Document:

Exhibit
10.65

 

FINGERLING
SUPPLY AGREEMENT

 

 

 

This
Fingerling Supply Agreement (the “Agreement”) is effective this 3rd Day of December, 2021,

 

	BETWEEN:	Taste
    of BC Aquafarms Inc. (the “Supplier”), a company organized and existing under the laws of the Province of British
    Columbia, with its head office located at:
	 	 
	 	2930
    Jameson Road, Nanaimo BC V9R 6W8
	 	 
	AND:	West
    Coast Fishculture (Lois Lake) Ltd. (the “Purchaser”), a company organized and existing under the laws of the Province
    of British Columbia, with its head office located at:
	 	 
	 	11060C
    Morton Road, Powell River, BC V8A 0L9

 

Each
individually a “Party”, and collectively “Parties”.

 

WITNESSETH:

 

WHEREAS
the Supplier currently produces and sells Rainbow Trout (Oncorhynchus mykiss) from
its facilities in Nanaimo, BC;

 

WHEREAS
the Supplier, for the price and subject to the terms and conditions contained herein, is prepared to sell Rainbow Trout Fingerlings to
the Purchaser, in accordance with a schedule on an ongoing basis and as its exclusive supplier, and the Purchaser is prepared to buy
on this basis from the Supplier, all of the Purchaser’s Fingerling stocking requirements;

 

NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS HERETO CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, DULY
RECEIVED, THE PARTIES HERETO AGREE AS FOLLOWS:

 

	1.	DEFINITIONS
    AND INTERPRETATION
	 	 
	1.1	Whenever
    used in this Agreement, the schedules thereto, or any ancillary document thereto, the following terms, unless the subject matter
    or context otherwise requires, shall have the following meanings:

 

	 	1.1.1	“Agreement”
    means or refers to this Agreement as amended from time to time and any indenture, agreement or instrument supplemental or ancillary
    hereto or in implementation hereof;
	 	 	 
	 	1.1.2	“Business
    Day” means any day excluding Saturday, Sunday and any other day which in British Columbia, Canada is a legal holiday or a day
    on which financial institutions are authorized by law or by local proclamation to close;
	 	 	 
	 	1.1.3	“Cohort”
    means, for the purposes of this Agreement, a group of 100,000 Fingerlings grown by the Supplier for sale to the Purchaser from 200,000
    hatched eggs.
	 	 	 
	 	1.1.4	“Cohort
    Interval” means nine (9) weeks and is the interval or spacing between Cohorts sold by the Supplier to the Purchaser pursuant
    to this Agreement.

 

    	Fingerling Supply Agreement	Page 1 of 5

     

    

 

	 	1.1.7	“Fingerling”
    means or refers to a Rainbow Trout fingerling sold pursuant to this Agreement.
	 	 	 
	 	1.1.5	“Person”
    means any individual, company, corporation, partnership, firm, trust, sole proprietorship, government or entity howsoever designated
    or constituted;
	 	 	 
	 	1.1.6	“Price”
    means the price as set out in Section 3 of this Agreement, unless otherwise expressly varied by mutual agreement of the Parties;
    and

 

	1.2	Words
    importing the singular number include the plural and vice versa and words importing the masculine gender include the feminine and
    neuter genders.
	 	 
	1.3	The
    division of this Agreement into articles and insertion of headings is for convenience and reference only and shall not affect the
    construction or interpretation of this Agreement.
	 	 
	1.4	All
    dollar amounts referred to in this Agreement are in lawful money of Canada.
	 	 
	1.5	The
    preamble hereto forms an integral part of this Agreement.
	 	 
	2.	SALE
    AND PURCHASE OF FINGERLINGS
	 	 
	2.1	The
    Supplier hereby agrees and undertakes to sell to the Purchaser, and the Purchaser agrees and undertakes to purchase from the Supplier,
    for the Price and subject to the terms and conditions contained herein, up to eleven (11) Cohorts of Fingerlings during the term
    of this Agreement.
	 	 
