Document:

Exhibit
10.24

 

MONITORING,
MAINTENANCE, REPAIR AND UPGRADE AGREEMENT

 

THIS
MONITORING, MAINTENANCE, REPAIR AND UPGRADE AGREEMENT (“Agreement”) dated January 2, 2015 (the “Effective
Date”) by and between PLASTIC2OIL, INC., a Nevada corporation having an address of 20 Iroquois Street, Niagara Falls,
New York 14303 (hereinafter referred to as “P2O”), and ECONAVIGATION, LLC, a New York limited liability company
with an address of 1600 Moseley Road, Suite 200, Victor, NY 14564 (hereinafter referred to as “Customer”);

 

W
I T N E S S E T H :

 

WHEREAS,
P2O is a technology company engaged in, among other things, (i) the development of equipment, a catalyst and the know-how for
their utilization to process waste feedstocks consisting of plastic and using, when reasonably necessary, used oil, into diesel
fuel and naphtha, among other byproducts, and (ii) the sale of such equipment and catalyst and the licensing of such technology;

 

WHEREAS,
Customer is engaged in the business of processing feedstocks consisting of plastic and using, when reasonably necessary, used
oil, for the purposes of, among other things, creating fuel;

 

WHEREAS,
pursuant to a certain Technology License and Referral Agreement of even date herewith between P2O and Customer (the “Technology
License Agreement”), Customer licenses from P2O certain technology associated with the processing of plastic feedstocks
and the production of diesel fuel and naphtha from such process;

 

WHEREAS,
Customer and P2O have entered into a certain Equipment Supply Contract of even date herewith (the “Equipment Supply Contract”)
pursuant to which P2O will sell to Customer processers manufactured by P2O for Customer’s deployment and utilization of
the licensed technology, which processors are described in Attachment 1 to the Technology License Agreement (each hereafter, a
“Processor”);

 

WHEREAS,
pursuant to the Equipment Supply Contract, P2O may be entitled to additional payments for the purchase prices of certain Processors
based on the Processors’ productivity and as more specifically provided in the Equipment Supply Contract;

 

WHEREAS,
Customer will be locating and operating two (2) or more Processors at one or more facilities to be established by Customer for
the processing of plastic feedstocks; and

 

WHEREAS,
in support of P2O’s covenant, warranty and representation that each Processor shall be capable of performing at the Minimum
Performance Levels established for such Processor pursuant to and in accordance with the terms of the Equipment Supply Contract,
and to increase P2O’s opportunity to increase the sale prices of certain Processors sold pursuant to and in accordance with
the terms of the Equipment Supply Contract, Customer desires to purchase, and P2O agrees provide, services to monitor, maintain,
repair and upgrade Processors in accordance with the terms of this Agreement.

 

NOW,
THEREFORE, in consideration of One Dollar in hand paid, the covenants herein expressed, and such other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

    	 

    	 

    

 

	1.	Certain
                                         Definitions.

 

As
used herein, the following terms shall have the following meanings:

 

1.1.
“Affiliate” of a Person means: (i) a director, officer, partner, member, P2O, executor or trustee of a
Person and (ii) any Person directly or indirectly controlling, controlled by, or under common control with, that Person,
provided, however, no party to this Agreement will be considered an affiliate of any other party solely by reason of it being
a party to this Agreement.

 

1.2.
“Agreement” has the meaning given in the opening paragraph.

 

1.3.
“Applicable Law” means each applicable provision of any constitution, statute, law, ordinance, code, rule,
regulation, decision, order, decree, judgment, award, injunction, verdict subpoena, release, license or other legally binding
pronouncement of any Governmental Body.

 

1.4.
“Business” shall mean the processing of plastic feed stocks and used oil using Processors supplied
pursuant to the Equipment Supply Contract, catalyst supplied pursuant to the Catalyst Supply Agreement, and utilizing the
Licensed Technology under the Technology License Agreement.

 

1.5.
“Business Day” means any day other than Saturday, Sunday or any public or legal holiday, whether federal
or state, in the place in which a duty or obligation is to be performed.

 

1.6.
“Catalyst Supply Agreement” shall mean that certain Catalyst Supply Agreement of even date with the
Effective Date between P2O and Customer.

 

1.7.
“Certificate of Functionality” or “COF” shall have the meaning set forth in the
Equipment Supply Contract.

 

1.8.
“Commencement Date” shall be the date upon which a Certificate of Functionality is issued for a
Processor.

 

1.9.
“Effective Date” shall have the meaning set forth in the opening paragraph.

 

1.10.
“Encumbrance” shall mean any charge, claim, condition, equitable interest, lien, option, pledge, security
interest, right of refusal or restriction of any kind, including any restriction on use, voting, transfer, receipt of income
or exercise of any other attribute of ownership.

 

1.11.
“Equipment Supply Contract” shall have the meaning set forth in the recitals hereto.

 

1.12.
“Force Majeure” shall mean an event or circumstance which is beyond the
control and without the fault or negligence of the party affected and which by the exercise of reasonable diligence the party
affected was unable to prevent provided that event or circumstance is limited to the following: (i) riot, war, invasion, act of
foreign enemies, hostilities (whether war be declared or not), acts of terrorism, civil war, rebellion, revolution, insurrection
of military or usurped power, or requisition or compulsory acquisition by any governmental or non-governmental entity, army or
combatant; (ii) ionizing radiation or contamination, radioactivity from any nuclear fuel or from any nuclear waste from the combustion
of nuclear fuel, radioactive toxic explosive or other hazardous properties of any explosive assembly or nuclear component; (iii)
pressure waves caused by aircraft or other aerial devices travelling at sonic or supersonic speeds; (iv) earthquakes, flood, fire
or other physical natural disaster, but excluding weather conditions regardless of severity; and (v) strikes at a national level
or industrial disputes by labor not employed by the affected party, its contractors, subcontractors or its suppliers and which
affect an essential portion of the obligation(s) to be performed but excluding any industrial dispute which is specific to the
performance of the obligation(s) or this Agreement.

 

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1.13.
“Governmental Authorization” means any consent, license, permit or other authorization issued, granted,
given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Applicable
Law.

 

1.14.
“Governmental Body” means any governmental or quasi-governmental body exercising, or entitled to exercise,
any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power.

