Document:

Exhibit 10.7

 

 

 

 

MASSACHUSETTS
INSTITUTE OF TECHNOLOGY

 

 

NONEXCLUSIVE
PATENT LICENSE AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

 

	RECITALS	1	 
	1.        
    Definitions	2	 
	2.        
    Grant of Rights	4	 
	3.        
    Company Diligence Obligations.	5	 
	4.        
    Royalties and Payment Terms	6	 
	5.        
    Reports and Records.	8	 
	6.        
    Patent Prosecution	9	 
	7.        
    Infringement.	10	 
	8.        
    Indemnification and Insurance.	11	 
	9.        
    No Representations or Warranties.	12	 
	10.     
    Assignment.	12	 
	11.     
    General Compliance with Laws.	12	 
	12.     
    Termination	14	 
	13.     
    Dispute Resolution	15	 
	14.     
    Miscellaneous.	16	 
	APPENDIX A	19	 

 

 

 

 

 

 

ii

    	 	 	 

     

    

  

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

NONEXCLUSIVE PATENT LICENSE AGREEMENT

 

This Agreement, effective as of February
1, 2018 (the "EFFECTIVE DATE"), is between the Massachusetts Institute of Technology ("MIT"), a Massachusetts
non-profit corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and IIOT-OXYS, Inc. ("COMPANY"),
a corporation, with a principal place of business at 705 Cambridge St. Cambridge, MA 02141.

 

RECITALS

 

WHEREAS, MIT is the owner of certain PATENT
RIGHTS (as later defined herein) relating to MIT Case No. 13930, "Non-Intrusive Monitoring of Power and Other Parameters"
by Al-Thaddeus Avestruz, Zachary Alan Clifford, John Jacob Cooley, and Steven B. Leeb, MIT Case No. 16022, "Non-Intrusive
Monitoring," by John Sebastian Donnal, Steven B. Leeb, Jin (Jinyeong) Moon, James Paris, and Christopher James Schantz, and
MIT Case No. 18553, "Noncontact Power Sensing," by John Sebastian Donnal, David Morris, Lawrence and Steven B.
Leeb and has the right to grant licenses under said PATENT RIGHTS; and

 

WHEREAS, MIT desires to have the PATENT
RIGHTS developed and commercialized to benefit the public and is willing to grant a license hereunder; and

 

WHEREAS, COMPANY has represented to MIT,
to induce MIT to enter into this Agreement, that COMPANY shall commit itself to a thorough, vigorous and diligent program of exploiting
the PATENT RIGHTS so that public utilization shall result therefrom; and

 

WHEREAS, COMPANY desires to obtain a license
under the PATENT RIGHTS upon the terms and conditions hereinafter set forth; and

 

NOW, THEREFORE, MIT and COMPANY hereby
agree as follows:

 

 

 

 

    	 	1	 

     

    

 

1.       DEFINITIONS.

 

1.1      "AFFILIATE"
shall mean any legal entity (including, but not limited to, a corporation, partnership, or limited liability company) that
is controlled by COMPANY. For the purposes of this definition, the term "control" means (i) beneficial ownership of
at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or
(ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership or other business organization without
voting securities.

 

1.2      "COVERED"
shall mean, with respect to a given product, process, method or service, that a claim of the PATENT RIGHTS would (absent a
license thereunder or ownership thereof) be infringed by the making, using, selling, offering for sale, importation or other exploitation
of such product, process, method or service. With respect to a claim of a pending patent application, "infringed" refers
to activity that would infringe or be covered by a claim of the PATENT RIGHTS if it were contained in an issued patent.

 

1.3      "FIELD"
shall mean power and load monitoring of industrial equipment in factories.

 

1.4      "LICENSED
PRODUCT" shall mean any product or service that, in whole or in part:

 

(a) is COVERED by one or more
issued, unexpired claims or pending claims of the PATENT RIGHTS; or

 

(b) is manufactured by using a LICENSED
PROCESS or that, when used, practices a LICENSED PROCESS.

 

1.5      "LICENSED
PROCESS" shall mean any process that, in whole or in part:

 

(a) is COVERED by one or more
issued, unexpired claims or pending claims of the PATENT RIGHTS; or

 

(b) which uses a LICENSED PRODUCT.

 

1.6      "LICENSED
SERVICE" shall mean any service that cannot be performed, in whole or in part, without the practice of at least one method
or process which is COVERED by one or more issued, unexpired claims or pending claims of the PATENT RIGHTS or that uses a LICENSED
PRODUCT."

 

1.7      "NET
SALES" shall mean the gross amount billed by COMPANY and, as applicable, its AFFILIATES for LICENSED PRODUCTS, LICENSED
PROCESSES, and LICENSED SERVICES, less the following:

 

 

 

 

    	 	2	 

     

    

 

(a) customary trade, quantity,
or cash discounts to the extent actually allowed and taken;

 

(b) amounts repaid or credited
by reason of rejection or return;

 

(c) to the extent separately
stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production,
sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS or LICENSED SERVICE which is paid by or on behalf
of COMPANY; and

 

(d) to the extent separately
stated on invoices, outbound transportation costs prepaid or allowed and costs of insurance in transit.

 

No deductions shall be made for commissions
paid to individuals whether they be with independent sales agencies or regularly employed by COMPANY and on its payroll, or for
cost of collections. NET SALES shall occur on the date of billing for a LICENSED PRODUCT or LICENSED PROCESS or LICENSED SERVICE.
If a LICENSED PRODUCT or a LICENSED PROCESS or LICENSED SERVICE is distributed at a discounted price that is substantially lower
than the customary price charged by COMPANY, or distributed for non-monetary consideration (whether or not at a discount), NET
SALES shall be calculated based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS or LICENSED SERVICE charged
to an independent third party during the same REPORTING PERIOD or, in the absence of such sales, on the fair market value of the
LICENSED PRODUCT or LICENSED PROCESS or LICENSED SERVICE.