	2.2	Supplier’s
    facility setup is anticipated to be completed and first Cohort eggs placed in incubation on or around February 15, 2022
	 	 
	2.3	Estimated
    date for shipment of the first Cohort from Supplier to Purchaser will be on or around June 1, 2022, fifteen (15) weeks later. Subsequent
    Cohorts shall be scheduled for shipment from Supplier to Customer in accordance with the Cohort Interval, as defined.
	 	 
	2.4	Title
    to the Fingerlings sold hereunder shall pass from the Supplier to the Purchaser upon complete payment of the purchase price of each
    group of Fingerlings mentioned in Section 4 hereinafter. The risks of lost or damage to such Fingerlings sold hereunder shall pass
    from the Supplier to the Purchaser at the date and time the Fingerlings are loaded on transport for delivery to the Purchaser.
	 	 
	3.	PRICE
    OF SMOLTS
	 	 
	3.1	For
    the term of this Agreement stipulated in sub-section 6.1 hereinafter, unless otherwise expressly and mutually agreed in writing by
    the Parties, Price shall be $0.70 per 20g Fingerling, or $0.60 per 10g Fingerling, in each case plus any taxes or other governmental
    charges payable with respect to the sale.
	 	 
	3.2	For
    the purposes of this Agreement, a group of Smolts shall be deemed to be:

 

	 	●	20g
    if the mean weight of Smolts in that group is 20g, and the deviation in weight of Smolts comprising the group is +/- 5 grams of the
    target weight of 20g, and
	 	 	 
	 	●	10g
    if the mean weight of Smolts in that group is 10g, and the deviation in weight of Smolts comprising the group is +/- 2 grams of the
    target weight of 10g.

 

    	Fingerling Supply Agreement	Page 2 of 5

     

    

 

	3.3	The
    prices for Fingerlings sold pursuant to this Agreement during any subsequent term provided for in sub-section 6.1 hereinafter shall
    be mutually agreed upon by the parties hereunder.
	 	 
	4.	TERMS
    OF PAYMENT
	 	 
	4.1	To
    facilitate setup and related costs, the Purchaser shall pay $140,000 to the Supplier upon execution of this Agreement or as otherwise
    mutually agreed, being prepayment of the estimated total purchase price for the first two Cohorts, calculated as 200,000 Fingerlings
    @ $0.70 per Fingerling.
	 	 
	4.2	Payment
    for the third and subsequent Cohorts shall be made as follows:

 

	 	●	50%
    at time of purchase of eggs
	 	 	 
	 	●	50%
    balance prior to shipment.

 

	5.	TERM
    OF AGREEMENT
	 	 
	5.1	Subject
    to the provisions of sub-section 5.2 hereinafter, this Agreement shall be in force for a term of two years commencing on the date
    of signature. This Agreement may be renewed for an additional term(s) by mutual agreement of the Parties.
	 	 
	5.2	Notwithstanding
    the provisions of sub-section 5.1, either party shall be entitled to terminate this Agreement at any time, upon simple notice to
    that effect, in the event:

 

	 	5.2.1	that
    the other party commits an act of bankruptcy, within the meaning given to that expression in the Bankruptcy Act, is declared bankrupt,
    becomes insolvent or makes an assignment of all its property for the general benefit of its creditors; or
	 	 	 
	 	5.2.2	that
    the other party proceeds with its dissolution or liquidation or is the object of any procedure for its dissolution and/or liquidation.

 

	5.3	All
    obligations or liabilities of the parties accrued on the date of expiration or termination of this Agreement shall survive such expiration
    or termination.
	 	 
	6.	QUALITY,
    SPECIFICATIONS, HEALTH AND OTHER MATTERS
	 	 
	6.1	The
    Supplier warrants that eggs from which the Fingerlings sold hereunder will be grown, shall be purchased from Riverence LLC or TroutLodge
    LLC, at the Purchaser’s discretion.
	 	 
