Document:

Amended & Restated Employment Agreement (Luscinski)

 EXHIBIT 10.8 
 HARVARD BIOSCIENCE, INC. 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made as of the 18th day of December, 2008, between Harvard Bioscience, Inc., a Delaware
corporation (the “Company”), and Susan Luscinski (“Executive”). For purposes of this Agreement the “Company” shall refer to the Company and any of its predecessors. 
 WHEREAS, the Company desires to employ Executive and Executive desires to be employed by the Company on the terms contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:
 1. Employment. The term of this
Agreement shall extend from December 5, 2008 (the “Commencement Date”) until the first anniversary of the Commencement Date; provided, however, that the term of this Agreement shall automatically be extended for an additional year on
each anniversary of the Commencement Date unless, not less than 90 days prior to each such date, either party shall have given notice to the other that it does not wish to extend this Agreement; provided, further, that if a Change in Control occurs
during the original or extended term of this Agreement, the term of this Agreement shall, notwithstanding anything in this sentence to the contrary, continue in effect for a period of not less than twelve (12) months beyond the month in which
the Change in Control occurred. The term of this Agreement shall be subject to termination as provided in Paragraph 6 and may be referred to herein as the “Period of Employment.” 
 2. Position and Duties. During the Period of Employment, Executive shall serve as the Chief Operating Officer of the
Company and shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the “Board”) or the Chief Executive Officer of the Company, provided that such duties are consistent with Executive’s
position or other positions that she may hold from time to time. Executive shall devote her full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, Executive may serve on other boards of
directors, with the approval of the Board as long as such service does not materially interfere with Executive’s performance of her duties to the Company as provided in this Agreement. 
 3. Compensation and Related Matters. 
 (a) Base Salary and Incentive Compensation. Executive’s initial annual base salary shall be $275,625 ($ Two hundred seventy five thousand six hundred twenty five) Dollars.
Executive’s base salary shall be redetermined annually by the Board or a Committee thereof. The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in substantially equal
installments on a bi-weekly or more frequent basis. In addition to Base Salary, Executive shall be eligible to receive cash incentive compensation as determined by the Board or a Committee thereof from time to time, and shall also be eligible to
participate in such incentive compensation plans as the Board or a Committee thereof shall determine from time to time for employees of the same status within the hierarchy of the Company. 
 (b) Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred
by her in performing services hereunder during the Period of Employment, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 
 (c) Other Benefits. During the Period of Employment, Executive shall be entitled to continue to participate in
or receive benefits under all of the Company’s Employee Benefit Plans in effect on the date hereof, or under plans or arrangements that provide no less favorable treatment to the Executive then the Employee Benefit Plans provided to other
members of the Company’s senior management. As used herein, the term 

  

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“Employee Benefit Plans” includes, without limitation, each pension and retirement plan; supplemental pension, retirement and deferred compensation
plan; savings and profit-sharing plan; stock ownership plan; stock purchase plan; stock option plan; life insurance plan; medical insurance plan; disability plan; and health and accident plan or arrangement established and maintained by the Company
on the date hereof for employees of the same status within the hierarchy of the Company. To the extent that the scope or nature of benefits described in this section is determined under the policies of the Company based in whole or in part on
the seniority or tenure of an employee’s service, Executive shall be deemed to have a tenure with the Company equal to the actual time of Executive’s service with the Company. During the Period of Employment, Executive shall be
entitled to participate in or receive benefits under any employee benefit plan or arrangement which may, in the future, be made available by the Company to its executives and key management employees, subject to and on a basis consistent with the
terms, conditions and overall administration of such plan or arrangement. Any payments or benefits payable to Executive under a plan or arrangement referred to in this Subparagraph 3(c) in respect of any calendar year during which Executive is
employed by the Company for less than the whole of such year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which she is so employed. Should
any such payments or benefits accrue on a fiscal (rather than calendar) year, then the proration in the preceding sentence shall be on the basis of a fiscal year rather than calendar year. 
 (d) Vacations. Executive shall be entitled to paid vacation days in accordance with Company policy in each calendar
year, which shall be accrued ratably during the calendar year. Executive shall also be entitled to all paid holidays given by the Company to its executives. To the extent that the scope or nature of benefits described in this section are
determined under the policies of the Company based in whole or in part on the seniority or tenure of an employee’s service, Executive shall be deemed to have a tenure with the Company equal to the actual time of Executive’s service with
Company. 
 4. Unauthorized Disclosure. 
 (a) Confidential Information. Executive acknowledges that in the course of her employment with the Company (and, if
applicable, its predecessors), she has been allowed to become, and will continue to be allowed to become, acquainted with the Company’s business affairs, information, trade secrets, and other matters which are of a proprietary or confidential
nature, including but not limited to the Company’s and its affiliates’ and predecessors’ operations, business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals,
letters, notebooks, procedures, reports, products, processes, services, and other confidential information and knowledge (collectively the “Confidential Information”) concerning the Company’s and its affiliates’ and
predecessors’ business. The Company agrees to provide on an ongoing basis such Confidential Information as the Company deems necessary or desirable to aid Executive in the performance of her duties. Executive understands and
acknowledges that such Confidential Information is confidential, and she agrees not to disclose such Confidential Information to anyone outside the Company except to the extent that (i) Executive deems such disclosure or use reasonably
necessary or appropriate in connection with performing her duties on behalf of the Company; (ii) Executive is required by order of a court of competent jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential
Information, provided that in such case, Executive shall promptly inform the Company of such event, shall cooperate with the Company in attempting to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose
Confidential Information to the minimum extent necessary to comply with any such court order; (iii) such Confidential Information becomes generally known to and available for use in the Company’s industry (the “laboratory analytical
instruments industry”), other than as a result of any action or inaction by Executive; or (iv) such information has been rightfully received by a member of the laboratory analytical instruments industry or has been published in a form
generally available to the laboratory analytical instruments industry prior to the date Executive proposes to disclose or use such information. Executive further agrees that she will not during employment and/or at any time thereafter use such
Confidential Information in competing, directly or indirectly, with the Company. At such time as Executive shall cease to be employed by the Company, she will immediately turn over to the Company all Confidential Information, including papers,
documents, writings, electronically stored information, other property, and all copies of them provided to or created by her during the course of her employment with the Company. 
  

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 (b) Heirs, successors, and legal representatives. The foregoing
provisions of this Paragraph 4 shall be binding upon Executive’s heirs, successors, and legal representatives. The provisions of this Paragraph 4 shall survive the termination of this Agreement for any reason. 
 5. Covenant Not to Compete or Solicit or Hire. In consideration for Executive’s employment by the Company under the terms
provided in this Agreement and as a means to aid in the performance and enforcement of the terms of the provisions of Paragraph 4, Executive agrees that
 (a) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not, directly or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on, operate, manage,
control, or become involved in any manner with any business, operation, corporation, partnership, association, agency, or other person or entity which is engaged in a business that produces products that compete directly with any of the
Company’s products which are produced by the Company or any affiliate of the Company or which the Company or any affiliate of the Company has active plans to produce as of the date of Executive’s termination of employment with the Company,
in any area or territory in which the Company or any affiliate of the Company conducts or has active plans to conduct operations as of the date of the Executive’s termination of employment with the Company; provided, however, that the foregoing
shall not prohibit Executive from owning up to one percent (1%) of the outstanding stock of a publicly held company engaged in the laboratory analytical instruments industry; and 
 (b) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not directly or indirectly solicit or induce any present or future employee of the Company or any affiliate of the Company to accept employment with Executive or with
any business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may be associated, and Executive will not hire or employ or cause any business, operation, corporation, partnership, association,
agency, or other person or entity with which Executive may be associated to hire or employ any present or future employee of the Company. 
 Should Executive violate any of the provisions of this Paragraph, then in addition to all other rights and remedies available to the Company at law or in equity, the duration of this covenant shall automatically be extended for the period
of time from which Executive began such violation until she permanently ceases such violation. 
 6. Termination. Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. Executive’s employment hereunder shall terminate upon her death. 
 (b) Disability. If, as a result of Executive’s incapacity due to physical or mental illness, Executive
shall have been absent from her duties hereunder on a full-time basis for one hundred eighty (180) calendar days in the aggregate in any twelve (12) month period, the Company may terminate Executive’s employment hereunder. 

(c) Termination by Company For Cause. At any time during the Period of Employment, the Company may terminate
Executive’s employment hereunder for Cause if such termination is approved by not less than a majority of the Board at a meeting of the Board called and held for such purpose. For purposes of this Agreement, “Cause” shall
mean: (A) conduct by Executive constituting a material act of willful misconduct in connection with the performance of her duties, including, without limitation, misappropriation of funds or property of the Company or any of its affiliates
other than the occasional, customary and de minimis use of Company property for personal purposes; (B) criminal or civil conviction of Executive, a plea of nolo contendere by Executive or conduct by Executive that would reasonably be expected
to result in material injury to the reputation of the Company if she were retained in her position with the Company, including, without limitation, conviction of a felony involving moral turpitude; (C) continued, willful and deliberate
non-performance by Executive of her duties hereunder (other than by reason of Executive’s physical or mental illness, incapacity or disability) which has continued for more than thirty (30) days following written notice of such
non-performance from the Board; (D) a breach by Executive of any of the provisions contained in Paragraphs 4 and 5 of this Agreement; or (E) a violation by Executive of the Company’s employment policies which has continued following
written notice of such violation from the Board. 
  

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 (d) Termination Without Cause. At any time during the Period of
Employment, the Company may terminate Executive’s employment hereunder without Cause if such termination is approved by a majority of the Board at a meeting of the Board called and held for such purpose. Any termination by the Company of
Executive’s employment under this Agreement which does not constitute a termination for Cause under Subparagraph 6(c) or result from the death or disability of the Executive under Subparagraph 6(a) or (b) shall be deemed a termination
without Cause. If the Company provides notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, such action shall be deemed a termination without Cause. 
 (e) Termination by Executive. At any time during the Period of Employment, Executive may terminate her employment
hereunder for any reason, including but not limited to Good Reason. If Executive provides notice to the Company under Paragraph 1 that she does not wish to extend the Period of Employment, such action shall be deemed a voluntary
termination by Executive and one without Good Reason. For purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any
of the following events: (A) a substantial diminution or other substantive adverse change, not consented to by Executive, in the nature or scope of Executive’s responsibilities, authorities, powers, functions or duties; (B) any
removal, during the Period of Employment, from Executive of her title of Chief Operating Officer; (C) an involuntary reduction in Executive’s Base Salary except for across-the-board reductions similarly affecting all or substantially all
management employees; (D) a breach by the Company of any of its other material obligations under this Agreement and the failure of the Company to cure such breach within thirty (30) days after written notice thereof by Executive;
(E) the involuntary relocation of the Company’s offices at which Executive is principally employed or the involuntary relocation of the offices of Executive’s primary workgroup to a location more than 30 miles from such offices, or
the requirement by the Company that Executive be based anywhere other than the Company’s offices at such location on an extended basis, except for required travel on the Company’s business to an extent substantially consistent with
Executive’s business travel obligations; or (F) the failure of the Company to obtain the agreement from any successor to the Company to assume and agree to perform this Agreement as required by Paragraph 10 (each of which is hereinafter
referred to as a “Good Reason event”). “Good Reason Process” shall mean that (i) Executive reasonably determines in good faith that a “Good Reason” event has occurred; (ii) Executive notifies the Company
in writing of the occurrence of the Good Reason event; (iii) Executive cooperates in good faith with the Company’s efforts, for a period not less than ninety (90) days following such notice, to modify Executive’s employment
situation in a manner acceptable to Executive and Company; and (iv) notwithstanding such efforts, one or more of the Good Reason events continues to exist and has not been modified in a manner acceptable to Executive. If the Company cures
the Good Reason event in a manner acceptable to Executive during the ninety (90) day period, Good Reason shall be deemed not to have occurred. 
 (f) Notice of Termination. Except for termination as specified in Subparagraph 6(a), any termination of Executive’s employment by the Company or any such termination by Executive
shall be communicated by written Notice of Termination to the other party hereto and shall be effective on the Date of Termination (as defined below). For purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon. 
 (g) Date of
Termination. “Date of Termination” shall mean: (A) if Executive’s employment is terminated by her death, the date of her death; (B) if Executive’s employment is terminated on account of disability under
Subparagraph 6(b) or by the Company for Cause under Subparagraph 6(c), the date on which Notice of Termination is given or such later date as the Company may specify in the Notice of Termination; (C) if Executive’s employment is terminated
by the Company under Subparagraph 6(d), sixty (60) days after the date on which a Notice of Termination is given or such later date as the Company may specify in the Notice of Termination (or, if such termination occurs as a result of the
Company providing notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, the date of the expiration of the current term of this Agreement); and (D) if Executive’s employment is terminated by
Executive under Subparagraph 6(e), thirty (30) days after the date on which a Notice of Termination is given or, if such termination is without Good Reason, such later date up to sixty (60) days after the date on which such Notice of
Termination is given as Executive may specify in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, the
date of the expiration of the current term of this Agreement). 
  

