Document:

Kranem Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

STOCK PURCHASE AGREEMENT

     THIS Restricted Stock
Purchase Agreement (the “Agreement”), to be effective on November 1, 2011
(the “Effective Date”), is by and between Adora ICT Srl, an Italian
corporation (the “Company”), Kranem Corporation, a Colorado corporation
(the “Purchaser”), Massimo Santangelo who is the Chief Executive Officer
(Amministratore Unico) of the Company (“Mr. Santangelo”), Cristina Carra
(“Mrs. Carra”), an individual, who owns 50 % of the Company, and
E-Company Srl (“E-Company”), represented by its Chief Executive Officer
(Amministratore Unico), Mr. Giovanni Fiori, which owns 50% of the Company,
(Mrs. Carra with E-Company, the “Sellers”). The Company,
the Purchaser, Mr. Santangelo, Mrs. Carra and E-Company are hereinafter
sometimes referred to collectively as the “Parties” and individually as a
“Party.”

     WHEREAS, the Purchaser
wishes to purchase from the Sellers all of the Purchaser’s shares of the of the
Company (the “Company Shares”) under the terms and conditions of this
Agreement; 

     WHEREAS, the Sellers
desire to sell to the Purchaser the Company Shares under the terms and
conditions of this Agreement; 

     WHEREAS, the Sellers own 100%
of the Company; and

     WHEREAS, the Company
consents to the sale of the Company by the Sellers to the Purchaser under the
terms and conditions of this Agreement. 

     NOW, THEREFORE, in
consideration of the mutual promises contained herein and other good and
valuable consideration, receipt of which is hereby acknowledged, the Parties to
this Agreement agree as follows:

     1. Sale of the
Shares.

          (a)
Sale of the Company. The Sellers agree to sell to the
Purchaser and the Purchaser agrees to purchase the Company for a total price
equal to _____ of the 2011 revenues of the Company as identified in the audit of
the Company’s financials to be completed as soon as possible after the Effective
Date (the “Purchase Price”),
_____ of which shall be paid in cash (the
“Cash Consideration”) and
_____ of which shall be paid in the common stock
of the Purchaser (the “Common Stock”) calculated using the closing market
price of the Company’s stock (the “Stock Consideration”) on the Effective
Date. The Cash Consideration shall be paid as follows: (a)
_____ of the cash shall
be paid at the later of the day after the date (i) that the 2011 audit (the
“2011 Audit”) of the Company is completed or (ii) the Purchaser closes
its next round of equity financing; (b) 
_____ of the cash shall be paid on the day
after the date that the 2012 audit (the “2012 Audit”) of the Company is
completed provided that the revenues and earnings of the Company before income
tax (“EBIT”) is the same or better than the revenues and EBIT in the 2011 Audit. The Stock Consideration shall be paid as follows:
(a) _____ shall be paid within one day of the completion of the 2011 Audit and (b)
_____ shall be paid within one day of the completion of the 2012 Audit if the
revenues and net income of the Company is the same or better that the revenues
and EBIT in the 2011 Audit. The Parties agree that the 2011 Audit and the 2012
Audit shall be conducted in accordance with US GAAP. The Parties agree and each
Seller acknowledges that the Stock Consideration and the Cash Consideration
shall be split between the Sellers on the basis of each Seller’ percent
ownership of the Company.

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (b)
Closing; Delivery. The closing of this Agreement shall take
place on the Effective Date at the Purchaser’s offices at 10:00 a.m., California
standard time, or at such other time and place as the Sellers, the Company and
the Purchaser mutually agree (the “Closing”). The Purchaser shall deliver
or cause its transfer agent to deliver to the Sellers stock certificates in the
name of each of the Sellers split in accordance with Section 1(b) above as soon
as possible after the Closing.

          (c)
Restricted Securities. The Sellers hereby confirm that they have
been informed that the Purchaser Shares are “restricted securities” under the
Securities Act of 1933, as amended (the “1933 Act”). The Sellers, jointly
and severally, acknowledge that the Purchaser Shares may not be resold or
transferred unless the Purchaser Shares are first registered under the federal
securities laws or unless an exemption from such registration is available. Each
Seller hereby acknowledges that he/she is prepared to hold the Purchaser Shares
for an indefinite period. Each Seller acknowledges that he/she is aware that
Rule 144 of the Securities and Exchange Commission issued under the 1933 Act is
not presently available to exempt the sale of the Purchaser Shares from the
registration requirements of the 1933 Act. The Parties acknowledge that the
requirements of Rule 144 are subject to change at any time.

          (d)
Disposition of the Shares. Subject to the terms of this Agreement,
each Seller hereby agrees that he/she shall transfer, sell or otherwise dispose
of the Purchaser Shares in accordance with Rule 144. The Purchaser shall not be
required to transfer on its books any Purchaser Shares, which have been sold or
transferred in violation of the provisions of this Agreement. The Purchaser
shall not be required to treat any transferee to whom the Purchaser Shares have
been transferred in contravention of this Agreement as the owner of the
Purchaser Shares.

          (f)
Transfer Restrictions. 

               (i)
Definition of Owner. For purposes of this Agreement, the term
“Owner” shall include each Seller and all subsequent holders of the
Purchaser Shares, who derive their ownership through a permitted transfer from
each Seller in accordance with subsection 1(f)(ii) below.

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

               (ii)
Restriction on Transfer. The Owner shall not transfer, assign, encumber
or otherwise dispose of any of the Purchaser Shares except in accordance with
all federal and state securities law.

               (iii)
Obligations of Transferee. Each person to whom the Purchaser Shares are
transferred by means of one of the permitted transfers must, as a condition
precedent to the validity of such transfer, acknowledge in writing to the
Purchaser that such person is bound by the provisions of this Agreement.

          (g)
Company Consent. The Company hereby consents to the sale of the
Company Shares by the Sellers to the Purchaser and agrees to take whatever steps
and file or issue whatever documents necessary to effectuate the sale of the
Company Shares and the intent of this Agreement.

