall release the encrypted hard drive and the private key necessary
                                         to decrypt the encrypted hard drive to Customer, and Customer shall have the right to
                                         use the key to decrypt the encrypted hard drive. Upon the conclusion of a Catalyst Supply
                                         Failure, Customer will return the encrypted hard drive and any information obtained or
                                         derived from the encrypted hard drive, P2O will provide a newly encrypted hard drive
                                         and deposit it and a corresponding private key with the escrow agents accordingly, and
                                         the foregoing conditions, limitations and rights shall apply to the new encrypted hard
                                         drive.

 

		12.	Records
                                         and Audit.

 

		12.1.	Records.
                                         For the Term and a period of five years from any termination or expiration of this Agreement,
                                         Customer shall keep complete and accurate records of its sales, uses, transfers and other
                                         dispositions of products making up the Gross Sales necessary for the calculation of payments
                                         to be made to P2O hereunder.

 

		12.2.	Audit.

 

		12.2.1.	P2O,
                                         at its own expense, may at any time within five years after receiving any payment statement
                                         from Customer, but not more often than once per calendar year, nominate an independent
                                         Certified Public Accountant (the “Auditor”) who shall have access
                                         to Customer’s records, including without limitation, access to any servers or other
                                         computer equipment that maintains the process database, during Customer’s normal
                                         business hours for the purpose of verifying all payments made under this Agreement.

 

		12.2.2.	P2O
                                         shall provide to Customer a copy of the Auditor’s audit report within thirty days
                                         of P2O’s receipt of the report. If the report shows that payments made by Customer
                                         are deficient, Customer shall pay P2O the deficient amount plus interest on the deficient
                                         amount, as calculated pursuant to Section 8.5, within thirty days after Customer’s
                                         receipt of the audit report. If payments made by Customer are found to be deficient by
                                         more than five percent, Customer shall pay for the reasonable cost of the audit.

 

		13.	Warranties
                                         and Representations.

 

		13.1.	Limited
                                         Equipment Warranty. P2O warrants to Customer that:

 

		13.1.1.	for
                                         a period of twelve (12) months from the date of delivery of the Equipment (“Equipment
                                         Warranty Period”), such Equipment will be free of material defects in material
                                         and workmanship; and

 

		13.1.2.	for
                                         the term of the Agreement, the Equipment will perform or be capable of performing at
                                         the Minimum Performance Levels for such Equipment as defined in and established pursuant
                                         to the provisions of Schedule “B,” provided that the feedstock used with
                                         the subject Processor is substantially the same as the feedstock used to determine the
                                         applicable Minimum Performance Level.

 

		13.1.3.	EXCEPT
                                         FOR THE WARRANTY SET FORTH IN SECTION 13.1.1, P2O MAKES NO WARRANTY WHATSOEVER WITH RESPECT
                                         TO THE EQUIPMENT GOODS, INCLUDING ANY (a) WARRANTY OF MERCHANTABILITY; QUALITY; FITNESS
                                         FOR A PARTICULAR PURPOSE; NON-INFRINGEMENT AND WARRANTIES, WHETHER EXPRESS OR IMPLIED
                                         BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OR TRADE OR OTHERWISE.

 

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		13.1.4.	P2O
                                         shall not be liable for a breach of the warranty set forth in Section 13.1.1 unless:
                                         (i) Customer gives written notice of the defect, reasonably described, to P2O within
                                         fifteen (15) days of the time when Customer discovers or ought to have discovered the
                                         defect; (ii) P2O is given a reasonable opportunity after receiving the notice to examine
                                         such Goods; and (iii) P2O reasonably verifies Customer’s claim that the Equipment
                                         are defective. In seeking to make any such verification of defects in any Equipment,
                                         P2O shall take such action in a diligent and expeditious manner.

 

		13.1.5.	P2O
                                         shall not be liable for a breach of the warranty set forth in Section 13.1.1 if: (i)
                                         the defect arises due to abuse, misuse, neglect, negligence, accident, improper testing,
                                         improper installation, improper storage, improper handling, abnormal physical stress,
                                         abnormal environmental conditions or use contrary to any instructions issued by P2O;
                                         or (ii) Customer alters or repairs such Equipment without the prior written consent of
                                         P2O.

 

		13.1.6.	Subject
                                         to Sections 13.1.4 and 13.1.5 above, with respect to any such Equipment during the Warranty
                                         Period, Customer’s sole remedy for any breach of the limited warranty set forth
                                         in Section 13.1.1 is repair or replacement of the subject Equipment or a portion thereof,
                                         by P2O as determined by P2O or, during the inspection period for any Equipment, non-payment
                                         for such Equipment as set forth in Section 6. Subject to Sections 13.1.4 and 13.1.5 above,
                                         with respect to any such Equipment during the term, Customer’s sole remedy for
                                         any breach of the limited warranty set forth in Section 13.1.1 is P2O’s service
                                         of the subject Equipment as set forth herein, at Customer’s expense, and at the
                                         parts and labor rates set forth herein. THIS SECTION SETS FORTH CUSTOMER’s SOLE
                                         REMEDY AND P2O’S ENTIRE LIABILITY FOR ANY BREACH OF THE LIMITED WARRANTIES SET
                                         FORTH IN SECTION 13.1.1.

 

		13.2.	Limited
                                         Catalyst Warranty. P2O warrants that the Catalyst shall be free of substantive defects
                                         in material and workmanship. With respect to any such Catalyst, P2O shall provide to
                                         Customer a replacement for the defective Catalyst (or the defective portion thereof,
                                         as applicable). THE REMEDIES SET FORTH IN THIS SECTION 13.2 SHALL BE THE CUSTOMER’S
                                         SOLE AND EXCLUSIVE REMEDY AND SUPPLIER’S ENTIRE LIABILITY FOR ANY BREACH OF THE
                                         LIMITED WARRANTY SET FORTH IN THIS SECTION 13.2.

 

		13.3.	P2O
                                         represents and warrants to Customer as follows:

 

		13.3.1.	Consents
                                         and Notices. P2O is not required to give any notice to or obtain any approval, consent,
                                         ratification, waiver or other authorization of any Person (including Governmental Authorization)
                                         in connection with the execution and delivery of this Agreement or the consummation or
                                         performance of any of the transactions contemplated by this Agreement.

