Document:

Valcent Wingo Contract

    
      

    

    Exhibit
      10.23

    
      

    

    

    AGREEMENT

    

    

    This
      Agreement is made and entered into as of March
      1,
      2006
      and
      shall continue until June 28, 2006. The agreement will be reviewed for further
      consideration on or before June 28, 2006. Upon renewal, the agreement will
      be
      reviewed from that point forward for further consideration every 60 days until
      a
      new monthly retainer is agreed upon.

    

    Sanders\Wingo
      Advertising, Inc. (hereinafter referred to as “Sanders\Wingo”) a Texas
      corporation with its principal place of business at 221 N. Kansas, Suite 900,
      El
      Paso, Texas 79901 agrees to provide services to Valcent
      Products, Inc - Nova Skin Care line
      (hereinafter referred to as client) with its principal place of business at
      1057
      Doniphan Park Circle, Suite H, El Paso, TX 79922
      for such
      projects for the organization as may be agreed upon from time to
      time.

    

    
      	
            	
              1.

            	
              ADVERTISING
                SERVICES

            

    

    

    
      	 	
              A.

            	
              Sanders\Wingo
                agrees to furnish to client all of the services customarily furnished
                by
                advertising agencies in support of marketing activities. Without
                limiting
                the foregoing, Sanders\Wingo’s said services shall include input to the
                development of marketing plans and strategies, possible creation
                of
                advertising, collateral, point-of-sale and direct mail, and other
                services
                necessary to the preparation and execution, of the complete marketing
                plans, and purchase of the space, time or other means to be used
                for
                client advertising, endeavoring to secure the most advantageous rates
                available. 

            

    

     

    
      	 	
              B.

            	
              Sanders\Wingo’s
                services shall also include audit of all advertising placed, including
                verification of lineage actually run, examination of quality of
                reproduction and of positioning of printed advertisements, audit
                of radio
                and television affidavits of performance, and audit of all invoices
                for
                media, talent and production, and sales promotion program
                costs.

            

    

     

    

    
      	
            	2.	
              COMPENSATION
                

            

    

    

    
      	
            	A.	
              Retainer
                - Sanders\Wingo will provide Valcent Products, Inc- Nova Skin Care
                line
                with full agency services for a minimum of 263 hours monthly at an
                hourly
                rate of $110.10 for a minimum of $28,957. Monthly retainer to be
                paid as
                follows: $15,000 monthly fee and one time purchase of Valcent Products,
                Inc stock (Symbol CA: NTT.H) in an amount not to exceed $55,828.
                Any
                additional authorized hours will be billed at a rate of $110.10 an
                hour.
                Stock purchase to be finalized no later than March 15, 2006. The
                following
                details the services to be offered:

            

    

    

    
      	 	
              1.

            	
              Account
                Planning (for existing industry-specific research and customer
                information)

            

    

    

    
      	 	
              2.

            	
              Account
                Administration (for strategic oversight, day-to-day account management
                and
                client contact for all agency related assignments). The service will
                represent no more than 25% of the monthly
                work.

            

    

    

    
      	 	
              3.

            	
              Concept
                Development (for developing creative concepts for specific assignments,
                including consumer and trade
                advertising).

            

    

    

    
      	 	
              4.

            	
              Art
                Direction (for developing visual creative and incorporating copy
                for
                presentation).

            

    

    

    
      	 	
              5.

            	
              Production
                of mechanical art, including art direction, and production of mechanical
                materials and devising of specifications, print, outdoor and electronic
                services/products.

            

    

    

    
      	 	
              6.

            	
              Active
                participation of creative team in client
                meetings.

            

    

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
            	B.	
              In
                addition to the compensation as described in A above it
                is
                understood that Sanders\Wingo will bill client for its expenses in
                connection with postage, outside research, and pre-approved Sanders\Wingo
                travel, personnel subsistence in connection with specific advertisements
                and commercials. Sanders\Wingo will bill client for all approved
                out-of-pocket expenses at net cost.

            

    

    

    
      	
            	C.	
              Should
                Sanders\Wingo purchase media, Sanders\Wingo will bill client in full
                the
                amount of
                invoices, as follows:

            

    

     

    
      	 	
              1.

            	
              Broadcast
                Billing - Spot: upon agreement of plan and rate and prior to
                placement.

            

    

     

    
      	 	
              2.

            	
              Broadcast
                Billing - Network: upon agreement of plan and rate and prior to
                placement.

            

    

     

    
      	 	
              3.

            	
              Print
                Media Billing - Newspaper, and Out-of-Home: upon agreement of plan
                and
                rate and prior to placement.

            

    

     

    
      	 	
              4.

            	
              Print
                Media Billing - Magazine: upon agreement of plan and rate and prior
                to
                placement.

            

    

     

    
      	 	
              5.

            	
              Outside
                Production Billing: Upon receipt of a signed estimate from client,
                Sanders\Wingo will bill client based on only the invoices received
                and due
                dates of same. These services will include print and broadcast production
                professional translation services and any other specialty work
                pre-approved by the client.

            

    

     

    
      	
            	D.	
              Procedures
                for Sanders\Wingo payments to vendors are as
                follows:

            

    

     

    
      	 	
              1.

            	
              Broadcast
                - Spot Vendors: vendor invoices are received by Sanders\Wingo in
                the month
                following the broadcast month, with an invoice date of the last day
                of the
                broadcast month. Some stations may bill weekly or electronically.
                Payments
                are due to the stations thirty (30) days from invoice date. For invoices
                without discrepancies, Sanders\Wingo will pay stations within thirty
                (30)
                days of invoice date.

            

    

     

    
      	 	
              2.

            	
              Broadcast
                - Network Vendors: vendor invoices are received by Sanders\Wingo
                in the
                month following the broadcast month. Major networks require payment
                from
                Sanders\Wingo on the 25th
                and last day of the month following the broadcast month. Checks to
                other
                stations are mailed on the last day of the month following
                broadcast.

            

    

     

    
      	 	
              3.

