EXHIBIT 2(c): Proprietary Rights Agreement
STATE OF Montana
:ss
COUNTY OF Sanda
On this 19 day of May, 2000, before me, the undersigned Notary
Public in and for said County and State, personally appeared Xxxxx
X. Xxxxx, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that
he did so freely and voluntarily and for the uses and purposes
therein mentioned.
WITNESS my hand and official seal.
/s/ Xxxxxxxx
Fitchatt
NOTARY PUBLIC in
and for said
COUNTY and STATE.
STATE OF Washington
:ss
COUNTY OF King
On this 20 day of May, 2000, before me, the undersigned Notary
Public in and for said County and State, personally appeared Xxxx
X. Xxxxxx, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that
he did so freely and voluntarily and for the uses and purposes
therein mentioned.
WITNESS my hand and official seal.
/s/ Xxxxxx X. Carp
NOTARY PUBLIC in
and for said
COUNTY and STATE.
PROPRIETARY RIGHTS AGREEMENT
Pursuant to this Proprietary Rights Agreement, Xxxxx X. Xxxxx
(Hereinafter referred to as "XXXXX"), hereby grants, conveys, and
fully transfers to Marine Jet Technology Corp., a Nevada
corporation (hereinafter referred to as "MARINE JET"), any and all
proprietary rights and future benefits that XXXXX may own or have
claim to as a result of his design, development, and/or
manufacturing work on the MARINE JET prototype system, as part of
the effort to commercialize the following U.S. Patents:
U.S. Patent # 5,658,176 "Marine jet Propulsion System"
U.S. Patent # 5,679,035 "Marine jet Propulsion nozzle and
method"
U.S. Patent # 5,683,276 "Marine jet propulsion inlet duct
and method"
In exchange for such grant, conveyance or transfer, MARINE JET
agrees to issue to XXXXX 1,000,000 shares of the Common Stock of
MARINE JET. This stock will be "Restricted Stock" under Federal
Rule 144.
Executed by all parties this 19th day of May, 2000 by the all
parties to this AGREEMENT.
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx, Individually
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx for Marine Jet Technology Corp.