	6.2	Fingerlings
    shall be all female or all female triploids, at the Purchaser’s discretion.
	 	 
	6.3	Fingerlings
    shall be top grade, from a minimum hatch of 200,000.
	 	 
	6.4	Fingerlings
    shall be certified disease free of any reportable diseases. However, the Parties acknowledge that Cold Water Disease (Flavobacterium
    psychrophilum), is endemic to these populations, and the Supplier will prophylactically treat the eggs/fingerlings to minimize any
    outbreak of this disease. There shall be no visible signs of active Cold Water disease in Smolts shipped.
	 	 
	6.5	Unexplained
    mortalities in excess of 2% per day in any 4 day period in the month prior to shipping shall be discussed with the Purchaser, and
    shall not be shipped unless agreed upon by both parties.
	 	 
	6.6	The
    Supplier will not fin clip or vaccinate the Fingerlings. If the Purchaser requires fin clipping and/or vaccination to be carried
    out prior to shipping, the Supplier will permit the Purchaser and/or third parties contracted by the Purchaser to perform the work
    at the Supplier’s site, at the Purchaser’s expense.

 

    	Fingerling Supply Agreement	Page 3 of 5

     

    

 

	6.7	All
    fish health records from import of eggs through to loading transportation for delivery shall be provided to the Purchaser along with
    the Fingerlings.
	 	 
	7.	FORCE
    MAJEURE
	 	 
	7.1	Either
    party hereto shall be relieved from liability hereunder for failure to perform any of the obligations herein imposed for the time
    and to the extent of such failure to perform its obligations hereunder if occasioned by circumstances beyond the party’s control
    including voluntary or involuntary compliance with any law, order, regulation or directive or any governmental authority, Federal,
    Provincial or Municipal, the breakdown or other failure of facilities used for manufacture, transportation, consumption or use of
    the Products, or the inability to obtain labor, power, fuel, transportation, supplies of raw materials or, or by acts of God, or
    by acts of public enemy, or cancellation by governmental authorities of license to operate its plant, or by strikes, lockouts, or
    other industrial disturbances, riots, floods, hurricanes, fire, explosion, or any other cause or causes of any kind of character
    reasonably beyond the control of the party failing to perform, whether similar to or dissimilar from the enumerated causes (any cause
    being herein referred to as “Force Majeure”).
	 	 
	7.2	In
    the event of either party hereto being rendered unable by Force Majeure to carry out its obligations under this Agreement, such party
    shall give notice and particulars of the event to the reasonable satisfaction of the other party including the expected duration
    of such Force Majeure and the expected extent of impairment of deliveries or receipt hereunder in writing or by telefax to the other
    party as soon as possible after the occurrence of the cause relied on, and, upon the giving of such notice, the obligations of the
    party giving such notice, so far as they are affected by such Force Majeure, shall be suspended during the continuance of any inability
    so caused, but for no longer period, and such cause shall be so far as possible remedied with all reasonable dispatch.
	 	 
	8.	FINAL
    PROVISIONS
	 	 
	8.1	The
    provisions of this Agreement shall, except as otherwise provided herein, ensure to the benefit of and be binding upon the parties
    hereto and their respective, executors, administrators, successors and assigns and each and every person so bound shall make, execute
    and deliver all documents necessary to carry out this Agreement.
	 	 
	8.2	This
    Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and the transactions herein
    contemplated and replaces all previous agreements and understandings, if any, between the parties with respect to the subject matter
    hereof and the transaction contemplated herein.
	 	 
	8.3	Any
    notice to be given under this Agreement shall be in writing and delivered, emailed, faxed or mailed by prepaid registered mail addressed
    to the party to whom it is to be given at the address hereinabove mentioned and such notice shall be deemed to have been given on
    the day of delivery or on the day it is emailed or faxed or on the fifth (5th) business day after mailing as aforesaid, as the case
    may be. Notice of change of address may be given by any party in the same manner.
	 	 
	8.4	Time
    shall be of the essence of this Agreement.
	 	 
	8.5	This
    Agreement may be executed in one or more counterparts each of which when so executed shall be deemed to be an original and such counterparts
    together shall constitute but one of the same instrument.
	 	 
