Document:

MEMORANDUM
OF UNDERSTANDING

 

BY
AND BETWEEN THE UNDERSIGNED:

 

e-MARINE
Co., Ltd., a company organized under the laws of Republic of Korea, with a capital of Ulsan, having its registered office
at #401, Bestech Bldg, 30, Jeongdong-ro, Nam-gu, Ulsan, Republic of Korea, registered under the number 314-81-38419,

 

Duly
represented by Dr. JJ Ung Gyu Kim, in his capacity as Chief Executive Officer,

 

Hereinafter called “COMPANY “.

 

AND

 

ECA
SINDEL S.r.l., a company existing and organized under the laws of Italy, whose registered office is at Via Buccari 29, 16153
Genova, ITALY, registered in Genoa under the number 423935,

 

Duly
represented by Mr. Guenael GUILLERME, in his capacity as Chairman, Hereinafter called “SINDEL “ ,

 

COMPANY
and SINDEL shall hereinafter collectively be referred to as” Parties” and each of them” Party”
..

 

WHEREAS

 

1.
SINDEL is a leading naval simulation company and desire to extend its business in Republic of Korea (hereinafter the”
Territory” ).

 

2.
COMPANY is a specialized company to provide vessel navigation system and monitoring solution based on electronic navigational
chart.

 

3.
The Parties intend to explore the Territory’s civil and military naval simulation market, and have already identified
some potential business opportunities in the Territory.

 

4.
The Parties now wish to enter this Memorandum of Understanding (hereinafter the “MoU” ) so as to lay down
general rules and principles related to: (i) the market exploration in the Territory, (ii) preparation and submission of joint
proposal for the business opportunities identified, and more generally (iii) the terms and conditions of the Parties cooperation
during the term of this MoU.

 

 

 

    	 

    	 

    

 

CONTENTS:

 

	ARTICLE
    1 -	DEFINITIONS	 	3
	ARTICLE
    2 -	PURPOSE	 	3
	ARTICLE
    3 -	EXCLUSIVITY	 	4
	ARTICLE
    4 -	MANAGEMENT	 	4
	ARTICLE
    5-	IDENTIFICATION AND APPROVAL OF PROJECTS	 	4
	ARTICLE
    6 -	WORKSHARE	 	5
	ARTICLE
    7 -	PREPARATION AND SUBMISSION OF PROPOSALS	 	5
	ARTICLE
    8-	NEGOTIATION	 	5
	ARTICLE
    9 -	CONTRACT AWARD	 	5
	ARTICLE
    10-	CONFIDENTIALITY	 	5
	ARTICLE
    11 -	PUBLICITY AND NEWS RELEASES AND SECURITY	 	6
	ARTICLE
    12 -	INTELLECTUAL PROPERTY RIGHTS	 	6
	ARTICLE
    13-	FORCE MAJEURE	 	7
	ARTICLE
    14-	TERM AND TERMINATION	 	7
	ARTICLE
    15 -	LIABILITY	 	7
	ARTICLE
    16 -	APPLICABLE LAW AND DISPUTE RESOLUTION	 	8
	ARTICLE
    17 -	TAXES	 	8
	ARTICLE
    18-	MISCELLANEOUS	 	8
	ANNEX 1: WORKSHARE	 	10
	ANNEX 2: ANNEX 2: SPECIFIC AGREEMENT TEMPLATE	 	11

 

 

 

    	 

    	 

    

 

NOW
THEREFORE, in consideration of the foregoing and mutual promises contained herein, the Parties agree as follows:

 

ARTICLE
1 - DEFINITIONS

 

“
Affiliate(s)”: means , with respect to a Party, an entity which is controlled by, controls, or is under common control
with the Party, where “control” and “controlled “ means :

 

	 	(1)	holding
    beneficially at least fifty per cent (50%) of the issued share capital of such other entity; or
	 	(2)	the
    power {whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

	 	a.	cast,
    or control the casting of, at least fifty per cent (50%) of the maximum number of votes that might be cast at a general meeting
    of such other entity; or
	 	b.	appoint
    or remove all, or the majority, of the directors or other equivalent officers of such other entity; or
	 	c.	give
    directions with respect to the operating and financial policies of such other entity with which the directors or other equivalent
    officers of such entity are obliged to comply.

 

“
BackgroundIPR” : shall have the meaning set forth in Article 12.2 of this MoU.

 

"
Committee “: shall have the meaning set forth in Article 4.1 of this MoU.

 

"
Confidential Information”: shall have the meaning set forth in Article 10.1 of this MoU.

 

“
Contract(s)”: means the contract(s) to be awarded by the Customer pursuant to the Tender(s).

 

“Customer(s)”:
means any customer in the Territory.

 

“Effective
Date” : means the date of signature of this MoU by both Parties.

 

“Fore
ground IPR”: shall have the meaning set forth in Article 12.3 of this MoU.

 

“Intellectual Property Rights” or” IPR”: shall have the meaning set forth in Article 12.1 of this MoU.

 

“
Joint Foreground IPR”: shall have the meaning set forth in Article 12.4 of this MoU.

 

“MoU”:
shall have the meaning set forth in point 4 of the preamble of this document.

 

“Part”: shall mean the part of the Proposal to be supplied by SINDEL, based on the WorkShare defined in any Specific Agreement.

 

"
Project”: shall mean any business opportunity within the Territory for the sale of SINDEL’s Simulator(s) to a
Customer, detected by the COMPANY, submitted and accepted by SINDEL in accordance with Article 5.2 of this MoU.

 

“
Proposal(s)”: means the bid(s) submitted by COMPANY, with SINDEL as a subcontractor, in response to the Customer’s
requests within a Project.

 

“Specific
Agreement “: means the agreement signed by the Parties to set forth special conditions related to any Project.

 

“Simulator”: means all of ECA SINDEL simulators including but not limiting to ASWTT, FMSS.

 

"
Subcontract” : shall have the meaning set forth in Article 9.1 of this MoU.

 

“Territory”:
shall have the meaning set forth in point 1 of the preamble of this MoU.

 

"
Work Share”: shall have the meaning set forth in Article 6.1 of this MoU.

 

ARTICLE
2 - PURPOSE

 

The
purpose of this MoU is to set forth the Parties’ current mutual intentions as well as some general rules regarding:

 

	 	●	Market
    exploration in the Territory
	 	●	Identification
    and validation of business opportunities in the Territory
	 	●	The
    mutual preparation, submissionand promotion of any Proposal to the Customer;
	 	●	The
    implementation of any Subcontract between the Parties, if a Contract is awarded to any Party.

 

 

    	 

    	 

    

 

ARTICLE
3 - EXCLUSIVITY

 

The
Parties agree that, during the term of this MoU, they will perform their respective obligations set forth in this MoU on a non-exclusive
basis.

 

ARTICLE
4 - MANAGEMENT

 

4.1.
Within one (1) month from the Effective Date of this MoU, the Parties shall establish a committee (the “Committee”)
for technical, schedule and marketing support coordination, and more generally for the overall coordination and oversight
of the Parties’ activities under this Mou.

 

4.2.
More precisely, the role of the Committee shall be to:

 

	 	●	Review,
    discuss and assess the business opportunities and market exploration outcome within the Territory;
	 	●	If
    necessary, review, discuss and decide the terms and conditions of any Specific Agreement, as set forth in Article 5.4 below;
	 	●	Review,
    discuss and coordinate the actions to be undertaken under each Project such as, but not limited to: approval of communication
    material and/or press release, preparation the Proposal, marking actions to the Customer(s) and budget allocated;
	 	●	Review,
    discuss and coordinate the preparation of each Proposal;
	 	●	Discuss
    and decide any amendment of this MoU, subject to the internal required approvals of each Party;
	 	●	Discuss
    and decide any other action as deemed appropriate for the purpose of this MoU.

 

4.3.
Each Party shall initially appoint one (1) representative, each of whom will have sufficient seniority within the applicable
Party to make decisions arising within the scope and purpose of this Mou. Each Party may replace its representative at its own
discretion, at any time upon ten (10) days written notice sent to the other Party. Each Party may invite non-members (including
consultants and advisors of a Party), at its own costs and expenses, who are under an obligation of confidentiality consistent
with this MoU, and provided that such participants shall have no voting rights at the Committee.

 

4.4.
The Committee shall meet as frequently as required, but in no event less than two (2) meetings every year. The meetings of
the Committee may be held in person or by audio or video conference. The date, agenda and practical details of the meetings will
be determined by mutual agreement by the Parties and sent by the Party organizing the meeting no later than fifteen (15) calendar
days before the meeting.

 

4.5.
Any decision to be taken by the Committee shall be subject to a vote, one (1) voting right per Party, on a unanimous basis.
The Committee shall not deliberate and vote unless all of its members are present or duly represented. If the Committee fails
to reach a unanimous decision on any matter, the Committee shall submit the respective positions of the Parties with respect to
such matter for resolution by the legal representatives of the Parties.

 

4.6.
The chair and secretariat of the meeting will be alternatively borne by each Party. The drafting of the minutes of each meeting
shall be under the responsibility of the chairperson and transmitted by him/her to the other Party without delay. The minutes
of each meeting shall be considered as accepted by the other Party if, within fifteen (15) calendar days from receipt, the receiving
Party have not objected in writing to the minutes.

