Document:

Exhibit

Exhibit 10.2
EXECUTION VERSION

SUCCESSION AGREEMENT
This SUCCESSION AGREEMENT (this “Agreement”) is made and entered into as of the 3rd day of January, 2016 (the “Effective Date”), by and between The Brink’s Company, a Virginia corporation (the “Company”), and Thomas C. Schievelbein (the “Executive” and, together with the Company, the “Parties” and each, a “Party”).
WHEREAS, the Executive serves as Chairman of the Board of Directors of the Company (the “Board”) and President and Chief Executive Officer of the Company; and
WHEREAS, the Parties now desire to enter into a mutually satisfactory arrangement concerning, among other things, the Executive’s separation from service with the Company and its Affiliates, and other matters related thereto.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, the Parties agree as follows:
1.Definitions.  As used in this Agreement, the following terms, when capitalized, shall have the meanings given below:
(a)“Affiliate” means an entity controlled by, controlling or under common control with the Company.
(b)“Annual Base Salary” means the Executive’s annualized base salary on the Termination Date without regard to commissions, overtime or bonus (unless specifically stated otherwise). 
(c)“Annual Incentive” means the Executive’s annual incentive under the Annual Incentive Plan for the year in which the Termination Date occurs.
(d)“Annual Incentive Plan” means the annual incentive plan of the Company or its Subsidiaries in which the Executive participates as of the Termination Date.
(e)“Code” means the Internal Revenue Code of 1986, as amended, and any Treasury regulations promulgated or other Treasury guidance thereunder.
(f)“Deferred Compensation Plan” means the Key Employees’ Deferred Compensation Program of The Brink’s Company.
(g)“Equity Plans” means The Brink’s Company 2013 Equity Incentive Plan, The Brink’s Company 2005 Equity Incentive Plan and The Brink’s Company Non-Employee Directors’ Equity Plan.

    

(h)“Severance Pay Plan” means the Severance Pay Plan of The Brink’s Company.
(i)“Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.
2.    Termination.  
(a)    Termination Date.  The Executive hereby acknowledges and agrees that his employment with the Company and its Affiliates shall terminate on the earlier of (i) the date a successor Chief Executive Officer commences employment with the Company and (ii) the date of the Company’s 2016 regularly scheduled annual meeting of shareholders (the “Termination Date”).  For the avoidance of doubt, the Executive shall continue to participate in the compensation and benefit plans of the Company and its Affiliates in which he currently participates or to which he is a party, and shall continue to receive base salary at the rate in effect immediately prior to the Effective Date, through the Termination Date; provided that if any terms of this Agreement conflict with the terms of any other compensation or benefit plan, the terms of this Agreement shall exclusively govern unless prohibited by law; and provided, further, that nothing herein shall result in the payment of duplicate amounts or benefits.  Notwithstanding the foregoing, in no event shall the Executive be entitled to any grants of additional compensatory awards denominated in shares of common stock of the Company following the Effective Date.
(b)    Resignation of Board and Officer Positions.  Effective as of the Termination Date, the Executive hereby resigns from his positions as President and Chief Executive Officer of the Company, as Chairman and a member of the Board and as a member of any committees of the Board on which he may serve, and as a member of the board of directors of, or as a manager or any other position with, any of the Company’s Affiliates.  While the Parties agree that such resignations are intended to be self-effectuating, the Executive further agrees to execute any documentation the Company determines necessary or appropriate to facilitate such resignation.
(c)    Acknowledgments.  The Parties acknowledge and agree that for purposes of the Severance Pay Plan, the Executive’s termination of employment hereunder is a “Qualifying Termination” (as defined therein).
3.    Separation Payments and Benefits.  In consideration for the Executive’s service to the Company and its Affiliates and the Executive’s agreement to comply with the terms of this Agreement, specifically including the Release (as defined in Section 5 of this Agreement) and the restrictive covenants set forth therein, the Executive shall be entitled to the payments and benefits set forth below:

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(a)    Accrued Obligations.  In consideration of the Executive’s entitlements under Section 4.1(a) of the Severance Pay Plan, the Executive shall be entitled to a cash payment, which shall be paid in a lump sum on the first payroll date following the Termination Date, equal to the sum of (i) the Executive’s Annual Base Salary through the Termination Date to the extent not theretofore paid, (ii) any bonus or incentive compensation for which payment has been approved in accordance with the terms of the applicable arrangement but which has not been paid as of the Termination Date, and (iii) any accrued vacation pay, in each case to the extent not theretofore paid (the amounts contemplated by clauses (i), (ii) and (iii), the “Accrued Obligations”).  The Accrued Obligations shall be due without regard to whether the Executive has executed and not revoked the Release.
(b)    Severance Payment.  In consideration of the Executive’s entitlements under Section 4.1(b) of the Severance Pay Plan, the Executive shall be entitled to a cash severance payment, which shall be paid in a lump sum within 60 days following the Termination Date, equal to the product of (x) 1.5 multiplied by (y) the sum of the Executive’s Annual Base Salary and target Annual Incentive opportunity for the year in which the Termination Date occurs (or, if no such target Annual Incentive opportunity has been set as of the Termination Date, the target Annual Incentive opportunity for the immediately preceding year).
(c)    Annual Bonus.
(i)    Full 2015 Bonus.  In consideration for the Executive’s service to the Company and its Subsidiaries during 2015, regardless of when the Termination Date occurs, the Executive shall be entitled to an Annual Incentive in respect of 2015 without pro-ration, which shall be determined in accordance with the Annual Incentive Plan in a manner consistent with that applicable to other participants in the Annual Incentive Plan generally (provided that any individual performance modifier thereunder (if applicable) shall be deemed satisfied at 100%), and shall be paid at the time that 2015 awards are paid to other participants in the Annual Incentive Plan generally, but in no event after March 15 of the year following the year in which the Termination Date occurs (subject to any deferral elections that the Executive may have made with respect to such compensation).
(ii)    Prorated 2016 Bonus.  If the Termination Date occurs in 2016, in consideration of the Executive’s entitlements under Section 4.1(c) of the Severance Pay Plan (but without regard to any contrary provision thereof), the Executive shall be entitled to an amount equal to the product of (A) the Executive’s Annual Incentive for 2016 determined in accordance with the Annual Incentive Plan in a manner consistent with that applicable to other participants in the Annual Incentive Plan generally (provided that any individual performance modifier thereunder (if applicable) shall be deemed satisfied at 100%), multiplied by (B) a fraction, (1) the numerator of which is the number of completed months elapsed in the 

