Document:

EX-10.4

 Exhibit 10.4 

AQUA BOUNTY TECHNOLOGIES INC. 

2006 EQUITY INCENTIVE PLAN 
  

 
 FORM OF
RESTRICTED STOCK AGREEMENT 
 (United Kingdom Residents) 

This Agreement (the “Agreement”) is made as
of            , 201     (the “Date of Grant”) by and between Aqua Bounty Technologies Inc., a Delaware corporation (the
“Company”) and                              (“Grantee”) on behalf of
itself and of any subsidiary of the Company (a “Subsidiary”) which is the employer of or deemed to be the employer of Grantee or to which Grantee provides services. 

 

	1.	Grant of Restricted Shares. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Company’s 2006 Equity Incentive Plan (the “Plan”), the Company
hereby grants to Grantee as of the Date of Grant
                            (           
 ) shares of the Company’s Common Stock as Restricted Shares (the “Restricted Shares”). The Restricted Shares shall be fully paid and nonassessable and shall be represented by a certificate or certificates registered in
Grantee’s name, endorsed with an appropriate legend referring to the restrictions hereinafter set forth. 

  

	2.	Restrictions on Transfer of Restricted Shares. The Restricted Shares may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by Grantee, except to the Company, until the
Restricted Shares have become nonforfeitable as provided in Section 3 hereof. Any purported transfer or encumbrance in violation of the provisions of this Section 2 shall be void, and the other party to any such purported transaction shall
not obtain any rights to or interest in such Restricted Shares. 

  

	3.	Vesting of Restricted Shares. The Restricted Shares shall become nonforfeitable on
the                     anniversary of the Date of Grant (the “Vesting Date”) if Grantee remains in the continuous employ or
service of the Company or a Subsidiary from the Date of Grant until the Vesting Date. 

  

	4.	Forfeiture of Shares. Notwithstanding any other provision of this Agreement or of the Plan to the contrary, the Restricted Shares shall be forfeited without further consideration if Grantee ceases to be an
employee of or to provide services to the Company or any Subsidiary prior to the Vesting Date. In the event of a forfeiture, the certificate(s) representing the Restricted Shares covered by this Agreement shall be canceled. 

Form Restricted Stock Agreement 

	5.	Dividend, Voting and Other Rights. Except as otherwise provided herein, from and after the Date of Grant, Grantee shall have all of the rights of a stockholder with respect to the Restricted Shares;
provided, however, that any additional shares of Common Stock or other securities that Grantee may become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
separation or reorganization or any other change in the capital structure of the Company shall be subject to the same restrictions as the Restricted Shares covered by this Agreement. 

 

	6.	Retention of Stock Certificate(s) by the Company. The certificate(s) representing the Restricted Shares shall be held in custody by the Company, together with a stock power endorsed in blank by Grantee with
respect thereto, until those shares have become nonforfeitable in accordance with Section 3 of this Agreement. 

  

	7.	Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of this
Agreement, the Company shall not be obligated to issue any shares of Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law. 

 

	8.	Taxes and Withholding. 

 (a) To the extent that the Company or a
Subsidiary shall be required to withhold any federal, state, local or foreign taxes and social security contributions (including, without limitation, UK primary class 1 (employee’s) national insurance contributions) in connection with the
issuance, vesting or disposal of the Restricted Shares or non restricted Common Stock of the Company or other securities obtained pursuant to this Agreement (including in the event of Grantee making an election under Section 431 of the United
Kingdom Income Tax (Earnings and Pensions) Act 2003 (b) with respect to the Restricted Shares), and the amounts available to the Company for such withholding are insufficient, Grantee shall pay such taxes or make provisions that are
satisfactory to the Company for the payment thereof. 
 (b) Grantee hereby acknowledges and agrees that he shall be fully
responsible for and hereby indemnifies the Company and its Subsidiaries for and in respect of any income tax, national insurance and social security contributions and any other liability, deduction, contribution, assessment or claim arising from or
made in connection with the grant of Restricted Shares pursuant to this Agreement, where the recovery is not prohibited by law. The Grantee hereby further indemnifies the Company and its Subsidiaries against all reasonable costs, expenses and any
penalty, final interest incurred or payable by the Company or any Subsidiary in connection with or in consequence of any such liability, deduction, contribution, assessment or claim. 

