ASSET PURCHASE AGREEMENTAsset Purchase Agreement • February 23rd, 2011 • Solar Energy Initiatives, Inc. • Semiconductors & related devices • Florida
This Asset Purchase Agreement (this "Agreement") is made as of February 15, 2011, by and between Solar Park Initiatives, Inc, a Nevada corporation ("Buyer"), and Solar Energy Initiatives, Inc. ("Seller"), a Delaware corporation. Buyer and Seller are sometimes referred to individually as a "Party" and together as "Parties."
EXHIBIT-E ROYALTY AGREEMENTRoyalty Agreement • February 23rd, 2011 • Solar Energy Initiatives, Inc. • Semiconductors & related devices
Solar Park Initiatives, Inc. hereby agrees to compensate Solar Energy Initiatives, Inc. an amount equal to 10% of Adjusted Gross Profit (Adjusted Gross Profit to include, but not limited to, costs of School Teachers, Commissions for Selling Class-time, Depreciation and Course Materials) derived from the operation of education programs to the Seller for a period of 3 years, ending as of February 14, 2014. Said Royalty Fee will be calculated quarterly beginning with the 3 month period ending May 30, 2011 and continuing for each subsequent three month period of time. Said Royalty Fee is payable ten (10) business days after the end of each quarter. This royalty fee is associated with the Rights of Use for licensing and non-compete as follows:
