Document:

livecurrent_8k-ex1003.htm

    Exhibit 10.3

     

    
       

      DATED  March
31, 2009

      

      

      

       

      

      LIVE CURRENT MEDIA Inc

      

       -
and –

      

      GLOBAL
CRICKET VENTURES PTE LTD

      

      - and
–

      

      BOARD
OF CONTROL FOR CRICKET IN INDIA

      

      

      

      

      

      NOVATION
AGREEMENT

      

      

      

      
        
          
             

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      THIS NOVATION AGREEMENT (the
“Agreement”) is made the 31st day of
March 2009

      

      BETWEEN

      

      
        	
                (1)

              	
                LIVE CURRENT
      MEDIA Inc.,
      having its principal office at Suite 645, 375 Water St., Vancouver,
      BC, CANADA, V6C 5B6  (“Live Current”);
      and

              

      

      

      
        	
                (2)

              	
                GLOBAL CRICKET VENTURES PTE.
      LTD., a company incorporated under the laws of Singapore having its
      registered office at 17 Philip Street #05-01, Grand Building Singapore
      048695 (“GCV”);
      and

              

      

      

      
        	
                (3)

              	
                BOARD OF
      CONTROL FOR CRICKET IN INDIA a society registered under the
      Tamil Nadu Societies Registration Act and having its address at Cricket
      Center, Wankhede Stadium, Mumbai – 400020 India (the “BCCI-IPL”).

              

      

      

      (Live
Current, BCCI-IPL and GCV shall also as the context requires be referred to as a
“Party” and collectively
as the “Parties”)

      

      
        WHEREAS

      

      

      
        	
                (A)

              	
                On
      the 16 April 2008, Live Current and BCCI-IPL entered into a binding MOU
      under which BCCI-IPL authorised Live Current to design, build, operate,
      maintain and promote the official website of the Indian Premier League
      (the “IPL Website”) (the “Original Agreement” or “MOU” attached as
      Schedule 1 hereto).

              

      

      

      
        	
                (B)

              	
                The
      parties to this Agreement have agreed that Live Current should be released
      and discharged from the Original Agreement and all outstanding obligations
      under the Original Agreement in respect of the period commencing on the
      date of this Agreement (the “Novation Date”) subject to GCV undertaking to
      perform the Original Agreement (as amended hereunder) and to be bound by
      the terms of the Original Agreement from the commencement of the Novation
      Date onwards in place of Live
Current.

              

      

      

      WHEREAS
IT IS HEREBY AGREED AS FOLLOWS, IN EXCHANGE FOR GOOD AND VALUABLE CONSIDERATION,
THE RECEIPT ADEQUACY AND SUFFICIENCY OF WHICH IS ACKNOWLEDGED AND ACCEPTED BY
THE PARTIES HERETO:

      

      
        	
                (1)

              	
                GCV
      undertakes to Live Current and as a separate undertaking to BCCI-IPL to
      perform the Original Agreement and to be bound by the terms of the
      Original Agreement in respect of the period commencing on the Novation
      Date in every way as if GCV were a party to the Original Agreement in
      place of Live Current and on the basis that from the Novation Date GCV
      shall be regarded as having become a party to the Original Agreement in
      place of Live Current.

              

      

      
        
          
             

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                (2)

              	
                (a)

              	
                With
      effect from the Novation Date BCCI-IPL releases and discharges Live
      Current from the Original Agreement and all outstanding obligations and
      any claims and demands under the Original Agreement including the Minimum
      Annual Fees originally due on October 1, 2008 and January 1, 2009 (the
      “Accrued Fees”) and accepts the liability of GCV under the Original
      Agreement in lieu of the liability of Live Current and agrees to be bound
      by the Original Agreement in every way as if GCV were named in the
      Agreement as a party to the Original Agreement in place of Live
      Current.  For the avoidance of doubt, with effect from the
      Novation Date, Live Current (a) shall immediately cease to exercise or
      exploit any such rights, licenses or benefits granted under the Original
      Agreement; (c) shall not thereafter use or exploit its previous connection
      with BCCI-IPL or the Indian Premier League, whether directly or
      indirectly; (d) shall not at any time thereafter (i) disclose or use any
      confidential information relating to BCCI-IPL, or the IPL acquired by Live
      Current during or as a result of the Original Agreement; (ii) make any use
      of any trade marks, trade names and/or logos of BCCI-IPL, the IPL
      sponsors, partners or franchises or any similar trade marks, trade names
      and/or logos; (iii) purport to be associated with BCCI-IPL and/or the IPL;
      (d) shall promptly return to BCCI-IPL all property of BCCI-IPL within its
      possession, save that Live Current will be permitted to retain such
      property as it demonstrates (to the BCCI’s reasonable satisfaction) to be
      required by law to be maintained for records;  (e) Current shall
      execute any documents required by BCCI-IPL to effect the termination
      and/or assignment to BCCI-IPL of any rights in connection with the IPL
      website (in accordance with clause 4.2 of the Original
      Agreement);

              

      

      

      
        	
              	
                (b)

              	
                GCV
      shall further pay BCCI-IPL the sum of US$750,000 that is owing from Live
      Current to the Board of Control for Cricket in India under the Memorandum
      of Understanding entered into by Live Current and BCCI in respect of the
      BCCI official website dated 16 April 2008 and which is terminated by a
      mutual termination agreement signed simultaneously with this Novation
      Agreement. GCV shall pay the US$750,000 by 1 July 2009 in addition to the
      sums due under the Original Agreement in accordance with the revised
      payment schedule as set out at Clause 4(k) below and the terms and
      conditions applicable to payments in the Original
    Agreement.

