Document:

ex10x1.htm

Exhibit 10.1

 

 

INDEPENDENT CONTRACTOR AGREEMENT

 

 

THIS INDEPENDENT CONTRACTOR AGREEMENT (the “Agreement”), is effective as of August 4, 2011 (the “Effective Date”), by and between Jason Cunliffe having an address of Barrio Dalvian M19 C22, Cerro Marmolejo 297, (5500) Mendoza, Argentina (the “Consultant”) and Silver Bull Resources, Inc. (the “Company”) a Nevada corporation with its principal office located at 2200, 885 West Georgia Street, Vancouver, BC, Canada.

 

WHEREAS, the Company and the Consultant entered into an independent contractor agreement dated April 12, 2011 (the “Original Agreement”).

 

AND WHEREAS, the Company and the Consultant wish to amend and restate the Original Agreement, to among other things, provide that the Consultant provide the services of Vice President of Exploration.

 

AND WHEREAS, the Agreement is intended to supersede the Original Agreement.

 

1.  Independent Contractor.  The Company hereby engages the Consultant as an independent contractor to provide the services described below and the Consultant hereby accepts such engage and agreement to provides the services with that level of care and skill exercised by other professional consultants under similar circumstances and in accordance with the terms and conditions of this Agreement.  The Company and the Consultant agree that:

 

	
(a)  

	
The Consultant shall at all times be an independent contractor with control over the manner and means of the Consultant’s performance.  The Consultant is not an employee, servant or agent of the Company and no partnership, joint venture or agency will be created or will be deemed to be created by this Agreement or by any action of the parties under this Agreement and the Consultant shall not represent himself to have or be in any such relationship with the Company.

 

	
(b)  

	
Unless the Company specifically authorizes the Consultant in writing to do so, the Consultant will not purport to be acting as the legal agent of the Company, and the Consultant will not enter or purport to enter into any agreements on behalf of the Company or otherwise bind or purport to bind the Company in any respect or cause the Company to incur liability in any manner whatsoever, and, except as otherwise provided herein, all actions of the Consultant other than those with respect to providing the services will be entirely on and for the Consultant's own behalf.

 

	
(c)  

	
Unless otherwise specified in this Agreement, the Consultant shall not be entitled to rights or privileges applicable to employees of the Company including, but not limited to, group insurance, pension plans, holidays, paid vacation and other benefits which may be available from time to time to the Company’s employees.

 

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2.  Services.  During the term of the Agreement the Consultant shall provide services to the Company of Vice President of Exploration for the Company including the Company’s subsidiary entities and shall consult with Company management on all related matters, including with the President and Chief Executive Officer.  The parties agree and acknowledge that the Consultant will primarily provide consulting services with respect to the Company’s Sierra Mojada project in Mexico (the “Project”) and may provide services for, and be paid by, any affiliated entity of the Company.  It is expected that the services may include, but not necessarily be limited to those services outlined in Appendix 1 to this Agreement.

 

3.  Location; Rotation; Extent of Services.  It is expected that the Consultant shall provide the services under the Agreement at the Project site, on the basis of 20 days on/10 days off.   Days spent traveling to and from the Project will be considered “on” days.

 

4.  Fees.  The Company will pay the Consultant USD $700 per day of providing services (the “Consulting Rate”) by the Consultant in accordance with payment instructions provided to the Company by the Consultant.

 

5.  Term of the Agreement; Termination.

 

(a)           The initial term of the Agreement shall commence on the date hereof and terminate on September 4, 2011.

 

(b)           The term of the Agreement shall be automatically extended on a month-to-month basis unless the Company shall have delivered to the Consultant 30 days advance written notice that the term of the Agreement will not be extended.  The Consultant shall have the right to provide such non-renewal notice to the Company, on the same terms and conditions.

