Document:

ex_331042.htm

Exhibit 10.36

 

Pursuant to Item 601(b)(10) of Regulation S-K, portions of this exhibit have been omitted. The omitted information is (i) not material and (ii) the type that the Registrant customarily and actually treats as private or confidential. Information that has been omitted has been noted in this document with a placeholder identified by the mark "[***]".

 

December 3, 2020

 

 

 

Michael Ziebell

The trū® Shrimp Company

330 3rd Street

Balaton, MN 56115

 

Jagtar Nijjar

Director of Imports and Commodities

Limson Trading, Inc.

1300 Gezon Parkway SW

Wyoming, Michigan 49509-9300

 

Re: Letter of Intent for a Definitive Supply Agreement for Purchase of Shrimp from The trū® Shrimp Company

 

Dear Jag,

 

This letter of intent ("LOI") sets out the principal terms for a potential Definitive Supply Agreement by Limson Trading, Inc., 1300 Gezon Parkway SW, Wyoming, Michigan 49509-9300 ("Buyer") to purchase the Goods (as defined below) from The trū Shrimp Company, a Delaware corporation, on behalf of itself and its affiliates, with its principal business address at 330 3rd Street, Balaton, Minnesota, 56115 U.S.A. (collectively, "Seller"). The possible arrangement between Buyer and Seller is referred to as the "Transaction" and Buyer and Seller are referred to collectively as the "Parties" and each, individually, as a "Party".

 

1.    Non-Binding. Except for the provisions of Section 6, Section 7, Section 8, Section 9, Section 10, and Section 11, and the requirement of this paragraph regarding entry into negotiations, this LOI is not binding on the Parties; it is only an expression of certain basic terms and conditions that the Parties presently intend to incorporate in a formal written agreement that will govern the Transaction ("Definitive Supply Agreement"). No binding agreement or other obligation shall exist with respect to the Transaction unless and until the Definitive Supply Agreement has been duly executed and delivered by both Parties.

 

2.    Proposed Definitive Supply Agreement. As soon as reasonably practicable following the execution of this LOI by both Parties, the Parties shall enter into negotiations relating to a Definitive Supply Agreement. Buyer's counsel shall prepare the initial draft of the Definitive Supply Agreement. The Definite Supply Agreement will (a) include the appointment of Buyer as the exclusive marketer and distributor of Goods within the United States and Canada for a period of 10 years; provided, however, that the foregoing will not apply to direct-to-consumer e‐commerce transactions, (b) require that the prices to be paid by Buyer will be no less favorable to Buyer than the prices paid by any other customer, and (c) include the terms summarized in this LOI and such other covenants, conditions, indemnities, representations, and warranties as the Parties shall mutually agree.

 

 

 

 

3.    Purchase and Sale. It is the present intention of the Parties that, upon execution of the Definitive Supply Agreement, Buyer would purchase and Seller would sell the goods set out in the attached Exhibit A (together with any successor, replacement, or similar goods, collectively, the "Goods").

 

4.    Pricing. Attached Exhibit B provides the matrix structure of size ranges, product preparation, and market demonstrated premium pricing, which constitute Seller's current suggested resale prices, as a general reference for the Definitive Supply Agreement. In the Definitive Supply Agreement, pricing is to be tied to a recognized and mutually agreed upon market index(es).

 

5.    Conditions Precedent. Entry into a subsequent Definitive Supply Agreement is contingent on Seller acquiring the prerequisite financing to build the commercial production facility commonly known as Madison Bay Harbor, located in Madison, South Dakota. The current projected timeline for the completion of such facility is approximately 24 months after groundbreaking.

 

6.    Term and Termination. This LOI will automatically terminate and be of no further force and effect upon the earlier of (i) execution of the Definitive Supply Agreement by Buyer and Seller or (ii) mutual agreement of Buyer and Seller. Notwithstanding anything in the previous sentence, Section 7, Section 9, and Section 11 shall survive the termination of this LOI and the termination of this LOI shall not affect any rights a Party has with respect to the breach of this LOI by the other Party prior to such termination.