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performance year of the Annual Incentive Plan as of the Termination Date, and (2) the denominator of which is 12, which shall be paid at the same time that incentives are paid to other participants in the Annual Incentive Plan generally in respect of the applicable performance year, but in no event after March 15 of the year following the year in which the Termination Date occurs.
(d)    Health Care Benefits.  In consideration of the Executive’s entitlements under Section 4.1(d) of the Severance Pay Plan, if the Executive elects continued medical and dental benefit coverage pursuant to Section 4980B(f) of the Code, then until the earlier of (i) 18 months following the Termination Date, and (ii) such time as the Executive becomes eligible to receive medical and dental benefits under another employer-provided plan (such period, the “Health Care Continuation Period”), the Company or its Subsidiaries shall reimburse the Executive for premiums associated with such coverage in an amount equal to the premiums that the Company or its Subsidiaries would have paid in respect of such coverage had the Executive’s employment continued during such period; provided, however, such reimbursed premiums shall be reported by the Company or its Subsidiaries as taxable income to the Executive to the extent reasonably determined by the Company or its Subsidiaries to be necessary to avoid such reimbursed premiums from being considered to have been provided under a discriminatory self-insured medical reimbursement plan pursuant to Section 105(h) of the Code.
(e)    Outplacement Services.  In consideration of the Executive’s entitlements under Section 4.1(f) of the Severance Pay Plan, the Company or its Subsidiaries shall, at its or their sole expense as incurred, provide the Executive with reasonable outplacement services during the Health Care Continuation Period, the provider and scope of which shall be selected by the Company or its Subsidiaries in its or their sole discretion.
(f)    Deferred Compensation.  The Executive shall be entitled to vesting of any unvested amounts credited to him under the Deferred Compensation Plan, effective as of the Termination Date.
(g)    Reimbursement of Professional Fees.  The Company shall reimburse the Executive for the legal and other advisor fees incurred by him, determined in accordance with such advisors’ standard hourly rates, in connection with the negotiation and execution of this Agreement, up to a maximum of $25,000.
(h)    Effect of Payments on Compensatory Arrangements.  The Executive acknowledges that the payments and benefits to which he becomes entitled pursuant to this Section 3 and otherwise solely on account of the termination of his employment shall not be considered in determining his benefits under any plan, agreement, policy or arrangement of the Company and its Affiliates, including but not limited to the Company’s 401(k) plan and other 

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deferred compensation arrangements.  The payments and benefits provided under this Section 3 shall be in full satisfaction of the obligations of the Company and its Affiliates to the Executive under this Agreement or any other plan, agreement, policy or arrangement of the Company and its Affiliates upon his termination of employment, and in no event shall the Executive be entitled to severance pay or benefits beyond those specified in this Section 3 (including any compensation or benefits under the Severance Pay Plan).
4.    Equity-Based Awards.  The Executive acknowledges that all compensatory awards denominated in shares of common stock of the Company held by the Executive as of the date hereof are set forth on Exhibit A.  In accordance with the terms of the Equity Plans and the applicable award agreements, each such award held by the Executive on the Termination Date shall remain outstanding and continue to vest in accordance with its terms following the Termination Date.  Any stock options held by the Executive on the Termination Date shall remain exercisable until the expiration of their original term.
5.    General Release.  The Executive acknowledges that, as of the Effective Date, he is not legally entitled the payments and benefits set forth in this Agreement to which he will first become entitled following the Effective Date.  In consideration of such payments and benefits, on or following the Termination Date, but not later than 21 days following the Termination Date, the Executive shall execute and deliver to the Company a Separation and Release Agreement substantially in the form attached as Exhibit B (the “Release”).  Notwithstanding anything in this Agreement or in any other plan, policy, agreement or arrangement of the Company and its Affiliates to the contrary, whether or not the Executive is a party thereto, if the Executive (a) fails to execute and deliver the Release to the Company within such 21-day period, or (b) revokes the Release in accordance with the terms thereof, the Company and its Affiliates, in addition to any other remedies they may have, shall be entitled to (i) cease payment of the compensation and benefits contemplated by Section 3 of this Agreement to the extent not previously paid or provided, and (ii) the prompt return by the Executive of any portion of such compensation and the value of such benefits previously paid or provided, in each case to the extent to which the Executive would not have been legally entitled had he been terminated by the Company and its Affiliates with cause on the Termination Date, without waiving the Company’s and its Affiliates’ entitlements under the Release.
6.    No Mitigation; No Offset.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment.  

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7.    Tax Withholding.  The Company and its Affiliates shall be entitled to withhold from the benefits and payments described herein all income and employment taxes required to be withheld by applicable law.
8.    Notices.  All notices, requests, demands or other communications under this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or deposited in the United States mail, postage prepaid, by registered or certified mail, return receipt requested, to the Party to whom such notice is being given as follows:
		
	As to the Executive:
	The Executive’s last address on the books and records of the Company 

		
	As to the Company:
	The Brink’s Company 
    1801 Bayberry Court, Suite 400 
    P.O. Box 18100 
    Richmond, Virginia  23226 
    Attention:  General Counsel

Any party may change his or its address or the name of the person to whose attention the notice or other communication shall be directed from time to time by serving notice thereof upon the other party as provided herein.
9.    Successors.  This Agreement shall inure to the benefit of, be enforceable by and be binding upon the Executive’s legal representatives.  This Agreement shall inure to the benefit of, be enforceable by and be binding upon the Company and its successors and assigns.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, or otherwise.
10.    Section 409A.
(a)    General.  It is intended that payments and benefits made or provided under this Agreement shall not result in penalty taxes or accelerated taxation pursuant to Section 409A of the Code.  Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A of the Code.  All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from 

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service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on the Executive pursuant to Section 409A of the Code.  In no event may the Executive, directly or indirectly, designate the calendar year of any payment under this Agreement, and to the extent required by Section 409A of the Code, any payment that may be paid in more than one taxable year (depending on the time that the Executive executes the Release) shall be paid in the later taxable year.
(b)    Reimbursements and In-Kind Benefits.  Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)    Delay of Payments.  Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company and its Affiliates as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Executive under this Agreement during the six-month period immediately following the Executive’s separation from service (as determined in accordance with Section 409A of the Code) on account of the Executive’s separation from service shall be accumulated and paid to the Executive on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”), to the extent necessary to prevent the imposition of tax penalties on the Executive under Section 409A of the Code.  If the Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of the Executive’s death.