 

Non-monetary consideration shall not be
accepted by COMPANY for any LICENSED PRODUCTS or LICENSED PROCESSES or LICENSED SERVICE without the prior written consent of MIT

 

1.8      "PATENT
CHALLENGE" shall mean a challenge to the validity, patentability, scope, or enforceability of any of the PATENT RIGHTS
(as defined below) or otherwise opposing any of the PATENT RIGHTS.

 

1.9      "PATENT
RIGHTS" shall mean:

 

(a)
the United States and international patents listed on Appendix A;

 

(b)
the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents;

 

(c)
any patent applications resulting from the provisional applications listed on Appendix A, and any divisionals, continuations,
continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the
patent applications listed on Appendix A and of such patent applications that result from the provisional applications
listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications
listed on Appendix A, and the resulting patents;

 

 

 

 

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(d)
any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents
described in (a), (b), and (c) above; and

 

(e)
international (non-United States) patent applications and provisional applications filed after the EFFECTIVE DATE and the relevant
international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications
of the patent applications to the extent the claims are directed to subject matter specifically described in the patents or patent
applications referred to in (a), (b), (c), and (d) above, and the resulting patents.

 

1.10      "REPORTING
PERIOD" shall begin on the first day of each calendar quarter and end on the last day of such calendar quarter.

 

1.11      "TERM"
shall mean the term of this Agreement, which shall commence on the EFFECTIVE DATE and shall remain in effect until the expiration
or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance
with the provisions of this Agreement.

 

1.12      "TERRITORY"
shall mean worldwide.

 

2.       GRANT
OF RIGHTS.

 

2.1      License
Grants. Subject to the terms of this Agreement, MIT hereby grants to COMPANY for the TERM a royalty-bearing nonexclusive license
under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in the FIELD
in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY. COMPANY shall not have the right
to enter into sublicensing agreements with respect to the PATENT RIGHTS.

 

2.2      No
Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel,
or otherwise as to any technology, patent, or other rights of MIT or any other entity other than the PATENT RIGHTS, regardless
of whether such technology or patent rights shall be dominant or subordinate to any PATENT RIGHTS.

 

 

 

 

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3.       COMPANY
DILIGENCE OBLIGATIONS.

 

3.1       Diligence
Requirements. COMPANY shall use diligent efforts to develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED
PRODUCTS or LICENSED PROCESSES into the commercial market; thereafter, COMPANY shall make LICENSED PRODUCTS or LICENSED PROCESSES
reasonably available to the public. Specifically, COMPANY shall fulfill the following obligations:

 

(a)
Within four (4) months after the EFFECTIVE DATE, COMPANY shall furnish MIT with a written research and development plan describing
the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS or LICENSED SERVICE specifying
the number of staff and other resources to be devoted to such commercialization effort.

 

(b)
Within sixty (60) days after the end of each calendar year, COMPANY shall furnish MIT with a written report on the progress of
its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES,
with specific reference to the diligence obligations required under this Section 3.1. The report shall also contain a discussion
of intended efforts and sales projections for the year in which the report is submitted.

 

(c)
COMPANY shall permit an in-plant inspection by MIT at regular intervals with at least six (6) months between each such inspection.

 

(d)
All LICENSED PRODUCTS shall be subject to stringent quality control testing to ensure product performance in accordance with stated
product specifications. Any time after first commercial sale, MIT reserves the right to test LICENSED PRODUCTS at random intervals
to assure that quality standards have been maintained.

 

(e)
COMPANY shall make a first commercial sale of a LICENSED PRODUCT and/or a first commercial performance of a LICENSED PROCESS on
or before September 30, 2018.

 

(f) 
COMPANY shall make NET SALES according to the following schedule:

 

	2018	$100,000;
	2019	$500,000;
	2020	$1,000,000
	2020 and each year thereafter	$1,500,000.

 

 

 

 

    	 	5	 

     

    

 

In the event that MIT determines that COMPANY
(or an AFFILIATE) has failed to fulfill any of its obligations under this Section 3.1, then MIT may treat such failure as a material
breach in accordance with Section 12.3(b).

 

4.       ROYALTIES
AND PAYMENT TERMS.

 

4.1       Consideration
for Grant of Rights.

 

(a)
License Issue Fee and Patent Cost Reimbursement. COMPANY shall pay to MIT, within thirty (30) days of invoicing, a license
issue fee of ten thousand dollars ($10,000), and, in accordance with Section 6.2, shall reimburse MIT for its actual expenses
incurred as of the EFFECTIVE DATE in connection with obtaining the PATENT RIGHTS. These payments are nonrefundable.

 

(b)
License Maintenance Fees. COMPANY shall pay to MIT the following license maintenance fees on the dates set forth below:

 

	January 1, 2019	 	$20,000
	January 1, 2020	 	$40,000
	and each January 1 of every year thereafter	 	$60,000

 

This annual license maintenance
fee is nonrefundable; however, the license maintenance fee may be credited to running royalties subsequently due on NET SALES
earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar
year shall not be creditable to amounts due for future years.

