Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT
 
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of December 13, 2019 by and among The Andersons Marathon Holdings LLC, a Delaware limited liability company (the “Borrower”), the Lenders signatory hereto, and CoBank, ACB, a federally chartered instrumentality of the United States, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).  
The Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent are parties to a Credit Agreement dated as of October 1, 2019 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).  As used in these recitals, capitalized terms used but not defined herein shall have the meanings given them in the Credit Agreement.
The Borrower has requested that the Administrative Agent and the Lenders agree to amend certain terms and provisions of the Credit Agreement, and the Administrative Agent and the Lenders are willing to grant such request on the terms and subject to the conditions set forth herein.
ACCORDINGLY, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.    Definitions.  As used herein, capitalized terms defined in the Credit Agreement and not otherwise defined herein shall have the meanings given them in the Credit Agreement.  
Section 2.    Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:
(a)    Amendment to Section 1.1 of the Credit Agreement (Definitions).  Section 1.1 of the Credit Agreement is amended by amending and restating the following definitions:
“‘Term Commitment Termination Date’ means December 15, 2021.”
“‘Unused Commitment Fee’ means any Unused Revolving Term Commitment Fee or Unused Term Commitment Fee.” 
(b)    Amendment to Section 1.1 of the Credit Agreement (Definitions).  Section 1.1 of the Credit Agreement is further amended by adding the following definitions:
“‘Aggregate Term Commitment Amount’ means $70,000,000, constituting the sum of the Term Commitments of the Term Lenders as of the Closing Date, subject to adjustment in accordance with Sections 2.1(a) and 2.1(d).” 
“‘First Amendment Effective Date’ means December 13, 2019.”
“‘Unused Revolving Term Commitment Fee’ has the meaning specified in Section 2.6(a)(i).”
“‘Unused Term Commitment Fee’ has the meaning specified in Section 2.6(a)(ii).”
(c)    Amendment to Section 2.1(a) of the Credit Agreement (Term Commitments).  Section 2.1(a) of the Credit Agreement is amended and restated in its entirety to read as follows:

“(a)    Term Commitments.  Subject to the terms and conditions hereof and relying upon the representations and warranties of the Loan Parties set forth herein and in the other Loan Documents, each Term Lender severally agrees to make Term Advances to the Borrower at any time or from time to time on or after the Closing Date to the Term Commitment Termination Date in an aggregate amount at any time outstanding not to exceed such Term Lender’s Pro Rata Share of each Borrowing from time to time requested by the Borrower under the Term Facility; provided that, after giving effect to each such Term Advance, (i) the aggregate principal amount of such Lender’s Term Advances shall not exceed its Term Commitment and (ii) the aggregate principal amount of all Term Advances extended by all Term Lenders (including any Term Advances that are outstanding or have been repaid) shall not exceed the Aggregate Term Commitment Amount.  Each request by the Borrower for a Term Advance shall be deemed to be a representation by the Borrower that it shall be in compliance with the proviso at the end of the preceding sentence and with Article IV both before and after giving effect to the requested Term Borrowing.  The Term Facility is not a revolving facility; any Term Advances that are repaid may not be re-advanced hereunder.  The Aggregate Term Commitment Amount shall be automatically and permanently reduced (A) dollar-for-dollar by the amount of each Term Borrowing on the date of such Term Borrowing and (B) to zero on the Term Commitment Termination Date.” 
(d)    Amendment to Section 2.1(d) of the Credit Agreement (Repayment of Term Advances).  Section 2.1(d) of the Credit Agreement is amended and restated in its entirety to read as follows:
“(d)    Repayment of Term Advances.  In addition to any prepayments made pursuant to Sections 2.11 and 2.12, the Borrower shall pay the aggregate outstanding principal balance of the Term Facility in successive installments of $3,000,000 each, due and payable on the 20th day of each November, February, May and August commencing November 20, 2020, and in one final installment on the Maturity Date for the Term Facility when the entire remaining outstanding principal balance of the Term Facility, together with all outstanding interest thereon and unpaid fees with respect thereto, shall be due and payable in full.  The Aggregate Term Commitment Amount shall be automatically and permanently reduced dollar-for-dollar by the amount of $3,000,000 on the 20th day of each November, February, May and August commencing November 20, 2020.”
(e)    Amendment to Section 2.6(a) of the Credit Agreement (Unused Commitment Fee).  Section 2.6(a) of the Credit Agreement is amended and restated in its entirety to read as follows:
“(a)    Unused Commitment Fee.  
(i)    Unused Revolving Term Commitment Fee.  Accruing from the Closing Date until the Maturity Date of the Revolving Term Facility, the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Term Lender according to its Pro Rata Share, a nonrefundable unused commitment fee (each, an “Unused Revolving Term Commitment Fee”) equal to the Unused Commitment Fee Rate (computed on the basis of a year of 360 days, as the case may be, and actual days elapsed) multiplied by the average daily difference between the amount of (i) the Aggregate Revolving Term Commitment Amount and (ii) the Revolving Term Facility Usage; provided, however, that any Unused Revolving Term Commitment Fee accrued with respect to the Revolving Term Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolving Term Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Unused Revolving Term Commitment Fee shall accrue with respect to the Revolving Term Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.  Subject to the provisos in the directly preceding sentence, all Unused 

