<SEC-DOCUMENT>0001477932-12-003532.txt : 20120905
<SEC-HEADER>0001477932-12-003532.hdr.sgml : 20120905
<ACCEPTANCE-DATETIME>20120904213503
ACCESSION NUMBER:		0001477932-12-003532
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120901
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120905
DATE AS OF CHANGE:		20120904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIME ESTATES & DEVELOPMENTS INC
		CENTRAL INDEX KEY:			0001474167
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				270611758
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54436
		FILM NUMBER:		121072150

	BUSINESS ADDRESS:	
		STREET 1:		200 SOUTH WACKER DRIVE
		STREET 2:		SUITE 3100
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-674-4529

	MAIL ADDRESS:	
		STREET 1:		200 SOUTH WACKER DRIVE
		STREET 2:		SUITE 3100
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURSUANT TO SECTION 13 OR 15(d) OF THE </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECURITIES EXCHANGE ACT OF 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): <font style="FONT-WEIGHT: bold">September 1, 2012</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Prime Estates &amp; Developments, Inc.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div id="HDR"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective September 1, 2012, Mr. Panagiotis Tolis was elected Secretary and Director.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since June 2010 he has been a self-employed Expense Reduction Analyst involved in cost optimization, overheads reduction, purchasing management. From April 2008 to May 2010, he was a self-employed business consultant for corporations located in Greece.&#160;&#160;Form February 2007 to March 2008, he was Business Relationship Manager with ALPHA BANK S.A. (Athens, Greece).&#160;&#160;He holds a Certificate of Accreditation (Accredited Partner of ERA), Cologne, Germany, June 2010.&#160;&#160;He has the following education:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">M.Sc. (Financial Services Management) University of Surrey, U.K., April 2007</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">M.Sc. (Financial Analysis for Executives) University of Piraeus, Athens, Greece, July 2005</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.Sc.&#160;&#160;(Operational Research and Marketing) Athens University of Economics and Business (AUEB), Greece, June 2003</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.Sc. (Accounting) Technological Institute of Piraeus (TEI), Athens, Greece, June 1998.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a member of the board, Mr.&#160;Tolis contributes his financial expertise based on his significant industry and financial experience as well as a strong experience in project management, negotiations, services marketing, b2b sales as well as crisis handling.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We entered into an agreement concerning Mr. Tolis election as director and secretary which we have filed as an exhibit to this Form 8-K</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold">Prime Estates &amp; Developments, Inc.&#160;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date: September 4, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Principal Executive Officer</font></div>
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<TYPE>EX-10.1
<SEQUENCE>2
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<DESCRIPTION>TOLIS AGREEMENT
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT 10.1</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRIME ESTATES &amp; DEVELOPMENTS INC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DIRECTOR AGREEMENT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Director Agreement (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agreement</font>") is made and entered into as of September 1st, 2012, by and between Prime Estates &amp; Developments Inc, an OTCBB listed company (PMLT), located in 200 South Wacker Drive, Suite 3100, 60606, Chicago, Illinois, ( the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>"), and Mr. Panagiotis Tolis (Hellenic Passport No. AI4124036), an individual (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Director</font>").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SERVICES</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Board of Directors</font>. Director has been appointed as a Director (Secretary) of the Company's Board of Directors (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Board</font>"), effective from the 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> of September 2012, (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Effective Date</font>"), until the earlier of the date on which Director ceases to be a member of the Board for any reason or the date of termination of this Agreement in accordance with this Section&#160;5.2 hereof (such earlier date being the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Expiration Date</font>"). The Board shall consist of the Director and such other members as nominated and elected pursuant to the current then By Laws and Articles of Association of the Company (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Articles</font>").</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.2 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Director Services</font>. Director's services to the Company hereunder shall include service on the Board to manage the business of the Company in accordance with applicable law and the then current Articles, and such other services mutually agreed to by Director and the Company (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Director Services</font>").</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Expense Reimbursement</font>. The Company shall reimburse Director for all reasonable travel and other out-of-pocket expenses incurred in connection with the Director Services rendered by Director.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.2 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Fees to Director</font>. The Company agrees to pay Director the following fees for the Director Services: an annual retainer of US$ 30,000. In the event Director ceases to serve on the Board for any reason, Director shall be entitled to the pro rata portion of the annual fee for the number of months he has served on the Board in a given year. Moreover, the Company agrees to issue and pay Director 180,000 common stock for Directors&#8217; annual services.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Fiduciary Duties</font>. In fulfilling his managerial responsibilities, Director shall be charged with a fiduciary duty to the Company and all of its shareholders. Director shall be attentive and inform himself of all material facts regarding a decision before taking action. In addition, Director's actions shall be motivated solely by the best interests of the Company and its shareholders.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.2 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Confidentiality</font>. During the term of this Agreement, and for a period of one (1)&#160;year after the Expiration Date, Director shall maintain in strict confidence all information he has obtained or shall obtain from the Company which the Company has designated as "confidential" or which is, by its nature confidential, relating to the Company's business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology, or trade secrets, except to the extent such information (i)&#160;is in the public domain through no act or omission of the Company, (ii)&#160;is required to be disclosed by law or a valid order by a court or other governmental body, or (iii)&#160;is independently learned by Director outside of this relationship (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Confidential Information</font>").</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.3 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Nondisclosure and Nonuse Obligations</font>. Director will use the Confidential Information solely to perform the Director Services for the benefit of the Company. Director will treat all Confidential Information of the Company with the same degree of care as Director treats his own Confidential Information, and Director will use his best efforts to protect the Confidential Information. Director will not use the Confidential Information for his own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement. Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him, or of which he becomes aware, of the Confidential Information. Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.4 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Return of the Company Property</font>. All materials furnished to Director by the Company, whether delivered to Director by the Company or made by Director in the performance of Director Services under this Agreement (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company Property</font>") are the sole and exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company's request. Upon termination of this Agreement by either party for any reason, Director agrees to promptly deliver to the Company or destroy, at the Company's option, the original and any copies of the Company Property. Director agrees to certify in writing that Director has so returned or destroyed all such the Company Property.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">No Conflict of Interest</font>. In one year from the Effective Date, or if the term of this Agreement is longer, then during the term of this Agreement, Director shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any business entity that is competitive with the Company or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may own equity of certain business entity engaging in similar business as that of the Company subject to the prior approval by the Board, and provided further that Director may continue Director's current affiliation or other current relationships with the entity or entities described on <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> (all of which entities are referred to collectively as "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Current Affiliations</font>"). For a period of one (1)&#160;year after the Expiration Date, Director shall not be employed by, operate or manage any business entity that is competitive with the Company. This Agreement is subject to the current terms and agreements governing Director's relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of Director's obligations to Current Affiliations. Director represents that nothing in this Agreement conflicts with Director's obligations to Current Affiliations. A business entity shall be deemed to be "competitive with the Company" for purpose of this Article IV only if and to the extent it engages in the business substantially similar to the Company's businesses.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.2 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Noninterference with Business</font>. During the term of this Agreement, and for a period of one (1)&#160;year after the Expiration Date, Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees not to solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his or her employment, contractual or other relationship with the Company.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>. This Agreement is effective on the Effective Date (September 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> 2012), and will continue for one year and expire on August 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> 2013.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination</font>. Either party may terminate this Agreement at any time upon thirty (30)&#160;days prior written notice to the other party, or such shorter period as the parties may agree upon.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.3 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Survival</font>. The rights and obligations contained in Articles III and IV will survive any termination or expiration of this Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.1 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Assignment</font>. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.</font></div>

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