Document:

Unassociated Document

    

      

    

    Deed
      of Amendment

    

    

    Between

    

    HTC
      Purenergy Inc, a company incorporated in Alberta, Canada with its office at
      2305
Victoria
      Avenue, Regina, Saskatchewan, Canada ("Licensor").

    

    and

    

    EESTech 
      CO2 Technologies Pty Ltd, a company incorporated in Australia with its
      office at
      Ground
      Floor Engineering House, 447 Upper Edward Street, Spring Hill, Queensland,
      Australia ("Licensee").

    

    Whereas:

    

    
      	
              A.

            	
              Licensor
                and Licensee entered into the CCS Technology License Deed dated November
                29, 2007 (the "License Deed") by which Licensor (under its previous
                name
                HTC Hydrogen Technologies Corp) licensed to Licensee (under its previous
                name CO2 Technologies Pty Ltd.) for the Asia Pacific region on an
                exclusive basis certain technology related to carbon capture and
                storage.

            

    

    

      
        	
                B.

              	
                Licensor
                  now seeks the approval of Licensee to amend the current License
                  Deed and
                  grant a worldwide license for that technology to two third parties,
                  Doosan
                  Babcock Energy Limited ("DBEL"), a company incorporated in England,
                  and
                  Doosan Heavy Industries & Construction Co., Ltd. ("DHI"), a company
                  incorporated in Korea (the "Doosan
                  License").

              

      

    

    

    It
      is
      agreed:

    

      
        	
                1.

              	
                Definitions:

              

      

    

    

    
      	
              1.1

            	
              Except
                as expressly set forth herein, the terms "ACS Technology", "Licensed
Marks,"
                "Territory" and "Use" shall carry the same meanings in this Deed
                of
                Amendment as in the License
                Deed.

            

    

    

    
      	
              1.2

            	
              "Control"
                shall mean (i) direct or indirect ownership of or control over at
                least
                fifty percent
                (50%) of the voting stock or any other voting securities of the relevant
                entity or (ii) control of the board of directors (or any other comparable
                governing body) of the relevant entity; and "Change of Control" shall
                have
                a corresponding meaning.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              1.5

            	
              "Competitor"
                shall mean any power engineering solution or power equipment provider,
                power original equipment manufacturer, power process engineering
                solution
                or power equipment provider, power engineering consultancy, engineering
                service provider for the power industry, or any Associate of any
                of the
                foregoing.

            

    

    

    
      	
              1.6

            	
              "Integrated
                CCS Technology" shall mean the Improvements and Significant Improvements
                (as these terms are defined in the Doosan License (as defined below),
                owned by Licensor.

            

    

     

    
      	
              2.

            	
              The
                License Deed is hereby amended to the extent that Licensor may grant
                to
                DBEL and DHI a license (the "Doosan License") to Use the CCS Technology
                and the Licensed Marks in the
                Territory.

            

    

    

    
      	
              2.1

            	
              The
                License Deed is hereby amended whereby the Licensee’s use is governed by
                the following provisions;

            

    

    

    
      	 	
              (a)

            	
              The
                parties agree that the Territory does not include any countries or
                territories in North, Central or South
                America.

            

    

    

    
      	 	
              (b)

            	
              That
                Clause 2 above is without prejudice to Licensee's right under the
                License
                Deed to Use the CCS Technology and the Licensed Marks, but supersedes
                Licensee's right to sublicense the CCS Technology or the Licensed
                Marks
                and its right to assign its rights under the License Deed as further
                set
                forth in this Clause 2.1.

            

    

    

    
      	 	
              (c)

            	
              Licensee's
                exclusive rights under Clauses 3.1(a) and 4.6 of the License Deed
                are
                hereby amended so that they are
                non-exclusive.

