POWER GLOVE Sample Clauses

POWER GLOVE. The Company shall transfer to Freedom Multimedia, LLC, a Delaware limited liability company, (the "Power Glove Company") all of its right title and interest in and to the Power Glove product line and associated technology, patents and trademarks (but excluding the television, video, music and similar entertainment rights, `which shall remain in the Company, or be licensed to the Company pursuant to an exclusive, worldwide, royalty-free license). The equity interests in the new entity shall be allocated 43.75% to Seller, 37.5% to Xxxxxxx Xxxxxxx, Xxxx Xxxxxxx and Xxxxx Xxxxxxx (collectively) and 1 8.7 5% to Buyer, it being understood that voting control over Buyer's interest will rest will Seller or Seller's designee. The parties acknowledge that the Company has borrowed $300,000 from its Chase Credit line for development of the Power Glove; upon organization of the Power Glove Company, all cash remaining from such borrowing shall be transferred to the Power Glove Company, and the Power Glove Company shall issue a promissory note to the Company for $300,000, payable upon such terms as the parties may mutually agree, but due in any event within two years of the Closing. In the event that the Power Glove Company shall cease operations or development for a period of more than six months, the members shall cause the Power Glove Company to use best efforts to sell its assets and the first $300,000 raised from such sale shall be utilized to repay its promissory note to the Company. The parties shall negotiate in good faith with respect to the terms of the organization of the Power Glove Company. The operating agreement for the Power Glove Company shall provide that the members shall have the option (exercisable within 10 days) to avoid dilution of their equity percentages in the Power Glove Company by investing additional capital on the same basis (at the same price per percentage interest) as is offered to new third party investors. Furthermore, if the assets or business (or capital stock) of Up Up & Away America, Inc. are merged into or contributed to the Power Glove Company as part of the financing of such company, there will be an independent valuation made of such assets or stock, and the owners of the shares of Up Up & Away, Inc. shall receive additional percentage interests in the Power Glove Company based upon such valuation.
Sample 1
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