Document:

Unassociated Document

    EXHIBIT
      4.11

     

    STOCK
      PURCHASE AGREEMENT

     

    Dated
      May 8, 2007

     

    The
      parties to this Stock Purchase Agreement (the “Agreement”) are Steven
      Dmiszewicki (“SD”) and Leonid Erlikh (“LE”) (collectively, the “Members”),
      Contrado Partners, LLC (“Contrado”), a North Carolina limited liability company,
      and SeaBreeze Partners, LLC (“SeaBreeze”), a New York limited liability company
      (Contrado and SeaBreeze, collectively, the “Shareholders”), and BluePhoenix
      Solutions Ltd. (the “Purchaser”), an Israeli company.

     

    SD
      is the
      managing member of Contrado, and LE is the managing member of SeaBreeze. The
      Shareholders own, in the aggregate, all the outstanding shares of common stock
      (such shares owned by the Shareholders, the “Company Shares”) of BridgeQuest,
      Inc. (the “Company”), a North Carolina corporation. The Company owns all the
      outstanding shares of common stock (such shares owned by the Company, the “Sub
      Shares”), of BridgeQuest Labs Inc. (“BQ Labs”), a North Carolina corporation. BQ
      Labs manages an operating branch in St. Petersburg, Russia (the “Branch”). As
      used in this Agreement, the term “Companies” means, collectively, the Company,
      BQ Labs, and the Branch.

     

    The
      Branch is experienced in providing specialized outsourced information technology
      consulting and systems from the Russian Federation to United States and other
      foreign customers, and has, or will be able to hire, professional personnel
      in
      the Russian Federation sufficient in number and competence to meet the
      Companies’ reasonably anticipated professional personnel requirements (including
      those of the Purchaser and its affiliates) over the next 12 months.

     

    The
      Purchaser wishes to purchase from the Shareholders, and the Shareholders wish
      to
      sell to the Purchaser, all the Company Shares for the consideration set forth
      in
      this Agreement.

     

    Accordingly,
      the parties agree as follows:

     

    1. Sale
      and Purchase.
       
      At the
      Closing referred to below, the Shareholders are selling, and the Purchaser
      is
      purchasing, all the Company Shares. The closing of the transactions contemplated
      by this Agreement (the “Closing”) is taking place simultaneously with the
      execution and delivery of this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Closing 

     

    (a) Prior
      to
      or simultaneously
      with the execution and delivery of this Agreement, the Members and Shareholders
      are delivering or have delivered, or are causing or have caused to be delivered,
      to the Purchaser the following:

     

    (i) counterparts
      of this Agreement executed by the Members and Shareholders;

     

    (ii) counterparts
      of the amendment to consulting agreement dated the date of this Agreement
      between Contrado and the Company in the form of exhibit 2(a)(ii)(A) (the
“Contrado Consulting Agreement”), and the amendment to consulting agreement
      dated the date of this agreement between SeaBreeze and the Company in the form
      of exhibit 2(a)(ii)(B) (the “SeaBreeze Consulting Agreement”) (the Contrado
      Consulting Agreement and the SeaBreeze Consulting Agreement, collectively,
      the
“Consulting Agreements”), executed by each party to the respective Consulting
      Agreement;

     

    (iii) counterparts
      of the non-competition agreement dated the date of this Agreement among the
      Purchaser and the Members in the form of exhibit 2(a)(iii) (the “Non-Competition
      Agreement”) executed by the Members;

     

    (iv) certificates
      evidencing all the Company Shares, together with stock transfer powers executed
      in blank, and with all required stock transfer tax stamps attached;
      and

     

    (v) copies
      of
      the resolutions of the board of directors of the Company authorizing the
      execution and delivery of the Consulting Agreements, together with a certificate
      of the Company’s secretary to the effect that (A) attached to such certificate
      are true and complete copies of the Company’s certificate of incorporation and
      bylaws, as in effect on the date of this Agreement, in the forms of exhibit
      2(a)(v)(A)(1) and 2(a)(v)(A)(2), respectively (collectively, the “Company
      Organizational Instruments”), and (B) the resolutions referred to above were
      duly adopted and have not been rescinded or amended.

     

    (b) Simultaneously
      with the execution and delivery of this Agreement, the Purchaser is:

    
      
        
        

      

      
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    (i)
      delivering to the Members and Shareholders a counterpart of each of this
      Agreement and the Non-Competition Agreement executed by the Purchaser;

     

    (ii)
      paying each Shareholder, by wire transfer of immediately available funds to
      accounts designated in writing by the Shareholders, $1,000,000; 

     

    (iii)
      causing the Shareholders to be released from all liability in respect of the
      Company’s indebtedness to Wachovia Bank; and 

     

    (iv)
      delivering to the Members and Shareholders copies of the resolutions of the
      board of directors of the Purchaser authorizing the execution and delivery
      of
      this Agreement, together with a certificate of the Purchaser’s secretary to the
      effect that (A) attached to such certificate are true and complete copies of
      the
      Purchaser’s organizational instruments as in effect on the date of this
      Agreement, in the form of exhibit 2(b)(iv)(A), and (B) the resolutions referred
      to above were duly adopted and have not been rescinded or amended.

     

    3. Additional
      Consideration

     

    (a) If
      the
      Company’s Revenue (as defined and determined in accordance with section
      3(g)(i)(A) below) in the nine months beginning April 1, 2007 and ending December
      31, 2007 exceeds $4,000,000, the Purchaser shall, subject to the fulfillment
      of
      the conditions set forth in section 3(e) below (the “Procedural Provisions”),
      pay each Shareholder, by wire transfer of immediately available funds to an
      account or accounts designated in writing by the Members, an amount equal to
      25%
      of that excess. 

     

    (b) If
      the
      Company’s Operating Profit (as defined and determined in accordance with section
      3(g)(i)(B) below) in the nine months beginning April 1, 2007 and ending December
      31, 2007 exceeds $750,000, the Purchaser shall, subject to the fulfillment
      of
      the conditions set forth in the Procedural Provisions, pay each Shareholder,
      by
      wire transfer of immediately available funds to an account or accounts
      designated in writing by the Members, an amount equal to 50% of that excess.
      

     

    (c) (i) If
      the
      Company’s Operating Profit in the calendar year ending December 31, 2008 is
      greater than zero but equal to or less than $1,500,000, the Purchaser shall,
      subject to the fulfillment of the conditions set forth in the Procedural
      Provisions, pay each Shareholder, on or before March 31, 2009, by wire transfer
      of immediately available funds to an account or accounts designated in writing
      by the Members, an amount equal to 39.2% of that Operating Profit.

    
      
        
        

      

      
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    (ii) 
      If the
      Company’s Operating Profit in the calendar year ending December 31, 2008 is
      greater than $1,500,000 but equal to or less than $2,250,000, the Purchaser
      shall, subject to the fulfillment of the conditions set forth in the Procedural
      Provisions, pay each Shareholder, on or before March 31, 2009, by wire transfer
      of immediately available funds to an account or accounts designated in writing
      by the Members, an amount equal to the sum of (A) $588,000 plus (B) 44.1% of
      the
      amount by which that Operating Profit exceeds $1,500,000. 

     

    (iii) 
      If the
      Company’s Operating Profit in the calendar year ending December 31, 2008 is
      greater than $2,250,000 but equal to or less than $3,000,000, the Purchaser
      shall, subject to the fulfillment of the conditions set forth in the Procedural
      Provisions, pay each Shareholder, on or before March 31, 2009, by wire transfer
      of immediately available funds to an account or accounts designated in writing
      by the Members, an amount equal to the sum of (A) $918,750 plus (B) 49% of
      the
      amount by which that Operating Profit exceeds $2,250,000. 

     

    (iv) 
      If the
      Company’s Operating Profit in the calendar year ending December 31, 2008 is
      greater than $3,000,000, the Purchaser shall, subject to the fulfillment of
      the
      conditions set forth in the Procedural Provisions, pay each Shareholder, on
      or
      before March 31, 2009, by wire transfer of immediately available funds to an
      account or accounts designated in writing by the Members, an amount equal to
      the
      sum of (A) $1,286,250 plus (B) 53.9% of the amount by which that Operating
      Profit exceeds $3,000,000.

     

    (d) (i) If
      the
      Company’s Cumulative Operating Profit (as defined and determined in accordance
      with section 3(g)(i)(C) below) for the two calendar years beginning January
      1,
      2008 and ending December 31, 2009 is greater than zero but equal to or less
      than
      $3,000,000, the Purchaser shall, subject to the fulfillment of the conditions
      set forth in the Procedural Provisions, pay each Shareholder, on or before
      March
      31, 2010, by wire transfer of immediately available funds to an account or
      accounts designated in writing by the Members, an amount equal to (A) 49% of
      that Cumulative Operating Profit, reduced (but not to less than zero) by (B)
      the
      amount, if any, of the payment made to that Shareholder pursuant to section
      3(c). 

     

    (ii) If
      the
      Company’s Cumulative Operating Profit for the two calendar years beginning
      January 1, 2008 and ending December 31, 2009 is greater than $3,000,000 but
      equal to or less than $4,500,000, the Purchaser shall, subject to the
      fulfillment of the conditions set forth in the Procedural Provisions, pay each
      Shareholder, on or before March 31, 2010, by wire transfer of immediately
      available funds to an account or accounts designated in writing by the Members,
      an amount equal to (A) the sum of (1) $1,470,000, reduced (but not to less
      than
      zero) plus (2) 55.125% of the amount by which such Cumulative Operating Profit
      exceeds $3,000,000, reduced by (B) the amount, if any, of the payment made
      to
      that Shareholder pursuant to section 3(c). 

    
      
        
        

      

      
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    (iii) If
      the
      Company’s Cumulative Operating Profit for the two calendar years beginning
      January 1, 2008 and ending December 31, 2009 is greater than $4,500,000 but
      equal to or less than $6,000,000, the Purchaser shall, subject to the
      fulfillment of the conditions set forth in the Procedural Provisions, pay each
      Shareholder, on or before March 31, 2010, by wire transfer of immediately
      available funds to an account or accounts designated in writing by the Members,
      an amount equal to (A) the sum of (1) $2,296,875 plus (2) 61.25% of the amount
      by which such Cumulative Operating Profit exceeds $4,500,000, reduced (but
      not
      to less than zero) by (B) the amount, if any, of the payment made to that
      Shareholder pursuant to section 3(c).

     

    (iv) If
      the
      Company’s Cumulative Operating Profit for the two calendar years beginning
      January 1, 2008 and ending December 31, 2009 is greater than $6,000,000, the
      Purchaser shall, subject to the fulfillment of the conditions set forth in
      the
      Procedural Provisions, pay each Shareholder, on or before March 31, 2010, by
      wire transfer of immediately available funds to an account or accounts
      designated in writing by the Members, an amount equal to (A) the sum of (1)
      $3,215,625 plus (2) 67.375% of the amount by which such Cumulative Operating
      Profit exceeds $6,000,000, reduced (but not to less than zero) by (B) the
      amount, if any, of the payment made to that Shareholder pursuant to section
      3(c).

     

    (e) Each
      payment to a Shareholder referred to in this section 3 is subject to the
      fulfillment of the conditions that:

     

    (i)
      on or
      before the date on which a particular payment would be required, the engagement
      of that Shareholder shall not have been terminated by the Company for Cause
      (as
      defined in the respective Consulting Agreement) or Performance Failure (as
      defined in the respective Consulting Agreement) or voluntarily by that
      Shareholder other than for Good Reason (as defined in the respective Consulting
      Agreement), and 

     

    (ii)
      SD
      and LE shall have furnished the Company’s independent accountants and the
      Purchaser a management confirmation letter in substantially the form of exhibit
      3(e); provided,
      however,
      if the
      engagement of the respective Shareholder shall have terminated prior to the
      completion of the applicable audit as a result of the respective Member’s death,
      Permanent Disability (as defined in the respective Consulting Agreement),
      voluntary termination for Good Reason, or termination by the Company without
      Cause, the furnishing of such management confirmation letter by that individual
      shall not constitute a condition to the particular payment.