 

ARTICLE
5 - IDENTIFICATION AND APPROVAL OF PROJECTS

 

5.1.
Any business opportunity detected by the COMPANY in the Territory regarding Simulator(s) shall be immediately communicated
in writing to SINDEL.

 

5.2.
Upon receipt, the business opportunity shall be promptly analyzed and reviewed by SINDEL:

 

	 	●	If
    approved in writing by SINDEL, then it shall become a Project and the Parties shall discuss and negotiate the terms and conditions
    of a Specific Agreement in accordance with Article 5.3 below.
	 	●	If
    rejected in writing by SINDEL, or in absence of a reply within sixty (60) days, the business opportunity shall be immediately
    dropped and no further action shall be undertaken for this business opportunity.

 

5.3.
For each Project, the Parties shall negotiate in good faith the terms and conditions of a Specific Agreement , on the basis
of the template in Annex 2. Once agreed, the Specific Agreement will be signed by both Parties’ legal representatives.

 

 

    	 

    	 

    

 

5.4.
Failure to agree on the terms and conditions of a Specific Agreement, each Party may convene the Committee who shall review,
discuss and decide the terms and conditions of this Agreement, in accordance with Articles 4.2 and 4.5 above. Failure by the Committee
or by each Party’s legal representatives to take a decision in accordance with Article 4.5 above may result in termination
of this MoU.

 

ARTICLE
6 - WORKSHARE

 

6.1.
The Parties have already agreed to a general allocation of work between themselves, as set out in Annex 1 of this MoU (hereinafter
the “WorkShare”).

 

6.2.
However, for each Project, the Parties may agree on some deviations to the WorkShare. In such case, any deviation must clearly
be mentioned in the Specific Agreement.

 

ARTICLE
7 - PREPARATION AND SUBMISSION OF PROPOSALS

 

7.1.
Unless otherwise agreed in writing in the Specific Agreement, COMPANY shall be nominated in the Proposal as the prime contractor
and shall have overall responsibility for the submission of the Proposal to the Customer for each Project. The Parties agree to
jointly prepare the Proposal in accordance with the terms of this Article 7.

 

7.2.
SINDEL agrees to provide COMPANY with an offer in due time for its Part, based on the WorkShare defined in Annex 1 of this
MoU, as may be further amended by a Specific Agreement.

 

7.3.
Unless otherwise agreed in writing in the Specific Agreement, SINDEL shall be nominated in the Proposal as the sub-contractor
for its Part. COMPANY shall obtain SINDEL’s prior written approval prior to any modification (including financial) of SINDEL’s
Part of the Proposal.

 

7.4.
Each Party shall bear its own costs involved in the marketing, preparation and submission of Proposal.Any joint commercial
and/or marketing activity shall be previously approved in writing by both Parties, as set forth in Article 4.2.

 

7.5.
Each Party shall disclose such technical and commercial information to the other Party, as will be necessary to enable Proposal
to be prepared, presented and discussed with the Customer by the COMPANY with the assistance of SINDEL as hereinafter provided.

 

ARTICLE
8 - NEGOTIATION

 

The
COMPANY shall be responsible for carrying out negotiations with the Customer in connection with the Proposal, and SINDEL shall
provide its assistance for its Part. SINDEL shall be promptly kept informedof the progress of any negotiations and the COMPANY
agrees that no amendment shall be made to SINDEL’s Part without obtaining the prior written agreement of SINDEL.

 

ARTICLE
9 - CONTRACT AWARD

 

9.1.
If a Contract is awarded to the COMPANY pursuant to a Proposal, then the COMPANY agrees to subcontract the Part to SINDEL,
and the Parties will enter into negotiations to sign a subcontract based upon (in the following order of priority): (i) SINDEL’s
terms and conditions included in the offer mentioned in Article 7.2 of this Mou , (ii) the terms and conditions of the Specific
Agreement related to the Project, (iii) the terms and conditions of this MoU, and (iv) any alteration and amendment thereto as
may be agreed between the Parties (the” Subcontract “).

 

9.2
.. Notwithstanding the final amount and content of the Contract awarded to the COMPANY, the Parties agree that the amount of
SINDEL’s Part under a Subcontract shall in no event be lower than the amount of SINDEL’s offer, unless otherwise previously
agreed in writing by SINDEL.

 

ARTICLE
10 - CONFIDENTIALITY

 

10.1.
For the entire duration of the MoU and for a period of five (5) years thereafter, each Party shall keep confidential the existence,
source and content of this MoU as well as any other information of whatever nature provided by the other Party, including but
not limited to information about business, finances, assets, liabilities, dealings, transactions, know-how, products, customers,
suppliers, processes, or affairs of the other Party, whether or not marked “ Confidential’ or “ Proprietary”
(hereinafter the “Conf i dential Information “ ).

 

 

    	 

    	 

    

 

10.2.
Each Party agrees that any Confidential Information received from the other Party shall not be used in whole or in part for
any purpose other than the performance of its obligations under this MoU, without the prior written consent of the disclosing
Party.

 

10.3.
The Parties however acknowledge that the obligations contained in the Article 10.1 shall not apply to information which the
receiving Party can prove:

 

	 	a.	is
    already in the possession of, or which is previously known to, the receiving Party at the time of its receipt from the disclosing
    Party other than by breach of the Article 10.1 of this MoU;
	 	b.	is
    obtained from a third party who is permitted to disclose such information, or has been generated by the receiving Party, without
    any use of the Confidential Information received from the disclosing Party;
	 	c.	is
    independently developed by the receiving Party without reliance on the disclosed Confidential Information;
	 	d.	is
    or comes into the public domain other than by breach of the present Article 10.1 of this MoU;
	 	e.	is
    previously approved in writing for disclosure by the disclosing Party; or
	 	f.	is
    disclosed by the receiving Party pursuant to judicial order, requirement of a governmental agency or other operation of law,
    provided that the receiving Party informs the disclosing Party promptly after receiving notice of its obligation to make such
    disclosure, and takes reasonable steps to limit the scope of such disclosure .

 

10.4.
Notwithstanding anything to the foregoing and given the nature and purpose of this Mou, the Parties agree that any Party may
freely disclose all information, including Confidential Information to any of its Affiliates, related companies, partners or subcontractors,
on a need to know basis only.

 

ARTICLE
11 - PUBLICITY AND NEWS RELEASES AND SECURITY

 

11.1.
No release shall be made by either Party to the news media or the general public relating to its participation in this MoU
without the prior written approval of the Committee, according to the Article 4.2 of this MoU. The Parties further agree that
any such news release made by a Party shall recognize the participation and contributions of the other Party.

 

11.2.
To the extent the obligations of the Parties hereunder involve access to information classified information, the corresponding
regulations of the appropriate Government agency, as applicable, shall apply.

 

ARTICLE
12 - INTELLECTUAL PROPERTY RIGHTS

 

12.1.
In this MoU, the term “Intellectual Property Rights” or” IPR” means all rights in inventions,
patents, designs, utility models, whether registered or not, copyright, trade secrets, know-how, software, discoveries, improvements,
concepts, models, drawings, secret formulae and processes and all rights to confidential or proprietary information and all other
rights of a similar nature throughout the world including all applications for any such protection and rights to apply for any
of the same and, for the avoidance of doubt, excluding trade and service marks and trade names, whether registered or not.

 

12.2.
All the Intellectual Property Right which are generated, developed or acquired by each Party before and/or independently of
the cooperation under this MoU (“BackgroundIPR”) shall constitute IPR of such Party that shall be the owner
of the relevant rights.

 

12.3.
All the IPR which are generated, developed or acquired separately by each Party during the cooperationunder this MoU (“Foreground IPR”) shall constitute IPR of the Party having created or acquired it, which shall be the owner of the relevant rights,
unless otherwise decided mutually between the Parties.

 

12.4.
All the IPR which are effectively jointly generated, developed or acquired by both Parties in the frame of the cooperation
under this MoU and which are not divisible for separate applications (“Joint Foreground IPR”) shall constitute
joint IPR of the Parties, that may jointly apply for the relevant protection.

 

Each
of the Parties may use Joint Foreground IPR for internal purposes only without restriction, provided that should any Party wish
to grant a license of Joint Foreground IPR to any third party, other than any subsidiary, affiliate company, such Party shall
notify the other Party in advance and agree with it in writing regarding the licensing terms. Such licensing terms should take
into account the respective contributions of the Parties to the creation of such Joint Foreground IPR. Such licensee shall not
be allowed to sub-license or to transfer the license without prior approval of the Parties.

 

 

    	 

    	 

    

 

Any
form of legal protection in Joint Foreground IPR shall (unless the other Party decides not to contribute to said legal protection)
be applied for and taken out in the joint names of the Parties, and the Parties shall make such arrangements between them for
the upkeep and abandonment of relevant legal protection.

 

12.5.
Nothing in the MoU may be construed as granting each Party any license nor right in any IPR belonging to the other Party.

 

12.6.
Notwithstanding the preceding Article, each Party hereby accepts to grant to the other Party, on demand, for the duration
of this MoU and subject to the terms and conditions herein, a non-exclusive, non-transferable, revocable right to use its sole
Background IPR and Foreground IPR that are strictly needed for the performance of its obligations under this MoU, and in accordance
with the terms and conditions of this MoU.

