Document:

ex10_1.htm

    License
Agreement

    

    Parties: This agreement is
between:

    

    Licensor: Gregory Ruff of 6411
South Auer Street, Spokane WA 99223

    

    Licensee: QE Brush Inc., a
Nevada Corporation

    

    Summary:

    

    -Type of
License: Exclusive

    

    -Invention:
2 sided toothbrush

    

    -Patent
Royalty Rate: 20% of the Net Factory Sales Price.

    

    -Option
Granted: Licensor grants Licensee a 3 year exclusive term to market the
toothbrush and in return, the licensee agrees to pay for patent, development,
manufacturing and marketing costs of the QE Toothbrush.

    

    Recitals:

    

    Licensor is developing an
invention having the above title and warrants that the licensor is in the
process of filing a US patent application in the US Patent and Trademark Office
and will take all the necessary steps in obtaining such said patent. Licensor
does not warrant that they will be successful in obtaining such patent though.
Whatever right the Licensor has or will obtain in the future, licensor grants
this right and license to licensee.

    

    Licensee desires to market the
toothbrush exclusively for 3 years and in return, the licensee agrees to pay for
patent, development, manufacturing and marketing costs of the QE
Toothbrush.

    

    If patent application continues with
no reasons to deny the patent, Licensee will continue with the recitals
made herein. If at any stage
the patent application is unable to proceed to a patent license or becomes
abandoned, licensee has the right to stop all patent, development,
manufacturing and marketing costs of the QE Toothbrush and terminate this
agreement. Licensor shall immediately notify licensee in writing of such an
event. Licensee also has the right to continue if they so desire. However, no
reimbursement of any kind for any costs incurred to date from licensee shall be
given or demanded from licensor.

    

    Assignment of obligations and Duties
; Either party may assign their obligations and duties to a 3rd party
upon notification to the other party. Any sublicensee hereunder shall be bound
by all the terms applying herein and shall be responsible for the obligations
and duties of its sublicensees.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Late Payments: Payment from
Licensee to Licensor shall be made semi-annually. If it is not timely paid, the
unpaid balance shall bear interest at an annual rate of 10% until the delinquent
balance is paid. Such interest shall be compounded monthly.

    

    Net factory Sales Price: Net
Factory Sales Price is defined as the gross factory selling price of Licensed
Product, or the US importer’s gross selling price if Licensed Product is made
abroad. Less usual trade discounts actually allowed, but not including
advertising allowances or fees or commissions paid to employees or agents of
Licensee. The Net Factory Sales Price shall not include packing costs, if
itemized separately, import and export taxes, excise and other sales taxes, and
custom duties, and 3) costs of insurance and transportation, if billed
separately, from the place of manufacture if in the US., or from the place of
importation if manufactures abroad, to the customers premises or next point of
distribution or sale. Bona fide returns may be deducted from units shipped in
computing the royalty payable after such returns are made.

    

    Disclaimer and Hold Harmless:

    

    A:
Disclaimer of Warranty: Nothing herein shall be construed as a warranty or
representation by Licensor as to the scope of validity of the above patent
application or any patent issuing thereon.

    

    B:
Product Liability: Licensee shall hold licensor harmless from any product
liability actions involving licensed product.

    

    Termination:

    

    
      	
              A.  

            	
              Default:  If
      Licensee fails to make any payment under this agreement or makes any other
      default under this agreement, Licensor has the right to terminate this
      agreement upon giving 3 months written
notice.

            

    

    
      	
              B.  

            	
              If
      Licensee goes into bankruptcy or receivership or insolvency, this
      agreement shall be terminable by
Licensor.

            

    

    
      	
              C.  

            	
              Antishelving:
      If Licensee discontinues its sales or manufacture of licensed product
      without the intent to resume, it shall notify the licensor in writing
      within one month whereupon the licensor has the right to terminate this
      agreement upon one months written notice. If licensee does not begin or
      stops to develop, manufacture or market the toothbrush, the Licensor has
      the right to terminate this agreement upon one months written notice
      unless the licensee can show that in good faith intends and is actually
      working to resume or begin manufacture or sales, and has a reasonable
      basis to justify such delay

            

    

    

    Jurisdiction and Venue: The
Laws of the State of Washington shall apply.