 

1.15.
“Hazardous Substances” means any deleterious, hazardous, corrosive or toxic substances or materials,
contaminants, special wastes, wastes or any other substances, the storage, disposal, discharge, treatment, remediation or
release into the environment of which is prohibited, controlled or regulated.

 

1.16.
“Knowledge” means, with respect to an individual, “Knowledge” of a particular fact or
other matter if:

 

		(i)	that
                                         individual is actually aware of that fact or other matter; or
	 	 	 
	 	(ii)	a
                                         reasonably prudent individual would have conducted a reasonably comprehensive investigation
                                         of that fact or other matter and, in the course of doing so, could be expected to become
                                         aware of that fact or other matter.

 

1.17.
“Knowledge” means, with respect to a Person (other than an individual), “Knowledge” of
a particular fact or other matter if any individual who is serving as a director, officer, partner, member, agent or trustee
of such Person (or in any similar capacity) has, at the time with respect to which the term is used,
“Knowledge” of such fact or other matter by which an individual would have such
“Knowledge.”

 

1.18.
“Licensed Technology” shall have the meaning as set forth under the Technology License
Agreement.

 

1.19.
“Minimum Production Levels” shall have the meaning set forth in Schedule “B” of the Equipment
Supply Contract.

 

1.20.
“Normal Business Hours” are from Monday to Friday, 8AM to 5PM, excluding all statutory holidays in the
State of New York and the state where the services under this Agreement are being performed.

 

1.21.
“Order” means any award, decision, injunction, judgment, ruling or verdict entered, issued, made or
rendered by any Governmental Body or by any arbitrator.

 

1.22.
“P2O’s Technology Business” shall mean “Licensor’s Technology Business”
as set forth and defined in the Technology License Agreement.

 

1.23.
“Permitted Assignee” shall have the same meaning as set forth therefor under the Technology License
Agreement.

 

1.24.
“Proceeding” shall have the same meaning as set forth therefor under the Technology License
Agreement.

 

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1.25.
“Processing Facility” shall have the meaning set forth therefor under the Technology License
Agreement

 

1.26.
“Person” means any person or entity of every kind and is to be construed as broadly as
possible.

 

1.27.
“Proceeding” means any action, arbitration, audit, hearing, investigation, litigation or suit (whether
civil, criminal, administrative, investigative or informal) commenced by or before, or otherwise involving, any Governmental
Body or arbitrator.

 

1.28.
“Processor” shall have the meaning set forth in the recitals hereto.

 

1.29.
“Stabilized Operation” shall have the meaning ascribed to such term in Schedule “A” of the
Equipment Supply Contract.

 

1.30.
“Technology” shall have the meaning set forth in the Technology License Agreement.

 

1.31.
“Technology License Agreement” shall have the meaning set forth in the recitals hereto.

 

1.32.
“Term” shall have the meaning set forth in Section 2 hereof.

 

	2.	Term.

 

This
Agreement shall have a term (the “Term”) running from and including the Commencement Date and expiring at the
end of the last day of the twentieth (20th) year of Stabilized Operation of the last Processor purchased by Customer
pursuant to the Equipment Supply Contract.

 

	3.	Services.
                                         During the Term, P2O shall provide the following services to Customer (the “Services”):

 

3.1.
Monitoring. P2O shall coordinate with the manager of the operations of each Processing Facility for the Term. P2O shall
Monitor (as hereinafter defined) each Processor, storing and keeping secure the resulting data therefrom and making such data
reasonably accessible to Customer upon Customer’s request for access to the same.

 

3.1.1.
“Monitoring” shall include P2O periodically (approximately once per week) connecting to the server
computer that controls each P2O Processor at the Customer’s Facility and download all database information (which
includes sensor information, states of valves, temperatures, pressures, flows, feed and fuel). The data will be used to
produce a monthly report to provide performance information to the Buyer. The report may be used to provide information to
better operate the Processor, identify excess component wear, and other useful information. P2O will not collect data for,
and will not produce reports related to, environmental, employee monitoring, or any other purpose other than the specific
monitoring to produce performance reports as described herein.

 

3.1.2.
Other Use of Information. Customer acknowledges that any reports, including any data contained in the reports, or other
data (collectively, “Information”) provided pursuant to this Section 3.1 are produced solely to indicate the
performance of the corresponding Processor(s) for operational purposes. Any other use of the Information shall be at the sole
risk of Customer. Customer agrees to defend, indemnify, and hold harmless P2O from and against any and all Losses arising from
Customer’s use of Information, other than as herein described.

 

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3.2.
Technical Support. Upon the request of Customer, provide technical assistance and consultation related to the operation
and maintenance of the Processors. P2O will repair, replace, or otherwise service a Processor, or portion thereof, as necessary,
to facilitate a Processor’s performance in accordance with Section 9.1.2 of the Equipment Supply Contract.

 

3.3.
Scheduling; Access. P2O and Customer will cooperate to schedule any onsite visits requested by Customer as part of the
Services. Customer is responsible for providing access to the Facility and Processor(s) with suitable accompaniment by a Customer
representative and during Normal Business Hours. Customer will provide P2O with a minimum of two weeks’ notice for any desired
Service requiring travel, however P2O will not be liable for any delays or inability to accommodate desired dates or timing. Customer
is responsible for ensuring P2O is free to start, stop isolate, disconnect or otherwise affect the Processor(s) in the course
of Service activities, as arranged with the Customer representative.

 

	4.	Price,
                                         Payment.

 

4.1.
P2O shall perform the obligations set forth in Section 3.1 above for no fee. P2O shall perform the obligations set forth in Section
3.2 above at parts, labor, and expense rates as follows: (i) the cost of parts used for routine maintenance and repairs and that
are not necessary to enable P2O to comply with and make true (but only to sustain) its obligations and warranties under section
2 (Product Standards) and Section 7.1.1 (Warranties) of the Equipment Supply Contract, which costs are set forth in the price
list attached hereto and made a part hereof as Schedule A; (ii) the labor costs for P2O’s technicians and other personnel
in accordance with the rates set forth in Schedule B attached hereto and made a part hereof; and (iii) the reasonable costs
of reasonably necessary travel and lodging by the individuals described in the preceding subparagraph (ii).

