Document:

ex107.htm

    Exhibit
10.7

     

     

     

    STOCK
PURCHASE AGREEMENT

     

    THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as
of December 31, 2009, is made by and between Mobilis Relocation Services, Inc.,
a Nevada corporation (“Seller”), and each of
the individuals listed under the heading “Buyers” on the signature page
hereto  (collectively, “Buyers”).

     

    RECITALS

     

    A.           Seller
owns all of the issued and outstanding shares of common stock $0.001 par value
per share (the “Shares”) of Mobilis
Relocation Services Holdings, Inc., a Delaware corporation (the “Company”), which
Shares constitute, as of the date hereof, all of the issued and outstanding
capital stock of the Company.

     

    B.           Buyers
hold 1,500,000 shares of common stock, $0.001 par value per share, of Seller
(the “Purchase Price
Shares”), and Buyers have agreed to transfer such shares back to Seller
for cancellation (the “Repurchase”).

     

    C.           In
connection with the Repurchase, Buyers wish to acquire from Seller, and Seller
wishes to transfer to Buyers, the Shares, upon the terms and subject to the
conditions set forth herein.

     

    Accordingly,
the parties hereto agree as follows:

     

    1.           Purchase and Sale of
Stock.

     

    (a)           Purchased Shares.
Subject to the terms and conditions provided below, Seller shall sell and
transfer to Buyers and Buyers shall purchase from Seller, on the Closing Date
(as defined in Section 1(c)), all of the Shares.

     

    (b)           Purchase
Price.  The purchase price for the Shares shall be the transfer
and delivery by Buyers to Seller of the Purchase Price Shares, deliverable as
provided in Section 2(b).

     

    (c)           Closing. The closing
of the transactions contemplated in this Agreement (the “Closing”) shall take
place as soon as practicable following the execution of this
Agreement.  The date on which the Closing occurs shall be referred to
herein as the Closing Date (the “Closing
Date”).

     

    2.           Closing.

     

     

     

    
      
        
        

      

      
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    (a)           Transfer of Shares.
At the Closing, Seller shall deliver to Buyers certificates representing the
Shares, duly endorsed to Buyers or as directed by Buyers, which delivery shall
vest Buyers with good and marketable title to all of the issued and outstanding
shares of capital stock of the Company, free and clear of all liens and
encumbrances.

     

    (b)  Payment of Purchase
Price. At the Closing, Buyers shall deliver to Seller a certificate or
certificates representing the Purchase Price Shares duly endorsed to Seller,
which delivery shall vest Seller with good and marketable title to the Purchase
Price Shares, free and clear of all liens and encumbrances.

     

    3.           Representations and
Warranties of Seller. Seller represents and warrants to Buyers as of the
date hereof as follows:

     

    (a)           Corporate Authorization;
Enforceability. The execution, delivery and performance by Seller of this
Agreement is within the corporate powers and has been, duly authorized by all
necessary corporate action on the part of Seller. This Agreement has been duly
executed and delivered by Seller and constitutes the valid and binding agreement
of Seller, enforceable against Seller in accordance with its terms, except to
the extent that its enforceability may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium and similar Laws affecting the
enforcement of creditors’ rights generally and by general equitable
principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Seller of this
Agreement requires no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Seller of this
Agreement and the consummation of the transactions contemplated hereby do not
(i) violate the certificate of incorporation or bylaws of Seller or (ii) violate
any applicable Law or Order.

     

    (d)           Capitalization. As of
the date hereof, Seller owns the Shares, which shares represent 100% of the
authorized, issued and outstanding capital stock of the Company. The Shares are
duly authorized, validly issued, fully-paid, non-assessable and free and clear
of any Liens.

     

    4.           Representations and
Warranties of Buyers. Buyers, jointly and severally, represent and
warrant to Seller as of the date hereof as follows:

     

    (a)           Enforceability. The
execution, delivery and performance by Buyers of this Agreement are within
Buyers’ powers. This Agreement has been duly executed and delivered by Buyers
and constitutes the valid and binding agreement of Buyers, enforceable against
Buyers in accordance with its terms, except to the extent that its
enforceability may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Buyers of this
Agreement require no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Buyers of this
Agreement, and the consummation of the transactions contemplated hereby do not
violate any applicable Law or Order.

