Document:

laser_ex102.htm

EXHIBIT 10.2
  
 LIPOTOPE, INC.
 STOCK OPTION GRANT AGREEMENT
  
 	 To: ___________ 
	  
	 Date of Grant: _____________

  
 The Board of Directors of Laser Photonics Corporation (the “Company”), in accordance with your employment by the Company, has approved the option for you to purchase shares of the Company’s Common Stock under the 2019 Stock Incentive Plan (the “Plan”) in the number of shares, and at the per share exercise price, set forth below. 
  
 Number of shares subject to option: 
  
 Per share exercise price: $____/share
  
 	  
	 This option is: 
	  
	 ☐
	 a Nonqualified Stock Option

	  
	  
	  
	 ☒
	 an Incentive Stock Option

  
 The terms of the Option are as set forth in the Plan and in this Stock Option Grant Agreement (this “Agreement”). In the event of a conflict between the Plan and this Agreement, this Agreement shall be subject to, and is in all respects limited by, the express terms and provisions of the Plan. A copy of the Plan is attached hereto and incorporated into this Agreement by reference. Terms not defined in this Letter Agreement have the meaning ascribed to them in the Plan. The most important of the terms of the Plan are summarized as follows:
  
 Term: This option shall terminate, and may no longer be exercised, after the expiration of ten (10) years from the date of grant, unless the option is sooner terminated as provided in the Plan.
  
 Vesting: Except as otherwise set forth in your Employment Agreement with the Company, the vesting of the shares will commence on the date of grant in accordance with the following schedule (which the Plan Administrator may waive or accelerate at any time), and such vesting shall occur whether or not the option has been exercised; provided, however, that vesting shall (i) accelerate upon the Company going private through a filing with the Securities and Exchange Commission of a Schedule 13E-3 and (ii) cease immediately upon termination of your employment with the Company for whatever reason:
  
 	 Date Vested 
	  
	 Percentage Vested 
	  
	 Number Vested

	  
	  
	  
	  
	  

  
 Termination: Unless otherwise determined at any time by the Plan Administrator or under the terms of your Employment Agreement with the Company, the option will terminate, and may no longer be exercised, (i) immediately upon termination of your service with the Company if a consultant or employment with the Company for Cause as defined in the Plan, or (ii) one year after termination of service or your employment with the Company as a result of disability or death, or (iii) one year after all other terminations, but in each case not later than the remaining term of the option. If the Option is intended to be an Incentive Stock Option, it will be treated as a Non-Qualified Stock Option if exercised on or after the 91st day following the employee’s termination of employment. The exercise of the option is in all cases subject to the terms and conditions governed by the Securities and Exchange Commission and the Code. 
  
 	 
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 Exercise: During your lifetime only you can exercise the option. The Plan also provides for exercise of the option by the personal representative of your estate, or the beneficiary of your estate following your death. You or your personal representative may use the Notice of Exercise of Stock Option in the form attached to this Agreement when you exercise the option. The Plan Administrator agrees that it shall not impose any restrictions or conditions on the exercise of the options granted to you under this Agreement under section 7.2 of the Plan.
  
 Right of First Refusal: The Plan Administrator may, in its sole discretion at the time of exercise, determine that the exercise of this option is subject to your execution of any agreement, in the form in use at the time of exercise, whereby under certain circumstances, you grant to the Company a right of first refusal to purchase the shares acquired by you upon exercise of the option. 
  
 Payment for Shares: Unless the Plan Administrator in its sole discretion determines otherwise, the option may be exercised by the delivery of one or a combination of the following alternatives:
  
 (a) Cash, personal check (unless the Plan Administrator in its sole discretion determines otherwise) or bank certified or cashier’s check;
  
 (b) If the Common Stock of the Company is publicly traded, a properly executed exercise notice together with irrevocable instructions to a broker to promply deliver to the Company the amount of sale or loan proceeds to pay the exercise price; or
  
 (c) Unless the Plan Administrator in its sole discretion determines otherwise, shares of the capital stock of the Company held by you for a period of at least six months having a fair market value at the time of exercise, as determined in good faith by the Plan Administrator, equal to the exercise price.
  
