Letter of Intent For Joint Venture

Copyright Envision Corporation. 2002. All rights reserved.
Protected by the copyright laws of the United States & Canada and by international treaties. ! S
""E#A" A$% S!&C!"' P&()*!E% !( %S!&*U!E+ PU*"S)+ (,,E& ,(& SA"E+ "CE$SE (& SU*"CE$SE+ #-E (& %SC"(SE !( A$' (!)E&
PA&!'+ !)S P&(%UC! $ )A&% C(P' (& %#!A" ,(&.. A"" (,,E$%E&S /"" *E SUE% $ A C(U&! (, "A/.
.ay 20+ 2012
Contact $a3e
Address
Address2
City+ State4Province
5ip4Postal Code
OBJECT: LETTER OF INTENT FOR JOINT VENTURE CONFIDENTIAL
%ear 6C($!AC! $A.E7+
!his letter is intended to set forth a letter of intent by 6C(.PA$'7+ a 6S!A!E7 corporation+ and
6C(.PA$'7+ a 6S!A!E7 corporation.
1. (verall Str8ct8re
(8r goal is to establish a 9oint vent8re thro8gh for3ation of a new entity :;6$E/
C(.PA$'7<= to be 9ointly owned by 6C(.PA$'7 and 6C(.PA$'7. (8r initial belief as to
the overall str8ct8re and p8rpose of the vent8re is set forth in the attached !er3 Sheet+
which wo8ld need to be properly doc83ented in definitive agree3ents.

2. $egotiations
/e agree to negotiate to deter3ine if the 9oint vent8re will be appropriate for the parties6+
provided+ however+ that either party 3ay ter3inate negotiations at any ti3e for any
reason7. 6'o8 agree to not negotiate or enter into or contin8e disc8ssions with any other
person or co3pany or solicit or enco8rage+ directly or indirectly+ or f8rnish infor3ation to
any other person or co3pany+ with respect to a si3ilar b8siness arrange3ent+ d8ring the
ninety :>0= days following the date this letter is accepted by yo8.7
?. Confidentiality of $egotiations
!he parties shall 8se best efforts to 3aintain at all ti3es as confidential infor3ation the
fact that yo8 or we have e@ec8ted this letter+ the ter3s of this letter and the e@istence and
content of any negotiations between 8s e@cept that both parties 3ay :i= infor3 advisors+
co8nsel+ and e3ployees with a need to Anow as each party dee3s necessary+ and
:ii= 3aAe appropriate disclos8res if reB8ired by applicable sec8rities laws.
2. #overning "aw
!his letter shall be governed by the s8bstantive laws of the State of 6S!A!E4P&(-$CE7.
C. Entirety
!his letter constit8tes the entire 8nderstanding and agree3ent between the parties
hereto and their affiliates with respect to its s8b9ect 3atter and s8persedes all prior or
conte3poraneo8s agree3ents+ representations+ warranties and 8nderstandings of s8ch
parties :whether oral or written=. $o pro3ise+ ind8ce3ent+ representation or agree3ent+
other than as e@pressly set forth herein+ has been 3ade to or by the parties hereto. !his
letter and its e@hibit hereto 3ay be a3ended only by written agree3ent+ signed by the
parties to be bo8nd by the a3end3ent. Parole evidence and e@trinsic evidence shall be
inad3issible to show agree3ent by and between s8ch parties to any ter3 or condition
contrary to or in addition to the ter3s and conditions contained in this letter and its
e@hibit.