 

(c)
Running Royalties. COMPANY shall pay to MIT a running royalty of two percent (2.0%) of NET SALES made in the calendar years
2018, 2019, and 2020. COMPANY shall pay to MIT a running royalty of 4.0% of NET SALES made in the calendar year 2021 and every
calendar year thereafter through the TERM. Running royalties shall be payable for each REPORTING PERIOD and shall be due to MIT
within sixty (60) days of the end of each REPORTING PERIOD.

 

(d)
Consequences of a PATENT CHALLENGE. In the event that (i) COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against
MIT, or (ii) COMPANY or any of its AFFILIATES assists another party in bringing a PATENT CHALLENGE against MIT (except as required
under a court order or subpoena), and (iii) MIT does not choose to exercise its rights to terminate this Agreement pursuant to
Section 12.4, then all payments due under this Article 4 shall be doubled for the remainder of the term of the Agreement. In the
event that such a PATENT CHALLENGE is successful, COMPANY will have no right to recoup any payments made during the period of
challenge. In the event that a PATENT CHALLENGE is unsuccessful, COMPANY shall reimburse MIT for all reasonable legal fees and
expenses incurred in its defense against the PATENT CHALLENGE.

 

 

 

 

    	 	6	 

     

    

 

(e)
No Multiple Royalties. If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED
PROCESS is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due.

 

4.2       Payments.

 

(a)
Invoices. All invoices issued by MIT under this Agreement shall be addressed to COMPANY as follows, or as otherwise provided
by COMPANY in writing to MIT:

 

IIoT-OXYS, Inc.

705 Cambridge St.

Cambridge, MA 02141

Attention to:

Giro DiBiase, CEO

giro@oxyscorp.com

 

(b)
Method of Payment. All payments under this Agreement shall be made payable to "Massachusetts Institute of Technology"
and sent to the address identified on the invoice received. Each payment should reference this Agreement and identify the obligation
under this Agreement that the payment satisfies. Unless otherwise stated on the invoice, payments sent by wire transfer shall
be paid to:

 

Account Holder: Massachusetts Institute of Technology

Bank Account # 004632424694

Bank Name: Bank of America, NA, 100 Federal Street,
Boston, MA 02110

Swift # BOFAUS3N

WIRE Routing (ABA) # 026 009 593

Bank Contact: Christine Brouillard (866) 222-1948
x 2703

Reference: MIT TLO & Invoice Number

 

(c)
Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United States bank and shall be payable
in United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the
United States (as reported by the Federal Reserve Bank of St. Louis) on the last working day of the calendar quarter of the applicable
REPORTING PERIOD. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without
deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of
NET SALES.

 

 

 

 

    	 	7	 

     

    

 

(d)
Taxes. In the event that any payment under this Agreement is or becomes subject to any levy or tax, including, but not limited
to any form of tax withholding, income tax, service tax, sales tax or VAT, by local, regional or federal government authorities,
COMPANY shall (i) pay to the applicable tax authorities, whether on its own or MIT's behalf, such amount of levy or tax and, if
applicable, penalties and interest; and (ii) promptly provide MIT with a copy of the withholding tax certificate or other tax
filing documentation evidencing remittance was made. For the avoidance of doubt, any payments made by or on behalf of COMPANY
pursuant to this Section 4.2(d) shall not be deducted from any amounts due to MIT under this Agreement.

 

(e)
Late Payments. Any payments by COMPANY that are not paid on or before the date such payments are due under this Agreement
shall bear interest, to the extent permitted by law, at five (5) percentage points above the Prime Rate of interest as reported
by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly reporting period to which such royalty
payments relate.

 

5.       REPORTS
AND RECORDS.

 

5.1       Progress
Reports. COMPANY shall deliver progress reports to MIT annually, within sixty (60) days of the end of each calendar year,
sufficient to illustrate compliance with this Agreement and specifically discussing the progress of efforts to develop and commercialize
LICENSED PRODUCTS or LICENSED PROCESSES, with specific reference to the diligence obligations set forth under Article 3.

 

5.2       Royalty
Reports. COMPANY's obligation to submit reports under this Section 5.2 shall commence upon a first commercial sale or performance.
Thereafter, COMPANY shall deliver royalty reports to MIT within sixty (60) days of the end of each REPORTING PERIOD, containing
at least the following information for the immediately preceding REPORTING PERIOD:

 

(a)
the number of LICENSED PRODUCTS sold, leased or distributed by COMPANY to independent third parties in each country, and, if applicable,
the number of LICENSED PRODUCTS used by COMPANY in the provision of services in each country;

 

(b)
a description of LICENSED PROCESSES performed by COMPANY in each country as may be pertinent to a royalty accounting hereunder;

 

 

 

 

    	 	8	 

     

    

 

(c)
the gross price charged by COMPANY for each LICENSED PRODUCT and, if applicable, the gross price charged for each LICENSED PRODUCT
used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY in each country;

 

(d)
calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions; and

 

(e)
total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion.

 

If no amounts are due to MIT for any REPORTING PERIOD, the
report shall so state.

 

5.3       Financial
Statements. On or before the ninetieth (90th) day following the close of COMPANY's fiscal year, COMPANY shall provide MIT
with COMPANY's financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement,
certified by COMPANY's treasurer or chief financial officer or by an independent auditor.

