Document:

ex10_b.htm

Exhibit 10-B

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SAVINGS AND INVESTMENT PLAN

  

  

  

 

TABLE OF CONTENTS

	  	
PAGE

	  	  
	
ARTICLE I     INTRODUCTION

	
1

	  	  	  
	
Section 1.1

	
Name of Plan

	
1

	  	  	  
	
Section 1.2

	
Effective Date

	
1

	  	  	  
	
ARTICLE II     DEFINITIONS

	
1

	  	  	  
	
Section 2.1

	
“Account”

	
1

	  	  	  
	
Section 2.2

	
“Annual Allocation”

	
2

	  	  	  
	
Section 2.3

	
“Base Plan”

	
2

	  	  	  
	
Section 2.4

	
“Change of Control”

	
2

	  	  	  
	
Section 2.5

	
“Deferred Annual Allocation”

	
2

	  	  	  
	
Section 2.6

	
“Eligible Employee”

	
2

	  	  	  
	
Section 2.7

	
“Grandfathered Benefit”

	
3

	  	  	  
	
Section 2.8

	
“Member”

	
3

	  	  	  
	
Section 2.9

	
“Subsidiary”

	
3

	  	  	  
	
ARTICLE III     BENEFITS

	
3

	  	  	  
	
Section 3.1

	
Participation

	
3

	  	  	  
	
Section 3.2

	
Amount of Annual Allocation

	
3

	  	  	  
	
Section 3.3

	
Distribution of Amounts Credited for any Plan Year

	
4

	  	  	  
	
Section 3.4

	
Deferral Election

	
4

	  	  	  
	
Section 3.5

	
Adjustments to Deferred Annual Allocations

	
5

	  	  	  
	
Section 3.6

	
Distributions of Member’s Account

	
6

	  	  	  
	
Section 3.7

	
Vested Portion of Member’s Account

	
6

	  	  	  
	
Section 3.8

	
Death of a Member

	
7

	  	  	  
	
Section 3.9

	
Change of Control for Members Covered under the Executive Severance Plan

	
7

	  	  	  
	
ARTICLE IV     PLAN ADMINISTRATION

	
7

	  	  	  
	
Section 4.1

	
Committee

	
7

	  	  	  
	
Section 4.2

	
Delegated Responsibilities

	
8

	  	  	  
	
Section 4.3

	
Amendment and Termination

	
8

	  	  	  
	
Section 4.4

	
Payments

	
8

	  	  	  
	
Section 4.5

	
Non-Assignability of Benefits

	
8

	  	  	  
	
Section 4.6

	
Plan Unfunded

	
9

 

  

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TABLE OF CONTENTS

	  	  	
PAGE

	  	  	  
	
Section 4.7

	
Applicable Law

	
9

	  	  	  
	
Section 4.8

	
No Employment Rights Conferred

	
9

	  	  	  
	
Section 4.9

	
Plan to Comply with Code Section 409A

	
10

 

  

- ii -

  

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SAVINGS AND INVESTMENT PLAN

Colgate-Palmolive Company hereby continues the Supplemental Savings and Investment Plan, a non-qualified, unfunded plan which it maintains to provide Eligible Employees with a benefit which, in the absence of certain limitations imposed by the Code, would have been provided under the Colgate-Palmolive Company Employees Savings and Investment Plan.

ARTICLE I

INTRODUCTION

	
Section 1.1

	
Name of Plan.  The name of this Plan is the “Supplemental Savings and Investment Plan”.

	
Section 1.2

	
Effective Date.  The effective date of this Plan is January 1, 1991.    This amended and restated Plan is effective September 1, 2010, except as otherwise provided herein.

ARTICLE II

DEFINITIONS

Capitalized terms which are not defined herein shall have the meaning given to them in the Base Plan.  Whenever reference is made herein to “this Plan”, such reference shall be to this Supplemental Savings and Investment Plan.

	
Section 2.1

	
“Account” shall mean a separate account maintained for a Member to record the Allocation that is deferred under Section 3.4 of the Plan, and the earnings and losses allocable thereto.  Separate sub-accounts shall be maintained within the Account for each Member to reflect the aggregate Allocations deferred for Plan Years: (a) 1991 through 2002; (b) 2003 through 2009, plus the Allocations for 2010 attributable to Company Matching Contributions; and (c) 2011 and later, plus the portion of the 2010 Allocations not included in (b) above, and in each case the respective earnings and losses thereon.

