Document:

Exhibit 10.1

 

AGREEMENT

 

THIS AGREEMENT, dated as of December 26, 2017, is made by and
among Yangtze River Development Limited (“Party A”) and below companies (collectively
as “Party B”) in Wuhan, China:

Fujian Yuesheng Industrial Development
Limited福建越昇实业发展有限公司

Wuhan Wangxi Energy Investment Group
Limited武汉旺禧能源投资集团有限公司

Fujian Taihui Industrial Development
Limited 福建泰晖实业发展有限公司

Wuhan Xinhe Industrial Investment Limited
武汉欣和实业投资有限公司

Fuzhou Xiangcen Industrial Limited
福州祥岑实业有限公司

Fuzhou Kexin Asset Management Limited
福州可信资产管理有限公司

Fuzhou Fuyi Trading Limited 福州福溢贸易有限公司

Wuhan Xirong Industrial Limited
武汉玺荣实业有限公司

 

WHEREAS:-

 

Party A and Party B, through friendly consultation
and in accordance with relevant laws and regulations, intend to acquire companies whereas Party A acquires the equity interest
in Wuhan Economic Development Port Co., Limited (武汉经开港口股份有限公司,
registered in China, hereinafter referred to as "Target Company B") held by Party B; and Party B acquires the
equity interest held by Party A in Energetic Mind Limited (an entity registered in BVI, hereinafter referred to as "Target
Company A"), and have reached the following agreements.

 

		A.	ACQUISTION BY PARTY A

		(I)	Party A intends to acquire Target Company B formerly known as Hubei Yufeng Terminal Development
Limited., now Wuhan Economic Development Port Limited.

 

		(II)	Party A intends to acquire a total of 100% stake in Target Company B collectively held by following
Party B entities on following equity ratio:  

1.       Fujian
Yuesheng Industrial Development Limited 55.03%;

2.       Wuhan
Wangxi Energy Investment Group Limited 20.64%;

3.       Fujian
Taihui Industrial Development Limited 9.17%;

4.       Wuhan
Xinhe Industrial Investment Limited 6.88%;

5.       Fuzhou
Xiangcen Industrial Limited. 5.06%;

6.       Fuzhou
Kexin Asset Management Limited 1.24%;

7.       Fuzhou
Fuyi Trading Limited 1.24%;

8.       Wuhan
Xirong Industrial Limited 0.74%.

 

		(III)	Target Company B has obtained the Commitment Letter
of Permanent and Exclusive Ownership Transferred to Wuhan Economic Development Port Co., Limited in accordance with “Investment
and Construction Agreement of Shamou Port Area of Wuhan Newport” (7060 meter shoreline) to be signed between Wuhan Xinhe
Industrial Investment Limited. And Hannan District People’s Municipal Government on April 18, 2010 signed by Wuhan Xinhe
Industrial Investment Limited.

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	1	 

     

    

 

		(IV)	Reorganization of Target Company B

	 	1.	On or before December 29, 2017, Party B should arrange ownership
of 100% interest in Hubei Taiding Container Port Limited. and Wuhan Economic Development Port Logistics Limited respectively.

		2.	On or before December 29, 2017, all the members (excluding Fujian Yuesheng Industrial Development
Limited, hereinafter “Fujian Yuesheng”) of Party B will transfer their equity interests in Target Company B currently
held by eight shareholders to Fujian Yuesheng exclusively by then Target Company B will become a whole-owned subsidiary of Fujian
Yuesheng. At the same time, Target Company B will be converted from a company limited liability company into a limited liability
company and renamed Wuhan Economic Development Port Limited.

		3.	After the seven members of Party B transfer their equity interest in "Target Company B"
exclusively to Fujian Yue Sheng, Fujian Yuesheng will be fully representing Party B to sign the supplemental agreement with Party
A in the future (if necessary), coordinate the handovers and decide on the termination or renewal of this Agreement and other matters.

