Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.23

LICENSE AGREEMENT

THIS AGREEMENT is effective as of the 9th day of May 2006 (the “Effective Date”), between
CALIFORNIA INSTITUTE OF TECHNOLOGY, 1200 East California Boulevard, Pasadena, CA 91125 (“Caltech”)
and DMFCC (“Licensee”), a corporation having a place of business at 171 N. Altadena Drive,
Pasadena, CA 91107.

WHEREAS, Licensee is desirous of obtaining, and Caltech wishes to grant to Licensee, an
exclusive license to certain Exclusively Licensed Patent Rights, and a nonexclusive license under
the Technology, all relating to the aforementioned research and as further defined below; and

WHEREAS, Licensee is hereby exercising its option dated January 17, 2003 and amendments
thereto and has obtained equity financing in an amount greater than two million dollars
($2,000,000.00) upon said exercise;

Now, THEREFORE, the parties agree as follows:

ARTICLE I

DEFINITIONS

1.1 “Affiliate” means any corporation, limited liability company or other legal
entity which directly or indirectly controls, is controlled by, or is under common control with
Licensee as of the Effective Date of this Agreement. For the purpose of this Agreement, “control”
shall mean the direct or indirect ownership of greater than or equal to 50 percent (50%) of the
outstanding shares on a fully diluted basis or other voting rights of the subject entity to elect
directors, or if not meeting the preceding, any entity owned or controlled by or owning or
controlling at the maximum control or ownership right permitted in the country where such entity
exists. In addition, a party’s status as an Affiliate of License shall terminate if and when such
control ceases to exist.

 

1

 

1.2 “Exclusively Licensed Patent Rights” means (a) all patents and patent applications
listed in Exhibit A attached hereto; (b) any patents issuing there from; and (c) any patents or
patent applications claiming a right of priority thereto (including reissues,
reexaminations, renewals, extensions, divisionals, continuations, continued prosecution
applications, continuations-in-part and foreign counterparts of any of the foregoing).

1.3 “Technology” means any technology existing as of the Effective Date, including all
proprietary information, know-how, procedures, methods, prototypes, and designs, which is requested
by Licensee and consented to by Caltech, and which is (a) specifically listed in Exhibit B, or (b)
which is disclosed in the patent applications and patents listed in Exhibit A. Such Technology must
not be covered by any claim of a patent application or patent owned or controlled by Caltech.

1.4 “Caltech Technology” means the Exclusively Licensed Patent Rights, and the
Technology.

1.5 “Deductible Expenses” means the following expenses incurred in connection with
sales or licensing of Licensed Products to the extent actually paid by Licensee or an Affiliate in
accordance with generally recognized principles of accounting: (a) sales, use or turnover taxes;
(b) excise, value added or other, taxes or custom duties; (c) transportation, freight, and handling
charges, and insurance on shipments to customers; (d) trade, cash or quantity discounts or rebates
to the extent actually granted; (e) agent fees or commissions; and (1) rebates, refunds, and
credits for any rejected or returned Licensed Products or because of retroactive price reductions,
or rebates.

1.6 “Effective Date” has the meaning set forth in the preamble.

1.7 “Field” means fuel cells and related components.

1.8 “Licensed Product” means any product, device, system, article of manufacture,
composition of matter, or process or service in the Field that is covered by, or is made by a
process covered by, any Valid Claim.

 

2

 

1.9  “Net Revenues” means all amounts, less Deductible Expenses, received by Licensee
and/or its Affiliates from the sale or other distribution (whether commercial or not) of Licensed
Products or the licensing of Exclusively Licensed Patent Rights. Any non-cash consideration
received by Licensee for the sale or other distribution of Licensed Products or the licensing of
Exclusively Licensed Patent Rights will be converted to a cash value based on the fair market value
or a value mutually agreed upon.

1.10 “Valid Claim” means:

(a) a claim of an issued patent within the Exclusively Licensed Patent Rights that has not:

(i) expired or been canceled,

(ii) been finally adjudicated to be invalid or unenforceable by a decision of a court
or other appropriate body of competent jurisdiction (and from which no appeal is or can be
taken),

(iii) been admitted to be invalid or unenforceable through reissue, disclaimer or
otherwise, or

(iv) been abandoned in accordance with or as permitted by the terms of this Agreement
or by mutual written agreement; or

(b) a claim included in a pending patent application within the Exclusively Licensed Patent
Rights, which claim is being actively prosecuted in accordance with this

Agreement and which has not been:

(i) canceled,

(ii) withdrawn from consideration,

(iii) finally determined to be unallowable by the applicable governmental authority
(and from which no appeal is or can be taken), or

(iv) abandoned in accordance with or as permitted by the terms of this Agreement or by
mutual written agreement.

 

3

 

ARTICLE 2

LICENSE GRANT

2.1 Grant of Rights. Caltech hereby grants to Licensee the following licenses:

(a) an exclusive, royalty-bearing license under the Exclusively Licensed Patent Rights to
make, have made, import, use, sell, offer for sale, and otherwise exploit Licensed Products in the
Field throughout the world; and

(b) a nonexclusive, royalty-bearing license under the Technology to make, have
made, import, use, sell, offer for sale, reproduce, distribute, display, perform, create derivative
works of, and otherwise exploit Licensed Products in the Field throughout the world.

These licenses are personal to and nontransferable by Licensee, except as provided in Sections
6.3, 6.5, and 14.9.

Rights not explicitly granted herein are reserved by Licensor.

2.2 Reservation of Rights; Government Rights. These licenses are subject to: (a) the
reservation of Caltech’s right to make, have made, import, use, sell and offer for sale Licensed
Products for noncommercial educational and research purposes, but not for commercial sale or other
commercial distribution to third parties; and (b) any existing right of the U.S. Government under
Title 35, United States Code, Section 200 et seq. and under 37 Code of Federal Regulations, Section
401 et seq., including but not limited to the grant to the U.S. Government of a nonexclusive,
nontransferable, irrevocable, paid-up license to practice or have practiced any invention conceived
or first actually reduced to practice in the performance of work for or on behalf of the U.S.
Government throughout the world.

Licensed Products shall be substantially manufactured in the United States to the extent (if
at all) required by 35 U.S.C. Section 204.

2.3 Sublicensing. Licensee has the right hereunder to grant sublicenses to third
parties, but sublicensees shall not have the right to grant further sublicenses, and the
sublicenses may be of no greater scope than the licenses under Sections 2.1.

