Document:

ex10-8.htm

    Exhibit
      10.8

     

    AMENDED
      AND RESTATED EXECUTIVE COMPENSATION AND

    RETENTION
      AGREEMENT

    

    THIS
      AMENDED AND RESTATED EXECUTIVE COMPENSATION AND RETENTION AGREEMENT
      ("Agreement"), by and between COIL TUBING TECHNOLOGY HOLDINGS, INC., a Nevada
      corporation, (referred to herein as the "Company"), and JERRY SWINFORD (referred
      to herein as "Swinford") (collectively “the“Parties”) is effective on the 1st day of
      July 2007
      (the “Effective Date").

    

    The
      parties previously entered into an Executive Compensation and Retention
      Agreement on or around July 1, 2007 (the “Prior Agreement”), which Prior
      Agreement is replaced and superseded in its entirety by this
      Agreement.

    

    In
      consideration of the mutual covenants set forth herein, the Company and Swinford
      hereby agree as follows:

    

    1.           APPOINTMENT.  The
      Company hereby agrees to appoint and retain Swinford as its President and Chief
      Executive Officer, and Swinford agrees to serve the Company, in the capacities
      described herein during the Period of Appointment (as defined in Section 2
      of
      this Agreement), in accordance with the terms and conditions of this
      Agreement.

    

    2.           PERIOD
      OF APPOINTMENT. The term “Period of Appointment” shall mean the period which
      commences on the Effective Date and, unless earlier terminated pursuant to
      Section 6, ends on December 31, 2008; provided, however, that the Period of
      Appointment may be extended for up to two additional years by
      Swinford.  Each annual extension shall occur automatically unless
      Swinford provides the Company in writing that he will not be exercising the
      annual extension by December 1 of each year prior to the to-be-extended
      year.  For example, the Period of  Appointment will
      automatically extend to December 31, 2009 unless Swinford provides notice that
      he will not be exercising the extension for 2009 on or before December 1,
      2008.

    

    3.           DUTIES
      DURING THE PERIOD OF APPOINTMENT.

    

    
      	
               

            	
              a.

            	
              DUTIES.
                During the Period of Appointment, Swinford shall be employed by the
                Company and serve as its “President and Chief Executive
                Officer.”  In such capacities, Swinford will perform such
                services as are customary for a president and chief executive
                officer.  Nothing herein is intended to restrict the duties of
                Swinford or limit him from serving in such other executive officer
                positions as the Board of Directors deems
                appropriate.

            

    

    

    
      	
               

            	
              b.

            	
              SCOPE.
                During the Period of Appointment, and excluding any periods of vacation
                and sick leave to which the office of President is entitled, Swinford
                shall devote full time and attention to the affairs of the
                Company.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.           COMPENSATION
      AND OTHER PAYMENTS.

    

    
      	
               

            	
              a.

            	
              ANNUAL
                SALARY. Annual salary shall be set at $120,000.00 per annum payable
                in
                regular installments but in no event less often than
                monthly.

            

    

    

    
      	
               

            	
              b.

            	
              ANNUAL
                INCREASES.  If the Period of Appointment is extended beyond
                December 31, 2008 as provided in section 2 above, Swinford's annual
                salary
                will be increased in an amount to be determined by the Board of the
                Company or a Committee of the Board of the Company, but in no event
                shall
                such increases be in an amount less than ten percent
                (10%).

            

    

    

    
      	
               

            	
              c.

            	
              BONUSES.  Swinford
                may participate in any and all bonus plans established by the Board
                or a
                Committee of the Board.

            

    

    

    5.           OTHER
      BENEFITS.

    

    
      	
               

            	
              a.

            	
              INCENTIVE
                & RETENTION SHARES.

            

    

     

    
      	
               

            	
              i.

            	
              RETENTION
                SHARES.  The Company will issue to Swinford one million
                (1,000,000) shares of its common stock contemporaneously with Swinford
                entering into this Agreement.

            

    

     

    
      	
               

            	
              ii.

            	
              INCENTIVE
                SHARES.  At the end of the initial Period of Appointment and the
                end of each subsequent year or, at Swinford's option, within thirty
                (30)
                days thereafter, the Company will issue to Swinford the number of
                shares
                necessary to provide to Swinford five percent (5%) of the issued
                and
                outstanding common stock of the Company.  As a result, on
                December 31, 2008 or, at Swinford's option, within 30 days thereafter,
                the
                Company will issue the number of shares necessary to provide Swinford
                five
                percent (5%) of the issued and outstanding common stock of the
                Company.  Further, if Swinford elects to extend the Period of
                Appointment to December 31, 2009, on December 31, 2009 or, at Swinford's
                option, within 30 days thereafter, the Company will issue the number
                of
                shares necessary to provide Swinford an additional five percent (5%)
                of
                the issued and outstanding common stock of the
                Company.  Similarly, if Swinford elects to extend the Period of
                Appointment to December 31, 2010, on December 31, 2010 or, at Swinford's
                option, within 30 days thereafter, the Company will issue the number
                of
                shares necessary to provide Swinford an additional five percent (5%)
                of
                the issued and outstanding common stock of the Company.  Such
                shares will be subject to any and all restrictions appropriate or
                necessary to comply with state or federal registration
                requirements.

            

    

     

    

    
      	
               

            	
              b.

            	
              REGULAR
                REIMBURSED BUSINESS EXPENSES. The Company shall promptly reimburse
                Swinford for all expenses and disbursements reasonably incurred by
                Swinford in the performance of his duties hereunder during the Period
                of
                Appointment.

            

    

    

    
      	
               

            	
              c.

            	
              BENEFIT
                PLANS.  Swinford and his eligible family members shall be
                entitled to participate immediately (except for any Company plan
                which
                includes or requires a waiting period, in which event Swinford shall
                be
                entitled to participate as soon as he is eligible under the terms
                of such
                plan), on terms no less favorable to Swinford than the terms offered
                to
                other employees, in any group and/or executive life, hospitalization
                or
                disability insurance plan, health program, vacation policy, pension,
                profit sharing, ESOP, 401(k) and similar benefit plans (qualified,
                non-qualified and supplemental) or other fringe benefits that may
                be
                offered by the Company as approved by the Board of Directors from
                time to
                time.

            

    

    

    
      	
               

            	
              d.

            	
              HEALTH
                INSURANCE.  The Company shall provide Swinford and his wife,
                whether or not he remains employed by the Company, health insurance
                until
                at least December 31, 2010.