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11.    Change in Control.  Notwithstanding any provision of this Agreement to the contrary, if a Change in Control (as defined in the Change in Control Agreement dated November 13, 2015 between the Executive and the Company) occurs prior to the Termination Date, this Agreement shall be null and void ab initio.
12.    Miscellaneous.
(a)    Governing Law; Dispute Resolution.  This Agreement, and the rights and obligations of the Parties, shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without respect to its principles of conflicts of laws, except to the extent governed by federal laws, and shall be construed according to its fair meaning and not for or against any party.  The Parties irrevocably submit to the jurisdiction of any state or federal court sitting in or for Richmond, Virginia with respect to any dispute arising out of or relating to this Agreement of the Release, and each Party irrevocably agrees that all claims in respect of such dispute or proceeding shall be heard and determined in such courts.  The Parties hereby irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the venue of any dispute arising out of or relating to this Agreement or the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute or proceeding.  Each Party agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Each Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any right it may have to a trial by jury in respect of any litigation as between the Parties directly or indirectly arising out of, under or in connection with this Agreement or the Release or the transactions contemplated hereby or disputes relating hereto.  Each of the Parties (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that it and the other Party have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications contained in this Section 12(a).
(b)    Severability.  If any provision hereof is unenforceable, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such unenforceable provision had never comprised a part hereof, the remaining provisions hereof shall remain in full force and effect, and the court construing the Agreement shall add as a part hereof a provision as similar in terms and effect to such unenforceable provision as may be enforceable, in lieu of the unenforceable provision.  
(c)    No Assignment.  Except as expressly contemplated by this Agreement, the compensation and benefits payable under this Agreement shall not be subject to anticipation alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution, encumbrance, 

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levy, lien or change, and any attempt to cause such compensation and benefits to be so subjected shall not be recognized, except to the extent required by law.
(d)    Headings and Captions.  The headings and captions of this Agreement are not part of the provisions hereof and shall have no force or effect.
(e)    Amendments.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the Parties hereto or their respective successors and legal representatives.  
(f)    Interpretation.  As used in this Agreement, the term “including” does not limit the preceding words or terms.

[Signature page follows]

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IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Board has caused this Agreement to be executed by its duly authorized representative, all as of the date first above written.
	
	
	 
 
 
  
/s/Thomas C. Schievelbein                                   
Thomas C. Schievelbein 

[Signature Page to Succession Agreement]

	
	
	

THE BRINK’S COMPANY 
 
 
 
/s/McAlister C. Marshall, II                                  
By:    McAlister C. Marshall, II
Title:  Vice President

[Signature Page to Succession Agreement]

EXHIBIT A
OUTSTANDING EQUITY AWARDS

	
							
	Plan Name
	Grant Date
	Grant Type
	Exercise Price
	Shares Subject 
to the Award

	Non-Employee Directors’ Equity Plan
	07/10/2009
	RSU
	 
	2,519

	07/09/2010
	RSU
	 
	3,633

	07/08/2011
	RSU
	 
	2,256

	2005 Equity Incentive Plan
	06/15/2012
	NQ
	

	$22.39
	

	206,625

	2013 Equity Incentive Plan
	05/03/2013
	PU
	 
	56,776

	05/03/2013
	PU
	 
	57,209

	02/20/2014
	PU
	 
	48,591

	02/20/2014
	PU
	 
	48,829

	02/20/2015
	PU
	 
	49,391

	02/20/2015
	PU
	 
	51,778

EXHIBIT B
SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement (this “Agreement”) is entered into on [●], 201[●] by and between The Brink’s Company, a Virginia corporation (the “Company”), and Thomas C. Schievelbein (the “Executive” and, together with the Company, the “Parties” and each, a “Party”).  Reference is made herein  to the Succession Agreement (the “Succession Agreement”) between the Company and the Executive, dated as of Janaury [●], 2016.  Terms that are capitalized but not defined herein shall have the meanings set forth in the Succession Agreement.
1.    The Executive and the Company mutually agree that the Executive’s employment with the Company was terminated effective as of [●] (the “Termination Date”).  It is understood and agreed that after the Termination Date, the Company owes no duty or obligation to the Executive other than those set forth in this Agreement and, except as set forth in this Agreement, the Executive’s participation in any and all employee benefit plans of the Company will cease as of the Termination Date, to the extent permitted by law.
2.    The Executive shall receive the Accrued Obligations in accordance with Section 3(a) of the Succession Agreement and any unpaid expense account items due to the Executive under the Company’s regular expense account policies.
3.    In addition to whatever payments the Executive may receive from the Company as described in Section 2 above, in consideration of the Executive’s promises and commitments set forth in this Agreement, the Company shall provide the Executive with the compensation and benefits contemplated by Sections 3(b)-(g) of the Succession Agreement (the “Severance Package”) in accordance with the terms specified therein.  In addition to the promises and commitments by the Executive set forth in this Agreement, the Severance Package is conditioned on the Executive executing, at the request of the Company, such documents as the Company deems necessary to effectuate his removal from officer and director positions, committee memberships and any other positions he holds with any Affiliate of the Company, if any, and assigning to the Company or its designee any shares of capital stock of any Affiliate of the Company (other than shares of common stock of The Brink’s Company) that may be registered in his name.
4.    The Executive shall immediately return all Company property to the Company, including but not limited to laptop computer, mobile phone (provided that the Executive shall be able to keep his phone number if he so requests), all other company-provided electronic equipment, company credit cards, identification cards and/or badges, office keys and/or key cards, etc.

5.    The Executive acknowledges that the Severance Package is not otherwise owed to the Executive and that the Company is providing this benefit in exchange for the mutual promises and covenants contained in this Agreement.  In consideration of and as a condition to these payments and benefits, the Executive, on his behalf and on behalf of his heirs, legal representatives, agents, successors and assigns, hereby irrevocably and unconditionally agrees to release and forever discharge the Company, its parents, Subsidiaries, Affiliates, divisions, successors, assigns, health and retirement plans (and the fiduciaries and service providers to such plans) and its and their respective current and former officers, directors, shareholders, employees, agents, and representatives (collectively, the “Releasees”) of and from, any and all claims, actions, demands and liabilities of whatever nature, kind or character, asserted or unasserted, known or unknown, which the Executive has or may have against the Company or any of the Releasees through the Termination Date, including but not limited to claims arising out of, related to, or in any way connected with the Executive’s employment by, and officer and/or director positions with, the Company or any of the Releasees or from the Releasees’ termination, or arising from the conduct, acts or omissions of the Company or any Releasee or its or their agents or employees, or arising from any other transactions, agreements, including but not limited to the Change in Control Agreement dated November 13, 2015 between the Executive and the Company, occurrences, acts or omissions, or any loss, damage or injury, known or unknown, resulting from any act or omission by or on the part of the Company or any of the Releasees or its or their agents or employees.  This includes, but is not limited to, any claims for liability, wages (including but not limited to any payments, wages, benefits, or compensation of any kind under all employment and labor laws or codes of the Commonwealth of Virginia), the loss of emoluments and equity, such as but not limited to incentive compensation, bonuses (including but not limited to any bonus under the Key Employees Incentive Plan) and/or any and all other emoluments, severance or other termination payments beyond the Severance Package specified herein, demands, losses, expenses, suits, fringe benefits, health insurance, costs, attorney’s fees, actions or causes of action based on any federal, state or local statute, law, ordinance or regulation of the United States or other jurisdictions in which the Releasees operate or the common law of the Commonwealth of Virginia or any other state or country (collectively, the “Statutes”).  The Executive further states that he is unaware of any facts or circumstances that would give rise to liability against the Releasees under any Statutes, including without limitation any federal, state or local whistleblower statute.  Finally, the Executive agrees and represents that he has not filed in any state, federal, or local court or with any state, federal or other governmental agency or entity or any administrative tribunal, or any arbitration forum, any claim or complaint of whatever kind or nature, whether in the Executive’s own capacity or as a member of a class or otherwise based upon any rights, privileges, entitlements or benefits arising out of or related to the Executive’s employment with the Company, and that any remedies for such claims or complaints the Executive might have standing to assert are released by this Agreement.  The foregoing shall not affect the Executive’s 

