Document:

ex101.htm

EXHIBIT 10.1

 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS AGREEMENT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. A COMPLETE VERSION OF THIS AGREEMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

SALES REPRESENTATION AGREEMENT

Between

BioSOLAR, INC.

And

Tomark Industries, Inc

This Agreement is made this 3rd day of March, 2012, by and between BioSolar, Inc., a Nevada corporation ("Company"), and Tomark Industries,Inc., ("Representative") a company organized and existing under The State of Delaware as a Corporation, with principal place of business at 50 Lynthwaite Farm Lane, Wilmington, DE, 19803.

RECITALS

WHEREAS, the Company is engaged in the business of designing, developing, manufacturing, and selling certain BioBacksheet product(s) for solar module production;

WHEREAS, the Representative is engaged in the business of marketing, promoting, and selling technological products for manufacturers such as the Company;

WHEREAS, the Company desires to retain Representative, and Representative desires to be retained, as an independent contractor to serve the Company as a sales representative for the Company’s BioBacksheet product(s) on the terms and conditions set forth herein; and

 

  

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AGREEMENT

NOW, THEREFORE, the parties agree as follows:

Section 1.                      Engagement.  The Company hereby grants to Representative the exclusive right to act as the Company's sales representative for customers identified in “Exhibit A,” with respect to those products manufactured by the Company which are described in Exhibit B (“PRODUCTS”).  As the Company's sales representative for customers as described in “Exhibit A,”, the Company authorizes Representative to solicit purchase orders from said prospective purchasers for the PRODUCTS upon the terms and subject to the conditions set forth herein.  This engagement is deemed personal to Representative; rights arising hereunder may not be assigned by Representative; duties arising hereunder may be delegated by Representative to third parties (sub-agents) only with the Company’s consent. Such consent shall not be unreasonably withheld, it being the desire of the Company to protect against any possible harm to its reputation by precluding Representative from delegating duties to any proposed sub-agent who may be disreputable, financially irresponsible, or unable to effectively represent the Company to promote, market, and sell the PRODUCTS in accordance with the covenants and conditions of this Agreement. Any sub-agent to whom duties required of Representative are delegated by Representative shall be required to execute a written agreement acknowledging such sub-agent has read and shall be bound by the covenants and conditions of this Agreement and such sub-agent shall perform to the same standards and requirements as if such sub-agent were Representative.  A breach by any sub-agent shall constitute a breach by Representative.  Any and all such third parties who are appointed as sub-agents of Representative shall be appropriately supervised by Representative.

Section 2.                      Products.  The products which are the subject of this Agreement presently consist solely of the PRODUCTS.  The PRODUCTS as well as any additional goods which may later be included within the scope of this Agreement may be modified, altered, improved, discontinued, or otherwise changed, as Company may deem to be appropriate in the exercise of its sound business judgement. In the absence of exigent circumstances, at least thirty (30) days prior to invoking any and all such modifications, alterations, improvements, and/or the discontinuation of any product(s) subject to this Agreement, and such other changes in the identification of any such product(s), the Company shall notify Representative thereof so as to provide Representative with an opportunity to offer comments regarding any such intended action.  Any comments so offered by Representative shall be deemed “advisory” and shall be without binding effect.

Section 3.                      Term.  This Agreement shall become operative only at such time and in the event that the Company, in the exercise of its sole discretion, serves written notice on Representative announcing the Company’s election to authorize the sale, marketing, and distribution of the PRODUCTS.  Unless sooner terminated in accordance with the terms of this Agreement, with cause or without cause, it shall remain in effect for a period of one (1) year.  In the absence of prior written notice of intention to terminate this Agreement, this Agreement will automatically renew for one (1) additional year at the end of each one (1) year term.  This Agreement may also be terminated by either party without cause upon thirty (30) days written notice to the other party.   This Agreement may be terminated by either party without advance notice for good cause, as defined below, by means of written notice of immediate termination setting forth the facts and circumstances constituting "good cause" for immediate termination.  For purposes of this Agreement, "good cause" shall be deemed to include, by way of example, and without limitation, any violation of law, statute, regulation or order, breach of any provision of this Agreement, initiation of voluntary or involuntary bankruptcy proceedings by or against Representative, or any act or omission of Representative by which Company’s name, mark, goodwill, and/or reputation may be impaired. Upon any termination of this Agreement, Representative shall immediately return to Company all originals and copies of Company’s records, customer lists, vendor lists, sales material, samples, models, forms, promotional literature, and other property, equipment, and materials provided by Company to Representative or otherwise used by Representative, or derived and/or compiled therefrom by Representative, in connection with Representative’s performance of duties under the Agreement.  Representative shall be entitled to no further commission on the sale of the PRODUCTS pursuant to any purchase order submitted by Representative to the Company after the termination of this Agreement. The Company and Representative shall jointly review this Agreement once a year.

 

  

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Section 4.                      Duties of Representative.  Representative shall use Representative’s best efforts to market the PRODUCTS and solicit orders for the PRODUCTS in compliance with all applicable laws, ordinances, orders, and regulations of Federal, State, and local government and agencies thereof, and in the accordance with this Agreement and such procedures and protocols as Company may adopt and publish from time to time.  Representative shall maintain an office and sufficient staff at Representative’s sole expense.  Said office shall be properly staffed and open for business during normal business hours as are usual and customary in major metropolitan areas. Representative shall provide Company with written quarterly sales forecast reports and such other sales and marketing information as may be requested by Company. Representative represents and warrants that Representative is not presently serving, and during the term of this Agreement, shall not serve as the agent of any other companies in the sale of their products which are the same as, or similar to, the PRODUCTS in terms of function and/or design.  The Company specifically authorizes Representative to represent additional product lines which do not compete directly or indirectly with the PRODUCTS now and in the future.  To the extent that Representative becomes aware of, or receives, any order from a prospective purchaser outside the territory specified in this Agreement or which is otherwise "non-commissionable", such order shall be forwarded promptly by Representative to Company.  While Representative shall not be authorized to receive payment on behalf of Company in connection with any sale of PRODUCTS, to the extent that Representative inadvertently receives any tendered payment, Representative shall forward such payment directly to Company within twenty-four (24) hours of receipt of same.