            

    

    

    
      	
               

            	
              e.

            	
              PERQUISITES.
                The Company shall provide Swinford at least such perquisites as are
                commonly provided to other executives of the Company and are commiserate
                with his Appointment.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.           TERMINATION.

    

    
      	
               

            	
              a.

            	
              GENERAL.  Swinford's
                employment hereunder shall commence on the Effective Date and continue
                until the end of the term specified in section 2 above, except that
                the
                employment of Swinford hereunder shall terminate prior to such time
                in
                accordance with the following:

            

    

    

    
      	
               

            	
              i.

            	
              DEATH
                OR DISABILITY.  Upon Swinford’s death during the term of his
                employment hereunder or, at the option of the Company, in the event
                of
                Swinford’s disability, upon thirty (30) days notice to
                Swinford.

            

    

    

    
      	
               

            	
              ii.

            	
              FOR
                CAUSE.  For “Cause” immediately upon written notice by the
                Company to Swinford.  A termination for Cause shall
                mean:

            

    

     

    
      	
               

            	
              (1)

            	
              the
                commission of an intentional act of dishonesty, fraud, misrepresentation,
                misappropriation, or embezzlement by Swinford which has a material
                detrimental impact on the Company;

            

    

     

    
      	
               

            	
              (2)

            	
              Swinford’s
                unauthorized use or disclosure of any Confidential Information or
                trade
                secrets of the Company which has a material detrimental impact on
                the
                Company;

            

    

     

    
      	
               

            	
              (3)

            	
              a
                significant violation by Swinford of a law or regulation applicable
                to the
                Company’s business, which has a material detrimental impact on the Company
                and which the Board of the Company reasonably determines does or
                is
                reasonably likely to cause material injury to the
                Company;

            

    

     

    
      	
               

            	
              (4)

            	
              Swinford’s
                indictment of, or conviction of, or plea of nolo contendere or
                guilty to a felony or any other crime which involves moral
                turpitude;

            

    

     

    
      	
               

            	
              (5)

            	
              Swinford’s
                continued failure, in the reasonable discretion of the Board, to
                perform
                the principal duties, functions and responsibilities of his position
                (other than any such failure resulting from Swinford’s disability) or to
                follow the directives of the Board after written notice from the
                Company
                identifying the deficiencies in performance and a reasonable cure
                period
                of not less than thirty (30) days of any breach capable of cure;
                gross
                negligence or willful misconduct in the performance of Swinford’s duties;
                or

            

    

     

    
      	
               

            	
              (6)

            	
              a
                material and willful breach of Swinford’s fiduciary duties to the
                Company.

            

    

    

    
      	
               

            	
              iii.

            	
              WITHOUT
                CAUSE.  Without Cause upon thirty (30) days written notice by
                the Board of Directors to Swinford or upon Swinford to the Board
                of
                Directors.  If Swinford terminates the Agreement for any reason,
                he shall have no liability to the Company or its subsidiaries or
                affiliates as a result thereof.

            

    

    

    
      	
               

            	
              iv.

            	
              CONSTRUCTIVE
                TERMINATION.  Upon Swinford’s Constructive
                Termination.  Constructive Termination of Swinford’s employment
                with the Company will be deemed to have occurred if Swinford terminates
                his employment with the Company within six (6) months following the
                date
                on which:

            

    

     

    
      	
               

            	
              (1)

            	
              the
                Company demotes Swinford to a lesser position, either in title or
                responsibility;

            

    

     

    
      	
               

            	
              (2)

            	
              the
                Company decreases Swinford’s pay below the highest level in effect at any
                time Swinford’s employment with the Company or reduces Swinford’s benefits
                below the levels in effect during Swinford’s employment with the Company
                (other than as a result of any amendment or termination of any group
                or
                other executive benefit plan, which amendment or termination is applicable
                to all executives of the Company or any inadvertent reduction in
                benefits
                that Company cures within thirty (30) days after receiving written
                notice
                of such reduction);

            

    

     

    
      	
               

            	
              (3)

            	
              the
                Company requires Swinford to relocate to a principal place of business
                more than fifty (50) miles from the principal place of business occupied
                by Company as of the date hereof;

            

    

     

    
      	
               

            	
              (4)

            	
              the
                Company is subject to a Change in Control, unless Swinford accepts
                an
                appointment or employment with a successor to the Company;
                or

            

    

     

    
      	
               

            	
              (5)

            	
              the
                Company breaches any material term of this Agreement which is not
                cured by
                the Company within ten (10) days after receiving written notice of
                such
                breach.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              b.

            	
              OBLIGATIONS
                OF THE COMPANY UPON TERMINATION.  The following provisions
                describe the obligations of the Company to Swinford under this Agreement
                upon termination of his Appointment.  However, except as
                explicitly provided in this Agreement, nothing in this Agreement
                shall
                limit or otherwise adversely affect any rights which Swinford may
                have
                under applicable law, under any other agreement with the Company,
                or under
                any compensation or benefit plan, program, policy or practice of
                the
                Company.

            

    

    

    
      	
               

            	
              i.

            	
              TERMINATION
                BY THE COMPANY FOR CAUSE OR RESIGNATION WITHOUT CAUSE.  In the
                event this Agreement terminates by reason of the Company’s termination of
                Swinford’s Appointment as President and Chief Executive Officer of the
                Company for Cause or because of Swinford’s resignation Without Cause, the
                Company shall:

            

    

     

    
      	
               

            	
              (1)

            	
              Pay
                to Swinford within ten (10) days any amount of Compensation (as enumerated
                in section 4 above) earned but not yet
                paid;

            

    

     

    
      	
               

            	
              (2)

            	
              Provide
                Swinford’s health insurance as obligated in section 5(d) above, until
                December 31, 2010; and

            

    

     

    
      	
               

            	
              (3)

            	
              If
                such termination occurs during the initial term of the Period of
                Appointment, issue to Swinford the Incentive Shares provided for
                in
                section 5 above.

            

    

     

    
      	
               

            	
              ii.