 Withholding Taxes: As a condition to the exercise of a stock option, you shall make such arrangements as the Company may require for the satisfaction of any federal, state or local withholding tax obligations that may arise in connection with such exercise. The Company shall have the right to retain without notice sufficient shares of stock otherwise issuable to you upon exercise of this option to satisfy the withholding obligation. Unless the Plan Adminstrator in its sole discretion determines otherwise, you may satisfy the withholding obligation by electing to have the Company or a related corporation withhold from the shares to be issued upon exercise of this option that number of shares having a fair market value equal to the amount required to be withheld.
  
 Transfer of Option: The option is not transferable except by will or by the applicable laws of descent and distribution, except that a Non-Qualified Stock Option may be transferred to Immediate Family Members as provided under the terms of the Plan.
  
 Holding Period: If the Common Stock of the Company is publicly traded, any sale of shares of Common Stock obtained upon the exercise of a stock option by an individual subject to Section 16 of the Exchange Act within six months after the date the option was granted may result in short-swing profit recovery under Section 16(b) of the Exchange Act.
  
 	 
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 Right to Employment: This letter agreement and the granting of the option described herein do not constitute a contract of employment and do not guarantee the right to continued employment with the Company.
  
 Please execute the attached Acceptance and Acknowledgment and return it to the undersigned.
   
 	  
	 Very truly yours,
	  

	  
	  
	  

	  
	 Laser Photonics Corporation
	  

	  
	  
	  
	  

	  
	  
	  
	  

	  
	 By: 
	 Wayne Tupuola
	  

	  
	 Its: 
	 President 
	  

  
 	 
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 ACCEPTANCE AND ACKNOWLEDGMENT
  
 I, a resident of ___________________, accept the stock option described above and in Laser Photonics Corporation’s 2019 Stock Incentive Plan and acknowledge receipt of a copy of this Agreement and a copy of the Plan. I have read and understand the Plan.
   
  
 	 Dated: [DATE] 
	  
	  
	  

	  
	  
	  
	  

	 Social Security: [SS#] 
	 Name: 
	  
	  

	  
	 Address: 
	 [ADRESS]
	  

	  
	  
	 [ADDRESS CONT.]
	  

  
 By his or her signature below, the spouse of the Optionee, if such Optionee is legally married as of the date of his or her execution of this Agreement, acknowledges that he or she has read this Agreement and the Plan and is familiar with the terms and provisions thereof, and agrees to be bound by all the terms and conditions of this Agreement and the Plan.
  
  
 	 Dated: 
	  
	  

	  
	 Spouse’s Signature
	  

	  
	  
	  

	  
	  
	  

	  
	 Printed Name
	  

   
 By his or her signature below, the Optionee represents that he or she is not legally married as of the date of execution of this Agreement.
  
 	 Dated: 
	  
	  

	  
	  
	  

	  
	 Optionee’s Signature
	  

   
 	 
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 NOTICE OF EXERCISE OF STOCK OPTION
  
 To: Laser Photonics Corporation
  
 I, a resident of ________________, hereby exercise my stock option granted by Laser Photonics Corporation (the “Company”) on _________ __, 20__ subject to all the terms and provisions of the Stock Option Grant Agreement of the same date (this “Agreement”) and of the 2019 Stock Incentive Plan (the “Plan”) referred to therein, and notify the Company of my desire to purchase ______________ shares of Common Stock of the Company (the “Securities”) at the exercise price which were offered to me pursuant to said option.
  
 I hereby represent and warrant that (1) I have been furnished with a copy of the Plan and all information which I deem necessary to evaluate the merits and risks of the purchase of the Securities; (2) I have had the opportunity to ask questions and receive answers concerning the information received about the Securities and the Company; and (3) I have been given the opportunity to obtain any additional information I deem necessary to verify the accuracy of any information obtained concerning the Securities and the Company.
  
