Document:

ex1023.htm

    
      

      

    

     

    Binding
Letter of Intent

    

    

    Michael
Wylde

    Russell
Nicholls

    The
University of Sussex

    Regional
Development Office

    Science
Park Square

    Falmer

    Brighton
BN1 9RH (GB)

    

    Dear Mike
and Russell:

     

    This
letter will serve to set forth our mutual agreement with respect to the terms
under which Clean Power Technology, Inc. and its subsidiaries (jointly “CPTI”) agree to enter into a
collaboration agreement with The University of Sussex (“Sussex”) (individually a
“Party” and jointly the
“Parties”) to share and
take further the knowledge gained by Sussex under its HYSTOR project and for
Sussex to assign to CPTI a certain existing patent application International
Publication Number WO 2008/037980 A2 (the “WIPO Application”) to permit
CPTI to proceed with further territorial applications, all as defined
hereinbelow.

     

    By
agreeing to this relationship, as of the Effective Date set forth hereinbelow,
CPTI will be responsible for (1) filing and prosecuting, at its sole expense,
territorial applications based upon the WIPO Application in Japan, the United
State, Canada, and the European Union and, (2) the Parties shall collaborate in
good faith to secure funding to further develop the HYSTOR project, as more
fully set forth below.  In furtherance of this Letter of Intent, the
Parties shall enter into a collaborative relationship agreement (“Collaboration Agreement”) and
related agreements and instruments (the “Transaction Documents”) with
the following terms:

     

    
      	
              The
      Parties:

            	
              Clean
      Power Technology, Inc. and its subsidiaries and The University of
      Sussex

            
	
              Mutual
      Exclusivity

            	
              During
      the term of this Agreement and the Collaboration Agreement, Sussex shall
      deal exclusively with CPTI to further develop the HYSTOR project and shall
      assist it to take further the knowledge gained under the HYSTOR project,
      including making its personnel reasonably available to work with
      CPTI.

              Neither
      Party shall, for the term of this Agreement, have any other collaborative
      agreement for the HYSTOR project or any prototype or production version of
      the system or product (the “Product”) or aid third
      parties in the manufacture, marketing or sale of Product without the
      express written permission of the other
Party.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              Patent
      Responsibility

            	
              CPTI
      shall have the exclusive right to and be solely responsible for filing and
      prosecuting, at its sole expense, territorial applications based upon the
      WIPO Application in Japan, the United State, Canada, and the European
      Union (“Territorial
      Applications”).

            
	
              Patent
      Application Assignment and Assistance

            	
              Sussex
      shall assign the WIPO Application to CPTI for all purposes and shall
      execute such documents and provide such assistance as are reasonably
      required to permit CPTI to file and prosecute the Territorial
      Applications, including, without limitation, the assignment document
      appended hereto and made a part hereof as Exhibit A.

            
	
              Collaboration
      Under this Letter of Intent

            	
              1.
      The Parties shall share and take further the knowledge gained under the
      HYSTOR project and the knowledge gained as the result of the independent
      work done by CPTI.

              2.
      The Parties shall use best efforts to secure additional funding to permit
      the collaboration to go forward (“Collaborative
      Project”).  The Parties agree that a typical model for
      such funding may include Sussex securing a fifty (50%) percent public
      funding grant for a shared project with CPTI or such other entity as it
      may designate providing the additional fifty (50%) percent in cash or in
      kind.  The Parties acknowledge and agree that Sussex does not
      currently have funding to permit it to permit the collaboration to go
      forward.  The Parties further acknowledge and agree that CPTI is
      not required at this time to provide funding for the collaboration to go
      forward. The Parties further agree that inasmuch as funding is not
      currently available and may take time to obtain, neither Party is
      obligated to engage in any collaborative activity, except as set forth in
      Paragraph 1 above, until such funding is available.

            
	
              Collaboration  Agreement

            	
              The
      Parties shall enter into a Collaboration Agreement which, when executed,
      shall supersede this Binding Letter of Intent.

            
	
              Ownership
      of Intellectual Property Developed Under Collaboration
      Agreement

            	
              In
      the event that any additional or new intellectual property is produced as
      the result of the Collaboration Agreement (“Collaboration IP”), then
      the Collaboration IP shall be assigned jointly and severally to the
      Parties, or to such entity as either of them may designate. The Parties
      shall jointly determine the exploitation and commercialization of the
      Collaboration IP and shall share in the proceeds therefrom in accordance
      with the percentage of the funding contributed by each Party to the
      development, protection and commercialization of the Collaboration
      IP.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              Collaboration
      Term and Termination

            	
              The
      term of the Collaboration Agreement shall be three (3) years (“Term”).  The
      Collaboration Agreement may be extended for an additional Term by mutual
      consent of the Parties.