            	
              TERMINATION
                BY THE COMPANY WITHOUT CAUSE, OR CONSTRUCTIVE TERMINATION.  In
                the event this Agreement terminates by reason of the Company’s termination
                of Swinford’s Appointment as President and Chief Executive Officer of the
                Company Without Cause or Swinford is Constructively Terminated, the
                Company shall:

            

    

     

    
      	
               

            	
              (1)

            	
              Pay
                to Swinford in a lump sum within ten (10) days the remaining amount
                of
                Compensation provided for in section 4 above through December 31,
                2010
                including any minimum annual increases and bonuses and an additional
                one
                hundred thousand dollars
                ($100,000);

            

    

     

    
      	
               

            	
              (2)

            	
              Provide
                Swinford’s health insurance as obligated in section 5(d) above, until
                December 31, 2010; and

            

    

     

    
      	
               

            	
              (3)

            	
              Issue
                to Swinford the Incentive Shares provided for in section 5 above
                for any
                periods (2008, 2009 or 2010) on December 31 (or at Swinford’s election,
                within thirty (30) days thereafter) the appropriate number of shares
                for
                such period.

            

    

     

    
      	
               

            	
              iii.

            	
              TERMINATION
                BY DEATH OR DISABILITY OR SWINFORD’S TERMINATION FOR CAUSE.  In
                the event this Agreement terminates by reason
                of Swinford’s Death or Disability or because of Swinford’s resignation For
                Cause, the Company shall:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              (1)

            	
              Pay
                to Swinford within ten (10) days any amount of Compensation (as enumerated
                in section 4 above) earned but not yet
                paid;

            

    

     

    
      	
               

            	
              (2)

            	
              Provide
                Swinford’s health insurance as obligated in section 5(d) above, until
                December 31, 2010; and

            

    

     

    
      	
               

            	
              (3)

            	
              Issue
                to Swinford the Incentive Shares provided for in section 5 above
                for any
                periods (2008, 2009 or 2010) on December 31 (or at Swinford’s election,
                within thirty (30) days thereafter) the appropriate number of shares
                for
                such period.

            

    

     

    
      	
               

            	
              c.

            	
              MITIGATION.  In
                no event shall Swinford be obligated to seek another appointment
                or
                employment or take any other action by way of mitigation of the amounts
                payable to the Swinford under any of the provisions of this
                Agreement.  Any severance benefits payable to Swinford shall not
                be subject to reduction for any compensation received from another
                appointment or employment.

            

    

     

    
      	
               

            	
              d.

            	
              CHANGE
                OF CONTROL.  For purposes of this Agreement,
                Change of Control shall be deemed to have occurred (i) if more than
                33% of
                the voting shares of the Company are acquired by a third party in
                a plan
                of reorganization, merger and/or consolidation or (ii) if majority
                voting
                control of the Company is acquired by any person other than Swinford,
                but
                does not include acquisition of majority voting control by a person
                that
                results from Swinford voluntarily transferring such voting control
                to such
                person including, but not limited to, Swinford transferring such
                control
                by proxy or by transferring some other interest to such
                person.

            

    

     

    7.           INDEMNIFICATION.  To
      the extent practical, the Company shall maintain, for the benefit of Swinford
      and other executives directors and/or officers liability
      insurance.  In addition, Swinford shall be indemnified by the Company
      against liability as an officer and President and Chief Executive Officer of
      the
      Company and any subsidiary or affiliate of the Company to the maximum extent
      permitted by applicable law.  Swinford’s rights under this Section
      shall continue so long as he may be subject to such liability, whether or not
      this Agreement may have terminated.

     

    8.           INVENTIONS;
      ROYALTY FREE LICENSE.

     

    
      	
               

            	
              a.

            	
              INVENTIONS
                DEFINED.  “Inventions” includes all rights to discoveries,
                inventions, improvements, designs and innovations (including all
                data and
                records pertaining thereto) that relate to the business of the Company,
                whether or not patentable, copyrightable or reduced to writing, that
                Swinford may discover, invent or originate during the term of his
                employment hereunder, either alone or with others and whether or
                not
                during working hours or by use of the facilities of the
                Company.

            

    

     

    
      	
               

            	
              b.

            	
              SWINFORD
                TO RETAIN RIGHTS.  Swinford is to retain or maintain any and all
                rights to Inventions.

            

    

     

    
      	
               

            	
              c.

            	
              COMPANY
                TO LICENSE.  Swinford will grant to the Company a license on
                substantially the terms of the licensing agreement attached hereto
                as
                Exhibit A.

            

    

     

    
      	
               

            	
              d.

            	
              WAIVER
                OF ROYALTIES.  Throughout his Appointment under this Agreement,
                Swinford will waive any and all royalties due to him by the Company
                under
                a Waiver of Royalties Agreement on substantially the terms of the
                agreement attached hereto as Exhibit
                B.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.           CONFIDENTIAL
      INFORMATION.

     

    
      	
               

            	
              a.

            	
              ACKNOWLEDGMENT
                OF PROPRIETARY INTEREST.  Swinford agrees that all Confidential
                Information learned by him during his employment with the Company,
                whether
                developed by Swinford or in conjunction with others or otherwise,
                is and
                shall remain the exclusive property of the
                Company.

            

    

     

    
      	
               

            	
              b.

            	
              CONFIDENTIAL
                INFORMATION DEFINED.  “Confidential Information” means all
                confidential and proprietary information of the Company, to the extent
                such property is the property of the Company and not the property
                of
                Swinford or another, and that is not otherwise publicly
                available.  “Confidential Information” does not include the
                “Inventions” referenced in section 8.  Without limited the
                foregoing, Confidential Information includes the
                following:

            

    

     

    
      	
               

            	
              i.

            	
              Information
                derived from reports, investigations, experiments, research and work
                in
                progress,

            

    

     

    
      	
               

            	
              ii.

            	
              Methods
                of operation,

            

    

     

    
      	
               

            	
              iii.

            	
              Marketing
                data,

            

    

     

    
      	
               

            	
              iv.

            	
              Proprietary
                computer programs and codes,

            

    

     

    
      	
               

            	
              v.

            	
              Drawings
                designs, plans and proposals,

            

    

     

    
      	
               

            	
              vi.

            	
              Marketing
                and sales programs,

            

    

     

    
      	
               

            	
              vii.

            	
              Client
                lists,

            

    

     

    
      	
               

            	
              viii.

            	
              Historical
                financial information and financial
                projections,

            

    

     

    
      	
               

            	
              ix.

            	
              Pricing
                formulae and policies,

            

    

     

    
      	
               

            	
              x.

            	
              All
                other concepts, ideas, materials and information prepared or performed
                for
                or by the Company, and

            

    

     

    
      	
               

            	
              xi.

            	
              All
                information related to the business, products, purchases or sales
                of the
                Company and any of its suppliers and
                customers.

            

    

     

    
      	
               

            	
              c.

