Document:

Exclusive License and Distribution Extension Agreement

 Exhibit 10.3 
 AGREEMENT 
 This Agreement is made as of the 6th day of June, 2007 by and between REDUCT NV (further called
“Company”), a company organised and existing under the laws of Belgium with registered office at 42 Molenberglei, 2627 Schelle, Belgium, and GEOSPATIAL MAPPING SYSTEMS, INC., a company incorporated under the laws of the state of
Delaware, with registered office at 229 Howes Run Road, Sarver, Pennsylvania, USA 16055 (further called “Geospatial”). The Company and Geospatial agree as follows: 
  

	1.	Representations 

  

	1.1	Geospatial represents to Reduce and Delta Networks that Geospatial has entered into a letter of intent to execute a “reverse merger” with a fully reporting
‘“public-shell” company. Upon completion of the share exchange agreement and/or acquisition or disposition of assets Geospatial will become a wholy-owned subsidiary of the public company. Upon the consummation of the reverse merger
transaction, the public company will change its name to GEOSPATIAL CORPORATION with trading symbol “GEOM”, or similar, (OTC Bulletin Board) and the existing management of Geospatial will assume management and full control of the public
company’s board of directors and will carry on Geospatial’s business (“Geospatial Corporation”). Geospatial intends to consummate the reverse merger during the months of June or July 2007 or soon thereafter, however there can be
no guarantee that the anticipated transaction will occur, and Geospatial may elect to fund its capital needs through private equity sources. 

  

	1.2	Delta Networks Limited SA, is a company incorporated under the laws of Luxembourg (“Delta Networks”) and owner of over 99% of the outstanding shares in Reduct NV.

  

	1.3	Mark A. Smith is an individual residing at 1001 Carlisle Street, Natrona Heights, Pennsylvania, USA 15065 (“Smith”) and owner of over 60% of the outstanding shares in
Geospatial. 

  

	2.	Definitions and Exclusive License and Distribution Agreement 

  

	2.1	This Agreement is an extension of the existing Exclusive License and Distribution Agreement dated August, 2006 between the Company and Geospatial (“License and Distribution
Agreement”) and all its definitions, terms and conditions of the License and Distribution Agreement remain unchanged, valid and in effect. 

  

	2.2	Delta Networks appears in this Agreement in order to effect the offer to Geospatial of the right to purchase from Delta Networks shares in Reduct and the acceptance by Delta
Networks of its right to purchase shares in Geospatial or Geospatial Corporation from Smith and/or through the purchase of newly issued shares, only. 

  

	2.3	Smith appears in this Agreement in order to effect the offer to Delta Networks of its right to purchase shares in Geospatial or Geospatial Corporation from Smith and/or through the
purchase of newly issued shares, only. 

  

 1 

	3.	Payments due under the Exclusive License and Distribution Agreement 

  

	3.1	Under the terms and conditions of the License and Distribution Agreement, and in particular under clauses 3.1.6 and 17, at this date Geospatial is due to the Company and the Company
has a claim on Geospatial for the following amounts: 

  

	 	(i)	€ 92,160,41 as payment for Products delivered and made ready for delivery by the Company to Geospatial under the License and Distribution Agreement; and

  

	 	(ii)	€ 500,000 as payment of an additional fee under clause 3.3 of the License and Distribution Agreement. 

  

	3.2	It is hereby agreed that: 

  

	 	(i)	The amount of € 92,160,41 shall be paid by Geospatial to the Company by June 15, 2007; and 

  

	 	(ii)	The amount of € 500,000 shall be paid by Geospatial to the Company in two installments, i.e.: € 250,000 at the latest by July 31, 2007 and 250,000 at the latest by
August 31, 2007. 

  

	4.	Geospatial purchase of 10% of Reduct NV shares and effect of such purchase 

  

	4.1	Geospatial or Geospatial Corporation, at its sole option, shall have the right to purchase before October 31, 2007 from Delta Networks a minority holding of 10% of the
outstanding common shares in Reduct NV for a purchase price of € 2,000,000 (EURO Two million) (the “Purchase”). 

  

	4.2	Upon the closing of the Purchase and as long as Geospatial or Geospatial Corporation holds at least 10% of the outstanding shares in Reduct NV, the Geospatial exclusivity under the
License and Distribution Agreement shall hold (the “Hold”) in case the intercompany sales performance falls below 70% of the Intercompany Sales (“IS”) as defined in its Schedule 3.1 for any given year. PROVIDED THAT:

  

	 	(i)	the obligation to pay a fee of € 500,000 (EURO Five hundred thousand) on January 15, 2008 under its clause 3.3 remains in full force and effect; 

  

	 	(ii)	the obligation to pay and the amounts of Exclusivity fee for any given year against 70-80% of IS Performance, as specified in its Schedule 3.1, remain in full force and effect:

  

	 	(iii)	the amount of Intercompany Sales as specified in its Schedule 3.1 from the year 2009 onwards shall remain but with a minimum obligation of € 3 Million (EURO Three million)
Intercompany Sales; 

  

	 	(iv)	the Hold of the Geospatial exclusivity shall be restricted to the USA only; and (v) all terms and conditions of the License and Distribution Agreement remain otherwise in full force
and effect. 

  

	5.	Geospatial purchase right to 90% of Reduct NV shares 

 Upon the
consummation of the Purchase, Geospatial or Geospatial Corporation shall have the right until October 31, 2008 to purchase from Delta Networks the remaining 90% of the outstanding shares in Reduct NV and all Reduct NV’s IP (Intellectual
Property) for an amount of € 18 Million (EURO Eighteen Million) in cash. 
  

