Document:

fs1a1ex10ii_intelligent.htm

Exhibit 10.2

 

DEVELOPMENT AGREEMENT

 

THIS DEVELOPMENT AGREEMENT ("Agreement") is entered into as of May 8, 2012, by and between American Water Solutions, Inc., a Utah corporation ("AWS") and Intelligent Highway Solutions, Inc., a California based corporation ("IHS"). AWS and HIS are at times referred to individually as a "Party" or collectively as the "Parties".

 

RECITALS:

 

	
A. 

	
WHEREAS, IHS intends to develop a proprietary intelligent highway wireless traffic flow monitoring system (hereinafter referred to as the "Technology") utilizing wireless monitoring technology, which it will market as a traffic monitoring system.

 

	

B. 

	

WHEREAS, AWS is in the business of providing wireless products and solutions for its customers.

 

	

C. 

	

WHEREAS, AWS and IHS both agree that it is the intent of each party to enter into this Agreement for the specific purpose of indentifying the relationship and ownership of the Technology and the marketing rights and exclusive manufacturing and supply rights of the hardware and software for the Technology.

 

	

D. 

	

WHEREAS, IHS will own the rights to the Technology and purchase the rights to the hardware and software design from AWS and will have the exclusive Marketing Rights to the Product.

 

	

E. 

	

WHEREAS, AWS will have non-exclusive Manufacturing and Supply Rights to the hardware and the exclusive rights to the software for the Product and will sell its development rights in the design to IRS.

 

NOW, THEREFORE, in consideration of the representations, warranties and covenants contained herein, it is mutually agreed between the Parties as follows:

 

	
ARTICLE 1.

	
Definitions. Unless the context clearly indicates otherwise, when used in this Agreement the following terms shall have the meaning set forth in this Article.

 

	
1.1

	
"Technology" means the developed proprietary intelligent highway wireless traffic flow monitoring system utilizing wireless technology and developed specific proprietary code.

 

	
1.2

	
"Marketing Rights" means the "Exclusive Rights" to market the "Product".

 

	
1.3

	
"Manufacturing and Supply Rights" means the "Exclusive" right to produce thehardware and software for the "Product" within the specifications, standards of the Product and to sell such hardware and software to IHS for the Product..

 

	
1.4

	
"AWS" means American Water Solutions, Inc., a Utah corporation with its address at 739 South 300 West Salt Lake City, Utah 84101.

 

	
1.5

	
"IHS" means Intelligent Highway Solutions, Inc. a California corporation with its address at 450 South 400 East Bountiful, Utah 84010.

 

  

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ARTICLE 2. 

	
Consideration

 

	
3.1

	
IHS agree to pay to AWS thirty six Thousand dollars ($36,000.00) as payment for thedevelopment of the Technology and the Code.

 

	
3.2

	
The terms of payment of the consideration under this Agreement shall be as follows:

 

Upon execution of this Agreement, IHS shall tender in certified funds two-thousand dollars ($2,000.00).

 

Upon the release of initial drawings and specifications ten-thousand dollars ($10,000.00)

 

The original design will be finished within 20 days upon receipt of the first payment. An additional payment of twelve thousand dollars ($12,000.00) will be due upon the completion of the original design.

 

The prototype will be completed within 20 days of the second payment. The balance of the consideration of twelve thousand dollars ($12,000.00) shall be due and payable upon completion of the prototype.

 

	
ARTICLE 4.

	
Closing.

 

	
4.1

	
Upon execution of this Agreement::

 

(a)  IHS sign the necessary documents to designate AWS with the exclusive Manufacturing and Supply Rights to the Product.

 

(b)  AWS shall sign the necessary documents to designate IHS as the owner of the Technology and to assure IHS will have continued access to the Technology.

 

(c)  The Parties shall each deliver such other documents and/or complete such other actions that may be necessary to complete the terms of this Agreement.

 

	
ARTICLE 6.

	
"AWS's" Covenants, Representations and Warranties.

 

	
6.1

	
AWS has full power and authority to execute and deliver this Agreement and to performhis obligations hereunder and that no consent of any third party is required for AWS to enter into this Agreement or to consummate the transaction contemplated hereby.

 

	
6.2

	
AWS shall not take any other action which may have an adverse effect on the consummation of this transaction.

