Document:

Epcylon Technologies Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

 

EPCYLON LICENSE AGREEMENT
(the
“Agreement”) 

	BETWEEN 	EPCYLON TECHNOLOGIES INC., a company
      incorporated under the laws of Nevada, having its principal place of
      business at 34, King Street East, Suite 1010, Toronto ON M5C 2X8,
      represented herein by Kyle Appleby, authorized representative as he so
      declares; 
	  	  
	  	(“ Epcylon “) 
	  	  
	  	  
	AND 	TACTEX ASSET MANAGEMENT INC., a
      corporation incorporated under the Canada Business Corporation Act, having
      its principal place of business at 481 Viger Street West, Suite 200,
      Montreal, Quebec H2Z 1G6, represented herein by Mr. Liam Cheung,
      authorized representative as he so declares; 
	  	  
	  	(“Tactex”) 
	  	  
		(Tactex and Epcylon, individually a “Party” and
      collectively, the “Parties”) 

PREAMBLE 

WHEREAS Epcylon has developed and distributes the
Stealth Console products (the “Products”), which are trading tools that
filter real-time market data to generate market perception and sentiment
visualization, as further described under Schedule A; 

WHEREAS Tactex is a registered portfolio and asset
manager that engages in discretionary management of assets on behalf of its
clients; 

WHEREAS Tactex wishes to utilize the Products within the
structure of Tactex’s existing asset management organization for use by its
employees and portfolio managers in the financial markets and Epcylon wishes
Tactex to utilize its Products; 

1 

WHEREAS Tactex is a duly licensed portfolio manager in
Quebec, Ontario, New Brunswick, Alberta and British Columbia and is qualified to
perform the portfolio management of client accounts in full compliance with
existing regulatory requirements, 

NOW THEREFOR, THE PARTIES AGREE AS FOLLOWS: 

	1. 	
      Agreement

The preamble herein shall form an integral part of the present
Agreement, as though herein recited at length. 

	2. 	
      Term and Territory

	 	 
	2.1 	
      This Agreement may be terminated by anyone of the Parties
      upon reception by the other Party of a ninety (90) day written notice to
      that effect.

	 	 
	2.2 	
      Under the Agreement, Tactex is authorized to license and
      use the Products in Canada.

	 	 
	2.3 	
      Each Party acknowledges that it does not have an
      exclusive arrangement and that the other Party may have other agreements
      with regards to products similar to those provided by the other Party’s
      counterparts.

	 	 
	2.4 	
      If terminated, Tactex agrees to immediately remit to
      Epcylon any and all materials, documents, trademarks, intellectual
      property, provided with regards to the Products.

	 	 
	3. 	
      Payment

	 	 
	3.1 	
      Tactex agrees to pay to Epcylon those fees and charges
      set forth in Schedule B hereto.

	 	 
	3.2 	
      Tactex agrees to pay within thirty (30) days of its
      receipt of a detailed invoice from Epcylon, all undisputed amounts owed to
      Epcylon under this Agreement via electronic wire transfer to Epcylon’s
      bank account. Epcylon shall prepare invoices each calendar
  quarter.

	 	 
	4. 	
      Training and
Support

Epcylon agrees to provide Tactex with initial training sessions
of up to three (3) months with one of Epcylon’s Product experts at Epcylon’s
offices in Toronto at no charge. Epcylon shall also provide Tactex, at no extra charge, a
telephone support line service, available Monday to Friday, from 9 am to 5 pm
during normal trading days.

2 

	5. 	
      Software upgrades

Software upgrades relating to the Product will be automatically
made available to all of Tactex’s Product users at no charge.

	6. 	
      Tactex’s
  obligations

	6.1 	
      In connection with this Agreement, Tactex acknowledges
      and agrees to:

	 	a) 	
      Use its best efforts to use Products in accordance with
      the terms of this Agreement and to conform to the best of his abilities
      with the rules, policies and instructions of Epcylon, and any and all
      applicable securities regulations;

	 	 	 
	 	b) 	
      Use the Products in compliance with all applicable laws
      with respect to the activities contemplated by this Agreement;

	 	 	 
	 	c) 	
      Only use the intellectual property of Epcylon only in
      accordance of this Agreement;

	 	 	 
	 	d) 	
      Notify Epcylon immediately when it has any actual
      knowledge of any violation of its image or questionable use of Epcylon’s
      Intellectual Property or Products.

	7. 	
      Epcylon’s
  obligations

	 	 
	7.1 	
      Epcylon agrees as follows:

	 	a) 	
      To provide Tactex with reasonable documentation and
      information, when required, to enable Tactex to use the
Products;

	 	 	 
	 	b) 	
      To comply with applicable regulatory and legal
      obligations.

	8. 	
      Intellectual
Property

All work and materials, including all intellectual property,
and any other rights, including without limitation copyright, all rental and
lending rights thereto, which Tactex may have in and to the results and proceeds
of the using Products, shall vest irrevocably and exclusively with Epcylon, and
are otherwise hereby assigned to Epcylon as and when created. Tactex hereby
waives in favor of the Company any moral rights which it may have, if any, in
and to any works, materials, or services which it may provide or create under
this Agreement. 

	9. 	
      Confidentiality

	 	 
	9.1 	
      Each Party acknowledges that all information received by
      it from the other Party, including but not limited to the content of this
      Agreement, as well as information regarding the Products, or the clients
      of a Party or any other information that either Party shall continue to
      receive are of a confidential nature, which includes trade secrets, which
      are the exclusive property of the Party disclosing such information (the
      “Confidential Information”).

3 

	9.2 	
      Each Party undertakes to use the Confidential Information
      received for the sole purpose of this Agreement, in accordance with its
      terms and conditions and undertakes to respect the confidential nature of
      the Confidential Information for the Term and at all times after the
      termination of this Agreement.