 

		13.3.2.	Rights
                                         to the Licensed Technology; Encumbrances. P2O owns all rights in the Licensed Technology
                                         and the Licensed Technology is free and clear of all Encumbrances.

 

		13.3.3.	Compliance
                                         with Applicable Laws; Governmental Authorizations.

 

		(i)	Regarding
                                         P2O’s Business and the Licensed Technology:

 

		(a)	each
                                         of P2O’s Business and the Licensed Technology is, and at all times has been, in
                                         full compliance with each Applicable Law that is or was applicable to it or its conduct
                                         or any ownership or use of the Licensed Technology, including the possession of all required
                                         Governmental Authorizations;

 

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		(b)	no
                                         event has occurred or circumstance exists that (with or without notice or lapse of time)
                                         could be reasonably expected to result in a violation by P2O of, or a failure on the
                                         part of P2O to comply with, any Applicable Law, including the requirements of all Governmental
                                         Authorizations, or may give rise to any obligation on the part of P2O to undertake, or
                                         to bear all or any portion of the cost of, any remedial action of any nature; and

 

		(c)	P2O
                                         has not received any notice or communication (whether oral or written) from any Governmental
                                         Body or any other Person regarding any actual, alleged, or potential violation of, or
                                         failure to comply with, any Applicable Law or any actual, alleged, or potential obligation
                                         on the part of P2O to undertake, or to bear all or any portion of the cost of, any remedial
                                         action of any nature.

 

		(ii)	There
                                         is no Governmental Authorization that is necessary to be held by P2O that pertains to
                                         P2O’s Business.

 

		(iii)	P2O
                                         has not received any written notice regarding any actual, alleged or potential violation
                                         of or failure to comply with any term or requirement of any Governmental Authorization
                                         with respect to P2O’s Business or any aspect of the Licensed Technology, or any
                                         actual, proposed or potential revocation, withdrawal, suspension, cancellation, termination
                                         of, or modification to any such Governmental Authorization. All applications required
                                         to have been filed for the renewal of the Governmental Authorizations set forth in Section
                                         (ii) have been duly filed on a timely basis with the appropriate Governmental Bodies,
                                         and all other filings required to have been made with respect to those Governmental Authorizations
                                         have been duly made on a timely basis with the appropriate Governmental Bodies. The Governmental
                                         Authorizations listed in Section (ii) collectively constitute all of the Governmental
                                         Authorizations necessary to permit P2O to lawfully conduct and operate P2O’s Business
                                         and utilize the Licensed Technology for the purposes of the Pilot Program.

 

		13.3.4.	Legal
                                         Proceedings. There is no Proceeding that has been commenced against P2O that relates
                                         to or may affect P2O’s Business or that challenges, or may have the effect of preventing,
                                         delaying, making illegal, or otherwise interfering with, any of the transactions contemplated
                                         by this Agreement. To the Knowledge of P2O, no such Proceeding has been threatened and
                                         no event has occurred or circumstance exists that may give rise to or serve as a basis
                                         for the commencement of any such Proceeding.

 

		13.3.5.	Orders.

 

		(i)	There
                                         is no Order to which P2O is subject that relates to or may affect P2O’s Business
                                         and prevent the grant of the License hereunder.

 

		(ii)	To
                                         the Knowledge of P2O, no officer, director, agent or employee of P2O is subject to any
                                         Order that prohibits that officer, director, agent or employee from engaging in or continuing
                                         any conduct, activity or practice relating to P2O’s Business.

 

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		(iii)	P2O
                                         is and has been in full compliance with all of the terms and requirements of each Order
                                         to which it has or has been subject that relates to or affects P2O’s Business or
                                         to which any of the Licensed Technology is or has been subject.

 

		(iv)	No
                                         event has occurred or circumstance exists that could reasonably be expected to result
                                         in (with or without notice or lapse of time) a violation of or failure to comply with
                                         any term or requirement of any Order to which P2O is or has been subject that relates
                                         to or affects P2O’s Business.

 

		(v)	P2O
                                         has not received any notice or other communication (whether oral or written) from any
                                         Governmental Body or any other Person regarding any actual, alleged, possible, or potential
                                         violation of, or failure to comply with any term or requirement of any Order to which
                                         P2O’s Business or to which any of the Licensed Technology is or has been subject.

 

		13.3.6.	Intellectual
                                         Property.

 

		(i)	The
                                         Licensed Technology consists solely of property and rights that are (i) owned by P2O,
                                         (ii) in the public domain or (iii) validly licensed to P2O with the right to assign or
                                         sub-license the same. P2O is the sole owner worldwide of all right, title and interest
                                         in and to the Licensed Technology or has the right to use for purposes of this Agreement
                                         without payment, free and clear of any Encumbrances or rights of others (including claims
                                         of employees, agents, consultants or others involved in the creation, development, marketing,
                                         maintenance or enhancement of intellectual property of any kind for or on behalf of P2O)
                                         except to the extent the Licensed Technology is in the public domain.

 

		(ii)	The
                                         Licensed Technology is all that is necessary for the operation of the Processing Equipment
                                         and use of any catalyst purchased herein and for the production of catalyst in the event
                                         of a Catalyst Supply Failure. None of the Licensed Technology comprised of non-perpetual,
                                         non-fully paid-up licenses to P2O has been incorporated into or made part of any Licensed
                                         Technology owned by P2O or any other Licensed Technology licensed by P2O and P2O is in
                                         full compliance with all provisions of any contract pursuant to which it has rights to
                                         use intellectual property asset of third parties.

 

		(iii)	All
                                         former and current employees of P2O involved in the conduct of P2O’s Business or
                                         in the creation, development, marketing, maintenance or enhancement of any of the Licensed
                                         Technology have executed written contracts that assign to P2O all rights to any inventions,
                                         improvements, discoveries or information relating to P2O’s Business or the Licensed
                                         Technology and no employee of P2O involved in P2O’s Business has entered into any
                                         contract that restricts or limits in any way the scope or type of work in which the employee
                                         may be engaged or requires the employee to transfer, assign or disclose information concerning
                                         his or her work to anyone other than P2O.

 

		(iv)	All
                                         of the issued Patents, if any, and all registered Copyrights are currently in compliance
                                         with formal legal requirements, are valid and enforceable, and are not subject to any
                                         maintenance fees or taxes or actions falling due during the Term.

