Document:

ex1008.htm - Generated by SEC Publisher for SEC Filing

10.8     Redacted USF Option Agreement.

 

CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER A CONFIDENTIAL TREATMENT REQUEST, PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED, AND RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE REDACTED TERMS HAVE BEEN MARKED IN THIS                      EXHIBIT AT THE APPROPRIATE PLACE WITH FOUR ASTERISKS [****]. 

 

 

Option Agreement

 

            This Agreement is made and entered into to be effective the 20th day of May, 2009 (“Effective Date”), by and between the UNIVERSITY OF SOUTH FLORIDA RESEARCH FOUNDATION, INC., a corporation not for profit under Chapter 617 Florida Statutes, and a direct support organization of the University of South Florida (“UNIVERSITY”) pursuant to section 1004.28 Florida Statutes, having its principal office at 4202 East Fowler Avenue, ADM200, Tampa, Florida 33620, U.S.A. (hereinafter referred to as “RESEARCH FOUNDATION”), and New Energy Solar Corporation. (hereinafter referred to as “OPTIONEE”) a corporation organized under the laws of Florida  having its principal offices at 8875 Hidden River Parkway, Suite 300, Tampa, FL 33637.

 

In consideration of the mutual promises and covenants set forth below, the parties hereto agree as follows:

 

Article I Definitions

 

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

 

1.1  ACADEMIC RESEARCH PURPOSES:  ****

 

1.2  FIELD:  ****

 

1.3  LICENSED PROCESSES:  the processes covered by PATENT RIGHTS or some portion thereof.

 

1.4  LICENSED PRODUCTS:  products covered by PATENT RIGHTS or products made or services provided in accordance with or by means of LICENSED PROCESSES

 

1.5  PATENT RIGHTS:  **** the inventions described and claimed therein, and any divisions, continuations, patents issuing thereon or reissues thereof, and any and all foreign patents and patent applications corresponding thereto, all to the extent owned or controlled by RESEARCH FOUNDATION.  PATENT RIGHTS shall specifically include patents and/or patent applications identified in Appendix A.

 

 

Article II

Representations

 

2.1  RESEARCH FOUNDATION is the exclusive licensee from the University.  The University is the owner by assignment from the inventor(s)the inventor(s) entire right, title and interest in the PATENT RIGHTS

 

2.2  RESEARCH FOUNDATION has the authority to issue licenses under PATENT RIGHTS.

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2.3  RESEARCH FOUNDATION is committed to the policy that ideas or creative works produced at University should be used for the greatest possible public benefit, and believes that every reasonable incentive should be provided for the prompt introduction of such ideas into public use, all in a manner consistent with the public interest.

 

2.4  OPTIONEE is desirous of obtaining an exclusive worldwide commercial license under PATENT RIGHTS, and RESEARCH FOUNDATION is desirous of granting such a license to OPTIONEE.

 

Article III

Grant of Option

 

3.1  RESEARCH FOUNDATION hereby grants to OPTIONEE and OPTIONEE accepts, subject to the terms and conditions hereof, an exclusive option to obtain an exclusive worldwide commercial license in the FIELD under PATENT RIGHTS.

 

3.2 The granting and exercise of this option is subject to the following conditions:

 

(a)    University’s “Statement of Policy and Procedure for Inventions and Works,” USF System Policy 0-300 dated January 23, 2006; Section 1004.28 and 1004.23 of the Florida Statutes; Regulation USF 10-012; applicable faculty and graduate collective bargaining agreements, and University’s obligations under agreements with other sponsors of research. Any right granted in this Agreement greater than that permitted under the statues, rules, agreements and policies outlined above, shall be subject to modification as may be required to conform to the provisions of these policies.

 

(b)   RESEARCH FOUNDATION reserves the right to make and use, and grant to others non-exclusive licenses to make and use for ACADEMIC RESEARCH PURPOSES the subject matter described and claimed in PATENT RIGHTS.