		4.	Party B shall designate Mr. Wang Kaiwei or a person authorized by Mr. Wang Kaiwei to hold 100%
stake in a British Virgin Islands company which in turn holds 100% share in a Hong Kong company and shall handle the notarization
of the Hong Kong company in Hong Kong. Afterwards Fujian Yuesheng will transfer its 100% stake in Target Company B to the Hong
Kong company, so that the Target Company B, i.e. Wuhan Economic Development Port Limited will become a Hong Kong-owned entity.

 

		(V)	Target Company B and its affiliate companies within the corporate structure are legal entities
that are established and existing according to laws and regulations. They have the capacity of independent civil conduct and legally
hold the said equity interests. The said equity interests are not under any guarantee, pledge or received any restrictions from
the judicial department; nor any third party other than this Agreement have signed any transfer. They hereby guarantee that actions
or behaviors in contrary to the above acts will not happen within the effective period of this Agreement.

 

		(VI)	After the signing of this agreement, Party A will proceed
with the acquisition of the target company for due diligence purpose as well as hire an accountant to conduct major audit on Target
Company B, i.e. Wuhan Economic Development Limited, according to the United States accounting standards.

 

		B.	ACQUITISION BY PARTY B

		(I)	Party B intends to acquire 100% stake in Target Company
A.

		(II)	Target Company A currently holds 100% interest in Ricofeliz
Capital (Hong Kong) Limited, an entity registered in Hong Kong.

		(III)	Ricofeliz Capital (Hong Kong) Limited owns 100% interest in Wuhan Yangtze River Newport Logistics
Co., Ltd. (a Hong Kong wholly-owned entity registered in Wuhan).

		(IV)	All the above-mentioned companies of Party A are legally established and existing corporate entities
with independent civil capacity and hold the said equity according to laws and regulations. The said equity is not guaranteed,
pledged or received any restrictions from the judicial department, nor any third party other than this Agreement have signed any
transfer. They hereby guarantee that actions or behaviors in contrary to the above acts will not happen within the effective period
of this Agreement.

		(V)	On the day Party A and Party B close the acquisition deal, Mr Wang Kaiwei, on behalf of Party B,
shall receive the 100% equity of Target Company A.

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	2	 

     

    

 

		C.	ACQUISITION SCHEDULE

After the signing of this Agreement,
both parties undertake due diligence on the companies within corporate structure of the target companies and settle their deliveries
within three working days upon the completion of the due diligence. The settlement shall be completed no later than March 31, 2018,
after which this Agreement will be considered invalid, unless both parties agree and sign an extension agreement.

 

		D.	CONSIDERATION

		(I)	The consideration of the acquisitions of both parties is calculated basing on the following data:

		a.	the unaudited financial statements of the third quarter
of 2017;

		b.	Party B’s proposed consideration mainly base
on:

		1.	The Feasibility Study of Wuhan Economic Development Integrated Ferry Terminal Project prepared
by Guangdong Shipping Planning and Design Institute Ltd. in November 2017;

		2.	The Assessment Report on the Market Value of the Fixed Assets and Intangible Assets of Wuhan
Economic Development Port Co., Ltd. dated December 14, 2017 issued by Hubei Tianheng Assets Appraisal Limited under the reference
"Hubei Tianheng Pingzi <2017> No.12-14.

		c.	After both parties have fully discussed and agreed that the considerations of the target companies
should be first offset against both parties proposed prices leaving the balance be settled by Party A by paying Party B RMB600
million (or USD 91 million).

 

		E.	PAYMENT SCHEDULE

		(I)	Upon initial results of due diligence and auditing, Party A pays sums of fund in foreign currency equivalent
to RMB30 million into a Hong Kong bank account assigned by the ultimate controlling person of Target Company B.  The deposit
prepaid by Party A to Party B shall be deemed as part of settlement when both parties proceed to close the transactions. 
If final due diligence has not been passed by Party A, Party B shall, on or before 31 March 2018, return to Party A the prepaid
fund in foreign currency equivalent to the abovementioned RMB amounts.

		(II)	Within 3 working days after the final due diligence
has been completed, according to the stipulations in Article C of this Agreement, at the latest by March 31, 2018, the date of
completion of the acquisition of the target companies by both parties, the consideration should be settled by Party A paying an
amount in foreign currency equivalent to RMB 570 million to a Hong Kong bank account assigned by the ultimate controlling person
of Target Company B; or by Party A issuing to Party B a convertible note priced at the closing price of the day prior to the transaction
at the rate of 7% per annum.