  

  

  

	
Section 2.2

	
“Allocations” shall mean the amount determined under Section 3.2 for any applicable period.

	
Section 2.3

	
“Base Plan” shall mean the Colgate-Palmolive Company Employees Savings and Investment Plan, as amended from time to time.

	
Section 2.4

	
“Change of Control” shall have the meaning given to such term under the Colgate-Palmolive Company Executive Severance Plan, as amended from time to time.

	
Section 2.5

	
“Deferred Allocation” shall mean the amount described in Section 3.4.

	
Section 2.6

	
“Eligible Employee” shall mean (a) a non-union person who is employed by the Company on a full-time or part-time basis as of January 1 of a Plan Year and is, or is expected to become, eligible to participate in the Base Plan during the Plan Year, or (b) a United States Employee in Foreign Service as of January 1 of a Plan Year who is eligible to participate in the Base Plan, and whose Recognized Earnings for such Plan Year in either case are expected to be limited by Code section 401(a)(17).

  

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Section 2.7

	
“Grandfathered Benefit” shall mean the portion of the Member’s Account that reflects the Allocations deferred for Plan Years prior to 2005, as adjusted for earnings and losses thereon.

	
Section 2.8

	
“Member” shall mean an Eligible Employee who participates in this Plan pursuant to Article III.  An Eligible Employee shall remain a Member under this Plan until all amounts credited to his Account under the Plan have been paid.

	
Section 2.9

	
“Subsidiary” means a domestic or foreign company, at least 50% of whose issued and outstanding voting shares are directly or indirectly owned or controlled by the Company.

ARTICLE III

BENEFITS

	
Section 3.1

	
Participation.  An Eligible Employee will participate in this Plan for any Plan Year if Recognized Earnings, as determined under the Base Plan for such Plan Year, are limited by Code Section 401(a)(17).  For any Plan Year for which a deferral election under Section 3.4 is permitted, a person who is hired and becomes an Eligible Employee after January 1 of such Plan Year is not eligible to make a deferral election until the election for the following Plan Year.

	
Section 3.2

	
Amount of Allocations.  A Member’s Allocation for any applicable period shall be equal to the difference between (a) and (b) below where: (a) is the sum of (i) the Company Matching Contribution based on the Member’s elected percentage under the Base Plan (for the 2010 Plan Year, determined as of the first day of such Plan Year) and (ii) the Member’s Basic Retirement Contributions and Additional Basic Retirement Contributions that would have been made under the Base Plan for the applicable period on behalf of such Member, in each case determined as if the Recognized Earnings used in calculating such contributions were not limited by Code section 401(a)(17); and (b) is the Company Matching Contribution, Basic Retirement Contributions and Additional Basic Retirements Contributions actually made under the Base Plan for such period.  For the 2010 Plan Year, Company Matching Contributions under (a)(i) and (b) above shall be based on the matching contribution formula in effect under the Base Plan on January 1, 2010; and the Company Matching Contribution under (b) above shall be determined on the basis of the same elected percentage as in (a) but with the Recognized Earnings subject to such elected percentage limited by Code section 401(a)(17)).

  

- 3 -

  

	
Section 3.3

	
Distribution of Amounts Credited for any Plan Year.  Absent a timely deferral election made in accordance with Section 3.4, a Member’s Allocation for any Plan Year  prior to 2010, and the Allocations for 2010 attributable to the Company Matching Contributions, shall be distributed to the Member on or about December 15th of such Plan Year.

	
Section 3.4

	
Deferral Election.  For Plan Years prior to 2011, a Member may elect before the beginning of the applicable Plan Year to defer distribution of his Allocation for such Plan Year, resulting in a Deferred Allocation.  For the 2010 Plan Year the election is limited to the portion of the Allocation attributable to the Company Matching Contribution.  Such election shall be made on a form provided by, and delivered to, the Committee prior to the first day of the Plan Year.    Amounts deferred hereunder shall be credited to the Member’s Account.  A Member’s Allocations for any applicable period beginning after 2010, and the 2010 Allocations not attributable to Company Matching Allocations, shall automatically be credited to the Member’s Account.