 

4.2.
The prices and labor rates set forth in Schedule A and Schedule B shall be subject to adjustment as follows. Commencing
with April 1, 2016 and continuing on the anniversary of such date throughout the Term, P2O shall notify Customer of the percentage
change, if any, in the Consumer Price Index for “All Cities, All Urban Consumers” as published by the Bureau of Labor
Statistics of the U.S. Department of Labor (the “Index”) as published for the month of December in the preceding
calendar year from the Index published for December 2014 (using the December 2014 Index as the base). Such percentage change in
the Index shall be applied to the prices and rates in Schedule A and Schedule B to calculate the prices and rates
for equipment and labor purchased or employed from such April 1st date to March 31st of the following calendar
year.

 

4.3.
Customer will pay or cause to be paid the full price for the Service plus applicable taxes. P2O will invoice Customer for the
services in advance of services being performed. Payment is due 30 days from date of invoice, unless otherwise stated.
Customer will be charged the lesser of (i) 1.5% per month interest (18% per annum) or (ii) the highest rate permitted by law
on all overdue accounts. These terms are subject to credit approval; otherwise, terms are cash with order or C.O.D. Time is
of the essence with respect to Customer’s obligations under this Section.

 

4.4.
P2O understands and agrees that at all times any of its or its agents’ or contractors’ personnel engaged in
connection with the performance of P2O’s obligations under this Agreement are at a Facility that they shall coordinate
with Customer’s then-present manager for each Facility.

 

4.5.
P2O shall cause there to be in place for all individuals engaged in performing P2O’s duties under this Agreement at a
Processing Facility adequate coverage for workmen’s compensation.

 

4.6.
P2O shall have the responsibility for complying with the reasonable rules and regulations of each Facility at which its
obligations are to be performed hereunder and, for the specific work performed by P2O, with the requirements of any statute,
ordinance, law or regulation of any governmental body or of any public authority or official thereof having jurisdiction;
provided, however, that P20 shall notify Customer promptly or forward to Customer promptly any complaints, warnings, notices
or summonses received by it related to such matters. For clarity, nothing in this Section 4.6 will obligate P2O with regard
to compliance with Applicable Law except for P2O’s own compliance related to the specific Service provided by
P2O.

 

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		5.	Customer
                                         Obligations.

 

5.1.
Customer shall comply with all Applicable Laws. Customer shall maintain in effect all the licenses, permissions,
authorizations, consents and permits that it needs to carry out its obligations under this Contract. Customer shall comply
with all export and import laws of all countries involved in any sale of parts under this Agreement. Customer acknowledges
that P2O is not responsible for identifying or remediating any unsafe conditions at Processing Facilities not caused by
defective or faulty Processors.

 

5.2.
It is the responsibility of Customer to maintain a safe worksite at each Processing Facility. No conditions or circumstances
will be present at a Processing Facility where the onsite Services are performed that are subject to special precautions or
equipment required by any laws or regulations for the performance of the Services. P2O’s technician or other personnel,
in its reasonable determination, may identify and refuse to perform Services under unsafe conditions and, without limiting
any other term of this Agreement, P2O has no liability to Customer relating to the non-completion of the Services as a result
of P2O’s technician or other personnel refusing to perform Services under such unsafe conditions.

 

5.3.
Customer will provide any and all computer and networking resources at each Processing Facility sufficient to enable
P2O’s monitoring of the Processors, and shall provide P2O with reasonable access to the computer and networking
resources.

 

	6.	Further
                                         Covenants, Warranties and Representations.

 

6.1.
P2O covenants, represents and warrants to Customer as follows:

 

6.1.1.
Organization and Good Standing. P2O is a corporation duly organized, validly existing, and in good standing under the laws of
its jurisdiction of incorporation, with full corporate power and authority (i) to conduct its business as it is now being
conducted and (ii) to perform all its obligations under this Agreement. P2O is or will be duly qualified to do business as a
foreign corporation and in good standing under the laws of each state or other jurisdiction in which a Facility where P2O
shall be required to perform its obligations hereunder will be located.

 

6.1.2.
Authority; No Conflict.

 

 6.1.2.1. This Agreement constitutes the legal, valid and binding obligation of P2O, enforceable against P2O in accordance with its terms. P2O has the absolute and unrestricted right, power, authority and capacity to execute and deliver this Agreement and to perform its obligations under this Agreement.

 

 6.1.2.2. Neither the execution and delivery of this Agreement nor the consummation or performance of any of the transactions contemplated by this Agreement will, directly or indirectly (with or without notice or lapse of time):

 

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		(i)	contravene,
                                         conflict with, or result in a violation of any provision of the organizational documents
                                         of P2O or any resolution adopted by the board of directors or stockholders of P2O;
	 	 	 
	 	(ii)	contravene,
                                         conflict with, or result in a violation of, or give any Governmental Body or other Person
                                         the right to challenge any of the transactions contemplated by this Agreement or to exercise
                                         any remedy or obtain any relief under any Applicable Law or any Order to which P2O may
                                         be subject;
	 	 	 
	 	(iii)	contravene,
                                         conflict with, or result in a violation of any of the terms or requirements of, or give
                                         any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or modify,
                                         any Governmental Authorization that is held by P2O and that otherwise relates to P2O’s
                                         Technology Business or the ownership or use of any of the Technology;
	 	 	 
	 	(iv)	contravene,
                                         conflict with, or result in a violation or breach of any provision of, or give any Person
                                         the right to declare a default or exercise a remedy under, or to accelerate the maturity
                                         or performance of, or to cancel, terminate or modify, any contract under which P2O has
                                         or may acquire any rights, under which P2O has or may become subject to any obligations
                                         or liability, or by which P2O or any of the assets owned or used by it is or may become
                                         bound; or
	 	 	 
	 	(v)	result in the imposition or creation
                                         of any Encumbrance upon or with respect to any of the Technology.

 

6.1.3.
Consents and Notices. P2O is not required to give any notice to or obtain any approval, consent, ratification, waiver or
other authorization of any Person (including Governmental Authorization) in connection with the execution and delivery of
this Agreement or the consummation or performance of any of the transactions contemplated by this Agreement.

 

6.1.4.
Legal Proceedings. There is no Proceeding that has been commenced against P2O that relates to or may affect P2O’s
performance of its duties and obligations under this Agreement or that challenges, or may have the effect of preventing,
delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement. To the
Knowledge of P2O, no such Proceeding has been threatened and no event has occurred or circumstance exists that may give rise
to or serve as a basis for the commencement of any such Proceeding.