 

	9.	Continuous Employment. For purposes of this Agreement, the continuous employment or service of Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and Grantee shall not be
deemed to have ceased to be an employee of or provider of services to the Company or a Subsidiary, by reason of the transfer of his employment or service among the Company and its Subsidiaries or a leave of absence approved by the Board.

  

					
		  	2	  	Form Restricted Stock Agreement

	10.	No Employment Contract. 

 (a) Nothing contained in this Agreement shall
confer upon Grantee any right with respect to continuance of employment or service with the Company or any Subsidiary, nor limit or affect in any manner the right of the Company or any Subsidiary to terminate the employment or service or to adjust
the compensation of Grantee. 
 (b) This grant of Restricted Shares is a voluntary, discretionary bonus being made on a one
time basis and does not constitute a commitment to make any future grants. This grant and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance. Grantee shall not be
entitled to any compensation in connection with Grantee’s termination of employment or service for any loss of any right or benefit or prospective right or benefit under this Agreement or the Plan which he might otherwise have enjoyed, whether
such compensation is claimed by way of damages for breach of contract or by way of compensation for loss of office or otherwise. 
  

	11.	Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely
affect the rights of Grantee under this Agreement without Grantee’s consent. 

  

	12.	Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 

  

	13.	Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. Capitalized
terms used herein without definition shall have the meanings assigned to them in the Plan. The Board acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any
questions which arise in connection with the grant of Restricted Shares. 

  

	14.	Data Privacy. Information about Grantee may be collected, recorded and held, used and disclosed in electronic or other form for the exclusive purpose of implementing, administering and managing Grantee’s
participation in the Plan. By accepting this grant of Restricted Shares, Grantee agrees and understands that processing of such information may need to be carried out by the Company and any Subsidiary and by third party administrators, whether such
persons are located within Grantee’s country of residence or elsewhere, including outside the European Economic Area. Grantee hereby consents to the processing of information relating to him and his participation in the Plan in any one or more
of the ways referred to above. 

  

					
		  	3	  	Form Restricted Stock Agreement

	15.	Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.

  

	16.	Governing Law. This agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Delaware. 

[SIGNATURES ON NEXT PAGE] 

  

					
		  	4	  	Form Restricted Stock Agreement

 This Agreement is executed by the Company on the day and year first set forth above. 

 

			
	 
		
	By:	 	 
	Name:	 	
	Title:	 	

 The undersigned hereby acknowledges receipt of an executed original of this Agreement and accepts the
award of Restricted Shares granted thereunder on the terms and conditions set forth herein and in the Company’s 2006 Equity Incentive Plan. 
  

							
	Date:             , 201    	 		 		 	
		 		 		 	                GRANTEE
		 		 		 	                Name: _______________

  
 Form Restricted Stock
AgreementEX-10.5

 Exhibit 10.5 
  

	
	DATED December 5, 2012

 INTREXON CORPORATION 

- and - 

AQUABOUNTY TECHNOLOGIES, INC. 

RELATIONSHIP AGREEMENT 

- relating to - 

AQUABOUNTY TECHNOLOGIES, INC. 

 
 

 
 Hogan Lovells 

 CONTENTS 

 