              

      

      

      
        	
                (3)

              	
                Live
      Current covenants with GCV and as a separate covenant with BCCI-IPL that,
      except for payment of the Accrued Fees, it shall duly discharge all the
      liabilities and perform all the obligations of Live Current (if any) under
      the Original Agreement up to and including the Novation Date and
      undertakes to indemnify GCV and BCCI-IPL and keep GCV and BCCI-IPL
      indemnified against all actions, proceedings, claims, demands and expenses
      of whatever nature arising out of or in connection with any breach by Live
      Current of the terms of the Original Agreement, except for payment of the
      Accrued Fees, in respect of the period up to and including the Novation
      Date.

              

      

      

      
        	
                (4)

              	
                GCV
      and BCCI-IPL hereby agree to amend the Original Agreement as
      follows:

              

      

      
        
          
             

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                (a)

              	
                Clause
      1.5 of the Original Agreement shall be replaced with the
      following:

              

      

      

      “GCV
will construct a web portal at CRICKET.COM (the "CRICKET.COM
Portal")”

      

      
        	
                (b)

              	
                The
      paragraph at the end of Clause 1.8 of the Original Agreement shall be
      amended as follows:

              

      

      

      “In
each case for a period commencing on 1 April 2008 and ending on 31 December
2017, subject to the terms and conditions of clause 1.9 below.”

      

      
        	
                (c)

              	
                Intentionally
      omitted.

              

      

      

      
        	
                (d)

              	
                Clause
      1.15(i) and 1.15(ii) of the Original Agreement as set out below shall be
      deleted in its entirety and treated as intentionally deleted so that the
      numbering of subsequent sub-paragraphs does not
  change::

              

      

      

      “(i)           The
Parties will set up a joint committee (“Facilitation Committee”),
which will comprise of such number of LIVE CURRENT MEDIA representatives and
BCCI-IPL representatives as may be agreed upon by the Parties. The Facilitation
Committee will be chaired by a nominee of the BCCI or such other person as
agreed between the Parties.  It is agreed that the chair of the
Facilitation Committee shall not have a casting vote on any issue.

      

      (ii)           The
payment schedule set out in clause 1.10 and detailed in Schedule 2 may be
subject to review by the Facilitation Committee from time to time, but it is
accepted that the payment schedule may only be varied with the written agreement
of both Parties.”

      

      
        	
                (e)

              	
                Clause
      1.15(vii) of the Original Agreement shall be amended as follows
      (additional wording underlined):

              

      

      

      “LIVE
CURRENT MEDIA [GCV] shall provide BCCI-IPL with regular reports on the building
and operation
of the IPL Website, and in any event not less than twice per annum. BCCI-IPL
may, at its discretion, review the progress and plans on the IPL Website rollout
and the operation of
the IPL Website and it is agreed that the IPL Website shall only be
launched/promoted/operated after prior written approval of BCCI-IPL (not to be
unreasonably withheld or delayed).”

      
        
          
             

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                (f)

              	
                Clause
      3.2(i) of the Original Agreement shall be amended as follows (additional
      wording underlined):

              

      

      

      “(a)   GCV
shall have the exclusive right to display and commercially exploit all official
IPL still photographic images whose rights are owned and controlled by the
BCCI-IPL, including such photographs taken at Indian Premier League events,
subject to the provisions of the press and photography accreditation
arrangements, it being acknowledged that BCCI-IPL shall not be required to
acquire rights to still photographic images of matches. GCV must ensure that
such still images may not be refreshed in such a way as to create any form of
sequencing that is akin to a moving image or video.  It is acknowledged and
accepted that BCCI-IPL’s Broadcast Partners (and their sub-licensees) shall be
entitled (A) to receive a limited number of stills (free of charge) for use for
promotional purposes only and not for any commercial exploitation and (B) to
extract stills from the footage of IPL matches and to use the same for
promotional purposes only and not for any commercial
exploitation.

      

      (b)   IPL
will be responsible for commissioning an “official photographer” (that will be
mutually agreed upon by the Parties) for images which will be made available to
GCV in accordance with this clause 3.2(i) with the costs of such official
photographers to be shared by BCCI-IPL and GCV on a 50/50 basis.

      

      (c)   Commercial
exploitation of official still IPL photographic images shall be subject to the
entity licensing and exploiting such images obtaining all necessary endorsement
clearances from individuals featured in such photographic images.”

      

      
        	
                (g)

              	
                Clause
      3.2(ix) of the Original Agreement shall be amended as follows (additional
      wording underlined):

              

      

      

      “(ix)  GCV
shall have the exclusive right and license to operate official on-line fantasy
leagues of IPL and any
and all official Flash-based online multi-player IPL games, excluding for the
avoidance of doubt any SMS exploitation”

      

      
        	
                (h)

              	
                Clause
      3.2(xv) of the Original Agreement as set out below shall be deleted in its
      entirety and treated as intentionally deleted so that the numbering of
      subsequent sub-paragraphs does not
change:

              

      

      

      “Rights
over the sale of tickets online will be determined in the Final
Agreement.”

