Document:

Exhibit 10.1

 

REAL GOODS SOLAR, INC. 2008 LONG-TERM
INCENTIVE PLAN

 

AMENDED AND RESTATED February 8, 2018,
Section

 

Section 1. Purpose.   The purpose of this
Plan is to advance the interests of Real Goods and its shareholders by providing incentives to certain Eligible Persons (as defined
below) who contribute significantly to the strategic and long-term performance objectives and growth of the Company.

 

Section 2. Definitions.   Certain capitalized
terms applicable to this Plan are set forth in Appendix A.

 

Section 3. Administration. The Committee shall administer
this Plan and shall have all the powers vested in it by the terms of this Plan, such powers to include exclusive authority to select
the Eligible Persons to be granted Awards under this Plan, to determine the type, size, terms and conditions of the Award to be
made to each Eligible Person selected, to modify or waive the terms and conditions of any Award that has been granted, to determine
the time when Awards will be granted, to establish performance objectives, to make any adjustments necessary or desirable as a
result of the granting of Awards to Eligible Persons located outside the United States and to prescribe the form of the agreements
evidencing Awards made under this Plan. Awards may, in the discretion of the Committee, be made under this Plan in assumption of,
or in substitution for, outstanding Awards previously granted by the Company, or an entity acquired by the Company or with which
the Company combines. The number of Class A Shares underlying such substitute Awards shall be counted against the aggregate number
of shares of Class A Shares available for Awards under this Plan. The Committee is authorized to interpret this Plan and the Awards
granted under this Plan, to establish, amend and rescind any rules and regulations relating to this Plan, and to make any other
determinations that it deems necessary or desirable for the administration of this Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Committee deems
necessary or desirable to carry it into effect. Any decision of the Committee in the interpretation and administration of this
Plan, as described in this Plan, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on
all parties concerned. The Committee may act only by a majority of its members in office, except that the Committee may authorize
any one or more of its members or any officer of the Company to execute and deliver documents or to take any other ministerial
action on behalf of the Committee with respect to Awards made to Participants or to be made to Eligible Persons. Notwithstanding
the foregoing or any other provision of this Plan, the Committee shall not have the authority to (i) accelerate the vesting of
any outstanding Award under the Plan except in the case of change in control, disability, or death, (ii) reprice, directly or indirectly,
any Award under the Plan without stockholder approval, or (iii) accelerate the time or schedule of any payment in a manner which
is not permitted under Code Section 409A, or to grant or amend any Award in any manner which would result in an inclusion of any
amount in gross income under Code Section 409A(a)(1). No member of the Committee and no officer of the Company shall be liable
for anything done or omitted to be done by such member or officer, by any other member of the Committee or by any officer of the
Company in connection with the performance of duties under this Plan, except for such member’s or officer’s own willful
misconduct or as expressly provided by law. In addition to all other rights of indemnification and reimbursement to which a member
of the Committee and an officer of the Company may be entitled, Real Goods shall indemnify and hold harmless each such member or
officer who was or is a party or is threatened to be made a party to any threatened, pending or completed proceeding or suit in
connection with the performance of duties under this Plan against expenses (including reasonable attorneys’ fees), judgments,
fines, liabilities, losses and amounts paid in settlement actually and reasonably incurred by him in connection with such proceeding
or suit, except for his own willful misconduct or as expressly provided otherwise by law. Expenses (including reasonable attorneys’
fees) incurred by such a member or officer in defending any such proceeding or suit shall be paid by Real Goods in advance of the
final disposition of such proceeding or suit upon receipt of a written affirmation by such member or officer of his good faith
belief that he has met the standard of conduct necessary for indemnification and a written undertaking by or on behalf of such
member or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by Real Goods
as authorized in this Section.

 

     

     

    

  

Section 4. Participation.   Consistent
with the purposes of this Plan, the Committee shall have exclusive power to select the Eligible Persons who may participate in
this Plan and be granted Awards under this Plan. Eligible Persons may be selected individually or by groups or categories, as determined
by the Committee in its discretion.

 

Section 5. Awards under this Plan.

 

(a) Types of Awards.   Awards
under this Plan may include, but need not be limited to, one or more of the following types, either alone or in any combination
thereof: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Performance
Grants and (vi) any other type of Award deemed by the Committee in its discretion to be consistent with the purposes of this Plan
(including, but not limited to, Awards of or options or similar rights granted with respect to unbundled stock units or components
thereof, and Awards to be made to Participants who are foreign nationals or are employed or performing services outside the United
States).

 

(b) Maximum Number of Shares that May
be Issued. The maximum aggregate number of Class A Shares that may be issued and outstanding, or subject to Awards outstanding,
under the Plan cannot exceed 1,300,000 Class A Shares, subject to adjustment as provided in Section 15. No Eligible Person may
receive Awards under this Plan for more than 500,000 Class A Shares in any one fiscal year of the Company, subject to adjustment
as provided in Section 15. Class A Shares issued pursuant to this Plan may be either authorized but unissued shares, treasury shares,
reacquired shares or any combination thereof. If any Class A Shares issued as Restricted Stock, Restricted Stock Units or otherwise
subject to repurchase or forfeiture rights are reacquired by the Company pursuant to such rights or, if any Award is canceled,
terminates or expires unexercised, any Class A Shares that would otherwise have been issuable pursuant thereto will be available
for issuance under new Awards.

 

(c) Rights with Respect to Class A Shares
and Other Securities. Except as provided in subsection 8(c) with respect to Awards of Restricted Stock and unless otherwise
determined by the Committee in its discretion, a Participant to whom an Award is made (and any person succeeding to such a Participant’s
rights pursuant to this Plan) shall have no rights as a shareholder with respect to any Class A Shares or as a holder with respect
to other securities, if any, issuable pursuant to any such Award until the date of the issuance of a book entry or stock certificate
to such Participant for such Class A Shares or other instrument of ownership, if any. Except as provided in Section 15, no adjustment
shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities,
other property or other forms of consideration, or any combination thereof) for which the record date is prior to the date such
book entry or stock certificate or other instrument of ownership, if any, is required to be issued based upon the date any Award
was exercised. In all events, a Participant with whom an Award agreement is made to issue Class A Shares in the future shall have
no rights as a shareholder with respect to such Class A Shares related to such agreement until issuance to such Participant of
a book entry or stock certificate representing such shares.

 

(d) Minimum Vesting Schedule. Except
as set forth below, a vesting period of at least one (1) year shall apply to all Awards issued under the Plan. Notwithstanding
the foregoing, up to 5% of the Class A Shares reserved for issuance under the Plan as of September 11, 2017 may be issued pursuant
to Awards that are do not comply with such minimum one (1) year vesting period.

 

(e) No Dividends or Dividend Equivalents
on Unvested Awards. No ordinary dividends or distributions declared with respect to Restricted Stock Awards under the Plan
(or Dividend Equivalents with respect to Restricted Stock Units or other Awards under the Plan) shall be paid to any Participant
unless and until the Participant vests in such underlying Award. All unvested dividends or Dividend Equivalents shall be forfeited
by the Participants to the extent their underlying Awards are forfeited.

 

     

     

    

 

Section 6. Stock Options.   The Committee
may sell Purchased Options or grant other Stock Options either alone, or in conjunction with other Awards, either at the time of
grant or by amendment thereafter; provided that an Incentive Stock Option may be granted only to Eligible Persons who are employees
of Real Goods (or any parent or subsidiary of Real Goods) and who have other Awards only to the extent that such other Awards do
not disqualify the Incentive Stock Option’s status as such under the Code. Each Stock Option granted or sold under this Plan
shall be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan
and shall comply with the applicable terms and conditions of this Plan, and with such other terms and conditions, including, but
not limited to, restrictions upon the Stock Option or the Class A Shares issuable upon exercise thereof, as the Committee, in its
discretion, shall establish.

 

(a)   The exercise price
of a Stock Option may be equal to or greater than the Fair Market Value of the Class A Shares subject to such Stock Option at the
time the Stock Option is granted, as determined by the Committee; provided, however, that in the case of an Incentive Stock Option
granted to a Ten Percent Employee, such exercise price shall not be less than 110% of such Fair Market Value at the time the Stock
Option is granted.

 

(b)   The Committee shall
determine the number of Class A Shares to be subject to each Stock Option. In the case of a Stock Option awarded in conjunction
with another Award, the number of Class A Shares subject to an outstanding Stock Option may be reduced on an appropriate basis
to the extent that the other Award has been exercised, paid to or otherwise received by the Participant, as determined by the Committee.

 

(c)   Any Stock Option may
be exercised during its term only at such time or times and in such installments as the Committee may establish.

 

(d)   A Stock Option shall
not be exercisable:

 

(i) in the case of any Incentive
Stock Option granted to a Ten Percent Employee, after the expiration of five years from the date it is granted, and, in the case
of any other Stock Option, after the expiration of ten years from the date it is granted; and

 

(ii) unless payment in full is
made for the shares being acquired thereunder at the time of exercise as provided in subsection 6(i).

 

(e)   The Committee shall
determine in its discretion and specify in each agreement evidencing a Stock Option the effect, if any, the termination of the
Participant’s employment with or performance of services for the Company shall have on the exercisability of the Stock Option;
provided, however, that an Incentive Stock Option shall not be exercisable at a time that is beyond the time an Incentive Stock
Option may be exercised in order to qualify as such under the Code and provided, further, that if a Participant’s employment
is terminated for a reason other than “cause” (as defined in such Participant’s Award agreement or employment
agreement, if any), then such Participant’s right to exercise his or her Stock Options (to the extent that the Participant
is entitled to exercise on the date employment terminates) shall continue until the earlier of the option expiration date or (i)
at least six (6) months from the date of termination if termination was caused by death or disability and (ii) at least thirty
(30) days from the date of termination if termination was caused by other than death or disability.

 

(f)   It is the intent of
Real Goods that Nonqualified Stock Options granted under this Plan not be classified as Incentive Stock Options, that the Incentive
Stock Options granted under this Plan be consistent with and contain or be deemed to contain all provisions required under Section
422 and the other appropriate provisions of the Code and any implementing regulations (and any successor provisions thereof), and
that any ambiguities in construction shall be interpreted in order to effectuate such intent. If a Stock Option is intended to
be an Incentive Stock Option, and if for any reason such Stock Option (or portion thereof) shall fail to qualify as an Incentive
Stock Option, then, to the extent of such failure, such Stock Option (or portion thereof) shall be regarded as a Nonqualified Stock
Option granted under this Plan; provided, that, such Stock Option (or portion thereof) otherwise complies with this Plan’s
requirements relating to Nonqualified Stock Options. In no event shall any member of the Committee or the Company (or its employees,
officers or directors) have any liability to any Participant (or any other person) due to the failure of a Stock Option to qualify
for any reason as an Incentive Stock Option.

 

(g)   A Purchased Option
may contain such additional terms not inconsistent with this Plan, including but not limited to the circumstances under which the
purchase price of such Purchased Option may be returned to the holder of the Purchased Option, as the Committee may determine in
its sole discretion.

 

(h)   For purposes of payments
made to exercise Stock Options, such payment shall be made in such form (including, but not limited to, cash, Class A Shares, the
surrender of all or part of an Award or another outstanding Award under this Plan or any combination thereof) as the Committee
may determine in its discretion.