    
      
        
        

      

      
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    (f) Notwithstanding
      anything to the contrary in this Agreement, if the engagement of a Shareholder
      shall have terminated prior to December 31, 2009 as a result of a termination
      by
      the Company without Cause (other than as a result of the respective Member’s
      death or Permanent Disability) or as a result of a voluntary termination by
      the
      Shareholder for Good Reason, the Purchaser shall pay that Shareholder, not
      later
      than 10 business days after the determination of the amount so payable becomes
      final, binding, and conclusive on the parties, an amount, in lieu of any amounts
      thereafter payable to that Shareholder otherwise under this section 3, equal
      to
      the Formula Amount. For these purposes, the term “Formula Amount” means: (i) in
      the event the termination of the Shareholder’s engagement occurs during calendar
      year 2007, $2,250,000; (ii) in the event the termination of the Shareholder’s
      engagement occurs during calendar year 2008, an amount equal to the sum of
      (A)
      the amount, if any, payable, but not yet paid, to that Shareholder pursuant
      to
      section 3(b), plus (B) the aggregate amount that would have been payable to
      that
      Shareholder pursuant to sections 3(c) and 3(d), if the Company’s Operating
      Profit in each of calendar years 2008 and 2009 equaled the Company’s Operating
      Profit in the 12 months ended on the last day of the calendar month immediately
      preceding the date of termination; and (iii) in the event the termination of
      the
      Shareholder’s engagement occurs during calendar year 2009, an amount equal to
      the sum of (A) the aggregate amount, if any, payable, but not yet paid, to
      that
      Shareholder pursuant to sections 3(b) and 3(c), plus (B) the amount that would
      have been payable to that Shareholder pursuant to section 3(d), if the Company’s
      Operating Profit in calendar year 2009 equaled the Company’s Operating Profit in
      the 12 months ended on the last day of the calendar month immediately preceding
      the date of termination. It is understood and agreed that the costs and expenses
      of preparing the Company’s consolidated income statement on the basis of which
      the Formula Amount is to be determined, up to a maximum of $5,000 in any
      calendar year, shall be borne by the Shareholder or Shareholders to whom the
      Formula Amount is to be payable, which costs and expenses may be deducted from
      the Formula Amount when paid (it being understood and agreed that, if the
      Companies’ operations increase materially in size, the $5,000 amount referred to
      in this sentence shall be subject to upward adjustment by mutual agreement
      of
      the parties).

     

    (g) (i) As
      used
      in this Agreement, the following terms have the following respective
      meanings:

     

    (A) “Revenue”
      means the consolidated revenue of the Companies for the period in question,
      determined by the Purchaser on the basis of the Company’s consolidated income
      statement for that period (which shall be audited) prepared in accordance with
      generally accepted accounting principles applied in a manner consistent with
      the
      application of those principles by the Purchaser to its business generally
      (“GAAP”);

    
      
        
        

      

      
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    (B) “Operating
      Profit” and “Operating Loss” for a particular period mean (1) the Companies’
consolidated earnings or loss, respectively, before interest and taxes
      (excluding employment and similar taxes), for that period, determined by the
      Purchaser on the basis of the Company’s consolidated income statement for that
      period (which shall be audited) prepared in accordance with GAAP, reduced by
      (2)
      an amount equal to 75% of the operating profit, if any, attributable to Revenue
      derived from Internally Provided Services (as defined below). Operating Profit
      and Operating Loss also shall reflect (1) the costs and expenses of the
      Companies in performing all the obligations required under section 6(b)(iii)
      in
      accordance with GAAP;

     

    (C) “Cumulative
      Operating Profit” for a two-year period means (A) the sum of the Operating
      Profit for the year or years in which there was Operating Profit, reduced by
      (B)
      the sum of the Operating Loss for the year or years in which there was Operating
      Loss; and

     

    (D) “Internally
      Provided Services” means services the Companies provide to the Purchaser or its
      affiliates that do not relate to a specific customer engagement.

     

    (ii) As
      promptly as practicable, but in no event more than 90 days, after December
      31 of
      each of 2007, 2008, and 2009 (or, in the case of the determination of an amount
      payable pursuant to section 3(f), in no event more than 90 days after the
      termination of the engagement), the Purchaser shall 

     

    (A)
      furnish the Shareholder or Shareholders to whom an amount might be payable
      pursuant to this section 3 the Companies’ consolidated income statement for the
      respective year, prepared in accordance with GAAP and audited by the Purchaser’s
      independent accountants, and a statement (the “Statement”) of the Purchaser’s
      chief financial officer setting forth the amount, and, in reasonable detail,
      the
      calculation of the amount, if any, due the Shareholder or Shareholders pursuant
      to this section 3, and 

     

    (B)
      pay
      each Shareholder the amount due that Shareholder pursuant to this section 3,
      as
      set forth in the Statement. Unless the Members deliver to the Purchaser a Notice
      of Disagreement pursuant to section 3(g)(iii) within 30 business days after
      they
      receive the consolidated income statement and Statement delivered pursuant
      to
      the immediately preceding clause (A), the consolidated income statement and
      Statement shall be final, binding, and conclusive on all the parties for all
      purposes of this Agreement.

    
      
        
        

      

      
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    (iii) If
      the
      Members give the Purchaser a written notice of disagreement (a “Notice of
      Disagreement”) pursuant to section 3(g)(ii), the parties shall, during a period
      of 30 business days following delivery to the Purchaser of the Notice of
      Disagreement, attempt to resolve in writing any differences with respect to
      any
      matter specified in the Notice of Disagreement. 

     

    If,
      at
      the end of that 30 business day period, the parties have failed to agree in
      writing with respect to all such matters, the matters as to which agreement
      has
      not been reached (the “Disputed Matters”) shall be submitted to an arbitrator
      (the “Arbitrator”), which the parties shall select. 

     

    If
      the
      Arbitrator shall not have been selected, and shall not have agreed to serve,
      within 20 business days after the expiration of that 30 business day period,
      the
      Arbitrator shall be selected by the president of the American Arbitration
      Association. Any arbitration under this section 3(g)(iii) shall be held in
      Raleigh, North Carolina pursuant to procedures established by the Arbitrator.
      The Arbitrator shall consider only the Disputed Matters. 

     

    The
      Arbitrator shall deliver to the Purchaser and the Members a Statement, adjusted
      to reflect any written agreement between the parties with respect to any matters
      specified in the Notice of Disagreement and the determination of the Arbitrator
      with respect to all Disputed Matters. The Statement, as so adjusted, shall
      be
      final, binding, and conclusive on all parties for all purposes of this
      Agreement. Within 10 days after the Arbitrator delivers the Statement, as so
      adjusted, to the Purchaser, the Purchaser shall pay each Shareholder the excess,
      if any, of the amount set forth in the Statement, as so adjusted, as being
      due
      each Shareholder pursuant to this section 3 over the amount actually paid
      pursuant to section 3(g)(ii). Each party shall bear that party’s own fees and
      expenses in connection with the arbitration, and the Members, on the one hand,
      and the Purchaser, on the other hand, shall each bear 50% of the fees and
      expenses of the Arbitrator and the American Arbitration
      Association.

     

    4. Representations
      and Warranties of the Members and Shareholders.
      The
      Members and Shareholders jointly and severally represent and warrant to the
      Purchaser as follows:

     

    4.1 Existence,
      Qualification,
      Etc(a) Each
      Shareholder is a limited liability company validly existing and in good standing
      under the law of its state of organization set forth above, and has full limited
      liability company power and authority to conduct its business and own and
      operate its properties as now conducted, owned, and operated. The Shareholders
      have delivered to the Purchaser true, correct, and complete copies of each
      Shareholder’s certificate of formation and limited liability company agreement
      (the “Shareholder Organizational Instruments”). 

     

    
      
        
        

      

      
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    (b) The
      Company is a corporation validly existing and in good standing under the law
      of
      the state of North Carolina, and has full corporate power and authority to
      conduct its business and own and operate its properties as now conducted, owned,
      and operated. The Shareholders have delivered to the Purchaser true, correct,
      and complete copies of the Company’s Organizational Instruments. The Company is
      not required to be licensed or qualified as a foreign corporation in any
      jurisdiction other than North Carolina. 

     

    (c) BQ
      Labs
      is a corporation validly existing and in good standing under the law of the
      state of North Carolina, and has full corporate power and authority to conduct
      its business and own and operate its properties as now conducted, owned, and
      operated. The Shareholders have delivered to the Purchaser true, correct, and
      complete copies of BQ Labs’ certificate of incorporation and bylaws (the “BQ
      Labs Organizational Instruments”). BQ Labs is not required to be licensed or
      qualified as a foreign corporation in any jurisdiction other than North
      Carolina. The Branch is properly and legally registered to conduct business
      in
      the Russian Federation. 

     

    4.2 Authorization
      and Enforceability; Shares(a) Each
      Shareholder has the full power and authority and has taken all required action
      necessary to permit it to execute, deliver, and perform this Agreement, and
      none
      of those actions will violate any provision of the Shareholder Organizational
      Instruments or any applicable law, regulation, order, or judgment, or result
      in
      the breach of, or constitute a default (or an event that, with notice or lapse
      of time or both, would constitute a default) under, any agreement, instrument,
      or understanding to which it is a party or by which it is bound. The Company
      has
      the full power and authority and has taken all required action necessary to
      permit it to execute, deliver, and perform the Consulting Agreements, and none
      of those actions will violate any provision of the Company Organizational
      Instruments or any applicable law, regulation, order, or judgment, or result
      in
      the breach of, or constitute a default (or an event that, with notice or lapse
      of time or both, would constitute a default) under, any agreement, instrument,
      or understanding to which it is a party or by which it is bound. This Agreement
      constitutes a legal, valid, and binding obligation of each Member and
      Shareholder, enforceable against each in accordance with its terms, except
      to
      the extent limited by applicable bankruptcy, insolvency, reorganization,
      moratorium, and similar laws of general application related to the enforcement
      of creditor's rights generally and general principles of equity. Each Consulting
      Agreement constitutes a legal, valid, and binding obligation of Contrado or
      SeaBreeze, as the case may be, enforceable against each such party in accordance
      with its terms, except to the extent limited by applicable bankruptcy,
      insolvency, reorganization, moratorium, and similar laws of general application
      related to the enforcement of creditor's rights generally and general principles
      of equity. The Non-Competition Agreement constitutes a legal, valid, and binding
      obligation of each Member, enforceable against each in accordance with its
      terms, except to the extent limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and similar laws of general application related
      to
      the enforcement of creditor's rights generally and general principles of
      equity.

    
      
        
        

      

      
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    (b) The
      Company Shares and the Sub Shares are duly authorized, validly issued and
      outstanding, fully paid, and nonassessable. 

     

    (c) None
      of
      the Company Shares or Sub Shares is subject to any option, right of first
      refusal, right of first offer, voting agreement or trust, preemptive right,
      or
      any other rights in favor of any third party.

     

    (d) The
      Branch is a division of BQ Labs, not a separate legal entity, and all its assets
      are owned by BQ Labs.

     

    4.3 Capitalization As
      of the
      date of this Agreement, the authorized and issued capital stock of the Company
      and BQ Labs are as set forth in schedule 4.3, which sets forth the number of
      Company Shares owned by each Shareholder and the number of shares of each class
      of capital stock of BQ Labs owned by the Company. All the Company's and BQ
      Labs’
outstanding shares of capital stock are validly issued, fully paid, and
      nonassessable, and have been issued in compliance with all applicable laws.
      Neither the Company nor BQ Labs has granted or issued any options, convertible
      securities, warrants, phantom stock, stock appreciation rights, preemptive
      rights, rights of first offer, rights of first refusal, antidilution rights,
      registration rights, or commitments of any kind relating to any issued or
      unissued equity interests of the Company or BQ Labs. 

     

    4.4 Financial
      Statements.
      The
      financial statements (together with the notes to the financial statements)
      described in schedule 4.4 (the “Financial Statements”) are in accordance with
      the books and records of the Companies and (a) in the case of the consolidated
      Financial Statements, fairly present the consolidated financial condition and
      consolidated results of operations of the Companies as of the dates and for
      the
      periods indicated, in accordance with generally accepted accounting principles
      consistently applied, and (b) in each other case, fairly present the financial
      condition and results of operations of the Company or BQ Labs (including the
      Branch), as the case may be, as of the dates and for the periods indicated,
      in
      accordance with generally accepted accounting principles consistently applied.
      Schedule 4.4 also contains a true and complete copy of the Companies’ budget for
      the calendar year ending December 31, 2007, as well as a detailed list of
      backlog as of April 1, 2007. All the assets and liabilities of the Branch are
      reflected in the Financial Statements of BQ Labs.