		(III)	Upon completion of the transactions per this Agreement,
Party A and Wang Kaiwei or the authorized person holding the 100% shares of post-reorganized Target Company B, the Hong Kong Company
and Mr Wang Kaiwei (or a person he authorizes), sole shareholder of the BVI Company, shall move to the final step to sign the
transaction agreement.

 

		F.	RESPONSIBILITIES

The responsibilities
of both parties are specified as follows:

Party A:

		1.	Collaborate and assist Party B in the due diligence;

		2.	Hire at its own cost a US qualified accounting firm
to conduct audit on Target Company B and the companies within the corporate structure;

		3.	Actively help the due diligence progress in the hope
of early completion of the transaction;

		4.	Pay Party B the settlement of transactions according
to the provisions and the requirements of this Agreement;
	 	5.	Party B promises not to fire any employee of Target Company B and its subsidiaries to ensure smooth operation
of Target Company B, its subsidiaries and projects.

		6.	Comply with and fulfill all the provisions of this
Agreement.

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	3	 

     

    

 

Party B:

		1.	Cooperate with Party A on the due diligence;

		2.	Provide Party A with all the documents and information
of Target Company B, including but not limited to various contracts, agreements, letters, approvals, reports, financial and accounting
documents, assets and liabilities items or checklists, various licenses, permits and personnel lists and introduction and so on;

		3.	Provide relevant information about its related and
affiliated parties, ensure the related parties cooperate and solve all issues raised in the due diligence at the request of Party
A;

		4.	Ensure the information provided is complete and true,
without any omission, concealment or falsehood and bear all the consequences and liabilities as a result of the aforesaid behaviors
before and after the transaction

		5.	Comply with and fulfill all the provisions of this
Agreement.

 

		G.	EFFECTIVENESS

This Agreement shall be effective
upon the signing of the legal representative of both Party A and Party B and by affixing the official seal of Party B.

 

		H.	BREACH OF CONTRACT

		(I)	Both Party A and Party B shall fully perform the stipulations in this agreement. Any party that
fails to perform the stipulations in this agreement shall be regarded as a breach of contract. The observant party shall have the
right to require the default party to pay liquidated damages and compensate for the corresponding losses;

		(II)	The liquidated damages in this Agreement is RMB 30 million
or equivalent in foreign currency. The loss only refers to the direct and actual losses, excluding the others fees.

		(III)	The observant party when investigating the default party
on the breach of contract, it may at the same time choose to terminate this Agreement or require the default party to continue
to implement this agreement.

 

		I.	REVISIONS AND TERMINATION

		(I)	A written supplemental agreement need to be signed through
consensus of both parties before this Agreement can be changed or supplemented.

		(II)	Upon agreement of both parties, this Agreement can be terminated
upon any of the following circumstances:

		(a)	The obligations of Party A and Party B fulfilled in
accordance with this Agreement have all been fulfilled, and the rights under this Agreement have been fully realized.

		(b)	After both parties agreed to rescind this Agreement;

		(c)	The acquisition and transfer as stipulated in this Agreement
have not been approved by the relevant governing authorities.

Party B shall return the upfront
deposit paid by Party A in full within 10 days after both parties agree to terminate this Agreement due to reason (b) or (c) above.

 

		(III)	After the termination of the rights and obligations of
this Agreement, the parties should abide by the principle of honesty and credit, according to the usual transaction practice to
comply with obligations such as delivery of notices, assistance, confidentiality and so forth.

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	4	 

     

    

 

		J.	CONFIDENITIALITY

Neither
party shall disclose, disclose or disseminate the trade secrets to the public or any third party for the production, operation,
investment and any other trade secrets of the counterparty as it is consulted, signed or performed in the course of negotiation,
nor shall it utilize these trade secrets for the benefit of oneself or any other person unless it is: (1) required by law or regulatory
authority; (2) required by the public interest; (3) agreed by the other party in writing in advance.

