Document:

Exhibit 10.1

 

 

OPTION AGREEMENT

LIC20004

 

This Agreement is effective
as of the 7th day of October, 2019 between the University of South Florida Research Foundation, Inc. (hereinafter “USFRF”)
and Signet International Holdings, Inc., a Delaware corporation having its principal office at 205 Worth Avenue, Suite 316, Palm
Beach, Florida 33480 (hereinafter “COMPANY”).

 

WHEREAS, USFRF is the
exclusive licensee of certain Patent Rights relating to U.S. Patent Application Serial No. 62/731,89l (USF Reference ID 18B142),
entitled “Arc Melted Glass Piles for Structural Foundations”, invented by Dr. Rasim Guldiken and John M. Cotter, (hereinafter
“Patent Rights”);

 

WHEREAS, USFRF and COMPANY
recognize that further work is required to develop to practical application the invention that is described and claimed in the
Patent Rights; and

 

WHEREAS, COMPANY desires
a period of time in which to evaluate the Patent Rights, potential products, and markets therefor, and to elect to negotiate a
license.

 

THEREFORE, in consideration
of the premises and mutual covenants contained herein, the parties hereto agree as follows:

 

		1)	GRANT. USFRF hereby grants to COMPANY
                                         an exclusive option to negotiate a royalty-bearing, limited-term, exclusive license to
                                         the Patent Rights which include non-exclusive rights to related know-how such as methods,
                                         processes, and data in the following field(s) of use: construction for the territory
                                         of worldwide (hereinafter the “Option Rights”). During the Option Period
                                         (defined below), COMPANY shall have the exclusive right to use the Patent Rights only
                                         to evaluate Option Rights according to the Evaluation Plan in Exhibit A.

 

		2)	OPTION PERIOD. The Option Period shall
                                         commence on October 15, 2019 and expire on October 15, 2020, unless sooner terminated
                                         by the execution of a license agreement between the parties for the Option Rights. If
                                         COMPANY shall exercise its option hereunder by written notice to USFRF within the Option
                                         Period, the parties shall negotiate the license terms in good faith. However, all Option
                                         Rights expire on the later of ninety (90) days following USFRF’s receipt of such
                                         written notice by COMPANY exercising its Option Rights, or the last day of the Option
                                         Period.

 

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		3)	Intentionally Left Blank

 

		4)	DILIGENT EFFORTS. During the Option
                                         Period, COMPANY shall use diligent efforts to evaluate the inventions described and claimed
                                         in the Patent Rights. Such efforts shall include, but shall not be limited to, the sponsoring
                                         or performing work defined in the Evaluation Plan (Exhibit A) and the sharing of information
                                         regarding the results of the Evaluation Plan with USFRF.

 

		5)	SHARING OF INFORMATION. During
                                         the Option Period, COMPANY, USFRF and the University of South Florida, Dr. Rasim Guldiken,
                                         and John M. Cotter shall share information obtained during or necessary for the conduct
                                         of the Evaluation Plan. Such information shall be exchanged under the terms of a Mutual
                                         Confidential Disclosure Agreement executed by COMPANY and USFRF (Exhibit B) and shall
                                         include, but not be limited to, data, schematics, and processes. If a new invention whether
                                         patentable or not results from the sharing of information between the University of South
                                         Florida Board of Trustees or USFRF and the COMPANY under this Option Agreement, COMPANY
                                         shall promptly provide notice of such invention to USFRF within thirty (30) days of such
                                         invention so that COMPANY and USFRF can come to an agreement on the filing of any patent
                                         applications using an attorney of USFRF’s choice. If the COMPANY does not exercise
                                         its option under this Agreement or a license agreement is not executed between the parties,
                                         COMPANY will be obligated to deliver to USFRF no later than ninety (90) days after the
                                         termination of the Option Period any data that is generated by COMPANY under this Agreement.
                                         USFRF shall own such data and can use it for any purpose. In addition, if a license agreement
                                         is not executed between the parties within the timeline stated in Section 2 above, COMPANY
                                         shall assign to USFRF any rights to inventions made during this Option Period and COMPANY
                                         shall keep all information disclosed by USFRF or generated by either party under this
                                         agreement confidential per the provisions of the executed Confidentiality Agreement and
                                         COMPANY shall not use such data or information for any purpose internal or external.

