Document:

assignmentofmanagementag

ASSIGNMENT OF MANAGEMENT AGREEMENT,  CONSENT AND AGREEMENT OF MANAGER  This Assignment of Management Agreement, Consent and Agreement of Manager (this  "Agreement") is made and entered into as of March 10, 2020, by and among Hartman Timberway  II, LLC, a Texas limited liability company ("Hartman Timberway"), Hartman Village Pointe, LLC,  a Texas limited liability company ("Hartman Village Pointe"),Hartman Park Ten Place I & II,  LLC, a Texas limited liability company ("Hartman Park"; and Hartman Timberway, Hartman  Village Pointe and Hartman Park are collectively referred to herein as the "Granters" and each  sometimes individually referred to as a "Granter"), Hartman vREIT XXI Operating Partnership  L.P., a Texas limited partnership ("Hartman Partnership"; and Hartman Timberway, Hartman  Village Pointe, Hartman Park and Hartman Partnership are collectively referred to herein as  "Borrowers" and each sometimes individually referred to as a "Borrower"), and Hartman Income  REIT Management, Inc., a Texas corporation ("Manager"), in connection with the Loan being  made by East West Bank, a California state-chartered bank ("Lender"), as such Loan is defined in  and secured by those three certain Deeds of Trust, Assignment of Rents and Security Agreements,  both dated of even date herewith, one granted by Hartman Timberway for the benefit of Lender  (the "Timberway DOT"), one granted by Hartman Village Pointe for the benefit of Lender (the  "Village Pointe DOT") and the third granted by Hartman Park for the benefit of Lender (the "Park  DOT"; and the Timberway DOT, Village Pointe DOT and the Park DOT are hereinafter  collectively referred to as the "Deeds of Trust" and each sometimes individually referred to as a  "Deed of Trust"), and which Loan is guaranteed by Hartman vREIT XXI, Inc., a Maryland  corporation ("Guarantor"). All capitalized terms used but not otherwise defined herein shall have  the meaning provided therefor in the Deeds of Trust.  For good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, Manager and Borrowers hereby agree as follows:  1. A true, correct and complete copy of the Hartman Timberway Contract ( defined  below) is attached hereto as Exhibit A-1. A true, correct and complete copy of the Hartman Park  Contract (defined below) is attached hereto as Exhibit A-2. A true, correct and complete copy of  the Hartman Village Pointe Contract (defined below) is attached hereto as Exhibit A-3  2. Hartman Timberway hereby transfers, assigns and sets over to Lender, its  successors and assigns, all right, title and interest of Hartman Timberway in and to that certain  Real Property Management Agreement, dated November 11, 2019 by and between Hartman  Timberway and Manager (the "Hartman Timberway Contract"). Hartman Village Pointe hereby  transfers, assigns and sets over to Lender, its successors and assigns, all right, title and interest of  Hartman Village Pointe in and to that certain Real Property Management Agreement, dated  November 14, 2016 by and between Hartman Village Pointe and Manager (the "Hartman Village  Pointe Contract"). Hartman Park hereby transfers, assigns and sets over to Lender, its successors  and assigns, all right, title and interest of Hartman Park in and to that certain Real Property  Management Agreement, dated November 11, 2019 by and between Hartman Park and Manager  (the "Hartman Park Contract"; and the Hartman Timberway Contract, Hartman Village Pointe  Contract and the Hartman Park Contract are collectively referred to herein as the "Contracts" and  each sometimes individually referred to as a "Contract"). Manager hereby acknowledges and  consents to the foregoing assigmnent of the Contracts. The foregoing assigmnent is being made  ASSIGNMENT OF MANAGEMENT AGREEMENT 7437117 v4 (78055.00044.000)  

 

by Borrowers to Lender as collateral security for the full payment and performance by Borrowers  of all of its obligations under all of the Loan Documents. However, until the occurrence of a  Default, Granto rs may exercise all of its rights as owner of the Properties under the Contracts. The  foregoing assignment shall remain in effect as long as the Loan, or any part thereof, remains  unpaid, but shall automatically terminate upon the release of the Deeds of Trust as liens on the  Properties.  3.  (a) Lender shall have the right and option at any time after the occurrence of a  Default either: (1) to require Manager to continue performance under the Contracts on  behalf of Lender, whereupon Lender shall have the right to exercise all of the rights and  remedies of Grantors as owner of the Properties under the Contracts; or (2) to terminate  the Contracts immediately upon written notice to Manager, whereupon Manager will  cooperate in transferring its responsibility for management of the Properties to a  management company selected by Lender in Lender's sole and absolute discretion.  (b) If Lender shall exercise its right to require Manager to continue performance  under the Contracts, Manager will perform its obligations under the Contracts for the  benefit and at the direction of Lender, notwithstanding any counterclaim, right of set-off,  claim for additional payment, defense or like right of Manager against Borrowers or  Borrowers' default (including non-payment) under, or breach of, the Contracts; provided,  however, that Manager receives the compensation provided for in the Contracts, for  services performed for Lender after notice from Lender ofits exercise of its rights to require  performance.  (c) If Lender shall exercise its right to require Manager to perform under the  Contracts, Lender shall have the right at any time thereafter, upon not less than thirty (30)  days' prior notice to Manager, to terminate the Contracts, without cause.  ( d) On the effective date of termination of the Contracts, Manager shall turn  over to Lender all books and records relating to said Property ( copies of which may be  retained by Manager at Manager's expense), together with such authorizations and letters  of direction addressed to tenants, suppliers, employees, banks and other parties as Lender  may reasonably require; and Manager shall cooperate with Lender in the transfer of the  management responsibilities to Lender or its designee. A final accounting of unpaid fees  (if any) due to Manager under the Contracts shall be made by Manager or Lender at  Manager's expense within 60 days after the effective date of termination, but Lender shall  not have any liability or obligation to Manager for unpaid fees or other amounts payable  under the Contracts which accrue before Lender (or its nominee) acquires title to said  Property.  ( e) Lender shall not be liable for any action or omission of any prior owner of  the Properties that are the subject of the Contracts, bound by any amendment or  modification of the Contracts made without Lender's prior written consent or subject to any  counterclaim or claims which Manager might or is entitled to assert against Borrowers.  ASSIGNMENT OF MANAGEMENT AGREEMENT 2 7437117 v4 (78055.00044.000)  