	8.6	If
    any provision of this Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
    attach only to such provision in such jurisdiction and shall not in any manner affect or render invalid or unenforceable such provision
    in any other jurisdiction or any other provision of this Agreement in any jurisdiction.
	 	 
	8.7	Except
    as provided herein, the failure on the part of one party, in any one or more instances, to insist upon the keeping, performance or
    observance of any of the terms, conditions or provisions of this Agreement, or to exercise any right or privilege herein conferred,
    shall not be construed as relinquishment of that party’s right to require the future keeping, performance or observance of
    any such terms, conditions or provisions.
	 	 
	8.8	This
    Agreement (or any part thereof) shall not be assignable by one party except with the written consent of the other, except that either
    party may assign this Agreement to a related person within the meaning under the laws of Canada, provided that such related person
    shall agree not to assign this Agreement except as permitted under this sub-section.

 

    	Fingerling Supply Agreement	Page 4 of 5

     

    

 

IN
WITNESS WHEREOF, each party to this agreement has caused it to be executed at Nanaimo, BC on the date indicated above.

 

	SUPPLIER	 	PURCHASER
	 	 	 
	/s/
    Steve Atkinson	 	/s/
    Ron Evans
	Authorized
    Signature	 	Authorized
    Signature
	 	 	 
	Managing
    Director	 	Chief
    Financial Officer
	Print
    Name and Title	 	Print
    Name and Title

 

    	Fingerling Supply Agreement	Page 5 of 5exhibit41-descriptionofs

DESCRIPTION OF THE REGISTRANT’S SECURITIES  The following summary of the material terms of our securities is not intended to be a complete summary of the  rights and preferences of such securities and is qualified in its entirety by the Company Second Amended and  Restated Certificate of Incorporation (the “Charter”) and the Amended and Restated Bye-laws (the “Bye-laws”)  each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit  4.1 is a part. In this “Description of the Securities,” “we,” “us,” “our,” the “Company” and “our Company” refer to  Wejo Group Limited and not to any of its subsidiaries.  Our authorized share capital is 634,000,000 common stock, par value $0.001 per share (the “Common Stock”)  and 1,000,000 undesignated shares, par value $0.001 per share. As of December 31, 2021, there are 93,950,205  shares of our Common Stock issued and outstanding, 11,500,000 warrants and no preferred shares outstanding.  Unless the Company’s board of directors (the “Board”) determines otherwise, we will issue all of our share capital  in uncertificated form.  Common Stock  Under Bermuda law and the Bye-laws, the Board is authorized to issue any of our authorized but unissued  shares of Common Stock without shareholder approval on such terms as the Board determines. The holders of  Common Stock have no pre-emptive, redemption, conversion or sinking fund rights. Holders of Common Stock are  entitled to one vote per share on all matters submitted to a vote of holders of Common Stock. Unless a different vote  is required by Bermuda law or by the Bye-laws, resolutions to be approved by holders of voting shares require  approval by a simple majority of votes cast at a meeting at which a quorum is present. Holders of Common Stock  will vote together as a single class on all matters presented to the shareholders for their vote or approval, including  the election of directors. The Charter and the Bye-laws do not authorize cumulative voting and directors are elected  by plurality of votes.  Any individual who is a shareholder of the Company and who is present at a meeting may vote in person, as  may any corporate shareholder that is represented by a duly authorized representative at a meeting of shareholders.  The Bye-laws also permit attendance at general meetings by proxy, provided the instrument appointing the proxy is  in such form as the Board may determine.  In the event of our liquidation, dissolution or winding up, the holders of Common Stock are entitled to share  equally and ratably in our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any  liquidation preference on any issued and outstanding preference shares.  Preferred Stock  Under Bermuda law and the Bye-laws, the Board is authorized to issue preference shares in one or more series  without shareholder approval (“Preferred Stock”). The Board has the discretion under the Bye-laws to determine the  rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights,  redemption privileges and liquidation preferences of our authorized but unissued undesignated shares, and the Board  may issue those shares in series of Preferred Stock, without any further shareholder approval. The rights with respect  to a series of Preferred Stock may be greater than the rights attached to our Common Stock. It is not possible to state  the actual effect of the issuance of any Preferred Stock on the rights of holders of our Common Stock until the Board  determines the specific rights attached to those Preferred Stock. The effect of issuing Preferred Stock could include,  among other things, one or more of the following:  • restricting dividends in respect of our Common Stock;  • diluting the voting power of our Common Stock or providing that holders of Preferred  Stock have the right to vote on matters as a class;  • impairing the liquidation rights of our Common Stock; or delaying or preventing a  change of control of us.  