 

ARTICLE
13 - FORCE MAJEURE

 

13.1.
Each Party shall not be liable for failure to perform any of its obligations under the MoU if such failure is caused by or
arises as a result of an event of force majeure resulting directly or indirectly from any cause which is beyond its reasonable
control including, but not limited to the following examples: fire, flood, strike, acts of God, changes of the regulatory environment,
acts of governmental or military authorities, civil unrest, terrorism and war.

 

13.2.
As soon as reasonably possible, the Party suffering from a force majeure event shall notify the other Party in writing of
any occurrence of an event of force majeure, the estimated extent and duration of its inability to perform its obligations under
the MoU. Each Party shall use all reasonable endeavors to minimize the effects of the force majeure event.

 

ARTICLE
14 -TERM AND TERMINATION

 

14.1.
Unless prematurely terminated as provided in Article 14.2 below, this MoU shall remain in full force and effect until December
31st , 2017.

 

14.2.
This MoU, except for these articles regarding Confidential Information, IPR, Applicable law, dispute resolution, and all other
provisions which, by nature survive expiration or termination shall terminate upon the first to occur of any of the following:

 

	 	a.	If
    the Parties fail to agree on the terms and conditions of any Specific Agreement, in accordance with Article
	 	 	5.4
    of this MoU;
	 	b.	In
    the event of any breach by the other Party not remedied within thirty (30) days of receiptof written notice requiring it so
    to do;
	 	c.	If
    a force majeure event, as defined in Article 13.1 of this MoU, lasts more than thirty (30) days;
	 	d.	If
    the other Party ceases its activity, is ordered or adjudged bankrupt, is placed in the hands of a receiver, enters into any
    scheme or composition with creditors or makes an assignment for the benefit of creditors;
	 	e.	If
    an enforceable criminal sentence is passed against the other Party or its executives and shareholders which would to the opinion
    of the innocent Party prevent such innocent Party from reasonably continuing its collaboration with the other Party.
	 	f.	By
    mutual agreement of the Parties;

 

14.3.
Upon termination of this MoU, each Party shall have the right to pursue alone, or to contract with others in connection with
the purpose, subject to the respect of Articles 10 and 12 of this MoU.

 

ARTICLE
15 - LIABILITY

 

15.1.
Each Party shall indemnify and hold harmless the other Party from all claims, costs, damages, or expenses of any kind, including
attorneys’ fees and other costs and expenses of litigation, for personal or property damage arising out of that Party’s
performance required by this MoU. This Article shall remain applicable after the termination or expiry of this MoU.

 

15.2.
To the fullest extent permitted by any applicable law, neither Party shall be liable to the other Party for any indirect,
special or consequential damages, or loss of profits, arising in connection with any of its obligations or duties under this MoU.

 

 

    	 

    	 

    

 

ARTICLE
16 -APPLICABLE LAW AND DISPUTE RESOLUTION

 

16.1.
The interpretation, validity and performance of this MoU and its subsequent amendments shall be governed by the laws of England
and Wales, without regard to its conflict of law principles.

 

16.2.
The Parties shall make every effort to resolve amicably any dispute that may result from the interpretation and/or performance
and/or validity of this MoU.

 

(a)
Arbitration. Failing settlement in an amicable way within one (1) month, any disagreement, dispute, controversy
or claim arising out of or relating to this MoU or the interpretation hereof or any arrangements relating hereto or contemplated
herein or relating to its violation, termination or invalidity shall be settled exclusively and finally by arbitration under the
Rules of Arbitration of the International Chamber of Commerce. It is specifically understood and agreed that any disagreement,
dispute or controversy which cannot be resolved between the Parties, including without limitation any matter relating to the interpretation
of this MoU, shall be submitted to arbitration irrespective of the magnitude hereof, the amount in controversy would otherwise
be considered justifiable or ripe for resolution by a court or arbitral tribunal. This MoU and the rights and obligations of the
Parties hereunder shall remain in full force and effect pending the award in such arbitration proceeding, which award shall determine
whether and when termination shall become effective, unless a Party, in its unfettered opinion, considers and evidences that continuation
of the MoU is substantially detrimental to its own interests.

 

(b)
Number of Arbitrators. The arbitral tribunal shall consist of three (3) arbitrators, all of whom shall be either an attorney
or former judge with experience in international commercial agreements and, in particular, the implementation and interpretation
of international contracts.

 

(c)
Place of Arbitration. The place of arbitration shall be London, United Kingdom.

 

(d)
Language of Arbitration. The language to be used in the arbitration shall be the English language.

 

(e)
Finality and enforcement of Award. Any decision or award of the arbitral tribunal shall be final and binding upon the Parties
to the arbitration proceeding.

 

ARTICLE
17 -TAXES

 

Each
Party shall be responsible for its respective present and future taxes, duties, tariffs, fees, imports and other charges of any
kind imposed upon the responsible Party by any taxing authority as a result of the performance of the Party’s duties and
responsibilities hereunder.

 

ARTICLE
18 - MISCELLANEOUS

 

18.1.
Relationship. This MoU shall not be construed to create any employment relationship or association between SINDEL (including
its Affiliates) and the COMPANY.

 

18.2. Injunctive
Relief. The Parties agree that any breach of this MoU may result in irreparable harm to the non defaulting Party for which damages
would be an inadequate remedy and, therefore, in addition to its rights and remedies otherwise available at law, the non-defaulting
Party shall be entitled to seek equitable relief, including injunction, in the event of such breach.

 

18.3.
Modification. This MoU constitutes the expression of the full and total understanding of the Parties and it may only be amended
by an addendum signed by the two Parties’ representatives, upon Committee’s approval.

 

18.4.
Headings. The headings of this MoU are solely references which must not in any circumstance affect the content thereof.

 

18.5.
Assignment. No Party shall neither assign nor transfer (except to its Affiliates), entirely or in part, the rights and obligations
derived from this MoU without the express and prior authorization of the other Party.

 

18.6.
Costs. Each Party shall be responsible for its own costs of negotiation, drafting and conclusion of this MoU.

 

18.7.
Waiver. No failure or delay by any Party in exercising any rights hereunder shall operate as a waiver thereof, nor will any
single or partial exercise thereof preclude any other or further exercise of any rights hereunder, except where the law provides
otherwise.

 

18.8.
Language. This MoU has been drawn up in English, and the Parties agree that the English version shall be valid and binding.

 

 

 

    	 

    	 

    

 

18.9.
Interpretation. The Parties agree that reference to (i) one gender includes the other, and (ii) the singular includes the
plural and the plural includes the singular;

 

18.10. Notices.
All notices required or contemplated by this MoU from any of the Parties shall be in writing and shall be delivered either:
(i) by personal delivery, (ii) by registered airmail, postage prepaid, return receipt requested, or (iii) by fax, or
email. All notices delivered by airmail, fax or email shall be addressed to the Parties at their addresses set forth in
this Article, which addresses may be changed from time to time by notice delivered in accordance with this Article. The
effective date of any notice delivered in accordance with this Article, as the case may be, shall be (i) the date of personal
delivery, (ii) the day of receipt of registered airmail, or (iii) the first business day after transmission of fax or
email.

 

The
addresses, to which notices shall be sent, until a different address is specified by notice as above provided, are:

 

e-MARINE
Co., Ltd. - #401, Bestech Bldg, 30, Jeongdong-ro, Nam-gu, Ulsan, Republic of Korea

Attn: Mr. Peter Kim

Tel:
+82 70 7204 9345

Fax:
+82 2 2266 9666

Email:
peter-kim@eMARINE.co.kr

 

ECA
SINDEL S.r.1- Via Buccari 29, 16153 Genova , ITALY 

 

	For
    Legal matters:	For
    any other matters:
	Attn:
    Legal Department	Attn:
    Sales Department
	Tel:
    +33 494 089 000	Tel:
    + 39 010 601 88 28
	Fax:
    +33 494 089 070 	Fax:
    + 39 010 604 98 40
	Email:
    legal@ecagroup.com	Email:
    eca-sindel@ecagroup.com

 

18.11.
Rights of Third Parties. A person who is not a party to this Mou shall not have any rights under the Contracts (Rights of
Third Parties) Act 1999 to enforce any term of this MoU, but this does not affect any right or remedy of a third party which exists,
or is available, apart from that Act.

 

18.12.
Severance. In the event of invalidity of any provision of this MoU, the Parties agree that such invalidity shall not affect
the validity of the remaining portions of this MoU and further agree to substitute a valid provision for the invalid one in accordance
with the relevant legislation .

 

18.13.
Anti-corruption. Each Party shall comply with all applicable laws, statutes, regulations, and codes relating to anti-bribery
and anti-corruption including but not limited to the provisions of the OECD Convention of December 17th, 1997 relating to the
corruption of foreign public officials in international commercial transactions and their transposition into any applicable national
law.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this MoU in duplicate (each shall be deemed an original) by their duly authorized
representatives.