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Copyright Envision Corporation. 2002. All rights reserved. Protected by the copyright laws of the United States & Canada and by international treaties. ! S
D. Constr8ction
!his letter shall be constr8ed according to its fair 3eaning and not strictly for or against
either party. !his letter does not+ and is not intended to+ i3pose any binding obligations
on the parties. !he parties shall not be bo8nd by the ter3s of this letter 8nless and 8ntil
the *oards of %irectors of 6C(.PA$'7 and 6C(.PA$'7 have approved the transaction
conte3plated by this letter+ on or before 6APP&(-E% %A!E7. Each s8ch *oard of
%irectors shall have co3plete discretion to approve+ disapprove or propose 3odifications.
f the ter3s and conditions of this letter are acceptable+ please sign and ret8rn to 8s a copy of this letter
so that we can 3ove forward with o8r disc8ssions.
-ery tr8ly yo8rs+
C(.PA$' C(.PA$'

A8thoriEed Signat8re A8thoriEed Signat8re

Print $a3e and !itle Print $a3e and !itle
CONFIDENTIAL TERM SHEET
FOR JOINT VENTURE
!his ter3 sheet s833ariEes the principal ter3s with respect to the potential for3ation of a 9oint vent8re
corporation :;6$E/ C(.PA$'7<=+ whose shareholders will be 6C(.PA$'7 Corporation :;6C(.PA$'7<=
and 6C(.PA$'7aware Corporation :;6C(.PA$'7<=. !his ter3 sheet is intended solely as a basis for
f8rther disc8ssion and is not intended to be and does not constit8te a legally binding obligation of the
parties.

$o legally binding obligations on the parties will be created+ i3plied+ or inferred 8ntil appropriate
doc83ents in final for3 are e@ec8ted regarding the s8b9ect 3atter of this ter3 sheet and containing all
other essential ter3s of an agreed 8pon transaction and delivered by all parties. /itho8t li3iting the
generality of the foregoing+ it is the partiesF intent that+ 8ntil that event+ no agree3ent binding on the
parties shall e@ist and there shall be no obligations whatsoever based on s8ch things as parol evidence+
e@tended negotiations+ ;handshaAes+< oral 8nderstandings+ or co8rses of cond8ct :incl8ding reliance and
changes of position=. Efforts by either party to co3plete d8e diligence+ negotiate+ obtain financing or
prepare a contract shall not be considered as evidence of intent by either party to be bo8nd by this ter3
sheet or otherwise. !he perfor3ance by either party prior to e@ec8tion of a for3al contract of any of the
obligations which 3ay be incl8ded in a contract between the parties when negotiations are co3pleted
shall not be considered as evidence of intent by either party to be bo8nd by this ter3 sheet.
!he parties are disc8ssing a transaction on the following ter3sG
General: 6$E/ C(.PA$'7 will be a corporation incorporated 8nder the laws of
the State of 6S!A!E4P&(-$CE7.
Purpoe: 6$E/ C(.PA$'7 will be organiEed for the p8rpose of 6%ESC&*E7 :the
;Hoint -ent8re P8rpose<=+ and for the p8rpose of engaging in all activities
and transactions that are necessary in f8rtherance of that p8rpose. 6$E/
C(.PA$'7 shall not engage in any other activity e@cept as set forth
above.
Lo!a"#on o$ 6$E/ C(.PA$'7 will be located at 6"(CA!($7.
Pr#n!#pal O$$#!e:
Mana%e&en": !he *oard of %irectors of 6$E/ C(.PA$'7 shall consist of 6$U.*E&7
directors :to be na3ed by 6C(.PA$'7= and 6$U.*E&7 directors :to be
na3ed by 6C(.PA$'7=. !he parties will e@ec8te a Shareholders
Agree3ent setting forth the rights to elect directors and other
3anage3ent 3atters.
Bu#ne Plan: !he parties will agree prior to the for3ation of the 9oint vent8re on a
*8siness Plan for the first 6$U.*E&7 years of operation of the vent8re.
Ma""er Re'u#r#n% Action on the following 3atters shall only be taAen p8rs8ant to
Conen": resol8tions d8ly adopted by a vote or consent of 6A"" (& A .AH(&!'7
the directors of 6$E/ C(.PA$'7G
:a= approval of any agree3ents+ doc83ents or other arrange3ents
between or involving 6$E/ C(.PA$'7 and any shareholder or
affiliate thereof+ as well as any a3end3ent+ consent or waiver
with respect to s8ch arrange3entsI