 

(f) Any and all monies, rents, deposits, penalties and the like held by Manager  pursuant to the terms of the Contracts shall be payable to Lender upon demand. Manager  expressly waives any right of set-off which Manager may have with respect to any such  funds, accounts or reserves.  (g) If Lender succeeds to the interests of any Borrower, or in the event Lender  exercises its option to terminate the Contracts, notwithstanding any provision of the  Contracts to the contrary, no termination fee, commission (unpaid or otherwise),  construction management fee, administrative fee, charge, penalty or other compensation  shall be due and payable by Lender to Manager as a result thereof.  4. In addition to the foregoing, in the event that Lender, in Lender's reasonable  discretion, at any time during the term of the assignment of the Contracts, determines that any  Property is not being managed in accordance with generally accepted management practices for  property similarly situated, Lender shall deliver written notice thereof to Borrowers and Manager,  which notice shall specify with particularity the grounds for Lender's determination. If Lender  reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's  reasonable satisfaction by Borrowers or Manager within thirty (30) days from receipt of such  notice or that Borrowers or Manager have failed to diligently undertake correcting such conditions  within such thirty (30) day period, Borrowers shall, upon Lender's written request, terminate the  Contracts and replace Manager with a management company selected by Borrowers and  acceptable to Lender in Lender's sole discretion.  5. Manager hereby certifies to Lender that (i) Manager has delivered to Lender a true,  correct and complete copy of the Contracts, including all modifications and amendments thereto,  if any, (ii) the Contracts have been executed by the duly authorized officers of Manager and are  valid, binding and enforceable obligations of Manager in full force and effect and (iii) no party is  in default in performing any of its obligations under the Contracts, and no event has occurred or  condition exists which, with the passage of time or giving of notice, or both, would constitute a  default under the Contracts.  6. Manager expressly acknowledges that by accepting the assignment of the Contracts  or by exercising any of its rights by reason thereof, Lender assumes no obligations or liabilities of  Borrowers under the Contracts and that Lender shall have no obligation to Manager to exercise its  rights under, or to declare a default under, the Deed of Trust or any of the other Loan Documents,  but that the right and option to exercise such rights or declare a default rests in the sole and absolute  discretion of Lender.  7. Manager acknowledges that it has no interest whatsoever enforceable against  Lender in proceeds of the Loan or any right of action under the Deed of Trust or any of the other  Loan Documents to garnish, require or compel payment of proceeds of the Loan to be applied  toward payment of Borrowers' liabilities or obligations under the Contracts.  8. Manager agrees that the liens of the Deed of Trust and the other Loan Documents,  and Lender's right to payment under the Loan Documents, shall be superior to and have priority  over the Contracts as well as any claim, security interest or right to payment of Manager arising  out of or in any way connected with its services performed under the Contracts. In furtherance of  ASSIGNMENT OF MANAGEMENT AGREEMENT 3 7437117 v4 (78055.00044.000)  

 

the foregoing, Manager hereby fully and completely subordinates to the liens of, and Lender's right  to payment under, the Deed of Trust and the other Loan Documents, the following: (a) its rights  under the Contracts; (b) any such claim or security interest Manager may now or hereafter have  against the Properties and/or the rents, issues, profits and income therefrom; and (c) any right to  payment of Manager arising out of or in any way connected with its services performed under the  Contracts.  9. Manager shall not amend or modify the Contracts (or consent to such an  amendment or modification) without the express prior written consent of Lender.  I 0. Nothing herein shall be construed to impose upon Lender any duty to advance funds  except to Borrowers upon and subject to the terms of the Loan Documents or to see to the  application of the proceeds of the loan contemplated by the Loan Documents. Manager  acknowledges that no person or entity other than Borrowers shall have any right or action on the  Loan Documents or any rights to advances under the Loan Documents at any time. The advances  contemplated by the Loan Documents shall not constitute a trust fund for the benefit of any person  or entity, and no person or entity shall under any circumstances have or be entitled to any lien or  any trust impressed on any undisbursed advances or loan proceeds.  11. Manager agrees that it will not terminate the Contracts and will not cease to perform  its services thereunder for any reason, including, but not limited to, Borrowers' failure to make any  payments to Manager or other breach or default, without giving written notice to Lender of such  intention to terminate or cease performing its work at least thirty (30) days prior thereto in order  to afford Lender the opportunity to cure such breach or default and/or to exercise its rights as  described in the Loan Documents and this Agreement.  12. Manager and Borrowers agree that until such time as the Loans have been repaid  in full, the terms and provisions of this Agreement shall be superior to the terms and provisions of  the Contracts, and to the extent there are any inconsistencies or conflicts between the Contracts  and this Agreement, the terms, provisions and conditions in this Agreement shall govern in all  respects.  13. This Agreement may be executed in any number of duplicate originals and each  such duplicate original shall be deemed to be an original. This Agreement may be executed in  several counterparts, each of which counterparts shall be deemed an original instrument and all of  which together shall constitute a single agreement. The failure of any party hereto to execute this  Agreement or any counterpart hereof, shall not relieve the other signatories from their obligations  hereunder.  14. Time shall be of the essence in the performance of all obligations of Borrowers and  Manager hereunder.  15. THE LAWS OF THE STATE OF TEXAS SHALL GOVERN THE VALIDITY  AND ENFORCEABILITY AND THE INTERPRETATION OR CONSTRUCTION OF ALL OF  THE PROVISIONS OF THIS AGREEMENT AND ALL ISSUES HEREUNDER.  16. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,  MANAGER AND BORROWERS HEREBY IRREVOCABLY AND UNCONDITIONALLY  ASSIGNMENT OF MANAGEMENT AGREEMENT 4 7437117 v4 (78055.00044.000)  