    

    Arbitration and Mediation: If
any dispute arises, the parties shall either arbitrate or mediate their disputes
by a mediator approved by both parties.

     

    
      
        
        

      

      
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    No Challenge: Licensee has
investigated Licensors product and shall not challenge, contest or impugn the
validity of any stage of the patent process or patent when issued.

    

    Entire Agreement: This
agreement sets forth the entire understanding between the parties and supercedes
any prior or contemporaneous oral understandings and any prior written
agreements.

    

    

    Licensor:
:_________________________________        Date:______________

    

    

    

    Title:      :__________________________________

    

    

    

    Licensee:
__________________________________       Date:______________

    

    

    

    Title:     ___________________________________ex101amndmt.htm

    EXHIBIT
10.1

    

    AMENDMENT
NO. 1 TO CONVERTIBLE PROMISSORY NOTE

    

    This
Amendment
No. 1 to Convertible Promissory Note (this “Amendment”) is made and
entered into as of February 7, 2009, by and between Aeolus Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), and Elan Pharma
International Limited, an Irish private limited liability company (the “Holder”).

    

    RECITALS

    

    Whereas,
pursuant to that certain Termination, Exchange and Release Amendment, dated
February 7, 2007, by and among the Company, Elan International Services, Ltd.,
and the Holder, the Company issued to the Holder a convertible promissory note,
dated February 7, 2007, in the aggregate principal amount of $452,658.60 (the
“Promissory
Note”);

    

    Whereas,
pursuant to Section 2 of the Promissory Note, the entire outstanding principal
amount of the Promissory Note, together with the accrued and unpaid interest
thereon, will become due and payable on February 7, 2009;

    

    Whereas,
as of the date of this Amendment (the “Effective Date”), the
aggregate amount owed by the Company to the Holder under the Promissory Note is
$553,205.75 (the “Payment
Due”), consisting of $452,658.60 in principal and $100,547.15 in accrued
and unpaid interest;

    

    Whereas,
pursuant to Section 9(c) of the Promissory Note, the Promissory Note may
be amended upon written agreement of the Company and the Holder;
and

    

    Whereas,
the parties hereto wish to amend the Promissory Note, effective as of the
Effective Date, to provide that (i) the annual interest rate under the
Promissory Note, effective as of the Effective Date, shall increase from 10% to
11%, and (ii) the maturity date of the Promissory Note shall be extended from
February 7, 2009 to February 7, 2011.

    

    AGREEMENT

    

    In consideration of the mutual
agreements, covenants, promises and other representations set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged and accepted, the parties hereby agree that, effective
as of the Effective Date, (i) commencing on the Effective Date, interest shall
accrue on the
principal then-outstanding under the Promissory Note at a rate of 11.0%,
compounded on a quarterly basis on each 90-day anniversary from and after the
Effective Date, and (ii) the Maturity Date (as defined in the Promissory Note)
shall be February 7, 2011. Except as modified by this Amendment, the Promissory
Note shall remain in full force and effect, and once this Amendment is executed
by each of the parties hereto, all references in the Promissory Note to “Note”
shall refer to the Promissory Note as amended by this
Amendment.

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties have each caused this Amendment to be executed as of the date first
written above.

    

    COMPANY:

    

    AEOLUS
PHARMACEUTICALS, INC.

    

    

    By:           /s/ Michael P. McManus    

    

    Name:                    _____Michael P.
McManus        

    

    Title:                     ______Chief Financial
Officer      

    

    

    HOLDER:

    

    ELAN
PHARMA INTERNATIONAL LIMITED

    

    

    By:           /s/ William F.
Daniel              

    

    Name:                      _____William F.
Daniel        

    

    Title:                      _______Director                   

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature
Page to Amendment No. 1]

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