 

		(v)	No
                                         Patent has been or is now involved in any interference, reissue, reexamination, threatened
                                         reexamination or opposition proceeding. To P2O’s Knowledge, there is no patent
                                         or patent application of any third party that claims conflict with, is in the same field
                                         as, or that limits the expansion of, the Patents.

 

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		(vi)	To
                                         P2O’s Knowledge, all products made, used or sold under the Patents have been marked
                                         with the proper patent notice and all works encompassing the Copyrights have been marked
                                         with a copyright notice.

 

		(vii)	With
                                         respect to each Trade Secret for which documentation exists, the documentation relating
                                         to that Trade Secret is current, accurate and sufficient in detail and content to identify
                                         and explain it and to allow its full and proper use without reliance on the knowledge
                                         or memory of any individual.

 

		(viii)	P2O
                                         has taken all reasonable precautions to protect the secrecy, confidentiality and value
                                         of its Trade Secrets.

 

		(ix)	P2O
                                         has good title and an absolute (but not necessarily exclusive) right to use the Trade
                                         Secrets forming part of the Licensed Technology. The Trade Secrets are not part of the
                                         public knowledge or literature and, to P2O’s Knowledge, have not been used, divulged,
                                         or appropriated either for the benefit of any Person (other than P2O) or to the detriment
                                         of P2O. No such Trade Secret is subject to any adverse claim or has been challenged or
                                         threatened in any way.

 

		(x)	None
                                         of the products manufactured or sold nor any process or know-how used, distributed or
                                         licensed by P2O in connection with P2O’s Business infringes or is alleged to infringe
                                         any patent, copyright or other intellectual property rights of any other Person and,
                                         to the Knowledge of P2O, no other Person is infringing any Patent, Copyright or other
                                         intellectual property rights of P2O with respect to P2O’s Business or the Licensed
                                         Technology nor to P2O’s Knowledge is there any basis for any such claim.

 

		13.4.	Mutual
                                         Representations and Warranties. Each party represents and warrants to the other party
                                         that as of the date of this Agreement:

 

		13.4.1.	it
                                         is duly organized, validly existing and in good standing as a corporation or other entity
                                         as represented herein under the laws and regulations of its jurisdiction or other jurisdiction
                                         where a Facility at which P2O shall be performing its obligations of incorporation, organization
                                         or chartering; it has, and throughout the Term shall retain, the full right, power and
                                         authority to enter into this Agreement and to perform its obligations hereunder; the
                                         execution of this Agreement by its representative whose signature is set forth at the
                                         end hereof has been duly authorized by all necessary organizational action of the party;
                                         and

 

		13.4.2.	when
                                         executed and delivered by such party, this Agreement constitutes the legal, valid and
                                         binding obligation of that party, enforceable against that party in accordance with its
                                         terms; and the party has the absolute and unrestricted right, power, authority and capacity
                                         to execute and deliver this Agreement and to perform its obligations under this Agreement;

 

		13.4.3.	neither
                                         the execution and delivery of this Agreement nor the consummation or performance of any
                                         of the transactions contemplated by this Agreement will, directly or indirectly (with
                                         or without notice or lapse of time):

 

		(i)	contravene,
                                         conflict with, or result in a violation of any provision of the organizational documents
                                         of the party or any resolution adopted by the board of directors or stockholders of the
                                         party;

 

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		(ii)	contravene,
                                         conflict with, or result in a violation of, or give any Governmental Body or other Person
                                         the right to challenge any of the transactions contemplated by this Agreement or to exercise
                                         any remedy or obtain any relief under any Applicable Law or any Order to which the party
                                         or, in the case of P2O, the Licensed Technology, may be subject;

 

		(iii)	contravene,
                                         conflict with, or result in a violation of any of the terms or requirements of, or give
                                         any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or modify,
                                         any Governmental Authorization that is held by the party and that otherwise relates to
                                         the party’s Processing Business or, in the case of P2O, the ownership or use of
                                         any of the Licensed Technology;

 

		(iv)	contravene,
                                         conflict with, or result in a violation or breach of any provision of, or give any Person
                                         the right to declare a default or exercise a remedy under, or to accelerate the maturity
                                         or performance of, or to cancel, terminate or modify, any contract under which the party
                                         has or may acquire any rights, under which the party has or may become subject to any
                                         obligations or liability, or by which the party or any of the assets owned or used by
                                         it is or may become bound; or

 

		(v)	result
                                         in the imposition or creation of any Encumbrance upon or with respect to any of the Licensed
                                         Technology.

 

		13.5.	Disclaimer
                                         of P2O Representations and Warranties. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND
                                         WARRANTIES SET FORTH IN THIS SECTION 13, P2O EXPRESSLY DISCLAIMS ALL REPRESENTATIONS
                                         AND WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESS, IMPLIED STATUTORY OR OTHERWISE: (I) CONCERNING
                                         THE VALIDITY, ENFORCEABILITY AND SCOPE OF ANY PATENT(S), THE ACCURACY, COMPLETENESS,
                                         SAFETY, USEFULNESS FOR ANY PURPOSE OR, LIKELIHOOD OF SUCCESS (COMMERCIAL, REGULATORY
                                         OR OTHER) OF THE LICENSED TECHNOLOGY AND ANY OTHER TECHNICAL INFORMATION, TECHNIQUES,
                                         MATERIALS, METHODS, PRODUCTS, PROCESSES OR PRACTICES AT ANY TIME MADE AVAILABLE BY P2O;
                                         (II) INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR
                                         PURPOSE, NON-INFRINGEMENT AND WARRANTIES ARISING FROM A COURSE OF DEALING, COURSE OF
                                         PERFORMANCE, USAGE, TRADE PRACTICE, OR OTHERWISE. CUSTOMER ACKNOWLEDGES THAT IT HAS NOT
                                         RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY P2O, OR ANY OTHER PERSON ON P2O’S
                                         BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN SECTION 13.2.

 

		14.	Showcase
                                         of Technology. P2O is permitted, at P2O’s discretion, to provide access to
                                         the Initial Site to third parties for the purposes of disclosing and/or demonstrating
                                         the Equipment, the Catalyst, and P2O’s Technology. Upon P2O’s reasonable
                                         request, Customer will run samples to be disclosed by P2O to third parties, at P2O’s
                                         discretion.