      

      
        	
                (i)

              	
                Clause
      4.2(i) of the Original Agreement shall be amended as follows (additional
      wording underlined):

              

      

      

      “GCV
will assign to BCCI-IPL on creation:

      
        
          
             

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      (i)           all intellectual property rights
(including but not limited to all copyright) in the design, look, feel, format
and all content of the IPL Website (including
without limitation any and all clips or highlights of IPL matches produced by
GCV under this MOU) and
BCCI-IPL will grant GCV a licence to use such rights during the
Term;”

      

      
        	
                (j)

              	
                The
      Original Agreement shall be amended by adding the following clauses at
      Clause 4.9:

              

      

      

      
        
          	
                	
                  4.9

                	
                  Termination

                

        

      

      

      Either
party may at any time (without prejudice to any other rights it may then have
against the other party at law or in equity or otherwise) by giving notice in
writing to the other party terminate this MOU forthwith in any of the following
events:

      

      
        	
                 
      

              	
                (i)

              	
                if
      the other party shall commit or permit to be committed any material breach
      or breaches of any of the terms conditions and warranties contained herein
      and does not remedy such material breach within 14 days of written notice
      so to do; or

              

      

      
        	
                 
      

              	
                (ii)

              	
                if
      the other party (being an individual) shall commit an act of bankruptcy
      and/or become bankrupt or have a receiving order made against him or shall
      enter into an arrangement or composition with or for
      the  benefit of his creditors or shall suffer an execution to be
      levied against his goods or property or (being a Company) shall be wound
      up whether compulsory or voluntarily (save for the purpose of
      reconstruction) or shall suffer an execution to be levied against its
      goods or property or shall have a Receiver appointed over its assets or
      any of them or if notice of any liquidation proceedings shall be served
      upon it.

              

      

      

      
        	
                 
      

              	
                4.10

              	
                Effect
      of Termination or Expiry

              

      

      

      Upon
expiration or termination of this MOU for any reason whatsoever:

      

      
        	
                 
      

              	
                (i)

              	
                all
      rights, licenses and benefits granted to GCV under this MOU shall
      forthwith revert to BCCI-IPL;

              

      

      
        	
                 
      

              	
                (ii)

              	
                GCV
      shall immediately cease to exercise or exploit any such rights, licenses
      or benefits and BCCI-IPL shall immediately thereafter be entitled to grant
      all or any such rights, licenses or benefits to any other
      person;

              

      

      
        	
                 
      

              	
                (iii)

              	
                GCV
      shall not thereafter use or exploit its previous connection with BCCI-IPL
      or the Indian Premier, whether directly or
  indirectly;

              

      

      
        	
                 
      

              	
                (iv)

              	
                GCV
      shall not at any time thereafter (a) disclose or use any confidential
      information relating to BCCI-IPL, or the Indian Premier League acquired by
      GCV during or as a result of this MOU; (b) make any use of any trade
      marks, trade names and/or logos of BCCI-IPL, the IPL sponsors, partners or
      franchises or any similar trade marks, trade names and/or logos; (c)
      purport to be associated with BCCI-IPL and/or the
  IPL;

              

      

      
        
          
             

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                (v)

              	
                GCV
      shall promptly return to BCCI-IPL all property of BCCI-IPL within its
      possession, save that GCV will be permitted to retain such property as it
      demonstrates (to the BCCI-IPL’s reasonable satisfaction) to be required by
      law to be maintained for records;

              

      

      
        	
                 
      

              	
                (vi)

              	
                GCV
      shall execute any documents required by BCCI-IPL to effect the termination
      and/or assignment to BCCI-IPL of any rights in connection with this
      MOU;

              

      

      
        	
                 
      

              	
                (vii)

              	
                such
      termination shall be without prejudice to any other rights or remedies to
      which a party may be entitled under this MOU or at Law as a result of or
      in relation to any breach or other event which gives rise to such
      termination, and shall not affect any other accrued rights or liabilities
      of either party as at the date of termination;
  and

              

      

      
        	
              	
                (viii)

              	
                within
      fourteen (14) days after the expiry of the Term or after any earlier
      termination of this Agreement, GCV shall upon and in accordance with the
      reasonable written instructions of BCCI-IPL either (at the BCCI-IPL's
      election): (a) deliver to (delivery costs being for the account of GCV
      where such instructions follow a termination of this Agreement by
      BCCI-IPL, but otherwise being for the account of BCCI-IPL) or make
      available for collection by BCCI-IPL; or (b) procure destruction of, all
      or any recordings of IPL-related footage and (unless agreement is reached
      pursuant to Clause 1.9(ii)(d)) stills, and such other tapes, videos and
      other recordings of IPL-related material delivered to GCV by or on behalf
      of BCCI-IPL pursuant to this MOU.  Any such delivery shall be to
      the address notified to GCV by BCCI-IPL in writing or otherwise in
      accordance with the written instructions of BCCI-IPL;
  and

              

      

      
        	
                 
      

              	
                (ix)

              	
                It
      is acknowledged and agreed that the terms of Clauses 2.1-2.4 (inclusive),
      4.2, 5.6-5.10 (inclusive) shall survive termination of this
      MOU.