 

5.4       Records.
COMPANY and its agents, as applicable, shall keep, in accordance with generally accepted accounting principles, up-to-date,
complete, true and accurate books of account in sufficient detail to permit calculation of all amounts due hereunder, including
without limitation, copies of all invoices, which will be properly itemized. MIT, or MIT's appointed agents, shall have the right,
at MIT's expense, to audit all existing and relevant records for all prior periods to the extent necessary to perform an audit.
COMPANY shall fully cooperate fully with such audit and shall permit MIT, or MIT's agents, to inspect and copy such portions of
books and records that MIT deems appropriate and necessary. Books of account and supporting records shall be retained for at least
seven (7) years following the later of (i) the end of the REPORTING PERIOD to which they pertain, or (ii) the end of the calendar
year in which any request for an audit under this Section is made. In the event that any audit performed under this Section reveals
an underpayment in excess of the lesser of (i) three percent (3%) for the audited period or any REPORTING PERIOD or (ii) Twenty
Five thousand dollars ($25,000), COMPANY shall bear the full cost of such audit and shall remit any amounts due to MIT within
thirty (30) days of receiving notice thereof from MIT The parties agree that all applicable statutes of limitation and time-based
defenses (including, but not limited to, estoppel and laches) shall be tolled upon any request by MIT for an audit under this
Section. The parties shall cooperate in taking any actions necessary to achieve this result.

 

6.       PATENT
PROSECUTION.

 

6.1       Responsibility
for PATENT RIGHTS. MIT shall, in its sole discretion, apply for, seek issuance of, maintain, or abandon the PATENT RIGHTS
during the term of this Agreement.

 

 

 

 

    	 	9	 

     

    

 

6.2       Payment
of Expenses. Payment of all fees and costs, including attorneys' fees, relating to the filing, prosecution and maintenance
of the PATENT RIGHTS including, without limitation, interferences, reexaminations and reissues, shall be the responsibility of
COMPANY and other nonexclusive licensees of the PATENT RIGHTS as they exist from time to time. COMPANY shall be responsible for
its pro rata share of all such patent related costs, whether such amounts were incurred before or after the EFFECTIVE DATE. As
of January 9, 2018, COMPANY's pro rata share is one hundred percent (100%) of the total. and MIT has incurred approximately $120,381.62
for such patent-related fees and costs (the "OUTSTANDING BALANCE"). COMPANY shall reimburse all amounts due pursuant
to this Section within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances,
MIT shall pay the fees prescribed for large entities to the United States Patent and Trademark Office. COMPANY shall reimburse
MIT for costs incurred before the EFFECTIVE DATE, as follows:

 

	February 15, 2018 

    September 1, 2018 

    November 1, 2018 

    February 1, 2019 

    May 1, 2019	20%
                                         of the OUTSTANDING BALANCE

                                                                      20%
                                         of the OUTSTANDING BALANCE

                                                                      20%
                                         of the OUTSTANDING BALANCE

                                                                      20%
                                         of the OUTSTANDING BALANCE

                                                                      20%
                                         of the OUTSTANDING BALANCE

 

7. INFRINGEMENT.

 

7.1       Notification
of Infringement. COMPANY shall inform MIT promptly in writing of any alleged infringement of the PATENT RIGHTS by a third
party and of any available evidence thereof.

 

7.2       Right
to Prosecute. MIT shall have the right, but not the obligation, to prosecute at its own expense all infringements of the PATENT
RIGHTS. The total cost of any such infringement action commenced or defended solely by MIT shall be borne by MIT, and MIT shall
keep any recovery or damages derived therefrom, whether compensatory for past infringement or punitive.

 

7.3       Cooperation.
In any infringement suit which MIT may institute to enforce the PATENT RIGHTS pursuant to this Agreement, COMPANY shall, at
MIT's expense, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available
relevant records, papers, information, samples, specimens, and the like.

 

 

 

 

    	 	10	 

     

    

 

8.       INDEMNIFICATION
AND INSURANCE.

 

8.1       Indemnification.

 

(a)
Indemnity. COMPANY shall indemnify, defend, and hold harmless MIT and its trustees, officers, faculty, students, employees,
and agents and their respective successors, heirs and assigns (the "Indemnitees"), against any liability, damage, loss,
or expense (including reasonable attorneys' fees and expenses) incurred by or imposed upon any of the Indemnitees in connection
with any third party claims, suits, investigations, actions, demands or judgments arising out of or related to the exercise of
any rights granted to COMPANY under this Agreement or any breach of this Agreement by COMPANY.

 

(b)
Procedures. The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand,
or judgment for which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys
reasonably acceptable to MIT to defend against any such claim. The Indemnitees shall cooperate fully with COMPANY in such defense
and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all
decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee shall have the right to retain
its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate
because of actual or potential differences in the interests of such Indemnitee and any other party represented by such counsel.
COMPANY agrees to keep MIT informed of the progress in the defense and disposition of such claim and to consult with MIT with
regard to any proposed settlement.

 

8.2       Insurance.
COMPANY shall obtain and carry in full force and effect commercial general liability insurance and, as applicable to COMPANY's
performance with respect to the intellectual property received from MIT pursuant to this Agreement, professional liability insurance,
which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such insurance shall be issued
by an insurer pre-approved by MIT, such approval not to be unreasonably withheld, shall list MIT as an additional insured thereunder,
shall be endorsed to include product liability coverage, and shall require thirty (30) days written notice to be given to MIT
prior to any cancellation or material change thereof. The limits of such insurance shall not be less than One Million Dollars
($1,000,000) per occurrence with an aggregate of Two Million Dollars ($2,000,000) for bodily injury including death; One Million
Dollars ($1,000,000) per occurrence with an aggregate of Two Million Dollars ($2,000,000) for property damage; and, with respect
to any professional liability policy, One Million Dollars ($1,000,000) per occurrence with an aggregate of Two Million Dollars
($2,000,000) for errors and omissions. In the alternative, COMPANY may self-insure subject to prior approval of MIT. COMPANY shall
provide MIT with Certificates of Insurance evidencing compliance with this Section.

