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PWON > SEC Filings for PWON > Form 8-K on 17-Apr-2013All Recent SEC Filings

Show all filings for POWIN CORP

Form 8-K for POWIN CORP


Entry into a Material Definitive Agreement, Other Events

Item 1.01 Entry into a Material Definitive Agreement.

Pursuant to the settlement of certain litigation described in Item 8.01 of this Report, the Company entered into a Business Development Agreement dated April 15, 2013 with Harvey Weiss. Under the Agreement, the Company appointed Mr. Weiss as a business development representative for the Company's Energy Storage Bank in the geographical areas comprising the states of Maine, Vermont, New Hampshire, New York, Pennsylvania, Massachusetts, Rhode Island, Connecticut, New Jersey, West Virginia, Virginia, Delaware, Maryland, North Carolina, Alabama, Georgia, Florida and the District of Columbia. Mr. Weiss will be entitled to receive commissions based on a commission schedule set forth in the Agreement. A copy of the Agreement is included with this Report as an exhibit.

Item 8.01 Other Events

Settlement of Certain Litigation

Effective April 15, 2013, the Company entered into a Settlement Agreement and Mutual Release("Settlement Agreement") to settle the previously disclosed action entitled Global Storage Group, LLC v. Virgil L. Beaston and Powin Renewable Energy Resources, Inc. Case No. 1202-1712 in the Circuit Court of the State of Oregon for the County of Multnomah ( February 8, 2012).

Pursuant to the Settlement Agreement, (i)the parties signed mutual releases;
(ii) Global Storage Group, LLC,; Harvey Weiss; Sam Leven; and Virgil Beaston assigned to the Company all right, title and interest in the invention known as "Electrical Energy Storage Unit and Control System and Applications Thereof" for which a PCT application for patent was filed on March 5, 2011, also known as PCT Application No. PCT/CN2011/071548; and (iii) the Company paid the sum of $60,000.00 to Global Storage Group, LLC and $30,000.00 to Virgil Beaston.

In addition, the Company issued (i) a Warrant to Purchase Common Stock to Global Storage Group, LLC for 700,000 shares of the Company's common stock at an exercise price of $2.50; and (ii) a Warrant to Purchase Common Stock to Virgil L. Beaston for 100,000 shares of the Company's common Stock at an exercise price of $2.50. The exercise period of each Warrant is 60 months from the date of issuance.

As described in Item 1.01 of this Report, which is incorporated in this Item 8.01 by this reference, as part of the Settlement Agreement the Company entered into a Business Development Agreement with Harvey Weiss, one of the two members, along with Sam Leven, of Global Storage Group, LLC.

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