	 	 
	9.3 	
      Each Party undertakes not to disclose the Confidential
      Information to a third party, for any reason whatsoever, unless compelled
      to do so by law or by a court order.

	 	 
	9.4 	
      Each Party agrees to use reasonable commercial efforts to
      return to the other or destroy, on termination of this Agreement and upon
      the disclosing Party’s written demand, the originals as well as any copies
      of any printed or electronic Confidential Information received or provided
      by the disclosing Party that such receiving Party may have in its
      possession and undertakes to keep no copies. It is acknowledged by each
      Party that copies of Confidential Information retained in electronic
      document archives or backups may be difficult to destroy or return, and a
      Party hereto shall only be obligated to use reasonable efforts to identify
      and destroy such information.

	 	 
	9.5 	
      Each Party shall be liable to the other for any damages,
      direct or indirect, resulting from unauthorized use or disclosure of the
      Confidential Information or breach of this Agreement through the fault or
      negligence of such receiving Party and shall undertake full responsibility
      in accordance with this Agreement and the applicable laws and
      regulations.

	10. 	
      Non-Compete

For the term of this Agreement and for a period of Two (2)
years after its termination, Tactex shall not be authorized to either directly
or indirectly offer, hire, cause to be hired or take away any partners or
employees of Epcylon.

	11. 	
      Liability

	 	 
	11.1 	
      With the exception of any liabilities arising under
      Section 12.2 hereof, Tactex shall indemnify and hold harmless Epcylon, its
      directors, officers, employees and authorized representatives against any
      and all claims, demands, suits or loss, including all costs connected
      therewith, and for any damages which may be asserted, claimed or recovered
      against or from Epcylon, its directors, officers, employees and authorized
      representatives, which arises out of or is in any way from a breach of
      Tactex’ obligations under this Agreement.

	 	 
	11.2 	
      Notwithstanding the foregoing or anything to the
      contrary, Epcylon hereby represents and warrants to Tactex that the
      Products and/or any component thereof (including without limitation any
      data or information) or Tactex's use of the Product or any component
      thereof will not constitutes a misappropriation of,
or infringement upon, any patent, trademark or copyright of a
third party. Epcylon will indemnify, defend and hold Tactex, its directors,
officers, employees or agents harmless from and against any claim, suit or
proceeding brought against Tactex, its directors, officers, employees or agents
alleging that the Products or any component thereof (including without
limitation any data or information made available to Tactex hereunder) or
Tactex’ use of the Product or any component thereof (including without
limitation any data or information made available to Tactex hereunder)
constitutes a misappropriation of, or infringement upon, any patent or copyright
of a third party. This section shall survive any termination or expiration and
non-renewal of this agreement. 

4 

	12. 	
      General Provisions

	 	 
	12.1 	
      This Agreement may not be assigned by either Party hereto
      without the written consent of the other, except to an affiliate of a
      Party or as part of any corporate reorganization, including, without
      limitation, any merger, consolidation acquisition or amalgamation in which
      all or substantially all of its assets or equity ownership are transferred
      or as part of any sale of all or substantially all of the capital stock or
      assets.

	 	 
	12.2 	
      This Agreement shall be binding upon the Parties, their
      respective heirs, executives, successors and permitted assigns.

	 	 
	12.3 	
      This Agreement is governed by and will be construed in
      accordance with the laws of the Province of Québec and the laws of Canada
      applicable therein.

	 	 
	12.4 	
      The Parties hereby attorn the exclusive jurisdiction of
      the provincial and federal courts located in the city of Montreal, Quebec
      in relation to all disputes arising from the Agreement.

	 	 
	12.5 	
      This Agreement may be signed in counterparts and each
      such counterpart shall constitute an original document and such
      counterparts, taken together, shall constitute one and the same
      instrument.

	 	 
	12.6 	
      The Parties hereto expressly agree that the present
      Agreement as well as any schedules shall be drafted in English only.
      Les parties ont expressément convenu que ce contrat de même que
      tous les documents qui s’y rattachent soient rédigés en anglais
      seulement.

	 	 
	12.7 	
      All notices required or permitted to be given under this
      Agreement shall be given in writing and shall be delivered, either
      personally or by express delivery service, to the Party to be notified.
      Notice to each Party shall be deemed to have been duly given upon
      delivery, personally or by courier, addressed to the attention of the
      officer at the address set forth heretofore, or to such other officer or
      addresses as either Party may designate, upon at least ten (10) days
      written notice to the other Party.

5 

Duly signed in Montreal, this _________day of January 2016.

	EPCYLON TECHNOLOGIES INC. 	 	TACTEX ASSET 
	  	 	MANAGEMENT INC.  
	  	 	  
	  	 	  
	  	 	  
	  	 	  
	Mr. Kyle Appleby 	 	Mr. Liam Cheung 
	Chief Financial Officer 	 	President 

6 

SCHEDULE A 

DESCRIPTION AND SUMMARY OF PRODUCTS 

The Stealth Console - Suited for the needs of the day-trader,
the console uses four signals to condense and visualize complex trends in the
market giving the user a clear trading advantage 

	Type of Platform 	Product Specs 
	Availability 

	 	 	 
	1)
      Stealth Pro 	Stealth Console, API integration and direct
      executions 	Now 
	  	 	  
	2)
      Stealth Signal 	Stealth Console embedded in platform of choice with
      additional technical indicators available ala carte 	Now 
	  	 	  
	  	 	  
	3) Stealth Mobile 	White Jitney label the
      mobile Stealth trading Console
      and into a account monitoring app 	Q1 2016 
	  	 	  
	4) Stealth Analytics 	Stealth Console, No execution 	Now 

7 

Stealth Analytics 

 

Stealth Mobile 

 

9 

SCHEDULE B 

FEES AND CHARGES 

Tactex shall pay to Epcylon, the fees and charges set forth
below: 

Pro user:      $499 per month CAD 

Partial months shall be prorated. Tactex shall not be charged
any fees or charges until the Effective Date. The “Effective Date” shall
mean the date upon which Tactex commences using the Products to actively manage
strategies for clients as notified to Epcylon in writing, and shall specifically
exclude any implementation or training periods. 