              In
      the event that no Collaborative Project is commenced during the Term, or
      the Parties mutually agree to terminate the Collaboration Agreement, then
      CPTI shall pay Sussex a fee in the amount of £15,000 for the
      Patent  Application Assignment (“Assignment Fee”) set
      forth above.  CPTI shall receive a credit as against the
      Assignment Fee for all funds expended by CPTI in filing or prosecuting the
      WIPO Application or the Territorial Applications.

              In
      the event that a Collaboration Project is commenced within the Term and
      the WIPO Application or any of the Territorial Applications matures into a
      patent and are licensed or otherwise exploited with regard to third
      parties (“Licenses”), then Sussex
      shall receive a royalty equal to 5% of the net profits received from any
      such Licenses.

            
	
              Miscellaneous

            	
              This
      Letter of Intent shall be governed by the laws of the State of New York,
      without giving effect to the principles of choice of law
      thereof.  The parties each waive any right to trial by jury in
      any action, claim, suit, or proceeding with respect to this
      engagement.  Any dispute involving this Letter of Intent shall
      be resolved pursuant to the commercial dispute resolution rules of the
      American Arbitration Association in New York, New York, before a single
      arbitrator, with each party to bear its own costs and fees, including
      legal fees. In no event shall exemplary, consequential or punitive damages
      be available to either party. This Letter of Intent may not be modified or
      amended except in writing signed by both of the parties
      hereto.  This Letter of Intent supersedes all other agreements,
      understandings, and commitments between the parties, whether written or
      oral.  It is specifically agreed that neither party’s employees,
      agents, or subcontractors shall be deemed employees, associates, agents or
      subcontractors of the other party.  Further, this Agreement does
      not create an agency relationship or evidence a partnership or joint
      venture between CPTI and Sussex.

               

              Until
      such time as the parties execute Final Transaction Documents in connection
      with the Sales Relationship, this Letter of Intent shall govern the
      dealings of the parties in connection with the subject matter of this
      Agreement.

               

            
	
              Confidentiality

            	
              The
      dealings of the Parties in connection with matters involving this Letter
      of Intent shall be maintained in confidence and shall not be disclosed to
      any third party other than those persons who are assisting in the
      preparation of the Transaction Documents, or other consultants and
      advisors to each of the Parties

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              Clean
      Power Technology, Inc.

            	
              By:     Abdul Mitha           
      

              Title:   President
      

            
	
              The
      University of Sussex

            	
              By:      Dr. Ian M. Carter        

              Title:  
      Director of Research & Enterprise

            
	
              Dated:

            	
              March
      13, 2009

              Effective
      Date

            

    

     

    
      
         

      

      
        4ex1024.htm

    Attorney
Docket No.:

    

    ASSIGNMENT

    (NON-PROVISIONAL
PATENT APPLICATION)

    

    WHEREAS,
we, (“ASSIGNORS”):

     

    Inventor                                                Citizenship                                        Address

    

    
      
        	
                Richard
      Keith STOBART

              	 GB/GB.   	
                19
      Wasdale Close, West Bridgeford NG2 6RG
(GB)

              

      

    

    
      	
                           

            

    

    

    
      	
              Mudalige
      WEERASINGHE

            	
              LK/GB

            	
              7
      Longmarch View, Sutton
      at Hone, Dartford, Kent  DA4 9DZ (GB)

            	
               

            

    

    
      	
                

            

    

     

    
      	
              Applicant

            

    

    

    
      	
              The
      University of Sussex

            	
              GB/GB

            	
              Sussex
      House, Falmer,
      Brighton
      BN 1 9RH (GB)

            

    

    
      
      

    

    
      	
               

            

    

     

    
      	
              having
      invented a certain new and useful invention
  entitled:

            

    

    

    
      	
              VEHICLE
      POWER SUPPLY SYSTEM

            

    

    

      for which
an International Patent Application has been filed on 25 September 2006 under
International Patent Application No. PCT/GB2007/003644;

      

      AND
WHERAS, (“ASSIGNEE”):

      