Revolving Term Commitment Fees shall be payable on each Interest Payment Date in arrears through the last day of the immediately preceding calendar month.
(ii)    Unused Term Commitment Fee.  Accruing from the First Amendment Effective Date until the Term Commitment Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of each Term Lender according to its Pro Rata Share, a nonrefundable unused commitment fee (each, an “Unused Term Commitment Fee”) equal to the Unused Commitment Fee Rate (computed on the basis of a year of 360 days, as the case may be, and actual days elapsed) multiplied by the average daily difference between the amount of (i) the Aggregate Term Commitment Amount as of the Closing Date less any mandatory reductions occurring on or after November 20, 2020 pursuant to Section 2.1(d) and (ii) the outstanding principal balance of all Term Advances; provided, however, that any Unused Term Commitment Fee accrued with respect to the Term Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Term Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Unused Term Commitment Fee shall accrue with respect to the Term Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.  Subject to the provisos in the directly preceding sentence, all Unused Term Commitment Fees shall be payable on each Interest Payment Date in arrears through the last day of the immediately preceding calendar month.”
(f)    Amendment to Section 8.2 of the Credit Agreement (Minimum Net Worth).  Section 8.2 of the Credit Agreement is amended by deleting “$400,000,000” therefrom and inserting “$300,000,000” in substitution therefor.
(g)    Amendment to Exhibit B to the Credit Agreement (Compliance Certificate).  Exhibit B to the Credit Agreement is amended and restated in its entirety in the form of Exhibit B attached hereto.
Section 3.    No Waiver; No Other Changes.  The execution of this Amendment or any documents, agreements and certificates contemplated hereunder shall not be deemed to be a waiver of any Default or Event of Default  or any other breach, default or event of default under any Loan Document or other document held by the Administrative Agent or any Lender, whether or not known to the Administrative Agent or any Lender and whether or not existing on the date of this Amendment.  Except as expressly set forth herein, all terms of the Credit Agreement and each of the other Loan Documents remain in full force and effect.
Section 4.    References.  All references in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit Agreement as amended hereby, and any and all references in any other Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.  
Section 5.    Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Secured Parties as follows: 
(a)    The Borrower has the full power to enter into, execute, deliver and carry out this Amendment and the other documents delivered hereunder to which it is a party (the “Amendment Documents”) and to perform its obligations under the Amendment Documents to which it is a party and the Credit Agreement as amended hereby, and all such actions have been duly authorized by all necessary proceedings on its part.  Each of the Amendment Documents (i) has been duly and validly executed and delivered by the Borrower and (ii) constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms.