 

		6)	OPTION FEE. In consideration of
                                         the Option Rights herein granted to COMPANY by USFRF and as an indication of serious
                                         intent, COMPANY shall pay to USFRF the sum of One Thousand Five Hundred Dollars ($1,500)
                                         upon the execution of this Agreement, but no later than August 31, 2019, such sum to
                                         be nonrefundable.

 

		7)	PATENT COSTS. During the Option Period,
                                         COMPANY shall reimburse USFRF for United States and/or foreign costs associated with
                                         the Patent Rights up to a maximum of Three Thousand Five Hundred Dollars ($3,500). If
                                         COMPANY shall not exercise its Option Rights, COMPANY shall in any event be liable to
                                         USFRF for USFRF’s out-of-pocket United States and foreign filing, prosecution,
                                         and maintenance costs, including attorneys’ fees, in countries selected by COMPANY
                                         and incurred during the Option Period or any ensuing period of good faith negotiations
                                         as set forth in Paragraph 2) above. Such costs shall be reimbursed by COMPANY within
                                         thirty (30) days of invoicing by USFRF.

 

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		8)	NO WARRANTIES. USFRF MAKES NO
                                         REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING
                                         BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND
                                         VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING.

 

		9)	NO ASSIGNMENT. The Option Agreement
                                         and the Option Rights shall not be assignable, whether by operation of law or otherwise,
                                         and any attempt to do so shall be void.

 

		10)	OFFER EXPIRATION. USFRF’s
                                         offer to COMPANY to enter into this Option Agreement shall expire on October 14, 2019.

 

		11)	INDEMNIFICATION;
                                         INSURANCE

 

		a)	COMPANY shall, at all times during
                                         the term of this Agreement and thereafter, indemnify, defend and hold USFRF, the University
                                         of South Florida, and the inventors of the Patent Rights harmless against all claims
                                         and expenses, including legal expenses and reasonable attorneys’ fees, arising
                                         out of the death of or injury to any person or persons or out of any damage to property
                                         and against any other claim, proceeding, demand, expense and liability of any kind whatsoever
                                         resulting from evaluating the Patent Rights or any other use of Patent Rights. Notwithstanding
                                         the above, USFRF at all times reserves the right to retain counsel of its own to defend
                                         the interests of USFRF, the University of South Florida and the inventors of the Patent
                                         Rights.

 

		b)	COMPANY warrants that it now maintains
                                         and will continue to maintain liability insurance coverage appropriate to the risk involved
                                         in evaluating the Patent Rights and that such insurance coverage lists USFRF, the University
                                         of South Florida and the inventors of the Patent Rights as additional insureds. Within
                                         thirty (30) days after the execution of this Agreement COMPANY will present evidence
                                         to USFRF that the coverage is being maintained with USFRF, the University of South Florida,
                                         and its inventors listed as additional insureds.

 

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		12)	TERMINATION. USFRF may terminate
                                         this Agreement by giving COMPANY at least thirty (30) days written notice if COMPANY:

 

		a)	is delinquent on payment of the Option Fee
                                         or reimbursing USFRF for patent costs

 

		b)	is not diligently developing the Patent Rights
                                         or meeting the milestones as outlined in the Evaluation Plan

 

		c)	goes into bankruptcy, liquidation or proposes
                                         having a receiver control any assets

 

		d)	violates any laws or regulations of applicable
                                         government entities; or

 

		e)	shall cease to carry on its business pertaining
                                         to Patent Rights

 

Termination under this
Section 12 will take effect 30 days after written notice by USFRF unless COMPANY remedies the problem in that 30-day period. Upon
the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation
that matured prior to the effective date of such termination.

 

		13)	USE OF NAMES. COMPANY shall
                                         not use the names of USFRF, the University of South Florida, either institution’s
                                         trustees, officers, students, employees, agents, or affiliates, the name of any inventor
                                         of the Patent Rights, nor any adaptation of such names in any promotional, advertising
                                         or marketing materials or any other form of publicity, or to suggest any endorsement
                                         by either institution or the inventors without the prior written approval of USFRF in
                                         each case.