          (h)
Employment and Non-compete. As additional consideration for the
Purchaser to purchase the Company Shares from the Sellers and issue the
Purchaser Shares to the Sellers, the Sellers and Mr. Santangelo hereby covenant
to the Purchaser that Mr. Santangelo, to the greatest extent allowed under
applicable law, will (i) continue to work for the Company as the Chief Executive
Officer (Amministratore Unico) at an annual salary of
_____ (which salary
shall be reviewed annually by the Board), for five years from the Effective Date
provided the Company does not significantly change his responsibilities or his
compensation; and (ii) not work for a competitor of the Company nor compete with
the Company for two years after his termination by the Company. The Company
agrees to continue to employ Mr. Santangelo for five years after the Effective
Date provided he is not guilty of (i) a crime, (ii) unethical activities, (iii)
disloyalty to the Company, (iv) moral turpitude, (v) in connection with the
performance of Employee’s duties (a) gross misconduct, (b) breach of fiduciary
duty, or (c) insubordination (d), (vi) dishonesty or theft, or (vii)
disparagement of the Company, its officers, directors, shareholders or other
employee.

     2. Representations and
Warranties of the Company and the Sellers. The Company and each
Seller, jointly and severally, hereby represents and warrants to the Purchaser
that:

          (a)
Organization, Good Standing and Qualification. The Company
is a corporation duly organized, validly existing and in good standing under the
laws of Italy and has all requisite corporate power and authority to carry on
its business as now conducted and as proposed to be conducted.

          (b)
Authorization. All corporate action on the part of the
Company, its officers, directors and shareholders necessary for the
authorization, execution and delivery of this Agreement and the authorization,
sale, issuance and delivery of the Company Shares and the performance of all
obligations of the Company hereunder has been taken or will be taken prior to
the Closing.

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (c)
Valid Obligations. The Agreement, when executed and delivered by
the Sellers, Mr. Alesio and the Company, shall constitute valid and legally
binding obligations of the Sellers and the Company, enforceable against the
Sellers and the Company in accordance with their terms. 

          (d)
Intellectual Property. The Company exclusively owns all right,
title and interest to and in the Company’s intellectual property described to
the Purchaser during discussions in connection with this Agreement free and
clear of any Encumbrances.

          (e)
Assets. The Sellers own, and has good and valid title to, all of
the assets set forth in the Company’s financial statements, given to the
Purchaser during discussions in connection with this Agreement, free and clear
of any encumbrances.

          (f)
Articles of Incorporation. The Company and the Sellers have
delivered to the Purchaser accurate and complete current copies of the Company’s
articles of incorporation and bylaws. 

          (g)
Financial Statements. The Company and the Sellers have delivered
to the Purchaser accurate and complete current copies of the Company’s financial
statements, which shall cover the period through the end of the second quarter
of 2011 (“Financial Statements”).

          (h)
Legal Requirements. The Company is in full compliance with each
legal requirement that is applicable to it or to the conduct of its business or
the ownership or use of any of its assets and the Company has at all times been
in full compliance with each legal requirement that is or was applicable to it
or to the conduct of its business or the ownership or use of any of its
assets.

          (i)
Full Disclosure. This Agreement does not contain any untrue
statement of fact and does not omit to state any fact necessary to make any of
the representations, warranties or other statements or information contained
therein not misleading. All of the information regarding the Company and its
business, condition, assets, liabilities, operations, financial performance, net
income and prospects that has been furnished to the Purchaser or any of the
Purchaser’s Representatives by or on behalf of the Sellers or the Company is
accurate and complete in all respects. Each Seller agrees and acknowledges that,
if a liability or debt owed by the Company on the Effective Date has not been
previously identified in writing in the Financial Statements given to the
Purchaser on or before the Effective Date will be transferred to and become the
liability and debt of the Sellers and shall not be a liability or debt of the
Company or the Purchaser.

     3. Representations and
Warranties of the Sellers. Each Seller hereby severally
represents and warrants to the Purchaser that:

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (a)
Purchase Entirely for Own Account. The Purchaser Shares
(“Securities”) to be acquired by each of the Sellers will be acquired for
investment for the Seller’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and each of the
Sellers has no present intention of selling, granting any participation in, or
otherwise distributing the same.

          (b)
Knowledge. Each Seller is aware of the Purchaser’s business
affairs and financial condition and has acquired sufficient information about
the Purchaser to make an informed and knowledgeable decision to acquire the
Securities.

          (c)
Restricted Securities. Each Seller understands that the
Securities are “restricted securities” under applicable U.S. federal and state
securities laws. Each Seller acknowledges that the Company has no obligation to
register or qualify the Securities for resale. 

          (d)
Accredited Investor. Each Seller is an “Accredited
Investor” as defined in Rule 501(a) of Regulation D promulgated under the
Act.

     4. Representations
and Warranties of the Purchaser. The Purchaser hereby represents
and Warrant to each Seller that

          (a)
Organization, Good Standing and Qualification. The Purchaser is a
corporation duly organized, validly existing and in good standing under the laws
of California and has all requisite corporate power and authority to carry on
its business as now conducted and as proposed to be conducted.

          (b)
Authorization. All corporate action on the part of the Purchaser,
its officers, directors and shareholders necessary for the authorization,
execution and delivery of this Agreement and the authorization, sale, issuance
and delivery of the Purchaser Shares and the performance of all obligations of
the Purchaser hereunder has been taken or will be taken prior to the
Closing.

          (c)
Valid Obligations. The Agreement, when executed and delivered by
the Purchaser, shall constitute valid and legally binding obligations of the
Purchaser, enforceable against the Purchaser in accordance with their terms.

          (d)
Capital Stock. All of the outstanding capital stock of the
Purchaser is, and upon issuance of the Purchaser Shares pursuant to this
Agreement, all of the Purchaser Shares will be, validly issued, fully paid and
nonassessable. All outstanding the Purchaser’s capital stock has been issued in
full compliance with applicable law.

     5. Conditions of the
Purchaser’s Obligations at Closing. The obligations of the
Purchaser to each Seller under this Agreement are subject to the fulfillment, on
or before the Closing, of the following conditions, unless otherwise waived:

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (a)
Representations and Warranties. The representations and
warranties of each Seller and the Company contained in Sections 2 and 3 shall be
true on and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the date of the
Closing.