 

7.    Governing Law. This LOI shall be governed by and construed in accordance with the laws of the State of Delaware.

 

8.    Exclusivity. In consideration of the expenses that Buyer has incurred and will incur in connection with the proposed Transaction, Seller agrees that until such time as this letter agreement has terminated in accordance with the provisions of Section 6 (such period, the "Exclusivity Period"), neither it nor any of its representatives, officers, employees, directors, agents, or stockholders (collectively, the "Seller Group") shall initiate, solicit, entertain, negotiate, accept or discuss, directly or indirectly, any proposal or offer from any person or group of persons other than Buyer and its affiliates (a "Distribution Proposal") to acquire, for resale or otherwise, Goods within the United States or Canada (other than direct-to-consumer e‐commerce transactions), provide any non-public information to any third party in connection with a Distribution Proposal, enter into an agreement or arrangement similar in nature to the Definitive Supply Agreement, or enter into any agreement, arrangement or understanding requiring it to abandon, terminate or fail to consummate the Transaction with Buyer. Immediately upon execution of this LOI, Seller shall, and shall cause the Seller Group to, terminate any and all existing discussions or negotiations with any person or group of persons other than Buyer and its affiliates regarding a Distribution Proposal.

 

 

 

 

9.    Confidentiality. This LOI, the matters discussed herein and information provided by one Party to the other in connection herewith (collectively, "Information") are confidential and shall not be disclosed by the receiving Party without the written consent of the other, except (a) to the extent that disclosure is required by law, or (b) to such Party's directors, officers, employees, advisers, agents, consultants, potential financing sources or other authorized representatives who (i) need to know such Information to assist the receiving Party in relation to the Transaction or Definitive Supply Agreement, (ii) are informed by the receiving Party of the confidential nature of the Information, and (iii) are instructed to comply with the terms and conditions of this LOI with respect to confidentiality. The receiving Party will be responsible for any breach of this Agreement by such representatives. Each Party and its representatives will not use the Information, or permit it to be access or used, for any purposes other than in relation to the Transaction or Definitive Supply Agreement. When disclosure is required, the Party making the disclosure shall provide notice of the intended disclosure to the other Party to the extent possible and shall take all reasonable steps to limit the extent of the disclosure to the minimum required to comply with its legal obligations. Buyer specifically acknowledges that Seller will disclose this LOI to potential financing sources related to the Seller and its potential production facilities without specific notice to Buyer. Seller specifically acknowledges that Buyer will disclose this LOI to sources related to potential buyers without specific notice to Seller.

 

Neither Party shall have any obligation with respect to any Information that is or becomes publicly available without fault of the Party receiving the Information.

 

10.    No Third-Party Beneficiaries. Nothing herein is intended or shall be construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights or remedies under or by reason of this LOI.

 

11.    Expenses. Each of the Parties shall bear its respective costs, charges, and expenses for the business review, preparation, and negotiation of the Definitive Supply Agreement or incurred in connection with the transactions contemplated by this LOI, including, but not limited to, fees of their respective counsel, accountants, and other advisors or consultants.

 

12.    Miscellaneous. Neither this LOI nor any rights or obligations hereunder may be assigned, delegated, or conveyed by either Party without the prior written consent of the other Party. This LOI may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one agreement. The headings of the various sections of this LOI have been inserted for reference only and shall not be deemed to be a part of this LOI.

 

If you are in agreement with the terms set forth above and wish to proceed with negotiating a Definitive Supply Agreement for the proposed Transaction on that basis, please sign this LOI in the space provided below and return an executed copy to the attention of myself.

 

[Signature Page Follows]

 

 

 

 

Limson Trading, Inc.

