Document:

f8k050710ex10_silveramerica.htm

Exhibit 10.1

 

EQUITY ISSUANCE AGREEMENT

EQUITY ISSUANCE AGREEMENT dated the 7th day of May, 2010

BETWEEN:

ZUG FINANCING GROUP S.A., a corporation organized under the laws of Nevis, with registered address on Main Street, Charlestown, Nevis (hereinafter, the "Subscriber")

AND:

SILVER AMERICA, INC, a Nevada domestic corporation, with offices at 10775 Double R Boulevard, Reno, NV 89521 (hereinafter, the "Company")

NOW THEREFORE THIS EQUITY ISSUANCE AGREEMENT (“Agreement”) WITNESSES that the parties hereto agree as follows:

ARTICLE 1 – INTERPRETATION

Section 1.1. Definitions. When used in this Agreement (including the recitals and schedules hereto) or in any amendment hereto, the following terms shall, unless otherwise expressly provided, have the meanings assigned to them herein:

“Banking Day” shall mean any day other than a Saturday, Sunday, public holiday under the laws of the State of Nevada or other day on which banking institutions are authorized or obligated to close in Nevada.

“Charter Documents” means constating documents and by-laws, and all amendments thereto;

“Consent” means any permit, license, approval, consent, order, right, certificate, judgment, writ, injunction, award, determination, direction, decree, authorization, franchise, privilege, grant, waiver, exemption and other concession or by-law, rule or regulation;

“Unit Price” means a price equal to 90% of the volume weighted average of the closing price (the “VWAP”) of Common Stock, for the ten (10) Banking Days immediately preceding the date of the Notice, as quoted on http://www.nasdaq.com/, or other source of stock quotes as agreed to by the parties; and

“Dollar” or “$” means the currency of the United States of America.

ARTICLE 2 - THE EQUITY ISSUANCE

Section 2.1. EQUITY ISSUANCE. The Subscriber shall make available to the Company in accordance with, and subject to the terms and conditions of, this Agreement, until December 31, 2011 (the "Completion Date"), up to $7,500,000 by way of Advances in accordance with this Sections 2.2, 2.3 and 2.4 of this Agreement. The Completion Date may be extended for an additional term of up to twelve months at the option of the Company or the Subscriber upon written notice on or before the Completion Date in accordance with the notice provisions in Section 6.1 of this Agreement.

 

  

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Section 2.2. The Advances. On the terms and conditions set forth herein the Subscriber, from time to time, on any Banking Day, prior to the Completion Date, agrees to make advances to the Company ("Advances"). Each Advance shall be in an aggregate amount of not more than $1,000,000 and in integral multiples of $100,000.

Section 2.3. Procedure to Request Advances. Each Advance shall be made on or before five Banking Days following notice from the Company. Each such notice shall be given by a notice to the Subscriber in the form substantially the same as the form attached hereto in Schedule A (each a "Notice").

Section 2.4. Subscription Agreement. Upon making each Advance, the Subscriber shall provide an executed Subscription Agreement, in a form acceptable to both parties to this Agreement, to the Company.

Section 2.5. Use of Proceeds. The Company shall use all Advances to fund operating expenses, acquisitions, working capital and general corporate activities.

ARTICLE 3 - REPRESENTATIONS AND WARRANTIES

Section 3.1. Representations and Warranties of the Company. The Company represents and warrants to the Subscriber:

	
  

	
(a)

	
Organization and Corporate Power. The Company has been duly incorporated and organized and is validly subsisting and in good standing under the laws of its jurisdiction and has full corporate right, power and authority to enter into and perform its obligations under the Agreement to which it is or shall be a party and has full corporate right, power and authority to own and operate its properties and to carry on its business;

	
  

	
(b)

	
Conflict with Other Instruments. The execution and delivery by the Company of the Agreement and the performance by the Company of its obligations thereunder, do not and will not: (i) conflict with or result in a breach of any of the terms, conditions or provisions of: (A) the Charter Documents of the Company; (B) any law applicable to or binding on the Company; or (C) any contractual restriction binding on or affecting the Company or its properties the breach of which would have a material adverse effect on the Company; or (ii) result in, or require or permit: (A) the imposition of any lien on or with respect to the properties now owned or hereafter acquired by the Company; or (B) the acceleration of the maturity of any debt of the Company, under any contractual provision binding on or affecting the Company;