            	
              COVENANT
                NOT TO DIVULGE CONFIDENTIAL INFORMATION.  The Company is
                entitled to prevent the disclosure of Confidential
                Information.  The Company agrees to and will provide
                Confidential Information to Swinford at the inception of his employment
                and Swinford acknowledges and agrees that, during the course of his
                employment he will be exposed to, have access to, and gain knowledge
                of
                Confidential Information.  As a portion of the consideration for
                the employment of Swinford and for the compensation being paid to
                him
                hereunder and thereafter to hold in strict confidence and not to
                disclose
                or allow to be disclosed or made available to any person, firm or
                corporation, other than to his professional advisors (who
                have the obligation to maintain the confidentiality of such information)
                and to persons engaged by the Company to further the business of
                the
                Company, and not to use except in the pursuit of the business of
                the
                Company, the Confidential Information, without the prior written
                consent
                of the Company.

            

    

     

    
      	
               

            	
              d.

            	
              RETURN
                OF MATERIALS.  In the event of any termination or cessation of
                his employment with the Company for any reason, or request by the
                Company
                at anytime, Swinford shall promptly deliver to the Company all documents,
                data and other information derived from or otherwise pertaining to
                Confidential Information.  Swinford shall not take or retain any
                documents or other information, or any reproduction or excerpt thereof,
                containing or pertaining to any Confidential
                Information.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10.           GENERAL

     

    
      	
               

            	
              a.

            	
              NOTICES.  All
                notices and other communications hereunder shall be in writing or
                by
                written telecommunication, and shall be deemed to have been duly
                given
                upon delivery if delivered personally or via written telecommunication,
                or
                five days after mailing if mailed by certified mail, return receipt
                requested or by written telecommunication, to the relevant address
                set
                forth below, or to such other address as either of the parties shall
                have
                furnished to the other in writing in accordance
                herewith:

            

    

     

     

    
      	
              If
                to the Company, addressed to:

            	If
              to the Jerry Swinford addressed to:
	
              Coil
                Tubing Technology Holdings, Inc.

            	
              Jerry
                Swinford

            
	
              19511
                Wied Road, Suite E

            	
              19511
                Wied Road, Suite E

            
	
              Spring,
                TX 77388

            	
              Spring,
                TX 77388

            

    

     

    Notice
      and communications shall be effective when actually received by the
      addressee.

    

    
      	
               

            	
              b.

            	
              WITHHOLDING.  All
                payments required to be made to Swinford by the Company under this
                Agreement shall be subject to withholding, at the time payments are
                actually made to Swinford and received by him, of such amounts, if
                any,  relating to federal, state and local taxes as may required
                by law.

            

    

     

    
      	
               

            	
              c.

            	
              TAXES.  In
                the event that the aggregate of all payments or benefits made or
                provided
                to, or that may be made or provided to, Swinford under this Agreement
                and
                under all other plans, programs and arrangements of the Company (the
                "Aggregate Payment") are determined to constitute a "parachute payment"
                or
                some other category of payment which results in special tax treatment,
                Swinford and the Company shall cooperate with each other in connection
                with any proceeding or claim relating to the existence or amount
                of
                liability for the payment, and all expenses incurred by Swinford
                in
                connection therewith shall be paid by the Company promptly upon notice
                of
                demand from Swinford.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              d.

            	
              REIMBURSEMENT
                OF LEGAL EXPENSES.  In the event that Swinford is successful,
                whether in mediation, arbitration or litigation, in pursuing any
                claim or
                dispute involving Swinford’s Appointment with the Company, including any
                claim or dispute relating to (a) this Agreement, (b) termination
                of
                Swinford’s Appointment with the Company or (c) the failure or refusal of
                the Company to perform fully in accordance with the terms hereof,
                the
                Company shall promptly reimburse Swinford for all costs and expenses
                (including, without limitation, attorneys' fees) relating solely,
                or
                allocable, to such successful
                claim.

            

    

     

    
      	
               

            	
              e.

            	
              LAW
                GOVERNING.  This Agreement shall be governed under the laws of
                the State of Texas.

            

    

     

    
      	
               

            	
              f.

            	
              SEVERABILITY.  If
                any provision hereof is held invalid or unenforceable by a court
                of
                competent jurisdiction, such invalidity shall not affect the validity
                or
                operation of any other provision and such invalid provision shall
                be
                deemed to be severed from the
                Agreement.

            

    

     

    
      	
               

            	
              g.

            	
              WAIVERS.  No
                delay or omission by either party in exercising any right, power
                or
                privilege hereunder shall impair such right, power or privilege,
                nor shall
                any single or partial exercise such right, power or privilege preclude
                any
                further exercise thereof or the exercise of any other right, power
                or
                privilege.

            

    

     

    
      	
               

            	
              h.

            	
              COUNTERPARTS.  This
                Agreement may be executed in multiple counterparts, each of which
                shall be
                deemed an original, and all of which together shall constitute one
                and the
                same document.

            

    

     

    
      	
               

            	
              i.

            	
              CAPTIONS.  The
                captions in this Agreement are for convenience of reference only
                and shall
                not limit or otherwise affect any of the terms of provisions
                hereof.

            

    

     

    
      	
               

            	
              j.

            	
              REFERENCE
                TO AGREEMENT.  Use of the words “herein, “hereof,” “hereto,”
                “hereunder” and the like in this Agreement refer to this Agreement only as
                a whole and not to any particular section or subsection of this Agreement,
                unless otherwise noted.

            

    

     

    
      	
               

            	
              k.

            	
              SUCCESSORS.  This
                Agreement shall be binding on and shall inure to the benefit of the
                parties hereto, their heirs, administrators, successors, and
                assigns.

            

    

     

    
      	
               

            	
              l.

            	
              ASSIGNABILITY.  This
                Agreement and the rights and obligations thereunder may not be assigned
                by
                any act of either party or by operation of law without the prior
                written
                consent of each party.  However, the Company may fulfill its
                obligation to compensate Swinford through one or more of its wholly
                owned
                subsidiaries.

            

    

     

    
      	
               

            	
              m.

            	
              GENDER
                AND NUMBER.  The masculine gender shall be deemed to denote the
                feminine or neuter genders, the singular to denote the plural, and
                the
                plural to denote the singular, where the context so
                permits.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement this 7th
      day of September, 2007.