 2 

	6.	Delta Networks purchase right to 3 Million shares in Geospatial 

 In
order to induce Delta Networks to agree providing an option to Geospatial or Geospatial Corporation to the Purchase, as well as to enter into this Agreement as well as the continuation of the existing License and Distribution Agreement, Delta
Networks, at its sole option, shall have the right until October 31, 2009 (the “Date”) to purchase 3,000,000 (Three million) shares in Geospatial or Geospatial Corporation (the “Shares”) at a purchase price per share of 0.50
$ (USD 50 dollar cent) (the “Price”) from Smith and/or through the purchase of newly issued shares (hereinafter the “Right to Purchase”) and Smith, Geospatial and Geospatial Corporation will to this effect cause the shareholders
and/or the Board of Geospatial or Geospatial Corporation to accept such shareholder transfer or share issue through provisions in the Geospatial or Geospatial Corporation’s articles of association or shareholders agreement, such as provisioning
for an authorised capital clause in the Articles of Association of Geospatial or Geospatial Corporation, or otherwise. 
 The Right to Purchase shall he
exercisable by written notice (the “Notice”) delivered to Geospatial or Geospatial Corporation by registered mail or by overnight courier at any time until the Date stating that Delta Networks intends to exercise its right. In case Delta
Networks has not been able to consumate its right within 4 (four) months of the Notice due to the default by Geospatial or Geospatial Corporation to implement the required corporate decisions effecting a capital increase allowing Delta Networks to
consumate its right through the purchase of newly issued shares. Delta Networks shall have the right to purchase from Smith and Smith shall have the obligation to sell to Delta Networks the Shares at the Price. 
  

	7.	Counterparts 

 This Agreement is executed in four counterparts, each
Party recognizing having received one copy. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above. 

 

									
	GEOSPATIAL MAPPING SYSTEMS, INC.	 		 	REDUCT NV
			
	 

	 		 	 

	By:	 	Mark A. Smith	 		 	By:	 	Otto Ballintijn
	Title:	 	Chairman/CEO	 		 	Title:	 	Managing Director
			
	DELTA NETWORKS LIMITED SA	 		 	Mark A. Smith
			
	 

	 		 	 

	By:	 	Peter Magnus	 		 	By:	 	Mark A. Smith
	Title:	 	President/CEO	 		 	Title:	 	Individual

  

 3The Amendment No. 1 to the Reduct Exclusive License and Distribution Agreement

 Exhibit 10.4 
 AMENDMENT No. 1 
 TO 
 EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT 
 This Amendment No. 1 (“Amendment”) to that Exclusive License and Distribution Agreement (the “License Agreement”) entered into as of the 3rd day of August, 2006, by and between REDUCT NV, a company organized and existing under the laws of Belgium, with registered office at Satenrozen la, Box 2, 2550 Kontich,
Belgium (the “Company”), and GEOSPATIAL MAPPING SYSTEMS, INC., a corporation incorporated under the laws of the State of Delaware, USA, with registered office at 229 Howes Run Road, Sarver, Pennsylvania USA 16055
(“Geospatial”) as modified and extended by that Agreement entered into as of the 6th day June, 2007, by and among the Company, Geospatial and, for the limited purposes set forth therein, and Mark A. Smith (“Smith”)
(the “Extension Agreement” and together with the License Agreement, the “Agreement”), is entered as of December 21, 2007 (the “Effective Date”) by and among Company, Geospatial and, for the
limited purposes described herein, Delta Networks and Smith. Any capitalized term used but not defined herein shall have the same meaning as in the Agreement. 
 RECITALS 
 A. The parties hereto have entered into the Agreement. 
 B. The parties hereto desire to amend the Agreement to provide that (i) certain payments due by Geospatial to Reduct be extended. 
 NOW, THEREFORE the parties hereby agree as follows: 
 AGREEMENT 
  

	1.	The following payments due under the Agreement to be paid by Geospatial to Reduct shall be extended as outlined below: 

  

	 	a.	Geospatial shall agree immediately place an order to purchase 1,700,000 Euros of probes with a large portion of the order involving probes specifically designed for high pressure
applications. 

  

	 	b.	Geospatial shall wire to Reduct a 25% downpayment toward the order described in l(a) above in an amount equal to 425,000 Euros by December 31, 2007 which will allow Reduct and
Geospatial to determine the specific type and number of probes and the design criteria required do develop the high pressure Smart Probes. 

	 	 c.
	 By February 15th 2008, Geospatial shall pay to Reduct an additional 25% downpayment amounting to 425,000 Euros which will allow Reduct to begin production of the probes. 

  

	 	d.	Geospatial shall pay the balance due under this order upon shipping of smart probes. 

  

	 	e.	Geospatial shall pay the 2007 exclusivity (maintenance fee) of 100,000 Euros and the 2008 exclusivity fee of 500,000 Euros on March 31, 2008. 

 2. Effect of Amendment. The Agreement is hereby ratified and confirmed in all respects, and all terms, conditions and provisions of the Agreement,
except as amended by this Amendment, shall remain in full force and effect. 
 3. Counterparts. This Amendment may be executed in any
number of counterparts, and each such counterpart shall for all purposes be deemed an original, and all such counterparts shall together constitute but one and the same Amendment. 
 4. Effective Date. This Amendment is made effective as of the Effective Date. 
 [SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment, or caused this Amendment to be duly executed
by their respective authorized officers, as of the day and year first above written. 
 Date:
December 21st, 2007 
  

			
	GEOSPATIAL MAPPING SYSTEMS, INC,
		
	By:	 	 

	Name:	 	Mark A. Smith
	Title:	 	President
	
	REDUCT NV
		
	By:	 	 

	Name:	 	Otto Ballintijn
	Title:	 	Managing Director
	
	MARK A. SMITH
	
	 

	By:	 	Mark A. Smith

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]