          (b)
Qualifications. All authorizations, approvals or permits,
if any, of any governmental authority or regulatory body of the United States or
of any country or state that are required in connection with the lawful issuance
and sale of the Securities pursuant to this Agreement shall be obtained and
effective as of the Effective Date.

     6. Conditions of the
Sellers’ Obligations at Closing. The obligations of each Seller
under this Agreement are subject to the fulfillment, on or before the Closing,
of the following conditions, unless otherwise waived:

          (a)
Representations and Warranties. The representations and
warranties of the Purchaser contained in Section 4 shall be true on and as of
the Closing with the same effect as though such representations and warranties
had been made on and as of the Closing.

          (b)
Qualifications. All authorizations, approvals or permits,
if any, of any governmental authority or regulatory body of the United States or
of country or any state that are required in connection with the lawful issuance
and sale of the Securities pursuant to this Agreement shall be obtained and
effective as of the Closing. 

     7.
Miscellaneous.

          (a)
Successors and Assigns. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the Parties. Nothing in this Agreement, express or
implied, is intended to confer upon any Party other than the Parties hereto or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

          (b)
Governing Law; Venue. This Agreement and all acts and
transactions pursuant hereto and the rights and obligations of the Parties
hereto shall be governed, construed and interpreted in accordance with the laws
of the State of California, without giving effect to principles of conflicts of
law. The Parties acknowledge that any action brought by a Party to interpret or
enforce any provision of this Agreement shall be brought in, and the other
Parties agree to and do hereby, submit to the jurisdiction and venue of, the
courts of Santa Clara County in the state of California.

          (c)
Facsimile and Counterparts. This Agreement may be signed by
facsimile and executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one
instrument.

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (d)
Titles and Subtitles. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

          (e)
Notices. Any notice required or permitted by this Agreement
shall be in writing and shall be deemed sufficient upon receipt, when delivered
personally or by courier, overnight delivery service or confirmed facsimile, or
forty-eight (48) hours after being deposited in the U.S. mail as certified or
registered mail with postage prepaid, if such notice is addressed to the Party
to be notified at such Party’s address or facsimile number is set forth in such
Party’s files.

          (f)
Finder’s Fee. Each Party represents that it neither is nor
will be obligated for any finder’s fee or commission in connection with this
transaction. Each Party agrees to indemnify and to hold harmless the other
Parties from any liability for any commission or compensation in the nature of a
finder’s fee (and the costs and expenses of defending against such liability or
asserted liability) for which such Party or any of its officers, employees, or
representatives is responsible.

          (g)
Amendments and Waivers. Any term of this Agreement may be
amended or waived only with the written consent of the Company and the holders
of at least a majority in interest of the Note. Any amendment or waiver affected
in accordance with this Section 7(g) shall be binding upon the Purchaser and the
transferee of the Securities, the future holder of all such Securities, and the
Company.

          (h)
Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, the Parties agree to
renegotiate such provision in good faith, in order to maintain the economic
position enjoyed by the Party as close as possible to that under the provision
rendered unenforceable. In the event that the Parties cannot reach a mutually
agreeable and enforceable replacement for such provision, then (i) such
provision shall be excluded from this Agreement, (ii) the balance of the
Agreement shall be interpreted as if such provision were so excluded and (iii)
the balance of the Agreement shall be enforceable in accordance with its
terms.

          (i)
Entire Agreement. This Agreement and the documents referred
to herein constitute the entire agreement between the Parties hereto pertaining
to the subject matter hereof, and any and all other written or oral agreements
existing between the Parties hereto are expressly canceled.

          (j)
Exculpation. Each Seller acknowledges that he/she is not
relying upon any person, firm or corporation, other than the Purchaser and its
officers and directors, in making its decision to accept the Purchaser Shares as
partial consideration for his sale of the Company Shares.

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

          (k)
Sellers Remedies. In addition to any other remedy available to the
Sellers at law or in equity, each Seller, at such Seller’s option, may require
the Purchaser to (i) return the Company Shares to the Sellers if the Purchaser
does make the Cash Consideration as set forth in Section 1(a) above; or (ii)
issue an additional US$_____ of the Purchaser common stock at the same
price as the Purchaser Shares.

          (l)
Purchaser Remedies. In addition to any other remedy available to
the Purchaser at law or in equity, if (i) either of the Seller or the Company
breaches this Agreement or (ii) the Purchaser discovers within one year of the
date on which the 2012 Audit is completed that the representations and
warranties set forth in Sections 2 or 3 above are not true and accurate, the
Purchaser, at the Purchaser’s sole option, may (iii) cancel this Agreement and
require each Seller to refund the Cash Consideration and return the Purchaser
Shares; or (iv) require each Seller to return
_____ of the Cash Consideration and
return _____ of the Purchaser Shares.

          (m)
Waiver. No failure on the part of any Party to exercise any power,
right, privilege or remedy under this Agreement, and no delay on the part of any
Party in exercising any power, right, privilege or remedy under this Agreement,
shall operate as a waiver of such power, right, privilege or remedy; and no
single or partial exercise of any such power, right, privilege or remedy shall
preclude any other or further exercise thereof or of any other power, right,
privilege or remedy.

          (n)
Further Assurances. Each Party hereto shall execute and/or cause
to be delivered to each other Party hereto such instruments and other documents,
and shall take such other actions, as such other Party may reasonably request
for the purpose of carrying out or evidencing any of the Transactions.

[REST OF PAGE INTENTIONALLY LEFT BLANK]

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Confidential Treatment Requested. Confidential portions of
this document have been redacted and have been separately filed with the
SEC.

SPA

     IN WITNESS WHEREOF, the
Parties have executed this Stock Purchase Agreement as of the Effective
Date.