Tactex shall have the right to use data for up to 200
securities and have the right to have multiple portfolio managers located in
both Toronto and Montreal using the Stealth products during the term of the
agreement. Additional license fees shall be charged by Epcylon to Tactex and
shall be negotiated in good faith between the parties, if, as, and when Tactex
chooses to expand it’s use of the Epcylon products. 

Training and assistance with implementation will be at no
charge to Tactex. 

10Epcylon Technologies, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

REFERRAL AGREEMENT 

THIS REFERRAL AGREEMENT is entered into as of November
17, 2015 between Tactex Asset Management Inc., a body corporate, and having its
head offices located at 481 Viger West, Suite 200 Montreal, Québec, H2Z 1G6
(hereinafter referred to as “Tactex”), and Epcylon Technologies, Inc., a
body corporate, and having its head offices located at 34 King Street East,
Suite 1010, Toronto, Ontario, M5C 2X8 (hereinafter referred to as the
“Referring Party”). 

WHEREAS: 

	
      A. 
	
      Tactex is registered with securities regulatory
      authorities as a Portfolio Manager in each of the jurisdictions listed in
      Schedule “A” hereto, as may be amended by written agreement of parties’
      from time to time.

	
       
	
       

	
      B. 
	
      The Referring Party has entered into a separate agreement
      with Tactex in connection with software and other materials that the
      Referring Party will license and make available to Tactex.

	
       
	
       

	
      C. 
	
      The Referring Party is not registered with securities
      regulatory authorities in any jurisdiction.

	
       
	
       

	
      D. 
	
      Tactex and the Referring Party wish to document a
      referral arrangement under the terms of which the Referring Party may from
      time to time refer potential clients to Tactex with respect to such
      Persons receiving portfolio and wealth management services from
    Tactex.

NOW THEREFORE THIS AGREEMENT WITNESSETH for and in
consideration of the mutual covenants and agreements herein contained, and for
other good and valuable consideration (the receipt and sufficiency of which is
hereby acknowledged), it is agreed by and between the Parties hereto as follows:

ARTICLE I 
INTERPRETATION 

	1.01 	
      Definitions

In this Agreement, the recitals and the Schedules and in any
amendments hereto or thereto, unless the context otherwise requires or unless
otherwise defined in any such Schedule or amendment, the following words and
phrases shall have the meaning set forth after them: 

“Accounts” means existing accounts opened by Tactex for
a Referred Client. 

“Affiliate” shall have the meaning given to it in the
Securities Act (Québec). 

“Agreement” means this Referral Agreement and all
Schedules and all instruments supplemental hereto or in amendment or
confirmation hereof, and “hereof”, “hereto”, “herein”, “hereunder” and similar
expressions mean and refer to this Agreement and not to any particular article,
section or clause. 

“Applicable Laws” means, with respect to any Person,
property, transaction, event or other matter, any law, rule, statute,
regulation, order, judgment, decree, treaty or other requirement having the
force of law in Canada relating or applicable to such Person, property,
transaction, event or other matter. 

“Business Day” means any day that Tactex at its head
office in Montreal, Quebec is open for business and excludes Saturdays, Sundays
and Canadian statutory holidays. 

“Party” means a Party to this Agreement and any
reference to a Party includes its successors and permitted assigns; “Parties”
means every “Party.” 

“Person” is to be broadly interpreted and includes an
individual, corporation, partnership, trust, unincorporated organization, the
government of a country or any political subdivision thereof, or any agency or
department of any such government or any executors, administrators or other
legal representatives of any individual in such capacity. 

“Referred Clients” mean any client of Tactex who has
been referred to Tactex by the Referring Party for the purpose of such Person
opening and maintaining one or more Accounts with Tactex. 

	1.02 	
      Currency

All dollar amounts referred to in this Agreement are in
Canadian funds except as otherwise noted. 

	1.03 	
      Divisions & Headings

Articles and section headings are not considered part of this
Agreement, are included solely for convenience of reference and are not intended
to be full or accurate descriptions of the contents thereof and shall not affect
the construction or interpretation hereof. 

	1.04 	
      Clause, Section and Schedule
  References

Unless the context requires otherwise, references in this
Agreement to Articles, clauses, sections or Schedules are to Articles, clauses,
sections or Schedules of this Agreement. 

	1.05 	
      Gender & Number

In this Agreement, words importing the singular include the
plural and vice versa and words importing genders include all genders. 

	1.06 	
      Obligations As Covenants

Each obligation of a Party provided herein, even though not
expressed as a covenant, shall be considered for all purposes to be a
covenant.

	1.07 	
      Business Days

If any payment is required to be made or other action is
required to be taken pursuant to this Agreement on a day that is not a Business
Day, then such payment or action shall be made or taken on the next Business
Day. 

	1.08 	
      Amendment

No amendment of this Agreement will be effective unless made in
writing and signed by the Parties. 

ARTICLE II 
REFERRALS 

	2.01 	
      Agreement to Make
Referrals

	(1) 	
      During the term of this Agreement, subject to the terms
      and conditions hereof, the Referring Party may refer Persons to Tactex in
      order for such Persons to open and maintain a separately managed Account
      with Tactex, and become a Referred Client, as and when appropriate, and in
      a diligent, ethical and responsible manner.

	
      (2) 
	
      During the term of this Agreement, subject to the terms
      and conditions hereof, Tactex agrees to provide portfolio and wealth
      management services to Referred Clients and to provide a level of service
      to Referred Clients who open an Account that is no less than the level of
      service provided to other clients of Tactex receiving similar
    services.