 

 

 

 

    	 	11	 

     

    

 

9.       NO
REPRESENTATIONS OR WARRANTIES.

 

EXCEPT AS OTHERWISE EXPRESSLY SET FORTH
IN THIS AGREEMENT, MIT MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS AND HEREBY DISCLAIMS ALL
REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF MIT OR THIRD PARTIES, VALIDITY, ENFORCEABILITY, AND SCOPE
OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE.

 

IN NO EVENT SHALL MIT, ITS TRUSTEES,
DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC
DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER MIT SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR
IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 

10.        ASSIGNMENT.

 

This Agreement is personal to COMPANY.
None of the rights or obligations hereunder may be assigned or transferred, whether by merger, consolidation, acquisition or other
change of control, without the prior written consent of MIT Any purported assignment or transfer in violation of the foregoing
shall be null and void and of no force and effect.

 

11.       GENERAL
COMPLIANCE WITH LAWS.

 

11.1       Compliance with Laws.
COMPANY shall, and shall cause its AFFILIATES as necessary to, use reasonable commercial efforts to comply with all commercially
material local, state, federal, and international laws and regulations relating to the development, manufacture, use, and sale
of LICENSED PRODUCTS and LICENSED PROCESSES.

 

 

 

    	 	12	 

     

    

 

11.2       Registration. As
required by applicable law, COMPANY shall, and shall cause its AFFILIATES as necessary to, register or record this Agreement with
the relevant government authority. After the completion of the registration and recordation, COMPANY shall provide MIT with documentation
of registration and recordation issued by the government authorities with respect to this Agreement. The costs of the registration
and filing shall be borne by COMPANY.

 

11.3       Export Control. COMPANY shall,
and shall cause its AFFILIATES as necessary to, comply with all United States laws and regulations controlling the export of certain
commodities and technical data, including without limitation all Export Administration Regulations of the United States Department
of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities
and technical data to specified countries. COMPANY hereby gives written assurance that it will comply all United States export
control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its
AFFILIATES. and that it will indemnify, defend, and hold MIT harmless (in accordance with Section 8.1) for the consequences of
any such violation.

 

11.4       Use of MIT Name.
COMPANY and is AFFILIATES shall not use the name of "Massachusetts Institute of Technology," "Lincoln Laboratory"
or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents,
or any trademark owned by MIT, or any terms of this Agreement in any promotional material or other public announcement or disclosure
without the prior written consent of M.I.T, which consent MIT may withhold in its sole discretion. The foregoing notwithstanding,
without the consent of MIT, COMPANY may make factual statements during the term of this Agreement that COMPANY has a license from
MIT under one or more of the patents and/or patent applications comprising the PATENT RIGHTS in business literature. Such statements
may not be used in marketing, promotion, or advertising.

 

11.5       Marking of LICENSED
PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY shall mark, and shall
cause its AFFILIATES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement with the number of each
issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT.

 

 

 

 

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12. TERMINATION.

 

12.1       Voluntary Termination
by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least six (6) months prior
written notice to MIT, such notice to state the date at least six (6) months in the future upon which termination is to be effective,
and (ii) upon payment of all amounts due to MIT through such termination effective date.

 

12.2       Cessation of Business.
If COMPANY ceases to carry on its business related to this Agreement, MIT shall have the right to terminate this Agreement
immediately upon written notice to COMPANY.

 

12.3       Termination for Default.

 

(a)
Nonpayment. In the event COMPANY fails to pay any amounts due and payable to MIT hereunder, and fails to make such payments
within thirty (30) days after receiving written notice of such failure, MIT may terminate this Agreement immediately upon written
notice to COMPANY.

 

(b) Material Breach. In
the event COMPANY commits a material breach of its obligations under this Agreement, except as described in Section 12.3(a), and
fails to cure that breach within sixty (60) days after receiving written notice thereof, MIT may terminate this Agreement immediately
upon written notice to COMPANY.

 

12.4       Termination as a Consequence
of PATENT CHALLENGE By COMPANY. If COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against MIT, or assists others
in bringing a PATENT CHALLENGE against MIT (except as required under a court order or subpoena), then MIT may immediately terminate
this Agreement.

 

12.5       Disputes Regarding Termination.
If COMPANY disputes any termination by MIT under this Section, it must notify MIT of the nature of such dispute and the proposed
manner in which to resolve the dispute within (10) days of receipt of notification of breach or notification of termination by
MIT, whichever is sooner. If the parties do not resolve such dispute within ten (10) days of such notification, then COMPANY shall
be required to initiate the dispute resolution procedures outlined in Article 13 immediately. If it does not do so, COMPANY shall
be considered to have waived its rights to dispute the termination.

 

 

 

    	 	14	 

     

    

 

12.6       Effect of Termination.

 

(a) Survival. The following
provisions shall survive the expiration or termination of this Agreement:

 

n 
Article 1 ("Definitions");

n 
Section 5.2 ("Royalty Reports");

n 
Section 5.4 ("Records");

n 
Article 8 ("Indemnification and Insurance");

n 
Article 9 ("No Representations or Warranties");

n 
Article 13 ("Dispute Resolution");

n 
Article 14 ("Miscellaneous");

n 
Section 11.1 ("Compliance With Laws");

n 
Section 11.3 ("Export Control"); and

n 
Section 12.6 ("Effect of Termination").