(b)    Neither the execution and delivery of the Amendment Documents nor the consummation of the transactions herein or therein contemplated nor compliance with the terms and provisions hereof or thereof by any of them or by the Credit Agreement as amended hereby will (i) conflict with or constitute a material default under (x) the terms and conditions of the Organizational Documents of the Borrower, (y) any Material Agreement to which the Borrower is a party or by which it is bound or to which it is subject, (z) any applicable Law or any order, writ, judgment, injunction or decree to the Borrower is a party or by which it is bound or to which it or its properties is subject, or (ii) result in the creation or enforcement of any Lien, charge or encumbrance upon any property (now or hereafter acquired) of the Borrower (other than Liens granted under the Loan Documents).
(c)    All of the representations and warranties contained in the Loan Documents, including without limitation in Article V of the Credit Agreement, are correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties are correct in all material respects as of such date; provided that any representation or warranty that is qualified by materiality or Material Adverse Change is correct in all respects as though made on and as of the applicable date.
(d)    No event has occurred and is continuing, or would result from the execution and delivery of the Amendment Documents, which constitutes a Default or an Event of Default.
Section 6.    Effectiveness.  The amendments set forth in Section 2 shall be effective only if the Administrative Agent has received, on or before the date of this Amendment, each of the following, each in form and substance acceptable to the Administrative Agent in its sole discretion:
(a)    this Amendment, duly executed by the parties hereto; 
(b)    a certificate of the secretary or other appropriate officer of the Borrower certifying that (i) the execution, delivery and performance of the Amendment Documents were duly approved by all necessary action of the Governing Board of the Borrower, and attaching true and correct copies of the applicable resolutions granting such approval; (ii) the Organizational Documents of the Borrower, which were certified and delivered to the Administrative Agent pursuant to the most recent certificate of secretary given by the Borrower to the Administrative Agent (the “Prior Certificate”), continue in full force and effect and have not been amended or otherwise modified except as set forth in the certificate to be delivered as of the date hereof; and (iii) the officers and agents of the Borrower who have been certified to the Administrative Agent pursuant to the Prior Certificate as being authorized to sign and to act on behalf of the Borrower continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Borrower authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of the Borrower; and
(c)    payment in immediately available funds of all fees and expenses due and payable pursuant to Section 8 hereof to the extent invoiced on or prior to the date hereof.  
Section 7.    Release of the Administrative Agent and the Secured Parties.  The Borrower hereby absolutely and unconditionally releases and forever discharges the Administrative Agent and the other Secured Parties, and any and all participants, Related Parties, successors and assigns thereof, together with all of the present and former Directors, officers, employees, agents, attorneys of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Borrower has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever occurring or arising prior to the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown, in each case to the extent arising in connection with any of the Loan Documents.

Section 8.    Costs and Expenses.  The Borrower hereby reaffirms its agreement under Section 11.3 of the Credit Agreement to pay or reimburse the Administrative Agent on demand for all reasonable out-of-pocket expenses paid or incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and each other agent of the Administrative Agent), in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and the other documents, agreements and certificates contemplated hereunder (whether or not the transactions contemplated hereby or thereby shall be consummated).
Section 9.    Miscellaneous.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.  This Amendment, together with the Credit Agreement as amended hereby and the other Loan Documents, comprises the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such subject matter, superseding all prior oral or written understandings.  Any provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by e-mail transmission of a PDF or similar copy shall be equally as effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart signature page by facsimile or by e-mail transmission shall also deliver a manually executed counterpart, but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability or binding effect of this Amendment.  
Signature pages follow.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized officers as of the day and year first above written.

THE ANDERSONS MARATHON HOLDINGS LLC, as Borrower

By:                                                        
Name: Brian K. Walz
Title:   Vice President & Treasurer of The Andersons, Inc.

COBANK, ACB, as Administrative Agent and Issuing Lender 

By:                                                           
Name:                                                      
Title:                                                        

COBANK, FCB, as a Lender 

By:                                                                    
Name:                                                                
Title:                                                             
     

FARM CREDIT MID-AMERICA, PCA, as a Lender

By:                                                                       
Name:                                                                  
Title:                                                               
    

METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation, as a Lender

By:  MetLife Investment Management, LLC, a Delaware limited liability company, its investment manager

By:                                                                        
Name:                                                             
Title:                                                               
     

BANK OF THE WEST, as a Lender

By:                                                                       
Name:                                                             
Title:                                                               
    

CONSENT OF VOTING PARTICIPANTS

	
		
	FARM CREDIT EAST, ACA, as a Voting Participant

By: _________________________ _________
Name: ________________________________
Title: _________________________________
	FARM CREDIT SERVICES OF AMERICA, FLCA, as a Voting Participant