	
       
	
       

	
      (3) 
	
      In connection with this
Agreement:

	
       
	
      (a) 
	
      the Referring Party shall only refer Persons to Tactex
      who are resident in the jurisdictions set forth in Schedule “A”;
    and,

	
       
	
       
	
       

	
       
	
      (b) 
	
      upon identifying a Persons who may have an interest in
      opening an account with Tactex, the Referring Party shall, with the
      express consent of such Person, refer such Person to Tactex as
    follows:

	
       
	
      (i) 
	
      the Referring Party, in cooperation with Tactex, shall
      arrange an initial meeting between such Person and Tactex; and,

	
       
	
       
	
       

	
       
	
      (ii) 
	
      Tactex shall complete its customary account opening
      process for such Person prior to providing any services to the Referred
      Client.

	
      (4) 
	
      In opening Accounts, Tactex shall comply with all
      Applicable Laws. Without limiting the foregoing, this shall include the
      provision of a referral disclosure document to a Referred Client, in the
      form of Schedule “B” hereto as it may be amended from time to
  time.

	
       
	
       

	
      (5) 
	
      After the referral described in clause 2.01(3)(b) is
      made, Tactex shall be solely responsible for the acceptance and servicing
      of the Referred Client with regard to the Account. Nothing herein shall
      obligate Tactex to open an Account. Furthermore, the Referring Party
      acknowledges that the Account opening process and/or the ongoing operation
      of an Account shall be at the sole discretion of Tactex and subject to its
      standard account opening requirements and procedures, as amended from time
      to time.

	
       
	
       

	
      (6) 
	
      Notwithstanding anything to the foregoing, it is
      acknowledged by the Parties that the Referral Agreement contemplated
      herein is non-exclusive to either Party.

	2.02 	
      Compliance With Laws

Tactex covenants and agrees that it is responsible, personally
and on behalf of its its directors, officers, employees and agents, for
compliance with all Applicable Laws with respect to the services delivered to a
Referred Client. Without limiting the foregoing, it shall be the responsibility
of Tactex to: 

	
       
	
      a) 
	
      complete all necessary regulatory documents,
      know-your-client, suitability and anti-money laundering and anti-terrorism
      inquiries in connection with the Accounts and the Referred
  Clients;

	
       
	
       
	
       

	
       
	
      b) 
	
      carrying out all activity requiring registration that
      results from this Agreement; and

	
       
	
       
	
       

	
       
	
      c) 
	
      communicating with the Referred Clients with regard to
      the Account.

The Referring Party covenants and agrees that it is
responsible, personally and on behalf of its Affiliates and their respective
directors, officers, employees and agents (collectively the “Referring
Group”) for compliance with all Applicable Laws with respect to the
activities contemplated by this Agreement. Without limiting the foregoing, it
shall be the responsibility of the Referring Party: 

	
       
	
      a) 
	
      to ensure that members of the Referring Group do not
      undertake or perform any action that may necessitate that any Referring
      Party obtain registration under applicable securities laws, including but
      not limited to, providing any information regarding specific securities or
      services performed by Tactex, attesting to any merits, characteristic,
      quality, feature or potential returns of any services performed by Tactex,
      or completing any document related to the opening of an Account with
      Tactex by a Referable Client;

	
       
	
       
	
       

	
       
	
      b) 
	
      to ensure that no member of the Referring Group states or
      infers that he is acting on behalf of Tactex in any manner beyond what is
      contemplated in this Agreement;

	
       
	
       
	
       

	
       
	
      c) 
	
      to ensure that members of the Referring Group do not not
      make any recommendation or otherwise represent to the Referred Client that
      a specific trade is suitable for that client or another person or company;
      and,

	
       
	
       
	
       

	
       
	
      d) 
	
      to ensure that members of the Referring Group do not not
      accept any instructions from the Referred Client in respect of the
      operation of the Account.

ARTICLE III 
COMPENSATION 

	3.01 	
      Compensation

	
      (1) 
	
      Tactex shall pay to the Referring Party compensation for
      the referral of Referred Clients in accordance with Schedule “C” hereto,
      as it may be amended from time to time.

	
       
	
       

	
      (2) 
	
      Except for the compensation set out in clause 3.01(1),
      neither Tactex nor its Affiliates shall otherwise be liable to any member
      of the Referring Group for the payment of any remuneration, fee, cost,
      expense or other amount, except as may subsequently be agreed to in
      writing between the Parties.

	
       
	
       

	
      (3) 
	
      Tactex will calculate the compensation payable as
      described in clause 3.01(1) each calendar quarter as described in Schedule
      “C” hereto. All compensation payments in respect of a calendar quarter
      will be paid to the Referring Party within 30 calendar days after the
      completion of such calendar quarter. Tactex and the Referring Party may
      adjust the compensation payable under this Agreement from time to time, at
      the request of either Party, to the extent there has been an overpayment
      or underpayment of compensation.

	
       
	
       

	
      (4) 
	
      Tactex shall report the compensation payable to the
      Referring Party under this Agreement which report will include sufficient
      information relating to the Accounts opened with Tactex at the end of the
      relevant period, and sufficient information to allow the Referring Party
      to confirm the compensation payable for each Referred Client.

	
       
	
       

	
      (5) 
	
      Tactex and the Referring Party agree to maintain complete
      and accurate records relating to the compensation paid under this
      Agreement. Each Party agrees to preserve such records for a reasonable
      period of time or as may be prescribed by law and, at the request of the
      other Party to provide reasonable access to such records to such other
      Party. Tactex, on reasonable request, will provide to the Referring Party,
      the information the Referring Party needs to confirm the accuracy of the
      compensation reporting provided by Tactex.

	
       
	
       

	
      (6) 
	
      Notwithstanding the termination of this Agreement by
      either Party, Tactex shall continue paying compensation to the Referring
      Party in respect of Accounts opened under this Agreement as of the
      effective date of termination, in accordance with clause
  3.01(1).

