Document:

ex101.htm

EXHIBIT 10.1

 

 

LICENSING AGREEMENT

 

This Licensing Agreement (“Agreement”) is made and entered into between McCoy Enterprise, a limited liability company established under Delaware law (collectively, the “Licensor”) having their principal office at 10 High Court, Little Falls, New Jersey 07424 and Spring Creek Capital Corp., a corporation organized under the laws of Nevada (the “Licensee”), having its principal office at 120 Wall Street, Ste. 2401, NY, NY 10005. Each of the Licensor and Licensee are also referred to herein as a “Party” and cumulatively as the “Parties”.

 

Witnesseth that:

 

	
  

	
1.       Whereas, Licensor has the right to grant licenses for a formulation for topical therapy product: and

 

	
  

	
2.       Whereas Licensee wishes to obtain a license for the aforementioned products upon the terms & conditions hereinafter set forth:

 

Now, therefore, in consideration of the premises and the faithful performance of the covenants herein contained, the Parties agree as follows:

 

Article I - DEFINITIONS

 

For the purpose of this agreement, the following definitions shall apply:

 

	
  

	
1.     Product(s):  Debride is a topical therapy product that represents a fundamentally new combination approach to topical treatment of open wounds such as venous stasis or decubitus ulcers.

 

	
  

	
2.      Confidential Proprietary Information:   Shall mean with respect to any Party all scientific, business or financial information relating to such Party, its subsidiaries or affiliates or their respective businesses, except when such information:

 

	
  

	
a.         Becomes known to the other Party prior to receipt from such first Party;

 

	
  

	
b.         Becomes publicly known through sources other than such first Party;

 

	
  

	
c.         Is lawfully received by such other Party from a party other than the first   Party; or

 

	
  

	
d.         Is approved for release by written authorization from such first Party.

 

Each party agrees to maintain the confidentiality of the Confidential Proprietary Information of the other Party during the term of this Agreement and following its termination for any reason.

 

	
  

	
3.      Exclusive License: The term “Exclusive License” shall mean an Exclusive License for the Worldwide market, whereby Licensee’s rights are sole and entire and operate to exclude all others, including Licensor and its affiliates except as otherwise expressly provided herein. The Exclusive License shall include the right of Licensee to make, have made, produce, use, market, advertise, promote, distribute and sell the Products.

 

  

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4.      Know-how:  Shall mean any and all technical data, information, materials, trade secrets and technology, including any improvements thereto, trade names, trademarks, service marks or other product names associated with the Products in any form in which the foregoing may exist, now owned or co-owned by or exclusively, semi-exclusively or non-exclusively licensed to Licensor prior to the date of this Agreement or hereafter acquired by Licensor during the term of this Agreement. The trade names, trademarks, service marks or other product names associated with the Products are set forth on Schedule A to this Agreement.

 

 

ARTICLE II- GRANT OF EXCLUSIVE LICENSE.

 

	
  

	
1.       Licensor hereby grants to Licensee the exclusive (Worldwide) license to make, have made, produce, use, market, advertise, promote, distribute and sell the Products described.

 

ARTICLE III- LICENSE PAYMENTS

 

	
  

	
1.      License Fee. In consideration for the exclusive license an being granted by Licensor to Licensee, Licensee agrees to issue to Licensor and/or its designated assigns, 4,900,000 shares of common stock, representing 49% of a newly formed corporation (“Newco”), which will be 51% owned by Spring Creek Capital Corp. on the Closing Date. The Closing Date shall mean the date that (a) this Agreement is signed by the Parties and (b) Licensor has received the shares.  The Products shall be marketed solely through Newco. Neither the Licensor nor the Licensee shall have the right to sell, transfer or assign all or any of its shares of Newco common stock without first offering such shares to the other party at a price and on terms no less favorable than those offered to the third party to whom such shares are to be sold, transferred or assigned.

 

ARTICLE IV - DILIGENCE

 

	
  

	
1.      Licensee shall use its best efforts to bring Licensed Products to market through Newco via a thorough, vigorous and diligent program and to continue active, diligent marketing efforts throughout the life of this Agreement.