  

- 4 -

  

	
Section 3.5

	
Adjustments to Deferred Allocations.  Deferred Allocations shall be adjusted as follows:

	
  

	
(a)

	
amounts allocated to the separate account under Section 2.1(a) shall be credited with earnings and losses based on the performance of shares of the Company’s Series B Convertible Preference Stock (including dividends thereon which shall be deemed to be reinvested in such shares);

	
  

	
(b)

	
amounts allocated to the separate account under Section 2.1(b) for the period January 1, 2010 through September 30, 2010 shall be credited with interest at an annual rate equal to the interest rate credited on long-term deferrals under the Colgate-Palmolive Company Deferred Compensation Plan for 2010.

	
  

	
(c)

	
amounts allocated to the separate account under Section 2.1(b) after September 30, 2010 shall be credited with interest at an annual rate equal to 6.01%; and

  

- 5 -

  

	
  

	
(d)

	
amounts allocated to the separate account under Section 2.1(c) shall be credited with interest at the rate used under the Colgate-Palmolive Company Employees’ Retirement Income Plan for determining Interest Credits.

	
Section 3.6

	
Distribution of Member’s Account.  The vested portion of a Member’s Account shall be distributed as soon as practicable following the end of the quarter in which the Member separated from service; provided, however, that effective for distributions made on or after January 1, 2006, if the Member is a “specified employee,” as determined in accordance with procedures adopted by the Company that reflect the requirements of Code section 409A(a)(2)(B)(i), distribution of the portion of the Member’s Account in excess of the Grandfathered Benefit shall be deferred until the earlier of (i) the date that is six months following the Member’s separation from service or (ii) the date of the Member’s death.  Distributions shall be made in cash, except for the portion of a Member’s Account described in Section 2.1(a) which shall be distributed in shares of Company common stock.

	
Section 3.7

	
Vested Portion of Member’s Account.  Allocations to the Member’s Account for Plan Years prior to 2010, and Allocations for the 2010 Plan Year attributable to the Company Matching Contribution, shall be 100% vested.  All other Allocations shall vest in accordance with the vesting rules specified in the Base Plan.

  

- 6 -

  

	
Section 3.8

	
Death of a Member.  Upon a Member’s death, the Member’s Account shall be distributed to the Member’s Beneficiary in a lump sum payment as soon as practicable following the end of the quarter in which the Member died.

	
Section 3.9

	
Change of Control for Members Covered under the Executive Severance Plan.  In the event of a Change of Control, a distribution of the Member’s Grandfathered Benefit shall be made as soon as practicable following the Change of Control provided the Member is then covered under the Executive Severance Plan.  If the Change of Control satisfies the requirements of Code section 409A(a)(2)(A)(v), a distribution of the portion of such Member’s Account in excess of the Grandfather Benefit shall be made as soon as practicable following the Change of Control.

ARTICLE IV

PLAN ADMINISTRATION

	
Section 4.1

	
Committee.  This Plan shall be administered by the Employee Relations Committee, which shall have full authority to administer and interpret this Plan, make payments and maintain records hereunder.  The Employee Relations Committee may adopt or amend from time to time such procedures as may be required for determinations required under the Plan.  All interpretations of the Employee Relations Committee shall be final and binding on all parties including Members, Beneficiaries and the Company.  Any complaint with regard to benefits under the Plan should be directed to the Employee Relations Committee, Colgate-Palmolive Company, 300 Park Avenue, New York, NY 10022.  Such complaint must be filed in writing no later than 90 days after the date of retirement, termination or other occurrence related to the complaint.

  

- 7 -

  

	
Section 4.2

	
Delegated Responsibilities.  The Employee Relations Committee shall have the authority to delegate any of its responsibilities to such persons as it deems proper.

	
Section 4.3

	
Amendment and Termination.  The Company may amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall reduce the amount credited to a Member’s Account as of the date of such amendment or termination unless the Member becomes entitled to an amount equal to any such reduction under another plan (including the Base Plan), program or practice adopted by the Company.

	
Section 4.4

	
Payments.  The Company will pay all benefits arising under this Plan and all costs, charges and expenses relating thereto out of its general assets.