    
      
        
        

      

      
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    4.5 Absence
      of Certain Changes

     

    (a) Except
      as
      set forth in schedule 4.5, from the date of the most recent balance sheet
      included in the Financial Statements (the “Current Balance Sheet Date”) to the
      date of this Agreement, none of the Companies has:

     

    (i) incurred
      any liabilities, other than current liabilities incurred, or obligations under
      contracts entered into, in the ordinary course of business and consistent with
      past practice;

     

    (ii) paid,
      discharged, or satisfied any claim, lien, or liability, other than any claim,
      lien, or liability (A) reflected or reserved against on the consolidated balance
      sheet as of the Current Balance Sheet Date described in schedule 4.4 (the
“Current Balance Sheet”) and paid, discharged, or satisfied in the ordinary
      course of business and consistent with past practice since the Current Balance
      Sheet Date, or (B) incurred and paid, discharged, or satisfied since the Current
      Balance Sheet Date in the ordinary course of business and consistent with past
      practice;

     

    (iii) sold,
      leased, assigned, or otherwise transferred any of its assets, tangible or
      intangible, or sold any of its services (other than sales of assets or services
      in the ordinary course of business and consistent with past
      practice);

     

    (iv) permitted
      any of its assets, tangible or intangible, to become subject to any lien,
      security interest, or other charge or encumbrance (other than any Permitted
      Lien);

     

    (v) written
      off as uncollectible any accounts receivable;

     

    (vi) terminated
      or amended, or suffered the termination or amendment of, or failed to perform
      in
      all material respects, all its obligations, or suffered or permitted any
      material default to exist under, any material agreement, license, or
      permit;

     

    (vii) suffered
      any damage, destruction, or loss of any fixed assets (whether or not covered
      by
      insurance);

     

    (viii) made
      any
      loan to any person or entity (including advances to employees);

     

    (ix) canceled,
      waived, or released any debt, claim, or right;

     

    (x) paid
      any
      amount to, or entered into any agreement, arrangement, or transaction with,
      any
      affiliate (including its officers, directors, and employees), other than
      payments of salary and benefits to employees in the ordinary course of business
      and consistent with past practice;

    
      
        
        

      

      
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    (xi) declared,
      set aside, or paid any dividend or distribution with respect to its capital
      stock, or redeemed, purchased, or otherwise acquired any of its capital
      stock;

     

    (xii) granted
      any increase in the compensation of any officer or employee or made any other
      change in employment terms of any officer or employee;

     

    (xiii) made
      any
      change in accounting or cash management practices;

     

    (xiv) suffered
      or caused any other occurrence, event, or transaction outside the ordinary
      course of business; or

     

    (xv) agreed,
      in writing or otherwise, to any of the foregoing.

     

    (b) Since
      the
      Current Balance Sheet Date, there has been no material adverse change in the
      Companies or their respective businesses.

     

    4.6 Litigation.
      Except
      as set forth in schedule 4.6, as of the date of this Agreement, no claim, suit,
      proceeding, or investigation is pending or, to the knowledge of the any
      individual listed in schedule 4.6 (the “Specified Senior Employees”), threatened
      against or affecting the Companies, and there is no valid basis for any claim,
      suit, or proceeding against the Companies.

     

    4.7 Licenses,
      Compliance with Law, Other Agreements.
      Except
      as set forth in schedule 4.7, each of the Companies has all material franchises,
      permits, licenses, and other rights to allow it to conduct its business and
      is
      not in violation, in any material respect, of any order or decree of any court,
      or of any law, order, or regulation of any Governmental Agency, or of the
      provisions of any material contract or agreement to which it is a party or
      by
      which it is bound, and neither this Agreement nor the transactions contemplated
      by this Agreement will result in any such violation. The Companies’ businesses
      have been conducted in all material respects in compliance with all applicable
      laws, rules, and regulations.

     

    4.8 Third-Party
      Approvals.
      Neither
      the Company nor BQ Labs (including the Branch) is required to obtain any order,
      consent, approval, or authorization of, or to make any declaration or filing
      with, any Governmental Agency or other third party in connection with the
      execution, delivery, or performance of this Agreement or the transactions
      contemplated by this Agreement.

    
      
        
        

      

      
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    4.9 No
      Undisclosed Liabilities.
      None of
      the Companies has any liabilities or obligations, whether or not disclosed
      in
      the Financial Statements or the notes to the Financial Statements, and whether
      actual or contingent, except (a) as disclosed in schedule 4.9 or on the face
      of
      the Financial Statements (excluding any notes to the Financial Statements),
      (b)
      those set forth as such in a schedule to this Agreement, (c) those incurred
      in
      the ordinary course of business and consistent with past practice since the
      Current Balance Sheet Date and that will not have a material adverse effect
      on
      any of the Companies, or (d) those under agreements, written or oral, set forth
      in a schedule to this Agreement or not required to be set forth in a schedule
      to
      this Agreement

     

    4.10 Tangible
      Assets.
      Each of
      the Companies owns or leases all tangible assets used or reasonably necessary
      in
      connection with the conduct of its business. All material tangible assets owned
      or leased by the Companies are free from any liens, security interests, or
      other
      charges or encumbrances (other than Permitted Liens), are free from any material
      defects, have been maintained in accordance with normal industry practice and
      any regulatory standard or procedure to which such assets are subject, are
      in
      good operating condition and repair (subject to normal wear and tear), and
      are
      suitable for the purposes for which such assets are used or proposed to be
      used,
      other than liens, security interests, other charges and encumbrances, defects,
      and wear and tear that, in the aggregate, could not be expected to have a
      material adverse effect on any of the Companies.

     

    4.11 Real
      Property
      None of
      the Companies owns any real property.

     

    4.12 Intellectual
      Property. 
      Except
      as set forth in schedule 4.12: 

     

    (a)
       each
      of
      the Companies has a valid and enforceable license to, or owns and possesses
      all
      right, title, and interest in and to, all Intellectual Property necessary for
      the operation of its business, as presently conducted and as presently proposed
      to be conducted (collectively, the "Company Intellectual Property”);

     

    (b)
       the
      Company Intellectual Property is not subject to any liens, security interests,
      or other charges or encumbrances, and is not subject to any restrictions or
      limitations regarding use or disclosure; 

     

    (c)
       none
      of
      the Companies has infringed, misappropriated, or otherwise conflicted with,
      and
      the operation of its business as currently conducted, or as currently proposed
      to be conducted, will not infringe, misappropriate, or otherwise conflict with,
      any Intellectual Property of any third party; 

     

    (d)
       no
      Specified Senior Employee is aware of any facts that indicate a likelihood
      of
      any of the foregoing, and no Specified Senior Employee has received any notices
      regarding any of the foregoing; 

    
      
        
        

      

      
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    (e)
       the
      Companies have taken all commercially reasonable actions to maintain and protect
      all the Company Intellectual Property; 

     

    (f)
       none
      of
      the Companies licenses any Intellectual Property from any third parties (other
      than commercially available off-the-shelf software), and none requires any
      license from any third party to use any Intellectual Property (other than
      commonly available off-the-shelf software) for the operation of its business,
      as
      presently conducted and as presently proposed to be conducted; 

     

    (g)
       to
      the
      knowledge of the Specified Senior Employees, as of the date of this Agreement,
      no third party has infringed, misappropriated, or otherwise conflicted with any
      of the Company Intellectual Property, and, as of the date of this Agreement,
      no
      Specified Senior Employee is aware of any facts that indicate a likelihood
      of
      any of the foregoing; and 

     

    (h)
       as
      of the
      date of this Agreement, none of the Companies has agreed to indemnify any third
      party for or against any interference, infringement, misappropriation, or other
      conflict with respect to any Intellectual Property (except for indemnity
      provisions included in the ordinary course of business in agreements with
      customers and software providers).

     

    4.13 Employees,
      Etc.
      Schedule
      4.13 lists each employee (which term, as used in this Agreement, includes
      consultants, unless the context otherwise requires) of each of the Companies
      and
      the respective employee’s gross salary. From the Current Balance Sheet Date to
      the date of this Agreement, no employee has terminated employment with any
      of
      the Companies, except in the ordinary course of business. To the knowledge
      of
      the Specified Senior Employees, and except for terminations of employment that
      may reasonably be expected in the ordinary course of business, no employee
      plans
      to terminate employment with any of the Companies in the reasonably foreseeable
      future. None of the Companies has committed any unfair labor practice or
      violated any applicable law or regulation regulating employers or the terms
      and
      conditions of its employees' employment.

     

    4.14 Employee
      Benefits.
      As of
      the date of this Agreement, except as set forth in schedule 4.14, none of the
      Companies maintains or has ever maintained any employee pension benefit plans
      (as defined in section 3(2) of ERISA), employee welfare benefit plans (as
      defined in section 3(1) of ERISA), or fringe benefit plans or programs. Except
      as set forth in schedule 4.14, the Financial Statements reflect all accruals
      required by generally accepted accounting principles for liabilities for all
      employee pension benefit plans, employee welfare benefit plans, and fringe
      benefit plans and programs, including, without limitation, vacation benefits,
      sick day benefits, bonuses, and deferred compensation. Schedule 4.14 describes
      all salary and benefit changes within the past 12 months. No further changes
      have been agreed or committed to or announced by or on behalf of any of the
      Companies; and, except as set forth in schedule 4.14 or as contemplated by
      the
      budget referred to in section 4.4, no further changes are planned, scheduled,
      or
      contemplated by any of the Companies prior to January 1, 2008.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    4.15 Related
      Party Agreements.
      As of
      the date of this Agreement, schedule 4.15 sets forth all agreements,
      arrangements, and understandings with each of the Companies’ employees,
      officers, directors, and affiliates. As of the date of this Agreement, except
      as
      set forth in schedule 4.15, none of the Companies is a party to any agreements,
      arrangements, or understandings with, or any liabilities or other obligations
      to, any of its employees, officers, directors, or affiliates.

     

    4.16 Taxes(a) Schedule
      4.16 sets forth the dates through which all Tax Returns of each of the Companies
      have been audited. The Company operates in the United States and the Russian
      Federation in compliance with all applicable transfer price regulations.

     

    (b) Except
      as
      set forth in schedule 4.16:

     

    (i) each
      of
      the Companies has filed all Tax Returns it was required to file, and has paid
      all Taxes shown on those Tax Returns as owing;

     

    (ii) none
      of
      the Companies (i) has been a member of an affiliated group filing a consolidated
      federal Tax Return and (ii) has no liability for the Taxes of any person or
      entity (other than itself (under Treasury Regulation §1.1502-6 or any similar
      provision of state, local, or foreign law), as a transferee or successor, by
      contract, or otherwise;

     

    (iii) each
      of
      the Companies has withheld and paid all Taxes required to have been withheld
      and
      paid in connection with amounts paid or owing to any employee, independent
      contractor, creditor, shareholder, or other third party; and

     

    (iv) as
      of the
      date of this Agreement, there is no dispute or claim concerning any Tax
      Liability of any of the Companies either (i) claimed or raised by any authority
      in writing or (ii) as to which any of the Companies or Specified Senior
      Employees has knowledge.

     

    (c) Except
      as
      set forth in schedule 4.16 or otherwise in a writing addressed to the Purchaser,
      the Financial Statements contain all appropriate provisions to cover all
      uncertain Tax positions. 

    
      
        
        

      

      
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    4.17 Certain
      Fees.
      No fees
      or commissions will be payable by the Companies to any broker, financial
      advisor, finder, investment banker, or bank with respect to the transactions
      contemplated by this Agreement.

     

    4.18 Insurance.
      The
      respective Companies maintain the insurance set forth in schedule 4.19, and
      none
      of the Companies has been denied insurance coverage. The Companies maintain
      all
      insurance required by their customers or by applicable Governmental Agencies.
      