 

 

 

    	 

    	 

    

 

ANNEX
1: WORKSHARE

 

The
Parties already covenant to the following general workshare shall be used as a basis for each Project. Deviation(s) to this WorkShare
may be agreed by the Parties on a case by case basis:

 

1.1
For SINDEL:

 

	 	●	Provides
    COMPANY with marketing information
	 	●	Generates
    proposal for COMPANY
	 	●	Attends
    meetings and discussions with potential end-users organized by COMPANY
	 	●	Supplies
    software and proprietary hardware
	 	●	Conduct
    and responsible for Factory Acceptance Test (FAT)
	 	●	Integrate
    all simulator components
	 	●	Support
    onsite installation and commissioning
	 	●	Support
    onsite acceptance tests (OSAT)
	 	●	Provides
    training to COMPANY for local installation and commissioning services

 

1.2
For COMPANY:

 

	 	●	Front
    line sales activity of SINDEL solution in the Territory
	 	●	Arrange
    joint customer meeting
	 	●	Proposal
    work for simulator project
	 	●	Manage
    Customer contractual relationship.
	 	●	Purchase
    off the shelves simulator hardware system in the Territory
	 	●	Deliver
    COMPANY offered components (cf. ECDIS and others) into simulator, if any
	 	●	Conduct
    onsite installation and commissioning
	 	●	Conduct
    and responsible for On-site Acceptance Test (OSAT)

 

 

    	 

    	 

    

 

ANNEX
2: SPECIFIC AGREEMENT TEMPLATE

 

1.
Definitions:

As
per MoU

 

2.
Project name:

To
be completed

 

3.
Customer name:

To
be completed

 

4.
Price and payment terms:

As
per SINDEL’s offer

 

5.
Technical specifications of the Part:

As
per SINDEL’s offer

 

6.
Deviation to the WorkShare:

To
be completed if any

 

7.
Delivery:

As
per SINDEL’s offer

 

8.
Warranty:

As
per SINDEL’s offer

 

9.
Termination:

As
per Article 14.2 of the MoU, and if the Contract(s) related to the Project is(are) awarded to any party other than the COMPANY.

 

10.
Liability:

As
per Article 15 of the MoU

Liability cap: to be completed

 

11.
Insurance:

 Each
Party covenants, represents and warrants that it shall effect and maintain at its own costs , all applicable insurances as required
by law and to cover its obligations under the Project, and shall provide the other Party with such insurance certificate at first
request.

 

12.
Other conditions:

As
per MouReseller
Agreement

 

This
Reseller Agreement (Agreement) is entered into between SevenCs GmbH, Ruhrstraße 90, D-22761 Hamburg, registered
In the commercial register of the local court in Hamburg under HRS 102941 (SevenCs) and

 

HYUNDAI
e-MARINE, 3F Adora 8/D. 173-2 Jangchung-dong 2(i), Jung-gu, 100-392 Seoul, KOREA (the Reseller’}.

 

A.
SPECIFIC CONDITIONS

 

The
Parties agree that the following Specific Conditions and each order of the Reseller under this Agreement shall be subject to (i)
the General Conditions set out in section B. below and (ii) the General Terms and Conditions of SevenCs (Version of September
2009), which are annexed to this Reseller Agreement as Annex A.

 

	1.
    In-scope Products
	EC2007
                                         ECDIS Kernel

        ENC
        Tools

        ORCA
        product line

	2.
    Territory
	South
    Korea
	3,
    Format and frequency of Reseller’s reports to Sevencs
	annually
	4.
    Discounts to List Prices
	EC2007
                                         ECDIS Kernel = Annex D of this agreement ENC Tools= current valid Reseller price list

        ORCA
        product line = current valid Reseller price list

	5.
    Payment Conditions
	Payment
    shall be made within 30 days after receipt of invoice without any reduction.
	6.
    Term of this Reseller Agreement
	Effective
                                         Date: 01.10.2012

        Initial
        Term: 3 years from the Effective Date

        Notice
        period for ordinary termination: 3 months

 

 

    	 

    	 

    

 

	7.
    Support Services and Fees
	n/a
	8.
    Training and Fees
	8.1
    In accordance with §9.2, SevenCs will provide 2 days Reseller Training free-of-charge. All costs for travel, etc. will
    be borne by reseller. The training can be done online.
	8.2
    If required reseller receives 1 set of ENC Tools and 1 license of ORCA for demonstration, training and support purposes. The
    software will be registered annually.
	8.3
    Dally rate(s) of SevenCs’ representatives for the provision of additional training assistance are 1,000,- Euro/day.
    All costs for travel, hotel and expenses have to be borne by the Reseller.

	9.
    Contact Details for Notices	 
	SevenCs
    Bjorn Röhlich	Reseller
    Dr.JJKim

	10.
    Additional Provisions
	Use
                                         of Kernel:

        

        HYUNDAI
        e-MARINE is entitled to do bug-fixing and support for their existing Kernel customers. Any kind of new development regarding
        HYUNDAY e-MARINE’s Kernel is not allowed. The SevenCs’ Kernel source code may not be used either In whole
        or in part without SevenCs’ permission. In case of violation, the business relationship will be terminated and HYUNDAI
        a-MARINE has to pay USO 500,000 penalty to SevenCs.

         

        Resale
        of ECDIS Kernel:

        

        Basically
        the purchase order from the end-customer should be placed directly at SevenCs. If the end-customer prefers to order via
        the Reseller, the full company and contact details have to be reported to SevenCs.

         

        Existing
        Reseller Agreement:

        This Reseller Agreement replaces the existing agreement between e-MLX Co. Ltd and SevenCs GmbH
        effective from June 1st, 2010.

        

	11.
    Further Agreements
	In
    addition to this Reseller Agreement the Parties enter into the following Agreements:
	[x)
    Non-Disclosure Agreement

 

 

    	 

    	 

    

 

B.
GENERAL CONDITIONS

 

	 	1.	GENERAL
	 	 	 
	 	1.1	SevenCs
    has developed the software products that are further described in the Specific Conditions of this Agreement. SevenCs wishes
    to sell specific products to competent and reliable distributors in a defined contract territory who will sell the SevenCs
    the Products independently for their own account.
	 	 	 
	 	1.2	Reseller
    wishes to resell and distribute SevenCs’ Software to its customer (Customers). Reseller considers that
    it has the necessary market presence within the Territory to buy SevenCs’ Products, sell them to its Customers and grant
    the necessary licenses to its Customers.
	 	 	 
	 	1.3	SevenCs
    expects the Reseller to meet SevenCs particular quality requirements and to do justice to the reputation of the SevenCs brand
    in their activities in the relevant market. This also includes adequate services to the Customers purchasing the Products.
	 	 	 
	 	2.	APPOINTMENT
    AS RESELLER, IN-SCOPE PRODUCTS AND TERRITORY
	 	 	 
	 	2.1	In
    accordance with the conditions of this Reseller Agreement, SevenCs appoints the Reseller as its non-exclusive Reseller for
    the marketing and selling of the in-scope Products within the Territory, both as referred to and defined in the Specific Conditionsof
    this Agreement.
	 	 	 
	 	2.2	Reseller
    shall not actively market or sell any Products outside the Territory during the term of this Agreement.
	 	 	 
	 	2.3	For
    the avoidance of doubt, the Reseller acknowledges and agrees that SevenCs retains the right to market, sell and distribute
    and support the Products in the Territory.
	 	 	 
	 	3.	PROMOTION
    OF PRODUCTS AND FURTHER COOPERATION
	 	 	 
	 	3.1	Reseller
    will promote the Products of SevenCs and will acquire potential customers who wish to license any of the SevenCs Products
    in the Territory. Reseller shall take care of the interests of SevenCs with the due care of a responsible businessman. Reseller
    will at no time make any misrepresentations or false statements regarding the Products.
	 	 	 
	 	3.2	SevenCs
    shall assist Reseller In the performance of his duties by providing Reseller with information concerning the delivery, business
    conditions, prices and other information on the Products. SevenCs shall immediately inform Reseller on any modification in
    relation to the Products, the price list or other delivery or payment conditions.
	 	 	 
	 	3.3	Reseller
    shall exclusively act in its own name and for its own account when marketing and selling the Products to Customers. The relationship
    of the Parties shall be and remain at all times one of independent contractors. Reseller is not authorized to act on behalf
    of or to commit SevenCs.

 

 

    	 

    	 

    

 

	 	3.4	Reseller
    keeps SevenCs informed of its activities and supplies Sevencs with information on economic developments, market conditions
    and activities of relevant competitors in the Territory. The reports of the Reseller shall have the format and frequencyfurther
    determined in the Specific Conditions.
	 	 	 
	 	3.5	If
    SevenCs has reasonable grounds to believe or if the circumstances indicate that a Customer may have violated the license terms
    or is likely to violate them as defined in sevenCs’ End User License Agreement (SevenCs EULA), Reseller
    shall, upon SevenCs’ written request, provide the Customer data needed to verify any possible violation of the license
    terms. In all other respects, Reseller shall be under no obligation to release Customer Date to SevenCs. If information on
    Customers is provided to SevenCs In other cases, this is only on the Initiative of the Reseller and in the Reseller’s
    best interest.
	 	 	 
	 	4.	PURCHASE
    OF PRODUCTS AND PAYMENT
	 	 	 
	 	4.1	During
    the tenn of this Agreemen,t Reseller agrees to buy Products from SevenCs according to the provisions of this Agreement and
    SevenCs agrees to offer to Reseller the corresponding Products and supply such Products following the acceptance of each order
    by SevenCs.
	 	 	 
	 	4.2	Reseller
    shall buy the Products from SevenCs at the prices specified In SevenCs then current price list (as amended from time to time)
    or for those Products that may not be on such price list as separately advised by SevenCs, minus the applicable discounts
    agreed in the Specific Conditions (if any). Discounts may be granted by SevenCs on the basis of specific actual or projected
    sales volumes.
	 	 	 