 

		K.	SUPPLEMENTARY PROVISIONS

		(I)	Any dispute arising from the performance of this Agreement
shall be dealt with by both parties as best as possible through friendly consultation. If no settlement can be reached through
negotiation, either party may institute legal proceedings in the people's court to which it belongs.

		(II)	Matters not covered in this Agreement shall be settled
by both parties on the principle of amicable negotiation and may separately sign the Supplemental Agreement which has the same
legal effect as this Agreement.

		(III)	This Agreement is in nonuplicate whereas Party A and Party
B each holds one copy.

 

[Signing page follows]

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	5	 

     

    

 

PARTY A 

Signed by CEO:

 

PARTY B:

Fujian Yuesheng Industrial Development
Limited (with seal)

Signed by Legal Representative:

      

Wuhan Wangxi Energy Investment Group Limited:
(with seal)

Signed by Legal Representative:

 

Fujian Taihui Industrial Development Limited:
(with seal)

Signed by Legal Representative:

 

Wuhan Xinhe Industrial Investment Limited:
(with seal)

Signed by Legal Representative:

 

Fuzhou Xiangcen Industrial Limited: (with
seal)

Signed by Legal Representative:

 

Fuzhou Kexin Asset Management Limited:
(with seal)

Signed by Legal Representative:

 

Fuzhou Fuyi Trading Limited: (with seal)

Signed by Legal Representative:

 

Wuhan Xirong Industrial Limited: (with
seal)

Signed by Legal Representative:

 

Guarantor of Party B:

Signed by WANG Kaiwei,     

 

Date: December 26 2017

Venue: Wuhan, China

 

 

 

 

 

AGREEMENT – Acquisition of Wuhan Economic
Development Port Limited

 

    	 	6ex-10.1

 Exhibit 10.1
 

 

 PATENT LICENSE
 

 THIS AGREEMENT is made between Thermal Tech Holdings, LLC (“Licensor”), with a principal place of business at 606 Post Road East, Ste. 591, Westport, CT 06880, and PwrCor, Inc. (“Licensee”), with a principal place of business at 60 East 42nd St., 46th Floor, New York, NY 10165, effective as of January 30, 2017 (the “Effective Date”).
 

 RECITALS
 

 1.
 Licensor is the owner of the entire right, title, and interest in and to certain inventions pertaining to renewable energy and improved energy efficiency which form the subject matter of the Licensed Patents and Technical Information, as defined in Article I, for use with heat conversion technology.  In an effort to recover previously incurred and anticipated investment expenses, and in furtherance of a profitable venture, having recognized the risks associated therewith, Licensor seeks to enter into the present Agreement.
 

 2.
 Licensee desires to obtain certain rights under the Licensed Patents and to acquire the right to use the Licensed Patents and Technical Information to make, use, and sell the Licensed Products in the Licensed Territory, as defined in Article I.
 

 

 In accordance with the Recitals and for good and valuable consideration, the sufficiency of which is acknowledged, the undersigned Parties agree as follows:
 

 ARTICLE I
 GENERAL DEFINITIONS AND RELATIONSHIPS AMONG DEFINITIONS
 

 As used in this Agreement, the following terms shall have the meanings set forth in the succeeding paragraphs of this Article.
 

 1.00
 Licensor and Licensee may be individually referred to as a Party and are referred to collectively as the Parties.
 

 1.01
 Licensed Patents means U.S. App. Ser. No. 62/424,494 along with any utilities, divisionals, continuations, reissues, reexaminations, extensions, substitutions, renewals, inventor’s certificates, and foreign counterparts and any patent applications and patents issuing on any patent applications claiming priority to any of the patents and patent applications, including U.S. App. Ser. No. 62/424,494.
 

 1.02
 Technical Information means unpublished research and development information, unpatented inventions, know-how, trade secrets, and technical data in the possession of Licensor on the Effective Date of this Agreement that is needed to produce Licensed Products and that Licensor has the right to provide to Licensee.
 

 A-1
 

 
 

 1.03
 Licensed Territory means the entire world.
 

 1.04
 Licensed Products means any products and/or services that in the absence of this Agreement would be covered by at least one of the Licensed Patents.
 