 

(c)           The Consultant may elect, within 30 days of a Change of Control of the Company to terminate the Agreement upon providing written notice of termination to the Company.  Upon receipt of such notice of termination in accordance with this, the Company shall pay the Consulting Rate in effect:

 

	
(i)  

	
for 120 days if the Change of Control occurs less than thirty-six months from August 4, 2011; or

 

	
(ii)  

	
for 240 days if the Change of Control occurs more than thirty-six months from August 4, 2011.

 

For the purposes of this Agreement, a Change of Control of the Company shall mean the occurrence of one or more of the following events after the Effective Date of this Agreement: (i) any Person or combination of Persons acting jointly or in concert acquires or becomes the beneficial owner of, directly or indirectly, more than 50% of the voting securities of the Company, whether through the acquisition of previously issued and outstanding voting securities, or of voting securities that have not been previously issued, or any combination thereof or any other transaction having a similar effect; or (ii) the sale or transfer of more than 50% of the operating assets of the Company to an entity not controlled by the Company, where “Person” means an individual, partnership, association, company, body corporate, trustee, executor, administrator, legal representative and any national, provincial, state or municipal government

 

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6.  Bonus.  The Consultant shall be eligible to earn an additional fee up to USD $20,000 per year based on obtaining of certain milestones for the Project.  The determination as to whether any defined milestones have been met shall be made in the Company’s sole discretion.  The determination as to whether the any bonus shall be paid for 2011 will occur by January 31, 2012.  Subsequent year milestones are expected to be determined between the parties within the first 30 days of each calendar year.   Should the Agreement be terminated prior to January 31, 2012 the Company in its sole discretion may elect to pay the Consultant a bonus.    The parties agree and acknowledge that nothing in the Agreement shall be deemed to obligate the Company to pay the Consultant a bonus. Agreed goals for which the bonus will be assessed is outlined in Appendix 2.

 

7.  Stock Option.    In addition to the above Consulting Rate and other compensation payable to the Consultant, the Consultant will be entitled to participate in the Company’s stock option plan. Subject to board approval the initial option grant to the Consultant is expected to be 400,000 options which is inclusive of the 300,000 options in the Original Agreement with the pricing and vesting in accordance with the Company policy and the option being subject to the standard terms and conditions set forth in the Company’s stock option plan.

 

8.  Taxes.  The Consultant shall be responsible for remittance to the proper authorities of any and all income taxes, employment insurance or social security premiums and workers compensation insurance in relation to the Consultant’s remuneration hereunder.  The Consultant is and will be solely responsible for, and will file, on a timely basis, all tax returns and payments required to be filed with, or made to, any federal, state, provincial, or local tax authority with respect to the provision of services and receipt of fees under the Agreement.

 

9.  Indemnity.  The Consultant shall indemnify and save harmless the Company of and from any and all claims, actions, losses, expenses, costs or damages (including, without limitation, any and all legal expenses reasonably incurred) which the Company may suffer or incur as a result of any negligent act or omission of the Consultant, any and all liability arising out of the failure of the Consultant to comply with the provisions of this Agreement, or as a result of the Company not making any statutorily required source deductions pursuant to any applicable federal, state, provincial, or local laws on payments to the Consultant including, without limitation, pursuant to the Income Tax Act (Canada), the Employment Insurance Act (Canada), and the Canada Pension Plan or comparable legislation in other jurisdictions in which the Consultant provides services to the Company.

 

10.  Expenses; Air Travel.  During the term of the Agreement, the Consultant shall be entitled to prompt reimbursement for all reasonable expenses incurred by the Consultant in provision of the services by the Consultant hereunder; however, the Consultant shall not incur any expense greater than USD $1,000 without the prior approval from the Company’s President and Chief Executive Officer or designate.

 

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(b)           The Company shall pay for coach class airfare with respect to any flight made by the Consultant on the Company’s behalf, including flights to and from the Consultant’s place of residence.