 I am aware that the Securities have not been registered under the federal Securities Act of 1933 (the “1933 Act”) or any state securities laws, pursuant to exemption(s) from registration. I understand that the reliance by the Company on such exemption(s) is predicated in part upon the truth and accuracy of the statements by me in this Notice of Exercise.
  
 I hereby represent and warrant that I am purchasing the Securities for my own personal account for investment and not with a view to the sale or distribution of all or any part of the Securities.
  
 I understand that because the Securities have not been registered under the 1933 Act, I must continue to bear the economic risk of the investment for an indefinite time and the Securities cannot be sold unless the Securities are subsequently registered or an exemption from registration is available.
  
 I agree that I will in no event sell or distribute all or any part of the Securities unless (1) there is an effective registration statement under the 1933 Act and applicable state securities laws covering any such transaction involving the Securities or (2) the Company receives an opinion of my legal counsel (concurred in by legal counsel for the Company) stating that such transaction is exempt from registration or the Company otherwise satisfies itself that such transaction is exempt from registration.
  
 I consent to the placing of a legend on my certificate(s) for the Securities stating that the Securities have not been registered and setting forth the restriction on transfer contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Securities until the Securities may be legally resold or distributed.
  
 I understand that at the present time Rule 144 of the Securities and Exchange Commission (“SEC”) may not be relied on for the resale or distribution of the Securities by me. I understand that the Company has no obligation to me to register the Securities with the SEC and has not represented to me that it will register the Securities.
  
 	 
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 I AGREE THAT ALL SECURITIES ACQUIRED UPON THE EXERCISE OF THIS OPTION MAY BE SUBJECT TO CERTAIN RIGHTS OF FIRST REFUSAL EXERCISABLE BY THE COMPANY AND ITS ASSIGNS UPON ANY PROPOSED SALE, ASSIGNMENT, TRANSFER, ENCUMBRANCE OR OTHER DISPOSITION OF THE OPTION SHARES, AS SPECIFIED IN THAT CERTAIN RIGHT OF FIRST REFUSAL AGREEMENT DATED AS OF THE DATE HEREOF WHICH MAY BE ENTERED INTO BETWEEN THE COMPANY AND ME.
  
 I AM ADVISED, PRIOR TO MY PURCHASE OF THE SECURITIES, THAT NEITHER THE OFFERING OF THE SECURITIES NOR ANY OFFERING MATERIALS HAVE BEEN REVIEWED BY ANY ADMINISTRATOR UNDER THE SECURITIES ACT OF 1933, ANY STATE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES ACT (THE “ACTS”) AND THAT THE SECURITIES HAVE NOT BEEN REGISTERED UNDER ANY OF THE ACTS AND THEREFORE CANNOT BE RESOLD UNLESS THEY ARE REGISTERED UNDER THE ACTS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
  
 	 Dated: 
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	 Name
	  
	  

	 Taxpayer I.D. Number 
	  
	 Address:
	  
	  

   
 	 
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 RECEIPT
  
 Laser Photonics Corporation hereby acknowledges receipt from ___________ in payment for __________________ shares of Common Stock of Laser Photonics Corporation., a Delaware corporation, of $__________________ in the form of
  
 	  
	 ☐
	 Cash

	  
	  
	  

	  
	 ☐
	 Check (personal, cashier’s or bank certified)

	  
	  
	  

	  
	 ☐
	 ___________ shares of the Company’s Common Stock, fair market value of $__________ per share, held by the Optionee for a period of at least six months

	  
	  
	  

	  
	 ☐
	 Copy of irrevocable instructions to Broker

  
 Date: _______________________________________
  
 FMV of Common Stock on such date: $_______________________
  
 	 
	7laser_ex103.htm

EXHIBIT 10.3
  
 LICENSE AGREEMENT
  
 This LICENSE AGREEMENT (this “Agreement”), effective as of January 1, 2020, is entered into between ICT Investments, LLC, a Florida limited liability company, having a place of business at 1101 N. Keller Road, Suite G, Orlando, Florida 32810 (“Licensor”), and Laser Photonics Corporation, a Wyoming corporation having its address at 1101 N. Keller Road, Suite G, Orlando, Florida 32810 (“Licensee”). Licensor and Licensee are referred to hereinafter singularly as a “Party” and collectively as the “Parties.”
  