            

    

    

    
      	 	
              (d)

            	
              Notwithstanding
                anything to the contrary in the License Deed, including, but not
                limited
                to, Clauses 2.1(a) and 7.11 thereof, or this Deed of Amendment, (i)
                Licensee may not assign any of its rights or obligations under the
                License
                Deed or sublicense any of its rights under the License Deed, or undergo
                a
                Change of Control, without the prior written consent of DBEL and
                DHI, and
                (ii) no permitted sublicensee of Licensee shall have the right to
                grant
                any further sublicenses; provided, however, that with respect to
                any
                assignment or sublicense to a party that is not (and is not directly
                or
                indirectly Controlled by) a Competitor or any Change of Control of
                Licensee that does not result in a Competitor obtaining direct or
                indirect
                Control of Licensee, DBEL and DHI shall not unreasonably withhold
                their
                consent so long as the terms of such assignment, sublicense or Change
                of
                Control transaction expressly provide for the immediate termination
                of
                such assignment or sublicense (or of the License Deed in the case
                of a
                Change of Control transaction) upon the assignee or sublicensee becoming
                (or the assignee or sublicensee, or Licensee in the case of a Change
                of Control transaction,
                becoming directly or indirectly Controlled by) a Competitor. In addition,
                Licensee shall notify DBEL and DHI in writing immediately upon Licensee
                or
                EESTech Inc. being adjudicated bankrupt, going into liquidation,
                receivership or trusteeship voluntarily or otherwise, or voluntarily
                entering into any similar proceedings for the relief of debtors (each
                a
                "Bankruptcy Event").

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (e)

            	
              Notwithstanding
                anything to the contrary in the License Deed, including, but not
                limited
                to, Clause 5.1 thereof, or this Deed of Amendment, if (i) Licensee
                makes
                any assignment, grants any sublicense or undergoes a Change of Control
                in
                violation of Clause 2.1(d) of this Deed of Amendment, (ii) a Bankruptcy
                Event occurs or (iii) any permitted sublicensee or assignee undergoes
                a
                Change of Control resulting in a Competitor obtaining direct or indirect
                Control of such party, then the License Deed (or, if applicable,
                such
                sublicense) shall immediately terminate, and Licensee (or, if applicable,
                such sublicensee or assignee) shall have no further right to Use
                the CCS
                Technology or to use the Licensed Marks after such termination. In
                the
                event of termination, Licensee shall promptly return to Licensor
                all
                technical and confidential information of Licensor relating to the
                CCS
                Technology.

            

    

    

    
      	 	
              (f)

            	
              Integrated
                CCS Technology shall not be included in the CCS Technology licensed
                to
                Licensee pursuant to the License Deed, and Licensee shall only have
                the
                right to use the Integrated CCS Technology in the Territory to the
                extent
                that such technology is embodied in the results of services provided
                by
                Licensor to Licensee where Licensor is Licensee's exclusive engineering
                partner or services provider and solely in connection with the specific
                project to which Licensor's services relate. Licensee shall not assign
                or
                sublicense such rights except for such assignments or sublicenses
                that
                would otherwise be permitted under Clause 2.1(d) of this Deed of
                Amendment.

            

    

    

    
      	
              3.

            	
              Licensor
                and Licensee further agree as
                follows:

            

    

    

    
      	
              3.1

            	
              Licensor
                agrees to enter into a royalty sharing agreement with Licensee whereby
                a
                portion of royalties received by Licensor from DBEL and DHI for Use
                of the
                CCS Technology in the Territory will be paid by Licensor to Licensee,
                based on the following formula:

            

    

    

    Total
      royalties received by Licensor from DBEL / DHI for Use of the CCS Technology
      in
      the Territory, minus 2.45% of royalty bearing supply cost
      x 30%.

     

    For
      greater clarification the following is an example of a project transaction
      occurring
      in the next 10-year period:

    

    Royalty
      bearing CCS supply cost for a project based on a $200 mm capex. 
      Royalty
        of 6% = $12 million - (2.45% of $200 million) = $7.1 million x 30% =
        $2.13 million allocation to Licensee.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              3.2

            	
              Licensor
                agrees to immediately effect the tax efficient delivery of five million
                (5,000,000) shares of EESTech Inc. to Licensee after Licensor, DBEL
                and
                DHI execute the Doosan License.

