Document:

INTELLECTUAL PROPERTY LICENSE
AGREEMENT

 

THIS INTELECTUAL PROPERTY
LICENSE AGREEMENT (the “Agreement”) is entered into as of January 5, 2010 (the “Effective Date”),
by and between Corruven Canada, Inc., an New Brunswick, Canada corporation (the “Licensor”) and Corruven, Inc.,
a Nevada corporation (the “Licensee”) (The Licensor and the Licensee may be referred to hereinafter individually
as a “Party” and collectively as the “Parties”).

 

RECITALS

 

WHEREAS, the Licensor
is the owner of certain valuable patents and patent applications relating to materials, methods and devices relating to their CorruvenTM
wood panel;

 

WHEREAS, the Licensor
is willing to extend to the Licensee an exclusive license under such patents and patent applications;

 

WHEREAS, the Licensee
is desirous of acquiring a license under such patents and patent applications;

 

WHEREAS, in connection
with and as an inducement to enter into this Agreement, the Parties have entered into a research and development agreement (the
“R&D Agreement,” a copy of which has been attached hereto as Exhibit A);

 

AGREEMENT

 

NOW THEREFORE, in consideration of the foregoing
and mutual promises, covenants and conditions contained herein, the Parties agree to be legally bound as follows:

 

ARTICLE I

DEFINITIONS

 

For the purpose of this Agreement, the following
terms have the meanings herein set forth.

 

1.1           “Licensed
Patents” shall mean; United States Patent Application No.: 61/118,532; Canada Patent Application No.: 2,650,873; International
Patent Application No. PCT/CA2009/001739; and Canada Trademark Application No.: 1420103; and any continuation, continuation-in-part,
divisional, reexamination certificate, reissued patent, and/or certificate of correction thereof and any patents granted upon any
extensions thereof and any foreign derivative patents or counterparts thereof, whether or not in existence as of the Effective
Date.

 

1.2           “Licensee”
shall mean any organization and any corporation that directly, or indirectly through one or more intermediaries’ controls,
is controlled by, or is under common control with, Licensee, or any organization or any corporation that acts as an authorized
agent, distributor or independent sales outlet for Licensee.

 

1.3           “Products”
shall mean any CorruvenTM wood panels and any other products utilizing the Licensed Patents sold by Licensee for use
according to the Licensed Patents.

 

1.4           “Methods
and Devices” shall mean methods, structures, assemblies and devices employed in making the Products which are covered
by at least one of the claims contained in the Licensed Patents.

 

1.5           “Net
Sales” shall mean the total sales of the Products sold by Licensee to a third party, but excluding returns. Net Sales
shall exclude costs associated with packaging, shipping, storage, insurance and taxes/tariffs levied on the Products.

 

1.6           “Confidential
Information” shall mean all information (in written, oral or electronic form) that is disclosed between the Parties and
that is conspicuously marked by the disclosing party as being confidential, or should have been reasonably understood by the receiving
party as confidential; and shall include, without limitation, this agreement, its terms and any discussions/negotiations leading
up to its execution; business, financial and technical information; software, demonstration programs, routines, algorithms, computer
systems, techniques, documentation, designs, procedures, formulas, inventions, improvements, concepts, records, files, memoranda,
reports, drawings, plans, price lists, customer lists, and/or the like.

 

    	 

    	 

    

 

ARTICLE II

GRANT

 

2.1           Upon
the Effective Date and during the term of this Agreement, the Licensor extends to Licensee a worldwide exclusive license under
the Licensed Patents, with an exclusive right to sublicense the Methods and Devices to sublicensees. Such exclusive license shall
continue until terminated pursuant to the terms contained herein.

 

ARTICLE III

LICENSE FEE

 

3.1           In
consideration of the exclusive licenses granted pursuant to this Agreement, Licensee shall pay to Licensor for the license extended
under the Licensed Patents an annual royalty license fee of one percent (1%) of Net Sales of the Products sold by Licensee pursuant
to this Agreement (the “License Fee”). The License Fee shall be calculated as 0.01 times the Net Sales of the
Products sold as defined above. (For example, if the Net Sales of Products equals $2,000,000 in any given payment period, the License
Fee shall be $2,000,000 x 0.01 = $20,000).