ARTICLE IV 
CONFIDENTIALITY, NON-DISCLOSURE
& NON-SOLICITATION 

	4.01 	
      Confidentiality

	
      (1) 
	
      Each Party (the “Disclosing Party”) shall regard
      as confidential and proprietary all of the information communicated to it
      by the other Party (the “Receiving Party”) in connection with this
      Agreement including, without limitation, the terms of this
    Agreement.

	
       
	
       

	
      (2) 
	
      Neither Party shall, without the other Party’s prior
      written consent, at any time:

	
       
	
      a) 
	
      use such information for any purpose other than in
      connection with the performance of its obligations under this Agreement;
      or

	
       
	
       
	
       

	
       
	
      b) 
	
      disclose any portion of such information to third
      parties, excluding a Party’s Affiliates and their respective employees,
      agents or subcontractors which are directly performing services for the
      Party in connection with this Agreement.

	
      (3) 
	
      The Parties shall cause each of their Affiliates, and
      their respective directors, officers, employees, agents and subcontractors
      who have access to such information to comply with the terms and
      conditions of Article 4 in the same manner as the Party is bound hereby,
      with each Party remaining responsible for the actions and disclosures of
      any such Affiliates, and their directors, officers, employees, agents and
      subcontractors. In addition, except as otherwise provided herein, neither
      Party shall, without the other Party’s prior written consent, disclose to
      third parties any information or discussions regarding this Agreement
      unless required by Applicable Law. The Parties agree that any breach of
      Article 4 by a Party, its affiliates and their respective employees,
      agents and subcontractors shall cause irreparable injury, that the
      non-breaching Party shall be entitled to specific performance and
      injunctive or other equitable relief as a remedy for any such breach, and
      that the breaching Party waives any requirement for the securing or
      posting of any bond in connection with such remedy.

	
       
	
       

	
      (4) 
	
      Notwithstanding the foregoing, the Parties’ obligations
      pursuant to Article 4 shall not apply to:

	
       
	
      a) 
	
      information that, at the time of disclosure, is, or after
      disclosure becomes part of, the public domain other than as a consequence
      of a Party’s breach;

	
       
	
       
	
       

	
       
	
      b) 
	
      information that was known or otherwise available to the
      Receiving Party prior to the disclosure by the Disclosing Party;

	
       
	
       
	
       

	
       
	
      c) 
	
      information disclosed by a third Party to the Receiving
      Party after the disclosure by the Disclosing Party, if such third Party’s
      disclosure neither violates any obligation of the third Party to the
      Disclosing Party nor is a consequence of the Receiving Party’s
    breach;

	
       
	
       
	
       

	
       
	
      d) 
	
      information that a Disclosing Party authorizes, in
      writing, for release; or

	
       
	
       
	
       

	
       
	
      e) 
	
      information that is required to be disclosed under
      operation of law.

	
      (5) 
	
      Each Party shall provide to the other Party upon request
      a copy of its policy as regards the collection, storage and use of
      personal information.

	4.02 	
      Non-Disclosure and Non-Solicitation By
    Tactex

	
      (1) 
	
      During the term of this Agreement, Tactex shall not, and
      it shall cause its Affiliates not to: disclose client information obtained
      by Tactex as a result of the opening or operation of an Account
      pursuant to this Agreement, without the consent of the Referred
  Client or in order to comply with applicable legal requirements.

	
      (2) 
	
      During the term of this Agreement, and for a period of
      one (1) year following its termination, Tactex shall not, without the
      prior written consent of the Referring Party, directly or indirectly,
      solicit for employment, offer to hire, retain, employ or otherwise engage
      any employee or consultant employed or retained by the Referring Party
      with whom Tactex has had contact in connection with this
  Agreement.

	4.03 	
      Permitted Solicitation

Clause 4.02(3) does not apply to generalized, non-targeted
solicitations through (i) the publication of an advertisement or other public
announcement or (ii) the use of a recruiting or employment agency to whom the
name of an individual employed or engaged by the other Party has not been
provided by the Party using the recruiting or employment agency. 

ARTICLE V 
REPRESENTATIONS AND
WARRANTIES 

	5.01 	
      Representations & Warranties of
  Tactex

Tactex hereby represents and warrants to the Referring Party,
and acknowledges that the Referring Party is relying on such representations and
warranties, as follows: 

	
       
	
      a) 
	
      Tactex is a corporation validly subsisting under the laws
      of Canada. Tactex has the corporate power and authority to enter into this
      Agreement and to pay compensation under this Agreement;

	
       
	
       
	
       

	
       
	
      b) 
	
      the execution and delivery of this Agreement by Tactex
      and the performance by Tactex of its obligations hereunder have been
      approved by all necessary corporate action on the part of
Tactex;

	
       
	
       
	
       

	
       
	
      c) 
	
      this Agreement constitutes a legal, valid and binding
      obligation of Tactex, enforceable against Tactex in accordance with its
      terms, except as such enforceability may be limited by bankruptcy,
      insolvency or other similar laws affecting the rights of creditors
      generally from time to time in effect and except as such enforceability
      may be limited by general principles of equity;

	
       
	
       
	
       

	
       
	
      d) 
	
      all authorizations, consents, orders or approvals of or
      registrations or declarations with any governmental or self-regulatory
      authority required to be obtained, effected or given by Tactex in
      connection with the execution and delivery of this Agreement and the
      performance of its obligations hereunder have been duly obtained, effected
      or given and are in full force and effect;

	
       
	
       
	
       

	
       
	
      e) 
	
      the entering into of, and the performance of its
      obligations under, this Agreement will not result in the violation of,
      contravene, breach or result in any default under any of the provisions of
      the constating documents or by-laws of Tactex or of any Applicable Laws or
      of any indenture or other agreement written or oral, to which Tactex is a
      Party or by which it is bound in connection with its business;
  and

	
       
	
       
	
       

	
       
	
      f) 
	
      Tactex is qualified and registered with securities
      regulatory authorities in those provinces and territories of Canada as may
      be required to provide portfolio management services to clients resident
      in the provinces and territories listed on Schedule
A.

