Document:

ex10-1.htm

Exhibit 10.1

 

 

 

AMENDMENT NO. 2 dated as of November 13, 2012 (this “Amendment”), to the CREDIT AGREEMENT dated as of January 31, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CROWN CASTLE INTERNATIONAL CORP., a  Delaware corporation (“Holdings”), CROWN CASTLE OPERATING COMPANY, a Delaware corporation (the “Borrower”), the LENDERS and ISSUING BANKS party thereto, THE ROYAL BANK OF SCOTLAND PLC, as Administrative Agent (the “Administrative Agent”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Syndication Agent, and MORGAN STANLEY SENIOR FUNDING, INC., as Co-Documentation Agent.  Defined terms used in this Amendment and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS pursuant to the Credit Agreement, the Lenders and the Issuing Banks have agreed to extend credit to the Borrower on the terms and subject to the conditions set forth therein;

WHEREAS Holdings and the Borrowers have requested that certain provisions of the Credit Agreement be amended as set forth herein; and

WHEREAS the undersigned Lenders are willing to amend such provisions of the Credit Agreement, in each case on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

SECTION 1.  Amendments to Section 1.01.

(a)  Section 1.01 of the Credit Agreement is hereby amended by adding the following defined term in the appropriate alphabetical order in such Section 1.01:

““Excluded Subsidiary” means (a) any Restricted Subsidiary that is directly or indirectly prohibited (or that, at any time after the Effective Date, was so prohibited) from granting a Guarantee or security interest in its assets by any Securitization Document and (b) (i) any Restricted Subsidiary that is formed or acquired after the Effective Date for the purpose of, directly or indirectly through another Restricted Subsidiary, acquiring, leasing or subleasing wireless communication towers, tower-related assets (including distributed antenna networks) or any assets or businesses reasonably related thereto and that is designated in writing by the Borrower to the Administrative Agent as an “Excluded Subsidiary”; provided that, as of the date of such designation, either (A) such Restricted Subsidiary does not own, directly or indirectly through another Restricted Subsidiary, any wireless communication towers, tower-related assets (including distributed antenna networks) or any assets or business reasonably related thereto that were, prior to the formation or acquisition of such Restricted Subsidiary, owned by Holdings, the Borrower or any other Loan Party or (B) (x) the Borrower is in compliance on a Pro Forma Basis after giving effect to such designation with the covenant contained in Section 6.12 recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements are required to have been delivered pursuant to Section 5.01(b) or 5.01(d) and (y) no Default or Event of Default has occurred and is continuing or would result from such designation, and (ii) any Restricted Subsidiary of any Excluded Subsidiary so designated under the immediately preceding subclause (i).”

 

 

  

  

  

 

(b)  The definition of the term “Designated Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended by replacing clause (c) of such definition in its entirety with the following:

“(c) an Excluded Subsidiary; provided that the term “Designated Subsidiary” shall include any Restricted Subsidiary described in this clause (c) that is designated as a “Designated Subsidiary” in accordance with Section 5.11(b)”

(c)  The definition of the term “Refinancing Indebtedness” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “other than obligors and contingent obligors that are not Loan Parties” in clause (c) of the proviso to such definition with the text “other than (i) obligors and contingent obligors that are not Loan Parties or (ii) Holdings”.

(d)  The definition of the term “Unrestricted Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “Designated Subsidiary” in clause (b)(ii) of such definition with the text “designated Subsidiary”.

SECTION 2.  Amendment to Section 5.11.  Paragraph (b) of Section 5.11 of the Credit Agreement is hereby amended by replacing the text “clause (b)” in such paragraph with the text “clause (b) or clause (c)”.

SECTION 3.  Amendments to Section 6.01.  Section 6.01 of the Credit Agreement is hereby amended as follows:

(a)  by (i) adding the text “(A)” at the beginning of clause (xviii) of Section 6.01(a) and (ii) adding the following text at the end of such clause (xviii):

“and (B) Refinancing Indebtedness in respect of any Indebtedness incurred pursuant to this clause (xviii).”

(b)  by (i) adding the text “(A)” at the beginning of clause (vi) of Section 6.01(b) and (ii) adding the following text at the end of such clause (vi):

“and (B) Refinancing Indebtedness in respect of any Indebtedness incurred pursuant to this clause (vi).”