 

		15.	Confidentiality.

 

		15.1.	Scope
                                         of Confidential Information. From time to time during the Term, either party (as
                                         the “Disclosing Party”) may disclose or make available to the other
                                         Party (as the “Receiving Party”) information about its business affairs,
                                         goods and services, confidential information and materials comprising or relating to
                                         intellectual property rights, including without limitation, trade secrets, third-party
                                         confidential information, the Licensed Technology, and other sensitive or proprietary
                                         information, as well as the terms of this Agreement, whether orally or in written, electronic
                                         or other form or media, and whether or not marked, designated or otherwise identified
                                         as “confidential” (collectively, “Confidential Information”).
                                         Confidential Information does not include information that, at the time of disclosure
                                         and as established by documentary evidence:

 

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	 	(i)	is
    or becomes generally available to and known by the public other than as a result of, directly or indirectly, any breach of
    this Section 15 by the Receiving Party or any of its Representatives;
	 	 	 
	 	(ii)	is
    or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third
    party is not and was not prohibited from disclosing such Confidential Information;
	 	 	 
	 	(iii)	was
    known by or in the possession of the Receiving Party or its Representatives prior to being disclosed by or on behalf of the
    Disclosing Party;
	 	 	 
	 	(iv)	was
    or is independently developed by the Receiving Party without reference to or use of, in whole or in part, any of the Disclosing
    Party’s Confidential Information; or
	 	 	 
	 	(v)	is
    required to be disclosed pursuant to Applicable Law.

 

		15.2.	Protection
                                         of Confidential Information. The Receiving Party shall, for during the Term and extending
                                         five years from any expiration or termination of this Agreement:

 

	 	(i) 	protect
    and safeguard the confidentiality of the Disclosing Party’s Confidential Information with at least the same degree of
    care as the Receiving Party would protect its own Confidential Information, but in no event with less than a commercially
    reasonable degree of care;
	 	 	 
	 	(ii)	not
    use the Disclosing Party’s Confidential Information, or permit it to be accessed or used, for any purpose other than
    to exercise its rights or perform its obligations under this Agreement; and
	 	 	 
	 	(iii)	not
    disclose any such Confidential Information to any Person, except to the Receiving Party’s Representatives who need to
    know the Confidential Information to assist the Receiving Party, or act on its behalf, to exercise its rights or perform its
    obligations under this Agreement.

 

Notwithstanding
the foregoing, any Confidential Information that constitutes a trade secret shall not be subject to such five (5) year term, but
shall continue to be subject to the obligations of confidentiality and non-use set forth in this Agreement for as long as such
Confidential Information remains a trade secret under Georgia law (including Georgia’s version of the Uniform Trade Secrets
Act if and when adopted).

 

		15.3.	The
                                         Receiving Party shall be responsible for any breach of this Section 15 caused by any
                                         of its Representatives. On the expiration or earlier termination of this Agreement, the
                                         Receiving Party and its Representatives shall, pursuant to Section 16.3, promptly return
                                         all Confidential Information and copies thereof, or destroy and certify such destruction
                                         of all Confidential Information and copies thereof, that it has received under this Agreement.

 

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		16.	Termination.

 

		16.1.	Termination
                                         for Breach. Either party may terminate this Agreement upon written notice to the
                                         other party if such other party materially breaches any material provision of this Agreement
                                         and either the breach cannot be cured or, if the breach can be cured, it is not cured
                                         such other party within thirty (30) days after such other party’s receipt of written
                                         notice of such breach.

 

		16.2.	Termination
                                         for Bankruptcy. Either party may terminate this Agreement upon written notice to
                                         the other party if such other party: (i) files or has filed against it, a petition for
                                         voluntary or involuntary bankruptcy or otherwise becomes subject, voluntarily or involuntarily,
                                         to any proceeding under any domestic or foreign bankruptcy or insolvency Law, (ii) makes
                                         or seeks to make a general assignment for the benefit of its creditors, or (iii) applies
                                         for or has appointed a receiver, trustee, custodian or similar agent appointed by order
                                         of any court of competent jurisdiction to take charge of or sell any material portion
                                         of its property or business.

 

		16.3.	P2O’s
                                         Right to Terminate. P2O may terminate this Agreement upon written notice to Customer
                                         if Customer fails to pay any amount due under this Agreement on the due date for payment
                                         and remains in default not less than thirty (30) days after P2O’s written notice
                                         to make such payment, including the payment of interest in accordance with Section 8.3.

 

		16.4.	Effect
                                         of Termination.

 

		16.4.1.	Upon
                                         the expiration or earlier termination of this Agreement, all indebtedness of Customer
                                         to P2O under this Agreement of any kind, shall become immediately due and payable to
                                         P2O, without further notice to Customer.

 

		16.4.2.	Upon
                                         any expiration or termination of this Agreement, the License will immediately terminate
                                         and Customer shall immediately cease using any and all Licensed Technology, trademarks,
                                         logos and copyrighted materials related to the Licensed Technology and certify in writing
                                         to P2O that it has complied with the requirements of this clause.

 

		16.4.3.	Upon
                                         the expiration or earlier termination of this Agreement, each party shall promptly (i)
                                         remove all references to the other party in all letterheads, advertising literature and
                                         places of business, and shall not thereafter use any similar or deceptive name or trademark
                                         intending to give the impression that there is any relationship between P2O and Customer;
                                         (ii) return to the other party or destroy all documents and tangible materials (and any
                                         copies) containing, reflecting, incorporating or based on the other party’s Confidential
                                         Information; (iii) permanently erase all of the other party’s Confidential Information
                                         from its computer systems; and (iv) certify in writing to the other party that it has
                                         complied with the requirements of this clause.

 

		16.5.	Survival.
                                         The rights and obligations of the parties set forth in Section 1 (Definitions), Section
                                         11.2 (License Restrictions), Section 8.4 (License Fee), Section 13 (Warranties and Representations,
                                         Section 8 (Confidentiality), Section 16.3 (Effect of Termination), Section 18 (Indemnification),
                                         Section 20 (Notices) and Section 14 (Miscellaneous Provisions), and any right, obligation
                                         or required performance of the parties in this Agreement which, by its express terms
                                         or nature and context is intended to survive termination or expiration of this Agreement,
                                         shall survive any such termination or expiration.

