Document:

[EXECUTION VERSION]

MASTER LICENSE

           AGREEMENT dated as of  May __, 2011 between Michael Vick, an individual residing at ______________________________________ (hereinafter referred to as "Licensor") and V7 LLC, a Delaware limited liability company, with offices at 1384 Broadway, New York, New York (hereinafter referred to as "Licensee").

W I T N E S S E T H:

In consideration of the mutual covenants and the undertakings hereinafter set forth, Licensor and Licensee do hereby respectively grant, covenant, and agree as follows:

1.           Grant of License

 

1.1           Licensor hereby grants to Licensee, upon the terms and conditions hereinafter set forth, an exclusive 25 year license (the "License"), to use the name and mark annexed hereto as Exhibit “A” as modified by agreement between the parties from time to time (hereinafter referred to as the "Marks") throughout the world (the “Territory”).  Notwithstanding anything to the contrary contained herein, the License shall exclude shoes unless Licensor in its sole discretion elects to expand this License to include them.

 

1.2           In addition to the foregoing license, Licensor hereby grants to Licensee the right to sublicense the Marks in the Territory to those parties who have entered into license agreements with the Licensee.

 

1.3           Licensee shall use its commercially reasonable efforts to profitably exploit the license throughout the Territory.

 

2.           Term

 

2.1           This Agreement shall continue in force for 25 years, until and unless terminated sooner in accordance with Section 2.2.

 

2.2           This Agreement may be terminated only as follows:

 

(a)           By the mutual agreement of the parties;

 

(b)           By the Licensor upon written notice if Licensee has filed a petition for an order of relief under any bankruptcy law or if a petition for an order of relief under any bankruptcy law, is filed against it and is not discharged or dismissed within ninety (90) days thereafter;

 

(c)           By the Licensor upon written notice if, for more than ninety (90) days, Licensee has (i) ceased operations, or (ii) ceased to use commercially reasonable efforts to exploit the license granted hereunder, and, after receipt of written notice from Licensor detailing such default, Licensee has failed to cure, or to take good faith measures to cure such default within sixty (60) days; provided, however, that if Licensor has exercised this right with respect to subclause (ii), the license granted hereunder shall be terminated only with respect to such product categories in which Licensor ceased to use commercially reasonable efforts to exploit the license, however the Agreement shall continue in full force with respect to all other product categories.

 

  

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3.           Representations and Warranties

 

3.1           Licensor represents and warrants that it owns common law right in the Mark and has filed Intent to Use applications for the Mark in the United States Trademark Office in International Classes 3, 18 and 25, it has the power and authority to enter into this Agreement and to perform all of its obligations hereunder, and the license granted hereunder does not conflict with any agreement, obligation or order by which Licensor is bound.

 

3.2           Licensee represents and warrants that it has all requisite power and authority to execute, deliver and perform this Agreement, and that all necessary corporate proceedings of Licensee have been duly taken to authorize the execution, delivery and performance of this Agreement by Licensee.

 

4.           Royalty

 

4.1           The license granted by Licensor hereunder shall be royalty-free; provided, however, that Licensee shall reimburse Licensor fully for any funds expended by Licensor in registering, securing, acquiring, maintaining or protecting the Mark.

 

5.           Marks

 

5.1           Licensor shall have the final and absolute right to approve all aspects of design, contents, packaging, workmanship and quality and all other characteristics of products utilizing the Licensed Mark.  All such approvals shall be at Licensor’s reasonable judgment.

 

5.2           Licensee will use the Marks in the Territory strictly in compliance with applicable legal requirements and will use such markings in connection therewith as may be reasonably required by Licensor and by applicable laws.  Licensee shall, at its own cost, take all commercially reasonable steps that are necessary in Licensee’s good faith judgment to protect and preserve the legal rights of Licensee and Licensor in the Marks, and shall take no action in derogation of said rights. Licensor agrees to cooperate, and take such further efforts, including without limitation the signing and delivery of documents, and giving of statements, as reasonably required to register, secure, acquire, maintain, enforce, and promote the Mark without consideration except for reimbursement of out of pocket costs.

 

6.           Assignment

 

6.1           This Agreement may not be assigned without the express written expression of each of the parties to it.

 

  

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7.           Relationship of Parties; No Franchise

 

7.1           Nothing contained in this Agreement shall be construed to place the parties in a relationship of legal representatives, partners, joint ventures, or agents and Licensee shall have no power or authority to obligate or bind Licensor in any manner whatsoever or to assume or create any obligation or responsibility whatsoever, express or implied, on behalf of Licensor in any manner or to make any representation, warranty, covenant, agreement or commitment for or on behalf of Licensor.

 

7.2           The parties acknowledge and agree that this Agreement is an intellectual property rights License Agreement and does not constitute, and shall not be construed as, a franchise agreement.  The parties further acknowledge and agree that state and federal franchise and business opportunity laws do not and will not apply to this Agreement or to the relationship between Licensee and Licensor and their respective rights and obligations hereunder.  The parties agree that, due to their respective business backgrounds and prior licensing experience, they do not need the protection of state or federal franchise or business opportunity laws.