							
	CLAUSE	  	PAGE	 
			
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	2	  
			
	2.	  	INTREXON NOMINEE; INTREXON REPRESENTATIVE	  	 	3	  
			
	3.	  	REPORTING COMPLIANCE	  	 	5	  
			
	4.	  	CONFIDENTIALITY	  	 	7	  
			
	5.	  	CAPACITY AND LIABILITY	  	 	7	  
			
	6.	  	DURATION	  	 	7	  
			
	7.	  	ENTIRE AGREEMENT	  	 	8	  
			
	8.	  	WAIVERS AND AMENDMENTS	  	 	8	  
			
	9.	  	ASSIGNMENT	  	 	8	  
			
	10.	  	NOTICES	  	 	8	  
			
	11.	  	INVALIDITY	  	 	9	  
			
	12.	  	COUNTERPARTS	  	 	9	  
			
	13.	  	GOVERNING LAW	  	 	9	  

 Hogan Lovells 

 THIS RELATIONSHIP AGREEMENT (this
“Agreement”) is made on December 5, 2012 by and between Intrexon Corporation, Incorporated in Virginia, USA, with offices at [
                    ] (“Intrexon”), and AquaBounty Technologies, Inc., incorporated in Delaware, USA, with
offices at 935 Main Street, Waltham, Mass 02451, USA (the “Company”). 
 RECITALS 

 

	(A)	On 31 October 2012, Intrexon agreed to acquire shares constituting 47.56% of the current issued share capital of AquaBounty from Linnaeus Capital Partners B.V. and Tethys Ocean B.V., which acquisition was completed
on 16 November 2012 with Intrexon becoming the owner of such shares. 

  

	(B)	In accordance with the Company’s Certificate of Incorporation, Intrexon intends to make a conditional cash offer for any and all shares of common stock of AquaBounty not already owned by Intrexon (the
“Mandatory Offer”). 

  

	(C)	The parties to this Agreement wish to record the current and future basis of Intrexon’s relationship with the Company as a major shareholder. 

OPERATIVE PROVISIONS 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Agreement the following words and expressions shall have the following meanings unless they are inconsistent with the context: 

“Affiliate” means, as to any person, any other person or entity that, directly or indirectly through one or more
intermediaries, controls, or is controlled by such person; 
 “Board” means the board of directors of the Company from time
to time; 
 “Business Day” means any day (other than Saturday or Sunday) on which clearing banks are open for a full range
of banking transactions in both London and New York City; 
 “Closing Date” means the date on which the Mandatory Offer
becomes or is declared unconditional in all respects or lapses or is withdrawn in accordance with its terms; 
 “Confidential
Information” mean’s all information which is not publicly known, and which is used in or otherwise relates to the Company’s business, customers, or financial or other affairs, including, without limitation, information relating
to: 
  

	 	(a)	trade secrets, know-how, ideas, computer systems and computer software; 

  

	 	(b)	future projects, business development or planning, commercial relationships and negotiations; and 

  

	 	(c)	the marketing of goods or services including customer names and lists, sales targets and statistics; 

“Director” means a director of the Company from time to time; 

“First Annual Meeting” has the meaning given in clause 2.1. 

Hogan Lovells 

  
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 “Intrexon Director” has the meaning given in clause 2.5; 

“Intrexon Nominee” has the meaning given in clause 2.2(a); 

“Intrexon Representative” has the meaning given in clause 2.5; and  

“Mandatory Offer” has the meaning given in Recital (B). 

 

	1.2	In this Agreement: 

  

	 	(a)	references to clauses and parties are, unless otherwise stated, to the clauses of and the parties to this Agreement; 

  

	 	(b)	words importing the singular include the plural and vice versa, words importing a gender include every gender and references to persons include bodies corporate or unincorporated; 

 

	 	(c)	the headings to the clauses are for convenience only and shall not affect the construction or interpretation of this Agreement; and 

  

	 	(d)	references to any statute or statutory provision include, unless the context otherwise requires, a reference to the statute or statutory provision as modified, replaced or reenacted and in force from time to time prior
to the date hereof and any subordinate legislation made under the relevant statute or statutory provision (as so modified, replaced or re-enacted) in force prior to the date hereof. 

 

	2.	INTREXON NOMINEE; INTREXON REPRESENTATIVE 

  

