Document:

Exhibit 10.15

 

 

 

FIRST AMENDMENT

 

THIS FIRST AMENDMENT
(this “Amendment”) is made and entered into as of October 28, 2014 (the “Effective Date”),
by and between Maidu Investments, LLC, a California limited liability company (“Landlord”), and MyECheck Inc.,
a Delaware corporation (“Tenant”).

 

RECITALS

 

A.             Landlord and
Tenant are parties to that certain Standard Lease Agreement dated June 13, 2014 (the “Lease”). Pursuant to the
Lease, Landlord has leased to Tenant space currently containing approximately Three Thousand One Hundred and Twenty-Five (3,125)
rentable square feet (the “Original Premises”) described as Suite No.140 on the first floor of the building
commonly known as College Point Business Center located at 2600 East Bidwell Street, Folsom, California (the “Building”).

 

B.             Tenant has requested
that additional space containing approximately Three Thousand Five Hundred and Twenty-Eight (3,528) rentable square feet described
as Suite No. 190 of the Building shown on Exhibit A hereto (the “Expansion Space”) be added to the Premises
and that the Lease be appropriately amended and Landlord is willing to do the same on the following terms and conditions.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

 

AGREEMENT

 

1.             Definitions.
All terms not defined herein shall have the meanings given to them in the Lease. From and after the Effective Date, all references
to “Lease” in the Lease shall mean the Lease and this Amendment.

 

2.             Expansion/Contraction.

 

(a)             Effective
as of the Expansion Space Commencement Date (as defined below), the size of the Premises shall be increased from Three Thousand
One Hundred and Twenty-Five (3,125) rentable square feet to a total of Six Thousand Six Hundred and Fifty-Three (6,653) rentable
square feet in the Building, and the Original Premises and the Expansion Space, collectively, shall be deemed to be the Premises.
The Expansion Space is subject to all the terms and conditions of the Lease except as expressly modified herein and except that
Tenant shall not be entitled to receive any allowances, abatements or other financial concessions granted with respect to the Original
Premises unless such concessions are expressly provided for herein with respect to the Expansion Space.

 

(b)             Effective
as of the Original Premises Expiration Date (as defined below), the Premises shall be reduced from Six Thousand Six Hundred and
Fifty-Three (6,653) rentable square feet to Three Thousand Five Hundred and Twenty-Eight (3,528) rentable square feet in the Building,
and only the Expansion Space shall be deemed to be the Premises. Upon the Original Premises Expiration Date, Tenant shall surrender
the Original Premises as provided in the Lease.

 

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3.             Expansion
Space Term.

 

(a)             The term
for the Expansion Space (the “Expansion Space Term”) shall commence on the Expansion Space Commencement Date,
as hereafter defined (the “Expansion Space Commencement Date”) and end forty-two (42) full calendar therefrom
(the “Expansion Space Expiration Date”). The first lease year of the Expansion Space Term shall include any
partial month at the beginning of such term. The Expansion Space Commencement Date shall be the date upon which the Landlord’s
Work (as defined in the Work Letter attached as Exhibit B hereto) in the Expansion Space has been substantially completed;
provided, however, that if Landlord shall be delayed in substantially completing the Landlord’s Work in the Expansion Space
as a result of the occurrence of a Tenant Delay (defined below), then, for purposes of determining the Expansion Space Commencement
Date, the date of substantial completion shall be deemed to be the day that said Landlord’s Work would have been substantially
completed absent any such Tenant Delay(s). A “Tenant Delay” means any act or omission of Tenant or its agents,
employees, vendors or contractors that actually delays substantial completion of the Landlord’s Work, including, without
limitation, the following:

 

(i)             Tenant’s
failure to furnish information or approvals within any time period specified in the Lease or this Amendment, including the failure
to prepare or approve preliminary or final plans by any applicable due date;

 

(ii)             Tenant’s
selection of equipment or materials that have long lead times after first being informed by Landlord that the selection may result
in a delay;

 

(iii)             Changes
requested or made by Tenant to previously approved plans and specifications;

 

(iv)             The performance
of work in the Expansion Space by Tenant or Tenant’s contractor(s) during the performance of the Landlord’s Work; or

 

(v)             If the performance
of any portion of the Landlord’s Work depends on the prior or simultaneous performance of work by Tenant, a delay by Tenant
or Tenant’s contractor(s) in the completion of such work.

