Document:

ex10_19.htm

Exhibit 10.19

Strategic Cooperation Joint Venture Agreement

This Joint Venture Agreement («Agreement»), made on May , 2011 by and between Shandong RealForce Enterprises Co, Ltd («Party A»), Industrial Parke, Weishan, Shandong Province Economic Developmenr Zone, Jining City, Shandong Province, and Powin Corporation(«Party B») 6975 Sandberg Road, Tigard, Oregon 97223. The parties are hereinafter sometimes referred to together as the «Joint Venturers» and individually as a «Joint Venturer.»

 

It is therefore agreed between the Joint Venturers, the terms specified below:

Name. The parties hereto hereby form and establish a joint venture to be conducted under the name of RealForce-Powin, Joint Venture, («Party C», hereinafter referred to as the «Joint Venture» or «Party C»). The Joint Venturers agree that the legal title to the Joint Venture property and assets, including the Project itself, shall remain in the name of the Joint Venture. 

 

Place of Business & Term. The principal place of business of the Joint Venture shall be located at 6975 Sandberg Road, Tigard, Oregon, Oregon, 97223. The term of the Joint Venture shall commence on the execution date hereof and shall continue until May 01, 2021 provided, however, that the Joint Venture shall be dissolved prior to such date upon the sale or disposal of the Project and the payment or satisfaction of all debts of the Joint Venture.

Purpose. The Joint Venturers form this joint venture to: To establish a strategic cooperation joint venture and to form and operate as an Oregon Limited Liability company to be called RealForce-Powin, LLC that will be jointly formed with the essential terms as set forth on the attached Exhibit «1» bullet points incorporated herein and a made a part hereof. The bullet points are a summary of key points from the Strategic Cooperation Agreement between the parties, a copy of which is attached hereto as Exhibit «2» and incorporated herein and made a part hereof. The form of limited liability company operating agreement is attached hereto as Exhibit «3» and is

incorporated as by reference and made a part hereof To the extent set forth in this Agreement, each of the Joint Venturers shall own an undivided fractional part in the business as set forth in Exhibit «1». The Joint Venture shall not engage in any other business or activity without the written consent of the Joint Venturers.

Capital. Separate capital accounts shall be maintained for each Joint Venturer and shall consist of the sum of its contributions to the capital of the Joint Venture plus its share of the profits of the Joint Venture, less its share of any losses of the Joint Venture, and less any distributions to or withdrawals made by or attributed to it from the Joint Venture.

The contributions from each of the Joint Venturers, for the purpose of this joint venture, is the sum set after the name of each Joint Venturer as follows:

  

  

  

 

Shandong RealForce Enterprises Co. Ltd   $25,500.00

Powin Corporation                  $24,500.00

 

The Joint Venturers shall make such other capital contributions required to enable the Joint Venture to carry out its purposes as set forth herein as the Joint Venturers may mutually agree upon. The joint venturers shall arrange for or provide any financing as may be required by the Joint Venture for carrying out the purposes of the Joint Venture. The terms and conditions of all such loans shall be subject to prior approval of the Joint Venturers. The Joint Venturers shall endorse, assume, or guarantee such obligations of the Joint Venture as the Joint Venturers may mutually agree upon.

Percentage Interest In The Joint Venture. The respective percentage interest in the Joint Venture owned by each Joint Venturer, respectively, is as follows:

Shandong RealForce Enterprises Co, Ltd  51 %

Powin Corporation                  49 %

Profits. The net profits as they accrue for the term of this Agreement or so long as the Joint Venturers are the owners in common of the business interest. shall be distributed between the Joint Venturers, based on the respective percentage interest in the Joint Venture owned by each Joint Venturer as follows:

Shandong RealForce Enterprises Co. Ltd  51%

Powin in Corporation              49%

Expenses of Venture. All losses and disbursements in acquiring, holding and protecting the business interest and the net profits shall, during the period of the venture, be paid by the Joint Venturers. in the ratio which the contribution of each Joint Venturer bears to the total contributions.

Duties of Joint Venturers.

The duties of Shandong RealForce Enterprises Co. Ltd are: Party A is responsible For product development and production.

The duties of Powin Corporation are: Party B is reponsible for product marketing, product sales and services.

Powers of Joint Venturers. The following powers may be exercised only upon the consent of the Joint Venturers:

  

  

  

(a) The power to borrow money on the general credit of the Joint Venture in any amount, or to create, assume, or incur any indebtedness to any person or entity:

(b) The potiver to make loans in any amount, to guarantee obligations of any person or entity, or to make any other pledge or extension of credit:

(c) The power to purchase or otherwise acquire any other property except in the ordinary course of business of the Joint Venture:

(d) The power to sell, encumber, mortgage or refinance any loan or mortgage on any of the Joint Venture property.

(e) The power to confess any judgment against the Joint Venture, or to create. assume, incur or consent to any charge (including any deed of trust. pledge, encumbrance or

security interest of any kind) upon any property or assets of the Joint Venture:

(f) The power to spend an  renovation or remodeling funds or to make an% other expenditures except for routine day-to-day maintenance and operation of the Joint Venture.

Management By Board of Directors.

The management of the Joint Venture and RealForce-Powin Corporation, LLC shall he by a Board of Directors composed of three members, with the Chairman from Party A; General Manager and Accountant appointed by Party B. and the financial supervision of the Joint Venture and the RealForce-Powin Corporation, LLC by both parties. 

Legal Title to the Project. The Joint Venturers agree that the legal title to the .Joint Venture property and assets, including the Project itself, shall remain in the name of the ,Joint Venture.

Transfers Of Joint Venturers’ Interests. Except as otherwise expressly permitted herein. no Joint Venturer may sell, transfer, assign or encumber its interest in the Joint Venture. or admit additional Joint Venturers. without the prior written consent of the other Joint Venturer. Any attempt to transfer or encumber any interest in the Joint Venture in violation of this Section shall be null and void.