 

ARTICLE IV

RECORD, REPORTS AND PAYMENT

 

4.1           No
License fee shall accrue or be considered earned, due and payable until the fifth (5th) anniversary of the Effective
Date herein. Following such five year period wherein no License Fee is payable to the Licensor, Licensee shall make written reports
to Licensor within sixty (60) calendar days after the end of each following calendar year during the term of this Agreement. Each
report shall state the amount of Products which have been sold by Licensee, and/or its sublicensees, the License Fee due, and the
manner in which the License Fee has been computed. The report shall be accompanied by payment from Licensee to Licensor of the
License Fee due.

 

4.2           Licensee
shall maintain sufficiently detailed and accurate records and books of accounts of all Licensee’s and Licensee’s sublicensees
sales of Products in connection with the rights granted to Licensee hereunder. Licensee shall permit an independent accountant,
appointed and paid by Licensor to inspect, at reasonable times during regular business hours and upon reasonable notice, but for
no more than two (2) consecutive calendar days, the books and records of Licensee relating to the exercise of the rights granted
hereunder. The independent accountant shall report to Licensor only whether the amounts reported and paid to Licensor by Licensee
are accurate.

 

4.3           Licensee
shall be responsible to Licensor for all License Fees due and owing to Licensor and resulting from the operations of Licensee,
and its sublicensees.

 

4.4           Each
payment to Licensor hereunder shall be made in United States dollars, unless otherwise mutually agreed upon in writing by both
Parties. Each payment to Licensor shall be without deduction for taxes or charges of any kind except any income taxes or a tax
imposed in lieu of an income tax that may be imposed upon Licensor by any Government or any political subdivisions thereof with
respect to any amount payable to Licensor pursuant to this Agreement. Licensee shall provide Licensor with receipts for any taxes
paid to any Government and in such form as shall be most useful to Licensor for tax credit purposes in the United States of America.

 

4.5           If
Licensee shall fail to make any License Fee payment to Licensor as specified herein, such amounts due shall accrue interest at
a rate of eight percent (8%) per annum; and upon thirty (30) calendar days written notice to Licensee pursuant to Article 7, Licensor
shall have the right to terminate this Agreement.

 

ARTICLE V

CONFIDENTIALITY

 

5.1           Licensee
agrees to maintain in secrecy and strict confidence any Confidential Information and other data and information learned directly
or indirectly from Licensor hereunder by Licensee before of after the Effective Date hereof plus such modifications and improvements
based on or related to the Confidential Information disclosed hereunder or developed by Licensee pursuant to this Agreement. Licensee
reserves the right to not accept any such information provided by Licensor, which Licensor designates with the marking Confidential
Information.

 

    	 

    	 

    

 

5.2           Licensee
may divulge or permit divulgation of Licensor's Confidential Information to those of Licensee's employees or subcontractors who
strictly need to know such information to enable Licensee to implement and enjoy its full rights and licenses under this Agreement,
but only to the extent necessary under the circumstances; provided that all such employees and subcontractors to whom such information
is divulged are bound, by a duly executed written agreement satisfactory to Licensor, with Licensee to maintain all such information
in secrecy and confidence in accordance with terms no less rigorous than those set forth in this Agreement.

 

5.3           Licensee
agrees to promptly notify Licensor of any wrongful use or disclosure and whether Licensee wishes to take timely action to prevent
or stop such wrongful use or disclosure. Licensee shall have the right to take timely and vigorous legal and other appropriate
action at its expense against any and all persons who either wrongfully use or wrongfully disclose any portion of Licensor's Confidential
Information, existing on the date hereof or later originated, which was divulged to Licensee under this Agreement and misappropriated
from Licensee. In the event the Licensee does not wish to take timely action or if Licensor is not satisfied that Licensee's action
will adequately protect and preserve the secret and confidential nature of the Confidential Information, then Licensor shall have
the right to take action in Licensor's behalf and Licensee shall provide all necessary assistance to Licensor at Licensee's sole
expense.

 

5.4           In
the event this Agreement is terminated, Licensee agrees for itself and its employees, at Licensor's request, to immediately deliver
to Licensor all of Licensor’s Confidential Information, and not to retain any copies thereof or use any such information
without written consent of Licensor including copies or documents containing portions of such information, provided however, that
this obligation shall not apply to the Confidential Information excluded from the confidentiality obligations by the terms of this
Agreement.

