Revolutionary Concepts Inc (fka REVO)

[SamuraiAnimated]

I believe Eyetalk365's 60/40 agreement is still valid in such a case. Any buyout company will take this into consideration before an offer is made:

if we and 360 split 60/40 what happens if we get bought out

ARTICLE XII of the agreement states:

2. Assignees, etc. This Agreement shall be binding upon and shall inure to the benefit of the assigns of Licensor and upon and to the benefit of the successors of the entire business of Licensor, but neither this agreement nor any of the benefits thereof nor any rights thereunder shall, directly or indirectly, without the prior written consent of Licensor, be assigned, divided, or shared by the Licensor to or with any other party or parties (except a successor of the entire business of the Licensor).


I'm not proficient in contract law but that's how I read it. Comments? REVO (Licensor) may only terminate it's contract with Eyetalk (Licensee) under the following circumstances. Directly from the agreement:

2. Termination by Licensor.

Option of Licensor: Licensor may, in its sole discretion, terminate this agreement by written notice to Licensee in case of:

a. Default in the payment of any royalties required to be paid by Licensee to Licensor hereunder

b. Default in the making of any reports required hereunder and such default shall continue for a period of thirty (30) days after Licensor shall have given to Licensee a written notice of such default.

c. Default by Licensee in the performance of any obligation contained in this Agreement, and such default shall continue for a period of thirty (30) days after Licensor shall have given to Licensee written notice of such default.

d. Adjudication that Licensee is bankrupt or insolvent.

e. The filling by Licensee of a petition of bankruptcy, or a petition or answer seeking reorganization, readjustment or rearrangement of its business or affairs under any law or governmental regulation relating to bankruptcy or insolvency.

f. The appointment of a receiver of the business or for all or substantially all of the property of Licensee; or the making by Licensee of assignment or an attempted assignment for the benefit of its creditors; or the institution by Licensee of any proceedings for the liquidation or winding up of its business or affairs