Licensee shall not receive, or agree to receive, anything of value in lieu of cash or equity
from a third party under a sublicense granted pursuant to this Section 2.3, without Caltech’s
express prior written permission which shall not be unreasonably withheld. Licensee shall
furnish Caltech within thirty (30) days of the execution thereof a true and complete copy of
each sublicense and any changes or additions thereto.

 

4

 

Any sublicenses granted by Licensee shall survive termination of the licenses granted in
Section 2.1, or of this Agreement, provided that the following conditions are met as of the date of
such termination: (a) the written agreement between Licensee and sublicensee pursuant to which the
sublicense was granted (i) obligates the sublicensee to thereafter render to Caltech all sublicense
royalties or other sublicense-related consideration that the sublicensee would have owed to
Licensee under the sublicense, (ii) names Caltech as a third party beneficiary, and (iii) affirms
that Licensee shall remain responsible for all liabilities to sublicensee accrued prior to the date
of such termination (other than those requiring Licensee to hold a license under the Exclusively
Licensed Patent Rights or Technology, unless Caltech (at its discretion) elects to assume such
obligations; and (b) Licensee informs the sublicensee in writing (with a copy to Caltech) that the
sublicensee’s obligations pursuant to (a) are in effect as a result of the termination.

2.4 No Other Rights Granted. The parties agree that neither this Agreement, nor any
action of the parties related hereto, may be interpreted as conferring by implication, estoppel or
otherwise, any license or rights under any intellectual property rights of Caltech other than as
expressly and specifically set forth in this Agreement, regardless of whether such other
intellectual property rights are dominant or subordinate to the Exclusively Licensed Patent Rights.

2.5 Preferential Purchaser Status. Caltech shall be entitled to purchase Licensed
Products from Licensee for Caltech’s own internal educational, research or other noncommercial
purposes on pricing terms that are at least as favorable as any commercial pricing made available
by Licensee to any third party.

ARTICLE 3

DISCLOSURE AND DELIVERY

Exclusively Licensed Patent Rights. Within one month of the Effective Date,
Caltech shall disclose and deliver to Licensee copies of all patent applications and issued patents
within
the Exclusively Licensed Patent Rights. Moreover, Caltech shall use reasonable efforts to
transfer the Technology to Licensee as may be reasonably required to exploit Licensed Products.
Caltech shall additionally periodically provide information relating to the Technology as may be
reasonably requested by Licensee.

 

5

 

ARTICLE 4

PROSECUTION OF PATENT APPLICATIONS AND

PAYMENT OF PATENT COSTS

4.1 Prosecution by Caltech. Caltech shall use reasonable efforts, consistent with
its normal practices, to prosecute any and all patent application(s) in connection with the
Exclusively Licensed Patent Rights. Licensee may recommend patent counsel for this purpose. Caltech
shall permit Licensee to review all patent applications and claims made therein, and Caltech shall
make reasonable efforts to implement modifications thereto as may be requested by Licensee prior to
filing.

4.2 Prosecution by Licensee. If Caltech declines to file, prosecute or maintain
Exclusively Licensed Patent Rights, then Licensee may elect to assume responsibility for such
filing, prosecution or maintenance at its expense in the name of both Caltech and Licensee. Caltech
agrees to fully cooperate with Licensee in filing, prosecuting, and maintaining any such patent
applications and patents, and Caltech agrees to execute any documents as shall be necessary for
such purpose, and not to impair in any way the patentability of any of the foregoing.

4.3 Patent Costs. Except as specified in the next paragraph, Licensee shall reimburse
Caltech for all reasonable past and future expenses (including attorneys’ fees) incurred by Caltech
for the filing, prosecution and maintenance, interference or reexamination proceedings, of
Exclusively Licensed Patent Rights. All amounts owed by Licensee for the reimbursement of past
patent expenses shall be due within twelve (12) months of the Effective Date of this Agreement. At
the written request of Caltech, Licensee shall directly reimburse outside patent counsel for all
other patent expenses following receipt by Licensee from outside patent counsel of an invoice
covering such fees.

 

6

 

Licensee may elect not to pay the foregoing patent costs and fees with respect to a particular
patent application or patent. In the event that Licensee elects not to pay any of the forgoing
costs and fees with respect to a particular application or patent, Caltech, may, at its option,
continue such prosecution or maintenance, although any patent or patent application resulting from
such prosecution or maintenance will thereafter no longer be subject to the licenses granted in
Section 2.1 hereunder.

ARTICLES

ROYALTIES

5.1 Timing and Computation. All royalties hereunder shall be computed on a
quarterly basis for the quarters ending March 31st, June 30th , September
30th, and December 31st of each calendar year. Royalties for each such
quarter shall be due and payable within thirty (30) days after the end of such quarter.

5.2 Valid Claims. Except as otherwise provided in Section 5.6 below, Licensee shall
pay Caltech a royalty of one percent (1%) of Net Revenues in countries in which the Licensed
Product is covered by at least one Valid Claim. Royalties due under this Section 5.2 shall be
payable on a country-by-country and Licensed Product-by-Licensed Product basis until the expiration
of the last-to-expire issued Valid Claim covering such Licensed Product in such country.

5.3 Technology. Except as otherwise provided in Section 5.6 below, Licensee shall pay
Caltech a royalty of one-half of one percent (0.5%) of Net Revenues in countries in which the
Licensed Product is not covered by at least one Valid Claim, but such Licensed Product is covered
by at least one Valid Claim in the United States of America.

5.4 Bundled Products and Services. In the event that Licensed Products are sold,
licensed, distributed or used in combination with one or more other products or services which are
not Licensed Products, the Net Revenues for such combination products will be calculated on a
country-by-country basis by multiplying actual net sales (calculated on the basis as if they were
Net Revenues) of such combination products by the fraction A/(A+B) where A is the average invoice
price, during the relevant quarterly period, of the Licensed Product when sold or licensed separately by Licensee or a Affiliate, and B is the average invoice price during such period

 

7

 

of any other product(s) or services in the combination when sold or licensed separately by Licensee
or an Affiliate. If the products or services in the combination that are not Licensed Products have
not been sold or licensed separately by Licensee or a Affiliate in the relevant quarterly period,
Net Revenues shall be calculated by multiplying actual net sales (calculated on a basis as if they
were Net Revenues) of such combination products by the fraction A/C where A is the average invoice
price, during the last quarterly period, of the Licensed Product when sold or licensed separately
and C is the average invoice price of the combination product during such period. If the Licensed
Product has not been sold or licensed separately by Licensee or a Affiliate in the last quarterly
period, regardless whether the combination product without the Licensed Product is sold or licensed
separately, Net Revenues shall be calculated as in the immediately preceding sentence except that A
shall be the total manufacturing cost of Licensed Product and C shall be the total manufacturing
cost of the combination.