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 7. Compensation Upon Termination or During Disability. 
 (a) Death. If Executive’s employment terminates by reason of her death, the Company shall, within ninety
(90) days of death, pay in a lump sum amount to such person as Executive shall designate in a notice filed with the Company or, if no such person is designated, to Executive’s estate, Executive’s accrued and unpaid Base Salary to the
date of her death, plus her accrued and unpaid incentive compensation, if any, under Subparagraph 3(a). Upon the death of Executive, all unvested stock options shall immediately vest in Executive’s estate or other legal representatives and
become exercisable. All other stock-based grants and awards held by Executive shall vest or be canceled upon the death of Executive in accordance with their terms. For a period of one (1) year following the Date of Termination, the
Company shall pay such health insurance premiums as may be necessary to allow Executive’s spouse and dependents to receive health insurance coverage substantially similar to coverage they received prior to the Date of Termination. In
addition to the foregoing, any payments to which Executive’s spouse, beneficiaries, or estate may be entitled under any employee benefit plan shall also be paid in accordance with the terms of such plan or arrangement. Such payments, in
the aggregate, shall fully discharge the Company’s obligations hereunder. 
 (b) Disability. During
any period that Executive fails to perform her duties hereunder as a result of incapacity due to physical or mental illness, Executive shall continue to receive her accrued and unpaid Base Salary and accrued and unpaid incentive compensation, if
any, under Subparagraph 3(a), until Executive’s employment is terminated due to disability in accordance with Subparagraph 6(b) or until Executive terminates her employment in accordance with Subparagraph 6(e), whichever first occurs. Upon
the Date of Termination by reason of Executive’s disability, all unvested stock options shall immediately vest and become exercisable. All other stock-based grants and awards held by Executive shall vest or be canceled upon the Date of
Termination in accordance with their terms. For a period of one (1) year following the Date of Termination, the Company shall pay such health insurance premiums as may be necessary to allow Executive and Executive’s spouse and
dependents to receive health insurance coverage substantially similar to coverage they received prior to the Date of Termination. Upon termination due to death prior to the termination first to occur as specified in the preceding sentence,
Subparagraph 7(a) shall apply. 
 (c) Termination other than for Good Reason. If Executive’s
employment is terminated by Executive other than for Good Reason as provided in Subparagraph 6(e), then the Company shall, through the Date of Termination, pay Executive her accrued and unpaid Base Salary at the rate in effect at the time Notice of
Termination is given. Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive’s rights
under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto. 
 (d) Termination by Executive for Good Reason or by the Company without Cause. If Executive terminates her employment
for Good Reason as provided in Subparagraph 6(e) or if Executive’s employment is terminated by the Company without Cause as provided in Subparagraph 6(d), then the Company shall, through the Date of Termination, pay Executive her accrued and
unpaid Base Salary at the rate in effect at the time Notice of Termination is given and her accrued and unpaid incentive compensation, if any, under Subparagraph 3(a). In addition, subject to the Executive’s execution of a general release
of claims in the form attached hereto as Exhibit A within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto, 
 (i) the Company shall pay Executive an amount equal to the sum of Executive’s Average Base Salary and Executive’s Average
Incentive Compensation (the “Severance Amount”). The Severance Amount shall be paid in cash in a single lump sum payment 30 days after the Date of Termination,. For purposes of this Agreement, “Average Base Salary” shall
mean the average of the annual Base Salary received by Executive for each of the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company or the 

  

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amount of Base Salary for the prior fiscal year, whichever is higher. For purposes of this Agreement, “Average Incentive Compensation” shall
mean the average of the annual cash incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by
the Company or the amount of cash incentive compensation for the prior fiscal year, whichever is higher. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special
bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease or become repayable to the Company to the
extent paid. Furthermore, in the event Executive terminates her employment for Good Reason as provided in Subparagraph 6(e), she shall be entitled to the Severance Amount only if she provides the Notice of Termination provided for in
Subparagraph 6(f) within thirty (30) days after she has complied with the Good Reason Process; and 
 (ii) upon the
Date of Termination, each unvested stock option that would otherwise vest during the next twelve (12) months shall accelerate and immediately vest. All other stock-based grants and awards held by Executive that would otherwise vest during
the next twelve (12) months shall accelerate and immediately vest upon the Date of Termination; and 
 (iii) in
addition to any other benefits to which Executive may be entitled in accordance with the Company’s then existing severance policies, the Company shall, for a period of one (1) year commencing on the Date of Termination, pay such health
insurance premiums as may be necessary to allow Executive and Executive’s spouse and dependents to continue to receive health insurance coverage. 
 (e) Termination for Cause. If Executive’s employment is terminated by the Company for Cause as provided in Subparagraph 6(c), then the Company shall, through the Date of Termination, pay
Executive her accrued and unpaid Base Salary at the rate in effect at the time Notice of Termination is given. Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement,
provided any such termination shall not adversely affect or alter Executive’s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such
employee benefit plan or any agreement or other instrument attendant thereto. In addition, all stock options held by Executive as of the Date of Termination shall immediately terminate and be of no further force and effect, and all other
stock-based grants and awards shall be canceled or terminated in accordance with their terms. 
 Nothing contained in the foregoing Subparagraphs 7(a)
through 7(e) shall be construed so as to affect Executive’s rights or the Company’s obligations relating to agreements or benefits which are unrelated to termination of employment. 
 8. Change in Control Payment. The provisions of this Paragraph 8 set forth certain terms of an agreement reached between
Executive and the Company regarding Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance Executive’s continued attention and
dedication to her assigned duties and her objectivity during the pendency and after the occurrence of any such event. 
 (a) Change in Control. If within eighteen (18) months after the occurrence of the first event constituting a Change in Control, Executive’s employment is terminated by the Company without
Cause as provided in Subparagraph 6(d) or Executive terminates her employment for Good Reason as provided in Subparagraph 6(e), then, subject to the Executive executing a general release of claims in the form attached hereto as Exhibit A
within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto: 
 (i) In lieu of any amounts otherwise payable pursuant to Subparagraph 7(d)(i),
the Company shall pay Executive a single lump sum in cash on the 30th day following the Date of Termination an amount equal to the sum of
(A) Executive’s current or most recent annual Base Salary plus (B) Executive’s most recent annual cash incentive compensation under Subparagraph 3(a) for the most recent fiscal year, excluding any sign-on bonus, retention bonus
or any other special bonus; 
  

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 (ii) Notwithstanding anything to the contrary in any applicable option agreement or
stock-based award agreement and in lieu of any acceleration of vesting that would otherwise occur pursuant to Subparagraph 7(d)(ii), upon a Change in Control, all stock options and other stock-based awards granted to Executive by the Company shall
immediately accelerate and become exercisable or non-forfeitable as of the effective date of such Change in Control. Executive shall also be entitled to any other rights and benefits with respect to stock-related awards, to the extent and upon
the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted; and 
 (iii) In lieu of the Company’s obligations to pay health insurance premiums pursuant to Subparagraph 7(d)(iii), the Company
shall, for a period of one (1) year commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive, Executive’s spouse and dependents to continue to receive health insurance coverage
substantially similar to the coverage they received prior to the Date of Termination. 
 (b) Gross Up
Payment. 
 (i) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined
that any compensation, payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Severance Payments”),
would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment or payments (collectively, the “Gross-Up Payment”)
such that the net amount retained by Executive, after deduction of (x) any Excise Tax on the Severance Payments, (y) any Federal, state, and local income tax, employment tax and Excise Tax, in each case resulting from the Gross-Up Payment
provided by this Subparagraph 8(b)(i), and (z) any interest and/or penalties assessed with respect to such Excise Tax, but without deducting any other amounts that may be payable by Executive as a result of the Severance Payments,
including, without limitation, any Federal, state, and local income tax or employment tax, other than those specifically described clauses (x), (y) and (z) above, due as a result of the Severance Payments, shall be equal to the Severance
Payments. 
 (ii) Subject to the provisions of Subparagraph 8(b)(iii), all determinations required to be made under this
Subparagraph 8(b)(ii), including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by KPMG LLP or any other nationally recognized accounting firm selected by the Company (the “Accounting Firm”),
which shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or
Executive. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which
the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of Executive’s residence on the Date of Termination, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local taxes. The Gross-Up Payment, if any, as determined pursuant to this Subparagraph 8(b)(ii), shall be paid to the relevant tax authorities as withholding taxes on behalf
of the Executive at such time or times as when each Excise Tax payment is due. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (an “Underpayment”). In the event that the
Company exhausts its remedies pursuant to Subparagraph 8(b)(iii) and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred, consistent with the
calculations required to be made hereunder, and any such Underpayment, and any interest and penalties imposed on the Underpayment and required to be paid by Executive in connection with the proceedings described in Subparagraph 8(b)(iii), shall be
promptly paid by the Company to the relevant tax authorities as withholding taxes on behalf of the Executive. 
  

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 (iii) Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after Executive knows of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which she gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim,
provided that the Company has set aside adequate reserves to cover the Underpayment and any interest and penalties thereon that may accrue, Executive shall: 
 (A) give the Company any information reasonably requested by the Company relating to such claim, 
 (B) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney selected by the Company, 
 (C) cooperate with the Company in good faith in order to effectively contest such claim, and 
 (D) permit
the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without
limitation on the foregoing provisions of this Subparagraph 8(b)(iii), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay
such claim and sue for a refund, the Company shall pay such amount to the applicable tax authority on behalf of the Executive as an additional Gross-Up Payment and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise
Tax or income tax, including interest or penalties imposed with respect thereto or with respect to any imputed income; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of
Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issues raised by the Internal Revenue Service or any other taxing authority. 
 (iv) If, after a Gross-Up Payment by the Company on behalf of the Executive pursuant to Subparagraph 8(b)(iii), Executive becomes
entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Subparagraph 8(b)(iii)) promptly pay to the Company the amount of such refund (together with any interest
paid or credited thereon after taxes applicable thereto). 
  

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 (c) Definitions. For purposes of this Paragraph 8, the following
terms shall have the following meanings: 
 “Change in Control” shall mean any of the following: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of
securities of the Company representing twenty-five percent (25%) or more of either (A) the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Company’s Board
(“Voting Securities”) or (B) the then outstanding shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) (other than as a result of an acquisition of securities directly from the Company); or

 (b) persons who, as of the Commencement Date, constitute the Company’s Board (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the
Company subsequent to the Commencement Date shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by a vote of at least a majority of the Incumbent Directors; but provided
further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or
on behalf of a person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
 (c) the stockholders of the Company shall approve (A) any consolidation or merger of the Company where the stockholders of the
Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate
more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C) any plan or proposal for the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred for purposes of the foregoing clause
(a) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Common Stock or other Voting Securities outstanding, increases the proportionate number of shares beneficially owned by any
person to twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or (B) Common Stock; provided, however, that if any person referred to in this sentence
shall thereafter become the beneficial owner of any additional shares of Voting Securities or Common Stock (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the
Company) and immediately thereafter beneficially owns twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or (B) Common Stock, then a “Change of Control”
shall be deemed to have occurred for purposes of the foregoing clause (a). 
 9. Notice. For purposes of this Agreement,
notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as
follows: 
 if to the Executive: 
 At her home address as shown 
 in the Company’s personnel records; 
  

 9 

 if to the Company: 
 Harvard Bioscience, Inc. 
 84 October Hill Road 
 Holliston, MA 01746-1371 
 Attention: Board of
Directors of Harvard Bioscience, Inc. 
 with a copy to: 
 H. David Henken 
 Goodwin Procter LLP 
 Exchange Place 
 Boston, MA 02109 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
 10. Successor to Company. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform
it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall constitute Good Reason if the Executive
elects to terminate employment. 
 11. Miscellaneous. No provisions of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, express or implied, unless specifically referred to herein, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation, construction,
and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard to principles of conflicts of laws). 
 12. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect. The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to render such portion enforceable. 
 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 14. Arbitration; Other Disputes. In the event of any
dispute or controversy arising under or in connection with this Agreement, the parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association
before resorting to arbitration. In the event such dispute or controversy remains unresolved in whole or in part for a period of thirty (30) days after it arises, the parties will settle any remaining dispute or controversy exclusively by
arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding the above,
the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5 hereof. Furthermore, should a dispute occur concerning
Executive’s mental or physical capacity as described in Subparagraph 6(b), 6(c) or 7(b), a doctor selected by Executive and a doctor selected by the Company shall be entitled to examine Executive. If the opinion of the Company’s
doctor and Executive’s doctor conflict, the Company’s doctor and Executive’s doctor shall together agree upon a third doctor, whose opinion shall be binding. 
  

 10 

 15. Third-Party Agreements and Rights. Executive represents to the Company that
Executive’s execution of this Agreement, Executive’s employment with the Company and the performance of Executive’s proposed duties for the Company will not violate any obligations Executive may have to any employer or other party,
and Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 
 16. Litigation and Regulatory Cooperation. During and after Executive’s employment, Executive shall reasonably cooperate with the
Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while Executive was employed by the
Company; provided, however, that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s cooperation in connection with such claims
or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Executive’s employment,
Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while
Executive was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive’s last annual Base Salary calculated using a forty (40) hour
week over fifty-two (52) weeks for requested litigation and regulatory cooperation that occurs after her termination of employment, and reimburse Executive for all costs and expenses incurred in connection with her performance under this
Paragraph 16, including, but not limited to, reasonable attorneys’ fees and costs. 
 17. Section 409A of the
Code. 
 (a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s
separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any
payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. 
 (b) The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a
manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the
Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 (c) The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 
 (d) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of
this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 
 18. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender
unless the context clearly indicates otherwise, and vice versa.
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. 
  

			
	HARVARD BIOSCIENCE, INC.
		