            	
              Print
                Media Vendors: vendor invoices are received by Sanders\Wingo in the
                month
                after the insertion. If there is a cash discount, undisputed invoices
                are
                paid within ten (10) days of
                invoice date. Other undisputed invoices are paid within thirty (30)
                days
                of invoice date.

            

    

     

    
      	 	
              4.

            	
              Vendors:
                undisputed vendor invoices are paid within thirty (30) days of invoice
                date.

            

    

     

    
      	
            	3.	
              ACCESS

            

    

     

    Client
      has the right at all reasonable times and with reasonable notice of not less
      than thirty (30) days to
      examine Sanders\Wingo’s records of expenditure and internal expenses.
      Sanders\Wingo agrees to retain all records covering expenditures and expenses
      hereunder for a minimum of three years. 

     

    
      	
            	4.	
              COPYRIGHT
                AND TRADEMARK RIGHTS

            

    

     

    In
      the
      event that Sanders\Wingo prepares or procures material for client that is
      subject to copyright and/or trademark protection and client desires that a
      copyright and/or trademark be claimed, such copyright and/or trademark shall
      be
      in the name of client.

     

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
            	5.	
              INDEMNIFICATION
                AND INSURANCE

            

    

     

    
      	 	
              A.

            	
              The
                indemnification obligations created in this paragraph 6 in each case
                require the Indemnitor to defend, indemnify, and hold
                the Indemnitee free and harmless from all costs, expenses, liability,
                claims, debts, contracts, actions and causes of action (hereinafter
                collectively called “Claims”) arising out of, attributable to, or based on
                the particular events(s) or situation(s) giving rise to the
                indemnification. The indemnification obligations created in this
                paragraph
                6 shall apply to work undertaken while this Agreement is in effect
                and
                shall survive the termination of this
                Agreement.

            

    

     

    
      	 	
              B.

            	
              Client
                hereby agrees to defend, indemnify, and hold Sanders\Wingo harmless
                against all Claims based on the
                following:

            

    

     

    1. The
      accuracy of data and/or statements provided by client;

     

    
      	 	
              2.

            	
              Alleged
                violations of personal or property rights of anyone who client assured
                Sanders\Wingo in writing had released his or her personal or property
                rights with respect to the particular advertising element
                involved;

            

    

     

    
      	 	
              3.

            	
              Client’s
                failure to perform its obligations hereunder on account of client’s sole
                negligence or intentional
                misconduct.

            

    

     

    
      	 	
              C.

            	
              Sanders\Wingo
                hereby agrees to defend, indemnify, and hold client harmless against
                all
                Claims based on the following:

            

    

     

    
      	 	
              1.

            	
              Subject
                to paragraph 6B(2) above, copyright infringement or invasion of privacy
                or
                the use of any advertising element which allegedly violates the personal
                or property rights of anyone;

            

    

     

    
      	 	
              2.

            	
              Communications
                made in any advertising element which, while technically accurate,
                are
                based on the data or statements provided by client, are, nonetheless,
                unlawfully or improperly depicted in the particular advertising element
                involved on account of the negligence of Sanders\Wingo and with the
                absence of negligence on the part of
                client;

            

    

     

    
      	 	
              3.

            	
              Violations
                of Sanders\Wingo’s performance obligations hereunder which violations have
                not been the result of client’s sole negligence or intentional
                misconduct.

            

    

     

    
      	 	
              D.

            	
              Sanders\Wingo
                and client will both take all reasonable precautions to assure that
                all
                advertising services, materials and copy supplied to client shall
                not
                violate any laws or orders or regulations of any governmental
                agency

            

    

     

    
      	
            	6.	
              NONCOMPETITION

            

    

     

    Sanders\Wingo
      shall not hereafter accept appointment as an advertising agency for any
      manufacturer or distributor of any products competing with any products of
      Client assigned to Sanders\Wingo hereunder without full discussion with and
      written agreement from client.

     

    
      	
            	7.	
              TERMINATION

            

    

     

    
      	 	
              A.

            	
              This
                Agreement may be terminated by either party at any time upon at least
                90
                days’ prior written notice mailed to the other. Such notice will be deemed
                given as of the date of mailing certified postage pre-paid. Client
                will be
                responsible for those costs and expenses of Sanders\Wingo after the
                termination date only if such obligations were incurred prior to
                Sanders\Wingo’s receipt of such termination notice and Sanders\Wingo has
                used its best efforts but has not been able to have such obligation
                extinguished or cancelled; or if client has given written authorization
                to
                Sanders\Wingo to incur the cost after the date of the notice of
                termination.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              B.

            	
              The
                rights, duties and responsibilities of Sanders\Wingo and client shall
                continue in full force and effect during this period of notice and
                until
                completion of any authorized activity, including the completion of
                plans
                for and the placing of advertisements client has authorized Sanders\Wingo
                to place in any media whose closing dates fall within or after the
                30-day
                notice period.

            

    

     

    
      	 	
              C.

            	
              Upon
                termination of this Agreement, Sanders\Wingo shall transfer to client
                all
                property and materials previously charged or chargeable to client
                and all
                contracts and reservation for time, space, talent, and other advertising
                adjuncts entered into by Sanders\Wingo for client, and all short
                rates and
                rebates which are for the account of client. Where permitted, client
                will
                assume all obligations and responsibilities of all such transferred
                contracts, reservations and noncancelable commitments entered into
                by
                Sanders\Wingo on behalf of client.

            

    

     

    
      	 	
              D.

            	
              Sanders\Wingo
                will also return to client all information provided by client on
                client’s
                sales or marketing data and market research information. All plans,
                preliminary outlines, artwork, sketches, copy, films (including television
                commercials), photographs, manuscripts, and any other property and
                materials which are produced by reason of the terms of this Agreement
                shall be the property of client. Sanders\Wingo further agrees not
                to
                disclose confidential information to persons other than Sanders\Wingo
                personnel or agents without client’s prior written consent, or unless said
                confidential information enters the public domain without fault of
                Sanders\Wingo and without provision for confidentiality being made
                by
                client before such information enters the public domain or unless
                required
                to do so by law in which case Sanders\Wingo will notify client in
                advance
                of disclosure and will work with client to present required disclosure
                should client decide to do so.