     

    (d)           Purchase for
Investment.  Buyers are financially able to bear the economic
risks of acquiring an interest in the Company and the other transactions
contemplated hereby, and have no need for liquidity in this investment. Buyers
have such knowledge and experience in financial and business matters in general,
and with respect to businesses of a nature similar to the business of the
Company, so as to be capable of evaluating the merits and risks of, and making
an informed business decision with regard to, the acquisition of the Shares.
Buyers are acquiring the Shares solely for their own account and not with a view
to or for resale in connection with any distribution or public offering thereof,
within the meaning of any applicable securities laws and regulations, unless
such distribution or offering is registered under the Securities Act of 1933, as
amended (the “Securities Act”), or
an exemption from such registration is available. Buyers have (i) received all
the information they have deemed necessary to make an informed investment
decision with respect to the acquisition of the Shares, (ii) had an opportunity
to make such investigation as they have desired pertaining to the Company and
the acquisition of an interest therein, and to verify the information which is,
and has been, made available to them and (iii) had the opportunity to ask
questions of Seller concerning the Company. Buyers have received no public
solicitation or advertisement with respect to the offer or sale of the Shares.
Buyers realize that the Shares are “restricted securities” as that term is
defined in Rule 144 promulgated by the Securities and Exchange Commission under
the Securities Act, the resale of the Shares is restricted by federal and state
securities laws and, accordingly, the Shares must be held indefinitely unless
their resale is subsequently registered under the Securities Act or an exemption
from such registration is available for their resale. Buyers understand that any
resale of the Shares by them must be registered under the Securities Act (and
any applicable state securities law) or be effected in circumstances that, in
the opinion of counsel for the Company at the time, create an exemption or
otherwise do not require registration under the Securities Act (or applicable
state securities laws). Buyers acknowledge and consent that certificates now or
hereafter issued for the Shares will bear a legend substantially as
follows:

     

     

     

     

    
      
        
        

      

      
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    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER
ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH
REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN THE CASE OF THE
SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(1) OF THE SECURITIES ACT
AND RULE 144 THEREUNDER). AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF
THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO THE
AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR SUCH
OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO THAT ANY SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES LAWS.

     

    Buyers
understand that the Shares are being sold to them pursuant to the exemption from
registration contained in Section 4(1) of the Securities Act and that Seller is
relying upon the representations made herein as one of the bases for claiming
the Section 4(1) exemption.

     

    (e)           Liabilities.  Following
the Closing, except as set forth on Schedule 4(e)
attached hereto, Seller will have no debts, liabilities or obligations relating
to the Company or its business or activities, whether before or after the
Closing, and there are no outstanding guaranties, performance or payment bonds,
letters of credit or other contingent contractual obligations that have been
undertaken by Seller directly or indirectly in relation to the Company or its
business and that may survive the Closing.

     

    (f)           Title to Purchase Price
Shares.  Buyers are the sole record and beneficial owners of
the Purchase Price Shares. At Closing, Buyers will have good and marketable
title to the Purchase Price Shares, which Purchase Price Shares are, and at the
Closing will be, free and clear of all options, warrants, pledges, claims, liens
and encumbrances, and any restrictions or limitations prohibiting or restricting
transfer to Seller, except for restrictions on transfer as contemplated by
applicable securities laws.

     

    5.           Indemnification and
Release.

     

    (a)           Indemnification.
Buyers covenant and agree to jointly and severally indemnify, defend, protect
and hold harmless Seller, and its officers, directors, employees, stockholders,
agents, representatives and affiliates (collectively, together with Seller, the
“Seller Indemnified
Parties”) at all times from and after the date of this Agreement from and
against all losses, liabilities, damages, claims, actions, suits, proceedings,
demands, assessments, adjustments, costs and expenses (including specifically,
but without limitation, reasonable attorneys’ fees and expenses of
investigation), whether or not involving a third party claim and regardless of
any negligence of any Seller Indemnified Party (collectively, “Losses”), incurred by
any Seller Indemnified Party as a result of or arising from (i) any breach of
the representations and warranties of Buyers set forth herein or in certificates
delivered in connection herewith, (ii) any breach or nonfulfillment of any
covenant or agreement on the part of Buyers under this Agreement, (iii) any
debt, liability or obligation of the Company, whether incurred or arising prior
to the date hereof or after, (iv) any debt, liability or obligation of Seller
for actions taken prior to that certain merger by and between Seller, Magnolia
Solar Acquisition Corp. and Magnolia Solar, Inc., a Delaware corporation (the
“Merger”),
including, without limitation, any amounts due or owing to any former officer,
director or Affiliate of Seller, (v) the conduct and operations of the business
of the Company whether before or after the Closing, (vi) claims asserted against
the Company whether arising before or after the Closing, or (vii) any federal or
state income tax payable by Seller and attributable to the transaction
contemplated by this Agreement or activities prior to the Merger or with respect
to the Company after the Merger.