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:b= re3oval of directors other than by the party which designated the
director to be re3ovedI
:c= approval of the appoint3ent of the 3e3bers of any co33ittee
established by the *oard of %irectorsI
:d= ter3s of any e3ploy3ent agree3ents with officers of 6$E/
C(.PA$'7I
:e= approval of+ and a3end3ent to+ any b8dgets+ assess3ents or
financial plansI
:f= approval of agree3ents providing for the pay3ent or receipt in
e@cess of 6A.(U$!7I
:g= all transactions regarding b8ildings and land+ incl8ding the lease+
p8rchase+ sale and 3ortgage thereofI
:h= individ8al plans and pro9ects which are capital in nat8re and for
which the anticipated e@pendit8re will e@ceed 6A.(U$!7I
:i= providing loans+ g8arantees+ or other e@tensions of credit other
than in the ordinary co8rse of b8sinessI
:9= a3end3ent of the Articles or the *ylaws of 6$E/ C(.PA$'7I
:A= 3erger into or with or acB8isition of all or part of the b8siness of
another person or entityI
:l= sale+ lease+ transfer+ or other disposition of the assets of 6$E/
C(.PA$'7 having a fair 3arAet val8e+ sale price+ or booA val8e
at ti3e of disposition greater than 6A.(U$!7I
:3= liB8idation+ dissol8tion+ winding 8p or vol8ntary banAr8ptcy of
6$E/ C(.PA$'7I
:n= fi@ing co3pensation of officers+ incl8ding bon8sesI
:o= change in the *8siness PlanI
:p= declaration of dividends e@cept for 6J7 ann8al priority dividends
to 6C(.PA$'7I
:B= appoint3ent+ re3oval or change of any officerI
:r= any 3aterial change in the b8siness of 6$E/ C(.PA$'7I
:s= iss8ance+ p8rchase or rede3ption by 6$E/ C(.PA$'7 of any
sec8rities of 6$E/ C(.PA$'7 and any change+ increase or
red8ction in the capitaliEation of 6$E/ C(.PA$'7I
:t= the borrowing of f8nds by 6$E/ C(.PA$'7 in e@cess of
6A.(U$!7.
O$$#!er: !he President of 6$E/ C(.PA$'7 shall be selected by 6*' .AH(&!'
-(!E (, !)E %&EC!(&S7 and the other officers shall be selected as
followsG 6%ESC&*E7.
In#"#al Cap#"al Con"r#(u"#on At the Closing of the Agree3ent+ 6C(.PA$'7 shall 3aAe a cash
an) O*ner+#p contrib8tion of 6A.(U$!7 to 6$E/ C(.PA$'7 for its shares of stocA
6C(.PA$'7 shall 3aAe a capital contrib8tion of 6A.(U$!7 to 6$E/
C(.PA$'7 and all of 6C(.PA$'7Fs right+ title+ and interest in the assets
described in E@hibit 1. A single class of 6-A"UE7 par val8e 6C(..($
S!(CK7 shall be a8thoriEed consisting of 6$U.*E&7 shares. Shares will
be iss8ed in the following proportionsG
6C(.PA$'7 6J7
6C(.PA$'7 6J7
A))#"#onal 66C(.PA$'7 or 6C(.PA$'77 will be obligated to 3aAe additional capital
Con"r#(u"#on: contrib8tions to 6$E/ C(.PA$'7 in the following instancesG
6SPEC,'7
Loan "o ,NE- COMPAN./: 6C(.PA$'7 will loan 6A.(U$!7 to 6$E/ C(.PA$'7 on the following
conditions and for the following p8rposesG6%ESC&*E7. !he Aey ter3s for
s8ch loans are as followsG
:a= nterest &ateG 6J7