            

    

     

    Furthermore,
      client will determine in its sole discretion what information is confidential
      and Sanders\Wingo will not reveal any information possibly of a sensitive or
      proprietary nature until client has determined such information not to be
      confidential.

     

    
      	 	
              E.

            	
              Client
                agrees to reimburse Sanders\Wingo for production costs of any uncompleted
                work previously authorized by client. Such uncompleted work will
                be
                returned to client and client will have the right to complete (or
                have
                completed on its behalf) and use such material and ideas in its future
                advertising without further obligation to
                Sanders\Wingo.

            

    

     

    
      	 	
              F.

            	
              All
                print, time, and talent contracts and the supervision of production
                of
                radio or TV properties will be assigned by Sanders\Wingo to the new
                agency
                or to client, if client so elects, not later than on the last day
                of the
                90-day notice period, so that a normal transition may take place.
                Sanders\Wingo agrees to cooperate with client and the new agency
                to effect
                an efficient transition in
                responsibilities.

            

    

     

    
      	
            	8.	
              SANDERS\WINGO
                - CLIENT RELATIONSHIP 

            

    

     

    Nothing
      herein shall be construed to establish an employer-employee relationship between
      Sanders\Wingo and client. Except for media space and time that Sanders\Wingo
      purchases as principal to carry client’s advertising, purchase of materials,
      services, and rights on behalf of client will be made by Sanders\Wingo, as
      agent
      for client and, as between client and Sanders\Wingo, the materials, services
      and
      rights so acquired will be the property of client.

     

    
      	
            	9.	
              DUTIES
                ON THIRD PARTY
                CONTRACTS

            

    

     

    Sanders\Wingo’s
      agreements with the Screen Actors Guild and the American Federation of
      Television and Radio Artists provide for Sanders\Wingo to be ultimately liable
      to performers for payments that may become due because of use of commercials
      by
      client’s dealers. Therefore, client will indemnify Sanders\Wingo against any
      loss and/or expenses Sanders\Wingo may sustain resulting from any claim, suit
      or
      proceeding made or brought against Sanders\Wingo for use of any Sanders\Wingo
      produced commercials by client, client’s employees, dealers, authorized agents
      or by anyone else who obtained the materials from client when such claim, suit
      or proceeding arises out of Sanders\Wingo’s obligations under the applicable
      union codes or contracts relating to the production of commercials made pursuant
      to this Agreement and will not terminate with the termination of this
      Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
            	10.	
              COMPLIANCE
                WITH UNION AGREEMENTS

            

    

     

    Client
      understands that Sanders\Wingo is a signatory to collective bargaining
agreements
      with the Screen Actors Guild, the American Federation of Television and
      Radio
      Artists, and the American Federation of Musicians, and that the use of
talent
      on
      client’s behalf will be subject to the terms of such agreements. Sanders\Wingo
      and client further recognize that the terms of such agreements may at times
      be
      subject to differing interpretations, and that Sanders\Wingo will take the
      position most favorable to the client. Client therefore agrees to indemnify
      Sanders\Wingo
      against any claims from talent and/or labor organizations relating to
the
      interpretation of any of such collective bargaining agreements, whether such
      claims
      are asserted during or after the term. However, client reserves the right to
      negotiate with non-union actors, artists and musicians should they deem it
      necessary.

     

    
      	
            	11.	
              TRADEMARK
                STANDARDS

            

    

     

    Sanders\Wingo
      will adhere to client’s trademark standards and policies which are in effect or
      which may be prescribed from time to time, and will ensure that all advertising
      has been reviewed by client for proper trademark use.

     

    
      	
            	12.	
              OWNERSHIP

            

    

     

    Sanders\Wingo
      shall use its best efforts to have all advertising materials prepared or
      procured by Sanders\Wingo and accepted by client become client’s exclusive
      property. It is understood that there may be limitations contained in agreements
      with third parties which limit the use or ownership of said advertising
      materials. Sanders\Wingo shall inform client of all such
      limitations.

     

    Any
      advertising materials prepared or proposed by Sanders\Wingo but not produced
      and
      published or broadcast within the term of this Agreement and not provided for
      under Article 8 shall remain the property of Sanders\Wingo which shall have
      the
      right to use same as it sees fit, including use for any other clients, provided
      such use shall not involve the release of any confidential information regarding
      client’s business or methods of operation.

     

    
      	
            	13.	
              WAIVER

            

    

     

    No
      waiver
      of any provision or of any breach of this Agreement shall constitute a waiver
      of
      all other provisions or any other breach and no such waiver shall be effective
      unless made in writing and signed by an authorized representative. In the event
      that any provision of this Agreement shall be illegal or otherwise
      unenforceable, such provision shall be severed, and the balance of the Agreement
      shall continue in full force and effect.

     

    
      	
            	14.	
              NOTICE

            

    

     

    All
      notices which either party is required or may desire to give the other party
      hereunder shall be given by addressing the communication to the address set
      forth hereunder and may be given by registered mail, telex, cable or personal
      delivery. Such notices shall be deemed given on the date of receipt if given
      by
      mail or personal delivery, or after prepaid deposit of message with cable
      company if telexed or cabled:

     

    A. To
      Client
      at:  Valcent
      Products, Inc

     1057
      Doniphan Park Circle, Suite H

     El
      Paso,
      Texas 79922

    Attention: Jack
      Potts

               Director
      of Sales &
Marketing

    

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    B. To
      Sanders\Wingo at:  Sanders\Wingo
      Advertising, Inc.

                    221
      N. Kansas, Suite 900

                    El
      Paso, Texas 79901

                    Attention: Robert
      V.
      Wingo

                 President
      / Chief Executive Officer

    

    

    With
      a
      copy to:  Winstead
      Sechrest & Minick

                    100
      Congress Avenue, Suite 800

                    Austin,
      Texas 78701 

                    Attention:
      Darrell R. Windham, Attorney

    

    
      	
            	15.	
              ASSIGNMENT

            

    

    

    This
      Agreement may not be assigned by either party without the prior written consent
      of the other party.

    

    
      	
            	16.	
              GOVERNING
                LAW

            

    

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      state of Texas, without regard to conflict of laws principles.