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right to the Severance Package or to obtain whatever benefits the Executive is entitled to receive from the Company’s equity-based, health, deferred compensation and retirement plans as of the Termination Date.  The release language in this Section 5 shall not affect any right to indemnification the Executive may have under the Bylaws of The Brink’s Company or any rights with respect to coverage under any directors’ and officers’ insurance policies and/or indemnification agreements, provided the Executive is in compliance with the terms of this Agreement and provided further that the Executive shall have taken no action, either directly or indirectly, to assist, facilitate or otherwise encourage the making of the claim, investigation or liability giving rise to the right to indemnification.
6.    The Executive agrees he shall at all times, and from time to time, take all reasonable actions and provide information and support reasonably requested by the Company to assist the Company, its Affiliates, successors and assigns (including its counsel) in maintaining, contesting, defending against or settling any action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand.  The Executive further agrees that, other than pursuant to valid subpoena, process, or court order commanding attendance or testimony, the Executive shall not:  (a) assist any other person or entity in any judicial, administrative, arbitral or other proceedings that in any way involve or relate to the Executive’s employment with the Company, or (b) voluntarily participate or assist in any such litigation or proceeding of any nature brought by or on behalf of any present or previous employee or agent of the Company, unless requested by the Company, or except as may be required by law.  Should the Executive file any claim or complaint against the Company or any of the Releasees in any court or with any governmental agency or entity or any administrative tribunal, or any arbitration forum, the Executive acknowledges that the Executive has irrevocably waived any right to recovery against the Company or any of the Releasees in connection with such claims or activities.  If the Executive is commanded to attend any proceedings or provide testimony within the meaning of this Section 6, the Executive agrees to provide notice of such attendance or testimony to counsel for the Company, in writing, ten (10) days prior to such attendance or testimony, or the amount of prior notice of such attendance or testimony that the Executive received, whichever is less.
7.    In exchange for the consideration described herein, the Executive also expressly and voluntarily covenants and agrees that for eighteen (18) months following the Termination Date, the Executive shall not, directly or indirectly, by agency, as an employee, consultant, officer or director, through a corporation, partnership, limited liability company, or by any other artifice or device:
(a)    Engage in activities or business, or establish any new businesses, anywhere in the world, that are substantially in competition with the business of the Company or any of its Affiliates, including (i) selling goods or services of the type sold by the Company or any of its Affiliates, over which the Executive had management oversight and/or responsibility in 

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his position as Chairman, President and Chief Executive Officer of the Company, except that the Executive may sell any goods or services that were not sold or to be sold by the Company or any of its Affiliates on the Termination Date or at any time during the Executive’s employment with the Company or any of its Affiliates; (ii) soliciting any customer or client or prospective customer or client of the Company or any of its Affiliates to purchase any goods or services sold by the Company or any of its Affiliates from anyone other than the Company or any of its Affiliates, or servicing any such customer or client or prospective customer or client in any way in connection with or relating to the goods or services sold by the Company or any of its Affiliates; (iii) interfering with, or attempting to interfere with, business relationships between the Company or any of its Affiliates and the suppliers, partners, members or investors of the Company or any of its Affiliates; and (iv) assisting any person in any way to do, or attempt to do, anything prohibited by clause (i), (ii) or (iii) above;
(b)    Perform services for Dunbar, G4S, Garda, Loomis, Malca Amit, Prosegur or any other direct competitor of the Company or its Affiliates similar to the services the Executive performed for the Company or its Affiliates;
(c)    Perform any action, activity or course of conduct that is substantially detrimental to the Company or any of its Affiliates or to the business reputation of the Company or any of its Affiliates, including (i) soliciting, recruiting or hiring any employees of the Company or any of its Affiliates or persons who have worked for the Company or any of its Affiliates; (ii) soliciting or encouraging any employee of the Company or any of its Affiliates to leave the employment of the Company or any of its Affiliates or intentionally interfering with the relationship of the Company or any of its Affiliates with any such employee; and (iii) assisting any person in any way to do, or attempt to do, anything prohibited by clause (i) or (ii) above; or
(d)    The Executive specifically acknowledges that, during the course of his employment by the Company as the Chairman, President and Chief Executive Officer of the Company, he was exposed to, and played a crucial role in, the development and implementation of the strategic business operations, financial performance, marketing strategy, and plans for existing and future products and services of the Company and its Affiliates throughout the world.  As such, the Executive agrees that the geographic scope of the restriction set forth in Sections 7(a) and (b) above is no more broad than reasonably necessary to protect the Company’s and its Affiliates’ legitimate business interests.
8.    The Executive acknowledges that, during the course of his employment by the Company, he had access to various confidential information of the Company and its Affiliates, including but not limited to strategic plans, security and operational procedures, practices and data, company specific reports and/or data, routing information, performance related data and reports, salary/compensation information, customer lists, pricing practices and lists, marketing 

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plans, operational processes and techniques, financial information including financial information set forth in internal records, files and ledgers or incorporated in profit and loss statements, financial reports and business plans, inventions, discoveries, devices, algorithms, as well as computer hardware and software (including source code, object code, documentation, diagrams, flow charts, know how, methods and techniques associated with the development of a use of any of the foregoing computer software), all internal memoranda, any other records of the Company or its Affiliates (including electronic and data processing files and records) and any other information designated as a “trade secret” and/or constituting a trade secret under any governing law and any other proprietary information not generally available to the public that the Company or its Affiliates consider confidential information (collectively called “Confidential Information”).  In connection with this Agreement, the Executive agrees that all Confidential Information is and shall remain the property of the Company or its Affiliates and that he will not divulge or disclose any such Confidential Information to any third party or use any such Confidential Information without the prior written consent of the Company.
9.    If the Executive becomes, or believes he has become, in any way legally compelled to disclose any Confidential Information, the Executive will provide the Company with prompt prior written notice of such requirement so the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Section 9.  If such protective order or other remedy is not obtained, or the Company waives compliance with this Section 9, the Executive agrees to furnish only that portion of the Confidential Information that he is legally compelled to disclose and agrees to exercise best efforts to obtain reliable assurance that confidential treatment will be accorded any such information so furnished.  The Executive further agrees to return immediately to the Company any and all Confidential Information received or obtained during the course of the Executive’s employment with the Company, including but not limited to all documents and records and computer databases and files, and all copies thereof.
10.    The Executive agrees that he will not make any untrue, misleading, or defamatory statements concerning the Company or Releasees or any of its or their officers or directors, and will not directly or indirectly make, repeat or publish any false, disparaging, negative, unflattering, accusatory, or derogatory remarks or references, whether oral or in writing, concerning the Company or Releasees or any of its or their officers or directors, or otherwise take any action which might reasonably be expected to cause damage or harm to the Company or Releasees or any of its or their officers or directors.  Nothing in this Agreement prohibits the Executive from communicating with or fully cooperating in the investigations of any governmental agency on matters within their jurisdictions.  However, this Agreement does prohibit the Executive from recovering any relief, including without limitation monetary relief, as a result of such activities.  In agreeing not to make disparaging statements regarding the Company or Releasees or any of its or their officers or directors, the Executive acknowledges 