:b= .at8rity %ateG 6%A!E7
:c= Pay3ent Sched8leG 6SPEC,'7
:d= "oan (rigination ,eeG 6A.(U$!7
:e= Sec8red byG 6$A.E7
Fa#lure "o Ma0e A))#"#onal f 66C(.PA$'7 or 6C(.PA$'77 fails to 3aAe the additional reB8ired
Con"r#(u"#on contrib8tions+ the other party will have the option to e@ercise one or 3ore
of the Contrib8tionsG following rights to the e@tent not inconsistentG

Re"r#!"#on on Each party and its Affiliates will be prohibited fro3 directly or
Co&pe"#"#on: indirectly co3peting with 6$E/ C(.PA$'7 in the following areasG
6SPEC,'7.
Tran$er o$ E@cept as provided for below+ witho8t the prior written consent
In"ere": of the other party+ no party+ nor any assignee or s8ccessor in interest of
any party+ shall sell+ assign or otherwise transfer any interest in 6$E/
C(.PA$'7. 6C(.PA$'7 and 6C(.PA$'7 will have a right of first
ref8sal on :i= iss8ances or transfers of sec8rities+ and :ii= license+ 9oint
vent8re or other b8siness arrange3ents proposed by 6$E/ C(.PA$'7.
Con$#)en"#al#"1: All e3ployees of 6$E/ C(.PA$'7 will e@ec8te Confidentiality and
nvention Assign3ent Agree3ents. Each party shall+ at all ti3es d8ring
the ter3 of the vent8re and thereafter+ 8se its reasonable efforts to
safeg8ard the secrecy of any of 6$E/ C(.PA$'7Fs confidential
infor3ation+ incl8ding 3arAeting plans+ c8sto3er infor3ation+ specialiEed
infor3ation+ or financial infor3ation.
De$aul" an) f a defa8lt event occ8rs+ the nonLbreaching party shall have the
Re&e)#e: option to e@ercise the following rights to the e@tent not inconsistentG
6&#)!S7.
Dea)lo!0 E2en": f a 3a9ority of the *oard of 6$E/ C(.PA$'7 can not agree on any
3aterial b8siness or 3anage3ent iss8e arising o8t of the vent8re+ a
%eadlocA will be dee3ed to e@ist. Upon the occ8rrence of a %eadlocA+
either party 3ayG
:a= S8b3it the 3atter to 6*$%$#7 arbitration.