	
Section 4.5

	
Non-Assignability of Benefits.  Except as otherwise required by law, neither any benefit payable hereunder nor the right to receive any future benefit under this Plan may be anticipated, alienated, sold, transferred, assigned, pledged, encumbered or subjected to any charge or legal process, and if any attempt is made to do so, or a person eligible for any benefits under this Plan becomes bankrupt, the interest under this Plan of the person affected may be terminated by the Employee Relations Committee which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or make any other disposition of such benefits that it deems appropriate and is consistent with Code Section 409A.

  

- 8 -

  

	
Section 4.6

	
Plan Unfunded.  Nothing in this Plan shall be interpreted or construed to require the Company in any manner to fund any obligation to the Members or Beneficiaries hereunder.  Nothing contained in this Plan nor any action taken here under shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and the Members or Beneficiaries.  Any funds which may be accumulated in order to meet any obligation under this Plan shall for all purposes continue to be a part of the general assets of the Company.  To the extent that any Member or Beneficiary acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Company.

	
Section 4.7

	
Applicable Law.  All questions pertaining to the construction, validity and effect of this Plan shall be determined in accordance with the laws of the State of Delaware, to the extent not preempted by Federal law.

	
Section 4.8

	
No Employment Rights Conferred.  The establishment of the Plan shall not be construed as conferring any rights upon any Eligible Employee for continuation of employment, nor shall it be construed as limiting in any way the right of the Company to discharge any Eligible Employee or treat him without regard to the effect which such treatment might have upon him under the Plan.

  

- 9 -

  

	
Section 4.9

	
Plan to Comply with Code Section 409A.  Notwithstanding any provision to the contrary in this Plan, each provision in this Plan shall be interpreted to permit the deferral of compensation in accordance with Code section 409A, and any provision that would conflict with such requirements shall not be valid or enforceable.

 

 

- 10 -ex10_10.htm

Exhibit 10.10

 

TECHNOLOGY LICENSE AGREEMENT

 

This Technology License Agreement (“Technology Agreement”) is entered into and effective as of the 29 day of September 2010 (the “Effective Date”), by and between PMP Pool Maintenance Protection, Inc. a company organized under the laws of the State of Florida, and Juan Carlos Bocos (“Bocos”) on the one hand (hereafter Bocos and PMP Pool Maintenance Protection, Inc. will be collectively referred to as (“PMP”), and Green Energy Management Services, Inc., a company organized under the laws of Delaware (the “Purchaser”) on the other hand.  PMP and the Purchaser each may be referred to herein as a “Party” and collectively as the “Parties.”

 

WHEREAS, PMP designs, develops and manufactures water valves that reduce the amount of air traveling through water and sewer pipes and thus more precisely measure the amount of water used by the end user and thus billed to that end user;

 

WHEREAS, PMP acquired rights through that certain Separation Agreement dated August 17, 2010 to manufacture, market and distribute said water valves to the territories listed on Attached Exhibit “A”, and further acquired the right to use the technology contained in U.S. Patent Pending Nos. 12/383/708 and 12/758/126 within said territories (hereafter collectively all rights denoted in this recital will be referred to as the “Licensed IP Rights”);

 

WHEREAS, Purchaser desires to obtain a license to the Licensed IP Rights,the Licensed Technology and the Licensed Products; and

 

WHEREAS, PMP is prepared to license such Licensed IP Rights, Licensed Technology and Licensed Products to Purchaser upon the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Technology Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Article 1 — Definitions

 

1.1           “Affiliate” means any person that, directly or indirectlythrough one or more intermediaries, controls or is controlled by or is under common control with the person specified.  For purposes of this definition, control of a person means the power, direct or indirect, to direct or cause the direction of the management and policies of such person, whether by contract or otherwise.

 

1.2           “Licensed IP Rights” shall mean the rights acquired by PMPthrough that certain Separation Agreementdated August 17, 2010 to distribute said water valves to the territories listed on Attached ‘Exhibit “A”, and further acquired the right to use the technology contained in U.S. Patent Pending Nos. 12/383/708 and 12/758/126 within said territories.