The obligations and Rights of Transferees are as follows:

(a) Any person who acquires in any manner whatsoever any interest in the Joint Venture. irrespective of whether such person has accepted and adopted in writing the terms and provisions of this Agreement. shall he deemed by the acceptance of the benefit of the acquisition thereof to have agreed to be subject to and bound by all the obligations of this Agreement that any predecessor in interest of such a person was subject to or bound by,

(b) The person acquiring an interest in the Joint Venture shall have only such rights. and shall be subject to all of the obligations, as are set forth in this Agreement: and, without limiting the generality of the foregoing, such a person shall not have any right to have the value of its interest ascertained or receive the value of such interest or, in lieu thereof. profits attributable to any right in the Joint Venture, except as herein set forth.

  

  

  

Termination. Upon termination or dissolution of the Joint Venture, the Joint Venturers shall proceed to liquidate the Joint Venture, and all proceeds of such liquidation shall be applied and distributed in the manner set above according to the interests held by each party in the joint venture. A reasonable time shall be allowed for the orderly liquidation of the Joint Venture’s assets in order to minimize losses normally attendant upon such liquidation.

Notice. Any notices to he given under this Agreement by either party to the other may be effected either by personal delivery in writing or by mail, registered or certified. postage prepaid with return receipt requested. Mailed notices must be addressed to the addresses of the parties as they appear in the introductory paragraph of this Agreement. Leach party may change its address by written notice in accordance with this paragraph. Notices delivered personally ,\111 he deemed communicated as of actual receipt-, mailed notices will he deemed communicated as of 20 calendar days alter mailing.

Arbitration and Attorneys Fees. Any controversies or disputes arising out of or relating to this Agreement shall be resolved by binding arbitration in accordance with the then current Commercial Arbitration Rules of the China Trade Promotion Association. I-he Joint Venturers shall select a mutually acceptable arbitrator knowledgeable about issues relating to the subject matter of this Agreement. In the event the Joint Venturers are unable to agree to such a selection, each party will select an arbitrator and the two arbitrators in turn shall select a third arbitrator, all three of whom shall preside jointly over the matter. The arbitration shall take place at a location that is reasonably centrally located between the Joint Venturers, or otherwise mutually agreed upon by the Joint Venturers. All documents. materials, and information in the possession of each party that are in any way relevant to the dispute shall be made available to the other joint Venturer for review and copying no later than 30 days after the notice of arbitration is served. The arbitrator(s) shall not have the authority to modify any provision of this Agreement or to award punitive damages. The arbitrator(s) shall have the power to issue mandatory orders and restraint orders in connection with the arbitration. The decision rendered by the arbitrator(s) shall he final and binding on the Joint Venturers, and judgment may he entered in conformity with the decision in any court haying jurisdiction. The agreement to arbitration shall be specifically enforceable under the prevailing arbitration law. During the continuance ofany arbitration proceeding. the parties shall continue to perform their respective obligations under this Agreement.

Miscellaneous Partition. The Joint Venturers hereby mutually waive any right of partition which they may have with respect to the Project and any noncash assets of the Joint Venture.

Fees and Commissions. Each Joint Venturer hereby represents and warrants to the other that it has not incurred or obligated the Joint Venture for any brokerage, finder’s or other similar fees or commissions in connection with the transactions covered by this Agreement or in connection with acquiring the Project or forming this Joint Venture. Each Joint Venturer hereby agrees to indemnify and hold harmless the other from and against all liabilities, costs. damages and expenses Irom any breach or allcoed breach 01 the foregoing representation.

  

  

  

 

Waiver. Failure on the part of either Joint Venturer to complain of any act of the other ,Joint Venturer or to declare the other Joint Venturer in default, irrespective o1’ how long such failure continues, shall not constitute a waiver by, such Joint Venturer of its rights hereunder. No waiver of. or consent to, any breach or default shall be deemed or construed to be a waiver o1-, or consent to, any future breach or default.

Severability. If any provision of this Agreement or the application thereof shall be determined by a court of competent jurisdiction to be invalid and unenforceable. the remainder of this Agreement and the application of the other provisions herein contained shall not be affected thereby, and all such other provisions shall remain effective and in force and shall be enforced to the fullest extent permitted by law.

 

Binding Effect. This Agreement shall inure to the benefit of and be binding upon the .Joint Venturers. and their heirs. successors and assigns.

 

Duplicate Originals. This Agreement may be executed in duplicate, with each such duplicate to he considered an original for all purposes.

Construction of Agreement. (a) The captions contained in this Agreement arc inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of, this Agreement or the intent of any provision thereof. (b) As used herein, the word "person" shall include the individuals. corporations. partnerships and other entities of-any type. In this Agreement. the use of any gender shall be applicable to all genders. and the singular shall include the plural. and the plural shall include the singular.

Other Activities of Joint Venturers. Any Joint Venturer may engage in other business ventures of every nature and neither the Joint Venture nor the other Joint Venturer shal I hays any right in such independent ventures or the income and profits derived therefrom.

Entire Agreement. This Agreement is intended by the Joint Venturers to he the final expression of their agreement and the complete and exclusive statement of the terms thereof notwithstanding any representations or statements to the contrary heretofore made.

Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of Oregon, USA without regard for conflicts of lays principles. Each Joint Venturer hereby expressly consents to the personal jurisdiction of the state and federal courts located in the state of’Oregon for any lawsuit filed there against any party to this Agreement by any other party to this Agreement concerning the joint venture or any matter arising from or relating to this Agreement.

In witness whereof. the Joint Venturers have signed and sealed this Agreement.

Executed by the Joint Venturers name above with the intent of being legally hound.

  

  

  

	
/s/ Li Qinghai

 

	
Mr. Li. Qinghai,

	
Date: May , 2011

	
Shandong Real Force Enterprises Co, Ltd

	  

	
/s/ Joseph Lu

 

	
Mr. Joseph Lu,

	
Date: May , 2011

	
Powin Corporation

	  

 

 

 

 

  

  

  

 

Strategic Cooperation Joint Venture Agreement 

between 

Shandong RealForce Enterprises Co, Ltd and Powin Corporation 

 

Addendum 1

This Addendum to the Joint Venture Agreement made and signed on May 6, 2011 and as Restated and Amended on January  , 2012 by and between Shandong RealForce Enterprises Co, Ltd (Party A) and Powin Corporation (Party B) is made to correct and amend that original Exhibit 2 attached to the original joint Venture Agreement signed by the parties. The amended Exhibit 2 is attached hereto as "Exhibit 2 as amended". 

In witness thereof, the Joint Venturers have signed this Addendum 1. 