 

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	17.	Limitations of Liability.

 

		17.1.	EXCEPT
                                         FOR OBLIGATIONS TO MAKE PAYMENT UNDER THIS AGREEMENT, LIABILITY FOR BREACH OF CONFIDENTIALITY,
                                         OR LIABILITY FOR INFRINGEMENT OR MISAPPROPRIATION OF INTELLECTUAL PROPERTY RIGHTS, INCLUDING
                                         ANY BREACH OF SECTION 19.1 BELOW, IN NO EVENT SHALL EITHER PARTY OR THEIR REPRESENTATIVES
                                         BE LIABLE FOR CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR ENHANCED
                                         DAMAGES, LOST PROFITS OR REVENUES OR DIMINUTION IN VALUE, ARISING OUT OF OR RELATING
                                         TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF (A) WHETHER SUCH DAMAGES WERE FORESEEABLE,
                                         (B) WHETHER OR NOT THE OTHER PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND
                                         (C) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT OR OTHERWISE) UPON WHICH THE CLAIM
                                         IS BASED, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL
                                         PURPOSE.

 

		17.2.	MAXIMUM
                                         LIABILITY FOR DAMAGES. EXCEPT FOR OBLIGATIONS TO MAKE PAYMENT UNDER THIS AGREEMENT,
                                         LIABILITY FOR INDEMNIFICATION, LIABILITY FOR BREACH OF CONFIDENTIALITY, OR LIABILITY
                                         FOR INFRINGEMENT OR MISAPPROPRIATION OF INTELLECTUAL PROPERTY RIGHTS, INCLUDING WITHOUT
                                         LIMITATION BREACH OF THE LICENSE RESTRICTIONS, IN NO EVENT SHALL EACH PARTY’S AGGREGATE
                                         LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED
                                         TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EXCEED THE TOTAL OF
                                         (i) FOR DAMAGES RELATED TO CATALYST GOODS, THE AMOUNTS PAID AND AMOUNTS ACCRUED BUT NOT
                                         YET PAID TO P2O PURSUANT TO THIS AGREEMENT IN THE ONE YEAR PERIOD PRECEDING THE EVENT
                                         GIVING RISE TO THE CLAIM; (ii) FOR SERVICES AND EQUIPMENT GOODS, THE AMOUNTS PAID OR
                                         TO BE PAID FOR PROCESSORS FOR WHICH A PURCHASE ORDER HAS BEEN DELIVERED AND ACCEPTED
                                         BUT NOT YET FILLED AT THE TIME OF THE EVENT GIVING RISE TO THE CLAIM PLUS AN AMOUNT EQUAL
                                         TO ONE-HALF (1/2) THE AMOUNT DETERMINED PURSUANT TO THIS CLAUSE (ii).

 

		17.3.	ASSUMPTION
                                         OF RISK. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EXCEPT FOR RESULTS RELATED
                                         TO MINIMUM PERFORMANCE LEVELS OF PROCESSORS SET FORTH IN SECTION 13.1.2 AND FURTHER DESCRIBED
                                         IN THIS AGREEMENT, CUSTOMER ASSUMES ALL RISK AND LIABILITY FOR: (i) THE USE OF ANY CATALYSTS
                                         GOODS; (ii) THE RESULTS OBTAINED BY THE USE OF ANY EQUIPMENT GOODS IN THE PRACTICE OF
                                         ANY PROCESS, WHETHER IN TERMS OF OPERATING COSTS, GENERAL EFFECTIVENESS, SUCCESS OR FAILURE,
                                         AND REGARDLESS OF ANY ORAL OR WRITTEN STATEMENTS MADE BY P2O, BY WAY OF TECHNICAL ADVICE
                                         OR OTHERWISE, RELATED TO THE USE OF THE CATALYST GOODS, EQUIPMENT GOODS, OR SERVICES.

 

		17.4.	Exclusion
                                         of Consequential and Other Indirect Damages. EXCEPT FOR ANY MISAPPROPRIATION OF INTELLECTUAL
                                         PROPERTY RIGHTS, INCLUDING WITHOUT LIMITATION BREACHES OF SECTION 11.2 (LICENSE RESTRICTIONS),
                                         ANY FRAUDULENT WARRANTY OR REPRESENTATION HEREUNDER, AND BREACHES OF SECTION 16 (CONFIDENTIALITY),
                                         TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
                                         OR ANY OTHER PERSON FOR ANY INJURY TO OR LOSS OF GOODWILL, REPUTATION, BUSINESS, PRODUCTION,
                                         REVENUES, PROFITS, ANTICIPATED PROFITS, CONTRACTS OR OPPORTUNITIES (REGARDLESS OF HOW
                                         THESE ARE CLASSIFIED AS DAMAGES), OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY,
                                         SPECIAL, PUNITIVE OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT
                                         (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY OR OTHERWISE (INCLUDING THE
                                         ENTRY INTO, PERFORMANCE OR BREACH OF THIS AGREEMENT), REGARDLESS OF WHETHER SUCH LOSS
                                         OR DAMAGE WAS FORESEEABLE OR THE PARTY AGAINST WHOM SUCH LIABILITY IS CLAIMED HAS BEEN
                                         ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE, AND NOTWITHSTANDING THE FAILURE OF
                                         ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

 

    	22

    	 

    

 

		17.5.	WITHOUT
                                         LIMITATION TO THE FOREGOING, P2O SHALL HAVE NO LIABILITY WHATSOEVER TO CUSTOMER OR ANY
                                         OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE,
                                         SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED
                                         BY OR IMPOSED ON CUSTOMER OR ANY OTHER PERSON, ARISING OUT OF OR IN CONNECTION WITH OR
                                         RESULTING FROM THE USE OF OR ANY ERRORS OF OMISSIONS IN ANY LICENSED TECHNOLOGY.

 

18.       Indemnification;
Insurance.

 

		18.1.	P2O
                                         Indemnification. P2O shall indemnify and hold Customer harmless for all loss, harm
                                         or injury suffered by Customer as a result of the gross negligence or intentional misconduct
                                         or illegal acts of an individual engaged by P2O in the performance of any of P2O’s
                                         obligations under this Agreement.

