Document:

Exhibit 10.6

 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT,
dated as of [    ], 2020 (as it may from time to time be amended, this “Agreement”), is entered into by and
between OTR Acquisition Corp., a Delaware corporation (the “Company”) and OTR Acquisition Sponsor LLC, a Delaware
limited liability company (the “Purchaser”).

 

WHEREAS:

 

The Company intends to consummate an initial
public offering of the Company’s units (the “Public Offering”), each unit consisting of one share of Class A
common stock of the Company, par value $0.0001 per share (each, a “Share”), and one-half of one redeemable warrant;

 

Each whole warrant entitles the holder to
purchase one Share at an exercise price of $11.50 per Share; and

 

The Purchaser has agreed to purchase an aggregate
of 6,212,500 warrants (or 6,859,375 warrants if the over-allotment option is exercised in full) at a price of $1.00 per warrant
(the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to purchase one Share
at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.  Authorization, Purchase and Sale; Terms
of the Private Placement Warrants.

 

A.  Authorization
of the Private Placement Warrants.  The Company has duly authorized the issuance and sale of the Private Placement Warrants
to the Purchaser.

 

B.  Purchase and
Sale of the Private Placement Warrants.

 

(i)                 
Simultaneously with the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser
and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser
shall purchase from the Company, an aggregate of 6,212,500 Private Placement Warrants at a price of $1.00 per warrant for an aggregate
purchase price of $6,212,500 (the “Purchase Price”). Purchaser shall pay the Purchase Price by wire transfer
of immediately available funds to the trust account (the “Trust Account”) maintained by Continental Stock Transfer
 & Trust Company, acting as trustee (”Continental”), at least one (1) business day prior to the date of effectiveness
(the “Effective Date”) of the registration statement relating to the Public Offering (the “Registration
Statement”).  On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company,
at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in
the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 

 

(ii)               
Simultaneously with the consummation of the closing of the over-allotment option in connection with the Public Offering (the
 “Over-Allotment Option”) or on such earlier time and date as may be mutually agreed by the Purchaser and
the Company (each such date, an “Over-Allotment Closing Date,” and each Over-Allotment Closing Date (if
any) and the Initial Closing Date being sometimes referred to herein as a “Closing Date”), Purchaser shall
purchase up to an additional 646,875 Private Placement Warrants (the “Additional Warrants”), in the same
proportion as the amount of the option that is so exercised, and simultaneously with such purchase of Additional Warrants, as
payment in full for the Additional Warrants being purchased hereunder, and at least one (1) business day prior to the
Over-Allotment Closing Date, Purchaser shall pay $1.00 per Additional Warrant, up to an aggregate amount of $646,875 (the
 “Over-Allotment Purchase Price”), by wire transfer of immediately available funds or by such other method
as may be reasonably acceptable to the Company, to the Trust Account. On the Over-Allotment Closing Date, upon the payment by
the Purchaser of the Over-Allotment Purchase Price, the Company, at its option, shall deliver a certificate evidencing the
Additional Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such
delivery in book-entry form. 

 

     

     

    

 

C.  Terms of the
Private Placement Warrants.

 

(i)  Each Private Placement Warrant
shall have the terms set forth in a Warrant Agreement to be entered into by the Company and Continental in connection with the
Public Offering (the “Warrant Agreement”). Such terms include the fact that the Private Placement Warrants shall
not be transferable, assignable or salable until 30 days after the completion of an initial business combination, subject to certain
exceptions set forth in the Warrant Agreement.

 

(ii)  On or prior to the Effective
Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights Agreement”)
pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants
and the Shares underlying the Private Placement Warrants.

  

Section 2.  Representations and Warranties of the
Company.  As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants,
the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date)
that:

 

A.  Incorporation
and Corporate Power.  The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.  The
Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement
and the Warrant Agreement.

 

B.  Authorization;
No Breach.

 

(i)  The execution, delivery and performance
of this Agreement and the Warrant Agreement have been duly authorized by the Company as of the Closing Date.  This Agreement
constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms.  Upon issuance in accordance
with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Private Placement Warrants will constitute
valid and binding obligations of the Company, enforceable in accordance with their terms.