	THE PURCHASER 	THE SELLERS 
	  	  
	Signature: /s/ Edward Miller	For E-Company 
	Name: Edward Miller	Signature: /s/ Amministratore Unico
  
	Title: Chief Financial Officer 	Title: Amministratore Unico 
	Date Signed: December 21, 2011 (last signature received)  	Date Signed: December 20, 2011

	  	Name: Giovanni Fiori 
	  	Date Signed: 
	 	 
	THE COMPANY 	Signature: /s/ Cristina Carra 
	  	Name: Cristina Carra 
	Signature: /s/ Massimo Santangelo 	Date Signed: December 20, 2011
	Name: Massimo Santangelo 	  
	Title: Amministratore Unico 	  
	Date Signed: December 20, 2011	  
	 	 
	MR. SANTANGELO 	  
	 	 
	Signature: /s/ Massimo Santangelo 	  
	Name: Massimo Santangelo 	  
	Date Signed: December 20, 2011	  

The symbol _____ in this exhibit indicates places where
information has been omitted pursuant to a request for confidential treatment
and filed separately with the SEC.

9 of 9exhibit102.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.2

 

LICENSE AGREEMENT

 

            This License Agreement (“License Agreement”) is entered into by and between POWDERMET INC., a Delaware corporation having its principal place of business at Building 38, 24112 Rockwell Drive, Euclid, Ohio, 44117, hereinafter referred to as the “Licensor,” and MESOCOAT INC., a Nevada corporation having its principal place of business at Building 40, 24112 Rockwell Drive, Euclid, Ohio 44117, hereinafter referred to as the “Licensee,” the parties to this License Agreement being referred to individually as a “Party,” and collectively as “Parties.”

 

            The Licensor is the assignee of US Patents 6,540,800, 6,641,918 and 7,041,250, and patent application numbers 11/099,857, 11/473,962 and 60/305,940 together with all foreign and domestic patent applications including, but not limited to, divisions, substitutions, continuations, and continuation-in-part applications, and further including any and all US patents, reissues, re-examinations and extensions issuing on any of the preceding and any and all corresponding foreign patent applications and patents of any of the preceding (collectively known as the “Patent Rights”).  Furthermore, the Licensor is the owner of certain proprietary information and know-how that relates to the subject matter claimed in the foregoing patents and patent applications, and to nanocomposite and cermet coatings in general (the “Proprietary Know-How”).

 

            The Licensor desires that such Patent Rights and Proprietary Know-How be disclosed to and licensed by Licensee for the purposes of permitting Licensee to practice the technology contained in and/or covered by the aforementioned Patent Rights and Proprietary Know-How.  To that end, Licensor is willing to grant an irrevocable, perpetual (solely as it pertains to Proprietary Know-How), world-wide, fully paid, transferable, exclusive license to use, sublicense, disclose, and otherwise exploit the Patent Rights and Proprietary Know-How in any manner, and to make, have made, and sell any products based upon or incorporating Patent Rights and Proprietary Know-How, and to provide powder processing, coating application, equipment design and sales, and other services utilizing the Patent Rights  and Proprietary Know-How, limited to the field of wear and corrosion resistant coatings, or any other functional or decorative coating applications.

 

            Now, therefore, the Parties agree as follows:

 

1.   DEFINITIONS

 

            1.1       “Technology” means technical information, Proprietary-Know-How, data and Patent Rights owned or controlled by the Licensor or any Affiliate and relating to the Patent Rights disclosed above or to nanocomposite and cermet coatings in general.

 

            1.2       “Affiliate” of any person or entity means any other person or entity that, directly or indirectly, controls, is controlled by or is under common control with such first person or entity.

 

            1.3       

 

            1.4       “Licensed Method(s)” means any method, procedure or process whose use, but for the license granted to the Licensee herein, would constitute an infringement of a subsisting claim  arising from the Patent Rights.

 

            1.5       “Licensed Product(s)” means any article of manufacture, machine or composition of matter whose manufacture, importation, use, sale, or offer for sale, but for the license granted to the Licensee herein, would constitute an infringement of a subsisting claim arising from the Patent Rights.

 

 

	
 

1

 

 

Exhibit 10.2

 

            1.6       “Licensed Service(s)” means the use of Licensed Product(s) or Licensed Method(s) to provide service(s).

 

            1.7       “Licensed Invention(s)” means any Licensed Product(s) or Licensed Method(s).

 

            1.8       “Term” is defined in Paragraph 4.1.

 

2.   GRANT

 

            2.1       The Licensor grants to the Licensee, subject to Paragraphs 2.4 through 2.7, an exclusive license to make, have made, use, import, export, sell and offer to sell, and have sold Licensed Inventions under the Patent Rights with the right to sublicense to others under the terms of Article 3.

 

            2.2       The Licensor grants to Licensee, subject to Paragraphs 2.4 through 2.7, an irrevocable, perpetual (solely as it pertains to Proprietary Know-How), world-wide, fully paid, transferable, exclusive license to all Proprietary Know-How, technology, data and other information in the possession or control of Licensor, including all  improvements and developments to the Technology hereafter arising, which are used or useful in connection with the Patent Rights, with the right to sublicense the same under the terms of Article 3.  In addition, Licensor grants to Licensee, subject to Paragraphs 2.4 and 2.5 an irrevocable, perpetual (solely as it pertains to Proprietary Know-How), world-wide, fully paid, transferable, exclusive license to make, have made, use, import, export, sell and offer to sell, and have sold, for any purpose not prohibited under the Contract, all improvements and developments, to the Technology hereafter arising, with the right to sublicense the same under the terms of Article 3.  Licensor shall not enter into any agreement (including, without limitation, any sublicense) related to any such improvement or development with any person or entity which could be considered a competitor to Licensee, as determined by Licensee.

 

            2.3       Licensor hereby grants to Licensee the first right to negotiate an exclusive license for any improvement or development to the Technology made by Licensor or any Affiliate thereof.  The Licensor and the Licensee shall negotiate the terms of such exclusive license in good faith for a period of 90 days after Licensee’s receipt of written notice of any such improvement or development.  If, following the expiration of such 90-day period, the parties shall not have entered into such an exclusive license, Licensor shall not thereafter enter into any agreement (including, without limitation, any sublicense) related to any such improvement or development with any person or entity which could be considered a competitor to Licensee, as determined by Licensee.  With regard to any improvements or developments made exclusively by Licensee of any Affiliate thereof, Licensee shall own all title and right to such improvements or developments subject to Paragraph 2.5, 2.6, 2.7, and 2.8.  With regard to any improvements or developments that are co-developed by both Licensor and Licensee or any Affiliates thereof, such improvements or developments will be co-owned by both Licensor and Licensee and shall fall under the scope of this license agreement as part of the Patent Rights referred to herein.