 

	
6.3

	
There are no suits or proceedings pending or threatened against or affecting AWS which would have a materially adverse effect on this transaction.

 

	
6.4

	
All representations and warranties of AWS shall survive execution of this Agreement.

 

  

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ARTICLE 7.

	
IHS Representations and Warranties.

 

	
7.1

	
INS has full power and authority to execute and deliver this Agreement and to performits obligations hereunder and that no consent of any third party is required for INS to enter into this Agreement or to consummate the transaction contemplated hereby.

 

	
7.2

	
IHS shall not take any other action which may have an adverse effect on the consummation of this transaction.

 

	
7.3

	
There are no suits or proceedings pending or threatened against or affecting IHS whichwould have a materially adverse effect on this transaction.

 

	
7.4

	
All representations of INS shall survive execution of this Agreement.

 

	
ARTICLE 8.

	
Miscellaneous.

 

	
8.1

	
This Agreement constitutes the entire agreement of the Parties and supercedes all other prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and not strictly for or against either Party, regardless of which Party drafted this Agreement.

 

	
8.2

	
All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties hereto, their successors and assigns.

 

	
8.3

	
In the event either Party initiates or defends any legal action or proceeding with respect to this Agreement or the transactions contemplated herein, the prevailing Party in any such action or proceeding shall be entitled to recover from the losing Party in any such action or proceeding its reasonable costs and attorney's fees.

 

	
8.4

	
In the event that any of the terms, conditions or provisions of this Agreement are held to be illegal, unenforceable or invalid by any court of competent jurisdiction, the legality and enforceability of the remaining terms, conditions or provisions shall not be affected thereby.

 

	
8.5

	
This Agreement shall be governed, construed and enforced in accordance with the laws of the state of Utah and the laws of the United States of America.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement, the date and year first written.

 

	/s/ Lawrence Lebeau	 	
/s/ Devon Jones

	
American Water Solutions, Inc. 

Lawrence Lebeau,

President

	  	
Intelligent Highway Systems, Inc.

Devon Jones, CEO

 

 

3fs1a1ex10iii_intelligent.htm

 

Exhibit 10. 3

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT is entered into as of the 21St day of June, 2011, by and among Michael J. Sullivan, Sole Proprietorship, ("Seller"); and Intelligent Highway Solutions, Inc., a Nevada corporation ("Purchaser").

 

WITNESSETH:

 

WHEREAS, Seller is a Sole Proprietor ("Seller") located in California; and,

 

WHEREAS, Seller desires to sell to Purchaser at the Closing, as hereinafter defined, and Purchaser desires to purchase from Seller, certain assets of Seller, only those as described in Exhibit "A" attached hereto, upon and subject to the terms and conditions contained herein; and,

 

NOW, THEREFORE, IN CONSIDERATION of the premises and of the mutual representations, warranties and covenants which are made and to be performed by the respective parties, it is agreed as follows:

 

1.   PURCHASE AND SALE OF SELLER'S ASSETS. Subject to all of the terms and conditions of this Agreement, at the Closing, Seller hereby agrees to sell, transfer and convey to Purchaser, and Purchaser agrees to purchase and acquire from Seller, free and clear of all liens, claims, charges, restrictions, security interests, equities, proxies, pledges or encumbrances of any kind, except as otherwise provided herein, the following assets to the extent of Seller's ownership or rights therein (the "Sale Assets"):

 

SALE ASSETS: All Agreements, Rights, Benefits and Payments relating to contracts with the State of California, which may be more particularly listed on Exhibit "A".

 

2.   ECONOMIC TERMS AS TO SALE ASSETS.

 

Debts.    Purchaser shall have the option, but not requirement, upon written notice to Seller, to assume obligations of Seller. Except as expressly provided herein, or as expressly assumed in writing at or before Closing, Purchaser shall not be deemed to have assumed any liabilities, or obligations of Seller.

 

3.    THE CLOSING.

 

a.    Closing Date. The closing of the Asset Purchase as to the Sale Assets (the "Closing") shall take place effective this date. The term "Closing" as used herein shall be defined as the date upon which the Closing occurs, or such other date as the parties may in writing agree.