:b= E@ercise the *8yLSell (ption set forth below.
:c= &eB8ire that the Chief E@ec8tive (fficer of each party 3eet to
atte3pt to resolve the deadlocA.
:d= 6(!)E& (P!($S7
Bu13Sell Op"#on: Under a %eadlocA Event and certain other instances to be detailed in the
definitive doc83ents+ a party shall have the right to e@ercise a b8yLsell
option :the ;*8yLSell (ption<=+ whereby the electing party wo8ld be
reB8ired to designate a price at which it wo8ld be willing to sell its interest
or to p8rchase the other partyFs interest in 6$E/ C(.PA$'7+ and the
nonLelecting party wo8ld have the option to b8y or sell s8ch interest at
that price.
Pre$eren"#al Trea"&en" 6$E/ C(.PA$'7 and 6C(.PA$'7 will e@ec8te a Preferential
A%ree&en": !reat3ent Agree3ent+ providing for+ a3ong other things+ :i= preferential
pricing and priority of prod8ction to 6C(.PA$'7 and its affiliates for
p8rchase of 6$E/ C(.PA$'7Fs prod8cts+ :ii= a nonLe@cl8sive+
irrevocable+ royaltyLfree license to 6$E/ C(.PA$'7 for developed
technology for 6C(.PA$'7 and its affiliates to 3aAe and 8se any
prod8cts for their internal p8rposes+ :iii= 6$E/ C(.PA$'7Fs technical
assistance to 6C(.PA$'7 to allow it to 3an8fact8re prod8cts 8sing the
licensed technology+ and :iv= a ;3ostLfavored nation< provision for
6C(.PA$'7 with respect to all price red8ctions+ rebates+ allowances+
etc.+ offered to any other c8sto3er of 6$E/ C(.PA$'7.
Repreen"a"#on an) !he parties will 3aAe a n83ber of representations and warranties+
-arran"#e: incl8ding :i= d8e incorporation+ B8alification+ and a8thoriEation to enter
into the 9oint vent8re+ :ii= e@cl8sive ownership of the assets being
contrib8ted to 6$E/ C(.PA$'7 free of any lien+ sec8rity interest+
infringe3ent+ or adverse clai3+ 6:iii= acc8racy and adeB8acy of the
state3ents 3ade in the 6$A.E7 patent+7 :iv= other representations and
warranties concerning the b8siness+ liabilities+ and good standing of the
parties+ and :v= other representations and warranties typically obtained in
transactions of this type. !he parties will agree to inde3nify and hold
har3less 6$E/ C(.PA$'7 and the other party for any losses or
liabilities arising fro3 any breach of a representation or warranty.
E&plo1&en" A%ree&en" an) 6$E/ C(.PA$'7 will enter into an E3ploy3ent Agree3ent and
*#"+ 4e1 E&plo1ee: Confidentiality and nvention Assign3ent Agree3ent with 6$A.E7 :;Key
E3ployee<= containing s8bstantially the following ter3sG
:a= 6$U.*E&7Lyear ter3.
:b= *ase salary of 6A.(U$!7 yearly.
:c= *on8s :if any= as deter3ined by the *oard of 6$E/ C(.PA$'7.
:d= (ther c8sto3ary benefits that 3ay be available to other
e3ployees of 6$E/ C(.PA$'7+ s8ch as 3edical+ dental+ etc.+
all as deter3ined by the *oard.
:e= Confidentiality and invention assign3ent protection for the
benefit of 6$E/ C(.PA$'7.
:f= 6(!)E& *E$E,!S.7
,COMPAN./ Re#&(ure&en" 6$E/ C(.PA$'7 will enter into a &ei3b8rse3ent Agree3ent with
A%ree&en": 6C(.PA$'7+ providing rei3b8rse3ent to 6C(.PA$'7 and its affiliates
for agreed 8pon services and goods provided to 6$E/ C(.PA$'7 at
6;C(S!< P"US A""(CA*"E (-E&)EA%7 for goods and at an agreed
8pon rate for services. 6C(.PA$'7 will be co3pensated for the 8se of
its facilities by 6$E/ C(.PA$'7.
,COMPAN./ Re#&(ure&en" 6$E/ C(.PA$'7 will enter into a &ei3b8rse3ent Agree3ent with
A%ree&en": 6C(.PA$'7+ providing rei3b8rse3ent to 6C(.PA$'7 for agreed
8pon services provided to 6$E/ C(.PA$'7 at an agreed 8pon rate.
Conditions to ClosingG
:a= !r8th and acc8racy of representations and warranties and
perfor3ance of all obligations by the parties.

:b= Satisfactory concl8sion of d8e diligence investigation.
:c= &eceipt of satisfactory opinions of co8nsel.
:d= Agree3ent on *8siness Plan.
:e= ,inaliEation and e@ec8tion of all doc83ents set forth below 8nder
;Anticipated %oc83entation< in for3 and s8bstance satisfactory
to the parties.
:f= Key 3an life ins8rance having been obtained by 6$E/
C(.PA$'7 for the benefit of 6C(.PA$'7 on Key E3ployee for
the a3o8nt of 6C(.PA$'7Fs anticipated aggregate capital
contrib8tions.
:g= $o litigation or govern3ental proceeding pending or threatened.
:h= Approval of the *oards of %irectors of 6C(.PA$'7 and
6C(.PA$'7 6and any reB8ired shareholder approval7.
:i= &eceipt of any needed reg8latory approval.
6:9= AntiLtr8st clearance filing clearance.
:A= (ther c8sto3ary conditions.

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Anticipated %oc83entationG
:a= .aster Agree3ent :setting forth the overall vent8re for3ation
agree3ent a3ong the parties+ with acco3panying e@hibits s8ch
as Articles+ *ylaws+ licenses+ etc.=.