 

5.5           All
information provided by Licensee to Licensor in connection with this Agreement, shall be designated as Confidential Information
of Licensee.

 

ARTICLE VI

PATENT MAINTENANCE AND INFRINGEMENT

 

6.1           Licensor
shall be solely responsible for any expenses for, filing, prosecution and maintenance of Licensed Patents, said filing, prosecution
and maintenance to be performed by Licensor.

 

6.2           In
the event that Licensor no longer desires to maintain any Licensed Patent, Licensor shall provide Licensee with thirty (30) calendar
days prior written notice of such desire and Licensor shall agree to permit Licensee to make maintenance payments on Licensed Patents
in its stead.

 

6.3           Licensor
and Licensee each shall notify the other promptly following the discovery of any infringement of any Licensed Patent by any third
party. Licensor shall promptly undertake reasonable efforts to obtain a discontinuance of the aforesaid infringement and, if not
successful, Licensor shall at its option bring suit against such infringer. If during the term of this Agreement any third party
shall infringe any Licensed Patent and Licensor fails to obtain a discontinuance of said infringement and/or elects not to bring
an infringement suit against such third party, then in any such event Licensor shall give notice in writing to Licensee of its
election not to bring suit and of the circumstances of such infringement, including such evidence of infringement as Licensor may
possess and the identity of specific members of Licensed Patents so infringed. Licensee may in its sole discretion determine whether
to obtain a discontinuance of the infringing activity or bring an action for patent infringement at its own expense against such
third party. Any infringement suit by Licensee shall be in the name of Licensee and Licensor. For this purpose Licensor agrees
to join voluntarily in any such suit and shall execute such legal papers necessary for the prosecution of such suit as may be requested
by Licensee. Licensee shall be liable for all costs and expenses of such litigation and shall be entitled to receive and retain
fifty percent (50%) of all recoveries therefrom after deducting all costs and expenses associated with the litigation, with the
remaining fifty percent (50%) due to Licensor. Licensee’s failure to obtain discontinuance of the alleged infringing operation,
settlement with any actual or alleged third party infringer under any terms whatsoever or election not to bring an infringement
suit against such third party infringer as provided hereinabove, shall not affect Licensee’s obligations to pay Licensor
any License Fees as required hereunder.

 

6.4           Licensor
and Licensee each shall take all reasonable steps in any suit maintained by either of them to allow the other to be represented
by counsel of its own selection and at its own expense but the direction of the suit shall remain in the hands of the Licensor.
The other of said Parties shall cooperate fully and furnish any evidence in its possession bearing on the issues involved in each
suit.

 

    	 

    	 

    

 

6.5           Should
any patent licensed to Licensee hereunder be declared invalid, not infringed or limited in scope or enforceability by a decision
of a court or other tribunal of competent jurisdiction in the country in which the patent was granted binding on all persons in
all parts of said country, from which no appeal is or can be taken, then the construction placed upon said patent by said court
or other tribunal shall be followed by the Parties hereto from and after the date of entry of the decree of said court or tribunal
and royalties shall thereafter be payable to Licensor in accordance with such construction for the country in which the litigation
occurred.

 

ARTICLE VII

TERM AND TERMINATION

 

7.1           Unless
sooner terminated, as hereinafter provided, this Agreement shall remain in full force and effect until the expiration of the last
to expire of the Licensed Patents.

 

7.2           If
either Party shall at any time fail to fulfill its obligations under this Agreement or the R&D Agreement, the other Party,
in addition to all of the rights and remedies it may have, may terminate this Agreement upon thirty (30) days written notice to
the defaulting Party, but if such default is corrected during the notice period or waived by either Party in writing, the notice
shall be of no further force or effect.

 

7.3           The
forgoing right of the Parties to terminate this Agreement shall be at the option of the Party who is not in breach of its obligations
and the failure to exercise any such right in the event of any occurrence giving the rise thereto shall not constitute waiver of
the right in the event of any subsequent occurrence.

 

7.4           Should
Licensee become insolvent, liquidate, make an assignment for the benefit of creditors, become the subject of any bankruptcy proceeding,
or wind up its operations, then in such event Licensor may at any time thereafter on written notice to Licensee effective forthwith
cancel this Agreement and the rights herein granted.

