Document:

Echo Automotive, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

LICENSE AGREEMENT 

This agreement (“Agreement” is made on 2/1, 2012 (“Effective
Date”), between Controlled Carbon, LLC (“ControlledCarbon”), with offices at
9909 N. 126th Street, Scottsdale, Arizona 85259, and Clean Futures,
LLC, (“CleanFutures”), having a principal place of business at 120 N. Main
Street, Suite 9, El Dorado, Kansas, 67042 (hereinafter collectively referred to
as the “Parties”). 

             
WHEREAS, CleanFutures represents that it has developed unique
engine assist technology; 

              WHEREAS,
CleanFutures represents that it has developed and possesses valuable information
and intellectual property pertaining to the intelligent application of energy of
an electric motor to assist an internal combustion engine via a belt drive
attached to the engine crank-shaft pulley; 

              WHEREAS,
CleanFutures represents that it has applied for, or is preparing to file and has
been reasonably diligent with its processes and record keeping to allow for
patent coverage of the system described above mentioned ‘engine assist’ and owns
patent applications, patents and/or the capability, desire and intention to file
and procure patents to protect the ‘engine assist’ technology described above,
which are listed in Schedule 1 and corresponding patent applications and patents
in other countries; 

              WHEREAS,
  CleanFutures wishes to expand their business by offering solutions in the Hummer
  Market and wishes to license intellectual property, know-how, capabilities and
  proprietary components from ControlledCarbon to leverage the investments being
  made by ControlledCarbon including improvements made to CleanFutures Technology
  as well as application of additional technologies beyond the scope of CleanFutures
  Technology; 

              WHEREAS,
ControlledCarbon wishes to obtain from CleanFutures, and CleanFutures is willing
to provide to ControlledCarbon, an exclusive, worldwide, unrestricted, perpetual
license in accordance with and subject to the terms and conditions contained in
this Agreement; 

              WHEREAS,
ControlledCarbon wishes to grant CleanFutures, an exclusive, worldwide,
unrestricted, perpetual license of its technologies for the Hummer Market in
accordance with and subject to the terms and conditions contained in this
Agreement;

              WHEREAS,
By way of a separate agreement, ControlledCarbon wishes to grant an option to
CleanFutures to purchase common stock in ControlledCarbon, and CleanFutures is
willing to agree to such an option; 

              WHEREAS,
All other agreements between the Parties will become null and void at the
execution of this Agreement; and 

              NOW
THEREFORE, intending to be legally bound upon the terms, conditions and
mutual covenants set forth in this Agreement, it is agreed as follows: 

1.           
DEFINITIONS 

As used in this Agreement, the following terms shall have the
meanings set forth below: 

1.1         
“CleanFutures Patents” shall mean: 

(a) any patents or patent applications listed in Schedule 1,
including any continuations, continuations-in-part, divisionals, reissues,
re-examinations, extensions or additions thereof, and any improvements thereto,

Page 1 of 13 

(b) any foreign patent applications and any patents
corresponding to the United States patent applications and patents, and 

(c) any other patent applications filed and any patents granted
and any continuations and divisions of such applications and patents. Neither
Party has any performance requirements nor obligations required to continue to
develop new technology or patents. 

1.2         
“CleanFutures Technology” shall mean the components that incorporate proprietary
and unique technology created, developed or acquired by CleanFutures that
increase the performance and or economy of an engine through the addition of a
battery, electric motor, motor control system, and belt harnessing method to the
engine crank-shaft. 

1.3          “CC
Technology” shall mean the patents or patent applications, intellectual
property, knowhow, algorithms, or other knowledge it has, develops or acquires
to manufacture and produce its ‘EchoDrive’ product as defined below. For the
avoidance of doubt, these technologies may include additional technologies,
fitments, and strategies than have not been contemplated by the Parties, but are
still to be considered CC Technology so long as it is designed to reduce fuel
consumption on a vehicle.

1.4         
“License Period” shall mean beginning on the Effective Date and continue in
perpetuity until the last to expire of any patent rights within the CleanFutures
Patents. 

1.5         
“Licensed Products” shall mean any and all components the manufacture, use,
sale, offer for sale or import of which, in the absence of this Agreement, would
infringe or contribute to the infringement of CleanFutures Patents, and that
ControlledCarbon or its Affiliates have elected to integrate into their
products, components or technology.

1.6         
“Military Market" shall mean any and all tactical vehicles marketed to and sold
to any of the branches of the military. 

1.7         
“Hummer Market" shall mean all vehicles that have been marketed under the brand
Hummer or Humvee prior to the execution of this Agreement. For the avoidance of
doubt, this includes the H1, H2 and H3 in any of their forms as well as any
Hummer used for military purposes. 

1.8          “CC
Exclusive Licensed Field” shall mean the original equipment, service parts and
aftermarket passenger automobile, light truck, fleet, heavy truck industries and
any other automotive sector (with the exception of the Hummer Market).

1.9         
“Non-exclusive Licensed Field" shall mean all fields of industry except the
Hummer Market.

1.10        “EchoDrive”
shall mean a ControlledCarbon product that is a collection of technologies,
systems and components to generally increase performance and/or reduce overall
operating costs of a vehicle.

1.11        “Affiliates”
shall mean any corporation or other legal entity which controls, or is
controlled by the respective Party. For purposes of this Agreement, ownership,
directly or indirectly, of twenty-five percent (25%) or more equity interest of
or by a Party shall mean an affiliate relationship exists between such entities.

1.12        “System Cost”
shall be the actual cost, per unit sold, of the components and materials, any
per-unit capitalized NRE (paid to a non-affiliated company or supplier), actual
manufacture freight, actual assembly costs, actual QA costs, actual
3rd party licensing or per unit warranty programs. For the avoidance
of doubt, these costs will not include costs from any Affiliates, marketing
expenses, general overhead, R&D, sales commissions or salaries. Any
additional costs to be included in this definition must be agreed to by both
Parties in writing.

Page 2 of 13 

1.13        “Gross Margin”
shall be calculated as actual selling price minus actual System Cost divided by
the actual selling price. [Calculation Example. Selling Price ($15) – System
Cost ($10) / Selling Price ($15) = Gross Margin of (33%)] 

2.           
CONTROLLED CARBON LICENSE AND ADDITIONAL TERMS 

2.1         
CleanFutures hereby grants to ControlledCarbon, within the CC Exclusive Licensed
Field, an exclusive license, with the right to grant sublicenses, under the
CleanFutures Patents and CleanFutures Technology during the License Period to
make, have made, use, sell, have sold, offer for sale and import Licensed
Products and any other products that incorporate CleanFutures Technology
throughout the world. For the avoidance of doubt, ControlledCarbon shall have
the exclusive right under the CleanFutures Patents and CleanFutures Technology
to grant sublicenses, to the extent of the CC Exclusive Licensed Field. 

2.2          The
exclusive license granted in clause 2.1 of this Agreement is not subject to any
reserved license in CleanFutures to make, use, sell, offer for sale and import
Licensed Products within the CC Exclusive License Field. 

2.3         
ControlledCarbon shall have the sole right to convert the exclusive license
granted in clause 2.1 into a non-exclusive perpetual license in the CC Exclusive
License Field under CleanFutures Patents and CleanFutures Technology for the
balance of the License Period to make, use, sell, offer for sale and import
Licensed Products throughout the world. This right to convert shall be effective
forty eight (48) months after the Effective Date provided that CleanFutures
receives notice at least three (3) months before such conversion date. Upon such
conversion, for the balance of the License Period, ControlledCarbon shall pay
CleanFutures a one-time lump sum of Two Hundred Fifty Thousand ($250,000.00) for
the non-exclusive rights to CleanFutures Technologies. 

2.4         
CleanFutures will grant to ControlledCarbon, within the Non-exclusive Licensed
Field, a non-exclusive license, with no right to grant sublicenses (except to
ControlledCarbon Affiliates), under the CleanFutures Patents and CleanFutures
Technology during the License Period to make, have made, use, sell, have sold,
offer for sale and import Licensed Products throughout the world subject to the
licensing fees in this agreement.

2.5         
CleanFutures will execute any confirmation of this Agreement and any other
documentation necessary to perfect or provide notice of ControlledCarbon’s
rights under this Agreement in the United States Patent and Trademark Office as
well as cooperate with any other reasonable requirements brought forth from
similar international requirements. 