 

(ii)  The execution and delivery by
the Company of this Agreement and the Warrant Agreement, the issuance and sale of the Private Placement Warrants, the issuance
of the Shares upon exercise of the Private Placement Warrants and the fulfillment, of and compliance with, the respective terms
hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the
terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security
interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result in a violation of, or (e) require
any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the amended and restated certificate of incorporation of the Company (in effect on the
date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except
for any filings required after the date hereof under federal or state securities laws.

 

C.  Title to Securities. 
Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Warrant Agreement, the Shares issuable upon exercise
of the Private Placement Warrants will be duly and validly issued as fully paid and nonassessable. On the date of issuance of the
Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have
good title to the Private Placement Warrants and the Shares issuable upon exercise of such Private Placement Warrants, free and
clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other
agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

     

     

    

 

D. Valid Issuance.
The total number of shares of all classes of capital stock which the Company has authority to issue is 111,000,000 shares of common
stock (which consist of 100,000,000 shares of the Company’s Class A Common Stock and 10,000,000 shares of the Company’s
Class B common stock, par value $0.0001 per share (the “Class B Common Stock”)) and 1,000,000 shares of the Company’s
preferred stock, par value $0.0001 per share (the “Preferred Stock”). As of the date hereof, the Company has issued
and outstanding no shares of Class A Common Stock, 3,306,250 shares of Class B Common Stock (of which up to 431,250 shares are
subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All of the issued shares of
capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable. 

 

E.  Governmental
Consents.  No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by
the Company of any other transactions contemplated hereby.

 

Section 3.  Representations and Warranties of the
Purchaser.  As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement
Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall
survive the Closing Date) that:

 

A.  Organization
and Requisite Authority.  The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.  Authorization;
No Breach.

 

(i)  This Agreement constitutes a valid
and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights
and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)  The execution and delivery by
the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall
not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement,
instrument, order, judgment or decree to which the Purchaser is subject.

 

C.  Investment Representations.

 

(i)  The Purchaser is acquiring the
Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii)  The Purchaser is an “accredited
investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act of 1933, as amended
(the “Securities Act”).

 

(iii)  The Purchaser understands that
the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of
the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of
such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

     

     

    

 

(iv)  The Purchaser did not enter into
this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act.

 

(v)  The Purchaser has been furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale
of the Securities which have been requested by the Purchaser.  The Purchaser has been afforded the opportunity to ask questions
of the executive officers and directors of the Company.  The Purchaser understands that its investment in the Securities involves
a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision with respect to the acquisition of the Securities.

 

(vi)  The Purchaser understands that
no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)  The Purchaser understands that:
(a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may
not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company
nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or
to comply with the terms and conditions of any exemption thereunder.  The Private Placement Warrants will bear a legend and
appropriate “stop transfer” instructions (or an appropriate notation if the warrants are issued in book entry form)
relating to the foregoing. The Purchaser further understands that the Securities and Exchange Commission (the “SEC”)
has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial
business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank
check company.  Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale
transactions of the Securities until the one-year anniversary following consummation of an initial business combination despite
technical compliance with the requirements of such Rule.

 

(viii)  The Purchaser has such knowledge
and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities
of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the
Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an
indefinite period of time.  The Purchaser has adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. 
The Purchaser can afford a complete loss of its investment in the Securities.

 

Section 4.  Conditions of the Purchaser’s
Obligations.  The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the
fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.  Representations
and Warranties.  The representations and warranties of the Company contained in Section 2 shall be true and correct
at and as of such Closing Date as though then made.

 

B.  Performance. 
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C.  No Injunction. 
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

D.  Warrant Agreement.  The Company shall
have entered into the Warrant Agreement.

 

     

     

    

 

Section 5.  Conditions of the Company’s Obligations. 
The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date,
of each of the following conditions:

 

A.  Representations
and Warranties.  The representations and warranties of the Purchaser contained in Section 3 shall be true and correct
at and as of such Closing Date as though then made.

 

B.  Performance. 
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C.  No Injunction. 
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

D.  Warrant Agreement. 
The Company shall have entered into the Warrant Agreement.

 

Section 6.  Termination.  This Agreement
may be terminated at any time after December 31, 2020 upon the election by either the Company or the Purchaser solely as to itself
upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7.  Survival of Representations and Warranties. 
All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 8.  Definitions.  Terms used but
not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

  

Section 9.  Miscellaneous.