 

 

Mr. Li QinghaI 

Shandong RealForce Enterprises Co, Ltd 

 

 

 

 

 

	
Mr. Joseph Lu 

Powin Corporation 

	
,January ,2012

 

 

 

 

 

 

  

  

  

 

Strategic Cooperation Joint Venture Agreement 

 

Exhibit 2 as amended 

 

Party A: Shandong RealForce Enterprises Co, Ltd 

Party B: Powin Corporation 

Party C: RealForce - Powin Corporation 

 

Party B will sell party A's products in US, Canada, Mexico and the Republic of South Africa and agree to establish RealForce-Powin joint venture (herein after referred to as Party C) 

 

	
1.  

	
Products such as: lithium-ion batteries, storage batteries, energy storage power plants, solar cells and related energy products. 

	
2.  

	
Exclusive for both parties. 

	
3.  

	
Minimum sales in 2011 for Party B is $700,000 which includes Party A's existing account of no less $2 million, sales amount calculated in accordance with Party A's FOR China price and, from the beginning of 20 12 the targeted annul sales growth rate for the next five years shall be 20% per year. If Party B does not complete the minimum sales, Party B agrees to pay to Party A 5% of the difference. 

	
4.  

	
Party A agrees to provide the initial products to Party B to sell, of a maximum $1 million value with ownership transferring prior to payment to Party A. 

	
5.  

	

Party A is responsible for product development and production, Party B is responsible for product marketing, product sales and service, with each bearing their own associated cost. 

	
6.  

	
Trademark - both parties agreed to sell the system in the United States, the overall product with Powin trademarks, trademarks of RFE main internal fittings, should the parties trademarks conf1ict, Party B views prevail. 

	
7.  

	
Party C registered capital in US dollars of $50,000, with 51 % being Party A and Party B being 49%. Board of Directors shall be composed of three members, Chairman from Party A, General Manager and Accountant appointed by Party B, the financial supervision shall be by both Parties. 

	
8.  

	
Profits/Losses: Party A agrees to discount product 1 % from the FOB China price in support of Party C's operational costs and net profits or losses of Party C to be shared by Party A and Party B per investment percentage defined in 7 above. 

	
9.  

	
Party C may lease space from Party B for storage, office, maintenance and development for future growth.

	
10.  

	Copies made of this agreement shall have the same legal effect as original.

	
11.  

	Signing of this agreement shall be at 20550 SW 115th Avenue, Tualatin, Oregon 97062.

	
12.  

	
Party A and Party B agree to be friendly and work together on any differences or dispute in the spirit of mutual cooperation; however, should any differences or dispute not be resolved either Party may apply for arbitration to the China Trade Promotion Association to select a mutually acceptable arbitrator, arbitration shall take place in a location reasonably and centrally located between the parties. 

	
13.  

	
This agreement shall be valid for 10 years from the date of signing this agreement with six-month notice to renew by either Party, to renew for an additional 5 years. 

	
14.  

	

Any matter, which is not covered by this agreement, may be added by mutual consent of the Parties, put in writing, which will carry the same legal effects as this Agreement. 

	
15.  

	

Any matter, which is not covered by this agreement, may be added by mutual consent of the Parties, put in writing, which will carry the same legal effects as this Agreement. 

 

  

  

  

 

Restated Joint Venture Agreement

 

This Restated Joint Venture Agreement ("Agreement"), made on January , 2012 by and between Shadong RealForce EnterpriseCo, Ltd _________________, Weishan, Shandong Province Economic Developmenr Zone, Jining City, Yun-Feng Industrial park, _________________ _________________ and Powin Corporation 20550 SW 115th Avenue, Tualatin, Oregon 97062. The parties are hereinafter sometimes referred to together as the "Joint Venturers" and individually as a "Joint Venturer."

 

It is therefore agreed between the Joint Venturers, the terms specified below:

 

Name. The parties hereto entered into a Joint venture Agreement on May 6th, 2011 and now hereby desire to amend and restate said May 6, 2011 Joint Venture Agreement in its entirety and replace it with this Restated Joint Venture Agreement to be conducted under the name of RealForce-Powin, Joint Venture, (hereinafter referred to as the "Joint Venture"). The Joint Venturers agree that the legal title to the Joint Venture property and assets, including the Project itself, shall remain in the name of the Joint Venture.

 

Place of Business & Term. The principal place of business of the Joint Venture shall be located at 20550 SW 115th Avenue, Tualatin, Oregon, 97062. The term of the Joint Venture shall commence on the execution date hereof and shall continue until May 01, 2021 provided, however, that the Joint Venture shall be dissolved prior to such date upon the sale or disposal of the Project and the payment or satisfaction of all debts of the Joint Venture.

 

Purpose. The Joint Venturers form this joint venture to: To establish a strategic cooperation joint venture. To the extent set forth in this Agreement, each of the Joint Venturers shall own an undivided fractional part in the business. The Joint Venture shall not engage in any other business or activity without the written consent of the Joint Venturers.

 

Capital. Separate capital accounts shall be maintained for each Joint Venturer and shall consist of the sum of its contributions to the capital of the Joint Venture plus its share of the profits of the Joint Venture, less its share of any losses of the Joint Venture, and less any distributions to or withdrawals made by or attributed to it from the Joint Venture.

 

The contributions from each of the Joint Venturers, for the purpose of this joint venture, is the sum set after the name of each Joint Venturer as follows:

 

	  	  
	
Shadong RealForce EnterpriseCo, Ltd   

	
$0.00

	  	  	  
	
Powin Corporation 

	
$0.00

	  

 

  

  

  

 

The Joint Venturers shall make such other capital contributions required to enable the Joint Venture to carry out its purposes as set forth herein as the Joint Venturers may mutually agree upon. The joint venturers shall arrange for or provide any financing as may be required by the Joint Venture for carrying out the purposes of the Joint Venture. The terms and conditions of all such loans shall be subject to prior approval of the Joint Venturers. The Joint Venturers shall endorse, assume, or guarantee such obligations of the Joint Venture as the Joint Venturers may mutually agree upon.