 

(b) Pre-termination Obligations.
In no event shall termination of this Agreement release COMPANY or its AFFILIATES from the obligation to pay any amounts that
became due on or before the effective date of termination.

 

13.       DISPUTE
RESOLUTION.

 

13.1       Mandatory Procedures. The
parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by means of the procedures
set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of
this Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written agreement,
the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction.

 

13.2       Equitable Remedies.
Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes arising
out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if,
in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve its rights under this
Agreement.

 

13.3       Dispute Resolution Procedures.

 

(a) Mediation.
In the event of any dispute arising out of or relating to this Agreement, either party may initiate mediation upon written
notice to the other party ("Notice Date") pursuant to Section 14.1, whereupon both parties shall be obligated to
engage in a mediation proceeding. The mediation shall commence within forty-five (45) days of the Notice Date. The mediation
shall be conducted by a single mediator in Boston, Massachusetts. The party requesting mediation shall designate two (2) or
more nominees for mediator in its notice. The other party may accept one of the nominees or may designate its own nominees by
notice addressed to the American Arbitration Association (AAA) and copied to the requesting party. If within, fifteen (15)
days following the request for mediation, the parties have not selected a mutually acceptable mediator, a mediator shall be
appointed by the AAA according to the Commercial Mediation Rules. The mediator shall attempt to facilitate a negotiated
settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. The expenses of the
mediation shall be borne equally by the parties, but each party shall be responsible for its own counsel fees and
expenses.

 

 

 

    	 	15	 

     

    

 

(b) Trial Without Jury.
If the dispute is not resolved by mediation within forty-five (45) days after commencement of mediation, each party shall
have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the parties expressly
waive any right to a jury trial in any legal proceeding under this Article.

 

13.4       Performance to Continue. Each
party shall continue to perform its undisputed obligations under this Agreement pending final resolution of any dispute arising
out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during
any period in which the other party fails or refuses to perform its undisputed obligations. Nothing in this Article is intended
to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement.

 

13.5       Statute of Limitations.
The parties agree that all applicable statutes of limitation and time-based defenses (including, but not limited to, estoppel
and laches) shall be tolled while the procedures set forth in Section 13.3 are pending. The parties shall cooperate in taking
any actions necessary to achieve this result.

 

14.       MISCELLANEOUS.

 

14.1       Notice. Any notices
required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent
by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed electronic mail, or registered or
certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties:

 

 

 

 

    	 	16	 

     

    

 

	If to MIT:	Massachusetts Institute of Technology

        Technology Licensing Office, Room NE18-501

        255 Main Street, Kendall Square

        Cambridge, MA 02142-1601

        Attention: Director

        Tel:617-253-6966

        Fax: 617-258-6790

	 	 
	If to COMPANY:	IIoT-OXYS, Inc.

705 Cambridge St.

Cambridge, MA 02141

Attention to:

Giro DiBiase, CEO

giro@Oxyscorp.com

 

All notices under this Agreement
shall be deemed effective upon receipt. A party may change its contact information immediately upon written notice to the other
party in the manner provided in this Section.

 

14.2       Governing Law/Jurisdiction.
This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination
hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of
the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the
construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted.
The state and federal courts having jurisdiction over Cambridge, MA, USA, provide the exclusive forum for any PATENT CHALLENGE
and/or any court action between the parties relating to this Agreement. COMPANY submits to the jurisdiction of such courts and
waives any claim that such court lacks jurisdiction over COMPANY or its AFFILIATES or constitutes an inconvenient or improper
forum.

 

14.3       Force Majeure.
Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party, including without
limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts
to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever
such causes are removed.

 

14.4       Amendment and Waiver.
This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument signed by both parties.
Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed
as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

 

 

 

 

    	 	17	 

     

    

 

14.5       Severability. In
the event that any provision of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or unenforceability
shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement
to preserve (to the extent possible) their original intent. If the parties fail to reach a modified agreement within thirty (30)
days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the
procedures set forth in Article 13. While the dispute is pending resolution, this Agreement shall be construed as if such provision
were deleted by agreement of the parties.

 

14.6       Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns.

 

14.7       Headings. All headings
are for convenience only and shall not affect the meaning of any provision of this Agreement.

 

14.8       Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior
agreements or understandings between the parties relating to its subject matter.

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized representatives.

 

 

	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 	HOT-OXYS INC.
	 	 	 
	 	 	 
	 	 	 
	By:	/s/Jim Freedman	 	By:	/s/ Giro
    DiBiase

 

	Name:	Jim Freedman	 	Name:	Giro
DiBiase
	 	 	 	 	 
	Title:	Associate
Director	 	Title:	CEO
	 	Technology Licensing Office	 	 	 

 

 

 

 

    	 	18	 

     

    

 

APPENDIX A

 

List of Patent Applications and Patents

 

M.I.T. Case No. 13930

 

United States of America Patent No. 8344724, Issued
January 1, 2013

Publication Number: US11/0109306

United States of America Patent No. 8907664, Issued
December 9, 2014

Publication Number: US13/0141088

"Non-Intrusive Monitoring Of Power And Other
Parameters"

 

by Al-Thaddeus Avestruz, Zachary Alan. Clifford,
John Jacob. Cooley and Steven B. Leeb

 

 

M.I.T. Case No. 16022

 

United States of America Serial No. 14/263407, Filed
April 28, 2014

Publication Number: US14/0320125

'Non-Intrusive Monitoring"

 

by John Sebastian. Donnal, Steven B. Leeb, Jin (Jinyeong)
Moon, James Paris and Christopher James Schantz

 

 