By: ___________________________ _______
Name: ________________________________
Title: _________________________________

	GREENSTONE FARM CREDIT SERVICES, FLCA, as a Voting Participant

By: ____________________ ______________
Name: ________________________________
Title: _________________________________
	 

EXHIBIT B
COMPLIANCE CERTIFICATE
Financial Statement Date: _______________
To:    CoBank, ACB
6340 S. Fiddlers Green Circle
Greenwood Village, Colorado 80111
Attention: Credit Information Services

Reference is made to that certain Credit Agreement, dated as of October 1, 2019 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among THE ANDERSONS MARATHON HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and COBANK, ACB, as administrative agent (the “Administrative Agent”).  Any capitalized terms used but not defined in this Compliance Certificate shall have the meaning given to such terms in the Credit Agreement.
The undersigned hereby certifies, solely in his or her corporate capacity and not individually, as of the date hereof that he/she is an officer of The Andersons, Inc., as Manager of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on behalf of the Borrower, and that:
1.    Attached as Annex I hereto are the [monthly financial statements][annual financial statements] required by Article VI of the Credit Agreement, which financial statements have been prepared in accordance with the Credit Agreement.
2.    The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements.
3.    A review of the activities of the Borrower and its Subsidiaries during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrower and its Subsidiaries performed and observed all their obligations under the Loan Documents, and to the best Knowledge of the undersigned at the end of such fiscal period there did not exist any Default or Event of Default [or, if a Default or Event of Default exists, describe its nature, period of existence and what action Borrower has taken and is taking with respect thereto].
4.    The representations and warranties of the Borrower contained in Article V of the Credit Agreement or which are contained in the Loan Documents are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date.
5.    The financial covenant analyses and information attached as Annex II hereto are hereby made a part hereof and are true and accurate for the applicable period on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate on behalf of the Borrower as of ________________________, 20__.

THE ANDERSONS MARATHON HOLDINGS LLC

By: ____________________________________
Name: __________________________________
Title: ___________________________________
   

Annex I to Exhibit B

FINANCIAL STATEMENTS

See attached.

Annex II to Exhibit B

FINANCIAL COVENANT CALCULATIONS

See attached.

THE ANDERSONS MARATHON HOLDINGS LLC
Compliance Report
For the Period Ended ____________

	
	
	I.Section 8.1 Minimum Working Capital

	
						
	1.
	Current assets
	 
	$
	 

	2.
	plus the Revolving Term Facility Availability Amount (less the amount that would be considered a current liability under GAAP if the Revolving Term Facility was fully advanced)
	 
	$
	 

	3.
	minus current liabilities
	 
	$
	 

	4.
	Working Capital (line 1 plus line 2 minus line 3)
	 
	$
	 

	 
	 
	 
	 
	 

	 
	Minimum required Working Capital
	 
	$
	73,000,000.00

	 
	 
	 
	 
	 

	 
	In Compliance
	 
	 
	Yes
	No

Covenant: The Borrower will maintain the Working Capital of the Consolidated Group as of the last day of each month at not less than $73,000,000.

	
	
	II.Section 8.2 Minimum Net Worth

	
						
	1.
	Total assets
	 
	$
	 

	2.
	minus total liabilities
	 
	$
	 

	3.
	Net Worth (line 1 minus line 2)
	 
	$
	 

	Minimum required Net Worth
	 
	$
	300,000,000.00

	In Compliance 
	 
	Yes
	No

Covenant: The Borrower will maintain the Net Worth of the Consolidated Group as of the last day of each month at not less than $300,000,000.