SECTION 4.  Amendment to Section 6.09.  Section 6.09 of the Credit Agreement is hereby amended as follows:

(a)  by deleting the text “and” immediately prior to clause (i)(H) of such Section 6.09; and

 

 

  

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(b)  by adding the following text immediately after clause (i)(H) of such Section 6.09:

“and (I) restrictions and conditions contained in lease, sublease or similar agreements not prohibited by the terms hereof with respect to wireless communication towers, tower-related assets (including distributed antenna networks) or any assets or businesses reasonably related thereto if the restriction or condition is no more disadvantageous to the Lenders than the customary restrictions and conditions in any comparable lease, sublease or similar arrangements (as determined by the Borrower) and the Borrower determines that such restriction or condition shall not materially affect the Borrower’s ability to pay interest or principal, when due, on the Loans”

SECTION 5.  Representations and Warranties.  Each of Holdings and the Borrower represents and warrants to the Administrative Agent and to each of the Lenders that:

(a)  This Amendment has been duly authorized, executed and delivered by it and constitutes a legal, valid and binding obligation of Holdings and the Borrower, enforceable against each of them in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(b)  The representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the date hereof, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty is true and correct in all material respects (or in all respects, as applicable) as of such earlier date.

(c)  At the time of and immediately after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

SECTION 6.  Effectiveness.  This Amendment shall become effective as of the date first above written when (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of Holdings, the Borrower and the Required Lenders and (b) the Administrative Agent shall have received payment of all expenses required to be paid or reimbursed by Holdings, the Borrower or any other Loan Party under or in connection with this Amendment, including those expenses set forth in Section 10 hereof.

 

 

  

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SECTION 7.  Credit Agreement.  Except as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, Holdings, the Borrower or any other Loan Party under the Credit Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle Holdings, the Borrower or any other Loan Party to any future consent to, or waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  After the date hereof, any reference in the Loan Documents to the Credit Agreement shall mean the Credit Agreement as modified hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

SECTION 8.  Applicable Law; Waiver of Jury Trial.  (a)  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b)  EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTION 9.10 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

SECTION 9.  Counterparts; Amendment.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by Holdings, the Borrower, the Administrative Agent and the Required Lenders.

SECTION 10.  Expenses.  Holdings and the Borrower agree to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment to the extent required under Section 9.03 of the Credit Agreement.

 

 

  

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SECTION 11.  Reaffirmation.  Each of the Borrower and each other Loan Party hereby (a) reaffirms its obligations under the Credit Agreement and each other Loan Document to which it is a party and (b) reaffirms all Liens on the Collateral which have been granted by it in favor of the Administrative Agent (for the benefit of the Secured Parties) pursuant to the Loan Documents.

SECTION 12.  Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

[Signature Pages Follow]

 

 

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above.

 

	 	CROWN CASTLE INTERNATIONAL CORP.,	 
	 	 	 	 
	
 

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CROWN CASTLE OPERATING COMPANY,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CROWN CASTLE OPERATING LLC,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CCGS HOLDINGS CORP.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

  

  

  

 

 

	 	CROWN CASTLE SOLUTIONS CORP.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	GLOBAL SIGNAL ACQUISITIONS III LLC,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	GLOBAL SIGNAL ACQUISITION IV LLC,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CROWN CASTLE TOWERS 06-2 LLC,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CROWN CASTLE NG NETWORKS INC.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

  

  

  

 

 

	 	CROWN CASTLE NG EAST INC.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

	 	CROWN CASTLE NG WEST INC.,	 
	 	 	 	 
	
  

	
By: 

	/s/ Jay Brown	 
	 	 	Name:  Jay Brown	 
	 	 	Title:    SVP, CFO and Treasurer	 
	 	 	 	 

 

	 	THE ROYAL BANK OF SCOTLAND PLC,	 
	 	individually and as Administrative Agent	 
	 	 	 	 
	
 

	
By: 

	/s/ Matthew Pennachio	 
	 	 	Name:  Matthew Pennachio	 
	 	 	Title:    Directorex101.htm

Exhibit 10.1

 

Employment Agreement

 

 

Employment Agreement dated as of 26 October 2012, by and between Quantum Materials Corp., a Nevada corporation with its principal place of business at 12326 Scott DR. Kingston OK 73439. (the “Company”) and Stephen Squires (the "Employee"). WHEREAS, the Company and the Employee wish to set forth the terms and conditions of the Employee's employment with the Company. NOW, THEREFORE, in consideration of the mutual promises, warranties and covenants set forth below, the parties hereto, intending to be legally bound, hereby agree as follows: 

 

1. Employment. Effective as of the commencement date described in Section 2 below, the Company employs the Employee and the Employee accepts employment by the Company upon the terms and conditions hereafter set forth. 