 

A.  Successors and
Assigns.  Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not.  Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement
without the prior written consent of the other party hereto, other than assignments by the Purchaser to affiliates thereof.

 

B.  Severability. 
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.  Counterparts. 
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.  Descriptive
Headings; Interpretation.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement.  The use of the word “including” in this Agreement shall be by way
of example rather than by limitation.

 

E.  Governing Law. 
This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed
in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles thereof.

 

F.  Amendments. 
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	OTR ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:	 Nicholas J. Singer
	 	 	Title:	 Chief Executive Officer
	 	 
	 	PURCHASER:
	 	 
	 	OTR ACQUISITION SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name:	 Nicholas J. Singer
	 	 	Title:	 Managing Member

 

[Signature page to Private Placement
Warrants Purchase Agreement]Exhibit 10.19

 

CONTRACT

 

THIS
AGREEMENT effective this 1st of September 2020, by and between SunHydrogen, Inc (hereafter referred to as "Sponsor")
and The University of Iowa, Iowa City, Iowa, a non-profit educational institution (hereinafter referred to as "University").

 

WITNESSETH:

 

WHEREAS,
the research program contemplated by this Agreement is of mutual interest and benefit to University and to Sponsor, will further
the instructional and research objectives of University in a manner consistent with its status as a non- profit, tax-exempt, educational
institution, and may derive benefits for both Sponsor and University through inventions, improvements, and/or discoveries;

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree to the following:

 

ARTICLE
1 - Definitions

 

As
used herein, the following terms shall have the following meanings:

 

		1.1	"Project"
                                         shall mean the description of the project as described in Exhibit A hereof, under the
                                         direction of Syed Mubeen as Principal Investigator.

 

		1.2	"Contract
                                         Period" is Sep 1, 2020, through Aug 31, 2021.

 

		1.3	"University
                                         Intellectual Property" shall mean individually and collectively all inventions,
                                         improvements and/or discoveries which are conceived and/or made (i) by one or more employees
                                         of University, or (ii) jointly by one or more employees of University and by one or more
                                         employees/consultants of Sponsor, in performance of the Project.

 

ARTICLE
2 - Research Work

 

		2.1	University
                                         shall commence performance of the Project promptly after the effective date of this Agreement,
                                         and shall use all reasonable efforts, care, and diligence to perform such Project in
                                         accordance with the terms and conditions of this Agreement. Anything in this Agreement
                                         to the contrary notwithstanding, Sponsor and University may at any time amend the Project
                                         by mutual written agreement.

 

		2.2	In
                                         the event that the Principal Investigator becomes unable or unwilling to continue the
                                         Project, and a mutually acceptable substitute is not available, University and/or Sponsor
                                         shall have the option to terminate said Project pursuant to Article 10.1.

 

		2.3	The
                                         University does not comply with Good Laboratory Practices (GLPs) as defined by the U.S.
                                         Food and Drug Administration in 21 C.F.R. 58.

 

    -1-

     

    

 

ARTICLE
3 - Reports and Conferences

 

		3.1	Written
                                         program reports shall be provided by University to Sponsor every six (6) months, and
                                         a final report shall be submitted by University within forty-five (45) days of the conclusion
                                         of the Contract Period, or the earlier termination of this Agreement.

 

		3.2	During
                                         the term of this Agreement, representatives of University will meet with representatives
                                         of Sponsor at times and places mutually agreed upon to discuss the progress and results,
                                         as well as ongoing plans, or changes therein, of the Project to be performed hereunder.

 

ARTICLE
4 - Costs, Billings, and Other Support

 

		4.1	It
                                         is agreed to and understood by the parties hereto that, subject to Article 2, total costs
                                         to Sponsor hereunder shall not exceed the sum of Two Hundred and Ninety-Nine Thousand
                                         and Nine Hundred and Sixty-Six Dollars ($299, 966). Payment shall be made by Sponsor
                                         according to the following schedule:

 

Four
(4) Quarterly Payments of $74,991.5

 

		4.2	Invoices
                                         shall be submitted to the Sponsor representative listed in Article 17 for submission
                                         of invoices. Payments to University shall include Sponsor name, Principal Investigator
                                         name, project title and shall be submitted to the University representative listed in
                                         Article 17 for payment remittance.