 

		14)	UNITED STATES GOVERNMENT INTERESTS.
                                         It is understood that if the United States Government (through any of its agencies or
                                         otherwise) has funded research, during the course of or under which any of the inventions
                                         of the Patent Rights were conceived or reduced to practice, the United States Government
                                         is entitled, as a right, under the provisions of 35 U.S.C. §§ 202-212 and applicable
                                         regulations of Chapter 37 of the Code of Federal Regulations, to a nonexclusive, nontransferable,
                                         irrevocable, paid-up license to practice or have practiced the invention of such Patent
                                         Rights. Any license granted to COMPANY pursuant to this Agreement shall be subject to
                                         such license.

 

		15)	MISCELLANEOUS.

 

		a)	COMPANY acknowledges that it is subject to and agrees
to abide by the United States laws and regulations (including the Export Administration Act of 1979 and Arms Export Control Act)
controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities.
The transfer of such items may require a license from the cognizant agency of the U.S. Government or written assurances by Licensee
that it shall not export such items to certain foreign countries and/or foreign persons without prior approval of such agency.
USFRF neither represents that a license is or is not required or that, if required, it shall be issued.

 

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		b)	This Agreement shall be construed in accordance with
the internal laws of the State of Florida without regard to conflict of laws, provisions, and any legal action shall be brought
in Hillsborough County, Florida. If any provisions of this Agreement are held invalid or unenforceable by a court of competent
jurisdiction, those provisions shall be deemed automatically deleted; the remaining terms and conditions of this Agreement shall
remain in full force and effect; and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent
possible) their original intent. The parties hereto are independent contractors and not joint venturers or partners. This Agreement
may be amended, supplemented, or otherwise modified only by means of a written instrument signed by both parties.

 

		16)	PAYMENT, NOTICES, AND OTHER COMMUNICATION.
                                         Any payment, notice, or other communication pursuant to this Agreement shall be sufficiently
                                         made or given on the date of mailing if sent to such party by certified first class mail,
                                         postage prepaid, addressed to it as its address below or as it shall designate by written
                                         notice given to the other party:

 

All payments and royalty reports to:

 

USF Research Foundation

 Attn: Business Manager

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612

 

Development reports;
updates; equity agreements, proxy statements and shareholder information; and all other notices and communications to:

 

USF Patents & Licensing

Attn: Director

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612

 

In the case of COMPANY:

 

Signet International
Holdings, Inc. 

205 Worth Ave

Suite 316

Palm Beach, FL 33480

 

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		17)	FORCE MAJEURE. No default, delay, or failure to
perform on the part of COMPANY or USFRF shall be considered a default, delay or failure to perform otherwise chargeable hereunder,
if such default, delay or failure to perform is due to causes beyond either party’s reasonable control including, but not
limited to: strikes, lockouts, or inactions of governmental authorities, epidemics, war, embargoes, fire, earthquake, acts of
God, or default of common carrier. In the event of such default, delay or failure to perform, any date or times by which either
party is otherwise scheduled to perform shall be extended automatically for a period of time equal in duration to the time lost
by reason of the excused default, delay or failure to perform.

 

		18)	INTEGRATION. This Agreement
                                         constitutes the full understanding between the parties with reference to the subject
                                         matter hereof, and no statements or agreements by or between the parties, whether orally
                                         or in writing, made prior to or at the signing hereof, shall vary or modify the written
                                         terms of this Agreement.

 

		19)	CONTRACT FORMATION AND AUTHORITY.

 

		a)	The submission of this Agreement does not constitute
an offer, and this document shall become effective and binding only upon the execution by duly authorized representatives of both
Company and USFRF. Copies of this Agreement that have not been executed and delivered by both USFRF and Company shall not serve
as a memorandum or other writing evidencing an agreement between the parties. This Agreement shall automatically te1minate and
be of no further force and effect, without the requirement of any notice from USFRF to Company and without affording any cure
right to Company, if USFRF does not receive the Option Fee pursuant to this Agreement on the date it is due. Company agrees and
acknowledges this section provides an independent termination right in addition to the termination rights in Section 12 of this
Agreement.

 

		b)	The persons signing on behalf of USFRF and COMPANY
hereby warrant and represent that they have authority to execute this Agreement on behalf of the party for whom they have signed.

 

Signatures on Next Page

 

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Agreed to for:

 

	UNIVERSITY OF SOUTH FLORIDA RESEARCH
    FOUNDATION, INC.	 	SIGNET INTERNATIONAL HOLDINGS, INC.
	 	 	 