 

The Expansion Space shall
be deemed to be substantially completed on the date that Landlord reasonably determines that all Landlord’s Work has been
performed (or would have been performed absent any Tenant Delays), other than any details of construction, mechanical adjustment
or any other matter, the noncompletion of which does not materially interfere with Tenant’s use of the Expansion Space.

 

(b)             The parties
acknowledge that the term for the Original Premises will expire on January 31, 2018 (the “Original Premises Expiration
Date”) and that such term will not be coterminous with the Expansion Space Term. From and after the Effective Date, all
references to “Term” in the Lease shall mean the term for the Original Premises and the Expansion Space Term.

 

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4.             Base Rent.

 

(a)             Original Premises
Base Rent. The Base Rent payable with respect to the Original Premises is hereby confirmed to be as follows:

 

	Dates	
        Annual Rate

        Per Square Foot
	
        Monthly

        Base Rent

	July 8, 2014 – Nov. 30, 2014	$0.00	$0.00
	Dec. 1, 2014 – July 31, 2015	$1.75	$5,469.00
	Aug. 1, 2015 – July 31, 2016	$1.80	$5,625.00
	Aug. 1, 2016 – July 31, 2017	$1.85	$5,781.00
	Aug. 1, 2017 – Nov. 30, 2017	$1.90	$5,938.00
	Dec. 1, 2017 – Jan. 31, 2018	$0.00	$0.00

 

(b)             Expansion Space
Base Rent. As of the Expansion Space Commencement Date, the Base Rent payable with respect to the Expansion Space shall be
the following:

 

	Months of Expansion Space Term	
        Annual Rate

        Per Square Foot
	
        Monthly

        Base Rent

	1-6	$0.99	$3,492.72
	7-18	$1.85	$6,526.80
	19-30	$1.90	$6,703.20
	31-42	$1.95	$6,879.60

 

(c)             Payment of Base
Rent. All Base Rent, whether payable with respect to the Original Premises or the Expansion Space, shall be paid as and when
required under the Lease. Notwithstanding the foregoing, on the Effective Date, Tenant shall pay Landlord $3,492.72 as pre-paid
rent to be applied to the Base Rent first coming due with respect to the Expansion Space.              

 

5.             Additional
Security Deposit. Upon the Effective Date, Tenant shall pay Landlord the sum of Twenty Thousand and No/100 Dollars ($20,000.00)
(the “Additional Security Deposit”) in order to increase the Security Deposit to Fifty-Two Thousand Eight Hundred
Twelve and 50/100ths Dollars ($52,812.50) as security for payment of Rent and the performance of the other terms and conditions
of the Lease. Provided Tenant is not in default under the Lease through the fifteenth (15th) full calendar month after the commencement
of the Expansion Space Term, Landlord will return fifty percent (50%) of the Additional Security Deposit to Tenant.

 

6.             Operating
Expenses. Tenant shall pay Tenant’s Proportionate Share of increases in Operating Expenses with respect to the Premises
as and when provided in the Lease; provided, however, when calculating Operating Expenses, (a) the Base Year for the computation
of Tenant’s Proportionate Share of increases in Operating Expenses applicable to the Expansion Space shall be 2015, and (b)
the Base Year for the computation of Tenant’s Proportionate Share of increases in Operating Expenses applicable to the Original
Premises shall be 2014.

 

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7.             Tenant’s
Proportionate Share. From and after the Effective Date, Tenant’s Proportionate Share shall be calculated as follows:

 

(a)             For the
period prior to the Expansion Space Commencement Date, Tenant’s Proportionate Share shall be 8.17%.

 

(b)             For the
period commencing on the Expansion Space Commencement Date and ending on the Original Premises Expiration Date, Tenant’s
Proportionate Share shall be 17.39%.

 

(c)             For the
period commencing on the day after the Original Premises Expiration Date and ending on the Expansion Space Expiration Date, Tenant’s
Proportionate Share shall be 9.22%.

 

8.             Parking.
Tenant’s shall have the non-exclusive right to use the following number of parking stalls in the Project as follows:

 

(a)             For the
period prior to the Expansion Space Commencement Date, Tenant shall have the right to use 13 parking stalls.

 

(b)             For the
period commencing on the Expansion Space Commencement Date and ending on the Original Premises Expiration Date, Tenant shall have
the right to use 26 parking stalls.