 

(c)           At its expense during the term of the Agreement the Company shall pay any costs or premiums on behalf of the Consultant such that the Consultant shall covered by, and/or entitled to, emergency evacuation services provided by International SOS while on assignment in Mexico.  The Consultant shall be solely responsible for any other health and medical insurance coverage and policies he deems necessary and appropriate to provide the services under the Agreement

 

11.  Confidentiality of Company Information.  The Consultant, or any representative thereof, shall maintain in strict confidence and not copy, disclose or transfer to any other party any data, records, reports, assay results, geological, geochemical, geophysical and title data, records, drill hole logs, calculations, opinions, maps, charts, samples, documents, instruments and all other information in any form, pertaining to the any property the Company currently owns, or has the rights to acquire, or pertaining to any mining claims, mineral interests or properties owned by the Company.   Nor shall the Consultant disclose any confidential information disclosed or provided to the Consultant regarding the business of the Company.

 

All communications regarding any possible transactions, requests for due diligence or other information or requests for site visits will be submitted or directed to the Company, and the Consultant shall not contact any employees, customers, suppliers or contractors of the Company or its affiliates without express permission.  Nothing in the Agreement shall constitute a grant of authority to the Consultant or any representative thereof to remove, examine or copy any particular document or types of information regarding the Company, and the Company shall retain control over the particular documents or items to be provided, examined or copied. At the termination of the Agreement, or if at any time the Company so requests, the Consultant and its representatives will return to the Company all copies of information regarding the Company in his or their possession.

 

The Consultant acknowledges that any and all the Company confidential information exchanged or obtained pursuant to the Agreement may constitute material, non-public information about the Company, and agrees that he will deal with such information in accordance with applicable securities laws.

 

The provisions of this Section shall survive the termination of the Agreement.

 

12.  Non-Competition.  During the term of the Agreement, the Consultant shall not own, manage, operate, control, be employed by, participate in, provide services to or be connected in any manner with the ownership, management, operation or control of any business which is engaged in the business conducted by the Company of exploration/development of silver-zinc mineral projects in Mexico and mining exploration in general in Gabon.  In the event of the Consultant’s actual or threatened breach of this paragraph, the Company shall be entitled to a preliminary restraining order and injunction restraining the Consultant from violating its provisions.  Nothing in the Agreement shall be construed to prohibit the Company from pursuing any other available remedies for such breach or threatened breach, including the recovery of damages from the Consultant.

 

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13.  Entire Agreement; Modification.  The Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and supersedes all existing agreements among them concerning such subject matter, and may only be modified by the express written agreement of the party to be bound.  The Company and Consultant agree that the Original Agreement be and hereby is cancelled and of no further force or effect and the Agreement is intended to supersede that agreement.  The parties agree that there no obligations of any kind due and owing under the Original Agreement.

 

14.  Notices. Any notice, consent, authorization or other communication to be given hereunder shall be in writing and shall be deemed duly given and received when delivered personally, when transmitted by fax and receipt is confirmed, when transmitted via email of a pdf document and receipt is confirmed, three days after being mailed by first class mail, or one day after being sent by a nationally recognized overnight delivery service, charges and postage prepaid, properly addressed to the party to receive such notice, at the address for such party (or at such other address as shall hereafter be specified by such party by like notice) first set forth above.

 

15.  Waiver.  Neither the Consultant’s nor the Company’s failure to insist at any time upon strict compliance with the Agreement or any of its terms nor any continued course of such conduct on their part shall constitute or be considered a waiver by the Consultant or the Company of any of their respective rights or privileges under the Agreement.

 

16.  Binding Effect.  The provisions of the Agreement shall be binding upon, and inure to the benefit of the Company and the Consultant and their respective successors and assigns.

 

17.  Assignment and Subcontracting Prohibited.  No assignment of the Agreement shall be made without the prior written consent of the other party.  The Consultant shall not subcontract the provision of the services or any obligation of the Consultant under this Agreement without the prior written consent of the Company.