 

The
above warranties are in lieu of all other warranties expressed or implied. No representative or other person is authorized or
permitted to make any warranty or assume for P2O any liability not strictly in accordance with the foregoing. Other than the foregoing
warranties, P2O makes no representation or warranty of any kind, expressed or implied, whether as to merchantability, fitness
for a particular purpose or any other matter. 

 

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	6.2.	Customer represents and warrants
to P2O as follows:

 

6.2.1.
Customer is a limited liability company duly formed, validly existing, and in good standing under the laws of its
jurisdiction of formation, with full power and authority to conduct the Business and perform the rights, duties and
obligations of this Agreement. Customer shall be duly qualified to do business as a foreign limited liability company and
shall be in good standing under the laws of each state or other jurisdiction where a Facility at which P2O shall be
performing its obligations hereunder shall be located.

 

6.2.2.
Authority; No Conflict. This Agreement constitutes the legal, valid and binding obligation of Customer, enforceable against
Customer in accordance with its terms. Customer has the absolute and unrestricted right, power, authority and capacity to
execute and deliver this Agreement and to perform its obligations under this Agreement. Neither the execution and delivery of
this Agreement nor the consummation or performance of any of the transactions contemplated by this Agreement will, directly
or indirectly (with or without notice or lapse of time):

 

		(i)	contravene,
                                         conflict with, or result in a violation of any provision of the organizational documents
                                         of Customer or any resolution adopted by the management committee of Customer;
	 	 	 
		(ii)	contravene,
                                         conflict with, or result in a violation of, or give any Governmental Body or other Person
                                         the right to challenge any of the transactions contemplated by this Agreement or to exercise
                                         any remedy or obtain any relief under any Applicable Law or any Order to which Customer
                                         may be subject;
	 	 	 
		(iii)	contravene,
                                         conflict with, or result in a violation of any of the terms or requirements of, or give
                                         any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or modify,
                                         any Governmental Authorization that is held by Customer and that otherwise relates to
                                         the Business; or
	 	 	 
		(iv)	contravene,
                                         conflict with, or result in a violation or breach of any provision of, or give any Person
                                         the right to declare a default or exercise a remedy under, or to accelerate the maturity
                                         or performance of, or to cancel, terminate or modify, any contract under which Customer
                                         has or may acquire any rights, under which Customer has or may become subject to any
                                         obligations or liability, or by which Customer or any of the assets owned or used by
                                         it is or may become bound.

 

	7.	Limitations
                                         of Liability.

 

7.1.
NO LIABILITY FOR CONSEQUENTIAL OR INDIRECT DAMAGES. EXCEPT FOR OBLIGATIONS TO MAKE PAYMENT UNDER THIS AGREEMENT, LIABILITY
FOR BREACH OF CONFIDENTIALITY, OR LIABILITY FOR INFRINGEMENT OR MISAPPROPRIATION OF INTELLECTUAL PROPERTY RIGHTS, IN NO EVENT
SHALL EITHER PARTY OR THEIR REPRESENTATIVES BE LIABLE FOR CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR
ENHANCED DAMAGES, LOST PROFITS OR REVENUES OR DIMINUTION IN VALUE, ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING FOR
ANY SERVICES OR EQUIPMENT PROVIDED HEREUNDER, REGARDLESS OF (A) WHETHER SUCH DAMAGES WERE FORESEEABLE, (B) WHETHER OR NOT THE
OTHER PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND (C) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT OR OTHERWISE)
UPON WHICH THE CLAIM IS BASED, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

 

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7.2.
MAXIMUM LIABILITY FOR DAMAGES. EXCEPT FOR OBLIGATIONS TO MAKE PAYMENT UNDER THIS AGREEMENT, LIABILITY FOR INDEMNIFICATION,
LIABILITY FOR BREACH OF CONFIDENTIALITY, OR LIABILITY FOR INFRINGEMENT OR MISAPPROPRIATION OF INTELLECTUAL PROPERTY RIGHTS, IN
NO EVENT SHALL EACH PARTY’S AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, INCLUDING FOR ANY SERVICES
OR EQUIPMENT PROVIDED HEREUNDER, WHETHER ARISING OUT OF OR RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE,
EXCEED THE TOTAL OF (i) THE AMOUNTS PAID OR TO BE PAID FOR PROCESSING EQUIPMENT FOR WHICH A PURCHASE ORDER HAS BEEN DELIVERED
AND ACCEPTED BUT NOT YET FILLED PLUS (ii) AN AMOUNT EQUAL TO ONE-HALF (1/2) THE AMOUNT DETERMINED PURSUANT TO PRECEDING CLAUSE
(i).

 

7.3.
ASSUMPTION OF RISK. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, CUSTOMER ASSUMES ALL RISK AND LIABILITY FOR THE RESULTS
OBTAINED BY THE USE OF ANY GOODS IN THE PRACTICE OF ANY PROCESS, WHETHER IN TERMS OF OPERATING COSTS, GENERAL EFFECTIVENESS, SUCCESS
OR FAILURE, AND REGARDLESS OF ANY ORAL OR WRITTEN STATEMENTS MADE BY P2O, BY WAY OF TECHNICAL ADVICE OR OTHERWISE, RELATED TO
THE USE OF THE GOODS.

 

	8.	Indemnification;
                                         Insurance.

 

8.1.
P2O Indemnification. P2O shall indemnify and hold Customer harmless for all loss, harm or injury suffered by Customer as a
result of the gross negligence or intentional misconduct or illegal acts of an individual engaged in the performance of any
of P2O’s obligations under this Agreement.

 

8.2.
P2O shall maintain in place contractual and general liability insurance covering its obligations hereunder in amounts of at
least $1,000,000 per single occurrence and in the aggregate, with one or more insurance companies acceptable to Customer in
Customer’s reasonable discretion. P2O shall furnish to Customer certificates evidencing the existence of the insurance
required by this Section 8.2. Unless Customer shall provide such certificate(s) within 30 days from the Effective Date,
Customer may, but shall not be obligated to, place said insurance and charge the cost thereof to the account of P2O,
deducting, and/or upon notice to P2O, offsetting such amounts against the License Fee to be paid pursuant to the Technology
License Agreement. All such insurance policies shall provide that Customer shall receive 30 days’ written notice prior
to cancellation of the policy.

 

8.3.
Customer Indemnification. Customer will indemnify and hold P2O harmless from and against any and all claims and costs of
whatever nature, including but not limited to, attorneys’ fees, damages for bodily injury and property damage, fines,
penalties, cleanup costs, and costs associated with delay or work stoppage, that in any way results from or arises under the
breach of its obligations, gross negligence, or willful misconduct.