 

WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR  COUNTERCLAIM THAT RELATES TO OR ARISES OUT OF ANY OF THE LOAN  DOCUMENTS OR THE ACTS OR FAILURE TO ACT OF OR BY LENDER IN THE  ENFORCEMENT OF ANY OF THE TERMS OR PROVISIONS OF THIS AGREEMENT OR  THE OTHER LOAN DOCUMENTS. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS  GIVEN KNOWINGLY AND VO LUNT ARIL Y BY MANAGER AND BORROWERS, AND IS  INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS  TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER  IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING  AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MANAGER AND BORROWERS.  17. Any notice, request or other communication required or permitted to be given under  this Agreement shall be given in writing by delivering it against receipt for it, by depositing it with  an overnight delivery service or by depositing it in a receptacle maintained by the United States  Postal Service, postage prepaid, registered or certified mail, return receipt requested, addressed to  the respective parties at the addresses shown herein (and if so given, shall be deemed given when  mailed). Manager's address for notice may be changed at any time and from time to time, but only  after thirty (30) days' advance written notice to Lender and shall be the most recent such address  furnished in writing by Manager to Lender. Lender's address for notice may be changed at any  time and from time to time, but only after ten (10) days' advance written notice to Manager and  shall be the most recent such address furnished in writing by Lender to Manager. Actual notice,  however and from whomever given or received, shall always be effective when received.  18. Lender's exercise of any right, benefit or privilege under the Loan Documents or  any other papers or instruments or at law or in equity shall not preclude the concurrent or  subsequent exercise of Lender's other present or future rights, benefits or privileges. The remedies  provided in this Agreement are cumulative and not exclusive of any remedies provided by law, the  Loan Documents or any related papers or instruments. No failure by Lender to exercise, and no  delay in exercising, any right under the Loan Documents or any related papers or instruments shall  operate as a waiver of any right under the Loan Documents.  19. All covenants, agreements, representations and warranties in this Agreement shall  be binding upon any successors and assigns of Manager, but any attempted assignment of any  rights of Manager under the Contracts or hereunder without the prior written consent of Lender  shall be null and void.  20. If any provision of this Agreement is held to be illegal, invalid or unenforceable  under present or future laws, the legality, validity and enforceability of the remaining provisions  of this Agreement shall not be affected thereby, and this Agreement shall be liberally construed so  as to carry out the intent of the parties to it.  21. This Agreement embodies the entire agreement and understanding between  Manager and Lender with respect to the subject matter of this Agreement and supersedes all prior  conflicting or inconsistent agreements, consents and understandings relating to such subject  matter. Manager acknowledges and agrees that there is no oral agreement between Manager and  Lender which has not been incorporated in this Agreement.  ASSIGNMENT OF MANAGEMENT AGREEMENT 5 7437117 v4 (78055.00044.000)  

 

THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN  LENDER AND THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE  OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF  LENDER AND THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN LENDER AND THE  PARTIES.  [Balance of Page Intentionally Left Blank. Signature Pages Follow.]  ASSIGNMENT OF MANAGEMENT AGREEMENT 6 7437117 v4 (78055.00044.000)  

 

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the first date  set forth hereinabove.  MANAGER:  HARTMAN INCOME REIT MANAGEMENT,  INC.,  a Texas corporation  By: --1- ~==~------  Louis T. Fox, II  ST A TE OF TEXAS §  COUNTY OF HARRIS §  BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this  day personally appeared Louis T. Fox, III, Chief Financial Officer of Hartman Income REIT  Management, Inc., known to me to be the person and officer whose name is subscribed to the  foregoing instrument, and acknowledged to me that the same was the act of the said corporation,  and that he executed the same as the act of such corporation for the purposes and consideration  therein expressed and in the capacity therein stated.  GIVEN UNDER MY HAND AND SEAL OF OFFICE this /•''day of March, 2020.  ,,,~V~i''~ MARKT. TOROK  {{·1ffE Notary Publi~, State of Texas  -;~· .• ~..-~~ Comm. Expires 02-18-2023  ~,ifRt;~i· Notary ID 126964636  ory Public in and for the State of Texas  ASSIGNMENT OF MANAGEMENT AGREEMENT [SIGNATURE PAGE] 7437117 v4 (78055.00044.000)  

 

BORROWERS:  HARTMAN vREIT XXI OPERA TING  PARTNERSHIP L.P.,  a Texas limited partnership  By: Hattman vREIT XXI, Inc.,  a Maryland Corporation  its General Partner  By: __ ___J_:___=::::~:t::::::::::=::!.. _  Louis T. Fox,  ST A TE OF TEXAS §  COUNTY OF HARRIS §  BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this  day personally appeared Louis T. Fox, III, Chief Financial Officer of Hartman vREIT XXI, Inc.,  the corporation that executed the foregoing instrument on behalf of Hartman vREIT XXI  Operating Partnership L.P., known to me to be the person and officer whose name is subscribed to  the foregoing instrument, and acknowledged to me that the same was the act of the said  corporation, and that he executed the same as the act of such corporation for the purposes and  consideration therein expressed and in the capacity therein stated.  GIVEN UNDER MY HAND AND SEAL OF OFFICE this /fl-day of March, 2020.  ,,,,,~V~i,,, MARKT. TOROK  '<.I> •• ,,,~<', f T f f( .. A,,,:·\•i Notary Public, State o , exas  ~<JJ.· •• ~..-~~ Comm. Expires 02-18-2023  -:,t1,Rf~'~ Notary ID 126964636  ASSIGNMENT OF MANAGEMENT AGREEMENT [SIGNATURE PAGE) 7437117 v4 (78055.00044.000)  