 

 

 

/s/ Jagtar Nijjar                                      

 

Name: Jagtar Nijjar

 

Title: General Manager

 

Date: 5 December 2020

 

 

The trū® Shrimp Company

 

 

 

/s/ Michael B. Ziebell                           

 

Michael B. Ziebell

 

President and Chief Executive Officer

 

Date: 3 December 2020

 

 

 

 

Exhibit A

 

The “Goods:”

 

	 	
			●

				
			Raw, Frozen Shrimp produced by trū Shrimp technology

			

	 	
			○

				
			Pacific White Legged Shrimp

			

	 	
			○

				
			Litopenaues vannamei

			

	 	
			●

				
			Grown and processed in the United States of America

			

	 	
			●

				
			Anti-biotic Free

			

	 	
			●

				
			No preserving chemicals used

			

	 	
			●

				
			Processed in an FDA approved facility and using FDA approved methods

			

	 	
			●

				
			Processed in various configurations

			

	 	
			●

				
			Grown and processed in eight (8) count per pound sizes

			

	 	
			○

				
			Seller to use its good offices to research operational and economic efficacy of targeting terminal harvest at 43-56-gram shrimp (<U15)

			

	 	
			●

				
			Provisional Packaging Configurations

			

	 	
			○

				
			2lb. Primary with 10 lb Master

			

	 	
			○

				
			1lb. Primary with 10 and/or 20 lb Master

			

 

 

 

 

Exhibit B

 

 

Shrimp Price Per Pound (Net/Net/Net)*

2 Pound Primary; 10 Pound Master Case**

FOB trū Shrimp Galley

 

	
			Preparation

				
			Configuration

				
			Extra 

			Small (61+ct)

				
			Small

			(51-60 ct)

				
			Medium

			(41-50 ct)

				
			Large

			(31-40 ct)

				
			Extra 

			Large 

			(26-30)ct

				
			Jumbo

			(21-25 ct)

				
			Extra 

			Jumbo

			(16-20 ct)

				
			Colossal (U15 ct)

			
	 	 	 	 	 	 	 	 	 	 
	
			IQF Frozen***

				
			Head On

				
			****

				****	****	****	****	****	****	****
	 	
			Head Off, Deveined

				****	****	****	****	****	****	****	****
	 	
			Head Off, Deveined, EZ Peel

				****	****	****	****	****	****	****	****
	 	
			Head Off, Deveined, Peeled

				****	****	****	****	****	****	****	****
	 	
			Head Off, Deveined, Peeled, Tail-Off

				****	****	****	****	****	****	****	****

 

 

*Prices reflected are for years 1 & 2. Assumed configuration shown in shaded cells.

**Definitive cost per pound subject to agreed upon packaging configuration, style & material.

***Fresh pricing available upon request.ex_331043.htm

 

Exhibit 10.37

 

Pursuant to Item 601(b)(10) of Regulation S-K, portions of this exhibit have been omitted. The omitted information is (i) not material and (ii) the type that the Registrant customarily and actually treats as private or confidential. Information that has been omitted has been noted in this document with a placeholder identified by the mark "[***]".

 

PARIMER

SCIENTIFIC

 

MASTER CONTRACT RESEARCH AND MANUFACTURING SERVICE

AGREEMENT

 

This agreement serves as the principal and solely authoritative contractual agreement between PARIMER and the CLIENT. This contract outlines explicitly Warranty, Cooperation, Scope of Work, Payment Terms, Invention Assignment, Confidentiality, Indemnification, and Arbitration Agreement

 

Whereas PARIMER possesses the knowledge, equipment, and the regulatory status suitable for research, development, and manufacturing and can carry out such services on behalf of CLIENT; and whereas, the CLIENT desires that PARIMER undertake on the CLIENT’s behalf specific research, development, and manufacturing activities as chemical product research, development, and manufacturing.

 

Now, therefore, in consideration of the foregoing premises and the covenants set forth below, the Parties hereby agree as follows:

 

	
			1.

				
			DEFINITIONS

			

 

	 	
			1.1

				
			“PARIMER” means Parimer Scientific LLC, a South Carolina company with its principal offices located at 221 Cooper Ln STE B Easley SC, 29642.