     

    4.19 Contracts
      and Commitments(a) As
      of the
      date of this Agreement, except as set forth in schedule 4.19, none of the
      Companies is a party to or bound by any of the following agreements, whether
      such agreements are written or oral:

     

    (i) contract
      for the employment of any person on a full-time, part-time, or consulting basis
      or any severance agreements, other than at the will of the
      employer;

     

    (ii) promissory
      note, agreement, or promise to pay, or indenture relating to the borrowing
      of
      money or to mortgaging, pledging, or otherwise placing a lien, security
      interest, or other charge or encumbrance on any of its assets, other than
      Permitted Liens;

     

    (iii) agreements
      with respect to the lending or investing of funds, other than agreements entered
      into in the ordinary course of business and consistent with past practice
      regarding cash management;

     

    (iv) license
      or royalty agreements, other than off-the-shelf software and agreements with
      customers in the ordinary course of business and consistent with past
      practice;

     

    (v) guaranty
      of indebtedness or liability of any other person or entity;

     

    (vi) lease
      or
      agreement under which it is lessee of, or holds or operates, any personal
      property owned by any other party that involves annual payments of more than
      $5,000;

     

    (vii) lease
      or
      agreement under which it is lessor of or permits any third party to hold or
      operate any property, real or personal, owned or controlled by it;

     

    (viii) contract
      or group of related contracts with the same party for the purchase by it of
      supplies, products, or other personal property or for the furnishing or receipt
      of services that involves a sum in excess of $5,000;

    
      
        
        

      

      
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    (ix) contract
      that prohibits or purports to prohibit it or any of its affiliates from freely
      engaging in business anywhere in the world;

     

    (x) contract
      relating to the distribution, marketing, or sale of its products or
      services;

     

    (xi) warranty
      agreement with respect to products or services sold or licensed, other than
      in
      the ordinary course of business and consistent with past practice;

     

    (xii) franchise
      agreements and license agreements, other than in the ordinary course of business
      and consistent with past practice;

     

    (xiii) agreements,
      contracts, or understandings pursuant to which it engages independent
      contractors and involves a sum in excess of $5,000; or

     

    (xiv) other
      agreement material to it, whether or not entered into in the ordinary course
      of
      business and consistent with past practice.

     

    (b) As
      of the
      date of this Agreement, except as set forth in schedule 4.19, none of the
      Specified Senior Employees has any knowledge of any material breach or
      anticipated material breach by any other party to any agreement required to
      be
      set forth in schedule 4.19.

     

    (c) The
      Purchaser has been provided with a true and correct copy of all written
      agreements referred to in schedule 4.19, together with all amendments, waivers,
      or other changes to those agreements. Schedule 4.19 contains an accurate and
      complete description of all material terms of all oral contracts and agreements
      referred to in that schedule.

     

    4.20 Disclosure. Except
      as
      set forth in this Agreement or in a schedule to this Agreement, none of the
      Members, Shareholders, or Specified Senior Employees is aware of any material
      facts regarding the Companies’ businesses necessary to make the facts required
      to be disclosed in this Agreement or in its schedules not
      misleading.

     

    5. Representations
      and Warranties of the Purchaser.
      The
      Purchaser represents and warrants to the Members and Shareholders as
      follows:

     

    5.1 Authorization
      and Enforceability.
      The
      Purchaser has taken all action necessary to permit it to execute, deliver,
      and
      perform this Agreement and the Non-Competition Agreement. Each of this Agreement
      and the Non-Competition Agreement has been duly executed and delivered by the
      Purchaser, and constitutes a valid and binding obligation of the Purchaser,
      enforceable against the Purchaser in accordance with its terms, except to the
      extent limited by applicable bankruptcy, insolvency, reorganization, moratorium,
      and similar laws of general application related to the enforcement of creditor's
      rights generally and general principles of equity.

    
      
        
        

      

      
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    5.2 Governmental
      Approvals.
      The
      Purchaser is not required to obtain any order, consent, approval, or
      authorization of, or to make any declaration or filing with, any Governmental
      Agency in connection with the execution and delivery of this Agreement or the
      consummation of the transactions contemplated by this Agreement, except for
      such
      order, consent, approval, authorization, declaration, or filing that has been
      or
      will be obtained or made.

     

    6. Covenants. 

     

    (a) Unless
      the Members otherwise agree, prior to January 1, 2010: 

     

    (i) the
      Purchaser shall maintain separate books of account with respect to the Companies
      (whether as subsidiaries, divisions, or branches of the Purchaser or its
      affiliates) in accordance with past custom and practice as used in the
      preparation of the Financial Statements, except to the extent permitted or
      required by GAAP;

     

    (ii) except
      as
      contemplated by this Agreement or the other agreements being entered into in
      connection with this Agreement, the Purchaser shall not, and shall not permit
      any of its affiliates to, (A) engage in any transactions with the Companies
      that
      materially affects Revenue or Operating Profit on terms less favorable to them
      than could have been obtained in comparable transactions with non-affiliates,
      or
      (B) cause the Companies, or require the Members or Shareholders to cause the
      Companies, to take any action a reasonable man acting in good faith would not
      take in furtherance of the Companies’ best interests; 

     

    (iii) permit
      the Companies to engage in any business other than a business consistent with
      the business in which it is currently engaged; 

     

    (iv) permit
      the Members and their counsel, accountants, and consultants to have reasonable
      access during business hours to the Company’s and BQ Labs’ (including the
      Branch’s) books and records; and

     

    (v) the
      Purchaser shall use all reasonable efforts to cause the Company to obtain and
      maintain “key personnel” insurance in accordance with the Consulting
      Agreements.

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    (b) (i) The
      Members and Shareholders shall use all reasonable efforts to cause the Financial
      Statements to be audited (in the case of the Financial Statements as of, and
      for
      the year ended, December 31, 2006) or reviewed (in the case of the other
      Financial Statements), and reported upon, by a firm of independent accountants
      reasonably acceptable to the Purchaser on or before June 30, 2007, and shall,
      in
      any event, cause the Financial Statements so to be audited or reviewed, as
      the
      case may be, and reported upon, on or before August 31, 2007. 

     

    (ii) The
      Members and Shareholders shall cause [Name of Firm] (the “Firm”) to complete its
      pending transfer pricing study within
      60
      days of the date of this Agreement, and shall pay, or reimburse the Company
      for,
      all costs and expenses of the Firm in excess of $20,000.

     

    (iii) The
      Members and Shareholders shall use all reasonable efforts to eliminate any
      potential liability or obligation referred to in schedule 4.12 (it being
      understood and agreed that, if any such potential liability or obligation
      remains 90 days after the date of this Agreement, the parties shall promptly
      cause the Companies to take all action necessary to eliminate all such potential
      liabilities and obligations).

     

    7. Survival
      and Indemnification

     

    7.1 Survival.
      The
      representations and warranties of the parties shall survive the execution and
      delivery of this Agreement and the consummation of the transactions contemplated
      by this Agreement, regardless of any investigation made by the Purchaser or
      on
      its behalf. Notwithstanding the foregoing, and except with respect to the
      representations and warranties in sections 4.1, 4.2, 4.3, 4.15, 4.16, and 4.17
      (the representations and warranties in sections 4.1, 4.2, 4.3, 4.15, 4.16,
      and
      4.17, collectively, the “Specified Representations and Warranties”), neither the
      Members nor the Shareholders shall be liable for a breach of any warranty or
      misrepresentation in respect of any representation or warranty in section 4,
      unless the Purchaser shall have given the Shareholders notice of  a claim
      therefor on of before December 31, 2009.

     

    7.2 Indemnification.
      Subject
      to the limitations of section 7.4 below, the Members and Shareholders (for
      purposes of this section 7, the “Indemnitors”) shall jointly and severally
      indemnify and hold harmless the Purchaser and its affiliates, officers,
      directors, employees, and agents (including, without limitation, those retained
      in connection with the transactions contemplated by this Agreement)
      (collectively, the "Indemnitees") from and against all actual and threatened
      losses, liabilities, damages, and expenses (including attorneys' fees and
      expenses) (the "Indemnified Liabilities") as a result of, or arising out of,
      or
      relating to any breach of warranty or agreement or misrepresentation, by the
      Members and Shareholders under this Agreement. The Members and Shareholders
      shall reimburse the Indemnitees for the Indemnified Liabilities as such
      Indemnified Liabilities are incurred. 

    
      
        
        

      

      
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    7.3 Defense
      of Claims.
      The
      Purchaser shall use all reasonable efforts to notify the Members and
      Shareholders as promptly as practicable of any claim of which it has actual
      knowledge that might reasonably be expected to result in an Indemnified
      Liability. Any Indemnitor who wishes to assume the defense of any claim as
      to
      which indemnity is sought shall so notify the Purchaser not later than 60 days
      after it has actual knowledge of the claim, and, after giving such notice,
      shall
      be entitled to control the defense of the claim, with counsel reasonably
      satisfactory to the Purchaser; provided,
      that
      the Purchaser may participate in such defense at its expense. If the Indemnitor
      does not so notify the Purchaser within that 60-day period, the Purchaser shall
      assume the defense of the claim, with counsel reasonably satisfactory to the
      Indemnitor; provided,
      that
      the Indemnitor may participate in such defense at its expense. The Purchaser
      or
      the Indemnitor, in the defense of any such claim, shall not, except with the
      consent of the other (which shall not be unreasonably withheld or delayed),
      consent to entry of any judgment or entry into any settlement agreement. Each
      party shall use reasonable efforts to cooperate with each other party in
      connection with the defense of any claim referred to above.

     

    7.4 Limitations. As
      used
      in this Agreement, the term “Member Group” means either SD and Contrado, on the
      one hand, or LE and SeaBreeze, on the other hand. The Members and the
      Shareholders shall have no liability or obligation for breaches of warranty
      or
      misrepresentation in respect of any representation or warranty in section 4
      other than the Specified Representations and Warranties, until and unless the
      aggregate amount of liability therefor exceeds $25,000. The Member Groups shall
      be jointly and severally liable for the initial $400,000 of Indemnified
      Liabilities, if any. However, notwithstanding anything to the contrary in this
      section 7, the aggregate liability of each Member Group for all breaches of
      warranty and misrepresentation in respect of all the representations and
      warranties in section 4 other than the Specified Representations and Warranties
      shall not exceed $1,000,000. 

     

    8. General 

     

    8.1 Definitions. For
      purposes of this Agreement, the following terms have the indicated
      meanings:

     

    "Affiliate"
      of a person or entity means any other person or entity that directly, or
      indirectly through one or more intermediaries, controls, is controlled by,
      or is
      under common control with that person or entity.

     

    "Code"
      means the Internal Revenue Code of 1986.

     

    "ERISA"
      means the Employee Retirement Income Security Act of 1974.

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    "Governmental
      Agency" means any federal, state, local, foreign, or other governmental agency,
      instrumentality, commission, authority, board, or body.

     

    "Intellectual
      Property" means all of the following in any jurisdiction throughout the world:
      (a) patents, patent applications, and patent disclosures; (b) trademarks,
      service marks, trade dress, trade names, corporate names, logos, and slogans
      (and all translations, adaptations, derivations, and combinations of the
      foregoing) and Internet domain names, together with all goodwill associated
      with
      each of the foregoing; (c) copyrights and copyrightable works; (d) registrations
      and applications for any of the foregoing; (e) trade secrets, confidential
      information, know-how, and inventions; (f) computer software (including, but
      not
      limited to, source code, executable code, data, databases, and documentation);
      and (g) all other intellectual property.

     

    "Permitted
      Liens" means (a) liens for taxes not yet due and taxes for which adequate
      provision is made in the Current Balance Sheet, (b) purchase money security
      interests in supplies and equipment, (c) statutory landlord liens and
      precautionary liens filed by lessors with respect to leased equipment, (d)
      encumbrances that are not substantial in amount, do not materially detract
      from
      the value of the property subject to the encumbrance, and do not materially
      impair the use of the property subject to the encumbrance or the operation
      of
      the Companies' businesses, and (e) liens imposed by law arising in the ordinary
      course of business, such as materialmen's, mechanics', warehousemen's, and
      other
      similar, immaterial liens.

     

    "Tax"
      means any federal, state, local, or foreign income, gross receipts, license,
      payroll, employment, excise, severance, stamp, occupation, premium, windfall
      profits, environmental, customs duties, capital stock, franchise, profits,
      withholding, social security (or similar), unemployment, disability, real
      property, personal property, sales, use, transfer, registration, value added,
      alternative or add-on minimum, estimated, or other tax of any kind whatsoever,
      including any interest, penalty, or addition thereto, whether disputed or
      not.

     

    "Tax
      Returns" means any return, declaration, report, claim for refund, or information
      return or statement relating to Taxes, including any schedule or attachment
      thereto, and including any amendment thereof.

     

    8.2 Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of the parties and their respective
      successors and assigns. 