Section 5.                      Duties of Company.  Company shall provide Representative without charge with such literature, brochures,  and other sales and technical information regarding Products (e.g., physical dimensions, operational characteristics, functions, and specifications to the limited extent which is appropriate to enable a prospective end-user of Products to determine the desirability and applicability of the Products vis-à-vis such end-user's individual requirements).  Such information shall be provided as may be reasonably required to support Representative’s efforts to market the Products and solicit orders, provided, however, under no circumstances shall Company be required to disclose, nor shall Representative disclose to any third party, confidential, trade-secret, or proprietary information in the context of any request for "technical" information.  Company shall provide reasonable sales support and service assistance as may be usual and customary in the industry. Company shall use reasonable efforts to project the demand for Products and carry a Product inventory to fulfill purchase orders procured and submitted by Representative pursuant to this Agreement. Company shall provide all Representative and sub-agent sales commission processing.

Section 6.                      Price and Terms of  Sales.  The Company shall have the absolute right to establish the prices, charges, terms and conditions governing the sale of PRODUCTS.  Company shall establish and provide to Representative current information bearing on PRODUCTS as to pricing, delivery terms, and conditions of sale, and such additional information as may be reasonably related thereto.  Company reserves the right to revise such pricing, delivery terms, and conditions of sale information, as it may deem appropriate in the exercise of its sole discretion. At least thirty (30) days prior to adopting any and all such revisions in pricing, delivery terms, and/or conditions of sale, Company shall provide Representative with written notification thereof.

 

  

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Section 7.                      Sales or Orders.  Representative shall place all Product Orders with the Company on such forms and in accordance with such procedures as the Company shall establish from time to time and all such orders shall be forwarded to Company within 24 hours of receipt of same.  In conjunction with the initial order and such subsequent orders as may be requested by the Company, Representative shall concurrently provide the Company with such customer’s completed application for credit, duly executed by the customer identified therein, together with such additional information as Representative may deem appropriate to enable Company to evaluate and investigate the creditworthiness of the proposed customer. The Company shall have the right for any reason in its sole discretion to reject any order placed by Representative, including, without limitation, orders placed by customers which the Company, in its judgment, deems financially or otherwise unsuitable.  Company’s rejection of any order procured by Representative shall be promptly communicated by Representative to the prospective purchaser who submitted such rejected order.  Representative agrees that Representative shall advise prospective customers of the Company of said right to reject orders and shall not purport to bind the Company prior to the Company’s written notification of acceptance of such orders.  Company shall have exclusive control over all prices, discounts, adjustments, specifications, and terms and conditions concerning sale and delivery and service of PRODUCTS.  Representative shall quote to prospective purchasers only those prices, delivery schedules, terms, and conditions as may be authorized in writing by Company, subject to such changes and revisions thereof as Company may make in its sole discretion from time to time  after prior notice to Representative.

Section 8.                      Commissions.  For the sale of all PRODUCTS to "commissionable" accounts sold by Representative in the territory specified in this Agreement during the term of this Agreement, Representative’s sole compensation shall consist of a sales commission equal to [**] of the Net Unit Price received by the Company on all such sales. For the sale of all PRODUCTS to be commissionable based on purchsase orders procured and submitted by an approved sub-agent, the [**] sales commission of the net unit price actually received by the Company shall be divided equally as between Rep and said sub-agent.  For purposes of this Agreement, the term “Net Unit Price” is hereby defined as gross revenue actually received by the Company on each PRODUCT sold, subject to discounts and adjustments, and excluding revenue attributable to freight charges, shipping and handling charges, duties, tariffs, taxes (e.g. sales taxes, use taxes, etc.), returns, allowances, credit adjustments, and similar items.  No commission shall be paid to Representative in connection with any sale of PRODUCTS which is outside the precise parameters specified in the preceding sentence.    For purposes of this Agreement, "commissionable" accounts are defined to include those potential purchasers of Products who submit orders for purchase of Products as specified in “Exhibit A.”  "Non-commissionable" accounts shall include those potential purchasers of PRODUCTS about whom sales leads have been provided to Representative and no reasonable efforts to follow-up and/or secure a purchase order has been made by Representative within sixty (60) days of communication of such sales lead to Representative.

Section 9.                      Commissions after Termination.  [**]

 

Section 10.                   Payment of Commissions.  Sales commissions shall be paid on the 15th day of each month for all the payments received by the Company in the preceding calendar month attributable to Representative sales of PRODUCTS. Each month’s commission payment to Representative shall be reduced by an amount equal to the amount of commissions previously paid to Representative on account of PRODUCTS sales with respect to which customer has been reimbursed for returns.  The foregoing notwithstanding, commissions earned by Representative after notice of termination is given, but prior to the actual termination date, shall be paid to Representative ninety (90) days after the effective date of termination in order that chargebacks and any other appropriate adjustments may be made, as may be authorized by this Agreement.

 

[**] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portion.

 

  

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Section 11.                      Payments/Returns/Chargebacks.  Representative shall not be authorized to accept or approve the return by a purchaser of any PRODUCTS.  To the extent that Representative shall be notified of a purchaser’s desire to return PRODUCTS that have been purchased, Representative shall direct such purchaser to Company’s Customer Service Department for issuance of a Return Authorization Number.  Company shall have the right to charge against commissions due Representative the amount of commission on any refund or credit to the account of any purchaser who returns PRODUCTS, regardless of reason therefor (e.g., including but not limited to defect in PRODUCTS, failure of PRODUCTS to meet purchaser’s expectations, change in purchaser’s needs, late delivery of PRODUCTS, etc.), and on whose prior underlying purchase Representative was paid a commission. Company shall similarly have the right to charge against commissions due Representative the prorated amount of any commissions already paid or credited to Representative when final settlement is made with purchaser on less than a full payment basis, or when an account is written off as a bad debt in whole or in part. The commissionable portion of such loss can be charged back to Representative provided Company has made reasonable efforts to collect payment due from the purchaser.

