DISTRIBUTORSHIP AGREEMENT
This
Agreement (“Agreement”) is made and entered into as of December 19, 2005, by and
between EQUIS International, Inc., a corporation organized under the laws of
the
State of Delaware (“Equis”) and California News Tech, under the laws of the
State of California (“Vendor”).
Recitals
WHEREAS,
Vendor owns and holds copyrights and trade secrets and other proprietary rights
in and to certain trade processing technology, and other items all of which
are
valuable and useful items recommended for use by both professional and personal
investors (the “Programs”); and
WHEREAS,
Equis has represented to Vendor that it possesses experience, knowledge and
skill in the MS function language, and has the capability to effectively market
and distribute Upper Hand and Heads Up Program (products).
Agreement
NOW,
THEREFORE, in consideration of the mutual promises contained in this Agreement
and for other good and valuable consideration, the receipt and sufficiency
of
which is hereby acknowledged, Equis and Vendor agree as follows:
1. APPOINTMENT
OF DISTRIBUTOR. Subject
to the terms and conditions of this Agreement, Vendor hereby appoints Equis
to
be a non-exclusive authorized distributor of the Programs globally and Equis
accepts such appointment. Equis shall have the right and the obligation to
use
its best efforts to provide the Programs to other customers and/or to appoint
additional distributors or representatives.
2. CHANGES
TO THE PROGRAMS.
Vendor
shall have the right at any time and from time to time, in its sole discretion,
to change the design, capabilities or other characteristics of any Program,
or
discontinue the production or marketing of any Program without prior notice
of
any kind; provided, however, that Vendor shall notify Equis of changes in the
Programs.
3.
TERMS
OF PURCHASE AND RETURN OF PROGRAMS.
Vendor
shall provide Equis with the Programs set forth in Schedule A (“Business
Terms”).
4.
TECHNICAL
CAPABILITIES.
Vendor
shall at all times during the term of this Agreement, at its expense, maintain
the ability to : (i) provide competent and adequate technical assistance to
users of the Programs (“Users”), (ii) explain to Users the basic features and
capabilities of the Programs, and (iii) provide such other assistance to Users
in connection with the use of the Programs, including installation assistance
as
it makes available to its other customers generally. Vendor shall make clear
to
customers the method of obtaining the above-described support.
5.
EQUIS’
USE OF THE PROGRAMS.
Equis
shall have the right and license to use copies of the Programs as necessary
to
demonstrate the Programs to potential customers, subject to all of the
restrictions set out in the vendor’s license agreement for the Programs. Equis
shall not copy, modify, alter or transfer, electronically or otherwise, any
Programs excepts as expressly allowed in this Agreement. Equis shall not
translate, reverse program, disassemble, de-compile or otherwise reverse
engineer any of the Programs.
6.
PACKAGING.
Equis
shall maintain all trademark, copyright and other intellectual property notices
of Vendor on such any wrapping and packaging of the product.
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7.
WARRANTIES.
VEDOR
DOES NOT WARRANT THE PROGRAMS TO EQUIS. VENDOR WARRANTS THE PROGRAMS TO END
USERS AS SPECIFICALLY SET OUT IN THE VENDOR’S LICENSE AGREEMENT FOR THE
PROGRAMS, AND THOSE WARRANTIES ARE THE ONLY AND ENTIRE WARRANTIES MADE BY VENDOR
IWHT RESPECT TO THE PROGRAMS, SUBJECT TO EXCEPTIONS MANDATED BY LAW. VENDOR
MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, RELATING THERETO.
8. INDEMNITY.
Vendor
covenants and agrees to indemnify and to keep the Reuters group of companies
indemnified in respect of an against all claims, damages, losses, costs or
expenses (including reasonable legal fees and expenses) arising out of or in
connection with all claims and proceedings relating to Equis’ possession, use or
distribution of the Programs and any other Vendor-provided service. Vendor
agrees that it will protect, save and keep Equis harmless against and from
any
penalty and/or damages or charges imposed by any Federal or State regulatory
agency or result of the acts or omissions of Vendor. Vendor further covenants
and agrees to indemnify and hold Equis harmless from any and all third party
claims, demands, or causes of action against Equis for damages arising from
or
as a result of the acts or omissions of Vendor, and Vendor agrees to defend
Equis from any and all such claims, demands or causes of action, or if Equis
so
chooses, Equis may defend itself. In either event, Vendor shall pay any and
all
costs, attorneys’ fees, or judgments arising from such defense.
