Document:

ex10-35.htm

Exhibit 10.35

 

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the "Agreement") is entered into and effective as of the 15th day of February, 2010 by and between Global Universal Entertainment, Inc., a Nevada corporation (the “Company”) with principal corporate offices located at Raleigh Studios. Suite B-116, 650 N. Bronson Ave., Los Angeles, CA 90004, which is a wholly owned subsidiary of Global Entertainment Holdings, Inc., a Nevada corporation, and Daniel A. Sherkow, whose address is 10424 Cheviot Drive, Los Angeles, CA 90064 ("Executive").

1.           EMPLOYMENT.

1.1           The Company hereby agrees to employ Executive, and Executive hereby accepts such employment, on the terms and conditions set forth herein, commencing February 15, 2010 (the "Effective Date"), and continuing through February 14, 2012 (the "Term"), unless terminated earlier as provided for in Section 4, below.

2.           DUTIES OF EMPLOYEE.

2.1           Executive shall serve as the Chief Operating Officer of the Company.  In this capacity, Executive shall perform such customary, appropriate and reasonable executive duties as are usually performed by the Chief Operating Officer, including such duties as are delegated to Executive from time to time by the Board of Directors of the Company (the "Board"). Executive shall report directly to the Company's Chairman of the Board of Directors.

2.2           Executive agrees to devote Executive's good faith, sufficient time, attention, skill and best efforts to the performance of Executive’s duties for the Company during the Term of this Agreement.  However, this Agreement shall not be interpreted to prohibit Executive from making passive personal investments if those activities do not materially interfere with the services required under this Agreement and such activities do not compete with the interests of the Company.

3.           COMPENSATION AND OTHER BENEFITS.

3.1           BASE SALARY.   During the Term hereof, the Company shall pay to Executive an annual base salary of Two Hundred Fifty Thousand Dollars ($250,000) per calendar year (the "Base Salary"), subject to adjustment at the discretion of the Board and to the limitations and offsets provided for in this Section 3, below.  Payment of the Base Salary shall be made in accordance with the Company's payment policy and shall not commence until the Company, in its sole discretion, determines that it has sufficient funds to pay such Base Salary to Executive.  Payment of Base Salary shall not be retroactive from the date of this Agreement, but shall start upon the commencement of the first payment of such Base Salary. Further, in the event Company determines, in its sole discretion, that it does not have sufficient funds during any fiscal quarterly period to fulfill its obligation hereunder to pay Executive’s Base Salary, Executive agrees to waive all rights to such Base Salary. All payments to Executive shall be subject to all employee withholding amounts as may be required by law.

 

  

  

  

 

3.2           BONUS.

(a)           During the Term hereof, the Company may elect to pay Executive a cash bonus in an amount to be determined by Company in its sole discretion, less any employee withholding as may be required by law. Company shall not be obligated to pay Executive any such cash bonus, but may do so in the amount it determines in its sole discretion.

(b)           Further, if Executive is responsible for finding sources of financing which are actually used by Company in the carrying out of its business, Company shall pay to Executive a further cash bonus equal to five percent (5%) of such money found by Executive and actually received by Company.  Such further bonus shall be paid within ten (10) business days from the date the Company actually receives such money found by Executive, or earlier in Company’s sole discretion. Company shall have the right, in its sole discretion, to enter into an agreement or not enter into an agreement with any source found by Executive; and Company shall, in its sole discretion, negotiate all terms of such agreement and approve or not approve the form of the written agreement setting forth the terms of the agreement with the source found by Executive.

(c)           Executive may participate in extraneous income derived from the production of motion pictures in the form of “consultant” or “executive producer” fees, etc.  Such extraneous income shall deemed as provided to Executive as bonus compensation and shall be shared on an equal basis (i.e., 50%/50%) with the Company and shall an offset to Executive’s Base Salary.

3.3           VACATION.   Executive shall be entitled to a minimum aggregate of three (3) weeks paid vacation per year, the dates of such vacation to be determined in Company’s sole discretion, including breaking up the four week period into shorter periods in Company’s sole discretion. Executive shall be paid during Executive’s vacation in the same amount, if any, that Executive is being paid immediately prior to each such vacation.