Section 12.                      Independent Contractor.  Representative is and shall be an independent contractor.  Nothing contained in this Agreement shall be construed so as to create a partnership or joint venture and neither party hereto shall be liable for the debts or obligations of the other.  No employee of Representative shall be deemed to be an employee of the Company.  The Company shall not have the power to hire or fire employees of Representative and, except as expressly provided herein, the Company may not control or have access to Representative funds or the expenditure thereof, or in any other way exercise dominion or control over Representative’s business activities.  Representative shall be solely responsible for, and shall indemnify and defend Company, and hold Company harmless against, any and all claims, suits, actions, losses, expenses (including attorney fees), costs, and damages arising from or in connection with any act(s) and/or omission(s) of Representative, its partners, its employees, and/or its agents.

Section 13.                      Advertising; Restrictions on Use of Name and Mark.  In the course of promoting the PRODUCTS, marketing activities, and solicitation of orders from prospective purchasers, any intended use of Company’s name, mark, and/or goodwill shall be first submitted to Company in writing for Company’s prior written approval thereof.  Such approval shall not be unreasonably withheld.  Any such intended use of Company’s name, mark, and/or goodwill in direct mail, television, radio, or print advertising shall be submitted in final proof form to Company prior to publication of same for Company's prior written approval of same.  Representative shall not use Company's name, mark or goodwill for any purpose other than the lawful and ethical promotion and marketing of PRODUCTS in such manner as to enhance and maintain the goodwill and reputation of Company, as may be determined by Company in its sole judgment and discretion.

 

  

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Section 14.                      Expenses.  Representative shall be responsible for all expenses (e.g., including, but not limited to, automobile and travel expenses, printing expenses, telephone charges, advertising fees, salaries, and general overhead and operating expenses) incurred in the solicitation of orders and marketing of PRODUCTS and performance of other duties under this Agreement.

Section 15.                      Limitation on Liability.  Except as may be otherwise provided between Company and Representative in any other Agreement, the Company shall incur no liability to Representative or any other person or entity based upon Company's inability to manufacture, assemble, ship, deliver, or otherwise fill purchase orders vis-à-vis PRODUCTS which is the subject of purchase orders procured by Representative.  The Company shall incur no liability to Representative or any other person or entity based upon any prospective purchaser's cancellation of any purchase order or return of PRODUCTS. Representative shall not be liable for liability arising from defects in the design and/or manufacture of PRODUCTS. Company shall hold Representative harmless against, and have the right and duty to indemnify and defend Representative in any product liability claim or action arising in connection with the PRODUCTS. Company shall, at its option, procure such product liability insurance as may be prudent and appropriate to provide added protection against any product liability claims that may be asserted against Company. To the extent that Representative may wish to be named as a co-insured on any policy of product liability insurance maintained by the Company, the Company will cooperate to facilitate Representative being so named provided that Representative pays any increase in premium and related cost that may be incurred by reason of the designation of Representative as a co-insured.

Section 16.                      Notices.  Any and all notices that may be given in connection with this Agreement shall be set forth in writing and may be served by any of the following means: (a) personal delivery, (b) commercial delivery by a nationally recognized overnight mail delivery service (e.g., Federal Express, UPS, etc.), (c) United States Postal Service, or (d) via fax. Notices shall be deemed effective, as follows:

 

A.           If by personal delivery, upon delivery.

 

B.           If by commercial delivery on an overnight basis, upon the first business day following deposit of such notice with the commercial delivery service, with fees therefor prepaid, provided, however, that a duplicate of such notice shall be concurrently sent to the attorney for the party to whom such notice has been sent via First Class Mail, with postage prepaid or via fax to the attorney’s fax number shown below.

 

C.           If by United States Postal Service, upon the second business day following deposit of such notice in the United States Postal Service with first class postage and return receipt fees fully prepaid therefor, provided, however, that a duplicate of such notice shall be concurrently sent to the attorney for the party to whom such notice has been sent via First Class Mail, with postage prepaid or via fax to the attorney’s fax number shown below.

 

D.           If by fax, upon the first business day following transmission of said notice via fax, provided that the party serving said notice has written confirmation of the successful transmission of said notice via fax and provided further, that a duplicate of such notice shall be concurrently sent to the attorney for the party to whom such notice has been sent via First Class Mail, with postage prepaid or via fax to the attorney’s fax number shown below.

 

  

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For purposes of this Section, the address for Representative and for the Company for notice purposes are as follows and shall remain in effect unless and until changed by duly served “Notice of Change of Address”:

 

	Company: 	BioSolar, Inc.	Representative:	 	 
	 	27936 Lost Canyon Road, Suite 202	 	 	 
	 	Santa Clarita, California  91387	 	 	 

 

The addresses and fax numbers for the parties’ respective attorneys, for notice purposes, are shown below:

 

 

	Company:	Gregory B. Gershuni, Esq.	 
	 	
GERSHUNI & KATZ

A Law Corporation

1901 Avenue of the Stars, Suite 300

Los Angeles, California  90067-6005

FAX: (310) 282-8149

	 
	Tomark Industries:	 	 
	 	
Jacobs and Crumplar, P.A.

2 East 7th Street

P.O. Box 1271

Wilmington, DE 19899

FAX: (302) 656-5875

	 

 

Section 17.                      Time.  Time is of the essence of this Agreement.

 

  

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Section 18.                      No Release; Confidentiality and Non-Disparagement.  Both parties agree that the termination of this Agreement or the expiration of the term of this Agreement shall not release either party from any obligations pertaining to restrictions on disclosure, exploitation, and/or maintenance of secrecy and confidentiality with respect to trade secrets, confidential and proprietary information.  With respect to trade secrets, confidential and proprietary information of each party, the other party covenants and agrees that during the term of this Agreement, including any renewals or extensions of the term, and for a period of three (3) years thereafter, each party shall maintain such information in a secure and safe area and shall exercise the same standard of due and proper care with respect to the storage, custody, use and/or dissemination of such information as is exercised by the recipient with respect to its own trade secrets, confidential and proprietary information.  Each party covenants and agrees that it shall take all reasonable steps to protect the confidentiality of such material and is prohibited from using such material for any purpose other than carrying out the purposes of this Agreement.   Each party, for itself, covenants and agrees that during the term of this Agreement, including any renewals or extensions of the term, and for a period of three (3) years thereafter, each party shall refrain from making any disparaging comments about the other party or othermise make or otherwise publish any remarks which, to a reasonable person, would have a tendency to have a deleterious impact on the reputation and/or image of the other party and/or the reputation and/or image of the PRODUCTS.  This Section 18 will survive any termination of this Agreement.