 

		18.2.	P2O
                                         shall maintain in place contractual and general liability insurance covering its obligations
                                         hereunder in amounts of at least $1,000,000 per single occurrence and in the aggregate,
                                         with one or more insurance companies acceptable to Customer in Customer’s reasonable
                                         discretion. P2O shall furnish to Customer certificates evidencing the existence of the
                                         insurance required by this Section 18.2. Unless P2O shall provide such certificate(s)
                                         within 30 days from the Effective Date, Customer may, but shall not be obligated to,
                                         place said insurance and charge the cost thereof to the account of P2O, deducting, and/or
                                         upon notice to P2O, offsetting such amounts against the License Fee. All such insurance
                                         policies shall provide that Customer shall receive 30 days’ written notice prior
                                         to cancellation of the policy.

 

		18.3.	Customer
                                         Indemnification. Subject to the terms and conditions of this Agreement, Customer
                                         shall indemnify, defend and hold harmless P2O and its officers, directors, employees,
                                         agents, Affiliates, successors and permitted assigns (collectively, the “Indemnified
                                         Parties”) against any and all losses, damages, liabilities, deficiencies, claims,
                                         actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses
                                         of whatever kind, including reasonable attorneys’ fees, fees and the costs of enforcing
                                         any right to indemnification under this Agreement and the reasonable cost of pursuing
                                         any insurance providers, incurred by Indemnified Party (collectively, “Losses”),
                                         arising out or resulting from any Claim of a third party alleging:

 

		(a)	any
                                         grossly negligent or more culpable act or omission of Customer or its Personnel (including
                                         any willful misconduct) in connection with the performance of its obligations under this
                                         Agreement; or

 

    	23

    	 

    

 

		(b)	any
                                         bodily injury, death of any Person or damage to real or tangible personal property caused
                                         by the willful or grossly negligent acts or omissions of Customer or its Personnel; or

 

		(c)	any
                                         failure by Customer or its Personnel to comply with any Applicable Laws.

 

		18.4.	Insurance.
                                         During the Term, Customer shall, at its own expense, maintain and carry in full force
                                         and effect, property and commercial general liability insurance with coverage in an amount
                                         of no less than $1,000,000 single occurrence and in the aggregate, with financially sound
                                         and reputable insurers, and upon P2O’s reasonable request, shall provide P2O with
                                         a certificate of insurance evidencing the insurance coverage specified in this Section
                                         18.4. Customer shall provide P2O with thirty (30) days’ advance written notice
                                         in the event of a cancellation or material change in such insurance policy.

 

		19.	Intellectual
                                         Property Rights

 

		19.1.	Trade
                                         Secrets. Notwithstanding anything to the contrary herein, all patents and other intellectual
                                         property rights in relation to Catalyst or Equipment supplied by P2O are and shall remain
                                         the sole and exclusive property of P2O. Customer by purchasing the Catalyst or Equipment
                                         acknowledges and agrees that the Catalyst or Equipment embodies and/or utilizes P2O’s
                                         valuable intellectual property, know-how and trade secrets (collectively, the “Trade
                                         Secret Information”). Customer hereby agrees, represents and warrants that
                                         it will not, nor will it aid, assist or permit any other person to: (i) tamper with the
                                         Catalyst or Equipment, (ii) attempt to reverse engineer the Catalyst or Equipment, or
                                         (iii) otherwise discover and/or utilize any of the Trade Secret Information. Customer
                                         further agrees, represents and warrants that it will not disclose, nor will it aid, assist
                                         or permit any other person to disclose, any information which it may learn or discover
                                         about the materials and methods of manufacturing, or the make-up of the Catalyst or Equipment.
                                         Customer furthermore agrees that Customer shall be liable to P2O, for any and all actual
                                         and potential, direct and indirect, incidental and consequential damages, including,
                                         without limitation, lost profits, arising from or related to any violation of these provisions,
                                         as well as any and all equitable relief as a court may impose, to remedy any such violation.
                                         In addition, Customer agrees and binds itself to make no claim by means of possession
                                         to any right, title or interest either by means of patent application, trademark, trade
                                         secret or other proprietary right with regard to results derived from, or based upon,
                                         the Catalyst or Equipment.

 

		19.2.	Ownership.
                                         Customer acknowledges and agrees that: (a) P2O (or its licensors) will retain all
                                         Intellectual Property Rights used to create, embodied in, used in and otherwise relating
                                         to the Catalyst or Equipment and any of their component parts; (b) any and all P2O’s
                                         Intellectual Property Rights are the sole and exclusive property of P2O or its licensors;
                                         (c) Customer shall not acquire any ownership interest in any of P2O’s Intellectual
                                         Property Rights under this Agreement; (d) any goodwill derived from the use by Customer
                                         of P2O’s Intellectual Property Rights inures to the benefit of P2O or its licensors,
                                         as the case may be; (e) if Customer acquires any Intellectual Property Rights in or relating
                                         to any product (including any Catalyst or Equipment) purchased under this Agreement,
                                         by operation of law, or otherwise, such rights are deemed and are hereby irrevocably
                                         assigned to P2O or its licensors, as the case may be, without further action by either
                                         party; and (f) Customer shall use P2O’s Intellectual Property Rights only in accordance
                                         with this Agreement and the Technology Agreement and as otherwise mutually agreed in
                                         writing by the parties hereto.

 

    	24

    	 

    

 

		19.3.	Prohibited
                                         Acts. Customer shall not: (a) take any action that may interfere with any of P2O’s
                                         rights in or to P2O’s Intellectual Property Rights, including P2O’s ownership
                                         or exercise thereof; (b) challenge any right, title or interest of P2O in or to P2O’s
                                         Intellectual Property Rights; (c) make any claim or take any action adverse to P2O’s
                                         ownership of P2O’s Intellectual Property Rights; (d) register or apply for registrations,
                                         anywhere in the world, for P2O’s trademarks or any other trademark that is similar
                                         to P2O’s trademarks or that incorporates P2O’s Trademarks; (e) use any mark,
                                         anywhere, that is confusingly similar to P2O’s trademarks; or (f) engage in any
                                         action that tends to disparage, dilute the value of, or reflect negatively on the products
                                         purchased under this Agreement (including Catalyst) or any P2O trademark.