    
      
        
        

      

      
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    8.3 Notices.
      All
      notices, requests, consents, and other communications provided for in this
      Agreement shall be in writing and shall be (a) delivered in person,
      (b) transmitted by telecopy, (c) sent by first-class, registered or
      certified mail, postage prepaid, or (d) sent by reputable overnight courier
      service, fees prepaid, to the recipient at the address or telecopy number set
      forth below, or such other address or telecopy number as may hereafter be
      designated in writing by such recipient. Notices shall be deemed given upon
      personal delivery, seven days following deposit in the mail as set forth above,
      upon acknowledgment by the receiving telecopier or one day following deposit
      with an overnight courier service.

     

    If
      to a
      Member or Shareholder, to that party at:

     

    his
      or
      its last address reflected in the Companies’ records

    

    If
      to the
      Purchaser, to it at:

     

    8
      Maskit
      Street

    P.O.
      Box
      2062

    Herzliya
      46120

    Israel

    Facsimile:
      972-9-9526111 

    Attention:
      Chief Financial Officer 

    

    with
      a
      copy to:

     

    Edward
      W.
      Kerson, Esq.

    80
      University Place

    Third
      Floor

    New
      York,
      NY 10003

    Facsimile:
      (212) 675-5794

    

    8.4 Fees
      and Expenses.
      Each
      party shall bear that party’s own fees and expenses in connection with the
      preparation and negotiation of this Agreement and the transactions contemplated
      by this Agreement. In that connection, the Members and Shareholders shall bear
      all the costs and expenses of the Companies in connection with the preparation
      and negotiation of this Agreement and the transactions contemplated by this
      Agreement (including, without limitation, all costs and expenses of accountants
      and others in connection with the fulfillment of the obligations under section
      6(b)). 

     

    8.5 Amendment
      and Waiver.
      No
      amendment of any provision of this Agreement shall be effective, unless it
      is in
      writing and signed by the party to be charged. Any failure of a party to comply
      with any provision of this Agreement may only be waived in writing by the
      parties affected. No such waiver shall operate as a waiver of, or estoppel
      with
      respect to, any subsequent or other failure. No failure by any party to take
      any
      action against any breach of this Agreement or default by any other party shall
      constitute a waiver of that party's right to enforce any provision of this
      Agreement or to take any such action.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    8.6 Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original, but both of which together shall constitute one
      agreement.

     

    8.7 Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      reference only and shall not be deemed to be a part of this
      Agreement.

     

    8.8 Governing
      Law. This
      Agreement shall be governed by and construed in accordance with the law of
      the
      state of New York applicable to agreements made and to be performed wholly
      in
      New York.

     

    8.9 Consent
      to Jurisdiction. The
      parties irrevocably submit to the exclusive jurisdiction of the North Carolina
      state courts located in Raleigh, North Carolina and the United States courts
      located in North Carolina for the purposes of any action, suit, or proceeding
      arising out of this Agreement or any transaction contemplated by this Agreement
      (and agree not to commence any such action, suit, or proceeding except in such
      courts). The parties further agree that service of any process, summons, notice,
      or document hand delivered or sent in accordance with section 8.3 shall be
      effective service of process for any action, suit, or proceeding in North
      Carolina with respect to any matters to which it or he has submitted to
      jurisdiction as set forth in the immediately preceding sentence. The parties
      irrevocably and unconditionally waive any objection to the laying of venue
      of
      any action, suit, or proceeding referred to above in any of the courts referred
      to above, and hereby further irrevocably and unconditionally waive and agree
      not
      to plead or claim in any such court that any such action, suit or proceeding
      brought in any such court has been brought in an inconvenient
      forum.

     

    8.10 No
      Third Party Beneficiaries.
      Nothing
      in this Agreement is intended or shall be construed to confer upon any person
      or
      entity other than the Indemnitees referred to in section 7.2 and the parties
      to
      this Agreement and their successors or assigns pursuant any rights or remedies
      under or by reason of this Agreement.

     

    8.11 Severability.
      If any
      provision of this Agreement is held by a court of competent jurisdiction to
      be
      invalid, void, or unenforceable, the remainder of the Agreement shall remain
      in
      full force and effect and shall not be affected, impaired, or
      invalidated.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    8.12 Entire
      Agreement.
      This
      Agreement and the other agreements executed and delivered in connection with
      this Agreement constitute the entire agreement among the parties with respect
      to
      their subject matter and supersede all prior arrangements or understandings
      among them.

     

    
      	
              MEMBERS:

            
	 
	/s/Steven
              Dmiszewicki
	
              Steven
                Dmiszewicki

            
	
            
	 
	 
	/s/Leonid
              Erlikh
	
              Leonid
                Erlikh

            
	
               

            
	 
	 
	
              SHAREHOLDERS:

            
	 
	
              CONTRADO
                PARTNERS, LLC

            
	 	 
	
              By:
                

            	/s/Steven
              Dmiszewicki
	 	
              Name:
                Steven Dmiszewicki

            
	 	
              Title:
                Managing Member

            
	 	 
	
              SEABREEZE
                PARTNERS, LLC

            
	 	 
	
              By:
                

            	/s/Leonid
              Erlikh
	 	
              Name:
                Leonid Erlikh

            
	 	
              Title:
                Managing Member

            

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    
      	
              PURCHASER:

            
	 
	
              BLUEPHOENIX
                SOLUTIONS LTD.

            
	 	 
	
              By:
                

            	/s/Arik
              Kilman
	 	
              Name:
                Arik Kilman

            
	 	
              Title:
                CEO

            

    

    
      
        
        

      

      
        25Unassociated Document

    EXHIBIT
      4.12

    

    
      	
              DATED

            	
              6th
                October, 2006

            

    

    

    (1)
      ELECTRONIC DATA SYSTEMS LIMITED

    

    and

    

    (2)
      CODESTREAM SOFTWARE LIMITED

     

      
        

      

    

    

    SOFTWARE
      LICENCE AGREEMENT

     

    
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    

    
      	
              SECTION
                A: TERM, DEFINITIONS AND INTERPRETATION

            	
              1

            
	
              1.

            	
              TERM.

            	
              1

            
	
              2.

            	
              Definitions
                and interpretation.

            	
              1

            
	 	
              2.1

            	
              Definitions

            	
              1

            
	 	
              2.2

            	
              Interpretation

            	
              2

            
	
              SECTION
                B: Provision of Licensed Software AND
                SERVICES

            	
              3

            
	
              3.

            	
              Delivery
                of the Licensed Software.

            	
              3

            
	
              4.

            	
              Grant
                and Conditions of Licence.

            	
              3

            
	
              5.

            	
              Licensed
                Software Support and Maintenance Services.

            	
              3

            
	
              6.

            	
              Transfer
                of Licensed Software.

            	
              4

            
	
              7.

            	
              Proprietary
                Markings.

            	
              4

            
	
              8.

            	
              Duplication
                of Documentation.

            	
              5

            
	
              9.

            	
              Protection
                of Licensed Software.

            	
              5

            
	SECTION
              C: Warranties, Indemnities, and Liabilities	
              5

            
	
              10.

            	
              Warranty.

            	
              5

            
	
              11.

            	
              INTELLECTUAL
                PROPERTY Rights Indemnification.

            	
              6

            
	
              12.

            	
              Limitation
                of Liability.

            	
              6

            
	
              13.

            	
              Survival
                of TERMS.

            	
              7

            
	
              SECTION
                D: CHARGES AND Payment

            	
              7

            
	
              14.

            	
              Charges,
                Prices, and Fees.

            	
              7

            
	
              15.

            	
              PAYMENT.

            	
              7

            
	
              SECTION
                E: Termination

            	
              8

            
	
              16.

            	
              Termination
                for Cause.

            	
              8

            
	
              17.

            	
              Termination
                for Insolvency.

            	
              8

            
	
              18.

            	
              Termination
                of Software Licence.

            	
              8

            
	
              19.

            	
              Rights
                Upon Termination.

            	
              8

            
	
              20.

            	
              Survival
                of Terms.

            	
              8

            
	
              SECTION
                F: Miscellaneous

            	
              9

            
	
              21.

            	
              Binding
                Nature, Assignment, and Subcontracting.

            	
              9

            
	
              22.

            	
              Confidentiality.

            	
              9

            
	
              23.

            	
              PUBLICITY.

            	
              9

            
	
              24.

            	
              Notices.

            	
              10

            
	
              25.

            	
              Force
                Majeure.

            	
              10

            
	
              26.

            	
              Severability.

            	
              10

            
	
              27.

            	
              Waiver.

            	
              10

            
	
              28.

            	
              RELATIONSHIP

            	
              10

            
	
              29.

            	
              Governing
                Law.

            	
              10

            
	
              30.

            	
              COMPLIANCE
                WITH LAWS.

            	
              11

            
	
              31

            	
              Escrow

            	
              11

            
	
              32.

            	
              Entire
                Agreement.

            	
              12

            

    

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    LIST
      OF SCHEDULES

    SCHEDULE
      1

    Charges,
      Prices and Fees

    SCHEDULE
      2

    Service
      Levels

    

    THIS
      SOFTWARE LICENCE AGREEMENT
      (the
“Agreement”), is made on TBC 2006 (the “Effective Date”)

    

    BETWEEN:

    

    
      	
              (1)

            	
              ELECTRONIC
                DATA SYSTEMS LIMITED,
                whose registered office is at 4 Roundwood Avenue, Stockley Park,
                Uxbridge,
                Middlesex UB11 1BQ (“EDS”);
                and

            

    

    

    
      	
              (2)

            	
              Codestream
                Software Limited,
                whose registered office is at 5th Floor, Exchange House, 446 Midsummer
                Boulevard, Milton Keynes MK9 2EA, the (“Supplier”).

            

    

    

    RECITALS:

    

    
      	
              (A)

            	
              EDS
                desires to have the right to Licence certain computer software programs
                and certain support and maintenance services from Supplier;
                and

            

    

    

    
      	
              (B)

            	
              Supplier
                is willing to provide computer software programs and services to
                EDS in
                accordance with the terms and conditions set forth in this
                Agreement.

            

    

    

    THE
      PARTIES AGREE
      as
      follows:

     

    SECTION
      A: TERM, DEFINITIONS AND INTERPRETATION

     

    
      	1.	
              TERM.

            

    

    

    
      	 	
              The
                parties agree that the terms and conditions of this Agreement apply
                to the
                provision of computer software programs and services to EDS by Supplier
                and Supplier agrees that software and services which Supplier generally
                makes available to other customers shall be made available to EDS
                under
                the terms and conditions of this Agreement. Unless terminated earlier
                in
                accordance with the provisions of this Agreement, the initial term
                of this
                Agreement shall be six (6) years commencing on the Effective Date.
                This
                Agreement shall automatically renew for successive one (1) year renewal
                terms thereafter unless either party provides the other party with
                written
                notice of its intent not to renew not less than ninety (90) days
                prior to
                the expiration of the initial or any renewal
                term.

            

    

     

    
      	2.	
              
                DEFINITIONS
                  AND INTERPRETATION.

              

            

    

     

    
      	2.1	
              Definitions

            

    

     

    The
      following definitions apply to this Agreement:

    

    “Affiliate”
means
      any corporation or other entity which controls, is controlled by or is under
      common control with EDS, and any joint venture or partnership in which EDS
      is a
      partner or joint venture, or any equity in which EDS has an interest and to
      which it supplies or receives information processing services. A corporation
      or
      other entity shall be deemed to control another corporation or other entity
      if
      it owns directly or indirectly, more than twenty-five per cent (25%) of the
      voting shares or other interests, or has the power to elect more than half
      the
      directors, of such other corporation. 

    

    “Applicable
      Specifications”
means
      the functional, performance, operational, compatibility, and other
      specifications or characteristics of the Licensed Software described in
      applicable Documentation and such other specifications or characteristics of
      the
      Licensed Software agreed upon in writing by the partieswhich includes the
“On-Time Solution, Operational Data Store High Level Technical Architecture
      Design” document, version 1.3 dated 14 August 2006.

    
      
         

         

        
        

      

      
        -1

        
          

        

      

      
        
        

      

    

    

    “Documentation”
means
      user guides, operating manuals, education materials, product descriptions and
      specifications, technical manuals, supporting materials, and other information
      relating to the Licensed Software or used in conjunction with the Services,
      whether distributed in print, magnetic, electronic, or video format, in effect
      as of the date the Licensed Software is shipped, or as amended from time to
      time
      .