 

Percentage Interest In The Joint Venture. The respective percentage interest in the Joint Venture owned by each Joint Venturer, respectively, is as follows:

 

	  	  
	
Shadong RealForce EnterpriseCo, Ltd  

	
49%

	  	  	  
	
Powin Corporation 

	
51%

	  

 

Profits. The net profits as they accrue for the term of this Agreement or so long as the Joint Venturers are the owners in common of the business interest, shall be distributed between the Joint Venturers, based on the respective percentage interest in the Joint Venture owned by each Joint Venturer as follows:

 

	  	  
	
Shadong RealForce EnterpriseCo, Ltd  

	
49%

	  	  	  
	
Powin Corporation 

	
51%

	  

 

Expenses of Venture. All losses and disbursements in acquiring, holding and protecting the business interest and the net profits shall, during the period of the venture, be paid by the Joint Venturers, in the ratio which the contribution of each Joint Venturer bears to the total contributions.

 

 

Duties of Joint Venturers.

The duties of Shadong RealForce EnterpriseCo, Ltd are: Party A is responsible for product development and production.

The duties of Powin Corporation are: Party B is reponsible for product marketing, product sales and services

 

Powers of Joint Venturers. The following powers may be exercised only upon the consent of the of the Joint Venturers:

 

(a) The power to borrow money on the general credit of the Joint Venture in any amount, or to create, assume, or incur any indebtedness to any person or entity;

(b) The power to make loans in any amount, to guarantee obligations of any person or entity, or to make any other pledge or extension of credit;

(c) The power to purchase or otherwise acquire any other property except in the ordinary course of business of the Joint Venture;

 

  

  

  

 

(d) The power to sell, encumber, mortgage or refinance any loan or mortgage on any of the Joint Venture property;

(e) The power to confess any judgment against the Joint Venture, or to create, assume, incur or consent to any charge (including any deed of trust, pledge, encumbrance or security interest of any kind) upon any property or assets of the Joint Venture;

(f) The power to spend any renovation or remodeling funds or to make any other expenditures except for routine day-to-day maintenance and operation of the Joint Venture.

 

Deadlock. In the event the Joint Venturers are divided on a material issue and cannot agree on the conduct of the business and affairs of the Joint Venture, then a deadlock between the Joint Venturers shall be deemed to have occurred. Upon the occurrence of a deadlock, one Joint Venturer (hereinafter referred to as the "Offeror") may elect to purchase the Joint Venture interest of the other Joint Venturer (hereinafter referred to as the "Offeree") at a price calculated as the Offeree's percentage interest in a total purchase price for all of the assets of the Joint Venture. The Offeror shall notify the Offeree in writing of the offer to purchase, stating the total purchase price for all of the assets of the Joint Venture, and the price offered for the Offeree's Joint Venture interest expressed as the Offeree's percentage interest in the Joint Venture assets multiplied by the total purchase price for all of the assets of the Joint Venture. The Offeree shall have the right to buy the interest of the Offeror at the designated price and terms, or to sell the Offeree's interest to the Offeror at the designated price and terms, whichever the Offeree may elect. The offer, when made by the Offeror, is irrevocable for thirty (30) days. The Offeree shall have ten (10) days from the receipt of such offer to make its election, that is, either to buy such interest of the Offeror or to sell its own interest, which shall be made in writing executed by the Offeree and stating the nature of the election. A Joint Venturer which is obligated to purchase the interest of another Joint Venturer pursuant to the provisions hereof shall have twenty (20) days from the date of receipt of the written election from such other Joint Venturer to pay the designated price and satisfy the terms of such purchase. Should the Joint Venturer who has received an offer to sell or buy fail to make the election required herein in a timely fashion, then such non-responding party shall be deemed to have elected and agreed to sell or buy, as the case may be, according to the terms of the offer.

 

 

Legal Title to the Project. The Joint Venturers agree that the legal title to the Joint Venture property and assets, including the Project itself, shall remain in the name of the Joint Venture.

 

Transfers Of Joint Venturers' Interests. Except as otherwise expressly permitted herein, no Joint Venturer may sell, transfer, assign or encumber its interest in the Joint Venture, or admit additional Joint Venturers, without the prior written consent of the other Joint Venturer. Any attempt to transfer or encumber any interest in the Joint Venture in violation of this Section shall be null and void.

 

The obligations and Rights of Transferees are as follows:

 

  

  

  

 

(a) Any person who acquires in any manner whatsoever any interest in the Joint Venture, irrespective of whether such person has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the benefit of the acquisition thereof to have agreed to be subject to and bound by all the obligations of this Agreement that any predecessor in interest of such a person was subject to or bound by;

(b) The person acquiring an interest in the Joint Venture shall have only such rights, and shall be subject to all of the obligations, as are set forth in this Agreement; and, without limiting the generality of the foregoing, such a person shall not have any right to have the value of its interest ascertained or receive the value of such interest or, in lieu thereof, profits attributable to any right in the Joint Venture, except as herein set forth.

 

 

Termination. Upon the termination or dissolution of the Joint Venture, the Joint Venturers shall proceed to liquidate the Joint Venture, and all proceeds of such liquidation shall be applied and distributed in the manner set above according to the interests held by each party in the joint venture. A reasonable time shall be allowed for the orderly liquidation of the Joint Venture's assets in order to minimize losses normally attendant upon such liquidation.

 

Notice. Any notices to be given under this Agreement by either party to the other may be effected either by personal delivery in writing or by mail, registered or certified, postage prepaid with return receipt requested. Mailed notices must be addressed to the addresses of the parties as they appear in the introductory paragraph of this Agreement. Each party may change its address by written notice in accordance with this paragraph. Notices delivered personally will be deemed communicated as of actual receipt; mailed notices will be deemed communicated as of 20 calendar days after mailing.

 

Arbitration and Attorneys Fees. Any controversies or disputes arising out of or relating to this Agreement shall be resolved by binding arbitration in accordance with the then-current Commercial Arbitration Rules of the American Arbitration Association. The Joint Venturers shall select a mutually acceptable arbitrator knowledgeable about issues relating to the subject matter of this Agreement. In the event the Joint Venturers are unable to agree to such a selection, each party will select an arbitrator and the two arbitrators in turn shall select a third arbitrator, all three of whom shall preside jointly over the matter. The arbitration shall take place at a location that is reasonably centrally located between the Joint Venturers, or otherwise mutually agreed upon by the Joint Venturers. All documents, materials, and information in the possession of each party that are in any way relevant to the dispute shall be made available to the other Joint Venturer for review and copying no later than 30 days after the notice of arbitration is served. The arbitrator(s) shall not have the authority to modify any provision of this Agreement or to award punitive damages. The arbitrator(s) shall have the power to issue mandatory orders and restraint orders in connection with the arbitration. The decision rendered by the arbitrator(s) shall be final and binding on the Joint Venturers, and judgment may be entered in conformity with the decision in any court having jurisdiction. The agreement to arbitration shall be specifically enforceable under the prevailing arbitration law. During the continuance of any arbitration proceeding, the parties shall continue to perform their respective obligations under this Agreement.