B-5

that he is making a knowing, voluntary and intelligent waiver of any and all rights he may have to make disparaging comments about the Company or Releasees or any of its or their officers or directors, including rights under the First Amendment to the United States Constitution and any other applicable federal and state constitutional rights.  _____ [initialed]
11.    The Executive acknowledges that a violation by the Executive of any of the covenants contained in this Agreement would cause irreparable damage to the Company and its Affiliates in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate.  Accordingly, the Executive agrees that, notwithstanding any provision of this Agreement to the contrary, in addition to any other damages it is able to show, in the event of a violation by the Executive of any of the covenants contained in this Agreement, the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to (a) cease payment of the Severance Package to the extent not previously paid or provided, (b) the prompt return by the Executive of any portion of the Severance Package previously paid or provided, and (c) injunctive relief (including temporary restraining orders, preliminary injunctions and permanent injunctions), without posting a bond, in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in this Agreement in addition to any other legal or equitable remedies it may have.  The preceding sentence shall not be construed as a waiver of the rights that the Company may have for damages under this Agreement or otherwise, and all such rights shall be unrestricted.
12.    The Executive acknowledges that the Company and its Affiliates have expended and will continue to expend substantial amounts of time, money and effort to develop business strategies, employee, customer and other relationships and goodwill to build an effective organization.  The Executive acknowledges that the Company has a legitimate business interest in and right to protect its Confidential Information, goodwill and employee, customer and other relationships, and that the Company would be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its employee, customer and other relationships.  The Executive further acknowledges that the Company and its Affiliates are entitled to protect and preserve the going concern value of the Company to the extent permitted by law:
(a)    In light of the foregoing acknowledgments, the Executive agrees that the covenants contained in this Agreement are reasonable and properly required for the adequate protection of the businesses and goodwill of the Company and its Affiliates.  The Executive further acknowledges that, although the Executive’s compliance with the covenants contained in this Agreement may prevent the Executive from earning a livelihood in a business similar to the business of the Company, the Executive’s experience and capabilities are such that the Executive 

B-6

has other opportunities to earn a livelihood and adequate means of support for the Executive and the Executive’s dependents.
(b)    Prior to execution of this Agreement, the Executive was advised by the Company of the Executive’s right to seek independent advice from an attorney of the Executive’s own selection regarding this Agreement.  The Executive acknowledges that the Executive has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel.  The Executive further represents that, in entering into this Agreement, the Executive is not relying on any statements or representations made by any of the Company’s directors, officers, employees or agents that are not expressly set forth herein, and that the Executive is relying only upon the Executive’s own judgment and any advice provided by the Executive’s attorney.
(c)    In light of the acknowledgements contained in this Section 12, the Executive agrees not to challenge or contest the reasonableness, validity or enforceability of any limitations on, and obligations of, him contained in this Agreement.
13.    The Executive acknowledges that he has been afforded all of the leave to which he is entitled under the Family and Medical Leave Act or any other applicable leave statute or regulation.
14.    The Executive specifically releases the Company from claims he might have standing to assert arising under the Age Discrimination in Employment Act (“ADEA”).  By signing this Agreement, the Executive understands and agrees that his release of ADEA claims is completely voluntary.  The Executive does not waive any rights or claims that may arise after the Release Effective Date.  The Executive has the right to consult with an attorney at his own expense regarding the terms of this Agreement and, specifically, the Executive’s release of ADEA claims, and Company urges the Executive to do so.  The Executive has up to twenty-one (21) days from the date of receipt of this Agreement to decide whether to accept the terms of this Agreement.  The Executive also understands that he has seven (7) days from the date he executes this Agreement to revoke it, for any reason.
15.    The Executive acknowledges and agrees that he has received this Agreement for review prior to the Termination Date and that the benefits provided herein shall be payable to the Executive only if the Executive executes this Agreement and returns it to the Company, to the attention of General Counsel at The Brink’s Company, 1801 Bayberry Court, Suite 400, P.O. Box 18100, Richmond, Virginia  23226, by the close of business on or before twenty-one (21) days have passed following the Termination Date.  The Executive further acknowledges that he has retained or had the opportunity to retain counsel concerning this Agreement and is hereby again 

B-7

advised to do so.  The Parties agree that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner this consideration period.  The Executive states and confirms that he has signed this Agreement voluntarily and of his own free will, and not as a result of any promise not contained in this Agreement or any threat, intimidation, coercion or undue influence on the part of the Company or its representatives or agents.
16.    Except as provided herein, this Agreement and the Succession Agreement supersede all understandings or agreements, whether oral or written, by and between the Company and the Executive, and sets forth the entire agreement between the Company and the Executive (excepting any prior non-competition and/or non-disclosure agreements between the Company and the Executive, which shall continue unabated pursuant to their own terms).  The Executive acknowledges and agrees that no oral agreement or representations have been made by the Company that are not contained in this Agreement.  The Parties agree that this Agreement may not be modified, except in writing, and signed by each of the undersigned.  If a provision of this Agreement is declared invalid or is unenforceable in any other way, the other provisions shall remain in full force and effect.  In such event, the Parties shall replace the invalid provision with a valid provision in accordance with the object and the purport of this Agreement, in such manner that the new provision shall reflect the intention of the Parties as much as possible.
17.    The Parties acknowledge and agree that this Agreement shall be construed and interpreted according to the laws of the Commonwealth of Virginia without regard to conflict of law principles.
18.    This Agreement takes effect on the eighth day after the date the Executive signs it, without revocation (the “Release Effective Date”).  On that date, this Agreement becomes fully binding on the Executive and the Company.

B-8

IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed as of the dates indicated below.
                                                             
Date: 
THE BRINK’S COMPANY
 
By: 
Its:
Date:

B-9ex101.htm

SOFTWARE LICENCE AND SERVICES AGREEMENT

This Agreement is made by and between:

	
(1)  

	
Game Media Works Ltd, a company incorporated in Belize with company number 1638026 and with registered office address at 60 Market Square Belize, (hereinafter referred to as “GMW”).

	
(2)  

	
TRUPAL MEDIA, INC , a company registered under the laws of Florida, with EIN number 46-5200354, having its registered office address at Suite 220, 1205 Lincoln road, Miami Beach, FL 33139, (hereinafter referred to as the “Licensee”).