 

     

     

    

 

Section 7. Stock Appreciation Rights.   The
Committee may grant Stock Appreciation Rights either alone, or in conjunction with other Awards, either at the time of grant or
by amendment thereafter. Each Award of Stock Appreciation Rights granted under this Plan shall be evidenced by an agreement in
such form as the Committee shall prescribe from time to time in accordance with this Plan and shall comply with the applicable
terms and conditions of this Plan, and with such other terms and conditions, including, but not limited to, restrictions upon the
Award of Stock Appreciation Rights or the Class A Shares issuable upon exercise thereof, as the Committee, in its discretion, shall
establish.

 

(a)   The Committee shall
determine the number of Class A Shares to be subject to each Award of Stock Appreciation Rights. In the case of an Award of Stock
Appreciation Rights awarded in conjunction with another Award, the number of Class A Shares subject to an outstanding Award of
Stock Appreciation Rights may be reduced on an appropriate basis to the extent that the other Award has been exercised, paid to
or otherwise received by the Participant, as determined by the Committee.

 

(b)   The Committee shall
determine in its discretion and specify in each agreement evidencing an Award of Stock Appreciation Rights the effect, if any,
the termination of the Participant’s employment with or performance of services for the Company shall have on the exercisability
of the Award of Stock Appreciation Rights.

 

(c)   An Award of Stock Appreciation
Rights shall entitle the holder to exercise such Award or to surrender unexercised another Award (or any portion of such other
Award) to Real Goods and to receive from Real Goods in exchange thereof, without payment to Real Goods, that number of Class A
Shares having an aggregate value equal to (or, in the discretion of the Committee, less than) the excess of the Fair Market Value
of one share, at the time of such exercise, over the exercise price, times the number of shares subject to the Award, or portion
thereof, that is so exercised or surrendered, as the case may be. The Committee shall be entitled in its discretion to elect to
settle the obligation arising out of the exercise of a Stock Appreciation Right by the payment of cash or Other Real Goods Securities
or property, or other forms of payment or any combination thereof, as determined by the Committee, equal to the aggregate value
of the Class A Shares it would otherwise be obligated to deliver. Any such election by the Committee shall be made as soon as practicable
after the receipt by the Committee of written notice of the exercise of the Stock Appreciation Right.

 

(d)   A Stock Appreciation
Right may provide that it shall be deemed to have been exercised at the close of business on the business day preceding the expiration
date of the Stock Appreciation Right or of the related Stock Option (or other Award), or such other date as specified by the Committee,
if at such time such Stock Appreciation Right has a positive value. Such deemed exercise shall be settled or paid in the same manner
as a regular exercise thereof as provided in subsection 7(d) of this Agreement.

 

Section 8. Restricted Stock and Restricted Stock Units.   The
Committee may grant Awards of Restricted Stock and Restricted Stock Units either alone, or in conjunction with other Awards, either
at the time of grant or by amendment thereafter. Each Award of Restricted Stock or Restricted Stock Units under this Plan shall
be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan and shall
comply with the applicable terms and conditions of this Section and this Plan, and with such other terms and conditions as the
Committee, in its discretion, shall establish.

 

(a)   The Committee shall
determine the number of Class A Shares to be issued to a Participant pursuant to the Award of Restricted Stock or Restricted Stock
Units, and the extent, if any, to which they shall be issued in exchange for cash, other consideration, or both.

 

     

     

    

  

(b)   Until the expiration
of such period as the Committee shall determine from the date on which the Award is granted and subject to such other terms and
conditions as the Committee in its discretion shall establish (the “Restricted Period”), a Participant to whom
an Award of Restricted Stock is made shall be issued, but shall not be entitled to the delivery of, a book entry or stock certificate
representing the Class A Shares subject to such Award.

 

(c)   Unless otherwise determined
by the Committee in its discretion, a Participant to whom an Award of Restricted Stock has been made (and any person succeeding
to such a participant’s rights pursuant to this Plan) shall have, after issuance of a certificate for the number of Class
A Shares awarded and prior to the expiration of the Restricted Period, ownership of such Class A Shares, including the right to
vote such Class A Shares and to receive dividends or other distributions made or paid with respect to such Class A Shares (provided
that such Class A Shares, and any new, additional or different shares, or Other Real Goods Securities or property, or other forms
of consideration that the Participant may be entitled to receive with respect to such Class A Shares as a result of a stock split,
stock dividend or any other change in the corporation or capital structure of Real Goods, shall be subject to the restrictions
set forth in this Plan as determined by the Committee in its discretion), subject, however, to the options, restrictions and limitations
imposed thereon pursuant to this Plan.

 

(d)   The Committee shall
determine in its discretion and specify in each agreement evidencing an Award of Restricted Stock or Restricted Stock Units the
effect, if any, the termination of the Participant’s employment with or performance of services for the Company during the
Restricted Period shall have on such Award of Restricted Stock.

 

(e) The Committee may grant Awards of Dividend
Equivalents to Participants in connection with Awards of Restricted Stock Units. The Committee may provide, at the date of grant
or thereafter, that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in
additional Class A Shares, or other investment vehicles as the Committee may specify; provided that Dividend Equivalents shall
be subject to all conditions and restrictions of the underlying Restricted Stock Units to which they relate.

 

Section 9. Performance Grants.   The Committee
may grant Awards of Performance Grants either alone, or in conjunction with other Awards, either at the time of grant or by amendment
thereafter. The Award of a Performance Grant to a Participant will entitle him to receive a specified amount determined by the
Committee (the “Actual Value”), if the terms and conditions specified in this Plan and in the Award are satisfied.
Each Award of a Performance Grant shall be subject to the applicable terms and conditions of this Plan, and to such other terms
and conditions, including but not limited to, restrictions upon any cash, Class A Shares, Other Real Goods Securities or property,
or other forms of payment, or any combination thereof, issued with respect to the Performance Grant, as the Committee, in its discretion,
shall establish, and shall be embodied in an agreement in such form and substance as is determined by the Committee.

 

(a)   The Committee shall
determine the value or range of values of a Performance Grant to be awarded to each Participant selected for an Award and whether
or not such a Performance Grant is granted in conjunction with another Award. As determined by the Committee, the maximum value
of each Performance Grant (the “Maximum Value”) shall be: (i) an amount fixed by the Committee at the time the
Award is made or amended thereafter, (ii) an amount that varies from time to time based in whole or in part on the then current
value of the Class A Shares, Other Real Goods Securities or property, or other securities or property, or any combination thereof
or (iii) an amount that is determinable from criteria specified by the Committee. Performance Grants may be issued in different
classes or series having different names, terms and conditions. In the case of a Performance Grant awarded in conjunction with
another Award, the Performance Grant may be reduced on an appropriate basis to the extent that the other Award has been exercised,
paid to or otherwise received by the Participant, as determined by the Committee.

 

     

     

    

 

(b)   The award period (“Award
Period”) related to any Performance Grant shall be a period determined by the Committee. At the time each Award is made
or within the first 90 days of any performance period, the Committee shall establish performance objectives to be attained within
the Award Period as the means of determining the Actual Value of such a Performance Grant. The performance objectives shall be
based on such measure or measures of performance, which may include, but need not be limited to, the performance of the Participant,
the Company or one or more of its divisions or units, or any combination of the foregoing, as the Committee shall determine, and
may be applied on an absolute basis or be relative to industry or other indices or any combination thereof. The Actual Value of
a Performance Grant shall be equal to its Maximum Value only if the performance objectives are attained in full, but the Committee
shall specify the manner in which the Actual Value of Performance Grants shall be determined if the performance objectives are
met in part. Such performance measures, the Actual Value or the Maximum Value, or any combination thereof, may be adjusted in any
manner by the Committee in its discretion at any time and from time to time during or as soon as practicable after the Award Period,
if it determines that such performance measures, the Actual Value or the Maximum Value, or any combination thereof, are not appropriate
under the circumstances.

 

(c)   The Committee shall
determine in its discretion and specify in each agreement evidencing a Performance Grant the effect, if any, the termination of
the Participant’s employment with or performance of services for the Company during the Award Period shall have on such Performance
Grant.

 

(d)   The Committee shall
determine whether the conditions of a Performance Grant have been met and, if so, shall ascertain the Actual Value of the Performance
Grant. If the Performance Grant has no Actual Value, the Award and such Performance Grant shall be deemed to have been canceled
and the associated Award, if any, may be canceled or permitted to continue in effect in accordance with its terms. If the Performance
Grant has any Actual Value and:

 

(i) was not awarded in conjunction
with another Award, the Committee shall cause an amount equal to the Actual Value of the Performance Grant earned by the Participant
to be paid to him or his permitted assignee or Beneficiary; or

 

(ii) was awarded in conjunction
with another Award, the Committee shall determine, in accordance with criteria specified by the Committee (A) to cancel the Performance
Grant, in which event no amount with respect thereto shall be paid to the Participant or his permitted assignee or Beneficiary,
and the associated Award may be permitted to continue in effect in accordance with its terms, (B) to pay the Actual Value of the
Performance Grant to the Participant or his permitted assignee or Beneficiary as provided below, in which event the associated
Award may be canceled or (C) to pay to the Participant or his Beneficiary, the Actual Value of only a portion of the Performance
Grants, in which event all or a portion of the associated Award may be permitted to continue in effect in accordance with its terms
or be canceled, as determined by the Committee.

 

Such determination by the Committee shall
be made as promptly as practicable following the end of the Award Period or upon the earlier termination of employment or performance
of services, or at such other time or times as the Committee shall determine, and shall be made pursuant to criteria specified
by the Committee.

 

(e)   Payment of any amount
with respect to the Performance Grants that the Committee determines to pay as provided above shall be made by Real Goods as promptly
as practicable after the end of the Award Period or at such other time or times as the Committee shall determine, and may be made
in cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof or in such
other manner, as determined by the Committee in its discretion. Notwithstanding anything in this Section to the contrary, the Committee
may, in its discretion, determine and pay out the Actual Value of the Performance Grants at any time during the Award Period.

 

Section 10. Deferral of Compensation.   The
Committee shall determine whether or not an Award shall be made in conjunction with the deferral of the Participant’s salary,
bonus or other compensation, or any combination thereof, and whether or not such deferred amounts may be:

 

(i) forfeited to Real Goods or to other
Participants or any combination thereof, under certain circumstances (which may include, but need not be limited to, certain types
of termination of employment or performance of services for the Company);

 

(ii) subject to increase or decrease in
value based upon the attainment of or failure to attain, respectively, certain performance measures; and/or

 

     

     

    

 

(iii) credited with income equivalents (which
may include, but need not be limited to, interest, dividends or other rates of return) until the date or dates of payment of the
Award, if any.

 

Notwithstanding the foregoing or any other
provision of this Plan, any deferral of compensation under this Section 10 must comply with the provisions of Code Section 409A,
and no deferral of compensation under this Section 10 which would result in an inclusion of any amount in gross income under Code
Section 409A(a)(1) is permitted.

 

Section 11. Deferred Payment of Awards.   The
Committee may specify that the payment of all or any portion of cash, Class A Shares, Other Real Goods Securities or property,
or any other form of payment, or any combination thereof, under an Award shall be deferred until a later date. Deferrals shall
be for such periods or until the occurrence of such events, and upon such terms, as the Committee shall determine in its discretion,
provided however, that any such deferral shall comply with the requirements of Code Section 409A. Deferred payments of Awards may
be made by undertaking to make payment in the future based upon the performance of certain investment equivalents (which may include,
but need not be limited to, government securities, Class A Shares, other securities, property or consideration, or any combination
thereof), together with such additional amounts of income equivalents (which may be compounded and may include, but need not be
limited to, interest, dividends or other rates of return or any combination thereof) as may accrue thereon until the date or dates
of payment, such investment equivalents and such additional amounts of income equivalents to be determined by the Committee in
its discretion.