 

18.  Severability.  If any provisions of the Agreement are deemed invalid, illegal, or unenforceable, the balance of the Agreement shall remain in effect.

 

19.  Headings.  The headings in the Agreement are solely for convenience of reference and shall be given no effect in the construction or interpretation of the Agreement.

 

20.  Counterparts. The Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

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21. Governing Law; Venue.  This Agreement shall be governed by and construed in accordance with the laws of the province of British Columbia, without giving effect to conflict of laws.  In the event of any dispute between the parties which results in litigation, the exclusive venue for such litigation shall be a district court within the province of British Columbia.

 

[Signature page follows.]

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed the Agreement as of the date first set forth above.

 

	 	
SILVER BULL RESOURCES, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Tim Barry	 
	 	 	
Authorized Signatory

	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ Jason Cunliffe 	 
	 	 	JASON CUNLIFFE	 

 

 

 

7scra8k20110804ex10-1.htm

AGREEMENT

THIS AGREEMENT ("Agreement") is made and. entered into effective as of the 1st day of July 2011, by and among SecureAlert, Inc., a Utah corporation formerly known as RemoteMDx, Inc. ("SecureAlert"), International Surveillance Services Corporation, a Puerto Rico corporation ("ISS"), and Borinquen Container Corp., a Puerto Rico corporation ("Borinquen"). Each of the named parties above is referred to herein as a "Party" and all are collectively referred to herein as the "Parties."

RECITALS

A.           WHEREAS, effective September 20, 2007, SecureAlert and ISS entered into an Exclusive Distribution Agreement, which was subsequently amended and supplemented (the "Distribution Agreement");

B.           WHEREAS, Borinquen is the holder of 4,900 shares of SecureAlert's Series D Convertible Preferred Stock (the "P Shares");

C.           WHEREAS, Borinquen is the owner of all the issued and outstanding shares of stock of International Surveillance Services Corporation (“ISS”), a Puerto Rico corporation;

D.           WHEREAS, David Derrick and James Dalton, former directors of SecureAlert,  previously personally guaranteed certain obligations of SecureAlert under the Distribution Agreement and in connection with certain registration and other rights granted to Borinquen in connection with Borinquen's investment in SecureAlert, including its purchase of the P Shares and the obligations enumerated in a "letter agreement" dated July 13, 2009, as well as the obligations of SecureAlert under a $1,000,000 debenture note dated July 14, 2009 payable to Borinquen, the sum of such guaranteed obligations totaling $3,000,000 (the "Personal Guarantees");

E.           WHEREAS, Sapinda, Ltd (“Sapinda”) has entered into an Advisory and Funding Agreement as of April 1, 2011 to provide  $17,000,000 of equity or a combination of equity and debt to SecureAlert ( the “Sapinda Investment”).

F.           WHEREAS, SecureAlert desires to acquire all of the issued and outstanding shares of ISS and Borinquen is willing to sell all such shares in consideration for the execution of a Royalty Agreement (the “Royalty Agreement”) in favor of Borinquen as set forth in Paragraph 3(b), below and the other payments and undertakings of SecureAlert and the other Parties to this Agreement as provided below.

NOW, THEREFORE, in consideration of the mutual promises, covenants, and releases set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1.           Sale of Shares. Subject to the terms and conditions of this Agreement, Borinquen hereby assigns, conveys, sells and transfers to SecureAlert all of ISS's issued and outstanding shares of stock (the “ISS Shares”).

2.            Acceptance and Assumption. Subject to the terms and conditions of this Agreement, SecureAlert hereby accepts the transfer of the ISS shares. The parties acknowledge that, subject to the Right of Reversion under the Royalty Agreement, as provided in Paragraph 3(b) below, all of ISS's rights under the Distribution Agreement will be indirectly transferred and assigned to SecureAlert.  The Parties agree that this Agreement is intended and has the effect of transferring to SecureAlert  the rights of the "Distributor" in the Distribution Agreement.

