On December 31, 2015 YA Global Investments, LP ("YAGI") and GreenShift entered into a Settlement Agreement pursuant to which YAGI accepted, in satisfaction of $14,196,897 of principal an interest accrued on debentures issued by GreenShift, a cash payment of $2,000,000 and the execution of a Royalty Agreement by GreenShift and its affiliates.
The Royalty Agreement provides that, for an indefinite term, GreenShift and its subsidiaries will pay to YAGI a royalty equal to 15% of all Intellectual Property Income earned by any of them. "Intellectual Property Income" is defined in the Royalty Agreement to encompass all payments received under, with respect to, or in connection with any intellectual property, including payments made by licensees, and including any amounts paid in settlement or as an award of damages arising from third party infringement of the intellectual property rights of GreenShift or its subsidiaries, provided that Intellectual Property Income by reason of settlements or awards will be reduced by the amount of any legal fees and expenses incurred in obtaining the settlement or award.
On the same date, GreenShift deposited $400,000 in cash into escrow in anticipation of settling an additional $2,939,300 in principal and interest due from GreenShift to various assignees of YAGI ("YAGI Assignees"). The YAGI Assignees have until March 31, 2016 to accept the relevant settlement terms.
Transfer of Controlling Interest
On December 31, 2015, FLUX Carbon Corporation, an entity owned by Kevin Kreisler, GreenShift's CEO, transferred its ownership interest in Viridis Capital LLC to Bitzio, Inc., a Nevada corporation (OTC Pink: BTZO) ("Bitzio"), in exchange for an 80% equity interest in Bitzio. Viridis Capital was, at the time of the transfer, the owner of 800,115 shares of Series D Preferred Stock issued by GreenShift.
Royalty Amount. For good and valuable consideration, the Obligors agree from and after the date of this Agreement to pay to the Lender (at the times and in the manner set forth in Section 2.2 below) ongoing royalty payments equal to fifteen percent (15%) of all of the Obligors' Intellectual Property Income (the "Royalty").
Obligor's Existing License Agreements
1.
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Early Adopter License Agreement dated April 16, 2012 between GS CleanTech Corporation and ABE South Dakota LLC.
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2.
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Early Adopter License Agreement dated July 8, 2011 between GS CleanTech Corporation and The Andersons Clymers Ethanol, LLC.
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3.
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Early Adopter License Agreement dated July 19, 2011 between GS CleanTech Corporation and The Andersons Marathon Ethanol LLC.
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4.
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Early Adopter License Agreement dated December 1, 2010 between GS CleanTech Corporation and Pixley Ethanol, LLC (Calgren).
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5.
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Early Adopter License Agreement dated July 1, 2010 between GS CleanTech Corporation and Center Ethanol Company, LLC.
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6.
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Early Adopter License Agreement dated October 1, 2011 between GS CleanTech Corporation and Chief Ethanol Fuels, Inc.
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7.
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Early Adopter License Agreement dated December 7, 2010 between GS CleanTech Corporation and Patriot Renewable Fuels, LLC, as amended (CHS Annawan).
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8.
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Early Adopter License Agreement dated August 3, 2010 between GS CleanTech Corporation and Corn, LP.
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9.
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License Agreement dated July 6, 2011 between GS CleanTech Corporation and Abe Fairmont, LLC, as amended (Flint Hills Resources – Fairmont LLC).
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10.
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License Agreement dated June 1, 2013 between GS CleanTech Corporation and Platinum Ethanol LLC, as amended (Flint Hills Resources – Arthur LLC).
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11.
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Early Adopter License Agreement dated July 19, 2010 between GS CleanTech Corporation and Green Plains Renewable Energy, Inc., as amended.
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12.
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Early Adopter License Agreement dated February 15, 2011 between GS CleanTech Corporation and Green Plains Commodities, LLC (LAKOTA).
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13.
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Early Adopter License Agreement dated February 15, 2011 between GS CleanTech Corporation and Green Plains Commodities, LLC (RIGA).
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14.
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Early Adopter License Agreement dated January 29, 2014 between GS CleanTech Corporation and Illinois Corn Processing LLC.
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15.
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Early Adopter License Agreement dated July 10, 2012 between GS CleanTech Corporation and GTL Resource USA, Inc. (IL River Energy).
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16.
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Early Adopter License Agreement dated April 1, 2010 between GS CleanTech Corporation and Marquis Energy, LLC, as amended January 1, 2011.
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17.
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Early Adopter License Agreement dated April 1, 2010 between GS CleanTech Corporation and Marquis Energy – Wisconsin, LLC.
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18.
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Early Adopter License Agreement dated October 2, 2012 between GS CleanTech Corporation and MGPI Processing, Inc.
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19.
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License Agreement dated May 31, 2011 between GS CleanTech Corporation and Sunoco, Inc.
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20.
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Early Adopter License Agreement dated June 11, 2010 between GS CleanTech Corporation and United Ethanol, LLC, as amended.
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1 comment:
Look at all the umbrella companies left in the aftermath of the Kreisler GS tornado. Just think about all the people left in the dust of that aftermath with a cup neither half empty or half full, just laced with dust.
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