 

8.4.
Customer is responsible for maintaining its own liability and property insurance (for each Processing Facility) at
commercially reasonable levels.

 

	9.	Assignability.

 

9.1.
Customer shall have the right to assign all its right, title and interest in this Agreement to a third party in which
Customer has a direct or indirect economic interest (a “Permitted Assignee”) provided Customer is not in
material default hereunder or a cure or grace period applicable to an event of default shall not have expired and the
Permitted Assignee executes an instrument expressly assuming all such right, title interest and the obligations to be
performed in connection with this Agreement.

 

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9.2.
Upon or in connection with any assignment permitted under this Section 9, upon Customer’s request, P2O agrees to
execute an estoppel certificate regarding the status of this Agreement and to immediately deliver the same to
Customer.

 

9.3.
Each Permitted Assignee shall agree to be bound by all of the obligations, terms and conditions that obligate, bind or affect
Customer under this Catalyst Agreement. Notwithstanding anything to the contrary in this Agreement, no assignment shall
relieve the Customer of any of its obligations and liabilities for any breach of confidentiality herein or for any
infringement or misappropriation of intellectual property rights herein; and Customer shall be and remain responsible for the
performance by a Permitted Assignee of all of such Permitted Assignee’s obligations with respect to confidentiality
provided herein.

 

	10.	Confidentiality.

 

10.1.
Scope of Confidential Information. From time to time during the Term, either party (as the “Disclosing
Party”) may disclose or make available to the other Party (as the “Receiving Party”) information
about its business affairs, goods and services, confidential information and materials comprising or relating to intellectual
property rights, including without limitation, trade secrets, third-party confidential information, the Licensed Technology,
and other sensitive or proprietary information, as well as the terms of this Agreement, whether orally or in written,
electronic or other form or media, and whether or not marked, designated or otherwise identified as
“confidential” (collectively, “Confidential Information”). Confidential Information does not
include information that, at the time of disclosure and as established by documentary evidence:

 

		(i)	is
                                         or becomes generally available to and known by the public other than as a result of,
                                         directly or indirectly, any breach of this Section 10 by the Receiving Party or any of
                                         its Representatives;
	 	 	 
		(ii)	is
                                         or becomes available to the Receiving Party on a non-confidential basis from a third-party
                                         source, provided that such third party is not and was not prohibited from disclosing
                                         such Confidential Information;
	 	 	 
		(iii)	was
                                         known by or in the possession of the Receiving Party or its Representatives prior to
                                         being disclosed by or on behalf of the Disclosing Party;
	 	 	 
		(iv)	was
                                         or is independently developed by the Receiving Party without reference to or use of,
                                         in whole or in part, any of the Disclosing Party’s Confidential Information; or
	 	 	 
		(v)	is
                                         required to be disclosed pursuant to Applicable Law.

 

10.2.
Protection of Confidential Information. The Receiving Party shall, for during the Term and extending five years from any
expiration or termination of the Agreement:

 

		(i)	protect
                                         and safeguard the confidentiality of the Disclosing Party’s Confidential Information
                                         with at least the same degree of care as the Receiving Party would protect its own Confidential
                                         Information, but in no event with less than a commercially reasonable degree of care;
	 	 	 
		(ii)	not
                                         use the Disclosing Party’s Confidential Information, or permit it to be accessed
                                         or used, for any purpose other than to exercise its rights or perform its obligations
                                         under this Agreement; and

 

    	10

    	 

    

 

		(iii)	not
                                         disclose any such Confidential Information to any Person, except to the Receiving Party’s
                                         Representatives who need to know the Confidential Information to assist the Receiving
                                         Party, or act on its behalf, to exercise its rights or perform its obligations under
                                         this Agreement.

 

Notwithstanding
the foregoing, any Confidential Information that constitutes a trade secret shall not be subject to such five (5) year term, but
shall continue to be subject to the obligations of confidentiality and non-use set forth in this Agreement for as long as such
Confidential Information remains a trade secret under New York law (including New York’s version of the Uniform Trade Secrets
Act if and when adopted).

 

10.3.
The Receiving Party shall be responsible for any breach of this Section 10 caused by any of its Representatives. On the
expiration or earlier termination of this Agreement, the Receiving Party and its Representatives shall, pursuant to Section
12.3, promptly return all Confidential Information and copies thereof, or destroy and certify such destruction of all
Confidential Information and copies thereof, that it has received under this Agreement.

 

	11.	Notices.

 

11.1.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be
deemed to have been given in accordance with this Section:

 

	P2O’s
    Address:	 	Plastic2Oil,
    Inc.
	 	 	20
    Iroquois Street
	 	 	Niagara
    Falls, NY 14303
	 	 	Attn.:
    Richard W. Heddle, President & CEO
	 	 	 
	With
    a copy sent to:	 	Hodgson
    Russ LLP
	 	 	The
    Guaranty Building
	 	 	140
    Pearl Street, Suite 100
	 	 	Buffalo,
    NY 14202
	 	 	Attn.:
    Alfonzo I. Cutaia, Esq.
	 	 	 
	Customer’s
    Address:	 	EcoNavigation,
    LLC
	 	 	1600
    Moseley Road, Suite 200
	 	 	Victor,
    NY 14564
	 	 	Attn.:
    Mark D. Ragus, President
	 	 	 
	With
    a copy sent to:	 	Lane
    Law PLLC
	 	 	1400
    Crossroads Building
	 	 	2
    State Street
	 	 	Rochester,
    NY 14614
	 	 	Attn.:
    Gregory W. Lane, Esq.

 

Notices
sent in accordance with this Section 11.1 shall be deemed effectively given: (a) when received, if delivered by hand (with written
confirmation of receipt); (b) when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on
the date sent by facsimile (with confirmation of transmission), if sent during normal business hours of the recipient, and on
the next business day if sent after normal business hours of the recipient; or (d) on the fifth day after the date mailed, by
certified or registered mail, return receipt requested, postage prepaid.

 

    	11

    	 

    

 

11.2.
Notice will be given to such other representatives or at such other addresses as a party may furnish to the other party
entitled to notice pursuant to the foregoing. If notice is given pursuant to Section 22 of a permitted successor or assign of
a party, then notice will thereafter be given as set forth above also to such successor or assign of such party.