 

	
  

	
2.      Licensee’s failure to perform in accordance with paragraph 1 of this ARTICLE VI shall be grounds for Licensor to terminate this Agreement, but Licensor must give Licensee not less than ninety (90) calendar days advance written notice during which time Licensee shall have the right to cure such failure to perform.

 

 

 

  

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ARTICLE V - TERMINATION OF LICENSE  

 

	
  

	
1.     Termination by Licensor.                                                                                  

 

Option of Licensor:  Licensor may, at its option, terminate this Agreement but only by giving not less than ninety (90) calendar day advance written notice to Licensee, but only in case of:

 

	
  

	
a.         Default in the performance of any other material obligation contained in this Agreement on the part of Licensee to be performed and such default shall continue for a period of ninety (90) calendar days after Licensor shall have given to Licensee written notice of such default.

 

	
  

	
b.         Adjudication that Licensee is bankrupt or insolvent.

 

	
  

	
c.         The filling by Licensee of a petition of bankruptcy, or a petition or answer seeking reorganization, readjustment or rearrangement of its business or affairs under any law or governmental regulation relating to bankruptcy or insolvency.

 

	
  

	
d.          The appointment of a receiver of the business or for all or substantially all of the property of Licensee; or the making by Licensee of assignment or an attempted assignment for the benefit of its creditors; or the institution by Licensee of any proceedings for the liquidation or winding up of its business or affairs.

 

	
  

	
2.      Effect of termination.

 

Termination of this Agreement shall not in any way operate to impair or destroy any of Licensee’s or Licensor’s right  or remedies, either at law  or in equity, or to relieve Licensee of any of its obligations to pay royalties or to comply with any other of the obligations hereunder, accrued prior to the effective date of termination.

 

	
  

	
3.     Effect of delay, etc.

 

Failure or delay by Licensor to exercise its rights of termination hereunder by reason of any default by Licensee in carrying out any obligation imposed upon it by this Agreement shall not operate to prejudice Licensor’s right of termination for any other subsequent default by Licensee.

 

	
  

	
4.      Return of Licensed Product Rights.

 

Upon termination of this Agreement, all of the Licensed Product Rights shall be returned to Licensor in return for payment of the Licensee’s cost thereof by Licensor.

 

ARTICLE VI – TERM

 

Unless previously terminated as hereinbefore provided, the term of this Agreement shall be perpetual from and after the date hereof. 

 

  

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ARTICLE VII - NOTICES, ASSIGNEES

 

	
  

	
1.       Notices. Notices and payments required hereunder shall be deemed properly given if duly sent by first class mail and addressed to the parties at the addresses set forth above. The parties hereto will keep each other advised of address changes.

 

	
  

	
2.      Assignees, etc.  This Agreement shall be binding upon and shall inure to the benefit of the assigns of Licensor and upon and to the benefit of the successors of the entire business of Licensor, but neither this Agreement nor any of the benefits thereof nor any rights thereunder shall, directly or indirectly, without the prior written consent of Licensor, be assigned, divided, or shared by the Licensor to or with any other party or parties (except a successor of the entire business of the Licensee). 

 

ARTICLE VIII - MISCELLANEOUS

 

	
  

	
1.      Governing Law. This Agreement is executed and delivered in The United States and shall be constructed in accordance with the laws of New York.

 

	
  

	
2.      No other understanding. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges all prior discussions between them.

 

	
  

	
3.      Representation regarding patents of third parties. Licensor represents and warrants to Licensee that the Licensed Product Rights manufactured, or used, under the exclusive license granted herein are free of claims of infringement of patent rights of any other person or persons. The Licensor warrants that it has title to the Licensed Product Rights from the inventors.

 

	
  

	
4.       Advertising.Licensee agrees that Licensee may not use in any way the name of Licensor or any logotypes or symbols associated with Licensor or the names of any researchers without the express written permission of Licensor.

 

	
  

	
5.      Confidentiality. The Parties agree to maintain discussions and proprietary information revealed pursuant to this agreement in confidence, to disclose them only to persons within their respective organizations having a need to know, and to furnish assurances to the other Party that such persons understand this duty on confidentiality.

 

	
  

	
6.      Disclaimer of Warranty.  Licensed Patent Rights is experimental in nature and it is provided WITHOUT WARRANTY OR REPRESENTATIONS OF ANY SORT, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OF NON-INFRINGEMENT. Licensor makes no representations and provides no warranty that the use of the Licensed Patent Rights will not infringe any patent or proprietary rights of third parties.

