Document:

ex10-1.htm

Exhibit 10.1

 

 

14 July 2017

 

Raffi Asadorian

31 Tiana Terrace

Lafayette, California 94549

 

Dear Raffi:

 

On behalf of AcelRx Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you the position of Chief Financial Officer of the Company. Speaking for myself, as well as the other members of the Company’s Board, we look forward to your future success in this position.

 

The terms of your new position with the Company are as set forth below:

 

	
 
	
1.
	
Position.

 

(a) You will become the Chief Financial Officer (CFO) of the Company, working out of the Company’s headquarters office in Redwood City, California. You will report to Vincent Angotti, Chief Executive Officer (CEO).

 

(b) You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and obligations required of and from you pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will devote 100% of your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company, such consent not to be unreasonably withheld, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. Nothing in this letter agreement will prevent you from: (i) accepting speaking or presentation engagements in exchange for honoraria; (ii) serving on boards of charitable organizations; (iii) owning no more than five percent (5%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange; or (iv) serving on no more than one board of directors of another noncompetitive domestic or international company; provided, however, that in all cases, these activities do not unreasonably detract from the performance of your duties for the Company.

 

2.              Start Date. Subject to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company on 16 August 2017 (the “Start Date”). 

 

3.             Proof of Right to Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three business days of your date of hire, or our employment relationship with you may be terminated.

 

 

 

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4.             Preconditions to Employment. 

 

This offer and your employment with the Company are contingent upon your successful completion of an employee application, background check, reference check, drug screen for illegal drugs, and satisfactory proof of your right to work in the United States. You agree to assist as needed and to complete any documentation and actions at the Company’s request to meet these conditions.

 

5.             Compensation and Benefits. 

 

(a)        Annual Salary. You will be paid a monthly salary of $33,333.33, which is equivalent to $400,000 USD on an annualized basis (the “Base Salary”), less required deductions and tax withholdings. Your salary will be payable in two equal payments per month pursuant to the Company’s regular payroll policy. The Base Salary will be reviewed annually as part of the Company’s normal salary review process. In addition to your Base Salary, you will have the opportunity to earn a targeted annual bonus of 30% of your earned Base Salary based on achievement of both a series of personal objectives defined in consultation with the CEO and the Company’s business objectives that the Board of Directors, acting through the Compensation Committee, will define annually. The first year of bonus will be prorated based on your Start Date.

 

(b)       Insurance Benefits. The Company will provide you with the opportunity to participate in the standard benefits plans currently available to other Company employees, subject to any eligibility requirements imposed by such plans. 

 

(c)         Vacation; Sick Leave. You will be entitled to paid time off according to the Company’s standard policies for employees at the same level or above.

 

(d)       Stock Option Grant. In connection with the commencement of your employment, the Company will recommend at the next regularly scheduled meeting that the Board of Directors (the “Board”) grant you an option to purchase 220,000 shares of the Company’s Common Stock (“Option Shares”) with an exercise price equal to the fair market value of the Common Stock on the date of the grant, as determined by reference to the closing price as listed on NASDAQ. The Option Shares will vest at the rate of 25% of the shares on the twelve (12) month anniversary of your Vesting Commencement Date (as defined in your Stock Option Agreement, which date will be your Start Date, as defined above) and the remaining Option Shares will vest monthly thereafter at the rate of 1/48 of the total number of the Option Shares per month, subject to the acceleration provisions set forth below. Vesting will, of course, depend on your continued employment with the Company. The option will be subject to the terms of the Company’s 2011 Stock Plan (the “Plan”) and the Stock Option Agreement between you and the Company.

 

 

 

 

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6.            Severance Benefits. You will be eligible for designation as a participant in the Company’s Amended and Restated Severance Benefit Plan as recommended and approved by the Board of Directors at its next scheduled meeting following your Start Date. 

 

7.            Confidential Information and Invention Assignment Agreement. Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”), prior to or on your Start Date.

