Document:

kurrantmo10q53109x1010_71409.htm

     

    Exhibit 10.10

     

    

     

    PROMISSORY
NOTE

     

    
      	
              $2,952.08

            	
              Durango,
      Colorado

            
	 
      	
              July
      8, 2009

            

    

     

     

    FOR VALUE
RECEIVED, and at the times hereinafter specified, the undersigned (“Maker”)
hereby promises to pay to the order of ROBERT WANISH
(hereinafter referred to, together with each subsequent holder hereof, as
“Holder”), at such address as may be designated from time to time hereafter by
any Holder, the principal sum of TWO THOUSAND NINE HUNDRED FIFTY TWO AND
EIGHT/100THS DOLLARS ($2,952.08), or so much thereof as shall have been advanced
to or for the benefit of Maker, together with interest on the principal balance
outstanding from time to time, as hereinafter provided, in lawful money of the
United States of America.

     

    The term
of this note shall commence as of the date hereof and, if not sooner paid, the
entire unpaid principal indebtedness, all accrued and unpaid interest, and all
other sums payable in connection with this note shall be due and payable on July
8, 2010 (the “Maturity Date”).  Notwithstanding the foregoing
sentence, the maturity date of this note may be extended at the option of Maker
for a period of one year following the Maturity Date provided Holder receives a
renewal fee equal to 1.5% of the then outstanding principal balance
due.  In no event shall the maturity date of this note be later
than  July 8,  2010.

     

    During
the period commencing on the date hereof and continuing until this note is paid
in full, (a) interest on the principal balance of this note shall accrue at the
rate of 15% per annum and (b) interest payments shall be made every 90 days,
beginning 90 days for the date hereof.  Interest shall be computed on
the basis of a 360-day year, calculated for the actual number of days
elapsed.

     

    Whenever
any payment to be made hereunder is due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of
time shall in such case be included in the computation of payment of
interest.  “Business Day” shall mean a day on which Holder’s offices
are open for business in Denver, Colorado.

     

    Maker may
prepay this note in whole or in part.

     

    All
payments hereunder shall, at Holder’s option, be applied first to the payment of
accrued interest at the rate specified below, if any, second, to accrued
interest first specified above, and the balance applied in reduction of the
principal amount.  If any payment is not paid when due hereunder, then
the entire outstanding balance hereunder, including the interest component of
the delinquent payment, shall bear interest from the date such payment was
due

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    until
such payment is paid at a rate equal to 24.00% per annum (the “Default
Rate”).  In addition, upon the maturity date hereof, by acceleration
or otherwise, the entire balance of principal, interest, and other sums due
shall bear interest from such maturity date until paid at the Default
Rate.

     

    Any
default in payment of any sum required hereunder or performance of any other
covenant or agreement herein contained shall constitute an “Event of Default”
hereunder and under each document securing this note, and any Event of Default
under any of such documents securing this Note shall constitute an Event of
Default hereunder.  Any default in payment or other terms of any other
indebtedness owed by Maker to Holder shall constitute an Event of Default
hereunder, and any default hereunder shall constitute a default under any other
such indebtedness.  Upon the occurrence of any Event of Default, the
entire balance of principal, accrued interest, and other sums owing hereunder
shall, at the option of Holder, become at once due and payable without notice or
demand.

     

    Maker and
all parties now or hereafter liable for the payment hereof, primarily or
secondarily, directly or indirectly, and whether as endorser, guarantor, surety,
or otherwise, hereby severally (a) waive presentment, demand, protest, notice of
protest and/or dishonor, and all other demands or notices of any sort whatever
with respect to this note, (b) waive any defenses that might be available to a
surety or accommodation maker, (c) consent to impairment or release of
collateral, extensions of time for payment, and acceptance of partial payments
before, at, or after maturity, (d) waive any right to require Holder to proceed
against any security for this note before proceeding hereunder, (e) consent to
the release of any other party liable hereunder, without diminishing or in any
way affecting their liability hereunder, and (f) agree to pay all costs and
expenses, including attorneys’ fees and expenses, which may be incurred in the
collection of this note or any part thereof or in preserving, securing
possession of, and realizing upon any security for this note.

