Document:

Exhibit 10.1

 

IN THE UNITED STATES

PATENT AND TRADEMARK OFFICE

 

PATENT ASSIGNMENT

 

WHEREAS, Energy
Science Laboratories, Inc. a California corporation, ("Assignor") is the sole owner of the entire right, title and interest
in, to and under the patents and patent applications listed on Schedule A hereto; and

 

WHEREAS, Assignor
desires to sell, assign and transfer all of its right, title, and interest in, to and under said patents and patent applications
to KULR Technology Corporation, a Delaware corporation, ("Assignee").

 

NOW, THEREFORE,
in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor has
sold, assigned, transferred and set over, and by these presents does hereby sell, assign, transfer and set over, unto said Assignee,
its successors, legal representatives and assigns, the entire right, title and interest in, to and under the said patents and
patent applications, as well as all divisions, renewals and continuations thereof, and all Letters Patent of the United States
which may be granted thereon and all reissues and extensions thereof, and all applications for Letters Patent which may hereafter
be filed for inventions embodied by said patents and patent applications in any country or countries foreign to the United States,
and all Letters Patent which may be granted for said inventions embodied by said patents and patent applications in any country
or countries foreign to the United States and all extensions, renewals and reissues thereof and all rights of priority in any
such country or countries based upon the filing of said patents and patent applications in the United States which are created
by any law, treaty or international convention; and Assignor hereby authorize and request the Commissioner of Patents of the United
States, and any Official of any country or countries foreign to the United States, whose duty it is to issue patents on any such
applications as aforesaid, to issue all Letters Patent for said inventions to Assignee, its successors, legal representatives
and assigns, in accordance with the terms of this instrument.

 

    	 	1	 

     

    

 

ESLI-KULR_Assign

 

IN TESTIMONY WHEREOF, I, a duly authorized
officer or agent of said Assignor, hereunto set my hand and seal this 10th day of November, 2016.

 

	 	ENERGY SCIENCE LABORATORIES, INC.
	 	 	 
	 	By:	/s Timothy R. Knowles
	 	Name:	Timothy Ray Knowles
	 	 	 
	 	Title:	President

 

    	 	2	 

     

    

 

ESLI-KULR_Assign

 

Schedule A

 

	Line

No.	 	Title	 	U.S. Patent No.	 	Filing Date
	1	 	Dendritic Fiber Material	 	6,913,075	 	June 13, 2000
	2	 	Fiber Adhesive Material	 	7,132,161	 	June 17, 2003
	3	 	Dendritic Fiber Material	 	7,144,624	 	February 8, 2002

 

    	 	3Exhibit 10.2

 

KULR TECHNOLOGY CORPORATION

 

LICENSE AND DEVELOPMENT AGREEMENT

 

This License and Development
Agreement (“Agreement”) is entered into as effective as of April 15th, 2013 by and between Kulr Technology Corporation,
a Delaware corporation (“Kulr”) and Energy Science Laboratories, Inc. (“ESLI”).

 

BACKGROUND

 

WHEREAS, ESLI and Kulr
intend Kulr to be the commercialization arm of ESLI for all of its Thermal Management Technologies (as defined below). In this
effort, ESLI wishes to license its existing thermal technologies to Kulr in exchange for a significant stake in Kulr (as provided
by the restricted stock purchase agreement attached hereto as Exhibit B). Additionally, ESLI wishes to further develop the
Thermal Management Technologies on behalf of Kulr to have Kulr provide products to the market; in this regard, ESLI and Kulr intends
to have ESLI provide development and consulting services to Kulr as described herein and by the consulting agreement attached hereto
as Exhibit A; and

 

WHEREAS, ESLI intends
to license to Kulr all of its interest in the technology, related know-how, and the business and industry relationships in thermal
management, thermal storage, heat dissipation and related technologies , whether tangible
or intangible (collectively, the “Thermal Management Technologies”), and any and all technology, processes,
know-how, inventions and other intellectual property related thereto (the “Thermal Intellectual Property”).

 

AGREEMENT

 

In consideration of
the mutual promises contained herein, the parties agree as follows:

 

1.    License.

 

(a)   ESLI hereby
grants to Kulr and its affiliates an irrevocable, exclusive (exclusive even as to ESLI), fully paid, royalty free, sublicensable,
world-wide license to use, make, have made, develop, create derivative works, sell, offer to sell, import products and/or services
which use all or a portion of the Thermal Management Technologies and Thermal Intellectual Property for all markets other than
military, aerospace, and defense applications.