	
	
	III.Consolidated EBITDA (as of the end of each fiscal year)

	
					
	1.
	Net Income
	 
	$
	 

	2.
	plus interest expense
	 
	$
	 

	3.
	plus income tax expense
	 
	$
	 

	4.
	plus depreciation and amortization 
	 
	$
	 

	5.
	plus non-operating, non-cash and non-recurring costs and expenses
	 
	$
	 

	6.
	minus non-operating, non-cash and non-recurring income or gains
	 
	$
	 

	7.
	EBITDA (line 1 plus lines 2 through 5 minus line 6)
	 
	$Exhibit

EXECUTION VERSION
        

CRITEO

CONSULTING AGREEMENT

This Consulting Agreement (the “Agreement”) is entered into between:

		
	•
	CRITEO SA, a French société anonyme, having its registered office at 32 rue Blanche, 75009 Paris, France, registered with the registry of commerce and companies of Paris under number 484 786 249 RCS Paris, represented by Benoît Fouilland acting as directeur général délégué,

(the “Company”),

and

		
	•
	ROCABELLA , a French société par actions simplifiée, having its registered office at 16, rue Séguier, 75016 Paris, France, registered with the registry of commerce and companies under number 878 359 884 RCS, represented by Jean-Baptiste Rudelle, acting in his capacity as président (the “Representative”), 

(the “Advisor”).

The Company and the Advisor are hereafter collectively referred to as the “Parties” and individually as a “Party”.

RECITALS:

WHEREAS, the Company is a global leader in commerce marketing;

WHEREAS, the Representative is the Chairman of the Company’s Board of Directors (the “Board”);

WHEREAS, the Advisor, taking into consideration its historical knowledge of the Company and the Company’s products as well as its broad industry experience, has been appointed as an advisor to the Company in order to provide corporate affairs-related services (the “Consulting Services”), as approved by the Board on December 11, 2019;

WHEREAS, the purpose of this Agreement is to document the terms and conditions governing the provision, by the Advisor, of the Consulting Services to the Company.

NOW THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

		
	1.
	CONSULTING SERVICES

Effective Date - The Agreement shall be effective as of January 1, 2020 (the “Effective Date”).  

Scope of the Consulting Services - The Advisor, acting exclusively through its Representative, shall provide the Consulting Services as follows: 

		
	-
	The Advisor shall devote the time necessary for it to perform corporate advisory services and Company representation services in the Company’s relations with public bodies, professional organizations, industry experts, influencers, decision makers, institutions and 

1

regulators, at domestic, European Union and international levels, in coordination with the Company. The Parties understand and agree that the scope of the Consulting Services is not exhaustive and may be modified, from time to time, upon prior mutual agreement between the Parties so as to reflect changes in the Company’s environment and/or in Company’s expectations. 

		
	-
	The Company and the Advisor shall define together in advance and in accordance with the Company’s expectations and both Parties’ availabilities, the Advisor’s intervention planning, which shall remain flexible so as to consider any reasonable adjustment required by the Company. 

Performance of the Consulting Services -     The Advisor undertakes to perform the Consulting Services with the level of skills and care expected in consideration of its knowledge, expertise and background with the Company. It shall conduct the Consulting Services with a view of protecting the Company’s best interests and shall promote, at all time, a positive image of the Company.  

As an expert and independent contractor, the Advisor shall solely determine the manner and means by which the Consulting Services shall be performed.

In the course of the Agreement, the Advisor shall always act and present itself as the Company’s Advisor or, in the case of the Representative, as Chairman of the Board, as the case may be; it shall not be authorized to enter into any agreement nor take any commitment of behalf of the Company without the prior written consent of the Company, and the performance of the Consulting Services shall remain within the general direction of the Company’s Chief Executive Officer and the Board.  
The Advisor, and its Representative, cannot, in any event, be considered as agents, partners, representatives or employees of the Company or any of the Company’s affiliates (as per article L.233-3 of the French Commercial code, the “Affiliates”) as the case may be, nor act as such.

During the term of the Agreement, the Company and the Advisor shall meet on a regular basis to discuss the performance of the Consulting Services by the Advisor. In preparation for these meetings, the Advisor shall provide a report of its activities performed since the last meeting to the Company’s Primary Contact (as defined below).

In this context, the Company appoints François Lhemery, VP of Regulatory Affairs  (to be replaced, as the case may be, by its successor or any other person appointed by Company to play this role) as the Advisor’s primary contact with regard to the Consulting Services (the “Company’s Primary Contact”).  

Notwithstanding the above mentioned meetings, the Advisor shall also inform the Company, in due time, of any difficulty that it may encounter in the provision of Consulting Services and, as part of its general duty to provide advice and guidance, raise any information and warning or provide any additional advice that it may deem relevant for the Company. 