5.5 Sublicensing Royalties. Except as otherwise provided in Section 5.6 below,
Licensee shall pay Caltech fifteen percent (15%) of the Net Revenues (including payments for
technical assistance and the like) that Licensee receives from sublicensing with respect to
Exclusively Licensed Patent Rights. For non-monetary consideration, Licensee, may, in its sole
discretion, and when feasible, provide Caltech with fifteen percent (15%) of such non-monetary
consideration. Such Net Revenues specifically shall not include payments made by a sublicensee
solely in consideration of: (a) equity or debt securities of Licensee; (b) to support research or
development activities to be undertaken by Licensee; (c) upon the achievement by Licensee of
specified milestones or benchmarks relating to the development of Licensed Products; (d) pilot
studies; (e) performance-based milestones (excluding milestones tied to sales or marketing
performance, which shall be subject to the percentage-based payments to Caltech); (f) the license
or sublicense of any intellectual property other than Caltech Technology; (g) products other than
Licensed Products; or (h) reimbursement for patent or other expenses.

5.6 License Bundling. Licensee shall not be obligated to pay any royalties under this
Article 5 in connection with the sale, distribution, sublicensing or other exploitation of Licensed
Products as defined by one or both of that Confidential License Agreement by and among
Licensee, Caltech, and the University of Southern California dated January 19, 2006 and that
Confidential Non-Exclusive License Agreement by and among Licensee, Caltech, and the University of
Southern California dated January 19, 2006.

 

8

 

5.6A Minimum Annual Royalties. A minimum annual royalty often thousand dollars
($10,000.00) is due Caltech on the later of (i) November 1, 2008; or (ii) such date as Licensee is
first obligated to pay sublicensing royalties under Section 5.5. Any royalties paid under Sections
5.2, 5.3, 5.4 and 5.5 for the one-year period preceding the date of each payment of the minimum
annual royalty shall be creditable against the annual minimum. Caltech shall have the right to
terminate this Agreement pursuant to Section 10.2 for failure to pay such minimum annual royalty.

5.7 Third Party Royalty Offset. If Licensee, an Affiliate, or a sublicensee of
Licensee is required to make any payment (including, but not limited to, royalties or other license
fees) to one or more third parties to obtain a patent license in the absence of which it could not
legally make, import, use, sell, or offer for sale Licensed Products in any country, and Licensee
provides Caltech with reasonably satisfactory evidence of such third-party payments, such third
party payments shall be fully creditable against royalties owed to Caltech hereunder, provided that
in no one year shall the aggregate of all such expenses be credited against more than twenty five
percent (25%) of royalty payments to Caltech. Any greater amount of such expenses may be carried
over and credited against royalties owed in future years, subject in every case to the 25% annual
cap for that year.

5.8 Currency Conversion. For the purpose of determining royalties payable under this
Agreement, any royalties or other revenues Licensee receives from sublicensees in currencies other
than U.S. dollars and any Net Revenues denominated in currencies other than U.S. dollars shall be
converted into U.S. dollars according to the noon buying rate of the Federal Reserve Bank of New
York on the last business day of the quarterly period for which such royalties are calculated.

 

9

 

5.9 Recordkeeping and Audits. Licensee shall keep complete and accurate production and
accounting records relating to commercialization (including via sublicensing) of Licensed Products.
Caltech shall be entitled to have an independent CPA periodically audit such records, during
Licensee’s normal business hours, to determine Licensee’s compliance with the provisions of this
Article 5. Licensee shall reimburse Caltech 100% of any unpaid royalties resulting from any
noncompliance discovered as a result of any such audit; and Licensee shall also pay Caltech an
additional 50% of the entire amount of any underpayment exceeding 10% of the corresponding amount
previously paid. Such audits shall be at Caltech’s expense, and shall occur no more than once
annually, except that in the case of any underpayment exceeding 10% of the amount actually paid:
(a) Licensee shall reimburse Caltech for the cost of such audit; and (b) Caltech shall be entitled
to conduct additional quarterly audits, at Licensee’s expense, until any such audit demonstrates
that Licensee is in compliance with its obligations.

5.10 For so long as royalties are payable under this Agreement, Licensee shall report in
writing to Caltech on or before April 30th , July 31st , October
31st , and January 31st , Net Revenues and the number of units of Licensed
Products sold during the preceding calendar quarter by Licensee and Related Companies, and the
royalties or other revenues Licensee received from sublicensees other than Related Companies during
the preceding calendar quarter for the sale of Licensed Products. Each such report shall also set
forth an explanation of the calculation of the royalties payable hereunder and be accompanied by
payment of the royalties shown by said report to be due Caltech.

ARTICLE 6

LICENSEE EQUITY INTEREST

6.1 Common Stock Grant. Licensee agrees to irrevocably issue to
Caltech, in partial consideration of Licensee’s receipt of the licenses granted under this
Agreement, 150,000 shares of common stock.

6.2 Transfer Restrictions. Caltech agrees that, in the event of any
underwritten or public offering of securities of Licensee or an Affiliate, Caltech shall comply
with and agree to any legally required restriction on the transfer of its equity interest, or any
part thereof, imposed by the
underwriter, and shall perform all acts and sign all necessary documents required with respect
thereto. Other than the foregoing, Caltech shall not be restricted from transferring its equity
interest to any entity in any manner not prohibited by law.

 

10

 

6.3 Permitted Assignment by Licensee. Licensee may assign this
Agreement without the consent of Caltech as part of a sale, regardless of whether such a sale
occurs through an asset sale, stock sale, merger or other combination, or any other transfer of:

(a) substantially all of Licensee’s business; or

(b) that part of Licensee’s business that exercises all rights granted under this Agreement.

6.4 Any Other Assignment by Licensee. Any other attempt to assign this
Agreement by Licensee is null and void.

6.5 Conditions of Assignment. Notwithstanding anything else, Licensee may assign this
Agreement in a transaction other than as provided in Sections 6.3 and 14.9, in its sole discretion,
provided that, the following conditions are met:

(a) Licensee must give Caltech thirty (30) days prior written notice of the assignment,
including the new assignee’s contact information; and

(b) the new assignee must agree in writing to Caltech to be bound by this Agreement; and

(c) Caltech must have (i) provided written permission to assign the agreement,
(ii) received a $250,000 assignment fee; or (iii) received the full amount for the liquidation of
Caltech’s equity holdings under this license agreement (150,000 shares), or in the event that the
amount received for the liquidation of Caltech’s equity holdings is less than $250,000, an
additional amount equivalent to the difference between the $250,000 assignment fee and the amount
received for Caltech’s liquidated equity; or (iv) Licensee may establish that a royalty be paid to
Caltech for the sales of Licensed Products by the assignee of this Agreement in lieu of any
assignment fee. If Licensee chooses to pay a royalty in lieu of an assignment fee, Caltech and
Licensee agree to amend this Agreement in good faith to address the royalty considerations prior to
the assignment of this license.