 

(c)             For the
period commencing on the day after the Original Premises Expiration Date and ending on the Expansion Space Expiration Date, Tenant
shall have the right to use 14 parking stalls.              

 

9.             Improvements
to Expansion Space.

 

(a)             Condition of
Expansion Space. Tenant has inspected the Expansion Space and agrees to accept the same “as is” without any agreements,
representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except
as may be expressly provided otherwise in this Amendment.

 

(b)             Responsibility
for Improvements to Expansion Space. Landlord shall perform improvements to the Expansion Space in accordance with the Work
Letter attached hereto as Exhibit B.

 

(c)             Temporary
Antenna. Provided Tenant obtains all governmental permits and approvals required by the applicable governmental authorities
and Tenant otherwise complies with the provisions of Section 10 of the Lease, Tenant shall have a license to place upon the roof
of the Building one (1) small antenna. Any such installation shall be made in accordance with the plans and specifications approved
in advance by Landlord. If Tenant’s installation will require any roof penetrations, then Tenant shall, at its cost, use
Landlord’s roofing contractor to make such penetrations. Such antenna shall be installed in a location which is approved
by Landlord and substantially shielded from visibility from the principal frontages of the Building and in such a manner that it
does not void or affect Landlord’s coverage under any roof warranty. Tenant shall be solely responsible for maintaining such
antenna and any related equipment and operating it in accordance with applicable laws, including, without limitation, regulations
promulgated by the Federal Communications Commission. Tenant shall be responsible for, and shall indemnify, defend, and hold Landlord
harmless from any loss or damage to the Building caused by installing, maintaining, repairing, removing and/or replacing such antenna
and any related equipment. If Landlord needs to make repairs and/or perform maintenance to the roof pursuant to its obligations
under the Lease, Tenant, at its sole cost and expense, shall relocate such antenna and any related equipment. On or before the
expiration of the Lease, Tenant shall, at its costs, remove the antenna and any related equipment and make any repairs in connection
with such removal.

 

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10.             Signage.
On or before the Expansion Space Commencement Date, Landlord will install Building standard suite and directory signage with respect
to the Expansion Space at its cost.

 

11.             Early Access
to Expansion Space. During any period that Tenant shall be permitted to enter the Expansion Space prior to the Expansion Space
Commencement Date (e.g., to perform inspections), Tenant shall comply with all terms and provisions of the Lease, except those
provisions requiring payment of Base Rent or as to the Expansion Space. If Tenant takes possession of the Expansion Space prior
to the Expansion Space Commencement Date for any reason whatsoever (other than the performance of work in the Expansion Space with
Landlord’s prior approval), such possession shall be subject to all the terms and conditions of the Lease and this Amendment,
and Tenant shall pay the Base Rent and any additional rent applicable to the Expansion Space to Landlord on a per diem basis for
each day of occupancy prior to the Expansion Space Commencement Date.

 

12.             Estoppel.
Tenant represents and warrants to Landlord that as of the date of this Amendment:

 

(a)             Landlord
is not in default under the Lease and no event has occurred which, with the giving of notice or passing of time, or both, would
constitute a default by Landlord under the Lease;

 

(b)             Notwithstanding
anything in the Lease to the contrary, Tenant does not have any defenses or offsets to the payment of Rent and performance of its
obligations under the Lease as and when the same becomes due;

 

(c)             All of Landlord’s
construction obligations with respect to the Original Premises have been fully satisfied; and

 

(d)             Tenant has
been paid the Moving Allowance.              

 

13.             Miscellaneous.

 

(a)             This Amendment
sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional
oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement
allowance, moving allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may
have been provided Tenant in connection with entering into the Lease, unless specifically set forth in this Amendment.

 

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(b)             Except as herein
modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.

 

(c)             In the case of
any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.

 

(d)             Submission of
this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant.
Landlord shall not be bound by this Amendment until Landlord has executed and delivered the same to Tenant.

 

(e)              Tenant hereby
represents to Landlord that Tenant has dealt with no broker in connection with this Amendment, except Mark Tabak of Cushman &
Wakefield. Tenant agrees to indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers,
directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents (collectively, the
“Landlord Related Parties”) harmless from all claims of any brokers claiming to have represented Tenant in connection
with this Amendment. Landlord hereby represents to Tenant that Landlord has dealt with no broker in connection with this Amendment,
except Kris Kalmbach of Cushman & Wakefield. Landlord agrees to indemnify and hold Tenant, its trustees, members, principals,
beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents
(collectively, the “Tenant Related Parties”) harmless from all claims of any brokers claiming to have represented
Landlord in connection with this Amendment.