Section 19.                      Waiver.  Failure of either party at any time to require performance of any provision of this Agreement shall not limit the party’s right to enforce the provision, nor shall any waiver of any breach of any provision be a waiver of any succeeding breach of any provision or a waiver of the provision itself for any other provision.

Section 20.                      Assignment.  Except as otherwise provided within this Agreement, neither party hereto may transfer or assign this Agreement without prior written consent of the other party.

Section 21.                      Law Governing.  This Agreement shall be governed by and construed in accordance with the laws of the State of California.

Section 22.                      Resolution of Disputes.  In the event of any dispute arising in connection with this Agreement, the parties shall, except in exigent circumstances, prior to the initiation of any arbitration or litigation, endeavor to resolve the dispute by means of mediation conducted by the Mediation Section of the American Arbitration Association or through such other formal mediation service as the parties may mutually agree upon. If mediation is unsuccessful the parties shall submit any dispute not requiring injunctive relief to arbitration in accordance with Sections 1295, et seq. of the Code of Civil Procedure. Any party who refuses to participate in mediation shall forfeit the right to seek to recover attorney fees under Section 23, below,  in any arbitration, litigation, or other proceeding that ensues. If the parties can agree upon an arbitrator, the dispute shall be submitted to arbitration by the aggrieved party before JAMS/Endispute, or ADR Services, Inc. in Los Angeles, California.  It is expressly agreed that in the course of any arbitration proceedings the parties shall be permitted, without leave of the arbitrator, to freely utilize depositions as a discovery device in the same manner and to the same extent as permitted by Section 2025.010 of the Code of Civil Procedure.  Nothing contained herein shall serve as a bar to any party seeking ex parte relief in the Superior Court, whether to obtain injunctive relief or any other remedy which the aggrieved party may seek. In the event any action is initiated by either party, it is agreed that the Superior Court of the State of California in the County of Los Angeles shall have jurisdiction and shall be the proper venue thereof.

 

  

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Section 23.                      Attorney Fees.  In the event an arbitration, suit or action is brought by any party under this Agreement to interpret or enforce any of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorney fees in accordance with the determination by the arbitrator, trial court, and/or appellate court as to who is the “prevailing party” and the amount of attorney fees to be awarded pursuant to this provision.

Section 24.                      Computation of Time.  In computing any period of time pursuant to this Agreement, the day of the act, event or default from which the designated period of time begins to run shall be included, unless it is a Saturday, Sunday or a legal holiday, in which event the period shall begin to run on the next day which is not a Saturday, Sunday or a legal holiday, in which event the period shall run until the end of the next day thereafter which is not a Saturday, Sunday or legal holiday.

Section 25.                      Titles and Captions.  All article, section and paragraph titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the context nor affect the interpretation of this Agreement.

Section 26.                      Pronouns and Plurals.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons may require.

Section 27.                      Entire Agreement.  This Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements among them respecting the subject matter of this Agreement.

Section 28.                      Good Faith, Cooperation and Due Diligence.  The parties hereto covenant, warrant and represent to each other good faith, complete cooperation, due diligence and honesty in fact in the performance of all obligations of the parties pursuant to this Agreement.

Section 29.                      Counterparts.  This Agreement may be executed in several counterparts and all so executed shall constitute one Agreement, binding on all the parties hereto even though all the parties are not signatories to the original or the same counterpart.

Section 30.                      Savings Clause.  If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.

Section 31.                      Representation by Legal Counsel.  Each of the parties acknowledges that it has had the opportunity to obtain independent legal counsel of its choice in connection with the making of this Agreement.

 

  

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Executed this 9th day of March, 2012, at Santa Clarita, California.

 

	BioSolar, Inc.	 	 
	 	 	 
	By: /s/ David Lee	 	 
	 	 	 
	Name & Title: David Lee, CEO	 	 

 

Executed this 3rd day of March, 2012, at Wilmington, Delaware.

 

	Tomark Industries, Inc.	 	 
	 	 	 
	By: /s/ E D Santoleri   	 	 
	 	 	 
	Name & Title: 

E. David Santoleri

President

	 	 

                                        

 

10ex102.htm

EXHIBIT 10.2

 

TOLL EXTRUSION FILM SALE AGREEMENT

 

This TOLL EXTRUSION FILM SALE AGREEMENT ("Agreement") is made and entered into as of the 1st day of June 2012 , by and between BioSolar, Inc. (BioSolar), and having its principal place of business at 27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387 and JPS Elastomerics Corp. dba Stevens Urethane (Stevens), and having its principal place of business at 412 Main Street, Easthampton, MA 01027 BioSolar and Stevens may be referred to individually as a "party" and collectively as the "parties."

 

RECITALS:

 

WHEREAS, Stevens is a manufacturer of a variety of polymeric/elastomeric film, sheet and tubing, that it promotes for uses in a variety of markets; and

 

WHEREAS, BioSolar is a developer of an single layer PV Back Sheet Film, that is thermally conductive, which it intends to promote for use in the Photovoltaic markets; and

 

WHEREAS, BioSolar is desirous of having Stevens toll extrude BioSolar’s proprietary PV back sheet formulation (PV resin) to be used in the Photovoltaic back sheet market, BioSolar will supply Stevens with its formulated PV resin whereupon Stevens will convert, produce, interleaf, and package the material extruded from BioSolar’s PV resin according to the specifications set forth in “Schedule A”, attached hereto and made a part hereof, given to Stevens from, and prepared and agreed to by BioSolar. The resulting quantities of the Product as measured in square feet shall be sold back to BioSolar at the agreed upon pricing and terms set forth in “Schedule C”, attached hereto and made a part hereof.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, Stevens and BioSolar hereby agree as follows:

1. DEFINITIONS.

 

As used in this Agreement, and in addition to terms previously defined, the following terms shall have the following respective meanings:

 

1.1 "PV Resin" means all of the resins, additives, and the like of BioSolar’s proprietary PV back sheet formulation supplied to Stevens and specified in “Schedule B”, attached hereto and made a part hereof,

 

1.2 "Packaging Materials" means all materials supplied by Stevens, which are used by Stevens to package the Product including, but not limited to, interleaf, labels, boxes, endplates, and pallets and which are not part of the materials supplied by BioSolar.