M.I.T. Case No. 18553

Patent Cooperation Treaty Serial No. PCT1US2016/057165,
Filed October 14, 2016

Publication Number: W017/066658

"Noncontact Power Sensing"

 

by John Sebastian. Donnal, David Morris. Lawrence,
Steven B. Leeb and James Paris

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	19Exhibit 10.8

 

OXYS/SIGMA TECHNOLOGY COOPERATION AGREEMENT

 

This Technology Cooperation Agreement (the
“Agreement”) is made by and between Sigma Labs, Inc., a corporation organized under the laws of Nevada, having
an office and place of business at 3900 Paseo del Sol Santa Fe, NM 87506, USA (“Sigma”), and OXYS Corporation,
a corporation organized under the laws of Nevada, having an office and place of business at 719 Cambridge St., Cambridge, MA 02141,
(hereinafter referred to as “OXYS”). This Agreement shall be effective as of the date of signature of the latter to
sign of the two parties (the “Effective Date”).

 

		1.	Background.

 

		1.1.	Sigma has expertise in the field of in-process quality assurance and process control in the field
of advanced manufacturing and additive manufacturing, including its In-Process Quality AssuranceTM (IPQA®) systems
equipment, software and services.

 

		1.2.	OXYS has expertise in the Industrial Internet of Things (IIoT), associated hardware, sensors, data
processing, and algorithms as well as connections to various frontend field devices and backend cloud and big data analytics services.

 

		1.3.	Sigma and OXYS desire to cooperate in one or more projects to facilitate integration of Sigma’s
technology and OXYS’s technology.

 

		2.	Projects.

 

		2.1.	Each project will be set forth in a separate addendum to this Agreement (each such project hereinafter
referred to as “Project” and each such addendum hereinafter referred to as “Addendum”).

 

		2.2.	The terms of this Agreement will apply to each Project, except as expressly set forth in the respective
Addendum. If there is any conflict between a provision of this Agreement and an Addendum, then the provision in the Addendum will
prevail only if such prevalence is expressly provided for in the Addendum and even then only for the Project corresponding to that
Addendum.

 

		2.3.	Neither party will have any obligation arising out of any Project unless and until a corresponding
Addendum has been agreed to in writing.

 

		2.4.	Each party shall bear its own costs arising under this Agreement.

 

		2.5.	The provisions of this Agreement are intended to govern the parties’ relationship only during
specific Projects as set out in one or more Addendums to this Agreement, and shall be binding as of the Effective Date and continue
until termination of this Agreement.

 

		3.	Data and Intellectual Property.

 

		3.1.	“Background IP” of a party shall be all proprietary technology, know-how, inventions,
data or information, and all pending and issued patents and other intellectual property rights thereto, that were either (i) developed
or otherwise acquired by such party prior to the Effective Date, or (ii) initially developed or otherwise acquired by such party
after the Effective Date and prior to termination of this Agreement but outside all Projects and not developed in the course of
performing work set forth in an Addendum and were developed without relying on confidential information of the other party.

 

		3.2.	Each party shall retain ownership of its own Background IP. Each party agrees to and hereby does
grant to the other party a limited-use license to Background IP only to the extent required to perform work set forth in an Addendum.
Such limited-use license shall expire at the expiration or termination of the Addendum giving rise to such license, and all such
limited licenses shall terminate at the termination of this Agreement.

 

 

 

 

    	 	1	 

     

    

 

		3.3.	“Project IP” shall be all proprietary technology, know-how, inventions, data
or information, and all pending and issued patents and other intellectual property rights thereto, that were initially developed
or otherwise acquired by either party, after the Effective Date and prior to termination of this Agreement, (i) in the course of
performing Project work set forth in an Addendum, or (ii) with reliance on confidential information of the other party.

 

		3.4.	Inventions included in Project IP, whether or not patented or patentable, shall be owned by the
party whose employees or agents qualify as inventors under United States patent law. If each party has at least one employee or
agent who qualifies as an inventor under United States patent law of an invention, then such invention shall be “Joint
Project IP”.

 

		3.5.	The rights of use to works subject to copyright included in Project IP, shall be owned by the party
whose employees or agents qualify as authors under United States copyright law. If each party has at least one employee or agent
who qualifies as an author under United States copyright law of a work, then such work shall be Joint Project IP.

 

		3.6.	Each party shall own an interest in all Joint Project IP. The percentage of interest of each party
shall be agreed upon separately based on each party’s contribution to the respective project IP. Each party shall have the
right to use Joint IP in its own business and include Joint IP in its own products, but shall not have the right to license Joint
IP to third parties or to sell or assign Joint IP except as part of a transfer of substantially all of the assets of such party
to which such Joint IP relates, and where the foregoing limitations are binding on the transferee.

 

		3.7.	For clarity, ownership or rights to any Joint IP does not create or imply a license to any Background
IP, even if such license is required for exercise of any Joint IP.

 

		3.8.	All data generated by a party under this Agreement shall belong to the party whose employees or
agents who produced such data, or, in the case of data produced by automated systems, to the party who owns rights to such automated
system. The parties anticipate that some data under Projects may be shared, and that the scope of such sharing shall be set forth
in the respective Addendum.

 

		3.9.	Neither party shall use the other party’s trademarks, or contest the other party’s
rights in its trademarks.

 

		4.	Confidentiality.

 

		4.1.	The parties may have other agreements relating to the use and protection of confidential information,
which agreements are not altered or replaced by this Agreement.