3.4           OTHER BENEFITS.   If Company in its sole discretion, determines that it has sufficient funds to pay for Executive’s health, dental and/or disability insurance, Company shall, in its sole discretion provide Executive with health, dental and/or disability insurance.  Company may decide to provide some benefits set forth above, but not other benefits set forth above. Such benefits shall not be given on a retroactive basis if given after the date of this Agreement, and if Company determines in its sole discretion that it does not have sufficient funds, Company may stop providing Executive with one or all of such benefits.  In addition, Executive shall be eligible to participate in all other benefits or profit sharing plans (including incentive stock options) made available to other executives of the Company.  If Executive elects to participate in any other such benefits or plans, and such plans require payment, then Executive's portion of such payment(s) will be deducted from Executive's paycheck.

In addition, Executive shall be eligible to participate in all other benefits or profit sharing plans (including incentive stock options) made available to other executives of the Company.  If Executive elects to participate in any other such benefits or plans, and such plans require payment, then Executive's portion of such payment(s) will be deducted from Executive's paycheck.

3.5           BUSINESS EXPENSES.   The Company may, in its sole discretion, provide Executive with credit accounts of the Company and if provided, shall promptly reimburse Executive for all reasonable and necessary business expenses (as determined by Company in its sole discretion) not covered by such credit accounts, which may be incurred by Executive in connection with the business of the Company and the performance of Executive duties under this Agreement, subject to Executive providing the Company with reasonable documentation thereof.

3.6           INITIAL STOCK BONUS.   Upon the execution hereof by all parties, and as partial consideration for Executive’s execution of this Agreement, the Company agrees to issue Executive fifty thousand (50,000) shares of the publicly-traded, common stock of Global Entertainment Holdings, Inc., the Company’s parent company, and, provided Executive is still employed by Company at the end of six (6) months from the Effective Date, the Company shall grant Executive an additional fifty thousand (50,000) shares (hereinafter, all such shares of common stock are referred to as the “Parent Company Stock”).

  

  

  

 

3.7           STOCK OPTIONS.   In addition to the Parent Company Stock to be sold to Executive as set forth in 3.6 above, Executive shall have the option to purchase up to two hundred forty thousand (240,000) shares of Parent Company Stock, on the following terms and conditions: For each calendar quarter of Executive’s employment hereunder commencing February 15, 2010 that Executive is an employee in good standing with Company, Executive will have the option to purchase thirty thousand (30,000) shares of Parent Company Stock.  For example, if Executive has been an employee in good standing with the Company for one year (i.e., four calendar quarters), Executive will have been granted options to purchase a total of one hundred, twenty thousand (120,000) shares of Company Stock. Such options may be exercised separately or in the aggregate, by written notice to Company of Executive’s exercise of the option(s) described in such notice, together with tender of the sum of money in the amount of $0.10 per share, for the purchase of the applicable amount of Company Stock.  Such stock options must be exercised on or before January 31, 2012, or within ten (10) days after the termination of the Agreement for any reason, or they will automatically lapse without notice to Executive and without any further value.

3.8           APPLICABILITY OF BONUS AND STOCK OPTION INCOME TO OFFSET BASE SALARY.

Fifty Percent (50%) of any bonus paid under Paragraphs 3.2(a) and 3.2(b) above, and Fifty Percent (50%) of the Stock Option Value (as defined hereinbelow) shall be applicable as an offset against amounts due and payable for Executive’s Base Salary (i.e., shall reduce the amount of Base Salary paid or payable to Executive by the Company).  In the event of such 50% reduction of the Base Salary, Company shall have the right either to require Executive to pay to Company the amount of which the Base Salary is reduced, or the Company may withhold such 50% reduction of the Base Salary from payment of Executive’s current or future Base Salary. The Stock Option Value shall be difference between the value of the Parent Company stock realized on the date of exercise of any stock options, minus the aggregate exercise price of such stock options.  There is no Stock Option Value if an option is not exercised by Employee.

4.           TERMINATION.

4.1           EARLY TERMINATION.   The Company may terminate the Executive's employment prior to the end of the Term hereof by giving the Executive thirty (30) days' advance notice in writing.  If the Company terminates the Executive's employment prior to the end of the Term hereof for any reason other than Cause, as defined below, or if the Executive terminates Executive’s employment for Good Reason, as defined below, the provisions of Sections 5.1(a), 5.2 and 5.3 shall apply.  The Executive may terminate Executive’s employment prior to the end of the Term hereof by giving the Company thirty (30) days advance written notice.  If the Executive terminates his employment prior to the end of the Term hereof, other than for Good Reason, the provisions of Section 5.1(b) shall apply. Upon termination of the Executive's employment with the Company, the Executive's rights under any applicable benefit plans shall be determined under the provisions of those plans.  Any waiver of notice shall be valid only if it is made in writing and expressly refers to the applicable notice requirement of this Section 4.1.