     

     

     

    
      
        
        

      

      
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    (b)           Third Party
Claims.

     

    (i)           If
any claim or liability (a “Third-Party Claim”)
should be asserted against any of the Seller Indemnified Parties (the “Indemnitee”) by a
third party after the Closing for which Buyers have an indemnification
obligation under the terms of Section 5(a), then the Indemnitee shall notify
Buyers (the “Indemnitor”) within
20 days after the Third-Party Claim is asserted by a third party (said
notification being referred to as a “Claim Notice”) and
give the Indemnitor a reasonable opportunity to take part in any examination of
the books and records of the Indemnitee relating to such Third-Party Claim and
to assume the defense of such Third-Party Claim and in connection therewith and
to conduct any proceedings or negotiations relating thereto and necessary or
appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The
expenses (including reasonable attorneys’ fees) of all negotiations,
proceedings, contests, lawsuits or settlements with respect to any Third-Party
Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume the
defense of any Third-Party Claim in writing within 20 days after the Claim
Notice of such Third-Party Claim has been delivered, through counsel reasonably
satisfactory to Indemnitee, then the Indemnitor shall be entitled to control the
conduct of such defense, and shall be responsible for any expenses of the
Indemnitee in connection with the defense of such Third-Party Claim so long as
the Indemnitor continues such defense until the final resolution of such
Third-Party Claim. The Indemnitor shall be responsible for paying all
settlements made or judgments entered with respect to any Third-Party Claim the
defense of which has been assumed by the Indemnitor. Except as provided in
subsection (ii) below, both the Indemnitor and the Indemnitee must approve any
settlement of a Third-Party Claim. A failure by the Indemnitee to timely give
the Claim Notice shall not excuse Indemnitor from any indemnification liability
except only to the extent that the Indemnitor is materially and adversely
prejudiced by such failure.

     

    (ii)           If
the Indemnitor shall not agree to assume the defense of any Third-Party Claim in
writing within 20 days after the Claim Notice of such Third-Party Claim has been
delivered, or shall fail to continue such defense until the final resolution of
such Third-Party Claim, then the Indemnitee may defend against such Third-Party
Claim in such manner as it may deem appropriate and the Indemnitee may settle
such Third-Party Claim, in its sole discretion, on such terms as it may deem
appropriate. The Indemnitor shall promptly reimburse the Indemnitee for the
amount of all settlement payments and expenses, legal and otherwise, incurred by
the Indemnitee in connection with the defense or settlement of such Third-Party
Claim. If no settlement of such Third-Party Claim is made, then the Indemnitor
shall satisfy any judgment rendered with respect to such Third-Party Claim
before the Indemnitee is required to do so, and pay all expenses, legal or
otherwise, incurred by the Indemnitee in the defense against such Third-Party
Claim.

     

    (c)           Non-Third-Party
Claims. Upon discovery of any claim for which Buyers have an
indemnification obligation under the terms of this Section 5 which does not
involve a claim by a third party against the Indemnitee, the Indemnitee shall
give prompt notice to Buyers of such claim and, in any case, shall give Buyers
such notice within 30 days of such discovery. A failure by Indemnitee to timely
give the foregoing notice to Buyers shall not excuse Buyers from any
indemnification liability except to the extent that Buyers are materially and
adversely prejudiced by such failure.

     

    (d)           Release.  Buyers,
on behalf of themselves and their Related Parties, hereby release and forever
discharge Seller and its individual, joint or mutual, past and present
representatives, Affiliates, officers, directors, employees, agents, attorneys,
stockholders, controlling persons, subsidiaries, successors and assigns
(individually, a “Releasee” and
collectively, “Releasees”) from any
and all claims, demands, proceedings, causes of action, orders, obligations,
contracts, agreements, debts and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Buyers or
any of their Related Parties now have or have ever had against any Releasee.
Buyers hereby irrevocably covenant to refrain from, directly or indirectly,
asserting any claim or demand, or commencing, instituting or causing to be
commenced, any proceeding of any kind against any Releasee, based upon any
matter released hereby. “Related Parties”
shall mean, with respect to Buyers, (i) any Person that directly or indirectly
controls, is directly or indirectly controlled by, or is directly or indirectly
under common control with Buyers, (ii) any Person in which Buyers hold a
Material Interest or (iii) any Person with respect to which any Buyer serves as
a general partner or a trustee (or in a similar capacity). For purposes of this
definition, “Material
Interest” shall mean direct or indirect beneficial ownership (as defined
in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of voting
securities or other voting interests representing at least ten percent (10%) of
the outstanding voting power of a Person or equity securities or other equity
interests representing at least ten percent (10%) of the outstanding equity
securities or equity interests in a Person.