 

		4.3	[Sponsor
                                         shall loan/donate the following equipment to University under the following conditions:      Not
                                         Applicable                           .] University shall retain title to any equipment purchased with
                                         funds provided by Sponsor under this Agreement.

 

		4.4	Anything
                                         herein to the contrary notwithstanding, in the event of early termination of this Agreement
                                         by Sponsor pursuant to Article 10.1 hereof, Sponsor shall pay all costs accrued by University
                                         as of the date of termination, including non-cancelable obligations, which shall include
                                         all non-cancelable contracts and fellowships or postdoctoral associate appointments called
                                         for in Appendix A, incurred prior to the effective date of termination. After termination,
                                         any obligation of Sponsor for fellowships or postdoctoral associates shall end no later
                                         than the end of University's academic year following termination.

 

ARTICLE
5 - Publicity

 

		5.1	Sponsor
                                         shall not use the name of University, nor of any member of University's Project staff,
                                         in any publicity, advertising, or news release or in any way imply endorsement of the
                                         University without the prior written approval of an authorized representative of University.
                                         University shall not use the name of Sponsor, nor any employee of Sponsor, in any publicity
                                         without the prior written approval of Sponsor. University may disclose, without Sponsor’s
                                         approval, the terms of this Agreement that are a matter of public record under the Iowa
                                         Open Records Law, Iowa Code Chapter 22.

 

    -2-

     

    

 

ARTICLE
6 - Publications

 

		6.1	Sponsor
                                         recognizes that under University policy, the results of University research must be publishable
                                         and agrees that researchers engaged in the Project shall be permitted to present research
                                         results at symposia, national or regional professional meetings, and to publish in journals,
                                         theses or dissertations, or otherwise of their own choosing, methods and results of the
                                         Project, provided, however, that Sponsor shall have been furnished copies of any proposed
                                         publication or presentation at least one (1) month in advance of the submission of such
                                         proposed publication or presentation to a journal, editor, or other third party. Sponsor
                                         shall have thirty (30) days, after receipt of said copies, to object to such proposed
                                         presentation or proposed publication because there is patentable subject matter or proprietary
                                         information of Sponsor that needs protection. In the event that Sponsor makes such objection,
                                         said researcher(s) shall refrain from making such publication or presentation for a maximum
                                         of six (6) months from date of receipt of such objection in order for University to file
                                         patent application(s) with the United States Patent and Trademark Office and/or foreign
                                         patent office(s) directed to the patentable subject matter contained in the proposed
                                         publication or presentation. Sponsor does not possess a right to delay publication if
                                         the publication or presentation contains only findings and conclusions of basic science
                                         or results that would not affect the ability of Sponsor to obtain a patent.

 

ARTICLE
7 - Proprietary Information

 

		7.1	It
                                         is the responsibility of Sponsor to mark or otherwise identify in writing prior to submission
                                         any information considered confidential that it deems necessary to share with University
                                         (“Confidential Information”). Oral disclosures of Confidential Information
                                         shall be identified as confidential at the time of disclosure and confirmed in writing
                                         within ten (10) business days of the disclosure. University shall have the right to accept
                                         or reject Sponsor’s Confidential Information. If such information is accepted it
                                         will be withheld by University from publication, and in all other respects shall be maintained
                                         by University as confidential and proprietary to Sponsor for a period of five (5)
years after termination of this Agreement. University shall have no such obligation with respect to any portion of such Confidential
Information which:

 

		a)	is
                                         or later becomes generally available to the public by use, publication or the like, through
                                         no fault of University;

 

		b)	is
                                         obtained on a non-confidential basis from a third party who disclosed the same to University;

 

		c)	University
                                         already possesses, as evidenced by its written records, predating receipt thereof from
                                         Sponsor; or

 

		d)	is
                                         required to be disclosed by law, regulation or court order.

 

		7.2	All
                                         documentation concerning University Intellectual Property submitted to Sponsor in accordance
                                         with Article 8.4 shall be treated as confidential in order to preserve any patent rights.

 

    -3-

     

    

 

ARTICLE
8 - Intellectual Property

 

		8.1	All
                                         rights, title and interest to University Intellectual Property under the Project, except
                                         as provided in Article 8.3, shall belong to University and shall be subject to the terms
                                         and conditions of this Agreement.