 

Section 12. Transferability of Awards.   A
Participant’s rights and interest under this Plan or any Award may not be assigned or transferred, hypothecated or encumbered
in whole or in part either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, bankruptcy or in any other manner; provided, however, the Committee may permit such transfer to
a Permitted Transferee; and provided, further, that, unless otherwise permitted by the Code, any Incentive Stock Option granted
pursuant to this Plan shall not be transferable other than by will, by the laws of descent and distribution, and shall be exercisable
during the Participant’s lifetime only by Participant or by such Permitted Transferee.

 

Section 13. Amendment or Substitution of Awards under this
Plan. The terms of any outstanding Award under this Plan may be amended or modified from time to time by the Committee in its
discretion in any manner that it deems appropriate if the Committee could grant such amended or modified Award under the terms
of this Plan at the time of such amendment or modification; provided that no such amendment or modification shall adversely affect
in a material manner any right of a Participant under the Award without such Participant’s written consent, unless the Committee
determines in its discretion that there have occurred or are about to occur significant changes in the Participant’s position,
duties or responsibilities, or significant changes in economic, legislative, regulatory, tax, accounting or cost/benefit conditions
that are determined by the Committee in its discretion to have or to be expected to have a substantial effect on the performance
of the Company, or any affiliate, division or department thereof, on this Plan or on any Award under this Plan and provided further
that the Committee shall not have the authority to (i) accelerate the vesting of any outstanding Award under the Plan except in
the case of change in control, disability, or death, (ii) reprice, directly or indirectly, any Award under the Plan without stockholder
approval, or (iii) accelerate the time or schedule of any payment in a manner which is not permitted under Code Section 409A, or
to grant or amend any Award in any manner which would result in an inclusion of any amount in gross income under Code Section 409A(a)(1).
The Committee may, in its discretion, permit holders of Awards under this Plan to surrender outstanding Awards in order to exercise
or realize the rights under other Awards, or in exchange for the grant of new Awards, or require holders of Awards to surrender
outstanding Awards as a condition precedent to the grant of new Awards under this Plan; provided, however, that none of the foregoing
shall be permitted if it would result, directly or indirectly, in the repricing of an Award without stockholder approval.

 

Section 14. Termination of a Participant.   For
all purposes under this Plan, the Committee shall determine whether a Participant has terminated employment with, or the performance
of services for, the Company, provided, however, an absence or leave approved by the Company, to the extent permitted by applicable
provisions of the Code, shall not be considered an interruption of employment or performance of services for any purpose under
this Plan.

 

     

     

    

 

Section 15. Dilution and Other Adjustments.   If
any change in the outstanding Class A Shares of the Company occurs by reason of any stock split, reverse stock split, stock dividend,
split-up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision
or exchange of shares, any distribution to shareholders other than a normal cash dividend, or other extraordinary or unusual event,
the Committee shall make such adjustment in: (i) the aggregate number of shares that may be delivered under the Plan as described
in Section 5(b) and the individual Award maximums under Section 5(b); (ii) the number and exercise price of outstanding Stock Options
and outstanding Stock Appreciation Rights; (iii) the number of outstanding Restricted Stock Units; and (iv) the number of shares
subject to any other Awards granted under the Plan (provided that the number of shares subject to Awards shall always be a whole
number), in each case as may be determined to be appropriate by the Committee, and such adjustments shall be final, conclusive
and binding for all purposes of the Plan. The Committee may also provide for the adjustment and settlement of outstanding Awards
as it deems appropriate and consistent with the Plan’s purpose in the event of a change in control of Real Goods, and such
adjustments or settlements shall be final, conclusive and binding for all purposes of the Plan.

 

Section 16. Designation of Beneficiary by Participant.   A
Participant may name a beneficiary to receive any payment to which such Participant may be entitled with respect to any Award under
this Plan in the event of death, on a written form to be provided by and filed with the Committee, and in a manner determined by
the Committee in its discretion (a “Beneficiary”). The Committee reserves the right to review and approve Beneficiary
designations. A Participant may change his Beneficiary from time to time in the same manner, unless such Participant has made an
irrevocable designation. Any designation of a Beneficiary under this Plan (to the extent it is valid and enforceable under applicable
law) shall be controlling over any other disposition, testamentary or otherwise, as determined by the Committee in its discretion.
If no designated Beneficiary survives the Participant and is living on the date on which any amount becomes payable to such a Participant’s
Beneficiary, such payment will be made to the legal representatives of the Participant’s estate, and the term “Beneficiary”
as used in this Plan shall be deemed to include such person or persons. If there are any questions as to the legal right of any
Beneficiary to receive a distribution under this Plan, the Committee in its discretion may determine that the amount in question
be paid to the legal representatives of the estate of the Participant, in which event the Company, the Board, the Committee, the
Designated Administrator (if any), and the members thereof, will have no further liability to anyone with respect to such amount.

 

Section 17. Financial Assistance.   If
the Committee determines that such action is advisable, the Company may assist any Participant in obtaining financing from the
Company (or under any program of the Company approved pursuant to applicable law), or from a bank or other third party, on such
terms as are determined by the Committee, and in such amount as is required to accomplish the purposes of this Plan, including,
but not limited to, to permit the exercise of an Award, the participation therein, and/or the payment of any taxes with respect
thereto. Such assistance may take any form that the Committee deems appropriate, including, but not limited to, a direct loan from
the Company, a guarantee of the obligation by the Company or the maintenance by the Company of deposits with such bank or third
party.

 

Section 18. Miscellaneous Provisions.

 

(a)   Any proceeds from Awards
shall constitute general funds of Real Goods.

 

(b)   Except as otherwise
determined by the Committee, no fractional shares may be delivered under an Award, but in lieu thereof a cash or other adjustment
may be made as determined by the Committee in its discretion.

 

(c)   No Eligible Person
or other person shall have any claim or right to be granted an Award under this Plan. Determinations made by the Committee under
this Plan need not be uniform and may be made selectively among Eligible Persons under this Plan, whether or not such Eligible
Persons are similarly situated. Neither this Plan nor any action taken hereunder shall be construed as giving any Eligible Person
any right to continue to be employed by or perform services for the Company, and the right to terminate the employment of or performance
of services by Eligible Persons at any time and for any reason is specifically reserved.

 

     

     

    

 

(d)   No Participant or other
person shall have any right with respect to this Plan, the Class A Shares reserved for issuance under this Plan or in any Award,
contingent or otherwise, until written evidence of the Award shall have been delivered to the recipient and all the terms, conditions
and provisions of this Plan and the Award applicable to such recipient (and each person claiming under or through him) have been
met.

 

(e)   No Class A Shares,
Other Company Securities, other securities or property or other forms of payment shall be issued hereunder with respect to any
Award unless counsel for Real Goods shall be satisfied that such issuance will be in compliance with applicable law and any applicable
rules of any stock exchange or other market quotation system on which Class A Shares are listed.

 

(f)   It is the intent of
Real Goods that this Plan comply in all respects with any applicable provisions of Rule 16b 3 and Section 162(m) with respect to
Awards granted to executive officers of Real Goods, that any ambiguities or inconsistencies in construction of this Plan be interpreted
to give effect to such intention and that if any provision of this Plan is found not to be in compliance with any applicable provisions
of Rule 16b 3 or Section 162(m), such provision shall be deemed null and void with respect to Awards granted to executive officers
of the Company to the extent required to permit such Awards to comply with Rule 16b 3 and Section 162(m). It is also the intent
of Real Goods that this Plan comply in all respects with the provisions of the Code providing favorable treatment to Incentive
Stock Options, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such intention
and that if any provision of this Plan is found not to be in compliance with the Incentive Stock Option provisions of the Code,
such provision shall be deemed null and void with respect to Incentive Stock Options granted to employees of Real Goods (or any
parent or subsidiary of Real Goods) to the extent required to permit such Incentive Stock Options to receive favorable treatment
under the Code. It is the intent of Real Goods that this Plan comply in all respects with any applicable provisions of Code Section
409A with respect to Awards granted under this plan and any amendment or revision of such Awards, that any ambiguities or inconsistencies
in construction of this Plan be interpreted to give effect to such intention and that if any provision of this Plan is found not
to be in compliance with any applicable provisions of Code Section 409A such Plan provision shall be deemed null and void to the
extent required to permit such Awards to comply with any applicable provisions of Code Section 409A. Specifically, the Committee
shall not have the authority to accelerate the time or schedule of any payment in a manner which is not permitted under Code Section
409A or the regulations issued thereunder, or to grant or amend any Award in any manner which would result in an inclusion of any
amount in gross income under Code Section 409A(a)(1).

 

(g)   The Company shall have
the right to deduct from any payment made under this Plan any federal, state, local or foreign income or other taxes required by
law to be withheld with respect to such payment. It shall be a condition to any obligation of Real Goods to issue Class A Shares,
Other Real Goods Securities or property, other securities or property, or other forms of payment, or any combination thereof, upon
exercise, settlement or payment of any Award under this Plan, that the Participant (or any Beneficiary or person entitled to act)
pay to Real Goods, upon its demand, such amount as may be required by the Company for the purpose of satisfying any liability to
withhold federal, state, local or foreign income or other taxes. If the amount requested is not paid, Real Goods may refuse to
issue Class A Shares, Other Real Goods Securities or property, other securities or property, or other forms of payment, or any
combination thereof. Notwithstanding anything in this Plan to the contrary, the Committee may, in its discretion, permit a Participant
(or any Beneficiary or person entitled to act) to elect to pay a portion or all of the amount requested by the Company for such
taxes with respect to such Award, at such time and in such manner as the Committee shall deem to be appropriate (including, but
not limited to, by authorizing Real Goods to withhold, or agreeing to surrender to Real Goods on or about the date such tax liability
is determinable, Class A Shares, Other Real Goods Securities or property, other securities or property, or other forms of payment,
or any combination thereof, owned by such person or a portion of such forms of payment that would otherwise be distributed, or
have been distributed, as the case may be, pursuant to such Award to such person, having a Fair Market Value equal to the amount
of such taxes).

 

(h)   The expenses of this
Plan shall be borne by Real Goods; provided, however, Real Goods may recover from a Participant or his Beneficiary, heirs or assigns
any and all damages, fees, expenses and costs incurred by the Company arising out of any actions taken by a Participant in breach
of this Plan or any agreement evidencing such Participant’s Award.

 

(i)   This Plan shall be
unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets
to assure the payment of any Award under this Plan, and rights to the payment of Awards shall be no greater than the rights of
the Company’s general creditors.

 

     

     

    

 

(j)   By accepting any Award
or other benefit under this Plan, each Participant and each person claiming under or through such Participant shall be conclusively
deemed to have indicated his acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the
Board, the Committee or the Designated Administrator (if applicable).

 

(k)   The appropriate officers
of the Company shall cause to be filed any reports, returns or other information regarding Awards hereunder of any Class A Shares
issued pursuant hereto as may be required by applicable law and any applicable rules of any stock exchange or other market quotation
system on which Class A Shares are listed.

 

(l)   The validity, construction,
interpretation, administration and effect of this Plan, and of its rules and regulations, and rights relating to this Plan and
to Awards granted under this Plan, shall be governed by the substantive laws, but not the choice of law rules, of the State of
Colorado.