	5.02 	
      Representations & Warranties of the Referring
      Party

The Referring Party hereby represents and warrants to Tactex,
and acknowledges that Tactex is relying on such representations and warranties,
as follows: 

	
       
	
      a) 
	
      the Referring Party is a corporation validly subsisting
      under the laws of Canada. The Referring Party has the corporate power and
      authority to enter into this Agreement and to receive compensation under
      this Agreement;

	
       
	
       
	
       

	
       
	
      b) 
	
      the execution and delivery of this Agreement by the
      Referring Party and the performance by the Referring Party of its
      obligations hereunder have been approved by all necessary corporate or
      other action on the part of the Referring Party;

	
       
	
       
	
       

	
       
	
      c) 
	
      this Agreement constitutes a legal, valid and binding
      obligation of the Referring Party, enforceable against the Referring Party
      in accordance with its terms, except as such enforceability may be limited
      by bankruptcy, insolvency or other similar laws affecting the rights of
      creditors generally from time to time in effect and except as such
      enforceability may be limited by general principles of equity;
  and

	
       
	
       
	
       

	
       
	
      d) 
	
      entering into of, and the performance of its obligations
      under, this Agreement will not result in the violation of, contravene,
      breach or result in any default under any of the provisions of the
      constating documents or by-laws of the Referring Party or of any indenture
      or other agreement written or oral, to which the Referring Party is a
      Party or by which it is bound in connection with its
  business.

ARTICLE VI 
INDEMNITY 

	6.01 	
      Indemnity

Each Party agrees to indemnify, defend and hold harmless the
other Party, its Affiliates, and their respective directors, officers, partners,
employees and agents (the “Indemnified Party”) from any and all losses,
liabilities, damages, actions, claims, expenses and costs (including reasonable
legal fees and expenses), whether by way of tort or contract, which result or
arise in whole or in part from: 

	
       
	
      (a) 
	
      a breach of any duty, obligation, covenant,
      representation or warranty under this Agreement or any acts or omissions
      by the Indemnifying Party or its directors, officers, employees, agents or
      subcontractors in the course of its or their performance under this
      Agreement; or

	
       
	
       
	
       

	
       
	
      (b) 
	
      a claim made by a Person which is not a Party to this
      Agreement against an Indemnified Party, with respect to a breach of any
      duty, obligation, covenant, representation or warranty under this
      Agreement or any acts or omissions by the Indemnifying Party or its
      employees, agents or subcontractors in the course of its or their
      performance under this Agreement;

provided that the Indemnified Party gives prompt written notice
of the assertion of any such claim to the indemnifying Party, specifying in
reasonable detail the circumstances and particulars of such claim. The
indemnifying Party shall have 30 calendar days after receipt of such notice of
claim to commence the conduct and control, through legal counsel of its own
choosing and at its expense, of the settlement or defence thereof. Each Party
that is an indemnified Party agrees to hold, for and on behalf of each
indemnified Party that is not a Party hereto all rights to indemnity provided in
this Section 6.01. 

ARTICLE VII 
TERMINATION 

	7.01 	
      Termination By Tactex

This Agreement may be terminated by Tactex in the following
circumstances: 

	
      (a) 
	
      in the event that there has been a material breach of
      this Agreement by the Referring Party or any member of the Referring Group
      which is not remedied after 30 days’ prior written notice thereof is given
      by Tactex;

	
       
	
       

	
      (b) 
	
      in the event that, at any time during the term of this
      Agreement, there is an interpretation of existing Applicable Laws or a new
      Applicable Law affecting this Agreement, and the Parties cannot mutually
      agree, acting reasonably, on how or whether to comply with such
      interpretation or new Applicable Law;

	
       
	
       

	
      (c) 
	
      upon at least ninety days’ prior written notice to the
      Referring Party; or

	
       
	
       

	
      (d) 
	
      in the event of the insolvency or bankruptcy of the
      Referring Party.

	7.02 	
      Termination By The Referring
  Party

This Agreement may be terminated by the Referring Party in the
following circumstances: 

	
      (a) 
	
      in the event that there has been a material breach of
      this Agreement by Tactex which is not remedied after 30 days’ prior
      written notice thereof is given by the Referring Party;

	
       
	
       

	
      (b) 
	
      in the event that, at any time during the term of this
      Agreement, there is an interpretation of existing Applicable Laws or a new
      Applicable Law affecting this Agreement, and the Parties cannot mutually
      agree, acting reasonably, on how or whether to comply with such
      interpretation or new Applicable Law;

	
       
	
       

	
      (c) 
	
      upon at least ninety days prior written notice to Tactex;
      or

	
       
	
       

	
      (d) 
	
      in the event of the insolvency or bankruptcy of
      Tactex.

	7.03 	
      Termination of this
Agreement

Any termination of this Agreement shall be without prejudice to
the continuing right to pay and receive compensation as contemplated in Article
III Section 3.01 Subsections (1), (2), (3), (4), (5) and (6). In addition, the
following sections shall survive any termination and continue in full force and
effect: Article IV Section 4.01 Subsections (1), (2), (3), (4) and (5), Section
4.02 Subsections (1), (2) and (3), Article VI Section 6.01 Subsections (a) and
(b), Article VII Section 7.03 and Article VIII Section 8.11. 