 

(f)             This Amendment
may be executed in counterparts, together which shall constitute a single instrument. This Amendment may be executed by facsimile
or “pdf”/electronic signatures.

 

(g)              To Landlord’s
actual knowledge, the property and improvements being leased or rented pursuant to this Amendment have not undergone inspection
by a Certified Access Specialist (CASp). The foregoing verification is included in this Amendment solely for the purpose of complying
with California Civil Code Section 1938 and shall not in any manner affect the Landlord’s and Tenant’s respective responsibilities
for compliance with construction-related accessibility standards as provided under the Lease.

 

(h)             Tenant agrees
to cooperate with Landlord’s energy consumption disclosure requirements under California’s Nonresidential Building Energy
Use Disclosure Program and with the requirements under any other existing or future energy conservation or sustainability programs
applicable to the premises, including without limitation those of the U.S. Green Building Council’s LEED rating system, or which
may be imposed on Landlord by law. Tenant shall within ten (10) days after receipt of Landlord’s written request therefor,
provide any and all written consents to utility companies providing services to the premises required to authorize such utility
companies to release energy usage data for the premises to the EPA’s ENERGY STAR® program Portfolio Manager website for
use by the Landlord, or to such other sites or parties as required for the Landlord’s compliance with the applicable program.

 

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IN WITNESS WHEREOF,
Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

 

	LANDLORD:	 	 	TENANT:	 
	 	 	 	 	 
	Maidu Investments, LLC,	 	 	MyECheck Inc.,	 
	a California limited
        liability company	 	 	a Delaware corporation	 
	 	 	 	 	 
	 	 	 	 	 
	By:         /s/ Matthew E. Russell	 	 	By:        /s/ Edward R. Starrs	 
	Name:   Matthew E. Russell	 	 	Name:   Edward R. Starrs	 
	Title:     CEO	 	 	Title:     President	 

 

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EXHIBIT A

 

OUTLINE AND LOCATION OF EXPANSION
SPACE

 

NEED
TO SHOW ELECTRICAL OUTLETS.

 

*Space plan
is not to scale.

 

    	A-1

    	 

    

 

EXHIBIT B

 

WORK LETTER

 

 

1.             Landlord,
at its sole cost and expense (subject to the terms and provisions of Section 2 below) shall perform improvements to the Expansion
Space in accordance with the following work list (the “Work List”) using Building standard methods, materials
and finishes. The improvements to be performed in accordance with the Work List are hereinafter referred to as the “Landlord’s
Work”. Landlord shall enter into a direct contract for the Landlord’s Work with a general contractor selected by
Landlord. In addition, Landlord shall have the right to select and/or approve of any subcontractors used in connection with the
Landlord’s Work.

 

WORK LIST

 

		A.	Construct three (3) new private offices (with sidelights if possible) in the location and with
the dimensions shown on Exhibit A.

 

		B.	Install new Building standard carpet and baseboards in the Expansion Space.

 

		C.	Install doors to the break room and IT room as shown on Exhibit A.

 

		D.	Install electrical outlets in the locations shown on Exhibit A.

 

		E.	Paint two walls in the Expansion Space with accent colors; Tenant shall inform Landlord within
five (5) days after the Effective Date of the names of the accent colors and the walls to be painted; if Tenant does not notify
Landlord within said 5-day period, then Landlord may select the accent colors and walls in its sole discretion and Tenant agrees
to accept the same.

 

2.             All other work and upgrades, subject
to Landlord’s approval, shall be at Tenant’s sole cost and expense, plus any applicable state sales or use tax thereon, payable
upon demand as additional rent under the Lease. Tenant shall be responsible for any tenant delay in completion of the Expansion
Space resulting from any such other work and upgrades requested or performed by Tenant.

 

3.             Landlord’s supervision or performance
of any work for or on behalf of Tenant shall not be deemed to be a representation by Landlord that such work complies with applicable
insurance requirements, building codes, ordinances, laws or regulations or that the improvements constructed will be adequate for
Tenant’s use.