	
  

	
(c)

	
Consents, Official Body Approvals. The execution and delivery of the Agreement and the performance by the Company of its obligations thereunder have been duly authorized by all necessary action on the part of the Company, and no Consent under any applicable law and no registration, qualification, designation, declaration or filing with any official body having jurisdiction over the Company is or was necessary therefor. The Company possesses all Consents, in full force and effect, under any applicable law, which are necessary in connection with the operation of its business, the non-possession of which could reasonably be expected to have a material adverse effect on the Company;

	
  

	
(d)

	
Execution of Binding Obligation. The Agreement has been duly executed and delivered by the Company and, when duly executed by the Company and delivered for value, the Agreement will constitute legal, valid and binding obligations of the Company, enforceable against the Company, in accordance with its terms;

 

 

  

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(e)

	
No Litigation. There are no actions, suits or proceedings pending or, to the knowledge of the Company, after due inquiry, threatened against or affecting the Company (nor, to the knowledge of the Company, after due inquiry, any basis therefor) before any official body having jurisdiction over the Company which purport to or do challenge the validity or propriety of the transactions contemplated by the Equity Issuance the Company, which if adversely determined could reasonably be expected to have a material adverse effect on the Company;

	
  

	
(g)

	
Absence of Changes. Since the date of the most recently delivered financial statements of the Company, the Company has carried on its business, operations and affairs only in the ordinary and normal course consistent with past practice.

Section 3.2.  Representations and Warranties of the Subscriber.  The Subscriber represents and warrants to the Company:

	
  

	
(a)

	
Organization and Corporate Power. The Subscriber has been duly incorporated and organized and is validly subsisting and in good standing under the laws of its jurisdiction and has full corporate right, power and authority to enter into and perform its obligations under the Agreement to which it is or shall be a party and has full corporate right, power and authority to own and operate its properties and to carry on its business;

	
  

	
(b)

	
Consents, Official Body Approvals. The execution and delivery of the Agreement and the performance by the Subscriber of its obligations thereunder have been duly authorized by all necessary action on the part of the Subscriber, and no Consent under any applicable law and no registration, qualification, designation, declaration or filing with any official body having jurisdiction over the Subscriber is or was necessary therefor. The Subscriber possesses all Consents, in full force and effect, under any applicable law, which are necessary in connection with the operation of its business, the non-possession of which could reasonably be expected to have a material adverse effect on the Subscriber;

	
  

	
(c)

	
Execution of Binding Obligation. The Agreement has been duly executed and delivered by the Subscriber and, when duly executed by the Subscriber and delivered for value, the Agreement will constitute legal, valid and binding obligations of the Subscriber, enforceable against the Subscriber, in accordance with its terms.

ARTICLE 4 - COVENANTS OF THE COMPANY

Section 4.1. Affirmative Covenants. Until the Completion Date, the Company shall:

	
  

	
(a)

	
Compliance with Laws, etc. Comply with all applicable laws, non-compliance with which could have a material adverse effect on the Company;

	
  

	
(b)

	
Payment of Taxes and Claims. Pay and discharge before the same shall become delinquent: (i) all taxes and assessments; and (ii) all lawful claims which, if unpaid, might become a lien upon or in respect of the Company's assets or properties;

	
  

	
(c)

	
Maintain Title. Maintain and, as soon as reasonably practicable, defend and take, all action necessary or advisable at any time, and from time to time, to maintain, defend, exercise or renew its right, title and interest in and to all of its property and assets;

 

 

  

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(d)

	
Pay Obligations to Subscriber and Perform Other Covenants. Make full and timely payment of its obligations hereunder and duly comply with the terms and covenants contained in this Agreement, all at the times and places and in the manner set forth therein;

	
  

	
(e)

	
Further Assurances. At its cost and expense, upon request by the Subscriber, duly execute and deliver, or cause to be duly executed and delivered, to the Subscriber, such further instruments and do and cause to be done such other acts as may be necessary or proper in the reasonable opinion of the Subscriber to carry out more effectually the provisions and purposes of this Agreement.