			

 

	 	
			1.2

				
			“CLIENT” means truShrimp, located at 330 3rd Street, Balaton, MN 56115

			

 

	 	
			1.3

				
			“PARTIES” means both PARIMER and CLIENT inclusive.

			

 

	 	
			1.4

				
			“PRODUCT” means extracted Chitosan material and derivatives made from shrimp exoskeletons

			

 

	 	
			1.5

				
			“PROJECT” means the SCOPE OF WORK as defined herein, which has been contracted by the CLIENT to be performed by PARIMER

			

 

	 	
			1.6

				
			“RESEARCH RESULTS” means any or all inventions, discoveries, technologies, data, information, improvements, processes, formulas, know-how and trade secrets, patentable or otherwise, arising or resulting from the activities conducted by PARIMER under this Agreement or PRODUCT synthesized during the term of this agreement.

			

 

	
			2.

				
			SCOPE OF WORK

			

 

	 	
			2.1

				
			The initial scope of this PROJECT is to create USP grade PRODUCT within seven (7) months on behalf of the CLIENT in a private labeling arrangement.

			

 

1| Page

 

 

	 	
			2.1.1

				
			To keep the PRODUCT and its manufacturing process in compliance with the 21st Code of Federal Regulations (US FDA cGMP) as well as Title 40 Chapter 43 of the South Carolina Code of Law (SC BOP).

			

 

	 	
			2.1.2

				
			To keep PRODUCT and its manufacturing process in compliance with the 40th Code of Federal Regulations (US EPA) as well as Title 48 of the South Carolina Code of Law (SC DHEC).

			

 

	 	
			2.1.3

				
			To manufacture PRODUCT in the state of South Carolina and in compliance with the monographs established the by The United States Pharmacopeia along with a batch specific traceable Certificate of Analysis demonstrating its compliance tested on calibrated equipment traceable back to NIST control standards.

			

 

	 	
			2.1.4

				
			To create seven (7) different derivatives of the PRODUCT as it relates to %DDA and molecular weight. These derivatives will be selected by the CLIENT.

			

 

	 	
			2.1.5

				
			To warehouse the raw materials, intermediate product, and final product in a controlled environment which ensures reasonable security and shelf life.

			

 

	 	
			2.1.6

				
			To keep the manufacturing equipment, processes, standard operational procedures, regulatory compliance, and staff training in a state of operational readiness for a period of no less than twenty-four (24) months after completion of the initial scope of work and there is a commercial manufacturing agreement in place by the PARTIES.

			

 

	 	
			2.1.7

				
			To keep any records from this PROJECT for a period no less than legally required or twenty-four (24) months from date of generation if a retention period is not legally mandated.

			

 

	 	
			2.1.8

				
			To complete manufacturing orders in a timely fashion by any date quoted.

			

 

	 	
			2.1.9

				
			Parties agree that future quotes for manufacture of PRODUCT will be governed by this Master Agreement. Future quotes will be added as addendums to this Agreement and subject to the same payment term.

			

 

	 	
			2.1.10

				
			Parties agree to negotiate in good faith the price per gram to manufacture PRODUCT at PARIMER’s facility upon successful completion of initial scope of work.

			

 

	
			3.

				
			WARRANTY

			

 

	 	
			3.1

				
			CLIENT acknowledges that the PROJECT is experimental in nature and that PARIMER can guarantee no favorable or useful result. In addition, any timeline proposed by either PARTY cannot be guaranteed. PARIMER shall make reasonable efforts to complete the PROJECT; however, PARIMER shall not be liable or responsible to the CLIENT for any loss of business or loss of potential earnings resulting from a failed PROJECT or any delays in PROJECT completion. The CLIENT shall be permitted to terminate this project as described in the termination clause; However, the CLIENT shall be liable for any work performed by PARIMER until such notice is given.

			

 

2| Page

 

 

	 	
			3.2

				
			PARIMER shall provide the RESEARCH RESULTS of the PROJECT to the CLIENT without any additional warranty of any kind, express or implied, including, without limitation, any warranties of merchantability or fitness for a particular purpose.