     

    

    COIL
      TUBING TECHNOLOGY HOLDINGS,
      INC.                                                                                                                                                   
JERRY
      SWINFORD

    

    

    

    By:           /S/
      Jerry
      Swinford                                                                                                                                          By:             /S/
      Jerry
      Swinford                                      

    Jerry
      Swinford, President and Chief Executive
      Officer                                                                                                                                       
Jerry
      Swinfordex10-9.htm

    Exhibit 10.9

    
 

    
      	
              EXHIBIT
                A

            

AMENDED
      AND RESTATED LICENSING AGREEMENT

     

    This
      Amended and Restated Licensing
      Agreement (“Agreement”) is effective on the 1st day of
      July, 2007,
      by and between Jerry L. Swinford ("GRANTOR"), a natural person residing in
      Houston, Harris County Texas, and Coil Tubing Technology Holdings, Inc.
      (“GRANTEE”), a Nevada corporation with a mailing address of 19511 Wied Road,
      Suite E, Spring, Texas 77388 (collectively “the Parties”).

    

    Whereas,
      the parties
      previously entered into a Licensing Agreement on or around July 1, 2007 (the
      “Prior Licensing Agreement”), which Prior Licensing Agreement is replaced and
      superseded in its entirety by this Agreement.

     

    Whereas,
      GRANTOR has
      invented, designed, and built a device and method for inducing relative rotation
      in a remote location of an upper portion and a lower portion in response to
      relative axial movement (the Subterranean Rotation-Inducing Device and
      Method).  GRANTOR has invented and designed various devices and
      methods which utilize similar techniques and are intended to serve similar
      or
      related functions.  Furthermore, GRANTOR has invested and designed
      various other devices and methods, and anticipates inventing and designing
      various other devices and methods, which can be utilized by GRANTEE or its
      subsidiaries, but which may or may not utilize techniques similar to the
      Subterranean Rotation-Inducing Device and Method.  Some, but not all,
      of such devices have been built (as prototypes) and have or will be
      tested.  The Parties intend for all such devises and methods,
      including devises and methods developed, invented or designed while GRANTOR
      is
      employed by GRANTEE or its subsidiaries, to be provided for an governed by
      this
      Licensing Agreement.  Thus, collectively, all such devices and methods
      described above are referred to herein as the “Invention.”

    

    Whereas,
      GRANTOR filed
      a United States Patent Application, Serial Number 08/471,774, for the device
      and
      method known as "Subterranean Rotation-Inducing Device and Method" on June
      6,
      1995.  The United State Patent and Trademark Office granted a Patent
      on such Application by issuance of Patent Number 5,584,342.  GRANTOR
      has also filed provisional patent application 60/787,906 and and a
      non-provisional patent application filing 11/693,568 for certain jet powered
      down hold driven tools.  GRANTOR anticipates that such additional
      devices and methods referred to above, will require prosecution of U.S. and/or
      international Patent Applications.  Collectively, Patent Number
      5,584,342 and provisional patent application 60/787,906 and patent application
      11/693,568 and any and all additional Patent Applications or Letters of Patent
      are referred to herein as the “Application.”
      

      Whereas,
        GRANTEE is
        desirous of obtaining and GRANTOR is willing to grant an exclusive license
        to
        manufacture, use, sell, rent, and otherwise similarly exploit GRANTOR'S interest
        in the Invention, the Application, and any and all Letters Patent of the
        United
        States or other jurisdiction which may be granted therefor.

      

      NOW,
        THEREFORE, in consideration of the
        payment by each party to the other of the sum of One Dollar ($1.00) and other
        good and valuable consideration, the receipt of which is hereby acknowledged,
        and in consideration of the covenants and obligations hereinafter set forth
        to
        be well and truly performed, the Parties hereby agree as
        follows:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    I.
      DEFINITIONS

     

    1.01  "Sold,"
      "sales," and
      "sell" shall include sales, rentals, leases, transfers, consignments, and the
      like as well as any other commercial exploitation of the subject Invention
      Property Products.  One example of such other commercial exploitation
      is the use of the Invention Property Products without directly charging for
      the
      Invention Property Products, but charging for services or other equipment
      related to the same job or the same customer.

     

    1.02  The
      "Invention
      Property" is the Invention, the Application, and any and all Letters Patent
      of
      the United States or other jurisdiction which may be granted therefor as well
      as
      all reissues, divisionals, continuations, extensions and renewals
      thereof.

     

    1.03  "Invention
      Property
      Products" shall mean the devices, methods, improvements to known devices, or
      improvements to known methods that incorporate the Invention.

     

    1.04  An
      "Affiliate" is (1)
      any entity in which GRANTEE or any of its stockholders, directors, or officers
      has a direct or indirect ownership interest (other than insubstantial interests
      in publicly held companies) or (2) any entity which directly or indirectly
      through one or more intermediaries, control, is controlled by, or is under
      common control with GRANTEE.

     

    II.
      LICENSE GRANT

     

    2.01  GRANTOR
      hereby grants
      to GRANTEE the sole and exclusive right and license to manufacture, use, sell,
      and otherwise similarly exploit the Invention Property until the expiration
      of
      the Invention Property or any reissue thereof unless sooner terminated in
      accordance with any provision hereof.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    III.
      ROYALTIES

     

    3.01  As
      compensation and as
      royalties for the transfer of rights in the Invention Property including the
      disclosure of information not currently available to the public, and the
      know-how and trade secrets associated with the Invention, GRANTEE agrees to
      pay
      GRANTOR as follows:

     

    
      	
              a.

            	
              A
                Royalty of ten percent (10%) of the gross receipts derived by GRANTEE
                from
                all sales of Invention Property
                Products.

            

    

    
      	
              b.

            	
              In
                no event shall the amount of the Royalty referred to in paragraph
“a” be
                less than $100,000 per year for each devise or method invented, designed
                or built for which no Letter of Patent has been issued by the United
                States or other jurisdiction.

            

    

    
      	
              c.

            	
              In
                no event shall the amount of the Royalty referred to in paragraph
“a” be
                less than $200,000 per year for each devise or method invented, designed
                or built for which a Letter of Patent has been issued by the United
                States or other jurisdiction.

            

    

    
      	
              d.

            	
              The
                minimum annual royalties described in paragraphs “b” and “c” above are
                measured at the end of each year, the year beginning on the anniversary
                of
                the Effective Date of this
                Agreement.

            

    

    
      	
              e.

            	
              Furthermore,
                the minimum annual royalties described in paragraphs “b” and “c” shall be
                prorated in any year in which Letters of Patent
                issue.