		
	2.
	COMPANY’S OBLIGATIONS

The Company shall inform the Advisor of any material modification in the Company’s environment, business strategy and service offering. 

The Company shall provide the Advisor with all the human and material resources as reasonably necessary for the performance of the Consulting Services.

More generally, the Company shall collaborate with the Advisor and provide it with any information and resources reasonably necessary for the performance of the Consulting Services.

		
	3.
	ADVISOR’S OBLIGATIONS AND REPRESENTATIONS

2

The Advisor, directly or through its Representative, hereby represents that it is duly authorized to enter into this Agreement, without breaching any obligation that it may have toward a third-party such as, for example, an exclusivity clause, a non-compete obligation or any other contract that may arise in a conflict of interests regarding its obligations toward the Company as specified herein. 

The Advisor represents that it is duly entitled to perform the Consulting Services herein and that it complies with all laws and regulations applicable to its business and activities. In this regard, the Advisor undertakes notably to prepare and file all tax and social security forms and returns, as well as all other necessary tax, social security and regulatory filings required by law with regards to its business.  It represents that it has subscribed a suitable insurance policy covering any potential liability arising out of its performance of the Consulting Services during the term of the Agreement. 

The Advisor undertakes during the term of this Agreement and while performing the Consulting Services, to abide by any applicable law or regulation in terms of anti-bribery and anti-corruption as well as in terms of data protection laws and regulations (including, without limitation, EU Regulation n°2016/679 – the “GDPR”).

Additionally, the Advisor shall comply with the Company’s internal rules and policies, to the extent applicable to it (e.g., IT security instructions and Health & Safety rules). Specifically, the Advisor and its Representative shall comply with the Company’s Insider Trading Policy. 

		
	4.
	CONSULTING FEE

As from the Effective Date, the Advisor shall receive from the Company an annual fee of Euros 135,440 V.A.T. exclusive (the “Consulting Fee”). This Consulting Fee will be payable in 4 installments of Euros 33,860 V.A.T. exclusive, each corresponding to a 3-month period. Upon presentation by the Advisor of a corresponding quarterly invoice, the Consulting Fee shall be paid within thirty (30) days, by wire transfer to the Advisor’s bank account as previously communicated by the Advisor.

The Consulting Fee shall be revised on an annual basis, such annual revision being approved by the Company’s Board as long as this Agreement is a related-party transaction within the meaning of article L.225-38 of the French Commercial Code. 

All Advisor’s expenses incurred in connection with the Consulting Services (e.g., travel expenses or any other additional expense) shall be reimbursed to the Advisor to the extent reasonable, supported by relevant invoices and in accordance with Company’s travel and expenses policies. 

		
	5.
	CONFIDENTIALITY 

 
During the term of this Agreement, the Advisor shall keep strictly confidential all of the Company’s non-public or otherwise confidential information brought to its attention and/or to which it is granted access in the course of the performance of the Consulting Services (the “Confidential Information”).  For the purpose of this Agreement, the term “Confidential Information” shall include any manufacturing or business secrets..

If the Advisor reasonably deems that it must disclose any of Company’s Confidential Information for the performance of the Consulting Services, it shall promptly notify the Company and shall refrain from disclosing such Confidential Information without the Company’s prior written approval.

In the event that the Advisor becomes compelled, pursuant to any statutory or regulatory provision, court decision or administrative order, to disclose any of the Confidential Information, it will provide the Company with prompt written notice so that the Company can take appropriate protective measures.  In any event, the Advisor will disclose only that portion of the Confidential Information that, upon the advice of counsel, is required and will use commercially reasonable efforts to ensure that all Confidential Information so disclosed will be given confidential treatment.

3

		
	6.
	CONFLICTS OF INTEREST 

As an independent contractor, the Advisor and the Representative remain entitled to engage in business activities with third parties. 

Notwithstanding anything to the contrary in this Agreement, for the term of the Agreement, the Advisor recognizes and agrees that it and/or the Representative shall not enter into any business activity with a third-party that may give rise to a potential conflict of interest with the Company or any of its affiliates. As a result, the Advisor shall ask for the Company’ General Counsel prior written approval before engaging itself and/or before the Representative engaging into a business relationship with a third-party which may generate conflicts of interest with the Company or any of its Affiliates. 