            

    

    

    
      	
              3.3

            	
              Notwithstanding
                anything to the contrary set forth in the Service Agreement by and
                between
                the parties dated as of November 29, 2007 (the "Services Agreement"),
                Licensor shall remain the exclusive provider to Licensee of the CSS
                Services, as defined in the Services
                Agreement.

            

    

    

    
      	
              3.4

            	
              Except
                as set forth above, the License Deed shall remain in full force and
                effect
                in accordance with its terms following the execution of this Deed
                of
                Amendment. This Deed of Amendment will be binding upon, and enforceable
                against, any permitted successors and assigns of Licensee. In the
                event of
                any conflict between the terms of this Deed of Amendment and the
                License
                Deed, the terms of this Deed of Amendment shall take
                precedence.

            

    

    

    
      	
              3.5

            	
              This
                Deed of Amendment shall not be modified or amended without the prior
                written consent of DBEL and DHI, each of which shall be deemed to
                be a
                third party beneficiary hereunder and shall be entitled to enforce
                the
                provisions of this Deed of Amendment directly against the parties
                hereto.

            

    

    

    
      	
              3.6

            	
              This
                Deed of Amendment is subject to the laws of the same jurisdiction
                as the
                License Deed.

            

    

    

    
      	3.7  	
              This
                Deed of Amendment is conditional upon the Licensor and DBEL and DHI
                entering into the Doosan License, and shall become effective upon
                written
                notification by Licensor to Licensee that the Doosan License has
                been
                executed.

            

    

    

    Executed
      as a Deed by:

    
      	
            	 	 	 
	/s/  
 	 	 	/s/  
	
              
For: EESTech
              CO2 Technologies Pty Ltd.	 	 	
              
For: HTC
              Purenergy Inc. 
	 	 	 	 

    

    
      	
              Name:

            	 	 	Name:	 
	 	
              
  	 	 	
              
  
	Title:	Chairman / CEO	 	Title:	Chairman / CEO  
	 	
              
  	 	 	
              
  

    

    

    
      
        
        

      

      
        4Exhibit
      10.1

    

     

    ADDENDUM
      TO

    SECOND
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT

    

    

    THIS
      ADDENDUM TO SECOND AMENDED AND RESTATED EMPLOYMENT
      AGREEMENT
      (the
“Addendum”)
      is
      made as of the 8th
      day of
      September, 2008 by and between UNIVERSAL
      SECURITY INSTRUMENTS, INC.,
      a
      Maryland corporation (the “Company”)
      and
HARVEY
      B. GROSSBLATT (the
      “Executive”).

    

    INTRODUCTORY
      STATEMENT

    

    The
      Company and Executive entered into a Second Amended and Restated Employment
      Agreement dated as of July 18, 2005, as amended (the “Original
      Agreement”).
      The
      parties desire to extend the term of the Original Agreement for an additional
      one-year term.

    

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties agree as follows:

    

    A. All
      capitalized terms not otherwise defined in this Addendum shall have the meanings
      set forth in the Original Agreement.

    

    B. The
      first
      sentence of Section 1(b) of the Original Agreement is hereby amended in it
      entirety to read as follows:

    
      	 	
            	 
	 	
              Subject
                to Section 7, the Company shall employ the Executive pursuant to
                the terms
                hereof for the period commencing as of the date hereof
                and ending on July 31, 2010.

            	 
	 	 	 

C. In
      all
      other respects, the Original Agreement, as amended hereby, shall remain in
      full
      force and effect. 

    

    IN
      WITNESS WHEREOF, the parties have executed this Addendum as of the day and
      year
      first above written.

    

    
      	 	
              UNIVERSAL
                SECURITY INSTRUMENTS, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                James B. Huff 

            
	 	 	
              
                

              

              James
                B. Huff, Vice President

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
              /s/
                Harvey B. Grossblatt 

            
	 	 	
              
                
Harvey
                B. Grossblatt

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