			

 

	
			4.

				
			LIABILITIES

			

 

	 	
			4.1

				
			Manufacturing process compliance to all federal, state, and local laws.

			

 

	 	
			4.1.1

				
			PARIMER shall be liable in the event of a noncompliance event.

			

 

	 	
			4.2

				
			Wastewater Disposal and Hazardous Waste Removal

			

 

	 	
			4.2.1

				
			PARIMER shall be liable in the event of a noncompliance event.

			

 

	 	
			4.3

				
			Hazardous Communication (Labeling and Safety Data Sheets) per the 29th Code of Federal Regulations (US OSHA and United Nations GHS system).

			

 

	 	
			4.3.1

				
			PARIMER shall be liable in the event of a noncompliance event.

			

 

	 	
			4.4

				
			Pharmaceutical Use Claims; specifically, US FDA CDER

			

 

	 	
			4.4.1

				
			PARIMER shall be liable in the event of a noncompliance event.

			

 

	 	
			4.5

				
			Personal Injury from Hazardous materials and/or processes.

			

 

	 	
			4.5.1

				
			PARIMER shall be liable in the event of a workplace injury.

			

 

	 	
			4.6

				
			Loss of Inventory (Raw Material, Intermediates, and/or Final Product)

			

 

	 	
			4.6.1

				
			PARIMER shall be liable in the event of a loss of inventory and shall carry insurance in the event of a loss to reimburse the CLIENT.

			

 

	 	
			4.6.2

				
			Inventory is defined as material present at a Parimer facility. Both incoming material and outgoing material which are not on Parimer’s property are not considered Inventory.

			

 

	 	
			4.7

				
			Failed Batches defined as batches which do not pass the analytical specifications from the CLIENT.

			

 

	 	
			4.7.1

				
			PARIMER shall be liable in the event of a failed batch unless the process can be traced to the raw material supplied from the CLIENT.

			

 

3| Page

 

 

	
			5.

				
			COOPERATION

			

 

	 	
			5.1

				
			During the PROJECT, PARIMER will always take into consideration and implement the recommendations of the CLIENT as long as they do not unreasonably and adversely influence other PARIMER operations. In the absence of explicit instructions from the CLIENT, PARIMER shall be entitled to employ its reasonable judgment in carrying out the PROJECT. PARIMER shall be entitled to rely upon any instructions or directives provided by any CLIENT representative.

			

 

	 	
			5.2

				
			PARIMER shall permit the CLIENT to visit and conduct audits at PARIMER’s facilities used for the PROJECT during PARIMER’s regular business hours if given at least 24 hours prior notice to PARIMER and at a reasonable frequency.

			

 

	 	
			5.3

				
			PARIMER shall complete the PROJECT in accordance with all applicable laws and regulations. All services to be provided by PARIMER hereunder shall be performed at the request of the CLIENT, and PARIMER shall not have any power to act independently on behalf of the CLIENT other than as specifically authorized hereunder or as requested from time to time by CLIENT. Neither PARIMER nor its employees, vendors, or suppliers shall be deemed to be agents, representatives, employees, or servants of the CLIENT, except to the extent provided pursuant to the authority granted under this AGREEMENT.

			

 

	
			6.

				
			PAYMENTS

			

 

	 	
			6.1

				
			For the services rendered to the CLIENT by PARIMER hereunder, the CLIENT shall pay to PARIMER directly for the cost of research by covering the cost of time and materials.

			

 

	 	
			6.2

				
			For Addendum #1 — Proposal# 111121, PARIMER shall invoice the CLIENT $80,000 of the PROJECT’s total cost upon full execution of this agreement.

			

 

	 	
			6.3

				
			Then CLIENT shall pay PARIMER **** per month commencing 1 January 2022 and through 1 July 2022. Any true up required would take place with the July 1, 2022, payment.