 1.05
 Net Revenue, for the purpose of computing royalties, means the gross revenues from sublicensing of the present License and/or any and all such revenues from sales or leasing of all Licensed Products covered by at least one of the Licensed Patents in arm’s-length transactions with independently controlled third parties, less trade discounts, returns, or other allowances and sales, use, or similar taxes, to the extent that those taxes are included in the gross revenues.
 

 1.06
 Affiliated Companies means any business entity that is in any degree beneficial to, partially owned by, or in any way controlled by Licensee, such Affiliated Companies not to be interpreted as including Licensor.
 

 1.07
 Prime Rate is the prime rate as published by the Wall Street Journal.
 

 ARTICLE II
 THE GRANT
 

 2.00
 Licensor grants to Licensee a nonexclusive license under the Licensed Patents to make, have made, use, sell, offer to sell, sell for importation, import, export, and practice the Licensed Products throughout the Licensed Territory.
 

 2.01
 Licensor grants to Licensee a fully paid-up worldwide nonexclusive license to use the Technical Information to make, use, or sell the Licensed Products.
 

 2.02
 Licensor hereby agrees to refrain from licensing any of the Licensed Patents, Products, and Technical Information to any competitive entity of Licensee.  Licensor also agrees to refrain from licensing any of the Licensed Patents, Products, and Technical Information to any entity without the prior written consent of Licensee, such consent not to be unreasonably withheld or withheld for any purpose unrelated to competitive considerations. 
 

 ARTICLE III
 CONSIDERATION
 

 3.00
 Licensee shall pay to Licensor a royalty of five percent (5%) of the Net Revenue of all Licensed Products covered by at least one of the Licensed Patents and sold by Licensee and its Affiliated Companies.  
 

 3.01
 Licensee shall pay to Licensor a nonrefundable initial payment of $135,000, the payment to be paid in full within one (1) year from the Effective Date of this Agreement. 
 

 

 A-2
 

 
 

 ARTICLE IV
 SUBLICENSING
 

 4.00
 Licensee shall not have the right to sublicense this Agreement without the prior written consent of Licensor, such consent of Licensor not to be unreasonably withheld.
 

 ARTICLE V
 TECHNICAL INFORMATION
 

 5.00
 Licensor shall within sixty (60) days of the Date of Execution of this Agreement make available to Licensee for its own review and use the Technical Information in Licensor’s possession related to the making, using, or selling of the Licensed Products.
 

 5.01
 Licensee shall not disclose any unpublished Technical Information furnished by Licensor to third parties during the term of this Agreement or any time after. However, the Technical Information may be disclosed at any time (1) with the prior written consent of Licensor, (2) to the extent necessary to purchasers of Licensee's products or services, or (3) after it has become public through no fault of Licensee or purchasers of Licensee's products or services. To the extent that any such Technical Information is disclosed to purchasers of Licensee's products or services, the Agreements in this Article shall be made by Licensee to apply to and be made binding on all such parties.
 

 5.02
 Licensee shall not use any Technical Information furnished by Licensor other than in the manufacture of Licensed Products and only during the term of this Agreement. However, other use of the Technical Information may be made (1) with the prior written consent of Licensor or (2) after it has become public through no fault of Licensee or purchasers of Licensee's products or services.
 

 5.03
 Licensor represents that it has attained, effectuated and/or reviewed the material lists, drawings, specifications, instructions, and other elements of Technical Information to be supplied by it under this Agreement in the manufacture of Licensed Products but does not otherwise warrant the accuracy of this information; nor does Licensor warrant that Licensed Products produced in accordance with such information will be free from claims of infringement of the patents or copyrights of any third party. Licensor shall not, except as provided in this Article, be under any liability arising out of the supplying of information under, in connection with, or as a result of this Agreement, whether on the basis of warranty, contract, negligence, or otherwise.
 

 ARTICLE VI
 RECORDS
 

 6.00
 Licensee agrees on behalf of itself and its Affiliated Companies to keep accurate records for five (5) years after the years to which the records pertain. The records must be kept in sufficient detail to enable the Net Revenue and royalties payable by Licensee and its Affiliated Companies to be determined. Licensee also agrees on behalf of itself and its Affiliated Companies to permit the records to be examined from time to time during usual business hours during the life of this Agreement and for one (1) year after its
 

 A-3
 

 
 

 expiration or termination by authorized representatives of Licensor to the extent necessary to verify the accuracy of the reports and payments required under Article VII.
 