	 	4.3	The
    prices in SevenCs price list or the prices separately advised are without obligation to Reseller with respect to its Reseller
    prices. These prices merely indicate selling prices SevenCs wishes to charge for the Products In its own distributing activities.
    The Parties acknowledge and agree that Reseller may determine Its own reselling prices for the Products as well as for any
    other products or services. SevenCs’ right to sell all of its products to its own customers at different prices shall
    remain unaffected.
	 	 	 
	 	4.4	SevenCs
    may make any additions, changes or deletions in relation to its Products and price list at any time and in Its sole discretion.
	 	 	 
	 	4.5	Reseller
    shall order Products from SevenCs (i) by mail or (Ii) by telefax or e-mail, which must be immediately followed by a written
    purchase order sent by mail, to the addressee set out in the Specific Conditions of this Agreement. The placement of a purchase
    order shall not be binding upon SevenCs until the purchase order is accepted by a duly authorised officer of SevenCs.
	 	 	 
	 	4.6	Once
    an order of the Reseller has been accepted by SevenCs, SevenCs prepares the required CD-ROM(s) or other data carrier with
    the Software and the licenses documents and necessary details for registration of the Products at Customer’s hardware,
    opens a separate registration permit on the SevenCs registry robot and forwards these items by parcel service as soon as possible
    to Reseller. In case of Dongle registration SevenCs supplies Reseller with the corresponding number of Dongles as licenses
    purchased. Reseller takes care for delivery of all items to the Customer.

 

 

    	 

    	 

    

 

	 	4.7	Upon
    delivery of the order Software and any ancillary items to Reseller, SevenCs issues an invoice to Reseller. Unless otherwise
    agreed in the Specific Conditions payment shall be made by Reseller within 30 days in accordance with the General Terms and
    Conditions of SevenCs to the bank account specified in the invoice.
	 	 	 
	 	5.	RESELLER
    LICENSE
	 	 	 
	 	 	SevenCs
    hereby grants to Reseller for the term of this Agreement the non-exclusive right to use, sublicense and distribute the In-scope
    Products supplied by SevenCs according to this Agreement in the Territory solely in the object code in each case. Reseller
    is not entitled to modify, reverse engineer, de-compile, disassemble, or derive source code form the Products except to the
    extent permitted by law. The Reseller may not transfer such right to any third party.
	 	 	 
	 	6.	END
    USER LICENSE AGREEMENT
	 	 	 
	 	6.1	Reseller
    will grant sub-licences to Customers required for the use of the purchased Product. For this purpose, Reseller will require
    customer to be bound by the SevenCs End User License Agreement set out in Annex C (SevenCs EULA). Reseller undertakes
    to provide the Products only to Customers who agree to be bound by the SevenCs EULA.
	 	6.2	Reseller
    shall be free to enter into further obligations vis- -vis its Customer or to otherwise deviate from the SevenCs EULA, provide
    that non of the deviations are to the disadvantage of SevenCs. The terms and conditions of this Agreement shall remain unaffected
    thereby.
	 	 	 
	 	7.	THIRD
    PARTY SOFTWARE
	 	 	 
	 	7.1	SevenCs
    will provide the Licensed Software free of third party rights except those listed in Annex B of this Agreement.
	 	 	 
	 	7.2	Reseller
    acknowledges and agrees that the Products may embed, invoke or otherwise use. or require the use of, the third party software
    set out in Annex B of this Agreemen.t for which SevenCs does not hold or provide any licenses. Clauses 5 and 6 shall
    not apply to such third party software.
	 	 	 
	 	7.3	The
    Products may also invoke software or software components embedded in operating systems such as Windows 2000 / XP / Vista,
    LINUX or others. Reseller acknowledges and agrees that the use of such software components wlll be subject to the relevant
    manufacturer’s End User License Agreements (EULA) provided with the relevant operating system.
	 	 	 
	 	8.	SUPPORT
	 	 	 
	 	8.1	All
    Products are offered by SevenCs exclusive of any support services. Reseller may require SevenCs to provide support services
    in accordance with SevenCs’ standard support agreement (covering updates and hotline) to each of the Reseller’s
    Customers In the Territory. Reseller informs SevenCs in writing about any Customer that wishes to receive support services
    from SevenCs. SevenCs will enter into a support agreement with such Customer.

 

 

    	 

    	 

    

 

	 	8.2	Reseller
    ensures that no update or other support services of SevenCs are forwarded or otherwise directly or indirectly made available
    to a Customer that have not ordered software support from SevenCs under a respective support agreement. For each violation
    thereof, Reseller shall by to SevenCs a penalty at the amount equal the price for the standard software support applicable
    if the relevant Customer had entered into a Support Agreement with SevenCs.
	 	 	 
	 	9.	TRAINING
	 	 	 
	 	9.1	Training
    on the use of the In-scopeProducts, relevant standards for such products or other common activities between Reseller and SevenCs
    is offered to Reseller on the basis of separate agreements. Unless otherwise agreed, the following provisions will apply to
    such activities.
	 	 	 
	 	9.2	Reseller
    nominates one of its employees who will be trained at SevenCs and become a SevenCs certified trainer. This person will
    be respons ible for training of In-scope Products to Reseller’s Customers. The certificate is non transferable.
    The certified Trainer needs to receive refreshlng courses at least every 24 months.
	 	 	 
	 	9.3	For
    the purpose of training, SevenCs provides Reseller licenses of the In-scope Products for the duration of this Agreement at
    a number and at a price determined In the Specific Conditions. Unless otherwise agreed, the training licenses are limited
    to twelve month runtime and are re-issued every twelve month. Reseller acknowledges and agrees that these licenses are not
    for use of commercial data production.
	 	 	 
	 	9.4	Reseller
    agrees that it presents the SevenCs logo and the full name and address of SevenCs on the front page of its training material,
    i.e. handbooks, slides, presentations, posters and videos, that is related to the In-scope Products and that has been compiled
    by Reseller. A note on the source must be included to the Introductory of the Reseller training material if the training material
    quotes textual or pictorial information that was provided by SevenCs.
	 	 	 
	 	9.5	SevenCs
    reserves the right to review the Reseller training material on the In-scope Products. Reseller agrees to forward a copy of
    such training material upon SevenCs’ request.
	 	 	 
	 	9.6	Reseller
    has the option to call for assistance by SevenCs when performing training for the In-scope Products at the daily rate agreed
    in the Specific Conditions. The travel expenses for the SevenCs representative are to be paid by Reseller. When calling for
    training assistance, Reseller shall inform SevenCs minimum one month ln advance.
	 	 	 
	 	9.7	SevenCs
    reserves the right to increase the rate for training assistance once in a year. SevenCs shall inform Reseller accordingly
    in advance.
	 	 	 
	 	10.	LIMITATION
    OF LIABILITY
	 	 	 
	 	 	Notwithstanding
    any limitation of liability under the General Terms and Conditions of SevenCs, in no event shall SevenCs’ cumulative
    liability for any claim arising in connection with this Agreement exceed the amount of the total fees and charges paid to
    SevenCs by the Reseller under this Agreement during the twelve months preceding the occurring of any such claim.

 

 

    	 

    	 

    

 

	 	11.	THIRD
    PARTY RIGHTS
	 	 	 
	 	11.1	Subject
    to clause 7, SevenCs warrants (gewShrleistet) that the Products are free from any third party rights. If a third party
    makes any claim against Reseller because of its use of the Products, Reseller shall immediately notify SevenCs of any such
    claims without undue delay and shall, upon SevenCs request, adequately support SevenCs in the defence against such claims
    and allow SevenCs to conduct any legal proceedings or negotiations with the third party. SevenCs shall have no obligation
    with respect to any such claim of infringement based upon Reseller’s or its Customers’ modtficatlon of the Products
    or their combination, operation or use with devices, data or computer programs not provided by Sevenc s.
	 	 	 
	 	11.2	If
    a claim of Infringement as described above occurs, Reseller shall allow SevenCs, at SevenCs’s option and expense, (i)
    to modify the Products so that they will no longer infringe any rights while performing substantially the same function, (ii)
    to obtain for Reseller the right to continue using the Products, or (iii) if (i) and (ii) are not reasonably procurable, require
    Reseller to return the Products in exchange for a refund of the license fees paid less linear depreciation on a five (5) year
    basis.
	 	 	 
	 	11.3	Reseller
    will hold harmless and defend SevenCs at its own expense against any claims for damages as a result of any specification or
    code as provided by Reseller infringing any copyright of third parties.
	 	 	 
	 	12.	TERM
    ANO TERMINATION
	 	 	 
	 	12.1	If
    not other Effective Date is set out in the Specific Conditions, this Agreement shall become effective when signed by both
    Parties.
	 	 	 
	 	12.2	This
    Agreement shall remaln in force and effect for the period set out in the Specific Conditions(Initial Tenn ). In the
    event that no Party terminates this Agreement at the end of the Initial Term or any extension period, this Agreement shall
    be automatically renewed from year to year. The notice period for any such termination shall be three months, unless otherwise
    agreed in the Specific Conditions of this Agreement.
	 	 	 