			

 

	 	
			6.4

				
			The CLIENT shall have 15 days to remunerate payment to PARIMER

			

 

	 	
			6.5

				
			Work will cease on this PROJECT in the event payment is not received by the 15th day since the invoice

			

 

	 	
			6.6

				
			In the event the CLIENT decides to cease research activities and terminate this contact, the CLIENT shall still be liable for all costs and hours accrued towards completion of the PROJECT until such notice is given.

			

 

	 	
			6.7

				
			PARIMER is not obligated to refund any portion of CLIENT’s previous payments in-the event of termination by CLIENT.

			

 

4| Page

 

 

	 	
			6.8

				
			For future Addendums to this agreement, PARIMER agrees to work with CLIENT on payment terms that are fair to both parties.

			

 

	 	
			6.8.1

				
			Sales and Use tax: 0% (South Carolina law states Services are exempt from sales tax)

			

 

	 	
			6.8.2

				
			Scientific labor: **** These hours may only be worked by college-educated scientists.

			

 

	 	
			6.8.3

				
			Administrative hours from non-scientific staff shall NOT be billed to the CLIENT.

			

 

	 	
			6.8.4

				
			Heavy Analytical equipment: **** for the use of GC, HPLC, DSC, NMR, XRF, LC-MS, etc.

			

 

	 	
			6.8.5

				
			Routine Analytical equipment: **** for the use of pH, ISE, RI, IV, Vis, UV-VIS, FTIR, etc.

			

 

	 	
			6.8.6

				
			Biological Safety Level 2 Room (BSL2) usage: **** per day

			

 

	 	
			6.8.7

				
			Cleanroom (ISO7 or 5): **** per day

			

 

	
			7.

				
			CONSULTING

			

 

	 	
			7.1

				
			CLIENT may engage PARIMER for consulting services at a monthly rate of **** for up to 20 hours per month. CLIENT will be responsible for all travel related expenses if CLIENT requests on-site consulting services from PARIMER. If CLIENT exceeds 20 hours per month, then PARIMER will bill CLIENT at **** per hour.

			

 

	
			8.

				
			RESEARCH RESULTS

			

 

	 	
			8.1

				
			CLIENT shall hold all ownership rights to confidential INFORMATION and PRODUCT arising from the PROJECT. PARIMER has no rights of ownership to manufacture, license, or sell any of the INFORMATION, RESEARCH RESULTS, or PRODUCT without the written consent of the CLIENT. CLIENT owns any intellectual property that arises out of PROJECT and any PARIMER personnel hereby assigns inventorship rights to CLIENT

			

 

	 	
			8.2

				
			PARIMER shall deliver all RESEARCH RESULTS to the CLIENT upon request by the CLIENT. PARIMER shall cooperate with the CLIENT in connection with any patent applications, INDs, NDAs, or scientific publications made by the CLIENT in relation to the PROJECT. Any work towards these efforts outside of simple cooperation is beyond the scope of this research agreement.

			

 

5| Page

 

 

	 	
			8.3

				
			PARIMER agrees not to engage with another prospective customer regarding the production of Chitosan while actively working on behalf of CLIENT unless CLIENT provides written consent to do so.

			

 

	
			9.

				
			EXCHANGE OF INFORMATION

			

 

	 	
			9.1.1

				
			PARIMER shall provide updates on the status of the project at least once every two weeks. PARIMER shall make a reasonable effort to achieve this goal. Failure to provide an update does not constitute a breach of contract. These updates shall include:

			

 

	 	
			9.1.1.1

				
			A progress update on the weekly effort

			

 

	 	
			9.1.1.2

				
			A layout for the plan the next two weeks

			

 

	 	
			9.1.1.3

				
			An estimate of the timeline for completion

			

 

	
			10.

				
			CONFIDENTIALITY

			

 

	 	
			10.1

				
			PARIMER shall treat all INFORMATION obtained in the course of working on the PROJECT hereunder as strictly confidential, not to be disclosed to any other person, company, or firm, and shall not use it for any other purpose than for the purpose of this agreement during the term and after expiration or termination of this agreement.