 

8.            At-Will Employment. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time, with or without cause, and with or without advance notice. 

 

9.         Legal Fees and Expenses. The parties shall each bear their own expenses, legal fees and other fee incurred in connection with this Agreement. Provided, however, in the event the Employee is required to incur attorney’s fees in order to obtain any payments or benefits under this Agreement and provided that the Employee prevails on at least one material issue related to his claim(s) under the Plan, then the Company will reimburse the attorney’s fees incurred by Employee.

 

10.        No Conflicting Obligations. You understand and agree that by accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

 

11.           Entire Agreement. This letter, together with the Confidentiality Agreement, sets forth the entire agreement and understanding between you and the Company relating to your employment and supersedes all prior agreements and discussions between us. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company, although the Company reserves the right to modify unilaterally your compensation, benefits, job title and duties, reporting relationships and other terms of your employment subject to the provisions of this letter agreement. This letter will be governed by the laws of the State of California without regard to is conflict of laws provision.

 

 

 

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We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me, along with a signed and dated copy of the Confidentiality Agreement. This offer will terminate if not accepted by you on or before 21 July 2017. 

 

 

	
Very truly yours,
	
ACCEPTED AND AGREED:

	  	  
	
AcelRx Pharmaceuticals, inc.
	
Raffi M. Asadorian

	  	  
	
By:  /s/ Vincent J. Angotti                
	
/s/ Raffi M. Asadorian

	 	Signature
	
Vincent J. Angotti
	  
	
Chief Executive Officer
	
Date: 18 July 2017Exhibit

Exhibit 10.1 

GUARANTY
This GUARANTY, dated as of July 14, 2017 (this “Guaranty”), is made by DXC TECHNOLOGY COMPANY, a Nevada corporation (“Guarantor”), in favor of THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as Administrative Agent (as defined below) (the “Guaranteed Party”) for the benefit of the Purchasers (as defined below).
WITNESSETH
WHEREAS, Enterprise Services LLC, a Delaware limited liability company, and any Additional Seller that becomes a party thereto (each, a “Seller” and collectively, the “Sellers”), BTMU, as administrative agent (the “Administrative Agent”) and certain purchasers identified therein (the “Purchasers”) entered into that certain Master Accounts Receivable Purchase Agreement, dated as of the date hereof (as heretofore amended, restated, amended and restated, supplemented or otherwise modified, the “Agreement”), pursuant to which the Administrative Agent (on behalf of the Purchasers) will purchase Receivables and Related Assets from the Sellers; and
WHEREAS, it is a condition precedent for the parties to enter into the Agreement that Guarantor execute and deliver this Guaranty. 
NOW THEREFORE, in consideration of the foregoing and in order to induce the Guaranteed Party to purchase Receivables and Related Assets from the Sellers, Guarantor agrees as follows:
1.Guarantor absolutely, unconditionally and irrevocably guarantees, as primary obligor and not as surety, to the Guaranteed Party the prompt payment when due, in full of any and all indebtedness and other monetary obligations owing by the Sellers to the Guaranteed Party under or pursuant to the Purchase Documents, upon the Guaranteed Party’s first written demand of Guarantor that any Seller failed to pay any amount due under or in connection with the Purchase Documents, irrespective of any objection by such Seller, and the performance and discharge by the Sellers of any other performance obligations of the Sellers under the Purchase Documents (collectively, the “Guaranteed Obligations”).
2.    Guarantor absolutely, unconditionally and irrevocably agrees to pay promptly on demand all costs and expenses of the Guaranteed Party, if any (including, without limitation, reasonable counsel fees and out of pocket expenses) in connection with enforcement (whether through negotiation, legal proceedings or otherwise) of its rights under this Guaranty or any other Purchase Document (the “Expense Obligations”).
3.    Guarantor agrees to pay the Guaranteed Obligations and Expense Obligations, regardless of any applicable law now or hereafter in effect in any jurisdiction affecting any terms of any Purchase Document or the rights of the Guaranteed Party with respect thereto, and notwithstanding a discharge in bankruptcy of all or any part of any Seller’s obligations under the Purchase Documents. The liability of Guarantor hereunder shall be an absolute and primary obligation of payment and the Guaranteed Party shall not be required to first (a) proceed against the Sellers; (b) proceed against or exhaust any security held from the Sellers; or (c) pursue any other remedies it may have, including remedies against other guarantors.
4.    Guarantor unconditionally and irrevocably waives promptness, diligence, notice of acceptance hereof, and all other notices and demands of any kind to which Guarantor may be entitled as a guarantor, including, without limitation, demands of payment and notices of nonpayment, default, 