 

  

  

  

 

Miscellaneous Partition. The Joint Venturers hereby mutually waive any right of partition which they may have with respect to the Project and any noncash assets of the Joint Venture.

 

Fees and Commissions. Each Joint Venturer hereby represents and warrants to the other that it has not incurred or obligated the Joint Venture for any brokerage, finder's or other similar fees or commissions in connection with the transactions covered by this Agreement or in connection with acquiring the Project or forming this Joint Venture. Each Joint Venturer hereby agrees to indemnify and hold harmless the other from and against all liabilities, costs, damages and expenses from any breach or alleged breach of the foregoing representation.

 

Waiver. Failure on the part of either Joint Venturer to complain of any act of the other Joint Venturer or to declare the other Joint Venturer in default, irrespective of how long such failure continues, shall not constitute a waiver by such Joint Venturer of its rights hereunder. No waiver of, or consent to, any breach or default shall be deemed or construed to be a waiver of, or consent to, any future breach or default.

 

Severability. If any provision of this Agreement or the application thereof shall be determined by a court of competent jurisdiction to be invalid and unenforceable, the remainder of this Agreement and the application of the other provisions herein contained shall not be affected thereby, and all such other provisions shall remain effective and in force and shall be enforced to the fullest extent permitted by law.

 

Binding Effect. This Agreement shall inure to the benefit of and be binding upon the Joint Venturers, and their heirs, successors and assigns.

 

Duplicate Originals. This Agreement may be executed in duplicate, with each such duplicate to be considered an original for all purposes.

 

Construction of Agreement. (a) The captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision thereof. (b) As used herein, the word "person" shall include the individuals, corporations, partnerships and other entities of any type. In this Agreement, the use of any gender shall be applicable to all genders, and the singular shall include the plural, and the plural shall include the singular.

 

Other Activities of Joint Venturers. Any Joint Venturer may engage in other business ventures of every nature and neither the Joint Venture nor the other Joint Venturer shall have any right in such independent ventures or the income and profits derived therefrom.

 

Entire Agreement. This Agreement is intended by the Joint Venturers to be the final expression of their agreement and the complete and exclusive statement of the terms thereof, notwithstanding any representations or statements to the contrary heretofore made.

 

  

  

  

 

Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of Oregon without regard for conflicts of laws principles. Each Joint Venturer hereby expressly consents to the personal jurisdiction of the state and federal courts located in the state of Oregon, County of Multnomah for any lawsuit filed there against any party to this Agreement by any other party to this Agreement concerning the joint venture or any matter arising from or relating to this Agreement.

 

In witness whereof, the Joint Venturers have signed and sealed this Agreement.

Executed by the Joint Venturers name above with the intent of being legally bound.

 

 

	  	  
	 	
 

	  	  	  
	
Shadong RealForce EnterpriseCo, Ltd 

	
Date

	  

 

 

	  	  
	 	 
	  	  	  
	
Powin Corporation 

	
DateEXCLUSIVE
SOFTWARE MASTER License AGREEMENT

THIS AGREEMENT made
this 31st day of December, 2009,

B E T W E E N:

Groveware
Technologies Inc., an Ontario corporation with an office at 20 Eglinton Avenue West, Suite 1006, Toronto, ON M4R 1K8

(hereinafter referred to as the “Licensor”)

OF THE FIRST PART

- and -

Groveware
Technologies Ltd., a Delaware corporation with an office at 20 Eglinton Avenue West, Suite 1006, Toronto, ON M4R 1K8

(hereinafter referred to as the “Master
Licensee”)

OF THE SECOND
PART

WITNESSES THAT:

WHEREAS the Licensor
is a developer of computer software products and applications;

AND WHEREAS the
Licensor desires to grant to the Master Licensee the exclusive right and license to market and sub-license such software anywhere
in the United States of America (the “Territory”);

NOW THEREFORE, in
consideration of these premises, the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

ARTICLE
1 – INTERPRETATION

1.1               
Definitions

In this Agreement, unless the context
requires otherwise:

“Confidential
Information” – of a party includes all information relating to the business and affairs of the party which is not generally
known to the public, including financial information, strategies, Proprietary Rights, operating methods and techniques, analytical
techniques, materials, documentation (including financial statements), customer, supplier and contact lists, business development
opportunities, research, reports and any other material or information designated by the party as confidential or which is disclosed
in circumstances of confidence;

“disclosed”
– by a party includes revealed or made available or accessible by such party or otherwise known, available or accessible
to the other party;

“Event
of Default” – has the meaning ascribed thereto in section 7.5;

“Initial
Term” – has the meaning ascribed thereto in section 7.1;

“market”
– includes advertise, promote, distribute, sub-license and offer, or solicit orders, to sub-license, and “marketing”
has a corresponding meaning;

“License”
– has the meaning ascribed thereto in section 2.1;

    	 

    	 

    

“Proprietary
Rights” – includes any and all proprietary and intellectual property rights of every nature and kind whatsoever, regardless
of whether or not subject to, or capable of, patent, trade-mark, copyright, industrial design or other protection, including work
product, technological innovations, know-how, trade secrets, ideas, inventions, discoveries, formulae, algorithms, processes, procedures,
words, slogans, logos, designs, drawings, pictures, computer programs, source code, object code, literature (or other works in
which any intellectual property rights may now or hereafter subsist) and any recordings, descriptions, illustrations or prototypes
thereof;

“Renewal
Term” – has the meaning ascribed thereto in section 7.2

hereof;

“Representatives”
– includes affiliates, directors, officers, employees, agents and professional advisors;

“Revenues”
– means all revenues received by the Master Licensee, net of any allowances or discounts allowed to third parties, in respect
of all sales and licensing of the Software;

“Royalty”
– has the meaning ascribed thereto in section 3.1;

“Software”
– means all computer software products and applications developed by the Licensor, as well as the underlying software engine
and all updates, supplements, enhancements and subsequent releases thereof, including any new software products and applications
developed on or after the date hereof;

“Software
Rights” – means all Proprietary Rights associated with or embodied in the Software, including the Trade-Marks;

“Term”
– means the Initial Term or any Renewal Term, as appropriate;

“Territory”
– has the meaning ascribed thereto in the recitals hereof;

“Third
Party Components” – means the parts of the Software which are licensed by Licensor from third parties;

“Trade-Marks”
– means any trade-marks used by the Licensor in connection with the Software; and

“use”
– includes sub-licensing and developing client applications based thereon.