     

    The
provisions of this note and of all agreements between Maker and Holder are
hereby expressly limited so that in no contingency or event whatever shall the
amount paid, or agreed to be paid, to Holder for the use, forbearance, or
detention of the money to be loaned hereunder exceed the maximum amount
permissible under applicable law.  If from any circumstance whatever,
the performance or fulfillment of any provision hereof or of any other agreement
between Maker and Holder shall, at the time performance or fulfillment of such
provision is due, involve or purport to require any payment in excess of the
limits prescribed by law, then the obligation to be performed or fulfilled is
hereby reduced to the limit of such validity, and if from any circumstance
whatever Holder should ever receive as interest an amount which would exceed the
highest lawful rate, the amount which would be excessive interest shall be
applied to the reduction of the principal balance owing hereunder (or, at
Holder’s option, be paid over to Maker) and shall not be counted as
interest.

     

    If any
provision hereof or of any other document securing or related to the
indebtedness evidenced hereby is, for any reason and to any extent, invalid or
unenforceable, then neither the remainder of the document in which such
provision is contained, nor the application of the provision to other persons,
entities, or circumstances, nor any other document referred to herein, shall be
affected thereby, but instead shall be enforceable to the maximum extent
permitted by law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Each
provision of this note shall be and remain in full force and effect
notwithstanding any negotiation or transfer hereof to any other Holder or
participant.

     

    MAKER
HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION
WITH THIS NOTE, OR IN ANY WAY RELATED TO THE NEGOTIATION, ADMINISTRATION,
MODIFICATION, EXTENSION OR COLLECTION OF THE INDEBTEDNESS EVIDENCED
HEREBY.  MAKER STATES THAT IT HAS CONFERRED SPECIFICALLY WITH HOLDER
WITH RESPECT TO THIS WAIVER, AND MAKER HAS AGREED TO THIS WAIVER AFTER
CONSULTATION WITH ITS COUNSEL AND WITH FULL UNDERSTANDING OF THE IMPLICATIONS
HEREOF.

     

    Regardless
of the place of its execution, this note shall be construed and enforced in
accordance with the laws of the State of Colorado.

     

    

     

    KURRANT MOBILE CATERING,
INC.

     

    

     

    
      	 
      	 
      
	
              By:

            	
              /s/
      Christopher Bell

            
	 
      	
              Its:  PresidentExhibit 10.2

 

TECHNOLOGY TRANSFER AND CONSULTING AGREEMENT

 

THIS TECHNOLOGY TRANSFER AND
CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of this 25th day of May, 2009, by and between Sunggyu Lee,
Ph.D. (“SL”) and NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION, a Delaware
corporation (“NTIC”).

 

RECITALS:

 

A.                                   SL owns certain
technology, intellectual property and proprietary information (the “Concept”);

 

B.                                     SL has developed
certain knowledge, information, know-how, trade secrets, discoveries,
procedures, devices, techniques, programs, inventions, creations, methods,
protocols, concepts, formulas, documentation, prototypes, designs,
improvements, software, content, data, support and design documentation, ideas,
drawings, works of authorship and/or other valuable technical and proprietary
information related to the Concept, whether or not described in the
Intellectual Property Rights (as hereinafter defined), whether or not in
writing or reduced to practice, and whether or not patentable, copyrightable,
secret or proprietary (together, with the Concept, the “Technology”);

 

C.                                     NTIC desires to obtain
an option to purchase the Technology and to engage SL as a consultant to NTIC
to assist NTIC in completing the Project Phase 1 (as defined in Appendix I herein)
for NTIC;

 

D.                                    In the event of the
successful completion of the Project Phase 1, NTIC desires to continue to engage
SL as a consultant to provide ongoing development and support services to NTIC
in connection with continuing development of the Technology; and

 

E.                                      SL desires to
grant NTIC such an option to transfer the Technology to NTIC and to accept such
an engagement upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual promises contained herein, and for other good and
valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the parties agree as follows:

 

SECTION 1.                       OPTION TO TRANSFER TECHNOLOGY TO NTIC AND ACCEPT CONSULTING ENGAGEMENT
WITH NTIC

 