	By:	/s/ Michele Tyrpak	 	By:	/s/
    Ernest W. Letiziano
	Name:	Michele Tyrpak	 	Name:	ERNEST W. LETIZIANO
	Title:	Interim Director, 

Patents & Licensing	 	Title:	CEO
	Date:	10-18-19	 	Date:	10-18-19

 

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Revised May 2018

 

EXHIBIT A

 

EVALUATION PLAN and MILESTONES

 

		●	COMPANY will evaluate the commercial feasibility of
technology.

		●	COMPANY will evaluate potential markets.

 

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Revised May 2018

 

EXHIBIT B

 

MUTUAL CONFIDENTIAL DISCLOSURE AGREEMENT

 

(Already completed)

 

 

		Page 9 of
                                         9Exhibit 10.2

 

OPTION AGREEMENT

 

This Option Agreement (“Agreement”)
is made effective on the Effective Date (defined below) by and between The Florida International University Board of Trustees (hereinafter
called “FIU”), and Signet International Holdings, Inc. (hereinafter called “Company”), a Public company organized
and existing under the laws of Nevada with a principal place of business at 205 Worth Avenue, Suite# 316 Palm Beach, FL 33480.
FIU and Company shall hereinafter be referred to collective as the “parties” and individually as a “party.”

 

WHEREAS, FIU owns certain inventions that
are described in the Patent Rights defined below, and FIU is willing to grant certain Option Rights as defined below to Company
as set forth in this Agreement under any one or all of the Patents Rights and Company desires the Option Rights;

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth below, the parties covenant and agree as follows:

 

		1.	DEFINITIONS

 

“Effective Date”
means the date this Agreement is executed by both parties and the Option Fee (defined further below) has been paid.

 

“Patent Rights”
means the United States and foreign patents, patent applications, and provisional applications set forth on Appendix A.

 

“Field of Use” means all fields of use.

 

		2.	GRANT

 

		2.1	FIU
hereby grants to Company an option to exclusively license the Patent Rights in the Field of Use, on a royalty-bearing, limited
term basis, including the right to sublicense, (“Option Rights”). Execution of a license agreement under the Option
Rights by FIU is subject to Company: complying with the terms of this Agreement and with all applicable laws, guidelines and FIU
policies.

 

		2.2	During
the Option Period, FIU hereby grants Company an internal non-commercial use license to the Patent Rights solely for the purpose
of Company’s internal research and evaluation of the Patent Rights in furtherance of this Agreement. During the Option Period,
Company shall use commercially reasonable efforts to evaluate the Patent Rights with a view toward creating a commercial product
or process to be covered by the Patent Rights.

 

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		2.3	In
the event that the United States Government (through any of its agencies or otherwise) may have funded research, during the course
of or under which any of the inventions which are the subject of the Patent Rights were conceived or reduced to practice; the
United States Government is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and applicable regulations
of Title 37 of the Code of Federal Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up license to practice
or have practiced the inventions which are the subject of such Patent Rights for governmental purposes. Any license granted to
Company pursuant to this Agreement shall be subject to such rights.

 

		2.4	Nothing
in this Agreement shall preclude FIU from using the Patent Rights for conducting internal research and development on the Patent
Rights and use of the Patent Rights for educational purposes.

 

		3.	OPTION
PERIOD

 

The Option Period shall
commence on the Effective Date of this Agreement and shall expire 6 months from the Effective Date (“the Option Period”)
unless this Agreement is sooner terminated as provided for in this Agreement or upon the execution of a license agreement between
the parties for the Patent Rights. Company may exercise its option at any time during the Option Period by providing written notice
to FIU of its intent to exercise this option. Commencing on the date of FIU’s receipt of such written notice, the parties shall
begin negotiations in good faith for a period not to exceed ninety (90) days (the “Negotiation Period”) to document a
license agreement in accordance with the terms set forth in the first sentence of Section 2.1. Any extensions of the Negotiation
Period necessary to complete said license agreement may only be done by mutual written agreement of the parties. If Company does
not elect to, or fails to, exercise the Option Rights during the Option Period, FIU shall be free to license its rights under the
Patent Rights to any third party without any further obligation whatsoever to Company.