 

		20.	Notices.

 

		20.1.	All
                                         notices, requests, consents, claims, demands, waivers and other communications hereunder
                                         shall be in writing and shall be deemed to have been given in accordance with this Section:

 

	 	P2O’s
    Address:	 	Plastic2Oil,
    Inc.
	 	 	 	20
    Iroquois Street
	 	 	 	Niagara
    Falls, NY 14303
	 	 	 	Attn.:
    Richard W. Heddle, President & CEO
	 	 	 	 
	 	With
    a copy sent to:	 	Hodgson
    Russ LLP
	 	 	 	The
    Guaranty Building
	 	 	 	140
    Pearl Street, Suite 100
	 	 	 	Buffalo,
    NY 14202
	 	 	 	Attn.:
    Alfonzo I. Cutaia, Esq.
	 	 	 	 
	 	Customer’s
    Address:	 	VERIDISYN
    TECHNOLOGIES, LLC
	 	 	 	11208
    Mountain Park Circle
	 	 	 	Tuscaloosa,
    AL 35405
	 	 	 	Attn.:
    Robin Curtis, Managing Partner
	 	 	 	 
	 	With
    a copy sent to:	 	(Insert
    Lawyer Contact Information)

 

Notices
sent in accordance with this Section 20 shall be deemed effectively given: (a) when received, if delivered by hand (with written
confirmation of receipt); (b) when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on
the date sent by facsimile (with confirmation of transmission), if sent during normal business hours of the recipient, and on
the next business day if sent after normal business hours of the recipient; or (d) on the fifth day after the date mailed, by
certified or registered mail, return receipt requested, postage prepaid.

 

		20.2.	Notice
                                         will be given to such other representatives or at such other addresses as a party may
                                         furnish to the other party entitled to notice pursuant to the foregoing. If notice is
                                         given of a permitted successor or assign of a party, then notice will thereafter be given
                                         as set forth above also to such successor or assign of such party.

 

		21.	Force
                                         Majeure.

 

		21.1.	If
                                         performance of this Agreement or any obligation under this Agreement is prevented, restricted
                                         or interfered with by causes beyond either party’s reasonable control (“Force
                                         Majeure”), and if the party unable to carry out its obligations gives the other
                                         party prompt written notice of such event, then the obligations of the party invoking
                                         this provision shall be suspended to the extent necessary by such event.

 

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		21.2.	The
                                         excused party shall use reasonable efforts under the circumstances to avoid or remove
                                         such causes of non-performance and shall proceed to perform with reasonable dispatch
                                         whenever such causes are removed or ceased. An act or omission shall be deemed within
                                         the reasonable control of a party if committed, omitted or caused by such party or its
                                         employees, officers, agents or affiliates.

 

		22.	Arbitration.

 

		22.1.	Except
                                         as provided under Section 23.13 below, related to equitable remedies, any controversies
                                         or disputes arising out of or relating to this Agreement shall be resolved by binding
                                         arbitration in accordance with the then-current Commercial Arbitration Rules of the American
                                         Arbitration Association. The parties shall select a mutually acceptable arbitrator knowledgeable
                                         about issues relating to the subject matter of this Agreement. In the event the parties
                                         are unable to agree to such a selection, each party will select an arbitrator and the
                                         two arbitrators in turn shall select a third arbitrator, all three of whom shall preside
                                         jointly over the matter. The arbitration shall take place in Rochester, Georgia or as
                                         otherwise agreed by the parties.

 

		22.2.	All
                                         documents, materials and information in the possession of each party that are in any
                                         way relevant to the dispute shall be made available to the other party for review and
                                         copying no later than 30 days after the notice of arbitration is served.

 

		22.3.	The
                                         arbitrator(s) shall not have the authority to modify any provision of this Agreement
                                         or to award punitive damages. The arbitrator(s) shall have the power to issue mandatory
                                         orders and restraint orders in connection with the arbitration. The decision rendered
                                         by the arbitrator(s) shall be final and binding on the parties, and judgment may be entered
                                         in conformity with the decision in any court having jurisdiction. The Agreement to arbitration
                                         shall be specifically enforceable under the prevailing arbitration law. During the continuance
                                         of any arbitration proceeding, the parties shall continue to perform their respective
                                         obligations under this Agreement.

 

		23.	Miscellaneous
                                         Provisions.

 

		23.1.	Further
                                         Assurances. The parties hereto shall: (i) furnish upon request to each other further
                                         information, (ii) execute and deliver to each other documents, and (iii) do other acts
                                         and things, all as the other party may reasonably request for the purpose of carrying
                                         out the intent of this Agreement and the documents referred to in this Agreement.

 

		23.2.	Jurisdiction;
                                         Service of Process. All actions or proceedings relating to this Agreement (whether
                                         to enforce a right or obligation or obtain a remedy or otherwise) will be brought solely
                                         in the state or federal courts located in or for Monroe County, Georgia. Each party hereby
                                         unconditionally and irrevocably consents to the jurisdiction of those courts and waives
                                         its rights to bring any action or Proceeding against the other party except in those
                                         courts. Process in any action or Proceeding referred to in the preceding sentence may
                                         be served on any party anywhere in the world. Each party irrevocably waives any right
                                         to a jury trial with respect to any matter arising out of or in connection with this
                                         Agreement. If any party seeks to enforce its rights under this Agreement, the parties
                                         will request the court to try the claims between the parties hereto without submitting
                                         the matter to the jury.

 

		23.3.	Waiver.
                                         Neither the failure nor any delay by any party hereto in exercising any right, power
                                         or privilege under this Agreement or the documents referred to in this Agreement will
                                         operate as a waiver of the right, power or privilege, and no single or partial exercise
                                         of any right, power or privilege will preclude any other or further exercise of the right,
                                         power or privilege or the exercise of any other right, power or privilege. To the extent
                                         permitted by Applicable Law: (i) no claim or right arising out of this Agreement or the
                                         documents referred to in this Agreement can be discharged by one party, in whole or in
                                         part, by a waiver or renunciation of the claim or right unless in writing signed by the
                                         other party; (ii) no waiver that may be given by a party will be applicable except in
                                         the specific instance for which it is given; and (iii) no notice to or demand on one
                                         party will be deemed to be a waiver of any obligation of that party or of the right of
                                         the party giving the notice or demand to take further action without notice or demand
                                         as provided in this Agreement or the documents referred to in this Agreement.