 

            2.4       The license grant in Section 2.1 for U.S. patent number 6,641,918 shall be subject to the pre-existing license of U.S. patent number 6,641,918 to Kennametal.  Rights not expressly granted to the Licensee herein are expressly reserved to the Licensor.

 

            2.5       The Licensor expressly reserves the right to use the Technology, including the right to make, have made, use and have used Licensed Inventions for any noncommercial purpose, including, but not limited to, Cooperative Research and Development Agreements, Work for Others Agreements, and User Facility Agreements; provided, however, that Licensor shall not enter into any agreement (including, without limitation, any sublicense) with any person or entity which could be considered a competitor to Licensee, as determined by Licensee.

2

 

            2.6       Conversion of the exclusive license to a non-exclusive license will occur should one of the following conditions be met:  (1) substantially all of Licensee’s (MesoCoat) manufacturing ceases to occur in the United States; or (2) Licensee (MesoCoat) files for bankruptcy.

 

            2.7       The Licensee will make available to the Licensor and hereby grants an irrevocable, paid-up, royalty-free, nonexclusive license to the Licensor to make, have made, use, and have used for any non-commercial purpose permitted under the Contract any improvements or developments to the Technology made by the Licensee; provided, however, that Licensor shall not enter into any agreement related to such improvements or developments (including, without limitation, any sublicense) with any person or entity without the prior written consent of Licensee.

 

            2.8       Not less than twice a year, each party shall disclose to the other, under appropriate confidentiality arrangements, any applicable improvements and developments subject to this Section 2.

 

2.9       For a period of two years commencing July 1, 2008, extendable indefinitely by mutual agreement, Licensee shall purchase all consumable powders from Licensor at a mutually agreeable price (and quality specification).  Powders shall be produced to an agreed upon specification and quality plan.  

 

2.10     After July 1, 2010, for a period of at least an additional three years, and mutually extendable beyond then, Licensee shall purchase the first 100,000 lbs of consumable powders in each such calendar year from Licensor with the same or similar terms as 2.9.  After fulfilling this initial requirement, Licensee is free to subcontract, internally manufacture, or have manufactured at Licensor additional consumable powders for sale, resale, distribution, or internal use.  Powders shall conform to an agreed upon specification and quality plan, and delivery terms shall be typically six to eight weeks after receipt of order.

 

2.11     Licensor shall provide technology transition and maintenance, installation, and facility support services to Licensee, on a cost-reimbursement basis, for a period of at least two years, extendable by mutual agreement.  Indirect labor support including equipment maintenance and installation staff, administrative/marketing staff, and facilities support, shall be provided on a cost-reimbursement basis, burdened only with agreed fringe benefits. Engineering and technical support shall be burdened with then-current DCAA approved rates as required by DCAA guidelines.  All support will be performed to an estimate provided to Licensee in advance, and work shall be of acceptable quality to Licensee.   

 

2.12     Licensor shall provide Licensee with technology transition services in the form of technical writing, accounting, and executive management services, at no cost to Licensee, for up to 300 hours each for technical writing and accounting/data entry support, and up to 2000 hours of executive management support for a transition period of two years commencing July 1, 2008.

 

2.13     Licensee shall have the right, but not the obligation, to occupy, install and operate equipment including an HVOF gun system, grinding, finishing machines, IR fusion, and other coating equipment in compliance with all local and national laws and regulations, in up to 2500 sq ft of laboratory and office space, in the Licensor’s  R&D building.  Licensee shall be provided utilities hook-ups, electrical power, light, natural gas, and HVAC.  Licensee shall be responsible for the cost of all leasehold improvements, modifications, and other expenses associated with the installation and removal at the end of occupancy, of any Licensee equipment. It is mutually agreed that no fixed amount of space or utilities can be calculated at the current time, and it is agreed that for a  period of 24 months commencing July 1, 2008, a fair market value for the space and utilities provided by Licensor is $200/month, which will be paid by Licensee to Licensor.   At the conclusion of the 24 month initial period, Licensee shall have the option to continue leasing space on a fair market value basis for the space and utilities and common area fees determined in mutual agreement with Licensor.

3

 

2.14:  Licensor transfers to Licensee complete and total ownership of the equipment listed in appendix A as permitted by law under Small Business Innovation Research (“SBIR”) or other government regulations. 

 

3.   SUBLICENSES

 

            3.1       The Licensor also grants to the Licensee, so long as it retains rights under this License Agreement, the right to issue sublicenses under the rights and licenses granted to Licensee in Article 2 (Grant).  For the avoidance of doubt, Affiliates shall have no licenses under the Patent Rights unless such Affiliates are granted a sublicense.

 

            3.2       Termination of this License Agreement by the Licensee automatically operates as an assignment by the Licensee to the Licensor of all Licensee’s right, title and interest in and to each sublicense granted by the Licensee.  If this License Agreement is terminated by either Party, any sublicensee(s) not in default of the terms and conditions of its sublicense agreement with the Licensee must make a written election to the Licensor to continue such sublicense agreement as a license agreement with the Licensor.  The Licensee will give its sublicensee(s) written notice of any notice of termination of this License Agreement by Licensor promptly following Licensee’s receipt thereof.  Sublicensee(s) must make such written election to the Licensor within thirty (30) days thereafter.  The Licensor’s obligations to a sublicensee under any assigned sublicense shall be no greater than Licensor’s obligations to Licensee under this License Agreement.

 

4.   TERM OF THE LICENSE AGREEMENT

 

            4.1       This License Agreement is in full force and effect from the effective date and remains in effect (1) for the Patent Rights on a county-by-country basis until the expiration of the last to expire of the patents included within the Patent Rights unless sooner terminated by operation of law or by acts of either of the Parties in accordance with the terms of this License Agreement and (2) in perpetuity for the Proprietary-Know-How (“Term”).