 RECITALS:
  
 WHEREAS, Licensor is willing to license to Licensee, and Licensee desires to license from Licensor, an exclusive, worldwide, sublicensable license for all commercial and noncommercial applications of Licensor’s know-how and trade secrets for laser cleaning equipment technology for the purpose of allowing Licensee to develop and market products using such technology and intellectual property; and 
  
 WHEREAS, Licensor has majority equity ownership of Licensee and desires to have Licensee be successful in its sales and marketing efforts of the laser cleaning equipment technology.
  
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants set forth hereinafter, and for other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, the Parties agree as follows:
  
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings:
  
 “Confidential Information” shall mean Technology disclosed by Licensor to Licensee or by Licensee to Licensor pursuant to this Agreement.
  
 “Force Majeure” shall mean any act of God, any accident, explosion, fire, storm, earthquake, pandemic, flood, drought, peril of the sea, riot, embargo, war or foreign, federal, state or municipal order of general application seizure, requisition or allocation, any failure or delay of transportation, shortage of or inability to obtain supplies, equipment fuel or labor or any other circumstances or event beyond the reasonable control of the party relying upon such circumstance or event.
  
 “Licensor Technology” shall mean all Technology owned or controlled by Licensor as of the date hereof including rights that relate to and are used in researching, developing, or manufacturing laser cleaning equipment. “Owned or controlled” shall include Technology which Licensor owns or under which Licensor is licensed and has the right to grant sublicenses.
  
 “Improvements” shall mean any improvement or enhancement to any Licensor Technology that is discovered, developed or otherwise acquired by Licensor during the term of this Agreement. For the sake of clarity and the avoidance of doubt, “Improvements” shall include, new patent rights and/or new Technology discovered, developed, or otherwise acquired by Licensor during the term of this Agreement, which new patent rights and/or new Technology reasonably relates to the Licensed Product. 
  
 	 
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 “Licensed Process” means a method or process whose practice or use is covered by Licensor Technology, an Improvement, and/or incorporates or uses Licensor Technology. 
  
 “Licensed Product” means any product or component (a) the manufacture, use, sale, offer for sale or import of which is covered by Licensor Technology, an Improvement and/or incorporates or uses any Licensor Technology, or (b) which is made using a Licensed Process.
  
 “Person” shall mean any individual, partnership, corporation, firm, association, unincorporated organization, joint venture, trust or other entity.
  
 “Technology” shall mean public and nonpublic technical or other information, trade secrets, know-how, processes, formulations, concepts, ideas or other data and testing results, experimental methods, or results, descriptions, business or engineering plans, depictions, and any and all other intellectual property, including patents, patent applications, copyrights, trademarks and trademark applications for which Licensor is granting a License to Licensee.
  
 2. License Grant and Commercialization.
  
 2.1. Grant of Licenses to Licensee.
  
 2.1.1. Technology License. Licensor agrees to grant and does hereby grant to Licensee a worldwide, royalty-free, exclusive, non-transferrable license under Licensor Technology to manufacture, have manufactured, use, offer for sale, sell, export, and import Licensed Products and Licensed Processes. 
  
 2.1.2. License to Improvements. Licensor agrees to grant and does hereby grant to Licensee a worldwide, royalty-free, exclusive, non-transferrable license to any and all Improvements to sublicense, manufacture, have manufactured, use, offer for sale, sell, export, and import Licensed Products and Licensed Products protected by Improvements, as defined herein. 
  
 2.1.3. Third-Party Licenses. To the extent that any Licensor Technology or Improvements licensed to Licensee hereunder consist of rights of Licensor under an agreement or license with or from a third party, any license granted to Licensee hereunder shall be limited to the rights which Licensor has a right to grant under such agreement or license and otherwise subject to any obligations assumed by Licensor in consideration of the grant or assignment of such right or license to Licensor which is to be assigned or sublicensed to Licensee.
  