    

    
      	 	
              “Intellectual
                Property Rights”
                means patents, trade marks, service marks, rights in semi-conductor
                chip
                topographies, design rights (whether registrable or otherwise),
                applications for any of the foregoing, copyright, know-how, trade
                or
                business names, goodwill associated with the foregoing and other
                similar
                rights or obligations whether registrable or not in any country (including
                but not limited to the United
                Kingdom).

            

    

    

    “Licensed
      Software”
means
      computer programs identified in Schedule 1, attached hereto, that are provided
      or to be provided by Supplier pursuant to this Agreement. The definition of
      Licensed Software also includes any enhancements, translations, modifications,
      updates, releases, or other changes to Licensed Software which are provided
      or
      to be provided as part of Supplier’s performance of warranty Service obligations
      or pre-paid support and maintenance Services pursuant to this
      Agreement.

    

    
      	 	
              “Purchase
                Order”
                means the written order submitted by EDS to Supplier which identifies
                the
                Licensed Software and Services EDS desires to obtain from
                Supplier.

            

    

    

    “Service
      Levels”
means
      the level of Licensed Software Services set forth in Schedule 2. 

    

    
      	 	
              “Services”
                means the support, maintenance and warranty services, provided or
                to be
                provided by Supplier pursuant to this Agreement.
                

            

    

    

    “Use”
      means use, load, transmit, store, display, execute, operate, modify, enhance,
      copy (for all such purposes hereby permitted) and merge with other software
      and
      otherwise translate the software to achieve interoperability (with the right
      to
      sub-license all such rights of use to a sub-contractor or agent).

    

      
        	2.2	
                Interpretation

              

      

    

     

    As
      used
      in this Agreement:

     

    
      	
            	2.2.1	
              The
                masculine includes the feminine and the
                neuter;

            

    

    
      	 	 	 

      	
            	2.2.2	
              the
                singular includes the plural and vice
                versa;

            

    

    
      	 	 	 

      	
            	2.2.3	
              A
                reference to any statute, enactment, order, regulation or other similar
                instrument shall be construed as a reference to the statute, enactment,
                order, regulation or instrument as amended by any subsequent statute,
                enactment, order, regulation or instrument or as contained in any
                subsequent re-enactment or consolidation
                thereof.

            

    

    
      	 	 	 

      	
            	2.2.4	
              Headings
                are included in this Agreement for ease of reference only and shall
                not
                affect the interpretation or construction of this
                Agreement;

            

    

    
      	 	 	 

      	
            	2.2.5	
              References
                to Clauses, Schedules and Appendices are, unless otherwise provided,
                references to clauses, schedules and appendices to this
                Agreement.

            

    

     

    
      
         

         

        
        

      

      
        -2

        
          

        

      

      
        
        

      

    

     

    SECTION
      B: PROVISION
      OF LICENSED SOFTWARE AND SERVICES

     

    
      	3.	
              
                
                  DELIVERY
                    OF THE LICENSED
                    SOFTWARE.

                

              

            

    

     

    Upon
      issuance of one (1) or more Purchase Order(s), Supplier shall deliver the
      Licensed Software to EDS on the delivery date set forth in the applicable
      Purchase Order or as otherwise agreed upon by the parties. Costs for
      transportation of Licensed Software shall be paid by Supplier. All risk of
      loss
      of, or damage to, the Licensed Software shall be borne by Supplier until receipt
      of delivery of such Licensed Software by EDS. EDS may cancel without charge
      all
      or any portion of the Licensed Software or Services at any time prior to
      delivery.

     

    
      	4.	
              GRANT
                AND CONDITIONS OF LICENCE.

            

    

    

    
      	4.1	
              For
                each item of Licensed Software received by EDS, Supplier grants EDS
                a
                non-exclusive, irrevocable, perpetual object code licence to Use
                the
                Licensed Software (“Licence”), on behalf of EDS and a named customer of
                EDS in accordance with the terms and conditions of this Agreement
                save
                that the Licence may be revocable by Supplier in accordance with
                the
                provisions of Section E of this Agreement.

            

    

    

    
      	4.2	
              EDS
                shall be entitled to copy the Licensed Software as necessary for
                archival,
                maintenance, disaster recovery testing, or back-up purposes. If EDS
                desires to run parallel operations in the process of conducting a
                disaster
                recovery test or transferring operations from one system to another
                system, EDS may operate the Licensed Software on two systems for
                the
                period of time reasonably necessary to complete the disaster recovery
                test
                or transfer.

            

    

    

    
      	4.3	
              EDS
                shall be entitled to engage a third party to Use the Licensed Software
                only with the consent of the Supplier, such consent not to be unreasonably
                withheld, subject to and in accordance with this Agreement on behalf
                of
                EDS provided that such third party are bound by obligations of
                confidentiality.

            

    

     

    
      	5.	
              LICENSED
                SOFTWARE SUPPORT AND MAINTENANCE
                SERVICES.

            

    

    

    
      	5.1	
              The
                support and maintenance Services set forth in this clause 5 for the
                Licensed Software shall be provided by Supplier to EDS during the
                Warranty
                Period (as later defined) at no charge to EDS. Thereafter, such Services
                shall be provided by Supplier, upon receipt of a purchase order from
                EDS
                at the applicable Charges set forth in Schedule 1. EDS may discontinue
                such Services at any time by providing ninety (90) days advance written
                notice to Supplier. EDS shall promptly receive a prorated refund
                of
                pre-paid Charges for support and maintenance
                Services.

            

    

    

    
      
        
          	5.2	
                  Supplier
                    shall promptly notify EDS of any defects, errors or malfunctions
                    (“Defects”) in the Licensed Software or Documentation and shall promptly
                    provide to EDS modified versions of Licensed Software or Documentation
                    which incorporate corrections of any Defects (“Corrections”). Supplier
                    shall also provide to EDS all operational and support assistance
                    necessary
                    to cause Licensed Software to perform in accordance with its
                    Applicable
                    Specifications and remedial support designed to provide a by-pass
                    or
                    temporary fix to a Defect until the Defect can be permanently
                    corrected.
                    

                

        

      

    

    

    
      	5.3	
              Supplier
                shall meet the Service Levels for the performance of support and
                maintenance Services. Where no service levels are set forth or attached
                to
                this Agreement as Schedule 2, Supplier shall use its best efforts
                to
                respond to requests from EDS for Licensed Software support in a manner
                and
                time frame which are reasonably responsive considering the nature
                and
                severity of the Defect which gave rise to such
                request.

            

    

    
      
         

         

        
        

      

      
        -3

        
          

        

      

      
        
        

      

    

    

    
      	5.4	
              Supplier
                shall provide to EDS all upgrades, modifications, improvements,
                enhancements, extensions, updates, and other changes to Licensed
                Software
                developed by Supplier (“Improvements”) which are generally made available
                to other customers of the Supplier that receive the Supplier’s Gold
                support and maintenance Service. .The Licensed Software has a two
                digit
                numeric designation, for example, 1.2. An issue of the Licensed Software
                that changes the digit to the right of the decimal point in the numeric
                designation shall be known as a new release (“Release”). The Supplier
                shall provide support and maintenance Services for a minimum of two
                years
                for each Release from the date on which such Release is made generally
                available. 

            

    

    

    
      
        	5.5	
                Supplier
                  shall promptly provide to EDS any revisions to the existing Documentation
                  to reflect all Corrections or
                  Improvements.

              

      

    

    

    
      	5.6	
              Supplier
                shall provide telephone hot-line support between 9:00 a.m. and 5:30
                p.m.
                at the applicable maintenance location. In addition, Supplier shall
                provide to EDS, at the request of EDS and at Supplier’s then current
                established charges, additional telephone hot-line support for up
                to
                twenty-four (24) hours per day, seven (7) days per week. The parties
                agree
                that the Supplier shall have thirty (30) days to implement a 24 x
                7
                support and maintenance Service from the date on which the parties
                execute
                an agreement for a 24 x 7 support and maintenance Service.
                

            

    

    

    
      	5.7	
              If
                Supplier no longer provides, or does not appoint a third party to
                provide,
                support and maintenance Services for the Licensed Software, then
                Supplier
                or its authorised agent will promptly provide to EDS one (1) copy
                of the
                most current version of the source code for the Licensed Software.
                In
                order to ensure compliance with the foregoing, Supplier will promptly
                and
                continuously update and supplement the source code as necessary with
                all
                revisions, corrections, enhancements, and other changes that Supplier
                has
                developed for the Licensed Software. The governing Licence also includes
                the right to use the source code version of the Licensed Software
                if
                received under this clause 5.7 as necessary to modify, maintain,
                and
                update the Licensed Software in accordance with the terms and conditions
                of this Agreement.

            

    

     

    
      
        	6.	
                TRANSFER
                  OF LICENSED
                  SOFTWARE.

              

      

    

    

    
      	6.1	
              During
                the performance or upon termination of a contract with an EDS customer
                or
                upon any transfer of equipment incorporating Licensed Software to
                a third
                party (such customers and third parties referred to as “Transferee”), (i)
                EDS may sub-licence the applicable Licensed Software to such Transferee
                pursuant to terms and conditions similar to those contained in this
                Section B (excluding the right to sub-licence), (ii) the applicable
                Licence (excluding the right to sub-licence) may be assigned or novated
                to
                such Transferee, or (iii) upon request by EDS, the Licensed Software
                will
                be Licensed directly by Supplier to such Transferee in accordance
                with the
                terms and conditions of Supplier’s standard software Licence agreement or
                as agreed upon by Supplier and Transferee. Any assignment, novation
                or
                sublicensing of Licensed Software in accordance with this clause
                6 shall
                be at no additional charge to EDS or Transferee, and EDS shall have
                no
                further liability or responsibility with respect to Licensed Software
                under (ii) or (iii) above. If the Transferee were not an EDS customer,
                then such transfer will require the written approval of the Supplier.
                Such
                written approval shall not be unreasonably withheld.
                

            

    

    

    
      	6.2	
              If
                the Licensed Software were subject to a transfer under 6.1, the Supplier
                agrees that EDS would be a permitted user of the Licensed Software,
                subject to such Use being in accordance with EDS’s services to the
                Transferee.

            

    

    

    
      	6.3	
              If
                the Licensed Software were subject to a transfer under 6.1, the Supplier
                agrees that support and maintenance Services that are available to
                EDS
                under this Agreement shall be made available to the Transferee under
                terms
                and conditions similar to those contained in this
                Agreement.

            

    

     

    
      	
              7.

            	
              PROPRIETARY
                MARKINGS.

            

    

    

    EDS
      shall
      not remove or destroy any proprietary markings or proprietary legends placed
      upon or contained within the Licensed Software or
      Documentation.

    
      
         

         

        
        

      

      
        -4

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              
                DUPLICATION
                  OF DOCUMENTATION.

              

            

    

    

    EDS
      may
      duplicate Licensed Software Documentation, at no additional charge, for EDS’ use
      or for use by a customer of EDS in connection with the provision of Licensed
      Software so long as all required proprietary markings are retained on all
      duplicated copies.

     

    
      	9.	
              PROTECTION
                OF LICENSED SOFTWARE.

            

    

    

    
      	9.1	
              During
                the term of a Licence, EDS will treat the Licensed Software and
                Documentation with the same degree of care and confidentiality which
                EDS
                provides for similar information belonging to EDS which EDS does
                not wish
                disclosed to the public, but not less than reasonable care. This
                provision
                shall not apply to Licensed Software and Documentation, or any portion
                thereof, which is (i) already known by EDS without an obligation
                of
                confidentiality, (ii) publicly known or becomes publicly known through
                no
                unauthorised act of EDS, (iii) rightfully received from a third party
                without obligation of confidentiality, (iv) disclosed without similar
                restrictions by Supplier to a third party, (v) approved by Supplier
                for
                disclosure, or (vi) required to be disclosed pursuant to a requirement
                of
                a governmental agency or law so long as EDS provides Supplier with
                timely
                prior written notice of such
                requirement.

            

    

    

    
      	9.2	
              In
                relation to each Licence granted under this Agreement, it will not
                be a
                violation of this Agreement if EDS provides access to and the Use
                of the
                Licensed Software or Documentation to third parties providing services
                to
                EDS on the same EDS customer engagement for which the Licence has
                been
                granted, so long as EDS secures execution by such third parties of
                a
                confidentiality agreement as would normally be required by
                EDS.