 

		4.	OPTION
FEE

 

In consideration
for the Option Rights granted herein, Company shall pay FIU a one-time, non-refundable, option fee in the sum of one thousand
and five hundred dollars ($1, 500) no later than the Effective Date of this Agreement (“Option Fee”).

 

		5.	CONFIDENTIAL
INFORMATION

 

		5.1	The
parties acknowledge that during the Term of this Agreement, Company and FIU intend to share certain Confidential Information obtained
during the Option Period or necessary for the Company’s evaluation of the Option Rights.

 

 

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		5.2	As
                                         used in this Agreement, “Confidential Information” includes, without limitation,
                                         any technical, scientific, trade, research, manufacturing, marketing, supplier or other
                                         information that may be disclosed by one party (the “Disclosing Party”) to
                                         the other party (the “Receiving Party”), whether oral, written, in a physical
                                         embodiment or otherwise, which is disclosed in furtherance of this Agreement and which
                                         is identified by the Disclosing Party at the time of disclosure as being proprietary.
                                         Information transmitted in writing must be marked “Proprietary” or “Confidential”
                                         or with other similar designation in order for it to be deemed Confidential Information
                                         under this Agreement. Information transmitted orally or visually during the Term of this
                                         Agreement shall be deemed Confidential Information under this Agreement if it is identified
                                         at the time of disclosure by the Disclosing Party as being confidential or proprietary
                                         and thereafter is reduced to writing by the Disclosing Party, confirming in the writing
                                         that the information is confidential or proprietary, and such writing is transmitted
                                         to the Receiving Party within thirty (30) days after the oral or visual disclosure of
                                         the information. Notwithstanding any failure by FIU to mark as confidential or to identify
                                         the same as confidential at the time of disclosure, all information and correspondence
                                         relating to the Patent Rights received by Company from FIU, from FIU’s patent counsel
                                         or from any third party shall be deemed FIU Confidential Information.

 

		5.3	Company
                                         and FIU agree that any Confidential Information disclosed by either party to the other
                                         party pursuant to this Agreement shall be maintained in strict confidence, and each party
                                         will: a) protect the Confidential Information with the same degree of care as it normally
                                         uses to preserve and safeguard its own proprietary information, but not less than a reasonable
                                         degree of care; and b) disclose Confidential Information only on a need-to know basis
                                         to effect the purposes of this Agreement and only to its employees, advisors, agents
                                         and affiliates who have undertaken an obligation of confidentiality substantially similar
                                         to that contained herein. Company’s and FIU’s obligations under this Section shall remain
                                         in effect for the term of this Agreement and a period of five (5) years thereafter. Company
                                         and FIU shall not have any obligation of confidentiality with respect to information
                                         which:

 

	 	a.	Was
    in the public domain at the time of its disclosure or becomes part of the public domain subsequent to time of disclosure under
    this Agreement through no fault of the Receiving Party; or

 

	 	b.	Was known by the Receiving
    Party at the time of disclosure; or

 

	 	c.	Is disclosed with the
    written approval of the Disclosing Party; or

 

	 	d.	Is
    independently developed by the Receiving Party without the use of the Confidential Information; or

 

	 	e.	Is
    rightfully furnished to the Receiving Party by a third party with no obligation of confidentiality to the Disclosing Party;
    or

 

	 	f.	Is disclosed by the
    Disclosing Party to others on a non-restricted basis; or

 

		g.	Is
                                         disclosed as required by law or judicial action.

 

 

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		5.4	The
Receiving Party shall either return or destroy the Disclosing Party’s Confidential Information promptly upon the Disclosing Party’s
request or, in any event, upon the termination or expiration of this Agreement, together with any and all copies, negatives, or
reproductions thereof. One copy may be retained by the Receiving Party for archival purposes.

 

		6.	WARRANTIES
AND REPRESENTATION

 

FIU MAKES NO REPRESENTATIONS
AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. FIU ASSUMES NO RESPONSIBILITIES
OR LIABILITY WHATSOEVER WITH RESPECT TO THE USE OR OTHER DISPOSITION BY COMPANY OR ANY OF ITS TRANSFEREES OF THE PATENT RIGHTS
OR OF ANY PRODUCT INCORPORATING OR MADE BY USE OF THE PATENT RIGHTS OPTIONED UNDER THIS AGREEMENT.

