Document:

kentinternation8kaexh103.htm

Exhibit 10.3

 

MEMBERSHIP AGREEMENT

CRD No. 150156

 

 

FINRA grants the application of Kent Capital, Inc. (“Firm”) for membership with FINRA contingent upon the execution of this Membership Agreement (“Agreement”) and its submission to the New York District Office, located at One Liberty Plaza, New York, NY 10006 by no later than October 30, 2009.

 

This Agreement shall remain in effect and bind the Firm and all of its successors to ownership or control unless this Agreement is changed, removed, or modified pursuant to applicable NASD rules.

 

A. Undertakings

 

In connection with the granting of its application for membership, the Firm undertakes to: (1) abide by any restriction specified in Section C below; (2) obtain the prior written approval of FINRA pursuant to Rule 1017 before removing or modifying any restrictions imposed or before effecting a material change in business operations; and (3) file a written notice and application with FINRA at least 30 days prior to effecting a change in ownership or control pursuant to Rule 1017.

 

B. Business Activities

 

The activities in which the Firm may engage are based on its business plan as submitted in connection with NASD Rule 1013, the additional information provided during the application process, and such other activities as may be permissible pursuant to the NASD Membership Rules. The Firm will:

 

(1) Maintain a minimum net capital requirement of $100,000 pursuant to SEC Rule 15c3-1(a)(2)(iii)(B) (the Net Capital Rule).

 

(2) Operate pursuant to the SEC Rule 15c3-3(k)(2)(i) (the Customer Protection Rule). The Firm will not hold customer funds or safekeep customer securities. (3)Engage in the following types of business:

 

A. Real estate syndicator;

B. Trading securities for own account; and,

C. Private placements of securities.

 

(4) Operate one (1) office (registered and unregistered) which shall be the main OSJ.

 

(5) Employ three (3) associated persons (registered and unregistered) who have direct contact with customers in the conduct of the Firm’s securities sales, trading and investment banking activities, including the immediate supervisors of such persons.

 

C. Restrictions — None.

 

  

(1)

  

 

D. Waiver/Exemption

 

The Firm is granted a waiver from the requirement to qualify two Registered Principals. FINRA is not precluded from withdrawing this waiver should changes occur in the factors upon which the decision to grant the waiver is based.

 

Such changes include expansions pursuant to the Safe Harbor provisions of IM 1011-1 that may require the firm to employ at least one additional principal to ensure adequate supervision in compliance with NASD Rule 3010.

 

E. Notifications

 

The Firm will promptly notify FINRA through the District Office where it maintains its principal place of business if:

 

	  	
(1)

	
the Firm changes its (a) clearing entity or service bureau, or method of clearance (b) method of bookkeeping or recordkeeping (e.g. computer to manual, or utilizing an outside computer service); and,

 

	  	
(2)

	
the Firm has effected any significant change in the firm’s key personnel, including but not limited to, change or loss of the General Securities Principal, Chief Compliance Officer, and/or Financial and Operations Principal.

 

F. Certification

 

Pursuant to Article IV, Section 1, of the FINRA By-Laws, the Firm agrees:

 

	  	
(1)

	
to comply with the federal securities laws, the rules and regulations thereunder, the rules of the Municipal Securities Rulemaking Board and the Treasury Department, the NASD Rules and FINRA By-Laws, and all rulings, orders, directions, and decisions issued and sanctions imposed under the NASD Rules;

 

	  	
(2)

	
to pay such dues, assessments, and other charges in the manner and amount as from time to time shall be fixed pursuant to the FINRA By-Laws, Schedules to the FINRA By- Laws, and the NASD Rules; and,

 

	  	
(3)

	
that this Agreement has been executed on behalf of, and with the authority of the Firm.The undersigned and the Firm represent that the information and statements contained within the application and other information filed are current, true, and complete. The undersigned and Applicant further represent that to the extent any information previously submitted is not amended, such information is currently accurate and complete and agree that the information contained in Form BD will be kept current and accurate by proper amending the form as changes occur.

 

  

(2)

  

 

Any activity that does not conform to the provisions set forth in this Agreement may form the basis for disciplinary action by FINRA against the Firm, its owners, or associated persons.

 

 

Signature:

 

	 /s/ Paul 0. Koether 	 	 10/14/09
	 Paul 0. Koether, President & CE0 	 	 Date

 

 

 

 

 

(3)ex10-5.htm

 

Option to License US Patent Appl No.: 10/620,303

 

1. Names

This option agreement is made by Brain Tree International, Inc., a Utah corporation doing business as Brain Tree (hereinafter “Brain Tree”), and Michael G McGuire., an individual doing business as MGM (hereinafter “MGM”).

 

2. Option to License US Patent

In exchange for a $10,000 non-refundable payment that MGM has made to Brain Tree (the “option fee”), Brain Tree hereby grants to MGM an option to license the intellectual property commonly known as an “Apparatus to Convert an Analog Signal to a Digital Format Using an Analog Broadcast License” (the “Option”), relating to the Las Vegas, Nevada and surrounding areas as might be identified by an existing FCC issued Broadcast License and to be defined by a definitive license agreement upon exercise of the Option.