			

 

	 	
			10.2

				
			In case the PROJECT is carried out using confidential INFORMATION or techniques possessed or controlled by PARIMER, CLIENT shall treat such confidential INFORMATION obtained hereunder as strictly confidential, not to be disclosed to nor to be used by any other person, company or firm, and shall not use nor have any THIRD PARTY use it for any purpose either before or after the expiration or termination of this agreement unless agreed to in writing by PARIMER, except that CLIENT may disclose such INFORMATION to its agents, consultants, Affiliates, sublicensees and/or other third parties for the research and development, manufacturing and/or marketing of any compounds or PRODUCT (or for such parties to determine their interests in performing such activities).

			

 

	 	
			10.3

				
			The obligations under this Article 10 shall not apply to:

			

 

	 	
			10.3.1

				
			The information which at the time of the disclosure is part of the public knowledge.

			

 

	 	
			10.3.2

				
			The information which, after disclosure and/or obtainment, becomes part of the public knowledge by publication or otherwise, except through acts or omissions of the receiving Party;

			

 

6| Page

 

 

	 	
			10.3.3

				
			The information which the receiving Party can establish by competent proof was in the receiving Party’s possession at the time of disclosure and/or obtainment;

			

 

	 	
			10.3.4

				
			The information which the receiving Party lawfully receives from an entity other than the disclosing Party or their designee; provided, however, that such information was not obtained by the said entity, directly or indirectly from disclosing Party under a confidential obligation; or

			

 

	 	
			10.3.5

				
			the information which is required to be disclosed under any applicable law or regulation or which is disclosed to governmental or other regulatory agencies in order to obtain patents, or to gain approval to conduct clinical trials or to market products.

			

 

	
			11.

				
			INDEMNIFICATION

			

 

	 	
			11.1

				
			CLIENT shall indemnify and hold harmless PARIMER and its affiliate companies and their respective directors, officers, employees, agents and licensees from and against any liabilities which they may suffer or incur to the extent resulting from any and all personal injury (including death) and property damage relating to the PROJECT or applications of the RESEARCH RESULTS except to the extent such liabilities resulted from the negligence or willful misconduct of PARIMER.

			

 

	 	
			11.2

				
			PARIMER shall indemnify and hold harmless CLIENT and its affiliate companies and their respective directors, officers, employees, agents and licensees from and against any liabilities which they may suffer or incur to the extent resulting from any and all personal injury (including death) and property damage relating to the PROJECT or applications of the RESEARCH RESULTS and to the extent such liabilities resulted from the negligence or willful misconduct of PARIMER. Each ‘Party’s obligations under this section shall survive the expiration or termination of this agreement for any reason.

			

 

	
			12.

				
			TERM AND TERMINATION.

			

 

	 	
			12.1

				
			The term of the contract is 7 months (210 days) from the later of the two signature dates.

			

 

	 	
			12.2

				
			The CLIENT shall be entitled to terminate this agreement prior to its completion in the event the CLIENT feels progress has not been satisfactory.

			

 

	 	
			12.2.1

				
			PARIMER shall be entitled to terminate this agreement prior to its completion in the event PARIMER feels progress has not been satisfactory.

			

 

	 	
			12.2.2

				
			To Terminate this agreement, the CLIENT needs only email PARIMER at rpace@parimer.com to clearly state “the research agreement between Parimer and us has been terminated” using a delivery confirmation email.

			

 

7| Page

 

 

	 	
			12.3

				
			Upon the effective date of the termination of this Agreement or completion of the PROJECT (whichever occurs first), PARIMER will return to the CLIENT all property of CLIENT then in PARIMER’s possession and will provide CLIENT with all INFORMATION and RESEARCH RESULTS regarding the PROJECT remaining in PARIMER’s possession.

			

 

	
			13.

				
			FORCE MAJEURE.