 

4.             This “Exhibit B”
shall not be deemed applicable to any additional space added to the Premises at any time or from time to time, whether by any options
under the Lease or otherwise, or to any portion of the Original Premises or any additions to the Premises in the event of a renewal
or extension of the term of the Lease, whether by any options under the Lease or otherwise.

 

    	B-1Exhibit 10.17

 

PATENT LICENSE AGREEMENT

 

This agreement is made and entered into
between Edward R. Starrs (hereinafter called “Licensor”) whose address is 674 Platt Circle, El Dorado
Hills, CA 95762, and

 

MyECheck, Inc., a Nevada Corporation
(hereinafter called “Licensee”), having its principle office at 1190 Suncast Lane, Suite 5, El Dorado Hills,
CA 95762.

 

Witnesseth that:

 

1.       whereas,
Licensor is the inventor and owner of a United States Patent (hereinafter called the “Patent”); and

 

2.       whereas
Licensee wishes to obtain a license to use the inventions described in the Patent under the terms & conditions hereinafter
set forth:

 

Now, therefore, in consideration of the
premises and the faithful performance of the covenants herein contained it is agreed as follows:

 

ARTICLE I - DEFINITIONS

 

For the purpose of this agreement, the following definitions
shall apply:

 

1. Patent: Shall mean:

 

a.            US
Patent Number 7,389,913 titled “Method and apparatus for online check processing”.

 

b.            Any
and all improvements developed by Licensor, whether patentable or not, relating to the Patent, which Licensor may now or may hereafter
develop, own or control.

 

c.            Any
or all patents, which may issue on patent rights and improvements thereof, developed by Licensor and any and all divisions, continuations,
continuations-in-part, reissues and extensions of such patents.

 

2.       Product(s):
Shall mean any products, services, materials, compositions, techniques, devices, methods or inventions relating to or based on
the Patent, developed on the date of this agreement or in the future.

 

3.       Gross
Sales: Shall mean total US dollar value(s) of Product(s) generated based on the Patent.

 

4.       Confidential Proprietary
Information: Shall mean with respect to any Party all scientific, business or financial information relating to such Party, its
subsidiaries or affiliates or their respective businesses, except when such information:

 

a.            Becomes known
to the other Party prior to receipt from such first Party;

 

    	 

    	 

    

 

b.            Becomes publicly
known through sources other than such first Party;

 

c.            Is lawfully
received by such other Party from a party other than the first Party; or

 

d.            Is approved
for release by written authorization from such first Party.

 

5.       Sole License: Shall
mean a license, including the right to sublicense, whereby Licensee’s rights are sole and entire and operate to exclude all
others, including Licensor and its affiliates, assignees or other licensees except as otherwise expressly provided herein.

 

6.       Non-Exclusive License:
Shall mean a license, including the right to sublicense, whereby Licensee’s rights are non-exclusive and licensee has no
rights to exclude any others, including Licensor and its affiliates, assignees, or other licensees.

 

7.       Know-how: Shall
mean any and all technical data, information, materials, trade secrets, technology, formulas, processes, and ideas, including any
improvements thereto, in any form in which the foregoing may exist, now owned or co-owned by or exclusively, semi-exclusively or
non-exclusively licensed to any party prior to the date of this Agreement or hereafter acquired by any party during the term of
this agreement.

 

8.       Intellectual Property
Rights: Shall mean any and all inventions, materials, Know-how, trade secrets, technology, formulas, processes, ideas or other
discoveries conceived or reduced to practices, whether patentable or not.

 

9.       Royalty
(ies): Shall mean revenues received in the form of cash and/or equity from holdings from Licensees as a result of licensing and
using, selling, making, having made, sublicensing or leasing of the Patent.

 

ARTICLE II- GRANT OF LICENSE

 

1.       Licensor
hereby grants to Licensee, for the term of one (1) year, commencing on June 24, 2008 and ending on June 24, 2009, the sole worldwide
license with the right to sublicense others, to make, have made, use, sell and lease the Products described in the Patent.

 

2.       Licensor hereby
grants to Licensee, for a period of nineteen (19) years, commencing on June 24, 2009 and ending on June 24, 2028, the non-exclusive
worldwide license with the right to sublicense others, to make, have made, use, sell and lease the Products described in the Patent.

 

3.       Licensor
retains the right to continue to use Patent in any way for non-commercial purposes.

 

ARTICLE III- LICENSE PAYMENTS

 

1.       For the license
herein granted:

 

a.            Licensor and Licensee agree that
no fees shall be due to Licensor for the initial term of one (1) year.