	 	12.3	Each
    Party’s right to terminate the Agreement for good cause (aus wichtigem Grund) shall remain unaffected. In particular,
    each Party may terminate this Agreement in the following circumstances:

 

	 	(a)	if
    the other Party has a receiver appointed over any of his assets, becomes insolvent or enters into liquidation, or if a petition
    in bankruptcy is filed by or against him, or if he makes an arrangement for the benefit of his creditors,
	 	 	 
	 	(b)	if
    the other Party ceases doing business,
	 	 	 
	 	(c)	if
    the other Party defaults In payment or breaches any term or material, i.e. substantial, condition of the Agreement and does
    not rectify such default or breach within the time period stipulated by the requesting Party by written notice (this time
    period shall be reasonable and not less than 15 days); the Parties agree that repeated defaults in the performance of any
    obligation is deemed a material breach,
	 	 	 
	 	(d)	if
    the Party’s competitors should get, directly or indirectly, influence over the business of the other Party or an interest
    in the other Party’s company,

 

 

    	 

    	 

    

 

	 	(e)	If
    the other Party should get, directly or indireclty, an interest in a competitor of the Party, or
	 	 	 
	 	(f)	in
    any other event which gives the right to cancellation according to the applicable law.

 

	 	12.4	Any
    termination notice must be issued in writing.
	 	 	 
	 	13.	SIGNATURES

 

 

 

    	 

    	 

    

 

Annex
A - General Terms and Conditions of SevenCs

 

	 	1.	SCOPE
	 	 	 
	 	1.1	The
    following General Terms and Conditions (G TCs) shall apply to all agreements between SevenCs and its customers, solution
    partners, resellers, licensees or any other parties (each a Business Partner). SevenCs will sell and deliver
    programs, program elements and data (S oftware) and will perform services only in accordance with these GTCs.
	 	 	 
	 	1.2	Any
    terms and conditions of a Business Partner, which are contrary to or deviating from these GTCs shall not be binding on SevenCs
    unless expressly confirmed by SevenCs in writing.
	 	 	 
	 	1.3	The
    delivery of Software and/or performance of services without reservation or performance of services shall not constitute an
    acceptance of the Business Partner’s terms and conditions.
	 	 	 
	 	2.
    	OFFER
    AND ACCEPTANCE
	 	 	 
	 	2.1	All
    deliveries of Software or performance of services must be agreed In separate written agreements (Agreement(s)). The
    provisions set forth in the Agreement shall prevail In the event that the provisions set forth in the GTCs are Inconsistent
    or contrary to the provisions set forth of the Agreement. Amendments of, or altera1ions to, any Agreement must be In writing
    to be effective. A waiver of the written form requirement shall not be effective unless ln writing.
	 	 	 
	 	2.2	SevenCs’
    offers (including, but not limited to, price lists, price quotas, delivery dates, time limits, product descriptions and other
    performance data) are not binding and are subject to change without notice, unless expressly otherwise agreed in writing.
	 	 	 
	 	2.3	In
    order to become binding, SevenCs must confirm any order or oral agreement by an order acknowledgment (in writing, by telefax
    or via e-mail) and an Agreement is only concluded upon issue of such order acknowledgment of if signed by both Parties. Any
    references in brochures, advertisements, internetpages or other publications shall be considered a performance description
    only and no warranty of quality (Beschaffenheitsgarantie.)
	 	 	 
	 	2.4	SevenCs
    retains ownership rights and copyrights to all illustrations, drawings, calculations and other documents delivered in its
    quotations and correspondence and the Business Partner must destroy these or return them to SevenCs if requested.
	 	 	 
	 	3.	PRICES,
    PAYMENT CONDITIONS
	 	 	 
	 	3.1	The
    terms and conditions for the transfer of the Software and the performance of services are set forth in detail in the Agreements.
    All agreed prices are quoted · ex works”, are payable in Euros and exclusive of the applicable value added tax.
	 	 	 
	 	3.2	The
    costs for additional services or performances which become necessary because of incorrect or incomplete information provided
    by the Business Partner , indicated defects that cannot be verified and inappropriate handling of the Software by the Business
    Partner shall be borne by the Business Partner.

 

 

 

    	 

    	 

    

 

	 	3.3	SevenCs
    reserves the right to reasonably increase any recurringfees upon giving the Business Partner three months’ prior written
    notice. Should such fees be increased by more than 10 % at a time, the Business Partner shall be entitled to terminate the
    Agreement with due notice. Increases may not occur in intervals of less than twelve months.
	 	 	 
	 	3.4	SevenCs
    will charge for data carriers and other accessories at current list prices.
	 	 	 
	 	3.5	All
    payments become due on the agreed date. If no due date has been expressly agreed for certain payments, then the date of actual
    delivery of the Software or performance of the relevant services shall be the due date for the payments to be made by the
    Business Partner. If the Business Partner has not paid on time the Business Partner shall pay interest on the amount outstanding
    of 8 percent p.a. above the prime rate pursuant to Section 247 of the German Civil Code (8GB) from the due date to the payment
    date.
	 	 	 
	 	3.6	The
    Business Partner shall not have any set-off or retention rights unless its counterclaims are undisputed, non-appealableor
    acknowledged by SevenCs.
	 	 	 
	 	4.	RETENTION
    OF TITLE
	 	 	 
	 	4.1	The
    Software provided under the Agreements shall remain the property of SevenCs until all payments due under the business relationship
    have been received in full. In any event, any additional goods supplied by SevenCs for test purposes (such as data carriers,
    accessories etc.) shall remain the property of SevenCs.
	 	 	 
	 	4.2	The
    Business Partner shall not be entitled to pledge or assign the Software, goods and services covered by the Agreement. In case
    of any pledging or other intervention of the Software or other goods by third parties, the Business Partner shall Immediatelyinform
    the third party in writing that SevenCs is the owner of the Software and other goods and inform SevenCs in writing so that
    SevenCs can institute legal proceedings pursuant to Section n1 of the German Code of Civil Procedure (ZPO). If and to the
    extent that the third party is not able to refund SevenCs’ in and out-of-court costs of legal proceedings pursuant to
    Section 771 of the German Code of Civil Procedure, the Business Partner shall be liable for the costs, losses and damages
    incurred by SevenCs.
	 	 	 
	 	4.3	If
    the Business Partner Is in breach of the Agreemen,t particularly in case of delays of payments, SevenCs shall be entitled,
    after having set a reasonable period of time, to claim the return of the Software supplied. The measure of claiming the return
    of the Software supplied shall not constitute a rescission of the contract unless SevenCs expressly declares so in writing.
	 	 	 
	 	5,	DELIVERIES,
    PASSING OF RISK, INSURANCE
	 	 	 
	 	5.1	Any
    Software may, at the Business Partner’s choice, be retrieved by Internet via “ftp server” or may be dispatched
    by SevenCs on data carriers of agreed specifications. If the Business Partner wishes to retrieve the Software by internet
    via “ftp-server”, SevenCs will set up a personal internet account for the Business Partner. Immediately after
    full payment has been received by SevenCs, SevenCs will provide to the Business Partner a code number with which the Business
    Partner may access the Software. The Business Partner Is obliged to retrieve the Software via internet within the time span
    agreed in the Agreement.

 

 

    	 

    	 

    

 

	 	5.2	The
    agreed delivery dates of the Software and the agreed dates for the performance of services are subject to the provision that
    all technical and administrative prerequisites of the Agreement have been fulfilled and that the Business Partner has fulfilled
    its obligations in time.
	 	 	 
	 	5.3	If
    any goods or services of SevenCs’ own suppliers are not provided, are not provided correctly or are not provided in
    time for reasons beyond SevenCs’ control or in case of force majeure, SevenCs shall - within its entire discretion -
    be entitled to postpone the delivery of the Software and the performance of services for the continuance of the respective
    obstacle and a reasonable start-up period or to rescind the Agreement either in whole or in part in respect of the part of
    the Agreement not fulfilled. Interruptions of operations (e.g. due to fire, machinery breakdown, shortage of raw material
    or energy), strikes, lock-outs, governmental action or the refusal to grant official permits (e.g. export licenses), even
    if they concern SevenCs’ suppliers or their sulrsuppliers, and any other obstacles which are not caused by SevenCs’
    fault shall be equivalent to events of force majeure. The above provisions shall also apply to any default on SevenCs’
    part due to circumstances mentioned therein. SevenCs shall inform the Business Partner immediately of the occurrence of any
    such obstacle.
	 	 	 
	 	5.4	SevenCs
    shall not be in default with the delivery of the Software or the performance of other services as long as the Business Partner
    is in default with the performance of any of its obligations arising out of the business relationship towards SevenCs, in
    particular making available free of charge the necessary preconditions for the performance of the services agreed upon in
    the Agreement.
	 	 	 
	 	5.5	In
    the event of a slightly negligent (leicht fahrli3ss ig ) delay in delivery, SevenCs’ liability shall not exceed
    15 % of the purchase price of the invoice value of the delayed Software and services, unless the delay in delivery constitutes
    a breach of a material contractual duty. In the event of delay of delivery due to gross negligence or in the event of a breach
    of a material contractual duty, SevenCs’ liability shall be limited to the typically foreseeable damage and loss.
	 	 	 
	 	5.6	The
    limitation of liability pursuant to clause 5.3 shall not apply, if time is of the essence (kaufmtlnnisches Fixgeschiift)
    or if the Business Partner justifiably claims that due to the delay its interest in fulfilment of the Agreement has ceased
    to exist.
	 	 	 