 

8.           Miscellaneous Provisions

 

8.1           This Agreement contains the entire understanding and agreement between the parties hereto with respect to the subject matter hereof, supersedes all prior oral and written understandings and agreements relating thereto, and may not be modified, discharged or terminated orally.  Notwithstanding anything in this Agreement to the contrary, however, the parties acknowledge that this Agreement shall not supersede, replace, or modify, and is an exhibit to,  the Limited Liability Company Agreement of V7 LLC which shall remain in full force and effect according to its terms.

 

8.2           (a)           This Agreement is made in and shall be governed and construed in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.

 

(b)           IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO THAT THEY HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER IN ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT.

 

(c)           The parties hereto shall use commercially reasonable efforts to settle by mutual agreement any disputes or controversies between the parties which may arise out of or in relation to this Agreement. If any such disputes or controversies cannot be settled by the parties, the parties consent to the sole and exclusive jurisdiction of the Supreme Court of the State of New York and the United States District Court for the Southern District of New York, for all purposes in connection with any proceedings between them.  The parties consent that any process or notice of motion or other application to either of said courts, in any paper in connection with the proceedings may be served by certified mail, return receipt requested, or by personal service or in such other manner as may be permissible under the rules of the applicable court, provided a reasonable time for appearance is allowed.

 

(d)           Should any claim be brought against Licensor by any party with respect to any matter involving, relating or pertaining, directly or indirectly, to any license or sublicense granted by Licensee pursuant to this Agreement, or any activity of any third party related to any such license or sublicense, or any product manufactured by any party where such product bears any of the Marks, Licensee shall fully indemnify and defend Licensor with respect to such claims, including reimbursement of such reasonable attorney fees as are incurred by Licensor with respect to same, unless such claim was the result of a breach by Licensor of Licensor’s representations, warranties or agreements hereunder.

 

  

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8.3           This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement the day and year first above written.

 

	
Licensor:

	  
	  
	
Michael Vick

	  
	
Licensee:

	  
	
V7 LLC

	  
	
By:  EXCEL CORPORATION, Manager

	  	
By:

	  
	  	  	
Ruben Azrak, President

  

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Exhibit “A”

Marks

V7

 

  

5EXHIBIT
4.1

 

PROMISSORY NOTE

 

	$100,000.00	__________, 2011

 

 

FOR VALUE RECEIVED, the
undersigned, Irish Knight Holdings, L.L.C., an Iowa limited liability company with its principal address located at 1701 Fernwood
Lane, Algonquin, Illinois 60102 (the “Borrower”), hereby promises to pay to the order of Green Tech Products,
Inc., an Iowa corporation with its principal address located in care of GreenMan Technologies, Inc., 7 Kimball Lane, Building A,
Lynnfield, Massachusetts 01940 (the “Holder”), the principal sum of One Hundred Thousand Dollars ($100,000),
together with interest from the date hereof computed on the basis of a 365-day year on the unpaid principal balance hereof from
time to time outstanding at the rate of 6.0% per annum, non-compounding, until paid in full. 

 

The Borrower shall pay
the Holder the principal sum set forth above in sixty (60) consecutive monthly installments as follows:

 

	(i) 		On the first business day of __________, 2011 [the first calendar month after the
closing], and on the first business day of each of the twenty-three (23) consecutive months thereafter, the amount of One
Thousand Dollars ($1,000); 

 

	(ii) 		On the first business day of __________, 2013 [the 25th calendar month
after the closing], and on the first business day of each of the eleven (11) consecutive months thereafter, the amount of
$2,000; 

 

	(iii) 		On the first business day of ________, 2014 [the 37th calendar month
after the closing], and on the first business day of each of the eleven (11) consecutive months thereafter, the amount of
$2,500; 

 

	(iv) 		On the first business day of __________, 2015 [the 49th calendar month
after the closing], and on the first business day of each of the ten (10) consecutive months thereafter, the amount of $3,000;
and 

 

	(v) 		On the first business day of __________, 2016 [the 60th calendar month
after the closing], the then unpaid principal amount of this Note, together with all accrued but unpaid interest thereon. 

 

The
Borrower and the Holder agree that each of the payments described in clauses (i) through (iv) above shall be applied (a) first
to the payment of principal due on the then outstanding balance and (b) then, to the payment of principal. For illustrative purposes,
of the $1,000 payment to be made on _________, 2011[the first calendar month after the closing, and assuming that the closing
was 25 days earlier], $410.96 would be applied to the payment of interest (calculated as follows: $100,000 x 6% x 25 / 365
= $410.96), and $589.04 would be applied to the payment of principal.

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Principal and interest
shall be payable in lawful money of the United States of America, in immediately available funds, at the principal office of the
Holder set forth above or at such other place as the Holder may designate from time to time in writing to the Borrower. This Note
may be prepaid at any time or from time to time, in whole or in part, without any premium or penalty.