 

HARTMAN TIMBERW AY II, LLC,  a Texas limited liability company  By: Hartman Income REIT Management, Inc.,  a Texas corporation,  its Manager  ST A TE OF TEXAS §  COUNTY OF HARRIS §  BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this  day personally appeared Louis T. Fox, III, Chief Financial Officer of Hartman Income REIT  Management, Inc., the corporation that executed the foregoing instrument on behalf of Hartman  Timberway II, LLC, known to me to be the person and officer whose name is subscribed to the  foregoing instrument, and acknowledged to me that the same was the act of the said corporation,  and that he executed the same as the act of such corporation for the purposes and consideration  therein expressed and in the capacity therein stated.  GIVEN UNDER MY HAND AND SEAL OF OFFICE this ~day of March, 2020.  ,,,,iV'tt1,, MARKT. TOROK ,'~t: ..... 8.,,. {f(~·\-1 Notary Public, State of Texas  ~<1;,. · ••• ~/.Ji Comm. Expires 02-18-2023  -:-,;z,Rt;t,,~ Notary ID 126964636  ASSIGNMENT OF MANAGEMENT AGREEMENT [SIGNATURE PAGE] 7437117 v4 (78055.00044.000)  

 

HARTMAN PARK TEN PLACE I & II, LLC,  a Texas limited liability company  By: Hartman Income REIT Management, Inc.,  a Texas corporation,  its Manager  ST A TE OF TEXAS §  COUNTY OF HARRIS §  BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this  day personally appeared Louis T. Fox, III, Chief Financial Officer of Hartman Income REIT  Management, Inc., the corporation that executed the foregoing instrument on behalf of Hartman  Park Ten Place I & II, LLC, known to me to be the person and officer whose name is subscribed  to the foregoing instrument, and acknowledged to me that the same was the act of the said  corporation, and that he executed the same as the act of such corporation for the purposes and  consideration therein expressed and in the capacity therein stated.  GIVEN UNDER MY HAND AND SEAL OF OFFICE this /6,,,day of March, 2020.  ,,,1111111, MARKT TOROK ,'\t-!"!. ~v/~;,,, . ff(~··~% Notary Public, State of Texas  ;"J,.·,,.~/J~ Comm. Expires 02-18-2023  ~~:,tR(f-,,~ Notary 10 126964636  Public in and for the State of Texas  ASSIGNMENT OF MANAGEMENT AGREEMENT [SIGNATURE PAGE] 74371 17 v4 (78055.00044.000)  

 

HARTMAN VILLAGE POINTE, LLC,  a Texas limited liability company  By: Hartman Income REIT Management, Inc.,  a Texas corporation, ::Manav  Louis iiox: , ChiefFinandal Officer  ST A TE OF TEXAS §  COUNTY OF HARRIS §  BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this  day personally appeared Louis T. Fox, III, Chief Financial Officer of Hartman Income REIT  Management, Inc., the corporation that executed the foregoing instrument on behalf of Hartman  Village Pointe, LLC, known to me to be the person and officer whose name is subscribed to the  foregoing instrument, and acknowledged to me that the same was the act of the said corporation,  and that he executed the same as the act of such corporation for the purposes and consideration  therein expressed and in the capacity therein stated.  GIVEN UNDER MY HAND AND SEAL OF OFFICE this /ti'1day of March, 2020.  ,,,, .. ,,,,, MARKT TOROK ~\t--!'!.~u/,,, .  ff{:..A,;·,~i Notary Public, State of Texas  :,"};.'··.~/4:,~S Comm. Expires 02-18-2023  ~,;i:~t:,,,,,.:- Notary ID 126964535 ry Public in and for the State of Texas  ASSIGNMENT OF MANAGEMENT AGREEMENT [SIGNATURE PAGE] 74371 17 v4 (78055.00044.000)  

 

EXHIBIT A-1  Hartman Timberway Contract  Attached.  ASSIGNMENT OF MANAGEMENT AGREEMENT [EXIIIBJT A-1] 7437117 v4 (78055.00044.000)  

 

EXHIBIT A-2  Hartman Park Contract  Attached.  ASSIGNMENT OF MANAGEMENT AGREEMENT [EXIIIBIT A-3) 74371 17 v4 (78055.00044.000)  

 

EXHIBIT A-3  Hartman Village Pointe Contract  Attached.  ASSIGNMENT OF MANAGEMENT AGREEMENT [EXHIBIT A-3] 7437117 v4 (78055.00044.000)Exhibit
10.5

 

BILL
OF SALE AND INTELLECTUAL PROPERTY ASSIGNMENT

AND

GRANT-BACK
LICENSE

AGREEMENT

 

This
Bill of Sale and Intellectual Property Assignment and Grant-Back License Agreement (“this Assignment”) is entered into on
the Closing Date by and between:

 

Schlumberger
Technology Corporation, a Texas corporation, (“US Purchaser”), Schlumberger Canada Limited, a Canadian entity, (“Canadian
Purchaser”) and Schlumberger B.V., an entity organized under the laws of the Netherlands (“Overseas Purchaser”) and

 

Enviro
Voraxial Technology, Inc., an Idaho corporation and Florida Precision Aerospace, Inc., a Florida corporation (collectively “Sellers”).