 

1.3           “Licensed Technology” means documented information anddata, know-how, copyrights, mask works, proprietary software, technical information, trade secrets and any and all intellectual property or other rights identified associated with the rights acquired by PMP through that certain Separation Agreementdated August 17, 2010 to distribute said water valves to the territories listed on Attached Exhibit “A”, and further acquired the right to use the technology contained in U.S. Patent Pending Nos. 12/383/708 and 12/758/126 within said territories.

  

  

  

 

1.4           “Licensed Products” means those products manufactured through use of the Licensed Technology and the Licensed IP Rights, all subsequent versions thereof, and all other future products of Purchaser within the scope of the Licensed Technology.

 

Article 2 — Grants of Licenses

 

PMP hereby grants to Purchaser an exclusive, assignable, fully paid-up, royalty-free license, to use the Licensed Technology and the Licensed IP Rights to market Licensed Products.  Said exclusive license extends to that certain territory (the “Territory”) listed on Attached Exhibit “A”. To lie extent that PMP obtains or acquires additional patent or distribution rights other than those IP Rights and IP Technology possessed by PMP as of the date of the execution of this Agreement, PMP will give notice of these acquisition of said rights within ten (10) days of their acquisition, and within thirty (30) days of their acquisition will execute an amendment to this Agreement to include said rights within definition of the “Licensed IP Rights”, “Licensed Technology” and “Licensed Products” licensed by this Agreement.

 

Subject to the terms and conditions of this Agreement, PMP hereby grants to Purchaser the exclusive right and license, under all intellectual property and other ownership rights applicable to the Licensed Technology and/or the Licensed Products, to offer for sale, sell, distribute and service the Licensed Products to end users or said Products (the “License”).  This exclusive grant is to be confined to the Territory, or to any Further country or geographic location in which either a) there exists no agreement between PMP and any third-party to this agreement concerning the rights PMP has to market or develop the Licensed Products, or;b) PMP acquires rights to manufacture, market and/or distribute the Licensed Products.

 

Subject to the terms and conditions or this Agreement, PMP further grants to Purchaser the exclusive right and license, under all intellectual property and other ownership rights applicable to the Licensed Technology and/or the Licensed Products, todisplay and marketthe Licensed Products to the end users of said Products.  Thisexclusive grant is to be confined to the Territory, or to any further country in which eithera) there exists noagreement between PMP and any third-party to this agreementconcerning the rights PMP has to market or develop the Licensed Products, or; b) PMPacquires rights to manufacture, market and/or distribute the Licensed Products.  Purchaser will market and sell the product in the manner it, in its sole discretion, deems most appropriate.  As the Licensed Products are sold, Purchaser will buy the Licensed Products from PMP at the cost incurred by PMP to manufacture the Licensed Products.PMP will provide Purchaser on amonthly basis, or at any other time reasonablyrequested by Purchaser, with information showing the current cost of manufacturing the Licensed Products. PMP will invoice Purchaser monthly for the costs charged to it by its manufacturer to produce the Licensed Products and Purchaser will be required to pay all such invoices no later than thirty (30) days from the date of said invoice.

  

2

  

 

For and in consideration of the Licenses granted pursuant to the terms or this Article 2, Purchaser will provide the Following consideration to PMP:

 

	
  

	
(a)

	
Commencing on September 15, 2010 and concluding upon the expiration,exhaustion or termination of all rights granted in this Agreement from PMP to Purchaser, Purchaser will pay Bocosa consulting fee of Eight Thousand Dollars ($8,000.00) per month, said amount due and owing toBocosas of the fifteenth (15th) day of each month.  PMP shall bereasonably available to provide consultation services to Purchaser, at theexpense of Purchaser, in the amount of at least 10 hours per month.  Thecompensation to be paid for this consulting agreement can be modified bymutual agreement of the Board of Directors of Licensee and PMP.  Thisprovision notwithstanding, Purchaser, with the approval of PMP, may terminate the consulting agreement called for in this Exhibit (2)(a), with or without cause, upon giving ninety days’ notice to PMP of the termination of the agreement.In the event that termination of the consultingagreement is effected pursuant to this Paragraph, all Licenses granted pursuant to this Agreement shall terminate.  The parties hereto expressly understand that with the exception of the rights expressly licensed herein, as well as PMP’s design or a new water valve and water purification product as already disclosed to Purchaser, and any and all inventions developed by PMP in the past and the future will be the sole and exclusive properly of PMP and/or Bocosunless a separate Agreement is provided to the satisfaction of PMP.