 

(m)   Records of the Company
shall be conclusive for all purposes under this Plan or any Award, unless determined by the Committee to be incorrect.

 

(n)   If any provision of
this Plan or any Award is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
provisions of this Plan or any Award, but such provision shall be fully severable, and this Plan or Award, as applicable, shall
be construed and enforced as if the illegal or invalid provision had never been included in this Plan or Award, as applicable.

 

(o)   The terms of this Plan
shall govern all Awards under this Plan and in no event shall the Committee have the power to grant any Award under this Plan that
is contrary to any of the provisions of this Plan.

 

(p)   For purposes of interpretation
of this Plan, the masculine pronoun includes the feminine and the singular includes the plural wherever appropriate.

 

Section 19. Plan Amendment or Suspension.   This
Plan may be amended or suspended in whole or in part at any time from time to time by the Board. No amendment of this Plan shall
adversely affect in a material manner any right of any Participant with respect to any Award previously granted without such Participant’s
written consent, except as permitted under Section 13.

 

Section 20. Plan Termination.   This Plan
shall terminate upon the earlier of the following dates or events to occur:

 

(a)   the adoption of a resolution
of the Board terminating this Plan; or

 

(b)   the close of business
on the tenth anniversary of the Effective Date; provided, however, that the Board may, prior to such date, extend the term of this
Plan for an additional period of up to five years for the grant of Awards other than Incentive Stock Options. No termination of
this Plan shall materially alter or impair any of the rights or obligations of any Participant, without such Participant’s
consent, under any Award previously granted under this Plan, except that subsequent to termination of this Plan, the Committee
may make amendments or modifications permitted under Section 13. Notwithstanding anything in this Plan to the contrary, the Committee
shall not grant any Award pursuant to this Plan after the tenth anniversary of the earlier to occur of  (i) the date this
Plan is adopted by the Board and (ii) the Effective Date.

 

Section 21. Effective Date.   This Plan
shall be effective, and Awards may be granted under this Plan, on or after the Effective Date.

 

     

     

    

 

APPENDIX A

 

The following terms shall have the meaning indicated:

 

“Actual Value” has the meaning set forth
in Section 9.

 

“Award” shall mean an award of rights to
an Eligible Person under this Plan.

 

“Award Period” has the meaning set forth
in subsection 9(b).

 

“Beneficiary” has the meaning set forth in
Section 16.

 

“Board” shall mean the board of directors
of Real Goods.

 

“Class A Shares” shall mean shares of Class
A Common Stock, par value $.0001 per share, of Real Goods and stock of any other class into which such shares may thereafter be
changed.

 

“Code” shall mean the Internal Revenue Code
of 1986, as it now exists or may be amended from time to time, and the rules and regulations promulgated thereunder, as they may
exist or may be amended from time to time.

 

“Code Section 409A” shall mean Section 409A
of the Code, any rules or regulations promulgated thereunder, as they may exist or may be amended from time to time, and any successor
to such section.

 

“Committee” shall mean the person or persons
responsible for administering this Plan. The Board shall constitute the Committee until the Board appoints a Board Committee, after
which time the Board Committee shall constitute the Committee, provided, however, that at any time the Board may designate itself
as the Committee or designate itself to administer certain of the Committee’s authority under this Plan, including administering
certain Awards under this Plan, subject to satisfying the requirements of Rule 16b-3 and Section 162(m), if applicable. The Board
or the Board Committee may designate a Designated Administrator to constitute the Committee or to administer certain of the Committee’s
authority under this Plan, including administering certain Awards under this Plan, subject to the right of the Board or the Board
Committee, as applicable, to revoke such designation at any time and to make such designation on such terms and conditions as it
may determine in its discretion. For purposes of this definition, the “Board Committee” shall mean a committee
of the Board designated by the Board to administer this Plan. Except as otherwise determined by the Board, the Board Committee
(i) shall be comprised of not fewer than two directors, (ii) shall meet any applicable requirements under Rule 16b-3, including
any requirement that the Board Committee consist of  “nonemployee directors” (as defined in Rule 16b-3), (iii)
shall meet any applicable requirements under Section 162(m), including any requirement that the Board Committee consist of 
“outside directors” (as defined in Treasury Regulation §1.162-27(e)(3)(i) or any successor regulation), and (iv)
shall meet any applicable requirements of any stock exchange or other market quotation system on which Class A Shares are listed.
For purposes of this definition, the “Designated Administrator” shall mean one or more persons designated by
the Board or a Board Committee to act as a Designated Administrator pursuant to this Plan. Except as otherwise determined by the
Board, a Designated Administrator shall only be appointed if Rule 16b 3 and Section 162(m) permits such appointment and the exercise
of any authority without adversely affecting the ability of Awards to officers of Real Goods to comply with the conditions for
Rule 16b 3 or Section 162(m). The resolutions of the Board or Board Committee designating the authority of the Designated Administrator
shall (i) specify the total number of Class A Shares subject to Awards that may be granted pursuant to this Plan by the Designated
Administrator, (ii) may not authorize the Designated Administrator to designate him or herself as the recipient of any Awards pursuant
to this Plan and (iii) shall otherwise comply with the requirements of applicable law.

 

“Company” shall mean Real Goods and any parent,
subsidiary or affiliate of Real Goods.

 

“Dividend Equivalents” shall mean an Award
of cash or other Awards with a Fair Market Value equal to the dividends which would have been paid on the Class A Shares underlying
an outstanding Award or Restricted Stock Units had such Class A Shares been outstanding.

 

“Effective Date” shall mean January 30,
2008.

 

     

     

    

 

“Eligible Person(s)” shall mean those persons
who are full or part-time employees of the Company or other individuals who perform services for the Company, including, without
limitation, directors who are not employees of the Company and consultants and advisors who perform services for the Company.

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as it now exists or may be amended from time to time, and the rules promulgated thereunder, as they may exist
or may be amended from time to time.

 

“Fair Market Value” shall mean such value
rounded up to the nearest cent as determined by the Committee by reasonable application of a reasonable valuation method in accordance
with applicable law, including Code Section 409A.

 

“Incentive Stock Option” shall mean a Stock
Option that is an incentive stock option as defined in Section 422 of the Code. Incentive Stock Options are subject, in part, to
the terms, conditions and restrictions described in Section 6.

 

“Maximum Value” has the meaning set forth
in subsection 9(a).

 

“Nonqualified Stock Option” shall mean a
Stock Option that is not an incentive stock option as defined in Section 422 of the Code. Nonqualified Stock Options are subject,
in part, to the terms, conditions and restrictions described in Section 6.

 

“Other Real Goods Securities” shall mean
Real Goods securities (which may include, but need not be limited to, unbundled stock units or components thereof, debentures,
preferred stock, warrants, securities convertible into Class A Shares or other property) other than Class A Shares.

 

“Participant” shall mean an Eligible Person
to whom an Award has been granted under this Plan.

 

“Performance Grant” shall mean an Award subject,
in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled
to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof,
as determined by the Committee.

 

“Permitted Transferee” means, except as otherwise
determined by the Committee (i), any person defined as an employee in the Instructions to Registration Statement Form S-8 promulgated
by the Securities and Exchange Commission, as such Form may be amended from time to time, which persons include, as of the date
of adoption of this Plan, executors, administrators or beneficiaries of the estates of deceased Participants, guardians or members
of a committee for incompetent former Participants, or similar persons duly authorized by law to administer the estate or assets
of former Participants, (ii) Participants’ family members who acquire Awards from the Participant other than for value,
through a gift or a domestic relations order, and (iii) any trust established for the benefit of any person described in clause
(i) above. For purposes of this definition, “family member” includes any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other
than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation
in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the
Participant) own more than fifty percent of the voting interests. For purposes of this definition, neither (i) a transfer under
a domestic relations order in settlement of marital property rights; nor (ii) a transfer to an entity in which more than fifty
percent of the voting interests are owned by family members (or the Participant) in exchange for an interest in that entity is
considered a transfer for “value”.

 

“Plan” shall mean this Real Goods Solar,
Inc. 2008 Long-Term Incentive Plan.

 

     

     

    

 

“Purchased Option” shall mean a Stock Option
that is sold to an Eligible Person at a price determined by the Committee. Purchased Options are subject, in part, to the terms,
conditions and restrictions described in Section 6.

 

“Real Goods” shall mean Real Goods Solar,
Inc., a Colorado corporation.

 

“Restricted Period” has the meaning set forth
in subsection 8(b).

 

“Restricted Stock” shall mean an Award of
Class A Shares that is issued subject, in part, to the terms, conditions and restrictions described in Section 8.

 

“Restricted Stock Units” shall mean an Award
of a right to receive Class A Shares that is issued subject, in part, to the terms, conditions and restrictions described in Section
8.

 

“Rule 16b-3” shall mean Rule 16b-3 promulgated
by the Securities and Exchange Commission under the Exchange Act and any successor rule.

 

“Section 162(m)” shall mean §162(m)
of the Code, any rules or regulations promulgated thereunder, as they may exist or may be amended from time to time, or any successor
to such section.

 

“Stock Appreciation Right” shall mean an
Award of a right to receive (without payment to Real Goods) cash, Class A Shares, Other Real Goods Securities or property, or other
forms of payment, or any combination thereof, as determined by the Committee, based on the increase in the value of the number
of Class A Shares specified in the Stock Appreciation Right. Stock Appreciation Rights are subject, in part, to the terms, conditions
and restrictions described in Section 7.

“Stock Option” shall mean an Award of a right
to purchase Class A Shares. The term Stock Option shall include Nonqualified Stock Options, Incentive Stock Options and Purchased
Options.

 

“Ten Percent Employee” shall mean an employee
of the Company who owns stock representing more than ten percent of the voting power of all classes of stock of Real Goods or any
parent or subsidiary of Real Goods.

 

“Treasury Regulation” shall mean a final,
proposed or temporary regulation of the Department of Treasury under the Code and any successor regulation.Exhibit 10.01 Exclusive License and Distribution Agreement

 

EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT

 

THIS EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT (this “Agreement”), effective as of February ___, 2018, (the “Effective Date”), by and between Mitu Resources Inc., a corporation organized and existing under the laws of the State of Nevada (“Licensee”), and the HeadWind Technologies Ltd., a company formed under the laws of Canada (“Supplier”) (each of Licensee and Supplier, are hereinafter referred to as a “Party” or collectively the “Parties”).

 

WITNESSETH:

 

WHEREAS, Supplier is the owner, inventor, and creator of the “Wind Shark” a new type of self-starting, vertical axis wind turbine created to change the way low wind turbines are defined (the “Product”). 

 

WHEREAS, Licensee is currently in the mining business, however Licensee has been seeking acquisitions partners to change the general direction of the corporations ongoing operations. Accordingly, Licensee and Supplier desire that Licensee become the exclusive world-wide (excluding Canada) distributor of the Product (hereinafter the “Territory” shall refer to the World, excluding the nation of Canada). The Parties agree that there maybe be carve outs of Suppliers’s existing relationships delineated in the definitive agreement. 

 

WHEREAS, this Agreement sets forth the business relationship between the Parties that provides for Licensee to serve as the Exclusive Licensee and Distributor, throughout the Territory, for the Product (the “Business Relationship”), the terms and conditions of the Business Relationship are set forth herein; and, 

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises and covenants of the Parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows:

 

ARTICLE I

Definitions

 

Unless specifically set forth to the contrary herein, the following terms shall have the respective meanings set forth below:

 

1.1 “AAA Rules” shall have the meaning set forth in Section 9.6.2. 