 

	12.	Termination.

 

12.1.
P2O’s Right to Terminate. P2O may terminate this Agreement upon written notice to Customer:

 

12.1.1.
If Customer fails to pay any amount due under this Agreement on the due date for payment and remains in default not less than
five (5) calendar days after Licensor’s written notice to make such payment, including the payment of interest in
accordance with Section 4.3;

 

12.1.2.
if Customer materially breaches any material provision of this Agreement (other than through a failure to pay any amounts due
under this Agreement), and either the breach cannot be cured or, if the breach can be cured, it is not cured by Customer
within thirty (30) calendar days after Customer’s receipt of written notice of such breach;

 

12.1.3.
if Customer (i) files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise becomes
subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, (ii)
makes or seeks to make a general assignment for the benefit of its creditors, or (iii) applies for or has appointed a
receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or
sell any material portion of its property or business;

 

12.1.4.
if P2O terminates any other agreement between P2O and Customer, due to Customer’s breach or non-performance thereof
pursuant to and in accordance with the terms thereof; or

 

12.1.5.
as provided in Section 14.3 hereof.

 

12.2.
Customer’s Right to Terminate. Customer may terminate this Agreement upon written notice to P2O:

 

12.2.1.
if P2O materially breaches any material provision of this Agreement and either the breach cannot be cured or, if the breach
can be cured, it is not cured by P2O within thirty (30) calendar days after P2O’s receipt of written notice of such
breach;

 

12.2.2.
if P2O (i) files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise becomes subject,
voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency Law, (ii) makes or
seeks to make a general assignment for the benefit of its creditors, or (iii) applies for or has appointed a receiver,
trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any
material portion of its property or business;

 

12.2.3.
if Customer terminates any other agreement between P2O and Customer, due to P2O’s breach or non-performance thereof
pursuant to and in accordance with the terms thereof; or

 

12.2.4.
as provided in Section 14.3 hereof.

 

    	12

    	 

    

 

12.3.
Effect of Termination.

 

12.3.1.
Upon the expiration or earlier termination of this Agreement, all indebtedness of Customer to P2O under this Agreement of any
kind, shall become immediately due and payable to P2O, without further notice to Customer.

 

12.3.2.
[Intentionally Omitted]

 

12.3.3.
Upon the expiration or earlier termination of this Agreement, Customer shall promptly:

 

	 	(i)	remove
    all references to P2O in Customer’s letterheads, advertising literature and places of business, and shall not thereafter
    use any similar or deceptive name or trademark intending to give the impression that there is any relationship between Customer
    and P2O;
	 	 	 
	 	(ii)	immediately
    cease using any and all Licensed Technology, trademarks, logos and copyrighted materials related to the Licensed Technology;
	 	 	 
	 	(iii)	return
    to P2O or destroy all documents and tangible materials (and any copies) containing, reflecting, incorporating or based on
    P2O’s Confidential Information;
	 	 	 
	 	(iv)	permanently
    erase all of P2O’s Confidential Information from its computer systems; and
	 	 	 
	 	(v)	certify
    in writing to P2O that it has complied with the requirements of this clause.

 

12.4.
Survival. The rights and obligations of the parties set forth in Section 1 (Definitions), Section 6 (Warranties), Section 7
(Limitations of Liability), Section 8 (Indemnification), Section 10 (Confidentiality), Section 12.3 (Effect of Termination),
and Section 11 (Notices), and any right, obligation or required performance of the parties in this Agreement which, by its
express terms or nature and context is intended to survive termination or expiration of this Agreement, shall survive any
such termination or expiration.

 

		13.	Miscellaneous
                                         Provisions.

 

13.1.
Further Assurances. The parties hereto shall (i) furnish upon request to each other further information, (ii) execute and
deliver to each other documents, and (iii) do other acts and things, all as the other party may reasonably request for the
purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement.

 

13.2.
Jurisdiction; Service of Process. All actions or proceedings relating to this Agreement (whether to enforce a right or
obligation or obtain a remedy or otherwise) will be brought solely in the state or federal courts located in or for Monroe
County, New York. Each party hereby unconditionally and irrevocably consents to the jurisdiction of those courts and waives
its rights to bring any action or Proceeding against the other party except in those courts. Process in any action or
Proceeding referred to in the preceding sentence may be served on any party anywhere in the world. Each party irrevocably
waives any right to a jury trial with respect to any matter arising out of or in connection with this Agreement. If any party
seeks to enforce its rights under this Agreement, the parties will request the court to try the claims between the parties
hereto without submitting the matter to the jury.

 

    	13

    	 

    

 

13.3.
Waiver. Neither the failure nor any delay by any party hereto in exercising any right, power or privilege under this
Agreement or the documents referred to in this Agreement will operate as a waiver of the right, power or privilege, and no
single or partial exercise of any right, power or privilege will preclude any other or further exercise of the right, power
or privilege or the exercise of any other right, power or privilege. To the extent permitted by Applicable Law: (i) no claim
or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in
whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (ii) no
waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no
notice to or demand on one party will be deemed to be a waiver of any obligation of that party or of the right of the party
giving the notice or demand to take further action without notice or demand as provided in this Agreement or the documents
referred to in this Agreement.

 

13.4.
Force Majeure. If performance of this Agreement or any obligation under this Agreement is prevented, restricted or interfered
with by causes beyond either party’s reasonable control (“Force Majeure”), and if the party unable
to carry out its obligations gives the other party prompt written notice of such event, then the obligations of the party
invoking this provision shall be suspended to the extent necessary by such event. The term Force Majeure shall include,
without limitation, acts of God, fire, explosion, vandalism, storm or other similar occurrence, orders or acts of military or
civil authority, or by national emergencies, insurrections, riots or wars. The excused party shall use reasonable efforts
under the circumstances to avoid or remove such causes of non-performance and shall proceed to perform with reasonable
dispatch whenever such causes are removed or ceased. An act or omission shall be deemed within the reasonable control of a
party if committed, omitted or caused by such party or its employees, officers, agents or affiliates.

 

13.5.
Entire Agreement and Modification. This Agreement (i) supersedes all prior agreements between the parties with respect to
their subject matter and (ii) constitutes a complete and exclusive statement of the terms of the agreement between the
parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the
parties hereto.