 

1.3 "Plant" or "Plants" means those portions of the plant and other facilities of Stevens which are to be utilized for the Preparation of the Product in accordance with the specifications set forth in Schedule A.

 

  

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1.4 "Product" means the PV Back sheet film listed in Schedule A to be Prepared by Stevens and sold to BioSolar and meeting the specifications set forth in Schedule A attached hereto and made a part hereof, as such specifications may be changed from time to time by BioSolar, with Stevens’ prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.

 

1.5 "Raw Materials" means the proprietary PV resin products listed in Schedule B to be supplied by BioSolar at no charge to Stevens which are required to be toll extruded by Stevens in order to prepare the Product. The Raw Materials shall meet the specifications set forth in Schedule B attached hereto and made a part hereof. As such specifications may be changed from time to time by BioSolar, with Stevens’ prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.

 

1.6 “PV Back Sheet Film” The outermost polymeric film or laminate film structure that comprises the substrate layer of a PV module or device, Substrate being defined as located behind the solar cells.

2. SCOPE OF WORK.

 

2.1 (a) upon the terms of this agreement, and subject to the terms and conditions set forth in this Agreement, BioSolar agrees that it shall source 100% of its requirements for PV back sheet film Product from Stevens, and pay a mutually agreed upon toll extrusion service fee for Stevens for all such PV back sheet Product manufactured for BioSolar.

 

(b) BioSolar will provide Stevens with orders from time to time. These orders will be utilized by Stevens to prepare a film production schedule, which will be mutually agreed by the parties. Stevens will confirm the Product availability date within five (5) working days of receiving BioSolar’s orders. BioSolar agrees that no changes to the production schedule will be required of Stevens by BioSolar on less than twenty (20) days notice.

 

(c) BioSolar will provide Stevens monthly with a six (6) month rolling forecast of its total requirements for Product in square feet to allow efficient production scheduling and capacity utilization by Stevens. The total forecasted square feet in each of those months provided hereunder will be binding on either party in so far that:

 

(d)         For the term of this Agreement, Stevens shall make available at the Stevens Plant 100% of the extrusion capacity for the first month of any given rolling six month forecast supplied by BioSolar for the purpose of Planning and preparing hereunder of at least 100% of the first months forecasted demand in square feet (the "Commitment”)

 

(e)        And BioSolar shall commit to order in each month during the term of this Agreement, from Stevens, 100% of the first month’s “commitment” resulting from any given six month rolling forecast supplied by BioSolar to Stevens.

 

(f)        The maximum Commitment of Stevens for the duration of this contract shall be two million (2,000,000) square feet/month. Stevens agrees it will, upon one hundred and eighty (180) days notice from BioSolar, use its commercially reasonable best efforts to make greater production capacity available to meet BioSolar’s requirements. Should Stevens be unable to make the necessary production capacity available as requested by BioSolar, BioSolar will be released from their obligations under this agreement for that portion of BioSolar’s production requirements that exceeds the capacity which Stevens is able to commit.

 

  

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(g)         In the event that in any given month, BioSolar's is unable to take delivery of 100% of net square feet of Product produced by Stevens against confirmed BioSolar orders, BioSolar shall have not greater than 30 days to take delivery of said product, at which time Stevens will have the right to invoice BioSolar for 100% of the Product at agreed upon standard terms outlined in this agreement, and assess BioSolar a storage charge of $16/packed pallet of Product per month. Storage charges shall be invoiced separately from Product and will be distinctly labeled as such on the invoice for Product.

 

(h)         Stevens shall provide all labor, machinery, equipment, Packaging Materials and other materials necessary or useful to prepare the Product and the cost of all such expenses are included in the Toll Manufacturing Charge component of Price, except as otherwise expressly provided in this Agreement, all costs, expenses, and taxes relating to the Preparation of Product under this Agreement shall be for the account of and paid when due by Stevens.

 

2.2 Stevens shall prepare the Product in accordance with the specifications set forth in Schedule A of this Agreement. The specifications set forth in Schedule A shall not be modified by Stevens without the express prior written consent of BioSolar. BioSolar will have the right to terminate the contract in case Stevens changes any of the specifications set forth in Schedule A without prior written consent of BioSolar.

 

2.3 Stevens will store all Raw Materials required to manufacture Product up to a maximum of 150% of the first three (3) months of the then current 6 month rolling forecast at no charge to BioSolar. Storage of additional products in excess of the quantities defined by the above calculation will be reimbursed by BioSolar at a rate of $16 / Skid of Raw Materials per full month.

 

2.4 BioSolar will deliver all Raw Materials to Stevens for preparing Product, freight paid to Stevens' plant. The Raw Materials shall conform to the specifications set forth in Schedule B. The specifications set forth in Schedule B shall not be modified by BioSolar without the express prior written consent of Stevens. Stevens will have the right to not make the Product in the case BioSolar /changes any of the specifications set forth in Schedule B without prior written consent of Stevens, and Stevens will no longer be obligated to meet orders accepted for Product up to that point. BioSolar will supply Stevens with Raw Materials in volumes adequate to meet the mutually agreed Product production schedule, but no less than the quantity of materials required to fulfill then currently accepted BioSolar orders. BioSolar will confirm the Raw material availability date to Stevens within 48 hours of receiving back from Stevens, confirmation of BioSolar purchase orders.