              

      

      

      
        	
                 
      

              	
                4.11

              	
                Trade
      Mark Protections And Intellectual
Property

              

      

      

      
        	
                 
      

              	
                (i)

              	
                Other
      than expressly set out herein, GCV shall not adopt, create or begin to
      use:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                any
      registered or unregistered trade marks owned or used by BCCI-IPL or any
      IPL Team, in any language whatsoever;
or

              

      

      
        	
                 
      

              	
                (b)

              	
                any
      term which is confusingly similar to, is a colourable imitation of, or is
      a derivation of, or which unfairly competes with, any such trade
      marks.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                In
      particular, GCV shall not develop, use or register any name, logo, trade
      mark, indicia, brand name, symbol, service mark or other mark (whether
      registered or unregistered) or designation which, in BCCI-IPL’s reasonable
      opinion, may be inferred by the public as identifying with any of BCCI-IPL
      and/or any IPL Team.

              

      

      
        
          
             

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                (iii)

              	
                Any
      and all Intellectual Property Rights that subsists in the IPL world feed
      and IPL footage (including adaptations, edits, transmissions and
      recordings thereof by GCV) shall be owned by BCCI-IPL for the full term of
      copyright including all renewals, reversions and extensions thereof and
      thereafter in perpetuity.

              

      

      

      
        	
                 
      

              	
                4.12

              	
                Assignment

              

      

      

      
        	
                 
      

              	
                (i)

              	
                GCV
      shall not assign or purport to assign, sub-contract or otherwise part with
      the burden or the benefit of this MOU or any part thereof or interest
      hereunder to any person without the prior written consent of BCCI-IPL,
      subject only to (a) GCV’s right to commercial exploit certain content as
      set out in Clause 3.2, and (b) GCV having the right, on provision of prior
      written notice to BCCI-IPL, to assign the burden or benefit of this MOU to
      the Global Cricket Ventures company that it is to be incorporated under
      the laws of Mauritius without the need to obtain the consent of BCCI-IPL
      for the same.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                BCCI-IPL
      may assign the benefit and burden of this MOU to any company capable of
      granting the rights granted
hereunder.

              

      

      

      
        	
                 
      

              	
                4.13

              	
                Force
      Majeure

              

      

      

      
        	
                 
      

              	
                (i)

              	
                If
      either party is totally or partially prevented or delayed in the
      performance of any of its obligations (other than payment obligations and
      other obligations of GCV) under this MOU by an Event of Force Majeure (as
      defined below) and if such party gives written notice thereof to the other
      party specifying the matters constituting the Event of Force Majeure then
      the party so prevented or delayed shall be excused the performance of the
      affected obligation as from the date of such notice for so long as such
      cause or delay shall continue and shall have no liability to the other
      party as a result of its failure to perform or delay in performing the
      affected obligation.  Without prejudice to the generality of the
      foregoing BCCI-IPL shall be under no liability whatsoever to GCV in the
      event of the non-delivery or non-availability of any world feed or tape or
      pictures occasioned by an Event of Force
  Majeure.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                For
      the purpose of this MOU the term "Event of Force Majeure"
      shall mean Act of God, revolution, national mourning, strikes, lock-outs
      or other industrial action, failure or delay in transmit, satellite
      failure, failure of any public utility or undertaking, terrorist action or
      threat thereof, civil commotion, invasion, war, threat or preparation for
      war, fire, explosion, storm, flood, earthquake, other natural disaster,
      epidemic and any legislation, regulation or ruling of any government,
      court or other such competent authority or any other cause affecting the
      performance of this MOU arising from or attributable to acts, events,
      non-happenings, omissions or accidents beyond the reasonable control of
      the party affected.

              

      

      
        
          
             

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      4.14           Non-Waiver

      No
failure or delay by BCCI-IPL or GCV in exercising any right, power or privilege
hereunder shall operate as a waiver thereof or otherwise result in the loss of
such right, power or privilege nor shall single or partial exercise thereof
preclude any subsequent exercise in law in equity or otherwise.

      

      4.15           No
Partnership

      Nothing
contained in this MOU shall be interpreted as constituting a partnership or
joint venture between the parties hereto and neither party hereto shall have
authority to bind the other in any manner whatsoever unless otherwise expressly
provided in this MOU.

      

      
        	
                (k)

              	
                Schedule
      2 to the Original Agreement setting out the payment schedule shall be
      amended as follows:

              

      

      

      “Minimum
Annual Fee Payment Schedule

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            	
                                                                    Payment
      Due Date

                                                                     

                                                                  	
                                                                    Payment
      Amount ($US)

                                                                  
	
                                                                    July
      1, 2009

                                                                  	
                                                                    $1,500,000
      plus $750,000, a total of $2,250,000

                                                                  
	
                                                                    October
      1, 2009

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    January
      1, 2010

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    April
      1, 2010

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    July
      1, 2010

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    October
      1, 2010

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    January
      1, 2011

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    April
      1, 2011

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    July
      1, 2011

                                                                  	
                                                                    $500,000

                                                                  
	
                                                                    October
      1, 2011

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2012

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2012

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2013

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2013

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2014

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2014

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2015

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2015

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2016

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2016

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    January
      1, 2017

                                                                  	
                                                                    $1,000,000

                                                                  
	
                                                                    October
      1, 2017

                                                                  	
                                                                    $1,250,000

                                                                  
	
                                                                    January
      1, 2018

                                                                  	
                                                                    $1,250,000

                                                                  

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          
             

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                (5)

              	
                Further Assurances. The
      parties hereto shall execute and deliver such further assurances,
      instruments and documents and do all such things and acts which shall be
      necessary or appropriate for carrying out the purpose and intent of this
      agreement.