9. LIMITATION
FO LIABILITY.
IN NO
EVENT SHALL VENDOR BE LIABLE TO EQUIS, EXCEPT (i) IN RESPECT OF DEATH OR
PERSONAL INURY CAUSED BY VENDOR’S NEGLIGENCE, (ii) AS A RESULT OF VENDOR’S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT, OR (iii) AS OTHERWISE REQUIRED BY LAW, BY
REASON OF ANY REPRESENTATION OR IMPLIED WARRANTY, CONDITION OR OTHER TERM OR
ANY
DUTY AT COMMON LAW, OR UNDER THE TERMS OF THIS AGREEMENT, FOR ANY CONSEQUENTIAL
LOSS OR DAMAGE (WHETERE FOR LOSS OF PROFIT OR OTHERWISE) ARISING OUT OF OR
IN
CONNECTION WITH ANY ACT OR OMISSION OF VENDOR RELATING TO THE DEVELOPMENT,
MANUFACTURE OR SUPPLY OF THE PROGRAMS, THEIR DISTRIBUTION BY EQUIS OR THEIR
USE
BY ANY CUSTOMER OR OTHER END USER.
10. INTELLECTUAL
PROPERTY RIGHTS.
Equis
recognizes and agrees that the Programs contain valuable trade secrets,
copyrighted materials, trademarks, trade secrets, proprietary information and
other items of value which are the sole property of Vendor and that Vendor,
by
entering into this Agreement and by permitting the license of the Programs
pursuant to this Agreement and the Vendor’s license agreement or any other
amendments thereto, does not waive or intend to waive its rights to the
Programs, to the copyrights it has in the Programs, to the trademarks, or to
the
trade secrets and manufacture and distribution of the Programs. Vendor shall
own
all intellectual property rights in and to the Programs and any modifications,
enhancements, updates, or upgrades made by Vendor.
11. VENDOR’S
BEST INTEREST.
Equis
shall recognize that the Programs are the sole property of and have been
developed by Vendor and shall take all reasonable steps to perform all of its
licensing, advertising and distribution activities in the best interest of
Vendor and in the best interest of the promotion and development of the
Programs.
12. TERM.
This
Agreement shall remain in effect for an initial term of twelve (12) months
following the execution date (the “Initial Term”) unless terminated earlier
pursuant to Section 14 below. At the end of the Initial Term, the Agreement
shall automatically for an additional one year periods unless either party
notifies the other in writing of its intention not to renew this Agreement
at
least ninety (90) days before the expiration of the initial term or any renewal
thereof.
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13. TERMINATION.
Either
party may terminate this Agreement upon written notice to other party upon
the
occurrence of any of the following events:
1. |
Either
party breaches any term or condition of this Agreement, and fails or
refuses to fully cure any such breach or violation within thirty (30)
days
after receipt of written notice of such breach or
violation;
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2. |
Either
party violates any law or regulation and such violation has a material
adverse effect on the other party;
|
3. |
Either
party is insolvent or files for bankruptcy or is the subject of an
involuntary bankruptcy filing or make an assignment for the benefit
of
creditors; or
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4. |
Any
material provision of this Agreement is found to be illegal or
unenforceable.
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14. EFFECTS
OF TERMINATION
In
the
event that this Agreement is terminated for any reason, Equis shall return
within two weeds, via certified carrier to Vendor, all copies of the Programs
in
its possession (or subsequently received), packaged suitably to protect them
during transit and shall immediately cease distribution of the programs; and
shall use reasonable efforts to expunge from the memory storage (including
without limitation any hard disk, floppy disk or tape storage) of any computer
in its possession, or over which it has control or to which it has access,
any
trace of the Programs, and shall return to Vendor any manuals, documentation,
marketing or other related materials pertaining to the Programs
If
this
Agreement is terminated by either party for any reason Vendor will refund Equis
for returned Programs at the price they were originally purchased, and Equis
shall pay costs of shipping.