 

13.6.
Assignments and Successors. Except as expressly provided in this Agreement, neither party may assign any of its rights under
this Agreement without the prior consent of the other party. Subject to the preceding sentence, this Agreement will apply to,
be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the parties.

 

13.7.
No Third Party Rights. Nothing expressed or referred to in this Agreement will be construed to give any person or entity
other than the parties hereto any legal or equitable right, remedy or claim under or with respect to this Agreement or any
provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit
of the parties hereto and their successors and assigns.

 

13.8.
Severability. If any provision of this Agreement not essential to accomplishing its purposes is held invalid or unenforceable
by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any
provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the
extent not held invalid or unenforceable.

 

13.9.
Time is of the Essence; Computation of Time. Time is of the essence of each and every provision of this Agreement. If the
last day for the exercise of any privilege or the discharge of any duty under this Agreement falls on a day that is not a
Business Day, then the party having such privilege or duty will have until 5:00 p.m. (its local time) on the next succeeding
Business Day to exercise its privilege or to discharge its duty.

 

13.10.
Expenses. The parties hereto will bear their own expenses incurred in connection with the negotiation, drafting,
implementation and performance of this Agreement.

 

    	14

    	 

    

 

13.11.
Governing Law. This Agreement, including all exhibits, schedules, attachments and appendices attached hereto and thereto are
governed by, and construed in accordance with, the Laws of the State of New York, United States of America, without regard to
the conflict of laws provisions thereof.

 

13.12.
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

 

13.13.
Contingencies.

 

13.13.1
Pilot Program Contingency. Customer’s obligations under this Agreement shall be and hereby are contingent upon the
institution, completion by that date which is one hundred twenty (120) days after the Effective Date (which date may be extended
for an additional thirty (30) days at Customer’s option upon prior written notice to P2O), and Customer’s acceptance,
in its sole discretion, of the results of, of a pilot test program (the “Pilot Program”), whereby Customer
shall utilize, on terms mutually agreeable to P2O and Customer, P2O’s facility (the “Test Facility”)
at 20 Iroquois Street, Niagara Falls, New York (the “Pilot Program Contingency”) to ascertain Customer’s
willingness to go forward with the transactions contemplated herein, and, if so ascertained, to establish Minimum Performance
Levels for the Initial Order and using the relevant feedstock. Immediately upon the execution and delivery of this Agreement by
the parties hereto, the parties shall in good faith diligently negotiate the terms of an agreement for use of the Test Facility
for the Pilot Program.

 

13.13.2 Financing
Contingency. Customer’s obligations under this Agreement shall be and hereby are contingent upon Customer
obtaining funding for (i) the Pilot Program on terms acceptable to Customer in its sole discretion, on or before that date
which is thirty (30) calendar days after the Effective Date, and (ii) the Initial Order and working capital in amounts and
upon terms acceptable to Customer in Customer’s sole discretion, on or before that date which is sixty (60) days after
Customer’s written notice of removal or satisfaction of the Pilot Program Contingency.

 

13.13.3 Right
to Terminate. In the event any of the Contingencies hereunder shall not be satisfied or waived in writing on or before
the date specified herein for the satisfaction of the same, either party hereto may terminate this Agreement upon five (5)
calendar days’ notice to the other; provided, however, that any such termination notice delivered by P2O shall be null
and void if Customer, upon receipt of P2O’s termination notice, delivers written notice to P2O prior to the expiration
of the five-day period of P2O’s notice removing the Contingency or Contingencies upon which P2O’s notice of
termination was based.

 

[SIGNATURE
BLOCK ON NEXT PAGE]

 

    	15

    	 

    

 

[Signature
Page to Monitoring, Maintenance, Repair and Upgrade Agreement]

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the Effective Date.

 

	PLASTIC2OIL, INC., a Nevada corporation	 
	 	 	 
	By:	/s/
    Richard W. Heddle	 
	 	Richard
    W. Heddle	 
	 	President
    & CEO	 
	 	 	 
	ECONAVIGATION, LLC, a New York limited liability company	 
	 	 	 
	By:	/s/
    Mark D. Ragus	 
	 	Mark
    D. Ragus	 
	 	President	 

 

    	16

    	 

    

 

SCHEDULE
A

 

Price
List for Parts and Equipment

	PRODUCT
    NUMBER	 	DESCRIPTION	 	RETAIL
    PRICE/UNIT	 
	INF1002	 	Infeed Slide Gate	 	$	24,000.00	 
	INF1003	 	Infeed Slide Gate Packing	 	$	11,250.00	 
	INF1004	 	Infeed Hydraulic Pack	 	$	18,000.00	 
	INF1005	 	Infeed Hydraulic Cylinder	 	$	6,750.00	 
	INF1006	 	Infeed Screw	 	$	3,000.00	 
	INF1007	 	Infeed Screw Drive ( motor & gear reduction)	 	$	7,500.00	 
	 	 	 	 	 	 	 
	PRE1508	 	Premelt-Thermocouple Furnace	 	$	2,100.00	 
	PRE1509	 	Premelt-Thermocouple Kiln	 	$	375.00	 
	PRE1510	 	Premelt-Kiln Drum	 	$	90,000.00	 
	PRE1511	 	Premelt-Kiln Drive	 	$	4,875.00	 
	 	 	 	 	 	 	 
	REA2008	 	Reactor Thermocouple Furnace	 	$	2,100.00	 
	REA2009	 	Reactor Thermocouple Kiln	 	$	375.00	 
	REA2010	 	Reactor Kiln Drum	 	$	90,000.00	 
	REA2011	 	Reactor Kiln Drive	 	$	4,875.00	 
	 	 	 	 	 	 	 
	RES 2508	 	Residue Thermocouple Furnace	 	$	2,100.00	 
	RES 2509	 	Residue Thermocouple Kiln	 	$	375.00	 
	RES 2510	 	Residue Kiln Drum	 	$	90,000.00	 
	RES 2511	 	Residue Kiln Drive	 	$	4,875.00	 
	RES 2506	 	Residue Screw	 	$	3,000.00	 
	RES 2507	 	Residue Screw Drive	 	$	7,500.00	 
	 	 	 	 	 	 	 
	TOW 3115	 	Tower 1 Pump	 	$	27,000.00	 
	TOW 3116	 	Tower 1 Autovalves	 	$	1,950.00	 
	TOW 3117	 	Tower 1 Basket Strainer	 	$	3,300.00	 
	TOW 3118	 	Tower 1 Nozzle Assembly	 	$	2,700.00	 
	TOW 3119	 	Tower 1 Level Sensor	 	$	2,250.00	 
	 	 	 	 	 	 	 