  

  

  

 

3.           Royalty Agreement ;Payments to Borinquen. As consideration for the Assignment and the other undertakings of Borinquen hereunder, SecureAlert shall make certain payments to Borinquen as provided in this Paragraph 4 and shall enter into a Royalty Agreement pursuant to which it shall pay to Borinquen a Royalty as provided below in subparagraph 3(b):

(a)           Common Shares Issued to Borinquen. SecureAlert shall issue to Borinquen (or its designees) a total of 62,000,000 shares of SecureAlert Common Stock (the “Common Shares”) as consideration for the purchase of the ISS shares. Borinquen warrants to SecureAlert that it is acquiring the Shares for its own account and not with a view towards their distribution within the meaning of Paragraph 2.5(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”), in any manner that would be in violation of the Securities Act.

 

(b)           Royalty Agreement.  SecureAlert and Borinquen shall enter into a Royalty Agreement under the terms of which, from and after the execution of this Agreement SecureAlert shall pay to Borinquen a royalty (the “Royalty”) in the amount equal to twenty percent (20%) of Net Revenues (defined below) from the sale and/or lease of products and services by SecureAlert or its affiliates in the territory consisting of Central and South America, the Caribbean, Spain, Portugal and all Spanish and Portuguese speaking countries in the world (the “Territory”).  For purposes of this Paragraph 3, the term “Net Revenues” shall mean gross revenues from sale or lease of devices and monitoring services, less credits, and/or  fees and commissions paid to independent agents in the Territory  The following terms, among others, shall apply to the payment of the Royalty to ISS:

(i)           Payments of the Royalty Payment shall be made each month on or before the 15th day of the month for Net Revenues collected in the prior month.

(ii)           The Royalty Agreement shall provide for the payment to ISS of Royalties as set forth above and shall be for an initial term of twenty years (through June 30, 2031) and shall include additional terms and conditions reasonably required to protect Borinquen's interests thereunder, including, without limitation, the right of Borinquen to conduct periodic audits of SecureAlert’s operations in the Territory.

(iii)           The Royalty Agreement shall provide for a right of reversion triggered by the failure of SecureAlert to make timely payment of the Royalty to Borinquen thereunder (the “Right of Reversion”).  Under the Right of Reversion, subject to the terms and conditions contained in the Royalty Agreement, the exclusive distribution rights of ISS or its successor within the Territory shall be assigned to Borinquen for a fixed term expiring on June 30, 2031 in the event of SecureAlert’s failure to make the Royalty payments required by the Royalty Agreement and this Paragraph 3(b) to provide for a split of Net Revenues (as defined above) of 50% to SecureAlert and 50% to ISS for all countries within the Territory except for Bahamas and Mexico, where the revenue split would be 70% to SecureAlert and 30% to Borinquen.

4.           Closing. The payments and deliveries required or contemplated by Paragraph 4 of this Agreement shall occur as follows:

(a)           A condition precedent to Closing of the transactions contemplated by this Agreement is the closing of the funding of the Sapinda Investment.

  

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(b)           On or before June 30, 2011, SecureAlert will issue and deliver the Common Shares to Borinquen and or its designees.

5.           Common Stock.  On July 15, 2011, following receipt of the Common Shares, Borinquen shall convert 2,900 P Shares into 17,400,000 shares of SecureAlert Common Stock (the “Conversion Shares”).  Upon receipt of the Conversion Shares, Borinquen shall be the beneficial owner of a total of 79,400,000 shares of SecureAlert Common Stock.