 

(b)   ESLI
represents and warrants that it holds full right, title and interest to the Thermal Intellectual Property, free of any liens or
encumbrances and that it has not assigned the Thermal Intellectual Property or any rights conferred thereby or any claim or cause
of action it may have thereunder to any third party. ESLI further represents and warrants that it has not received
notice from any party asserting or alleging that the Thermal Intellectual
Property or ESLI’s use of the Thermal Intellectual Property infringes upon the rights of any other party or violates any
law. 

 

     

     

    

 

(c)   ESLI
shall fully defend, indemnify and hold harmless Kulr, its officers, members, employees, agents and their respective successors
and assigns, during and after the term hereof, from and against any and all liabilities, claims, causes of action, suits, damages
and expenses (including costs and expenses of counsel) arising out of or resulting from (1) any breach by ESLI of the representations
or warranties or (2) the sale, distribution, importation or manufacture of products incorporating Thermal Intellectual Property,
or (3) the use or sublicense of the Thermal Intellectual Property.

 

2.    Services
and Compensation. ESLI agrees to execute the consulting agreement attached here to as Exhibit A and perform for
Kulr the services described therein (the “Services”), and Kulr agrees to pay ESLI the compensation described
in the consulting agreement attached hereto for ESLI’s performance of the Services.

 

3.    Confidentiality.

 

(a) Definition.
“Confidential Information” means any non-public information that relates to the actual or anticipated business
or research and development of Kulr, technical data, trade secrets or know-how, including but not limited to research, product
plans or other information regarding Kulr’s products or services and markets therefor, customer lists and customers (including
but not limited to customers of Kulr on whom ESLI called or with whom ESLI became acquainted during the term of this Agreement),
software, developments, inventions, processes, formulas, technology, designs, drawing, engineering, hardware configuration information,
marketing, finances or other business information. Confidential Information does not include information that (i) is known
to ESLI at the time of disclosure to ESLI by Kulr as evidenced by written records of ESLI, (ii) has become publicly known
and made generally available through no wrongful act of ESLI or (iii) has been rightfully received by ESLI from a third party
who is authorized to make such disclosure.

 

(b) Nonuse and
Nondisclosure. ESLI will not, during or after to the term of this Agreement, (i) use Confidential Information for any
purpose whatsoever other than the performance of the Services on behalf of Kulr or (ii) disclose Confidential Information
to any third party. ESLI agrees that all Confidential Information will remain the sole property of Kulr. ESLI also agrees to take
all reasonable precautions to prevent any unauthorized disclosure of Confidential Information, including but not limited to having
each of ESLI’s employees and contractors, if any, with access to any Confidential Information execute a nondisclosure agreement
in the form acceptable to Kulr. Without Kulr’s prior written approval, ESLI will not directly or indirectly disclose to anyone
the existence of this Agreement or the fact that ESLI has this arrangement with Kulr.

 

    	 	2	 

     

    

 

(c) Former Client
Confidential Information. ESLI agrees that ESLI will not, during the term of this Agreement, improperly use or disclose any
proprietary information or trade secrets of any former or current client or employer of ESLI or other person or entity with which
ESLI has an agreement or duty to keep in confidence information acquired by ESLI, if any. ESLI also agrees that ESLI will not bring
onto Kulr’s premises any unpublished document or proprietary information belonging to any such employer, person or entity
unless consented to in writing by such employer, person or entity.

 

(d) Third-Party
Confidential Information. ESLI recognizes that Kulr has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on Kulr’s part to maintain the confidentiality of the information and to use
it only for certain limited purposes. ESLI agrees that, during the term of this Agreement and thereafter, ESLI owes Kulr and such
third parties a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it
to any person, firm or corporation or to use it except as necessary in carrying out the Services for Kulr consistent with Kulr’s
agreement with such third party.

 

(e) Return of Materials.
Upon the termination of this Agreement, or upon Kulr’s earlier request, ESLI will deliver to Kulr all of Kulr’s property,
including but not limited to all electronically stored information and passwords to access such property, or Confidential Information
that ESLI may have in ESLI’s possession or control.

 

4.    Ownership.

 

(a) Assignment.
ESLI agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries
and trade secrets conceived, discovered, developed or reduced to practice by ESLI, solely or in collaboration with Kulr or others,
during the term of this Agreement that relate in any manner to thermal management, thermal storage, heat dissipation or related
technologies (collectively, “Inventions”), are the sole property of Kulr. ESLI also agrees to assign (or cause
to be assigned) and hereby assigns fully to Kulr all Inventions and any copyrights, patents, mask work rights or other intellectual
property rights relating to all Inventions.