 

7.5           Should
this Agreement be terminated or cancelled, all provisions regarding confidentiality referred to herein shall remain in full force
and effect for a period of five (5) years.

 

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES

 

8.1           The
Parties represent and warrant that they each have the unencumbered right to enter into this Agreement.

 

8.2           Licensor
represents and warrants that it has not extended any licenses to Licensed Patents to any third parties as of the Effective Date.

 

8.3           Licensor
represents, to the best of its knowledge, that Licensed Patents are valid and enforceable.

 

8.4           Licensee
represents, to the best of its knowledge, that the practice of the technology as defined by the claims in Licensed Patents does
not infringe the claims of any granted United States or non-United States patents, owned by a third party, to which Licensee is
not licensed as of the Effective Date.

 

ARTICLE IX

MISCELLANEOUS

 

8.1    Entire
Agreement.   Each Party has the full right, power and authority to execute, deliver and perform this
Agreement. This Agreement sets forth the entire legal agreement and understanding of the Parties hereto with respect to the
transactions contemplated hereby, and supersedes all prior agreements, arrangements and understandings related to the subject matter
hereof. No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written
or oral, express or implied, whether by statute or otherwise, has been made by any Party hereto which is not embodied in this Agreement
or the written statements, certificates, or other documents delivered pursuant hereto or in connection with the transactions contemplated
hereby, and no Party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation,
warranty, covenant or condition not so set forth.

 

    	 

    	 

    

 

8.2           Indemnification.
Each Party agrees to indemnify the other Party and hold it harmless against any losses, claims, damages or liabilities incurred
by the other Party, in connection with, or relating in any manner, directly or indirectly, to this Agreement. Additionally, each
Party agrees to reimburse the other Party immediately for any and all expenses, including, without limitation, attorney fees, incurred
by such Party in connection with investigating, preparing to defend or defending, or otherwise being involved in, any lawsuits,
claims or other proceedings arising out of or in connection with or relating in any manner, directly or indirectly, to this Agreement
(as defendant, nonparty, or in any other capacity other than as a plaintiff, including, without limitation, as a party in an interpleader
action). Each Party further agrees that the indemnification and reimbursement commitments set forth in this paragraph shall extend
to any controlling person, strategic alliance, partner, member, shareholder, director, officer, employee, agent or subcontractor
of the other Party and their heirs, legal representatives, successors and assigns. The provisions set forth in this section shall
survive any termination of this Agreement.

 

8.3           Notices.    Any
notice, request, instruction, or other document required by the terms of this Agreement, or deemed by any of the Parties hereto
to be desirable, to be given to any other Party hereto shall be in writing and shall be given by facsimile, personal delivery,
overnight delivery, or mailed by registered or certified mail, postage prepaid, with return receipt requested. If notice is given
by facsimile, personal delivery, or overnight delivery in accordance with the provisions of this Section, said notice shall be
conclusively deemed given at the time of such delivery. If notice is given by mail in accordance with the provisions of this Section,
such notice shall be conclusively deemed given seven days after deposit thereof.

 

8.4           Waiver
and Amendment.    Any term, provision, covenant, representation, warranty or condition of this Agreement
may be waived, but only by a written instrument signed by the Party entitled to the benefits thereof. The failure or delay of any
Party at any time or times to require performance of any provision hereof 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. No waiver by
any Party of any condition, or of the breach of any term, provision, covenant, representation or warranty contained in this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach
or waiver of any other condition or of the breach of any other term, provision, covenant, representation or warranty. No modification
or amendment of this Agreement shall be valid and binding unless it be in writing and signed by all Parties hereto.

 

8.5           Governing
Law. The subject matter of this Agreement shall be governed by and construed in accordance with the laws of the State of California
(without reference to its choice of law principles), and to the exclusion of the law of any other forum, without regard to the
jurisdiction in which any action or special proceeding may be instituted. EACH PARTY HERETO AGREES TO SUBMIT TO THE PERSONAL JURISDICTION
AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN NORTH COUNTY OF SAN DIEGO, CALIFORNIA FOR RESOLUTION OF ALL DISPUTES ARISING
OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS AGREEMENT, AND HEREBY WAIVES
THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM. AS A MATERIAL INDUCEMENT FOR THIS AGREEMENT, EACH
PARTY SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO TRIABLE.