(a)                                  Option.  Commencing May 1,
2009, NTIC reserves the exclusive, non-transferable right, privilege and option
(the “Option”) to purchase the Technology from SL and to engage SL for the
consulting services as described in Section 1(c) of this Agreement,
such Option to be exercised by NTIC within eighteen (18) months of the date of
this Agreement (the “Option Period”). In consideration for the Option, NTIC
will pay to SL a down payment of US$30,000 (the “Down Payment”), payable in six
(6) $5,000 monthly increments beginning on the first day of the first
month after the execution of this Agreement, which Down Payment will be
deductible from any amounts to be paid to SL by NTIC pursuant to Section 1(d) of
this Agreement.  Upon execution of this
Agreement and at all times during the Option Period, SL

 

 

will not transfer the Technology to anyone other than NTIC or provide
services to any third party similar to the Services (as hereinafter defined) to
be provided to NTIC under this Agreement.

 

(b)                                 Technology Purchase and Sale. Subject to the terms and conditions set
forth in this Agreement and assuming NTIC exercises the Option described in Section 1(a) of
this Agreement, SL hereby irrevocably assigns and transfers to NTIC all of
their collective right, title and interest in and to the Technology, together
with the full and unrestricted right to use, develop, enhance, modify, improve
and assign, license or otherwise transfer the same, and to make, use, sell and
lease any products incorporating the Technology, free and clear of all liens,
security interests or other encumbrances of any character whatsoever
(collectively “Encumbrances”).  The
transfer hereunder includes all of SL’s rights, title and interests in and to
all patents, patent applications, patent rights, copyrights, copyright
applications, trademarks, trademark applications, trade names, service marks,
service mark applications, know-how, trade secrets, proprietary processes and
formulae, similar statutory and common law protections which may apply to, or
be applied for or granted with respect to, the Technology and all rights of
priority and all rights and claims for past infringement thereof related to the
Technology and any United States patent applications (including divisional,
continuing or reissue applications) based in whole or in part on the Technology,
any foreign applications based in whole or in part on the Technology or any of
such patents and patent applications, and any and all patents (including
extensions thereof) of any country which have been or may be granted on any of
the inventions or applications (collectively, the “Intellectual Property Rights”).  Assuming NTIC exercises the Option described
in Section 1(a) of this Agreement, SL will execute promptly on
request whatever documents NTIC reasonably deems necessary or desirable to
carry out the provisions of this Section 1(b).

 

(c)                                  Consulting Engagement; Services. Subject to the terms and conditions set
forth in this Agreement and assuming NTIC exercises the Option described in Section 1(a) of
this Agreement, NTIC hereby appoints and engages SL and SL hereby accepts such
appointment and engagement, to perform in a diligent and competent manner the
services in connection with Project Phase 1, as set forth on Appendix I
attached hereto and incorporated herein (collectively, the “Services”).   In providing the Services, SL shall not
utilize the services of any person or entity unless pre-approved in writing by
NTIC.  NTIC hereby approves SL as
pre-approved to perform the Services. 
Upon completion of the Project Phase 1, the consulting period may be
extended to additional phases upon the written agreement of both parties or a
written amendment to this Agreement.

 

(d)                                 Consideration for Transfer of Technology and Provision
of Consulting Services.  Assuming NTIC
exercises the Option described in Section 1(a) of this Agreement, in
exchange for the assignments and transfers by SL of the Technology to NTIC
pursuant to Section 1(b) of this Agreement and in exchange for the
Services to be rendered by SL to NTIC pursuant to Section 1(c) of
this Agreement, NTIC shall pay to SL US$120,000 ($150,000 less the $30,000 Down
Payment paid by NTIC to SL pursuant to Section 1(a) above), payable in
eight (8) $15,000 monthly increments. These monthly increments shall be
payable in advance on the first day of each month during the first eight (8) months
of the Project Phase 1 and in a manner as reasonably designated by SL. In the
event NTIC requests SL to travel in furtherance of the purposes of this
Agreement, NTIC shall pay to SL such amounts as are necessary to pay or

 

2

 

reimburse SL for reasonable, out-of-pocket travel expenses, which shall
be determined and approved in advance by NTIC on a case-by-case basis.  Any such reimbursements by NTIC shall be made
to SL upon submission by SL to NTIC of an expense report with appropriate
receipts, in accordance with customary NTIC policies.

