Exhibit 10.02
ASSIGNMENT OF EXCLUSIVE LICENSE AGREEMENT
This Assignment of Exclusive License Agreement is made effective December
4, 1997 between Powerball Industries, Inc., a Utah corporation ("Industries")
and Powerball Technologies, L.L.C., a Limited Liability Company
"Technologies".
RECITALS
By an exclusive License Agreement dated November 6, 1997, ("License") a
copy of which is attached as Exhibit "An, Industries acquired from Xxx X.
Xxxxxxxxx ("Xxxxxxxxx") the exclusive right in the United States of America
and throughout the world to certain patent and intellectual property rights
owned by Xxxxxxxxx.
Technologies desires to acquire the License from Industries, and
Xxxxxxxxx has consented to an assignment of the License.
It is therefore agreed:
1. Assignment. As consideration for a 50% ownership interest in
Technologies, Industries hereby assigns to Technologies the License and all of
Industries' right, title and interest thereunder, subject to the covenants and
conditions set forth in the License.
2. Covenants of Industries. Industries warrants that the License is now
valid and in full force, that all royalties reserved therein have been paid up
to December 4 1997, and that all of the covenants and conditions of the
License have been fulfilled.
3. Covenants of Technologies. Technologies shall pay to Xxxxxxxxx all
royalities granted to Xxxxxxxxx under the License from and after December 4
1997, shall fulfill all the royalties, covenants and conditions required to be
fulfilled by Industries under the License, and shall indemnify Industries
against all damages costs, and expenses in respect of such royalties,
covenants, and conditions.
In witness whereof the parties have signed this Assignment.
POWERBALL INDUSTRIES, INC. POWERBALL TECHNOLOGIES , L.L.C.
By: /s/Xxx X. Xxxxxxxxx, President By: /s/Xxx X. Xxxxxxxxx, President
I hereby consent to the above assignment, reserving all my rights pursuant to
the License.
/s/Xxx X. Xxxxxxxxx