 

2. Term of Employment. The employment of the Employee under this Agreement shall commence as of January 01, 2013 and terminate on January 01, 2018. Thereafter, this Agreement shall be extended automatically for successive terms of One (1) year unless (i) the Company or the Employee shall give written notice of termination to the other party hereto at least Sixty (60) days prior to the termination of the initial term of employment hereunder or any renewal term thereof, or (ii) unless earlier terminated as herein provided. The initial term of this Agreement and any renewal term thereof are hereinafter collectively referred to as the "Employment Period."

 

	
3. Scope of Duties. During the Employment Period, the Employee shall be employed as the Chief Executive  Officer(CEO) as well as such other duties and responsibilities which may be assigned to him by the Board. The Employee shall perform such service in good faith and comply with all rules, regulations and policies established or issued by the Company. 

 

4. Extent of Service. The Employee shall devote reasonable time, attention and energies to the business of the Company, and shall not during the Employment period engage in any other business activity which in the judgment of the Company conflicts with the duties of the Employee hereunder.

 

5. Compensation. In consideration of the services rendered by the Employee hereunder, the Company shall pay the employee an annual salary of $225,000.00 USD, payable in monthly installments of $16,250.00 for each month of service, in arrears, with the first payment being due in February 2010, in accordance with the Company’s  normal payroll procedures. The employee will also receive 5,000,000 shares as a signing bonus on or before 15 January 2013 and be eligible for an annual stock bonus awards. The Employee shall also be entitled to medical insurance or other such benefits, which the Company may from time to time make available generally to its employees in accordance with the terms of such benefit and welfare plans.

 

6. SHARE OPTIONS. You will be granted an option to purchase 5,000,000 of the Company's  shares of Common Stock (the "Option"). The exercise price per share shall be at $.03 per share, fully vested , with the option expiring January 20, 2025.

 

7.  CHANGE OF CONTROL. For the purposes of this Agreement, a "Change of Control Event" shall be the occurrence of a single shareholder (or beneficial owner) or an affiliated group of shareholders (or beneficial owners) acquiring more than 45% of the then outstanding ordinary shares (or securities convertible into 45% of the then outstanding ordinary shares) of the Company or otherwise acquiring effective control of the Company. In the event of a termination of your service as a director for any reason(including your own election) within 6 months a "Change Control Event", you shall be entitled to: (i) payment of one year's fees of $225,000 (which fees shall be payable in a lump sum no later than thirty days after termination of your service as a director) and (ii) immediate vesting exercisability of any unvested andunexercised options set forth in Paragraph 4 (together with an extension of "Final Exercise Date" as defined in the relevant Option Agreement to one year from the date of such termination).

 

8. Business Expenses. During the Employment period, the Company shall reimburse the Employee for all reasonable and necessary travel expenses and other disbursements incurred by him for or on behalf of the Company in the performance of his duties hereunder (hereinafter referred to as "Business Expenses") upon presentation by the Employee to the Company of appropriate expense reports. In the event employee is required to relocate in order to facilitate company operations, then the company will pay all employees housing expenses for a period of up to 24 months.