6.           Termination of Agreements.                                                                The Parties agree that subject to the full and timely receipt of the Common Shares and the execution and delivery of the Royalty Agreement, the Distribution Agreement, and any and all other obligations and understandings and agreements, including, without limitation, any and all security agreements and security interests, entered into by and among any of the Parties are hereby terminated in their entirety; provided, however, that such termination shall not relieve SecureAlert of its continuing obligations for the payment of the Royalty under Paragraph 4(b) and the Royalty Agreement and provided, further, that Borinquen shall have the Right of Reversion described in Paragraph 4(b) and contained in the Royalty Agreement.

7.           Release. Upon receipt by Borinquen of the Common Shares and the Royalty Agreement executed by SecureAlert, each Party does hereby release, acquit and forever discharge each of the other Parties, and all of their agents, principals, servants, employees, firms, officers, directors, independent contractors, subsidiaries, affiliates, insurers, reinsurers, successors and assigns whether named herein or not (hereinafter "Released Parties"), from any and all actions, claims, losses, demands, damages, costs, losses of service, expenses, attorney fees, causes of action, suits or compensation of whatever kind or nature whether known or unknown, and the consequences thereof, whether developed or undeveloped, both to person and to property, which now exist or which may hereafter accrue, because of, arising out of, or in any way connected with the Distribution Agreement and allegations claiming breach of warranty, breach of contract and negligence related to the Distribution Agreement, the P Shares, and any other agreement or contract, including, without limitation, any guaranty given in connection with any agreement or contract, entered into by the Parties and any of them; provided, however, that the release granted hereunder shall not have the effect of releasing or discharging any Party from any of its obligations for payments under Paragraph 4 or from any rights that any of them may have or acquired under the Royalty Agreement.

8.           Representations of SecureAlert. SecureAlert and Borinquen, and each of them, represents and warrants that it possesses all rights and authority necessary to enter into and fulfill its obligations under this Agreement; that no third party has any claim to or right or interest in any of the assets or other property included in the Assignment, and that the same have not been encumbered or hypothecated or otherwise transferred or sold.

9.           Representations and Warranties of Borinquen and ISS.   The representations and warranties of Borinquen and ISS are set forth in the attached Exhibit C, by this reference incorporated in and made part hereof.  Borinquen and ISS and each of their representative owners and control persons represent and warrant that such representations and warranties are true and correct at the date hereof and that the same will continue to be true and accurate following the execution hereof.

10.           Additional Actions.  Each of the Parties hereby covenants and agrees, at its own cost and expense, to execute and deliver, at the request of any other Party hereto, such additional documents and instruments of transfer and assignment and the security interests granted hereunder and to take such other action as such other Party may reasonably request to more effectively consummate the Assignment and the other transactions contemplated by this Agreement.

  

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11.           Indemnification; Remedies: 
 

(a)         Survival; Right to Indemnification Not Affected by Knowledge.  All representations, warranties, covenants, and obligations in this Agreement, the Exhibits, schedules, the supplements, and any other certificate or document delivered pursuant to this Agreement will survive the Closing.  Certain capitalized terms used below are defined in the attached Exhibit C.  The right to indemnification, payment of Damages (as defined below) or any other remedy based on such representations, warranties, covenants, and obligations will not be affected by any investigation conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant, or obligation.  The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification, payment of Damages, or any other remedy based on such representations, warranties, covenants, and obligations.

 

(b)         Indemnification and Payment of Damages by Borinquen.  Borinquen will defend, indemnify and hold harmless SecureAlert, ISS, and their respective representatives, shareholders and Related Persons (collectively, the “Indemnified Persons”) for, and will pay to the Indemnified Persons the amount of, any Liabilities (including incidental and consequential damages), Loss or diminution of value, or expenses, whether or not involving a third-person claim (collectively, “Damages ”), arising, directly or indirectly, from or in connection with:

 

(i)           any Default of any representation or warranty made by Borinquen or ISS in this Agreement, the Exhibits or any other certificate or document delivered by ISS or Borinquen pursuant to this Agreement;

 

(ii)           any Default of any representation or warranty made by Borinquen or ISS in this Agreement as if such representation or warranty were made on and as of the Closing Date