              

      

       

      
        	
                (6)

              	
                Confidentiality and
      Publicity. (a)  No Party shall disclose (or permit or
      cause its employees, agents or representatives to disclose), Confidential
      Information (as defined in the MOU) disclosed to it (including information
      disclosed during audit) by another Party, to any other person, without the
      prior written consent of the other Party to whom the duty of
      confidentiality is owed, Except That the Parties may disclose any such
      Confidential Information: (a) if and to the extent required by Law or for
      the purpose of any judicial proceedings; (b) if and to the extent required
      by any regulatory or governmental body to which that party is subject
      including the U.S. Securities and Exchange Commission (“SEC’); (c) to its
      professional advisers (which shall include in the case of BCCI-IPL IMG),
      auditors and bankers, and its (or its Affiliates') employees, agents or
      representatives; (d) if and to the extent the information is or has come
      into the public domain through no fault of that Party; or (e) if and to
      the extent the other Party has given prior written consent to the
      disclosure.  BCCI-IPL acknowledges that upon execution of this
      Agreement, Live Current must disclose this Agreement and the MOU to the
      SEC.

              

      

       

      (b)  Live
Current and BCCI-IPL agree to cooperate with respect to the form and content of
a joint press release to be issued by Live Current and BCCI-IPL on the signing
of this Agreement with respect to the termination of the MOU and this
Agreement.  Neither Live Current nor GCV shall release any press
release relating to the MOU or this Agreement without BCCI-IPL’s prior written
approval which shall not be unreasonably withheld.

       

      
        	
                (7)

              	
                Representations of the
      Parties. Live Current, BCCI-IPL, and GCV each represents to the
      other Parties that: (a) it is duly organized and validly existing under
      the laws of the jurisdiction of its incorporation and is in good standing;
      (b) it has power to execute and perform its obligations under this
      Agreement and has taken all necessary action to authorize such execution,
      delivery and performance; (c) such execution, delivery and performance do
      not violate or conflict with any law applicable to it, any provision of
      its charter or bylaws, any order or judgment of any court or other agency
      of government applicable to it or any of its assets or any contractual
      restriction binding on or affecting it or any of its assets; (d) all
      governmental and other consents that are required to have been obtained by
      it with respect to this Agreement have been obtained and are in full force
      and effect and all conditions of any such consents have been complied
      with; and (e) its obligations under this Agreement constitute its legal,
      valid and binding obligations, enforceable in accordance with their
      respective terms.

              

      

       

      
        
          
             

            Execution
copy

          

           

        

        
          10

          
            

          

        

        
           

        

      

      
        
          	
                  (8)

                	
                  Waiver. Any term of this
      Agreement may be waived at any time by the Party that is entitled to the
      benefit thereof, but no such waiver shall be effective unless set forth in
      a written instrument duly executed by or on behalf of the Party waiving
      such term or condition. No waiver by any Party of any term or condition of
      this Agreement, in any one or more instances, shall be deemed to be or
      construed as a waiver of the same or any other term or condition of this
      Agreement on any future occasion. All remedies, either under this
      Agreement or by any laws or otherwise afforded, will be cumulative and not
      alternative.

                

        

      

      

      
        
          	
                  (9)

                	
                  Amendment. This
      Agreement may be amended, supplemented or modified only by a written
      instrument duly executed by or on behalf of each Party
    hereto.

                

        

      

      

      
        	
                (10)

              	
                Binding Effect. This
      Agreement is binding upon, inures to the benefit of and is enforceable by
      the Parties and their respective successors and
  assigns.

              

      

      

      
        	
                 
      

              	
                (11)  Entire Agreement. This
      Agreement (of which the Schedule hereto forms an integral part) supercedes
      all prior discussions, representations, warranties and agreements, both
      written and oral, among the Parties with respect to the subject matter
      hereof, and contains the sole and entire agreement among the Parties with
      respect to the subject matter hereof. No prior drafts of this Agreement
      and no words or phrases from any such prior drafts shall be admissible
      into evidence in any action, suit or other proceeding involving this
      Agreement.

              

      

      

      
        	
                (12)

              	
                Headings and Defined
      Terms. (a) The headings used in this Agreement have been inserted
      for convenience of reference only and do not define or limit the
      provisions hereof. (b) Capitalised
      terms used in this Agreement and not otherwise defined shall have the
      meanings ascribed to them in the
MOU.

              

      

      

      
        	
                (13)

              	
                Invalid Provisions. If
      any provision of this Agreement is held to be illegal, invalid or
      unenforceable under any present or future laws, and if the rights or
      obligations of any Party hereto under this Agreement will not be
      materially and adversely affected thereby, (a) such provision will be
      fully severable, (b) this Agreement will be construed and enforced as if
      such illegal, invalid or unenforceable provision had never comprised a
      part hereof, and (c) the remaining provisions of this Agreement will
      remain in full force and effect and will not be affected by the illegal,
      invalid or unenforceable provision or by its severance
      herefrom.

              

      

      

      
        	
                (14)

              	
                Governing
      Law

              

      

      

      
        	
                (a)

              	
                This
      Agreement shall be governed by and construed in accordance with the
      substantive laws of India.  Any dispute arising out of or in
      relation to this Agreement involving the interpretation or implementation
      of the clauses of this Agreement, or the breach, termination or validity
      thereof, shall be resolved in accordance with the procedures specified in
      this clause which shall be the sole and exclusive procedure for the
      resolution of any and all such disputes before seeking recourse to
      Arbitration.