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protest and dishonor to any Seller. Guarantor further hereby waives notice of, consents to, and irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the following: (a) any agreement or arrangement for payment, extension or subordination, of the whole or any part of any Seller’s obligations under the Purchase Documents, (b) the modification, amendment, waiver or consent to departure of any of the terms of the Purchase Documents, including, without limitation, in the time, place or manner of payment or any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Seller or otherwise, (c) the forbearance by the Guaranteed Party in the exercise of any rights against any Seller, (d) the change in location or release of any collateral of any Seller (if any) or the taking of a security interest in any additional or substituted collateral of any Seller (if any), (e) any lack of validity or enforceability of any Purchase Document or any agreement or instrument relating thereto (including, for the avoidance of doubt, as against any Seller), (f) any defense arising by reason of any claim or defense based upon an election of remedies by the Guaranteed Party that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of Guarantor or other rights of Guarantor to proceed against any Seller, (g) any defense based on the right of set-off or counterclaim against or in respect of the obligations owed by any Seller under the Purchase Documents, or (h) any other circumstance (including, without limitation, (i) any statute of limitations, (ii) any law governing usury or insolvency and (iii) any other law providing any Seller with a defense from non-payment) or any existence of or reliance on any representation by the Guaranteed Party that might otherwise constitute a defense available to, or a discharge of any Seller or any other guarantor or surety.  The only defense Guarantor shall have under this Guaranty is the payment in full of the Guaranteed Obligations and Expense Obligations.    
5.    This Guaranty will continue to be effective or will be reinstated, as the case may be, if at any time any payment made to the Guaranteed Party is rescinded or must be returned upon the occurrence of any bankruptcy proceeding of any Seller as if such payment had not been made.  
6.    This Guaranty is a continuing guaranty and shall continue in full force and effect until terminated pursuant to this Section 6. This Guaranty shall automatically terminate upon the payment and performance in full of the Guaranteed Obligations and Expense Obligations (whether by any Seller or otherwise), other than contingent indemnification obligations with respect to which no claim has been made; provided, that any such termination shall be subject to the reinstatement provisions set forth in Section 5 of this Guaranty.
7.    Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against any Seller that arise from the existence, payment, performance or enforcement of this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against any Seller whether or not such claim, remedy or right arises in equity or under contract, statute or common law, unless and until all of the Guaranteed Obligations and Expense Obligations shall have been paid in full in cash. If any amount shall be paid to Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Guaranteed Obligations and Expense Obligations, such amount shall be received and held in trust for the benefit of the Guaranteed Party, and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or 

