Exclusive Licensing Agreement
This agreement is entered between WERE- International, Inc. of Iowa, an
Iowa Corporation, having a principal place of business in the City of
Burlington, Iowa (hereinafter referred to as "WERE") and MAS Acquisition 11
Corp., a Delaware Corporation, having a principal place of business in the City
of Evansville, Indiana thereinafter referred to as "NLAS").
Whereas, WERF- owns exclusive rights to Apparatus for Converting Waste
Materials to Gaseous and Char Materials, US Patent Number 5,104,490 and agrees
to entered into this Exclusive Licensing Agreement with MAS.
Now, therefore, it is agreed as follows:
1 .WERE grants NIAS the exclusive right to use, develop, commercialize and
sub-license Apparatus for Converting Waste Materials to Gaseous and Char
Materials, US Patent Number 5,104,490 and any pyrolytic process,
apparatuses, and inventions conceived by WERE,, including the right to
utilize any patent currently held by or any future patent issued to WERE
for a period of thirty (30) years from the date of this Exclusive Licensing
Agreement. If MAS did not complete the construction of a plant within three
(3) years from the date of this Exclusive Licensing Agreement, all rights
licensed to MAS by WERE shall become non-exclusive. MAS has the first right
of refusal for renewal upon expiration of this Exclusive Licensing
Agreement.
2. Upon execution of this Agreement, MAS shall issue to WERE 900,000 shares or
10% of the common stock of MAS.
3 .Upon execution of this Agreement, MAS shall issue to WERE a 24 month
non-interest bearing note for twenty five thousand ($25,000) dollars.
4. WERE she supply to MAS all patent information, data and any other necessary
information in its possession that will assist NIAS in the development of
the pyrolytic process.
5. WERE will retain the authority to process any pending patent application to
the best of its ability and will retain the right to determine all future
action concerning any patent owned by WERE but agrees to keep MAS informed
of all actions in a timely manner.
Dated this 6th day of July 1997
MAS Acquisition II, Corp. W.E.R.E. International, Inc. of Iowa
By: /ss/ Xxxxx Xxxx By: /ss/ Xxxxx X. Xxxxx
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Xxxxx Xxxx, President Xxxxx X. Xxxxx, President
Board Members
By: /ss/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
By: /ss/ Xxxxxxx Wathicich
----------------------------
Xxxxxxx Wathicich
By: /ss/ Xxxxx X. Xxxxxxx
---------------------------
Xxxxx X. Xxxxxxx
By: /ss/ Xxxxxx L Felgum
--------------------------
Xxxxxx X. Felgum
By: /ss/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