	By:	 	/s/ Chane Graziano
		 	Name: Chane Graziano
		 	Title: CEO
	
	EXECUTIVE
		
		 	/s/ Susan Luscinski
		 	Susan Luscinski

  

 12 

 EXHIBIT A- FORM OF GENERAL RELEASE OF CLAIMS 
 This Release Agreement (the “Release Agreement”) is entered into between Susan Luscinski (the “Executive”) and Harvard Bioscience, Inc.
(the “Company”). This is the Release Agreement referenced in the Agreement between the Executive and the Company dated December 5, 2008 (the “Employment Agreement”). The consideration for the Executive’s
agreement to this Release Agreement consists of certain termination benefits as set forth in the Employment Agreement and the terms of this Release Agreement. The consideration for the Company’s agreement to this Release Agreement consists of
the terms of this Release Agreement. 
 The Executive and the Company (together, the “Parties”) agree as follows: 
 Release. The Executive voluntarily releases and forever discharges the Company and each of its subsidiaries, affiliates, predecessors, successors,
assigns, and current and former directors, officers, employees, representatives, attorneys, agents, and all persons acting by, through, under or in concert with any of the foregoing (any and all of whom or which are hereinafter referred to as
“Company Parties”), from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown (collectively, “Claims”) that the Executive now has, owns or holds, or claims to have, own, or hold, or that she at any time
had, owned, or held, or claimed to have had, owned, or held against any Company Party or Parties. This general release of Claims includes, without implication of limitation, the release of all Claims: 
  

	 	•	 	 relating to the Executive’s employment by and termination from employment with the Company; 

  

	 	•	 	 of wrongful discharge; 

  

	 	•	 	 of breach of contract; 

  

	 	•	 	 of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age
Discrimination in Employment Act, Claims of disability discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of discrimination or
retaliation under Mass. Gen. Laws ch. 151B); 

  

	 	•	 	 under any other federal or state statute, to the fullest extent that Claims may be released; 

  

	 	•	 	 of defamation or other torts; 

  

	 	•	 	 of violation of public policy; 

  

	 	•	 	 for salary, bonuses, vacation pay or any other compensation or benefits; and 

  

	 	•	 	 for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees.

  

 13 

 1. Limitations on Release. 
 (a) Employment Agreement. Nothing in this Release Agreement limits either Party’s rights under the Employment Agreement.

 (b) Benefit and Enforcement Rights. Nothing in this Release Agreement is intended to release or waive the
Executive’s right to COBRA, unemployment insurance benefits or any accrued and vested retirement benefits, the right to seek enforcement of this Release Agreement or any rights referenced in this Section of this Release Agreement. 

(c) Indemnification. It is further understood and agreed that the Executive’s rights to indemnification as provided in the
Company’s certificate of incorporation, bylaws or any indemnification agreement between the Company and the Executive (it being acknowledged and agreed by the Executive that, as of the date of this Agreement, there are no amounts owing to the
Executive pursuant to any such indemnification rights), remain fully binding and in full effect subsequent to the execution of this Release Agreement. 
 (d) Exceptions. This Release Agreement does not prohibit or restrict the Executive from communicating, providing relevant information to or otherwise cooperating with the EEOC or any other governmental
authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this Release Agreement
or its underlying facts. This Release Agreement also does not preclude the Executive from benefiting from classwide injunctive relief awarded in any fair employment practices case brought by any governmental agency; provided that such relief does
not result in the Executive’s receipt of any monetary benefit or substantial equivalent thereof. 
 2. No Assignment. Each Party
represents that she or it has not assigned to any other person or entity any Claims against any other Party or, in the case of the Executive, any Claim against any Company Party. 
 3. No Disparagement. The Executive shall not make any disparaging statements about the Company, members of the Board of Directors, any officer of
the Company or any other employee of the Company. The Executive shall direct her immediate family not to make any disparaging statements about any of the foregoing. Any statement by a member of her immediate family shall be deemed to be a statement
by the Executive for purposes of this paragraph. The Executive shall be considered to represent that she has complied and shall continue to comply with her nondisparagement obligations under this paragraph from the Date of Termination (as defined in
the Employment Agreement); provided that this representation shall have no effect if this Release Agreement does not become effective. Notwithstanding the foregoing, nothing in this paragraph shall be construed to apply to any statements made
in the course of testimony in a legal proceeding or in any required written statements in any such proceeding. 
 4. Litigation and
Regulatory Cooperation. The Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to
events 

  

 14 

 
or occurrences that transpired while Executive was employed by the Company; provided, however, that such cooperation shall not materially and adversely
affect Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent
to the hourly rate of the Executive’s last annual Base Salary (as defined in the Employment Agreement) calculated using a forty (40) hour week over fifty-two (52) weeks for requested litigation and regulatory cooperation that occurs
after her termination of employment, and reimburse Executive for all costs and expenses incurred in connection with her performance under this Section 5, including, but not limited to, reasonable attorneys’ fees and costs. 
 5. Reaffirmation of Post-Employment Restrictive Covenants. The Executive reaffirms the restrictive covenants under the Employment Agreement to
which she is subject as follows: [Insert as appropriate.] 
 6. Right to Consider and Revoke Release Agreement. This Release
Agreement shall be considered to have been offered to both Parties on the Termination Date as defined in the Employment Agreement. Each Party acknowledges that she or it has been given the opportunity to consider this Release Agreement for a period
ending twenty-one (21) days after the Termination Date. In the event that either Party has executed this Release Agreement within less than twenty-one (21) days of the Termination Date, such Party acknowledges that such decision was
entirely voluntary and that she or it had the opportunity to consider this Release Agreement until the end of the twenty-one (21) day period. To accept this Release Agreement, the Executive shall deliver a signed Release Agreement to the
Company’s Board of Directors within such twenty-one (21) day period. To accept this Release Agreement, the Company shall deliver a signed Release Agreement to the Executive within such twenty-one (21) day period. Both Parties
acknowledge that for a period of seven (7) days from the date when the Executive executes this Release Agreement (the “Revocation Period”), she shall retain the right to revoke this Release Agreement by written notice that
is received by the Board of Directors of the Company before the end of the Revocation Period. This Release Agreement shall take effect only if it is accepted by both Parties within the twenty-one (21) day period as set forth above and if it is
not revoked pursuant to the preceding sentence. If those conditions are satisfied, this Release Agreement shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the “Effective
Date”). 
 7. Other Terms. 
 (a) Legal Representation; Review of Release Agreement. The Executive acknowledges that she has been advised to discuss all aspects of this Release Agreement with her attorney. Each Party represents that she or
it has carefully read and fully understands all of the provisions of this Release Agreement and that she or it is voluntarily entering into this Release Agreement. 
  

 15 

 (b) Binding Nature of Release Agreement. This Release Agreement shall be binding
upon each of the parties and upon their heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of both parties and to their heirs, administrators, representatives, executors, successors, and
assigns. 
 (c) Modification of Release Agreement; Waiver. This Release Agreement may be amended, revoked, changed, or
modified only upon a written agreement executed by both Parties. No modification waiver of any provision of this Release Agreement will be valid unless it is in writing and signed by the party against whom such waiver is charged. The failure of
either Party to require the performance of any term or obligation of this Release Agreement, or the waiver by either Party of any breach of this Release Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed
a waiver of any subsequent breach. 
 (d) Severability. In the event that at any future time it is determined by a
court of competent jurisdiction that any covenant, clause, provision or term of this Release Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this Release Agreement shall not be affected thereby and the illegal,
invalid or unenforceable term or provision shall be severed from the remainder of this Release Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable. 
 (e) Enforcement. Sections 4, 5 and 6 of this Release Agreement shall be subject to enforcement pursuant to the same procedures that
apply to a breach of Paragraphs 4 or 5 of the Employment Agreement (as further detailed in Paragraph 14 of the Employment Agreement). Any other disputes concerning this Release Agreement shall be subject to resolution pursuant to Section 14 of
the Employment Agreement. 
 (f) Governing Law and Interpretation. This Release Agreement shall be deemed to be made
and entered into in the Commonwealth of Massachusetts, and shall in all respects be interpreted, enforced and governed under the laws of Massachusetts, without giving effect to the conflict of laws provisions of Massachusetts law. The language of
all parts of this Release Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties. 
 (g) Counterparts. This Release Agreement may be executed in counterparts. Signed counterparts shall together be considered to be
part of the same document. 
 (h) Entire Agreement; Absence of Reliance. This Release Agreement constitutes the entire
agreement between the Executive and the Company concerning any subject matter of this Release Agreement and supersedes all prior agreements between the parties with respect to any related subject matter, except the Employment Agreement. The
Executive acknowledges that she is not relying on any promises or representations by the Company or its agents, representatives or attorneys regarding any subject matter addressed in this Release Agreement. 
 So agreed by the Parties. 
  

 16 

									
	HARVARD BIOSCIENCE, INC.	 		 	
					
	By:	 	 	 		 		 	 
		 		 		 		 	Date
	 	 		 		 	 
	Executive	 	Susan Luscinski	 		 		 	Date

  

 17Asset Purchase Agreement

 Exhibit 10.1 
 ASSET PURCHASE AGREEMENT ENTERED INTO ON THE 6TH DAY OF MARCH, 2009 
  

			
	BY AND BETWEEN:	  	 MINERA WILLIAM S.A. DE C.V., a corporation duly constituted according to the laws of Mexico, having its principal place of business in the
City of Velardeña, State of Durango, Mexico, herein acting and represented by Joaquin Rodriguez Lugo, its Chairman,
  
 (hereinafter referred to as the “Buyer”)

		
	AND:	  	 MINERA HECLA S.A. DE C.V., a corporation duly constituted according to the laws of Mexico, having its principal place of business in the
City of Durango, State of Durango, Mexico, herein acting and represented by Kurt Douglas Allen, its attorney-in-fact,
  
 (hereinafter referred to as the “Seller”)

		
	WITH:	  	 BLM MINERA MEXICANA S.A. DE C.V., a corporation duly constituted according to the laws of Mexico, having its principal place of business in
the City of Velardeña, State of Durango, Mexico, herein acting and represented by Armando Lujan Acuña,
  
 AS INTERVENOR

 WHEREAS the Seller is currently in possession of the Mill; 
 AND WHEREAS the Seller, the Buyer and various other parties are currently parties to the Litigation pertaining to, inter alia, the ownership of the Mill;

 AND WHEREAS the Seller and the Buyer wish to resolve the Litigation and for the ownership of the Mill and of the remaining Purchased Assets to be
transferred to the Buyer upon and subject to the terms and conditions of this Agreement; 
 NOW THEREFORE, in consideration of the mutual covenants
and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	DEFINITIONS 

 1.1 Defined Terms. 
 As used herein, the terms below shall have the following meanings: 
  

	1.1.1	“Action” means any action, order, writ, injunction, judgment or decree outstanding or any claim, cause of action, suit, litigation, proceeding, labour dispute,
arbitral action, administrative proceeding, government audit or investigation; 

	1.1.2	“Affiliate” means, with respect to any Person, another Person who controls, is controlled by, or is under common control with such first Person;

  

	1.1.3	“Agreement” means this asset purchase agreement (including its Schedules) and all writings which amend or confirm this asset purchase agreement;

  

	1.1.4	“Applicable Laws” means all domestic or foreign, national, federal, state, provincial, county, local or municipal statutes, laws, rules and regulations and all
judgments, orders, writs, injunctions and decrees of any Governmental Entity to which a specified Person or property is subject; 

  

	1.1.5	“Books and Records” means those operating manuals and maintenance records pertaining exclusively to the Purchased Assets maintained by the Seller;

  

	1.1.6	“Business Day” means any day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Torreon, Coahuila (Mexico) are open for
business during normal banking hours; 

  

	1.1.7	“Closing” means the completion of the transaction of purchase and sale, and all related transactions, contemplated by this Agreement; 

  

	1.1.8	“Closing Date “ means March 6, 2009, or such earlier or later date as may be agreed to in writing by the parties hereto; 

  

	1.1.9	“Closing Time” means 8:00 a.m. (Torreon time) on the Closing Date; 

  

	1.1.10	“Common Shares” means common shares in the share capital of ECU Silver Mining Inc.; 

  

	1.1.11	“consent” means in relation to a Person, the unconditional written consent of such person; 

  

	1.1.12	“Contract” means any agreement, contract, note, loan, evidence of indebtedness, purchase order, letter of credit, franchise agreement, distribution agreement,
undertaking, covenant not to compete, employment agreement, license, instrument, obligation or commitment to which a Person is a party or is bound, whether oral or written; 

  

	1.1.13	“Deposit” has the meaning ascribed thereto in Section 2.2.2.1 hereof; 

  

	1.1.14	“Designated Buyer” has the meaning ascribed thereto in Section 2.3 hereof; 

  

	1.1.15	“Division Employees” means all of the employees of the Seller or its Affiliates who have at any time been engaged in the operation of the Mill;

  

	1.1.16	 “Employee Obligations” means any obligations or liabilities of the Seller to pay any amount to, or on behalf of, the officers, directors, employees
or consultants of the Seller relating to the operation of the Purchased Assets, and, 

  

 - 2 - 

	 	 
without limiting the generality of the foregoing, Employee Obligations shall include the obligations of the Seller to officers, directors, employees or
consultants for severance or termination payments relating to the disposition of the Purchased Assets, pursuant to any Contract or severance policy, for bonus payments pursuant to any existing bonus program, or for outstanding holiday or overtime
pay; 

  

	1.1.17	“Employee Plans” means all pension, retirement, profit sharing, bonus, savings, compensation, incentive, severance, stock option, stock purchase, stock
appreciation, group insurance, medical, dental, hospitalization, disability, death and other benefit plans, programs, arrangements or practices covering any or all past or present employees, consultants, shareholders, directors or officers of the
Seller relating to the operation of the Purchased Assets; 

  

	1.1.18	“Encumbrance” means any claim, prior claim, lien, pledge, option, charge, easement, security interest, deed of trust, mortgage, hypothec, right-of-way,
encroachment, building or use restriction, conditional sales agreement, encumbrance or other right of third parties, whether voluntarily incurred or arising by operation of Applicable Laws, and includes, without limitation, any Contract to give any
of the foregoing in the future, and any conditional sale or other title retention agreement or lease in the nature thereof; 

  