    

    
      	
            	17.	
              ARBITRATION

            

    

    

    Any
      controversy or claim ("Claim"), whether based on contract, tort, statute or
      other legal or equitable theory (including but not limited to any claim of
      fraud, misrepresentation or fraudulent inducement or any question of validity
      or
      effect of this Agreement including this clause) arising out of or related to
      this Agreement (including any amendments, annexations, and extensions) or the
      breach thereof shall be settled by consultation between the parties. In the
      event of failure of such consultations within sixty (60) days (unless otherwise
      extended by mutual agreement of the parties) after receipt of the written notice
      of such Claim, then any such Claim shall be settled by binding arbitration
      in
      accordance with the then current CPR Institute for Dispute Resolution Rules
      for
      Non-Administered Arbitration of Business Disputes and this provision. The
      arbitration shall be governed by the United States Arbitration Act, 9 U.S.C.
      §§ 1-16 to the exclusion of any provision of state law inconsistent
      therewith or which would produce a different result. Judgment upon the award
      rendered by the arbitrator may be entered by any court having jurisdiction.
      The
      arbitration shall be held in El Paso, Texas or such other location as may be
      convenient and agreed to in writing by the parties. There shall be one
      arbitrator. The arbitration shall determine the Claim of the parties and render
      a final award in accordance with the substantive law of the State of Texas,
      excluding the conflicts provisions of such law, or unless otherwise agreed
      to in
      writing by the parties. The arbitrator shall set forth the reasons for the
      award
      in writing. The terms hereof shall not limit any obligation of a party to
      defend, indemnify or hold harmless another party against court proceedings
      or
      other claims, losses, damages, or expenses and in such event an ancillary
      dispute between the parties which arises out of the claim may be resolved in
      such forum.

    

    
      	
            	18.	
              ENTIRE
                AGREEMENT

            

    

    

    This
      Agreement (a) constitutes the entire understanding between the parties, (b)
      may
      not be amended except in writing signed by both parties, and (c) shall bind
      and
      inure to the benefit of the successors and assigns of the parties
      hereto.

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      authorized officers or agents of the parties have executed this Agreement as
      of
      the date first written above.

    

    

    CLIENT
            
      Sanders\Wingo Advertising, Inc.

     

    

    By:
      _/s/ Jack Potts________________  
      By:
__/s/Robert V. Wingo____________________________

     Jack
      Potts       Robert
      V.
      Wingo

    

    Title:
      __________________________  
      Title:
      _____________________________

     Director
      of Sales & Marketing    President
      and CEO 

     

    Date:
      __________________________  
      Date:
      _____________________________

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    

    

    

    ADDENDUM
      1

    

    The
      terms
      of the contract is extended by mutual agreement between Sanders\Wingo and
      Valcent Products, Inc. This extension relates to the original contract which
      commenced March 1, 2006. This extension shall continue the contract unless
      altered or cancelled by a 90-day written notice, until December 31,
      2006.

    

    This
      addendum adds the following to paragraph 2A concerning compensation
      retainer:

    Sanders\Wingo
      and client agree to renegotiate fees when workloads reflect 400 man-hours for
      more than two (2) consecutive months during the term of this agreement.
      Additionally, if workloads drop below 50 percent of the agreed upon 263 monthly
      hours for two (2) consecutive months, Sanders\Wingo and client agree to
      renegotiate based on projected workload.

    

    

    IN
      WITNESS WHEREOF, the authorized officers or agents of the parties have executed
      this Agreement as of the date first written above.

    

    

    

    CLIENT      Sanders\Wingo
      Advertising Inc.

    

    

    By:___/s/
      Glenn Kertz______________  By:__/s/
      Robert V. Wingo_________

    Glenn Kertz      Robert
      V.
      Wingo

    

    

    Title:
      CEO      Title:
      President and CEO

    

    Date:____________________________  Date:_________________________

    

    

    
8Joint Venture Purchase Agreement

    

    

    Joint
      Venture Purchase Agreement

    

    VENTURE
      AGREEMENT

    OF

    STEWARTS
      ROOT BEER DRIVE IN RESTAURANTS

    

    This
      Agreement, dated and effective as of January 1, 2007, by and between Frosted
      Mug
      Holdings, LLC, a New Jersey limited liability company ("Frosted"), and Rockelle
      Corporation, a Delaware corporation ("Rockelle") (Frosted and Rockelle being
      hereinafter sometimes collectively called "Partners" and individually called
      a
      "Partner"),

    

    WITNESSETH

    

    WHEREAS,
      the Partners wish to engage together in the business of Stewarts Root Beer
      Drive
      In Restaurants and, to further that objective, to incorporate said business
      in
      the State of New Jersey under the name Frosted Rock, Inc. in order to form
      a
      Joint Venture (“JV”) and adopt this Agreement as the articles of the JV for the
      operation of same;

    

    WHEREAS,
      Rockelle is intent on purchasing Frosted and all of its assets and business
      and
      the Partners agree that the formation of this JV with the purchase options
      set
      forth herein is the preferred form to engage in this effort;

    

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual covenants and
      benefits herein set forth and contemplated, the Partners agree as
      follows:

    

    ARTICLE
      I

    

    ORGANIZATION
      OF THE JV

    

    (a) Establishment.

    

    (i)
      The
      Partners hereby form and establish a General Joint Venture (the "JV") pursuant
      to the laws of the State of New Jersey which shall govern the interpretation
      and
      operation of the JV.

    

    (ii) Except
      to
      the extent otherwise provided herein, the rights and liabilities of the Partners
      and the conduct and termination of the JV shall be governed by the law of the
      State of New Jersey.

    

    (iii) The
      Partners will promptly execute all certificates and other documents, and make
      all such filings and recordings and perform such other acts as may now or
      hereafter be necessary or desirable, to comply with the requirements of New
      Jersey law for the organization and formation of the JV and the carrying on
      of
      its business.

    

    (iv) Each
      Partner shall be a general partner.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    (v) All
      assets of the JV hereafter acquired shall automatically be the property of
      Frosted unless and until Rockelle makes the $4,000,000 payment under Article
      XII(a)(3) herein. Thereafter, this section shall be governed by Article III
      set
      forth below.

