SEC Contract Filing

Filing Date: 2021-06-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>5
<FILENAME>ea143467ex10-7_electric.htm
<DESCRIPTION>EXCLUSIVE IP LICENSE AGREEMENT, DATED APRIL 9, 2021, BY AND BETWEEN SF MOTORS, INC., D/B/A SERES AND ELECTRIC LAST MILE, INC
<TEXT>
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 <BODY STYLE="margin:0;padding:0;border-width:0;text-justify-trim: punctuation; margin: 0; padding: 10pt;"><P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 10.7</B></FONT></P><DIV STYLE="margin:0;padding:0;border-width:0;width:600px;margin: 0 auto;">

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 <P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;text-align:right;margin-top:8pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:italic;font-weight:bold;">Execution Copy<BR>Privileged &amp; Confidential</FONT></P>
 <P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">EXCLUSIVE IP LICENSE AGREEMENT</FONT></P>
 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">This <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">EXCLUSIVE IP LICENSE AGREEMENT</FONT> (together with all Exhibits hereto, this &#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Agreement</FONT>&#x201d;) is executed as of April<FONT CLASS="nobreak"> </FONT>9, 2021 (the &#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Execution Date</FONT>&#x201d;) and entered into by and between SF Motors, Inc., d/b/a SERES (the &#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Licensor</FONT>&#x201d;), a Delaware corporation and Electric Last Mile, Inc. (&#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Licensee</FONT>&#x201d;), a Delaware corporation (collectively, the &#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Parties</FONT>,&#x201d; or each, individually, a &#x201c;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Party</FONT>&#x201d;).</P>
 <P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;font-style:normal;font-weight:normal;">RECITALS:</FONT></P>
 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">WHEREAS, Licensor has the right to use certain Licensed Intellectual Property (defined below) related to the manufacture and design of urban utility and commercial vehicles currently designated as Licensor&#x2019;s EC35 and D51 models, including skateboards used for urban utility truck, cargo van, and open bed truck vehicles ;</P>
 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">WHEREAS, Licensor wishes to license the Licensed Intellectual Property for the Licensed Products to Licensee and Licensee wishes to obtain such a license, in each case, on the terms and conditions set forth herein; and</P>
 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein and for other good and valuable consideration, the adequacy, receipt, and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:</P>
 <P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-left:24pt;margin-top:8pt;">1.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Definitions</FONT>. For purposes of this Agreement, the following terms have the following meanings:</P>
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