	1.1.19	“Environment” means the air, surface water, underground water, any land, soil or underground space even if submerged under water or covered by a structure, and the
environment or natural environment as defined in any Environmental Laws, and “Environmental” shall have a similar extended meaning; 

  

	1.1.20	“Environmental Laws” means Applicable Laws relating to the pollution or protection of the Environment; 

  

	1.1.21	“Environmental Liabilities” means any cost, damage, expense, liability, obligation or other responsibility arising from or under Environmental Laws and consisting
of or relating to: (i) any Environmental conditions (including on-site or off-site contamination, and regulation of chemical substances or products); (ii) fines, penalties, judgments, awards, settlements, legal or administrative
proceedings, damages, losses, claims, demands and response, investigative, remedial or inspection costs and expenses arising under Environmental Laws; (iii) cleanup costs or corrective action, including any investigation, cleanup, removal,
containment or other remediation or response actions required by Environmental Laws; or (iv) any other compliance, corrective, investigative, notice or remedial measures required under Environmental Laws; 

  

	1.1.22	“Equipment and Civil Works” means the furniture, fixtures, furnishings, machinery, spare parts, tools, equipment, civil works and other tangible property owned by
the Seller and used primarily in connection with the operation of the Purchased Assets as of the Closing Date as listed on Schedule 1.1.22 hereto, together with any warranties or guarantees related thereto; 

  

	1.1.23	“Excluded Liabilities” has the meaning ascribed thereto in Section 2.4 hereof; 

  

	1.1.24	 “Governmental Entity” means (i) any domestic or foreign national, federal, provincial, state, county, local, municipal or regional government
or body, (ii) any multinational, multilateral or international body, (iii) any subdivision, agency, 

  

 - 3 - 

	 	 
commission, board, instrumentality or authority of any of the foregoing governments or bodies, (iv) any quasi-governmental or private body exercising
any regulatory, expropriation or taxing authority under or for the account of any of the foregoing governments or bodies, or (v) any domestic, foreign, international, multilateral or multinational judicial, quasi-judicial, arbitration or
administrative court, tribunal, commission, board or panel; 

  

	1.1.25	“Hazardous Activity” means any activity relating to the distribution, generation, handling, importing, management, manufacturing, processing, production,
refinement, release (which includes any spilling, leaking, emitting, discharging, depositing, escaping, leaching, dumping or other releasing into the Environment, whether intentionally or unintentionally), storage, transfer, transportation,
treatment or use (including any withdrawal or other use of groundwater) of Hazardous Materials; 

  

	1.1.26	“Hazardous Materials” means any waste or other substance that is listed, defined, designated or classified as, or otherwise determined to be, hazardous, radioactive
or toxic or a pollutant or a contaminant, in each case under or pursuant to any Environmental Laws, including any mixture or solution thereof, and specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and
asbestos or asbestos-containing materials; 

  

	1.1.27	“IMMEX Program” means the temporary importation program under the Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de
Exportación, successor to the “PITEX” program, pursuant to which the Mill is in Mexico under temporary importation and may only be bought by another company with an IMMEX Program, or by, prior to its sale, importing definitively
into Mexico; 

  

	1.1.28	“Imported Assets” means those Purchased Assets listed in Schedule 1.1.28 annexed hereto; 

  

	1.1.29	“Intellectual Property Rights” means, collectively, all intellectual property rights of whatsoever nature, kind or description related to, or used in connection
with the operation of, the Purchased Assets including, without limitation: 

 1.1.29.1 all copyrights and applications therefor,
including all computer software (in both source and object code formats) and related documentation, including that which documents the design and execution of computer software, and rights to any of the foregoing; 
 1.1.29.2 all inventions, patents, patent applications and patent rights (including any patents issuing on such applications or rights); 
 1.1.29.3 all licenses, sub-licenses and franchises; 
 1.1.29.4 all industrial designs and registrations thereof and applications therefor; and 
 1.1.29.5 all renewals, modifications and
extensions of any of the items listed in Sections 1.1.29.1 through 1.1.29.4 (inclusively) hereof, but specifically excludes (i) all trade-marks, service marks, trade-mark and service mark registrations, 

  

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trade-mark and service mark applications, rights under registered user agreements, logos, trade names and other trade-mark and service mark rights, and
(ii) all trade secrets and proprietary and confidential information which the Seller is prohibited under Contracts with third parties from disclosing to the Buyer; 
  

	1.1.30	“Interim Period” has the meaning ascribed thereto in Section 7.1.1 hereof; 

  

	1.1.31	“Inventory” means the inventories of materials, tooling and service parts related to the operation of the Purchased Assets, as set forth in Schedule 1.1.31
hereto; 

  

	1.1.32	“Judgment” means the judgment rendered against the Seller on February 4, 2009 by the Juzgado Mixto del Noveno Distrito Judicial en Cuencame, Durango, in file
number 209/2006; 

  

	1.1.33	“Knowledge” : An individual will be deemed to have “Knowledge” of a particular fact or other matter if such individual is actually aware of such fact or
other matter, or should be aware of such fact or other matter after having conducted a diligent inquiry. 

 The Buyer will be
deemed to have “knowledge” of a particular fact or other matter if Michel Roy, Stephen Altmann or Armando Lujan Acuna, who are serving respectively as Chief Executive Officer, President and President of Mexican Subsidiaries of ECU Silver
Mining Inc., has, or at any time had, Knowledge of such fact or other matter. 
 The Seller will be deemed to have “knowledge” of a
particular fact or other matter if Kurt Douglas Allen, Ruben Gil or Don Poirier, who are serving respectively as General Manager and Administrative Manager of the Seller and as Vice-President of an Affiliate of the Seller, has, or at any time had,
Knowledge of such fact or other matter; 
  

	1.1.34	“Land Use Rights” means the contract between the Seller and the Ejido Vista Hermosa, the owner of the surface rights, that allows the Seller to operate the
Mill on that portion of land on which it is currently located, a copy of which is annexed hereto as Schedule 1.1.34; 

  

	1.1.35	“Litigation” means, collectively, (i) the proceedings initiated in the Juzgado Mixto del Noveno Distrito Judicial en Cuencame Durango under file number
209/2006 between the Buyer, as demanding party, and the Seller, as defending party, in respect of which the Judgment has been rendered, which Judgment has been appealed by the Seller to the Superior Tribunal of Justice of the State of Durango,
(ii) the proceedings Terceria Excluyente de Dominio started by the Seller related to the Juicio Ejecutivo Civil started by Eduardo Bravo Campos and continued by the Buyer under file number 63/2003 in the Juzgado Cuarto Civil de Primera
Instancia de Durango, Durango, and (iii) any other legal proceedings of any nature which exist as of the date hereof between the Seller and/or any of its Affiliates and the Buyer and/or any of its Affiliates; 

  

	1.1.36	“Market Price” has the meaning ascribed thereto in Section 2.3 hereof; 

  

	1.1.37	“Material Adverse Change” means any change (or any condition, event or development involving, or reasonably likely to result in, a prospective change) in the
Purchased Assets or in the operations, results of operations, assets, financial condition, Contracts, rights, liabilities, prospects or privileges, whether contractual or otherwise, of the Seller, which, in either case, is materially adverse to the
Purchased Assets or the operation thereof; 

  

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	1.1.38	“Mill” means the gold and silver recovery cyanide plant located at the geographical coordinates UTM WGS84 631,000 East, 2,772,420 North in the south portion of the
Sierra San Lorenzo in the state of Durango, Mexico, including the adjacent tailings pond; 

  

	1.1.39	“Non-Imported Assets” means those Purchased Assets listed in Schedule 1.1.39 annexed hereto; 

  

	1.1.40	“Notification Date” has the meaning ascribed thereto in Section 2.3 hereof; 

  

	1.1.41	“Payment Shares” means 750,000 Common Shares; 

  

	1.1.42	“Permits” means the licenses, permits, franchises, approvals, authorizations, consents or orders of, or filings with, any Governmental Entity or any other Person,
relating to the Purchased Assets which are listed on Schedule 1.1.42 hereto; 

  

	1.1.43	“Person” means an individual, natural person, firm, corporation, legal person, company, joint stock company, cooperative, partnership, limited liability
partnership, joint venture, trust, unincorporated association, other entity with juridical personality or Governmental Entity; 

  

	1.1.44	“Prime Rate” means the annual interest rate quoted publicly by The Bank of Nova Scotia as the reference rate of interest used for determining the interest rate it
charges on commercial demand loans made in Canadian dollars, in Canada, and commonly known as such bank’s prime rate, as adjusted from time to time; 

  

	1.1.45	“Purchase Price” has the meaning ascribed thereto in Section 2.2.1 hereof; 

  

	1.1.46	“Purchased Assets” means all of the right, title and interest of the Seller in and to the Mill, including, without limitation, all of Seller’s right, title and
interest in and to the following: 

 1.1.46.1 the Land Use Rights, 
 1.1.46.2 the Water Use Rights, 
 1.1.46.3 the
Equipment and Civil Works, 
 1.1.46.4 the Supplies, 
 1.1.46.5 the Inventory, 
 1.1.46.6 the Books and Records, 
 1.1.46.7 the Intellectual Property Rights, 
 1.1.46.8 the Permits, and 
  

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 1.1.46.9 all rights under or pursuant to all warranties, representations and guarantees made by suppliers
in connection with the Purchased Assets; 
  

	1.1.47	“Royalty Right” means the 5% net profit interest payable in respect of all production on the Saladillo, Saladillo 1 and Saladillo 5 concessions by the Seller to BLM
Minera Mexicana S.A. de C.V., after recovery of $12,000,000, by virtue of the contract of sale between BLM Minera Mexicana S.A. de C.V. and the Seller regarding the sale of the infrastructure and permits related to the Mill;

  

	1.1.48	“Sell” has the meaning ascribed thereto in Section 2.3 hereof; 

  

	1.1.49	“Supplies” means the Seller’s supplies for use in connection with the operation of the Purchased Assets as set forth in Schedule 1.1.49 hereto;

  

	1.1.50	“Survival Date” has the meaning ascribed thereto in Section 5.1 hereof; 

  

	1.1.51	“Surviving Representations” means the representations and warranties contained in Sections 3.1, 3.2, 3.3, 3.4, 3.5, 4.1, 4.2, 4.3 and 4.4 hereof;

  

	1.1.52	“Tax” means any federal, provincial, local, foreign or other tax, levy, impost, fee, assessment or other government charge including, without limitation, income,
estimated income, capital, business, occupation, franchise, property, payroll, sales (including, without limitation, goods and services tax), transfer, use, employment, commercial rent, occupancy, franchise or withholding taxes including, without
limitation, interest, penalties and additions in connection therewith; 

  

	1.1.53	“Union Obligation” means the obligation assumed by an Affiliate of the Seller to enter into a new collective bargaining agreement with the National Mining Union
(Sindicato Nacional de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares de la República Mexicana) upon restarting the operation of the Mill when, as a result of ceasing the operation of the Mill, it terminated
the collective bargaining agreement regarding the workers at the Mill; and 

  

	1.1.54	“Water Use Rights” means concession number 07DG0100128/36FMGE05 granting the right to use national waters. 

 1.2 The following Schedules form an integral part of this Agreement and are incorporated herein by reference: 
  

			
	Schedule 1.1.22	  	Equipment and Civil Works
		
	Schedule 1.1.28	  	Imported Assets
		
	Schedule 1.1.31	  	Inventory
		
	Schedule 1.1.34	  	Land Use Rights Contract
		
	Schedule 1.1.39	  	Non-Imported Assets
		
	Schedule 1.1.42	  	Permits
		
	Schedule 1.1.49	  	Supplies
		
	Schedule 2.2.3	  	Allocation
		
	Schedule 3.5	  	Approvals and Consents
		
	Schedule 7.5.1.5	  	Seller Signing Power of Attorney
		
	Schedule 7.5.1.6	  	Imported Assets Invoice
		
	Schedule 7.5.1.7	  	Non-Imported Assets Invoice

  

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	Schedule 7.5.1.8	  	Form of Transfer – Water Use Rights
		
	Schedule 7.5.1.9	  	Form of Transfer - Environmental Permits
		
	Schedule 7.5.1.10	  	Form of Transfer – Comision Federal de Electricidad Contracts
		
	Schedule 7.5.1.12	  	Declaration of Settlement Out of Court
		
	Schedule 7.5.1.13	  	Royalty Renunciation
		
	Schedule 7.6.1.2	  	Buyer Signing Power of Attorney

 1.3 Interpretation. Disclosure of any fact or item in any Schedule hereto referenced by or to a
particular section in this Agreement shall be deemed to have been disclosed with respect to all sections in this Agreement. The specification of any dollar amount in the representations or warranties contained in this Agreement or the inclusion of
any specific item in any Schedule hereto is not intended to imply that such amounts, or higher or lower amounts, or the items so included or other items, are or are not material, and no party shall use the fact of the setting of such amounts or the
inclusion of any such item in any dispute or controversy between the parties as to whether any obligation, item or matter not described herein or included in a Schedule is or is not material for purposes of this Agreement. 
  

	2.	PURCHASE AND SALE OF ASSETS 

 2.1 Transfer of Purchased
Assets. At the Closing Time, upon the terms and subject to the conditions contained herein, on an “as is, where is” basis and without any representations or warranties by the Seller other than those explicitly set forth in
Section 3 hereof, the Seller shall sell, convey, transfer, assign and deliver to the Buyer, and the Buyer shall acquire and take possession from the Seller, the Purchased Assets. 
 2.2 Purchase Price, Payment and Allocation. 
  

	2.2.1	Upon the terms and subject to the conditions set forth herein, the purchase price (the “Purchase Price”) for the Purchased Assets is $8,000,000 and the Payment
Shares. 