 

    	26

    	 

    

 

		23.4.	Entire
                                         Agreement and Modification. This Agreement: (i) supersedes all prior agreements between
                                         the parties with respect to their subject matter and (ii) together with all Schedules,
                                         Exhibits, and any other documents incorporated herein by reference, constitutes a complete
                                         and exclusive statement of the terms of the agreement between the parties with respect
                                         to its subject matter. This Agreement may not be amended except by a written agreement
                                         executed by the parties hereto.

 

		23.5.	Assignments
                                         and Successors. Except as expressly provided in this Agreement, neither party may
                                         assign any of its rights under this Agreement without the prior consent of the other
                                         party. Subject to the preceding sentence, this Agreement will apply to, be binding in
                                         all respects upon and inure to the benefit of the successors and permitted assigns of
                                         the parties.

 

		23.6.	No
                                         Third Party Rights. Nothing expressed or referred to in this Agreement will be construed
                                         to give any person or entity other than the parties hereto any legal or equitable right,
                                         remedy or claim under or with respect to this Agreement or any provision of this Agreement.
                                         This Agreement and all of its provisions and conditions are for the sole and exclusive
                                         benefit of the parties hereto and their successors and assigns.

 

		23.7.	Severability.
                                         If any provision of this Agreement not essential to accomplishing the purposes of this
                                         Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
                                         other provisions of this Agreement will remain in full force and effect. Any provision
                                         of this Agreement held invalid or unenforceable only in part or degree will remain in
                                         full force and effect to the extent not held invalid or unenforceable.

 

		23.8.	Expenses.
                                         Except for the provisions of Section 12.2, and subject to the provisions of Section 8.4
                                         hereof, the parties hereto will bear their own expenses incurred in connection with the
                                         negotiation, drafting, implementation and performance of this Agreement.

 

		23.9.	Governing
                                         Law. This Agreement, including issues arising out of or related to this Agreement,
                                         shall be governed by the laws of the State of Georgia. The parties agree that the United
                                         Nations Convention on Contracts for the International Sale of Goods does not apply to
                                         this Agreement.

 

		23.10.	Option.
                                         During the Term, at Customer’s option, in the case of any proposed single order
                                         of more than ten (10) Processors, the parties may enter into a separate agreement (other
                                         than this Agreement) for the supply of such Processors, provided such agreement is on
                                         terms and conditions mutually agreeable to the parties, and in no event less favorable
                                         to P2O than the terms of this Agreement in any material respect.

 

		23.11.	Catalyst
                                         Supply Failure. Anything herein to the contrary notwithstanding, in the event that
                                         P2O, after receiving a Purchase Order from Customer, and provided such Purchase Order
                                         is for a quantity of Catalyst included in the then-current Forecast pursuant to Section
                                         4 above, is unable to satisfy the Purchase Order in the total of the time provided hereunder
                                         plus the 90-day supplier inventory under Section 4, Customer may access the formula and
                                         other information placed in escrow as provided in Section 11.8, shall not be responsible
                                         for paying for the unfulfilled Purchase Order, shall be automatically entitled to a license
                                         of the technology necessary to produce the Catalyst, and may have replacement Catalyst
                                         supplied by a third party or create the Catalyst itself. Customer shall not be obligated
                                         to order or purchase any Catalyst under this Agreement for so long as P2O is unable to
                                         supply Catalyst for Customer.

 

    	27

    	 

    

 

		23.12.	Compliance
                                         with the Law. Customer shall comply with all applicable laws, regulations and ordinances.
                                         Customer shall maintain in effect all the licenses, permissions, authorizations, consents
                                         and permits that it needs to carry out its obligations under this Agreement and uses
                                         contemplated under this Agreement.

 

		23.13.	Equitable
                                         Relief.

 

		23.13.1.	Customer
                                         acknowledges and agrees that (a) a breach or threatened breach by Customer of any of
                                         its obligations under Sections 16 and 15 would give rise to irreparable harm to P2O for
                                         which monetary damages would not be an adequate remedy and (b) in the event of a breach
                                         or a threatened breach by Customer of any such obligations, P2O shall, in addition to
                                         any and all other rights and remedies that may be available to P2O at law, at equity
                                         or otherwise in respect of such breach, be entitled to equitable relief, including a
                                         temporary restraining order, an injunction, specific performance and any other relief
                                         that may be available from a court of competent jurisdiction, without any requirement
                                         to post a bond or other security, and without any requirement to prove actual damages
                                         or that monetary damages will not afford an adequate remedy. Customer agrees that Customer
                                         will not oppose or otherwise challenge the appropriateness of equitable relief or the
                                         entry by a court of competent jurisdiction of an order granting equitable relief, in
                                         either case, consistent with the terms of this Section 23.13.

 

		23.13.2.	Each
                                         party acknowledges that a breach by the other party of this Agreement may cause the non-breaching
                                         party irreparable harm, for which an award of damages would not be adequate compensation
                                         and, in the event of such a breach or threatened breach, the non-breaching party shall
                                         be entitled to seek equitable relief, including in the form of a restraining order, orders
                                         for preliminary or permanent injunction, specific performance and any other relief that
                                         may be available from any court. These remedies shall not be deemed to be exclusive but
                                         shall be in addition to all other remedies available under this Agreement at law or in
                                         equity, subject to any express exclusions or limitations in this Agreement to the contrary.

 

		23.14.	Counterparts.
                                         This Agreement may be executed in one or more counterparts, each of which will be deemed
                                         to be an original copy of this Agreement and all of which, when taken together, will
                                         be deemed to constitute one and the same agreement.

 

[No
further text this page; signature page follows.]

 

    	28

    	 

    

 

[Signature
Page to Technology License and Referral Agreement]

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the Effective Date.

 

	 	PLASTIC2OIL, INC., a Nevada corporation
	 	 	 
	 	By:	/s/
    Richard W. Heddle
	 	 	Richard
    W. Heddle
	 	 	President
    & CEO
	 	 	 
	 	VERIDISYN TECHNOLOGIES, LLC, a Georgia limited liability company
	 	 	 
	 	By:	/s/
    Robin Curtis
	 	 	Robin
    Curtis
	 	 	Managing
    Partner

 

    	29

    	 

    

 

Schedule
and Exhibits Omitted

 

    	30

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