	 	6.	WARRANTIES
	 	 	 
	 	6.1	The
    Business Partner shall inspect the Software supplied without undue delay (ohne schufdhaftes Z6gem) . If discovering
    any defects, the defect shall be notified promptly in writing, however not later than within seven working days following
    receipt of the Software. In case of hidden defects (versteckfe Ml:inge . the notification shall be made immediately
    in writing, however not later than seven working days after the defect has been discovered. If the Business Partner fails
    to notify the defect in due form and time, the Software supplied shall be deemed accepted. The date of SevenCs’ receipt
    of the notification shall be decisive for the timeliness of the notification of defects.
	 	 	 
	 	6.2	Any
    damage In transit shall be notified to the carrier. The duties of notification under the General Terms and Conditions for
    German Forwarding Agents (Allgemeine Deutsche Spediteurbedingungen) shall apply to any such damage or loss.

 

 

    	 

    	 

    

 

 

	 	6.3	SevenCs
    shall not be liable for defects resulting from improper utilization of the Software (such as - without being limited to -
    the unpermitted alteration of the Software or the unpermltted link to other software, programs, program elements or data),
    from the use of unsuitable resources or from an unusual operating environment.
	 	 	 
	 	6.4	In
    case of any defects of the Software, SevenCs shall, at its entire discretion, be entitled to require subsequent performance
    (NacherfOllung ) by either remedying the defect (including in particular, through the provision of a temporary or permanent
    work-around) or by supplying Software free from defects. In case of remedying the defect. Sevencs shall bear the costs incurred
    for the remedial action only up to the amount of the purchase price. SevenCs may refuse subsequent performance in accordance
    with the statutory provisions.
	 	 	 
	 	6.6
    	If
    and to the extent SevenCs does not comply with Its obligations pursuant to clause 6.4 or if the subsequent performance fails
    under the statutory provisions, the Business Partner shall be entitled to rescind the Agreement or to reduce the purchase
    price subject to the requirementslaid down by law.
	 	 	 
	 	6.6	Any
    further claims of the Business Partner for damages or reimbursement of expenses resulting from or in connection with defects,
    irrespective of their legal basis, shall be exclusively subject to clause 7.
	 	 	 
	 	6.7	The
    limitation period for warranty claims - except for claims for damages - shall be twelve months from the passing of risk.
	 	 	 
	 	7.	GENERAL
    LIMITATION OF LIABILITY
	 	 	 
	 	7.1	Unless
    otherwise stipulated in these GTCs, SevenCs’ liability for all claims for damages or reimbursement of expenses asserted
    against SevenCs, irrespective of the legal grounds of such damage claims, shall be limited pursuant to the provisions of 1his
    clause.
	 	 	 
	 	7.2	In
    the event of slight negligence, SevenCs shall only be liable, if it fails to meet material contractual duties endangering
    the purpose of the Agreement. Any other liabilityfor slight negligence shall be excluded.
	 	 	 
	 	7.3	In
    the event of liability pursuant to clause 7.2, In the event of gross negligence and in the event of strict liability, SevenCs
    shall only be liable for the typically foreseeable damage or loss, but exclusive of useless expenses incurred by the Business
    Partner.
	 	 	 
	 	7.4	None
    of the provisions in this clause 7 shall affect SevenCs’ liability (i) pursuant to the German Product Liability Act
    (Produkthaftungsgesetz), (ii) for injuries to a person’s life, body or health, (iii) for expressquality warranties
    (Beschaffenheitsgarantie) or (iv) for fraud.
	 	 	 
	 	7.5	Any
    limitation or exclusion of SevenCs’ liability shall also apply to the same extent with respect to SevenCs’ corporate
    bodies, legal representatives, executive and non executive staff and other vicarious agents (Erfillfungsgehilfen).
	 	 	 
	 	8.	RESERVATION
    OF RIGHTS
	 	 	 
	 	8.1	Except
    to the extent otherwise agreed in a relevant Agreemen,t SevenCs reserves all rights and title in relation to the Software
    in accordance with this clause 8.

 

 

    	 

    	 

    

 

	 	8.2	SevenCs
    retains all proprietary and intellectual property rights, especially title and copyrights, to the Software and the accompanying
    materials (e.g. documentations, instructions and manuals) provided to the Business Partner.
	 	 	 
	 	8.3	The
    Software and accompanying materials are protected by copyrights. The Business Partner shall neither remove any existing
    identity, copyright or other identification marks, nor shall the Business Partner disable any display thereof.
	 	 	 
	 	8.4	The
    Business Partner shall not be entitled to alter, to extend, to modify or to adapt the Software and accompanying materials
    in any form whatsoever. Furthermore, the Business Partner shall neither be entitled to print out the program code or data
    - unless data printouts are designated by the Agreement - or to decompile program or data code into any other code, nor shall
    the Business Partner be entitled to reverse engineer the Software.
	 	 	 
	 	8.5	The
    Business Partner shall neither be entitled to sell, to grant license or sublicense to or to hire or lend out the Software
    and accompanying materials, nor shall the Business Partner be entitled to affect SevenCs’ rights concerning the Software
    and the accompanying materials in any other way or by any other means without SevenCs’ prior written approval.
	 	 	 
	 	8.6	The
    Business Partner shall be entitled to copy the provided Software only, if such copy is necessary for the use of the Software.
    A copy which shall be deemed to be necessary for the use of the Software shall be the installation to the deployed mass storage
    and its download to RAM. Furthermore, the Business Partner may make one backup copy for the purpose of archival storage.
	 	 	 
	 	8.7	In
    the event that the Business Partner changes the hardware, the software shall be deleted irrevocably from the old hardware.
    The Business Partner shall not be entitled to download, to store or to use the Software simultaneously on more than one hardware
    system, especially, but not limited to, deploying it into a network area or a multicomputer workstation environment.
	 	 	 
	 	8.8	Upon
    termination of the Agreement, the Business Partner shall cease to use the Software and its accompanying materials and shall
    return, free of charge, the Software, the provided data carriers and accompanying materials. Furthermore, the Business Partner
    shall delete irrevocably any and all copies of the Software (including the back-up copy referred to in clause 8.6 above) and
    the accompanying materials.
	 	 	 
	 	9.	MISCELLANEOUS
	 	 	 
	 	 	Notices
	 	 	 
	 	 	All
    notices to be given under any Agreement shall be given in writing in the German or English language and shall be delivered,
    unless otherwise specified, by mail, by telefax or e-ma il to the addressee and the contact specified for this purpose
    in the relevant Agreement, or shall be delivered in person with an acknowledgement. signed by the representative of the receiving
    Party. Each Party may change the contact details for notices specified in any Agreement with prior written notice and such
    change shall become effect one week after its receipt by the other Party.

 

 

    	 

    	 

    

 

	 	9.1	Costs
	 	 	 
	 	 	Unless
    otherwise explicitly agreed in the relevant Agreement, each Party will bear its own cost for the preparation, negotiation
    and performance of the relevant Agreement and these GTCs.
	 	 	 
	 	9.2	Confidentiality
	 	 	 
	 	 	The
    specific conditions of each Agreement, includingin particular any information on prices, shall be deemed confidential in nature
    and the Business Partner shall not divulge any such conditions to any third parties except as me be required by law. If the
    Parties have entered into a specific non-disclosure agreement, the terms and conditions of such agreement shall prevall this
    clause.
	 	 	 
	 	9.3	Language
    and Interpretation
	 	 	 
	 	 	As
    regards terms for which anywhere in the relevant Agreement or these GTCs a German term has been inserted in brackets and/or
    italics, such German term alone (and not the English term to which it relates) shall be binding for the Interpretation of
    the respective provision.
	 	 	 
	 	9.4	Entire
    Agreement
	 	 	 
	 	 	The
    relevant Agreemen,t together with its Annexes and these GTCs, will be the entire agreement and understanding between the Parties
    in relation to the subject matter of the relevant Agreement and will supersede any prior agreement whether written or oral,
    except as otherwise expressly agreed in clause 9.2 or elsewhere in the relevant Agreement or these GTCs.
	 	 	 
	 	9.5	Severability
	 	 	 
	 	 	Should
    individual provisions of any Agreement or these GTCs be or become legally ineffective or unenforceable in whole or in part,
    the validity of the remaining provisions shall not be affected thereby. The same applies if this Agreement contains a gap.
    The Parties shall use their reasonable best efforts to agree that the Ineffective or unenforceable provisionsshall be replaced,
    and such gap be filled, by an appropriate provision which, to the extent legally possible, comes as close as possible to what
    parties concluding this Agreement would have intended had they been aware of such issue at the conclusion of this Agreement.
	 	 	 
	 	9.6	Assignment
    of Rights
	 	 	 
	 	 	The
    Business Partner may not assign its rights and claims under the Agreement to any third party unless SevenCs has given its
    prior approval in writing.
	 	 	 
	 	9.7	Place
    of Performance
	 	 	 
	 	 	Place
    of performance for all services and obligations under each Agreement shall be the place of business of SevenCs, unless otherwise
    provided for in the relevant Agreement
	 	 	 
	 	9.8	Legal
    Venue
	 	 	 
	 	 	For
    any and all disputes arising out of or in connection with the Agreement and these GTCs, the courts at SevenCs’ place
    of business shall have jurisdiction. SevenCs, however, shall be entitled to institute legal proceedings against the Business
    Partner at its residence.
	 	 	 