  

	2.2.2	The Purchase Price shall be payable by the Buyer to the Seller as follows: 

 2.2.2.1 on the date hereof, the sum of $50,000 (the “Deposit”) shall be paid by the Buyer to the Seller by way of electronic funds transfer in accordance with the payment instructions to be provided
by the Seller. The Deposit shall either (i) be retained by the Seller upon the Closing, to be applied against the Purchase Price or (ii) if the Closing does not occur and this Agreement is terminated pursuant to Section 9 hereof, be
returned to the Buyer or retained by the Seller pursuant to Section 9.2.3 hereof; 
 2.2.2.2 at the Closing Time, the sum of $7,950,000
shall be paid by the Buyer to the Seller by way of electronic funds transfer in accordance with the payment instructions to be provided by the Seller; 
 2.2.2.3 at the Closing Time, a certificate representing the Payment Shares shall be issued and delivered by ECU Silver Mining Inc. to the Seller, which Payment Shares shall be subject to the resale restrictions set
forth in Section 2.3 hereof; and 
 2.2.2.4 at the Closing Time, the sum of $343,650, representing the value-added Tax payable in Mexico
by the Buyer in respect of the Non-Imported Assets, shall be paid by the Buyer to the Seller by way of electronic funds transfer in 

  

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accordance with the payment instructions to be provided by the Seller, which sum shall be paid by the Seller to the proper Governmental Entity in Mexico, and
the Seller shall promptly provide to the Buyer proof of such payment having been duly made; the Buyer and the Seller hereby acknowledge and agree that no value-added Tax is payable in Mexico in respect of the Imported Assets. 
  

	2.2.3	The Purchase Price shall be allocated among the various classes of Purchased Assets in the manner set forth on Schedule 2.2.3 hereto. The Buyer and the Seller shall
follow the allocations set forth on Schedule 2.2.3 hereto in determining and reporting their liabilities for any Taxes and, without limitation, shall file their respective income Tax returns prepared in accordance with such allocations.

 2.3 Restrictions on the Resale of the Payment Shares. The Seller shall not sell, transfer, assign or otherwise dispose of
(“Sell”) any of the Payment Shares for a period of four calendar months following the Closing Date. Thereafter, if the Seller wishes to Sell the Payment Shares, the Seller shall first notify the Buyer of its intention to Sell all,
and no less than all, of the Payment Shares. The Buyer shall then be entitled to direct the Seller in writing to Sell all or any portion of the Payment Shares at any time during the 20 Business Days following the date on which the Buyer receives the
notification from the Seller of its intention to Sell the Payment Shares (the “Notification Date”), to such Person(s) as the Buyer may identify in writing to the Seller (each, a “Designated Buyer”), at a purchase
price per share equal to the market price of the Common Shares as publicly quoted on the Toronto Stock Exchange on the date of such sale to the Designated Buyer (the “Market Price”), and the Seller shall so sell the Payment Shares;
provided, however, that the Seller shall not be obliged to proceed with any such sale if the Market Price is less than 90% of the 10-day volume weighted average closing price of the Common Shares for the 10-Business Day period ending on the
Notification Date, in which case, only following the first time that the Seller wishes to Sell any of the Payment Shares after having declined to Sell the Payment Shares to the Designated Buyer as the Seller is entitled to do pursuant to this
Section 2.3, the Seller shall not be entitled to Sell any of the Payment Shares without recommencing the procedure set forth in this Section 2.3. In all cases, if no Designated Buyer is named by the Buyer within the 20 Business Days
following the Notification Date, the Seller shall be entitled to Sell the Payment Shares to any Person. In all cases, the Seller shall not be entitled to Sell more than 187,500 of the Payment Shares in any consecutive 7-calendar day period to anyone
other than a Designated Buyer. The Seller shall notify the Buyer in writing promptly upon the sale by the Seller of the last of the Payment Shares. 
 2.4
Excluded Liabilities. Notwithstanding any other provision of this Agreement, through the acquisition of the Purchased Assets, the Buyer shall not assume, or otherwise be responsible for, any of the Seller’s liabilities or
obligations, whether actual or contingent, matured or unmatured, liquidated or unliquidated, known or unknown, or related or unrelated to the Purchased Assets or the operation thereof, whether arising out of occurrences prior to, at or after the
Closing Time (collectively, “Excluded Liabilities”), which Excluded Liabilities are and shall remain the sole obligation of the Seller and include, without limitation: 
  

	2.4.1	any liability or obligation to or in respect of any Division Employees in respect of matters arising prior to, at or after the Closing Time (except for liabilities or obligations
arising after the date of their hire in respect of Division Employees who may be hired by the Buyer subsequent to the Closing Time) including, without limitation: 

 2.4.1.1 any individual employment agreement or collective bargaining agreement, whether or not written, between or covering the Seller and any Person,

  

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 2.4.1.2 any liability under any Employee Plan at any time maintained, contributed to or required to be
contributed to by or with respect to the Seller or under which the Seller may incur liability, or any contributions, benefits or liabilities therefor, or any liability with respect to the Seller’s withdrawal or partial withdrawal therefrom,

 2.4.1.3 any claim under labour relations or employment standards legislation, any disability claim or any claim under any unemployment
compensation or worker’s compensation law or regulation or under any applicable employment discrimination law or regulation, and 
 2.4.1.4 any Employee Obligations, 
  

	2.4.2	any liability or obligation of the Seller in respect of any Tax including, without limitation, any liability or obligation for Tax arising from the restatement or adjustment of
previously filed Tax returns; 

  

	2.4.3	any liability or obligation of the Seller in respect of the accounts payable of the Seller, whether related or unrelated to the Purchased Assets; 

  

	2.4.4	any liability or obligation of the Seller in respect of services performed by the Seller prior to the Closing Time; 

  

	2.4.5	any liability arising from any injury to or death of any Person or damage to or destruction of any property, whether based on negligence, breach of warranty, strict liability,
enterprise liability or any other legal or equitable theory arising from defects in products leased, rented or sold or services performed by or on behalf of the Seller or any other Person on or prior to the Closing Time or arising from any other
cause including, without limitation, any liabilities arising on or prior to the Closing Time relating to the use or misuse of the Purchased Assets; 

  

	2.4.6	any liability or obligation of the Seller arising out of or related to any Action against the Seller or any Action which adversely affects the Purchased Assets and (i) which
shall have been asserted on or prior to the Closing Time or (ii) in connection with which the facts giving rise to such Action shall have arisen on or prior to the Closing Time; and 

  

	2.4.7	any liability or obligation of the Seller resulting from entering into, performing its obligations pursuant to or consummating the transactions contemplated by this Agreement.

  

	3.	REPRESENTATIONS AND WARRANTIES OF THE SELLER 

 The Seller hereby
represents and warrants to the Buyer that the following representations and warranties are true and accurate and acknowledges and confirms that the Buyer is relying upon such representations and warranties in connection herewith and would not have
entered into this Agreement without same: 
 3.1 Corporate Organization and Qualification. The Seller is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite power and authority, and, where required, is duly qualified to own and lease its properties and to carry on its business as now being
conducted by it. No actions or proceedings to dissolve the Seller are pending or threatened. 
  

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 3.2 Authority Relative to this Agreement. The Seller has full corporate power and authority to execute,
deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by the Seller of this Agreement, and the consummation by the Seller of the transactions contemplated hereby, have been
duly authorized by all necessary corporate action of the Seller. This Agreement has been duly executed and delivered by the Seller and constitutes, and each other agreement, instrument or document executed or to be executed by the Seller in
connection with the transactions contemplated hereby has been, or when executed will be, duly executed and delivered by the Seller and constitutes, or when executed and delivered will constitute, a valid and legally binding obligation of the Seller,
as appropriate, enforceable against the Seller in accordance with their respective terms, except that such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
creditors’ rights generally, (ii) equitable principles which may limit the availability of certain equitable remedies (such as specific performance) in certain instances and (iii) public policy considerations with respect to the
enforceability of rights of indemnification. 
 3.3 Non-contravention. The execution, delivery and performance by the Seller of this Agreement
and the consummation by the Seller of the transactions contemplated hereby do not and will not (i) conflict with or result in a violation of any provision of the charter or by-laws or other governing instruments of the Seller or of any Contract
to which the Seller is a party, (ii) constitute (with or without the giving of notice or the passage of time or both) a default under, or give rise (with or without the giving of notice or the passage of time or both) to any right of
termination, cancellation or acceleration under, any Contract relating to the Purchased Assets to which the Seller is a party or by which the Seller or any of its properties may be bound, (iii) result in the creation or imposition of any
Encumbrance upon the Purchased Assets, or (iv) violate any Applicable Laws binding upon the Seller. 
 3.4 No other Agreement to Purchase.
Except for the Buyer’s rights under this Agreement, no Person has any Contract for the purchase or other acquisition from the Seller of any of the Purchased Assets. 
 3.5 Approvals and Consents. Except as set forth in Schedule 3.5 hereto, no consent, approval, order or authorization of, or declaration, filing or registration with, or notice to, any Governmental
Entity or other Person is required to be obtained, made or given by the Seller in connection with the execution, delivery or performance by the Seller of this Agreement or the consummation by the Seller of the transactions contemplated hereby
including, without limitation, the assignment to the Buyer of all of the Seller’s right, title and interest in and to the Permits, Land Use Rights and Water Use Rights comprised in the Purchased Assets. 
 3.6 Title to Assets. The Seller has not entered into, or agreed to enter into, any transaction to Sell the Purchased Assets other than pursuant to the
transactions contemplated by this Agreement. To the Knowledge of the Seller, no Person has made any claim to any interest in the Purchased Assets, whether as owner or otherwise, other than pursuant to the Litigation. Other than the foregoing, the
Seller makes no representations and provides no warranties regarding title to the Purchased Assets. 
  

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 3.7 No Operations. Since January 1, 2008, neither the Seller nor any other Person has operated the
Purchased Assets in connection with the processing of ore. 
 3.8 Mill. 
  

	3.8.1	To the Knowledge of the Seller, the Seller has not received notice that any portion of the Mill violates any Applicable Laws, including, without limitation, Environmental Laws and
Applicable Laws relating to zoning, building, land use, health and safety, fire, air, sanitation and noise control. 

  

	3.8.2	To the Knowledge of the Seller, there is no condemnation, expropriation or similar proceeding pending or threatened in writing against the Mill or any improvement thereon.

  

	3.8.3	To the Knowledge of the Seller, there are no local improvement charges, development charges, special levies or other Taxes outstanding against the Mill nor has the Seller received
any notice of any proposed local improvement charge, development charge, special levy or other Tax in respect of the Mill. 

  

	3.8.4	To the Knowledge of the Seller, all accounts that are due and owing for work or services performed or materials placed or furnished upon or in respect of the construction,
completion, repair, renovation or maintenance of the Mill have been fully paid and no Person has a right to file a lien under Applicable Laws in respect thereof. 

  

	3.8.5	To the Knowledge of the Seller, the Seller has not received notice or other written communication of any fact or condition that would result in the interruption or termination of
the provision of any of the utilities existing at the Mill. 

  

	3.8.6	To the Knowledge of the Seller, the Seller has not received notice or other written communication regarding any work orders, deficiency notices or other similar notices of
non-compliance issued by any Governmental Entity or otherwise with respect to the Mill that are outstanding requiring or recommending work or repairs in connection with the Mill or any part thereof. 

 3.9 Compliance With Laws. 
  

	3.9.1	To the Knowledge of the Seller, the Seller is not charged or threatened in writing with, or under investigation with respect to, a claim with respect to any violation of any
Applicable Laws relating to any aspect of the Purchased Assets. 

 3.10 Environmental Matters. To the Knowledge of the Seller:

  

	3.10.1	the Seller has not been required by any Governmental Entity to (i) alter the Mill in a material way in order to be in compliance with Environmental Laws, (ii) file any
notice with any Governmental Entity pursuant to Environmental Laws relating to any potential or actual contamination of the Mill or the surrounding Environment or (iii) perform any environmental closure, decommissioning, rehabilitation,
restoration or post-remedial investigation on, about or in connection with the Mill or the surrounding Environment pursuant to Environmental Laws; 

  

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	3.10.2	there are no existing claims or orders of any nature resulting from any Environmental Liabilities or under or pursuant to any Environmental Laws with respect to or affecting the
Purchased Assets; 

  

	3.10.3	with respect to the Purchased Assets, the Seller has not received any written directive, inquiry, notice, order, warning or other communication from any Governmental Entity or other
Person that relates to any Hazardous Activities, Hazardous Materials or any alleged actual or potential violation or failure to comply with any Environmental Laws, or of any alleged actual or potential obligation to undertake or bear the cost of any
Environmental Liabilities; and 

  

	3.10.4	there are no material reports or documents relating to Environmental matters negatively affecting the Purchased Assets which have not been made available to the Buyer, whether by
reason of confidentiality restrictions or otherwise. 