 

11

 

6.6 After the Assignment. Upon a permitted assignment of this Agreement pursuant to
this Section, Licensee will be released of liability under this Agreement and the term
“Licensee” in this Agreement will mean the assignee.

ARTICLE 7

DUE DILIGENCE

7.1 Commercialization. Licensee agrees to use reasonable efforts to commercially
introduce Licensed Products in the Field as soon as practicable. Licensee shall be deemed to have
satisfied its obligations under this Section 6.1 if Licensee has an ongoing and active research,
development or marketing program, directed primarily toward commercial production and use of one or
more Licensed Products. Any efforts of Licensee’s Affiliates or sublicensees shall be considered
efforts of Licensee for the sole purpose of determining Licensee’s compliance with its obligation
under this Section 6.1.

7.2 Reporting. On each yearly anniversary of the Effective Date, Licensee shall, at
the request of Caltech, issue to Caltech a detailed written report on its progress in introducing
commercial Licensed Product(s). Such report shall be considered confidential information of
Licensee subject to Article II.

7.3 Failure to Commercialize. If Licensee is not fulfilling its obligations under
Section 7.1 with respect to the Field in any country, and Caltech so notifies Licensee in writing,
Caltech and Licensee shall negotiate in good faith any additional efforts to be taken by Licensee.
If the parties do not reach agreement within thirty (30) days of Caltech’s written notice, the
parties shall submit the issue to arbitration as provided in Article 12.

ARTICLE 8

LITIGATION

8.1 Enforcement. Both Caltech and Licensee agree to promptly notify the other in
writing should either party become aware of possible infringement by a third party of the
Exclusively Licensed Patent Rights. If Licensee has supplied Caltech with evidence of infringement
of Exclusively Licensed Patent Rights, Licensee may by notice request Caltech to take steps to
enforce the Exclusively Licensed Patent Rights. If Caltech does not, within sixty (60) days of the
receipt of such notice, initiate an action against the alleged infringer in the Field,
Licensee may upon notice to Caltech initiate such an action at Licensee’s expense, either in
Licensee’s name or in Caltech’s name if so required by law. Licensee shall be entitled to control
any such action initiated by it.

 

12

 

8.2 Other Defensive Litigation. If a declaratory judgment action alleging invalidity,
unenforceability or noninfringement of any of the Exclusively Licensed Patent Rights is brought
against Licensee and/or Caltech, Licensee may elect to control the defense of such action, and if
Licensee so elects it shall bear all the costs of the action. If mutually agreed between the
parties, Licensee may also undertake the defense of any interference, opposition or similar
procedure with respect to the Exclusively Licensed Patent Rights, providing that Licensee bears all
the costs thereof.

8.3 Cooperation. In the event either party takes control of a legal action or defense
pursuant to this Sections 8.1 or 8.2, (thus becoming the Controlling Party) the other party shall
fully cooperate with and supply all assistance reasonably requested by the Controlling Party,
including by: (a) using commercially reasonable efforts to have its employees consult and testify
when requested; (b) making available relevant records, papers, information, samples, specimens, and
the like; and (c) joining any such action in which it is an indispensable party. The Controlling
Party shall bear the reasonable expenses (including salary and travel costs) incurred by the other
party in providing such assistance and cooperation. Each party shall keep the other party
reasonably informed of the progress of the action or defense, and the other party shall be entitled
to participate in such action or defense at its own expense and using counsel of its choice. As a
condition of controlling any action or defense involving the Exclusively Licensed Patent Rights
pursuant to Sections 8.1 or 8.2, Licensee shall use its best efforts to preserve the validity and
enforceability thereof.

8.4 Settlement. If Licensee controls any action or defense under Section 8.1 or 8.2,
then Licensee shall have the right to settle any claims thereunder, but only upon terms and
conditions that are reasonably acceptable to Caltech. Should Licensee elect to abandon such an
action or defense other than pursuant to a settlement with the alleged infringer that is reasonably
acceptable to Caltech, Licensee shall give timely advance notice to Caltech who, if it so
desires, may continue the action or defense.

 

13

 

8.5 Recoveries. Any amounts paid to Caltech or Licensee by third parties as the result
of an action or defense pursuant to Sections 8.1 or 8.2 (including in satisfaction of a judgment or
pursuant to a settlement) shall first be applied to reimbursement of the unreimbursed expenses
(including attorneys’ fees and expert fees) incurred by each party. Any remainder shall be divided
between the parties as follows: seventy percent (70%) shall be paid to the party controlling the
action at the time of recovery, and thirty percent (30%) to the other party.

8.6 Infringement Defense. If Licensee, its Affiliate or sublicensee, distributor or
other customer is sued by a third party charging infringement of patent rights that cover a
Licensed Product, Licensee will promptly notify Caltech. Licensee will be responsible for the
expenses of, and will be entitled to control the defense or settlement of, any such action(s).

8.7 Marking. Licensee agrees to mark the Licensed Products with the numbers of
applicable issued patents within the Exclusively Licensed Patent Rights, unless such marking is
commercially infeasible in accordance with normal commercial practices in the Field, in which case
the parties shall cooperate to devise a commercially reasonable alternative to such marking.

8.8 Expiration or Abandonment. In a case where one or more patents or particular
claims thereof within the Licensed Patent Rights expire, or are abandoned, or are declared invalid
or unenforceable by a court of last resort or by a lower court from whose decree no appeal is
taken, or certiorari is not granted within the period allowed therefore, then the effect thereof
hereunder shall be:

(a) that such patents or particular claims shall, as of the date of expiration or abandonment
or final decision as the case may be, cease to be included within the Licensed Patent Rights for
the purpose of this Agreement; and

 

14

 

(b) that such construction so placed upon the Licensed Patent Rights by the court shall be
followed from and after the date of entry of the decision, and royalties shall thereafter be
payable by Licensee only in accordance with such construction.

In the event that Licensee challenges the validity of Licensed Patent Rights,
Licensee may not cease paying royalties as of the date validity of the claims in issue are
challenged, but rather may cease paying royalties as to those claims only after a final
adjudication of invalidity of those claims.

8.9 Adjustment. In the event that any of the contingencies provided for in Section 8.8
occurs, Caltech agrees to renegotiate in good faith with Licensee a reasonable royalty rate under
the remaining Licensed Patent Rights which are unexpired and in effect and under which Licensee
desires to retain a License.