4.2           DEATH.   The Executive's employment shall terminate in the event of Executive’s death.  The Company shall have no obligation to pay or provide any compensation or benefits under this Agreement on account of the Executive's death, or for periods following the Executive's death; provided however that the Company's obligations under Sections 5.1(a), 5.2 and 5.3 shall not be interrupted as a result of the Executive's death, and the Executive's estate or its representative(s) shall be entitled to exercise all the rights of the Executive under such Sections. The Executive's rights (and the rights of her estate) under the benefit plans of the Company in the event of the Executive's death shall be determined under the provisions of those plans.

4.3           CAUSE. The Company may terminate the Executive's employment for cause by giving the Executive three (3) business days' advance notice in writing. For all purposes under this Agreement, "Cause" shall mean a willful act by the Executive which constitutes gross misconduct and which is injurious to the Company.  No act, or failure to act, by the Executive shall be considered "willful" unless committed without good faith without a reasonable belief that the act or omission was in the Company's best interest. No compensation or benefits will be paid or provided to the Executive under this Agreement on account of a termination for Cause for periods following the date when such a termination of employment is effective. The Executive's rights under the benefit plans of the Company in the event of a termination for Cause shall be determined under the provisions of those plans.

  

  

  

 

4.4           DISABILITY.   The Company may terminate the Executive's employment for Disability by giving the Executive thirty (30) days advance notice in writing. For all purposes under this Agreement, "Disability" shall mean that the Executive, at the time notice is given, has been unable to substantially perform his duties under this Agreement for a period of more than thirty (30) consecutive days as the result of Executive’s incapacity due to physical or mental illness. In the event that the Executive resumes the performance of substantially all of her duties hereunder before the termination of her employment under this Section 4.4 becomes effective, the notice of termination shall automatically be deemed to have been revoked. No compensation or benefits will be paid or provided to the Executive under this Agreement on account of termination for Disability for periods following the date when such a termination of employment is effective; provided however that the Company's obligations under Sections 5.1(a), 5.2 and 5.3 shall not be interrupted as a result of the Executive's Disability, and the Executive or Executive’s guardian(s) or other representative(s) shall be entitled to exercise all the rights of the Executive under such Sections. The Executive's rights under the benefit plans of the Company in the event of her Disability shall be determined under the provisions of those plans.

4.5           GOOD REASON.   Employment with the Company may be regarded as having been constructively terminated by the Company, and the Executive may therefore terminate Executive’s employment for Good Reason and thereupon become entitled to the benefits of Sections 5.1(a) and 5.2 below, if, before the end of the Employment Period, one or more of the following events shall occur:

(a)           a material reduction by the Company in the Base Salary of the Executive as in effect immediately prior to such reduction;

(b)           a material reduction by the Company in the kind or level of employee benefits to which the Executive is entitled immediately prior to such reduction with the result that the Executive's overall benefits package is significantly reduced;

(c)           the relocation of the Executive to a facility or a location more than 50 miles from the Executive's then present location or from the Company's principal executive offices, without the Executive's express written consent;

(d)           any purported termination of the Executive's employment by the Company which is not effected for death, Disability or for Cause, or any purported termination for which the grounds relied upon are not valid;

(e)           the failure of the Company to obtain the assumption of this Agreement by any successor; or

(f)           any material breach by the Company of any material provision of this Agreement which is not cured within ten business days after Company receives written notice from Executive stating the alleged material breach.

5.           TERMINATION BENEFITS.   In the event the Executive's employment terminates prior to the end of the Term hereof, then the Executive shall be entitled to receive severance and other benefits as follows:

5.1           SEVERANCE.  All amounts payable hereunder as Severance Pay to Executive shall be subject to the Company’s determination, in its sole discretion, that it has sufficient funds from profitable operations to pay such obligation to Executive.