 3.11 Permits. All Permits of the Seller related to the Purchased Assets
are listed on Schedule 1.1.42 hereto. To the Knowledge of the Seller, no Person has threatened in writing to revoke, amend or impose any condition in respect of, or commenced proceedings to revoke, amend or impose conditions in respect of,
any Permit. 
 3.12 Land Use Rights. Copies of all Contracts permitting the Seller to operate the Mill on that portion of land on which it is
currently located, including all amendments and supplements thereto, are contained in Schedule 1.1.34 hereto. 
 3.13 Books and Records.
The Seller has made and kept (and given the Buyer access to) the Books and Records, and makes no representation or warranty regarding their completeness or accuracy. 
 3.14 Union Obligations. The Seller makes no representation or warranty regarding the Union Obligation, which is hereby disclosed to the Buyer. 
 3.15 Litigation. Except for the Litigation, there is no Action of which the Seller has been notified pending or, to the Knowledge of
the Seller, threatened in writing (i) against, related to or affecting the Seller which would have any effect on the Purchased Assets or (ii) seeking to delay, limit or enjoin the transactions contemplated by this Agreement. Except for the
Litigation, the Seller has not been notified that it is in default with respect to or subject to any Action which would have any effect on the Purchased Assets. 
 3.16 Bankruptcy and Insolvency. The Seller is not insolvent and has not committed an act of bankruptcy, proposed a compromise or arrangement to its creditors, had any petition for a receiving order filed against it, taken any
proceeding with respect to a compromise, arrangement or winding-up, or otherwise taken advantage of any insolvency or bankruptcy legislation, had a receiver appointed to any part of the its assets or had any Person take possession of any part of its
assets or had any execution of distress or seizure become enforceable or levied upon any of its assets. 
 3.17 Brokerage Fees. Neither the
Buyer nor any of the Purchased Assets is or shall be subject to any claim for any finder’s fee, brokerage commission or similar payment in connection with any transactions contemplated hereby asserted by any financial advisor, broker, agent or
finder retained by the Seller or any of its Affiliates. 
  

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 3.18 Residence. The Seller is a resident of Mexico. 
 3.19 Personal Information – Acknowledgement and Consent. The Seller acknowledges and consents to the fact that the Buyer is collecting the
Seller’s personal information (as that term is defined under applicable privacy legislation, including, without limitation, the Personal Information Protection and Electronic Documents Act (Canada) and any other applicable similar,
replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing this Agreement, that the Buyer may be required by Applicable Laws and the rules and policies of the Toronto Stock
Exchange to provide regulatory authorities with any personal information provided under or pursuant to this Agreement, and that the Buyer may use and disclose such personal information as follows: 
  

	3.19.1	for internal use with respect to managing the relationship between and contractual obligations of the Buyer and the Seller; 

  

	3.19.2	for use and disclosure for income tax related purposes, including without limitation, where required by Applicable Laws, disclosure to Canada Revenue Agency;

  

	3.19.3	for disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect to reports of trades and similar regulatory filings;

  

	3.19.4	for disclosure to a Governmental Entity or other authority to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable
alternative to such disclosure; 

  

	3.19.5	for disclosure to professional advisers of the Buyer in connection with the performance of their professional services; 

  

	3.19.6	for disclosure to any Person where such disclosure is necessary for legitimate business reasons and is made with the Seller’s prior written consent; 

 

	3.19.7	for disclosure to a court determining the rights of the parties under this Agreement; or 

  

	3.19.8	for use and disclosure as otherwise required or permitted by Applicable Laws. 

 Furthermore, the Seller authorizes the indirect collection of personal information (as defined in the securities laws of the Province of Ontario) by the Ontario Securities Commission and confirms that it has been notified by the Buyer that:

  

	3.19.9	the Buyer will be delivering such personal information to the Ontario Securities Commission; 

  

	3.19.10	such personal information is being collected indirectly by the Ontario Securities Commission under the authority granted to it in the securities laws of the Province of Ontario;

  

	3.19.11	such personal information is being collected for the purpose of the administration and enforcement of the securities laws of the Province of Ontario; and 

 

	3.19.12	the title, business address and business telephone number of the public official in the Province of Ontario who can answer questions about the Ontario Securities Commission’s
indirect collection of personal information is as follows: 

 Administrative Assistant to the Director of Corporate Finance

 Ontario Securities Commission 
 Suite 1903, Box 55, 20 Queen Street West 
 Toronto, Ontario M5H 3S8 
 Telephone:    416-593-8086 
  

 - 14 - 

 The Seller acknowledges and consents to the fact that the Toronto Stock Exchange, its affiliates, authorized agents,
subsidiaries and divisions collect personal information (as such term is defined in the Corporate Finance Manual of the Toronto Stock Exchange) in certain information forms which are submitted to the Toronto Stock Exchange and use such information
for the following purposes: 
  

	3.19.13	to conduct background checks; 

  

	3.19.14	to verify the personal information that has been provided about each individual; 

  

	3.19.15	to consider the suitability of the individual to act as an insider of an issuer; 

  

	3.19.16	to provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Buyer, or its associates or affiliates;

  

	3.19.17	to conduct enforcement proceedings; and 

  

	3.19.18	to perform other investigations as required by and to ensure compliance with all applicable rules, policies, rulings and regulations of the Toronto Stock Exchange, securities
legislation and other legal and regulatory requirements governing the conduct and protection of the public markets in Canada; 

 and that as
part of above-mentioned process, the Toronto Stock Exchange also collects additional personal information from other sources, including but not limited to, securities regulatory authorities in Canada or elsewhere, investigative, law enforcement or
self-regulatory organizations, regulations services providers and each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished, and that the Toronto Stock Exchange may from
time to time use third parties to process information and/or provide other administrative services and, in this regard, may share the information with such third party service providers. 
 The Seller further acknowledges and consents to the fact that the personal information that the Toronto Stock Exchange collects may also be disclosed: 
  

	3.19.19	to the agencies and organizations in the preceding paragraph, or as otherwise permitted or required by Applicable Laws, and that they may use it in their own investigations for the
purposes described above; and 

  

	3.19.20	on the website of the Toronto Stock Exchange or through printed materials published by or pursuant to the directions of the Toronto Stock Exchange. 

 3.20 Full Disclosure. To the Knowledge of the Seller, none of the foregoing representations and warranties, and no document furnished by or on behalf of
the Seller to the Buyer in connection with the negotiation of the transactions contemplated by this Agreement, contains any untrue statement of a material fact. 
  

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	4.	REPRESENTATIONS AND WARRANTIES OF THE BUYER 

 The Buyer hereby
represents and warrants to the Seller that the following representations and warranties are true and accurate and acknowledges and confirms that the Seller is relying upon such representations and warranties in connection herewith and would not have
entered into this Agreement without same: 
 4.1 Corporate Organization. The Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted by it. No actions or proceedings to dissolve the
Buyer are pending or threatened. 
 4.2 Authority Relative to this Agreement. The Buyer has full corporate power and authority to execute,
deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by the Buyer of this Agreement, and the consummation by it of the transactions contemplated hereby, have been duly
authorized by all necessary corporate action of the Buyer. This Agreement has been duly executed and delivered by the Buyer and constitutes, and each other agreement, instrument or document executed or to be executed by the Buyer in connection with
the transactions contemplated hereby has been, or when executed will be, duly executed and delivered by the Buyer and constitutes, or when executed and delivered will constitute, a valid and legally binding obligation of the Buyer, enforceable
against the Buyer in accordance with their respective terms, except that such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally,
(ii) equitable principles which may limit the availability of certain equitable remedies (such as specific performance) in certain instances and (iii) public policy considerations with respect to the enforceability of rights of
indemnification. 
 4.3 Non-contravention. The execution, delivery and performance by the Buyer of this Agreement and the consummation by it of
the transactions contemplated hereby do not and will not (i) conflict with or result in a violation of any provision of the charter or by-laws of the Buyer or (ii) violate any Applicable Laws binding upon the Buyer. 
 4.4 Approvals and Consents. No consent, approval, order or authorization of, or declaration, filing or registration with, or notice to any Governmental
Entity or other Person not already obtained, made or given by the Buyer is required to be obtained, made or given by the Buyer in connection with the execution, delivery or performance by the Buyer of this Agreement or the consummation by it of the
transactions contemplated hereby, other than (i) filings with Governmental Entities to occur in the ordinary course following the consummation of the transactions contemplated hereby and (ii) such consents, approvals, orders or
authorizations which, if not obtained, and such declarations, filings or registrations which, if not made, would not, individually or in the aggregate, have a material adverse effect on the ability of the Buyer to consummate the transactions
contemplated hereby. 
 4.5 Payment Shares. When issued pursuant to the terms of this Agreement, the Payment Shares shall be issued validly
issued as fully paid and non-assessable Common Shares. The Payment Shares have been conditionally accepted for listing on the Toronto Stock Exchange. 
  

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 4.6 Legal Proceedings. Except for the Litigation, there are no Actions pending or, to the Knowledge of the
Buyer, threatened seeking to restrain, prohibit or obtain damages or other relief in connection with this Agreement or the transactions contemplated hereby. 
 4.7 Brokerage Fees. The Seller is not and shall not be subject to any claim for any finder’s fee, brokerage commission or similar payment in connection with any transaction contemplated hereby asserted by any financial
advisor, broker, agent or finder retained by the Buyer. 
  

	5.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES 

 5.1 Survival
Period. The representations and warranties of the Seller and of the Buyer contained in this Agreement or in any certificate, instrument or document delivered pursuant hereto shall survive the Closing until the first anniversary of the date
hereof; provided, however, that the Surviving Representations shall survive the Closing until the fifth anniversary of the date hereof. 
 The date until
which such representations and warranties shall survive as provided in this Section 5.1 are herein referred to as the “Survival Date”. 
 Subject to Section 5.2 hereof, from and after the Survival Date in respect of any particular representation and warranty, no party hereto shall be under any liability whatsoever pursuant to this Agreement with respect to such
representation or warranty, except with respect to matters as to which notice has been received before the Survival Date in accordance with Section 5.2 hereof. 
 5.2 Delay for Notification. No party hereto shall have any indemnification obligation pursuant to this Agreement in respect of any representation or warranty unless, before the Survival Date in respect
of such representation and warranty, it shall have received from the party seeking indemnification written notice of the existence of the claim for or in respect of which indemnification in respect of such representation or warranty is sought.

  

	6.	EMPLOYEE MATTERS 

 6.1 Excluded Employees. The Seller
has terminated each Division Employee effective immediately prior to the Closing Time and either (i) has negotiated with each such Division Employee the amount of any payment to be made to such Division Employee as a result of such termination
or (ii) agrees that the amount of any payment to be made to such Excluded Employee as a result of such termination constitutes an Employee Obligation which is an Excluded Liability. 
 6.2 Responsibility of the Seller. Following the Closing, the Buyer shall not assume any employment obligations in connection with any of the Division Employees. The Seller is solely liable and
responsible for the Division Employees and the Employee Obligations in respect of them including, without limitation, any claims by such Division Employees for reinstatement, wages, salary, bonuses, commissions, other compensation, pensions, pension
contributions, employment benefits (including, without limitation, any benefits or entitlements under the Employee Plans), overtime or sick pay, severance pay, payments upon a change of control or sale of assets, accrued vacation pay or any other
payment or compensation, and any claims arising under any Applicable Laws including, without limitation, any employment standards, human rights, workers’ compensation and occupational health and safety or Tax legislation. 
  

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	7.	INTERIM PERIOD COVENANTS, CONDITIONS TO CLOSING AND CLOSING 

 7.1
Interim Period Covenants of the Seller. 
  

	7.1.1	During the period commencing on the date hereof and terminating on the Closing Date (the “Interim Period”), the Seller hereby covenants in favour of the Buyer:

 7.1.1.1 without the prior written consent of the Buyer, not to dispose of or encumber any of the Purchased Assets,

 7.1.1.2 upon prior notice of no less than 24 hours by the Buyer, to give, or cause to be given, exclusively to Rubén Montiel, in his
capacity as the Buyer’s representative, full access during normal business hours to the Mill and the other Purchased Assets to conduct such investigations, inspections, surveys or tests thereof and of the physical, financial and legal condition
of the Purchased Assets as the Buyer deems necessary or desirable to familiarize itself with the Purchased Assets; without limiting the generality of the foregoing, the Buyer shall in such manner be permitted access to all documents relating to
information scheduled or required to be disclosed under this Agreement; 
 7.1.1.3 to update on or before the Closing, by amendment or
supplement, any of the informational disclosure schedules referred to in this Agreement and any other disclosure in writing from the Seller to the Buyer as soon as reasonably possible after new or conflicting information comes to its attention, it
being understood and agreed, however, that the Buyer shall not be obligated to accept any such amendment or supplement and receipt of any such amendment or supplement shall not be deemed to be a waiver or release by the Buyer of any provision of
this Agreement; and 
 7.1.1.4 to use its reasonable commercial efforts in order to ensure the accomplishment at or before the Closing Time of
each of the conditions set forth in Section 7.2 hereof. 
 7.2 Buyer’s Conditions to Closing. 
  

	7.2.1	The Buyer shall not be obligated to complete the purchase of the Purchased Assets pursuant to this Agreement unless, at or before the Closing Time, each of the conditions listed
below in this Section 7.2 has been satisfied, it being understood that such conditions are included for the exclusive benefit of the Buyer: 

 7.2.1.1 the representations and warranties of the Seller set forth in Section 3 hereof qualified as to materiality shall be true and correct, and such representations and warranties not so qualified shall be true
and correct in all material respects, as of the date of this Agreement and on the Closing Date as if made on the Closing Date, except for such representations and warranties made expressly as of a specified date which shall be true and correct in
the manner previously described as of such date; and the Buyer shall have received a certificate signed on behalf of the Seller by Kurt Douglas Allen or another executive officer thereof to such effect dated as of the Closing Date; 
 7.2.1.2 the Seller shall have performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed
or complied with by the Seller prior to or on the Closing Date; and the Buyer shall have received a certificate signed on behalf of the Seller by Kurt Douglas Allen or another executive officer thereof to such effect dated as of the Closing Date;

  

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 7.2.1.3 the Seller shall have in place an approved IMMEX Program in respect of the Imported Assets;

 7.2.1.4 during the Interim Period, there shall not have occurred any Material Adverse Change; 
 7.2.1.5 the Seller shall have delivered to the Buyer complete and accurate updated versions of each of the Schedules hereto, current as at the Closing
Time, and such updated versions of such Schedules shall not have deviated in any material way from the versions thereof attached to this Agreement at the time of its execution by the parties hereto; and 
 7.2.1.6 the Seller shall have delivered to the Buyer each of the closing deliveries referred to in Section 7.5 hereof. 
  