     

     

     

    
      
        
        

      

      
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    6.           Definitions. As used
in this Agreement:

     

    (a)           “Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with the first Person. For the purposes of
this definition, “Control,” when used
with respect to any Person, means the possession, directly or indirectly, of the
power to (i) vote 10% or more of the securities having ordinary voting power for
the election of directors (or comparable positions) of such Person or (ii)
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise,
and the terms “Controlling” and
“Controlled”
have meanings correlative to the foregoing;

     

    (b)           “Governmental
Authority” means any domestic or foreign governmental or regulatory
authority;

     

    (c)           “Law” means any
federal, state or local statute, law, rule, regulation, ordinance, code, Permit,
license, policy or rule of common law;

     

    (d)           “Lien” means, with
respect to any property or asset, any mortgage, lien, pledge, charge, security
interest, encumbrance or other adverse claim of any kind in respect of such
property or asset. For purposes of this Agreement, a Person will be deemed to
own, subject to a Lien, any property or asset which it has acquired or holds
subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such
property or asset;

     

    (e)           “Order” means any
judgment, injunction, judicial or administrative order or decree;

     

    (f)           “Permit” means any
government or regulatory license, authorization, permit, franchise, consent or
approval; and

     

    (h)           “Person” means an
individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     

    7.           Miscellaneous.

     

    (a)           Counterparts. This
Agreement may be signed in any number of counterparts, each of which will be
deemed an original but all of which together shall constitute one and the same
instrument.

     

    (b)           Amendments and
Waivers.

     

    (i)           Any
provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by
each party to this Agreement, or in the case of a waiver, by the party against
whom the waiver is to be effective.

     

    (ii)           No
failure or delay by any party in exercising any right, power or privilege
hereunder will operate as a waiver thereof nor will any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
will be cumulative and not exclusive of any rights or remedies provided by
Law.

     

    (c)           Successors and
Assigns. The provisions of this Agreement will be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns; provided that
no party may assign, delegate or otherwise transfer (including by operation of
Law) any of its rights or obligations under this Agreement without the consent
of each other party hereto.

     

    (d)           No Third Party
Beneficiaries. This Agreement is for the sole benefit of the parties
hereto and their permitted successors and assigns and nothing herein expressed
or implied will give or be construed to give to any Person, other than the
parties hereto, those referenced in Section 5 above, and such permitted
successors and assigns, any legal or equitable rights hereunder.

     

    (e)           Governing Law. This
Agreement will be governed by, and construed in accordance with, the internal
substantive law of the State of New York.

     

    (f)           Headings. The
headings in this Agreement are for convenience of reference only and will not
control or affect the meaning or construction of any provisions
hereof.

     

     

     

    
      
        
        

      

      
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    (g)           Entire Agreement.
This Agreement constitutes the entire agreement among the parties with respect
to the subject matter of this Agreement. This Agreement supersedes all prior
agreements and understandings, both oral and written, between the parties with
respect to the subject matter hereof of this Agreement.

     

    (h)           Severability. If any
provision of this Agreement or the application of any such provision to any
Person or circumstance is held invalid, illegal or unenforceable in any respect
by a court of competent jurisdiction, the remainder of the provisions of this
Agreement (or the application of such provision in other jurisdictions or to
Persons or circumstances other than those to which it was held invalid, illegal
or unenforceable) will in no way be affected, impaired or invalidated, and to
the extent permitted by applicable Law, any such provision will be restricted in
applicability or reformed to the minimum extent required for such provision to
be enforceable. This provision will be interpreted and enforced to give effect
to the original written intent of the parties prior to the determination of such
invalidity or unenforceability.

     

    (i)           Notices.  Any
notice, request or other communication hereunder shall be given in writing and
shall be served either personally, by overnight delivery or delivered by mail,
certified return receipt and addressed to the following addresses:

     

    (a)           If
to Buyers:

     

    527
15th
Avenue SW

    Suite
410

    Calgary,
Alberta, T2R 1R5

    Canada

    

    
      	
              (b)  

            	
              If
      to Seller:

            

    

     

    Mobilis
Relocation Services, Inc.

    54
Cummings Park

    Suite
316

    Woburn,
MA 01801

    Attention:
Yash Puri

     

    With a
copy to:

     

    Sichenzia
Ross Friedman Ference LLP

    61
Broadway

    32nd
Floor

    New York,
New York 10006

    Attention:
Andrea Cataneo, Esq.