 

 

    	 

    	 

    

 

b.            After the
initial term of one (1) year, and for the remaining term of nineteen (19) years, Licensee shall pay an earned royalty of 5 percent
(5%) of Licensee’s Gross Sales of Products and fifty percent (50%) of the sublicensing receipts, providing that the Gross
Sales exceed One Hundred Thousand US Dollars (US $100,000) in any single calendar month, or exceed One Million and Two Hundred
Thousand US Dollars (US $1,200,000) in any single calendar year. If in any single calendar month Gross Sales are less than One
Hundred Thousand US Dollars (US $100,000) then no royalties shall be due during that single calendar month, however, if Gross Sales
exceed One Million and Two Hundred Thousand US Dollars (US $1,200,000) in any single calendar year, then all royalties shall be
due and payable for each month in that calendar year.

 

2.       Sublicenses. The
granting and terms of all sublicenses is entirely at Licensee’s discretion provided that all sublicenses shall be subjected
to the terms and conditions of this agreement.

 

3.       When
a sale is made: A sale shall be regarded as being made upon payment for Products made using the Patent.

 

4.       Payments:
All sums payable by Licensee hereunder shall be paid to Licensor monthly, by the fifteenth (15th)
calendar day each month, for all royalties earned in the prior calendar month, in the United States of America and in the currency
of U.S. dollars. 

 

5.       Interest:
In the event any royalties are not paid as specified herein, then a compound interest of eighteen percent (18%) shall be due in
addition to the royalties accrued for the period of default.

 

ARTICLE IV - REPORTS, BOOKS AND RECORDS

 

1.       Reports. Within
thirty (30) days after the end of the calendar quarter annual period during which this agreement shall be executed and delivered
within thirty (30) days after the end of each following quarter annual period, Licensee shall make a written report to Licensor
setting forth the Gross Sales, sublicensed, leased or used by Licensee and total sublicensing receipts during the quarter annual
period. If there are no Gross Sales or sublicensing receipts, a statement to that effect be made by Licensee to Licensor. At the
time each report is made, Licensee shall pay to Licensor any and all unpaid royalties, and any accrued interest or other payments
shown by such report to the payable hereunder.

 

2.       Books and records.
Licensee shall keep books and records in such reasonable detail as will permit the reports provided for in Paragraph 1. hereof
to be determined. Licensee further agrees to permit such books and reports to be inspected and audited by a representative or representatives
of Licensor to the extent necessary to verify the reports provided for in paragraph 1. hereof; provided, however, that such representative
or representatives shall indicate to Licensor only whether the reports and royalty paid are correct, if not, the reasons why not.

 

    	 

    	 

    

 

ARTICLE V - MARKING

 

Licensee agrees to mark or have marked all Products made, used
or leased by it or its sublicensees under the Patent, if and to the extent such markings shall be practical, with such patent markings
as shall be desirable or required by applicable patent laws.

 

ARTICLE VI - DILIGENCE

 

1.       Licensee shall use
its best efforts to bring the Patent to market through a thorough, vigorous and diligent program and to continue active, diligent
marketing efforts throughout the life of this agreement.

 

2.       Licensee
shall permit an in-house inspection of Licensee facilities by Licensor on an annual basis or at any time at the request of Licensor.

 

3.       Licensee
failure to perform in accordance with either paragraph 1. or 2. of this ARTICLE VI shall be grounds for Licensor to terminate this
agreement.

 

ARTICLE VII - TERMINATION

 

1.       Licensor
may, at its option, terminate this agreement by written notice to Licensee in case of:

 

a.            Default
in the payment of any royalties required to be paid by Licensee to Licensor hereunder

 

b.            Default in
the making of any reports required hereunder and such default shall continue for a period of thirty (30) days after Licensor shall
have given to Licensee a written notice of such default.

 

c.            Default in
the performance of any other material obligation contained in this agreement on the part of Licensee to be performed and such default
shall continue for a period of thirty (30) days after Licensor shall have given to Licensee written notice of such default.

 

d.            Adjudication
that Licensee is bankrupt or insolvent.

 

e.            The
filling by Licensee of a petition of bankruptcy, or a petition or answer seeking reorganization, readjustment or rearrangement
of its business or affairs under any law or governmental regulation relating to bankruptcy or insolvency.