ARTICLE 5 – EQUITY ISSUANCE

Section 5.1 Equity Issuance.  The Company shall issue, within fifteen (15) Banking Days following the date of the receipt by the Company of any Advance under this Agreement, units (each a “Unit”) of the Company at the Unit Price.  Each Unit shall consist of one (1) share (each a “Share”) of the common stock of the Company (the “Common Stock”) and one-half (1/2) of a share purchase warrant, such that the Subscriber must purchase two (2) Units to obtain a whole warrant (each a “Warrant”).  Each whole Warrant shall entitle the Subscriber to purchase one additional share (each a “Warrant Share”) of Common Stock, at an exercise price equal to 150% of the Unit Price at which the Unit containing the Warrant being exercised was issued, for a period of two (2) years from the date such Warrant is issued.  Upon receipt of any Advance under this Agreement, the Company shall promptly cause its registrar and transfer agent to issue the certificates representing the Shares. If the Subscriber exercises the Warrants, the Company shall promptly cause its registrar and transfer agent to issue the certificates representing the Warrant Shares.

Section 5.2 Fractional Shares.  Notwithstanding any other provisions of this Agreement, no certificate for fractional shares of the Shares or the Warrant Shares shall be issued to the Subscriber.  In lieu of any such fractional shares or warrants, if the Subscriber would otherwise be entitled to receive a fraction of a Share, Warrant or Warrant Shares following an Equity Issuance or exercise of a Warrant, as applicable, the Subscriber shall be entitled to receive from the Company a stock certificate representing the nearest whole number of shares of the Company, or in the case of an Advance that results in the issuance of one-half of a Warrant, the Company shall issue the Subscriber a Warrant certificate representing the nearest whole number of Warrant Shares.

ARTICLE 6 - MISCELLANEOUS

Section 6.1. Notices, etc. Except as otherwise expressly provided herein, all notices, requests, demands, directions and communications by one party to the other shall be sent by hand delivery or registered mail or fax, and shall be effective when hand delivered or when delivered by the relevant postal service or when faxed and confirmed, as the case may be. All such notices shall be addressed to the President of the notified party at its address given on the signature page of this Agreement, or in accordance with any unrevoked written direction from such party to the other party.

Section 6.2. No Waiver; Remedies. No failure on the part of the Subscriber or the Company to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof. The remedies herein provided are cumulative and not exclusive of any remedies provided by Law.

Section 6.3. Jurisdiction. (1) Each of the parties hereby irrevocably attorns to the non-exclusive jurisdiction of the Courts of the State of Nevada in any action or proceeding arising out of or relating to this Agreement. The Company agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law; and (2) nothing in this Section 6.3 shall affect the right of the Subscriber to serve legal process in any other manner permitted by Law or affect the right of the Subscriber to bring any action or proceeding against the Company or its property in the courts of other jurisdictions.

 

  

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Section 6.4. Successors and Assigns. The Company shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Subscriber, which consent may be arbitrarily withheld.

Section 6.5. Severability. If one or more provisions of this Agreement be or become invalid, or unenforceable in whole or in part in any jurisdiction, the validity of the remaining provisions of this Agreement shall not be affected. The parties hereto undertake to replace any such invalid provision without delay with a valid provision which as nearly as possible duplicates the economic intent of the invalid provision.

Section 6.6. Counterparts. This Agreement may be executed in counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

Section 6.7. Syndication/Participation. The Subscriber may not sell, transfer, assign, participate, syndicate or negotiate to one or more third parties, in whole or in part, the Commitment and its rights under this Agreement, without the prior written consent of the Company, which consent may not be arbitrarily withheld.

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

	
THE SUBSCRIBER

 

ZUG FINANCING GROUP S.A.

 

 

By:                                                                

Authorized Signing Officer

 

 

 

Address for Notice:

                                                                       

                                                                         

	
THE COMPANY

 

SILVER AMERICA, INC.

 

 

By:                                                                

Authorized Signing Officer

 

 

 

Address for Notice:

10775 Double R Boulevard                    

Reno, NV 89521                                       

                                                                          

                                                                                                 

                                           

 

  

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SCHEDULE A

NOTICE

 

 

To:           ZUG FINANCING GROUP S.A. (the “Subscriber”)

 

The undersigned, SILVER AMERICA, INC. (the “Company”) hereby requests an advance of $________________ , in accordance with the terms and conditions set forth in the Equity Issuance agreement dated May 7, 2010, between the Subscriber and the Company and as of the Date of Notice written below.