(a)           INVOLUNTARY TERMINATION.   If the Company terminates the Executive's employment other than for Cause, or if the Executive terminates her employment for Good Reason, or if the Executive's employment terminates by reason of her death or Disability then, in lieu of any severance benefits to which the Executive may otherwise be entitled under any Company severance plan or program, the Executive shall be entitled to payment of his Base Salary and Bonus compensation for a period of three (3) months; provided, however, that such payments may be terminated earlier in the event of a breach by the Executive of his obligations hereunder.

(b)           OTHER TERMINATION.   In the event the Executive's employment terminates for any reason other than as described in Section 5.1(a) above, including by reason of the Executive's resignation other than for Good Reason and the Company's termination of the Executive for Cause, then the Executive shall be entitled to receive severance and any other benefits only as may then be established under the Company's existing severance and benefit plans and policies at the time of such termination applying to termination for Cause or resignation for Good Reason; provided, however, that such severance and other benefits shall not exceed one month.

  

  

  

 

5.2           BONUS COMPENSATION.   In the event the Executive's employment is terminated as described in Section 5.1(a) above, then the Executive shall continue to be entitled to receive fifty percent (50%) of the Bonus Compensation as described in Section 3.2 as though he had remained an employee for a period of six (6) months after Executive is terminated.  In the event the Executive's employment terminates for any other reason during the Term hereof (other than for Cause), then the Executive shall be entitled to payment of such Bonus Compensation only in the event that the Company receives the benefit of any financing or revenues within thirty (30) days after employee’s termination. However, notwithstanding the foregoing, fifty percent (50%) of the bonus compensation payable under Paragraph 3.2(b) shall be paid in full for a period of one (1) year, regardless of the reason for termination.

5.3           OPTIONS.   Notwithstanding anything to the contrary contained in any stock option agreement or incentive stock option plan that the Executive may become a party to, upon any voluntary or involuntary termination of Executive's employment with the Company, including without limitation termination by the Company for Cause: (i) all unvested stock options to purchase shares of the common stock of the Company then held by the Executive shall immediately expire without value, and (ii) all vested stock options may be exercised by the Executive at any time during the ten (10) day period following the date of such termination.

6.           ASSIGNMENT.   Executive may not assign this Agreement or any rights or obligations hereunder. The Company may assign this Agreement to any of its subsidiaries or affiliates or in connection with any Corporate Transaction or reincorporation of the Company.

7.           PROPRIETARY INFORMATION.   For valuable consideration included as a part of Executive’s compensation hereunder, at anytime during the Term hereof, and thereafter for a period of three (3) years, the Executive shall not, without the prior written consent of the Board, disclose or use for any purpose (except in the course of Executive’s employment under this Agreement and in furtherance of the business of the Company or any of its affiliates or subsidiaries) any confidential information, business practices or proprietary data of the Company.  As an express condition of the Executive's employment with the Company, the Executive agrees to execute confidentiality agreements as reasonably requested by the Company from time to time.

8.           MISCELLANEOUS.

8.1           This Agreement supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to the employment of Executive by the Company and constitutes the entire agreement between the Company and the Executive with respect to its subject matter.

8.2           This Agreement may not be amended, supplemented, modified or extended, except by written agreement which expressly refers to this Agreement, which is signed by all of the parties hereto and which is authorized by the Company's Board of Directors.

8.3           This Agreement is made in and shall be governed by the laws of the State of California, without giving effect to its conflicts-of-law principles.

  

  

  

 

8.4           In the event that any provision of this Agreement is determined to be illegal, invalid or void for any reason, the remaining provisions hereof shall continue in full force and effect.

8.5           Executive represents and warrants to the Company that there is no restriction or limitation, by reason of any agreement or otherwise, upon Executive's right or ability to enter into this Agreement and fulfill her obligations under this Agreement.

8.6           All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by first-class mail, postage prepaid, with proof of delivery, or delivered either by hand, by messenger or by overnight courier service, and addressed to the receiving party at the respective address set forth in the heading of this Agreement, or at such other address as such party shall have furnished to the other party in accordance with this Section 8.6 prior to the giving of such notice or other communication.

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

WITNESS:                                                                GLOBAL UNIVERSAL ENTERTAINMENT, INC.