15. ENTIRE
AGTEEMENT
This
Agreement, together with the License Agreement and Schedules attached hereto
as
it may from time to time be amended, contains the entire understanding between
the parties and all prior discussions, negotiations and agreements, whether
oral
or written, concerning the subject matter of this Agreement are deemed merged
into this Agreement. This Agreement may not be amended except in a writing
signed by the parties.
16.
NOTICE
Unless
otherwise advised in writing, the parties shall send all notices and make all
shipments pursuant to this Agreement to the following addresses:
(Equis) | EQUIS International Inc. |
00 Xxxxx 000 Xxxx, Xxxxx 000 | |
Xxxx Xxxx Xxxx, XX 00000 | |
XXX | |
Attention: Legal Department | |
(Vendor) |
17. CHOICE
OF LAW AND VENUE.
This
Agreement shall be interpreted pursuant to the laws of the permitted by the
laws
of the State. In the event of a dispute arising under this Agreement, the
parties agree to submit it to and agree to the jurisdiction of a court in the
State of Utah authorized to sit in Salt Lake City, Utah.
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18. ASSIGNMENT.
This
Agreement may not be assigned to by either party without the express written
consent of the other party, which consent shall not be unreasonable withheld.
However, either party may assign the Agreement to a third party without the
other party’s consent in the event that substantially all of the assigning
party’s stock is acquired by the third party as the result of a merger,
acquisition, or consolidation.
19. HEADINGS.
The
section headings herein are for convenience only and are not
controlling.
20. ATTORNEY’S
FEES AND COSTS.
If any
action is commenced by either party to this Agreement to enforce or interpret
this Agreement, the prevailing party shall be entitled to receive reasonable
attorneys’ fees and costs, including, but not limited to, fees charged by expert
consultants and witnesses, in addition to any remedy or judgment granted or
entered by the court, whether at law or in equity.
21. AUTHORITY
TO ACT.
The
individuals signing this Agreement on behalf of the respective parties,
represent that they have the authority to bind their respective corporations
to
this Agreement.
22. CUSTOMER
INFORMATION.
The
names and other customer information obtained as a result of Equis’ efforts
under the terms of this agreement shall be considered confidential or
proprietary information belonging to Equis. Vendor agrees to indentify such
customers on its database and exclude such customers from any marketing
promotions of any product and service other than the services outlined on
Schedule A, unless agreed in writing by Equis.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.
EQUIS | VENDOR |
EQUIS International | |
By /s/ Xxxxx Xxxxxxxx | By /s/ Xxxxxx Xxxx |
Name: Xxxxx Xxxxxxxx | Name: California News Tech |
Title: CEO/President | Title: President & CEO |
Date: 19 Dec 05 | Date: 12-15-05 |
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SCHEDULE
A
BUSINESS
TERMS
1. |
REVENUE
SHARING
|
Both
Parties will distribute completed products. Revenue split will be 60% - 40%
to
benefit the seller of the product.
On
a
monthly basis Both Parties will produce a report outlining a total amount of
sold product. This report will include an itemized report of the products
sold.
2. |
PRODUCT
DEVELOPMENT
|
Vendor
will be responsible for the creation of the DLLs that will enable MetaStock
to
read the Heads Up Signals into the MetaStock formula Language.
Following
creation of this DLL, Equis can assist the vendor with manipulation of the
data
and the application of technical indicators into the MetaStock
program.
3. PRODUCT
DUPLICATION
3.1.
Vendor shall be responsible for producing and the costs of producing the
finished Product suitable for sale to end users including duplication of the
software, printing the documentation, and packaging the Product. All packaging
materials must meet by approved by Vendor.
4. PROGRAM
PROMOTION
Each
party agrees to actively promote Vendor’s products to its current and past
customers and prospects by means of email blasts, website promotion and other
means of effective promotion.