            

    

    

    3.02  GRANTEE
      shall pay
      interest to GRANTOR upon any and all amounts of royalties that are at any time
      overdue and payable to GRANTOR at the maximum legal interest rate permitted
      under Texas law.  This provision does not constitute a waiver or
      authorization for late payment or, in any way, negate GRANTOR's right to
      terminate the agreement for non-performance by GRANTEE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.03  Anything
      herein to the
      contrary notwithstanding, royalties with respect to all sales, transfers or
      consignments made by GRANTEE to an Affiliate (as herein defined) or to any
      purchaser which does not otherwise deal at arms-length with it, shall be
      computed on an amount equal to the price at which GRANTEE, at the time of such
      sales, transfers or consignments, would invoice the same or similar items to
      purchasers dealing at arms-length with GRANTEE.

     

    3.04  Anything
      herein to the
      contrary notwithstanding, royalties with respect to all sales, transfers or
      consignments made by GRANTEE that amounts to other commercial exploitation
      of
      the Invention Property Products wherein the gross receipts or any portion
      thereof are not directly attributable to the Invention Property Products shall
      be computed on an amount equal to the price at which GRANTEE, at the time of
      such sales, transfers or consignments, would invoice the same or similar
      items.

     

    3.05  GRANTEE
      shall have the
      right to conduct sales and services through a subsidiary or related entity
      provided that each of GRANTEE and such subsidiary or related entity shall be
      jointly and severally responsible for the payment of royalties and for other
      obligations under this Agreement, and the gross selling price subject to royalty
      shall be deemed the price at which Invention Property Products are sold or
      resold by GRANTEE or by its subsidiary or related company, whichever be the
      highest.

     

    3.06  GRANTEE
      agrees to pay
      GRANTOR the full royalty set forth in paragraph 3.01 for as long as the license
      is in effect.

     

    3.07  GRANTEE
      agrees to use
      good faith and fair dealing in all dealings with GRANTOR.  This good
      faith requirement includes the covenant to use fair market value in all sales
      and in calculating all royalties.

     

    3.08  On
      Invention Property
      Products sold by another (not including Affiliates of GRANTEE), royalties are
      calculated and reported on Invention Property Products with the same conditions
      as if sold by GRANTEE.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      IV.
        TIME FOR ROYALTY PAYMENTS; ACCOUNTING RECORDS;
        EXAMINATION

    

     

    4.01  GRANTEE
      agrees to keep
      complete and correct account of the number of Invention Property Products which
      have been sold, and the number of Invention Property Products which have been
      ordered and manufactured, and also showing invoice number, customer name and
      address, gross selling price for each Invention Property Products sold, the
      total Gross Sales, and the amount of royalty due.

     

    4.02  Where
      GRANTEE contracts
      with another for the manufacture of Invention Property Products, GRANTEE agrees
      to require the manufacturer to keep complete and correct account of the number
      of Invention Property Products which have been ordered and manufactured, and
      also showing the date and destination of each shipment of Invention Property
      Products.

     

    4.03  Within
      twenty (20) days
      after the end of each month, reports shall be made by the GRANTEE to the GRANTOR
      setting forth the number of Invention Property Products which have been sold,
      and the number of Invention Property Products which have been ordered and
      manufactured, and also showing the invoice number, customer name and address,
      gross selling price for each Invention Property Product sold, the total Gross
      Sales, and the amount of royalty due.

     

    4.04  GRANTEE's
      remittance
      for the full amount of royalties due for such month, with interest from the
      end
      of the month to the date of payment, shall accompany such reports.

     

    4.05  GRANTOR
      or its
      representative shall have the right, not more often than once each quarter,
      to
      examine GRANTEE's books of account at all reasonable times, during normal
      business hours, to the extent and insofar as is necessary to verify the accuracy
      of the above-mentioned reports.  It is agreed that GRANTOR shall have
      the privilege of having a certified public accountant audit all statements
      of
      account, reports, etc. provided for in this Agreement to be made by GRANTEE
      to
      GRANTOR and that GRANTEE shall place at the disposal of said certified public
      accountant for the purposes of this paragraph any and all records essential
      to
      the verification of such reports.  The expense of such audits and
      verifications shall be borne by GRANTOR, except that if any audit shows a
      deficiency of more than five percent (5%) in the royalties reported and paid,
      then GRANTEE shall bear the cost of the audit.

     

    4.06  GRANTOR
      agrees to hold
      strictly confidential all information concerning royalty payments and reports
      and all information learned in the course of any audit hereunder, except when
      it
      is necessary for GRANTOR to reveal such information in order to enforce its
      rights under this Agreement.

     

    4.07  In
      the event of
      termination of this Agreement for any reason whatsoever, GRANTEE agrees to
      permit GRANTOR, its auditors, accountants or agents to inspect all said records
      and books of GRANTEE and to investigate generally all transactions of business
      carried on by GRANTEE pursuant to this Agreement and the license hereby granted,
      for a period of six (6) months after such termination.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    V.
      WARRANTIES BY GRANTOR

     

    5.01  GRANTOR
      represents and
      warrants that it is the owner of the entire right, title and interest in the
      licensed Invention Property, and that it has the sole right to grant the
      licenses under the licensed Invention Property of the scope herein
      granted.

     

    5.02  GRANTOR
      represents and
      warrants that it has the right to enter into this Agreement, and that there
      are
      no outstanding assignments, grants, licenses, encumbrances, obligations or
      agreements, whether written, oral or implied, inconsistent with this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    VI.
      ENFORCEMENT OF LICENSED PATENTS

                    6.01  The
      Parties hereto agree to keep a diligent watch for infringement of the Invention
      Property  and notify the other Party of any such
      infringement.  The Parties will use reasonable attempts to halt any
      such infringement.  However, neither Party shall be required to pursue
      an infringement action that the Party believes is frivolous or without merit
      under the circumstances.  Thus, the parties will, by agreement based
      upon the circumstances at the time, pursue legal action against alleged
      infringers of the Invention Property against whom both of the Parties have
      a
      good faith, reasonable belief they will prevail.  Based upon these
      guidelines, should one of the Parties elect not to pursue the alleged infringer,
      the other Party may pursue the alleged infringer at their own expense and for
      their own benefit and shall have the right to retain the benefit of any and
      all
      judgments for themselves.  If the Parties pursue an alleged infringer
      together, the Parties will share in any expense and recovery from such lawsuit
      as agreed in advance of commencing any legal action and based on the
      circumstances of the particular infringement.  In the event that
      GRANTEE commences litigation on its own, without GRANTOR, GRANTEE has the right
      to join GRANTOR as a necessary party and to gain his cooperation in exchange
      for
      reasonable compensation of GRANTOR’S costs.  GRANTOR shall be entitled
      to be represented at any such proceedings, commenced solely by GRANTEE, by
      GRANTOR’S own counsel, at GRANTOR’S own expense.  Should all patent(s)
      on the Invention be invalidated during an infringement suit, the royalty rate
      shall be reduced as provided for herein.  GRANTEE is obligated to
      continue to make reports, payments, and accountings through this
      period.  A reduced rate, if appropriate, begins on the date any
      judgment invalidating the patent(s) becomes final.