    

    (b) Name.
      The name
      of the JV is “Frosted Rock, Inc.” The JV’s business and affairs shall be
      conducted only under that name.

    

    (c) Effective
      Date and Term.
      The JV
      shall commence on the date hereof (hereinafter called the "Effective
      Date")
      and
      shall continue in effect until terminated as provided in Article X
      hereof.

    

    (d) Principal
      Office.
      The
      principal office and place of business of the JV shall be 777 Walnut Avenue,
      Cranford, NJ 07016 or such other location as the Partners may
      designate.

    

    (e) Purpose
      and Scope.
      The sole
      purpose of the JV shall be to engage in the business of administering the
      licensees of Stewarts Root Beer, the franchisees of Stewarts Root Beer, the
      growth of the business of Stewarts Root Beer, expansion of the trademarks of
      Stewarts Root Beer and in other activities incidental to such business, which
      activities may from time to time include: Expansion of the trademark’s use in
      the market place and any other use and expansion of the business of Stewarts
      Root Beer Drive In Restaurants as the Partners may see fit; and performing
      all
      other activities as are necessary or incidental to conducting such
      business.

    

    The
      JV
      shall have the power to do any act and thing and to enter into any contract
      incidental to, or necessary, proper or advisable for, the accomplishment or
      attainment of the purpose of the JV specified in this Agreement.

    

    (f) Partners'
      Authority. 

    

    Except
      as
      otherwise provided in this Agreement, no Partner acting alone shall have any
      authority to act for, or to assume any obligations or responsibilities on behalf
      of, the other Partner or the JV. Each Partner will indemnity the JV and the
      other Partner against any claim, loss or damage to the JV or such other Partner
      which may result from the Partner's breach of this Section (f). Except that
      Rockelle shall have the right to operate the JV business on a day to day basis
      including any and all agreements that can be performed in six months or less.
      All other agreements will require the unanimous agreement of the Partners,
      unless and until Rockelle makes the $4,000,000 payment under Article XII(a)(3)
      herein. Thereafter, a majority of the Operating Committee may approve all
      actions of the JV, as set forth under Article V(3) herein.

    

    ARTICLE
      II

    

    OTHER
      AND/OR COMPETING BUSINESSES

    

    Except
      as
      otherwise provided herein, nothing contained in this Agreement shall be deemed
      to restrict in any way the freedom of either Partner or of any Affiliate of
      either Partner to conduct, independently of the JV, and whether or not in
      competition with the JV, any business or activity whatever (other than the
      business contemplated to be performed by the JV under and in accordance with
      this Agreement) without any accountability to the JV or to the other Partner.
      For purposes of this Agreement "Affiliate" means, as to any entity, a
      corporation, company, trust, firm or other entity which directly or indirectly
      controls, or is controlled by, or is under common control with, such
      entity.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    ARTICLE
      III

    

    CONTRIBUTIONS
      TO THE JV

    

    (a) Initial
      Contributions.

    

    (i) Rockelle
      shall pay $100,000 to Frosted upon execution of this Agreement and $50,000
      to
      Frosted within 120 days from the date hereof, for the exclusive purpose of
      making interest and/or principal payments (as may be determined by Frosted
      in
      its sole discretion) to Stewarts Restaurants, Inc. (“SRI”) by Frosted on the
      outstanding note due to SRI from Frosted. If the monies held in escrow have
      not
      been used to make payments to SRI within one year from the date hereof, such
      monies shall be distributed back to Rockelle. From the date hereof, all income
      of Frosted will be contributed to the JV and Rockelle shall be solely
      responsible for all other capital needs of the JV. All property of Frosted
      shall
      be contributed to the use of the JV until the terms set forth in Article XII
      are
      fulfilled, at which time such property shall become the property of
      Rockelle.

    

    (ii) The
      JV
      hereby assumes the obligations and liabilities relating to Frosted as described
      on Exhibit B and in accordance with the requirements set forth in Article XII.
      Frosted hereby warrants and represents that there are no other liabilities
      of
      Frosted other than as set forth Exhibit B and in the ordinary course of
      business.

    

    (iii) On
      the
      date of this Agreement, Frosted shall contribute to the capital of the JV all
      of
      the issued and outstanding membership interests of Frosted to be held in escrow
      subject to Rockelle satisfying the requirements set forth in Article
      XII.

    

    (iv) Subject
      to payment as set forth in Article XII(a)(4), Rockelle shall make payment not
      more than 120 days from the date hereof in the amount of $50,000 (payment two)
      and payment of $100,000 (payment three) not more than 180 days from the date
      hereof. However, upon execution of this Agreement Rockelle has the option to
      choose to have 100% of all income from operations paid to Frosted until $100,000
      has been obtained thus eliminating the need for payment number three set forth
      herein. In the event that Rockelle should choose this option, then in that
      event, all books of account shall remain in control of Frosted until full
      payment has been obtained. Each subsequent payment shall not be due if payment
      in accordance with Article XII(a)(4) is made prior to said payment two and/or
      three are due.

    

    ARTICLE
      IV

    

    JV
      INTERESTS

    

    (a) The
      Partners' Percentage JV Interests.

    

    The
      Partners’ Interests in the JV shall be 51% for Rockelle and 49% for Frosted. All
      income of the JV shall be retained by the JV subject to the terms of Article
      XII.

     

     

    
      
        
        

      

      
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    ARTICLE
      V

    

    MANAGEMENT
      OF THE JV

    

    (a) The
      Operating Committee and the Manager. 

    

    The
      general conduct of the business of the JV shall be vested in an Operating
      Committee, which shall be empowered to set policy for and issue instructions
      to
      the Manager and to make all decisions in respect of the business and operations
      of the JV, except as otherwise set forth in this Agreement. The Manager shall
      have the responsibility for the day to day management of the operations and
      activities of the JV and shall be subject to the overall supervision of the
      Operating Committee. The Manager shall be Rockelle subject to Article
      III(a)(iv).