2.6         
CleanFutures shall deliver to ControlledCarbon the following deliverables within
30 days, if applicable: any and all manufacturing specifications, quality
control plans, engineering design specifications, part prints, algorithms or
datasets, formulations required for manufacture, related quality control data,
all production test data, any tooling, jig and fixture blueprints, design
manuals, and training manuals related to CleanFutures Technology within fifteen
(15) days of the Effective Date. Johnathan Goodwin shall oversee the transfer of
the deliverables as project manager. CleanFutures will reasonably update
ControlledCarbon on a timely bases of any additions, updates or changes during
the term of this Agreement. 

2.7         
CleanFutures will promptly inform ControlledCarbon of the grant of each patent
licensed under this Agreement, and of the filing of each application for such a
patent, and will promptly furnish copies of such patents to ControlledCarbon.

2.8         
CleanFutures will promptly disclose, deliver and otherwise make fully available
to ControlledCarbon in the form of duplicates of drawings, designs, data,
reports, written specifications, instructions and consultations, or in such
other suitable manner and form as may be convenient to the Parties, all
CleanFutures Technology within ninety (90) days of the Effective Date of this
Agreement, provided that this clause does not apply to any CleanFutures
Technology which has been communicated to CleanFutures on terms which preclude CleanFutures from disclosing it to
ControlledCarbon even under a confidentiality agreement. 

Page 3 of 13 

2.9         
During the License Period, CleanFutures will continue to promptly disclose,
deliver and otherwise make fully available to ControlledCarbon in the form of
duplicates of drawings, designs, data, reports, written specifications,
instructions and consultations, or in such other suitable manner and form as may
be convenient to the Parties, all CleanFutures Technology now possessed or
hereafter discovered or developed by CleanFutures or otherwise coming into
CleanFutures’s possession that is requested by ControlledCarbon or that
CleanFutures believes would be useful or helpful to ControlledCarbon in the
manufacture, sale and importation of its products, provided that this clause
does not apply to any CleanFutures Technology which is communicated to
CleanFutures on terms which preclude CleanFutures from disclosing it to
ControlledCarbon even under a confidentiality agreement. However, CleanFutures
has no performance requirements nor obligations required to continue to develop
new technology. ControlledCarbon will be responsible for any reasonable,
pre-approved costs, if any, associated with this paragraph.

2.10        ControlledCarbon
will execute a Warrant agreement where CleanFutures will have the right to
purchase a number of common stock equal to five percent (5%) of the outstanding
shares of ControlledCarbon calculated at the time of the execution of this
Agreement and issued at the next round of funding or at the time of
ControlledCarnom’s conversion from an LLC to an S Corp, whichever comes first.
The warrant price will be set at $0.01 and will be in place for a period of 10
years. In addition, the Warrant agreement and stock, if converted will be
subject to a voting rights agreement. ControlledCarbon will have the right to
reduce the Warrant amount to four percent (4%) anytime in the first twenty four
(24) months by making royalty prepayments totaling One Hundred Thousand Dollars
($100,000.00) or reduce the Warrant amount to three percent (3%) anytime in the
first twenty four (24) months with royalty prepayments totaling Five Hundred
Thousand Dollars ($500,000.00) . 

2.11        CleanFutures
will transfer the ownership of both the VW Beetle prototype and Goodwin trailer
upon execution of this Agreement. CleanFutures will have the one-time right to
repurchase the VW Beetle on the one-year anniversary of the Effective Date of
this Agreement for the amount of One Dollar ($1.00) . All improvements or
modifications made by either Party to the VW Beetle remain with the VW Beetle.
ControlledCarbon will reimburse CleanFutures Seven Thousand Dollars ($7,000.00)
for the Goodwin trailer, due within 30 days of the effective date of this
agreement or within 48 hours of recipt of any reimbursement from
ControlledCarbon’s insurance provider, whichever comes first. 

2.12        If the above
Warrants are converted by CleanFutures, CleanFutures will have the right to sell
the common stock at any time after the initial funding of ControlledCarbon
subject to the terms of the voting rights agreement. CleanFutures will have the
right to sell up to Two Hundred Thousand Dollars ($200,000.00) of their stock
holdings, or lesser some amount, (if the above mentioned warrants are converted
by CleanFutures) to investors during the next round of funding of over Three
Million Dollars ($3,000,000.00) at the value of such shares during that round.

2.13        ControlledCarbon
and CleanFutures will negotiate in good faith to enter into a contractor
agreement that will allow ControlledCarbon to leverage CleanFutures to help
develop new products and demonstration vehicles. 

2.14        ControlledCarbon
shall have the right to grant sublicenses with respect to any rights conferred
upon ControlledCarbon under clause 2.1, provided, however, that any such
sublicense, and sublicensee shall be subject in all respects to the
restrictions, exceptions and termination provisions contained in this Agreement.

2.15        ControlledCarbon
shall be responsible to CleanFutures for all obligations of its sublicensees in
the same fashion and to the full extent that ControlledCarbon is obligated to
CleanFutures under this Agreement, including, but not limited to, the payment of
royalties due with respect to sales made by sublicensees, which sales shall be
treated as though they were sales by ControlledCarbon. Sublicensees may pay
royalties and provide royalty accounting to ControlledCarbon but without
prejudice to the ultimate responsibility of ControlledCarbon to CleanFutures
under this Agreement. A breach by a sublicensee of ControlledCarbon will be treated as a breach by ControlledCarbon, and
CleanFutures may request ControlledCarbon terminate its sublicense agreement
with the breaching Party with fifteen (15) days written notice. In the event
ControlledCarbon elects not to terminate its sublicense agreement with the Party
in breach, and CleanFutures is required to bring suit against the
ControlledCarbon Affiliate or sublicensee of ControlledCarbon for breach of this
Agreement, ControlledCarbon will pay all reasonable attorney fees and court
costs incurred by CleanFutures in connection therewith. 

Page 4 of 13 

2.16        ControlledCarbon
shall notify CleanFutures upon the commencement of negotiations with a bona fide
sublicensee and of the on-going negotiation with said sublicensee with respect
to granting a sub-license under this Agreement. The reports shall contain any
written or oral offer from sublicensees and is accepted by ControlledCarbon
regarding the licensed technology. CleanFutures will have fifteen (15) days to
respond in writing regarding any term that it considers to be a breach of this
Agreement.

2.17        ControlledCarbon
shall pay, at their own expense, the costs of parts and materials used by
ControlledCarbon in creating the Licensed Products, CleanFutures Technology, and
related technologies. 

3.           
CONTROLLEDCARBON LICENSE FEE & ROYALTIES 

3.1         
ControlledCarbon shall pre-pay royalties to CleanFutures in the amount of One
Hundred Fifty Thousand Dollars (U.S. $150,000.00) according to the following
payment schedule; (i) Ten Thousand Dollars (U.S. $10,000.00) at the signing of
this Agreement; (ii) Twenty-Five Thousand Dollars (U.S. $25,000.00) within
thirty (30) days of the Effective Date of this Agreement; (iii) Forty Thousand
Dollars (U.S. $40,000.00) within One-Hundred-Twenty (120) days of the Effective
Date of this Agreement; (iv) Seventy Five Thousand Dollars (U.S. $75,000.00) at
the time that ControlledCarbon completes a round of funding of no less than
Three Million Dollars (U.S. $3,000,000.00) and in no event more than eight (8)
months from the completion of the bridge financing . ControlledCarbon will pay
CleanFutures the amount of Ten Thousand Dollars ($10,000.00) per month for a
period of eighteen (18) months as additional pre-paid royalties beginning with
the month following the completion of bridge financing.

3.2          To
retain its exclusive license to the CC Exclusive Licensed Field,
ControlledCarbon shall pay to CleanFutures royalties as stated in clause 3.4 for
the license in clause 2.1 during the License Period, but in no event shall
royalties for a one (1) year period starting at the beginning of general
availability of the product or substantial commercial sales by ControlledCarbon
of products incorporating CleanFutures Technology, be less than the following
minimum royalties (such minimum royalties to be pre-paid and any unearned
pre-paid royalties for any year will carry over to the subsequent year’s
pre-paid royalties due): 

-      Year 1
– U.S $100,000.00 
-      Year 2 – U.S $150,000.00

-      Year 3 – U.S $200,000.00

-      Year 4 and beyond – U.S $250,000.00

3.3          At
ControlledCarbon’s option, ControlledCarbon may pay CleanFutures a one-time
prepayment of licensing fees in the amount of One Million Dollars (U.S
$1,000,000.00) . In the event that ControlledCarbon elects to make such a
payment, ControlledCarbon’s financial obligation to make the minimum yearly
royalty payments in section 3.2 and the yearly exclusive license fees in section
3.1 will terminate effective the date such prepayment is made.