     

    

     

    

     

    [Signature
Page Follows]

     

     

     

    
      
        
        

      

      
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    [SIGNATURE
PAGE TO STOCK PURCHASE AGREEMENT]

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered, effective as of the date first above
written.

     

     

     

    
      
        	 	“SELLER”	 
	 	 	 
	 	 MOBILIS
      RELOCATION SERVICES, INC.	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Ashok Sood	 
	 	 	Name:
      Ashok Sood	 
	 	 	Title:
      Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	“BUYERS”	 
	 	 	 	 
	 	 	/s/ Zacharey
      Zenith	 
	 	 	Zacharey
      Zenith	 

      

    

     

     

    

     

    7ex108.htm

    Exhibit
10.8

     

    MASTER
LICENSE AGREEMENT

    

    This
Master License Agreement (this “Agreement”), effective as of the date fully
executed by all parties, is entered into by and between Magnolia Solar, Inc., a corporation formed
under the laws of the state of Delaware  (the “LICENSEE”) and Magnolia
Optical Technologies,
Inc., corporation formed under the laws of the state of Delaware ( the
“LICENSOR”).

    

    WHEREAS,
the LICENSOR wishes to license certain intellectual property to LICENSEE;
and

    

    WHEREAS,
the LICENSEE wishes to license such intellectual property subject to the terms
and conditions contained herein.

    

    NOW
THEREFORE, in exchange for the mutual covenants contained herein and other good
and valuable consideration the parties agree as follows:

    

    ARTICLE
I

    Background

    

    1.00                      LICENSOR
represents that it is the holder of certain trade secrets, proprietary
information trade-names, know how and other intellectual property currently held
and which may be developed at some future date, relating to design and
fabrication of thin-film solar photovoltaic cells and the like (the
“INTELLECTUAL PROPERTY”), and is prepared to grant an exclusive license on
established terms to LICENSEE within the territory detailed
hereafter.

    

    1.01                      LICENSEE
has examined the relative value of the INTELECTUAL PROPRTY and wishes to acquire
exclusive rights within the territory detailed hereafter to the INTELLECTUAL
PROPERTY for the purpose of making, leasing, and selling thin-film photovoltaic
solar cells and related products, and other services relating to or utilizing
the technology, and for sublicensing others subject to and pursuant to
sublicensing terms and conditions set forth herein.

    

    ARTICLE
II

    General
Definitions

    

    The terms of this Agreement (other than
the names of the parties and Article headings) that are set forth in upper case
letters shall have the meanings set forth below:

    

    2.00                      LICENSED
TERRITORY Worldwide

    

    2.01                      LICENSED
FIELD limits the scope of the Agreement to the trade secrets, patent rights, if
any, manufacturing knowledge, and know-how involved in the making, using and
selling of thin-film photovoltaic solar cells or for sublicensing others to do
the same within the LICENSED TERRITORY.

    

    2.02                      LICENSED
PRODUCTS refers to any and all products and services produced and delivered
under the LICENSED FIELD,

    

    2.03                      PROPRIETARY
INFORMATION means the confidential and valuable trade secrets, know-how,
show-how and manufacturing information required to properly use the LICENSOR's
technology.

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
III

    License
Grant and Transfer

    

    3.01                      LICENSOR
hereby grants to LICENSEE an exclusive, fully paid, royalty free License within
the designated LICENSED TERRITORY, as delineated in the LICENSED FIELD, to
utilize the INTELLECTUAL PROPERTY to make, use, offer for sale, and sell the
LICENSED PRODUCTS.    Issuance of this License does not
limit or negate the abilities or authority of the LICENSOR outside the
LICENSEE’s designated territory.

    

    3.02                      The
LICENSOR also grants pursuant to this Agreement all rights to all future
developments that are directly related to or are derived from the INTELLECTUAL
PROPERTY. Such rights shall automatically vest in LICENSEE without further
action by either party.

    

    

    ARTICLE
IV

    Payment
of License Fees

    

    4.01                       LICENSEE
shall in exchange for the grant of this license assign, transfer and convey
7,130,000 shares of the LICENSEE’s restricted common stock, with a par value of
$0.0001 (the “LICENSEE STOCK”). The LICENSEE STOCK has a current value of $.05
per share. Such stock shall be granted with restrictions to the shareholders,
option holders and warrant holders for number of shares identified by the
LICENSOR upon the execution and delivery of this Agreement. LICENSEE shall issue
these shares with the following restriction:

    

     

    “These
securities have not been registered under the Securities Act of 1933, as amended
(the “Act”) or under the securities laws of any state, and may not be sold,
offered for sale, assigned, mortgaged, pledged, hypothecated or otherwise
transferred or disposed of except (i) pursuant to a registration statement under
the Act which has become effective and is current with respect to these
securities; or (ii) pursuant to a specific exemption from registration under the
act but only upon a holder hereof first having obtained the written opinion of
counsel to the Corporation, or other counsel reasonably acceptable to the
Corporation, that the proposed disposition is consistent with all applicable
provisions of the Act as well as any applicable “Blue Sky” or similar securities
laws.”