 

(e)                                  Royalties. In the event that NTIC commercializes any products
or services that incorporate the Technology or any other Inventions (as
hereinafter defined) developed by SL pursuant to this Agreement, the ownership
of which is transferred to NTIC pursuant to Section 1(b) and/or Section 6
of this Agreement and SL otherwise complies with the terms of this Agreement,
including without limitation Sections 6 and 7 of this Agreement, then in
addition to the amounts paid to SL pursuant to Section 1 of this Agreement,
NTIC shall pay to SL a royalty of three percent (3%) of any earnings before
interest and taxes (EBIT) to NTIC generated from the commercial exploitation by
NTIC of any products or services that incorporate the Technology or any other Inventions
developed by SL pursuant to this Agreement, the ownership of which is
transferred to NTIC pursuant to Section 1(b) and/or Section 6 of
this Agreement until the earlier of: (i) the last to expire of any
applicable patents covering such Technology or Inventions and (ii) all of
the patents covering such Technology or Inventions are held to be invalid by a court
or other authority of competent jurisdiction, or if there are no issued patents
covering such Technology or Inventions, for 10 years from the first date of
commercial sale or license.  For purpose
of this Agreement, earnings before interest and taxes to NTIC generated from
the commercial exploitation of any products or services that incorporate the
Technology or any other Inventions developed by SL pursuant to this Agreement, shall
be determined to the extent practicable in accordance with U.S. generally
accepted accounting principles and ultimately by NTIC in its sole
discretion.  Should NTIC sell the
Technology or any Inventions developed by SL under this Agreement to a third
party, NTIC will ensure that the royalty obligations set forth in this Section 1(e) of
this Agreement will be assumed by the new owner or will make such other
arrangements with SL at that time so as to compensate SL for any lost future
royalties.

 

(f)                                    Delivery of Documents Evidencing
Technology Transfer; Further Assurances.  Promptly upon
exercise of the Option and from time to time thereafter as appropriate, SL will
deliver to NTIC all documentation in either of its possession embodying or
relating to the Technology.  SL also
agrees to assist NTIC in every legal way to evidence, record and perfect the
assignment and transfer pursuant to Section 1(b) of this Agreement
and to apply for and obtain recordation of and from time to time enforce,
maintain, and defend the assigned rights. 
If NTIC is unable for any reason whatsoever to secure either SL’s
signature to any document to which it is entitled under this Section 1, SL
hereby irrevocably designates and appoints NTIC and its duly authorized
officers and agents, as its agents and attorneys-in-fact with full power of
substitution to act for and on its behalf and instead of SL, to execute and
file any such document or documents and to do all other lawfully permitted acts
to further the purposes of the foregoing with the same legal force and effect
as if executed by SL, as the case may be.

 

3

 

SECTION 2.                       TERMINATION;
EFFECT OF TERMINATION

 

(a)                                  Termination.  This
Agreement may be terminated:

 

(i)                                     By NTIC if, at any stage, NTIC determines
in its sole discretion not to proceed with the Project, including without
limitation if NTIC determines that either the technical or commercial viability
of the Project is infeasible for NTIC at any point.

 

(ii)                                  By NTIC immediately upon written notice
to SL in the event of a breach by SL of this Agreement, which breach is not
cured to the reasonable satisfaction of NTIC within fifteen (15) days following
delivery by NTIC of written notice describing the alleged breach in reasonable
detail; or

 

(iii)                               By mutual agreement of the parties in writing.

 

(b)                                 Effect of Termination.  Upon
termination of this Agreement, the parties hereto shall have no obligations to
each other hereunder, other than NTIC’s obligation to pay any earned but unpaid
payments and royalties pursuant to Section 1 of this Agreement and SL’s covenants
in Sections 6 and 7 of this Agreement, which provisions shall survive the
termination of this Agreement may be terminated.