 ARTICLE VII
 REPORTS AND PAYMENTS
 

 7.00
 Licensee agrees to furnish a written report to Licensor within thirty (30) days after the first of January, April, July, and October of each calendar year during the life of this Agreement. The report shall set forth the number of Licensed Products sold, leased or licensed, the Net Revenue from the sale, lease or licensing of all Licensed Products made and sold leased or licensed by Licensee, and permitted sublicensees and its Affiliated Companies during the preceding quarter, and the royalties due. Each report shall be certified by an officer of Licensee and be accompanied by a remittance, as provided in Article III, covering the royalties then due. If no royalties are due during any period, a written statement to that effect shall be furnished to Licensor.
 

 7.01
 Payments provided for in this Agreement, when overdue, shall bear interest at a rate per annum equal to two percent (2%) in excess of the Prime Rate when the payment is due and for the time period until payment is received by Licensor.
 

 7.02
 All reports and payments under this Agreement shall be made to Licensor in U.S. currency, to Thermal Tech Holdings, LLC, unless Licensor notifies Licensee otherwise in writing.
 

 ARTICLE VIII
 MARKING
 

 8.00
 Licensee agrees on behalf of itself and its Affiliated Companies to mark, in a conspicuous location, any Licensed Products made, used, or sold under this Agreement with a patent notice of the Licensed Patents in accordance with the laws of the countries granting the Licensed Patents or as may be requested in writing by Licensor.
 

 ARTICLE IX
 ENFORCEMENT, VALIDITY, AND MAINTENANCE
 

 9.00
 Licensee shall notify Licensor of any suspected infringement of the Licensed Patents in the Licensed Territory. The sole right to institute a suit for infringement rests with Licensor. Licensor has no obligation to institute any action or suit against third parties for infringement of any Licensed Patents or to defend any action or suit brought by a third party that challenges or concerns the validity of Licensed Patents. Licensee agrees to cooperate with Licensor in all respects; to have any of Licensee’s employees testify when requested by Licensor; and to make available any records, papers, information, specimens, and the like. Any recovery received pursuant to such a suit shall be retained by Licensor.
 

 9.02
 Licensor shall pay for all expenses and fees in the preparation, filing, prosecution, issuance, and maintenance of the Licensed Patents. If Licensor is unable or unwilling to pay the expenses and fees of one or more of the Licensed Patents, Licensor shall give
 

 A-4
 

 
 

 Licensee sixty (60) days’ written notice. Licensee may maintain the Licensed Patents and deduct any expenses incurred from any royalty payments due to Licensor.
 

 ARTICLE X
 TERMINATION
 

 10.00
 Unless terminated earlier as provided in this Article, the term of this Agreement shall be from the Effective Date until the expiration of all of the Licensed Patents.
 

 10.01
 Licensee may terminate this Agreement at any time on ninety (90) days’ notice in writing to Licensor.
 

 10.02
 Licensor may terminate this Agreement on ninety (90) days’ notice in writing to Licensee for a failure of Licensee to fulfill any of its obligations under this Agreement, or a failure of Licensee, as provided in Article III, to generate and pay to Licensor minimum royalties in any calendar year after the year of the award of the first of the Licensed Patents, such minimum to be based on an aggregate Net Revenue of $500,000. However, if during the period of the notice Licensee remedies the failure, this Agreement shall continue in full force and effect as it would have done if notice had not been given.
 

 10.03
 This Agreement shall terminate automatically if Licensee becomes insolvent or bankrupt, if a receiver is appointed for Licensee, or if Licensee is reorganized for the benefit of creditors.
 

 10.04
 The termination or expiration of this Agreement shall not relieve Licensee of its obligation to pay Licensor all royalties that have accrued up to and including the date of termination or expiration.
 

 10.05
 Termination of this Agreement by Licensor shall in no way prejudice the rights of Licensor to seek other remedies for the failure of Licensee.
 