     

    

    4.02                      The
LICENSEE STOCK to be issued and delivered hereunder will, when issued and
delivered, be duly and validly issued, fully paid, nonassessable and free of
Encumbrances and preemptive rights or other restrictions other than those
imposed pursuant to securities laws and those expressly provided for in this
Agreement

    

    ARTICLE
V

    Sublicensing

    

    LICENSEE
shall have the right to extend the licensed technology by further written
agreements on terms not conflicting with the terms of this Agreement, to any
suitable AFFILIATE as a third party licensee or sublicensee in the LICENSED
TERRITORY.  LICENSEE may not sublicense to any such third party whose
direct or in-direct sales would compete with LICENSOR in any
way.  LICENSEE's rights to consideration and redress for default of a
third party licensee under such further written agreements shall be subordinated
to LICENSOR in the event of cancellation of this Agreement or LICENSEE's default
hereunder or bankruptcy or other inability to perform, and this term or words to
this effect shall appear in all third party licensee agreements.

    

    ARTICLE
VI

    Representations
and Disclaimers of Warranties

    

    6.00                      Nothing
in this Agreement shall be deemed to be a representation or warranty by LICENSOR
of the viability or profitability of the LICENSED PRODUCT.  LICENSOR
shall not be responsible for any losses or damages to LICENSEE arising out of
the LICENSEE's use of the INTELLECTUAL PROPERTY.

    

    6.01                      LICENSOR
shall not be liable for any damages to third parties as a result of LICENSEE's
use of the INTELLECTUAL PROPERTY.

    

    6.02                      LICENSOR
does not warrant or represent that any product or service resulting from the
licensed technology is or will be free from infringement of or by third
parties.

    

    6.03                      LICENSEE
shall be responsible to bring or defend any and all infringement actions by or
against third parties that may result during the term of this Agreement;
reserving to LICENSOR, to the full extent permitted under law, the same right to
bring or defend in good faith in its own name said infringement actions when
LICENSEE is unwilling or unable to do so, reasonable costs and proceeds deriving
therefrom to be apportioned to the parties according to their respective
benefits under this Agreement.  Both parties shall communicate and
cooperate fully and timely, in good faith, in all such matters.

     

     

     

    
      
        
        

      

      
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    ARTICLE
VII

    Term
and Termination

    

    7.00                      This
Agreement, including (something is missing here) may terminate according to
another provision in this Section, but if not otherwise terminated, shall run
for ten (10) years. Thereafter, the license shall renew automatically unless
cancelled in writing by one of the parties.

    

    7.01                      In
the event of default or failure by either party to perform any of the
obligations under this Agreement, the offending party shall have thirty (30)
days after written notice of such default to correct the default.  If
not corrected after the thirty (30) days period, the non-defaulting party shall
have the option to cancel or terminate this Agreement.  Upon such
termination, the defaulting party may be liable for any and all damages incurred
as a result of such default.

    

    7.02                      Upon
termination of this Agreement, the LICENSEE shall cease using the INTELLECTUAL
PROPERTY, and take all reasonable measures to return the PROPRIETARY INFORMATION
including manuals, reports, and notes related to the LICENSED FIELD, and all
agreements, information and accounts relating to past and present
AFFILIATES.    LICENSOR shall also reserve the right to
terminate any and all rights of the Sublicensees of the LICENSEE.

    

    7.04                      The
termination rights provided herein shall be in addition to and not in
substitution for any right to damages or injunctive relief that may be available
to or exercisable, nor shall such termination rights relieve either party from
liability or damage to the other party for breach of this Agreement

    

    ARTICLE
VIII

    Confidentiality

    

    8.00                      Confidential
Information may be disclosed in written or oral form.  Any written
Confidential Information will be marked "Confidential", any oral Confidential
Information will be described as such. However other information may be
Confidential based on the context and manner in which it is
disclosed.