			

 

	 	
			13.1

				
			Neither PARTY shall be responsible for any resulting loss if the fulfillment of any of the terms or provisions of this agreement is delayed or prevented by riots, wars, acts of enemies, national emergency, strikes, floods, fires, acts of God, or by any other cause not within the control of the Party whose performance is interfered with which by the exercise of reasonable diligence such Party is unable to prevent, whether of the class of causes enumerated above or not.

			

 

	
			14.

				
			NOTICES.

			

 

	 	
			14.1

				
			All notices or other communications required or permitted to be given or made under this agreement may be communicated by receipt confirmation email between the signatories.

			

 

	
			15.

				
			APPLICABLE LAW.

			

 

	 	
			15.1

				
			This agreement shall be governed by and construed in accordance with the laws of the State of South Carolina without regard to the principles of conflicts of laws thereof.

			

 

	
			16.

				
			ENTIRE AGREEMENT.

			

 

	 	
			16.1

				
			This agreement contains all of the agreements, understandings, conditions, warranties and covenants made between the Parties with respect to the subject matter hereof. Unless set forth herein, neither Party shall be liable for any representation made, and all modifications and amendments hereto shall be in writing and duly executed by the Parties hereto.

			

 

	
			17.

				
			SEVERABILITY.

			

 

	 	
			17.1

				
			Any provision of this agreement which is invalid or unenforceable by law shall be invalid or unenforceable only to the extent of such invalidity or unenforceability, and the validity or enforceability of any other provision of this agreement shall not be affected. The Parties shall replace such invalidated or unenforceable provision by valid and enforceable provision which will achieve, to the extent possible, the economic, business and other purposes of the replaced provision.

			

 

	
			18.

				
			ASSIGNMENTS.

			

 

	 	
			18.1

				
			Neither Party may assign its rights or delegate the performance of its duties hereunder, without the prior written consent of the other Party to the agreement, except that PARIMER may assign this agreement to an Affiliate or in connection with a merger or sale of substantially all its assets without such consent.

			

 

8| Page

 

 

	
			19.

				
			ARBITRATION.

			

 

	 	
			19.1

				
			Any dispute under this agreement that cannot be settled amicably shall finally be settled under the arbitration rules promulgated by the American Arbitration Association as in effect on the date hereof by one or more arbitrators appointed by agreement of the Parties in accordance with such rules. If the Parties fail to agree on the appointment of an arbitrator or arbitrators within thirty (30) days from the date when the request for arbitration has been communicated to the other Party, an arbitrator or arbitrators shall be appointed by the American Arbitration Association. The arbitration proceedings shall be conducted in South Carolina. The arbitrator(s) shall establish the rules of procedure. During any such arbitration proceedings, each Party shall pay its legal fees, but the losing Party shall be assessed for the full cost of the arbitration proceedings including the administrative charges and the arbitration fees and the legal fees of the prevailing Party. Judgment upon the award rendered by the arbitrator(s) may be entered and enforced by any court having jurisdiction thereof. Either Party hereto may institute a demand for arbitration in accordance herewith at any time upon ten (10) days prior written notice to other.

			

 

IN WITNESS WHEREOF, the Parties have caused this agreement to be duly executed by their respective officers as of the Effective Date.

 

	
			PARIMER SCIENTIFIC

				
			CLIENT: truShrjmp

			
	
			NAME Richard T. Pace                          

				
			NAME /s/ Michael B. Ziebell                              

			
	
			TITLE Owner                                         

				
			TITLE President & CEO                                     

			
	
			SIGNATURE  /s/ Richard T. Pace          

				
			SIGNATURE  /s/ Michael B. Ziebell                  

			
	
			DATE 12/8/21                                         

				
			DATE 8 December 2021                                      

			

 

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Addendum

 

Addendum #1 — Proposal# 111121 (see attached)

 

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Pursuant to Item 601(b)(10) of Regulation S-K, portions of this exhibit have been omitted. The omitted information is (i) not material and (ii) the type that the Registrant customarily and actually treats as private or confidential. Information that has been omitted has been noted in this document with a placeholder identified by the mark "[***]".

 

 

 

 

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