3.4          For
every Licensed Product sold by ControlledCarbon that includes CleanFutures
Technology or the system defined as CleanFutures Technology, ControlledCarbon
will pay CleanFutures a royalty calculated with the schedule below for every
system sold. All royalty payments made by ControlledCarbon will be based on the
actual selling price as billed and as cash collected by ControlledCarbon. No
royalties will be due on returned product, services, consulting, NRE, warranty
programs, accessories, packaging, system or component housings, adapters or
plugs, infrastructure sales, software, licensing fees, 3rd party add-ons,
financing programs or any related offering that supports the sale of
CleanFutures Technology or integrates with CleanFutures Technology, but contains
no CleanFutures Technology. Forty eight (48) months from the Effective Date of this Agreement, and on each anniversary of
the Effective Date going forward, ControlledCarbon will, at its sole option,
have the right to (a) continue its exclusive license agreement with continued
royalty payments as defined below; or (b) convert its exclusive license to a
non-exclusive license at no cost to ControlledCarbon and reduce its royalty rate
to one percent (1%) for all sales that infringe on any Pending Patent within the
CleanFutures Patents and (2%) for all sales that would infringe on any issued
Patent within the CleanFutures Patent; or (c) modify its products or evidence
that its products do not infringe on any issued CleanFutures Patents covering
CleanFutures Technology and will owe no royalties going forward to CleanFutures.
At anytime after the first forty eight (48) months, it becomes reasonably clear
that meaningful patent protection will be unlikely, or CleanFutures is advised
by legal counsel that an overall system patent protecting CleanFutures
Technology as used in EchoDrive is unlikely to be granted then no royalties will
be due CleanFutures going forward. In no event will this reduction occur within
the first forty-eight (48) months after the Effective Date of this
Agreement.

Page 5 of 13 

	System Component 

      
	Royalty 

      Rate
      
	Maximum Percentage of 

      Component
      Gross Margin 
	Estimated Min. Gross 

      Margin to
      Receive Full 
Royalty 
	Electric Motor Controller 	5.0% 	15% 	33.3% 
	Electric Motor 	5.0% 	15% 	33.3% 
	Cables, Brackets & Belt 	5.0% 	15% 	33.3% 
	Li-Ion Batteries Cells 	2.0% 	5% 	33.3% 

Royalties to be paid will be calculated by; (i) multiplying the
actual sales price by the Royalty Rate above then; (ii) multiplying the Gross
Margin by the Maximum Percentage of Gross Margin above then; (iii) selecting
whichever amount is lower will be used to calculate the royalty to be paid. 

3.5          Any
system delivered by ControlledCarbon that is based on CleanFutures Technology,
ControlledCarbon will include a sticker or side badge with mutually agreed upon
branding. ControlledCarbon will have no obligation to ensure that the sticker is
applied to any vehicle.

3.6         
ControlledCarbon shall pay no royalty to CleanFutures for any Licensed Products
sold to CleanFutures at wholesale price or for any other product offerings that
does not integrate CleanFutures Technology. This Agreement in no way obligates
ControlledCarbon to integrate any technology, patent or invention into
ControlledCarbon’s products, components or technology. For the avoidance of
doubt, any CleanFutures Technology that ControlledCarbon elects not to integrate
into it’s components or products, CleanFutures will have the right to license
such technology to another party.

3.7         
Within thirty (30) days after the end of each quarter beginning with the
Effective Date of this Agreement and with the beginning of commercial sales of
products or components integrating CleanFutures Technology, ControlledCarbon
shall furnish CleanFutures with written statements showing ControlledCarbon’s
sales of components containing CleanFutures Technology during the preceding
quarter, any deductions taken, and the computation of royalties, and shall pay
the royalties due under this clause 3. A similar statement shall be rendered and
payment made within thirty (30) days after and as of the date of termination of
this Agreement covering the period from the end of that covered by the preceding
statement to the date of termination. ControlledCarbon shall keep for two (2)
years after the date of submission of each statement, true and accurate records,
files and books of account containing all the data reasonably required for the
full computation and verification of ControlledCarbon’s sales of components with
which it paid royalties and deductions taken. ControlledCarbon agrees to permit
CleanFutures to examine these records to the extent necessary to verify the
reports no more than once a year. The examination by CleanFutures shall be
conducted by an auditor appointed by CleanFutures and paid for by
CleanFutures.

3.8          The
remittance of all monies payable pursuant to this Agreement shall be made in
United States Dollars.

4.          
 CLEANFUTURES LICENSE AND ADDITIONAL TERMS 

Page 6 of 13 

4.1         
ControlledCarbon hereby grants to CleanFutures, limited solely to the Hummer
Market, an exclusive license, during the term of this Agreement the right to
make, have made, use, sell, have sold, offer for sale and import products based
upon ControlledCarbon’s patents, knowhow and other intellectual property. For
the avoidance of doubt, CleanFutures will have no right to grant sublicenses to
any ControlledCarbon technology.

4.2          The
exclusive license granted in clause 4.1 of this Agreement limits the use of this
intellectual property and know-how exclusively in the Hummer Market and
non-exclusively in the Military Market and may be not be used in any other field
or market including CC Exclusive License Field. 

4.3         
ControlledCarbon will execute any confirmation of this Agreement and any other
documentation necessary to perfect or provide notice of CleanFutures’s rights
under this Agreement in the United States Patent and Trademark Office as well as
cooperate with any other reasonable requirements brought forth from similar
international requirements. 

4.4         
ControlledCarbon will promptly inform CleanFutures of the grant of each
ControlledCarbon patent licensed under this Agreement, and of the filing of each
application for such a patent, and will promptly furnish copies of such patents
to CleanFutures. 

4.5         
During the License Period, both Parties will work together in good faith to
identify which patents, know-how and capabilities CleanFutures may benefit from
in the Hummer Market and will work together to disclose, deliver and otherwise
make fully available to CleanFutures in the form of duplicates of drawings,
designs, data, reports, written specifications, instructions and consultations,
or in such other suitable manner and form as may be convenient to the Parties,
all CC Technology now possessed or hereafter discovered or developed by
ControlledCarbon or otherwise coming into ControlledCarbon’s possession that is
requested by CleanFutures in the manufacture, sale and importation of its
products, provided that this clause does not apply to any ControlledCarbon
Technology which is communicated to ControlledCarbon on terms which preclude
ControlledCarbon from disclosing it to CleanFutures even under a confidentiality
agreement. However, ControlledCarbon has no performance requirements nor
obligations required to continue to develop new technology. CleanFutures will be
responsible for any reasonable, pre-approved costs, if any, associated with this
paragraph.

4.6         
CleanFutures shall pay, at their own expense, the costs of parts and materials
used by CleanFutures in creating the products based on CC Technologies.

5.          
 CLEANFUTURES LICENSE FEE & ROYALTIES 

5.1          For
every product sold by CleanFutures that includes CC Technology, CleanFutures
will pay ControlledCarbon a royalty calculated with the schedule below for every
system sold. All royalty payments made by CleanFutures will be based on the
actual selling price as billed and as cash collected by CleanFutures. No
royalties will be due on returned product, services, consulting, NRE, warranty
programs, accessories, packaging, system or component housings, adapters or
plugs, infrastructure sales, software, licensing fees, 3rd party add-ons,
financing programs or any related offering that supports the sale of the product
or integrates with the product, but contains no CC Technology. Forty eight (48)
months from the Effective Date of this Agreement, and on each anniversary of the
Effective Date going forward, CleanFutures will, at its sole option, have the
right to (a) continue its exclusive license agreement with continued royalty
payments as defined below; or (b) convert its exclusive license to a
non-exclusive license at no cost to CleanFutures and reduce its royalty rate to
one percent (1%) for all sales that would infringe on any pending
ControlledCarbon patent and (2%) for all sales that would infringe on any issued
ControlledCarbon patent; or (c) modify its products or evidence that its
products do not infringe on any ControlledCarbon patents covering CC Technology
and will owe no royalties going forward to ControlledCarbon. At anytime after
the first forty eight (48) months, it becomes reasonably clear that meaningful
patent protection will be unlikely, or ControlledCarbon is advised by legal
counsel that patents protecting CC Technology is unlikely to be granted then no royalties will be due to ControlledCarbon going
forward. In no event will this reduction occur within the first forty eight (48)
months after the execution of this Agreement.