 

This provision notwithstanding, in the event of a sale of Purchaser to a third-party,this consulting agreement shallterminate upon theconsummation or the sale, and the remaining provisions or thisTechnology License Agreement shall remain in full force and effect.

 

	
  

	
(b)

	
On the Effective Date, PMP will he granted Two Million One Hundred Twelve Thousand (2,112,000) restricted shares or Purchaser’s publicly traded stock.  This transfer shall he irrevocable regardless of the termination or the License and/or this Agreement.  Any certificate or certificates representing the Shares shall hear the following legend:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE WITH RESPECT THERETO OR IN ACCORDANCE WITH AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND ALSO MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH ANY APPLICABLE RULES OF THE SECURITIES AND EXCHANGE COMMISSION.

  

3

  

 

	
  

	
(c)

	
Purchaser further agrees that the Purchaser’s Board of Directors, or a committee thereof, will periodically review the revenue generated as a result of the sales of the Licensed Product and, if it is determined within the discretion of the Board or Board committee that such is warranted, Purchaser will grant PMP additional compensation in the form of stock, bonuses, and/or increases in said consulting fee based upon the success of the business of the Purchaser, the increase in the value of Purchaser and/or the sales of the Licensed Product.

 

	
  

	
(d)

	
To the extent required for the prosecution, tiling, maintenance and/or enforcement of the Licensed IP Rights, including but not limited to the filing of one or more new patent applications related to the new water valve andwater purificationproduct identified in Section (a) above,Purchasershallhave the option,in its sole discretion, to assumeresponsibility liar the prosecution, tiling, maintenance and/or enforcement,and to payallof the reasonablecosts andfees necessary for theprosecution, filing, maintenance and/or enforcement of the Licensed IPRights.

 

Article 3 — Licensed Technology; Technical Assistance

 

3.1           Licensed Technology shall he disclosed in the language, form and system of measurements in which it is available at PMP at the time of its disclosure to Purchaser.  PMP shall not be obligated under this Technology Agreement to make upany special drawings, specifications, translations, or other similar documents for Purchaser.

 

3.2           As reasonably required, Purchaser may request technicalassistance from PMP relating to the Licensed Technology.  If at the time of request, PMP or its Affiliates has an employee with applicable knowledge., subject to availability of such employee, PMP agrees to make such employee available to Purchaser on reasonable commercial terms.

  

4

  

 

Article 4 — Representations and Warranties; Liability Disclaimer

 

4.1           PMP represents and warrants that the Licensed IP Rights, the Licensed Technology and the Licensed Products are owned by PMP and that PMP has good and valid title to the Licensed IP Rights.

 

4.2           PMP represents and warrants that within the last live (5) years,(i) PMP has not received any written notice asserting any intellectual property infringement, misappropriation or misuse relining to the Licensed Technology, and (ii) there are no pending, and to the Knowledge of PMP, threatened claims or proceedings against PMP contesting or challenging the title to, validity of or enforceability of the Licensed IP Rights.

 

4.3           PMP represents and warrants that to the Knowledge of PMP, PMP has the right to grant to Purchaser the licenses granted hereunder to the Licensed IP Rights, the Licensed Technology and the Licensed Products.

 

4.4           PMP represents and warrants that to the Knowledge of PMP,the Licensed IP Rights, the Licensed Technology and the Licensed Products are free and clear of any and all liens and security interests.

 

4.5           PMP represents and warrants that it has, or will within thirty(30) days of the execution of this Agreement will use its best efforts to, dissolve all corporations jointly owned by PMP and/or Fabian Mauricio Barredaor Green Valve USA, Inc.  PMP further represents and warrants that to the best of its knowledge and belief the dissolution of these corporations will not materially alter PMP’s ownership of the Licensed IP Rights, the Licensed Technology and/or the Licensed Products from that warranted in this Agreement pursuant to Article 4.1 and Article 4.3.