 

f.             The
appointment of a receiver of the business or for all or substantially all of the property of Licensee; or the making by Licensee
of assignment or an attempted assignment for the benefit of its creditors; or the institution by Licensee of any proceedings for
the liquidation or winding up of its business or affairs.

 

    	 

    	 

    

 

2.       Effect of termination.

 

Termination of this agreement shall not in any way operate to
impair or destroy any of Licensor’s right or remedies, either at law or in equity, or to relieve Licensee of any of its obligations
to pay royalties or to comply with any other of the obligations hereunder, accrued prior to the effective date of termination.

 

3.       Effect of delay,
etc.

 

Failure or delay by Licensor to exercise
its rights of termination hereunder by reason of any default by Licensee in carrying out any obligation imposed upon it by this
agreement shall not operate to prejudice Licensor’s right of termination for any other subsequent default by Licensee.

 

4.       Return of Licensed
Patent Rights.

 

Upon termination of this agreement, all of the Licensed Patent
Rights shall be returned to Licensor. In the event of termination of the agreement by Licensee, Licensee shall grant to Licensor
a non-exclusive, royalty- free License, with right to sublicense, to manufacture, use and sell improvements including all known-how
to Licensed Patent Rights made by Licensee during the period of this agreement prior to the termination or conversion, to the extent
that such improvements are dominated by or derived from the Licensed Patent Rights.

 

ARTICLE VIII - TERM

 

Unless previously terminated as hereinbefore provided, the term
of this Agreement shall be from and after the date hereof until the expiration of the last to expire of the licensed issued patents
or patents to issue under the Patent under ARTICLE I. Licensee shall not be required to pay royalties due only by reason of its
use, sale, licensing, lease or sublicensing under issued patents licensed by this Agreement that have expired or been held to be
invalid by an Irrevocable Judgment, where there are no other of such issued patents valid and unexpired covering the Licensee’s
use, sale, licensing, lease or sublicensing; provided, however, that such non-payment of royalties shall not extend to royalty
payments already made to Licensor more than six (6) months prior to Licensee’s discovery of expiration or an Irrevocable
Judgment.

 

ARTICLE IX - PATENT LITIGATION

 

1.       Initiation. In the
event that Licensor advises Licensee in writing of a substantial infringement of the patents/copyrights included in the Licensed
Patent Rights, Licensee may, but is not obligated to, bring suit or suits through attorneys of Licensee’s selection with
respect to such infringement. In the event Licensee fails to defend any declaratory judgment action brought against any patent
or patents of the Licensed Patent Rights, Licensor on written notice to Licensee may terminate the License as to the particular
patent or patents involved in such declaratory judgment action.

 

    	 

    	 

    

 

2.       Expenses and proceeds
of litigation. Where a suit or suits have been brought by Licensee, Licensee shall maintain the litigation at its own expense and
shall keep any judgments and awards arising from these suits expecting that portion of the judgments attributable to royalties
from the infringer shall be divided equally between Licensor and Licensee after deducting any and all expenses of such suits; provided,
however, Licensor shall not be entitled to receive more under this provision than if the infringer had been licensed by Licensee.

 

3.       Licensor’s
right to sue. If Licensee shall fail to commence suit on an infringement hereunder within ninety (90) days after the receipt of
Licensor’s written request to do so. Licensor in protection of its reversionary rights shall have the right to bring and
prosecute such suits at its cost and expense through attorneys of its selection, in its own name, and all sums received or recovered
by Licensor in or by reason of such suits shall be retained by Licensor.

 

ARTICLE X - PATENT FILINGS AND PROSECUTING

 

1.       Licensee shall pay
future costs of the prosecution of the patent applications pending as set forth in ARTICLE I, Paragraph 2. Which are reasonably
necessary to obtain a patent. Furthermore, Licensee will pay for the costs of filling, prosecuting and maintaining foreign counterpart
applications to such pending patent applications, such foreign applications to be filed within ten (10) months prior to the filling
date of the corresponding patent application.

 

2.       Licensor shall own
improvements by the inventors. Licensee shall pay future costs of preparation, filling, prosecuting and maintenance of patents
and applications on patentable improvements made by inventors, however, in the event that Licensee refuses to file patent applications
on such patentable improvements in the United States of America and selected foreign countries when requested by Licensor, the
rights to such patentable improvements for said countries shall be returned to Licensor.