Brian Tree hereby acknowledges receipt of the $10,000 non-refundable option fee received from MGM on September 27, 2011. The option fee is in addition to any licensee fee or price that will be due and payable upon the exercise of this Option and the execution of a definitive license agreement.

If MGM exercises this Option, Brain Tree agrees to license the intellectual property to MGM on terms to be set forth in a formal license agreement.

 

3. Exercise of Option

Pursuant to this Option, MGM has the right to exercise its Option by delivering to Brain Tree, on or before November 1, 2011, a second payment of $10,000 and a written notice of exercise of the Option. MGM may deliver the payment and notice by sending it to Brain Tree’s office at 1390 South 1100 East, Ste 204, Salt Lake City, Utah 84105 by certified mail or private overnight mail service, in which case the payment and notice will be treated as delivered when received at Brain Tree’s address in person or placed in the possession of the U.S. Postal Service or the private carrier.

  

  

  

 

The second payment of $10,000 upon exercise of the Option will be applied to any future royalties due to Brain Tree for an annual royalty period November 1, 2011 to November 1, 2012 for the Las Vegas, NV area.

 

4. Royalties

Upon exercise of the Option and execution of a definitive license agreement, future royalties owed by MGM will be determined by a calculation of market population as set forth in the license agreement.  The parties agree that the definitive license agreement will include an annual royalty fee of a minimum of $10,000 for any market population.  All royalty payments will be made by check or cashier's check.

 

5. Inclusions

This Option and the resulting definitive license agreement will include any and all improvements to the intellectual property, and the availability of any research conducted by Brain Tree.

At closing, Brain Tree and MGM will execute a definitive license agreement for the listed intellectual property.

 

6. Exclusions

Any other matters regarding the intellectual property subject hereto and not included herein, are excluded from this Option.

 

7. Condition of Equipment

Brain Tree does not make any representations or warranties concerning the intellectual property and US Patent subject hereto other than as set forth herein.

  

  

  

8. Due Diligence Period  and Access to Intellectual Property

This Option is to afford MGM a due diligence period through October 30, 2011. Upon reasonable notice to Brain Tree, MGM may have only access to the patent filings. Any inspections involving Brain Tree’s Patent Counsel will be at MGM's expense.

 

9. Infringements with Property

To the best of Brain Tree’s knowledge, there are no problems or infringements with the intellectual property that would not be apparent to the parties hereto.

 

10. Special Assessments

MGM agrees that it will pay any special assessments that become a lien on the intellectual property after the date of closing.

 

12. Other Charges

MGM agrees that it will pay for any addition charges related to the intellectual property incurred after the date of closing.

 

13. Taxes

Any future taxes related to the licensing, certifications, or approvals of the intellectual property would be the burden of the MGM.

 

14. Closing and Possession

Upon exercise of the Option, a definitive license agreement will be entered into and will be closed no later than on November 1, 2011.

 

15. Patent Rights

 Brain Tree offers no additional representations or warranties related to the intellectual property subject to this Option.

  

  

  

17. Loss Before Closing

Until the due diligence period is completed and a definitive licensing agreement is executed between Bran Tree and MGM, the risk of loss related to the intellectual property and patents is assumed by Brain Tree.

 

18. Default

If MGM defaults after giving Brain Tree notice of MGM’s intention to exercise the Option to license, Brain Tree may cancel this Option and claim the option fee as liquidated damages.

 

If Brian Tree defaults, MGM may demand a refund of the option fee in termination of this Option.

 

20. Entire Agreement

This is the entire agreement between the parties. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings.

 

21. Successors and Assignees

This contract binds and benefits the heirs, successors and assignees of the parties hereto.

 

22. Notices

All notices must be in writing. Except as provided in Paragraph 3, notice may be delivered to a party at the address that follows a party's signature or to a new address that a party designates in writing. A notice may be delivered:

	
  

	
•

	
in person

	
  

	
•

	
by certified mail, or

	
  

	
•

	
by overnight courier.

  

  

  

 

23. Governing Law

This contract will be governed by and construed in accordance with the laws of the state of Utah.

 

24. Counterparts

The parties may sign several identical counterparts of this contract. Any fully signed counterpart shall be treated as an original.

 

25. Modification

This contract may be modified only by a writing signed by all the parties hereto.

 

26. Waiver

If one party waives any term or provision of this contract at any time, that waiver will be effective only for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this contract, that party retains the right to enforce that term or provision at a later time.

 

27. Severability

If any court determines that any provision of this contract is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this contract invalid or unenforceable and such provision shall be modified, amended or limited only to the extent necessary to render it valid and enforceable.

 

  

  

  

“Brain Tree”

 

Brain Tree International, Inc.,

a Utah corporation doing business as BrainTree

1390 South 1100 East

Ste 204

Salt Lake City, Utah 84105

	
Dated:

	  	  
	  	  	  
	
By:

	  	  
	  	
George I Norman III

	  
	  	
Vice-President

	  
	  	  	  
	  	
“MGM”

	  
	
Michael G McGuire, Inc.,

	  
	
An individual doing business as MGM

	  
	  	  	  
	  	  	  
	  	  	  
	
Dated:

	  	  
	  	  	  
	
By:

	  	  
	  	
Michael G McGuire

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]