ARTICLE VIII 
GENERAL 

	8.01 	
      Notice

Any notice or other writing required or permitted to be given
hereunder or for the purposes hereof shall be sufficiently given if personally
delivered to the Party to whom it is given, sent by fax, or mailed, by prepaid
registered mail, addressed to such Party: 

	(1) 	
      In the case of notice to Tactex addressed as
    follows:

481 Viger West, Suite 200 Montreal,
Québec H2Z 1G6 
Attention: President 

	(2) 	
      In the case of notice to the Referring Party addressed as
      follows:

34 King Street East, Suite 1010,
Toronto, Ontario, M5C 2X8 
Attention: President 

or at such other address as the Party to whom such notice is to
be given shall have last notified the Party giving the same in the manner
provided in this section. Any notice mailed as aforesaid shall be deemed to have
been given and received on the fourth business day of uninterrupted postal
service next following the date of its mailing. Any notice delivered or sent by
fax to the Party to whom it is addressed shall be deemed to have been given and
received on the date it is received, provided that if such day is not a business
day, then the notice shall be deemed to have been given on the business day next
following such day. 

	8.02 	
      Further Assurances

Each Party shall promptly do, execute, deliver or cause to be
done, executed and delivered all further acts, documents and things in
connection with this Agreement that the other Party may reasonably require, for
the purposes of giving effect to this Agreement. 

	8.03 	
      Independent Contractors

Nothing contained herein shall be deemed or construed to create
any partnership or joint venture between Tactex and the Referring Party or
Tactex and any Referring Party. All activities by the Parties under the terms of
this Agreement shall be carried out by the Parties as independent contractors
and not as agents for or employees of the other. 

	8.04 	
      Successors and Assigns

This Agreement shall enure to the benefit of, and be binding
on, the Parties, their successors and permitted assigns. No Party shall assign
or transfer, whether absolutely, by way of security or otherwise, all or any
part of its respective rights or obligations under this Agreement without the
prior written consent of the other Party, such consent not to be unreasonably
withheld or delayed. 

	8.05 	
      No Other Terms

There are no conditions, warranties, representations or other
agreements between the Parties in connection with the subject matter of this
Agreement (whether oral or written, express or implied, statutory or otherwise)
except as specifically set out in this Agreement. 

	8.06 	
      Waiver

A waiver of any default, breach or non-compliance under this
Agreement is not effective unless in writing and signed by the Party to be bound
by the waiver. No waiver shall be inferred from or implied by any failure to act
or delay in acting by a Party in respect of any default, breach or
non-observance or by anything done or omitted to be done by the other Party. The
waiver by a Party of any default, breach or non-compliance under this Agreement
shall not operate as a waiver of that Party’s rights under this Agreement in
respect of any continuing or subsequent default, breach or non-compliance
(whether of the same or any other nature). 

	8.07 	
      Severability

Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
to the extent of such prohibition or unenforceability and shall be severed from
the balance of this Agreement, all without affecting the remaining provisions of
this Agreement or affecting the validity or enforceability of such provision in
any other jurisdiction. 

	8.08 	
      Governing Law

This Agreement shall be governed by and construed in accordance
with the laws of the Province of Québec and the laws of Canada applicable in
that province and shall be treated, in all respects, as an Québec contract. The
Parties attorn to the non-exclusive jurisdiction of the courts of Québec. 

	8.09 	
      Taxes

In addition to the payment of the fees, charges and other
amounts required to be paid under this Agreement, each Party shall bear and pay
the taxes, levies, duties, customs and similar charges which are levied,
assessed and exigible on that Party, by operation of Applicable Laws, as a
result of the performance of this Agreement. 

	8.10 	
      Force Majeure

If either Party is prevented from materially complying, either
totally or in part, with any of the terms or provisions of this Agreement by
reason of fire, flood, storm, strike, lockout or other labour trouble, riot,
war, rebellion, accident, failure or delay of any transportation, power or
communications system, or other acts of God, then upon written notice to the
other Party, the affected provisions and/or requirements of this Agreement shall
be suspended during the period of such disability. During such period, the
non-disabled Party may seek to have its needs, which would otherwise be met
hereunder, met by others without liability to the disabled Party hereunder. The
disabled Party shall make all reasonable efforts to remove such disability
within 30 calendar days of giving notice of such disability. If the disability
continues for more than 10 calendar days after the cessation of the reason for
such disability, the non-disabled Party shall have the right to terminate this
Agreement without further penalty, and neither Party shall thereafter have any
further rights or obligations hereunder, except as set forth in section 8.11.

	8.11 	
      Survival

The provisions of Article III Section 3.01 (1), (2), (3), (4),
(5) and (6), Article IV Sections 4.01 Subsections (1), (2), (3) and (4) and
Section 4.02 Subsections (1), (2) and (3), Article VI Section 6.01 Subsections
(a) and (b), Article VII, Section 7.03 and Article VIII Sections 8.11 hereof
shall survive any termination of this Agreement. 

	8.13 	
      Geographic Limitation

This Agreement is applicable only to the business and
operations of the Parties carried on in Canada and is not intended to and does
not apply in any other country. 

	8.14 	
      Non-Exclusive Agreement

Each Party acknowledges that it does not have an exclusive
arrangement with the other Party and that the other Party may have and may in
the future enter into referral agreements with other persons for services
similar to those provided to it by the other Party. 

	8.15 	
      Counterparts

This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument. Counterparts may be
executed either in original or faxed form and the Parties adopt any signatures
received by a receiving fax machine as original signatures of the Parties;
provided, however, that any Party providing its signature in such manner shall
promptly forward to the other Party an original of the signed copy of this
Agreement which was so faxed. 

IN WITNESS WHEREOF the Parties have duly executed this
Referral Agreement by their respective authorized representatives as of the date
first written above. 

	 	TACTEX ASSET MANAGEMENT INC.
    
	 	  
	 	  
	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	  
	 	  
	 	  
	 	EPCYLON TECHNOLOGIES INC.
  