 

	
9. Death. If the Employee dies during the Employment Period, his employment hereunder shall be deemed to terminate as of the last day of the month during which his death occurs. Upon the death of the Employee, neither the Employee nor his beneficiaries or estate shall have any further rights or claims against the Company, except the right to receive: A. The unpaid portion of the Base Salary, computed on a pro rata basis to the date of termination; B. Any earned, but unpaid commissions or other sales incentives; C. Unused personal and vacation days to which the Employee is entitled in accordance with Company policy; D. Reimbursement for any unpaid business expenses; and E. Life insurance and other post-termination benefits in accordance with the Company welfare and benefit plans. 10. Termination for Cause. Upon furnishing of notice to the Employee, the Company may terminate the employment of the Employee for cause at any time during the Employment period by reason of the Employee's (i) neglect of his duties hereunder, (ii) breach of or negligence with respect to his obligations under this Agreement, (iii) engaging in misconduct injurious to the company. If the Employee's employment is terminated by the Company for cause as herein defined, his Base Salary and his eligibility for all other benefits provided by the Company shall cease as of his termination date, after which time the Company shall have no other further liability or obligation of any kind to the Employee under this Agreement, except the Employee shall have the right to receive: A. The unpaid portion of the Base Salary, computed on a pro rata basis to the date of termination;

 

	
B. Reimbursement for any unpaid business expenses; C. Any earned but unpaid commission or other sales incentives; D. Unused personal and vacation days to which the Employee is entitled in accordance with Company policy; and E. Any post-termination benefits in accordance with the Company welfare and benefit plans. 

 

11. Employee Acknowledgments. Employee recognizes and acknowledges that in the course of Employee's employment it will be necessary for Employee to acquire information which could include, in whole or in part, information concerning the Company's sales, sales volume, sales methods, sales proposals, customers and prospective customers, suppliers and prospective suppliers, identity, practices and procedures of key purchasing and other personnel in the employ of customers and prospective customers and suppliers and prospective suppliers, amount or kind of customer's purchases from the Company, research reports, the Company's computer program, system documentation, special hardware, related software development, the Company's manuals, methods, ideas, improvements or other confidential or proprietary information belonging to the Company or relating to the Company's affairs (collectively referred to herein as "Confidential Information") and that such information is the property of the Company).  Employee further agrees that the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Company, and it is essential to the protection of the Company's good will and to the maintenance of the Company's competitive position that the Confidential Information be kept secret and the Employee agrees not to disclose the Confidential Information to others or use the Confidential Information to Employee's own advantage or the advantage of others.

 

 

 

  

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Employee further recognizes and acknowledges that it is essential for the proper protection of the business of the Company that Employee be restrained from soliciting or inducing any employee of the Company to leave the employ of the Company, or hiring or attempting to hire any employee of the Company. 

 

11. Non-Disclosure of Confidential Information. Employee shall hold and safeguard the Confidential Information in trust for the Company, its successors and assigns and shall not, without the prior written consent of the Company, misappropriate or disclose or make available to anyone for use outside the Company organization at any time, either during his employment with the Company or subsequent to the termination of his employment with the Company for any reason, including, without limitation, termination by the Company for cause or without cause, any of the Confidential Information, whether or not developed by Employee, except as required in the performance of Employee's duties to the Company. 

 

12. Return of Materials. Upon the termination of Employee's employment with the Company for any reason, including without limitation termination by the Company for cause or without cause, Employee shall promptly deliver to the Company all correspondence, manuals, orders, letters, notes, notebooks, reports, programs, proposals and any documents and copies concerning the Company's customers or concerning products or processes used by the Company and, without limiting the foregoing, will promptly deliver to the Company any and all other documents or material containing or constituting Confidential Information. 

 

13. Non-Solicitation of Customers and Suppliers. Employee shall not during his time of employment with the Company, directly or indirectly, solicit the trade of, or do business with, any customer or prospective customer, or supplier or prospective supplier of the Company for any business purpose other than for the benefit of the Company. Employee further acknowledges that, in consideration of the promises contained in the Agreement and to induce the Company to enter into this Agreement, he shall not for One (1) year following the termination of his employment with the Company, including, without limitation, termination by the Company for cause or without cause, directly or indirectly, solicit the trade of, or do business with, any person or entity whatsoever who or which is or was a customer or supplier of the Company in any of the territory or territories assigned to the Employee during the Employment Period, with respect to products of the same or similar kind as those presently or in the future distributed by the Company.