Page 7 of 13 

	System Component 

      
	Royalty 

      Rate 
	Maximum Percentage of 

      component
      Gross Margin 
	Est. Min. Gross 

      Margin to
      Receive Full 
Royalty 
	Motor Controller 	5.0% 	15% 	33.3% 
	Electric Motor 	5.0% 	15% 	33.3% 
	Cables, Brackets & Belt 	5.0% 	15% 	33.3% 
	L-Ion Batteries 	2.0% 	5% 	33.3% 

In addition, ControlledCarbon may be providing intellectual
property to CleanFutures not contemplated in the above chart. In the event that
CleanFutures chooses to integrate any CC Technology not addressed above, both
Parties will work together in good faith to find an appropriate licensing
percentage. In no case will that licensing fee exceed Twenty-Five (25%) of the
Gross Margin of the product where such intellectual property is being used or
integrated and ControlledCarbon will give CleanFutures most favored nation
pricing for such licensing for like volumes and terms.

Royalties to be paid will be calculated by; (i) multiplying the
actual sales price by the Royalty Rate above then; (ii) multiplying the Gross
Margin by the Maximum Percentage of Gross Margin above then; (iii) selecting
whichever amount is lower will be used to calculate the royalty to be paid. 

5.2         
Within thirty (30) days after the end of each quarter beginning with the
Effective Date of this Agreement and with the beginning of commercial sales of
products or components integrating CC Technology, CleanFutures shall furnish
ControlledCarbon with written statements showing CleanFutures’s sales of
components containing CC Technology during the preceding quarter, any deductions
taken, and the computation of royalties, and shall pay the royalties due under
this clause 5. A similar statement shall be rendered and payment made within
thirty (30) days after and as of the date of termination of this Agreement
covering the period from the end of that covered by the preceding statement to
the date of termination. CleanFutures shall keep for two (2) years after the
date of submission of each statement, true and accurate records, files and books
of account containing all the data reasonably required for the full computation
and verification of CleanFutures’s sales of components with which it paid
royalties and deductions taken. CleanFutures agrees to permit ControlledCarbon
to examine these records to the extent necessary to verify the reports no more
than once a year. The examination by ControlledCarbon shall be conducted by an
auditor appointed by ControlledCarbon and paid for by ControlledCarbon. 

6.           
ASSIGNABILITY 

6.1          The
licenses granted under this Agreement shall be binding upon any successor of
either Party in ownership or control of the patents and technology.
ControlledCarbon may assign this Agreement to any successor or other party at
its option subject to the written approval of CleanFutures, the approval of
which shall not be unreasonably withheld and will only be withheld if such a
assignment will, or is likely to, materially breach this Agreement. An
acquisition of ControlledCarbon or substantially all of the assets of
ControlledCarbon by another entity will not require CleanFutures approval.
ControlledCarbon will have a thirty (30) day right of first refusal to match
with reasonably similar terms and purchase CleanFutures if they receive a bona
fide offer from a party capable of completing such a transaction.

7.           
PRODUCT MARKING 

7.1          Each
Party shall place in a conspicuous location on any product or component
containing CleanFutures Technology or CC Technology a distinguishing mark
agreeable to both Parties and the number or numbers of any patents applicable
thereto. 

Page 8 of 13 

7.2          The
marking of product in clause 7.1 shall not be required if the product
performance is compromised thereby, the marking cannot
reasonably be placed on any product due to the product size, increase in
production cost, or in all instances where either Parties customers request in
writing that any products do not include any markings. 

7.3          Each
Party shall notify the other in writing when any components are not marked
pursuant to clause 7.2. 

8.           
PUBLICITY 

8.1         
Except as required in clause 7.1, neither Party shall use the others trade names
or trademarks without written consent.

8.2         
CleanFutures will not issue any press release or communicate externally or
publicly its relationship with ControlledCarbon or disclose any information
regaring CleanFutures Technologies without prior review and written approval
from ControlledCarbon, which will not be unreasonably witheld. However,
parameters on use of EchoDrive or CleanFutures Technology may be modified by
separate written agreement. 

8.3         
CleanFutures shall not use any ControlledCarbon or EchoDrive trademarks, trade
names or service marks without the prior written consent of ControlledCarbon.

9.           
CONFIDENTIALITY 

9.1          All
of the terms of this Agreement, including the existence of the Agreement, are
confidential, and CleanFutures shall not disclose any such terms and conditions
to anyone else without first obtaining the prior written consent from
ControlledCarbon, provided that either party may disclose the terms and
conditions of this Agreement in response to the legal requirement of a
governmental agency or a court of competent jurisdiction if such disclosure is
first submitted to the other Party. 

9.2          Both
Parties will protect confidential materials received from the other under this
Agreement and containing CleanFutures Technology or CC Technology against
disclosure to others with the same degree of care each Party protects its own
materials of a similar nature and will endeavor to instruct their own employees
most likely to have access to such materials that such materials are to be so
protected. Both Parties acknowledges that each Party often discloses its own
materials for its own commercial purposes to customers, vendors and consultants,
and accordingly will not assert any claim with respect to disclosure or use of
any materials, or any CC Technology or CleanFutures Technology, disclosed to the
other Party. The foregoing expresses ControlledCarbon’s entire obligation with
respect to CleanFutures Technology, and supersedes any obligation that might
otherwise be implied by or inferred from any legends placed on materials
containing CleanFutures Technology. 

9.3          Both
parties will protect materials received from the other under this Agreement
against disclosure to others with the same degree of care each Party protects
its own materials of a similar nature and will endeavor to instruct the other
Parties employees most likely to have access to such materials that such
materials are to be so protected. The foregoing expresses the entire obligation
of the Parties with respect to such materials, and supersedes any obligation
that might otherwise be implied by or inferred from any legends placed on
materials. 

10.         
INFRINGEMENT BY THIRD PARTIES 

10.1        Each Party shall
notify the other Party in writing of any suspected infringement(s) of their
patents and shall inform the other Party of any evidence of such
infringement(s). 

Page 9 of 13 

10.2        ControlledCarbon
shall have the first right to institute suit for infringement(s) of the CC
Technology and in the CC Exclusive License Field. CleanFutures agrees to join as
a party plaintiff in any such lawsuit initiated by ControlledCarbon, if
requested by ControlledCarbon or required by law, with all costs, attorney fees,
and expenses to be paid by ControlledCarbon. However, if ControlledCarbon does
not institute suit for infringement(s) within ninety (90) days of receipt of
written notice from CleanFutures of CleanFutures’s desire to bring suit for
infringement in its own name and on its own behalf, then CleanFutures may at its
own expense, select legal counsel and bring suit or take any other appropriate
action. 

10.3        CleanFutures
shall have the sole right to institute suit for infringement(s) in the Non
Exclusive Licensed Field in regards to CleanFutures Technology. 

10.4        Neither Party
may settle with an infringer without the prior approval of the other Party if
such settlement would affect any rights of the other Party under the
CleanFutures Patents and CleanFutures Technology. 

11.         
WARRANTY 

11.1        CleanFutures
warrants it has the right to convey the licenses granted by this Agreement.

11.2        CleanFutures
warrants that, as of the Effective Date of this Agreement, it has received no
claim from a third party charging infringement of a patent or other intellectual
property of any third party from the use of any CleanFutures Patents,
CleanFutures Technology, or any activity of CleanFutures. 

11.3        CleanFutures
warrants that it has obtained an agreement with Johnathan Goodwin where he has
assigned his intellectual property and other assignments necessary to allow
CleanFutures to perform under this Agreement, and to permit ControlledCarbon to
use the CleanFutures Patents and CleanFutures Technology as contemplated under
this Agreement.