ARTICLE 9

REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

9.1 Representations and Warranties of Caltech. Caltech hereby represents and
warrants to Licensee that as of the Effective Date:

(a) there are no outstanding licenses, options or agreements of any kind relating to the
Exclusively Licensed Patent Rights, other than pursuant to this Agreement herein;

(b) Caltech has the power to grant the rights, licenses and privileges granted herein and can
perform as set forth in this Agreement without violating the terms of any agreement that Caltech
has with any third party.

9.2 Exclusions. The parties agree that nothing in this Agreement shall be construed
as, and CALTECH HEREBY DISCLAIMS, ANY EXPRESS OR IMPLIED
REPRESENTATION, WARRANTY, COVENANT, OR OTHER OBLIGATION:

(a) THAT ANY PRACTICE BY OR ON BEHALF OF LICENSEE OF ANY
INTELLECTUAL PROPERTY LICENSED HEREUNDER IS OR WILL BE FREE FROM
INFRINGEMENT OF RIGHTS OF THIRD PARTIES;

 

15

 

(b) AS TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THIRD PARTY RIGHTS, WITH
RESPECT TO ANY TECHNOLOGY PROVIDED BY CALTECH TO LICENSEE HEREUNDER.

9.3 Indemnification by Caltech. Caltech shall indemnify, defend and hold harmless
Licensee from and against any and all losses, damages, costs and expenses (including attorneys’
fees) arising out of a material breach by Caltech of its representations and warranties (“Licensee
Indemnification Claims”), except to the extent involving or relating to a material breach by
Licensee of its representations and warranties, provided that: (a) Caltech is notified promptly of
any Licensee Indemnification Claims; (b) Caltech has the sole right to control and defend or settle
any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the
extent necessary in the defense of any Licensee Indemnification Claims. The foregoing shall be the
sole and exclusive remedy of Licensee for breach of Section 9.1.

9.4 Indemnification by Licensee. Licensee shall indemnify, defend and hold harmless
Caltech, its trustees, officers, agents and employees from and against any and all losses, damages,
costs and expenses (including reasonable attorneys’ fees) arising out of third party claims brought
against Caltech relating to the manufacture, sale, licensing, distribution or use of Licensed
Products by or on behalf of Licensee or its Affiliates, except to the extent involving or relating
to a material breach by Caltech of its representations and warranties (“Cal tech Indemnification
Claims”), provided that: (a) Licensee is notified promptly of any Caltech Indemnification Claims;
(b) Licensee has the sole right to control and defend or settle any litigation within the scope of
this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of
any Caltech Indemnification Claims ..

9.5 Certain Damages. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL,
CONSEQUENTIAL, INCIDENTAL, OR INDIRECT DAMAGES
ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY.

 

16

 

ARTICLE 10

TERM AND TERMINATION

10.1 Term. This Agreement and the rights and licenses hereunder shall take effect
on the Effective Date and continue until the expiration, revocation, invalidation, or
unenforceability of the Exclusively Licensed Patent Rights licensed to Licensee hereunder unless
earlier terminated pursuant to the terms of this Agreement.

10.2 Termination for Monetary Breach. Caltech shall have the right to terminate this
Agreement and the rights and licenses hereunder if Licensee fails to make any payment due including
patent expenses, minimum annual royalties or royalties hereunder and Licensee continues to fail to
make the payment, (either to Caltech directly or by placing any disputed amount into an
interest-bearing escrow account to be released when the dispute is resolved) for a period of seven
(7) days after receiving written notice from Caltech specifying Licensee’s failure. Upon any such
termination, (a) Licensee shall have six (6) months to complete the manufacture of any Licensed
Products that are then works in progress for sale and to sell its inventory of Licensed Products,
provided that Licensee pays the applicable royalties, and (b) any sublicenses shall survive
termination in accordance with Section 2.3.

10.3 Non-Monetary Termination for Breach. Non-monetary breach shall include, but is
not limited to, failure to fulfill the obligations in Article 6 and pursuit of exploitation of
Exclusively Licensed Patent Rights inside the Field. If this Agreement is materially breached by
either party, the non-breaching party may elect to give the breaching party written notice
describing the alleged breach. If the breaching party has not cured such breach within thirty (30)
days after receipt of such notice, the notifying party will be entitled, in addition to any other
rights it may have under this Agreement, to terminate this Agreement and the rights and licenses
hereunder.

 

17

 

10.4 Other Termination. This Agreement may also be terminated, in whole or in part, as
set forth in Sections 5.6 and 7.3. In addition, Licensee may terminate this Agreement for
convenience by providing Caltech with thirty (30) days advanced written notice.

10.5 Accrued Liabilities. Termination of this Agreement for any reason shall not
release any party hereto from any liability which, at the time of such termination, has already
accrued to the other party or which is attributable to a period prior to such termination, nor
preclude either party from pursuing any rights and remedies it may have hereunder or at law or in
equity which accrued or are based upon any event occurring prior to such termination,

10.6 Survival. The following shall survive any expiration or termination (in whole or
in pat) of this Agreement: (a) any provision plainly indicating that it should survive; (b) any
royalty due and payable on account of activity prior to the termination; and (c) Sections or
Articles 6.2, 9.2, 9.3, 9.4, 9.5, 10.4, II, 12, 13.1 & 14.

ARTICLE 11

CONFIDENTIALITY

11.1 Nondisclosure and Nonuse. Except as may be reasonably required by Licensee
in connection with potential customers and the provision of a sublicense or a potential investment,
during the term of this Agreement, each party agrees not to disclose any of the terms of this
Agreement to any third party without the prior written consent of the other party.

11.2 Permitted Disclosures. Notwithstanding the foregoing, each party may disclose:
(a) confidential information as required by securities or other applicable laws or pursuant to
governmental proceedings, provided that the disclosing party gives advance written notice to the
other party and reasonably cooperates therewith in limiting the disclosure to only those third
parties having a need to know; and (b) the fact that Licensee has been granted a license under the
Exclusively Licensed Patent Rights. In addition, upon Caltech’s approval, Licensee shall be
entitled to issue one or more factual press releases announcing the execution of this Agreement and
describing the Exclusively Licensed Patent Rights.

 

18

 

ARTICLE 12

DISPUTE RESOLUTION

12.1 No issue of the validity of any of the Licensed Patents, enforceability of any of the
Licensed Patents, infringement of any of the Licensed Patents, the scope of any of the claims of
the Licensed Patents and/or any dispute that includes any such issue, shall be subject to
arbitration under this Agreement unless otherwise agreed by the Parties in writing.