		
	7.
	TERM OF THE AGREEMENT – TERMINATION

Except as otherwise provided herein, the term of this Agreement shall be from the Effective Date for a period of three (3) years (the “Term”).

The Agreement shall be immediately terminated, without any prior notice nor indemnification, upon the earliest occurrence of (i) the expiration of the Term or (ii) unless decided otherwise by the Board, the termination date of the office of the Representative as Chairman of the Board. 

Each Party shall also be entitled to terminate the Agreement for convenience purposes on June 30 of each calendar year, subject to one (1) month’s-prior written notice. 

Each Party shall also be entitled to terminate this Agreement in case of breach by the other Party of its obligations under this Agreement, following prior written notification of such breach, which has remained uncured for ten (10) business days. 

Upon termination of this Agreement, the Advisor will promptly return or destroy the material resources made available for the performance of the Consulting Services.

		
	8.
	INTELLECTUAL PROPERTY RIGHTS

The intellectual property rights attached to the reports, presentations and/or other documents drafted by the Advisor in the course of the Consulting Services (the “Deliverables”) shall be assigned to the Company upon their delivery by the Advisor.

As consideration for the Consulting Fees, the Advisor shall transfer to the Company for its own benefit as well as for the benefit of any third-party of the Company, without limitation and irrespective of the medium, form and state of completion, on a worldwide basis and for the entire term of the protection of the intellectual property rights under applicable law, the following intellectual property rights of the Deliverables:

		
	•
	the right to reproduce all or part of the Deliverables by any means and processes and in any format and on any medium (whereas such medium is already known or is to-date unknown);

		
	•
	the right to display and/or communicate all or part of the Deliverables by any processes and networks (already known or to-date unknown) and in any context whatsoever;

		
	•
	the right to make any technical modification, including, in particular, the right to modify, correct or arrange, translate and/or create derivative works from the Deliverables and the rights to exploit such modifications free of charge or otherwise; 

		
	•
	the right to incorporate all or part of the Deliverables into any other creation which currently exists or may be created in the future;

		
	•
	the right to market, distribute, sell, license or disseminate all or part of the Deliverables, including any derivative work free of charge or otherwise;

4

		
	•
	the right to file and/or to register all or part of the Deliverables as a design or model, trademark or domain name and/or any other intellectual or industrial property right whatsoever, including the right to incorporate all or part of the Deliverables into a patentable invention and the right to include all or part of the Deliverables in any application to register a patent or for the purposes of any proceeding before any official intellectual property office. 

The Advisor understands and agrees that the Deliverables shall be delivered to the Company free of any third-party rights (including intellectual property rights) and undertakes not to make any further use of the Deliverables without the Company’s prior approval. 

		
	9.
	MISCELLANEOUS

Amendment – None of the Parties may validly amend any provisions of the Agreement, unless such amendment is made in writing and duly executed by both Parties.

Intuitu Personae - The Agreement is entered into intuitu personae with the Advisor acting through its Representative. As a result, the Advisor recognizes and agrees that the Consulting Services can only be performed by its Representative and cannot be subcontracted to any other person.  In addition, the Advisor represents that, during the term of this Agreement, it shall remain fully-owned by the Representative and its immediate family members. 

No Assignment - Neither Party may assign this Agreement without the prior written consent of the other Party. 

Representative – The Advisor shall remain entirely liable toward the Company for any breach by the Representative of the Advisor’s obligations under this Agreement.

No Waiver – The failure of either Party to insist upon the performance of any of the provisions of the Agreement by the other Party will not, in any respect, be construed as the implied waiver by such Party of the benefit of such provision.

		
	10.
	APPLICABLE LAW – JURISDICTION

This Agreement will be governed by and construed in accordance with French law.

Any dispute arising in relation to the validity, interpretation, performance or termination of this Agreement, which the Parties are not able to resolve by amicable settlement, shall be submitted before the jurisdiction of the Commercial Court of Paris, France. 

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Executed in Paris, on the December 17, 2019

In two (2) original copies

/s/ Benoit Fouilland                                    /s/ Jean-Baptiste Rudelle
_________________________    _________________________
        
The Company                                              The Advisor

                        

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