SEC Contract Filing

Filing Date: 2017-08-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>meec_ex101.htm
<DESCRIPTION>CLOSING AGREEMENT
<TEXT>
<html><head><title>meec_ex101.htm</title></head><body style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.1</b></p>
<p style="MARGIN: 0px" align="center">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u>CLOSING </u></b><b style="MARGIN: 0px"><u>AGREEMENT</u></b><u></u></p>
<p style="MARGIN: 0px" align="center">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Reference is made to a certain Exclusive Patent and Know-How License Agreement including Transfer of Ownership, dated January 15, 2009 by and between RLP Energy, Inc., as predecessor in interest to MES (as defined below), and Energy &amp; Environmental Research Center Foundation (the &#8220;Licensor&#8221;), a North Dakota nonprofit entity, as amended by Amendments 1, 2, 3, 4 and 5 prior hereto (as amended by Amendments 1, 2, 3, 4, and 5, the &#8220;License Agreement&#8221;) by and among the Licensor, MES, Inc. (&#8220;MES&#8221;), a successor to all the rights, titles and interests of RLP Energy, Inc., and Midwest Energy Emissions Corp. (&#8220;ME<sub>2</sub>C&#8221; and, together with MES, the &#8220;Company&#8221;). The License Agreement provides that under certain conditions the Company shall have the option to acquire the Patent Rights upon the payment of certain cash consideration and additional shares of its common stock, which option the Company has elected to exercise pursuant to a letter dated January 5, 2017, as amended on March 23, 2017 and April 12, 2017 (as amended, the &#8220;Election Letter&#8221;), between the Company and the Licensor. All capitalized terms used herein which are not defined herein, but which are defined in the License Agreement, shall have the respective meanings ascribed thereto in the License Agreement. This Agreement is hereinafter referred to as the &#8220;Closing Agreement&#8221;.</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The undersigned parties hereby agree and acknowledge as follows:</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. The undersigned parties hereby confirm that as of April 21, 2017 (the &#8220;Closing Date&#8221;), the Company has paid the Licensor $2,500,000 by wire transfer in immediately available funds. Within twenty four (24) business hours of the receipt by Licensor of the wire transfer of $2,500,000 as referred to in the preceding sentence, Licensor shall execute and deliver to ME<sub>2</sub>C an Assignment of the Patent Rights (the &#8220;Assignment&#8221;) in the form attached as Exhibit 1 hereto. Conditioned upon consummation of the transactions contemplated in the preceding two sentences, within 30 days of the date of the Assignment, the Company will issue (i) 628,998 shares of its common stock to the Licensor and (ii) 296,002 shares of its common stock directly from ME<sub>2</sub>C to the Inventors in the quantities set out in the table immediately below, subject to receipt by the Company from the Licensor and each of the Inventors of a properly executed Recipient Agreement in the form attached as Exhibit 2 hereto, provided that no delay in delivery of an executed Recipient Agreement shall relieve ME<sub>2</sub>C from the obligation to deliver the shares to the respective Recipient upon receipt of the applicable executed Recipient Agreement. </p>
<p style="MARGIN: 0px">&nbsp;</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: TIMES NEW ROMAN; TEXT-ALIGN: justify" cellspacing="0" cellpadding="0" width="85%" align="center" border="0">

<tr>
<td style="BORDER-BOTTOM: black 1px solid" valign="bottom">
<p style="MARGIN: 0px" align="justify"><b>Inventor name</b></p></td>
<td valign="bottom">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">
<p style="MARGIN: 0px" align="center"><b>Number of Inventor Shares </b></p></td>
<td valign="bottom">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">
<p style="MARGIN: 0px" align="center"><b>Percentage of Inventor Shares </b></p></td>
<td valign="bottom">
<p style="MARGIN: 0px">&nbsp;</p></td></tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="MARGIN: 0px" align="justify">John Pavlish</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="ffcell" valign="bottom" width="9%" align="right">97,958</td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="ffcell" valign="bottom" width="9%" align="right">33.09</td>
<td valign="bottom" width="1%">%</td></tr>
<tr bgcolor="#ffffff">
<td valign="top">
<p style="MARGIN: 0px" align="justify">Ed Olson</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="ffcell" valign="bottom" width="9%" align="right">97,958</td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p></td>
<td id="ffcell" valign="bottom" width="9%" align="right">33.09</td>
<td valign="bottom" width="1%">%</td></tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="MARGIN: 0px" align="justify">Mike Holmes</p></td>
<td valign="bottom" width="1%">
<p style="MARGIN: 0px">&nbsp;</p>