11.4        CleanFutures
agrees to defend at its expense and hold harmless ControlledCarbon from all loss
or damage by reason of any and all actions or proceedings charging infringement,
whether rightfully or wrongfully brought, of any patent by reason of
manufacture, use, sale, offer for sale, or import of any Licensed Product, or
other product or component by ControlledCarbon incorporating the CleanFutures
Patents, and/or CleanFutures Technology as contemplated under this Agreement.
ControlledCarbon agrees to notify CleanFutures in writing of all such actions or
proceedings and, at the expense of CleanFutures, to assist CleanFutures in the
defense of the action or proceeding. If the manufacture, use, offer for sale,
sale or import of such CleanFutures Technology is enjoined as a result of such
action or proceeding, CleanFutures will indemnify ControlledCarbon for any and
all losses or damages sustained by reason of obeying such injunction. 

11.5        If a claim or
claims of any patent licensed hereunder or Clean Futures Patent shall be held
invalid, unenforceable, or cancelled by a court or administrative agency from
whose decision no appeal is taken or no appeal or other proceeding for review
can be taken (hereinafter a “final judgment”), or such patent must be modified
to materially reduce the scope and protection provided by such patent and/or
application, then such claim or claims shall, subsequent to the date of the
final judgment, or date of patent modification, be treated as invalid,
unenforceable, or cancelled and no royalties shall be due under clauses 3 or 5
of this Agreement for sales thereafter of products covered solely by such
claims. For the avoidance of doubt, this section does not release either Party
from their obligation to pay royalties under this Agreement. 

11.6        If a claim or
claims of any patent licensed hereunder shall be held noninfringed by a third
party’s products in a final judgment of a court or administrative agency, then
subsequent to the date of the final judgment, either Party shall have no
obligation to pay royalties hereunder to the other Party on related products
manufactured, used, sold, offered for sale or imported by the Party not holding
the patent at issue which do not infringe such patent. 

Page 10 of 13 

11.7        CleanFutures
warrants that, as of the Effective Date of this Agreement, it has received no
claim from a third party alleging ownership or misappropriation of any
CleanFutures Patent and/or CleanFutures Technology. 

11.8        CleanFutures
warrants that, as of the Effective Date of this Agreement, and within the CC
Exclusive Licensed Field, it and its licensees have not granted any rights under
CleanFutures Technology and/or CleanFutures Patents. In addition, CleanFutures
warrants that, as of the Effective Date of this Agreement, CleanFutures is under
no obligation with any third party prohibiting the disclosure of CleanFutures
Technology to ControlledCarbon. 

11.9        CleanFutures
agrees that with respect to any patent which may later issue, it will not assert
against ControlledCarbon, or its vendees, any claims for infringement based on
the manufacture, use, sale, offer for sale or import of any apparatus made or
sold by ControlledCarbon under the license granted in this Agreement and upon
which royalty has been paid in accordance with the provisions of clause 3. 

11.10      Both Parties warrant that,
during the License Period all patents will not be allowed to lapse. 

12.        
 LIABILITY 

12.1        At all times
during the term of this Agreement and thereafter, each Party shall indemnify,
defend and hold the other harmless against all claims and expenses, including
legal expenses and reasonable attorney’s fees, arising out of the death of or
injury to any person or persons or out of damage to personal property resulting
from production, assembly, advertisement, sale or use of the other Party’s
technology. 

12.2        Indemnifications
under clause 12.1 shall not apply to any claims or expenses due to: (i) the
gross negligence of the other Party; or (ii) the intentional wrongdoing or
intentional misconduct which caused material harm to the other Party.

12.3        Each Party shall
obtain and carry in full force and effect reasonable commercial, general
liability insurance which shall protect ControlledCarbon and CleanFutures with
respect to events covered by the clause above. Such insurance shall be written
by a reputable insurance company authorized to do business in the State of
Kansas and Arizona, and shall list the other Party as an additional named
insured. 

12.4        Each Party shall
at all times comply, through insurance or self-insurance, with all statutory
workers’ compensation and employers’ liability requirements covering any and all
employees with respect to activities performed under this Agreement. 

13.         
TERM 

13.1        This Agreement
shall continue in force for the License Period unless terminated by either Party
under clause 13.2. 

13.2        If either Party
shall at any time default in the payment of any monies due in accordance with
this Agreement or in fulfilling any of the other obligations or conditions
hereof, prior to terminating this Agreement, the other Party shall give written
notice of such default specifying the reasons thereof. If such default is not
cured by the noticed Party within six (6) months of such notice, the other Party
shall then have the right in its own discretion to terminate this Agreement by
giving written notice of termination. This Agreement shall terminate on the
thirtieth (30th) day after the notice of termination is given. The
noticed Party shall have the right to cure any such default up to termination.

13.3        If either Party:
(i) makes a general assignment for the benefit of creditors or becomes
insolvent; (ii) files an insolvency petition in bankruptcy or the approximate
equivalent under local law; (iii) petitions for or acquiesces in the appointment
of any receiver, trustee or similar officer to liquidate or conserve its
business or any substantial part of its assets or the approximate equivalent
under local law; (iv) commences under the laws of any jurisdiction any
proceeding involving its insolvency, bankruptcy, reorganization, adjustment of
debt, dissolution, liquidation, or any other similar proceeding
for the release of financially distressed debtors; or (v) becomes a party to any
proceeding or action of the type described above in (iii) or (iv) and such
proceeding or action remains undismissed or unstayed for a period of more than
sixty (60) days, then the other Party may by written notice terminate the
exclusive license with immediate effect. 

Page 11 of 13 

14.        
   LICENSED PRODUCT QUALITY 

14.1        Both Parties will
  work together to create corporate quality standards, as reasonably established
  and modified from time-to-time, shall be used as a minimum acceptable level
  of quality for all components delivered to the other Party. 

15.         
NOTICES 

15.1        All notices
given under this Agreement shall be in writing and shall be deemed to have been
properly given when delivered personally or sent by prepaid registered or
certified mail, and electronic transmission, and all payments and statements
shall be sent by first class mail, postage prepaid, to the following addresses:

Controlled Carbon, LLC, 9909 N. 126th Street,
Scottsdale, Arizona, 85259 

Clean Futures, LLC, 120 N. Main Street, Suite 9, El
Dorado, Kansas, 67042 

The date of service shall be deemed to be the date on which
such notice, payment, or statement was personally delivered, posted, and sent by
telex or electronic transmission. Either Party may give written notice of a
change of address and, after notice of such change has been received, any
notice, payment, or statement thereafter shall be given to such Party as above
provided at such changed address. 

16.        
 COVENANT 

16.1        CleanFutures,
for the License Period, agrees to refrain from disclosing any CleanFutures
Technology to any company, partnership or other entity which is engaged in the
manufacture, use or sale of products in the CC Exclusive Licensed Field. 

17.         
CONSTRUCTION 

17.1        This Agreement
will be governed by and construed in accordance with the laws of the state of
Arizona, without regard to its law of conflicts. The headings of the clauses in
this Agreement are intended solely for convenience of reference and shall not be
considered in construing this Agreement. 

18.         
EXTRANEOUS WRITINGS 

18.1        This Agreement
constitutes the entire understanding between the Parties with respect to the
subject matter hereof; all prior agreements, drafts, representations,
statements, negotiations, and undertakings are superseded hereby. No amendment
to this Agreement shall be effective unless it is in writing and signed by duly
authorized representatives of both Parties. 

19.         
ARBITRATION 

19.1        Both Parties
shall use their best efforts to resolve by mutual agreement any disputes,
controversies, or differences which may arise from, under, out of, or in
connection with this Agreement. If such disputes, controversies, or differences
cannot be settled between the parties within sixty (60) days of the first
written notice relative thereto, it shall be resolved by arbitration before
three arbitrators acting under the Expedited Arbitration Rules in accordance
with the most recent Rules of the American Arbitration Association. Such arbitration shall be held in Arizona and the award rendered in
the arbitration shall be final and binding upon both parties. 

Page 12 of 13 

20.         
  PATENT PROSECUTION AND EXPENSES 

20.1        Subject to the
following paragraphs of this clause, each Party or their designated
representative will prosecute applications corresponding to their respective
patents and maintain foreign patents issuing thereon. Each Party shall retain
the sole right to elect counsel for prosecution of the their patents. Such
applications will be filed in all countries deemed necessary to protect the
patents, prior to 1-year form the filing date to protect the United States
priority date. 

20.2        Each Party
agrees to bear the costs of filing, prosecution, and maintaining their
respective patents in those countries covered in clause 20.1.