/s/ Amanda Fein                                                      By:  /s/ Gary Rasmussen 

       Amanda Fein                                                                             Gary Rasmussen, Chief Executive Officer

    EMPLOYEE:

/s/ Jacob Sherkow                                                                 /s/ Daniel A. Sherkow 

       Jacob Sherkow                                                                     Daniel A. Sherkowex10-36.htm

Exhibit 10.36

 

EXCLUSIVE LICENSE AGREEMENT

THIS AGREEMENT is made and entered into as of the 19th day of March, 2010:

	
BETWEEN

	
Global Entertainment Holdings, Inc. a corporation incorporated under the laws of Nevada, having its registered office at 650 N. Bronson Avenue, Suite B-116, Los Angeles, CA 90004, USA represented herein by Gary Rasmussen, its Chief Executive Officer and duly authorized officer as he so declares,

Hereinafter referred to as “Licensor”

	
AND

	
Global Universal  Pictures, Inc., a corporation incorporated under the laws of New Brunswick, having its registered office at 11 Pine Court, Maugerville, New Brunswick, E3A 8M8 Canada, represented herein by Jacqueline Giroux, its President and duly authorized officer as she so declares,

 Hereinafter referred to as “Licensee”

IT IS AGREED:

	
1.

	
DEFINITIONS

The following words, wherever used in this Agree­ment or in any deeds or agree­ments supplemental or ancillary hereto, shall have the following meanings:

	
1.1

	
“Film” means and refers to up to 1 x 95 - 100 minute Feature Film production project, (including credits and music video) more fully described as follows:

	
  

	
1.1.1

	
Title:

	
“The Night” (working title)

	
  

	
1.1.2

	
Concept/Storyline:

	
Global Entertainment Holdings, Inc.

	
  

	
as more fully described in Schedule “A”attached hereto.

	
1.2

	
“WORK” means and refers to the project described in above article 1.1, including:

	
  

	
1.2.1

	
the title “The Night”;

	
  

	
1.2.2

	
the Concept and/or Storyline of the Film;

	
  

	
1.3       “Television" means and refers to any and all forms and technologies of television, whether now  known or  hereafter devised, including without limitation, television forms commonly referred to as "Free TV", "PayTV", "Public TV", "DBS", "Cable TV" and "Subscription TV".

 

 

  

  

  

 

	
1.4

	
 “Merchandising Rights” means and refers to those rights required for manufacture, sale and distribution of all merchandise including but not limited to brochures, comics, cartoons, posters, programmes, toys, games, electronic media products now known or unknown (including but not limited to interactive games, programmes for Internet or mobile phones, Internet and mobile phones downloadables) (“Electronic Media Products”), novelties, combined packages of books, records, fabrics, apparel, food, drinks and other goods and other premiums promotions and commercial tie-ins featuring, containing or consisting of the names, characters, items, symbols, trademarks, designs, logos, Licensees and catch-phrases, likenesses and visual representations of the literary and/or artistic characters created, described or portrayed in the WORK.

 

	
1.5

	
“Home Video/DVD” means and refers to copies of programs on tape, disc, cassette, laser disc, CD-ROM, DVD or any other similar format manufactured and intended primarily for private, in-home exhibition, and to the selling, rental and location of such copies on all possible carrier materials currently known or developed in the future.

	
1.6

	
“Distribution” means and refers to any and all activities related to the commercial release of the Film and products derived therefrom, including the sale, the location and distribution thereof by any and all means currently known or developed in the future, including electronic distribution.

	
1.7

	
“Broadcast” means and refers to communication to the public by telecommunication of the Film including transmission and retransmission thereof via any television distribution system or by cable, satellite and any other means currently know or developed in the future, including broadcasting via Internet and mobile telephones.

	
2.

	
EXCLUSIVE GENERAL LICENSE

	
2.1

	
Object - Subject to the terms and conditions of this Agreement, the Licensor hereby transfers unto Licensee the copyright to the WORK, and further grants to Licensee the worldwide and exclusive license to use the WORK and to authorize the use thereof for and in connection with the following purposes:

	
  

	
2.1.1

	
the writing, production, publication, broadcast, distribution, public performance and promotion of the Film throughout the world in all languages and in all distribution markets, including but not limiting to Television, Home Video/DVD, non-theatrical and theatrical markets.