 

		8.2	Rights
                                         to inventions, improvements, and/or discoveries, whether patentable or copyrightable
                                         or not, relating to the Project made solely by employees /consultants
of Sponsor shall belong to Sponsor. Such inventions, improvements, and/or discoveries shall not be subject to the terms and conditions
of this Agreement.

 

		8.3	Rights
                                         to inventions, improvements, and/or discoveries conceived and/or made during the Contract
                                         Period, whether patentable or copyrightable or not, relating to the Project, which are
                                         made jointly by employees of University and employees/consultants of Sponsor, shall be
                                         the joint property of University and Sponsor and shall be subject to the terms and conditions
                                         of this Agreement.

 

		8.4	University
                                         will promptly notify Sponsor of any University Intellectual Property conceived and/or
                                         made during the Contract Period under the Project. If Sponsor directs that a patent application
                                         or application for other intellectual property protection be filed, University shall
                                         promptly prepare, file, and prosecute such U.S. and foreign application in University's
                                         name, and Sponsor’s name if jointly invented. Sponsor shall bear all costs incurred
                                         in connection with such preparation, filing, prosecution, and maintenance of U.S.
and foreign application(s) directed to said University Intellectual Property. Sponsor shall cooperate with University to assure
that such application(s) will cover, to the best of Sponsor's knowledge, all items of commercial interest and importance. While
University shall be responsible for making decisions regarding scope and content of application(s) to be filed and prosecution
thereof, Sponsor shall be given an opportunity to review and provide input thereto. University shall keep Sponsor advised as to
all developments with respect to such application(s) and shall promptly supply to Sponsor copies of all papers received and filed
in connection with the prosecution thereof in sufficient time for Sponsor to comment thereon.

 

		8.5	If
                                         Sponsor elects not to exercise its option granted in Article 9.1 or decides to discontinue
                                         the financial support of the prosecution and maintenance of the patent protection, all
                                         right, title and interest in such patent, patent application, and University Intellectual
                                         Property shall automatically revert to University. University shall then be free to file
                                         or continue prosecution or maintain any such application(s), and to maintain any protection
                                         issuing thereon in the U.S. and in any foreign country at University's sole expense.

 

ARTICLE
9 - Grant of Rights

 

		9.1	Subject
                                         to Article 8.3, University grants Sponsor the first option to elect an exclusive license
                                         to University Intellectual Property developed under this Agreement, and a right to sub-license
                                         any and all University Intellectual Property developed under this Agreement on terms
                                         and conditions to be mutually agreed upon. If Sponsor elects to exercise this option,
                                         Sponsor shall notify
University in writing of its decision within one (1) year from the date of termination of this Agreement.

 

    -4-

     

    

 

		9.2	No
                                         grant described in this Article shall be construed to limit University’s right
                                         to utilize University Intellectual Property for research, instruction or academic publication
                                         purposes.

 

ARTICLE
10 - Term and Termination

 

		10.1	This
                                         Agreement shall become effective upon the date first hereinabove written and shall continue
                                         in effect for the full duration of the Contract Period unless sooner terminated in accordance
                                         with the provisions of this Article. The parties hereto may, however, extend the term
                                         of this Agreement for additional periods as desired under mutually agreeable terms and
                                         conditions which the parties reduce to writing and sign. Either party may terminate this
                                         Agreement upon sixty (60) days prior written notice to the other.

 

		10.2	In
                                         the event that either party hereto shall commit any material breach or default in any
                                         of the terms or conditions of this Agreement, and also shall fail to remedy such default
                                         or breach within ninety (90) days after receipt of written notice thereof from the other
                                         party hereto, the party giving notice may, at its option and in addition to any other
                                         remedies which it may have at law or in equity, terminate this Agreement by sending notice
                                         of termination in writing to the other party to such effect, and such termination shall
                                         be effective as of the date of the receipt of such notice.

 

		10.3	Termination
                                         of this Agreement by either party for any reason shall not affect the rights and obligations
                                         of the parties accrued prior to the effective date of termination of this Agreement.
                                         No termination of this Agreement, however effectuated, shall release the parties hereto
                                         from their rights and obligations under Articles 3.1, 4, 5, 6, 7, 8, 9 and 11.

 

ARTICLE
11 - Independent Contractor

 

	 	11.1	In
                                         the performance of all services hereunder University shall be deemed to be and shall
                                         be an independent contractor and, as such, University shall not be entitled to any benefits
                                         applicable to employees of Sponsor.
	 	 	 