 

4.6           PMP represents and warrants that it will resolve all disputesbetween PMP and Orlando Hernandez, or any entity owned, controlled or managed by Mr. Hernandez, under circumstances that will not materially interfere with, hinder, impair or diminish its ability to perform its obligations under this Agreement and to provide to Purchaser such Licensed Products as it requires from time to time.  To the extent that PMP breaches the warranty contained in this Section 4.6, Purchaser reserves the right, in its sole discretion, to acquire ownership of the Licensed IP Rights and the Licensed Technology and thereafter to utilize the services of third-party providers to supply it with the Licensed Products.

 

Article 5 — Term and Termination

 

5.1           This Technology Agreement shall become effective on the Effective Date and shall continue in full for so long as PMP, or any futureassignee of PMP’s, retains any rights in any of the Licensed IP Rights, the Licensed Technology and/or the Licensed Products.

 

5.2           The foregoing notwithstanding, in the event that either Party becomes bankrupt or insolvent, or makes an assignment for the benefit of creditors, or a receiver is appointedfor it, or it otherwise takes advantage of any insolvency law, theother Party may terminate this Technology Agreement upon one (1) day’s written notice.

 

  

5

  

 

5.3           All licenses granted under this Technology Agreement shall bedeemed licenses of “intellectual property rights” as defined in Section 365(n) of Title IX, U.S. Bankruptcy Code, and each such license shall he governed by Section 365(n) in the event that PMP seeks or is involuntarily placed under the protection of the Bankruptcy Code.In such event, Purchaser shall have the further option to electtermination of this Technology Agreement but retain all rights under the licenses granted in Article 2 to support its then-existing customers and sublicensees; to dispose, in any manner, of all Licensed Products and inventory related thereto; and to properly discharge any and all of Purchaser’s third-party obligations relating to Licensed Products incurred prior to the termination.

 

Article 6 — General Limitations

 

6.1           The obligations and rights of the Parties under this TechnologyAgreement shall he subject to the following:

 

6.1.1        Neither Party shall be obligated to disclose any information which the laws and regulations of any Governmental Authority which has jurisdiction over such matters do not permit to be disclosed; and

 

6.1.2        Neither Party shall he obligated to take any action which would violate the law, regulations or requirements of any Governmental Authority or any agency thereof which has jurisdiction over such matters.

 

Article 7 — Miscellaneous

 

7.1           Notices.All notices, requests and other communicationshereunder must be in writing and will he deemed to have been duly given if delivered personally, by commercial delivery service, by facsimile transmission or mailed (first class postage prepaid) to the other Party at the following addresses or facsimile numbers:

 

If to Purchaser, to:

Airlock, L.L.C.

Attn. Robert Weinstein

381 Teaneck Rd., Suite 3

Teaneck, New Jersey 07666

 

with a copy to:

 

Michael Hill

Law Offices of Michael W. Hill, L.L.C.

201 St. Charles Avenue, Suite 3800

New Orleans, Louisiana 70170

 

If to Seller, to:

 

 

with a copy to:

  

6

  

 

All such notices, requests and other communications will he deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section).  Any Party from time to time may change its address, facsimile number or other or other information for the purpose of notices to that Party by giving notice specifying, such change to the other Party.

 

7.2           Severability.If any provision ofthis Technology Agreementshall he held to be illegal, invalid or unenforceable, and if the rights or obligations of a Party hereunder will not be materially adversely affected thereby, the Parties agree that such provision will be enforced to the maximum extent permissible so as to effect the intent of the Parties, and the validity, legality and enforceability of the remaining provisions of this Technology Agreement shall not in any way be affected or impaired thereby.  If necessary to effect the intent of the Parties, the Parties will negotiate in good faith to amend this Technology Agreement to replace the unenforceable language with enforceable language which as closely as possible reflects such intent.

 

7.3           Amendments.This Technology Agreement may be amended or modified only by a written instrument signed by both Parties.

 

7.4           Waiver.Any waiver by a Party of an instance of the other Party’s noncompliance with any obligation or responsibility herein shall be in writing and signed by the waiving Party and shall not be deemed a waiver of other instances of the other Party’s noncompliance hereunder.