 

(b) Patent Applications
and License Back of Thermal Management Technologies. Notwithstanding anything herein to the contrary, Kulr may file all such
United States and foreign patent applications, amendments, supplements, continuations, and divisions, all of which may be available
for public review, as it deems appropriate with respect to the Thermal Management Technologies and related technology licensed
hereunder, provided, however, prior to any such filing Kulr must (i) obtain ESLI consent, which may not be unreasonably withheld,
and (ii) license or assign to ESLI the rights to use all inventions disclosed in the patent applications for any Thermal Management
Technologies licensed hereunder. 

 

    	 	3	 

     

    

 

(c) Further Assurances.
ESLI agrees to assist Kulr, or its designee, at Kulr’s expense, in every proper way to secure Kulr’s rights in Inventions
and any copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions in any and all countries,
including the disclosure to Kulr of all pertinent information and data with respect to all Inventions, the execution of all applications,
specifications, oaths, assignments and all other instruments that Kulr may deem necessary in order to apply for and obtain such
rights and in order to assign and convey to Kulr, its successors, assigns and nominees the sole and exclusive right, title and
interest in and to all Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating
to all Inventions. ESLI also agrees that ESLI’s obligation to execute or cause to be executed any such instrument or papers
shall continue after the termination of this Agreement.

 

(d) Pre-Existing
Materials. Subject to Section 4(a) of this Agreement, ESLI agrees that if, in the course of performing the Services,
ESLI incorporates into any Invention developed under this Agreement any pre-existing invention, improvement, development, concept,
discovery or other proprietary information owned by ESLI or in which ESLI has an interest, (i) ESLI will inform Kulr, in writing
before incorporating such invention, improvement, development, concept, discovery or other proprietary information into any Invention,
and (ii) Kulr is hereby granted a nonexclusive, royalty-free, perpetual, sublicensable, irrevocable, worldwide license to
make, have made, modify, use and sell such item as part of or in connection with such Invention. ESLI will not incorporate any
invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention
without Kulr’s prior written permission.

 

(e) Attorney-in-Fact.
ESLI agrees that, if Kulr is unable because of ESLI’s unavailability, dissolution, mental or physical incapacity, or for
any other reason, to secure ESLI’s signature for the purpose of applying for or pursuing any application for any United States
or foreign patents or mask work or copyright registrations covering the Inventions assigned to Kulr in Section 4(a)
of this Agreement, then ESLI hereby irrevocably designates and appoints Kulr and its duly authorized officers and agents as ESLI’s
agent and attorney-in-fact, to act for and on ESLI’s behalf to execute and file any such applications and to do all other
lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work registrations with the same
legal force and effect as if executed by ESLI.

 

5.    Conflicting
Obligations.

 

(a) Conflicts.
ESLI certifies that ESLI has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement
or that would preclude ESLI from complying with the provisions of this Agreement. ESLI will not enter into any such conflicting
agreement during the term of this Agreement.

 

(b) Substantially
Similar Designs. In view of ESLI’s access to Kulr’s trade secrets and proprietary know-how, ESLI agrees that ESLI
will not, without Kulr’s prior written approval, assist third parties in designing lighting and illumination sources or agents
during or at any time after the term of this Agreement. ESLI acknowledges that the obligations in this Section 5 are
ancillary to ESLI’s nondisclosure obligations under Section 3 of this Agreement.

 

    	 	4	 

     

    

 

6.    Reports.
ESLI agrees that ESLI will, from time to time during the term of this Agreement or any extension thereof, keep Kulr advised as
to ESLI’s progress in performing the Services under this Agreement. ESLI further agrees that ESLI will, as requested by Kulr,
prepare written reports with respect to such progress. Kulr and ESLI agree that the time required to prepare such written reports
will be considered time devoted to the performance of the Services.

 

7.    Term and Termination.

 

(a) Term. The
term of this Agreement will begin on the date of this Agreement and will continue until termination as provided in Section 7(b)
of this Agreement.

 

(b) Termination.
This Agreement may be terminated upon mutual agreement of the Parties. Kulr may terminate this Agreement immediately and without
prior notice if ESLI refuses to or is unable to perform the Services or is in breach of any material provision of this Agreement.

 

(c) Survival.
Upon such termination, all rights and duties of Kulr and ESLI toward each other shall cease except:

 

(i) Kulr will pay, within
30 days after the effective date of termination, all amounts owing to ESLI for Services completed and accepted by Kulr prior to
the termination date and related expenses, if any, submitted in accordance with Kulr’s policies and in accordance with the
provisions of Section 2 of this Agreement; and

 

(ii) Section 1
(License), Section 3 (Confidentiality), Section 4 (Ownership), Section 5 (Conflicting Obligations), Section 7(c)
(Survival), Section 8 (Indemnification), Section 9 (Nonsolicitation) and Section 10 (Miscellaneous)
will survive termination of this Agreement.