 

b.    Seller's Conditions to Closing. Seller's obligation to close shall be conditioned upon Purchaser's timely compliance with each of the terms of this Agreement and the accuracy, at and before Closing, of Purchaser's warranties and representations as herein contained.

 

  

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c.    Purchaser's Conditions to Closing. Purchaser's obligation to close shall be conditioned upon Purchaser having been satisfied at or before Closing, in Purchaser's reasonable discretion, as to each of the following:

 

i.     Seller's timely compliance with the terms of this Agreement and the accuracy, at and before Closing, of Seller's warranties and representations as herein contained.

 

d.    Seller's Obligations at Closing. At Closing, Seller shall deliver or cause to be delivered to Purchaser the following instruments and documents on the terms and subject to the conditions set forth in this Agreement, in form and substance reasonably satisfactory to Purchaser and its counsel against delivery of the items specified in Section 6(f):

 

A.    A Bill of Sale as to the Sale Assets.

 

B.    The originals of all agreements and documents as to the Sale Assets.

 

4.    REPRESENTATIONS TO PURCHASER. Seller represents and warrants to Purchaser as follows that the following are true or at the time of Closing shall be true:

 

a.    Due Execution. The execution and delivery of this Agreement, and the consummation of this transaction by the Seller, are duly authorized, and no further authorization, corporate or otherwise, is necessary on the part of any of them. There are no consents or approvals which any of them require in order to enter into the transactions contemplated hereunder.

 

b.    Tax Matters. The Seller has duly and timely filed all federal, state, local, and foreign tax returns ((including income, excise, unemployment, social security, occupation, franchise, property, sales and use taxes, import duties or charges, or other assessments and all penalties and interest in respect thereof (collectively "Taxes")), and paid all federal, state, local, and foreign taxes due. There are no tax liens (other than liens for current Taxes not yet due) upon, or which could be asserted in the future upon, any of the Sale Assets.

 

c.    Debts or Claims. The Seller has no encumbrances, debts, obligations or claims against the Seller's assets that limit the right of the Seller to use or transfer the Sale  Assets, or which would restrict the Purchaser's right to use the Sale Assets after Closing.

 

d.    Pending Litigation. There is no legal or administrative suit, action, order, decree, arbitration, governmental investigation or other proceeding pending, discussed or threatened, involving the Seller or the Sale Assets 

 

f.    Insurance. There are no insurance claims concerning any of the Sale Assets, pending or which could be filed.

 

  

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5.   REPRESENTATIONS TO SELLER. Purchaser represents to Seller as follows:

 

a.    Due Execution. The execution and delivery of this Agreement, and the consummation of this transaction by the Purchaser, are duly authorized, and no further authorization, corporate or otherwise, is necessary on the part of any of them. There are no consents or approvals which any of them require in order to enter into the transactions contemplated hereunder.

 

b.   Organization, Good Standing and Qualification. The Purchaser is duly organized, existing, and in good standing under the laws of the State of Nevada, and in any other state or jurisdiction where the nature of its business, past, present, or intended, require such qualification. The Purchaser has full corporate power and authority to carry on its business as now conducted and possesses all governmental and other permits, licenses and other authorizations to own, lease or operate its assets and properties as now owned, leased and operated and to carry on its business as presently conducted.

 

6.    INDEMNITY.

 

a.   Indemnification by Seller . Seller agrees to defend, indemnify and hold harmless Purchaser and shall reimburse Purchaser for, from and against each claim, loss, liability, cost and expense (including without limitation, interest, penalties, costs of preparation and investigation, and the reasonable fees, disbursements and expenses of attorneys, accountants and other professional advisors) (collectively, "Losses"), directly or indirectly relating to, resulting from or arising out of:

 

i. any inaccurate representation, breach of warranty or nonfulfillment of any agreement or other obligation by or of Seller contained herein, as to any past, present or future matter, in any Schedule hereto, in any Disclosure Schedule or in any certificate, document or instrument delivered to Purchaser pursuant hereto.