INTRODUCTION

This Agreement (“this Agreement”) sets out the terms and conditions governing the non-exclusive license by GMW of gaming software and games to the Licensee for use in operating an interactive gaming business.

ARTICLE 1

DEFINITIONS

This Agreement is to be interpreted in accordance with the following definitions:

	
“Games”

	
means games which have a theme and are specified as “Games” in Appendix B hereto, or such replacement or other games as designated by GMW from time to time.

	
“Confidential Information”

	

shall mean:

(i) all information (of whatever nature and however recorded or preserved, but especially and without limitation Game design characteristics, Application Program Interface (API) specification, pricing and marketing information and software whether source or object code) which: (a) is marked as or has been otherwise indicated to be confidential; or (b) is valuable to a party because it is confidential; or (c) would be regarded as confidential by a reasonable business person;

 

(ii) the terms of this Agreement and the negotiations relating to it;

 

(iii) information relating to Intellectual Property, and Intellectual Property Rights, owned or used or exploited by a party and training courses and materials and know-how relating thereto; except to the extent that such information: (a) is already in the public domain at the time of disclosure or enters the public domain otherwise than by a breach of any obligation of confidentiality; or (b) was lawfully in the receiving party’s possession prior to disclosure by the other party; or (c) has been subsequently received by a party from a third party without obligations of confidentiality; or (d) is required to be disclosed by a Party under any applicable law or at the request of any competent regulatory or government authority.

	
“Daily Gross Income”

	

refers to Gross Income over a 24-hour period commencing at midnight GMT.

	
“End User and End Users”

	

means (as the case may be) one or more of the Licensee’s players of the Games.

	
“End User Software”

	

means such flash software as is downloaded by an End User when playing the Games, whether stored on the End User’s computer terminal or device or not means the Casino Games, Jackpot Games and Branded Games.

	

“Games”

	

means the Casino Games, Jackpot Games and Branded Games.

	

“Gross Income”

	

for all Games shall be an amount equal to the total nominal or face value of monies earned through the sale of coins which are used to play the games.

	

“Intellectual Property”

	

includes generally inventions, designs, processes, formulae, notations, improvements, all financial information of GMW, know-how, goodwill, reputation, molds, get-up, logos, devices, marks, charts, plans, models, mask designs, and graphic displays, photographs, digital and other artworks, sequences of digital or photographic images both coded and visual, sounds however stored or played, and all other copyright works, and in relation to the System particularly and without limitation, the source code and architecture of the software, look and feel of the software, and trade secrets including details of performance or design of the or any part of the System.

	

“Intellectual Property Rights”

	

includes patents, design rights, trademarks, trade names, domain names, copyrights, mask works, rights in unlawful competition and passing off, and all other rights, statutory or otherwise, covering the Intellectual Property and all features thereof and all ancillary matter and covering , in each case in any part of the world and whether or not registered or registrable and to the fullest extent thereof and for the full period thereof and all extensions and renewals thereof, and all applications for registration thereof and all rights and interests thereto.

	

“Monthly Gross Income”

	

means the sum of the Daily Gross Incomes for each day in a calendar month.

	

“Ongoing Usage Fees”

	

means GMW’s ongoing fee which is payable by the                     Licensee and which is calculated in accordance with Appendix A to this Agreement.

	

“System”

	

means the proprietary flash software suite (which includes all current releases and Upgrades, but excludes all third party software) made available to the Licensee  by or on behalf of GMW, including without limitation, the End User Software, the Games and all ancillary and supporting matter including all other administration and financial processing and monitoring systems and any back-office software and tools, and any instructions, training notes and information, maintenance and operating information, oral or otherwise.

	

“Trade Marks”

	

means GMW’s or its licensor’s trademarks whether registered or at common law, including but not limited to Game names, logos, slogans and images.

	

“Upgrade”

	

new version of the System; and (ii) any new release of the System.

  

1

  

ARTICLE 2

LICENCE AND PRICE

	
2.1  

	
GMW hereby grants to the Licensee a non-exclusive non-transferable and personal license to use the System and to make the Games available to End Users to play via the internet on the terms of and subject to this Agreement. The license is granted to the Licensee with its beneficial ownership as disclosed to GMW at the time of signing, and is conditional thereupon.

	
2.2  

	
The Games to be included in the System at the time of signature of this Agreement are specified in Appendix B. GMW will, during the term of this Agreement, maintain a register of the Games which may be made available by the License for play by End Users (the “Games Register”). GMW may, in its sole discretion and from time to time, add Games to or remove Games from the Games Register. GMW will notify the Licensee of changes to the Games Register. Subject to the provisions of clause 3.10 below, only those Games which are on the Games Register from time to time, may be made available by the Licensee to End Users.

	
2.3  

	
The fee for the license of the System is the Ongoing Usage Fee, which is payable in the manner set out in clause 4. GMW shall provide the Services to the Licensee as set out herein, in consideration for the payment of Contributions by the Licensee.

ARTICLE 3

INSTALLATION, LICENSEE RIGHTS AND RESTRICTIONS

	
3.1  

	
As soon as practicable after signature of this Agreement, GMW shall make the System available for licensed use by the Licensee as set out herein.

	
3.2  

	
The Licensee shall not permit any third party to use or access the System (other than End Users for the sole purpose of playing the Games in accordance with the terms of this Agreement) without GMW’s prior written consent.

	
3.3  

	
As a condition precedent to the use of the System by the Licensee, the Licensee shall provide GMW with proof in a form acceptable to GMW acting reasonably that it holds a relevant and appropriate gaming license covering all the activities contemplated by this Agreement to be performed by the Licensee (the “Gaming License”). With effect from the date on which the System takes its first real money wager from an End User and at all time during the remainder of the term of this Agreement, the Licensee is required to hold a valid and current Gaming License.

	
3.4  

	
This Agreement shall not be deemed to extend to any software or materials of GMW other than the System, save as is expressly provided for in this Agreement, or unless specifically agreed in writing by GMW.

	
3.5  

	
The Licensee hereby acknowledges that it is licensed to use the System only in accordance with the express terms of this Agreement and not further or otherwise.

	
3.6  

	
The Licensee agrees it shall not at any time be permitted to have any access to the server systems that host the Games and the associated software and databases, wherever they may be.

  

2

  

	
3.7  

	
The Licensee agrees that under no circumstances shall the Licensee move, remove, deface or alter the Trade Marks in any way whatsoever without GMW’s prior written consent.

	
3.8  

	
The Licensee undertakes to use the System only in jurisdictions where the system and the games are allowed by law.

	
3.9  

	
GMW reserves the right to remove any Game from the licensed System. Where reasonably practicable, GNW will endeavor to notify the Licensee in writing prior to the effective date of the removal of the Game. Without limiting the generality of the foregoing, the Licensee acknowledges that from time to time, GMW is licensed by third parties to use such third parties’ brands, logos and other Intellectual Property in relation to, inter alia, Games (“Third Party IP”) and that GMW may from time to time be obliged to remove a Game from the System where GMW’s license to use such Third Party IP expires, is revoked or is terminated.