 

Whereas,
US Purchaser, Canadian Purchaser, and Overseas Purchaser and Sellers entered into that certain Technology Purchase Agreement (“the
TPA”) on March __, 2017; and

 

Whereas,
Article 2 of the TPA outlines US Purchaser’s, Canadian Purchaser’s, and Overseas Purchaser’s and Sellers’
rights and obligations with respect to the Purchased Assets, including the Purchased Intellectual Property.

 

Now
therefore, pursuant to the TPA and in consideration of the promises and the mutual covenants of the parties set forth in the TPA
and herein, US Purchaser, Canadian Purchaser, and Overseas Purchaser and Sellers, intending to the legally bound, hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1
        All terms used but not defined herein have the meanings set forth in the TPA. The following
definitions from the TPA are reproduced below for ease of reference, and do not, and are not meant to, vary the definitions in the TPA.
In case of conflict the definitions in the TPA control.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person, and the term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.

 

    	1

    	 

    

 

“Business”
means the businesses of Sellers related to phase or constituent sensing or separation (e.g., liquid-liquid, liquid-solid or liquid-gas
separation and gas or liquid sensing), including all product lines and services related thereto and including the Voraxial product
line and services.

 

“Documents”
means any and all files, documents, instruments, computer programs on a tangible medium, papers, books, reports, records, tapes, microfilms,
templates, vendor lists, supply-chain documents, photographs, letters, budgets, forecasts, ledgers, journals, customer lists, regulatory
filings, operating data and plans, technical documentation (e.g., design specifications, engineering files, functional requirements,
operating instructions, source code, logic manuals, flow charts), user documentation (e.g., installation guides, user manuals, training
materials, release notes, working papers), marketing documentation (e.g., sales brochures, flyers, pamphlets, web pages, etc.), and other
similar materials, in each case whether or not in electronic form.

 

“Lien”
means any lien, pledge, mortgage, deed of trust, security interest, claim, lease, charge, option, right of first refusal, easement, servitude,
proxy, voting trust or agreement, bond-holder rights, transfer restriction under any shareholder or similar agreement, encumbrance or
any other restriction or limitation whatsoever.

 

“Oil-and-Gas
Market” means a market related to the exploration, drilling, production, processing, separation, transportation, distribution
or refining of hydrocarbons, including the entirety of the upstream, midstream and downstream petroleum and natural-gas markets.

 

“Purchased
Intellectual Property” means all intellectual property rights (including the right to sue and collect past damages for infringement
or misappropriation thereof) owned by, used by, or assigned to Sellers in connection with the Business and arising from or in respect
of the following, whether protected, created or arising under the laws of the United States or any other jurisdiction:

 

(i)     all
patents and patent applications (whether active, expired or abandoned) worldwide, including continuations, divisionals, counterparts,
continuations-in-part, or reissues of patent applications and patents issuing thereon or related thereto (collectively, “Patents”),

 

(ii)    all
trademarks, service marks, trade names, service names, brand names, trade dress rights, logos, internet domain names and corporate names
and general intangibles of a like nature, together with the goodwill associated with any of the foregoing, and all applications, registrations
and renewals thereof, (collectively, “Marks”).

 

(iii)   all
copyrights (and, if any, registrations and applications therefor), works of authorship and mask work rights (collectively, “Copyrights”).

 

    	2

    	 

    

 

(iv)   all
confidential Technology and other proprietary and confidential information in possession of Sellers used in connection with the Business
(collectively, “Trade Secrets”), and

 

(v)   all
Software and non-confidential Technology in possession of Sellers used in connection with the Business.

 

“Sellers”
means Enviro Voraxial Technology, Inc. and Florida Precision Aerospace, Inc., both collectively and each individually.

 

“Software”
means any and all (i) computer programs, including any and all software implementations of algorithms, firmware, networking protocols,
models and methodologies, whether in source code or object code, (ii) databases and compilations, including any and all data and collections
of data, whether machine readable or otherwise, (iii) descriptions, flow-charts and other work product used to design, plan, organize
and develop any of the foregoing, (iv) screens, user interfaces, report formats, development tools, templates, menus, buttons, icons
and other elements related to human-machine interfaces, and (v) all documentation including user manuals and other training documentation
related to any of the foregoing.

 

“Technology”
means all discoveries, concepts, designs, drawings, formulae, algorithms, procedures, compositions, methods, databases, techniques (including
manufacturing and production processes and techniques), ideas, know-how, show-how, research and development, technical data, programs,
subroutines, specifications, technical information, commercial information (e.g., customer lists, supplier lists, supply-chain information,
pricing and cost information, and business and marketing plans and proposals) processes, inventions (whether patentable or unpatentable
and whether or not reduced to practice), creations, improvements, works of authorship and other similar materials, and all recordings,
graphs, drawings, reports, analyses, and other writings, and other tangible embodiments of the foregoing, in any form whether or not
specifically listed herein, and all related technology.

 

ARTICLE
II

ASSIGNMENT

 

2.1          Subject
to the terms and conditions of the TPA, Sellers, as of the Closing Date, for good and valuable consideration, the receipt of sufficiency
of which is hereby acknowledged, hereby sell, assign, grant, and conveys, free and clear of all Liens, all of Sellers’ right tide
and interest in the Purchased Assets (which includes Purchased Intellectual Property but which excludes the Excluded Assets) to the US
Purchaser, Canadian Purchaser, and Overseas Purchaser to their own use and benefit, forever: as follows:

 

	 	●	To
    US Purchaser, all U.S. rights in and to the Purchased Assets.
	 	 	 
	 	●	To
    Canadian Purchaser, all Canadian rights in and to the Purchased Assets.
	 	 	 
	 	●	To
    Overseas Purchaser, all other rights in and to the Purchased Assets.