 

Date of Notice:                                                                                                                             

 

Remaining amount to be advanced under

the Equity Issuance:                                                                                                                                       

 

 

SILVER AMERICA, INC.

 

 

Per:                                                              

Authorized Signatory

 

 

The Subscriber hereby acknowledges receipt of this Notice and agrees with the amounts set out above as of this Notice.

 

 

ZUG FINANCING GROUP S.A.

 

 

Per:                                                            

Authorized Signatory

 

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Exhibit 10.1

 

LICENSING AGREEMENT

 

This Agreement is dated as of the 1st  day of January, 2008 by and between DC Brands International, Inc. a Colorado corporation (herein referred to as “Company”) and Richard Pearce (“Pearce”) and Jeremy Alcamo (“Alcamo”) (Pearce and Alcamo being hereinafter referred to as the “Licensees”).  The parties agree as follows:

 

WHEREAS, the Licensees have received a design patent in the United States (USD 576,877S) for the flip-top compartment (the “Product”) which is currently utilized by the Company;

 

WHEREAS, The Licensees desire to memorialize their agreement as to the use of the Product by the Company and the prior grant of an exclusive license to the Company to use the Product and the Company desires to memorialize such agreement;

 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

1.    Appointment.

 

    1.1              The Licensees hereby grant the Company exclusive right to manufacture and use the Product in connection with the Company’s products in all worldwide markets.

 

    1.2    The Company agrees that any manufacturing undertaken must meet the plans and specifications provided by the Licensees and the failure to do so shall constitute a breach of this Agreement.  Licensees have the right to carry out inspections of the Products and facilities where the Products are manufactured upon reasonable notice to the Company.

 

2.    Term.     This Agreement, subject to the terms and conditions set forth herein, shall be for a period of five (5) years and may be renewed at the discretion of the Company for five successive one (1) year periods.  The Company shall not have the right to renew this Agreement if it is in default of this Agreement or any successive agreements between the parties. If not renewed the Licensees shall have the right to enter into agreements regarding the license of the Products with other parties.

 

3.    Payment.

 

    3.1    In consideration of the license and any other rights granted hereunder, the Company shall pay to each of Pearce and Alcamo a royalty equal to 2 1⁄2 cents for each sale of a product that incorporates the Product or any enhancements thereto, any modifications thereto or any improvements thereto  commencing on the date of the first sale of a product incorporating the Products.  This royalty shall be paid to the Licensees within ten (10) days after receipt of payment by the Company.  Any royalty on products sold prior to the date hereof shall be payable within thirty days of the date hereof.

 

    3.2    Licensees shall not be obligated in any manner for expenses incurred by the Company.

 

 

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    3.3    Licensees shall have the right, at its own expense, to examine during normal business hours the Company’s books and records or to have such books and records examined by Licensees designated certified public accountants for the purpose of verifying the Company’s' compliance with this Agreement.  Solely for such purposes, the Company shall give Licensees or its representatives the opportunity to inspect and copy all books and records to the extent deemed necessary by Licensees or their representative for such audit.  If  an inspection reveals that the total amount that should have been paid to Licensees is a sum more than the amount paid, the Company will pay the difference within five days of the demand of Licensees, which demand will be accompanied by a copy of an accounting report.   If the amount requested to be payable in the accounting report exceeds ten percent (10%) of the amount previously paid, the Company Products shall pay the cost and expense of the inspection.

 

             3.4           Licensees shall have the right to request accrual of any payments owed to them under the terms of this Agreement and shall be entitled to demand payment of any such amounts at any time in their sole discretion.  The request for accrual shall not be deemed to be a waiver of Licensees right to receive such payment.

 

4.    Obligations of the Company.

 

    4.1    The Company shall, at all times, protect Licensees patent.

 

    4.2    The Company will comply with the policies established from time to time by Licensees for the licensing of the Products.

 

    4.3    The Company shall not copy or alter the Products,  nor shall Company reverse engineer, decompile or disassemble the Products.

 

    4.4    The Company shall not make: (i) any representation or warranty whatsoever on behalf of Licensees; (ii) any representation or warranty concerning the quality, performance or other characteristics of the Products; or (iii) any commitment to modify the Product.

 

    4.5    The Company will indemnify and hold Licensees, its officers, directors, shareholders and affiliates free and harmless against any claim, demand, loss, expense, cost or damage arising out of any charge of patent, copyright or trade secret infringement resulting from the marketing, sale, licensing or use of each of the Products by Company in accordance with the terms and provisions of this Agreement.