 

(iii)           any Default by Borinquen or ISS of any covenant or obligation of such Party in this Agreement;

 

(iv)           any product, or any service or business activity provided by ISS prior to the Closing Date;

 

(v)           any claims made by a Third Party which are based upon facts alleged that, if true, would constitute a Default by Borinquen or ISS of any representation, warranty, covenant or obligation in this Agreement, the Exhibits or any other certificate or document delivered by Borinquen or ISS pursuant to this Agreement;

 

(vi)           any claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by any such Person with Borinquen or ISS (or any Person acting on their behalf);

 

 

  

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(vii)           any claim by any Person with whom the ISS or Borinquen or their respective Representatives had discussions regarding any Acquisition Proposal;

 

(viii)           any claim by either Borinquen or its estate, creditors, or others in respect of Taxes; or

 

(ix)           any claim under any Environmental Law.

 

The remedies provided in this Paragraph 10(b) will not be exclusive of or limit any other remedies that may be available to SecureAlert or the other Indemnified Persons.237

 

(c)           Indemnification and Payment of Damages by SecureAlert.  SecureAlert will defend, indemnify and hold harmless Borinquen, and will pay to Borinquen the amount of any Damages arising, directly or indirectly, from or in connection with (i) any Default of any representation or warranty made by SecureAlert in this Agreement, (ii) any Default by SecureAlert of any covenant or obligation of SecureAlert in this Agreement, or (iii) any claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by such Person with SecureAlert (or any Person acting on its behalf).

 

12.           Miscellaneous.

(a)           Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and assigns.

(b)           Severability. If any part of any provision of this Agreement is invalid or unenforceable under applicable law, such provision shall be ineffective only to the extent of such invalidity or unenforceability without in any way affecting the remaining parts of such provision or this Agreement.

(c)           Amendment. No amendment, supplement, modification, waiver or termination of this Agreement or any provision hereof shall be binding unless executed in writing by the Party to be charged therewith. No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provision (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

(d)           Counterparts. This Agreement may be executed by facsimile or electronically (e-mail) and in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

(e)           Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico, without respect to the provisions concerning the conflict of laws that would otherwise result in the application of the substantive law of another jurisdiction.

 

(f)           Attorneys' Fees. In the event of any lawsuit, action or proceeding brought by either Party for a breach of any term or provision hereof, or to enforce any term or provision hereof, the prevailing Party shall be entitled to reasonable attorneys' fees in addition to court costs and other expenses of litigation in said action or proceeding. For purposes of this Agreement, "prevailing Party" includes, without limitation, a Party who agrees to dismiss an action or

proceeding upon the other Party's payment of the sums allegedly due or performance of the covenants allegedly breached, or who obtains substantially the relief sought.

         

  

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(g)           Incorporation of Recitals. The above Recitals are incorporated herein by reference as if fully set forth in the body of this Agreement, and are deemed to be made a part hereof.

13.           Definitions.  Certain capitalized terms in the Agreement shall be devined as provided in the attached Exhibit C by this reference made part hereof.

 [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

  

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IN WITNESS WHEREOF, each of the Parties has caused this Assignment Agreement to be executed in its name and on its behalf by its duly authorized representative as of the date first set forth above.

 

	  	
SECUREALERT, INC.

	  	
A Utah corporation f/k/a

	  	
RemoteMDx, Inc.

	  	  
	  	  
	  	
By:   /s/ John L. Hastings, III

	  	
NAME:  John L. Hastings, III

	  	
ITS:  President and CEO

	  	  
	  	  
	  	  
	  	
BORINQUEN CONTAINER CORPORATION

	  	
A Puerto Rico Corporation

	  	  
	  	
By:       /s/ Hector Gonzalez

	  	
Name:  Hector Gonzalez

	  	
ITS:  Chairman of the Board of Directors

	  	  

 

 

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