1.2               
Extended Meanings

In this Agreement, unless something
in the subject matter or context is inconsistent therewith:

		(a)	words importing the singular number shall include the plural and
vice versa; 

		(b)	words importing a gender shall include the masculine, feminine and
neuter genders;

		(c)	words importing persons shall include individuals, partnerships,
corporations, unincorporated organizations, associations, trusts, trustees, government agencies and any other form of organization
or entity whatsoever; and

		(d)	any general terms followed by specific examples, whether using “includes”,
“including”, “such as” or other similar terms, shall be interpreted broadly according to their full meaning
and will not be limited to or by the examples listed.

    	2

    	 

    
1.3               
Sections and Headings

The division of this Agreement into
Articles, sections and paragraphs and the use of headings are for convenience of reference only and shall not affect the construction
or interpretation hereof. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions
refer to this Agreement in its entirety and not to any particular Article, section, paragraph or other subdivision or portion hereof
and include any Schedule, agreement or instrument attached, supplemental or ancillary hereto. Unless something in the subject matter
or context is inconsistent therewith, references herein to Article, section and paragraph numbers are to Articles, sections and
paragraphs of this Agreement.

1.4               
Entire Agreement

This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof and cancels and supersedes any prior understandings
and agreements between the parties hereto with respect thereto. There are no representations, warranties, terms, conditions, undertakings
or collateral agreements, express, implied or statutory, between the parties other than as expressly set forth in this Agreement.

1.5               
Accounting Principles

Wherever in this Agreement reference
is made to generally accepted accounting principles, such reference shall be deemed to be to the generally accepted accounting
principles from time to time approved by the Canadian Institute of Chartered Accountants, or any successor institute, applicable
as at the date in respect of which such reference is made or required to be made in accordance with generally accepted accounting
principles.

1.6               
Currency

All references to currency herein are
to lawful money of Canada.

1.7               
Governing Law

This Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

ARTICLE
2 – BASIC TERMS

2.1               
Grant of License

On and subject to the terms hereof,
the Licensor hereby grants to the Master Licensee, and the Master Licensee hereby accepts, the exclusive, right, license and privilege
(the “License”) to market the Software in the Territory and to use any and all Proprietary Rights associated with the
Software in so doing.

2.2               
Territorial Exclusivity

During the term of this Agreement, the
Licensor shall not authorize, allow or permit any other person, including the Licensor, to market the Software or to represent
it anywhere in the Territory. The Licensor retains the right to market the Software to any person and for any use outside of the
Territory.

2.3               
Obligations of the Master Licensee

The Master Licensee agrees to allocate
sufficient resources and to actively market the Software with a view to maximizing potential Revenues.

    	3

    	 

    

2.4               
Source Code

Upon execution of this Agreement, the
Licensor shall deliver the source code for all of the Software which is in existence on the date hereof to the Master Licensee.

2.5               
Sub-Appointments

The Master Licensee shall have the right
to exercise its rights and to carry out its duties hereunder through such employees, dealers, distributors and agents as it may
in its discretion deem advisable.

2.6               
Nature of Relationship

The Licensor and the Master Licensee
acknowledge that they are entering into this Agreement in order to pursue their independent business interests and that, except
as otherwise specifically provided, neither this Agreement nor performance hereunder shall render either party responsible for
the debts, obligations, liabilities or acts of the other and neither party shall have authority to bind the other, to incur any
obligation on the part of the other, or to act as the agent for the other for any purpose. Nothing in this Agreement shall be deemed
in any way or for any purpose to constitute a partnership, employment, joint venture, agency, franchise, trust or fiduciary relationship
between them.

2.7               
No Similar Software

During the term of this Agreement, the
Master Licensee shall not develop or market any software products or applications which are the same as or competitive with the
Software.

ARTICLE
3 – financial matters

3.1               
Royalties

The Master Licensee agrees to pay to
the Licensor a royalty (the “Royalty”) based on Revenues earned during each Term as follows:

		(a)	an amount equal to 20% of Revenues up to and including $2,000,000;

		(b)	an amount equal to 10% of Revenues between in excess of $2,000,000
and up to and including $5,000,000; and

		(c)	an amount equal to 5% of Revenues in excess of $5,000,000.

3.2               
Payment

The Master Licensee will make monthly
payments to the Licensor on account of the Royalty on the 10th day of each calendar month during the term hereof in
respect of Revenues for the preceding month.

3.3               
Audit

The Licensor will have the right to
perform, at any time during normal business hours after reasonable notice and without undue interference with the business of the
Master Licensee, an examination and audit of the Master Licensee’s order entry books and records relating to the Revenues,
together with the right to take copies of such books and records. Such audit shall be at the expense of the Licensor provided,
however, that the Master Licensee shall pay the actual time and labour costs incurred by the Licensor in respect of such audit
where such audit discloses that the Master Licensee has paid less than ninety-five percent (95%) of the Royalty payments due for
the audited period. The Master Licensee shall immediately pay to the Licensor the amount of any deficiency in Royalty payments.

    	4

    	 

    

3.4               
Permits

The Master Licensee shall be responsible
for obtaining, at its own cost and expense, all licenses and permits required to market and sub-license the Software in the Territory,
provided that the Licensor shall cooperate fully with the Master Licensee for such purposes.

3.5               
Expenses 

The Master Licensee shall be solely
responsible for all costs and expenses incurred in connection with marketing and sub-licensing the Software in the Territory.