 	 
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 3. Technology Transfer and Support.
  
 3.1. Technology Transfer and Support. Licensor shall provide to Licensee reasonable support and assistance with respect to regulatory, public relations, and similar matters, as well as reasonable technical support and assistance with respect to the analytic testing of any products developed, manufactured, or sold under the terms of this Agreement, and similar matters. For the sake of clarity and the avoidance of doubt, neither Licensor, nor any affiliate of Licensor, shall be entitled to any compensation for any support and assistance provided pursuant to this Section 3.1, except, however, Licensor, or an affiliate of Licensor, shall be entitled to reimbursement for reasonable out-of-pocket expenses incurred in the course of providing such support and assistance, which reasonable expenses shall be reimbursed and paid by Licensee. 
  
 3.2. Patent Rights. Licensor shall, at its expense, prepare, prosecute and maintain patent applications, and maintain patents issued thereon with respect to Improvements discovered, developed or otherwise acquired by Licensor, except as otherwise specified elsewhere in this Agreement.
  
 3.3. Cooperation. Each Party agrees to cause each of its employees and agents to take all actions and to execute, acknowledge and deliver all instruments or agreements reasonably requested by the other Party, and necessary for the perfection, maintenance, enforcement or defense of that Party’s rights as set forth herein.
  
 3.5. Confidential Information. Any Party receiving Confidential Information shall maintain the confidential and proprietary status of such Confidential Information, keep such Confidential Information and each part thereof within its possession or under its control sufficient to prevent any activity with respect to the Confidential Information that is not specifically authorized by this Agreement, use commercially reasonable efforts to prevent the disclosure of any Confidential Information to any other Person, and use commercially reasonable efforts to ensure that such Confidential Information is used only for those purposes specifically authorized herein; provided, however, that such restriction shall not apply to any Confidential Information which is (a) independently developed by the receiving Party, (b) in the public domain at the time of its receipt or thereafter becomes part of the public domain through no fault of the receiving Party, (c) received without an obligation of confidentiality from a third party having the right to disclose such information, (d) released from the restrictions of this Section 3.5 by the express written consent of the disclosing Party, (e) disclosed to any assignee, sublicensee or subcontractor of either Licensor or Licensee hereunder (if such assignee, sublicense or subcontractor is subject to the provisions of this Section 3.5 or comparable provisions of such other documents), or (f) required by law, statute, rule or court order to be disclosed (the disclosing party shall, however, use commercially reasonable efforts to obtain confidential treatment of any such disclosure). The obligations set forth in this Section 3.5 shall survive for a period of five (5) years from the termination or expiration of this Agreement. Without limiting the generality of the foregoing, Licensor and Licensee each shall use commercially reasonable efforts to obtain confidentiality agreements from its respective employees and agents, similar in scope to this Section 3.5, to protect the Confidential Information. Licensor agrees to treat the Licensor Technology as Confidential Information of Licensee. Notwithstanding anything to the contrary herein, Licensor and Licensee shall each be deemed to have satisfied its obligations under this Section 3.5 if it protects the Confidential Information of the other Party with the same degree of care that it uses to protect its own similar Confidential Information.
  
 3.6. Permitted Disclosures. Notwithstanding the provisions of Section 3.5 hereof, Licensor and Licensee may, to the extent necessary, disclose and use Confidential Information, consistent with the rights of Licensor and Licensee otherwise granted hereunder for the purpose of engaging in research and development, conducting marketing programs, or securing institutional or government approval to market any product.
  
 	 
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 4. Disclaimer of Warranty; Consequential Damages.
  