21.        
 INDEPENDENT CONTRACTOR 

21.1        This Agreement
does not constitute either Party as the partner, joint venturer, employee,
agent, or legal representative of the other Party for any purpose whatsoever.
Neither Party has granted any right or authority to assume or create any
obligation or responsibility, express or implied, on behalf of or in the name of
the other Party, or to bind the other Party in any manner. At all times, each
Party, in fulfilling its obligations pursuant to this Agreement, shall be acting
as an independent contractor. 

22.         
WAIVER 

22.1        Waiver by
ControlledCarbon or CleanFutures of any single default or breach or succession
of defaults or breaches by the other shall not deprive ControlledCarbon or
CleanFutures of any right to terminate this Agreement arising out of any
subsequent default or breach. 

23.         
APPLICABLE LAWS 

23.1        Each Party
acknowledges that they have certain duties and obligations under Federal laws,
including Export Administration Regulations of the United States Department of
Commerce, anti-trust laws of the United States, and the Environmental Protection
Agency. Each Party will be solely responsible for any breach of such Federal
laws by that Party, its Affiliates or sublicensees and will defend and hold the
other Party harmless in the event of a suit or action involving the other Party
occasioned by any such breach. 

IN WITNESS THEREOF, the parties have made this Agreement the
day and year written above. 

	ControlledCarbon, LLC 	CleanFutures, LLC By: 
	/s/_______________________________ 	By: /s/_________________________________
  
	Name:_____________________________ 	Name:_________________________________ 
	Title:____________________________ 	Title:________________________________ 
	Date:_____________________________ 	Date:_________________________________
  

Page 13 of 13Echo Automotive, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

INDEMNIFICATION AGREEMENT 

          This
Indemnification Agreement (this “Agreement”), dated as of September ___, 2012,
is made by and between Canterbury Resources, Inc., a Nevada corporation
(the “Company”), and the undersigned, who is either a director or an officer of
the Company (the “Indemnitee”), with this Agreement to be deemed effective as of
the date that the Indemnitee first became a director or an officer of the
Company. 

RECITALS 

          A.     
The Company is aware that competent and experienced persons are reluctant to
serve as directors or officers of corporations unless they are protected by
comprehensive liability insurance and indemnification, due to the exposure to
litigation costs and risks resulting from their service to such corporations,
and due to the fact that the exposure frequently bears no reasonable
relationship to the compensation of such directors and officers; 

          B.      The
Board of Directors of the Company (the “Board”) has concluded that, to retain
and attract talented and experienced individuals to serve as officers or
directors of the Company, it is necessary for the Company contractually to
indemnify certain of such persons and to assume for itself maximum liability for
expenses and damages in connection with claims against such persons in
connection with their service to the Company; 

          C.      Section
7502 of Chapter 78 of the Nevada General Corporation Law, under which the
Company is organized (“Section 7502”), empowers the Company to indemnify by
agreement its present and former officers and directors and persons who serve,
at the request of the Company, as directors or officers of other corporations,
partnerships, joint ventures, trusts, or other enterprises and expressly
provides that the indemnification provided by Section 7502 is not exclusive;
and

          D.      The
Company desires and has requested the Indemnitee to serve or continue to serve
as a director or an officer of the Company free from undue concern for claims
for damages arising out of or related to such services to the Company. 

          NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as
follows: 

          1.           Definitions

                                        1.1      Agent.
For the purposes of this Agreement, “agent” of the Company means any person who
is or was a director or an officer of the Company or a subsidiary of the
Company; or is or was serving at the request of the Company or a subsidiary of
the Company as a director or an officer of another foreign or domestic
corporation, partnership, joint venture, trust, or other enterprise or an
affiliate of the Company. The term “enterprise” includes any employee benefit
plan of the Company, its subsidiaries, affiliates, and predecessor corporations.

                                        1.2     
Company. For purposes of this Agreement, the “Company” includes, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger that, if
its separate existence had continued, would have had power and authority to indemnify its directors
or officers so that any person who is or was a director or an officer of such
constituent corporation, or is or was serving at the request of such constituent
corporation as a director or an officer of another corporation, partnership,
joint venture, trust, or other enterprise, shall stand in the same position
under this Agreement with respect to the resulting or surviving corporation as
such person would have with respect to such constituent corporation if its
separate existence had continued.

                                        1.3      Expenses.
For the purposes of this Agreement, “expenses” includes all direct and indirect
costs of any type or nature whatsoever (including, without limitation, all
attorneys’ fees and related disbursements and other out-of-pocket costs)
actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense, or appeal of a proceeding or establishing or enforcing a
right to indemnification or advancement of expenses under this Agreement,
Section 7502 or otherwise; provided, however, that expenses shall
not include any judgments, fines, ERISA excise taxes or penalties, or amounts
paid in settlement of a proceeding. 

                                        1.4      Fines.
For purposes of this Agreement, references to “fines” includes any excise taxes
assessed on a person with respect to any employee benefit plan. 

                                        1.5     
Liabilities. For purposes of this Agreement, “liabilities” means
judgments, fines, ERISA execute taxes or penalties, and amounts paid in
settlement in connection with a proceeding. 

                                        1.6      Other
Enterprises. For purposes of this Agreement, “other enterprises” includes
employee benefit plans. 

                                        1.7      Proceeding.
For the purposes of this Agreement, “proceeding” means any threatened, pending,
or completed action, suit, or other proceeding, whether civil, criminal,
administrative, or investigative. 

                                        1.8      Subsidiary.
For purposes of this Agreement, “subsidiary” means any corporation of which more
than 50% of the outstanding voting securities is owned directly or indirectly by
the Company, by the Company and one or more of its subsidiaries, or by one or
more of the Company’s subsidiaries. 

                                        1.9      Serving
at the Request of the Company. For purposes of this Agreement, “serving at
the request of the Company” includes any service as a director or an officer of
the Company that imposes duties on, or involves services by, such director or
officer with respect to an employee benefit plan, its participants or
beneficiaries; and a person who acted in good faith and in a manner such person
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner “not
opposed to the best interests of the Company” as referred to in this Agreement.

          2.     
Agreement to Serve. The Indemnitee agrees to serve and/or continue to
serve as an agent of the Company, at the will of the Company (or under separate
agreement, if such agreement exists), in the capacity the Indemnitee currently
serves as an agent of the Company, faithfully and to the best of his ability, so
long as he is duly appointed or elected and qualified in accordance with the
applicable provisions of the charter documents of the Company or any subsidiary of the Company; provided, however,
that the Indemnitee may at any time and for any reason resign from such position
(subject to any contractual obligation that the Indemnitee may have assumed
apart from this Agreement), and the Company and any subsidiary shall have no
obligation under this Agreement to continue the Indemnitee in any such position. 

2

          3.      Directors’
and Officers’ Insurance. The Company shall, to the extent that the Board
determines it to be economically reasonable, maintain a policy of directors’ and
officers’ liability insurance (“D&O Insurance”), on such terms and
conditions as may be approved by the Board. 

          4.      Mandatory
Indemnification. Subject to Section 9 below, the Company shall indemnify the
Indemnitee: 

                                        4.1      Third-Party
Actions. If the Indemnitee is a person who was or is a party or is
threatened to be made a party to any proceeding (except an action by or in the
right of the Company) by reason of the fact that the Indemnitee is or was an
agent of the Company, or by reason of anything done or not done by the
Indemnitee in any such capacity, against any and all expenses and liabilities of
any type whatsoever incurred by the Indemnitee in connection with such
proceeding if (a) the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in, or not opposed to, the best interests
of the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe the Indemnitee’s conduct was unlawful, or (b) the
Indemnitee, if a director or an officer of the Company, did not act or fail to
act in a manner that constituted a breach of the Indemnitee’s fiduciary duties
as a director or an officer or such Indemnitee’s breach of those duties did not
involve intentional misconduct, fraud, or a knowing violation of law; and

                                        4.2      Derivative
Actions. If the Indemnitee is a person who was or is a party or is
threatened to be made a party to any proceeding by or in the right of the
Company to procure a judgment in its favor by reason of the fact that the
Indemnitee is or was an agent of the Company, or by reason of anything done or
not done by the Indemnitee in any such capacity, against any and all expenses
and liabilities incurred by the Indemnitee in connection with such proceeding if
(a) the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company, or (b)
the Indemnitee, if a director or an officer of the Company, did not act or fail
to act in a manner that constituted a breach of the Indemnitee’s fiduciary
duties as a director or an officer or such Indemnitee breach of those duties
involved intentional misconduct, fraud, or a knowing violation of law;
except that no indemnification under this subsection shall be made in
respect of any claim, issue, or matter as to which the Indemnitee shall have
been adjudged by a court of competent jurisdiction, after the exhaustion of all
appeals therefrom, to be liable to the Company or for amounts paid in settlement
to the Company, unless and only to the extent that the court in which such
proceeding was brought or another court of competent jurisdiction determines
upon application that, in view of all the circumstances of the case, the
Indemnitee is fairly and reasonable entitled to indemnity for such expenses as
the court deems proper; and 

                                        4.3     
Exception for Amounts Covered by Insurance. Notwithstanding the
foregoing, the Company shall not be obligated to indemnify the Indemnitee for
expenses or liabilities of any type whatsoever (including, but not limited to,
judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) to the
extent such have been paid to the Indemnitee by D&O Insurance. 

