EXHIBIT 10.09 AGREEMENT TO SUBLICENSE
AGREEMENT TO SUBLICENSE
THIS AGREEMENT TO SUBLICENSE (the "Agreement") is made and entered into
effective as of the _____ day of January, 1998 by and between Xxxxxxx Gold
Group, Inc., a Delaware corporation ("Xxxxxxx"), and LS Capital Corporation, a
Delaware corporation ("LS Capital").
RECITALS:
WHEREAS, LS Capital and other parties entered into a letter agreement (the
"License Agreement") dated March 27, 1997 with Xxxxxxx Xxxxxxx ("Xxxxxxx")
whereby Xxxxxxx agreed to continue developing on behalf of LS Capital and its
subsidiaries a technology for recovering micro fine gold and other precious
metals from desert sands (the "Technology"); and
WHEREAS, pursuant to the License Agreement, LS Capital has the right to
sublicense the Technology to its subsidiaries and affiliates upon the
fulfillment of certain conditions (the "Conditions Precedent"); and
WHEREAS, Xxxxxxx Gold desires a sublicense of the Technology from LS
Capital, and LS Capital is willing to sublicense the Technology to Xxxxxxx Gold
upon the fulfillment of the Conditions Precedent, upon the terms, provisions and
conditions contained hereinafter and in the License Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, $10.00 and other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. Grant of Sublicense. In consideration of the premises and the mutual
covenants hereinafter set forth, $10.00 and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged by LS Capital, LS Capital hereby agrees to grant to Xxxxxxx Gold,
upon fulfillment of all Conditions Precedent, a non-exclusive worldwide right
and sublicense to the Technology, royalty-free with respect to LS Capital. The
grant shall be co-terminus with the license granted in the License Agreement. In
this connection and upon fulfillment of the Conditions Precedent, LS Capital
agrees to deliver to Xxxxxxx Gold an agreement (the "Definitive Agreement") in
form satisfactory to LS Capital and Xxxxxxx Gold containing customary terms,
conditions and provisions with regarding to grants of sublicenses.
2. Assumption of Obligations. Xxxxxxx Gold hereby agrees to assume in the
Definitive Agreement all obligations that it owes to Xxxxxxx or that LS Capital
would owe to Xxxxxxx by virtue of Xxxxxxx Gold's use of the Technology,
including, without limitation, all payments of royalties and other amounts that
become due to Xxxxxxx under the License Agreement solely by virtue of Xxxxxxx
Gold's use of the Technology.
IN WITNESS WHEREOF, the undersigned have set their hands hereunto as of
the first date written above.
"XXXXXXX"
XXXXXXX GOLD GROUP, INC.
BY:_________________________________
Xxxxxxx X. Xxxxxxxxx, President
ADDRESS:__________________________
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"LS CAPITAL"
LS CAPITAL CORPORATION
BY:_________________________________
Xxxx X. Xxxxxx, President
ADDRESS: 00000 Xxxx Xxxxxxx,
Xxxxx 000
Xxxxxxx, Xxxxx 00000