 

8.6           Attorneys’
Fees. Should any Party hereto employ an attorney for the purpose of enforcing or constituting this Agreement, or any judgment
based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief
or other litigation, the prevailing party shall be entitled to receive from the other Party or Parties thereto reimbursement for
all reasonable attorneys’ fees and all reasonable costs, including but not limited to service of process, filing fees, court
and court reporter costs, investigative costs, expert witness fees, and the cost of any bonds, whether taxable or not, and that
such reimbursement shall be included in any judgment or final order issued in that proceeding.

 

8.7           Counterparts.    This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

 

8.8           Severability.
Should any term, provision, or other portion hereof be held by any court of competent jurisdiction to be unenforceable or invalid
for any reason, the remainder hereof shall be unaffected by such holding and shall be given full force and effect.

 

8.9           Assignment.
This Agreement and any interest therein shall be assignable or transferable by either Party upon written consent by both Parties.

 

    	 

    	 

    

 

8.10         Facsimile
Signatures.         The Parties hereby mutually agree that this Agreement may be executed
by facsimile signatures of any one or more Parties, each of which shall have the same legal and binding force and effect as ribbon
original signatures.

 

8.11         Conflicts
of Interest. The Parties understand and acknowledge that due to the fact several individuals maintain director and officer
positions of both Licensor and Licensee, inherent conflicts of interest exist at the time of execution of this Agreement, and future
conflicts of interest may arise at future dates. The Parties have been advised of and agree to waive such current conflicts of
interest as they exist as of the Effective Date. Disclosure of future conflicts of interest may be made in writing or through oral
communication. Acknowledgement of future conflicts of interest and each Party’s waiver of any cause of action against the
other Party related to such conflict of interest may be made in writing or through oral communication.

 

8.12         Joint
Drafting and Exclusive Agreement. This Agreement and the R&D Agreement are the only Agreements executed by and between
the Parties related to the subject matter described herein. There are no additional oral agreements or other understandings related
to subject matter described herein. This Agreement shall be deemed to have been drafted jointly by the Parties hereto, and no inference
or interpretation against any one Party shall be made solely by virtue of such Party allegedly having been the draftsperson of
this Agreement. The Parties have each conducted sufficient and appropriate due diligence with respect to the facts and circumstances
surrounding and related to this Agreement. The Parties expressly disclaim all reliance upon, and prospectively waive any fraud,
misrepresentation, negligence or other claim based on information supplied by the other Party, in any way relating to the subject
matter of this Agreement.

 

8.13         Acknowledgments
and Assent. The Parties acknowledge that they have been given at adequate time to consider this Agreement and that they were
advised to consult with an independent attorney prior to signing this Agreement and that they have in fact consulted with counsel
of their own choosing prior to executing this Agreement. The Parties may revoke this Agreement for a period of three (3) calendar
days after signing this Agreement, and the Agreement shall not be effective or enforceable until the expiration of this three (3)
day revocation period. The Parties agree that they have read this Agreement and understand the content herein, and freely and voluntarily
assent to all of the terms herein.

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed as of the date and year first above written.

 

	LICENSOR	 	LICENSEE
	 	 	 
	CORRUVEN CANADA, INC.	 	CORRUVEN, INC.
	 	 	 
	A New Brunswick corporation	 	A Nevada corporation
	 	 	 
	/s/ Alain Belanger	 	/s/ Alain Belanger
	 	 	 
	By: Alain Belanger	 	By: Alain Belanger
	Its: President	 	Its: Chief Executive Officer

 

A FACSIMILE COPY OF THIS AGREEMENT SHALL
HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL OF THE SAME.

 

    	 

    	 

    

 

EXHIBIT A

 

Research & Development AgreementRESEARCH & DEVELOPMENT
AGREEMENT

 

THIS RESEARCH &
DEVELOPMENT AGREEMENT (the “Agreement”) is entered into on January 5, 2010 (the “Effective Date”)
by and between Corruven, Inc., a Nevada corporation ("Company") and Corruven Canada, Inc., a New Brunswick, Canada
corporation (“Consultant”) (The Consultant and the Company may be referred to hereinafter individually as a
“Party” and collectively as the “Parties”).

