LICENSE AGREEMENT
THIS
AGREEMENT is made and entered into this the 25th day of
August,
2009, by and between MOMENTUM BIOFUELS, INC. ("Licensor"), a
Texas corporation,
with offices located at 4700 New West
Drive, Pasadena, Texas 77507 and HUNT
GLOBAL RESOURCES, INC. ("Licensee"), a Texas
corporation, with offices located
at Waterway Plaza Two, Suite 325, 10001 Woodloch Forest
Drive, The Woodlands,
Texas 77380.
WITNESSETH
WHEREAS,
Licensor has invented and owns certain processes,
techniques
and formulas that combine to create a unique method of
producing bio-fuels and
derivative products, which combined shall be referred to herein as
"Intellectual
Property", or "IP", all of which
Licensor represents that it has good and
marketable title after assumption of its obligations regarding
title to the same
by Licensee; and
WHEREAS, Licensee
wishes to acquire the right to use the said
Intellectual Property for commercial purposes;
NOW THERFORE, the
parties hereto have agreed as follows:
1.
Licensor hereby conveys to Licensee the
exclusive right to use,
improve, sub-license and commercialize the
Intellectual Property described
herein for a period of ten (10)
years from the date hereof for
and in
consideration of the agreements, terms, conditions, compensation
and obligations
contained in this License Agreement.
2. As
consideration for the License herein granted, Licensee agrees
to
pay to Licensor a royalty equal to three percent (3%) of the gross
and collected
revenue for all bio-diesel and related
products produced by the Licensee and
three percent (3%) of the gross revenue
collected by the Licensee from the
"Commercial Sand" business of Licensee, as
described in Licensee's business
plan, a copy of which is attached hereto, during the term
hereof. The royalties
descr