     

    6.02  GRANTOR
      shall not be
      obligated to defend or save harmless GRANTEE in any suit, damage claim, or
      demand based on actual or alleged infringement of any patent or any unfair
      trade
      practice resulting from the exercise or use of any right or license granted
      hereunder.  In the event that the GRANTEE’S right to use the devices,
      methods, processes, and techniques shall be challenged by any person or company
      claiming patent infringement by use thereof, GRANTOR shall provide such
      information as GRANTOR may possess which GRANTOR deem necessary to show the
      date
      or dates of discovery of the devices, methods, processes, and techniques,
      provided that GRANTOR will be compensated for any expense incurred in connection
      therewith.

    

    VII.
      ASSUMPTION OF THE RISK BY GRANTEE

     

    7.01  GRANTEE
      agrees to
      assume full responsibility for product liability claims resulting from the
      sale
      or use of the Invention Property Products and hold GRANTOR harmless from any
      liability therefor, to indemnify GRANTOR, and to obtain sufficient liability
      insurance to cover any such claims.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      VIII.
        PATENT MARKING

                   
      8.01  GRANTEE agrees to mark permanently and legibly all Invention
      Property Products sold by it under this Agreement with the notation "Patent
      Pending" or “International Patent Pending” during the prosecution of any Patent
      application.

     

    8.02  Upon
      issuance of a
      patent and thereafter during the patent term, GRANTEE agrees to mark permanently
      and legibly all Invention Property Products sold by it under this Agreement
      with
      the notation "U.S. Patent No." or similar mark for patents issued by another
      jurisdiction, followed by the patent number.

    

    IX.
      TERMINATION RIGHTS

     

    9.01  The
      rights granted to
      GRANTEE shall remain with GRANTEE throughout the life of the Invention Property
      or during the period of GRANTEE’S exploitation of any devise or method of the
      Invention Property whichever is longer.  At the end of the term, all
      rights immediately and automatically revert to GRANTOR, regardless of any
      outstanding sublicenses.  The obligation on the part of GRANTEE to
      make the payments required shall continue regardless of the issuance,
      non-issuance, or invalidation of a patent for the Invention in accordance with
      the compensation terms of this Agreement.

     

    9.02  In
      the event of any
      adjudication of bankruptcy, appointment of receiver by a court of competent
      jurisdiction, assignment for the benefit of creditors, or levy of execution
      directly involving GRANTEE, GRANTOR may, at his option, terminate this Agreement
      upon not less than twenty (20) days notice to GRANTEE, provided, however, that
      such termination shall not impair or prejudice any right or remedy that GRANTOR
      might otherwise have under this Agreement.

     

    9.03  GRANTOR
      may terminate
      this Agreement on ninety (90) days written notice to GRANTEE if the quality
      of
      the Inventory Property Products is substandard as reasonably determined by
      GRANTOR.

     

    9.04  If
      GRANTEE shall at any
      time commit any breach of any covenant, warranty or agreement herein contained,
      including the obligation to pay royalties, or shall misrepresent the product
      or
      misrepresent the applications of the product and shall fail to remedy any such
      breach or misrepresentation of the product or the applications of the product
      within thirty (30) days after written notice thereof by the GRANTOR, then
      GRANTOR may at his option, and in addition to any
      other
      remedies that he may be entitled to, cancel this Agreement by notice in writing
      to such effect or, alternatively, convert this license to a non-exclusive
      license.  If an initiated program does not remedy the breach within
      three (3) months after the aforementioned written notice by the GRANTOR, then
      GRANTOR may at his option, and in addition to any other remedies that he may
      be
      entitled to, cancel this Agreement by notice in writing to such effect or,
      alternatively, convert this license to a non-exclusive
      license.

     

    9.05  If
      GRANTEE is not doing
      its best to satisfy demands for the devices incorporating the Invention Property
      as determined by the good faith belief of GRANTOR, GRANTOR may elect to convert
      the license to a non-exclusive license with sixty (60) day written notice given
      to GRANTEE.  If GRANTOR does subsequently grant any other licenses,
      GRANTEE may terminate this Agreement by ninety (90) day written notice to
      GRANTOR.

     

    9.06  If
      GRANTEE does not
      meet the minimum royalties requirement, GRANTOR may elect to terminate this
      Agreement or, alternatively, convert the license to a non-exclusive license
      with
      sixty (60) day written notice given to GRANTEE, unless GRANTEE shall pay to
      GRANTOR by the end of that time the amount required to meet the minimum
      royalties.  If GRANTOR does subsequently grant any other licenses,
      GRANTEE may terminate this Agreement by ninety (90) day written notice to
      GRANTOR.

     

    9.07  In
      the event of
      termination of this Agreement for any reason, GRANTEE shall not thereby be
      discharged from any liability or obligation to GRANTOR that accrued on or prior
      to the date of the termination.  All unpaid sums shall become due and
      payable immediately.

     

    9.08  On
      the termination of
      this Agreement for any reason, GRANTEE shall deliver to GRANTOR all books,
      notes, drawings, writings, and other documents, samples and models relating
      to
      any improvements, trade secrets, or inventions that are the subject of this
      Agreement.  On termination of this Agreement, if any patents on the
      Invention have not expired, then GRANTEE shall cease to exploit, use,
      manufacture, or sell the Invention in any way.  All confidential
      material shall remain confidential.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    X.
      PAYMENT OF COSTS ASSOCIATED WITH THE INVENTION
      PROPERTY

                   
      10.01  GRANTEE agrees to pay all costs, including attorney’s fees and
      governmental fees, associated with the prosecution, issuance, and maintenance
      of
      the Invention Property.

     

    10.02  GRANTEE
      shall pay the
      costs to GRANTOR or to an agent designated by GRANTOR within twenty (20) days
      from written request by GRANTOR.

     

    10.03  The
      request for
      payment of costs shall include sufficient information to allow GRANTEE to verify
      the cost.  Information such as invoices and citations of statutory
      provisions along with an explanation of why the statute applies are examples
      of
      sufficient information but other information may suffice.