 

    	3

    	 

    

 

2.2          For
Purchased Assets that are Purchased Intellectual Property, Sellers’ foregoing assignment pursuant to Section 2.1 includes, but
is not limited to:

 

	 	a.	the
    Patents set forth on Schedule 2.2(a) of this Assignment;
	 	 	 
	 	b.	with
    respect to the Patents assigned under Section 2.1 or Section 2.2(a), the right to:
	 	 	 
	 	 	i.	the
    invention claimed therein;
	 	 	 	 
	 	 	ii.	all
    letters patents that may be granted thereon;
	 	 	 	 
	 	 	iii.	all
    reissues, reexaminations, continuations, counterparts continuations-in-part, divisional and extensions thereof; and
	 	 	 	 
	 	 	iv.	apply
    for any patents, file any patent applications or claim priority based thereon, under the provisions of any law, convention or treaty;
    and
	 	 	 	 
	 	c.	the
    rights to the registered Marks set forth on Schedule 2.2(c), including the goodwill of the business associated therewith and
    symbolized thereby.

 

For
the avoidance of doubt, Section 2.2 merely sets forth certain Purchased Intellectual Property and rights thereto assigned pursuant to
Section 2.1 and are not limiting.

 

2.3              
The assignments in Section 2.1 and Section 2.2 are complete and undivided, and include the right (a) in and to all income, royalties,
damages, claims and payments now or hereafter due or payable with respect thereto, and (b) to sue or otherwise bring or maintain, worldwide,
any action, whether pending or uninitiated, for any past, present or future infringement of, breach of obligation regarding, or misappropriation
of the Purchased Intellectual Property and the right to collect and receive all benefits and damages therefrom.

 

2.4              
Sellers agree that they shall, upon the request of and at the expense of US Purchaser, Canadian Purchaser, and Overseas Purchaser, or
any Affiliate thereof:

 

	 	a.	execute
    any documents necessary to secure, maintain or enforce US Purchaser’s, Canadian Purchaser’s, or Overseas Purchaser’s
    rights in the Purchased Intellectual Property; and
	 	 	 
	 	b.	cooperate,
    in good faith with the US Purchaser, Canadian Purchaser, or Overseas Purchaser, including joining a suit if necessary, to effectuate
    and enforce US Purchaser’s, Canadian Purchaser’s, and Overseas Purchaser’s rights in the Purchased Intellectual
    Property.

 

    	4

    	 

    

 

ARTICLE
III

Grant-Back
License

 

3.1          US
Purchaser hereby grants to Enviro Voraxial Technology, Inc., starting on the Closing Date, the following rights:

 

	 	a.	a
    non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, in the U.S., make, use,
    sell, offer for sale, and import products and processes embodying the Purchased Intellectual Property outside the Oil-and-Gas Market;
    and
	 	 	 
	 	b.	a
    non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, in the U.S., make, use,
    sell, offer for sale, and import products and processes embodying the Purchased Intellectual Property in the Oil-and-Gas Market,
    but only to the extent necessary to:
	 	 	 
	 	 	i.	repair
    or service, but not remanufacture, any goods incorporating the Purchased Intellectual Property that Sellers sold to third Persons
    prior to Closing or on or after Closing in accordance section 3.1(b)(ii) below; or
	 	 	 	 
	 	 	ii.	fulfill,
    on or after Closing, any obligation identified in Schedule 5.6(j) to deliver goods incorporating the Purchased Intellectual Property;
	 	 	 	 
	 	c.	a
    right to, in the U.S., use any tangible copies of the Documents or Technology assigned to Purchasers that remain in Sellers’
    possession, but solely for the purpose of effecting Sellers’ rights described in Sections 3.1(a) and 3.1(b) above;
	 	 	 
	 	d.	to
    the extent the Purchased Intellectual Property is a Copyright, a nonexclusive, royalty-free license (nontransferable, but sublicensable
    to Sellers’ Affiliates) to, in the U.S., copy and make derivative works, but solely for the purpose of effecting Sellers’
    rights described in Section 3.1(a) and 3.1(b) above; and
	 	 	 
	 	e.	a
    non-exclusive, royalty tree license to, in the U.S., use the Marks in commerce for a period of six-months immediately after the Closing
    Date, but only to the extent necessary to 1) facilitate Sellers’ transition to new trademarks and 2) to further Sellers’
    rights under Sections 3.1(a) and 3.1(b).

 

3.2
         Canadian Purchaser hereby grants to Enviro Voraxial Technology, Inc., starting
on the Closing Date, the following rights:

 

	 	a.	a
    non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, in Canada, make, use, sell,
    offer for sale, and import products and processes embodying the Purchased Intellectual Property outside the Oil-and-Gas Market; and

 

    	5

    	 

    

 

	 	b.	a
non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, in Canada, make, use, sell,
offer for sale, and import products and processes embodying the Purchased Intellectual Property in the Oil-and-Gas Market, but only to
the extent necessary to:
	 	 	 
	 	 	i.	repair
or service, but not remanufacture, any goods incorporating the Purchased Intellectual Property that Sellers sold to third Persons prior
to Closing or on or after Closing in accordance section 3.2(b)(ii) below; or
	 	 	 	 
	 	 	ii.	fulfill,
on or after Closing, any obligation identified in Schedule 5.60 to deliver goods incorporating the Purchased Intellectual Property;
	 	 	 	 
	 	c.	a
right to, in Canada, use any tangible copies of the Documents or Technology assigned to Purchasers that remain in Sellers’ possession,
but solely for the purpose of effecting Sellers’ rights described in Sections 3.2(a) and 3.2(b) above;
	 	 	 
	 	d.	to
the extent the Purchased Intellectual Property is a Copyright, a nonexclusive, royalty-free license (nontransferable, but sublicensable
to Sellers’ Affiliates) to, in Canada, copy and make derivative works, but solely for the purpose of effecting Sellers’ rights
described in Section 3.2(a) and 3.2(b) above; and
	 	 	 
	 	e.	a
non-exclusive, royalty free license to, in Canada, use the Marks in commerce for a period of six-months immediately after the. Closing
Date, but only to the extent necessary to 1) facilitate Sellers’ transition to new trademarks and 2) to further Sellers’
rights under Sections 3.2(a) and 3.2(b).