 

            4.2       Licensee is, at the time of license issue, a wholly owned subsidiary of the Licensor, with all capital stock owned by Licensor.  Licensee is authorized to raise additional capital through stock sales, debt, or other financing method which may dilute Licensor’s ownership, subject to the restrictions of 4.3 and 4.4.

.  

4.3   Licensor shall be entitled to a number of board seats proportional to its ownership interest in Licensee, but in no case less than two board seats.

 

4.4       Restrictions.

 

(a)  At any time when more than 20% of the outstanding shares of common stock are owned by the Licensor, except where the vote of the holders of a greater number of shares of the Licnesee is required by law or by the Certificate of Incorporation, and in addition to any other vote required by law or the Certificate of Incorporation, without first obtaining the affirmative vote or written consent of the holders of at least 67% of the then outstanding shares of common Stock, the Licensee will not:

 

(i)  effect any liquidation, dissolution or winding up of, or any consolidation, merger or other similar combination involving, the Corporation or any of its subsidiaries.

 

 

4

 

(ii)  sell, abandon, transfer, assign, lease or otherwise dispose of all or substantially all of the assets or business of the Corporation or any of its subsidiaries or sell or license, other than on a non-exclusive basis in the ordinary course of business, a substantial portion of the Corporation's technology or intellectual property rights, 

 

(iii) change the current size of the Corporation's Board of Directors;

 

(iv)  create, authorize, or issue, or obligate the Corporation to issue, shares of any class or series of stock having any rights, preferences or privileges superior to or on a parity with the Common Stock or authorize or issue shares of stock of any class or any bonds, debentures, notes or other obligations convertible into or exchangeable for, or having option rights to purchase, any shares of stock of the Corporation having any rights, preferences or privileges superior to or on a parity with the Common Stock; or reclassify any outstanding shares into shares having any rights, preferences or privileges superior to or on a parity with the Common Stock;

 

(v)  change or alter the scope of the Corporation's business activities or strategies;

 

(vi)  amend, alter, waive or repeal its Certificate of Incorporation or Bylaws;

 

(vii)  amend or alter the rights, preferences or privileges of the Common Stock; or

 

(ix)  take any other action as to which the Nevada General Corporation Law requires the vote or consent of at least a majority of the holders of each class or each affected class of the Corporation's capital stock voting or consenting as a separate class.

 

4.5       Inspection.  The Licensee shall permit the Licensor to visit and inspect the properties of the Company, to examine its corporate and financial records and make copies thereof and to discuss its affairs, finances, and accounts with its officers, at such reasonable times and upon such reasonable notice as it may reasonably request.  The rights set forth in this section shall be exercised solely in furtherance of the proper interests of the Licensor as an investor in the licensee, and the Licensor agrees to maintain the confidentiality of all financial and other confidential information of the Company disclosed to it.

 

4.6       Licensor shall invoice Licensee monthly for all agreed and chargable costs.  Licensee will promptly reimburse Licensor for all chargable services requested and approved within 30 days of receipt of a valid invoice for such services. 

 

5.   PATENT PROSECUTION, MAINTENANCE AND DISCLAIMER

 

            5.1       The Licensor will prosecute U.S. patent and Patent Cooperation Treaty (PCT) applications identified above, and all future related Patent Rights, in the U.S. Patent and Trademark Office (USPTO), and will maintain U.S. patents identified above using counsel of its choice.  The Licensor will provide the Licensee, upon the Licensee’s written request, with copies of all USPTO office actions, correspondence, and other relevant documentation relating to any such patent prosecution and will in good faith incorporate Licensee’s suggestions regarding any such prosecution or related matter.  The Licensee will hold such documentation in confidence in the same manner as if it were the Licensee’s financial or business information or trade secrets.

 

            5.2       The Licensor shall amend U.S. patent applications to include reasonable claims requested by the Licensee if such claims are required to protect or expand any commercial application of any Licensed Invention.

 

5

 

            5.3       The Licensee understands and agrees that the prosecution of patent applications is uncertain and that certain claims therein may not be allowed or may receive narrower breadth of scope than when originally filed and that patent applications may not issue as a U.S. patent.  Therefore, the Licensor provides no representation or warranty that any of the patent applications identified above, or any future patent applications on the Technology, will issue as a U.S. patent or that the scope of claims coverage of any resulting patent issuing thereon will have the same scope of claims coverage as when filed by the Licensor or when reviewed by the Licensee.

 

            5.4       The Licensor agrees to provide written notification at least 90 days in advance to the Licensee if the Licensor intends to abandon or terminate prosecution of any of the U.S. or foreign patent applications identified above, or any future related patent applications relating to the above-identified Technology.  Acceptance by the Licensor of allowed claims in any of the U.S. or foreign patent applications and allowing U.S. or foreign patent applications to proceed to issuance with these claims, or abandonment of any related U.S. or foreign patent applications will be at the sole discretion of the Licensor.  If the Licensor elects to abandon or terminate prosecution of any U.S. or Foreign Patent Right for a reason other than to accept allowed claims, the Licensee may elect in writing to assume responsibility for such prosecution in its own name at its own expense, and Licensor will cooperate to assign and transfer all its right, title, and interest in such Patent Rights to Licensee.

 

            5.5       Subject to Section 5.4, the costs associated with the prosecution and other protection for the Patent Rights will be borne by the Licensor.

 

6.   WARRANTY AND DISCLAIMER

 

            6.1       The Licensor warrants that it is the lawful owner of the Technology.  Licensor has not received any written notice of any pending or threatened claim that challenges the rights of the Licensor in respect of, or the scope of, any of the Technology or is otherwise adverse to the use of any of the Technology or asserts that the use of the Technology is or was infringing or otherwise in violation of any intellectual property of any person or entity.  To the knowledge of Licensor there is no threatened claim asserting that the use of the Technology infringes upon or otherwise conflicts with the intellectual property of any person

 

            6.2       EXCEPT AS SET FORTH IN SECTION 6.1, THE TECHNOLOGY IS PROVIDED AS IS, WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.  NEITHER THE LICENSOR NOR THE U. S. GOVERNMENT MAKES ANY REPRESENTATION OR WARRANTY THAT THE LICENSED INVENTIONS WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.  IN NO EVENT WILL THE LICENSOR OR THE U. S. GOVERNMENT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF LICENSED INVENTIONS.