    

    XI.
      FORCE MAJEURE

     

    11.01  Neither
      of the parties
      hereto shall be liable in damages or have the right to cancel this Agreement
      for
      any delay or default in performing hereunder (other than the non-payment of
      royalties or other payments due under the Agreement) if such delay or default
      is
      caused by conditions beyond its control including, but not limited to acts
      of
      God, government restrictions, wars or insurrections, strikes, fires, floods,
      work stoppages, and/or lack of materials.

    

    XII.
      SEVERABILITY

     

    12.01  Should
      any part or
      provision of the Agreement be held unenforceable or in conflict with the law
      of
      any jurisdiction, the validity of the remaining parts or provisions shall not
      be
      affected by such holding.

     

    12.02  In
      any litigation
      involving this Agreement, any court having jurisdiction thereof is authorized
      to
      reform the agreement to conform as closely as possible to the original intent
      of
      the parties with respect to any subject matter found to be unenforceable or
      in
      conflict with any law.

    

    XIII.
      LIMITATION ON EFFECT OF WAIVER

     

    13.01  A
      waiver of any breach
      of any provision of this Agreement shall not be construed as a continuing waiver
      of other breaches of the same or other provisions of this
      Agreement.

    

    

    XIV.
      NEGATION OF AGENCY

     

    14.01  Nothing
      herein
      contained shall be deemed to create an agency, joint venture or partnership
      relation between the parties hereto.  It is understood and agreed that
      GRANTEE is not, by this Agreement or anything herein contained, constituted
      or
      appointed the agent or representative of GRANTOR for any purpose whatsoever,
      nor
      shall anything herein contained be deemed or construed as granting to GRANTEE
      any right or authority to assume or to create any obligation or responsibility,
      express or implied, for or on behalf of or in the name of GRANTOR, or to bind
      GRANTOR in any way or manner whatsoever.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    XV.
      ENTIRE AGREEMENT

     

    15.01  This
      Agreement sets
      forth the entire agreement and understanding of the parties relating to subject
      matter contained herein and merges all prior discussions between them, and
      neither party shall be bound by a definition, condition, warranty, or
      representation other than as expressly stated in this Agreement or as
      subsequently set forth in a writing signed by the party to be bound
      thereby.

    

    XVI.
      NEGATION OF CERTAIN WARRANTIES

     

    16.01  No
      warranty or
      representation is given or made by GRANTOR (a) that Licensed Devices are free
      from infringement of the patent rights of third parties; or (b) as to scope
      or
      validity of the Licensed Patent, other than the that described in Section V
      of
      this Agreement.

    

    XVII.
      ASSIGNABILITY

     

    17.01  GRANTEE
      agrees not to
      assign or transfer, by operation of law or otherwise, its interest in the
      Invention Property or its interest in this agreement to any person, firm, or
      corporation without the written consent of the GRANTOR so to
      do.  GRANTOR may require submission of any relevant information from
      GRANTEE in making such evaluation.

     

    17.02  GRANTOR
      may assign or
      transfer, by operation of law or otherwise, its interest his the Invention
      Property or its interest in this agreement to any person, firm, or corporation
      without the associated obligations contained in this Agreement.

    XVIII.
      SUBLICENSING

     

    18.01  Should
      GRANTEE desire
      to sublicense all or any portion of the Invention Property, GRANTEE shall submit
      to GRANTOR the name of the proposed sublicensee financial, historical, and
      other
      information concerning the proposed sublicense sufficient to allow GRANTOR
      to
      determine the business, financial, technological, and other capabilities and
      stability of the proposed sublicensee, and true copies of the agreement or
      agreements to be entered into with the sublicensee.

     

    18.02
      GRANTOR shall within a reasonable
      time after submission of all of the foregoing, approve or disapprove the
      proposed sublicensee.  GRANTOR is under no obligation to approve of
      any proposed sublicensee.  GRANTOR may unreasonably withhold approval
      of any sublicensee and his approval or disapproval shall be subject to his
      complete discretion and fiat.

     

    18.03  Any
      sublicense
      agreement shall incorporate the terms of this Agreement and shall, inter
      alia, require that the sublicensee acknowledge the primacy and validity of
      this Agreement, require the sublicensee upon written notice from GRANTOR to
      make
      payments required hereunder directly to GRANTOR, and provide for audit rights
      of
      the sublicensee by GRANTOR equivalent to those provided in this
      Agreement.

    

    XIX.
      GOVERNING LAW

     

    19.01  This
      Agreement shall
      be interpreted and construed, and the legal relations created herein shall
      be
      determined, in accordance with the laws of the State of Texas.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    XX.
      NOTICES

     

    20.01  Notices,
      reports,
      statements, payments, etc. required or permitted under this Agreement shall
      be
      in writing and shall for all purposes deemed to be fully given and received
      upon
      deposit with the United States Post Office if sent by certified mail, postage
      prepaid, to the respective parties at the following addresses:

    

    to
      GRANTEE:                                        Coil
      Tubing Technology Holdings, Inc.

    19515
      Wied Road, Suite E

    Spring,
      Texas 77388

    

    to
      GRANTOR:                                       Jerry
      L. Swinford

                   
      19515 Wied Road, Suite E

    Spring,
      Texas 77388

    

    20.02  Either
      party hereto
      may change its address for the purposes of this Agreement by giving to the
      other
      party written notice of its new address.

    

    XXI.
      GENERAL ASSURANCES

     

    21.01  The
      parties agree to
      execute, acknowledge and deliver all such further instruments, and do all such
      other acts, as may be necessary or appropriate in order to carry out the intent
      and purposes of this Agreement.

    

    XXII.
      COUNTERPARTS

     

    22.01  This
      Agreement may be
      executed in one or more counterparts, each of which shall be treated and deemed
      an original, but all of which together shall constitute one and the same
      document.

    

    XXIII.
      EFFECTIVE DATE

     

    23.01  This
      Agreement,
      regardless of the date of its execution shall be effective as of July 1,
      2007.  Such date is referred to herein as the “Effective
      Date.”

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement this 7th
      day of September, 2007.

    

    GRANTEE:

                   
      Coil Tubing Technology Holdings, Inc.

    

    

                            /S/
      Jerry Swinford

    Jerry
      L. Swinford,
      President

    

    GRANTOR:

    

    

                            /S/
      Jerry Swinford

    Jerry
      L. Swinford

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