 

2.4 (a) Stevens shall not be required to use Raw Materials which contain defects or which upon reasonable and customary visible inspection during manufacturing runs are not in conformity with the Raw Material specifications as set forth in Schedule B. Stevens shall have the right to return all such non-conforming or defective Raw Materials to BioSolar, freight paid by BioSolar, without further obligation to process those Raw Materials deemed defective, and Stevens will no longer be obligated to meet orders accepted for Product up to that point.

 

(b) In the event that Raw Materials are returned to BioSolar for reasons outlined in 2.4 and 2.4(a), it is the sole responsibility of BioSolar to obtain and supply to Stevens a replenishment of Raw Materials in order for Stevens to complete any orders for Product that remains unfinished. Until such time that BioSolar has supplied Stevens with replacement Raw Materials to replace materials deemed unusable under 2.4 and 2.4(a), Stevens is released from its obligation to produce and deliver any then currently accepted orders under this agreement.

 

  

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2.5 Orders: Orders for Product may be submitted to Stevens from time to time by BioSolar. Stevens will ship all Product in accordance with the instructions supplied by BioSolar and the delivered Product shall conform to the specifications set forth in Schedule A.

 

3. TERM AND TERMINATION.

 

3.1 Term: This Agreement shall become effective on June 1, 2012 and will remain in effect until May 31, 2015 (the "Initial Term"), unless earlier terminated by either party giving the other party at least one hundred eighty (180) days notice for any reason, or earlier terminated under Section 3.2 of this Agreement. Otherwise, this Agreement will renew for successive one (1) year terms.

 

3.2Termination: Notwithstanding the provisions of Section 3.1 or Section 2.1(e), neither BioSolar nor Stevens may terminate this Agreement:

 

	 	(a)	in an event of Force Majeure as provided in Section 7, if a party shall fail to observe or perform any provision of this Agreement to be observed or performed by it and if such failure shall continue for more than ninety (90) days after the other party gives written notice of such failure to the party, then the other party shall have the right (in addition to all other rights and remedies available hereunder or under applicable law) immediately to terminate this Agreement by giving written notice of such termination to the party; or
	 	 	 
	 	(b)	Following the dissolution or termination of the existence of the other party or cessation by the other party of its entire business for more than fifteen (15) days; or
	 	 	 
	 	(c)	if there is instituted by or against the other party any proceedings under any bankruptcy law, or under any other law for the relief of debtors now or hereafter existing, or a receiver is appointed for all or substantially all of the assets of the other party and such proceeding is not dismissed or such receiver is not discharged, as the case may be, within ninety (90) days thereafter; or
	 	 	 
	 	(d)	if the other party shall (i) become insolvent, (ii) generally fail to, or admit in writing its inability to, pay debts as they become due, (iii) make a general assignment for the benefit of creditors, (iv) apply for, consent to, or acquiesce in the appointment of a trustee, receiver or other custodian; or
	 	 	 
	 	(e)	if a substantial portion of the assets or properties of the other party shall be seized or taken by order of a governmental or judicial authority, if any order of attachment, garnishment, or any other writ shall be issued against the other party or any of its assets, or if any other lawful creditor's remedy shall be asserted or exercised with respect thereof.

 

4. PRICING.

 

4.1 Pricing for Product: BioSolar agrees to pay to Stevens the agreed price per net square foot of Product under the pricing and payment terms specified in Schedule C for all Product produced by Stevens for BioSolar under this agreement that meet the applicable specifications therefore set forth in Schedule A

 

  

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.

 

4.2 Provided BioSolar’s account remains in good standing with Stevens according to the payment terms set forth in Schedule C, no change in the Price and payment terms for Product shall be implemented by Stevens other than that identified in ScheduleC, throughout the term of this Agreement without the consent of BioSolar and agreed to by each party.

 

4.3 Invoices: (a) Stevens, at the time of each shipment of Product to BioSolar or its customer as designated by BioSolar, shall mail to BioSolar an invoice for the Product so delivered. Invoices shall be payable by BioSolar per the terms set forth in Schedule C upon shipment of the Product to BioSolar or BioSolar’s customers as designated by BioSolar.

 

	
  

	
(b) Invoices issued by Stevens shall contain the following information: BioSolar Purchase Order No., Stevens Sales Order ID No., Product Name, Product No. and Size, Shipment Date, Shipment Address, Quantity and unit price. Invoices shall be payable by BioSolar net sixty (60) days from invoice date.

 

5. TITLE AND RISK OF LOSS; INSURANCE.

 

5.1 Raw Materials Tide: Title to all Raw Materials provided by BioSolar pursuant to the terms and conditions of this Agreement shall remain with BioSolar until the Raw Materials have been processed by Stevens at the Stevens Plant, and thereafter title up to including the full value of that portion of the finished goods value which constitutes the full Raw Material value incorporated into finished Product shall remain with BioSolar, title up to and including the full value of that portion of the finished goods value which constitutes the toll extrusion service fee as outlined in Schedule C of this agreement shall remain with Stevens.

 

5.2 Product Title: Title to all Products manufactured by Stevens hereunder and all Packaging Materials used to package such Product shall remain with Stevens until the Product has been delivered by Stevens to a BioSolar approved carrier or until BioSolar has paid Stevens for such Product, whichever occurs first, and thereafter title to the Product and the Packaging Materials shall transfer to BioSolar.

5.3 Protection of Title: BioSolar shall convey title to the Raw Materials to Stevens free and clear of all claims, liens or encumbrances of any type.  Stevens shall convey title to the Product to BioSolar free and clear of all claims, liens or encumbrances of any type.

 

5.4 Risk of Loss. (a) Stevens shall have all risk of loss of and damage to Packaging Materials and Product hereunder until the Product has been delivered by Stevens to a BioSolar approved carrier, and thereafter the risk of loss thereof shall transfer to BioSolar.

 

(b) BioSolar shall have all risk of loss of and damage to Raw Materials hereunder until the Raw Materials have been delivered to Stevens at Stevens' Plant, and thereafter the risk of loss thereof shall transfer to Stevens.

 

6. WARRANTIES, LIMITATION OF LIABILITIES AND CLAIMS.

 

6.1 Stevens warrants that (a) the Product shall conform to the Specifications set forth in Schedule A, (b) the Product shall be free of packaging defects when delivered to a BioSolar--approved carrier, and (c) the Product will be Prepared in accordance with applicable Federal, State and local laws, rules, regulations and restrictions.