    

    8.01                      LICENSEE
agrees to treat all information and material appropriately disclosed as provided
under Section 8.00 as proprietary and/or confidential, and will protect from
disclosure to third parties not similarly obligated.  LICENSEE further
agrees not to make use of such information or material except in the furtherance
of the enterprise contemplated herein and where not contrary to the interests of
the LICENSOR.

    

    8.02                      Any
information which LICENSEE can show by written record was in LICENSEE's
possession prior to the disclosure by LICENSOR, was already in the public
domain, or enters the public domain other than through the fault of LICENSEE
shall not be subject to the provisions of Section 8.01.  In addition,
any information that is legally disclosed to LICENSEE by a third party not
similarly obligated shall not be subject to the provisions of Section
8.01.

    

    8.03                      Notwithstanding
the provisions of Section 8.01, LICENSEE may disclose such information to
governmental agencies or regulatory bodies to the extent necessary to satisfy
their respective regulations.  LICENSEE agrees to take actions to
insure that the agencies or bodies treat the information as
confidential.

    

    ARTICLE
IX

    Records
and Reports

    

    LICENSEE
shall keep accurate and detailed records of all operations affecting payments
hereunder, and shall permit LICENSOR or its duly authorized agent, with notice,
to inspect and copy any such records during regular business hours throughout
the terms of the Agreement, and for a reasonable period of not less than three
(3) years thereafter.

    

    ARTICLE
X

    Arbitration

    

    Any
controversy or interpretation problems that may arise under this Agreement that
cannot be resolved between the parties shall be settled by their good faith
participation in non-binding mediation conducted by a mediator acceptable to
both parties.  Should mediation fail, then by arbitration pursuant to
the terms of the attached Exhibit A.  The parties shall submit to the
decision of the arbitrator (s) and the judgment of any award may be entered into
any Court having jurisdiction.

     

     

     

    
      
        
        

      

      
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    ARTICLE
XI

    Notices

    

    For the
purpose of all written communications, materials, and notices the following
addresses shall be used unless changed by written notification to the other
party:

    

    LICENSOR:                                                                     LICENSEE:

    Magnolia
Optical Technologies,
Inc.                                   Magnolia
Solar, Inc.

    52 B
Cummings Park, Suite
314                                         52
B Cummings Park, Suite 311

    Woburn,
MA
01801                                                           Woburn,
MA 01801

    

    Phone:
(781)
503-1200                                                       Phone:
(781) 497-2900

    Fax:
(781)
932-0847                                                           Fax:
(781) 735-0575

    

    ARTICLE
XII

    General

    

    12.01                      Force
Majeure.  If the performance of any party’s obligation under
this Agreement shall be delayed by governmental restriction, war, civil
commotion, riot, strike, lock out, act of God (such as flood or fire), act or
omission of the other party, or other cause which is beyond the reasonable
control of such party, then the performance of such obligations shall be excused
for the period of delay occasioned thereby.  If such period of delay
shall continue for more than one hundred eighty (180) days, then any party shall
have the right thereafter, during the continuance of such delay, to terminate
this Agreement on written notice to the other parties.

    

    12.02                      Binding
Effect.  This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective legal representatives,
successors, and permitted assigns.

    

    12.03                      Modification.  This
Agreement shall not be modified, changed, or amended, except in a writing signed
by the party to be charged.

    

    12.04                      Severability.  If
any term or provision of this Agreement, or the application thereof to any
person or circumstance, shall, to any extend, be held invalid or unenforceable
by any court of competent jurisdiction, then the remainder of this Agreement or
the application of such term or provision to persons or circumstances other than
those to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Agreement shall be valid and
enforced to the fullest extent permitted by law.

    

    12.05                      Headings.  The
headings of the several Articles and Sections of this Agreement are inserted for
convenience of reference only and are not intended to be a part of or to affect
the meaning or interpretation of this Agreement.

    

    12.06                      Entire
Agreement.  This Agreement sets forth the entire Agreement and
understanding between the parties as to the subject matter hereof and merges all
prior discussions and negotiation between them, and neither of the parties shall
be bound by any condition, definition warranty, or representation other than as
expressly provided in this Agreement, or as duly set forth on or subsequent to
the effective date hereof in writing signed by a proper duly authorized officer
of the party to be bound thereby.

     

     

     

    
      
        
        

      

      
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    12.07                      Waiver.  Any
party’s failure to enforce the provisions thereof or to exercise the rights
granted hereunder, or the parties’ agreement to waive enforcement thereof, at
any time or for any period of time shall not constitute or be construed as a
waiver of any other failure or breach of such provisions or rights, or any other
provisions of this Agreement, or of the rights of such party thereafter to
enforce each and every such provision or right, nor shall such failure or
LICENSEE agreement be deemed to an amendment of this Agreement.

