Common use of Designated Project Clause in Contracts

Designated Project. (a) Each project which satisfies the following criteria is a “Designated Project”, and becomes part of the Territory hereunder: (i) the project must satisfy either of the following: (A) With respect to the development of a property by ASEC or in which ASEC will participate (“Designated Property”), ASEC must designate to UOR the property or properties to be developed (“Property”), together with the other parties involved, if any, such designation to include; (1) The name of the party, in the case of a Property being developed with a third party; (2) The location of the property/project, with a description of the foregoing to include location, type of hydrocarbon extracted, and general scope of the project; or (B) With respect to the licensing or sub-licensing of the Licensed Technology, UOR Process and/or UOR Solvent to a third party (“Designated Party”), ASEC shall designate to UOR: (1) The name of the party. (2) The proposed location of the property/project, with a description of the foregoing to include location, type of hydrocarbon extracted, and general scope of the project. (ii) UOR does not have a pre-existing relationship with the Designated Party. If UOR has a pre-existing relationship with a Designated Party, it will notify ASEC within three (3) business days from receipt of the designation notice of such relationship.; and (iii) ASEC and the Designated Party enter into a Definitive Agreement with respect to the Designated Project within 120 days from the date of the designation notice received by UOR, unless extended by mutual agreement. (collectively subparagraphs (a)(i)-(iii) above are herein referred to as the “Criteria”) (iv) The foregoing Criteria must be satisfied as of the date of the notice. (b) From and after the Determination Date in respect of a Designated Project, ASEC shall not lose any rights, or be required to transfer, convey or otherwise divest itself of any right or interest, in respect of such Designated Project solely by virtue of the fact that the Criteria may cease to be satisfied in respect of such Designated Project in question, after the notice date; provided that at the time the Definitive Agreements are signed with respect to such Designated Project, ASEC and/or the Designated Party have the financial ability/strength to develop such Project. Upon request, ASEC shall provide to UOR its financing plans or financial statements for a Designated Property, or the financial statements of a Designated Party, which shall show reasonable likelihood, in each respective case, of the Designated Project to be financed. (c) In connection with any Designated Project under this Section 4, ASEC shall pay license and royalty fees to UOR with respect to such Designated Project as follows: (i) In connection with a Designated Project where ASEC licenses/sub-licenses the Licensed Technology to a Designated Party and receives license and royalty fees, * percent (*%) of the amounts so received by ASEC, to include the following; (A) (B) * (ii) The Designated Project Royalty shall be a minimum of $* per year. (iii) ASEC will use its best efforts to negotiate with each Designated Party for the highest possible Royalty payments

Designated Project. (a) Each project which satisfies the following criteria is a “Designated Project”, and becomes part of the Territory hereunder: (i) the project must satisfy either of the following: (A) With respect to the development of a property by ASEC or in which ASEC will participate (“Designated Property”), ASEC must designate to UOR the property or properties to be developed (“Property”), together with the other parties involved, if any, such designation to include;: (1) The name of the party, in the case of a Property being developed with a third party;; and (2) The location of the property/project, with a description of the foregoing to include location, type of hydrocarbon extracted, and general scope of the project; or. OR (B) With respect to the licensing or sub-licensing of the Licensed Technology, UOR Process and/or UOR Solvent to a third party (“Designated Party”), ASEC shall designate to UOR: (1) The name of the party.; and (2) The proposed location of the property/project, with a description of the foregoing to include location, type of hydrocarbon extracted, and general scope of the project. (ii) UOR does not have a pre-existing relationship with the Designated PartyParty as of the date of this Agreement. If UOR has a pre-existing relationship with a Designated Party, it will notify ASEC within three (3) business days from receipt of the designation notice of such relationship and provide reasonable documentation evidencing the relationship.; and (iii) ASEC and the Designated Party enter into a Definitive Agreement with respect to the Designated Project within 120 180 days from the date of the designation notice received by UOR, unless extended by mutual agreement. (collectively subparagraphs (a)(i)-(iiia)(i)-(ii) above are herein referred to as the “Criteria”) (iv) The foregoing Criteria must be satisfied as of the date of the notice. (b) From and after the Determination Date in respect of a Designated Project, ASEC shall not lose any rights, or be required to transfer, convey or otherwise divest itself of any right or interest, in respect of such Designated Project solely by virtue of the fact that the Criteria may cease to be satisfied in respect of such Designated Project in question, after the notice date; provided that at the time the Definitive Agreements are signed with respect to such Designated Project, ASEC and/or the Designated Party have the financial ability/strength to develop such Project. Upon request, ASEC shall provide to UOR its financing plans or financial statements for a Designated Property, or the financial statements of a Designated Party, which shall show reasonable likelihood, in each respective case, of the Designated Project to be financed. (c) In connection with any Designated Project under this Section 4, ASEC shall pay license and royalty fees to UOR with With respect to such Designated Project as follows: (i) In connection with a Designated Project where ASEC licenses/the licensing or sub-licenses licensing of the Licensed Technology to a Designated Party, ASEC will pay a royalty fee (the “Royalty”) to UOR, equal to 15% of the net fees collected by ASEC from such Designated Party. For purposes of clarity, “net fees” shall mean receipts received by ASEC from such Designated Party or otherwise agreed upon in writing by UOR, less any costs incurred in connection with the license (by way of example, not limitation, costs of research and receives development to modify the technology for a project, costs of administering the license and royalty feesother costs born by ASEC under the license, * percent (*%) but excluding G&A). Calculations and payments of the amounts so received by ASEC, to include the following; (A) (B) * (ii) The Designated Project Royalty shall be made as of the end of each calendar quarter, and shall be payable, on the 15th day of each January, April, July, and October in each year, commencing on the quarterly date following the first full or partial quarter in which ASEC receives payments from a minimum of $* per yearDesignated Party. (iii) ASEC will use its best efforts to negotiate with each Designated Party for the highest possible Royalty payments