 

    4.6     The Company will not sell any products that incorporate the Product in violation of any applicable law or regulation.  The Company agrees to take all steps necessary to comply with the export control regulations of the United States and foreign governments. The Company also agrees to assist Licensees in obtaining all export, import and other regulatory approvals necessary for the sale of the Products hereunder.

 

    4.7     The Company acknowledges that there is no broker or finder or other intermediary that is entitled to receive a fee or commission in connection with the transactions contemplated in this Agreement.  

 

5.    Representations. Licensees represent that they have the authority to enter into this Agreement, that the Products are patented in the United States, that to their knowledge the Products are not encumbered by liens, agreements with lenders or in any other way. The Company represents that it has the authority to enter into this Agreement.

 

 

 

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6.    Termination

 

    6.1    Intentionally Omitted.

 

    6.2    In addition to all other remedies as may be available to the parties hereto, this Agreement may be immediately terminated by a party by written notice to the other party upon the occurrence of one or more of the following events:

 

      (a) Default in Payments.  Default in the due and punctual payment of any payments due hereunder, if such default shall have continued for a period of ten (10) days after written notice of said default has been given;

 

                 (b) Insolvency.  The other party’s  insolvency, assignment for the benefit of creditors, application for or appointment of a receiver, filing of a voluntary or involuntary petition under any provision of the Federal Bankruptcy Code or amendments thereto or any other federal or state statute affording relief to debtors; or if there shall be commenced against the such party any such proceeding or filed against such party any such application or petition which proceeding, application or petition is not dismissed or withdrawn within 30 days of commencement or filing as the case may be;

 

       (c) Breach of Agreement.  Any party’s failure or refusal to perform any other obligation created by this Agreement or breach of any term or condition of this Agreement, where default shall not be cured within thirty (30) days after written notice of such default has been given to the breaching party; or

 

       (d) Any party is convicted of a felony.

 

    6.3    Upon the termination of this Agreement, the parties agree to continue their cooperation and to effect an orderly termination of their relationship.  Company will cease manufacturing and using the Products.  The Company shall make a full and complete report to Licensees of the then current status of its activities and return to Licensees all technical data, lists, product samples, programs, catalogs, letters, papers, memoranda, drawings, designs, and all other sales and technical materials or copies thereof, or any other information, confidential or otherwise, pertaining to the business of Licensees or the Products.  In addition, Company shall also deliver to Licensees together with any returned Products a statement of an authorized officer of Company confirming that all Products, brochures, and marketing materials and any other confidential material of Licensees have been returned to Licensees.

 

    6.4    In the event of the termination of this Agreement, Company shall immediately pay to Licensees the Royalty Fees then owed and continue to pay any future Royalty Fees for payments received by it for the sale of products incorporating the Product after the date of termination in the manner set forth herein.

 

7.    Confidentiality.

 

 

 

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    7.1    The Company hereby acknowledges that the Products are proprietary to Licensees, involve trade secrets and are not in the public domain and that Licensees does not, by this Agreement, convey or otherwise give up any rights of ownership of the Products to Company or to anyone else.  Accordingly, Company and its officers, employees and agents shall not copy or permit the copying of any tapes or other materials pertaining to the Products which may be acquired or received in connection with the performance by Company of its duties hereunder or disclose or permit the disclosure of the Products or the method or means of implementation of the Products, other than to the extent required in manufacture of its products that incorporate the Products.

 

    7.2    Neither party shall, at any time, directly or indirectly, use, disseminate, disclose, lecture upon, or publish articles containing or concerning any confidential information (including, but not limited to, the trade secrets relating to the Products ) disclosed to, known by or otherwise acquired or received by them concerning the other party or the Products.  In addition, during the term of this Agreement and at all times thereafter, neither party shall use any such confidential information for its own benefit or for the benefit of any third party.