 

3.3 ****  

 

3.4 ****

 

Article IV

Exercise of Option

 

4.1 OPTIONEE may exercise this option by informing RESEARCH FOUNDATION by providing a written statement, reasonably satisfactory to RESEARCH FOUNDATION, of its intention and ability to develop such LICENSED PROCESS or LICENSED PRODUCT for public use as soon as practicable, consistent with sound and reasonable business practice and judgment.  

 

4.2 ****

 

Article V

Evaluation Procedure

 

5.1****

 

 

Article VI

Domestic and Foreign Patent Filing and Maintenance

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6.1 **** 

 

6.2 RESEARCH FOUNDATION shall, in its sole discretion, be responsible for the preparation, filing, prosecution and maintenance of any and all patent applications and patents included in PATENT RIGHTS. RESEARCH FOUNDATION shall consult with OPTIONEE as to the preparation, filing, prosecution and maintenance of such patent applications and patents and shall have RESEARCH FOUNDATION’s legal representation furnish to OPTIONEE timely copies of documents relevant to any such preparation, filing, prosecution or maintenance.

 

Article VII

Termination

 

7.1 This Agreement shall terminate at the end of the option period unless the option is exercised, in which case this Agreement will terminate at the end of the stipulated negotiation period or upon execution of a license agreement, whichever occurs first.

 

7.2 Sections 6.1, 7.1, 7.2, 8.2, 8.3 and 8.4 of this Agreement shall survive termination.

 

Article VIII

General Provisions

 

8.1 RESEARCH FOUNDATION does not warrant the validity of the PATENT RIGHTS optioned hereunder and makes no representations whatsoever with regard to the scope of the optioned PATENT RIGHTS or that such PATENT RIGHTS may be exploited by OPTIONEE or an AFFILIATE without infringing other patents.

 

8.2 RESEARCH FOUNDATION EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED OR EXPRESS WARRANTIES AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PATENT RIGHTS, BIOLOGICAL MATERIALS, OR INFORMATION SUPPLIED BY RESEARCH FOUNDATION, LICENSED PROCESSES OR LICENSED PRODUCTS CONTEMPLATED BY THIS AGREEMENT. 

 

8.3 OPTIONEE shall indemnify, defend and hold harmless RESEARCH FOUNDATION and its current or former directors, governing board members, trustees, officers, faculty, medical and professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”), from and against any claim, liability, damage, loss or expenses (including reasonable attorneys’ fees and expenses of litigation) (collectively CLAIMS) based upon, arising out of, or otherwise relating to this Agreement, including without limitation any CLAIMS (including, but not limited to any CLAIMS arising out of any theory of product liability) concerning any product, process, or service made, used or sold pursuant to any right or license granted as a result of this Agreement.  

 

8.4 OPTIONEE shall not use RESEARCH FOUNDATION’s name or insignia, or any adaptation of them, or the name of any of RESEARCH FOUNDATION’s inventors in any advertising, promotional or sales literature without the prior written approval of RESEARCH FOUNDATION.

 

8.5 Without the prior written approval of RESEARCH FOUNDATION in each instance, neither this Agreement nor the option granted hereunder shall be transferred or assigned in whole or in part by OPTIONEE to any person whether voluntarily or involuntarily, by operation of law or otherwise. 

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This Agreement shall be binding upon the respective successors, legal representatives and assignees of RESEARCH FOUNDATION and OPTIONEE.

 

8.6 The interpretation and application of the provisions of this Agreement shall be governed by the laws of the state of Florida.

 

8.7 Any notices to be given hereunder shall be sufficient if signed by the party (or party’s attorney) giving same and either (a) delivered in person, or (b) mailed certified mail return receipt requested, or (c) faxed to other party if the sender has evidence of successful transmission and if the sender promptly sends the original by ordinary mail, in any event to the following addresses:

 

If to OPTIONEE:

New Energy Solar Corporation

Attention: Meetesh Patel

3905 National Drive, Suite 110

Burtonsville, MD 20866          

Fax: (866) 266-0419

 

             

                                    

 

If to RESEARCH FOUNDATION:

USF Research Foundation, Inc.

Attention:  Business Manager                          

3802 Spectrum Boulevard, Suite 100

Tampa, Florida 33612

813-974-8490 (fax)

 

By such notice either party may change their address for future notices.  