 

3.       Preparation and
maintenance of patent applications and patents undertaken at Licensee’s cost shall be performed by patent attorneys selected
by Licensor; and due diligence and care shall be used in preparing, filling, prosecuting, and maintaining such applications on
patentable subject matter. Both parties shall review and approve any and all patent related documents.

 

4.       Licensee shall have
the right to, on thirty (30) days written notice to Licensor, discontinue payment of its share of the prosecution and/or maintenance
costs of any of said patents and/or patent applications. Upon receipt of such written notice, Licensor shall have the right to
continue such prosecution and/or maintenance on its own name at its own expense in which event the License shall be automatically
terminated as to the subject matter claimed in said patents and/or applications.

 

ARTICLE XI - NOTICES, ASSIGNEES

 

1.       Notices.
Notices and payments required hereunder shall be deemed properly given if duly sent by first class mail and addressed to the parties
at the addresses set forth above. The parties hereto will keep each other advised of address changes.

 

    	 

    	 

    

 

2.       Assignees, etc.
This Agreement shall be binding upon and shall inure to the benefit of the assigns of Licensor and upon and to the benefit of the
successors of the entire business of Licensor, but neither this agreement nor any of the benefits thereof nor any rights thereunder
shall, directly or indirectly, without the prior written consent of Licensor, be assigned, divided, or shared by the Licensor to
or with any other party or parties (except a successor of the entire business of the Licensor).

 

ARTICLE XII - MISCELLANEOUS

 

1.       This
agreement is executed and delivered in El Dorado County, California and shall be constructed in accordance with the laws of the
State of California.

 

2.       No other understanding.
This agreement sets forth the entire agreement and

understanding between the parties as to
the subject matter thereof and merges all prior discussions between them.

 

3.       No
representations or warranties regarding patents of third parties. No representations or warranty is made by Licensor that the Licensed
Patent Rights manufactured, used, sold or leased under the License granted herein is or will be free of claims of infringement
of patent rights of any other person or persons. The Licensor warrants that it has title to the Patent.

 

4.       Indemnity. Licensee
shall indemnify, hold harmless, and defend Licensor and its trustees, officers, employees and agents against any and all allegations
and actions for death, illness, personal injury, property damage, and improper business practices arising out of the use of the
Patent.

 

5.       Insurance.
During the term of this agreement, Licensee shall, maintain the following insurance coverage:

 

a.            Commercial
general liability with a limit of no less than one million dollars ($1,000,000.00) each occurrence. Such insurance shall be written
on a standard ISO occurrence form or substitute form providing equivalent coverage.

 

b.            Professional
liability of no less than one million dollars ($1,000,000.00) each occurrence.

 

c.            Workers’
compensation consistent with statutory requirements. Certificates of insurance shall be provided to Licensor upon request and shall
include the provision for 30-day notification to the certificate holder of any cancellation or material alteration in the coverage.

 

6.       Advertising. Licensee
agrees that Licensee may not use in any way the name of Licensor or any logotypes or symbols associated with Licensor or the names
of any researchers without the express written permission of Licensor.

 

7.       Confidentiality.
The parties agree to maintain discussions and proprietary information revealed pursuant to this agreement in confidence, to disclose
them only to persons within their respective organizations having a need to know, and to furnish assurances to the other party
that such persons understand this duty on confidentiality.

 

    	 

    	 

    

 

8.       Disclaimer of
Warranty. Licensed Patent Rights is experimental in nature and it is provided WITHOUT WARRANTY OR REPRESENTATIONS OF ANY
SORT, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OF
NON-INFRINGEMENT. Licensor makes no representations and provides no warranty that the use of the Patent will not infringe any
patent or proprietary rights of third parties.

 

In witness whereof, the parties hereto
have caused this agreement to be executed by their duly authorized representatives.

 

The effective date of this agreement is June 24, 2008.

 

Licensor /s/ EDWARD R. STARRS

 

Name: Edward R Starrs

 

Title: Patent Owner and Inventor

 

	Licensee /s/ EDWARD R. STARRS	Licensee /s/ JAMES R. HEIDINGER
	 	 
	Name: Edward R Starrs	Name:  James R. Heidinger
	 	 
	Title: Chairman, President & CEO	Title: Director, Treasurer and CFO
	 	 
	MyECheck, Inc	MyECheck, Inc

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