		9.9	Applicable
    Law
	 	 	 
	 	 	The
    laws of the Federal Republic of Germany shall apply to each Agreement and these GTCs, without regard to the conflict of law
    rules of the Federal Republic of Germany. The United Nations Convention on the International Sale of Goods (C/SG)
    shall be excluded.
	 	 	 
	 	 	Version:
    September 2009

 

 

    	 

    	 

    

 

Annex
B -Third Party Rights

 

1.
Third Party Software used or embedded in SevenCs’Products

 

	SevenCs
    Product	 	Third
                                         Party Software

        
	 	Version
	 	 	•used
    or embedded -	 	 
	FME
    S-57 Writer	 	FME
    Professional	 	1.x
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

2.
LicenseInformation

 

	Third
    Party Software	 	Link
    to license lnfonnation of manufacturer
	FME
    Professional	 	http://www.safe.com
	 	 	 
	 	 	 
	 	 	 

 

3.
Important Note

 

	 	 	 
	 	The SevenCs Software may also Invoke
    software or software components embedded In operating systems such as Windows 2000 / XP / Vista, LINUX or others. The
    use of such software wlll be subject to the relevant manufacture'rs End User License Agreement provided with the
    operating system.	 
	 	 	 

 

 

 

    	 

    	 

    

 

Annex
C - SevenCs End User License Agreement 

(SevenCs
EULA)

 

ECDIS
Kernel

 

The
provisions of this EULA (the Agreement) apply to the use of above-mentioned software product manufactured by SevenCs
(the Software) and (i) distributed by an authorised reseller (Resellet) to its customer (the Customer,;
or (ii) provided to the Customer by the Reseller or directly by SevenCs in the form of updates, upgrades or in whatever
form as part of support services of SevenCs provided either by Reseller or directly by SevenCs.

 

	 	10.	END
    USER LICENSE
	 	 	 
	 	10.1	SevenCs
    directly, or through Reseller, grants to Customer the non-exclusive, perpetual right to use the Software supplied by the Reseller
    or directly by SevenCs In the object code form on a single computer. The Software is in use on a computer within the meaning
    of the previous sentence when It is loaded into the temporary memory (I.e. RAM) or installed into the permanent memory (e.g.
    hard disk, CD ROM, or other storage devices) of that computer.
	 	 	 
	 	10.2	Customer
    may only use the Software for its own purposes and its own operation. The Customer may not sub-license, rent, lease or lend
    the Software to a third party, or make it available to third parties in way allowing the third party to use the software for
    its own or the purposes of a another person.
	 	 	 
	 	10.3	Customer
    is not entitled to modify, reverse engineer, de-compile, disassemble, or derive source code form the Software except to the
    extent permitted by law.
	 	 	 
	 	10.4	The
    Customer may not transfer its right to use the Software to any third party.
	 	 	 
	 	11.	DONGLE
    PROTECTION
	 	 	 
	 	 	Customer
    acknowledges and agrees that the Software can only be used with and requires the use of, hardware of software components (Dongle),
    which ensure that the Software can only be used after registration at SevenCs and with the hardware or system in which
    it has been initially installed.
	 	 	 
	 	12.	INTELLECTUAL
    PROPERTY RIGHTS OF SEVENCS
	 	 	 
	 	12.1	SevenCs
    retains all proprietary and intellectual property rights, especially title and copyrights, to the Software and the accompanying
    materials (e.g. documentations, instructions and manuals) provided to the Customer.
	 	 	 
	 	12.2	The
    Software and accompanying materials are protected by copyrights. The Customer shall neither remove any existing identity,
    copyright or other Identification marks, nor shall the Customer disable any display thereof.
	 	 	 
	 	12.3	The
    Customer shall not be entitled to alter, to extend, to modify or to adapt the Software and accompanying materials in any form
    whatsoeve.r Furthermore, the Customer shall neither be entitled to print out the program code or data - unless data printouts
    are designated by the Agreement - or to decompile program or data code into any other code, nor shall the Customer be entitled
    to reverse-engineer the Software.

 

 

    	 

    	 

    

 

	 	12.4	The
    Customer shall neither be entitled to sell, to grant license or sublicense to or to hire or lend out the Software and accompanying
    materials, nor shall the Customer be entitled to affect SevenCs’ rights concerning the Software and the accompanying
    materials in any other way or by any other means without SevenCs’ prior written approval.
	 	 	 
	 	12.5	The
    Customer shall be entitled to copy the provided Software only, if such copy is necessary for the use of the Software. A copy
    which shall be deemed to be necessary for the use of the Software shall be the installation to the deployed mass storage and
    its download to RAM. Furthermore, the Customer may make one backup copy for the purpose of archival storage.
	 	 	 
	 	12.6	In
    the event that the Customer changes the hardware, the software shall be deleted irrevocably from the old hardware. The Customer
    shall not be entitled to download, to store or to use the Software simultaneously on more than one hardware system, especially,
    but not llmited to, deploying it into a network area or a multicomputer workstation environment.
	 	 	 
	 	12.7	Upon
    termination of the Agreement, the Customer shall cease to use the Software and its accompanying materials and shall return,
    free of charge, the Software, the provided data carriers and accompanying materials. Furthermore, the Customer shall delete
    irrevocably any and all copies of the Software (including the back-up copy referred to in clause 8.6 above) and the accompanying
    materials.
	 	 	 
	 	13.	THIRD
    PARTY SOFTWARE
	 	 	 
	 	 	Customer
    acknowledges and agrees that the Software may embed, invoke or otherwise use, or require the use of, the third party software,
    for which SevenCs does not hold or provide any licenses. The Software may also Invoke software or software components embedded
    in operating systems such as Windows 2000 I XP I Vista, LINUX or others. Customer acknowledges and agrees that
    the provisions of this Agreement do not apply to such third party software components. Instead, the use of such software components
    will be subject to the relevant manufacturer’s End User License Agreements provided with the relevant operating system.
	 	 	 
	 	14.	TERMINATION
	 	 	 
	 	 	SevenCs
    may only terminate this Agreement for good cause if the Customer is in material breach with the conditions of this Agreement
    and subject to the statutory provisions. Any termination rights of the Reseller shall remain unaffected.
	 	 	 
	 	15.	GENERAL
    LIMITATION OF LIABILITY
	 	 	 
	 	15
    .1 	SevenCs’
    liability for all claims for damages or reimbursementof expenses asserted against SevenCs, irrespective of the legal grounds
    of such damage claims, shall be limited pursuant to the provisions of this clause.
	 	 	 
	 	15.2	In
    the event of slight negligence, SevenCs shall only be liable, if it fails to meet material contractual duties endangering
    the purpose of this Agreement. Any other liability for slight negligence shall be excluded.
	 	 	 
	 	15.3	In
    the event of liability pursuant to clause 7.2, In the event of gross negligence and in the event of strict liability, SevenCs
    shall only be liable for the typically foreseeable damage or toss, but exclusive of useless expenses incurred by the Customer.

 

 

    	 

    	 

    

 

	 	15.4	None
    of the provisions in this clause 15 shall affect SevenCs’ liabillty (i) pursuant to the German Product Liability Act
    (Produkthaftungsgesetz), (ii) for injuries to a person’s life, body or health, (iii) for express quality guarantees
    (Beschaffenheitsgarantie) or (iv) for fraud.
	 	 	 
	 	15.5	Any
    limitation or exclusion of SevenCs’ liability shall also apply to the same extent with respect to SevenCs’ corporate
    bodies, legal representatives, executive and non executive staff and other vicarious agents (ErfOl/ungsgehlifen).
	 	 	 
	 	16.	MISCELLANEOUS
	 	 	 
	 	16.1	Severability
	 	 	 
	 	 	Should
    individual provisions of this Agreement be or become legally ineffective or unenforceable in whole or in part, the validity
    of the remaining provisions shall not be affected thereby. The same applies if this Agreement contains a gap. The Parties
    shall use their reasonable best efforts to agree that the ineffective or unenforceable provisions shall be replaced, and such
    gap be filled, by an appropriate provision which, to the extent legally possible, comes as close as possible to what parties
    concluding this Agreement would have intended had they been aware of such issue at the conclusion of this Agreement.
	 	 	 
	 	16.2	Assignment
    of Rights
	 	 	 
	 	 	Customer
    may not assign its rights and clalms under this Agreement to any third party unless SevenCs has given its prior approval in
    writing.
	 	 	 
	 	16.3	Place
    of Performance
	 	 	 
	 	 	Place
    of performance for all obligations under this Agreement shall be the place of business of SevenCs.
	 	 	 
	 	16.4	Legal
    Venue
	 	 	 
	 	 	For
    any and all disputes arlsing out of or In connection with this Agreement, the courts at SevenCs’ place of business shall
    have jurisdiction. SevenCs, however, shall be entitled to institute legal proceedings against the Customer at its residence.
	 	 	 
	 	16.5	Applicable
    Law
	 	 	 
	 	 	The
    laws of the Federal Republic of Germany shall apply to this Agreement, without regard to the conflict of law rules of the
    Federal Republic of Germany. The United Nations Convention on the International Sale of Goods (C/SG) shall be excluded.
	 	 	 
	 	Version:
    September 2009

 

 

    	 

    	 

    

 

Annex
D - Reseller Conditions for ECDIS Kernel

 

1.
EC2007 ECOi$ KERNEL

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