    

    (b) Operating
      Committee Members, Voting and Meetings.
      The
      Operating Committee shall be composed of Gerald Stephen and John R. Frieri
      or
      any other person appointed by Frosted. Each Partner may from time to time and
      for any reason appointed by it or designate an alternate to act for any member,
      which alternate shall be deemed a member of the Operating Committee while so
      acting. Each appointment made by a Partner to the Operating Committee shall
      remain in effect until the Partner making such appointment shall notify the
      JV
      and the other Partner of a change in such appointment. The members of the
      Operating Committee representing each Partner shall have one vote, and at all
      meetings of the Operating Committee a member shall be acting solely as the
      representative of the Partner which appointed him. All actions of the Operating
      Committee shall be taken by unanimous vote; provided, however, that if a
      Partner's JV Interest shall have been reduced below 45%, actions of the
      Operating Committee shall be taken by majority vote with the representatives
      of
      each Partner being entitled to vote per percentage point of Interest held by
      each Partner in the JV. An annual meeting of the Operating Committee, at which
      among other things programs and budgets shall be considered, shall be held
      at
      the principal office of the JV on the first business day of the month of
      February (or such other date as the Operating Committee shall designate) and
      other meetings of the Operating Committee shall be held from time to time as
      the
      Operating Committee shall determine. Minutes shall be kept reflecting the
      actions of the Operating Committee, copies of which shall be promptly
      transmitted to each member and the Partners.

    

    (c) Employees.
      The JV
      shall employ and pay such persons as the Manager shall from time to time
      authorize.

    

    (d) Certain
      Matters Requiring Unanimous Consent. 

    

    The
      specific consent of each Partner shall be required in connection with the
      following matters, unless and until a Partner's JV Interest shall have been
      reduced below 45%, at which time, such actions shall be approved by a majority
      vote of the Operating Committee as set forth in Article V(b) above:

    

    (i) Any
      contract or agreement that cannot be performed in six months or shall have
      a
      term of more than six months.

    

    (ii) Incurring,
      guaranteeing or otherwise becoming liable for indebtedness for borrowed
      money.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    (iii) Any
      charge, mortgage, lien or other encumbrance on or with respect to property
      owned
      by the JV other than charges, liens or encumbrances incurred in the ordinary
      course of business and removed or discharged within thirty days of the incurring
      thereof.

    

    (iv) Any
      lease
      or sublease of any property owned by the JV.

    

    (v) Any
      action or inaction which might cause the breach or termination of any material
      agreement to which the JV or Frosted is a party, or termination of any rights
      or
      benefits to which the JV or Frosted is entitled.

    

    (vi) Any
      sale
      or transfer of any property or asset of the JV.

    

    (vii) The
      adoption of pension and other employee benefit plans.

    

    (viii) The
      liquidation or dissolution of the JV, except pursuant to Article
      XII.

    

    (ix) Any
      transfer, assignment, charge, mortgage, lien or other encumbrance of, on or
      in
      respect of a Partner's JV Interest.

    

    (x) Amendment
      of this Agreement or any of its Exhibits.

    

    (xi) Merger
      or
      consolidation of the JV into or with any other entity.

    

    (xii) Any
      significant reduction or discontinuance of operations of the JV.

    

    ARTICLE
      VI

    

    ACCOUNTING
      MATTERS; BOOKS AND RECORDS; TAX RETURNS

    

    (a) Fiscal
      Year.
      The
      fiscal year of the JV shall be the calendar year.

    

    (b) Books,
      Records and Accounts.

    

    (i) The
      books
      and records of the JV shall be maintained on a cash basis so as to reflect
      accurately, among other things:

    

    (A) contributions
      by each Partner,

    

    (B) the
      capital account of each Partner,

    

    (C) distributions
      to each Partner,

    

    (D) assets
      and liabilities,

    

    (E) receivables
      from and payables to each Partner,

     

     

    
      
        
        

      

      
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    (F) income
      of
      the JV, and

    

    (G) adequate
      records to permit the filing of Partners' and JV tax returns showing gross
      receipts, cost of goods sold, gross income, other income, deductions, losses,
      allowances, credits and net profits or losses.

    

    The
      Operating Committee shall review the foregoing from time to time and may revise
      them if it so determines.

    

    (c) Taxes
      and Tax Returns.
      The JV
      shall prepare and file all tax returns required to be filed by the JV pursuant
      to the Internal Revenue Code of 1986, as amended (the "Code"), or any successor
      statutes, and all state and local tax returns required to be filed by the JV.
      The tax books of the JV shall be kept on a cash basis. For tax purposes each
      item of gross income, profit, gain, loss, cost, deduction, credit or allowance
      shall be allocated to each partner in proportion to its JV Interest. No changes
      in the accounting methods for the purpose of preparation of tax returns of
      the
      JV shall be made without the consent of each Partner.

    

    ARTICLE
      VII

    

    DISTRIBUTIONS

    

    Except
      as
      otherwise specifically provided in this Agreement, all distributions and
      withdrawals of any JV assets shall be made only as and when determined by
      unanimous agreement of both Partners and all distributions of any JV assets,
      including those on termination and dissolution of the JV, shall be shared
      equally by the Partners; provided that if either Partner shall have made a
      contribution pursuant to Section 3(b)(iii) hereof, the property contributed
      shall be distributed by the JV to the contributing Partner upon its request
      by
      written notice to the JV subject to any exception set forth herein.

    

    ARTICLE
      VIII

    

    FAILURE
      TO PAY

    

    (a) Failure
      of Rockelle to Pay.  
      In
      the
      event Rockelle should fail to make any payment required herein, specifically
      the
      $50,000 Second Payment; the $100,000 Third Payment; the $4,000,000 payment
      within twelve months of the date hereof; then in that event, the JV shall
      automatically be dissolved without notice to Rockelle; all assets of the JV
      shall become property of Frosted and final tax returns will be filed and all
      business of the JV shall revert to and become the sole property of Frosted.
      In
      the event that Rockelle should fail to make the final payment of $2,000,000
      the
      interest then held by Frosted shall be doubled to 22.54% and thereafter all
      gross income being received at that time shall be given directly to Frosted
      in
      an amount equal 22.54% of the gross income until such time as the $2,000,000
      is
      paid to Frosted.