 

		7.	TERMINATION

 

		7.1	This
Agreement shall commence on the Effective Date and shall terminate at the end of the Option Period unless the Option Rights are
exercised, in which case this Agreement will terminate at the end of the Negotiation Period or upon execution of a commercial
license agreement (“Term”).

 

		7.2	This
Agreement may be sooner terminated:

 

		a)	FIU may terminate this Agreement by giving Company thirty
(30) days written notice if Company fails to perform or defaults on any of its obligations under this Agreement. If Company has
not cured its default or non-performance within thirty (30) days after receiving the written notice thereof, this Agreement can
be terminated by FIU and FIU shall have no further obligation to Company with respect to the Patent Rights or otherwise.

 

		b)	FIU may terminate this Agreement if Company: (i) provides
FIU grounds for insecurity, (ii) files for bankruptcy; (iii) becomes or is declared insolvent or is the subject of any proceedings
related to its liquidation, insolvency or the appointment of a receiver or similar officer for it; (iv) makes an assignment for
the benefit of all or substantially all of its creditors; (v) is unable to pay its debts generally as they come due; or (vi) enters
into an agreement for the composition, extension or readjustment of substantially all of its obligations, by giving
written notice to Company of its intention to terminate the Agreement as of a date specified in the written notice, which date
will not be less than ten (10) days after the date
of the written notice, during which time Company may cure such default by causing any such proceeding to be terminated or dismissed,
or by providing FIU with verification of solvency or otherwise of its ability to perform its obligations hereunder. If Company
fails to cause such proceeding to be terminated or dismissed or otherwise to provide FIU with the information set forth above,
this Agreement will terminate on the date set forth in the written notice.

 

 

 

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		c)	COMPANY may terminate this Agreement by giving FIU thirty
(30) days written notice with such termination effective as of the end of such thirty (30) day notice period.

 

		7.3	Upon
the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation
that matured prior to the effective date of such termination. The provisions of section 6 of this Agreement and all provisions
which expressly state or by implication are intended to survive this Agreement’s termination or expiry will survive and continue
to bind both parties.

 

		8.	INDEMNIFICATION
AND INSURANCE

 

		8.1	Company
shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold FIU, Florida International University,
the Florida Board of Governors, the State of Florida and each of their respective trustees, directors, officers, employees, and
agents, and the inventors of the Patent Rights, regardless of whether such inventors are employed by the Florida International
University Board of Trustees or Florida International University at the time of the claim (the “Indemnitees”), harmless
against all third party claims and expenses, including legal expenses and reasonable attorney’s fees, arising out of the death
of or injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand, expense
and liability of any kind whatsoever resulting from the production, manufacture, sale, use, lease, consumption, marketing, or
advertisement of the Patent Rights by Company or any entity acting on behalf of Company or arising from any right or obligation
of Company hereunder. Notwithstanding the above, FlU at all times reserves the right to retain counsel of its own to defend the
interests of the Indemnitees. The obligations of this paragraph shall survive the expiration or termination of this Agreement.

 

		8.2	Company
warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved pursuant
to this Agreement. Company will present evidence to FIU of the coverage upon FIU’s request.

 

 

 

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		9.	NOTICES

 

Any notice required to
be given pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered
personally, or if sent by facsimile transmission, when receipt thereof is acknowledged at the facsimile number of the recipient
as set forth below, or the second day following the day on which the notice has been delivered prepaid to an air courier service,
or five (5) business days following deposit in the U.S. mail if sent certified mail, (return receipt acknowledgement is not required
to certify delivery) to the party at the address given below, or such other address as may hereafter be designated by notice in
writing:

 

For FIU:

 

Office of Technology
Management and Commercialization

Attn: Director

Florida International
University

11200 S.W. 8th St., MARC 430

Miami, FL 33199

Facsimile Number: 305-348-0081

Telephone Number: 305-348-3051

 

For Company:

Signet International Holdings, Inc.

Attn:
Ernesto Letiziano

205 Worth Avenue, Suite
# 316

Palm Beach, FL 33480

 

Facsimile Number:

Telephone Number: 561-832-2000

 

		I0.	GENERAL

 

		10.1	This
Agreement shall be construed in accordance with the laws of the State of Florida and venue for any action shall be in the state
courts in Miami-Dade County, Florida.