 

RECITALS

 

WHEREAS, the Consultant
is the owner of certain valuable patents and patent applications relating to materials, methods and devices relating to their CorruvenTM
wood panels including United States Patent Application No.: 61/118,532; Canada Patent Application No.: 2,650,873; International
Patent Application No. PCT/CA2009/001739; and Canada Trademark Application No.: 1420103 (the “Patents”);

 

WHEREAS, in connection
with and as an inducement to enter into this Agreement, the Parties have entered into an IP license agreement wherein the Consultant
has granted the Company an exclusive license to the Patents and all products derived from the Patents (the “IP Agreement,”
a copy of which has been attached hereto as Exhibit A);

 

WHEREAS, the Company
desires to have the Consultant undertake a research project with the goal of developing commercial applications for the Patents
(the “Research”);

 

WHEREAS, the Research
program contemplated by this Agreement is of mutual interest and benefit to Consultant and Company, and will further Company’s
ability to market products deriving from the Patents;

 

AGREEMENT

 

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

 

1.          Statement
of Work. Consultant agrees to perform all Research related to developing commercial applications of the Patents, with such
Research to be determined from time to time by mutual consent of both Parties.

 

2.          Term.
This Agreement is effective for the period commencing on the Effective Date and continuing indefinitely until terminated pursuant
to this Agreement.

 

3.          Research
& Development Costs. The Company shall deliver to the Consultant the following cash payments payable in United States Dollars
(the “R&D Payments”), which shall be used for the sole purpose of Research and development of products deriving
from the Patents:

 

		a.	$736,091 on or before the first anniversary of the Effective
Date;

 

		b.	$495,982 on or before the second anniversary of the Effective
Date;

 

		c.	$440,873 on or before the third anniversary of the Effective
Date;

 

		d.	$385,764 on or before the fourth anniversary of the Effective
Date;

 

		e	$330,655 on or before the fifth anniversary of the Effective Date; and

 

		f.	$275,546 (adjusted annually based upon the Canadian Consumer
Price Index as quoted by the Bank of Canada) on or before the sixth anniversary of the Effective Date and every annual anniversary
date following the sixth anniversary date for as long as this Agreement remains effective.

 

    	 

    	 

    

 

4.          Development
Fee; Compensation. In addition to the R&D Payments to be used for the sole purpose of Research and development of products
deriving from the Patents, the Company shall compensate the Consultant for the work provided herein through the delivery of a cash
payment payable in United States Dollars equal to two percent (2%) of the Company’s net sales proceeds derived from any products
stemming from the Research & Patents (the “Development Fees”). No Development Fees shall accrue or be considered
earned, due and payable until the third (3rd) anniversary of the Effective Date herein.

 

5.          Title
to Equipment. In the event that Consultant purchases equipment, including equipment purchased with the R&D Payments of
Development Fees, title to such equipment will vest in Consultant upon purchase.

 

6.          Termination.
This Agreement may be terminated by either party at any time upon the receipt of ninety (90) days written notice to the other party.
In addition, if Company fails to make any payment required hereunder, this Agreement shall terminate on the thirtieth (30th)
day following notice of such failure, unless payment is received before such thirtieth (30th) day. Upon notification,
Consultant shall proceed in an orderly fashion to limit or terminate any outstanding commitments and/or to conclude the Research.

 

7.          Use
of Research Results and Product Liability. To the extent it would otherwise be liable under applicable law, the Company agrees
to hold harmless, indemnify and defend Consultant from all liabilities, demands, damages, expenses and losses arising out of use
by the Company, or by any party acting on behalf of or under authorization from the Company, or out of any use, sale of other disposition
by the Company, or by any party acting on behalf of or under authorization from the Company, of products made by use of the results
of the Research performed hereunder. The provisions of this paragraph shall survive termination.

 

		8.	Miscellaneous Terms.

 

8.1    Entire
Agreement.   Each Party has the full right, power and authority to execute, deliver and perform this
Agreement. This Agreement sets forth the entire legal agreement and understanding of the Parties hereto with respect to the
transactions contemplated hereby, and supersedes all prior agreements, arrangements and understandings related to the subject matter
hereof. No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written
or oral, express or implied, whether by statute or otherwise, has been made by any Party hereto which is not embodied in this Agreement
or the written statements, certificates, or other documents delivered pursuant hereto or in connection with the transactions contemplated
hereby, and no Party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation,
warranty, covenant or condition not so set forth.