 

14. Non-Solicitation of Employees. The Employee shall not during his employment with the Company and for One (1) year following termination of Employee's employment with the Company, including, without limitation, termination by the Company for cause or without cause, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee, current or future, of the Company to leave the Company for any reason whatsoever, or hire any current or future employee of the Company. 15. Advice of Counsel/Restrictive Covenants. The Employee has had the opportunity to consult with independent counsel and understands the nature of and the burdens imposed by the restrictive covenants contained in this Agreement. The Employee represents and acknowledges that such covenants are reasonable, enforceable, and proper in duration, scope and effect. Moreover, Employee represents and warrants that his experience and capabilities are such that the restrictive covenants set forth herein will not prevent him from earning his livelihood and that Employee will be fully able to earn an adequate livelihood for himself and his dependents if any of such provisions should be specifically enforced against Employee.

 

16. Authorization to Modify Restrictions. The Employee acknowledges that the remedies at law for any breach by Employee of the provisions of the restrictive covenants will be inadequate and that the Company shall be entitled to injunctive relief against the Employee in the event of any such breach, in addition to any other remedy and damage available. The Employee acknowledges that the restrictions contained herein are reasonable, but agrees that if any court of competent jurisdiction shall hold such restrictions unreasonable as to time, geographic area, activities, or otherwise, such restrictions shall be deemed to be reduced to the extent necessary in the opinion of such court to make them reasonable. 

 

17. No Prior Agreements. Employee represents and warrants that he is not a party to or otherwise subject to or bound by the terms of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability to perform his obligations hereunder, including, without limitation, any contract, agreement or understanding containing terms and provisions similar in any manner to those contained in Section 12 hereof. Employee further represents and warrants that his employment with the Company will not require the disclosure or use of any Confidential Information.

 

18. Covenants of the Essence. The covenants of the Employee set forth herein are of the essence of this Agreement; they shall be construed as independent of any other provision in this Agreement and the existence of any claim or cause of action of the Employee against the Company, whether predicated on this Agreement or not, shall not constitute a defense to the enforcement by the Company of these covenants. 

 

19. Tolling Period. If it should become desirable or necessary for the Company to seek compliance with the restrictive covenants by judicial proceedings, the period during which the Employee will not engage in the activities prohibited by Sections 12 and 13 hereof shall be extended to the first anniversary of the date of the judicial order requiring such compliance. 

 

20. Arbitration. The parties expressly agree that all disputes or controversies arising out of this Agreement, its performance, or the alleged breach thereof, if not disposed of by agreement, shall be resolved by arbitration in accordance with this section. Either party must demand such arbitration only within Nine (9) months after the controversy arises by sending a notice of demand to arbitrate to the American Arbitration Association (the "Association"), with a copy thereof to the other party. The dispute shall then be arbitrated by a three-arbitrator panel pursuant to the Commercial Rules of the Association at the Association office in [specify state/place]. In the disposition of the dispute, the arbitrators shall be governed by the express terms of this Agreement and otherwise by the laws of the State of Nevada which shall govern the interpretation of the Agreement. The decision of the arbitrators shall be final and conclusive on the parties and shall be a bar to any suit, action or proceeding instituted in any federal, state or local court or before any administrative tribunal. Notwithstanding the foregoing, judgment on any award by the arbitrators may be entered in any court of competent jurisdiction. This arbitration provision shall survive any expiration or termination of the Agreement. 

 

21. Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing, personally delivered, mailed or telecopied, if to the Employee, to the Employee's residence as contained in Company records, and if to the Company, to its principal place of business set forth in the first paragraph of this Agreement. 

 

22. Assignment. This Agreement is personal in its nature and the Employee shall not without the prior written consent of the Company, assign or transfer this Agreement or any rights, duties or obligations hereunder. 

 

23. Entire Agreement. This Agreement constitutes the full and complete understanding and agreement of the parties hereto with respect to any employment of the Employee by the Company and supersedes all prior agreements and understanding with respect to the subject matter hereof, whether written or oral. This Agreement may not be changed orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. 24. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada. 

 

25. Remedies. All remedies hereunder are cumulative, are in addition to any other remedies provided by law and may be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure or delay in exercising any right or remedy shall operate as a waiver thereof or modify the terms of this Agreement. 

 

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

 

	
Stephen  B. Squires

	  	
Quantum Materials Corp.

	  
	
Employee

	  	
("The Company")

	
David Doderer/Director 

	
By:

	  	
By:

	  
	
Stephen B. Squires

	  	
Dr. Robert Glass

	  

 

 

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