ARTICLE
4 – Proprietary rights

4.1               
Ownership of Software

The Licensor is the sole and exclusive
owner of all of the Software and the Software Rights other than those pertaining to the Third Party Components. The License shall
not create, or be deemed to create, any ownership right, title or interest in or to the Software for the Master Licensee or any
other person. Any improvements or enhancements to the Software shall enure to the benefit of the Licensor.

4.2               
Right to Use Third Party Components

The Licensor has all necessary right,
license and authority to use the Third Party Components, and to sub-licence them, as part of the Software.

4.3               
Development Input

The Master Licensee shall be entitled
to provide the Licensor with feedback and suggestions concerning the Software’s design and functionality, which the Licensor
may consider in further development of the Software. The Master Licensee acknowledges and agrees that the Licensor is not required
to incorporate any of the Master Licensee’s suggestions and that the incorporation of any of the Master Licensee’s
suggestions will not create or give the Master Licensee any ownership right, title or interest in or to any of the Software Rights.

4.4               
No Contest

The Master Licensee shall not contest,
or do anything which may jeopardize, the Licensor’s ownership of, proprietary interest in or right to use, as the case may
be, the Software or any of the Software Rights.

4.5               
Infringements

The Master Licensee shall not do anything
which might in any way infringe or imperil the validity of any of the Software Rights. The Master Licensee shall promptly report
to the Licensor all infringements, adverse uses or threatened invasions of the Software Rights which may come to the notice of
the Master Licensee and cooperate fully with the Licensor at the Licensor’s expense to suppress any such infringement, adverse
use or threatened invasion.

4.6               
No Proprietary Rights Liability for Third Party Components

The Licensor will have no liability
to the Master Licensee for any claim that a Third Party Component infringes Proprietary Rights of any other person, but the Licensor
will cooperate with and assist the Master Licensee by enforcing on the Master Licensee’s behalf any rights which the Licensor
may have against the licensor of the Third Party Component.

    	5

    	 

    

4.7               
Proprietary Rights Survival

The rights and interests of the parties
in respect of the Software and the Software Rights shall survive termination of this Agreement.

ARTICLE
5 – confidentiality

5.1               
Confidentiality

Except as otherwise specifically authorized
or consented to in writing by the party whose Confidential Information has been disclosed to it, each party covenants and agrees:

		(a)	to keep such Confidential Information strictly and absolutely confidential;

		(b)	not to use, copy, reproduce or store such Confidential Information
for any purpose other than to exercise its rights and to perform its obligations under and in accordance with this Agreement;

		(c)	not to disclose such Confidential Information to any other person,
except to those of its Representatives who have a need to know such Confidential Information and who have agreed in writing or
who are otherwise bound to preserve the confidentiality thereof; and

		(d)	that all right, title and interest in and to such Confidential Information
shall remain the exclusive property of such party and that it acquires no interest, licence or any other right in, of or to such
Confidential Information.

5.2               
Exception

The obligations hereunder with respect
to Confidential Information hereunder shall not apply to that part of any Confidential Information which is required to be disclosed
by law or pursuant to legal, judicial or administrative proceeding, provided that such party will give the other a reasonable opportunity
to contest such disclosure requirement and provide its full cooperation.

5.3               
Confidentiality Survival

The restrictions on disclosure and use
of Confidential Information hereunder shall continue until such time as all of the Confidential Information which has been disclosed
pursuant to, or during the term of, this Agreement is obsolete or generally known to the public through no wrongful act or breach
on the part of the recipient or its Representatives.

ARTICLE
6 – REPRESENTATIONS, WARRANTIES AND INDEMNITY

6.1               
Representations and Warranties of the Master Licensee

The Master Licensee represents and warrants
to the Licensor that:

		(a)	Incorporation. The Master Licensee is incorporated and subsisting
under the laws of its jurisdiction of incorporation as set out on the first page hereof.

		(b)	Power and Capacity. The Master Licensee has the corporate
power and capacity to enter into and perform its obligations under this Agreement.

		(c)	Execution, Delivery and Enforceability. This Agreement has
been duly executed and delivered by the Master Licensee and constitutes a legal, valid and binding obligation of the Master Licensee,
enforceable against the Master Licensee in accordance with its terms.

    	6

    	 

    
	

		(d)	Approvals and Consents. No authorization, consent or approval
of, or filing with or notice to, any governmental agency, regulatory body, court or other person is required in connection with
the execution, delivery or performance of this Agreement by the Master Licensee.

		(e)	No Contravention. Neither the entering into of this Agreement
nor the performance by the Master Licensee of any of its obligations under this Agreement will contravene, breach or result in
any default under the constating documents of the Master Licensee or under any mortgage, lease, agreement, other legally binding
instrument, license, permit, statute, regulation, order, judgment, decree or law to which the Master Licensee is a party or by
which it may be bound.

6.2               
Representations and Warranties of the Licensor

The Licensor represents and warrants
to the Master Licensee that:

		(a)	Incorporation. The Licensor is incorporated and subsisting
under the laws of its jurisdiction of incorporation as set out on the first page hereof.

		(b)	Power and Capacity. The Licensor has the corporate power and
capacity to enter into and perform its obligations under this Agreement.

		(c)	Execution, Delivery and Enforceability. This Agreement has
been duly executed and delivered by the Licensor and constitutes a legal, valid and binding obligation of the Licensor, enforceable
against the Licensor in accordance with its terms.

		(d)	Approvals and Consents. No authorization, consent or approval
of, or filing with or notice to, any governmental agency, regulatory body, court or other person is required in connection with
the execution, delivery or performance of this Agreement by the Licensor.

		(e)	No Contravention. Neither the entering into of this Agreement
nor the performance by the Licensor of any of its obligations under this Agreement will contravene, breach or result in any default
under the constating documents of the Licensor or under any mortgage, lease, agreement, other legally binding instrument, license,
permit, statute, regulation, order, judgment, decree or law to which the Licensor is a party or by which it may be bound.

6.3               
Mutual Indemnity

Each of the parties hereto hereby agrees
to indemnify and hold the other harmless from and against all liabilities, costs, expenses, losses and any other form of damages
whatsoever (including reasonable legal fees) suffered by the other as a result of any breach of any covenant of such party contained
in this Agreement or from any inaccuracy or misrepresentation in any representation or warranty of such party contained in this
Agreement or in any certificate, document or instrument delivered to the other in connection herewith.