            

    

     

    SECTION
      C: WARRANTIES,
      INDEMNITIES, AND LIABILITIES

     

    
      	10.	
              WARRANTY.

            

    

     

    
      	10.1	
              Supplier
                represents and warrants that throughout the term of this
                Agreement:

            

    

    

    
      	 	
              10.1.1

            	
              the
                Supplier has full capacity and authority and all necessary consents
                (including but not limited to, where its procedures so require, the
                consent of its parent company) to enter into and to perform this
                Agreement
                and that this Agreement is executed by a duly authorised representative
                of
                the Supplier;

            

    

    

    
      	 	
              10.1.2

            	
              the
                Licensed Software shall perform in accordance with its Applicable
                Specifications and Documentation for a period of one (1) year from
                the
                date of receipt of the Licensed Software by EDS (the “Warranty
                Period”);

            

    

    

    
      	 	
              10.1.3

            	
              no
                portion of the Licensed Software contains, at the time of delivery,
                any
                “back door,” “time bomb,” “Trojan horse,” “worm,” “drop dead device,”
                “virus,” or other computer software routines or hardware components
                designed to (i) permit access or use of either the Licensed Software
                or
                EDS’ computer systems by Supplier or a third party not authorised by this
                Agreement, (ii) disable, damage or erase the Licensed Software or
                data, or
                (iii) perform any other such
                actions;

            

    

    

    
      	 	
              10.1.4

            	
              the
                Licensed Software and the design thereof shall not contain preprogrammed
                preventative routines or similar devices which prevent EDS from exercising
                the rights granted to EDS under this
                Agreement;

            

    

    

    
      	 	
              10.1.5

            	
              neither
                the performance nor the functionality of the Licensed Software will
                be
                affected by any changes to the date format or date calculations within
                any
                part of the Licensed Software; 

            

    

    
      
         

         

        
        

      

      
        -5

        
          

        

      

      
        
        

      

    

    
      	 	
              10.1.6

            	
              each
                item of Licensed Software and its media shall be new and shall be
                free
                from material defects in manufacture, materials, and
                design;

            

    

    

    
      	 	
              10.1.7

            	
              Supplier
                has all right, title, ownership interest, and/or marketing rights
                necessary to provide the Licensed Software and Documentation to
                EDS;

            

    

    

    
      	 	
              10.1.8

            	
              each
                License, the Licensed Software and Documentation and their License
                and use
                hereunder, do not and shall not infringe upon any copyright, patent,
                trade
                secret, or other proprietary or Intellectual Property Right of any
                third
                party; and

            

    

    

    
      	 	
              10.1.9

            	
              the
                Services shall be supplied and rendered with all due skill, care
                and
                diligence by appropriately experienced, qualified and trained
                personnel.

            

    

     

    
      	11.	
              INTELLECTUAL
                PROPERTY RIGHTS
                INDEMNIFICATION.

            

    

    

    
      	
              11.1

            	
              Supplier
                shall fully indemnify EDS against any and all actions, claims, demands,
                losses, damages, liabilities, awards, costs, and expenses (including
                legal
                fees) arising from or incurred by reason of any infringement or alleged
                infringement of any Intellectual Property Rights in connection with
                the
                Licensed Software and Services. 

            

    

    

    
      	
              11.2

            	
              Supplier
                shall forthwith notify EDS in writing if any claim or demand is made
                or
                action brought against the Supplier for infringement or alleged
                infringement of any Intellectual Property Rights in connection with
                the
                Licensed Software and Services. 

            

    

    

    
      	
              11.3

            	
              EDS
                shall forthwith notify the Supplier if any claim or demand or action
                brought against EDS or EDS’ customer for infringement or alleged
                infringement of any Intellectual Property Rights in connection with
                the
                Licensed Software and Services. Supplier shall at its own expense,
                conduct
                any litigation arising therefrom and all negotiations for settlement
                of
                the same and EDS hereby grants to the Supplier exclusive control
                of any
                such litigation and the negotiation for the settlement of the
                same.

            

    

    

    
      	
              11.4

            	
              If
                a claim, demand or action for infringement or alleged infringement
                of any
                Intellectual Property Rights is made by any third parties or in the
                reasonable opinion of the Supplier is likely to be made, the Supplier
                shall at its own expense:

            

    

    

    
      	 	
              11.4.1

            	
              procure
                for EDS and Transferees of the Licensed Software, or Documentation
                the
                right to continue to use the infringing Licensed Software or Documentation
                as set forth in this Agreement, or 

            

    

    
      	 	
              11.4.2

            	
              replace
                or modify the infringing Licensed Software or Documentation to make
                its
                use non-infringing while being capable of performing the same function
                without degradation of performance.

            

    

    

    
      	11.5	
              If
                a modification or replacement in accordance with clause 11.4.2 is
                not
                possible so as to avoid the infringement or the Supplier has been
                unable
                to procure a License in accordance with clause 11.4.1, the Supplier
                shall
                be liable for all costs of substitute software and services during
                the
                period of this Agreement..

            

    

     

    
      	12.	
              LIMITATION
                OF LIABILITY.

            

    

    

    
      	
              12.1

            	
              Subject
                to clause 12.2, in the event one party is liable to the other party
                for
                any matter relating to or arising in conjunction with this Agreement,
                then
                the amount of damages recoverable against the liable party for all
                events,
                acts and omissions shall not exceed in the aggregate the greater
                of (a)
                two million pounds (£2,000,000); or (b) the aggregate amount of all
                purchases made by EDS under this Agreement up to the date of the
                event,
                act or omission giving rise to the
                liability.

            

    

    
      
         

         

        
        

      

      
        -6

        
          

        

      

      
        
        

      

    

    
      	
              12.2

            	
              Neither
                party:

            

    

    

    12.2.1 excludes
      or limits liability to the other party for fraud, death or personal
      injury;

    

    12.2.2 shall
      be
      liable for amounts representing 

    

    
      	 	
              (a)

            	
              loss
                of profits, business, revenue, goodwill or anticipated savings; and/or
                

            

    

    
      	 	
              (b)

            	
              indirect
                or consequential loss or damage

            

    

    

    
      	12.3	
              Any
                limitation or exclusion set forth in this clause 12, shall not apply
                to
                the indemnification obligations set forth in clause
                11.

            

    

     

    
      	13.	
              SURVIVAL
                OF TERMS.

            

    

    

    The
      provisions of this Section C, shall survive the term or termination of this
      Agreement for any reason.

     

    SECTION
      D: CHARGES
      AND PAYMENT

     

    
      	14.	
              
                CHARGES,
                  PRICES, AND FEES.

              

            

    

    

    Charges,
      prices, and fees (“Charges”) and discounts, if any, for Licensed Software and
      Services shall be determined as set forth in Schedule 1, in a Purchase Order,
      or
      as otherwise agreed upon by the parties in writing. Any increase in a Charge
      shall not occur unless a minimum of twelve (12) months has elapsed since the
      effective date of the previously established Charge. Any increase on list price
      shall not exceed the current Retail Price Index. In no event shall Charges
      exceed Supplier’s then current established charges, prices, and
      fees.

    

    
      	15.	
              PAYMENT.

            

    

    

    
      	15.1	
              Any
                undisputed sum due to Supplier pursuant to this Agreement shall be
                payable
                within thirty (30) days after receipt by EDS of a correct invoice
                from
                Supplier. 

            

    

    

    
      
        	15.2	
                Supplier
                  shall invoice EDS on or after the applicable acceptance date for
                  the
                  Licensed Software covered by such invoice.

              

      

    

    

    
      	15.3	
              Payment
                for any other Services shall be invoiced as agreed upon by the parties
                or,
                in the absence of an agreement, upon completion of such Services.
                

            

    

    

    
      	15.4	
              A
                “correct” invoice shall contain (i) Supplier’s name and invoice date, (ii)
                the specific Purchase Order number if applicable, (iii) description
                including serial number as applicable, price, and quantity of the
                Licensed
                Software or Services actually delivered or rendered, (iv) credits
                (if
                applicable), (v) name (where applicable), title, phone number, and
                complete mailing address of responsible official to whom payment
                is to be
                sent, and (vi) VAT details. A correct invoice must be submitted to
                the
                appropriate invoice address listed on the applicable Purchase
                Order.

            

    

    

    
      	15.5	
              Value
                added tax shall be paid by EDS on those sums at the rate and in the
                manner
                prescribed by law from time to
                time.

            

    

    
      
         

         

        
        

      

      
        -7

        
          

        

      

      
        
        

      

    

     

    SECTION
      E: TERMINATION

     

    
      	16.	
              
                TERMINATION
                  FOR CAUSE.

              

            

    

    

    In
      the
      event that either party materially or repeatedly defaults in the performance
      of
      any of its duties or obligations set forth in this Agreement, and such default
      is not substantially cured within thirty (30) days, or such other period as
      may
      be agreed between the parties, after written notice is given to the defaulting
      party specifying the default, then the party not in default may, by giving
      written notice to the defaulting party:

    

    
      	 	
              a)

            	
              agree
                such additional period to enable the defaulting party to cure such
                default; or

            

    

    

    
      	 	
              b)

            	
              terminate
                the applicable Licence or Purchase Order relating to such default
                as of a
                date specified in such notice of
                termination.

            

    

     

    
      	17.	
              TERMINATION
                FOR INSOLVENCY.

            

    

    

    Either
      party may immediately terminate this Agreement and any Purchase Order by giving
      written notice to the other party if the other party, being a company, passes
      a
      resolution, or a court makes an order that the other party or its parent company
      be wound up otherwise than for the purposes of a bona fide reconstruction or
      amalgamation, or a receiver, manager or administrator on behalf of a creditor
      is
      appointed in respect of the business or any part thereof of the other party
      or
      its parent company, or circumstances arise which entitle a court or a creditor
      to appoint a receiver, manager or administrator or which entitle a court
      otherwise than for the purposes of a bona fide reconstruction or amalgamation
      to
      make a winding-up order, or the other party or its parent company is unable
      to
      pay its debts within the meaning of Section 123 of the Insolvency Act 1986
      or
      any similar event occurs under the law of any other jurisdiction.

     

    
      	18.	
              TERMINATION
                OF SOFTWARE LICENCE.

            

    

    

    EDS
      may
      terminate any Licence for any reason by providing written notice to Supplier
      subject to no outstanding fees being owed by EDS. If EDS elects to so terminate
      a Licence, EDS shall return to Supplier or, at EDS’ option, destroy, all copies
      of the Licensed Software and Documentation in EDS’ possession which are the
      subject of the terminated Licence, except as may be necessary for archival
      purposes. In such event, Supplier shall refund to EDS a prorated amount of
      any
      prepaid Maintenance Fees.

     

    
      	19.	
              RIGHTS
                UPON TERMINATION.

            

    

    

    Unless
      specifically terminated as set forth in this Section E, all Licences (and EDS’
right to use the Licensed Software in accordance with such Licences) and
      Purchase Orders which require performance or extend beyond the term of this
      Agreement shall, at EDS’ option, be so performed and extended and shall continue
      to be subject to the terms and conditions of this Agreement.

     

    
      	20.	
              SURVIVAL
                OF TERMS.

            

    

    

    Termination
      or expiration of this Agreement for any reason shall not release either party
      from any liabilities or obligations set forth in this Agreement which (i) the
      parties have expressly agreed shall survive any such termination or expiration,
      or (ii) remain to be performed or by their nature would be intended to be
      applicable following any such termination or expiration.

    
      
         

         

        
        

      

      
        -8

        
          

        

      

      
        
        

      

    

     

    SECTION
      F: MISCELLANEOUS

     

    
      	21.	
              
                BINDING
                  NATURE, ASSIGNMENT, AND
                  SUBCONTRACTING.

              

            

    

    

    This
      Agreement shall be binding on the parties and their respective successors in
      interest and assigns. Neither party shall have the power to assign this
      Agreement without the prior written consent of the other party, which shall
      not
      be unreasonably withheld. If either party subcontracts or delegates any of
      its
      duties or obligations of performance in this Agreement or in a Purchase Order
      to
      any third party, that party shall remain fully responsible for complete
      performance of all of it’s obligations set forth in this Agreement or in such
      Purchase Order and for any such third party’s compliance with the non-disclosure
      and confidentiality provisions set forth in this Agreement.