 

6.2 IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, PUNITIVE OR SPECIAL DAMAGES INCLUDING BUT NOT LIMITED TO ANY DAMAGES FOR LOST PROFITS. OR BUSINESS OPPORTUNITIES OR DAMAGE TO REPUTATION.

 

6.3 STEVENS MAKES NO WARRANTY OR REPRESENTATION AS FOR THE SUITABILITY OF THE PRODUCT FOR ANY END USE BEYOND MANUFACTURING OF THE PRODUCT IN CONFORMITY WITH THE SPECIFICATIONS DETAILED IN SCHEDULE A.

 

  

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7. FORCE MAJEURE.

 

7.1 Force Majeure. No failure or omission to carry out or observe any of the terms, provisions, or conditions of this Agreement (excluding any obligation for the payment of moneys due and owing under this Agreement) shall give rise to any claim by any party hereto against the other party hereto, or be deemed to be a default or breach of this Agreement, if the same shall be caused by or arise out of any event of Force Majeure (as defined below). For purposes of this Agreement, "Force Majeure" shall mean any war, declared or not, hostilities, any act of belligerence, blockade, revolution, insurrection, riot, terrorism, or public disorder, expropriation, requisition, confiscation, or nationalization, or export or import restrictions by any governmental authorities; closing of harbors, docks, canals, or other shipping or navigation facilities, raw materials shortage, rationing or allocation, not within the reasonable control of the party affected thereby, whether imposed by law, decree, or regulation by, or by compliance of industry at the insistence of, any governmental authority, or restraint by court order or order of public authority, or action or non-action by or inability to obtain the necessary authorizations or approvals from any governmental authority (provided any such action, nonaction, or inability was not caused by the party invoking the provisions of this Section 7); or fire, flood, earthquake, storm, lightening, tide (other than normal tides), tidal wave, perils of the sea, accidents of navigation, or breakdown or injury of vessels; accidents to harbors, docks, canals, or other shipping or navigation facilities, epidemic or quarantine, strikes or combination of workmen, or lockouts or other labor disturbances, or the failure or breakdown of facilities and/or equipment (whether or not resulting from any cause listed above); or any other event, matter, or thing, wherever occurring, which shall not be within the reasonable control of the party affected thereby.

 

7.2 Obligation to Diligently Cure Force Majeure. If either party shall rely on the occurrence of an event of Force Majeure as a basin for being excused from performance of its obligations under this Agreement, then the party relying on the event or condition shall: (a) provide prompt written notice to the other party of the occurrence of the event or condition, giving an estimation of its expected duration and the probable impact on the performance of its obligations hereunder; (b) exercise all reasonable efforts to continue to perform its obligations hereunder; (c) expeditiously take action to correct or cure the event or condition excusing performance; (d) exercise all reasonable efforts to mitigate or limit damages; and (e) provide prompt written notice to the other party of the cessation of the event or condition giving rise to its excusal from performance.

 

8. ASSIGNABILITY.

 

Neither party shall assign or otherwise transfer, by operation of law or otherwise, all or part of its rights under this Agreement or any amendment hereto without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. Any permitted assignee shall assume all obligations of its assignor under this Agreement and the assigning party shall continue to have responsibility for the performance of any accrued obligation which such party then has hereunder and shall guarantee the assignee's performance of its obligations to the other party under this Agreement following the assignment.

9. INDEMNIFICATION

 

9.1 EACH PARTY SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS THE OTHER PARTY HERETO FROM AND AGAINST ALL ALLEGED LIABILITY, LOSS, OR DAMAGE TO THIRD PARTIES RESULTING FROM THE INDEMNIFYING PARTY'S BREACH OF THIS AGREEMENT, OR FROM THE HANDLING, USE OR DISPOSAL OF OR EXPOSURE TO A PRODUCT, RAW MATERIAL OR MINOR RAW MATERIAL, AS RESPECTIVELY APPLICABLE, WHILE SUCH PRODUCT, RAW MATERIAL OR MINOR RAW MATERIAL, IS IN THE INDEMNIFYING PARTY'S POSSESSION OR CONTROL. THE INDEMNIFICATION PROVISIONS OF THIS PARAGRAPH ARE NOT INTENDED TO APPLY TO ANY WARRANTY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR PRODUCT PERFORMANCE CLAIM, DEMAND OR DAMAGE MADE OR SUFFERED BY ANY THIRD PARTY, WHICH WARRANTIES ARE SPECIFICALLY WAIVED. BIOSOLAR SHALL INDEMNIFY AND HOLD HARMLESS STEVENS FOR ANY AND ALL CLAIMS RELATED TO THE PRODUCT NOT CAUSED BY STEVENS NEGLIGENCE OR BREACH OF THIS CONTRACT.

 

  

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10. GOVERNING LAW, WAIVER OF JURY TRIAL, AND JURISDICTION.

 

10.1 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

 

10.2 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

10.3 Jurisdiction. Stevens and BioSolar hereby irrevocably submit to the exclusive jurisdiction of the Federal courts of the United States of America located in the State of Delaware, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and in respect of the transactions contemplated hereby, and hereby waives, and agrees not to assert, as a defense in any action, suit, or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit, or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in such a court. Stevens and BioSolar hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 11.1 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.

 

10.4 Dispute Resolution. The parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly between executives of each party who have authority to settle the controversy. If the executives cannot settle the dispute, either party may make a written demand for a formal dispute resolution and specify the scope of the dispute. Within 30 days after such written notification, the parties shall meet for 1 day with an impartial mediator and consider dispute resolution alternatives other than litigation. If an alternative method of dispute resolution is not agreed upon within 30 days after the 1-day mediation, either party may begin litigation proceedings.