	
  

	
2.1.2

	
the exercise of all Merchandising Rights in respect of the Film and the exercise of all so-called "commercial tie-up" rights (as this expressions is used in the Film and television industry) in respect of the WORK, which include without limitation all rights required for the manufacture, sale and other exploitation of whatsoever nature of goods, souvenirs, products, facilities and commodities of all kinds reproducing, depicting, making reference to or based on or decorated with the title, characters, scenes and incidents of or articles appearing in the WORK or in the Film;

	
  

	
(Hereinafter referred to as “GENERAL LICENSE”).

	
2.2

	
Term - Subject to provisions of article 2.3 below and to the other terms and conditions of this Agreement,  the GENERAL LICENSE granted hereunder shall vest in Licensee upon execution of this Agreement without any term restrictions.

	
2.3

	
Conditions of use - The GENERAL LICENSE is deemed subject to the execution of the following conditions:

2.3.1         Gary Rasmussen will be an Executive Producer for the duration of the Film.

2.3.2         Subject to the provisions of the Agreement, Licensee shall accord the following credit on the negative of the Film and on all positive copies of the Film made or issued by Licensee in the opening credits in the words "Original concept Global Entertainment Holdings, Inc." and “Executive Producer Gary Rasmussen” and in all advertising and paid publicity issued by or under the immediate control of Licensee other than teaser trailers list group and advertising of eight column inches or less in size and other than special advertising or publicity relating to the screenplay upon which the Film is based or to commercial tie ups and other radio or television advertising or publicity written in narrative form PROVIDED ALWAYS that Licensee shall not be liable for any failure or default by any third party concerned in the exploitation of the Film in giving such credit nor for any accidental breach of its obligations under this sub-clause (but Licensee will use all reasonable endeavours to remedy any such accidental breach by it of which notice is given to it if such remedy is possible and all reasonable endeavours to obtain the remedy of a remediable breach by a third party) and the rights and remedies (if any) of Licensee or of the Licensor in the event of breach of this sub-clause shall be limited to Licensee or to the Licensor's right (if any) to recover damages in an action at law and in no event shall be entitled by reason of any such breach to enjoin or restrain the distribution exhibition or other exploitation of the Film.

 

  

  

  

 

	
3.

	
COMPENSATION

	
3.1

	
Subject to financing of the Film, Licensee agrees to pay to the Licensor as all-inclusive remuneration and as consideration in full for all rights granted or to be granted hereunder, the following compensation: (i) a sum of CA$150,000, and (ii) revenue representing 30% of the share of Licensee in the Net Receipts of the Film. For the purposes of this Agreement, the term “Gross Receipts” shall mean all monies (including all amounts from advances, guarantees, security deposits and awards) received by Licensee (or its wholly owned subsidiary created for the sole purpose of producing the Film) or distributors from the lease, sub-license, sale, rental, barter, distribution, broadcast, exhibition, performance, exploitation or other exercise of each licensed right in the Film all without deductions, (where such deductions shall include but not be limited to any withholding or other taxes paid or deducted at source) throughout the Universe. These amounts exclude presales, advances, and minimum guarantees, as well as third party investments or other instruments used to produce the Film.

	
  

	
For the purpose of this Agreement, the term “Net Receipts” shall mean “Gross Receipts” less reasonable distribution commissions, distribution expenses and residual royalties, if any.

4.           WARRANTIES AND REPRESENTATIONS

4.1           The Licensor warrants represents and agrees that:

	
  

	
4.1.1

	
the Licensor has full authority, power and right to enter into this Agreement, and to fully perform all of Licensor’s obligations hereunder;

	
  

	
4.1.2

	
the Licensor has and will have no contract, grant or deed with any other person or entity which might conflict with, impair or be inconsistent with any of the provisions of this Agreement;

	
  

	
4.1.3

	
neither this Agreement nor the fulfillment thereof by any part infringes upon the rights of any person;

	
  

	
4.1.4

	
the WORK does not or will not violate or infringe upon the copyright, moral rights and other property rights of any person or entity;

	
  

	
4.1.5

	
there are no rights, licenses or grants of any nature in favor of anyone, which would impair or infringe upon the rights herein granted to Licensee.

 

  

  

  

 

	
5.

	
REMAKES, ETC.