              

      

      
        
          
             

            Execution
copy

          

           

        

        
          11

          
            

          

        

        
           

        

      

      

      
        	
                (b)

              	
                The
      parties shall attempt in good faith to resolve any dispute arising out of
      or relating to this Agreement promptly by good faith negotiations for a
      period of twenty-one (21) days from date of issuance of written notice
      that a dispute has arisen.

              

      

      

      
        	
                (c)

              	
                Any
      dispute which has not been resolved as provided herein within 21 days of
      the initiation of such procedure, shall be settled exclusively by
      arbitration in Mumbai India, in accordance with ARBITRATION AND
      CONCILIATION ACT, 1996.  The arbitration tribunal shall consist
      of 3 arbitrators, with each party designating one arbitrator and the said
      chosen arbitrators designating the third arbitrator.  The place
      of arbitration in India shall be Chennai, and the language of arbitration
      shall be English.  The arbitrators are not empowered to award
      damages in excess of compensatory damages and each party hereby
      irrevocably waives any right to recover such damages with respect to any
      dispute resolved by arbitration. 

              

      

      

      
        	
                (d)

              	
                The
      parties hereby agree any award of the tribunal shall be enforced in any
      court of competent jurisdiction in
Mumbai.

              

      

      

      
        	
                (e)

              	
                This
      Agreement shall be governed by and construed in accordance with the laws
      of India and shall be subject to the exclusive jurisdiction of the courts
      in Mumbai, India.

              

      

      
        
          
             

            Execution
copy

          

           

        

        
          12

          
            

          

        

        
           

        

      

      

      

      The
parties to this Agreement have signed and entered into this Agreement on the day
and in the year first written above.

      

      EXECUTED
AS A DEED

      

      Signed
and delivered for

      BOARD OF
CONTROL FOR CRICKET

      IN
INDIA

      In
accordance with the Memorandum and

      Rules and
Regulations of the Board of Control

      For
Cricket in India

      

      /s/ Lalit
Modi                                             
            

      Name:      
 Lalit Modi

      Position:   Chairman
and Commissioner, Indian Premier League

      Date:               ___________________________

      

      In the
presence of a WITNESS:

      

      /s/  E.
M.
DeVilliers                              

      Name:  E.
M. DeVilliers

      Date: ____________________________

      

      

      Signed
and delivered for

      LIVE CURRENT MEDIA Inc

      

      /s/
C. Geoffrey
Hampson                         

      Name:   
 C. Geoffrey Hampson

      Position:  Chairman
and CEO

      Date:               __________________________

      
        
          
             

            Execution
copy

          

           

        

        
          13

          
            

          

        

        
           

        

      

      

      In the
presence of a WITNESS:

       

      /s/
Amy
Frankel                                            

      Name:  Amy
Frankel

      Date:    ____________________________

      

      Signed
and delivered for

      GLOBAL
CRICKET VENTURES PTE LTD

       

      /s/
Mark
Melville                                  

      Name:            Mark
Melville

      Position:        Director
and Acting CEO

      Date:               __________________________

      

      

      In the
presence of a WITNESS:

       

      /s/
Amy
Frankel                              

      Name:    Amy
Frankel

      Date:               __________________________

      

      

      
        
          
             

            Execution
copy

          

           

        

        
          14

          
            

          

        

        
           

        

      

      SCHEDULE
1

      

      The
Original Agreement or MOU

      

      
 

      See Exhibit 10.2 to this
Current Report on Form 8-K

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      15livecurrent_8k-ex1004.htm

Exhibit 10.4

    

    MUTUAL
TERMINATION AGREEMENT

    

    

    This
MUTUAL TERMINATION AGREEMENT AND RELEASE (“Agreement”) dated as of March
31, 2009 (the "Effective
Date") is made and entered into by and between:

    

     Live Current Media Inc., a
Nevada corporation having its principal office at 375 Water St., Suite 645,
Vancouver, BC Canada V6C 5B6 ("Live Current"),

    

     and

    

    Board of Control for Cricket in
India, a society registered under the Tamil Nadu Societies Registration
Act, 1860, having its principal office at Brabourne Stadium (North Stand), Veer
Nariman Road, Churchgate, Mumbai, India 400020 ("BCCI"),

    

    Live Current and BCCI are
sometimes collectively referred to herein as the "Parties" and each individually
as a "Party."

    

    RECITALS

    

              WHEREAS,
Live Current and BCCI entered into a Memorandum of Understanding dated April 16,
2008 (the "BCCI-MOU"),
pursuant to which BCCI appointed Live Current to design, build, host, operate,
maintain and promote the BCCI Website (the “Project”);

    

              WHEREAS,
the BCCI wishes to take back control of the BCCI website and Live Current is
willing to hand back control;

    

              NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth in
this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be
legally bound, agree as follows.