12.2 Except for those issues and/or disputes described in Section 10.2, any dispute between
the Parties concerning the interpretation, construction or application of any terms, covenants or
conditions of this Agreement shall be resolved by arbitration.

12.3 Arbitration shall be in accordance with the CPR Institute For Dispute Resolution (CPR)
Rules for Non-Administered Arbitration of Patent and Trade Secret Disputes or Rules for
Non-Administered Arbitration, as appropriate, in effect on the Effective Date by a sole Arbitrator
who shall be appointed in accordance with the applicable CPR rules. Any other choice of law clause
to the contrary in this Agreement notwithstanding, the arbitration shall be governed by the United
States Arbitration Act, 9 U.S.C. Section 1-16.

12.4 Any award made (i) shall be a bare award limited to a holding for or against a party and
affording such remedy as is within the scope of the Agreement; (ii) shall be accompanied by a brief
statement (not to exceed ten (10) pages) of the reasoning on which the award rests; (iii) shall be
made within four (4) months of the appointment of the Arbitrator; (iv) may be entered in any court
of competent jurisdiction; and (v) any award pertaining to a patent which is subsequently
determined to be invalid or unenforceable or otherwise precluded from being enforced, in a judgment
rendered by a court of competent jurisdiction from which no appeal can or has been taken, may be
modified as it relates to such patent by any court of competent jurisdiction upon application by
any party to the arbitration, however, under no circumstances shall Caltech be required to refund
any monies paid, or forego any amounts accrued, under the terms of this Agreement.

 

19

 

12.5 The requirement for arbitration shall not be deemed a waiver of any right of termination
under this Agreement and the Arbitrator is not empowered to act or make any award other than based
solely on the rights and obligations of the Parties prior to any such termination.

12.6 Each party shall bear its own expenses incurred in connection with any attempt to resolve
disputes hereunder, but the compensation and expenses of the Arbitrator shall be borne equally.

12.7 The Arbitrator shall not have authority to award punitive or other damages III excess of
compensatory damages, and each party irrevocably waives any claim thereto.

ARTICLE 13

PRODUCT LIABILITY

13.1 Indemnification. Licensee agrees that Caltech (including its trustees,
officers, faculty and employees) shall have no liability to Licensee, its Affiliates, their
customers or any third party, for any claims, demands, losses, costs, or other damages which may
result from personal injury, death, or property damage related to the Licensed Products (“Product
Liability Claims”). Licensee agrees to defend, indemnify, and hold harmless Caltech, its trustees,
officers, faculty and employees from any such Product Liability Claims, provided that: (a) Licensee
is notified promptly of any Product Liability Claims; (b) Licensee has the sole right to control
and defend or settle any litigation within the scope of this indemnity; and (c) all indemnified
parties cooperate to the extent necessary in the defense of any Claims.

13.2  Insurance. Prior to such time as Licensee begins to manufacture, sell, license,
distribute or use Licensed Products, Licensee shall at its sole expense, procure and maintain
policies of comprehensive general liability insurance in amounts not less than $1,000,000 per
incident and $3,000,000 in annual aggregate, and naming those indemnified under Section 13.1 as
additional insureds. Such comprehensive general liability insurance shall provide: (a) product
liability coverage; and (b) broad form contractual liability coverage for Licensee’s
indemnification of Caltech under Section 13.1. In the event the aforesaid product liability
coverage does not provide for occurrence liability, Licensee shall maintain such comprehensive
general liability insurance for a reasonable period of not less than five (5) years after it
has ceased commercial distribution or use of any Licensed Product. Licensee shall provide Caltech
with written evidence of such insurance upon request of Caltech.

 

20

 

13.3  Loss of Coverage. Licensee shall provide Caltech with notice at least fifteen
(15) days prior to any cancellation, non-renewal or material change in such insurance, to the
extent

Licensee receives advance notice of such matters from its insurer. If Licensee does not obtain
replacement insurance providing comparable coverage within sixty (60) days following the date of
such cancellation, non-renewal or material change, Caltech shall have the right to terminate this
Agreement effective at the end of such sixty (60) day period without any additional waiting period;
provided that if Licensee provides credible written evidence that is has used reasonable efforts,
but is unable, to obtain the required insurance, Caltech shall not have the right to terminate this
Agreement, and Caltech instead shall cooperate with Licensee to either (at Caltech’s discretion)
grant a limited waiver of Licensee’s obligations under this Article or assist

Licensee in identifying a carrier to provide such insurance or in developing a program for
self-insurance or other alternative measures.

ARTICLE 14

MISCELLANEOUS

14.1 Notices. All notice, requests, demands and other communications hereunder
shall be in English and shall be given in writing and shall be: (a) personally delivered; (b) sent
by telecopier, facsimile transmission or other electronic means of transmitting written documents
with confirmation of receipt; or (c) sent to the parties at their respective addresses indicated
herein by registered or certified mail, return receipt requested and postage prepaid, or by private
overnight mail courier services with confirmation of receipt. The respective addresses to be used
for all such notices, demands or requests are as follows:

	 	(a)	 	If to CALTECH, to:

California Institute of Technology

1200 East California Boulevard

Mail Code 210-85

Pasadena, CA 91125

ATTN: Senior Director, Technology Transfer

Phone No.: (626) 395-3288

Fax No.: (626) 356-2486

 

21

 

Or to such other person or address as Caltech shall furnish to Licensee in writing.

	 	(b)	 	If to LICENSEE, to:

Direct Methanol Fuel Cell Corporation (DMFCC)

171 N. Altadena Drive

Pasadena, CA 91107

ATTN: Carl Kukkonen

Phone No.: (626) 768-3360

Fax No.: (626) 578-9063

If personally delivered, such communication shall be deemed delivered upon actual receipt by
the “attention” addressee or a person authorized to accept for such addressee; if transmitted by
facsimile pursuant to this paragraph, such communication shall be deemed delivered the next
business day after transmission, provided that sender has a transmission confirmation sheet
indicating successful receipt at the receiving facsimile machine; if sent by overnight courier
pursuant to this paragraph, such communication shall be deemed delivered upon receipt by the
“attention” addressee or a person authorized to accept for such addressee; and if sent by mail
pursuant to this paragraph, such communication shall be deemed delivered as of the date of delivery
indicated on the receipt issued by the relevant postal service, or, if the addressee fails or
refuses to accept delivery, as of the date of such failure or refusal. Any party to this Agreement
may change its address for the purposes of this Agreement by giving notice thereof in accordance
with this Section 14.1

14.2 Entire Agreement. This Agreement sets forth the complete agreement of the parties
concerning the subject matter hereof. No claimed oral agreement in respect thereto shall be
considered as any part hereof. No amendment or change in any of the terms hereof subsequent to the
execution hereof shall have any force or effect unless agreed to in writing by duly authorized
representatives of the parties.