:b= Articles of ncorporation of 6$E/ C(.PA$'7 :setting forth the
Articles to be filed with the Secretary of State=.
:c= *ylaws :setting forth the *ylaws of 6$E/ C(.PA$'7=.
:d= Shareholders Agree3ent :setting forth the agree3ent of the
parties with receipt to the 3anage3ent and operations of 6$E/
C(.PA$'7=.
:e= (rganiEational &esol8tions of the *oard of %irectors of 6$E/
C(.PA$'7 :setting forth the organiEational *oard resol8tions=.
:f= 6C(.PA$'7 Contrib8tion Agree3ent :providing for
6C(.PA$'7Fs contrib8tion of assets to 6$E/ C(.PA$'7 with
appropriate representations and warranties=.
:g= *8siness Plan :setting forth the *8siness Plan for 6$E/
C(.PA$'7=.
:h= 6C(.PA$'7 &ei3b8rse3ent Agree3ent :setting forth the
services to be perfor3ed+ personnel provided+ 8se of
6C(.PA$'7Fs facilities and other 3atters to be provided to
6$E/ C(.PA$'7 by 6C(.PA$'7+ and the a3o8nts to
rei3b8rse or co3pensate 6C(.PA$'7 therefore=.
:i= 6C(.PA$'7 &ei3b8rse3ent Agree3ent :setting forth the
services to be perfor3ed+ personnel provided+ and other 3atters
to be provided to 6$E/ C(.PA$'7 by 6C(.PA$'7+ and the
a3o8nts to rei3b8rse or co3pensate 6C(.PA$'7 therefore=.
:9= Preferential !reat3ent Agree3ent :setting forth the ter3s of
certain preferential treat3ent and the license to be granted by
6$E/ C(.PA$'7 to 6C(.PA$'7 and its affiliates=.
:A= E3ploy3ent and nvention Assign3ent Agree3ent with Key
E3ployee :providing for the ter3s of e3ploy3ent of Key
E3ployee with 6$E/ C(.PA$'7=.
:l= !echnology "icense Agree3ent :setting forth the ter3s of
technology licensing fro3 6C(.PA$'7 to 6$E/ C(.PA$'7=.
:3= !rade3arA "icense Agree3ent :setting forth the ter3s of any
trade3arAs or service 3arAs to be licensed to 6$E/
C(.PA$'7=.
:n= %istrib8tion Agree3ent :setting forth the ter3s of any distrib8tion
or s8pply arrange3ent between 6$E/ C(.PA$'7 and one or
3ore of the parties=.

:o= Confidentiality and nvention Assign3ent Agree3ent :setting
forth confidentiality and invention assign3ent obligations+ to be
signed by all e3ployees of 6$E/ C(.PA$'7=.
:p= (pinion of 6C(.PA$'7Fs Patent Co8nsel :setting forth the
intellect8al property opinions to be rendered in respect of the
patents and technology to be contrib8ted by 6C(.PA$'7 to
6$E/ C(.PA$'7=.
:B= (pinion of 6C(.PA$'7Fs Co8nsel :setting forth the vario8s legal
opinions to be rendered to 6C(.PA$'7=.
:r= (pinion of 6C(.PA$'7Fs Co8nsel :setting forth the vario8s legal
opinions to be rendered to 6C(.PA$'7=.
E5pene: Each party to bear its own legal fees and e@penses in connection with
this transaction.
S!+e)ule: !he e@pected ti3e sched8le is as followsG
E2en" Da"e
,irst %raft of %efinitive Agree3ents
Approval by *oard of %irectors
&eg8latory ,ilings
Signing %efinitive Agree3ents
Closing %ate
%istrib8tion "ist
E6HIBIT 7
ASSETS TO BE CONTRIBUTED TO THE VENTURE

Letter of Intent For Joint Venture

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Copyright:

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Letter of Intent For Joint Venture

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Copyright Envision Corporation. 2002. All rights reserved.

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