5.1           Licensor hereby grants Licensee the Right of First Negotiation and the Right of LastRefusal to participate in the production of any remake, sequel, follow-up, prequeland spin-off rights (collectively "Other Productions") in and to the Film and the WORK produced by Licensee (or any of its assignee’s or licensees of rights in and to the Other Productions), where:

5.1.1       “Remake” or “spin-off”, refers to the right to adapt or reproduce or represent at a latertime the Film, to adapt the Film creating a new movie in animation or live action or TV series or Electronic Media Products constituting a new version of the Film which version deals with the same themes, characters, scripts and dialogue;

5.1.2        “Sequel” or “follow-up”, refers to the rights to adapt, reproduce and represent at a latertime the Film, to adapt  the Film creating a new movie in animation or live action or TV Series or Electronic Media Products forming a new version of the Film which version deals with the elements of the Film such as the title, principal themes, certain characters, situations, scripts and dialogue. The right to a follow-up includes the right to create a new movie or pre-production elements from the Film which can be exploited commercially independently from the Film, including in Videogram format, and in television format in certain countries;

5.1.3       “Prequel” refers to the right to adapt, reproduce, or represent the Film through new production forming a new version of the Film creating a new movie in animation or live action or TV series or Electronic Media Products which version deals with the elements of the Film such as the title, principal themes, certain characters, situations, scripts and dialogue, but whereby the action is set in a time prior to that of the Film.

5.2           The Parties shall negotiate in good faith the terms and conditions of the remake, sequel,follow-up, prequel and spin-off rights in relation to the Right of First Negotiation and theRight of Last Refusal above mentioned.

	
6.

	
BANKRUPTCY

	
6.1

	
In the event of the liquidation of Licensee’s assets, or the filing of a petition in bankruptcy or insolvency or for an arrangement or reorganization by, for or against Licensee, or in the event of the appointment of a receiver or a trustee for all or a portion of Licensee’s property, or if Licensee shall make an assignment for the benefit of creditors, or commits any act for or in bankruptcy, or become insolvent, the Licensor shall have the option by written notice to Licensee to terminate this Agreement.

	
6.2

	
It is expressly agreed and understood between and by the parties that, notwithstanding the termination of this Agreement under paragraph 6.1 above:

	
  

	
6.2.1

	
all rights and interests granted to or acquired by Licensee hereunder in and to the Film and Merchandising Rights project made on the date of termination, shall not be affected and shall remain in full force and effect.

	
7.

	
TRANSFER

	
7.1

	
Save and except for any transfer or assignment of rights to a parent or affiliate company of Licensee, which transfer or assignment can take place without the prior written agreement of the Licensor, Licensee shall not assign nor transfer this Agreement and any of of its rights and obligations hereunder, at any time and from time to time, in whole or in part, without having first obtained for each projected transfer written approval from the Licensor, which approval shall not be unreasonably withheld.

 

 

  

  

  

8.            DEFAULT

	
8.1

	
Should Licensee fail to perform any of its obligations hereunder, the Licensor shall be at liberty to terminate this Agreement provided, however, that:

	
  

	
8.1.1

	
the Licensor shall advise Licensee in writing of the specific facts upon which it is claimed that Licensee is in default;

	
  

	
8.1.2

	
Licensee shall be allowed a period of thirty (30) days after the receipt of such written notice within which to cure such default;

	
  

	
8.1.3

	
if Licensee fails to cure the same within such thirty (30) day period, this Agreement shall terminate and be deemed terminated upon the expiration thereof.

	
8.2

	
It is expressly agreed and understood between and by the parties that, notwithstanding the termination of this Agreement under paragraph 8.1 above:

	
  

	
8.2.1

	
all rights and interests granted to or acquired by Licensee hereunder in and to the Film and Merchandising Rights project made on the date of termination, shall not be affected and shall remain in full force and effect;

	
  

	
8.2.2

	
all rights and interests granted to or acquired by Licensee hereunder in and to the WORK, including any and all rights and interests granted to or acquired by Licensee to the Film and Merchandising Rights project derived from the WORK and the Film, shall revert and be deemed reverted to the Licensor upon termination of this Agreement. subject, however, to the following conditions:

	
  

	
a)

	
the Licensor shall be deemed substituted to Licensee in and for the conduct of the licenses referred to 8.2.2;

	
  

	
b)

	
the reversion of rights referred to above shall be subject to the undertaking and observance by the Licensor of Licensee’s obligations under these licenses;

	
  

	
c)

	
any and all payments made by Licensee to the Licensor before the termination of this Agreement shall remain valid and subject to no reimbursement by the Licensor.