 

3.3.         Overseas
Purchaser hereby grants to Enviro Voraxial Technology, Inc., starting on the Closing Date, the following rights:

 

	 	a.	a
    non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, outside tire U.S. and Canada,
    make, use, sell, offer for sale, and import products and processes embodying the Purchased Intellectual Property outside the Oil-and-Gas
    Market; and
	 	 	 
	 	b.	a
    non-exclusive, royalty-free license (nontransferable, but sublicensable to Sellers’ Affiliates) to, outside the U.S. and Canada,
    make, use, sell, offer for sale, and import products and processes embodying the Purchased Intellectual Property in the Oil-and-Gas
    Market, but only to the extent necessary to:
	 	 	 
	 	 	i.	repair
    or service, but not remanufacture, any goods incorporating the Purchased Intellectual Property that Sellers sold to third Persons
    prior to Closing or on or after Closing in accordance section 3.3(b)(ii) below; or

 

    	6

    	 

    

 

	 	 	ii.	fulfill,
    on or after Closing, any obligation identified in Schedule 5.6(j) to deliver goods incorporating the Purchased Intellectual Property;
	 	 	 	 
	 	c.	a
    right to, outside the U.S. and Canada, use any tangible copies of the Documents or Technology assigned to Purchasers that remain
    in Sellers’ possession, but solely for the purpose of effecting Sellers’ rights described in Sections 3.3(a) and 3.3(b)
    above;
	 	 	 
	 	d.	to
    the extent the Purchased Intellectual Property is a Copyright, a nonexclusive, royalty-free license (nontransferable, but sublicensable
    to Sellers’ Affiliates) to, outside the U.S. and Canada, copy and make derivative works, but solely for the purpose of effecting
    Sellers’ rights described in Section 3.3(a) and 3.3(b) above; and
	 	 	 
	 	e.	a
    non-exclusive, royalty free license to, outside the U.S. and Canada, use the Marks in commerce for a period of six-months immediately
    after the Closing Date, but only to the extent necessary to 1) facilitate Sellers’ transition to new trademarks and 2) to further
    Sellers’ rights under Sections 3.2(a) and 3.2(b).

 

3.4       
        Except as expressly provided in Section 3.1, Section 3.2, and Section 3.3 above, Sellers retain
no right to or to use the Purchased Assets (including the Marks), implied or otherwise.

 

3.5              
Notwithstanding the foregoing or anything else in this Agreement, Sellers shall not exercise their rights under Section 3.1, Section
3.2, or Section 3.2 above if that exercise of their rights will or is likely to cause products or processes embodying the Purchased Intellectual
Property to enter the Oil-and-Gas market, excluding any such entry pursuant to Section 3.1(b), 3.2(b), or 3.3(b).

 

ARTICLE
IV

CONFIDENTIALITY

 

4.1.            
Sellers shall take all reasonable measures to ensure the confidentiality and prevent the improper use of all Trade Secrets. To that end,
Sellers, its future subsidiaries, and employees shall not disclose or use the Trade Secrets unless such disclosure or use is necessary
to employ a right under a license granted to Seller pursuant to this Assignment. And, in the event of such disclosure or use, Seller
shall ensure the receiving Person shall and can maintain, using at least a reasonable degree of care, the secrecy and police any improper
use of the disclosed Trade Secrets.

 

4.2.             
The covenants and undertakings contained in this Section 4.1 relate to matters which are of a special, unique and extraordinary character,
and a violation or threatened violation of any of the terms of this Section 4.1 will cause irreparable injury to the US Purchaser, Canadian
Purchaser, and Overseas Purchaser, the amount of which cannot be adequately compensated. Therefore, US Purchaser, Canadian Purchaser,
or Overseas Purchaser will be entitled to an injunction, restraining order or other equitable relief from any court of competent jurisdiction
in the event of any actual or threatened breach of this Section 4.1.

 

    	7

    	 

    

 

The
rights and remedies provided by this Section 4.1 are cumulative and in addition to any other rights and remedies which US Purchaser,
Canadian Purchaser, or Overseas Purchaser may have hereunder or at law or in equity. In the event that US Purchaser, Canadian Purchaser,
or Overseas Purchaser were to seek damages for any breach of this Section 4.1, the portion of the Purchase Price which is allocated by
the parties to the foregoing covenant shall not be considered a measure of or limit on such damages.

 

ARTICLE
V

GENERAL
PROVISIONS

 

5.1               
This Assignment shall be governed, construed and enforced in accordance with the laws of the State of Delaware, without regard to Delaware’s
rules of conflicts of law.

 

5.2               
The parties hereto hereby irrevocably submit to the exclusive jurisdiction of any federal or state court located within Harris County,
Texas over any dispute arising out of or relating to this Assignment or any of the transactions contemplated hereby, and waive any claims
a party may have regarding such court’s lack of personal jurisdiction over that party.

 

5.3               
If any provision of this Assignment is held to be illegal or unenforceable, such provision shall be limited or eliminated to the minimum
extent necessary so that the remainder of this Assignment will continue in full force and effect and be enforceable. The parties agree
to negotiate in good faith an enforceable substitute provision for any invalid or unenforceable provision that most nearly achieves the
intent of such provision.