 

Notices delivered in person shall be deemed given on the date delivered. Notices sent by fax shall be deemed given on the date faxed. Notices mailed shall be deemed given on the date postmarked on the envelope.

 

8.8 This Agreement constitutes the entire understanding between the parties and neither party shall be obligated by any condition or representation other than those expressly stated herein or as may be subsequently agreed to by the parties hereto in writing.

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed in duplicate by their duly authorized officers.

 

UNIVERSITY OF SOUTH FLORIDA                         COMPANY

RESEARCH FOUNDATION 

 

 

__________________________                                            ___________________________

Signature                                                                                 Signature

Name: Rod Casto, Ph.D.                                                          Name: 

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Title: Corporate Secretary                                                        Title: 

 

University of South Florida Board 

Of Trustees, a public body corporate

 

 

_____________________________

Signature

Name:

Title:

 

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Appendix A

 

 

The following comprise PATENT RIGHTS: 

 

****

 

 

       

Appendix B 

 

The following is/are the cost(s) associated with the PATENT RIGHTS

 

****

 

 

6ex109.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.9     Redacted Veryst Agreement.

 

 

	
 

	
VERYST Engineering®    LLC

47A Kearney Road

Needham, MA  02494

	

  	
®

 

 

Meetesh Patel

Jay Bhogal

Kinetic Power Corporation

1050 Connecticut Avenue, NW

Washington, DC 20036

 

 

November 4, 2008

 

Re: Initial Development of a Car and Truck Energy Harvester

 

 

Messrs. Patel and Bhogal,

 

Thank you for considering Veryst Engineering for this project. We are particularly interested in working with Kinetic Power Corp given not only our relevant experience and expertise, but also our shared interest in alternative energy systems. We believe that our past and on-going work in intellectual property development and electromechanical system design, in particular with energy harvesting, are well-suited to the challenges that this project presents.

 

In light of our conversation last week, we propose the following sequenced outline of work:

 

Task 1: Examination of Prior Art and Strategic Positioning

 

We believe that a solid understanding of the current state of the art helps focus and secure any new intellectual property position. This effort will examine current patents and applications from a critical perspective aimed at identifying meaningful opportunities for new invention, thereby exceeding the substance of a typical IP review by a law firm. **** Strategic positioning and IP content will be re-evaluated on an ongoing basis.  

 

****

 

****

 

****

 

Task 2: Design Conceptualization

 

This effort will begin by defining design goals and evaluation metrics based on the space identified in Task 1. The metrics will provide structure to engineering objectives and to decision-making. **** Particular attention will be paid to the issue of energy transfer, **** We will also list technical challenges and any new opportunities for additional intellectual property.

 

****

1

 

****

 

****

 

Task 3: Detailed Design

 

This effort will pursue the detailed design of **** concepts stemming from Task 2. Primary work will be on the design of specific components, with the selection of off-the-shelf items where possible. Work required in this stage includes preparation of engineering drawings, detailed calculations for the appropriate matching of components, component stress analysis for strength and reliability, and discussion with potential subcomponent manufacturers and vendors. Items with long lead times will be identified for possible advanced procurement. ****

 

****

 

****

 

****

 

Task 4: Prototype

 

Task 4 will prototype ****. Fabrication effort will be balanced between Veryst Engineering and contracted shops, depending on the details of the final design. ****

 

****

 

****

 

****

 

 

****

 

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Benefits

 

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New product development requires a multi-faceted effort that balances creativity, engineering rigor, and business practicality. We are confident that our background in electromechanical design and intellectual property consulting uniquely positions us contribute to many aspects of your project. Moreover, our work is based on engineering fundamentals, helping ensure that decisions are well-informed and grounded. **** energy harvesting has been part of our work focus for well over a decade. Our sensitivity to details and awareness of the big picture would help streamline and strengthen your development ****.

 

This is precisely the type of work we seek and enjoy doing, and we look forward to discussing the details of our proposal with you.  I have attached our Terms and Conditions that forms by reference a part of this proposal.  We can be reached by phone at 781-433-0433.