 

8.    Indemnification.
ESLI agrees to indemnify and hold harmless Kulr and its directors, officers and employees from and against all taxes, losses,
damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly
from or in connection with (i) any negligent, reckless or intentionally wrongful act of ESLI or ESLI’s assistants,
employees or agents, (ii) any breach by the ESLI or ESLI’s assistants, employees or agents of any of the covenants
contained in this Agreement, (iii) any failure of ESLI to perform the Services in accordance with all applicable laws, rules and
regulations, or (iv) any violation or claimed violation of a third party’s rights resulting in whole or in part from
Kulr’s use of the work product of ESLI under this Agreement.

 

9.    Non-solicitation.
From the date of this Agreement until 12 months after the termination of this Agreement (the “Restricted Period”),
ESLI will not, without Kulr’s prior written consent, directly or indirectly, solicit or encourage any employee or contractor
of Kulr or its affiliates to terminate employment with, or cease providing services to, Kulr or its affiliates. During the Restricted
Period, ESLI will not, whether for ESLI’s own account or for the account of any other person, firm, corporation or other
business organization, intentionally interfere with any person who is or during the period of ESLI’s engagement by Kulr
was a partner, supplier, customer or client of Kulr or its affiliates.

 

    	 	5	 

     

    

 

10.  Miscellaneous.

 

(a) Governing Law.
This Agreement will be governed by, and its provisions construed in accordance with, the laws of the State of California, as applied
to contracts between California residents entered into and to be performed entirely within California, without regard to the conflict
of law principles thereof. The parties hereby consents to the personal jurisdiction of the state and state and federal courts located
in Santa Clara, California.

 

(b) Assignability.
Except as otherwise provided in this Agreement, ESLI may not sell, assign or delegate any rights or obligations under this Agreement.
Kulr, upon a change in control, may assign this Agreement.

 

(c) Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes
all prior written and oral agreements between the parties regarding the subject matter of this Agreement.

 

(d) Availability
of Injunctive Relief. In addition to the right under the Rules to petition the court for provisional relief, ESLI agrees that
any party may also petition the court for injunctive relief where either party alleges or claims a violation of Section 3 (Confidentiality),
Section 4 (Ownership), Section 5 (Conflicting Obligations) or Section 9 (Nonsolicitation) of this Agreement
or any other agreement regarding trade secrets, confidential information or nonsolicitation. In the event either Kulr or ESLI seeks
injunctive relief, the prevailing party will be entitled to recover reasonable costs and attorneys’ fees.

 

(e) Headings.
Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.

 

(f) Notices.
Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing and shall
be deemed given if delivered personally or by commercial messenger or courier service, or mailed by U.S. registered or certified
mail (return receipt requested), or sent via facsimile (with receipt of confirmation of complete transmission) to the party at
the party's address or facsimile number written below or at such other address or facsimile number as the party may have previously
specified by like notice. If by mail, delivery shall be deemed effective 3 business days after mailing in accordance with this
Section 11(f).

 

    	 	6	 

     

    

 

If to Kulr, to the address for notice
on the signature page to this Agreement or, if no such address is provided, to the last address of Kulr provided by Kulr to ESLI.
If to ESLI, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last address
of ESLI provided by ESLI to Kulr.

 

(g) Attorneys’
Fees. In any court action at law or equity that is brought by one of the parties to this Agreement to enforce or interpret
the provisions of this Agreement, the prevailing party will be entitled to reasonable attorneys’ fees, in addition to any
other relief to which that party may be entitled.

 

(h) Severability.
If any provision of this Agreement is found to be illegal or unenforceable, the court must modify the scope and/or application
of such provision to the extent necessary to make such provision legal and enforceable and the other provisions shall remain effective
and enforceable to the greatest extent permitted by law.

 

[The signature page
follows]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Consulting Agreement as of the date first written above.

 

ENERGY SCIENCE LABORATORIES, INC.

 

	By:	 
	 	 
	Name:  Timothy R. Knowles	 
	 	 
	Title:  President	 

 

Address:

 

6861 Nancy Ridge Dr. Suite B. San Diego. CA 92121-3214.

 

	KULR TECHNOLOGY CORPORATION	 
	 	 
	By:	 
	 	 	 
	Name: 	Michael Mo	 
	 	 	 
	Title: 	President	 

 

Address:

KULR Technology

5339 Prospect Road. #180

San Jose, CA 95129USA

 

    	 	8	 

     

    

 

[Signature page to License and Development
Agreement]

 

    	 	9	 

     

    

 

EXHIBIT A

 

SERVICES AND COMPENSATION

 

CONSULTING AGREEMENT

 

    	 	10	 

     

    

 

EXHIBIT B

 

RESTRICTED STOCK PURCHASE AGREEMENT

 

    	 	11

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