 

7.5           Assignment. This Technology Agreement shall he binding uponand inure to the benefit of and be enforceable by the respective successors and assigns of the Parties.  This Technology Agreement is assignable by the Purchaser.  Except as stated herein, nothing in this Technology Agreement shall confer any rights upon any Person other than the Parties and their respective successors and permitted assigns.Neither Party may assign this Technology Agreement or its rights hereunder to any Person without the written consent of the other Party, provided, however, that: (i) either Party may assign this Technology Agreement to an Affiliate without such consent, and(ii) either Party, without such consent, may assign this Technology Agreement in connection will the transfer or sale of substantially all of its business or assets to which this Technology Agreement pertains or in the event of its merger or consolidation with another company.  No assignment by either Party of this Technology Agreement or of any of such Party’s rights hereunder shall release such Party from any of its obligationshereunder.PMP shall not assign any ofthe licensed IP Rights to any Person unlesssuch Person agrees in writing to be bound by the terms and conditions of this Technology Agreement applicable to PMP.  Any attempted assignment of this Technology Agreement or of any of the Licensed IP Rights in violation of this Sectionshall be void and of no effect.

 

7.6           Construction.This Technology Agreement has beennegotiated by the Parties and their respective counsel and shall be fairly interpreted in accordance with its terms and without any strict construction in favorof or against eitherParty.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, asappropriate; and the singular tense shall include the plural and vice-versa.

  

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7.7           No Agency.  This Technology Agreement shall not constitute either Party as a legal representative or agent of the other Party, nor shall a Party have the right or authority to assume, create or incur any liability of any kind, expressed orimplied, against or in the name or on behalf of the other Party.

 

7.8           Relationship of the Parties.Nothing contained in thisTechnology Agreement is intended to, or shall be deemed to, create a partnership or joint venture relationship between the Parties or any of their Affiliates for any purpose.

 

7.9           Governing Law.This Technology Agreement shall be governedby and construed in accordance with the laws of the State of Delaware applicable to a contract executed and performed in such state, without giving effect to the conflicts of law principles thereof.

 

7.10         Jurisdiction; Waiver of Jury Trial.Except to the extent that acourt proceeding or other Action is necessary to obtain an injunction or other equitable relief to protect the rights of a Party, no Action or other proceeding arising out of or related to this Technology Agreement shall be commenced until thirty (30) days after a Party shall give notice of the existence of a dispute (a “Dispute Notice”) to the other Party.  During such 30-day period, duly authorized representatives of both Parties shallattempt to negotiate in good faith a resolution of the dispute.  The Dispute Notice shall set forth the basis of the dispute with reasonably specificity.  The Parties hereby agree that any Action or Proceeding arising out of or related to this Agreement may beconducted in the State of Delaware.  The Parties hereby agree that any action orproceeding, arising out of or related to this Technology Agreement may he conducted inthe State of Delaware.Each Party hereby irrevocably consents and submits to the non-exclusive personal jurisdiction of and venue in the federal and state courts located in the State of Delaware.  Each Party hereby waives to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in respect of any litigationdirectly or indirectly arising out of, under or in connection with this TechnologyAgreement or any transaction contemplated hereby.

 

7.11          Counterparts.This Technology Agreement may be signed in twoor more counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument, and all of which together shall constitute one and the same instrument.

 

7.12          Entire Agreement.Together with the MPA, the PurchaseAgreements and the Transaction Agreements, this Technology Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, such written and oral, between the Parties with respect to the subject matter of this Technology Agreement and no representation, inducement, promise, understanding, condition or warranty not set forth herein or therein has been made or relied upon by either Party.  Each Schedule referred to herein and attached hereto is an integral part of this Technology Agreement and is incorporated herein by reference.

 

[SIGNATURES ON FOLLOWING PAGE]

  

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IN WITNESS WHEREOF, the Parties hereto have caused this TechnologyAgreement to be executed by their duly authorized officers or representatives as of the date first written above.

 

	
JUAN CARLOS BOCOS, individually

	
PMP POOL MAINTENANCE

PROTECTION, INC.

	 	 
	 	 
	
By:        /s/ Juan Carlos Bocos

             JUAN CARLOS BOCOS

	
By:     /s/ Juan Carlos Bocos

JUAN CARLOS BOCOS

PRESIDENT

GREEN ENERGY MANAGEMENT SERVICES, INC.

By:  /s/ Michael Samuel

       MICHAEL SAMUEL

       CHIEF EXECUTIVE OFFICER

 

 

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