     

    
      	22.	
              CONFIDENTIALITY.

            

    

    

    Supplier
      acknowledges that in the course of performance of its obligations pursuant
      to
      this Agreement, Supplier may obtain confidential and/or proprietary information
      of EDS or its affiliates or customers. “Confidential Information” includes:
      information relating to development plans, costs, finances, marketing plans,
      equipment configurations, data, access or security codes or procedures utilised
      or acquired, business opportunities, names of customers, research, and
      development; proprietary software; the terms, conditions and existence of this
      Agreement; the pricing provisions included within or incorporated into this
      Agreement; any information designated as confidential in writing or identified
      as confidential at the time of disclosure if such disclosure is verbal or
      visual; and any copies of the prior categories or excerpts included in other
      materials created by the recipient party. Supplier hereby agrees that all
      Confidential Information communicated to it by EDS, its affiliates, or
      customers, whether before or after the Effective Date, shall be and was received
      in strict confidence, shall be used only for purposes of this Agreement, and
      shall not be disclosed by Supplier, its agents or employees without the prior
      written consent of EDS. This provision shall not apply to Confidential
      Information which is (i) already known by Supplier without an obligation of
      confidentiality, (ii) publicly known or becomes publicly known through no
      unauthorised act of Supplier, (iii) rightfully received from a third party
      (other than an EDS customer or an EDS affiliate) without obligation of
      confidentiality, (iv) disclosed without similar restrictions by EDS to a third
      party (other than an EDS customer or an EDS affiliate), (v) approved by EDS
      for
      disclosure, or (vi) required to be disclosed pursuant to a requirement of a
      governmental agency or law so long as Supplier provides EDS with timely prior
      notice of such requirement. Except with respect to Licensed Software, which
      shall be governed by clause 9 (Protection of Licensed Software), information
      received by EDS from Supplier shall only be considered proprietary and/or
      confidential after a separate non-disclosure agreement, has been executed by
      a
      duly authorised representative of each party for the specific purpose of
      disclosing such information. The provisions of this clause 21 shall survive
      the
      term or termination of this Agreement for any reason.

     

    
      	23.	
              PUBLICITY.

            

    

    Except
      for any announcement intended solely for internal distribution by either EDS
      or
      Supplier, or any disclosure required by legal, accounting, or regulatory
      requirements beyond the reasonable control of either party, all press releases,
      public announcements, or public disclosures (including, but not limited to,
      promotional or marketing material) by either party or its employees or agents
      relating to this Agreement or its subject matter, or including the name, trade
      name, trade mark, or symbol of either party or any affiliate of each party,
      shall be coordinated with and approved in writing by both parties prior to
      the
      release thereof. Supplier shall not represent directly or indirectly that any
      Licensed Software or Service provided by Supplier to EDS has been approved
      or
      endorsed by EDS or include the name, trade name, trade mark, or symbol of EDS
      or
      any affiliate of EDS on a list of Supplier’s customers without EDS’ express
      written consent.

    
      
         

         

        
        

      

      
        -9

        
          

        

      

      
        
        

      

    

     

    
      	24.	
              NOTICES.

            

    

    Any
      notice or other communication to be given under this Agreement must be in
      writing and may be delivered or sent by pre-paid first class letter post or
      facsimile transmission to the party to be served at that party’s last known
      address. In the case of EDS all notices and other communication must be marked
      to the attention of the Global Purchasing UK Director. Any notice or document
      shall be deemed served if delivered, at the time of delivery; if posted, 48
      hours after posting; and if sent by facsimile transmission, at the time of
      transmission.

     

    
      	25.	
              FORCE
                MAJEURE.

            

    

    

    The
      term
“Force Majeure” shall be defined to include fires or other casualties or
      accidents, acts of God, severe weather conditions, strikes or industrial
      disputes, war or other violence, or any law, or requirement of any governmental
      agency. A party whose performance is prevented, restricted, or interfered with
      by reason of a Force Majeure condition shall be excused from such performance
      to
      the extent of such Force Majeure condition so long as such party provides the
      other party with prompt written notice describing the Force Majeure condition
      and takes all reasonable steps to avoid or remove such causes of nonperformance
      and immediately continues performance whenever and to the extent such causes
      are
      removed.

     

    
      	26.	
              SEVERABILITY.

            

    

    

    If,
      but
      only to the extent that, any provision of this Agreement is declared or found
      to
      be illegal, unenforceable, or void, then both parties shall be relieved of
      all
      obligations arising under such provision, it being the intent and agreement
      of
      the parties that this Agreement shall be deemed amended by modifying such
      provision to the extent necessary to make it legal and enforceable while
      preserving its intent. If that is not possible, another provision that is legal
      and enforceable and achieves the same objective shall be substituted. If the
      remainder of this Agreement is not affected by such declaration or finding
      and
      is capable of substantial performance, then the remainder shall be enforced
      to
      the extent permitted by law.

     

    
      	27.	
              WAIVER.

            

    

    

    No
      omission or delay on the part of any party in exercising any right, power or
      privilege under this Agreement shall operate as a waiver by it of ay right
      to
      exercise it in future or of any other of its rights under this Agreement. No
      waiver of any term, provision or condition of this Agreement shall be effective
      except to the extent to which it is made in writing and signed by the waiving
      party.

     

    
      	28.	
              RELATIONSHIP

            

    

    

    EDS
      and
      Supplier acknowledge and agree that this Agreement shall not constitute, create
      or give effect to a joint venture, pooling arrangement, principal/agency
      relationship, partnership or formal business organization of any kind and
      neither EDS nor the Supplier shall have the right to bind each other without
      the
      other’s express prior written consent.

     

    
      	29.	
              GOVERNING
                LAW.

            

    

    This
      Agreement shall be considered as a contract made in England and according to
      English law and subject to the exclusive jurisdiction of the English courts,
      to
      which both parties hereby submit.

    
      
         

         

        
        

      

      
        -10

        
          

        

      

      
        
        

      

    

     

    
      	30.	
              COMPLIANCE
                WITH LAWS.

            

    

    

    
      	30.1	
              In
                the performance of Services or the provision of Products pursuant
                to this
                Agreement, Supplier shall comply with the requirements of all applicable
                laws, ordinances, and regulations of England or any country, or other
                governmental entity. 

            

    

    

    
      	30.2	
              Supplier
                represents and warrants that it is familiar with the terms and provisions
                of the U.S. Foreign Corrupt Practices Act (as amended, the "FCPA"),
                and
                further specifically agrees that it will comply with the FCPA.
                

            

    

    

    
      	30.3	
              Supplier
                agrees that no payment shall be made to it by EDS except as provided
                in
                this Agreement, and that all such payments shall be made by check
                or
                through normal banking channels not involving the payment of cash.
                Supplier represents and warrants that Supplier is and will remain
                the
                record owner of each account specified by it for payments under this
                Agreement. No assignment by Supplier of funds under this Agreement
                to any
                person other than a recognized financial institution is permitted
                without
                the prior approval of EDS. 

            

    

    

    
      	30.4	
              If
                so requested, Supplier
                shall certify annually for the benefit of EDS, the continued accuracy
                of
                the representations and warranties and full performance of all covenants
                and agreements set forth in this Section. Supplier
                also agrees that its books and records with respect to its performance
                under or related to this Agreement shall be subject to audit by EDS
                or
                appropriate authorities annually to ensure compliance with this Section.
                Supplier shall
                inform EDS promptly (i) of any change in the ownership or control
                of
                Supplier
                or
                (ii) if it becomes aware of any facts indicating that a violation
                of any
                of the requirements of this Section may
                have occurred. Any out of the ordinary costs for compliance with
                this
                section 30.4 provision will be repaid to Supplier by EDS. This includes,
                but is not limited to audit
                services.

            

    

    

    
      	30.5	
              EDS
                shall be excused from performance of its obligations under this Agreement,
                and may terminate this Agreement without penalty upon written notice
                to
                Supplier,
                in the event Supplier
                fails
                to comply with its obligations under this Section, or if any change
                in
                ownership or control of Supplier
                occurs
                which is reasonably determined by EDS to present a risk of non-compliance
                by Supplier
                with
                applicable laws. 

            

    

     

    
      	31	
              ESCROW

            

    

    

    
      	31.1	
              Supplier
                shall add EDS as a third party beneficiary to its escrow arrangement.
                Where Supplier has no escrow arrangement, Supplier shall enter into
                an
                escrow arrangement with an escrow agent. In the event that
                the:

            

    

     

    
      	a. 
               	
              Supplier
                ceases to make available support and maintenance Services for the
                Licensed
                Software during a period in which EDS is entitled to receive or to
                purchase, or is receiving or purchasing, such support and maintenance
                Services and Supplier has not promptly cured such failure despite
                EDS’s
                demand that Supplier make available or perform such support and
                maintenance Services; or

            

      	 	 

      	b. 
               	
              the
                Supplier files or is the subject of a petition of bankruptcy, makes
                a
                general assignment for the benefit of creditors, appoints or has
                appointed
                a general receiver or trustee in bankruptcy for Supplier’s business or
                property, provided that any such events shall not apply if within
                ten (10)
                days thereafter Supplier or its receiver or trustee provides assurances
                to
                EDS, in writing, of Supplier’s continuing ability to fulfill all material
                obligations under this Agreement; or

            

      	 	 

      	c. 
               	
              Supplier
                ceases business operations generally and stops providing support
                and
                maintenance Services to EDS; or 

            

      	 	 

      	d. 
               	
              Supplier
                has transferred all or substantially all of its assets or obligations
                set
                forth in this Agreement to a third party and such third party has
                not
                assumed all the obligations of Supplier set forth in this Agreement
                under
                substantially similar terms; then

            

      	 	 

      	
            	
            

    

     

    
      
         

         

        
        

      

      
        -11

        
          

        

      

      
        
        

      

    

     

    
      
        	e.   	If any of the events detailed in 31.1.a) to 31.1.d)
                occur
                EDS shall be entitled to receive a copy of the most current version
                of the
                source code for the affected Licensed Software.

      

       

    

    
      	31.2	
              Each
                Licence granted under the Agreement includes the right to use the
                source
                code version of the Licensed Software received under this Escrow
                clause as
                necessary to modify, maintain and update the Licensed Software in
                accordance with the terms and conditions of this
                Agreement.

            

    

     

    
      	32.	
              ENTIRE
                AGREEMENT.

            

    

    

    
      	32.1	
              This
                Agreement constitutes the entire understanding between the parties
                relating to the subject matter and there are no oral or written
                representations, understandings or agreements relating to this Agreement
                which are not fully expressed in the Agreement.

            

    

    

    
      
        
          	32.2	
                  Each
                    party unconditionally waives any rights it may have to claim
                    damages or to
                    seek to rescind this Agreement on the basis of any statement
                    made by the
                    other (whether made carelessly or not) unless such statement
                    was made
                    fraudulently.

                

        

      

    

    

    
      	32.3	
              This
                Agreement shall not be amended except by a written agreement signed
                by
                both parties. 

            

    

    

    
      	32.4	
              All
                documents and schedules referenced in this Agreement or attached
                to this
                Agreement, and each Purchase Order are an integral part of this Agreement.
                In the event of any conflict between the terms and conditions of
                this
                Agreement and any such documents or schedules, the terms of this
                Agreement
                shall be controlling unless otherwise stated or agreed. In the event
                of a
                conflict between the terms and conditions of this Agreement and a
                Purchase
                Order, the Purchase Order shall be controlling with respect to those
                transactions covered by that Purchase Order. Any other terms or conditions
                included in any shrink-wrap Licence agreements, quotes, invoices,
                acknowledgments, bills of lading, or other forms utilised or exchanged
                by
                the parties shall not be incorporated in this Agreement or be binding
                upon
                the parties unless the parties expressly agree in writing or unless
                otherwise provided for in this
                Agreement.

            

    

    

    IN
      WITNESS
      of which
      this Agreement has been duly executed by the parties.

    

    
      	
              Signed
                for and on behalf of
                

            	 	
              Signed
                for and on behalf of

            
	
              ELECTRONIC
                DATA SYSTEMS LIMITED

            	 	
              Codestream
                Software Limited

            
	 	 	 
	
              Signed:
                /s/                          

            	 	
              Signed:
                /s/                          

            
	 	 	 
	
              Printed
                Name:________________________________

            	 	
              Printed
                Name:________________________________

            
	 	 	 
	
              Title:_______________________________________

            	 	
              Title:_______________________________________

            
	 	 	 
	
              Date:_______________________________________

            	 	
              Date:
                _______________________________________

            

    

     

    
      
        
        

      

      
        -12

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