 

1.2 “Affiliate” shall mean, with respect to Licensee, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with Licensee. For purposes of this definition, “control” and, with correlative meanings, the terms “controlled by” and “under common control with,” shall mean (a) the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance, by application of applicable law, or otherwise, or (b) the ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interest of a Person (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity); provided that, if local law restricts foreign ownership, control will be established by direct or indirect ownership of the maximum ownership percentage that may, under such local law, be owned by foreign interests. 

 

1.3 “Agreement” shall have the meaning set forth in the preamble hereto. 

 

1.4 “Applicable Law” shall mean all laws, rules, and regulations applicable to the Exploitation of the Products, including any such rules, regulations, guidelines, guidance, or other requirements of the Regulatory Authorities, that may be in effect from time to time in the Territory. 

 

1.5 “Business Day” shall mean any day other than a Saturday, Sunday, any public holiday and any bank holiday in the United States. 

 

1.6 “Confidential Information” shall have the meaning set forth in Section 4.3.1. 

 

1.7 “Cure Period” shall have the meaning set forth in Section 8.3. 

 

1.8“Customer Orders” shall have the meaning set forth in Section 2.4.1. 

 

1.9 “Dispute” shall have the meaning set forth in Section 9.6.1. 

 

1.10 “Effective Date” shall mean the date of this Agreement as set forth in the preamble hereto. 

1.11“Licensee” shall have the meaning set forth in the preamble hereto. 

 

1.12“Expert” shall have the meaning set forth in Section 3.6.1. 

 

1.13“Exploitation” shall mean the making, having made, importation, use, sale, offering for sale or disposition of a product or process, including the research, development, registration, modification, enhancement, improvement, Manufacture, storage, formulation, optimization, import, export, transport, distribution, promotion or marketing of a product or process. 

 

1.14“Indemnification Claim Notice” shall have the meaning set forth in Section 6.3.1. 

 

1.15 “Indemnified Party” shall have the meaning set forth in Section 6.3.1. 

 

1.16“Inquiries” shall have the meaning set forth in Section 3.1.1. 

 

1.17 “Losses” shall have the meaning set forth in Section 6.1. 

 

1.18“Person” shall mean an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a government (whether or not having a separate legal personality). 

 

1.19 “Product” shall mean the “Wind Shark” self-starting vertical axis wind turbine. 

 

1.20“Purchase Orders” shall have the meaning set forth in Section 3.1.3. 

 

1.21“Regulatory Approval” shall mean any and all approvals (including pricing and reimbursement approvals), governmental licenses, registrations or authorizations of any Regulatory Authority, necessary for the Exploitation of the Products, as the case may be, in a country in the Territory, including any (a) approval of any Product (including any marketing authorizations and supplements and amendments thereto); (b) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto); (c) labeling approval; and (d) technical, medical and scientific licenses. 

 

1.22“Regulatory Authority” shall mean any applicable supra-national, national, regional, state, provincial or local regulatory agencies, departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to the Exploitation of the Products in the Territory. 

 

1.23 “Reply” shall have the meaning set forth in Section 3.1.2. 

 

1.24“Supplier” shall have the meaning set forth in the preamble hereto. 

 

1.25“Term” shall have the meaning set forth in Section 8.1. 

 

1.26“Territory” shall mean the entire world, excluding the Country of Canada. 

 

1.27“Third Party” shall mean any Person other than Licensee, Supplier and their respective Affiliates. 

 

1.28“Third Party Claim” shall have the meaning set forth in Section 6.3.2. 

 

1.29“Unit” shall mean a package containing the Product.  

ARTICLE II

Appointment and Grant

 

2.1 Exclusive Distributor. Supplier hereby appoints Licensee, for the duration of the Term, to distribute, offer for sale and sell the Products in the Territory on an exclusive basis (even with regard to Supplier and its Affiliates), and Licensee hereby accepts such appointment. Supplier acknowledges and agrees that during the Term it shall not, and it shall cause its Affiliates not to, market, promote, distribute, offer for sale or sell any Product in the Territory or to any Person (other than Licensee or its Affiliates) outside the Territory that is reasonably likely, directly or indirectly, to market, promote, distribute, offer for sale or sell any Product in the Territory or assist another Person to do so, or has directly or indirectly marketed, promoted, distributed, offered for sale or sold the Product in the Territory or assisted another Person to do so. 

 

2.2 Sub-distributors. Supplier acknowledges and agrees that Licensee shall have the right to appoint sub-distributors (which may be Affiliates of Licensee), as determined from time to time in Licensee’s sole discretion, to distribute, offer for sale and sell the Products in the Territory. 

 

2.3 Product Orders. Licensee promptly shall forward to Supplier all orders for the Products within the Territory, whether oral or written, that Licensee or its Affiliates receive from any customer (“Customer Orders”). Supplier shall use commercially reasonable efforts to satisfy all Customer Orders received from Licensee.  

 

2.4 Terms of Sale. Supplier acknowledges and agrees that Licensee, in its sole discretion, shall determine the price and other terms and conditions of sale on which it shall distribute, offer for sale and sell the Products to Customers (including sales pursuant to Customer Orders). All sales of Products by Supplier shall be in its own name and for its own account. 

 

2.5Compliance with Law. Licensee shall store and handle all Products sold to it by Supplier hereunder in accordance with the labeling therefor and in material compliance with all Applicable Law. Licensee shall sell and distribute the Products in material compliance with all Applicable Law. Licensee shall maintain complete and accurate records of its distribution and sale of the Products in accordance with Applicable Law to enable appropriate procedures to be implemented in the event that a recall or market withdrawal of any Product is required or appropriate. 

 

ARTICLE III

Product Supply

 

3.1License Fee; Liquidated Damages.  

 

3.1.1License Fee. Licensee shall pay a Supplier a license fee in the aggregate amount of four hundred thousand dollars ($400,000) USD (the “License Fee”), with such License Fee being paid as follows:  

 

(i)within 14 days from the closing Licensee shall remit to Supplier the initial payment of the License Fee, in the amount of one hundred thousand dollars ($100,000), to be paid in good and lawful funds at the direction of Supplier; and,  

 

(ii)within 30 days from the closing, Licensee shall remit to Supplier a further payment toward the License Fee, in the amount of two hundred thousand dollars ($200,000), to be paid in good and lawful funds at the direction of Supplier; and,  

 

(iii)within 45 days from the closing Licensee shall remit to Supplier the balance of the License Fee, in the amount of one hundred thousand dollars ($100,000), to be paid in good and lawful funds at the direction of Supplier. 

 

3.1.2 Should Licensee fail to make either payment in accordance with the above schedule, Supplier shall be entitled to terminate this Agreement within fourteen (14) business days of the date payment should have been received, thereafter any funds so remitted to Supplier shall be retained by Supplier as liquidated damages, and Licensee shall have no right to any refund of any kind.  

 

3.2 Royalty Payment. As consideration for the grant of the License pursuant to Section 3.1, Licensee shall pay Licensor a royalty (the "Royalty") equal to three percent (3%) of the gross sales price for sales by Licensee of all Products. The Royalty shall be calculated on an accrual (rather than a cash) basis. The Royalty shall be payable quarterly on the 15th day of each of January, April, July and October (as to sales accrued during the preceding calendar quarter) during the Term.  

 

3.3Licensing and Distributor Pricing Structure. Supplier will sell the Product to Licensee at a price, which shall be calculated by Supplier’s actual cost of production plus a twenty percent (20%) mark-up (the “Distributor Price”). The Distributor Price shall apply to any such product or products supplied to Licensee by Supplier. The Parties shall jointly discuss and approve the Distributor Price, which shall be modified only by the approval of both Parties. 

3.4Purchase Orders. 

 

3.4.1 During the Term, Licensee may submit to Supplier written inquiries (“Inquiries”) with respect to orders of Products, each of which shall specify (a) the quantity of each Product to be ordered by Licensee; (b) the required delivery date therefor; and, (c) the place of delivery. 

 

3.4.2 Supplier shall, within five (5) days after Supplier receives each Inquiry submitted in accordance with Section 3.4.1, inform Licensee in writing (a) whether it is willing to supply such Products on such terms and conditions, and (b) if so, the purchase price payable by Licensee pursuant to Section 3.5 (a “Reply”). 

 

3.4.3 Within thirty (30) days after receipt of a Reply from Supplier, Licensee may submit to Supplier a written purchase order (“Purchase Order”) for Products, which shall contain the items of information listed in Section 3.4.1. In the event that the Purchase Order is consistent with the applicable Inquiry and Reply, then Supplier shall accept such Purchase Order in writing within five (5) days after receipt thereof. 

 

3.4.4 Licensee shall be obligated to purchase, and Supplier shall be obligated to sell and deliver by the delivery date set forth therein, such quantity of each Product as is set forth in each such Purchase Order. In the event that the terms of any Purchase Order are inconsistent with the terms of this Agreement, the terms of this Agreement shall control. 

 

3.5 Delivery. Supplier shall deliver the quantities of Products set forth in each Purchase Order at the place specified in such Purchase Order, not later than the required delivery date specified therein. Title to and risk of loss of all Products shall pass to Licensee at the time of delivery. All Products shall be packed for shipping in accordance with Applicable Law and packing instructions provided by Licensee. All Product delivered hereunder shall be accompanied by a Certificate of Analysis.  

 

3.6Invoicing. Supplier shall promptly invoice Licensee for all quantities of Products delivered in accordance herewith. Subject to Section 3.8, payment with respect to each shipment of Product delivered shall be fifty percent (50%) of the purchase price due upon acceptance by Supplier of the Purchase Order, and the final fifty percent (50%) due thirty (30) days thereafter providing receipt by Licensee of the related Certificate of Analysis. However, if Licensee notifies Supplier pursuant to Section 3.8 that such Product is not conforming, then payment shall be due within thirty (30) days after determination that such Product is conforming Product in accordance with Section 3.8 or the receipt by Licensee of replacement Product if so elected by Licensee, as the case may be. In the event of any inconsistency between an invoice and this Agreement, the terms of this Agreement shall control. 

 

3.7Warranty. Supplier warrants to Licensee that, at the time of delivery pursuant to Section 3.5, all Products delivered hereunder following Regulatory Approval thereof (a) will have been Manufactured and released in accordance with the applicable Regulatory Approvals and Applicable Law, (b) will comply with any specifications therefor set forth in the applicable Regulatory Approvals, and (c) may legally be distributed or sold by Licensee under Applicable Law in the Territory.  

 

3.8 Rejection of Product. 

 

3.8.1 In the event that Licensee determines that any Product delivered by Supplier does not conform to the warranty set forth in Section 3.8, Licensee shall give Supplier written notice thereof and the reasons for such nonconformance (including a sample of such Product) within forty-five (45) days after delivery (or within ten (10) days after discovery of any nonconformity that could not reasonably have been detected by a customary visual inspection on delivery). Supplier shall undertake appropriate testing of such sample and shall notify Licensee whether it has confirmed such nonconformity within thirty (30) days after receipt of such notice from Licensee. If Supplier notifies Licensee that it has not confirmed such nonconformity, then the Parties shall mutually select an independent laboratory or other applicable expert (the “Expert”) to evaluate if the Products comply with the warranty set forth in Section 3.7 and each Party shall cooperate with the Expert’s reasonable requests for assistance in connection with its analysis hereunder. The findings of the Expert shall be binding on the Parties, absent manifest error. The expenses of the Expert shall be borne by Supplier if the Expert confirms the nonconformity and otherwise by Licensee. If the Expert or Supplier confirms that a batch of Product does not conform to the warranty set forth in Section 3.7, Supplier, at Licensee’s option, promptly shall (a) supply Licensee with a conforming quantity of Product at Supplier’s expense or (b) reimburse Licensee for any purchase price paid by Licensee with respect to such Product. In any event Supplier promptly shall reimburse Licensee for all costs incurred by Licensee with respect to such nonconforming Product, including costs of recall and destruction of such Product, which costs Licensee shall have the right to offset against any payments owed by Licensee to Supplier under this Agreement. 