 

 

  

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7.  Context and Construction.  Whenever required by the context of this Agreement, the singular shall include the plural and masculine shall include the feminine. This Agreement shall not be construed as if it had been prepared by one of the Parties, but rather as if all the parties had prepared the same.

	
  

	
8.  Counterparts.  This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument. Execution and delivery of this Agreement by exchange of facsimile copies bearing the facsimile signature of a Party shall constitute a valid and binding execution and delivery of this Agreement by such Party. Such facsimile copies shall constitute enforceable original documents.

 

In witness whereof, the parties hereto have caused this Agreement to be executed by their duly authorized representatives.

 

 

The effective date of this Agreement is May 19, 2010.

 

 

McCoy Enterprise, LLC, Licensor

 

 

By: /s/ Randell E. McCoy

Name: Randell E. McCoy

Title: President

 

SPRING CREEK CAPITAL CORP., Licensee

 

 

By: /s/ Kelly T. Hickel

Name: Kelly T. Hickel

Title: Chief Executive Officer

 

 

 

5netsmelterroyaltyagmt.htm

  

  

  

NET SMELTER RETURNS ROYALTY AGREEMENT

 

THIS AGREEMENT made as of the 6th day of August, 2009

 

BETWEEN:

 

_ MORGAN MINING CORP,

 

 (hereinafter called the "Owner");

 

- and -

 

_ SPEEBO, INC.,

 

(hereinafter called "Royalty Holder").

 

WHEREAS pursuant to a Acquisition agreement dated August 6, 2009 between Speebo Inc and MORGAN MINING CORP (the "Acquisition Agreement"),  the Owner has acquired an undivided 100% interest in the Acquisition Lands;

 

AND WHEREAS pursuant to the Acquisition Agreement, the Owner shall grant the Royalty Holder the Net Smelter Royalty on all production from the Acquisition Lands;

 

NOW THEREFORE that in consideration of the Acquisition Agreement, and the mutual covenants contained in this Agreement the Parties agree as follows:

 

	
1.  

	
DEFINITIONS

 

In this Agreement, unless the context otherwise requires:

 

	
(a)  

	
"Agreement" means this Net Smelter Returns Royalty Agreement;

 

	
(b)  

	
"Commencement of Commercial Production" means:

 

	
(i)  

	
If a Mill is located on the Acquisition Lands, the last day of a period of forty (40) consecutive days in which for not less than thirty (30) days such Mill processed ore from the Acquisition Lands at seventy-five percent (75%) of its rated concentrating capacity, or

 

	
(ii)  

	
If no Mill is located on the Acquisition Lands, the last day of the first period of thirty (30) consecutive days during which ore has been shipped from the Acquisition Lands on a reasonably regular basis for the purposes of earning revenues, but no period of time during which ore or concentrate is shipped from the Acquisition Lands for testing purposes, and no period of time during which milling operations are undertaken as initial tune-up, shall be taken into account in determining the date of Commencement of Commercial Production;

 

	
(c)  

	
"Acquisition Lands" means those lands as set out in Schedule "A" of the Acquisition Agreement;

 

	
(d)  

	
"Mill" means the crusher, concentrator and other processing facilities constructed on or in proximity to the Acquisition Lands and used for the processing of production from the Acquisition Lands, whether or not in conjunction with or after production from any other mineral property.

 

	
(e)  

	
"Net Smelter Returns" shall mean the aggregate of all payments from a smelter, Reduction Works, refinery or other processor or bona fide purchaser received for ores, concentrates or other products and minerals produced from the Acquisition Lands after the deduction for all the following costs, without duplication, related to such payments:

 

	
(i)  

	
all charges by a smelter, Reduction Works, refinery or purchaser, including, selling charges, treatment, smelting, or other Reduction Works charges, penalties and all other deductions and expenses, but excluding all charges by a Mill or incurred by the process or the milling of ore,

 

	
(ii)  

	
all costs of transportation (except transportation costs associated with moving material to an off-site Mill) incurred on all ores, concentrates or other products and minerals produced, whether transported by the Owner or a third party and including charges by common or contract carriers, and

 

	
(iii)  

	
the amount of all federal and provincial taxes, but not income tax, imposed upon or in connection with removal or sale of ores, concentrates or other products and minerals, other than federal and provincial income tax;

 

	
(f)  

	
"Party" means a party to this Agreement "Parties" means all parties to this Agreement;

 

	
(g)  

	
"Reduction Works" means any works in which concentrated, upgraded or beneficiated minerals are refined; and

 

	
(h)  

	
this Agreement", "herein", "hereto", "hereof" and similar expressions mean and refer to this Agreement;

 

	
2.  