 

8.2           Independent
Contractor. Each Party shall be deemed to be an independent contractor of the other Party, and neither shall be considered
an agent, employee, joint venture or partner of the other. Neither Party shall have authority to make warranties or representations
or enter agreements on behalf of the other, nor shall either Party be bound by the acts, statements or conduct of the other.

 

8.3           Notices.    Any
notice, request, instruction, or other document required by the terms of this Agreement, or deemed by any of the Parties hereto
to be desirable, to be given to any other Party hereto shall be in writing and shall be given by facsimile, personal delivery,
overnight delivery, or mailed by registered or certified mail, postage prepaid, with return receipt requested. If notice is given
by facsimile, personal delivery, or overnight delivery in accordance with the provisions of this Section, said notice shall be
conclusively deemed given at the time of such delivery. If notice is given by mail in accordance with the provisions of this Section,
such notice shall be conclusively deemed given seven days after deposit thereof.

 

8.4           Waiver
and Amendment.    Any term, provision, covenant, representation, warranty or condition of this Agreement
may be waived, but only by a written instrument signed by the Party entitled to the benefits thereof. The failure or delay of any
Party at any time or times to require performance of any provision hereof 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. No waiver by
any Party of any condition, or of the breach of any term, provision, covenant, representation or warranty contained in this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach
or waiver of any other condition or of the breach of any other term, provision, covenant, representation or warranty. No modification
or amendment of this Agreement shall be valid and binding unless it be in writing and signed by all Parties hereto.

 

    	 

    	 

    

 

8.5           Governing
Law. The subject matter of this Agreement shall be governed by and construed in accordance with the laws of the State of California
(without reference to its choice of law principles), and to the exclusion of the law of any other forum, without regard to the
jurisdiction in which any action or special proceeding may be instituted. EACH PARTY HERETO AGREES TO SUBMIT TO THE PERSONAL JURISDICTION
AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN NORTH COUNTY OF SAN DIEGO, CALIFORNIA FOR RESOLUTION OF ALL DISPUTES ARISING
OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS AGREEMENT, AND HEREBY WAIVES
THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM. AS A MATERIAL INDUCEMENT FOR THIS AGREEMENT, EACH
PARTY SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO TRIABLE.

 

8.6           Attorneys’
Fees. Should any Party hereto employ an attorney for the purpose of enforcing or constituting this Agreement, or any judgment
based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief
or other litigation, the prevailing party shall be entitled to receive from the other Party or Parties thereto reimbursement for
all reasonable attorneys’ fees and all reasonable costs, including but not limited to service of process, filing fees, court
and court reporter costs, investigative costs, expert witness fees, and the cost of any bonds, whether taxable or not, and that
such reimbursement shall be included in any judgment or final order issued in that proceeding.

8.7           Counterparts.    This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

 

8.8           Severability.
Should any term, provision, or other portion hereof be held by any court of competent jurisdiction to be unenforceable or invalid
for any reason, the remainder hereof shall be unaffected by such holding and shall be given full force and effect.

 

8.9           Assignment.
This Agreement and any interest therein shall be assignable or transferable by either Party upon written consent by both Parties.

 

8.10         Facsimile
Signatures.         The Parties hereby mutually agree that this Agreement may
be executed by facsimile signatures of any one or more Parties, each of which shall have the same legal and binding force and
effect as ribbon original signatures.

 

8.11         Conflicts
of Interest. The Parties understand and acknowledge that due to the fact several individuals maintain director and officer
positions of both Licensor and Licensee, inherent conflicts of interest exist at the time of execution of this Agreement, and future
conflicts of interest may arise at future dates. The Parties have been advised of and agree to waive such current conflicts of
interest as they exist as of the Effective Date. Disclosure of future conflicts of interest may be made in writing or through oral
communication. Acknowledgement of future conflicts of interest and each Party’s waiver of any cause of action against the
other Party related to such conflict of interest may be made in writing or through oral communication.