 

 

 

 

    	 	2	 

     

    

 

		4.2.	Confidential Information for the purposes of this Agreement and the Addendums shall comprise all
information which is communicated in written, oral or tangible form from one Party (“Disclosing Party”) to the other
Party (“Receiving Party”). Notwithstanding the foregoing, Confidential Information is deemed not to include any information
which

 

		-	was known by the Receiving Party prior to its disclosure by the Disclosing Party or is provided
to the Receiving Party by a third Party with no obligation to keep confidential, or

 

		-	was in the public domain at the time of disclosure by the Disclosing Party or thereafter becomes
part of the public domain other than as a result of a disclosure by the Receiving Party or its representatives, or

 

		-	is developed by the Receiving Party without access to the Confidential Information.

 

		4.3	The Parties commit to keep confidential all Confidential Information which they receive directly
or indirectly from the other Party with respect to this Agreement or any Addendum and use it only for the purpose of the Projects.
The Receiving Party agrees to protect Confidential Information with the same degree of care as it uses to protect its own confidential
information, but no less than a reasonable degree of care. The Receiving Party shall be entitled to disclose Confidential Information
only to those of its employees, representatives or advisors (or those of its subsidiaries) who have a need to know for the performance
of the Projects.

 

		4.4	Upon request of the Disclosing Party, the Receiving Party shall return the Confidential Information
and destroy all copies, summaries, or notes pertaining to it provided that the Receiving Party shall be entitled to retain one
copy in its legal files for archival purposes only and provided that such return and destruction do not hinder the Receiving Party
in using Joint Project IP.

 

		5.	Expiration and Termination.

 

		5.1.	This Agreement shall expire 5 years after the Effective Date.

 

		5.2.	Either Party may terminate this Agreement or any Addendum upon the occurrence of any of the following:

 

		5.2.1.	upon or after bankruptcy, insolvency for a period greater than six (6) months, or dissolution of
the other Party; or

 

		5.2.2.	upon or after an breach of any material provision of this Agreement by the other Party; provided
the other Party has not either (i) commenced to cure such breach within thirty (30) days after the receipt of a written notice
of the breach from the infringed Party and the other Party has not thereafter proceeded diligently to cure such breach within a
reasonable time (in no event shall such reasonable time to cure such breach exceed sixty (60) days from the date of such notice).

 

		5.3.	Either Party may terminate this Agreement upon written notice to the other Party, in which case
this Agreement shall terminate after the last to occur of: (a) all Addenda in force as of the date of such notice have been concluded
or terminated, and (b) 30 days after the date of such notice.

 

		5.4.	Expiration or termination of this Agreement shall not relieve any Party of any obligation accruing
prior to such expiration or termination. The provisions relating to rights in Data and Intellectual Property, Confidentiality,
Liability, and Other Provisions shall survive termination of this Agreement.

 

 

 

    	 	3	 

     

    

 

		6.	Liability.

 

		6.1.	Liability. Each Party shall be responsible for any and all suits, actions, claims, demands, judgments,
losses, damages, expenses (including reasonable attorneys’ fees), and awards (collectively, a “Claim”),
including third party Claims, which are proximately caused by the wrongful or negligent acts or omissions or willful misconduct
of that Party or its officers, directors, employees, representatives, agents, associates, contractors, or consultants in performance
of this Agreement.

 

		6.2.	Limitation of Liability. EACH PARTY AGREES THAT UNDER NO CIRCUMSTANCES SHALL ONE PARTY BE LIABLE
TO THE OTHER PARTY FOR ANY CONSEQUENTIAL, SPECIAL, INDIRECT OR PUNITIVE DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, BREACH OF
WARRANTY, TORT OR ANY OTHER LEGAL THEORY, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES.

 

		7.	Other Provisions.

 

		7.1.	Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall
be settled by arbitration administered by the American Arbitration Association in accordance with its Commercial [or other] Arbitration
Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

 

		7.2.	It is expressly agreed that the relationship between the two Parties under this Agreement shall
not constitute a partnership or agency of any kind. Neither Party shall have the authority to make statements, representations
or commitments of any kind, or to take any action, which shall be binding on the other, without the prior written authorization
of the Party to do so.

 

		7.3.	This Agreement contains the entire understanding of the Parties with respect to the subject matter
hereof. All express or implied agreements and understandings, either oral or written, heretofore made are expressly merged in and
made a part of this Agreement. If any of the provisions of this Agreement are determined to be invalid under applicable law, they
are, to that extent, deemed omitted. The invalidity of any portion of this Agreement shall not render any other portion invalid.

 

		7.4.	No waiver by either Party with respect to any breach, default, right, remedy or performance will
constitute a continuing waiver of any other breach, default or any other right or remedy, unless such waiver is expressed in writing
by the Party to be bound.

 

		7.5.	This Agreement may be executed in two or more identical counterparts, each of which shall be deemed
an original and all of which taken together shall be deemed to constitute the Agreement when a duly authorized representative of
each Party has signed a counterpart.

 

 

 

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, the PARTIES have caused
this Agreement to be executed in duplicate originals by their duly authorized representatives.

 

 

	SIGMA LABS, INC.	 	OXYS
	 	 	 
	 	 	 
	 	 	 
	By:	/s/ Mark J. Cola	 	By:	/s/ Giro DiBiase
	 	 	 	 	 

 

	Name:	Mark J. Cola	 	Name:	Giro
DiBiase
	 	 	 	 	 
	 	 	 	 	 
	Title:	President and CEO	 	Title:	CEO
	 	 	 	 	 
	 	 	 	 	 
	Date:	1/24/17	 	Date:	1/26/17

 

 

 

 

 

 

 

 

 

 

    	 	5

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