 

    7.3    By reason of the fact that irreparable harm would be sustained by each party in the event that there is a breach by the other party of any of the agreements set forth in this Agreement, it is agreed that, in addition to any other rights or remedies which either party may have under this Agreement or otherwise, the non breaching party shall be entitled to obtain enforcement of such obligations by an injunction or decree of specified performance from a court of competent jurisdiction, without the obligation of posting a bond, and in the event that the non-breaching party is successful in any suit or proceeding brought or instituted by the non-breaching party to enforce any of the provisions of this Agreement or brought on account of any damages sustained by the non-breaching party by reason of the violation by the breaching party of any of the terms and/or provisions of this Agreement to be performed by such party, the breaching party agrees to pay to the non-breaching all attorneys' fees and other expenses reasonably incurred by the non breaching party.

 

8.    Patent and Copyright Indemnification.  Licensees, at its expense, shall defend any action brought against the Company to the extent that it is based on a claim that the Product infringes a third party's copyright or a patent duly issued by the United States of America.  Licensees shall pay all damages and costs finally awarded against the Company in such action, provided that Licensees are notified in writing of the existence of such claim against the Company within seven (7) days of Company first learning of the same; and provided that Licensees are given full authority to control the defense, costs and settlement of the claim and that Licensees, in their judgment, receive the cooperation and assistance of the Company.  Licensees, however, will not be obligated to defend or otherwise indemnify the Company in any lawsuit which arises as a result of any commingling of the Product with another product not supplied by Licensees, or if such claim is based upon a use of the Product for a purpose for which it was not designed or a Product which has been modified by any party other than Licensees.  In lieu of the foregoing indemnification obligations, Licensees shall have the option, at its expense, either to procure the right to continue using the Product or to replace or modify the Product so that it becomes non-infringing, or to refund to Company the depreciated value for the Product.

 

 

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9.    Limited Warranty.  Licensees warrants that it can enter into this Agreement and the Product will substantially perform the functions or generally conform to the Product's specifications published by Licensees for the Product.  If it is determined that the Product does not operate according to such documentation, Licensees’s only responsibility will be to use their best efforts, consistent with industry standards, to cure the defect  THIS WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, AND ALL OTHER WARRANTIES ARISING OUT OF THE LICENSE AND SUBLICENSE CONTEMPLATED HEREUNDER, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR USE, WHICH ARE HEREBY EXCLUDED.  IN NO EVENT SHALL ARATRI BE LIABLE TO COMPANY OR ANY OTHER PARTY FOR ANY DAMAGES, INCLUDING LOST PROFITS, LOST SAVINGS, OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES, ARISING OUT OF THE USE OR INABILITY TO USE THE PROGRAM, EVEN IF LICENSEES HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  LICENSEES SHALL NOT BE BOUND BY OR LIABLE FOR ANY REPRESENTATIONS OR WARRANTIES, WHETHER WRITTEN OR ORAL, WITH RESPECT TO THE PRODUCT MADE BY  COMPANY OR ITS AGENTS, EMPLOYEES OR REPRESENTATIVES

 

10.    Miscellaneous.

 

    10.1    This Agreement shall inure to the benefit of the purchasers, successors and/or assigns of the parties hereto.

 

    10.2    This Agreement shall be interpreted according to the laws of the State of Colorado.

 

    10.3    In any dispute concerning the terms or enforcement of this Agreement, the prevailing party shall be awarded a reasonable attorney’s fee.

 

    10.4    This agreement may be amended by the written agreement of the parties.

 

    10.5    This agreement contains the entire agreement between the parties.  No oral representations shall be a part of this Agreement.

 

    10.6    No right or obligation under this Agreement shall be assignable by either party without the prior written consent of the other party

 

    10.7    Except as otherwise provided in this Agreement, if circumstances beyond the control of the parties shall temporarily make it impossible for any or all of them to perform their agreements hereunder, then the principles of force majeure shall apply and the rights and obligations of the parties shall be temporarily suspended during the force majeure period to the extent that such performance is reasonably affected thereby.  It is agreed that such circumstances may arise by reason of governmental laws or regulations, war, strike, fire, act of God or other casualty.

 

 

 

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    10.8    Nothing contained herein shall be construed as creating any partnership or joint venture between the parties. The Company undertakes to perform under the terms of this Agreement as an independent contractor. The Company has no right or authority to assume or create any obligation of Licensees or to bind Licensees.

 

IN WITNESS WHEREOF the parties hereto have set their hands and seals on the above date.

 

 

DC BRANDS INTERNATIONAL, INC.

 

By: ___________________________________

 

 

 _____________________________________

 Richard Pearce

_____________________________________

Jeremy Alcamo

 

 

 

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