	
3.10  

	
The Licensee undertakes that it will not, without GMW’s prior written consent, make more than fifty (50) of the Games available for play by End Users at a time.

ARTICLE 4

PAYMENTS

	
4.1  

	
All Ongoing Usage Fees shall be paid in arrears by the Licensee to GMW or its nominee’s bank account on a monthly basis in Dollars by electronic transfer to arrive for value no later than 14 days after the last day of each calendar month of the Term and time for payment shall be of the essence. The Licensee agrees to pay sums due to GMW under this Agreement punctually and without previous demand.

	
4.2  

	
All deposits paid by the Licensee to GMW must be paid in Dollars by bank transfer in accordance with the routing details provided to the Licensee from time to time.

	
4.3  

	
Payment of the Ongoing Usage Fees shall be paid free of any charges, levies, imposts, sales tax, value added tax, withholding tax, or any other form of tax whatsoever. No amount may be withheld or deducted, and no set-offs may be made, for any reason whatsoever without the prior written permission of GMW. No amount shall be considered paid to GMW until received for value in the designated account.

	
4.4  

	
The Licensee hereby indemnifies GMW and holds it harmless against all losses, costs, damages and claims arising from the payment by GMW of a Jackpot Win to the incorrect or a non-existent person or account, as a result of incorrect or misleading information supplied by the Licensee.

	
4.5  

	
Only in the 1st year of operation accumulated royalties can be paid with a Promissory Note which will coming to effect before the end of April 2016.

  

3

  

ARTICLE 5.

WARRANTIES AND UNDERTAKINGS

	
5.1  

	
The Licensee hereby warrants and confirms that neither it, nor any of its employees and associated parties will attempt to or permit any other party to attempt to:

	
5.1.1  

	
view any of the coding of the System or any software provided to the Licensee by GMW;

	
5.1.2  

	
reverse engineer any of the coding of the System or any software provided to the Licensee  by GMW;

	
5.1.3  

	
decompile any of the coding of the System or any software provided to the Licensee by GMW;

	
5.1.4  

	
monitor or in any way replicate (in form or function) any of the System or any software provided to the Licensee by GMW;

	
5.1.5  

	
make use of any data generated by the System save in the ordinary course of its gaming business; or

	
5.1.6  

	
alter or modify any part of the System.

	
5.2  

	
For the avoidance of doubt, in this Agreement a prohibition against an act or omission in relation to the System applies equally to any part or component of the System.

	
5.3  

	
The System is software based and the Licensee acknowledges that it will not run error free or without interruption. GMW takes every precaution against software errors and bugs, but it does not warrant that the System will meet any special requirements of condition, quality, performance, merchantability or fitness for purpose of the Licensee, or that the System or any software provided to the Licensee by GMW, will generate particular revenues or profits in use by the Licensee.

	
5.4  

	
The Licensee must have obtained all information from GMW that it wishes to rely on, in writing. The Licensee cannot rely upon oral representations made or purportedly made by GMW, or upon descriptions, illustrations or specifications contained in any catalogues and publicity material produced by GMW, which are only intended to convey a general idea of the products and services mentioned in them.

  

4

  

ARTICLE 6

INTELLECTUAL PROPERTY

 

	
6.1  

	
All Intellectual Property Rights in the System, in any Upgrade and in all additions, corrections, and improvements thereto, and in any other proprietary software provided by GMW to the Licensee will at all times remain the property of GMW or its licensors. The intellectual property rights in all work done by GMW or its contractors for the Licensee remain with GMW and are licensed to the Licensee hereunder together with the System.

	
6.2  

	
The Licensee also covenants with GMW that at any time after termination of this Agreement, the Licensee shall not disclose to any other person, firm or company, particulars of any Intellectual Property Rights of the System or infringe any of the Intellectual Property Rights of GMW or its licensors.

ARTICLE 7

ASSIGNMENT AND CHANGE OF OWNERSHIP

	
7.1  

	
The Licensee shall not assign, sub-license or otherwise transfer this Agreement whether in whole or in part, without GMW’s prior written consent, which consent shall not be unreasonably withheld or delayed.

	
7.2  

	
The Licensee agrees that it shall provide GMW with at least thirty (30) days advance notice in writing of any pending change to the Licensee’s beneficial ownership (the “Ownership Notice”). Together with the Ownership Notice, the Licensee will provide GMW with a certified copy of the passport and a certified copy of a utility bill in respect of each new beneficial owner (the “Supporting Documents”). GMW may at any time within sixty days (60) from receipt by GMW of the Ownership Notice and Supporting Documents, immediately terminate the Agreement by written notice to the Licensee.

ARTICLE 8

CONFIDENTIALITY AND CONFIDENTIAL INFORMATION

	
8.1  

	
Each party undertakes to and agrees with the other party as follows:

	
8.1.1  

	
to hold any Confidential Information disclosed by, belonging to or about the other party in confidence and not to disclose it or permit it to be made available to any person, firm or company (except as authorized and permitted pursuant to the terms of this Agreement), without the other party’s prior written consent;

	
8.1.2  

	
only to use the Confidential Information disclosed by, belonging to or about the other Party for the expressly permitted purposes provided in this Agreement; and

	
8.1.3  

	
upon written demand from the other party to either return to the other party the Confidential Information disclosed by, belonging to or about the other party (and any copies) or to confirm to the other party in writing that it has been destroyed.

  

5

  

	
8.2  

	
This clause constitutes an ongoing, continuing condition of this Agreement and shall endure beyond the termination of this Agreement (howsoever caused).

	
8.3  

	
Each party will procure that all persons associated with it, whether as directors, employees or advisers, comply with the provisions of this clause 8.

ARTICLE 9

TERMINATION

	
9.1  

	
This Agreement may be terminated by one party (the “Aggrieved Party”) forthwith by written notice to the other party where any one, or more, of the following events occur:

	
9.1.1  

	
the other party breaches any obligation or undertaking under this Agreement and, where capable of remedy, such breach is not remedied to the reasonable satisfaction of the Aggrieved Party within ten (10) days of the Aggrieved Party giving notice to the other party to remedy such failure;

	
9.1.2  

	
if any bankruptcy or insolvency proceedings are commenced against the other party, (including, if applicable, against any of its directors or senior management for the purposes of this sub-clause) or any steps are taken with a view to proposing (under any enactment or otherwise) any kind of composition, scheme of arrangement, compromise or arrangement involving the other party or the other party’s creditors or any class of them.