 

3.8.2 The rights and remedies provided in this Section 3.8 shall be cumulative and in addition to any other rights or remedies that may be available to Licensee. 

 

3.9Currency. All amounts invoiced to Licensee hereunder shall be expressed and paid in United States Dollars.  

3.10Preexisting Relationships. Should Supplier make any introduction to Licensee of any third-party that becomes beneficial to Licensee, through added distribution channels or otherwise, Licensee and Supplier shall, in good faith, negotiate a royalty to be paid to Supplier by Licensee as an inducement for making such introduction or introductions.  

 

3.11Conduct in Ordinary Course. In addition to the conditions discussed herein and any others to be contained in the Definitive Agreements, consummation of the Business Relationship would be subject to having conducted business in the ordinary course during the period between the date hereof and the execution date and there shall have been no material adverse change in the business, financial condition or prospects. 

 

3.12Registration. Supplier will assist Licensee in ensuring that all of its products receive the proper registration and that all of Supplier’s Products’ packaging meets all requirements necessary for Licensee to distribute the products into any stream of commerce, as necessary. 

 

3.12License. Supplier cannot license any intellectual property, which pertains to the Supplier Products, to any third party without first receiving approval from Licensee. 

 

ARTICLE IV

Confidentiality and Nondisclosure

 

4.1 Confidentiality Obligations. Except as provided herein, the Parties agree that, during the term of this Agreement and for five (5) years after this Agreement’s expiration or termination pursuant to Article VIII, each Party shall hold in strict confidence and shall not publish or otherwise disclose, directly or indirectly, to any Person (other than employees, Affiliates, legal counsel, consultants, auditors and advisors who, except in the case of legal counsel, are bound in writing by confidentiality and non-use obligations no less onerous than those set forth herein) any Confidential Information of the other Party. During such period, a Party (and its Affiliates) shall not use for any purpose, directly or indirectly, Confidential Information of the other Party or its Affiliates furnished or otherwise made known to it, except as permitted hereunder. 

 

4.2 Permitted Disclosures. Each Party may disclose Confidential Information to the extent that such disclosure is: 

 

4.2.1 Made in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial or local governmental or regulatory body of competent jurisdiction; provided, however, that the receiving Party shall first have given notice to the disclosing Party and, insofar as permitted by applicable law, given the disclosing Party a reasonable opportunity to quash such order and to obtain a protective order requiring that the Confidential Information and documents that are the subject of such order be held in confidence by such court or agency or, if disclosed, be used only for the purposes for which the order was issued; and provided further that if a disclosure order is not quashed or a protective order is not obtained, the Confidential Information disclosed in response to such court or governmental order shall be limited to that information which is legally required to be disclosed in response to such court or governmental order; 

 

4.2.2 Otherwise required by law, in the opinion of legal counsel to the receiving Party as expressed in an opinion letter in form and substance reasonably satisfactory to the disclosing Party, which shall be provided to the disclosing Party at least two (2) Business Days prior to the receiving Party’s disclosure of the Confidential Information pursuant to this Section 4.2.2; 

 

4.2.3 Made by the receiving Party to the Regulatory Authorities as required in connection with any filing, application or request for Regulatory Approval; provided, however, that reasonable measures shall be taken to assure confidential treatment of such information; or,  

 

4.2.4 Made by Licensee or Supplier to existing or potential acquirers or merger candidates; existing or potential collaborators; investment bankers; existing or potential investors, venture capital firms or other financial institutions or investors for purposes of obtaining financing; each of whom prior to disclosure must be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article IV.  

 

4.3 Confidential Information. 

 

4.3.1 Defined. “Confidential Information” of a Party shall mean all information and know-how and any tangible embodiments thereof provided by or on behalf of such Party to the other Party in the course of performing this Agreement, including data; knowledge; practices; processes; ideas; research plans; engineering designs and drawings; research data; manufacturing processes and techniques; scientific, manufacturing, marketing and business plans; and financial and personnel matters relating to the disclosing Party or to its present or future products, sales, suppliers, customers, employees, investors or business. For the avoidance of doubt, Confidential Information shall be deemed to include any and all information provided by one Party to the other Party relating to the Products and the terms of this Agreement. 

4.3.2 Exclusions. Notwithstanding the foregoing, information or know-how of a Party shall not be deemed Confidential Information with respect to the receiving Party for purposes of this Agreement if such information or know-how: (a) was already known to the receiving Party or its Affiliates, other than under an obligation of confidentiality or non-use, at the time of disclosure to, or, with respect to know-how, discovery or development by, such receiving Party; (b) was generally available or known, or was otherwise part of the public domain, at the time of its disclosure to, or, with respect to know-how, discovery or development by, such receiving Party; (c) became generally available or known, or otherwise became part of the public domain, after its disclosure to, or, with respect to know-how, discovery or development by, such receiving Party through no fault of the receiving Party; (d) was disclosed to such receiving Party or its Affiliates, other than under an obligation of confidentiality or non-use, by a Third Party who had no obligation to the Party that controls such information and know-how not to disclose such information or know-how to others; or (e) was independently discovered or developed by such receiving Party or its Affiliates, as evidenced by their written records, without the use of Confidential Information belonging to the Party that controls such information and know-how. Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of a Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of such Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of a Party merely because individual elements of such Confidential Information are in the public domain or in the possession of such Party unless the combination and its principles are in the public domain or in the possession of such Party. 

 

4.4 Equitable Relief. Each Party acknowledges and agrees that a breach of any of the terms of this Article IV would cause irreparable harm and damage to the other Party and that such damage may not be ascertainable in money damages and that as a result thereof the non-breaching Party would be entitled to seek from a court equitable or injunctive relief restraining any breach or future violation of the terms contained herein by the breaching Party without the necessity of proving actual damages. Such right to equitable relief is in addition to whatever remedies either Party may be entitled to as a matter of law or equity, including money damages, which other remedies are subject to Section 9.6. 

 

ARTICLE V

Regulatory Approvals, Initial Order, Minimum Orders, Complaints, 

Adverse Event Reporting and Product Recall

 

5.1 Regulatory Approvals. 

  

5.1.1 Licensee shall have twelve (12) months from the Effective Date of this Agreement to obtain Regulatory Authority to sell the Product within the Territory. Should Licensee fail to obtain such Regulatory Authority within the twelve (12) month period, Supplier, in its sole discretion may eliminate Licensee’s exclusive rights to the Product throughout the Territory. Once Regulatory Authority has been granted, Licensee must submit its initial Purchase Order to Supplier within two (2) months from the date Regulatory Authority has been granted.  

 

5.1.2The Parties agree to bargain in good faith to establish mutually agreeable annual Minimum Orders for Product within the Territory and specifically within each country contemplated, with such agreement to be concluded within 30 days of the execution of this agreement or as extended by mutual agreement. Such minimums must be met by Licensee in order to maintain exclusivity hereunder. To be clear, the failure to maintain the established monthly minimum in any particular country with the Territory will only effect the exclusivity in such country, and Licensee will maintain exclusivity with respect to any and all other countries with the Territory, assuming such monthly minimums are being maintained.  

 

5.1.3 Supplier shall be solely responsible for (a) taking all actions, paying all fees and conducting all communication with the appropriate Regulatory Authority in respect of all Regulatory Approvals, including preparing and filing all reports (including adverse event and complaint reports) with the appropriate Regulatory Authority, (b) taking all actions and conducting all communication with Third Parties in respect of Products sold by Licensee and its sub-distributors, including responding to all Product complaints in respect thereof, including complaints related to tampering or contamination, and (c) investigating all Product complaints and adverse events in respect of Products sold by Licensee. Licensee shall, at Supplier’s expense, cooperate with all of Supplier’s reasonable requests and use its commercially reasonable efforts to assist Supplier in connection with (x) preparing any and all such reports for Regulatory Authorities (including, without limitation, supplying distribution information necessary to prepare annual reports), (y) preparing and disseminating all such communications with Third Parties, and (z) investigating and responding to any Product complaint or adverse event related to a Product sold by Licensee or its sub-distributors. 

 

5.1.4 Each Party promptly shall provide notice to the other Party of any material communications with any Regulatory Authority concerning the Products. To the extent permitted by Applicable Law, copies of all such material communications shall be attached to the notice sent pursuant to this Section 5.1.5. 

5.1.5Each Party shall immediately notify the other of any information received regarding any threatened or pending action by any Regulatory Authority that may affect the Products or the continued Manufacture, distribution, sale or use of the Products in the Territory. Upon receipt of any such information, the Parties shall consult in an effort to arrive at a mutually acceptable procedure for taking appropriate action; provided, however, that nothing set forth in this Section 5.1 shall be construed as restricting the right of either Party to make a timely report of such matter to any Regulatory Authority or take other action that it deems appropriate under Applicable Law.  

 

5.2 Complaints. Each Party shall maintain a record of any and all complaints it receives with respect to the Products. Each Party shall notify the other Party in reasonable detail of any complaint received by it within thirty (30) days or such shorter period as may be required by Applicable Law. 

 

5.3 Adverse Event Reporting. Each Party shall provide notice to the other Party within twenty-four (24) hours from the time it becomes aware of an adverse event associated with use of a Product (whether or not the reported effect is (a) described in the prescribing information or the published literature with respect to such Product or (b) determined to be attributable to such Product) of any information in or coming into its possession or control concerning such adverse event. 

 

5.4 Product Recall. 

  

5.4.1 Notification and Recall. In the event that any Regulatory Authority issues or requests a recall or market withdrawal or takes similar action in connection with any Product sold or distributed by Licensee or its sub-distributors, or in the event either Party determines that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal of any Product sold or distributed by Licensee or its sub-distributors, the Party notified of or desiring such recall or similar action shall, within twenty-four (24) hours, advise the other Party thereof by telephone or facsimile. Following such notification, within seventy-two (72) hours, Supplier shall decide in its sole discretion whether to conduct a recall or market withdrawal (except in the case of a government-mandated recall) and the manner in which any such recall or market withdrawal shall be conducted. Licensee shall cooperate with Supplier as reasonably requested by Licensee in the implementation of any recall or market withdrawal.  

 

5.4.2 Recall Expenses. Supplier promptly shall reimburse Licensee for all expenses incurred by Licensee in connection with any recall or market withdrawal of any Product, except to the extent that such recall or market withdrawal results from Licensee’s gross negligence or willful misconduct. Such expenses of recall or market withdrawal shall include expenses for notification, destruction or return of the recalled or withdrawn Product, and any refund of amounts paid for the recalled or withdrawn Product, legal and administrative costs incurred in connection with the recall (including any such expenses incurred in meeting with and responding to any issues raised by any Regulatory Authority). 

