Exhibit 10.12
(English Translation)
TECHNOLOGY LICENSE CONTRACT
This contract (the “
Contract ”) is entered by and between the following
two parties on July 23, 2010 in Zhaoqing City, Guangdong Province,
China:
Licensor: Lin Xiangzhong (the
“ Licensor ”)
Licensee: Guangdong Jinhao Motorcycle Company Limited (the “
Licensee ”)
Whereas, the Licensor is the
legal owner of a new type permanent magnetism brushless
four-quadrant direct current electric motor technology and the
Licensee is the investor of all expenses of the research and
development of product and technology of a new type Permanent
magnetism brushless four-quadrant direct current electric
motor;
Whereas, the Licensor has right
and is willing to license the Licensee to manufacture, use, sell,
promise to sell and import a new type permanent magnetism brushless
four-quadrant direct current electric motor and use the technology
of a new type permanent magnetism brushless four-quadrant direct
current electric motor;
Whereas, the Licensee may use the
Technology to manufacture and sell Patent Product (as defined
below);
The parties through friendly
consultation and reach the following agreement subject to the terms
and conditions hereto:
Article 1.
Definitions
1.1 “Patent Product”
means the new type permanent magnetism brushless four-quadrant
direct current electric motor as specified in the attachment one of
this Contract; such product has been certified as utility model
patent (the “ Patent ”) by State Intellectual
Property Office of the PRC with the patent No. of
200610020086.X
Exhibit 10.12
(English Translation)
1.2 “Technology”
means the technology to produce the Patent Product.
Article 2. The Contract
scope
2.1 The Licensor agrees to
license the Licensee to manufacture, use, sell, promise to sell and
import Patent Product and the Licensee agrees to obtain license
from the Licensor to o manufacture, use, sell, promise to sell and
import Patent Product.
2.2 The Licensor agrees to
license the Licensee to use the Technology and the Licensee agrees
to obtain license from the Licensor to use the
Technology.
2.3 The license the Licensee
obtains from the Licensor pursuant to c