 10.06
 Any delay in exercising the termination rights shall in no way prejudice the right of Licensor to terminate for any subsequent or continuing failure of Licensee.
 

 

 ARTICLE XI
 REPRESENTATIONS AND WARRANTIES
 

 11.00
 Each Party represents and warrants that it has the right, power, and authority to enter into this Agreement and that the persons executing the Agreement have the authority to act for and bind each Party.
 

 11.01
 Licensor represents and warrants that it has not conveyed any rights inconsistent with the rights conveyed in the Agreement.
 

 11.02
 Licensor represents and warrants that it possesses all of the necessary proprietary interests in the Licensed Patents to grant the license rights set forth in this Agreement.
 

 A-5
 

 
 
 11.03
 Nothing in this Agreement shall be deemed to be a representation or warranty by Licensor of the validity of any of the Licensed Patents or the accuracy, safety, or usefulness for any purpose of any Technical Information made available by Licensor.
 

 ARTICLE XII
 SEVERABILITY
 

 12.00
 If any provision of this Agreement is declared void or unenforceable or becomes unlawful in its operation, the remainder of the Agreement shall not be affected, and each remaining provision shall be valid and enforceable to the fullest extent, unless the deletion of the provision would cause the Agreement to become materially adverse to any Party, in which event the Parties shall use their respective best efforts to arrive at an accommodation that best preserves for the Parties the benefits and obligations of the offending provision. If a substitute provision cannot be agreed to, arbitrators shall substitute a provision on behalf of the Parties pursuant to Article XV.
 

 ARTICLE XIII
 NOTICES
 

 13.00
 All notices related to the Agreement shall be in writing and shall be effective when deposited, first-class postage prepaid, in the U.S. Mail addressed to the Parties respectively, at the following addresses. Duplicates of notices may also be sent by facsimile transmission, e-mail or other effective corroborating means.
 

 Licensor:                 Thermal Tech Holdings, LLC,
 606 Post Road East, Ste. 591
 Westport, CT  06880
 Attention: Wallace Baker
 

 Licensee:                  PwrCor, Inc.
 160 East 42nd St., Suite 4600
 New York, NY 10165
 Attention:  Peter Fazio
 

 ARTICLE XIV
 ASSIGNABILITY
 

 14.00
 This Agreement may be assigned by Licensor and shall inure to the benefit of his or her heirs, successors, assigns, or other legal representatives. However, this Agreement shall not be assignable by Licensee, except to a successor to its entire business to which this Agreement relates, without the prior written approval of Licensor.
 

 ARTICLE XV
 GOVERNING LAW AND ARBITRATION
 

 15.00
 This Agreement shall be construed, interpreted, and enforced in accordance with the laws of the State of New York.
 

 

 A-6
 

 
 

 15.01
 Any controversy or claim arising out of or relating to this Agreement or its breach shall be settled by an arbitration procedure by a sole arbitrator as agreed to in writing by the Parties or, absent an agreed arbitration procedure, within sixty (60) days of written notice to the other Party, in accordance with the rules of the American Arbitration Association. A judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction. The arbitration proceedings shall take place, and the arbitration award be given in writing, in the metropolitan area of New York City, unless the Parties agree otherwise in writing.
 

 ARTICLE XVI
 ENTIRE UNDERSTANDING
 

 16.00
 This Agreement constitutes the entire understanding between the Parties relating to its subject matter, supersedes all previous agreements between the Parties with respect to its subject matter, and shall not be modified in any way except by an instrument in writing executed by the Parties or their respective assignees.
 

 

 The Parties have executed this Agreement by their authorized representatives on the Execution Date hereof.
 

 Thermal Tech Holdings, LLC:
 

 

 By: 
 /s/ Wallace R. Baker
 Execution Date: December 21, 2017
       Wallace R. Baker, Manager
 

 PwrCor, Inc.:
 

 By: 
 /s/ Peter Fazio
 Execution Date: December 21, 2017
       Peter Fazio, Chief Operating Officer
 

 

 

 

 

 

 

 

 

 

 

 

 A-7

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