    

    12.08                      Governing
Law.  This Agreement shall be governed by and construed in
accordance with the law of the Commonwealth of Massachusetts and the United
States of America.  The parties hereby agree that this Agreement shall
be enforceable in the courts of the Commonwealth of Massachusetts  and
LICENSEE hereby irrevocably submits to the exclusive jurisdiction and venue of
the federal and state courts located in the Commonwealth of Massachusetts and to
accept service of process by certified mail.

    

    12.09                      Successors and
Assigns.  This Agreement may be assigned by LICENSEE to any
purchaser of some or all of its entire business to which this Agreement relates
with the consent of LICENSOR, which consent may not be unreasonably withheld,
provided that the assignee agrees in writing to be bound by the terms of this
Agreement.

    

    12.10                      Counterpart
Copies.  This Agreement may be executed in one or more
counterpart copies, each of which shall be deemed to be an original, but all of
which shall constitute one and the same instrument.

    

    IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by
their duly authorized officers or representatives on the respective dates and at
the respective places hereinafter set forth.

    

    

    Magnolia
Optical Technologies, Inc. (Licensor)

    

    By: /s/
Ashok Sood

    

    Name: Dr.
Ashok K. Sood

     
 

    Title:
President

     
 

    Date:
_April 30,
2008______

    

    

    

    Magnolia
Solar, Inc. (Licensee)

    

    By: /s/ Yash
Puri

    

    Name: Dr.
Yash R. Puri

     
 

    Title:
Executive Vice President

     
 

    Date:
_April 30,
2008______

    

     

     

     

    
      
        
        

      

      
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    EXHIBIT
A

    ALTERNATIVE
DISPUTE RESOLUTION

     
 

    
      	
              A.  

            	
              Except
      as provided in subdivision B of this Section, neither Party to this
      Agreement shall file

            

    

    suit in
any court for any dispute arising out of this Agreement until they have, in good
faith, attempted to resolve the dispute according to the following
procedures:

    

    1. In the
event of a dispute or controversy (“the Dispute”) based upon or arising out of,
or pertaining to or related to or in connection with, this Agreement, the
Parties agree to meet informally, and promptly confer regarding their respective
positions and interests in any such Dispute, with a view toward attempting to
improve their mutual ability to make informed decisions relating to said
Dispute, and they agree to use their best efforts to resolve any such Dispute
between them.  The Parties’ executives or representatives with
authority to resolve any Dispute shall meet at a mutually acceptable time and
place, within fifteen (15) days after receipt of a letter (“Notice of
Negotiation”) requesting a meeting pursuant to this section, sent by either
party, and thereafter shall meet as often as they deem necessary, shall exchange
relevant information and shall, recognizing their mutual interest, diligently
endeavor to resolve the Dispute in a manner satisfactory to the
Parties.  All reasonable requests for information made by one Party to
the other shall be honored.  Each Party shall bear its own legal
expenses, attorneys’ fees and costs of all experts and witnesses incurred with
respect to the negotiations.

    

    2. All
negotiations pursuant to foregoing provisions of this section shall be
confidential, shall not be disclosed to anyone other than a Party’s own counsel
of record, and shall be treated as compromise and settlement negotiations for
the purpose of applicable rules of evidence and for all other
purposes.

    

    B.  Any
disputes between the Parties not resolved by mediation as set forth in
subdivision A of this section shall then be decided by arbitration in accordance
with the laws of the Commonwealth of Massachusetts.  Arbitration shall
be brought upon the written notice of one Party to the other of a demand for
arbitration, which includes a recitation of the claim or dispute for which
arbitration is sought.  Arbitration shall be before a single
arbitrator mutually agreed upon by the Parties. If the Parties fail to agree
upon an arbitrator, each Party shall choose one arbitrator and these two
arbitrators shall select a disinterested third party as the third
arbitrator.  Any award or findings of the arbitration panel shall be
final and binding on the Parties, and judgment on any such award may be entered
in any court having competent jurisdiction.

    

    C.
Notwithstanding the foregoing provisions, nothing in this section or this
Agreement shall prevent either Party from seeking temporary restraining orders,
preliminary injunctions or such other provisional, equitable relief from a court
of competent jurisdiction in the event of a material reach of the terms of this
Agreement.  However, prior to seeking such extraordinary relief, the
Party seeking such relief must make a good faith determination that the
exigencies of the claimed material breach of terms requires such immediate and
extraordinary relief.

    
 

     

     

    6

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