    
 

    AGREEMENT

    

    1.      Definitions.   (a)
Unless defined herein, capitalized terms have the meaning given to them in the
BCCI-MOU.

     

    2.      Termination of
BCCI-MOU.  Live Current and BCCI hereby mutually agree that, as
of the Effective Date, the BCCI-MOU shall be terminated and will be of no
further force and effect and all rights and obligations of the Parties
thereunder shall be terminated.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    3.       Effect of
Termination.  Without prejudice to the generality of clause 2
above, upon execution of this Agreement, (a) all rights, licenses and benefits
granted to Live Current under the BCCI-MOU shall forthwith revert to BCCI;
(b)  Live Current shall immediately cease to exercise or exploit any
such rights, licenses or benefits and BCCI shall immediately thereafter be
entitled to grant all or any such rights, licenses or benefits to any other
person; (c) Live Current shall not thereafter use or exploit its previous
connection with BCCI or any of the IPL, whether directly or indirectly; (d) Live
Current shall not at any time thereafter (i) disclose or use any confidential
information relating to BCCI, or the IPL acquired by Live Current during or as a
result of the BCCI-MOU; (ii) make any use of any trade marks, trade names and/or
logos of BCCI, the BCCI sponsors,or partners or any similar trade marks, trade
names and/or logos; (iii) purport to be associated with BCCI and/or the IPL; (d)
Live Current shall promptly return to BCCI all property of BCCI within its
possession, save that Live Current will be permitted to retain such property as
it demonstrates (to the BCCI’s reasonable satisfaction) to be required by law to
be maintained for records;  (e) Live Current shall execute any
documents required by BCCI to effect the termination and/or assignment to BCCI
of any rights in connection with the BCCI-MOU;

     

    4.      No Other Outstanding
Obligations. The Parties hereby mutually agree and acknowledge that this
Agreement constitutes a full and final settlement of any and all historic and
future outstanding obligations due from Live Current under the BCCI-MOU and
there are no other outstanding payments under the BCCI-MOU due or owing of or
from Live Current as of the effective date of this Termination
Agreement.

     

    5.      Agreement Self-Executing. The
Parties further agree that this Agreement shall be self-executing and the
transaction contemplated herein shall be effected without the need for further
documentation.

     

    6.      Live Current’s Release of
BCCI.  Live Current, on behalf of itself, its parents,
subsidiaries, affiliates, and their respective officers, directors, agents,
representatives, successors and assigns, does hereby unequivocally release and
discharge BCCI and any of its officers, directors, agents, managers, employees,
representatives, legal and financial advisors, parents, subsidiaries,
affiliates, sub-committee units, principals or partners, and any heirs,
executors, administrators, successors or assigns of any said person or entity
(the "BCCI Releasees"),
from any and all actions, causes of action, claims, suits, debts, dues, sums of
money, accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, injuries, harms,
damages, judgments, remedies, extents, executions, demands, liens and
liabilities whatsoever, in law, equity or otherwise (collectively, "Claims"), whether currently
known or unknown, arising under, in connection with or relating to, the BCCI-MOU
or the obligations contemplated thereby, any action or failure to act under the
BCCI-MOU or the events leading to the termination of the BCCI-MOU.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    7.      BCCI’s Release of Live
Current.  BCCI, on behalf of itself, its parents, subsidiaries,
affiliates, sub-committee units, and their respective officers, directors,
agents, representatives, successors and assigns, does hereby unequivocally
release and discharge Live Current and any of its officers, directors, agents,
managers, employees, representatives, legal and financial advisors, parents,
subsidiaries, affiliates, principals or partners, and any heirs, executors,
administrators, successors or assigns of any said person or entity (the "Live Current Releasees"), from
any and all actions, causes of action, claims, suits, debts, dues, sums of money
including the Accrued Liability and any and all Minimum Annual Fees, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, injuries, harms, damages,
judgments, remedies, extents, executions, demands, liens and liabilities
whatsoever, in law, equity or otherwise (collectively, "Claims"), whether currently
known or unknown, arising under, in connection with or relating to, the BCCI-MOU
or the obligations contemplated thereby, any action or failure to act under the
BCCI-MOU, or the events leading to the termination of the
BCCI-MOU.  It is acknowledged and accepted that this release from Live
Current’s accrued liabilities under the BCCI-MOU is conditional on the payment
by 1 July 2009 of US$750,000 due from Live Current to BCCI under the BCCI-MOU,
which payment shall be made by Global Cricket Ventures PTE Limited (“GCV) under
the Novation Agreement entered into by Live Current, BCCI (for and on behalf of
its separate sub-committed known as Indian Premier League) GCV and
simultaneously with this Mutual Termination Agreement.  It is
acknowledged that the agreed termination hereunder is not conditional on such
payment being made by GCV.

     

    8.       Confidentiality and Publicity.
(a)  No Party shall disclose (or permit or cause its employees, agents
or representatives to disclose), Confidential Information (as defined in the
BCCI) disclosed to it (including information disclosed during audit) by another
Party, to any other person, without the prior written consent of the other Party
to whom the duty of confidentiality is owed, Except That the Parties may
disclose any such Confidential Information: (a) if and to the extent required by
Law or for the purpose of any judicial proceedings; (b) if and to the extent
required by regulatory or governmental body to which that party is subject
including the U.S. Securities and Exchange Commission (“SEC’), only to the
extent that such requirement has the force of law; (c) to its professional
advisers (which shall include in the case of BCCI IMG), auditors and bankers,
and its (or its Affiliates') employees, agents or representatives; (d) if and to
the extent the information is or has come into the public domain through no
fault of that Party; and (e) if and to the extent the other Party has given
prior written consent to the disclosure. BCCI-IPL acknowledges that upon
execution of this Agreement, Live Current must disclose this Agreement and the
MOU to the SEC.