 

We have no Preferred Stock outstanding, and we have no present plans to designate the rights of or to issue any  Preferred Stock.  Warrants  We have issued and outstanding 11,500,000 warrants, each of which entitles the registered holder to purchase  one share of Common Stock at a price of $11.50 per share. Each warrant will expire on November 18, 2026 or  earlier upon redemption or liquidation.  We are not obligated to deliver any Company Common Stock pursuant to the exercise of a warrant and have no  obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the  issuance of the Company Common Stock issuable upon exercise of the warrants is then effective and a current  prospectus relating to those common stock is available, subject to our satisfying our obligations described below  with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and we are not obligated  to issue any shares to holders seeking to exercise their warrant, unless the issuance of the shares upon such exercise  is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from  registration is available. In the event that the conditions in the two immediately preceding sentences are not satisfied  with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant  may have no value and expire worthless.  Dividend Rights  Under Bermuda law and the Bye-laws, the Board has discretion as to the payment of dividends on our Common  Stock, including the amount (if any), payment date and whether paid in cash or satisfied by our shares or other  assets, without shareholder approval. Under Bermuda law, we may not declare or pay dividends if there are  reasonable grounds for believing that: (i) the company is, or would after the payment be, unable to pay its liabilities  as they become due; or (ii) that the realizable value of our assets would as a result be less than our liabilities. Under  the Bye-laws, each share of Common Stock is entitled to dividends if, as and when dividends are declared by the  Board, subject to any preferred dividend right of the holders of any Preferred Stock, pari passu and pro rata to the  number of shares of Common Stock issued and outstanding. If we are permitted under Bermuda law to pay  dividends, there are no restrictions on our ability to pay dividends in U.S. dollars or to U.S. residents who are  holders of our shares.  Any cash dividends payable to holders of our Common Stock listed on the NASDAQ will be paid to  Continental Stock Transfer & Trust, our transfer agent in the United States for disbursement to those holders.  Board of Directors  The Bye-laws provide that, subject to the right of holders of any series of Preferred Stock, the Board will be  divided into three classes of directors, as nearly equal in number as possible, and with the directors serving  staggered three-year terms. The Board currently consists of eight directors.    Removal of Directors  In accordance with the terms of the Company Bye-laws, our directors may only be removed for cause, and only  upon the affirmative vote of holders of at least 66 2∕3% of the then issued and outstanding shares carrying the right  to vote at general meetings at the relevant time.  Voting Requirements  Approval of certain significant corporate transactions, including amendments to the Company Bye-laws, will  require the approval of the Board in addition to any other vote required by applicable law.  

 

