EXHIBIT 10.15
[LETTERHEAD OF FRANKLIN TELECOM]
CONFIDENTIAL
May 15, 1997
Mr. Xxxx Xxxxxx, President, CEO
Peak Technologies Inc.
0000 Xxxxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxxxx, XXX 00000
000-000-0000
Re: LICENSE AGREEMENT
This letter represents a limited license and joint development agreement between
Franklin Internet (FNet) and Peak Technologies (Peak). Xxxxxxxx (FNet) will
purchase a five year "PeakJet" (the Product) license to sell annual subscriber
licenses for $2.00 per copy. The payment will be one dollar per copy in cash as
used, plus one share of FNet pre IPO stock. A minimum distribution of 50,000
FNEt common voting shares will be distributed to Peak within 15 days from this
signing. The 50,000 shares of FNet are to be paid to Peak regardless of the
volume of units licensed, and are considered a minimum commitment to Peak from
FNet as consideration for this agreement. FNet will list 5,000 shares to be
released upon the offering of shares to the public. The cash payment will be due
as the product is distributed and paid quarterly. After the 50,000 copies are
purchased (the shares used up) the price of a one year end user license will
revert to $1.50 per copy to be paid in cash (check) as the Product is
distributed and paid quarterly.
Following are the terms:
1. Peak will keep the Product up to date with the latest release of PeakJet
including regular updates and fixes.
2. Peak shall pay a royalty of 30% for any sale of upgrade programs to the FNet
customer base.
3. Peak will assist in the testing and conversion to a unique Satellite
application to be called FX Satellite Product.
4. Structure; Entire Agreement, California Law will be used for disputes.
5. Exclusivity: This agreement shall be non-exclusive with regard to general
Internet Service Provider Use. This agreement shall be exclusive with regard
to the Franklin FX Satellite Product.
4. Rights to intellectual property used in the development and manufacture of
this joint venture are not transferable and remain with the respective owner.
5. For a period of 5 Years, FTC will be appointed as exclusive provider and
manufacturer of all products jointly created under this agreement.
Agreed to by FNet Agreed to by Peak
/s/ Xxxxx X. Xxxxxx 5/21/97 /s/ Xxxx Xxxxxx 5-21-97
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Xxxxx X. Xxxxxx, President Date Xxxx Xxxxxx, President Date
FNet Peak Technologies Inc.