     

    (b)  Live
Current and BCCI agree to cooperate with respect to the form and content of a
joint press release to be issued by Live Current and BCCI on the signing of this
Agreement with respect to the termination of the BCCI and this
Agreement.  Neither Live Current nor GCV shall release any press
release relating to the BCCI or this Agreement without BCCI’s prior written
approval, not to be unreasonably withheld or delayed.

     

    9.      Representations of the
Parties. Live Current and BCCI each represent to the other Party that:
(a) it is duly organized and validly existing under the laws of the jurisdiction
of its incorporation and is in good standing; (b) it has power to execute and
perform its obligations under this Agreement and has taken all necessary action
to authorize such execution, delivery and performance; (c) such execution,
delivery and performance do not violate or conflict with any law applicable to
it, any provision of its charter or bylaws, any order or judgment of any court
or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; (d) all
governmental and other consents that are required to have been obtained by it
with respect to this Agreement have been obtained and are in full force and
effect and all conditions of any such consents have been complied with; and (e)
its obligations under this Agreement constitute its legal, valid and binding
obligations, enforceable in accordance with their respective terms.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    10.  Waiver. Any term of this
Agreement may be waived at any time by the Party that is entitled to the benefit
thereof, but no such waiver shall be effective unless set forth in a written
instrument duly executed by or on behalf of the Party waiving such term or
condition. No waiver by any Party of any term or condition of this Agreement, in
any one or more instances, shall be deemed to be or construed as a waiver of the
same or any other term or condition of this Agreement on any future occasion.
All remedies, either under this Agreement or by any laws or otherwise afforded,
will be cumulative and not alternative.

    

    11.  Amendment. This Agreement may
be amended, supplemented or modified only by a written instrument duly executed
by or on behalf of each Party hereto.

    

    12.  Binding Effect. This Agreement
is binding upon, inures to the benefit of and is enforceable by the Parties and
their respective successors and assigns.

    

    13.  Entire Agreement. This
Agreement supercedes all prior discussions, representations, warranties and
agreements, both written and oral, among the Parties with respect to the subject
matter hereof, and contains the sole and entire agreement among the Parties with
respect to the subject matter hereof. No prior drafts of this Agreement and no
words or phrases from any such prior drafts shall be admissible into evidence in
any action, suit or other proceeding involving this Agreement.

    

    14.  Headings. The headings used in
this Agreement have been inserted for convenience of reference only and do not
define or limit the provisions hereof.

    

    15.  Invalid Provisions. If any
provision of this Agreement is held to be illegal, invalid or unenforceable
under any present or future laws, and if the rights or obligations of any Party
hereto under this Agreement will not be materially and adversely affected
thereby, (a) such provision will be fully severable, (b) this Agreement will be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part hereof, and (c) the remaining provisions of this
Agreement will remain in full force and effect and will not be affected by the
illegal, invalid or unenforceable provision or by its severance
herefrom.

    

    16.  Governing Law.
(a)  This Agreement shall be governed by and construed in accordance
with the substantive laws of India.  Any dispute arising out of or in
relation to this Agreement involving the interpretation or implementation of the
Clauses of this Agreement, or the breach, termination or validity thereof, shall
be resolved in accordance with the procedures specified in this Clause which
shall be the sole and exclusive procedure for the resolution of any and all such
disputes before seeking recourse to Arbitration.

     

    (b)           The
Parties shall attempt in good faith to resolve any dispute arising out of or
relating to this Agreement promptly by good faith negotiations for a period of
twenty-one (21) days from date of issuance of written notice that a dispute has
arisen.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (c)           Any
dispute which has not been resolved as provided herein within 21 days of the
initiation of such procedure, shall be settled exclusively by arbitration in
Mumbai India, in accordance with ARBITRATION AND CONCILIATION ACT,
1996.  The arbitration tribunal shall consist of 3 arbitrators, with
each party designating one arbitrator and the said chosen arbitrators
designating the third arbitrator. The place of arbitration in India shall be in
Mumbai, and the language of arbitration shall be English. The arbitrators are
not empowered to award damages in excess of compensatory damages and each party
hereby irrevocably waives any right to recover such damages with respect to any
dispute resolved by arbitration.

     

    (d)           The
Parties hereby agree any award of the tribunal shall be enforced in any court of
competent jurisdiction in Mumbai.

    
 

    17.  Counterparts. This Agreement
may be executed via facsimile transmission and in counterparts, each of which
will be deemed an original, but all of which together will constitute one and
the same instrument.

    

              IN
WITNESS WHEREOF, Live Current and BCCI have caused this Mutual Termination
Agreement and Release to be duly executed as of the date first above written by
their respective officers duly authorized.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  LIVE
      CURRENT MEDIA INC.

                                	 
      
	 
      	 
      
	
                                   By:
      /s/ Mark
      Melville                                   
      

                                	
                                  Witnessed
      by:   /s/ Amy
      Frankel

                                
	
                                  Mark
      Melville

                                	 
      
	 
      	 
      
	 
      	 
      
	
                                  BOARD
      OF CONTROL FOR CRICKET IN INDIA

                                	 
      
	 
      	 
      
	
                                  By: /s/ Lalit
      Modi                                        
      

                                	
                                  Witnessed
      by: /s/ E. M.
      DeVilliers

                                
	
                                  Lalit
      Modi

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    

     

     

    5

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