 

		10.2	This Agreement does
                                                                                                                                                                not constitute a joint venture, partnership, consortium, or any other form of business arrangement or organization. Each
                                                                                                                                                                party is and shall act as an independent contractor and not as an agent or partner of the other for any purpose whatsoever,
                                                                                                                                                                and no party shall act or represent itself, directly or by implication, in any such capacity in respect of any other party or
                                                                                                                                                                in any manner which seeks to assume or create any obligation on behalf of, or in the name of, any other party without that
                                                                                                                                                                party’s prior express written agreement.
The employees of one party shall not be deemed the employees of the other party.

 

 

 

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		10.3	This
Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements
or agreements by or between the parties, whether orally or in writing, shall vary or modify the written terms of this Agreement.
Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgment, or otherwise, unless such mutual agreement is in writing, signed by the other party, and specifically states that it is an amendment
to this Agreement.

 

		10.4	Company
acknowledges that it is subject to and agrees to abide by the United States and Florida laws and regulations (including the Export
Administration Act of 1979 and Arms Export Control Act) controlling the export of technical data, computer software, laboratory
prototypes, biological material, and other commodities. The transfer of such items may require a license from the cognizant agency
of the U.S. Government or written assurances by Company that it shall not export such items to certain foreign countries and/or
foreign person without prior approval of such agency. FIU neither represents that a license is or is not required or that, if
required, it shall be issued.

 

		10.5	Company
shall not use the names of The Florida International University Board of Trustee, Florida International University, The Florida
Board of Governors or the State of Florida nor of any employees, agents, or affiliates of the foregoing entities, nor the name
of any inventor of Patent Rights, nor any adaptation, logos or trademarks of such names in any manner including, but not limited
to, in promotional, advertising or marketing materials or any other similar form of publicity, or in any manner to suggest any
endorsement by the such entities or individuals, without the prior written approval of FIU in each case.

 

		10.6	Company
is responsible for any and all wire/bank fees associated with all payments due to FIU pursuant to this agreement.

 

		10.7	This
Agreement may not be transferred or assigned by Company except with the prior written consent of FIU, in which case assignee assumes
all responsibilities under this Agreement. FIU may assign this Agreement to the Florida International University Research Foundation
, Inc.

 

		10.8	The
descriptive section headings in this Agreement are for convenience only and shall not be deemed to limit or otherwise affect the
construction of any provisions thereof.

 

		10.9	In
the event that a court of competent jurisdiction holds any provision of this Agreement to be invalid, such holding shall have
no effect on the remaining provisions of this Agreement, and they shall continue in full force and effect.

 

 

    7

     

    

 

IN WITNESS WHEREOF, the
authorized officials of the parties hereto have duly executed this Agreement on the dates indicated below.

 

THE FLORIDA INTERNATIONAL UNIVERSITY BOARD OF
TRUSTEES

 

	By:	/s/
    Andres Gil	 
	Name:	Andres
    Gil	 
	Title:	Vice
    President for Research and Economic Development and Dean of the University Graduate School
	Date:	 	 

 

 

COMPANY

 

	By:	/s/
    Ernesto Letiziano	 
	Name:	Ernesto Letiziano	 
	Title:	CEO, Signet International Holdings, Inc.	 
	Date:	11-2-18	 

 

 

    8

     

    

 

Appendix A: Patent
Rights

 

The Patent Rights include:

 

		1)	The
                                         patent(s)/patent application(s) identified on the following table (“Table A”):

 

	Patent
                                         Application/

                                                                                Patent
                                         Title
	Application

        Number/
        Issued

        

        Patent
        Number
	Filing
    Date	Country/Region
	Three
                                         Dimensional

        Graphene
        Foam Reinforced Composite

        Coating
        and Deicing

        

        Systems
        Therefrom
	15/849,020	12/20/2017	us

 

		2)	all
United States, regional and foreign patent applications claiming priority to any of the patent(s) and patent application(s) identified
in Table A; and

 

		3)	all
patents issuing from the patent applications identified in 1 and 2 above, including, and any divisional, continuation, or reissue/reexamination
application, and each patent that issues or reissues from any of these patent applications to FIU and specifically claims any
of the Patent Rights in existence on the Effective Date.

 

 

 

9

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