 4.1. Disclaimer of Warranty. Nothing in this Agreement shall be construed as a representation made or warranty given by either Party hereto that the use of any Licensor Technology and Improvements transferred or licensed hereunder, will not infringe the patent or proprietary rights of any other Person or entity. In addition, Licensor and Licensee acknowledge that THE TECHNOLOGY IS LICENSED, AS THE CASE MAY BE, TO LICENSEE AND LICENSOR, RESPECTIVELY, AS IS, AND LICENSOR AND LICENSEE EXPRESSLY DISCLAIM AND HEREBY WAIVE, RELEASE AND RENOUNCE ANY WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO SUCH TECHNOLOGY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
  
 5. No Implied Waivers; Rights Cumulative. No failure on the part of Licensor or Licensee to exercise and no delay in exercising any right, power, remedy or privilege under this Agreement, or provided by statute or at law or in equity or otherwise, shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege, or be construed as a waiver of any breach of this Agreement, or as an acquiescence therein, nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof or the exercise of any other right, power, remedy or privilege.
  
 6. Consulting Agreement or Advisory Board Role. Licensee may enter into a Consulting Agreement or have the Licensor serve as a member of an advisory board to provide advice with respect to the commercialization of the Licensor Technology and sale of the Licensed Product by Licensee.
  
 7. Force Majeure. Licensor and Licensee shall each be excused for any failure or delay in performing any of its respective obligations under this Agreement, if such failure or delay is caused by Force Majeure.
   
 	 
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 8. Notices. All notices, requests and other communications to Licensor or Licensee hereunder shall be in writing (including email, telecopy, or similar electronic transmissions), shall refer specifically to this Agreement, and shall be personally delivered or sent by email, telecopy, or other electronic facsimile transmission or by registered mail or certified mail, return receipt requested, postage prepaid, in each case to the respective address specified below (or to such other address as may be specified in writing to the other party hereto):
  
 If to Licensor:
  
 ICT Investments, LLC
 1101 North Keller Rd., Suite “G2”
 Orlando, Florida 32810
 Attn: Dmitriy Nikitin, Partner
 dnikitin@ict-investments.com
  
 If to Licensee:
  
 Laser Photonics Corporation
 1101 North Keller Rd., Suite “G2”
 Orlando, Florida 32810
 wtupuola@laserphotonics.com
  
 with a copy to:
  
 Culhane Meadows PLLC
 1101 Pennsylvania Ave., N.W.
 Suite 300
 Washington, D.C. 20004
 Attn: Ernest M. Stern, Esq.
 estern@cm.law
  
 Any notice or communication given in conformity with this Section 8 shall be deemed to be effective when received by the addressee, if delivered by hand, email, telecopy, or other electronic facsimile transmission, and upon receipt of delivery confirmation, if sent by certified mail.
  
 9. Further Assurances. Each of Licensor and Licensee agrees to duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including, without limitation, the filing of such additional assignments, agreements, documents and instruments, that may be necessary or as the other party hereto may at any time and from time to time reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes of, or to better assure and confirm unto such other party its rights and remedies under, this Agreement.
  
 10. Successors and Assigns. The terms and provisions of this Agreement shall inure to the benefit of, and be binding upon, Licensor, Licensee, and their respective successors and assigns; provided, however, that neither Licensor nor Licensee may assign or otherwise transfer any of its rights and interests, nor delegate any of its respective obligations hereunder, including, without limitation, pursuant to a merger or consolidation, without the prior written consent of the other party hereto, which consent shall not be unreasonably withheld. Any attempt to assign or delegate any portion of this Agreement in violation of this Section 10 shall be null and void. Subject to the foregoing, any reference to Licensor and Licensee hereunder shall be deemed to include the successors thereto and assigns thereof.
  
 	 
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 11. Amendments. No amendment, modification, waiver, termination or discharge of any provision of this Agreement, nor consent to any departure by Licensor or Licensee therefrom, shall be effective unless the same shall be in writing specifically identifying this Agreement and the provision intended to be amended, modified, waived, terminated or discharged and signed by Licensor and Licensee, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which given. No provision of this Agreement shall be varied, contradicted or explained by any oral agreements course of dealing or performance or any other matter not set forth in an agreement in writing and signed by Licensor and Licensee.
  