    

    ARTICLE
      IX

    

    RESTRICTIONS
      ON TRANSFER OF JV INTERESTS

    

    (a) Permitted
      Transfers.
      Neither
      Partner may transfer, sell, alienate, assign or otherwise dispose of all or
      any
      part of its interest in the JV, whether voluntarily, involuntarily or by
      operation of law, or at a judicial sale or otherwise except as provided
      herein

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	(i)  	
              Frosted
                shall be required to transfer 66% of its ownership interest in the
                JV to
                Rockelle or its designee upon payment of $4,000,000 and the assumption
                of
                the $2,700,000 note to SRI in accordance with Article XII hereof.
                Frosted
                shall retain an 11.27% ownership Interest in the JV thereafter until
                such
                time as the balance of $2,000,000 is paid subject to increase in
                accordance with Article VIII(a)..

            

    

    
      	(ii)  	
              Frosted
                shall be required to transfer its remaining ownership interest in
                the JV
                of 11.27% to Rockelle or its designee upon payment of an additional
                $2,000,000 in accordance with Article XII
                hereof.

            

    

    

    ARTICLE
      X

    

    TERM;
      DISSOLUTION; TERMINATION

    

    (a) Term.
      The JV
      shall continue until terminated in accordance with the provisions of this
      Article X. No Partner shall have the right to and each Partner agrees not to
      dissolve, terminate or liquidate, or to petition a court for the dissolution,
      termination or liquidation of the JV, except as provided in this
      Agreement.

     

    (b) Events
      of Dissolution.

    

    (i) The
      JV
      shall dissolve:

    

    (A) upon
      the
      unanimous written agreement of the Partners to dissolve the JV,

    

    (B) upon
      the
      payment of all money as set forth in Article XII,

    

    (C) upon
      the
      dissolution of a Partner,

    

    (D) upon
      the
      occurrence of the events described in Article VIII, or

    

    (E) upon
      the
      occurrence of any of the following: a Partner becomes insolvent or generally
      fails to pay, or admits in writing its inability to pay, debts as they become
      due; or a Partner applies for, consents to, or acquiesces in the appointment
      of,
      a trustee, receiver or other custodian for such Partner or any property thereof,
      or makes a general assignment for the benefit of creditors; or, in the absence
      of such application, consent or acquiescence, a trustee, receiver or other
      custodian is appointed for a Partner or for a substantial part of its property
      and is not discharged within thirty days; or any bankruptcy, reorganization,
      debt arrangement, or other case or proceeding under any bankruptcy or insolvency
      law, or any dissolution or liquidation proceeding is commenced in respect of
      a
      Partner and if such case or proceeding is not commenced by such Partner, it
      is
      consented to or acquiesced in by such Partner or remains for thirty days
      undismissed.

    

    (c) Continuing
      Conduct of the JV.
      During
      the pendency of any arbitration or request for arbitration or of the enforcement
      of any claim against a Partner for a breach of or for default under the terms
      of
      this Agreement, the business and affairs of the JV shall be terminated and
      all
      business shall revert to and be fully and completely controlled by
      Frosted

    pending
      the determination of the arbitrator; provided however, that if the $4,000,000
      payment is made by Rockelle pursuant to Article XII(a)(3) herein, Rockelle
      shall
      control the business and affairs of the JV pending the outcome of the
      arbitration.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    (d) Survival
      of Claims.
      Notwithstanding anything to the contrary contained in this Agreement, any claim
      of any Partner against another Partner hereunder and any claim asserted by
      any
      Partner on behalf of the JV against another Partner hereunder shall survive
      any
      dissolution or termination of the JV.

    

    ARTICLE
      XI

    

    ARBITRATION

    

    Either
      Partner may cause to be submitted to arbitration all disputes, controversies
      or
      questions of interpretation arising out of this Agreement or any breach or
      default hereunder by giving to the other Partner notice to that effect. The
      arbitration shall be held in Cranford, NJ and shall be conducted in accordance
      with the Commercial Arbitration Rules of the American Arbitration Association
      as
      in effect at the time of such arbitration except as follows. The Partner
      desiring arbitration shall include in its notice to the other Partner the name
      of the arbitrator chosen by it. Within twenty days after receipt of such notice
      the Partner receiving notice shall, by written notice to the Partner desiring
      arbitration, name the arbitrator chosen by it and within twenty days after
      the
      appointment of the second arbitrator an additional arbitrator shall be selected
      by the two arbitrators theretofore appointed; provided, however, if one of
      the
      Partners shall have failed to appoint an arbitrator as hereinabove provided,
      the
      sole arbitrator appointed by the other Partner shall arbitrate the matter alone.
      If the two arbitrators shall have failed to select an additional arbitrator
      within the above stated time, the additional arbitrator shall be appointed
      Frosted. Each Partner shall share equally the other costs and expenses of the
      arbitration, including the costs and expenses of the additional arbitrator.
      The
      right of either Partner to seek or obtain any remedy pursuant to this Article
      XI
      shall be in addition to the remedies provided for in Article X hereof and shall
      survive the dissolution of the JV or the sale and purchase of a Partner's
      Interest in the JV pursuant to Article X hereof.

    

    ARTICLE
      XII

    

    PURCHASE
      OPTION

    

    (a)
      Rockelle’s
      Purchase Option
      Rockelle
      shall have the option to purchase all assets of Frosted and dissolve this JV
      and
      proceed with the business of Frosted and the JV in its sole discretion upon
      satisfaction of the following:

    

    (1)
      Payment of $100,000 payment upon execution of this Agreement;

    

    (2)
      Payment of $50,000 payment not more than 120 days from the date
      hereof;

    

    (3)
      Payment of $100,000 nonrefundable good faith payment not more than 180 days
      from
      the date hereof;

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    (4)
      Payment of $4,000,000 not more than one year from the date hereof;

    

    (5)
      Assumption or other disposition of the $2,700,000 note to SRI not more than
      one
      year from the date hereof;

    

    (6)
      Payment of $2,000,000 not more than two years from the date hereof.