 

 

ARTICLE VI

Indemnity

 

6.1 Indemnification of Licensee. Subject to Section 6.3, Supplier shall indemnify Licensee, its Affiliates and its and their respective directors, officers, employees and agents, and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) in connection with any and all suits, investigations, claims or demands (collectively, “Losses”) arising from or occurring as a result of (a) any material breach by Supplier of this Agreement, (b) any gross negligence or willful misconduct of Supplier in performing Supplier’s obligations under this Agreement, (c) any death or personal injury caused by the negligence of Supplier or its Affiliates and resulting from the purchase, use or consumption of any Product, or (d) any claim or allegation that the use of the Product Trademarks by Licensee or its sub-distributors in accordance with the terms hereof infringes or misappropriates the intellectual property rights of any Third Party, except for those Losses for which Licensee has an obligation to indemnify Supplier pursuant to Section 6.2, as to which Losses each Party shall indemnify the other to the extent of their respective liability for the Losses. Any additional indemnities to be provided to Licensee by Supplier in connection with specific Purchase Orders shall be mutually agreed pursuant to Section 3.1 on a case-by-case basis, and shall be subject to the procedure set forth in Section 6.3. 

 

6.2 Indemnification of Supplier. Subject to Section 6.3, Licensee shall indemnify Supplier, its Affiliates and their respective directors, officers, employees and agents, and defend and save each of them harmless, from and against any and all Losses arising from or occurring as a result of (a) any material breach by Licensee of this Agreement or (b) the gross negligence or willful misconduct of Licensee, its Affiliates or its other sub-contractors in performing Licensee’s obligations under this Agreement, except for those Losses for which Supplier has an obligation to indemnify Licensee and its Affiliates pursuant to Section 6.1, as to which Losses each Party shall indemnify the other to the extent of their respective liability for the Losses. 

6.3 Indemnification Procedure. 

 

6.3.1 Notice of Claim. The indemnified Party shall give the indemnifying Party prompt written notice (an “Indemnification Claim Notice”) of any Losses or discovery of fact upon which such indemnified Party intends to base a request for indemnification under Section 6.1 or Section 6.2, but in no event shall the indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time). The indemnified Party shall furnish promptly to the indemnifying Party copies of all papers and official documents received in respect of any Losses. All indemnification claims in respect of a Party, its Affiliates or their respective directors, officers, employees and agents shall be made solely by such Party to this Agreement (the “Indemnified Party”). 

 

6.3.2 Third Party Claims. The obligations of an indemnifying Party under this Article VI with respect to Losses arising from claims of any Third Party that are subject to indemnification as provided for in Sections 6.1 or 6.2 (a “Third Party Claim”) shall be governed by and be contingent upon the following additional terms and conditions:  

 

(a) Control of Defense. At its option, the indemnifying Party may assume the defense of any Third Party Claim by giving written notice to the Indemnified Party within thirty (30) days after the indemnifying Party’s receipt of an Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be construed as an acknowledgment that the indemnifying Party is liable to indemnify any Person seeking indemnification in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying Party of any defenses it may assert against any such claim for indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the indemnifying Party. In the event the indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the indemnifying Party all original notices and documents (including court papers) received by any indemnified Party in connection with the Third Party Claim. Should the indemnifying Party assume the defense of a Third Party Claim, the indemnifying Party shall not be liable to the Indemnified Party or any other indemnified Party for any legal expenses subsequently incurred by such indemnified Party in connection with the analysis, defense or settlement of the Third Party Claim. In the event that it is ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless an indemnified Party from and against the Third Party Claim, the Indemnified Party shall reimburse the indemnifying Party for any and all costs and expenses (including attorneys’ fees and costs of suit) and any Losses incurred by the indemnifying Party in its defense of the Third Party Claim with respect to such indemnified Party. 

 

(b) Right to Participate in Defense. Without limiting Section 6.3.2(a), any indemnified Party shall be entitled to participate in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose; provided, however, that such employment shall be at the indemnified Party’s own expense unless (i) the employment thereof has been specifically authorized by the indemnifying Party in writing or (ii) the indemnifying Party has failed to assume the defense and employ counsel in accordance with Section 6.3.2(a) (in which case the Indemnified Party shall control the defense). 

 

(c) Settlement. With respect to any Losses relating solely to the payment of money damages in connection with a Third Party Claim and that will not result in the Indemnified Party’s becoming subject to injunctive or other relief or otherwise adversely affect the business of the Indemnified Party in any manner, and as to which the indemnifying Party shall have acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the indemnifying Party shall have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party, in its sole discretion, shall deem appropriate. With respect to all other Losses in connection with Third Party Claims, where the indemnifying Party has assumed the defense of the Third Party Claim in accordance with Section 6.3.2(a), the indemnifying Party shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss provided it obtains the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed). The indemnifying Party shall not be liable for any settlement or other disposition of a Loss by an Indemnified Party that is reached without the written consent of the indemnifying Party. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, no Indemnified Party shall admit any liability with respect to, or settle, compromise or discharge, any Third Party Claim without the prior written consent of the indemnifying Party. 

(d) Cooperation. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnified Party shall, and shall cause each other indemnified Party to, cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business hours afforded to indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third Party Claim, and making indemnified Parties and other employees and agents available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder, and the indemnifying Party shall reimburse the Indemnified Party for all its reasonable out-of-pocket expenses in connection therewith. 

 

(e) Expenses. Except as provided above, the costs and expenses, including fees and disbursements of counsel, incurred by the Indemnified Party in connection with any claim shall be reimbursed on a calendar quarter basis by the indemnifying Party, without prejudice to the indemnifying Party’s right to contest the Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is ultimately held not to be obligated to indemnify the Indemnified Party. 

 

6.4 DAMAGES.

 

6.4.1 SUBJECT TO SECTIONS 6.1 AND 6.2, AND EXCEPT IN CIRCUMSTANCES OF GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, NONE OF LICENSEE, SUPPLIER OR ANY OF THEIR RESPECTIVE AFFILIATES SHALL BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING FOR LOST PROFITS), WHETHER IN CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF (A) ANY BREACH OF OR FAILURE TO PERFORM ANY OF THE PROVISIONS OF THIS AGREEMENT, OR (B) THE DEVELOPMENT, MANUFACTURE, USE OR SALE OF ANY PRODUCT DEVELOPED, MANUFACTURED OR MARKETED HEREUNDER. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS ATTEMPTING TO EXCLUDE OR LIMIT THE LIABILITY OF EITHER OF THE PARTIES OR THEIR RESPECTIVE AFFILIATES (A) FOR DEATH OR PERSONAL INJURY CAUSED BY THE NEGLIGENCE OF EITHER OF THE PARTIES, THEIR RESPECTIVE AFFILIATES, OR OF THE OFFICERS, EMPLOYEES OR AGENTS OF THE PARTIES OR THEIR RESPECTIVE AFFILIATES, (B) FOR FRAUD OR FRAUDULENT MISREPRESENTATION OR (C) FOR ANY MATTER IN RESPECT OF WHICH IT WOULD BE ILLEGAL FOR EITHER PARTY TO EXCLUDE OR ATTEMPT TO EXCLUDE ITS LIABILITY. 

 

6.4.2 SUBJECT TO THE PRECEDING SENTENCE, BUT NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IN NO EVENT SHALL THE COMBINED AGGREGATE LIABILITY OF EITHER PARTY UNDER THIS AGREEMENT EXCEED THE COMBINED AGGREGATE AMOUNTS PAID BY LICENSEE TO SUPPLIER, WHETHER AS LUMP SUMS OR PERIODIC PAYMENTS OF ROYALTIES OR SUBLICENSE INCOME, UNDER THIS AGREEMENT (THE “AGGREGATE AMOUNT”); PROVIDED, HOWEVER, THAT IN THE EVENT THAT EITHER PARTY (THE “LIABLE PARTY”) SHALL BECOME LIABLE TO THE OTHER PARTY HEREUNDER OR THEREUNDER FOR AN AMOUNT (THE “TOTAL LIABILITY”) LARGER THAN THE AGGREGATE AMOUNT CALCULATED AS OF THE DATE THAT THE TOTAL LIABILITY BECAME DUE AND PAYABLE, THE LIABLE PARTY SHALL PROMPTLY PAY SUCH OTHER PARTY A LUMP SUM EQUAL TO THE AGGREGATE AMOUNT AS SO CALCULATED AND PROVIDED, FURTHER, THAT IF SUPPLIER IS THE LIABLE PARTY, LICENSEE SHALL THEREAFTER HAVE A RIGHT OF OFFSET WITH RESPECT TO ANY PAYMENT OBLIGATIONS OF LICENSEE TO SUPPLIER HEREUNDER AND THEREUNDER THAT BECOME DUE AND PAYABLE AFTER SUCH DATE, UNTIL SUCH TIME AS THE TOTAL AMOUNTS OFFSET BY Licensee EQUAL THE DIFFERENCE BETWEEN THE TOTAL LIABILITY AND SUCH LUMP SUM PAYMENT BY SUPPLIER; AND PROVIDED, FURTHER, THAT IF LICENSEE IS THE LIABLE PARTY, THEN THEREAFTER, AT SUCH TIMES AS Licensee SHALL MAKE PAYMENTS TO SUPPLIER THAT ARE OTHERWISE DUE AND PAYABLE HEREUNDER OR THEREUNDER, LICENSEE SHALL PAY TO SUPPLIER AN EQUAL AMOUNT AS ADDITIONAL DAMAGES, UNTIL SUCH TIME AS THE TOTAL AMOUNTS SO PAID TO SUPPLIER AS ADDITIONAL DAMAGES EQUAL THE DIFFERENCE BETWEEN THE TOTAL LIABILITY AND SUCH LUMP SUM PAYMENT BY LICENSEE.  

 

6.5 Insurance. Supplier shall have and maintain such program of self-insurance covering the Exploitation of the Products as is normal and customary in the industry generally for parties similarly situated. 

ARTICLE VII

Representations and Warranties

  

7.1 Representations and Warranties. Each Party hereby represents, warrants and covenants to the other Party as of the Effective Date as follows: 

 

7.1.1 Such Party (a) has the power and authority and the legal right to enter into this Agreement and perform its obligations hereunder, and (b) has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of creditor rights and judicial principles affecting the availability of specific performance and general principles of equity, whether enforceability is considered a proceeding at law or equity.

 

7.1.2 Such Party is not aware of any pending or threatened litigation (and has not received any communication) that alleges that such Party’s activities related to this Agreement have violated, or that by conducting the activities as contemplated herein such Party would violate, any of the intellectual property rights of any other Person. 

 

7.1.3 All necessary consents, approvals and authorizations of all regulatory and governmental authorities and other Persons required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained. 

 

7.1.4 The execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable law or regulation or any provision of the articles of incorporation, bylaws, limited partnership agreement or any similar instrument of such Party, as applicable, in any material way, and (b) do not conflict with, violate, or breach or constitute a default or require any consent under, any contractual obligation or court or administrative order by which such Party is bound. 

 

7.2 Additional Representations, Warranties and Covenants of Licensee. Licensee represents, warrants and covenants to Supplier that Licensee is a corporation duly organized and in good standing under the laws of the State of Florida, and has full power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and as it is contemplated to be conducted by this Agreement. 

 

7.3 Additional Representations, Warranties and Covenants of Supplier. Supplier represents, warrants and covenants to Licensee that Supplier is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, and has full power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and as it is contemplated to be conducted by this Agreement. 