      Clean Power Technologies, Inc,
a Nevada Corporation, is desirous of requiring the entire right, title
and interest in and to the invention throughout the United States and the world,
and all right, title and interest in, to an under any and all Letters Patent of
the United States and all countries throughout the world;

      

      for good
and valuable consideration, the full receipt and sufficiency of which are hereby
acknowledged, ASSIGNORS, intending to be legally bound, do hereby:

      

      SELL,
ASSIGN, TRANSFER and CONVEY to ASSIGNEE the whole and entire right, title and
interest for the United States and its possessions and territories and all
foreign countries in and to the invention which is disclosed in the
above-identified patent application, and, in and to any all patent applications
related thereto including, but not limited to, all provisionals,
non-provisionals, divisional, continuations, continuations-in-part, substitutes,
reexaminations, 

       

      reissues
and all other applications for patent which have been or shall be filed in the
United States and all foreign countries on the invention; all original, reissued
and reexamined patents and extensions thereof which have been or shall be issued
in the United States and all foreign countries on the invention to the full end
of the term or terms for which the patent(s) may be granted, as fully and
entirely as the same would have been held by the undersigned ASSIGNORS has this
Assignment not been made; and specifically including all rights of priority
created by the above patent application under any treaty, convention or law
relating thereto;

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      AUTHORIZE
and REQUEST the issuing authority to issue any and all United States and foreign
patents granted on the invention to ASSIGNEE;

      

      WARRANT
and REPRESENT that no assignment, grant, mortgage, license or other agreement
affecting the rights and property herein conveyed has been or will be made to
others by ASSIGNORS, and that the full right to convey the same as herein
expressed is possessed by ASSIGNORS;

      

      AGREE and
UNDERTAKE, when requested and at the expense of ASSIGNEE, to carry out in good
faith the intent and purpose of this Assignment, ASSIGNORS will execute all
non-provisionals, divisional, continuations, continuations-in-part, substitutes,
reexaminations, reissues, and all other patent applications on the invention;
execute all lawful oaths, declarations, assignments, powers of attorney and
other papers; communicate to ASSIGNEE all facts known to ASSIGNORS relating to
the invention and the history thereof; and generally do everything possible
which ASSIGNEE shall consider desirable for vesting title to the invention in
ASSIGNEE, and for securing, maintaining and enforcing proper patent protection
for the invention; all without further compensation to ASSIGNORS;

      

      AGREE to
hold in trust, keep confidential, not make use of, and not disclose or reveal to
any third party said invention, without ASSIGNEE’S prior written
consent.

      

      TO BE
BINDING on the heirs, assigns, representatives and successors of ASSIGNORS and
extending to the successors, assigns, and nominees of ASSIGNEE.

      

      

      March 13,
2009                                                                                                                      /s/ Richard Keith
STOBART

        Date                                                                                                     Richard Keith
STOBART

      

      

       

      March 13, 2009                                                                                          
   /s/ Mudalige
WEERASINGHE

         Date                                                                                                    Mudalige
WEERASINGHE

      

      

      
            March 13,
2009                                                                                                                     The
University of Sussex

            
Date                                                                                                       /s/Dr. Ian M.
Carter                       

                                  
Title:  Director of Research and
Enterprise
                           

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      NOTARIAL
SEAL

      

      Before
me, this ____ day of March, 2009, personally appeared Richard Keith STOBART known to
be the person who is described in and who executed the above Assignment, and
he/she acknowledged to me that he/she executed the same of his/her own free will
for the purposes therein set forth.

       

      ________________________________

      Notary Public

      

      My Commission Expires:

      

      NOTARIAL
SEAL                                                                :

      
 

      Before
me, this _____ day of March, 2009 , personally appeared Mudalige
WEERASINGHE

      known to
be the person who is described in and who executed the above Assignment, and
he/she acknowledged to me he/she executed the same of his/her own free will for
the purpose therein set forth.

      

      _________________________________

      Notary Public

      

      My Commission Expires:

      

      NOTARIAL
SEAL                                                                :

       

      Before
me, this _____ day of March, 2009 , personally
appeared  _____________________,

      known to
be the person who is described in and who executed the above Assignment, and a
duly authorized representative of The University of Sussex, and he/she
acknowledged to me he/she is such an authorized representative of The University
of Sussex and executed the same of his/her own free will on behalf of The
University of Sussex for the purpose therein set forth.

      

      _________________________________

      Notary Public

      

      My Commission Expires:

      

      
        
           

        

        
          3

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