 

SECTION 3.                       DUTIES OF
NTIC HEREUNDER

 

(a)                                  Domestic Commercialization. Unless NTIC
determines that the U.S. domestic
market is
infeasible for this
Technology, NTIC covenants to use commercially reasonable efforts during
the first three (3) years of commercializing the Technology and any
Invention developed by SL under this Agreement, to exclusively exploit any Invention
resulting from the Project Phase 1 in the United States of America (USA)
domestic market with USA-based resources.

 

(b)                                 Support Services. NTIC agrees
to provide commercially reasonable personnel to act as technical liaisons
between SL and NTIC as well as to create a business plan for the commercial
exploitation of the Project Phase 1 Technology and Inventions.

 

SECTION 4.                       INDEPENDENT
CONTRACTOR RELATIONSHIP OF THE PARTIES

 

Notwithstanding
anything contained in this Agreement to the contrary, NTIC, on the one hand,
and SL, on the other hand, are and shall act as, and for all purposes shall be
deemed to be, independent contractors. 
As independent contractors, SL may pursue whatever proper and legitimate
means it chooses in performing the Services. 
No contract of employment, partnership, joint venture or any other
relationship except that of independent contractors shall be deemed to exist
between NTIC, on the one hand, and SL, on the other hand.  NTIC will timely issue to SL, on an annual
basis during the term hereof, an IRS Form 1099 with respect to
compensation paid to SL hereunder. 
Accordingly, SL shall have sole and exclusive responsibility for the
payment of all federal, state and local income taxes and for Social Security
and other similar taxes with respect to any compensation or benefits provided
by NTIC hereunder.  SL is not authorized
to bind NTIC or to incur any obligation or liability on behalf of NTIC except
as expressly authorized by NTIC in writing.

 

4

 

SECTION 5.                       REPRESENTATIONS
AND WARRANTIES OF SL

 

SL
represents and warrants to NTIC as of the date hereof, which representations
and warranties are being relied upon by NTIC (notwithstanding any independent
investigation by NTIC), as follows:

 

(a)                                  Power and Execution.  SL
has all requisite power and authority and legal capacity to enter into this
Agreement and to carry out the transactions contemplated hereby.  This Agreement has been duly executed and
delivered by SL, and constitutes valid and legally binding obligations
enforceable against SL in accordance with the terms of this Agreement (except
as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally or the availability
of specific performance, injunctive relief and other equitable remedies, and to
general principles of equity (regardless of whether such principles are
considered in a proceeding in equity or at law)).

 

(b)                                 Ownership of Technology and Intellectual
Property Rights.  SL has or at the time of transfer to NTIC
will have the sole right, title and interest in and to the Technology and the
Intellectual Property Rights, in each case free and clear of all Encumbrances.  No adverse claims have been made and no
dispute has arisen with respect to any of such rights.  To the best knowledge of SL, the proposed use
by NTIC of the Technology and the Intellectual Property Rights will not involve
infringement or, claimed infringement of any patent, trademark, service mark,
trade name, copyright, license or similar right of any third party.

 

(c)                                  No Conflicts.  Neither the
execution and delivery of this Agreement nor the performance of the provisions
hereof or the transactions contemplated hereby by SL violates or conflicts with
(a) any organizational, charter or governing documents of SL; (b) any
applicable law, rule, regulation, writ, judgment, injunction, decree,
determination, award or other order of any court, government or governmental
agency or instrumentality, domestic or foreign, or (c) or result in any
breach of any of the terms of or constitute a default under or result in the
creation or imposition of any mortgage, deed of trust, pledge, lien, security
interest or other charge or Encumbrances of any nature pursuant to the terms of
any contract, agreement or instrument to which SL is a party or by which SL, or
his respective properties, or any of the Technology or Intellectual Property Rights,
is bound.

 

(d)                                 Disputes and Litigation. 
There is no action, suit, proceeding, or claim, pending or, to the best
knowledge of SL, threatened, and no investigation by any court or government or
governmental agency or instrumentality, domestic or foreign, pending or, to the
best of knowledge of SL, threatened, against SL which relate to the Concept, the
Technology or the Intellectual Property Rights, before any court, government or
governmental agency or instrumentality, domestic or foreign, nor is there any
outstanding order, writ, judgment, stipulation, injunction, decree,
determination, award, or other order of any court or government or governmental
agency or instrumentality, domestic or foreign, against SL, which relate to the
Concept, the Technology or the Intellectual Property Rights.