    

    The
      payments set forth in (1) and (2) above shall be for the exclusive purpose
      of
      making interest and/or principal payments to Stewarts Restaurants, Inc. (“SRI”)
      by Frosted on the outstanding note due to SRI from Frosted. If the monies have
      not been used to make interest payments to SRI within one year from the date
      hereof, such monies shall be distributed back to Rockelle.

    

    

    (b)
      Frosted’s
      Obligation Upon Payment
      Upon
      satisfaction of the requirements noted in Article XII(a) by Rockelle, Frosted
      shall;

    

    (1)
      Upon
      payment as set forth in Article XII(a)(1)-(4) Frosted shall transfer to Rockelle
      66% of its total ownership interest in the JV and turnover control of all books,
      financial records and full control of the finances of Frosted and the JV and
      complete control of the JV Operating Committee. Frosted shall retain a seat
      on
      said committee and will be fully informed of all operations of the
      JV.

    

    (2)
      Upon
      satisfaction of Article XII(a)(5), Frosted shall completely relinquish the
      balance of its ownership interest; shall relinquish its seat on the Operating
      Committee and shall execute any and all documents needed to transfer ownership
      in all trademarks or Frosted.

    

    (3)
      Frosted shall place adequate funds in escrow to pay for the liabilities set
      forth on Exhibit “B”. Frosted hereby warrants and represents that to the best of
      Frosted knowledge and belief there are no other liabilities of Frosted other
      than as set forth Exhibit B and in the ordinary course of business.

    

    

    

    ARTICLE
      XIII

    

    GENERAL

    

    (a) Notices.
      All
      notices, demands or requests required or permitted to be given pursuant to
      this
      Agreement shall be in writing and shall be deemed to have been given when
      delivered personally or when deposited in the United States Mail, postage
      prepaid, by registered or certified mail, with return receipt requested,
      addressed as follows:

    

    If
      to
      Frosted, to:

    Frosted
      Mug Holdings, LLC

    777
      Walnut Avenue

    Cranford,
      NJ 07016

     

     

    
      
        
        

      

      
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    or
      at
      such other address as Frosted may have furnished Rockelle by
      notice;

    

    If
      to
      Rockelle, to:

    Rockelle
      Corporation

    162
      Miller Place Road,

    Miller
      Place, New York 11764

    

    or
      at
      such other address as Rockelle may have furnished Frosted by
      notice.

    

    (b) Amendment.
      This
      Agreement may not be amended except by a written instrument executed by both
      Partners.

    

    (c) Applicable
      Law.
      This
      Agreement and the performance of the Partners hereunder shall be interpreted,
      construed and enforced in accordance with the laws of the State of New Jersey
      and no presumption shall be deemed to exist in favor of or against either
      Partner as a result of the preparation and/or negotiation of
      hereof.

    

    (d) Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties hereto relating
      to the subject matter hereof and there are not other understandings,
      representations or warranties, oral or written, relating to the subject matter
      of this Agreement, which shall be deemed to exist or to bind any of the parties
      hereto, their respective successors or assigns except as referred to
      herein.

    

    (e) Further
      Assurances.
      Each
      Partner shall execute such deeds, assignments, endorsements and other
      instruments and evidences of transfer, give such further assurances and perform
      such acts as are or may become necessary or appropriate to effectuate and to
      carry out the provisions of this Agreement. All such deeds, assignments,
      endorsements and other instruments and evidences of transfer and all other
      acts
      of any kind which are to be as of the date of this Agreement shall be delivered
      or taken as soon as possible following the date of this Agreement.

    

    (f) Third
      Parties.
      No
      person not a party to this Agreement (including any employee of either Partner
      or its Parent or the JV) shall have or acquire any rights by reason of this
      Agreement nor shall any party hereto have any obligations or liabilities to
      such
      other person by reason of this Agreement.

    

    (g) Admission
      of Additional Partners.
      Except
      as provided in Article XII hereof, no additional Partners may be admitted to
      the
      JV except upon the unanimous consent of the Partners and upon such terms and
      conditions as the Partners may agree upon.

    

    (h) Severability.
      If any
      provisions of this Agreement or the application thereof to any person or
      circumstances shall be invalid or unenforceable to any extent, the remainder
      of
      the Agreement and the application of such provisions to other persons or
      circumstances shall not be affected thereby and shall be enforced to the
      greatest extent permitted by law.

    

    (i) Binding
      Agreement.
      Subject
      to the restrictions on transfers and other dispositions set forth herein, this
      Agreement shall inure to the benefit of and be binding upon the undersigned
      Partners and their respective successors and assigns.

     

     

    
      
        
        

      

      
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    (j) Headings.
      The
      headings of Sections in this Agreement are for convenience only and are not
      a
      part of this Agreement.

    

    (k) Third
      Party Approval.
      This
      Agreement and specifically the assumption of the SRI note is subject to the
      acceptance and approval of SRI. In the event that SRI should fail or refuse
      to
      accept or approve the assumption of the SRI note, then in that event the JV
      shall be dissolved in accordance with the terms set forth herein.

    

    (l) No
      Royalty.
      For
      so
      long as FJ Bucklin, LLC owns and operates the Stewarts Root Beer restaurant
      located on Morris Avenue in Union, New Jersey (“Stewarts—Union”) shall pay NO
      royalty fee to the JV or its successor; however, Stewarts—Union shall abide by
      all other terms of the Franchise Agreement.

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
      in the State of Illinois by their duly authorized officers, effective as of
      the
      date and year first above written.

    

    

         
      Frosted Mug Holdings, LLC

    

    

                                                                By: 
      /s/  John R. Frieri        

    

    

         
      Rockelle Corporation

    

    

                                                                By: 
      /s/  Gerard Stephan      

    

    

    

    
      
        
        

      

      
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    EXHIBIT
      A

    

    

    All
      franchises.

    All
      income from the operation of Frosted’s business

    All
      trademarks and trademark licenses

    
      
        
        

      

      
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    EXHIBIT
      B

    

    Eastern
      Design Services Litigation ($29,000)

    Shail
      Enterprises Litigation ($318,000)

    Loan
      payable to FJ Bucklin, LLC ($100,000)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]