 

Notwithstanding
the foregoing, the Borrower shall have the right to offset the amount of any Claims (as that term is defined in that certain
Asset Purchase Agreement dated as of June 13, 2011 between the Holder and the Borrower (the “Asset Purchase Agreement”))
it may have, if any, against any amounts due and payable under this Note, on the terms and conditions of Section 5.3 of the Asset
Purchase Agreement.

 

The Holder, by its
acceptance of this Note, agrees that the Borrower’s obligations hereunder shall be subordinate to any and all indebtedness
for borrowed money incurred for business purposes by the Borrower from time to time, whether before of after the date of this Note,
from any bank or institutional lender not controlled by or affiliated with the Borrower or by or with any affiliate of the Borrower
(a “Bank”), and the Holder agrees to execute any document or agreement reasonably necessary to give effect to
such subordination, provided, however, that such agreement shall permit the payment of principal and interest on this Note
in accordance with its terms for so long as such Bank has not declared the Borrower to be in default of its obligations to such
Bank.

 

Notwithstanding
the foregoing, the outstanding balance of this Note, together with all accrued but unpaid interest under this Note, shall be rendered
immediately due and payable, without notice or demand to the Borrower, in case any of the following events (each, an “Event
of Default”) shall occur:

 

	(a) 		the failure of the Borrower to pay in full any installment of the principal amount
hereof or of interest due hereon within five) days after such installment of principal or interest becomes due and payable;  

 

	(b) 		the occurrence of any material breach by the Borrower of the Asset Purchase Agreement;  

 

	(c) 		the entry of any judgment or order against the Borrower for the payment of money,
if the same is not satisfied or enforcement proceedings are not stayed within 30 days or if, within 30 days after the expiration
of any such stay, the judgment or order is not dismissed, discharged or satisfied;  

 

	(d) 		the appointment of a receiver, trustee, custodian or similar official, for the Borrower
or any property or assets of the Borrower;  

 

	(e) 		the conveyance of any or all assets to a trustee, mortgagee or liquidating agent or
assignment for the benefit of creditors by the Borrower;  

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	(f) 		the commencement by the Borrower of any voluntary proceeding under any law or any
jurisdiction, now or hereafter in force, relating to bankruptcy, insolvency, renegotiation of outstanding indebtedness, arrangement
or otherwise to the relief of debtors or the readjustment of indebtedness; or  

 

	(g) 		the commencement by any creditor of any involuntary proceeding against the Borrower
under any law or any jurisdiction, now or hereafter in force, relating to bankruptcy, insolvency, renegotiation of outstanding
indebtedness, arrangement or otherwise to the relief of debtors or the readjustment of indebtedness, which proceeding is not dismissed
or discharged within 30 days after commencement.  

 

Any amount that remains
unpaid after it becomes due under this Note shall bear interest, from and after such due date through the date on which such amount
is paid, at a rate per annum equal to fifteen percent (15%). In addition, the Borrower agrees to pay all costs, charges and expenses
incurred by the Holder and its assigns (including, without limitation, costs of collection, court costs, and attorneys’ fees
and disbursements, whether incurred before, during or after any action or proceeding (including, without limitation, any bankruptcy
or other insolvency proceeding) is commenced by or against Borrower) in connection with the enforcement of the Holder’s rights
under this Note or as a result of an Event of Default (all such costs, charges and expenses being herein referred to as “Costs”).
Presentment for payment, demand, protest, notice of protest and notice of nonpayment are hereby waived. The Borrower agrees that
any delay on the part of the Holder in exercising any rights hereunder will not operate as a waiver of such rights, and further
agrees that any payments received hereunder after an Event of Default will be applied first to Costs, then to interest, and the
balance to principal. The Holder shall not by any act, delay, omission, or otherwise be deemed to waive any of its rights or remedies,
and no waiver of any kind to enforce this Note shall be valid unless in writing and signed by the Holder. The rights and remedies
of the Holder given in this Note are in addition to all other rights and remedies available to the Holder at law or in equity.
All such rights and remedies are cumulative and not exclusive of one another. No delay or omission on the part of the Holder in
exercising any right or option herein given to such the Holder shall impair such right or option or be considered as a waiver thereof
or acquiescence in any default hereunder.

 

This Note applies to, inures
to the benefit of, and binds the successors and assigns of the Holder. This Note shall be governed in all respects, including validity,
interpretation and effect, by the internal laws of the State of Iowa without regard to principles of conflicts of laws.

 

The Borrower acknowledges
receipt of a fully executed copy of this Note.

 

THE BORROWER WAIVES THE
RIGHT TO TRIAL BY A JURY OF ANY MATTERS ARISING OUT OF THIS NOTE. The Borrower agrees that in the event the Holder commences an
action to enforce the terms of this Note or for breach of this Note, such action shall be venued in either the United States District
Court sitting in Polk County, Iowa or the Iowa District Court in and for Polk, Iowa.

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IN WITNESS WHEREOF, the
Borrower has executed this Note as of the date first written above.

 

	WITNESS:	 	IRISH KNIGHT HOLDINGS, L.L.C.
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:  

 

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