	7.2.2	If any condition in Section 7.2.1 hereof has not been fulfilled at or before the Closing Time or if any such condition is or becomes impossible to satisfy, other than as a
result of the failure of the Buyer to comply with its obligations under this Agreement, then the Buyer in its sole discretion may, without limiting any rights or remedies available to the Buyer at law or in equity, either: 

7.2.2.1 terminate this Agreement by notice to the Seller, as provided in Section 9.1.2 hereof; or 
 7.2.2.2 waive compliance with any such condition without prejudice to its right of termination in the event of non-fulfilment of any other condition.

 7.3 Seller’s Conditions to Closing. 
  

	7.3.1	The Seller shall not be obligated to complete the sale, conveyance, transfer and assignment of the Purchased Assets pursuant to this Agreement unless, at or before the Closing Time,
each of the conditions listed below in this Section 7.3 has been satisfied, it being understood that such conditions are included for the exclusive benefit of the Seller: 

 7.3.1.1 the representations and warranties of the Buyer set forth in Section 4 hereof qualified as to materiality shall be true and correct, and such
representations and warranties not so qualified shall be true and correct in all material respects, as of the date of this Agreement and on the Closing Date as if made on the Closing Date, except for such representations and warranties made
expressly as of a specified date which shall be true and correct in the manner previously described as of such date; 
 7.3.1.2 the Buyer
shall have performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by it prior to or on the Closing Date; 
  

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 7.3.1.3 the Buyer shall have in place an approved IMMEX Program which will allow the Buyer to purchase
the Imported Assets under temporary importation; and 
 7.3.1.4 the Buyer shall have delivered to the Seller each of the closing deliveries
referred to in Section 7.6 hereof. 
  

	7.3.2	If any condition in Section 7.3.1 hereof has not been fulfilled at or before the Closing Time or if any such condition is or becomes impossible to satisfy, other than as a
result of the failure of the Seller to comply with its obligations under this Agreement, then the Seller in its sole discretion may, without limiting any rights or remedies available to the Seller at law or in equity, either:

 7.3.2.1 terminate this Agreement by notice to the Buyer, as provided in Section 9.1.3 hereof; or 
 7.3.2.2 waive compliance with any such condition without prejudice to its right of termination in the event of non-fulfilment of any other condition.

 7.4 Time of Closing. 
  

	7.4.1	The Closing shall take place as of the Closing Time on the Closing Date at the Torreon, Mexico offices of Lic. Armando Martinez Herrera, Notario Publica No. 55, Blvd.
Independencia No. 291 Ote, Torréon, Coahuila, Mexico, or at such other place as may be agreed upon by the parties hereto. 

 7.5
Closing Deliveries of the Seller. 
  

	7.5.1	At the Closing, the Seller shall deliver to the Buyer, in form and substance satisfactory to the Buyer, acting reasonably: 

 7.5.1.1 a certified extract of resolutions of the shareholders of the Seller approving the transactions contemplated by this Agreement; 
 7.5.1.2 the officers’ certificate contemplated by Section 7.2.1.1 hereof; 
 7.5.1.3 the officers’ certificate contemplated by Section 7.2.1.2 hereof; 
 7.5.1.4 signed originals of the applications to obtain any consents, waivers, approvals, authorizations or orders required to be obtained, and all filings
required to be made, by the Seller for the due authorization, execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby; 
 7.5.1.5 powers of attorney in due and proper form in respect of each of the Persons who shall be executing documents on behalf of the Seller in connection with the sale, conveyance, transfer, assignment and delivery
of the Purchased Assets, in the form of Schedule 7.5.1.5 hereto; 
 7.5.1.6 an invoice in respect of the Imported Assets in the form of
Schedule 7.5.1.6 hereto, duly executed by the Seller; 
  

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 7.5.1.7 an invoice in respect of the Non-Imported Assets in the form of Schedule 7.5.1.7 hereto,
duly executed by the Seller; 
 7.5.1.8 a form of transfer in respect of the Water Use Rights in the form of Schedule 7.5.1.8 hereto;

 7.5.1.9 a form of transfer in respect of the environmental permits in the form of Schedule 7.5.1.9 hereto; 
 7.5.1.10 a form of transfer in respect of the Comision Federal de Electricidad contracts in the form of Schedule 7.5.1.10 hereto; 
 7.5.1.11 all keys, entry devices and passcodes with respect to the Purchased Assets, including combinations to any locks or vaults; 
 7.5.1.12 two declarations of settlement out of court in connection with the Litigation in the form of Schedule 7.5.1.12 hereto, duly executed by
the Seller and ratified before a notary public; 
 7.5.1.13 a renunciation to the Royalty Right in the form of Schedule 7.5.1.13
hereto, duly executed by the Seller; 
 7.5.1.14 a copy of the Seller’s approved IMMEX Program which will allow the Buyer to purchase the
Purchased Assets under temporary importation; and 
 7.5.1.15 such other deeds of conveyance, bills of sale, assurances, transfers,
assignments and consents, and such other agreements, documents and instruments as may be reasonably required by the Buyer to complete the transactions contemplated by this Agreement. 
 7.6 Closing Deliveries of the Buyer. 
  

	7.6.1	At the Closing, the Buyer shall deliver to the Seller, in form and substance satisfactory to the Seller, acting reasonably: 

 7.6.1.1 certified extracts of resolutions of the shareholders of the Buyer approving the transactions contemplated by this Agreement; 
 7.6.1.2 powers of attorney in due and proper form in respect of each of the Persons who shall be executing documents on behalf of the Buyer or of BLM
Minera Mexicana S.A. de C.V. in connection with the sale, conveyance, transfer, assignment and delivery of the Purchased Assets, in the form of Schedule 7.6.1.2 hereto; 
 7.6.1.3 two declarations of settlement out of court in connection with the Litigation in the form of Schedule 7.5.1.12 hereto, duly executed by the
Buyer and BLM Minera Mexicana S.A. de C.V. and ratified before a notary public; 
 7.6.1.4 a renunciation to the Royalty Right in the form of
Schedule 7.5.1.13 hereto, duly executed by BLM Minera Mexicana S.A. de C.V.; 
  

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 7.6.1.5 a copy of the Buyer’s approved IMMEX Program which will allow the Buyer to purchase the
Purchased Assets under temporary importation; 
 7.6.1.6 the payment referred to in Section 2.2.2.2 hereof; 
 7.6.1.7 a certificate representing the Payment Shares; 
 7.6.1.8 the payment referred to in Section 2.2.2.4 hereof; and 
 7.6.1.9 such other deeds of conveyance,
bills of sale, assurances, transfers, assignments and consents, and such other agreements, documents and instruments as may be reasonably required by the Buyer to complete the transactions contemplated by this Agreement. 
  

	8.	RISK OF LOSS 

 8.1 Risk of Loss. The Purchased Assets
shall be at the risk of the Seller until Closing. If before the Closing all or any portion of the Purchased Assets are lost, damaged or destroyed or are expropriated or seized by any Governmental Entity or any other Person in accordance with
Applicable Laws or if notice of any such expropriation or seizure shall have been given in accordance with Applicable Laws, the Buyer, in its sole discretion, shall have the option, exercisable by notice to the Seller given prior to the Closing
Time: 
  

	8.1.1	to terminate this Agreement by notice to the Seller, as provided in Section 9.1.2 hereof; or 

  

	8.1.2	to complete the transactions contemplated by this Agreement and require the Seller to assign to the Buyer the proceeds of any insurance payable as a result of the occurrence of such
loss, damage, destruction, expropriation or seizure and to reduce the Purchase Price by the amount of the cost of repair of the portion of the Purchased Assets which were damaged or, if lost, destroyed or damaged beyond repair or seized or
expropriated, by the replacement cost of the particular Purchased Assets so lost, destroyed, damaged, seized or expropriated, such reduction in price to be net of all proceeds of insurance or compensation for expropriation or seizure actually
received by the Buyer. 

  

	9.	TERMINATION 

 9.1 Grounds for Termination. This
Agreement may be terminated on or prior to the Closing Date: 
  

	9.1.1	by the mutual written agreement of the parties hereto; 

  

	9.1.2	by written notice from the Buyer to the Seller as contemplated by Section 7.2.2.1 or Section 8.1.1 hereof; or 

  

	9.1.3	by written notice from the Seller to the Buyer as contemplated by Section 7.3.2.1 hereof. 

  

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 9.2 Effect of Termination. 
  

	9.2.1	If this Agreement is terminated by any of the parties pursuant to Section 9.1 hereof then, subject to Section 9.2.2 hereof, all further obligations of the parties hereto
under this Agreement shall terminate, except for the obligations under Sections 11 and 13 hereof, which shall survive such termination. 

  

	9.2.2	If this Agreement is terminated by a party hereto pursuant to Section 9.1.2 or 9.1.3 hereof and the right to terminate arose because of a breach of this Agreement by one of the
other parties hereto (including a breach by one of the other parties hereto resulting in a condition in favour of the terminating party failing to be satisfied), then such other parties hereto shall remain fully liable for any and all damages
sustained or incurred by the terminating party directly or indirectly as a result thereof. 

  

	9.2.3	Upon the termination of this Agreement pursuant to Section 9.1 hereof, the Deposit shall be returned to the Buyer unless the right to terminate this Agreement arose because of
a breach of this Agreement by the Buyer (including a breach by the Buyer resulting in a condition in favour of the Seller failing to be satisfied), in which event the Deposit shall be remitted to the Seller. 

  

	10.	ACTIONS BY THE SELLER AND THE BUYER AFTER THE CLOSING 

 10.1
Cooperation. The Buyer and the Seller shall each provide the other with such assistance as may reasonably be requested in order to properly complete the transfer of the Purchased Assets, including, without limitation, the Land Use
Rights, and to have the appropriate courts accept the settlement of the Litigation. The Seller shall maintain in force for a period of at least two years from the date hereof the power of attorney currently granted by the Seller in favour of Rodrigo
Sanchez Mejorada and shall make Rodrigo Sanchez Mejorada available to the Buyer to assist in the manner contemplated by this Section 10.1 should the need arise. 
  

	11.	INDEMNIFICATION 

 11.1 Definitions. As used in this
Section 11: 
  

	11.1.1	“Claim” means any act, omission or state of facts and any demand, action, suit, proceeding, investigation, arbitration, complaint, trial, claim, assessment,
judgment, settlement or compromise relating thereto which may give rise to a right to indemnification under Sections 11.2 or 11.3 hereof; 

  

	11.1.2	“Direct Claim” means any Claim by an Indemnified Party against an Indemnifying Party which does not result from a Third Party Claim; 

  

	11.1.3	“Indemnifying Party” means any party or parties obligated to provide indemnification under this Agreement; 

  

	11.1.4	“Indemnified Party” means any party or parties entitled to indemnification under this Agreement; 

  

	11.1.5	“Indemnity Payment” means the amount of each Loss required to be paid pursuant to Sections 11.2 or 11.3 hereof and interest thereon pursuant to Section 11.5
hereof; 

  

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	11.1.6	“Loss” means any and all loss (including diminution in value), liability, damage (excluding indirect damage), cost, expense, charge, fine, penalty or assessment,
resulting from or arising out of any Claim, including the costs and expenses of any action, suit, proceeding, demand, assessment, judgment, settlement or compromise relating thereto and all interest, fines and penalties and reasonable
attorneys’, accountants’ and experts’ fees and expenses incurred in connection therewith; and 

  

	11.1.7	“Third Party Claim” means any Claim asserted against an Indemnified Party by any Person who is not a party to this Agreement. 

 11.2 Indemnification by the Seller. Subject to the limitations set forth in Section 11.4 hereof, the Seller hereby agrees to indemnify and save and
hold harmless the Buyer, its Affiliates and each of their respective officers, directors, employees or agents from and against any Loss suffered or incurred, directly or indirectly, by them as a result of, arising out of or relating to: 

 

	11.2.1	any violation, contravention or breach of any covenant, agreement or obligation of the Seller under or pursuant to this Agreement or any certificate, instrument or document
delivered pursuant hereto; 

  

	11.2.2	any breach of any representation or warranty made by the Seller under or pursuant to this Agreement or any certificate, instrument or document delivered pursuant hereto;

  

	11.2.3	any Excluded Liabilities; 

  

	11.2.4	the failure of the Seller to have in place an approved IMMEX Program in respect of the Imported Assets; 

  

	11.2.5	any claim of any nature (including, without limitation, for severance or for reinstatement) by any Person that relates to the employment of any employee by the Seller prior to the
Closing Time; and 

  

	11.2.6	any action, suit, claim, trial, demand, investigation, arbitration or other proceeding by any Person containing allegations which, if true, would constitute an event described in
Sections 11.2.1 to 11.2.5 (inclusively) hereof. 

 11.3 Indemnification by the Buyer. The Buyer hereby agrees to indemnify and
save and hold harmless the Seller, its Affiliates and each of their respective officers, directors, employees or agents from and against any Loss suffered or incurred, directly or indirectly, by it as a result of, arising out of or relating to:

  

	11.3.1	any violation, contravention or breach of any covenant, agreement or obligation of the Buyer under or pursuant to this Agreement or any certificate, instrument or document delivered
pursuant hereto; 

  

	11.3.2	any breach of any representation or warranty made by the Buyer under or pursuant to this Agreement or any certificate, instrument or document delivered pursuant hereto;

  

	11.3.3	any failure of the Buyer to remit the value-added Tax referred to in Section 2.2.2.4 hereof to the proper Governmental Entity in Mexico; and 

  

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	11.3.4	any action, suit, claim, trial, demand, investigation, arbitration or other proceeding by any Person containing allegations which, if true, would constitute an event described in
Sections 11.3.1 to 11.3.3 (inclusively) hereof. 