	
9.

	
NOTICES

	
9.1

	
Any notice, demand, request, accounting, con­sent or communication requi­red or contemplated by any provision of this Agreement is to be given either by hand or by messenger, or by prepaid registered mail, or by an internationally recognized overnight courrier service (such as Federal Express, etc.), or by telecopier, provided such communication is evidenced by confirmation of receipt, at the following addresses and numbers:

9.1.1                      to the Licensor:                                at the above mentioned address

            Fax: (818) 827-0900

 

9.1.2                      to the Licensee:                                at the above mentioned address

            Fax: (506) 208-0108

or at such other address or addresses and phone/fax number(s) as the parties may from time to time designate pursuant to the provisions of article 9.1.

  

  

  

	
10.

	
GENERAL PROVISIONS

	
10.1

	
This Agreement (including Schedule attached thereto) contains the entire agree­ment between the parties with respect to the transactions contemplated herein and supersedes all prior or contempora­neous negotiations, agree­ments and understandings, if any. No amendment to this Agreement may be made unless in writing and signed by the parties or their agents.

	
10.2

	
This Agreement and the interpretation and enforcement thereof for all actions, claims and disputes shall be governed by and construed in accor­dance with the laws of the State of California, with venue resting in the Federal or State Courts situated within the City of Las Angeles, California USA.

	
10.3

	
The insertion of titles are for convenience only and do not affect the meaning of the interpretation of this Agreement.

	
10.4

	
Where required by the context hereof, the singular shall include the plural and the masculine gender shall include the feminine or neuter gender, as the case may be, and vice versa.

	
10.5

	
Nothing contained in this Agreement shall be construed so as to require the commission of any act contrary to law, and if any provision of this Agreement is held to be invalid or illegal under any material statute, law, ordinance, order or regulation, in any jurisdiction, such provision shall be curtailed and limited only to the extent necessary to bring it within the legal requirements of such jurisdiction and such curtailment or limitation shall not affect the validity of the remainder of this Agreement or any other provisions hereof in that, or any other, jurisdiction.

	
10.6

	
This Agreement shall not be construed as constituting a co-production, a partnership or joint venture between the parties or make either party an agent of the other party.  Each party hereto will not hold itself out as an agent of the other party and neither of the parties shall be or become liable or bound by any representation, act, omission or agreement whatsoever of the other party hereto.

This Agreement has been executed in two (2) counterparts, each counterpart shall be deemed an original, but all of which together constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

Global Entertainment Holdings, Inc.                                                                                     Global Universal Pictures, Inc.

By:    /s/ Gary Rasmussen___________                                                                                     By:   /s/ Jacqueline Giroux_______

          Gary Rasmussen, CEO                                                                                                                  Jacqueline Giroux, President

 

 

  

  

  

 

Addendum to Exclusive License Agreement

 

INVESTMENT UNDERTAKING

To :         649679 NB LTD. (d/b/a/ THE NIGHT PICTURES)

the “Corporation”

11 Pine Ct.

Maugerville, New Brunswick, E3A 8M8

Re:           Subscription of Preference Shares

The undersigned agrees and promises to subscribe to CA$150,000 of preference shares in the share capital of the Corporation as an equity investment in the production of the motion picture entitled “The Night”, to be paid in immediately available funds to the motion picture’s production account within five days from the closing of a production related bank loan between the Corporation and its designated financial institution. Such preference shares will be redeemed by the Corporation in first position from any and all sources of first available funds received by the Corporation.

Further, the Undersigned is hereby appointed as the Sales Agent for “The Night” for all rights excluding Canada. The Undersigned shall use its best efforts to obtain a minimum of $250,000 in gross sales, within twelve months of completion, from the exploitation of rights to “The Night” through one of more sales and/or distribution agreements with a reputable distribution company such as Fremantle Corp, Cinevest Interactive, etc. The Sales Agent shall be entitled to receive a fee equal to 10% of the gross amount of all sales for the rights to “The Night.”

Signed this 19th day of March, 2010.

Global Universal Film Group, Inc.                                                                                     649679 N.B. LTD.

                               (d/b/a/ THE NIGHT PICTURES)

By:           /s/ Gary Rasmussen                                           By:           /s/ Jacqueline Giroux                                                      

                 Gary Rasmussen, CEO                                                                                        Jacqueline Giroux, President

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