 

5.4               
No modification or amendment to this Assignment, nor any waiver of any rights, will be effective unless assented to in writing by the
party to be charged, and the waiver of any breach or default will not constitute a waiver of any other right hereunder or any subsequent
breach or default.

 

5.5               
This Assignment is entered into pursuant to the TPA, and the provisions herein should be interpreted in a manner consistent with the
TPA. To the extent a provision of this Assignment conflicts with the TPA, the TPA controls. Any rule of construction to the effect that
ambiguities are to be resolved against the drafting party will not be applied in the construction or interpretation of this Assignment.
As used in this Assignment, the words “include” and “including” and variations thereof, will not be deemed to
be terms of limitation, but rather will be deemed to be followed by the words “without limitation.”

 

5.6              
This Assignment shall inure to the benefit of, and be binding on, the parties and their legal representatives, successors, and assigns.

 

5.7               
This Assignment may be executed in counterparts or duplicate originals, both of which shall be regarded as one and the same instrument,
and which shall be the official and governing version in the interpretation of this Assignment This Assignment may be executed by facsimile
signatures and such signatures shall be deemed to bind each party as if they were original signatures.

 

    	8

    	 

    

 

5.8
          Except for the TPA and other contemporaneous agreements executed pursuant
thereto, this Assignment contains the entire agreement between the Parties regarding the subject matter contained herein.

 

    	9

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Assignment to be signed by their duly authorized representatives:

 

	Schlumberger
    Technology Corporation	 	Enviro
    Voraxial Technologies, Inc.
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	John
    Di Bella
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	President
    & CEO
	Title	 	Title
	 	 	 
	 	 	5/31/17
	Date	 	Date
	 	 	 
	Schlumberger
    Canada Limited	 	Florida
    Precision Aerospace, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	John
    Di Bella
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	President
    & CEO
	Title	 	Title
	 	 	 
	 	 	5/31/17
	Schlumberger
    B.V.	 	Date
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	 	 	 
	Printed
    Name	 	 
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 

 

    	10

    	 

    

IN
WITNESS WHEREOF, the Parties have caused this Assignment to be signed by their duly authorized representatives:

 

	Schlumberger
    Technology Corporation	 	Enviro
    Voraxial Technologies, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
		 	 
	Printed
    Name	 	Printed
    Name
		 	 
	Vice
    President 	 	 
	Title	 	Title
	 	 	 
	June
    2, 2017 	 	 
	Date	 	Date
	 	 	 
	 	 	 
	Schlumberger
    Canada Limited	 	Florida
    Precision Aerospace, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	 
	Title	 	Title
	 	 	 
	 	 	 
	 	 	Date
	 	 	 
	Schlumberger
    B.V.	 	 
	 	 	 
	Signature	 	 
	 	 	 
	 	 	 
	Printed
    Name	 	 
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Assignment to be signed by their duly authorized representatives:

 

	Schlumberger
    Technology Corporation	 	Enviro
    Voraxial Technologies, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	 
	Title	 	Title
	 	 	 
	 	 	 
	Date	 	Date
	 	 	 
	 	 	 
	Schlumberger
    Canada Limited	 	Florida
    Precision Aerospace, Inc.
	 	 	 
		 	 
	Signature	 	Signature
	 	 	 
	Mark
    O’Byrne	 	 
	Printed
    Name	 	Printed
    Name
	 	 	 
	President	 	 
	Title	 	Title
	 	 	 
	 	 	 
	Schlumberger
    B.V.	 	Date
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	 	 	 
	Printed
    Name	 	 
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 

 

    	12

    	 

    

 

	Schlumberger
    Technology Corporation	 	Enviro
    Voraxial Technologies, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	 
	Title	 	Title
	 	 	 
	 	 	 
	Date	 	Date
	 	 	 
	Schlumberger
    Canada Limited	 	Florida
    Precision Aerospace, Inc.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Printed
    Name	 	Printed
    Name
	 	 	 
	 	 	 
	Tide	 	Title
	 	 	 
	 	 	 
	Schlumberger
    B.V.	 	Date
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	Wim
    Janssens	 	 
	Printed
    Name	 	 
	 	 	 
	Director	 	 
	Title	 	 
	 	 	 
	31
    May 2017	 	 
	 	 	 
	 	 	 

   

    	13

    	 

    

 

Schedules
2.2(a) and (c) 

Listing
of Certain Intellectual Property

 

	1.	Patents
    and Patent Applications
	 	 
	 	a.	U.S.
    Patent No. 5,084,189 (expired; no patent assignment document required);
	 	b.	U.S.
    Patent No. 5,904,840;
	 	c.	U.S.
    Patent No. 6,248,231;
	 	d.	U.S.
    Patent No. 7,727,386;
	 	e.	U.S.
    Patent Appl. No. 13/153,951 (abandoned);
	 	f.	U.S.
    Patent Appl. No. 12/288,850 (abandoned);
	 	g.	U.S.
    Patent Appl. No. 14/216,748 (abandoned before publication);
	 	h.	U.S.
    Patent Appl. No. 14/216,864 (abandoned before publication);
	 	i.	U.S.
    Patent Appl. No. 15/588,132 (refiling of USSN 14/216,748); and
	 	j.	U.S.
    Patent Appl. No. 15/588,168 (refiling of USSN 14/216,864).
	 	 	 
	2.	Trademarks
	 	 
	 	a.	Voraxial®,
    U.S. Trademark Registration No. 4036636, and U.S. Trademark Serial No. 76704144.
	 	b.	All
    unregistered U.S. trademark rights to the Voraxial trademark.

 

    	i

    	 

    

 

Schedule
5.6(j) 

Existing
Contract Orders

 

1.     
None.

 

 

 

 

ii

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