	 	  
	 	  
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

SCHEDULE “A” 

LIST OF CANADIAN JURISDICTIONS 

Each Referred Client shall be a resident of one of the
following provinces: 

	 	• 	Ontario 
	 	• 	Quebec 
	 	• 	Alberta 
	 	• 	British Columbia 

SCHEDULE “B” 
DISCLOSURE CONCERNING REFERRAL
ARRANGEMENT 

(provided pursuant to OSC Rules and Regulations and Section
13.10 of National Instrument 31-103 registration requirements and exemptions)

	TO: 	Tactex Asset Management Inc 
	AND TO: 	Epcylon Technologies Inc.

	Name of each Party to the Referral 	
      Tactex Asset Management Inc. (“Tactex”) AND
      Epcylon 

	Arrangement 	
      Technologies Inc. (“Epcylon”). 

	Registration Status 	
      Tactex is registered in the category of portfolio manager
      and exempt market dealer and is qualified to provide securities management
      services to its client to offer certain exempt products to its clients.
      

	  	
	  	
      EPCYLON is not registered in any category under
      applicable securities legislation. 

	Purpose of the Referral 	
      Epcylon has referred the undersigned client to Tactex so
      that Tactex can offer wealth management services to the undersigned
      client. 

	Conflicts of Interest 	
      None, other than Epcylon will receive compensation from
      Tactex in connection with your account and Tactex may license certain
      technology from Epcylon in the course of delivering services to the client
      – see Referral Fee section below for more information relating to fees
      received by Tactex. 

	Referral Fee 	
      Tactex shall pay the Referring Party a referral fee equal
      to the aggregate net management fees, performance fees and other
      commissions derived by Tactex from Accounts during a calendar quarter,
      less the following amounts that shall be retained by Tactex: 

	  	
	  	• 	
      50 basis points calculated on total AUM held in the
      Accounts of Referred Clients during the relevant period
      (calculated   daily); and,  

	  	• 	
      25% of any Performance Fee charged to Account during the
      relevant period (calculated monthly), if and when applicable; and,
  

	  	• 	
      Administrative costs of managing your Account
  

Under this arrangement, the client is a client of and will be
dealing with Tactex. All securities advisory activity requiring registration
resulting from the referral arrangement described above will be provided by
Tactex, and none shall be carried out by Epcylon. 

I acknowledge that I have received and read this Disclosure
Statement describing the referral arrangement between Taxtex Asset Management
Inc. and Liberty North Capital Corp.

	Client Signature 	 	Date
  
	 	 	 
	 	 	 
	Name Of Client:	 	
    Witness: 

SCHEDULE “C” 

	1. 	
      NO DEDICATED TACTEX PORTFOLIO
  MANAGER.

Tactex shall pay the Referring Party a referral fee equal to
the Net Aggregate Management Fees, Performance Fees and other Commissions
derived by Tactex from the Accounts during a calendar quarter, less the
following amounts that shall be retained by Tactex: 

		• 	50 basis points calculated on total AUM held in
      the Accounts of Referred Clients during the relevant period (calculated
      daily); and 
		• 	25% of any performance based fee charged to the
      Account during the relevant period (calculated monthly), if and when
      applicable. 

Initially, no dedicated Tactex portfolio manager will be hired
to service the Accounts. Accounts shall initially be serviced by Tactex’
existing advising representatives. If and when, in Tactex’ estimation, the
workload relating to servicing the Accounts requires that Tactex to engage a
resource dedicated to servicing the Accounts (a “Dedicated Portfolio
Manager”), the referral fees paid to the Referring Party shall be calculated
in accordance with Section 2 below.

“Net Aggregate Management Fees, Performance Fees And Other
Commissions” shall mean gross revenues derived from the Accounts in the
applicable period less applicable expenses, costs and charges relating to the
Accounts. Tactex and the Referring Party agree that expenses, costs and charges
to be deducted from Gross revenues derived from the Account shall include: 

		
      • 
	
      Salaries, payroll taxes and benefits paid to Tactex’
      Dedicated Portfolio Manager servicing the Accounts, as agreed from time to
      time; 

		
      • 
	
      Fees paid by Tactex for the Dedicated Portfolio Manager
      to access the firm’s portfolio manager system; 

		
      • 
	
      Fees incurred by Tactex in connection with research,
      marketing and client reporting for the benefit of the Accounts; 

		
      • 
	
      A reasonable allocation relating to registration or other
      fees paid to governmental authorities by Tactex in connection with the
      servicing the Accounts and the activities of the Dedicated Portfolio
      Manager; 

		
      • 
	
      A reasonable proration of fees paid by Tactex to OBSI in
      connection with Accounts, activities and assets; 

	
       
	
      • 
	
      Any fees paid by Tactex to a custodian that are not
      charged to an Account; 

		
      • 
	
      Fees for IT services required by Tactex at a time and
      materials rate, as determined by Tactex from time to time; 

		
      • 
	
      Fees for services provided by the Tactex’ assistant
      advising representatives in servicing the Accounts at a time and materials
      rate, as determined by the Tactex from time to time; 

	
       
	
      • 
	
      Any other fees as agreed to from time to time.
  

	2. 	
      DEDICATED PORTFOLIO
MANAGER.

If Tactex engages a Dedicated Portfolio Manager, Tactex shall
pay the Referring Party a referral fee equal to the Net Aggregate Management
Fees, Performance Fees and other Commissions (as defined below) derived by
Tactex from Accounts during a calendar quarter, less the following amounts that
shall be retained by Tactex: 

		•	30 basis points calculated on total AUM held in the
      Accounts of Referred Clients during the relevant period (calculated daily)
      if a Dedicated Portfolio Manager (as defined above) of Tactex is servicing
    the Accounts; and 

		
      •
	
      25% of any performance based fee
      charged to the Account during the relevant period (calculated monthly), if
      and when applicable. 

The referral fees do not include GST, PST or HST. GST, PST or
HST, as applicable, which are in addition. Referring party acknowledges that
GST, PST or HST may be currently payable on the said fee.

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