Settlement and Release Agreement
Exhibit 10.11
Settlement and Release Agreement
This Settlement and Release Agreement is made an entered into as of the ____ day of January, 2005 by and between IAS Communications, Inc., and Oregon corporation (“IAS”) and West Virginia Research Corporation (“WVURC”).
WHEREAS: Integral Concepts Inc., a West Virginia corporation, (“ICI”) and WVURC entered into a license agreement dated April 12, 1994 (the “License”) for certain technologies related to the design, construction and operation of the Toroidal Helical Antenna, U.S. Patent Office Serial No. 07/992,970, et seq., and defined herein to be embraced with the expression “The Technology”; and
WHEREAS: IAS was granted an exclusive worldwide sublicense from ICI of its right, title and interest in and to the Technology, excluding all military applications and resulting procurement interests, pursuant to the sublicense dated July 10, 1995, by and between IAS and ICI (the “Sublicense”); and
WHEREAS: ICI and WVURC are going to terminate the License and ICI and IAS are going to terminate the Sublicense; and
WHEREAS: IAS owes WVURC approximately $315,778.50 pursuant to the terms of the License and Sublicense; and
WHEREAS: Termination of the Sublicense will aid WVURC is settling litigation with Xxxx VanVoories; and
WHEREAS: WVURC and IAS desire to enter into a non-exclusive license for the Technology (the “IAS License”); all as provided for herein.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. | WVURC and IAS hereby agree to enter into
the IAS License in the form attached hereto as Exhibit A and incorporated
herein by reference. |
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2. | WVURC does hereby fully, forever, irrevocably,
and unconditionally release and discharge IAS including, as applicable,
all past and present officers, directors, stockholders, affiliates (including,
but not limited to parent, subsidiary and affiliated corporations), agents,
employees, representatives, lawyers, administrators, spouses, and all
persons acting by, through, under, or in concert with them, from any and
all claims, damages or other sums, including but not limited to the approximately
$315, 778.50 owed to WVURC pursuant to the License and Sublicense,
and including attorney’s fees and costs, which WVURC may have against
them, or any of them, which could have arisen out of any act or omission
occurring from the beginning of time to the effective date of this Agreement,
whether now known or unknown, and whether asserted or unasserted. |
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Nothing in this agreement shall be construed
as a release by WVURC of ICI or Xxxxx X. Xxxxx. |
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3. | IAS does hereby fully, forever, irrevocably,
and unconditionally release and discharge WVURC including, as applicable,
all past and present officers, directors, stockholders, affiliates, related
business entities, agents, employees, representatives, lawyers, administrators,
spouses, and all persons acting by, through, under, or in concert with
them, from any and all claims, damages or other sums, including attorneys’
fees and costs, which IAS may have against them, or any of them, which
could have arisen out of any act or omission occurring from the beginning
of time to the effective date of this Agreement, whether now known or
unknown, and whether asserted or unasserted. |
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4. | Miscellaneous |
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(a)
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West Virginia Law. This Agreement
shall be construed in accordance with the laws of the State of West Virginia.
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(b) | Attorney’s Fees. In any action
brought to enforce this Agreement, or to seek damages for breach thereof,
the prevailing party shall be entitled to recover a reasonable attorney’s
fee (including a reasonable attorney’s fee on any appeal thereof),
and reasonable costs of litigation in addition to any other award or decree
granted or given by the court. |
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(c) | Entire Agreement. This Agreement constitutes
the entire agreement and understanding between the parties, and may only
be modified or amended by a subsequent written agreement executed by both
parties. |
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(d) | No Waiver. No failure on the part
of either party to exercise and no delay in exercising any rights hereunder
shall operate as a waiver thereof; nor shall any waiver or acceptance
of a partial, single or delayed performance of any term or condition of
this Agreement operate as a continuing waiver or a waiver of any subsequent
breach thereof. |
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(e) | Severability. If any provision of
this Agreement is held to be illegal, invalid or unenforceable, such provision
shall be fully severable and this Agreement shall be continued and enforced
as if such illegal, invalid or unenforceable provision were never a part
hereof; and in lieu of such provision, there shall be added automatically
as part of this Agreement a provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible to make such provision
legal, valid and enforceable. |
IAS Communications, Inc.
By:__/s/ Xxxx Robertson_________
Xxxx X. Xxxxxxxxx, President
West Virginia University Research Corporation
By:__/s/ Xxxx Weete____________