3

          5.     
Partial Indemnification and Contribution. 

                                        5.1     
Partial Indemnification. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of any expenses or liabilities of any type whatsoever incurred by the
Indemnitee in connection with a proceeding but is not entitled, however, to
indemnification for all of the total amount thereof, then the Company shall
nevertheless indemnify the Indemnitee for such total amount except as to the
portion thereof to which the Indemnitee is not entitled to indemnification. 

                                        5.2      Contribution.
If the Indemnitee is not entitled to the indemnification provided in Section 4
for any reason other than the statutory limitations set forth in the Nevada
General Corporation Law, then in respect of proceeding in which the Company is
jointly liable with the Indemnitee (or would be if joined in such proceeding),
the Company shall contribute to the amount of expenses and liabilities paid or
payable by the Indemnitee in such proportion as is appropriate to reflect (a)
the relative benefits received by the Company on the one hand and the Indemnitee
on the other hand from the transaction from which such proceeding arose and (b)
the relative fault of the Company on the one hand and of the Indemnitee on the
other hand in connection with the events that resulted in such expenses, as well
as any other relevant equitable considerations. The relative fault of the
Company on the one hand and of the Indemnitee on the other hand shall be
determined by reference to, among other things, the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent the
circumstances resulting in such expenses, judgments, fines, or settlement
amounts. The Company agrees that it would not be just and equitable if
contribution pursuant to this Section 5 were determined by pro rata allocation
or any other method of allocation which does not take account of the foregoing
equitable considerations. 

          6.      Mandatory
Advancement of Expenses. 

                                        6.1      Advancement.
Subject to Section 9 below, the Company shall pay as incurred and in advance of
the final disposition of a civil or criminal proceeding all expenses incurred by
the Indemnitee in connection with defending any such proceeding to which the
Indemnitee is a party or is threatened to be made a party by reason of the fact
that the Indemnitee is or was an agent of the Company or by reason of anything
done or not done by the Indemnitee in any such capacity. The Indemnitee hereby
undertakes to promptly repay such amounts advanced only if, and to the extent
that, it shall ultimately by determined that the Indemnitee is not entitled to
be indemnified by the Company under the provisions of this Agreement, the
Articles of Incorporation or Bylaws of the Company, the Nevada General
Corporation Law, or otherwise. The advances to be made hereunder shall be paid
by the Company to the Indemnitee within thirty (30) days following delivery of a
written request therefor by the Indemnitee to the Company. 

                                        6.2     
Exception. Notwithstanding the foregoing provisions of this Section 6,
the Company shall not be obligated to advance any expenses to the Indemnitee
arising from a lawsuit filed directly by the Company against the Indemnitee if
an absolute majority of the members of the Board reasonably determines in good faith,
within thirty (30) days of the Indemnitee’s request to be advanced expenses,
that the facts known to them at the time such determination is made demonstrate
clearly and convincingly that the Indemnitee acted in bad faith. If such a
determination is made, the Indemnitee may have such decision reviewed in the
manner set forth in Section 8.5 hereof, with all references therein to
“indemnification” being deemed to refer to “advancement of expenses,” and the
burden of proof shall be on the Company to demonstrate clearly and convincingly
that, based on the facts known at the time, the Indemnitee acted in bad faith.
The Company may not avail itself of this Section 6.2 as to a given lawsuit if,
at any time after the occurrence of the activities or omissions that are the
primary focus of the lawsuit, the Company has undergone a change in control. For
this purpose, a “change in control” shall mean a given person of group of
affiliated persons or groups increasing their beneficial ownership interest in
the Company by at least twenty (20) percentage points without advance Board
approval. 

4

          7.      Notice
and Other Indemnification Procedures. 

                                        7.1      Notification.
Promptly after receipt by the Indemnitee of notice of the commencement of or
the threat of commencement of any proceeding, the Indemnitee shall, if the
Indemnitee believes that indemnification with respect thereto may be sought from
the Company under this Agreement, notify the Company of the commencement or
threat of commencement thereof. 

                                        7.2      Insurance.
If, at the time of the receipt of a notice of the commencement of a proceeding
pursuant to Section 7.1 hereof, the Company has D&O Insurance in effect, the
Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of the Indemnitee, all amounts payable as a
result of such proceeding in accordance with the terms of such D&O Insurance
policies. 

                                        7.3      Defense.
In the event the Company shall be obligated to advance the expenses for any
proceeding against the Indemnitee, the Company, if appropriate, shall be
entitled to assume the defense of such proceeding, with counsel approved by the
Indemnitee (which approval shall not be unreasonably withheld), upon the
delivery to the Indemnitee of written notice of its election to do so. After
delivery of such notice, approval of such counsel by the Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to the
Indemnitee under this Agreement for any fees of counsel subsequently incurred by
the Indemnitee with respect to the same proceeding, provided that (a) the
Indemnitee shall have the right to employ the Indemnitee’s own counsel in any
such proceeding at the Indemnitee’s expense; (b) the Indemnitee shall have the
right to employ the Indemnitee’s own counsel in connection with any such
proceeding, at the expense of the Company, if such counsel serves in a review,
observer, advice, and counseling capacity and does not otherwise materially
control or participate in the defense of such proceeding; and (c) if (i) the
employment of counsel by the Indemnitee has been previously authorized by the
Company, (ii) the Indemnitee shall have reasonably concluded that there may be
conflict of interest between the Company and the Indemnitee in the conduct of
any such defense, or (iii) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then
the fees and expenses of the Indemnitee’s counsel shall be at the expense of the
Company. 

5

          8.      Determination
of Right to Indemnification. 

                                        8.1      Success
on Merits. To the extent the Indemnitee has been successful on the merits or
otherwise in defense of any proceeding referred to in Section 4.1 or 4.2 of this
Agreement or in the defense of any claim, issue, or matter described therein,
the Company shall indemnify the Indemnitee against expenses actually and
reasonably incurred by the Indemnitee in connection with the investigation,
defense, or appeal of such proceeding, or such claim, issue, or matter, as the
case may be. 

                                        8.2     
Proof by Company. In the event that Section 8.1 is inapplicable, or does
not apply to the entire proceeding, the Company shall nonetheless indemnify the
Indemnitee unless the Company shall prove by clear and convincing evidence to a
forum listed in Section 8.4 below that the Indemnitee has not met the applicable
standard of conduct required to entitle the Indemnitee to such indemnification.

                                        8.3      Termination
of Proceeding. The termination of any proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere its equivalent, does
not, of itself, create a presumption that a person (a) did not act in good faith
and in a manner the person reasonably believed to be in or not opposed to the
best interests of the Company, (b) with respect to any criminal action or
proceeding, that the person had reasonable cause to believe that the person’s
conduct was unlawful, or (c) the person’s act or failure to act constituted a
breach of the person’s fiduciary duties as a director or an officer or the
person’s breach of those duties involved intentional misconduct, fraud, or a
knowing violation of law. 

                                        8.4      Applicable
Forums. The Indemnitee shall be entitled to select the forum in which the
validity of the Company’s claim under Section 8.2 hereof that the Indemnitee is
not entitled to indemnification will be heard from among the following,
except that the Indemnitee can select a forum consisting of the
stockholders of the Company only with the approval of the Company and, if the
Indemnitee is a director or an officer at the time of such determination, the
determination shall be made in accordance with (a), (b), (c) or (d) below at the
election of the Company: 

                                                  (a)     
A majority vote of the directors who are not parties to the proceeding for which
indemnification is being sought even though less than a quorum; 

                                                  (b)     
By a committee of directors who are not parties to the proceeding for which
indemnification is being sought designated by a majority vote of such directors,
even though less than a quorum; 

                                                  (c)      If
there are no directors who are not parties to the proceeding for which
indemnification is sought, or if such directors so direct, by independent legal
counsel in a written opinion; 

                                                  (d)     
The stockholders of the Company; 

6

                                                  (e)      A
panel of three arbitrators, one of whom is selected by the Company, another of
whom is selected by the Indemnitee and the last of whom is selected by the first
two arbitrators so selected; or 

                                                  (f)      A
court having jurisdiction of subject matter and the parties. 

                                        8.5     
Submission. As soon as practicable, and in no event later than thirty
(30) days after the forum has been selected pursuant to Section 8.4 above, the
Company shall, at its own expense, submit to the selected forum its claim that
the Indemnitee is not entitled to indemnification, and the Company shall act in
the utmost good faith to assure the Indemnitee a complete opportunity to defend
against such claim. 

                                        8.6     
Appeals. If the forum selected in accordance with Section 8.4 hereof is
not a court, then after the final decision of such forum is rendered, the
Company or the Indemnitee shall have the right to apply to a court of Nevada,
the court in which the proceeding giving rise to the Indemnitee’s claim for
indemnification is or was pending, or any other court of competent jurisdiction,
for the purpose of appealing the decision of such forum, provided that
such right is executed within sixty (60) days after the final decision of such
forum is rendered. If the forum selected in accordance with Section 8.4 hereof
is a court, then the rights of the Company or the Indemnitee to appeal any
decision of such court shall be governed by the applicable laws and rules
governing appeals of the decision of such court. 

                                        8.7      Expenses
for Interpretation. Notwithstanding any other provision in this Agreement to
the contrary, the Company shall indemnify the Indemnitee against all expenses
incurred by the Indemnitee in connection with any hearing or proceeding under
this Section 8 involving the Indemnitee and against all expenses incurred by the
Indemnitee in connection with any other proceeding between the Company and the
Indemnitee involving the interpretation or enforcement of the rights of the
Indemnitee under this Agreement unless a court of competent jurisdiction finds
that each of the material claims and/or defenses of the Indemnitee in any such
proceeding was frivolous or not made in good faith. 

          9.      Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall
not be obligated pursuant to the terms of this Agreement in the following
circumstances: 

                                        9.1      Claims
Initiated by Indemnitee. To indemnify or advance expenses to the Indemnitee
with respect to proceedings or claims initiated or brought voluntarily by the
Indemnitee and not by way of defense, except with respect to proceedings
specifically authorized by the Board or brought to establish or enforce a right
to indemnification and/or advancement of expenses arising under this Agreement,
the charter documents of the Company or any subsidiary, or any statute or law or
otherwise, but such indemnification or advancement of expenses may be provided
by the Company in specific cases if the Board finds it to be appropriate; or

                                        9.2      Unauthorized
Settlements. To indemnify the Indemnitee hereunder for any amounts paid in
settlement of a proceeding unless the Company consents in advance in writing to
such settlement, which consent shall not be unreasonably withheld; or 

7

                                        9.3      Securities
Law Actions. To indemnify the Indemnitee on account of any suit in which
judgment is rendered against the Indemnitee for an accounting of profits made
from the purchase or sale by the Indemnitee of securities of the company
pursuant to the provisions of Section 16(b) of the Securities Exchange Act of
1934 and amendments thereto or similar provisions of any federal, state, or
local statutory law; or 

                                        9.4     
Unlawful Indemnification. To indemnify the Indemnitee if a final decision
by a court having jurisdiction in the mater shall determine that such
indemnification is not lawful. In this respect, the Company and the Indemnitee
have been advised that the Securities and Exchange Commission takes the position
that indemnification for liabilities arising under the federal securities laws
is against public policy and is, therefore, unenforceable and that claims for
indemnification should be submitted to appropriate courts for adjudication. 

          10.      Non-Exclusivity.
The provisions for indemnification and advancement of expenses set forth in this
Agreement shall not be deemed exclusive of any other rights that the Indemnitee
may have under any provision of law, the Company’s Certificate of Incorporation
or Bylaws, the vote of the Company’s stockholders or disinterested directors,
other agreements, or otherwise, both as to action in the Indemnitee’s official
capacity and to action in another capacity while occupying the Indemnitee’s
position as an agent of the Company, and the Indemnitee’s rights hereunder shall
continue after the Indemnitee has ceased acting as an agent of the Company and
shall inure to the benefit of the heirs, executors, and administrators of the
Indemnitee. 

          11.     
General Provisions. 

                                        11.1      Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement
to be interpreted and enforced so as to provide indemnification and advancement
of expenses to the Indemnitee to the fullest extent now or hereafter permitted
by law, except as expressly limited herein. 

                                        11.2      Severability.
If any provision or provisions of this Agreement shall be held to be invalid,
illegal, or unenforceable for any reason whatsoever, then: (a) the validity,
legality, and enforceability of the remaining provisions of this Agreement
(including, without limitation, all portions of any paragraphs of this Agreement
containing any such provision held to be invalid, illegal, or unenforceable that
are not themselves invalid, illegal, or unenforceable) shall not in any way be
affected or impaired thereby; and (b) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid,
illegal, or unenforceable, that are not themselves invalid, illegal, or
unenforceable) shall be construed so as to give effect to the intent manifested
by the provision held invalid, illegal, or unenforceable and to give effect to
Section 11.1 hereof. 

                                        11.3     
Modification and Waiver. No supplement, modification, or amendment of
this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not
similar), nor shall such waiver constitute a continuing waiver. 

8

                                        11.4      Subrogation.
In the event of full payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of the
Indemnitee, who shall execute all documents required and shall do all acts that
may be necessary or desirable to secure such rights and to enable the Company
effectively to bring suit to enforce such rights. 

                                        11.5     
Counterparts. This Agreement may be executed in one or more counterparts,
which shall together constitute one agreement. 

                                        11.6      Successors
and Assigns. The terms of this Agreement shall bind, and shall inure to the
benefit of, the successors and assigns of the parties hereto. The
indemnification and advancement of expenses provided by, or granted pursuant to,
this section shall, unless otherwise provided when authorized or ratified,
continue as to a person who has ceased to be a director or an officer and shall
inure to the benefit of the heirs, executors, and administrators of such a
person. 

                                        11.7      Notice.
All notices, requests, demands, and other communications under this Agreement
shall be in writing and shall be deemed duly given if (a) delivered by hand and
receipted for by the party addressee, or (b) mailed by certified or registered
mail, with postage prepaid, on the third business day after the mailing date.
Addresses for notice to either party are as shown on the signature page of this
Agreement or as subsequently modified by written notice. 

                                        11.8      Governing
Law. This Agreement shall be governed exclusively by and construed according
to the laws of the state of Nevada, as applied to contracts between Nevada
residents entered into and to be performed entirely within Nevada . 

                                        11.9      Consent
to Jurisdiction. The Company and the Indemnitee each hereby irrevocably
consent to the jurisdiction of the courts of the state of Nevada for all
purposes in connection with any action or proceeding which arises out of or
relates to this Agreement.

                                        11.10     
Attorneys’ Fees. In the event Indemnitee is required to bring any action
to enforce rights under this Agreement (including, without limitation, the
expenses of any proceeding described in Section 4), the Indemnitee shall be
entitled to all reasonable fees and expenses in bringing and pursuing such
action, unless a court of competent jurisdiction finds each of the material
claims of the Indemnitee in any such action was frivolous and not made in good
faith. 

9

          IN
WITNESS WHEREOF, the parties hereto have entered into this Indemnification
Agreement effective as of the date first written above. 

	CANTERBURY RESOURCES, INC. 	INDEMNITEE: 
	  	  
	  	  
	By: _________________________________________________	 
    
	  	  
	Name: _______________________________________________	 
    
	  	(Print Name) 
	Title: ________________________________________________	  
	         
      ________________________________________________	 

[Signature Page to Indemnification Agreement]

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