6.4               
Limitation of Liability

The Master Licensee understands that
it is accepting the Software “as is” and that the Licensor makes no warranty as to the merchantability or fitness of
the Software generally or for any particular purpose and that the Licensor will have no liability whatsoever to the Master Licensee
or any end-user in respect of any problems with, or failure of, the Software.

    	7

    	 

    

ARTICLE
7 – TERM AND TERMINATION

7.1               
Term

This Agreement shall be for an initial
term (the “Initial Term”) of one year commencing on the date hereof.

7.2               
Automatic Renewal

Upon expiry of the Initial Term or any
renewal thereof, this Agreement shall renew automatically for a further, consecutive one-year period (each a “Renewal Term”)
unless otherwise terminated in accordance with the provisions hereof. Unless otherwise agreed by the parties prior to any Renewal
Term, each renewal shall be on the same terms and conditions provided herein.

7.3               
Termination on Notice

This Agreement may be terminated by
the Master Licensee by giving 60 days prior written notice to the Licensor setting out its intention to terminate this Agreement.

7.4               
Termination by Agreement

This Agreement may be terminated at
any time by the written agreement of the parties.

7.5               
Termination on Default

This Agreement may be terminated by
either party at any time upon the occurrence of any one or more of the following events (each an “Event of Default”):

		(a)	if the other party fails to fulfil any of its duties or responsibilities
or breaches any of its representations, warranties, covenants or agreements under this Agreement and is unwilling or unable to
remedy such failure or breach to the satisfaction of such party, acting reasonably, within 30 days of notice thereof;

		(b)	if the other party is dissolved or wound-up, unless the dissolution
was inadvertent and the directors of the other party take steps to revive the other party immediately upon notice thereof;

		(c)	if the other party becomes insolvent or bankrupt or makes an assignment
for the benefit of or a composition with creditors or is unable, or admits in writing its inability, to pay debts as they mature
or if bankruptcy, reorganization, arrangement, insolvency or other similar proceedings for relief of financially distressed debtors
are instituted by or against the other party or there is appointed for the other party or for a substantial part of any of its
property, a trustee, receiver or liquidator;

		(d)	if the other party ceases, for any reason other than for causes beyond
its control, to carry on business in the ordinary and usual course; or

7.6               
Effect of Termination

Upon termination of this Agreement for
any reason whatsoever:

		(a)	the Master Licensee shall immediately cease holding itself out as
having any rights to market or sub-license the Software;

    	8

    	 

    
	

		(b)	the Master Licensee shall forthwith return to the Licensor all promotional
and technical materials regarding the Software, except to the extent required to support existing end-users thereof; and

		(c)	the Master Licensee shall return the source code for all of the Software
to the Licensor and destroy all other copies thereof.

7.7               
No Liability for Termination

Nothing herein contained shall impose
any liability on either party in connection with the operations of the other party, or for any expenditures made or incurred by
the other party in preparation of or in the performance of its duties and obligations under this Agreement or for any losses whatsoever.
Upon termination of this Agreement for any reason permitted herein, neither party shall be liable to the other for any compensation,
reimbursement or damages on account of the loss of anticipated sales or profits or on account of expenditures, investments, leases
or commitments made in conjunction with either party's business or on any other account whatsoever.

ARTICLE
8 – GENERAL

8.1               
Further Assurances

Each of the parties hereto shall promptly
do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as
the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and shall use
reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions
of this Agreement.

8.2               
Confidentiality

Each of the parties hereto covenants
and agrees that it will not disclose any confidential information or trade secrets received from the other party to any person
or for any purpose other than the performance of its duties hereunder. The obligations of the parties pursuant to this section
shall survive expiration or termination of this Agreement for any reason whatsoever.

8.3               
Dispute Resolution

Any dispute, controversy or claim between
the parties hereto arising out of or relating to this Agreement or any alleged breach thereof which cannot be amicably settled
between the parties shall be referred to arbitration in accordance with the laws of the Province of Ontario.

8.4               
Enurement

This Agreement shall enure to the benefit
of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the parties hereto.

8.5               
Amendments and Waivers

No amendment or waiver of any provision
of this Agreement shall be valid or binding unless executed in writing by the party to be bound thereby. No waiver of any provision
of this Agreement shall constitute a waiver of any other provision hereof nor shall any waiver of any provision of this Agreement
constitute a continuing waiver unless otherwise expressly provided.

    	9

    	 

    

8.6               
No Assignment

Neither party may assign this Agreement,
nor any of its rights or benefits hereunder, to any other person without the express prior written consent of the other party hereto.

8.7               
Severability

If any provision of this Agreement is
determined to be illegal, invalid or unenforceable in whole or in part, the same shall not in any respect affect the legality,
validity or enforceability of the remainder of such provision or any other provision of this Agreement.

8.8               
Notices

Any demand, notice or other communication
to be given in connection with this Agreement shall be given in writing and may be given by personal delivery, by courier, by facsimile
transmission, by electronic mail or by registered mail addressed to the recipient at the address shown on the first page hereof
or to such other address or person as may be designated by notice by either party to the other. Any such communication so given
will be conclusively deemed to have been given only when it is actually delivered by one of the methods aforesaid.

8.9               
Electronic Transmission

The parties hereto agree that this Agreement,
and any other documents required to be executed in connection herewith, may be transmitted electronically, by facsimile, e-mail
or such similar device, and that the reproduction of signatures by any such device will be treated as binding as if originals and
each of the parties hereto undertakes to provide each other with a copy of this Agreement, or such other documents, bearing original
signatures forthwith on demand.

8.10           
Attornment

Each of the parties hereto hereby attorns
to the non-exclusive jurisdiction of the courts of the Province of Ontario.

8.11           
Counterparts

This Agreement and any other documents
required to be executed in connection herewith may be executed in any number of counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall constitute one and the same document.

IN WITNESS WHEREOF
the parties hereto have executed this Agreement on the day, month and year first above written.

	
        Groveware
        Technologies Inc.

         

         

        Per: /s/ Hrair Achkarian

Hrair Achkarian, President
	
         

         
	
        Groveware
        Technologies Ltd.

         

         

        Per: /s/ Hrair Achkarian

Hrair Achkarian, President

 

    	10

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