 

8.12         Joint
Drafting and Exclusive Agreement. This Agreement and the IP Agreement are the only Agreements executed by and between the Parties
related to the subject matter described herein. There are no additional oral agreements or other understandings related to subject
matter described herein. This Agreement shall be deemed to have been drafted jointly by the Parties hereto, and no inference or
interpretation against any one Party shall be made solely by virtue of such Party allegedly having been the draftsperson of this
Agreement. The Parties have each conducted sufficient and appropriate due diligence with respect to the facts and circumstances
surrounding and related to this Agreement. The Parties expressly disclaim all reliance upon, and prospectively waive any fraud,
misrepresentation, negligence or other claim based on information supplied by the other Party, in any way relating to the subject
matter of this Agreement.

 

8.13         Acknowledgments
and Assent. The Parties acknowledge that they have been given at adequate time to consider this Agreement and that they were
advised to consult with an independent attorney prior to signing this Agreement and that they have in fact consulted with counsel
of their own choosing prior to executing this Agreement. The Parties may revoke this Agreement for a period of three (3) calendar
days after signing this Agreement, and the Agreement shall not be effective or enforceable until the expiration of this three (3)
day revocation period. The Parties agree that they have read this Agreement and understand the content herein, and freely and voluntarily
assent to all of the terms herein.

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Agreement to be executed as of the date and year first above written.

 

	CONSULTANT	 	COMPANY
	 	 	 
	CORRUVEN CANADA, INC.	 	CORRUVEN, INC.
	 	 	 
	A New Brunswick corporation	 	A Nevada corporation
	 	 	 
	/s/ Alain Belanger	 	/s/ Alain Belanger
	 	 	 
	By: Alain Belanger	 	By: Alain Belanger
	Its: President	 	Its: Chief Executive Officer

 

A FACSIMILE COPY OF THIS AGREEMENT SHALL
HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL OF THE SAME.

 

EXHIBIT A

 

Intellectual Property License Agreement

 

    	 

    	 

    

 

FIRST AMENDED RESEARCH &
DEVELOPMENT AGREEMENT

 

THIS FIRST AMENDED
RESEARCH & DEVELOPMENT AGREEMENT (the “Agreement”) is entered into on June 5, 2010 (the “Effective
Date”) by and between Corruven, Inc., a Nevada corporation ("Company") and Corruven Canada, Inc., a
New Brunswick, Canada corporation (“Consultant”) (The Consultant and the Company may be referred to hereinafter
individually as a “Party” and collectively as the “Parties”).

 

RECITALS

 

WHEREAS, on or about
January 5, 2010 the Parties entered into the original research and development agreement (the “Original Agreement,”
a copy of which has been attached hereto as Exhibit A);

 

WHEREAS, Section 3
of the Agreement outlines certain research and development payments to be made to the Consultant by the Company;

 

WHEREAS, due to certain
delays in the Research and development of the Patents and related products (as defined in the Original Agreement), the Parties
wish to amend and restate Section 3 of the Original Agreement in its entirety;

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants herein contained, the Parties hereto hereby agree to amend and restate Section
3 of the Original Agreement in its entirety as follows:

 

3.          Research
& Development Costs. The Company shall deliver to the Consultant the following cash payments payable in United States Dollars
(the “R&D Payments”), which shall be used for the sole purpose of Research and development of products deriving
from the Patents:

 

		a.	Waived. No payment fee.

 

		b.	$495,982 on or before the second anniversary of the Effective
Date;

 

		c.	$440,873 on or before the third anniversary of the Effective
Date;

 

		d.	$385,764 on or before the fourth anniversary of the Effective
Date;

 

		e.	$330,655 on or before the fifth anniversary of the Effective
Date; and

 

		f.	$275,546 (adjusted annually based upon the Canadian Consumer
Price Index as quoted by the Bank of Canada) on or before the sixth anniversary of the Effective Date and every annual anniversary
date following the sixth anniversary date for as long as this Agreement remains effective.

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Agreement to be executed as of the date and year first above written.

 

	CONSULTANT	 	COMPANY
	 	 	 
	CORRUVEN CANADA, INC.	 	CORRUVEN, INC.
	 	 	 
	A New Brunswick corporation	 	A Nevada corporation
	 	 	 
	/s/ Alain Belanger	 	/s/ Alain Belanger
	 	 	 
	By: Alain Belanger	 	By: Alain Belanger
	Its: President	 	Its: Chief Executive Officer

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