 

ii. the conduct of the business, operations or assets of the Seller prior to the Closing Date or the actions or omissions of the directors, officers, shareholders, employees or agents of the Seller prior to the Closing Date, other than Losses arising from matters disclosed in this Agreement or expressly reserved against in this Agreement (to the extent of such reserves);

 

iii. any misrepresentation or nonfulfillment of any covenant, agreement or other obligation by or of Seller contained herein, in any Schedule hereto, in any Disclosure Schedule or in any certificate, document or instrument delivered to Purchaser pursuant hereto;

 

iv. any Taxes or Assessments owed by Seller; and

v. any other Loss incidental to any of the foregoing or to the enforcement of this Section.

 

b.Indemnification by Purchaser . Purchaser agrees to defend, indemnify and hold harmless Seller and/or Restaurant Real Property Owner, and shall reimburse each for, from and against Losses directly or indirectly relating to, resulting from or arising out of:

 

  

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i. any untrue representation, misrepresentation, breach of warranty or nonfulfillment of any covenant, agreement or other obligation by Purchaser contained herein or in any certificate, document or instrument delivered to either pursuant hereto; and

 

ii. any other Loss incidental to the foregoing or to the enforcement of this indemnification.

 

7.    SURVIVAL OF REPRESENTATIONS. All representations, warranties, and indemnities by the parties contained in this Agreement shall survive the Closing. All statements contained in any exhibits, or in any certificate, instrument, schedule, list, document or other writing delivered pursuant hereto or in connection with the transactions contemplated hereby shall be deemed representations and warranties for all purposes of this Agreement.

 

8.    TAX TREATMENT. The parties agree to file all subsequent tax returns consistently with the terms of this Agreement and any allocation contained herein.

 

9.    MISCELLANEOUS.

 

a.    Successors and Assigns. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective heirs, successors, assigns and legal or personal representatives of the parties hereto. It is understood that the Purchaser may assign some or all of its rights hereunder to one or more other persons or entities.

 

b.    Entire Agreement. This Agreement, including the exhibits, instruments, lists and other documents and writings referred to herein or delivered pursuant hereto, which form a part hereof, contains the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior discussions, negotiations, agreements and understandings between the parties with respect to its subject matter, and any such are merged herein and barred hereby.

 

c.   Amendments. This Agreement may be not amended except by a written instrument setting forth as an express purpose the amendment of this Agreement, which written instrument is duly executed by all parties or their respective heirs, successors, assigns or legal personal representatives. This Agreement may be not amended orally, by implication or by conduct. Any condition to a party's obligations hereunder may be waived but only by a written instrument signed by the party entitled to the benefits thereof.

 

d.    No Waiver. The failure or delay of any party at any time or times to require performance of any provision or to exercise its rights with respect to any provision hereof, shall in no manner operate as a waiver of or affect such party's right at a later time to enforce the same.

 

e.    Headings. The captions, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretations of this Agreement.

 

f.    Severability. The invalidity of any term or terms of this Agreement shall not affect any other term of this Agreement, which shall remain in full force and effect.

 

  

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g.    Counterparts. This Agreement may be executed simultaneously in one or more counterparts, with the same effect as if the signatories executing the several counterparts had executed one counterpart, provided, however, that the several executed counterparts shall together have been signed by all parties. All such executed counterparts shall together constitute one and the same instrument.

 

h.    Time is of the Essence. The parties agree that time is of the essence under this Agreement.

 

i.    Litigation. Should any litigation arise among the parties in relation to this Agreement, the Closing, the transactions herein contemplated, or matters related thereto, it is understood that the prevailing party shall be entitled to recover in addition to any other remedy at law, any and all of its reasonable costs and expenses, including, but not limited to, reasonable attorney's fees, discovery costs, court reporter costs, transcript costs, expert fees, travel, court costs, and the like.

 

j.    Controlling Law. Any dispute or disagreement arising under this Agreement shall be solely governed by California law.

 

k.    Venue. For the purpose of litigation, the sole venue of any such suit shall be the location of the county where the Purchaser is located.

 

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto on the date and year first above written.

 

	SELLER:	 	 	PURCHASER:	 
	Michael J. Sullivan Sole Proprietorship	 	 	Intelligent Highway SI utions, Inc.	 
	By:	
/s/ Micheal J. Sullivan                          06/21/11

	 	 	By:	
/s/ Devon Jones              06/21/11

	 
	Title:	
Owner

	 	 	Title:	
CEO, President

	 

 

  

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