 

You can accept this proposal by signing and dating the last page of this proposal and faxing (781-433-0933)  or mailing a copy to my attention.

 

Sincerely,

 

Managing Principal

 

TERMS AND CONDITIONS OF AGREEMENT

 

CHARGES

 

Invoices are typically rendered monthly or in accordance with the agreed upon payment schedule, and are due upon receipt.  Work performed on a time-and-expenses basis will be charged in accordance with the most current billing rates of Veryst Engineering.

 

At the discretion of Veryst Engineering, a suitable retainer may be required from the client in advance.  Veryst Engineering will hold the retainer until the final invoice is prepared.  Any money remaining in the retainer account after the final invoice has been paid shall be returned to the client.

 

Evidence storage and disposal will be the responsibility of the client. Upon the client's request, Veryst may agree to provide temporary storage space for a reasonable fee, which the client agrees to pay monthly upon presentation of an invoice from Veryst

 

PAYMENT

 

Outstanding balances past due over 30 days are subject to a delinquency charge until paid.  Veryst Engineering reserves the right to decline further work with any client delinquent in payment of charges due to Veryst Engineering for previous work, until such balances are paid in full.

 

INTELLECTUAL PROPERTY

 

****

 

Notwithstanding any of the foregoing, nothing in this Agreement shall in any manner affect the ownership rights that Veryst Engineering has in any intellectual property developed by Veryst Engineering either 

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prior or subsequent to the effective date of this Agreement, ****, or intellectual property developed for other clients or other projects unrelated to **** this Agreement.  

 

TERM

 

The term of this Agreement shall commence on the date of this Agreement and shall continue until terminated by either Veryst Engineering or the client.  Client may terminate this Agreement for any reason upon thirty (30) days prior written notice to Veryst Engineering and payment to Veryst Engineering for any services performed and/or expenses incurred by Veryst Engineering  prior to such effective date of termination.  Veryst Engineering  may terminate this Agreement at any time by giving client written notice of such termination and the effective date of such termination shall be no earlier than the date that Veryst Engineering shall have completed the performance of all services already scheduled to be performed for the client.

 

INDEPENDENT CONTRACTOR STATUS

 

Nothing contained in this Agreement shall be deemed or construed as creating a joint venture or partnership between the Veryst Engineering  and the client. Veryst Engineering  shall be an independent contractor to the client and no Veryst Engineering employee or person performing any work at Veryst Engineering’s direction for the client shall be considered to be an agent, employee or representative of the client for any purpose.  

 

Client agrees that during the term of this agreement with Veryst Engineering and for a period of twenty four (24) months after the termination of this agreement for any reason, client will not directly or indirectly hire, attempt to hire or solicit for employment any employee of Veryst Engineering, encourage or induce any other company to hire, attempt to hire or solicit any employee of Veryst Engineering nor encourage or induce any employee of Veryst Engineering to terminate employment with Veryst Engineering.

 

EXECUTION OF SCOPE OF SERVICES

 

Veryst Engineering will work in accordance with generally accepted professional engineering practice.  No other warranty, express or implied, is made concerning work performed under the agreement, including Veryst Engineering’s findings, recommendations, specifications, or professional advice.

 

Veryst will hold in strictest confidence all proprietary information and trade secrets of the client to which it may be given access.

 

MISCELLANEOUS

 

The client assumes full and complete responsibility for all uses and applications of Veryst Engineering’s recommendations or work under this agreement, or failure to use recommendations or work, and agrees to hold harmless Veryst Engineering against any and all liability, damages, losses, claims, demands, actions, causes of action, and costs including attorneys’ fees and expenses arising out of the use and application of any of Veryst Engineering’s recommendations or work under this agreement, or failure to use recommendations or work.

 

The client agrees that in no event shall Veryst Engineering, its officers, employees, or agents be liable for any direct, indirect, incidental, special, punitive or consequential damages arising out of or relating to this Agreement or, without limitation, any such damages for lost profits or business.

4

 

 

Approved                                //Meetesh Patel

                                                Meetesh Patel

                                                Chief Executive Office and President, Octllion Corp.

 

                                                11-04-2008

                                                Date

 

 

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