 

22

 

14.3 Waiver. No waiver of any provision, of this Agreement shall be effective unless
in writing. No waiver shall be deemed to be, or shall constitute, a waiver of a breach of any other
provision of this Agreement, whether or not similar, nor shall such waiver constitute a continuing
waiver of such breach unless otherwise expressly provided in such waiver.

14.4 Severability. Each provision contained in this Agreement IS declared to
constitute a separate and distinct covenant and provision and to be severable from all other
separate, distinct covenants and provisions. It is agreed that should any clause, condition or
term, or any part thereof, contained in this Agreement be unenforceable or prohibited by law or by
any present or future legislation then: (a) such clause, condition, term or part thereof, shall be
amended, and is hereby amended, so as to be in compliance therewith the legislation or law; but (b)
if such clause, condition or term, or part thereof; cannot be amended so as to be in compliance
with the legislation or law, then such clause, condition, term or part thereof shall be severed
from this Agreement all the rest of the clauses, terms and conditions or parts thereof contained in
this Agreement shall remain unimpaired.

14.5 Construction. The headings in this Agreement are inserted for convenience only
and shall not constitute a part hereof. Unless expressly noted, the term “include” (including all
variations thereof) shall be construed as merely exemplary rather than as a term of limitation.

14.6 Counterparts/Facsimiles. This Agreement may be executed in one or more
counterparts, all of which taken together shall be deemed one original. Facsimile signatures shall
be deemed original.

14.7 Governing Law.  This Agreement, the legal relations between the parties and any
action, whether contractual or non-contractual, instituted by any party with respect to matters
arising under or growing out of or in connection with or in respect of this Agreement shall be
governed by and construed in accordance with the internal laws of the State of California,
excluding any conflict of law or choice of law rules that may direct the application of the laws of
another jurisdiction.

 

23

 

14.8 No Endorsement. Licensee agrees that it shall not make any form of representation
or statement which would constitute an express or implied endorsement by Caltech of any Licensed
Product, and that it shall not authorize others to do so, without first having obtained written
approval from Caltech, except as may be required by governmental law, rule or regulation.

14.9 Transferability. This Agreement shall be binding upon and inure to the benefit of
any successor or assignee of Caltech. This Agreement is not transferable by Licensee without the
prior written consent of Caltech, and any attempted transfer shall be void, except that Licensee
may transfer this Agreement without the prior written consent of Caltech to any Affiliate or any
successor of, or purchaser of substantially all of, the assets or operations of its business to
which this Agreement pertains. Any permitted transferee shall succeed to all of the rights and
obligations of Licensee under this Agreement. See Sections 6.3 and 6.5.

14.10 Export Regulations. This Agreement is subject in all respects to the laws and
regulations of the United States of America, including the Export Administration Act of 1979, as
amended, and any regulations thereunder. Licensee or its sublicensees will not in any form export,
re-export, resell, ship, divert, or cause to be exported, re-exported, resold, shipped, or
diverted, directly or indirectly, any product or technical data or software of the other party, or
the direct product of such technical data or software, to any country for which the United States
Government or any agency thereof requires an export license or other governmental approval without
first obtaining such license or approval

14.11 Force Majeure. Neither party shall lose any rights hereunder or be liable to the
other party for damages or losses (except for payment obligations) on account of failure of
performance by the defaulting party if the failure is occasioned by war, strike, fire, Act of God,
earthquake, flood, lockout, embargo, governmental acts or orders or restrictions, failure of
suppliers, or any other reason where failure to perform is beyond the reasonable control and not
caused by the negligence or intentional conduct or misconduct of the nonperforming party, and such
party has exerted all reasonable efforts to avoid or remedy such force majeure; provided, however,
that in no event shall a party be required to settle any labor dispute or disturbance.

 

24

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed:

	 	 	 	 	 
	 	CALIFORNIA INSTITUTE OF TECHNOLOGY (Caltech)

 	 
	Date: 5/15/06 	By:  	/s/ Lawrence Gilbert
 	 
	 	 	Name:  	Lawrence Gilbert 	 
	 	 	Title:  	Sr. Director, Office of Technology Transfer 	 
	 
	 	

(LICENSEE)

 	 
	Date: 5/15/06 	By:  	/s/ Carl Kukkonen
 	 
	 	 	Name:  	Carl Kukkonen 	 
	 	 	Title:  	CEO 	 
	 

 

25

 

Exhibit A

	 	 	 	 	 	 	 	 	 
	 	 	Serial or	 	Filing or	 	 
	CIT #	 	Patent No.	 	Issued Date	 	Title and Inventors
	CIT 3011

	 	 	6,440,594	 	 	8/27/02
	 	Aerosol Feed Direct Methanol Fuel Cell

          Andrew Kindler

          Sekharipuran R. Narayanan

          Thomas I. Valdez
	CIT 3227

	 	 	6,680,139	 	 	1/20/04
	 	Reduced Size Fuel Cell for Portable Applications

          Sekharipuran R. Narayanan

          Harvey A. Frank

          Filberto Clara

          Thomas I. Valdez.
	CIT 3227-CA

	 	 	2412558	 	 	6/13/01
	 	Micro or miniature Fuel cell Power Source for
Small Portable Applications

          Sekharipuran R. Narayanan

          Harvey A. Frank

          Filberto Clara

          Thomas I. Valdez.
	CIT 3227-EPO

	 	 	01952871.0	 	 	6/13/01
	 	Micro or miniature Fuel cell Power Source for
Small Portable Applications

          Sekharipuran R. Narayanan

          Harvey A. Frank

          Filberto Clara

          Thomas I. Valdez.
	CIT 3338

	 	 	6,756,145	 	 	6/29/04
	 	Electrode and Interconnect for Miniature Fuel
Cells using Direct Methanol Feed

          Sekharipuran R. Narayanan

          Filberto Clara

          Thomas I. Valdez.
	CIT 3633

	 	 	10/410,761	 	 	4/9/03
	 	Methanol Monopolar, Miniature Fuel Cell and
Method of Fabricating a Stack of the same

          Sekharipuran R. Narayanan

          Thomas I. Valdez.
	CIT 3633-JP

	 	2003-585214
	 	4/9/03
	 	Methanol Monopolar, Miniature Fuel Cell and
Method of Fabricating a Stack of the same

          Sekharipuran R. Narayanan

          Thomas I. Valdez.
	CIT 3799

	 	 	10/704,196	 	 	11/7/03
	 	Cathode Structure for Direct Methanol Fuel Cell

          Sekharipuran R. Narayanan

          Thomas I. Valdez.
	CIT3800

	 	 	10/704,203	 	 	11/7/03
	 	Anode Structure for Direct Methanol Fuel Cell

          Sekharipuran R. Narayanan

          Thomas I. Valdez.