Certain Anti-Takeover Provisions under our Charter and Bye-laws  The Company’s Charter and Bye-laws, as well as Bermuda law, contain provisions that may discourage, delay  or prevent a merger, amalgamation, acquisition, or other change in control that shareholders may consider favorable,  including transactions in which you might otherwise receive a premium for common stock. These provisions may  also prevent or frustrate attempts by our shareholders to replace or remove our management. Our corporate  governance documents include provisions:  • authorizing blank check Preferred Stock, which could be issued without shareholder approval and  with voting, liquidation, dividend and other rights superior to our Common Stock;    • providing that any action required or permitted to be taken by our shareholders must be taken at a  duly called annual or special meetings of such shareholders and may not be taken by any consent in writing  by such shareholders;    • requiring, to the fullest extent permitted by applicable law, advance notice of shareholder  proposals for business to be conducted at meetings of our shareholders and for shareholder-proposed  nominations of candidates for election to our Board;    • establishing a classified Board, so that not all members of our board are elected at one time, with  the election of directors requiring only a plurality of votes cast;    • providing that certain actions required or permitted to be taken by our shareholders, including  amendments to the Bye-laws and certain specified corporate transactions, may be effected only with the  approval of our Board, in addition to any other vote required by the Bye-laws and/or applicable law;    • prohibit us from engaging in a business combination with a person who acquires at least 10% of  our common stock for a period of three years from the date such person acquired such common stock  unless approved by our Board and authorized at an annual or special meeting of shareholders by the  affirmative vote of at least two-thirds of our issued and outstanding voting shares that are not owned by  such person, subject to certain exceptions; and    • providing that directors may be removed by shareholders only by resolution with cause upon the  affirmative vote of at least two-thirds of our issued and outstanding voting shares.  Amalgamations and Business Combinations  • The amalgamation or merger of a Bermuda company with another company or corporation (other than  certain affiliated companies) requires the amalgamation or merger agreement to be approved by the Board  and by our shareholders. The Company Bye-laws provide that a majority in number of the Board present at  a meeting where a quorum is present is required to approve the amalgamation or merger agreement.  Additionally, the Company Bye-laws provide that a resolution passed by holders of a majority of the issued  and outstanding shares carrying the right to vote at general meetings at the relevant time is required to  approve the amalgamation or merger agreement. The Company Bye-laws provide that a merger or an  amalgamation that is a Business Combination with an interested shareholder must be approved as described  below.  • The Company Bye-laws contain provisions regarding “Business Combinations” with “interested  shareholders.” Pursuant to the Company Bye-laws, in addition to any other approval that may be required  by applicable law, we may not engage in certain “Business Combinations” with any “interested  shareholder” for a three-year period following the time that the shareholder became an interested  shareholder, unless:  • prior to such time, the Board approved either the Business Combination or the transaction that resulted in  the shareholder becoming an interested shareholder;  

 

• upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder,  the interested shareholder owned at least 85% of our issued and outstanding voting shares at the time the  transaction commenced, excluding certain shares;  • or at or subsequent to that time, the Business Combination is approved by the Board and by the affirmative  vote of holders of at least 66 2∕3% of our issued and outstanding voting shares that are not owned by the  interested shareholder.  • Generally, a “Business Combination” includes a merger, amalgamation, asset or share sale, or other  transaction resulting in a financial benefit to the interested shareholder. An “interested shareholder” is a  person who, together with that person’s affiliates and associates, owns, or within the previous three years  owned, 10% or more of our issued and outstanding voting shares.  • Under certain circumstances, this provision will make it more difficult for a person who would be an  “interested shareholder” to effect various business combinations with us for a three-year period. This  provision may encourage companies interested in acquiring us to negotiate in advance with the Board  because the shareholder approval requirement would be avoided if the Board approves either the business  combination or the transaction that results in the shareholder becoming an interested shareholder. These  provisions also may have the effect of preventing changes in the Board and may make it more difficult to  accomplish transactions that shareholders may otherwise deem to be in their best interests.  • Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with another  company or corporation, a shareholder of the Bermuda company who did not vote in favor of  the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder’s  shares may, within one (1) month of notice of the shareholders meeting, apply to the Supreme Court of  Bermuda within one (1) month of the transaction to appraise the fair value of those shares.  Listing  The NASDAQ ticker symbols for the Company’s Common Stock and warrants are “WEJO” and “WEJOW,”  respectively.  Untraced Shareholders  The Bye-laws provide that the Board may forfeit any dividend or other monies payable in respect of any shares  which remain unclaimed for six years from the date when such monies became due for payment. In addition, we are  entitled to cease sending dividend warrants and checks by post or otherwise to a shareholder if such instruments  have been returned undelivered to, or left uncashed by, such shareholder on at least two consecutive occasions or,  following one such occasion, reasonable enquires have failed to establish the shareholder’s new address. This  entitlement ceases if the shareholder claims a dividend or cashes a dividend check or a warrant.

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