 12. Governing Law. This Agreement and matters connected with the performance thereof shall be construed, interpreted, applied, and governed in all respects in accordance with the laws of the State of Delaware and all controversies or disputes governing this Agreement shall be settled by a court of competent jurisdiction located in Orange County, Florida.
  
 13. Severability. If any provision hereof should be held invalid, illegal, or unenforceable in any respect in any jurisdiction, then, to the fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) such invalidity, illegality, or unenforceability shall not affect the validity, legality, or enforceability of such provision in any other jurisdiction. To the extent permitted by applicable law, Licensor and Licensee hereby waive any provision of law that would render any provision hereof prohibited or unenforceable in any respect.
  
 14. Headings. Headings used herein are for convenience only and shall not in any way affect the construction of, or be taken into consideration interpreting, this Agreement.
  
 15. Execution in Counterparts. This Agreement may be executed in counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument.
  
 16. Miscellaneous Warranties and Representations. Each Party hereto warrants and represents that (a) its execution of this Agreement has been duly authorized by all necessary corporate action of such Party; (b) it has requisite legal rights necessary to grant the other Party all releases, covenants not to sue, and licenses granted to the other Party as set forth above; and (c) it has received or had the opportunity to obtain independent legal advice from such Party’s counsel with respect to the rights and obligations arising from the Agreement.
  
 17. Entire Agreement. This Agreements together with any agreements referenced herein, constitutes, on and as of the date hereof, the entire agreement of Licensor and Licensee with respect to the subject matter hereof, and all prior or contemporaneous understandings or agreements, whether written or oral, between Licensor and Licensee with respect to such subject matter are hereby superseded in their entirety.
  
 	 
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 18. Term and Termination.
  
 18.1. Term of Technology License. The licenses Licensor has granted Licensee to the Licensor Technology and any Improvements thereto pursuant to Sections 2.1.1, 2.1.2. and 2.1.3. above shall remain in full force and effect in perpetuity with respect to the license grants (the “Term”), and shall not terminate unless (i) by the mutual written agreement of the Parties’ or in the event of a breach of this Agreement by a Party that, after receiving notice of such breach pursuant to the terms of this Agreement, (ii) Licensee fails to cure the breach within the notice period specified in Section 18.2 below or (iii) Licensee files, or has filed against it, a petition or proceeding under any bankruptcy, insolvency or similar law that is not dismissed within 60 days of its filing, or becomes insolvent, makes an assignment for the benefit of creditors, appoints, or has appointed, a receiver or trustee over its property. Upon the termination of said License, Licensor shall retain all equity in Licensee granted by this Agreement.
  
 18.2 Other Breach and Cure Provisions. If either Party fails to fulfill any material obligation under this Agreement or materially breaches any of the representations, warranties, or covenants contained herein, the non-breaching Party may terminate this Agreement upon written notice to the breaching Party as provided below. Such notice must contain a full description of the event or occurrence alleged to constitute a breach of the Agreement. The Party receiving notice of the breach shall have the opportunity to cure that breach within 60 days of receipt of notice. If the breach is not cured within that time, the termination will be effective immediately upon the end of such cure period unless the parties are continuing to work in good faith to resolve any dispute.
  
 18.3. Any failure on the part of either Party to terminate hereunder shall not be deemed a condonation of any default or breach by the other Party or a waiver of any future rights pursuant to the default or breach provisions of this Agreement.
  
 18.4 Termination of this Agreement by either Party for any reason shall not affect and shall be without prejudice to the rights and obligations of the Parties accrued prior to the effective date of termination of this Agreement. 
  
 [Signature Page Follows]
  
 	 
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 IN WITNESS WHEREOF, the parties hereto have caused this License Agreement to be duly executed as of the date set forth above.
  
  
 	 ICT INVESTMENTS, LLC
  
 By: /s/ Dmitriy Nikitin
  
 Print Name: Dmitriy Nikitin
  
 Title: Partner 
	 LASER PHOTONICS CORPORATION
  
 By: /s/ Wayne Tupuola
  
 Print Name: Wayne Tupuola 
  
 Title: President

  
 	 
	8

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