 

26

 

Exhibit B

Technology

	 	 	 
	Name	 	Technology
	NONE
	 	 

 

27Filed by Bowne Pure Compliance

 

Exhibit 10.24

	SUBCONTRACT FOR ACSD PHASE II
ACSD PHASE II SUBCONTRACT WORK PER ASSIGNMENT:
N66001-05-9-6016
ATTACHED TO AND MADE PART OF THIS PURCHASE ORDER IS ARROYO SCIENCES STATEMENT OF WORK AND PRICING
ORDER FOR YEAR 1 & YEAR 2. A SEPARATE PO WILL BE SUBMITTED UPON APPROVAL FOR YEAR 2.
THIS PO IS TO COVER YEAR 1 ONLY.
THIS TECHNICAL DATA MUST BE EXPORTED FROM THE
UNITED STATES IN ACCORDANCE WITH EXPORT ADMINISTRATION REGULATION. DIVERSION CONTRARY TO U.S. LAW
IS PROHIBITED. IN ACCORDANCE WITH U.S. LAW, RESALE/RE-EXPRT OR TRANSFER TO CERTAIN DESIGNATED
COUNTRIED IS PROHIBITED WITHOUT THE PRIOR WRITTEN CONSENT OF THE U.S. DEPARTMETN OF COMMERCE.
L-3 SHALL NOT BE LIABLE FOR ANY QTY/COSTS INCURRED ABOVE THAT STATED IN THIS PURCASE ORDER. NO
AMENDMENT OF THIS ORDER SHALL BE VALID UNLESS SIGNED BY A DULY AUTHORIZED PROCUREMENT
REPRESENTATIVE OF L-3 COMMUNICATRIONS
SUPPLIER SHALL NOTE PURCHSE ORDER ON ALL INVOICES, PACKING SLIPS AND ALL CORRESPONDENCE. FAILURE
TO COMPY MAY DELAY PAYMENT OF INVOICE (S).
AUTHORIZED SIGNATURE
TOTAL
SPECIAL INSTRUCTIONS:
Vendor is required to send acceptance of this order to the person/department listed below, via
fax or mail.
526929.00
QUANTITY
EA
12/31/06
Non-Stock
526929.00
1.000000
1
AMOUNT
UNIT PRICE
UOM
DELIVERY DATE
PART NUMBER/DESCRIPTION
ITEM
TERMS:
0.00% 0 NET 30
REQUEST NO.
ACSD PH II
DELIVER TO
KEN BISHOP
VENDOR TELEPHONE
626-296-6310
TAX
NO
VENDOR ID
-ARROYOS00
ORDER DATE
06/08/06
CONFIRMS TO
BOB LYONS
F.O.B.
ORIGIN
SHIP VIA
PER ROUTING GUIDE
REMARKS
ACSD PHASE II SUBCONTRACT
RESALE NO
BILL TO:
L-3 SECURITY & DETECTION SYS
2005 GANDY BOULEVARD NORTH
SUITE 600
SAINT PETERSBURG, Fl
U.S.A. 33702
SHIP TO:
L-3 SECURITY & DETECTION SYS
2005 GANDY BOULEVARD NORTH
SUITE 600
SAINT PETERSBURG, Fl
U.S.A. 33702
VENDOR: ARROYO SCIENCES, INC.
2400 LINCOLN AVENUE
ALTADENA, CA
U.S.A. 91001
2005 Gandy Boulevard North
Suite 600
St. Petersburg, FL 33702
Tel: (727) 556-0270
Fax: (727) 556-0271
PAGE
1
BUYER
JDK
CHANGE NO.
0
PURCHASE ORDER NO.
138449
THIS PURCHASE ORDER NUMBER MUST APPEAR ON ALL INVOICES, SHIPPING DOCUMENTS, CARTONS AND
CORRESPONDENACE RELATED TO THIS ORDER
Purchase Order

 

Exhibit 10.24

	AUTHORIZED SIGNATURE
$526929.00
TOTAL
SPECIAL INSTRUCTIONS:
Vendor is required to send acceptance of this order to the person/department listed below, via
fax or mail.
526929.00
1.000000
EA
12/31/06
Non-Stock
526929.00
1
AMOUNT
UNIT PRICE
UOM
DELIVERY DATE
PART NUMBER/DESCRIPTION
QUANTITY
ITEM
REMARKS
ACSD PHASE II SUBCONTRACT
RESALE NO
TAX
NO
VENDOR TELEPHONE
626-296-6310
DELIVER TO
KEN BISHOP
REQUEST NO.
ACSD PH II
TERMS:
0.00% 0 NET 30
CONFIRMS TO
BOB LYONS
F.O.B.

	ORIGIN
SHIP VIA
PER ROUTING GUIDE
VENDOR ID
-ARROYOS00
ORDER DATE
06/08/06
VENDOR: ARROYO SCIENCES, INC.
2400 LINCOLN AVENUE
ALTADENA, CA
U.S.A. 91001
BILL            TO:
L-3 SECURITY & DETECTION SYS
2005 GANDY BOULEVARD NORTH
SUITE 600
SAINT PETERSBURG, Fl
U.S.A. 33702
SHIP TO:
L-3 SECURITY & DETECTION SYS
2005 GANDY BOULEVARD NORTH
SUITE 600
SAINT PETERSBURG, Fl
U.S.A. 33702
CHANGE NO.
0
BUYER
JDK
PAGE
2
PURCHASE ORDER NO.
138449
THIS PURCHASE ORDER NUMBER MUST APPEAR ON ALL INVOICES, SHIPPING DOCUMENTS, CARTONS AND
CORRESPONDENACE RELATED TO THIS ORDER
Purchase Order
2005 Gandy Boulevard North
Suite 600
St. Petersburg, FL 33702
Tel: (727) 556-0270
Fax: (727) 556-0271
PACKING SLIPS MUST BE SEALED AND ATTACHED TO ALL DELIVERED ITEMS. PACKING SLIP DESCRIPTION
MUST MATCH P.O. DESCRIPTION AND SHOULD BE MARKED WITH P/N OR MANUFACTURER P/N, QUANITTY AND UNIT OF
MEASURE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]