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assignment) to be credited and applied to the Guaranteed Obligations and Expense Obligations, as applicable, and all other amounts payable under this Guaranty. 
8.    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR AND THE GUARANTEED PARTY HEREBY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED HEREON. Any assignee of the Guaranteed Party permitted by the Agreement and all subsequent assignees permitted by the Agreement shall have all of the rights of the Guaranteed Party hereunder and may enforce this Guaranty with the same force and effect as if such Guaranty were given to such assignee in the first instance. The invalidity, illegality or unenforceability of any provision of this Guaranty shall not affect the validity, legality or enforceability of any of its other provisions. LEGAL RIGHTS AND OBLIGATIONS HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. This Guaranty shall be binding on Guarantor and its successors and assigns.
9.    GUARANTOR AND THE GUARANTEED PARTY HEREBY IRREVOCABLY CONSENT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL DISTRICT COURT FOR THE STATE OF NEW YORK IN CONNECTION WITH ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY. GUARANTOR AND THE GUARANTEED PARTY WAIVE ANY OBJECTIONS BASED UPON VENUE OR “FORUM NON CONVENIENS” IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING. GUARANTOR CONSENTS THAT PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE SERVED UPON IT BY REGISTERED MAIL DIRECTED TO UNDERSIGNED AT ITS ADDRESS SET FORTH BELOW.
10.    Guarantor acknowledges the accuracy of the facts set forth in the recitals hereto and further acknowledges that it has, or will, receive substantial benefit and good and adequate consideration from the accommodations granted to the Sellers by the Guaranteed Party pursuant to the Agreement. Guarantor warrants and represents on the date hereof and on each Purchase Date that:
(a)    it is duly organized, validly existing and in good standing in its jurisdiction of incorporation;
(b)    it has the authority to carry on its business as presently conducted;
(c)    this Guaranty is a legal, valid and binding obligation of Guarantor, enforceable against it in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, (b) concepts of reasonableness and (c) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);
(d)    it has full power and authority to execute, deliver and perform its obligations under this Guaranty;
(e)    the execution and delivery of this Guaranty (i) has been authorized by all requisite corporate action, (ii) does not and will not violate (1) the Guarantor’s articles of incorporation or bylaws, or (2) any applicable law or material contractual restriction binding on or affecting the 

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Guarantor, or (iii) does not and will not result in the creation or imposition of any lien on any asset of the Guarantor; and 
(f)    the Guarantor has implemented and maintains in effect policies and procedures designed to promote and achieve compliance by Guarantor, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Guarantor, its Subsidiaries and to the knowledge of Guarantor its directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i) Guarantor, any Subsidiary of Guarantor or to the knowledge of Guarantor any of the directors or officers of Guarantor, (ii) to the knowledge of Guarantor or such Subsidiary, any director or officer of any Subsidiary of Guarantor or (iii) to the knowledge of Guarantor, any employee or agent of Guarantor or any Subsidiary that will act in any capacity in connection with or benefit from the facility established under the Purchase Documents, is a Sanctioned Person.
11.    Guarantor covenants and agrees that it will, unless this Guaranty shall have terminated in accordance with the last sentence of Section 6 hereof:
(a)    comply, and cause each Seller to comply, with all applicable laws, rules, regulations and orders, except to the extent any non-compliance would not reasonably be expected to have a Material Adverse Effect;
(b)    furnish to Guaranteed Party:
(i)    as soon as available and in any event within sixty (60) days of the end of each of the first three (3) fiscal quarters of each fiscal year of Guarantor, a copy of the quarterly report (x) for such quarter for Guarantor, containing a consolidated balance sheet and consolidated statements of income and (y) for the period consisting of the fiscal year then elapsed, for Guarantor, containing consolidated statements of stockholders’ equity and cash flows; and
(ii)    as soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of Guarantor, a copy of the consolidated annual audit report for such year for Guarantor, containing financial statements (including a consolidated balance sheet, consolidated statements of income, retained earnings and cash flows of Guarantor) for such year, accompanied by an opinion of Deloitte & Touche or other nationally recognized independent public accountants. The opinion shall be unqualified (as to going concern, scope of audit and disagreements over the accounting or other treatment of offsets) and shall state that such consolidated financial statements present fairly the consolidated financial position of Guarantor as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as stated therein) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards.
In lieu of furnishing to the Guaranteed Party paper copies of the documents required to be delivered pursuant to clauses (i) and (ii), to the extent such documents are filed with the Securities and Exchange Commission (or any successor agency) (the “SEC”), Guarantor shall notify Guaranteed Party when such documents are so filed and may make such documents available to the Guaranteed 