		11.2	Neither
                                         party is authorized or empowered to act as agent for the other for any purpose and shall
                                         not on behalf of the other enter into any contract, warranty, or representation as to
                                         any matter. Neither shall be bound to the acts or conduct of the other.

 

ARTICLE
12 – Insurance

 

		12.1	Each
                                         party shall be liable for any and all claims for wrongful death, personal injury or property
                                         damage attributable to the negligent acts or omissions of that party and the officers,
                                         employees, and agents thereof.

 

    -5-

     

    

 

		12.2	University
                                         shall be responsible and agrees to pay for any and all claims for wrongful death, personal
                                         injury or property damage directly resulting from the negligence of University, its officers,
                                         employees and agents, and arising from activities under this Agreement to the full extent
                                         permitted by Chapter 669, Code of Iowa, which is the exclusive remedy for processing
                                         tort claims against the State of Iowa.

 

ARTICLE
13 - Governing Law

 

		13.1	This
                                         Agreement shall be governed and construed in accordance with the substantive laws of
                                         the State of Iowa, excluding its conflict of laws provisions.

 

ARTICLE
14 - Assignment

 

		14.1	This
                                         Agreement shall not be assigned by either party without the prior written consent of
                                         the parties hereto.

 

		14.2	This
                                         Agreement is assignable to any division of Sponsor, any majority stockholder of Sponsor,
                                         and/or any subsidiary of Sponsor, provided that such assignee assumes all of the rights,
                                         obligations and liabilities of Sponsor hereunder.

 

ARTICLE
15 - Agreement Modification

 

		15.1	Any
                                         agreement to change the terms of this Agreement in any way shall be valid only if the
                                         change is made in writing and approved by mutual agreement of authorized representatives
                                         of the parties hereto.

 

ARTICLE
16 - Warranties

 

		16.1	NO
                                         WARRANTIES, EITHER EXPRESSED OR IMPLIED, ARE MADE PART OF THIS AGREEMENT.

 

ARTICLE
17 – Export Control

 

		17.1	The
                                         disclosing party agrees to share any export control determinations when products, services,
                                         and/or technical data under this Agreement are subject to export controls under U.S.
                                         Government export laws and regulations; however, each party will be solely responsible
                                         for compliance with U.S. Government export laws and regulations.

 

ARTICLE
18 - Notices

 

		18.1	Notices,
                                         invoices, and communications, hereunder shall be given by registered or certified mail,
                                         or express delivery service, postage or delivery charge prepaid, and addressed to the
                                         party to receive such notice, invoice, or communication at the address given below, or
                                         such other address as may hereafter be designated by notice in writing. Notice shall
                                         be deemed made on the date of receipt.

 

    -6-

     

    

 

If
to Sponsor:

 

Tim
Young, CEO

SunHydrogen, Inc

Phone:
(310)486-0740

E-mail:tyoung@sunhydrogen.com

 

For
Submission of Invoices:

SunHydrogen,
Inc.

32
E. Micheltorena, Suite A Santa

Barbara, CA 93101

Phone:
805-966-6566

Fax:
805-617-3601

E-mail:
tyoung@sunhydrogen.com

 

If
to University:                The University of Iowa

Division
of Sponsored Programs

Attention:
                   

 2 Gilmore Hall

Iowa
City, Iowa 52242

Phone: 319-335-2123

Fax:
319-335-2130

E-mail:

 

For
Payment Remittance:

 

The
University of Iowa 

Grant Accounting Office 

B5 Jessup Hall

Iowa
City, Iowa 52242-1316 Phone: 319-335-3801

Fax:
319-335-0674

 

IN
WITNESS WHEREOF, the parties, duly authorized, have executed this Agreement in duplicate as of the day and year first written
above.

 

	SUNHYDROGEN,
    INC. (SPONSOR)	 	THE
    UNIVERSITY OF IOWA
	 	 	 	 	 
	By:	/s/
    Timothy Young	 	By:	/s/
    Jennifer Lassner
	Name: 	Timothy
    Young	 	Name: 	Jennifer
    Lassner
	Title: 	President
    and CEO	 	Title: 	Executive
    Director of Sponsored Programs
	 	 	 	 	 
	Date:	
	 	Date:	

 

Rev.
03/30/2012

 

 

-7-

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