 

10.5 Attorney Fees. In the event of any dispute under this Agreement, each party shall be liable for its own attorney's fees

 

11. GENERAL PROVISIONS.

 

11.1 Notices. All notices under this Agreement shall be in writing and shall be given in person, by facsimile transmission (receipt confirmed), by U.S. Mail (certified or registered, return receipt requested), or by reputable overnight courier. Notices shall be deemed to have been given and received and shall be effective when delivered in person or by facsimile transmission (receipt confirmed), or three (3) business days after deposited post paid in the U.S. Mail, or one (1) business day after delivered prepaid to a reputable overnight courier, in any event, addressed to the respective party at the following address or at such other address as such party may hereafter designate by notice to the other party:

If to Stevens, to:

 

James Coletta, President

 

Stevens Urethane

 

412 Main Street

 

Easthampton, MA 01027 Fax: 413-779-1259

 

jcoletta@stvure.com

 

If to BioSolar, to:

 

David Lee, Chief Executive Officer BioSolar Inc.

 

27936 Lost Canyon Road

 

Suite 202

 

Santa Clarita, CA 91387

 

  

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11.2 Independent Contractor: Stevens is an independent contractor with respect to the Preparation and delivery of Product, and neither Stevens nor any person engaged or employed by Stevens shall for any purpose be or be deemed to be the employee, agent, or representative of BioSolar in the performance of this Agreement. Stevens shall have complete charge of its personnel engaged in the performance of this Agreement and shall perform all manufacturing services and related activities under this Agreement in accordance with its own methods and practices. Nothing herein shall be construed as creating a relationship of partnership, joint venture or principal and agent between the parties hereto.

 

11.3 No Third party Beneficiaries: This Agreement is for the sole benefit of the parties hereto and their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any person, other than the parties hereto and such successors and permitted assigns, any legal or equitable rights hereunder.

 

11.4 Counterparts: This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party. Counterparts and signatures transmitted by facsimile shall be valid as originals.

 

11.5 Severability: The provisions of this Agreement are severable. If for any reason any provision contained in this Agreement is held to be invalid, illegal, or otherwise void by a court of competent jurisdiction, the remaining provisions of this Agreement shall not be affected and shall continue in full force and effect.

 

11.6 Waivers and Amendment: Acceptance by either party of any performance less than required by this Agreement shall not be deemed to be a waiver of the rights of such party to enforce all of the terms and conditions hereof. No waiver of any provision of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof, whether or not similar, nor shall any waiver constitute a continuing waiver. No amendments, modifications, alterations, or waivers of the terms of this Agreement shall be binding unless made in writing and executed by both of the parties hereto.

 

11.7 Standard Forms: To the degree that either or both of the parties hereto find it convenient to employ their standard forms of purchase order or acknowledgment of order in administering the terms of this Agreement, it or they may do so but none of the terms and conditions printed or otherwise appearing on such form shall be applicable except to the extent that it specifies information required to be furnished by either party hereunder. The terms proposed by any such form are specifically objected to and shall not be used as a basis for any contract.

 

  

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11.8 Confidential Information: In connection with its performance under this Agreement, the parties and their personnel will have access, by visual, oral, and other means, to information regarding each other's customers, products, operations, processes, techniques, knowhow, technology, and other matters, (collectively, "Confidential Information"). The parties agree to the following: (a) the parties and their personnel will keep Confidential Information strictly confidential and will disclose the Confidential Information only to their respective personnel who need to have the Confidential Information in order to Prepare the Product under this Agreement, (b) neither party or its personnel will disclose any Confidential Information to any third person in any manner whatsoever, and (c) neither party or its personnel will use any Confidential Information for any purpose whatsoever other than performing its obligations hereunder. The foregoing restrictions shall not apply to any Confidential Information that becomes publicly known through no fault of a party or its personnel. This Section 11.8 shall survive any termination or expiration of this Agreement. Upon the termination or expiration of this Agreement or upon either party's written request, whichever occurs first, each party shall return to the other all of such other party's written Confidential Information obtained, and shall not retain any copies, abstracts, or reproductions, in whole or in part, including any portions of any analyses, compilations, studies, notes, or other documents prepared for internal use that reference or incorporate any Confidential, Information.

 

11.9 Interpretation: The headings contained in this Agreement or any Schedule hereto, are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement or any such Schedule. All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule, but not otherwise defined therein, shall have the respective meanings as defined in this Agreement. When a reference is made in this Agreement to a Section or Schedule, such reference shall be to a Section of or Schedule to this Agreement unless otherwise indicated. Whenever the words "include," "includes," or "including," are used in this Agreement, they shall be deemed to be followed by the words "without limitation." Words used herein, regardless of the number or gender specifically used, shall be deemed and construed to include any other number (singular or plural) or any other gender (masculine, feminine, or neuter). The word "or" shall have inclusive meaning represented by the phrase "and/or." The term "person" means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, governmental authority, or other entity or combination thereof.

 

11.10 Entire Agreement: This Agreement, including all Schedules hereto, constitutes the full understanding of the parties, a complete allocation of risk between them, and a complete and exhaustive statement of the terms and conditions of their Agreement relating to the sale of Raw Materials and the Preparation of the Product hereunder and supersedes any and all prior agreements, whether written or oral, that may exist between the patties. Except as provided otherwise in this Agreement, no conditions, usage of trade, course of dealing or performance, understanding or agreement purporting to modify, vary, explain or supplement the terms or conditions of this Agreement shall be binding unless hereafter made in writing and executed by both of the parties hereto.

 

  

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IN WITNESS WHEREOF, Stevens and BioSolar have duly executed this Agreement as of the day and year first above written.

 

ACCEPTED and AGREED as evidenced by the authorized signature below:

 

	 
BioSolar, Inc. 
27936 Lost Canyon Road

 
Suite 202

 
Santa Clarita, CA 91387

 
USA

	 
Stevens Urethane

 
412 Main Street

Easthampton, MA 01027

 
USA

	 	 

 

	 	 	 	 	 
	
By: /s/ David Lee 

	 	 	
By: /s/ James Coletta

	 
	 	 	 	 	 
	
Print: David Lee   

	 	 	
James Coletta

	 
	 	 	 	 	 
	
Title: Chief Executive Officer 

	 	 	
President

	 
	 	 	 	 	 
	Date: May 22, 2012  	 	 	May 21, 2012	 

 

 

 

 

 

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