 

            6.3       Nothing in this License Agreement will be construed as:

 

a.      a warranty or representation by the Licensor or the U. S. Government as to the validity or scope of the Patent Rights;

 

b.      an obligation to bring or prosecute actions or suits against third parties for patent infringement, except as provided in Article 7; or

 

c.      conferring by implication, estoppel, or otherwise any license or rights under any patents of the Licensor other than the Patent Rights.

6

 

7.   INFRINGEMENT

 

            7.1       If the Licensee learns of the infringement of any Patent Right, the Licensee will notify the Licensor in writing and will provide the Licensor with reasonable evidence of such infringement.  Subject to the other terms of this License Agreement, the Licensee will not notify a third party of the infringement of any Patent Rights without first obtaining consent of the Licensor, which consent will not be unreasonably withheld.  The Parties will use their best efforts in cooperation with each other to terminate such infringement without litigation.

 

            7.2       If the Licensee desires that Patent Rights be enforced against an infringement, the Licensee may request permission from the Licensor to file suit against the parties causing the infringement or may request that the Licensor take legal action against the infringement.  Such request must be made in writing to the Licensee.  If the infringing activity has not been abated within ninety (90) days following the receipt of such request, the Licensor will have the right to elect to:

 

a.  commence suit on its own account; 

b.  commence suit jointly with the Licensee; or

c.  refuse to participate in such suit

 

The Licensor will give notice of its election in writing to the Licensee by the end of the 30th day after receiving such request from the Licensee.  The Licensee may thereafter bring suit for patent infringement if and only if the Licensor elects not to commence suit and if the infringement occurred during the period and in a jurisdiction where the Licensee has exclusive rights under this License Agreement.  In the event, however, the Licensee elects to bring suit in accordance with this Paragraph, the Licensor may thereafter join such suit at its own expense.  Similarly, if Licensor elects to bring suit in accordance with this Paragraph, Licensee may thereafter join such suit at its own expense.  Both parties agree to be bound by the outcome of a suit for patent infringement through the pendency of such a suit under this Paragraph.

 

            7.3       Any legal action under this Article will be at the expense of the Party initiating the legal action.  The Licensee will bear all expenses of any action brought by the Licensee under this Article, including attorney fees and costs of both Parties in the defense of any declaratory judgment actions or counter-claims brought by the infringing party(ies), but Licensee shall not be responsible for any legal expenses incurred without its prior written consent, not to be unreasonably withheld.  If legal action is brought by the Licensee, the Licensee is entitled to keep all of the damages recovered, if any, during such legal action.  Legal action brought jointly by the Licensor and the Licensee and fully participated in by both will be at the joint expense of the Parties and all recoveries will be shared jointly by them in proportion to the share of expenses paid by each.

 

            7.4       Each Party will cooperate with the other in proceedings instituted hereunder.  Litigation will be controlled by the Party bringing suit.  The Licensor may be represented by its choice of counsel in any suit brought by the Licensee.

 

            7.5       Neither Party will settle or compromise any suit without the other Party’s written consent, which will not unreasonably be withheld.

 

8.   WAIVER

 

            8.1       No waiver by either Party of any breach or default of any of the covenants or terms of this License Agreement will be deemed a waiver as to any prior, subsequent and/or similar breach or default.

 

7

 

9.   ASSIGNMENT

 

            9.1       This License Agreement is binding upon and will inure to the benefit of the Licensor and Licensee, and their successors and assigns.

 

10.   NOTICES

 

            10.1     Any notice required to be given to either Party will be deemed to have been properly given and to be effective on the date of:

 

·                     delivery, if delivered in person;

·                     five (5) days after mailing, if mailed by first-class certified mail;

·                     the next business day if mailed by any express carrier service that requires the recipient to sign the documents demonstrating the delivery of such notice or payment; or

d.         transmission by facsimile with confirmation of transmission, but on the next business day if confirmation of receipt is after 5:00 p.m. local time. 

 

to the respective addresses given below.

 

	
In the case of the Licensor:

 

Powdermet Inc.

Building 38

24112 Rockwell Drive

Euclid, Ohio, 44117

	
In the case of the Licensee:

 

MesoCoat Inc.

Building 40

24112 Rockwell Drive

Euclid, Ohio 44117

8

 

11.   FORCE MAJEURE

 

            11.1     Neither Party is responsible for delay or failure in performance of any of the obligations imposed by this License Agreement if the failure is caused by fire, flood, explosion, lightning, windstorm, earthquake, subsidence of soil, court order or government interference, civil commotion, riot, war, or by any cause of like or unlike nature beyond the control and without fault or negligence of the applicable Party.

 

12.   DISPUTE RESOLUTION

 

            12.1     The Parties agree to exert their best efforts to resolve disputes arising from this License Agreement.  If the Parties file to resolve a dispute pursuant to this Article, the Parties agree to resolve that dispute by arbitration conducted in the State of Ohio in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) then in effect.  The arbitration shall, to the extent permitted by the rules of the AAA then in effect, be conducted on an expedited basis.  The arbitration panel shall consist of three neutral arbitrators appointed by the AAA.  All costs of the arbitration, including, without limitation, the reasonable attorney’s fees and disbursements of the prevailing party, shall be included in any award and shall be borne by the unsuccessful party (or, at the discretion of the arbitrators, may be prorated between the parties in such proportion as the arbitrators deem equitable).  Any award may be confirmed in any court of competent jurisdiction.

 

13.   PATENT MARKING

 

            13.1     The Licensee agrees to mark, in accordance with the applicable patent marking statute, all Licensed Products, and their containers, which have been made, used, sold or otherwise transferred to a third party, under the terms of this License Agreement.