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Party at its Internet website located at https://www.dxc.technology (or such other website address set forth in a written notice provided by the Guarantor to the Guaranteed Party) and through the SEC’s EDGAR system;
(c)    maintain insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as are usually insured by companies engaged in similar businesses. Notwithstanding the foregoing, Guarantor may maintain a plan or plans of self-insurance to such extent and covering such risks as is usual for companies of comparable size engaged in the same or similar business, which plans shall include, among other things, adequate reserves for the risks that are self-insured. On request, Guarantor will advise the Guaranteed Party concerning any such plan or plans for self-insurance;
(d)    at all times maintain its fundamental business and preserve and keep in full force and effect its corporate existence and all material rights, franchises and licenses necessary or desirable in the normal conduct of its business, in each case as applicable, except a Permitted Transaction and except if, in the reasonable business judgment of Guarantor, it is in the business interest of Guarantor or any Seller not to preserve and maintain such rights (charter and statutory), franchises and licenses, and such failure to preserve the same would not reasonably be expected to have a Material Adverse Effect.  As used herein, “Permitted Transaction” means, in the case of any consolidation or merger involving Guarantor, either (i) Guarantor is the surviving entity or (ii) the Person surviving or resulting from such consolidation or merger shall have assumed the obligations of Guarantor hereunder in an agreement or instrument reasonably satisfactory in form and substance to the Guaranteed Party and such surviving corporation shall have delivered, for the benefit of Guaranteed Party, such other documents as may reasonably be requested, including, without limitation, information in respect of “know your customer” and similar requirements, an incumbency certificate and an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Guaranteed Party, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; and
(e)    keep in all material respects, proper books of record and account in accordance with GAAP.
12.        (a)    All payments to be made by the Guarantor under this Guaranty shall be made free and clear of and without deduction for or on account of all Taxes, except to the extent required by applicable law.  All Taxes required to be deducted or withheld from any amounts paid or payable by the Guarantor under this Guaranty, if any, shall be paid by the Guarantor to the applicable Governmental Authority within the time allowed under the relevant law.  In addition, if any Taxes or amounts in respect of Taxes must be deducted from any amounts payable by the Guarantor under this Guaranty and such Tax is an Indemnified Tax, the Guarantor shall pay such additional amounts as may be necessary to ensure that the Guaranteed Party and the Purchasers receive a net amount equal to the full amount which the Guaranteed Party and the Purchasers would have received had payment not been made subject to deduction of Tax by the Guarantor.  Within thirty (30) days of each payment to the relevant Governmental Authority by the Guarantor under this Section 12(a) of Tax or in respect of Taxes, the Guarantor shall deliver to the Guaranteed Party and the Purchasers if the same is available an original receipt, certified copy or other appropriate evidence issued by the Governmental Authority to whom the payment was made that the Tax has been duly remitted 