 

(e)                                  Statements.  Neither this
Agreement nor any schedule, exhibit, certificate, list or other document
furnished or to be furnished by or on behalf of SL pursuant to this Agreement 

 

5

 

contains or will contain any untrue statement of fact or omits or will
omit to state a fact necessary to make the statements contained herein and
therein, in light of the circumstances under which they are made, not
misleading.

 

SECTION 6.                       ASSIGNMENT
OF INVENTIONS

 

(a)                                  Definition.  “Inventions” as used in this Section 6,
means any inventions, discoveries, improvements, ideas, concepts, drawings,
designs, patents, patent applications, specifications, trade secrets,
prototypes, techniques, processes, formulae, technologies developed or used,
systems, know-how and documentation (whether or not they are in writing or
reduced to practice) or works of authorship (whether or not they can be
patented or copyrighted) (i) that SL makes, authors or conceives (either
alone or with others), within the scope of the Services provided to NTIC hereunder
and (ii) that concern or are related to NTIC’s business or to NTIC’s
actual or demonstrably anticipated research and development.

 

(b)                                 Works Made For Hire.  It
is expressly understood and agreed that any and all right, title and interest
of SL in and to any Inventions (as defined in Section 6(a)) shall be
treated as “works made for hire” as defined in the Copyright Act of 1976, as
amended, 17 U.S.C. §101, et seq.  To the
extent that any such Inventions are deemed or treated as not “works made for
hire,” SL hereby expressly and irrevocably assigns to NTIC all of their
respective rights, title and interest in and to such Inventions and any and all
intellectual property and other proprietary rights they may have therein.  All Inventions and such intellectual property
and other proprietary rights are and shall be the sole and exclusive property
of NTIC.

 

(c)                                  SL will, with respect to any Invention:

 

(i)                                     keep current, accurate, and complete
records, which will belong to NTIC;

 

(ii)                                  promptly and fully disclose the existence
and describe the nature of such Invention to NTIC in writing (and without
request);

 

(iii)                               to the extent exclusive title and/or ownership rights
may not originally vest in NTIC, assign (SL hereby assigns, transfers and
conveys) to NTIC all of SL’s rights, title and interest to such Invention,
along with any application SL makes for patents or copyrights, and any patents
or copyrights granted to SL in any country, pertaining to such Invention;

 

(iv)                              acknowledge and deliver promptly to NTIC
any written instruments, and perform any other acts necessary in NTIC’s opinion
to preserve property rights in such Invention against forfeiture, abandonment
or loss and to obtain and maintain patents and/or copyrights on any Inventions
and to vest the entire right and title to such Invention in NTIC.  Such execution and assistance shall be at no
charge to NTIC, but at NTIC’s expense and NTIC shall reimburse SL for
reasonable out-of-pocket expenses incurred; and

 

(v)                                 perform any other acts necessary in NTIC’s
opinion to preserve property rights in the Invention against forfeiture,
abandonment or loss and to obtain and maintain letters patent and/or copyrights
on the Invention and to vest the entire right and title to such Invention in
NTIC.  With respect to any obligations
performed by SL under this Section 6 following 

 

6

 

termination of this Agreement, NTIC will pay or reimburse all
reasonable out-of-pocket expenses.

 

(d)                                 Presumption.  In the event of any dispute, arbitration or
litigation concerning whether an invention, improvement or discovery made or
conceived by SL is the property of NTIC, such invention, improvement or
discovery to the extent it relates to the subject matter of this Agreement will
be presumed the property of NTIC and SL will bear the burden of establishing
otherwise.