	
9.2  

	
GMW may terminate this Agreement forthwith on giving written notice to the Licensee if any of the following events occur:

	
9.2.1  

	
The Licensee breaches any provision of clauses 3.2, 3.3, 3.7, 3.8, 3.10, 4.1, 7 and 8;

	
9.2.2  

	
the Licensee uses, or attempts to use, the System in any manner or form that is illegal, or that is reasonably likely, in the sole opinion of GMW acting reasonably to bring the System, GM or GM’s licensors, into disrepute, or have a material adverse effect on the goodwill of GMW (including any Trade Mark) or the System;

	
9.2.3  

	
no real money wager is made on any of the Games by an End User during any continuous seven (7) day period.

	
9.3  

	
Both parties may terminate this Agreement without cause, in writing, if both agree to end it.

  

6

  

ARTICLE 10

EFFECT OF TERMINATION

	
10.1  

	
Upon termination of this Agreement for whatever reason:

	
10.1.1  

	
the Licensee shall promptly return to GMW all of the System and all Intellectual Property Rights licensed, supplied or delivered by GMW to the Licensee pursuant to this Agreement and all copies of the whole or any part thereof, and the parties shall promptly return to or if requested by the other destroy, any Confidential Information belonging to the other and, if requested by GMW, the Licensee shall, in the case of any software supplied to it under this Agreement, destroy it by erasing it irrecoverably from the magnetic media on which it is stored and certify in writing to GMW that it has been destroyed;

	
10.1.2  

	
GMW  shall be entitled to cease providing any services to the Licensee, and to cease operating any hardware and software that is being operated for the Licensee by or on behalf of GMW under this Agreement, and delete all or any part of its System from any place of installation thereof;

	
10.1.3  

	
the Licensee shall cease to use GMW’s or its licensor’s trade secrets and technical know-how;

	
10.1.4  

	
any termination of this Agreement (howsoever occasioned) shall not affect any accrued rights or liabilities of either party nor shall it affect the coming into force or the continuance in force of any provision hereof which is expressly or by implication intended to come into force or continue in force on or after such termination.

ARTICLE 11

COMMENCEMENT AND DURATION

	
11.1  

	
This Agreement shall commence 1st day of April 2014 and shall continue for 8 years, unless terminated in accordance with the provisions of clause 9.

	
11.2  

	
This agreement may be renewed by mutual consensus, extending a written notice 30 days before the end of the term of this agreement.

ARTICLE 12

LIABILITY

	
12.1  

	
Nothing in this Agreement shall exclude or restrict liability for fraud, or death or personal injury resulting from the negligence of party or their servants, agents or employees.

	
12.2  

	
Neither party shall be liable to the other for any indirect, consequential or special damages or loss of profits or any other pure economic loss arising out of or in connection with this Agreement.

	
12.3  

	
Save for any Ongoing Usage Fees or Contributions owing, which shall remain due and owing until paid, each party’s liability to the other whether in contract tort or otherwise (including negligence) shall be limited to a cumulative sum of Dollars 200,000 (Two hundred thousand Dollars) for all causes arising out of this Agreement.

  

7

  

ARTICLE 13

SUPPORT

	
13.1  

	
GMW will use its reasonable commercial endeavors to provide the Licensee with a reasonable technical back-up and support for the System, provided that the Licensee is using the latest Upgrades and is adequately staffed with reasonably competent personnel.

ARTICLE 14

NOTICES

	
14.1  

	
Any notice required or permitted to be given pursuant to this Agreement shall be sent or delivered to the other party as follows:

 

	
14.1.1  

	
To the Licensee at:

Trupal Media Inc. 

Suite 220

1205 Lincoln Road,

Miami Beach, FL 33139

Fax:

	
14.1.2  

	
To GMW at:

60 Market Square

Belize

Fax:

	
14.2  

	
All notices which are permitted or required to be given hereunder shall be in writing and shall be sent to the address of the recipient set out above in this Agreement or such other address as the recipient may designate by notice given in accordance with the provisions of this clause. Any such notice may be delivered personally, or by courier or registered post, or by first class pre-paid letter, or by facsimile transmission and shall be deemed to have been served when delivered if delivered by hand, if by first class post seven days after posting, and if by facsimile transmission supported by printed confirmation report when dispatched, and if by courier or registered post when signed for.

ARTICLE 15

MISCELLANEOUS

	
15.1  

	
Sub-Contracting. GMW shall be entitled to use sub-contractors to provide the Services or any part thereof.

	
15.2  

	
Data Protection. The Licensee hereby undertakes to comply with any applicable Data Protection and privacy requirements and any analogous legislation in any jurisdiction insofar as the same relates to the provisions and obligations of this Agreement.

	
15.3  

	
Entire Agreement. This Agreement supersedes all prior agreements, arrangements and undertakings between the parties and constitutes the entire agreement between the parties relating to the subject matter hereof. No statements or representations made by either party have been relied upon by the other in agreeing to enter into this Agreement. No addition to or modification of or waiver of, any provision of this Agreement, and no consensual cancellation of this Agreement, shall be binding upon the parties unless made by a written instrument signed by a duly authorized representative of each of the parties.

	
15.4  

	
Partial Invalidity. In the event that any one or more of the phrases, sentences, clauses or sub-clauses contained in this Agreement shall be declared invalid or unenforceable by an arbitrator or by order, decree or judgment of any court having jurisdiction, or shall be or become invalid or unenforceable by virtue of any duly promulgated law, rule or regulation, the remainder of this Agreement shall be construed as if such phrases, sentences, clauses or sub-clauses had not been inserted.

  

8

  

	
15.5  

	
Waiver. Any forbearance delay or indulgence by either of the parties in enforcing any of the terms and conditions of this Agreement shall not prejudice or restrict the rights and remedies of the other hereunder, nor shall any waiver of any subsequent breach operate as a waiver of any breach and no right power or remedy available to that party is exclusive of any other right, power or remedy available to that party and each such right power or remedy shall be cumulative.

	
15.6  

	
Counterparts. This Agreement may be executed in any number of identical counterparts with the same effect as if all parties hereto had all signed the same document.

	
15.7  

	
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, USA.

  

9

  

 

PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE TO FOLLOW

 

 

 

 

 

  

10

  

IN WITNESS WHEREOF, the Parties have executed this Agreement through their respective duly authorized officers as of April 1, 2014.

	
Game Media Works, Ltd.

 

	 	
Trupal Media, Inc.

 

	
By:/s/ Panayis Palexis

	 	
By:/s/ Panayis Palexis

	
Panayis Palexis

	 	
Panayis Palexis

	
Managing Member

	 	
CEO

  

11

  

APPENDIX A

ONGOING USAGE FEES

	
1.  

	
The Ongoing Usage Fee payable by the Licensee to GMW for Branded Games is equal to 10% Of Monthly Gross Income generated by the Branded Games.

	
2.  

	
The Ongoing Usage Fee payable by the Licensee to GMW for all Games is:

10 % (ten per cent) of Monthly Gross Income.

  

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APPENDIX B

GAMES

	

Game Ñame                                                           Type

	

Casino Games

	  	

Slots

	  	

Slots

	  	

Slots

	  	

Slots

	  	

Slots

	  	

Slots

  

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]