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to the appropriate authority.  If the Guaranteed Party or any Purchaser determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been paid additional amounts pursuant to this Section 12(a), such Person shall pay to the Guarantor an amount equal to such refund (but only to the extent of additional amounts made under this Section 12(a) with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of such Person and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that nothing contained in this Guaranty shall interfere with the right of the Guaranteed Party and each Purchaser to arrange its Tax affairs in whatever manner it thinks fit and, in particular, none of the Guaranteed Party or any Purchaser shall be under any obligation to claim credit, relief, remission, repayment or other benefit from or against its corporate profits or similar Tax liability in respect of the amount of any deduction in priority to any other claims, reliefs, credits or deductions available to it, nor shall the Guarantor be entitled to make any enquiries of the Guaranteed Party or any Purchaser in relation to such Person’s Tax affairs.  The Guaranteed Party and each Purchaser shall (if and to the extent that it is entitled to do so under applicable law) submit in duplicate to the Guarantor prior to the date of the first payment by the Guarantor to the Guaranteed Party or such Purchaser, as applicable, duly completed and signed copies appropriate Internal Revenue Service forms claiming complete or partial exemption from withholding on all amounts (to which such withholding would otherwise apply) to be received by the Guaranteed Party or such Purchaser, as applicable, including fees, from the Guarantor pursuant to this Guaranty.  In addition and from time to time the Guaranteed Party and each Purchaser shall (if and to the extent that it is entitled to do so under applicable law) submit to the Guarantor such additional duly completed and signed copies of one or the other of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxation authorities) and any additional information as may be required under then current United States law, regulations or any income tax treaty to which the United States is a party to claim the inapplicability of, or exemption or partial exemption from, United States withholding (including backup withholding) taxes on payments in respect of all amounts (to which such withholding would otherwise apply) to be received by the Guaranteed Party or such Purchaser including fees, from the Guarantor pursuant to this Guaranty.  The Guaranteed Party and each Purchaser agree that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Guarantor in writing of its legal inability to do so.
(b)    All stamp, documentary, registration or other like duties or Taxes (excluding Excluded Taxes and any Taxes that are the subject of Section 12(a)), including Taxes and any penalties, additions, fines, surcharges or interest relating thereto, or any notarial fees which are imposed or chargeable on or in connection with this Guaranty or any other document executed pursuant hereto shall be paid by the Guarantor, it being understood and agreed that the Guaranteed Party and each Purchaser shall be entitled but not obligated to pay any such duties or Taxes (whether or not they are its primary responsibility), and the Guarantor shall on demand indemnify the Guaranteed Party or such Purchaser, as applicable, against those duties or Taxes and against any reasonable costs and expenses so incurred by it in discharging them.  Without prejudice to the survival of any other provision hereof, the terms of this Section 12(b) shall survive the termination of this Guaranty and payment of all other amounts payable hereunder.

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13.    The Guaranteed Party hereby notifies the Guarantor that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization Act, Title III of Pub. L. 109-177 (signed into law March 9, 2009), as amended from time to time (the “PATRIOT Act”), it and each Purchaser is required to obtain, verify and record information that identifies the Guarantor, which information includes the name and address of the Guarantor and other information that will allow it and such Purchaser to identify the Guarantor in accordance with the PATRIOT Act.
14.    Except as otherwise provided in this Guaranty (including, without limitation, in Section 4), Guarantor shall be under no greater obligation or greater liability under this Guaranty in relation to any Guaranteed Obligation than Guarantor would have been under any Purchase Document if Guarantor had been named as a Seller thereunder and any defenses available to any Seller in respect of its obligations under any Purchase Document or otherwise shall be available to Guarantor and Guaranteed Party may not recover under any Purchase Document, this Guaranty or otherwise for the same loss more than once. 
15.    The provisions set out in Section 14.19 (Confidentiality) of the Agreement shall be expressly and specifically incorporated into this Guaranty, as though they were set out in full in this Guaranty.  In the event of any conflict between the provisions of this Guaranty and Section 14.19 (Confidentiality) of the Agreement, the provisions of this Guaranty shall prevail.
16.    Capitalized terms used herein but not defined shall have the meanings assigned to such terms in the Agreement. 
[Signature pages follow.]

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A copy of this Guaranty shall be effective as an original as provided in the Agreement.  This Guaranty is dated effective as of the date first written above.
DXC TECHNOLOGY COMPANY

By /s/ William L. Deckelman, Jr.      
Name: William L. Deckelman, Jr. 
Title: Executive Vice President, General Counsel and Secretary

By /s/ Paul Saleh      
Name: Paul Saleh
Title: Executive Vice President and Chief Financial Officer

NOTICE ADDRESS: 
DXC TECHNOLOGY COMPANY 
1775 Tysons Boulevard 
Tysons, VA 22102 
USA 
Attention: Executive Vice President, General Counsel and Secretary 

[Guaranty]

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