 

(e)                                  Further Assurances. 
Upon request by NTIC, SL agrees to take all actions that are necessary
to perfect NTIC’s interest in and to the Inventions (as defined in Section 6(a)),
and to execute and deliver all applications for securing all United States and
foreign patents, copyrights, trademarks, or other Intellectual Property Rights
relating to the Inventions, and to do, execute and deliver any and all acts and
instruments that may be reasonably necessary or proper to vest all such
Intellectual Property Rights in NTIC, and to enable NTIC to obtain all such
protection.  Upon request by NTIC, SL
shall execute and deliver all appropriate applications for securing all United
States and foreign patents, copyrights, trademarks, or other Intellectual
Property Rights relating to the work performed under this Agreement, and shall
do, execute and deliver any and all acts and instruments that may be necessary
or property to vest all of the Intellectual Property Rights in NTIC, and to
enable NTIC to obtain all such protection. SL agrees to render to NTIC all such
assistance as it may reasonably require in the prosecution or defense of all
interferences, which may be declared involving any of such Intellectual
Property Rights.  SL further agrees not
to contest the validity of any Intellectual Property Rights or proprietary
rights, United States or foreign, to which the performance of Services made any
contribution, or in which SL participated in any way, or to assist any other
party in any way in contesting the validity of any such rights.  SL further agrees that the obligations and
undertakings stated in this Section 6 shall continue beyond the term of
this Agreement shall survive the termination or expiration of this Agreement.

 

(f)                                    Return of Property. 
All Inventions, including all Intellectual Property Rights or other
physical or intangible property created or developed by SL during the term of
this Agreement, whether or not the same are covered by any other section of
this Agreement, is the sole and exclusive property of NTIC and shall be
delivered promptly to NTIC (together with all copies thereof), upon termination
or expiration of this Agreement or upon the request of NTIC.  To the extent that any employees or
subcontractors of SL comes into contact with any such Inventions, including Intellectual
Property Rights, SL shall cause such employees or subcontractors to enter into
a Trade Secret Agreement in form and substance satisfactory to NTIC.  NTIC shall be deemed to be a third-party
beneficiary of any such Trade Secret Agreement and NTIC may, in its sole
discretion, on its own behalf or on behalf of SL, directly enforce the
provisions of any such Trade Secret Agreement.

 

(g)                                 Unrelated Technologies. 
The parties acknowledge that SL is a creative scientist who desires and
intends to engage in research and other creative activities during his
professional career outside of the scope of the Project Phase 1 and in fields
other than those related to NTIC’s business or NTIC’s actual
or demonstrably anticipated research and development (“Unrelated Technology”). Nothing in
this Agreement is intended in any manner to limit or prohibit SL from 

 

7

 

continuing in such activities, and SL is encouraged to do so.  In the event, however, that SL wishes to
disclose any such Unrelated Technology and matters arising therefrom to NTIC,
and if NTIC is interested in obtaining information with respect thereto looking
toward the possible commercialization thereof on essentially the same terms as
set forth in this Agreement, then NTIC agrees that it will enter into an
appropriate non-disclosure and trade secrecy agreement protecting SL from any
improper utilization by NTIC of the information disclosed to it by SL on a
confidential basis.

 

SECTION 7.                       CONFIDENTIAL
INFORMATION

 

(a)                                  For the purposes hereof, the term “Confidential
Information” means information:  (a) disclosed
to or actually known by SL, (b) not generally known outside NTIC, and (c) that
relates to the business of NTIC or any of its affiliates (including any joint
venture) or NTIC’s
actual or demonstrably anticipated research and development. 
The parties agree that Confidential Information includes, but is not limited
to, the products and services of NTIC or any of its affiliates (including any
joint venture), all of NTIC’s technology and other technical information such
as designs, trade secrets, know-how, methods and materials, all marketing
information, business strategies, pricing information, customer lists, and so
forth.

 

(b)                                 SL recognizes and acknowledges that NTIC
develops Confidential Information, that SL may develop Confidential Information
for NTIC, and that SL has previously learned of and will continue to learn of
the Confidential Information.  SL further
recognizes and acknowledges that Confidential Information is a valuable,
special and unique asset of NTIC and is the sole property of NTIC.  As a result, both during the term of this
Agreement and thereafter, SL shall not, without the prior written consent of
NTIC, for any reason, either directly or indirectly, divulge to any third party
or use for their own benefit, or for any other purpose other than the exclusive
benefit of NTIC, any Confidential Information.