 

7.4 Disclaimer of Warranties. EXCEPT FOR THOSE WARRANTIES SET FORTH IN THIS ARTICLE VII, AND SUBJECT TO SECTION 6.4.1, EACH PARTY HEREBY DISCLAIMS ANY AND ALL WARRANTIES, CONDITIONS AND TERMS, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING (A) ANY WARRANTY OF QUALITY, PERFORMANCE, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, (B) ANY WARRANTY WITH RESPECT TO THE VALIDITY OR ENFORCEABILITY OF ANY PATENT OR OTHER INTELLECTUAL PROPERTY, AND (C) ANY WARRANTY THAT THE PERFORMANCE OF ITS RIGHTS OR OBLIGATIONS HEREUNDER WILL NOT INFRINGE THE INTELLECTUAL PROPERTY RIGHTS OF ANY PERSON. SUBJECT TO SECTION 6.4.1, NO PARTY MAKES ANY REPRESENTATIONS HEREUNDER OTHER THAN THOSE SET FORTH EXPRESSLY HEREIN. 

ARTICLE VIII

Term and Termination

 

8.1 Term and Expiration. This Agreement shall become effective as of the Effective Date and unless terminated earlier pursuant to Section 8.2, 8.3, 8.4, or 8.6, the term of this Agreement (the “Term”) shall continue in effect for a period of ten (10) years from the from the Effective Date hereof. Thereafter, the term shall be negotiated in good faith between the Parties.  

 

8.2 Termination by Licensee without Cause. Notwithstanding anything contained herein to the contrary, Licensee shall have the right to terminate this Agreement in its entirety at any time in its sole discretion by giving one hundred and eighty (180) days’ written notice to Supplier. 

 

8.3 Termination of this Agreement by Either Party for Material Breach. Material failure by a Party to comply with any of its material obligations contained herein shall entitle the Party not in default to give to the Party in default notice specifying the nature of the default, requiring the defaulting Party to make good or otherwise cure such default, and stating its intention to terminate if such default is not cured. In the event that Licensee is the notifying Party, Licensee shall have the right, in addition to all other remedies available to it by law, in equity or pursuant to this Agreement, to suspend payment of any amounts that it would otherwise owe to Supplier hereunder until such time as the material breach of Supplier is cured. If a noticed default is not cured within thirty (30) days (the “Cure Period”) after the receipt of such notice (or, if such default cannot be cured within such thirty (30)-day period, if the Party in default does not commence actions to cure such default within the Cure Period and thereafter diligently continue such actions), the Party not in default shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement, and in addition to any other remedies available to it by law or in equity, to terminate this Agreement in its entirety; provided, however, that any right to terminate under this Section 8.3 shall be stayed in the event that, during any Cure Period, the Party alleged to have been in default shall have initiated dispute resolution in accordance with Section 9.6 with respect to the alleged default, which stay shall last so long as the initiating Party diligently and in good faith cooperates in the prompt resolution of such dispute resolution proceedings. 

 

In the event that this agreement is terminated, the Licensee shall immediately return to the Licensor all sales materials, drawings, technology descriptions and any other material or information proprietary to the Product obtained from Licensor.

 

8.4 Accrued Rights; Survival. 

 

8.4.1 Accrued Rights. Termination or expiration of this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement. 

 

8.4.2 Survival. Sections 3.6, 3.7, and this Section 8.4, and Articles I, IV, V, VI, and IX, shall survive the termination or expiration of this Agreement for any reason. 

 

8.4.3 Product Sell-Off. Licensee shall have a period of ninety (90) days from the effective date of termination or expiration of this Agreement during which it may sell in the Territory in accordance with the terms hereof any stocks of Products in its possession at the effective date of such termination or expiration. 

 

8.5 Termination upon Insolvency. Either Party may terminate this Agreement if, at any time, the other Party shall file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the other Party shall make an assignment for the benefit of its creditors. 

ARTICLE IX

Miscellaneous

  

9.1 Force Majeure. Neither Party shall be held liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement, when such failure or delay is caused by or results from causes beyond the reasonable control of the non-performing Party, including fires, floods, embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), insurrections, riots, civil commotion, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority. The non-performing Party shall notify the other Party of such force majeure within ten (10) days after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated duration, and any action being taken to avoid or minimize its effect. The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform; provided, however, that in the event the suspension of performance continues for one-hundred and eighty (180) days after the date of the occurrence, that Parties shall meet and discuss in good faith how best to proceed. 

 

9.2 Assignment. Without the prior written consent of the other Party, neither Party shall sell, transfer, assign, charge, delegate, pledge or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder, nor purport to do any of the same; provided, however, that Licensee may, without such consent, assign this Agreement and its rights hereunder to an Affiliate, to the purchaser of all or substantially all of its assets, or to any Third Party pursuant to or in connection with any agreement and plan of merger, acquisition, reorganization, or other similar corporate transaction; and provided, further, that Supplier may, without such consent, assign the benefit of this Agreement and its rights hereunder to an Affiliate. Any attempted assignment in violation of the preceding sentence shall be void and of no effect. All validly assigned rights of the Parties hereunder shall be binding upon and inure to the benefit of and be enforceable by the permitted assigns of Licensee or Supplier, as the case may be. No assignment validly made pursuant to this Section 9.2 shall relieve the assigning Party of any of its obligations under this Agreement, unless the other Party has given its prior consent thereto. 

 

9.3 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, (a) such provision shall be fully severable, (b) this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom, and (d) the Parties agree to attempt to substitute for any such illegal, invalid or unenforceable provision a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and reasonably acceptable to the Parties. To the fullest extent permitted by applicable law, each Party hereby waives any provision of law that would render any provision hereof prohibited or unenforceable in any respect. 

 

9.4 Governing Law. This Agreement shall be governed by and construed in accordance with English law (without reference to the rules of conflict of laws thereof). Subject to Section 9.6, the Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of (a) the courts of the State of California and the United States District Court for the Southern District of Nevada for any action, suit or proceeding (other than appeals therefrom) initiated by Supplier and arising out of or relating to this Agreement.  

 

9.5Dispute Resolution. 

  

9.5.1 Negotiation. The Parties shall negotiate in good faith and use reasonable efforts to settle any dispute, controversy or claim arising from or related to this Agreement (or any document or instrument delivered in connection herewith) (each, a “Dispute”). In the event that the Parties are unable to, within ten (10) days, to reach a resolution, such Dispute shall be referred to the chief executive officers of Licensee and Supplier, or their respective successors, who shall attempt in good faith to reach a resolution of the Dispute. If the foregoing procedures fail to achieve a mutually satisfactory resolution within ten (10) days, then either Party may, by written notice to the other Party, elect to have the matter settled by binding arbitration pursuant to Section 9.5.2. 

9.5.2 Arbitration. Any arbitration under this Agreement shall take place at a location to be agreed by the Parties; provided, however, that in the event that the Parties are unable to agree on a location for an arbitration under this Agreement within five (5) days of the demand therefor, such arbitration shall be held in San Diego, California. Any arbitration under this Agreement shall be administered by the American Arbitration Association under its Commercial Arbitration Rules then in effect (the “AAA Rules”). The Parties shall appoint an arbitrator by mutual agreement. If the Parties cannot agree on the appointment of an arbitrator within thirty (30) days of the demand for arbitration, an arbitrator shall be appointed in accordance with AAA Rules. The arbitrator shall have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding instituted to resolve the Dispute submitted to such arbitration in accordance with this Agreement; provided, however, that the arbitrator shall not have the power to alter, amend or otherwise affect the terms or the provisions of this Agreement. Judgment upon any award rendered pursuant to this Section may be entered by any court having jurisdiction over the Parties’ other assets. The arbitrator shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damages. Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrator’s fees and any administrative fees of arbitration, unless the arbitrator shall otherwise allocate such costs, expenses and fees between the Parties. The Parties agree that all arbitration awards shall be final and binding on the Parties and their Affiliates. The Parties hereby waive the right to contest the award in any court or other forum. Except to the extent necessary to confirm an award or as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of both Parties. In no event shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the dispute, controversy or claim would be barred by the applicable English statute of limitations. 

 

9.5.3 Interim Relief. Notwithstanding anything herein to the contrary, nothing in this Section 9.5 shall preclude either Party from seeking interim or provisional relief, including a temporary restraining order, preliminary injunction or other interim equitable relief concerning a Dispute, either prior to or during any arbitration hereunder, if necessary to protect the interests of such Party. This Section 9.5.3 shall be specifically enforceable. 

 

9.6 Equitable Relief. Supplier acknowledges and agrees that the restrictions set forth in Section 2.1 and Article IV of this Agreement are reasonable and necessary to protect the legitimate interests of Licensee and that Licensee would not have entered into this Agreement in the absence of such restrictions, and that any violation or threatened violation of any provision of Section 2.1 or Article IV will result in irreparable injury to Licensee. Supplier also acknowledges and agrees that in the event of a violation or threatened violation of any provision of Section 2.1 or Article IV, Licensee shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving irreparable injury or actual damages and without the necessity of having to post a bond, as well as to an equitable accounting of all earnings, profits and other benefits arising from any such violation. The rights provided in the immediately preceding sentence shall be cumulative and in addition to any other rights or remedies that may be available to Licensee. Nothing in this Section 9.7 is intended, or should be construed, to limit Licensee’s right to preliminary and permanent injunctive relief or any other remedy for a breach of any other provision of this Agreement.

 

9.7 Further Assurances. Each Party shall duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm the rights and remedies of the other Party under this Agreement. 

 

9.8 References. Unless otherwise specified, (a) references in this Agreement to any Article, Section, or Exhibit shall mean references to such Article, Section, or Exhibit of this Agreement, (b) references in any section to any clause are references to such clause of such section, and (c) references to any agreement, instrument or other document in this Agreement refer to such agreement, instrument or other document as originally executed or, if subsequently varied, replaced or supplemented from time to time, as so varied, replaced or supplemented and in effect at the relevant time of reference thereto.

 

9.9 Independent Contractors. It is expressly agreed that Supplier and Licensee shall be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture or agency. Neither Supplier nor Licensee shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other, without the prior consent of the other Party. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such Party.

 

9.10 Waiver. Any term or condition 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. The waiver by either Party of any right hereunder or the failure to exercise, or any delay in exercising a right or remedy provided by this Agreement or by law, or the waiver of a breach by the other Party, shall not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature or otherwise.

9.11 Counterparts. The Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 

9.12 Construction. Except where the context otherwise requires, wherever used, the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive sense. The captions of this Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The term “including” as used herein shall mean including, without limiting the generality of any description preceding such term. The language of this Agreement shall be deemed to be the language mutually chosen by the Parties, and no rule of strict construction shall be applied against either Party.

 

9.13First Right of Refusal for Further Applications. While the Initial application the technology developed by Supplier is a vertical axis wind turbine, it is contemplated by the parties that the same technology may be applied to water as well as wind. The parties hereby agree that Licensee has first right of refusal to and market additional applications of the underlying technology under a separate agreement, the terms and conditions of which shall be substantially similar to those contemplated in this agreement. 

 

9.14 Entire Agreement; Modifications. This Agreement sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understanding, promises and representations, whether written or oral, with respect thereto are superseded hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth herein. No amendment, modification, release or discharge hereof shall be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties. 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

            

MITU RESOURCES INC.:

 

 

 

Date: February 7, 2018/s/ Simeon Leonardo Reyes Francisco 

By: Simeon Leonardo Reyes Francisco

 

 

 

HEADWIND TECHNOLOGIES LTD.:

 

 

 

Date: February 7, 2018/s/ Barron McConnachie  

By: Barron McConnachie

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