 

14.   GOVERNING LAW

 

            14.1     THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO, excluding any choice of law rules that would direct the application of the laws of another jurisdiction.

 

15.   SURVIVAL

 

            15.1     When this License Agreement expires or is terminated in accordance with the terms hereof, the following Articles will survive any expiration or termination:

 

               Article 1        DEFINITIONS

               Article 3        SUBLICENSES

               Article 5        PATENT PROSECUTION, MAINTENANCE AND DISCLAIMER

               Article 6        WARRANTY AND DISCLAIMER

               Article 15      SURVIVAL

               Article 16      PROTECTION OF PROPRIETARY INFORMATION

9

 

16.   PROTECTION OF PROPRIETARY INFORMATION

 

            16.1     Each Party (“Receiver”) will treat and maintain the other Party’s (“Discloser’s”) proprietary business, patent prosecution, software, engineering drawings, financial, commercial, process and technical information, and other proprietary information, including the negotiated terms of this License Agreement and any progress and royalty reports, and any sublicense agreement issued pursuant to this License Agreement ("Proprietary Information") in confidence using at least the same degree of care as Receiver uses to protect its own proprietary information of a like nature from the date of disclosure until five (5) years after the termination or expiration of this License Agreement.

 

            16.2     Receiver may use and disclose Proprietary Information to its employees, agents, consultants, contractors, and, in the case of the Licensee, its subLicensees, provided that such parties are bound by a like duty of confidentiality as that found in this Article 16.  Notwithstanding anything to the contrary contained in this License Agreement, the Licensor may release this License Agreement or any sublicense, including any terms thereof, and information regarding royalty payments or other income received in connection with this License Agreement to the inventors and senior administrative officials employed by the Licensor.  If such release is made, the Licensor will require that such terms be kept in confidence in accordance with the provisions of this Article 16.

 

            16.3     Nothing contained herein will restrict or impair in any way the right of Receiver to use or disclose any Proprietary Information that:

 

16.3a   Receiver can demonstrate by written records was known to it prior to its disclosure by Discloser;

 

16.3b   Receiver can demonstrate by written records is now, or becomes in the future, public knowledge other than through acts or omissions of recipient;

 

16.3c   Receiver can demonstrate by written records was obtained lawfully and without restrictions on the recipient from sources independent of Discloser;

 

16.3d   Receiver can demonstrate it has developed independently of the Proprietary Information; or

 

16.3e   Receiver is required to disclose under applicable law, provided, however, that Receiver shall make all reasonable efforts to notify Discloser of the expected disclosure of Proprietary Information and allow Discloser the opportunity to contest and avoid such disclosure, and further provided that Receiver shall disclose only that portion of such Proprietary Information that it is legally required to disclose.

 

Receiver may disclose Proprietary Information that is required to be disclosed (i) to a governmental entity or agency in connection with seeking any governmental or regulatory approval, governmental audit, or other governmental requirement or (ii) by law, provided that Receiver uses reasonable efforts to give Discloser sufficient notice of such required disclosure to allow Discloser reasonable opportunity to object to, and to take legal action to prevent such disclosure.  The Licensor also may disclose the existence of this License Agreement and the extent of the grant in Article 2 (Grant) and Article 3 (Sublicenses) to a third party that inquires whether a license to the Patent Rights is available, but the Licensor will not disclose the name of the Licensee, unless Licensee has already made such disclosure publicly.

 

 

 

 

	
 

10

 

            16.4     Upon termination of this License Agreement, Receiver will destroy or return any of the Discloser’s Proprietary Information in its possession within fifteen (15) days following the termination of this License Agreement.  Receiver will provide Discloser, within thirty (30) days following termination, with written notice that such Proprietary Information has been returned or destroyed.  Receiver may, however, retain one copy of such Proprietary Information for archival purposes in non-working files.

 

            16.5     Nothing in this License Agreement will relieve either Party of any obligation under a separate nondisclosure or confidentiality agreement.

 

17.   MISCELLANEOUS

 

            17.1     The headings of the several sections of this License Agreement are included for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this License Agreement.

 

            17.2     No amendment or modification of this License Agreement is binding on the Parties unless made in a writing executed by duly authorized representatives of the Parties.

 

            17.3     This License Agreement, with the attached appendices, contains all of the terms and conditions agreed upon by the Parties relating to the subject matter of the License Agreement and supersedes all prior agreements, negotiations, correspondence, undertakings and communications of the Parties, whether oral or written, respecting that subject matter.

 

            17.4     In the event any one or more of the provisions of this License Agreement is held to be invalid, illegal, or unenforceable in any respect, the invalidity, illegality, or unenforceability will not affect any other provisions hereof, and this License Agreement will be construed as if such invalid or illegal or unenforceable provisions had never been part of this License Agreement.

 

            17.5     This License Agreement has been negotiated and prepared jointly by both Parties and shall not be construed for or against any Party.

 

            17.6     This License Agreement may be executed in counterparts, including by facsimile or email attachment.

 

            17.7     The Existing License is hereby terminated and shall hereafter have no further force or effect, and the terms thereof are superseded by the terms hereof in all respects.

 

IN WITNESS WHEREOF, both the Licensor and the Licensee have executed this License Agreement, in duplicate originals, by their respective officers on the day and year hereinafter written.

 

 

POWDERMET, INC.                                                 MESOCOAT, INC.

 

 

By: /s/ Andrew Sherman                                              By:  /s/ Andrew Sherman

            Name:  Andrew Sherman                                             Name: Andrew Sherman  

            Title:  President                                                            Title:  President

            Date:  July 22, 2008                                                    Date:  July 22, 2008

 

11

 

Exhibit A: COATING AND COATING TEST EQUIPMENT

 

Metco thermal Spray robot and controller

ASTM G65 rubber wheel abrasion tester

Tabor wear tester

Gardner ball drop tester

Gravelometer

Sliding friction tester

Metco hopper

Metco 5P flame spray gun and cables

Bay equipment powder feeder

Grit blast station

Leroy screw air compressor

4’ paint spray booth

surface profilometer from HGR

 

 

12

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