	TOW 3215	 	Tower 2 Pump	 	$	24,000.00	 
	TOW 3216	 	Tower 2 Autovalves	 	$	1,950.00	 
	TOW 3217	 	Tower 2 Basket Strainer	 	$	3,300.00	 
	TOW 3218	 	Tower 2 Nozzle Assembly	 	$	2,700.00	 
	TOW 3219	 	Tower 2 Level Sensor	 	$	2,250.00	 
	 	 	 	 	 	 	 
	TOW 3315	 	Tower 3 Pump	 	$	24,000.00	 
	TOW 3316	 	Tower 3 Autovalves	 	$	1,950.00	 
	TOW 3317	 	Tower 3 Basket Strainer	 	$	3,300.00	 
	TOW 3318	 	Tower 3 Nozzle Assembly	 	$	2,700.00	 
	TOW 3319	 	Tower 3 Level Sensor	 	$	2,250.00	 
	 	 	 	 	 	 	 
	TOW 3415	 	Tower 4 Pump	 	$	24,000.00	 
	TOW 3416	 	Tower 4 Autovalves	 	$	1,950.00	 
	TOW 3417	 	Tower 4 Basket Strainer	 	$	3,300.00	 
	TOW 3418	 	Tower 4 Nozzle Assembly	 	$	2,700.00	 
	TOW 3419	 	Tower 4 Level Sensor	 	$	2,250.00	 
	 	 	 	 	 	 	 
	TOW 3515	 	Tower 5 Pump	 	$	24,000.00	 
	TOW 3516	 	Tower 5 Autovalves	 	$	1,950.00	 
	TOW 3517	 	Tower 5 Basket Strainer	 	$	3,300.00	 
	TOW 3518	 	Tower 5 Nozzle Assembly	 	$	2,700.00	 
	TOW 3519	 	Tower 5 Level Sensor	 	$	2,250.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	COM4025	 	Gas Compressor	 	$	28,500.00	 
	 	 	 	 	 	 	 
	CON5035	 	Controls Honeywell HC900 (full configuration)	 	$	6,000.00	 
	CON5036	 	Controls Pressure Sensor	 	$	3,300.00	 
	CON5037	 	Controls Thermocouple	 	$	450.00	 
	 	 	 	 	 	 	 
	SAF 5545	 	Safety Burst Disc	 	$	6,000.00	 
	SAF 5546	 	Safety Burst Disc Sensor	 	$	1,800.00	 
	 	 	 	 	 	 	 
	SEA6065	 	Seal (1)	 	$	22,500.00	 
	SEA6066	 	Seal (Packingset)	 	$	3,000.00	 
	 	 	 	 	 	 	 
	STA6571	 	Stack Blower	 	$	12,000.00	 

 

    	17

    	 

    

 

SCHEDULE
B

Labor
Rates

 

	Performed by	 	Working/Travel 
Regular	 	 	Working/Travel 
Overtime (A)	 	 	Working/Travel 
Overtime (B)	 
	Specialized Welder	 	$	110.00	 	 	$	165.00	 	 	$	220.00	 
	Specialized Mechanic	 	$	110.00	 	 	$	165.00	 	 	$	220.00	 
	Specialized Pipe Fitter	 	$	110.00	 	 	$	165.00	 	 	$	220.00	 
	Chemist	 	$	175.00	 	 	$	262.50	 	 	$	350.00	 
	Engineer	 	$	225.00	 	 	$	337.50	 	 	$	500.00	 
	R&D/Technology	 	$	275.00	 	 	$	412.50	 	 	$	550.00	 

 

DAILY
CHARGES

 

	 	●	Service
    work reporting time will be invoiced as per position and identified rates in above table, 2 hours for jobs three (3) days
    or less, 4 hours for seven (7) days or less, and 8 hours for all jobs above seven (7) days.
	 	 	 
	 	●	The
    above rates apply for an 8 hour working day on weekdays (Monday-Friday). After 8 hour regular working time Overtime “A”
    will be charged for the next four (4) consecutive working hours, any additional hours worked after twelve (12) consecutive
    will be at Overtime “B” rate for weekdays (Monday-Friday).
	 	 	 
	 	●	Overtime
    “A” will be charged for the first eight (8) consecutive working hours on Saturday, after eight (8) consecutive
    hours Overtime “B” will be charged for all additional working hours for Saturday.
	 	 	 
	 	●	Overtime
    “B” will be charged for all hours worked on Sunday.
	 	 	 
	 	●	Overtime
    “A” will be charged for the first eight (8) consecutive working hours for public holidays, Overtime “B”
    will be charged for all hours worked after the first eight (8) consecutive working hours on public holidays.
	 	 	 
	 	●	All
    travel time hours will be at applicable rates involved. Overtime rates will apply where applicable.
	 	 	 
	 	●	An
    8 hour per day charge at Normal Working Time rates will be charged for stand-by time Monday thru Friday.
	 	 	 
	 	●	A
    10 hour charge at Normal Working Time rates will be charged for stand-by time for Saturday and Sunday.
	 	 	 
	 	●	Factory
    service personnel are subject to country of origin service rates.

 

OTHER
CHARGES

 

	 	●	Mileage
    $0.56/mile
	 	 	 
	 	●	Daily
    allowance $100.00/day
	 	 	 
	 	●	Daily
    allowance for isolated areas $110.00/day
	 	 	 
	 	●	Expenses
    Cost plus 10%
	 	 	 
	 	●	Subcontractors
    Cost plus 15%
	 	 	 
	 	●	All
    special tools will be charged at applicable charge out rates, quotes will be provided per occurrence or upon request
	 	 	 
	 	●	All
    rates are in US dollars.
	 	 	 
	 	●	Factory
    service personnel are subject to country of origin for expenses and daily allowances.
	 	 	 
	 	●	Environmental
    Fees and workshop consumables will be charged at 1.5%. The maximum value of invoice will reflect the percentage charged.

 

    	18Exhibit 10.5(a) 

 

Compensation
Arrangement Dr. Richard Franklin

 

Effective
March 1, 2015, the annual compensation to which Dr. Richard Franklin is entitled under his consulting agreement with Pathfinder
Cell Therapy, Inc. has been reduced to $60,000.

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