 

SECTION 8.                       MISCELLANEOUS

 

(a)                                  Application of Certain Provisions to SL’s Employees
and Agents, Etc.  SL agrees to
inform any of SL’s employees, partners, members, owners and affiliates who
provide services to NTIC on behalf of SL under this Agreement, of SL’s obligations
under this Agreement, including, but not limited to, the provisions of Sections
6 and 7, and ensure that all such employees, partners, members, owners and
affiliates have agreed in writing to be bound by the terms of this Agreement,
either by means of an agreement directly with NTIC or pursuant to an agreement
with SL.

 

(b)                                 Remedies.  SL acknowledges and agrees that by virtue of
the special knowledge of NTIC’s business or research and development activities
that SL shall develop, great loss and irreparable damage would be suffered by
NTIC if SL should breach or violate any of the terms or provisions of the
covenants and agreements set forth herein. 
SL further acknowledges and agrees that each such covenant and agreement
is reasonably necessary to protect and preserve NTIC’s interests.  Therefore, in addition to all other remedies
available at law or in equity, SL agrees that NTIC shall be entitled to a
temporary restraining order and a permanent injunction 

 

8

 

(with or without bond) to prevent a breach of any of
the covenants or agreements of SL contained herein.

 

(c)                                  NTIC Policies and Procedures.  In carrying out its duties under this
Agreement, SL agrees that he and his employees and agents providing services
hereunder, will follow all of NTIC’s policies and procedures that are
applicable to its independent consultants including without limitation NTIC’s
insider trading policy and code of ethics and conduct, as such policy and code may
be amended or supplemented from time to time and provided by NTIC to SL.

 

(d)                                 Notices.  All notices,
requests, consents and other communications required or permitted to be given
hereunder, shall be in writing and shall be deemed to have been given if delivered
personally or sent by fax, or mailed first class, postage prepaid, by
registered or certified mail (notices sent by fax or mailed shall be deemed to
have been given on the date sent), to the parties at the following addresses or
at such other address as either party shall designate by notice in writing to
the other in accordance herewith:

 

(e)                                  Assignment.  This
Agreement is for personal services to be provided by SL and may not be assigned
or transferred by SL to, or the duties or services of SL performed or provided
by, any third party without the prior written consent of NTIC.  This Agreement may be assigned by NTIC (by
operation of law or otherwise) without the consent of SL or without notice to
SL.  In the event that any change in
ownership, management, control or scope of business activities of SL impairs
the performance of the duties and/or obligations of SL under this Agreement, NTIC
may, upon thirty (30) days prior written notice given to SL, terminate this
Agreement.

 

(f)                                    Binding Effect.  This
Agreement shall be binding upon, and shall inure to the benefit of, NTIC and
its successors and assigns, and SL and his successors and permitted assigns.

 

(g)                                 Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to conflict of laws principles.

 

(h)                                 Entire Agreement.  This
Agreement sets forth the entire agreement and understanding of the parties
relating to the subject matter hereof, and supersedes all prior agreements,
arrangements and understandings, written or oral, relating to the subject
matter hereof.

 

(i)                                     Amendments; Waivers. 
This Agreement may be amended, modified, superseded, canceled, renewed
or extended, and the terms or covenants hereof may be waived, only by a written
instrument executed by the parties hereto, or in the case of a waiver, by the
party against whom the waiver is sought to be enforced, which instrument
specifically refers to this Agreement. 
The failure of either party at any time or times to require compliance
with any provision hereof shall in no manner affect the right of such party at
a later time to enforce the same.  No
waiver by either party of the breach of any term or covenant contained in this
Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such
breach of any term or covenant contained in this Agreement.

 

9

 

(j)                                     Recitals.  The recitals
to this Agreement are an integral part of this Agreement and are incorporated
herein by reference.

 

(k)                                  Severability. 
In the event any provision of this Agreement is determined by a court of
competent jurisdiction to be unenforceable, such unenforceability shall attach
to such provision only, and in all other respects this Agreement shall be
deemed enforceable and shall be enforced to the maximum extent permitted by
law.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

 

	
  NORTHERN
  TECHNOLOGIES

  	
  SUNGGYU
  LEE, Ph.D.

  
	
  INTERNATIONAL
  CORPORATION

  	
   

  

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]