	
NET SMELTER ROYALTY

 

As of the Commencement of Commercial Production, the Owner shall pay to the Royalty Owner two percent (2.0%) of Net Smelter Returns (the "Net Smelter Returns Royalty").

 

	
3.  

	
CLAW BACK

 

The Owner may, at any time, elect to acquire 60% of the Net Smelter Returns Royalty on payment of US$ 1,000,000.00 to the Royalty Owner.

 

	
4.  

	
PAYMENT

 

Payments on account of the Net Smelter Returns Royalty shall be made by the Owner monthly on or before the first day of each calendar month following the month in which settlement is made by smelter or other purchaser of ores, concentrates or other products and minerals produced from the Acquisition Lands, and each such payment shall be accompanied by a complete copy of settlement schedules received from the said smelter or other purchaser.

 

  

  

  

	
5.  

	
SALES TO AN AFFILILATE

 

In the event that the ores, concentrates or other products and minerals are sold to, or are treated at, a smelter or Reduction Works owned or operated by the Owner or any "affiliate" (as defined in the Business Corporations Act (British Columbia)) of the Owner, the prices received, and the charges levied for processing services, shall be included in the calculations used to compute Net Smelter Returns, but the prices received shall not be less than those which could be received if negotiated on an arm’s length basis, and the charges shall not exceed the average to the highest and lowest charges charged for similar processing services at the nearest two smelters or Reduction Works in which ores, concentrates or other products and minerals are sold to any person or corporation dealing at arm’s length with the Owner.

 

	
6.  

	
RECORDS AND AUDIT

 

The Owner shall keep separate, complete and accurate records pertaining to the calculation of the royalty. The Royalty Holder shall bear the right, at all reasonable times and upon reasonable notice to the Owner to audit books and records of the Owner with respect to determination of the amounts due on account of the Net Smelter Returns Royalty. In the event that any such audit reveals no significant variance from the Owner’s calculations, the cost of such audit shall be borne by the Royalty Holder. If, however, the audit reveals a significant variance from the Owner’s calculations, the Owner shall be responsible for paying interest on the amount of any shortfall at the prime rate plus 2% and in addition shall reimburse the Royalty Holder for the costs of conducting the audit. A significant variance is defined hereunder as a variance which results in an additional amount becoming payable to the Royalty Holder, which amount is equal  to or greater than the cost of conducting the audit which revealed the variance.

 

	
7.  

	
FURTHER ASSURANCES

 

Each Party will, from time to time and at all times hereafter upon request, without further consideration, do such further acts and deliver all such further assurances, deeds and documents as shall be reasonably required in order to fully perform and carry out the terms of this Agreement.

 

	
8.  

	
GOVERNING LAW

 

This Agreement shall, in all respects, be subject to, interpreted, construed and enforced in accordance with and under the laws of the Province of British Columbia and applicable laws of Canada and shall, in all respects, be treated as a contract made in the Province of British Columbia.  The Parties irrevocably attorn and submit to the exclusive jurisdiction of the courts of the Province of British Columbia and courts of appeal therefrom in respect of all matters arising out of or in connection with this Agreement.

 

	
9.  

	
ENUREMENT

 

This Agreement shall be binding upon and shall enure to the benefit of the Parties and their respective administrators, trustees, receivers, successors and assigns.

 

 

 

IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the day and year written above.

 

 

SPEEBO INC.

 

 

 

Per: __/s/ Perry Leopold_______________________________

 

Perry Leopold, CEO

 

 

MORGAN MINING CORP

 

 

Per: __/s/ Robert Thayer_______________________________

 

              Robert Thayer, President

 

 

 

/s/ Lisa Thyer

Witness

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