 11.4 De Minimus and Maximum. Notwithstanding anything contained herein:

  

	11.4.1	the Buyer shall not be entitled to indemnification under Section 11.2.2 of this Agreement unless the aggregate of all amounts payable by the Seller in connection with its
indemnification obligations thereunder exceeds $100,000, whereupon the Buyer shall be entitled to be fully indemnified by the Seller; 

  

	11.4.2	the maximum aggregate liability of the Buyer to the Seller pursuant to any indemnification obligations of the Buyer arising under this Agreement shall be $8,000,000; and

  

	11.4.3	the maximum aggregate liability of the Seller to the Buyer pursuant to any indemnification obligations of the Seller arising under this Agreement shall be $8,000,000.

 11.5 Payment and Interest. The Indemnifying Party shall reimburse, on demand if not contested, and following a settlement or a
final judgment if contested, to the Indemnified Party the amount of each Loss suffered or incurred by the Indemnified Party, as of the date that the Indemnified Party incurs such Loss, together with interest thereon from the aforesaid date until
payment in full at a rate per annum equal to the Prime Rate, plus five percentage points. Interest shall be calculated and payable monthly on the last day of each month during which any amount in respect of any Loss remained unpaid, both before and
after judgment, with interest on overdue interest calculated and payable at the same rate. The interest payable in any month shall be calculated on the average amount of all amounts in respect of any Loss that remained unpaid at any time during such
month. This amount shall be calculated by (i) multiplying any amount in respect of each Loss that remained unpaid at any time during such month by the number of days that amount remained unpaid during such month and (ii) dividing the
aggregate of all such products by the number of days in such month. 
 11.6 Notification. Promptly upon obtaining Knowledge and particulars
thereof, but in no event later than fifteen calendar days after becoming aware of a Claim (or, if a defense against the Claim requires action to be taken within a shorter term, no later than within one-half of the term allowed by Applicable Laws to
defend against the Claim), the Indemnified Party shall notify the Indemnifying Party in writing of each Claim which the Indemnified Party has determined has given or could give rise to indemnification under this Section 11, describing such
Claim in reasonable detail. In circumstances where the Indemnifying Party is not notified of such Claim within such delay, the Indemnifying Party shall not be relieved from any duty to indemnify and save and hold harmless the Indemnified Party under
this Agreement, except to the extent that such failure to respect such delay causes actual harm to the Indemnifying Party or prejudices its ability to defend such Claim on behalf of the Indemnified Party. 
 11.7 Defence of Third Party Claims. The Indemnifying Party shall have the right, after receipt of the Indemnified Party’s notice under
Section 11.6 hereof with respect to a Third Party Claim and upon giving written notice to the Indemnified Party within fifteen calendar days of such receipt, and subject to the rights of any insurer or other Person having potential liability
therefor, to defend the Third Party Claim at its own cost and expense with counsel of its own selection, provided that: 
  

	11.7.1	the Indemnified Party shall at all times have the right to fully participate in the defence at its own expense and in any event shall be consulted with and apprised of the ongoing
status of the Third Party Claim and provided reasonable particulars relating thereto and the defence thereof; 

  

 - 25 - 

	11.7.2	the Third Party Claim seeks only monetary damages and does not seek any injunctive or other relief against the Indemnified Party; 

  

	11.7.3	the Indemnifying Party unconditionally acknowledges in writing its obligation to indemnify and save and hold the Indemnified Party harmless with respect to the Third Party Claim;

  

	11.7.4	legal counsel chosen by the Indemnifying Party is satisfactory to the Indemnified Party, acting reasonably; and 

  

	11.7.5	amounts payable by the Indemnifying Party pursuant to a Third Party Claim shall be paid in accordance with the terms of the settlement or judgment, as applicable, but in any event
prior to the expiry of any delay for a judgment to become executory. 

 11.8 Settlement of a Third Party Claim. The Indemnifying
Party shall not be permitted to compromise and settle or to cause a compromise and settlement of any Third Party Claim, without the prior written consent of the Indemnified Party, unless: 
  

	11.8.1	the terms of the compromise and settlement require only the payment of money and do not require the Indemnified Party to admit any wrongdoing or take or refrain from taking any
action; 

  

	11.8.2	the Indemnifying Party delivers to the Indemnified Party payment in the amount of such compromise and settlement (including interest and costs, if any, payable pursuant thereto);

  

	11.8.3	the Indemnified Party receives, as part of the compromise and settlement, a legally binding and enforceable unconditional satisfaction and release, which is in form and substance
satisfactory to the Indemnified Party, acting reasonably; and 

  

	11.8.4	the Third Party Claim and any claim or liability of the Indemnified Party with respect to such Third Party Claim is being fully satisfied because of the compromise and settlement
and the Indemnified Party is being released from any and all obligations or liabilities it may have with respect to the Third Party Claim. 

 11.9 Waiver of Right to Defend Third Party Claims. If the Indemnifying Party fails: 
  

	11.9.1	within fifteen days from receipt of the notice of a Third Party Claim to give notice of its intention to defend the Third Party Claim in accordance with Section 11.7 hereof; or

  

	11.9.2	to comply at any time with any of Sections 11.7.1 through 11.7.5 (inclusively) hereof; 

 the Indemnifying Party shall be deemed to have waived its right to defend the Third Party Claim and the Indemnified Party shall have the right (but not the obligation) to undertake the defence of the Third Party Claim
and compromise and settle the Third Party Claim on behalf, for the account and at the risk and expense of the Indemnifying Party. 
  

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 11.10 Direct Claims. If the Indemnifying Party fails to respond in writing to any written notice of a
Direct Claim given by the Indemnified Party pursuant to Section 11.6 hereof, and make an Indemnity Payment to the Indemnified Party within fifteen calendar days thereof, the Indemnifying Party shall be deemed to have rejected such Direct Claim,
in which event the Indemnified Party shall be free to pursue such rights, recourses and remedies as may be available to it. 
 11.11 Set-off.
The Buyer shall be entitled to set off any amounts owing to it pursuant to this Section 11 against any other amounts payable by the Buyer to the Seller, whether under this Agreement or otherwise. 
 11.12 Exclusive Remedy. The rights, recourses and remedies provided to an Indemnified Party under this Section 11 are the exclusive rights, recourses
and remedies such Indemnified Party may have or may hereafter acquire under this Agreement; provided, however, that an Indemnified Party shall at all times be entitled to avail itself of any right to specific performance or injunction which may be
available to it under Applicable Laws. 
  

	12.	SETTLEMENT OF LITIGATION 

 12.1 Settlement The parties
agree that by entering into this Agreement, the past, present or future controversies related to the Litigation are terminated as of the Closing Date, and the parties do not reserve any action or right derived therefrom. As a result of the
foregoing, the parties will request the courts that are hearing the Litigation to have it terminated, in the form of Schedule 7.5.1.12 hereto, thereby giving this Agreement the force of a judgment. Notwithstanding the foregoing, and as
regards the Judgment, or as regards any other judgment issued or that were to be issued in connection with the Litigation, the parties, effective as of the Closing Date, shall deem such Judgment or other judgment to be fully satisfied by the
entering into of this Agreement, waiving any right that may derive from such Judgment or other judgment. 
  

	13.	MISCELLANEOUS 

 13.1 Assignment. Neither this
Agreement nor any of the rights or obligations hereunder may be assigned by any party without the prior written consent of the other parties; except that the Buyer may, without such consent, assign all such rights and obligations to an Affiliate of
the Buyer or to a successor in interest to the Buyer which shall assume, jointly and severally with the Buyer, all obligations and liabilities of the Buyer under this Agreement. Subject to the foregoing, this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns and, except as otherwise expressly provided herein, no other Person shall have any right, benefit or obligation under this Agreement as a third Party
beneficiary or otherwise. 
 13.2 Notices. All notices, requests, demands and other communications which are required or may be given under
this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; when transmitted if transmitted by telecopy; the day after it is sent, if sent for next day delivery to a domestic address by
recognized overnight delivery service; and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice shall be sent to: 
  

					
	If to the Buyer:	  	 Minera William S.A. de C.V.
 Rio Tamesis
2505
 Col. Las Magdalenas
 Torreon, Coahuila,
 Mexico, 27010

			
		  	Attention:	  	Joaquin Rodriguez Lugo
			
		  	Fax:	  	871-747-5757

  

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	with a copy to:	  	 Blake, Cassels & Graydon LLP
 600 de
Maisonneuve Blvd. W.
 Montreal, Quebec
 Canada
 H3A 3J2

			
		  	Attention:	  	Howard Levine
			
		  	Fax:	  	514-982-4099
		
	If to the Seller:	  	 Minera Hecla S.A. de C.V.
 Av 20 de
Noviembre 519 Ote
 Zona Centro
 34000 Durango, Durango

Mexico

			
		  	Attention:	  	Kurt Douglas Allen
			
		  	Fax:	  	52 618 818 4131
		
	with a copy to:	  	 Hecla Mining Company
 6500 N Mineral Drive

 Suite 200
 Coeur d’Alene, Idaho
 USA
 83815-9408

			
		  	Attention:	  	General Counsel
			
		  	Fax:	  	208-769-7612

 or to such other place and with such other copies as any party may designate as to itself by written notice to the
others. 
 13.3 Choice of Law. This Agreement shall be construed and interpreted and the rights of the parties shall be determined in
accordance with the laws of Mexico (without reference to the choice of law provisions thereof). 
  

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 13.4 Arbitration. All disputes arising in connection with this Agreement shall be finally settled under the
Rules of Arbitration of the Arbitration Center of Mexico (CAM) by one or more arbitrators appointed in accordance with the said Rules. The arbitration shall be in Mexico City, Mexico in the Spanish language, provided that all arbitrators shall be
fluent in English and Spanish and the parties shall not be required to translate into Spanish any documents written in English. 
 13.5 Entire
Agreement; Amendments and Waivers. This Agreement, together with all exhibits and schedules hereto, constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the parties in connection with the subject matter of this Agreement. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the
parties hereto. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 
 13.6 Reviews. It is expressly provided that all inspections, investigations, reviews and feasibility studies undertaken by the Buyer or its agents shall not serve to diminish the liability of the Seller for the representations
and warranties made by them pursuant to the provisions of this Agreement, or otherwise prevent the Buyer from enforcing the obligations of the Seller pursuant to this Agreement. 
 13.7 Multiple Counterparts. This Agreement may be executed (including by facsimile) in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. 
 13.8 Expenses. Each party hereto shall pay its own legal, accounting, out-of-pocket and other expenses incidental
to this Agreement and to any action taken by such party in preparation for carrying this Agreement into effect. 
 13.9 Invalidity. In the
event that any one or more of the provisions contained in this Agreement or in any other writing referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by
Applicable Laws, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such writing. 
 13.10
Titles. The titles, captions or headings of the sections and subsections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 13.11 Gender and Number. Any reference in this Agreement to gender shall include both genders and the neuter, and words importing the
singular number only shall include the plural and vice versa. 
 13.12 Public Statement. No party hereto shall, without the prior written
consent of the other party hereto, make any public statement or issue any press release concerning the transactions contemplated by this Agreement, except as may be necessary, in the opinion of counsel to the party making such disclosure, to comply
with the requirements of Applicable Laws. If any such public statement or release is so required, the party making such disclosure shall consult with the other party prior to making such statement or release, and the parties shall use all reasonable
efforts, acting in good faith, to agree upon a text for such statement or release. 
  

 - 29 - 

 13.13 Time Periods. When calculating the period of time within which or following which any act is to be
done or step taken pursuant to this Agreement, the day which is the reference day in calculating such period shall be excluded and the day upon which the act is to be done or step is to be taken shall be included. If the day on which any act is to
be done or step is to be taken is not a Business Day, then the act shall be done or the step shall be taken on the next succeeding Business Day. 
 13.14
Calculation of Time. In this Agreement, a period of days shall be deemed to begin on the first day after the event which began the period and to end at 5:00 p.m. (Torreon time) on the last day of the period. However, if the last day of
the period is not a Business Day, the period shall terminate at 5:00 p.m. (Torreon time) on the next Business Day. 
 13.15 Tender. Except as
elsewhere provided in this Agreement, any tender of documents or money hereunder may be made upon the parties or their respective counsel and all payments hereunder shall be made in immediately available funds, by wire transfer, by bank draft or by
certified or trust cheque. 
 13.16 Cumulative Remedies. All rights and remedies of any party hereto are cumulative of each other and of every
other right or remedy such party may otherwise have at law or in equity, and the exercise of one or more rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of other rights or remedies. 
 13.17 Currency. All references to currency herein are to the lawful money of the United States of America. 
 [The rest of this page has been intentionally left blank.] 
  

 - 30 - 

 IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be duly executed on their
respective behalf, by their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	MINERA WILLIAM S.A. DE C.V.
		
	Per:	 	 /s/ Joaquin Rodriguez Lugo

	Name:	 	Joaquin Rodriguez Lugo
	Title:	 	Chairman
	
	MINERA HECLA S.A. DE C.V.
		
	Per:	 	 /s/ Kurt Douglas Allen

	Name:	 	Kurt Douglas Allen
	Title:	 	Attorney-in-fact

 INTERVENTION 
 INTO THIS AGREEMENT does intervene, as of the day and year first above written, BLM Minera Mexicana S.A. de C.V. for the sole purpose of acknowledging and agreeing to be bound by the provisions of
Section 12 hereof. 
  

			
	BLM MINERA MEXICANA S.A. DE C.V.
		
	Per:	 	 /s/ Armando Lujan Acuña

	Name:	 	Armando Lujan Acuña
	Title:	 	

  

 - 31 -

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