	2.1	As soon as practicable after the Closing Date, and in any case no later than the later of (x) ten (10) Business Days after the Closing Date and (y) thirty (30) days after the date on which Intrexon
submits names to the Company’s Nominated Advisor, the Company shall take or cause to be taken all necessary actions to (A) increase the size of the Board from three (3) to six (6) directors and (B) appoint three
(3) nominees of Intrexon (each an “Intrexon Nominee” and together the “Intrexon Nominees”) as directors of the Company with terms expiring at the next annual meeting of the shareholders of the Company occurring
after the date of such appointment (the “First Annual Meeting”), provided, however that if as a result of the Mandatory Offer Intrexon becomes the beneficial owner of greater than 50% of the outstanding common stock of the
Company, the Company shall take or cause to be taken all necessary actions to (A) increase the size of the Board from three (3) to seven (7) directors and (B) appoint four (4) Intrexon Nominees as directors of the Company
with terms expiring at the First Annual Meeting. Intrexon shall have the right to nominate each Intrexon Nominee from among the officers and directors of Intrexon (or any such other persons with at least similar stature and experience, in the
reasonable judgment of the Board), provided, however, that for so long as the Company is listed on the AIM Market of the London Stock Exchange that (i) Intrexon acknowledges the obligation of the Company’s Nominated Advisor under the AIM
Rules to undertake due diligence on any prospective Intrexon Nominee and agrees to cooperate with the Nominated Advisor’s reasonable enquiries and (ii) Intrexon will not exercise its voting rights in a manner designed to prevent the
Company from having on the Board at all times two directors who are independent of Intrexon and the Company. 

  
 Hogan Lovells 

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	2.2	The Company agrees that so long as (i) this Agreement continues in full force and effect and has not been terminated pursuant to clause 6 (Duration) and (ii) Intrexon itself or together with its
Affiliates control 25% or more of the voting rights exercisable at meetings of the shareholders of the Company, the Company will procure that the Board will, in advance of the First Annual Meeting and thereafter in advance of each annual meeting of
the shareholders of the Company: 

  

	 	(a)	nominate such number of Intrexon Nominees as may be designated by Intrexon for election as directors of the Company at each forthcoming annual meeting of shareholders of the Company occurring after the date of such
nomination so that Intrexon shall have representation on the Board proportional to Intrexon’s percentage shareholding in the capital of the Company rounded up to the nearest whole person in the event that Intrexon’s representation on the
Board would not as a result constitute at least a majority of the directors on the Board and rounded arithmetically to the nearest whole person in the event that Intrexon’s representation on the Board would as a result constitute a majority of
the Board; provided, that each such nomination shall not include any individual whose membership on the Board would be a violation of law and shall be in accordance with the Bylaws of the Company then in effect; and provided, further, that should
the Board determine that any such designee of Intrexon is inappropriate, consistent with the standards set forth in this clause 2.2(a), Intrexon shall be entitled to designate, as a substitute, an additional individual for election as a director of
the Company that shall meet the standards set forth in this clause 2.2(a) and such individual shall be deemed an Intrexon Nominee; and 

  

	 	(b)	recommend that the shareholders of the Company vote to elect each such Intrexon Nominee as a director of the Company at the next annual meeting of shareholders of the Company occurring after the date of such nomination.

  

	2.3	In the event that an Intrexon Nominee, nominated for election to the Board in accordance with clause 2.2(a), fails to be elected to the Board by the shareholders at the applicable annual meeting, the Company shall, as
an ongoing obligation, procure that the Board take such steps as are permitted by the Bylaws and any applicable law to appoint such Intrexon Nominee to fill any vacancy. 

 

	2.4	If a member, of the Board that has been designated by Intrexon resigns or is removed from the Board and Intrexon indicates that it does not wish to designate a nominee to fill the vacancy or fails to nominate a designee
that meets the standards set forth in clause 2.2(a) to replace such individual within ten (10) Business Days following receipt of notice of such resignation or removal, the Company will take or cause to be taken all necessary actions to reduce
the size of the Board so that there is no vacancy as a result thereof and then to promptly increase the size of the Board to create a vacancy at such time as Intrexon indicates that it wishes to designate a nominee to fill the vacancy that meets the
standards set forth in clause 2.2(a). Upon termination of this Agreement pursuant to clause 6 (Duration), Intrexon shall, upon the written request of the Board, cause such member(s) of the Board that have been designated by Intrexon to resign
from the Board, effective immediately. 

  

	2.5	Intrexon shall be entitled to, and the Company shall procure that it may, send a representative (an “Intrexon Representative”) to attend and speak at, but not to vote at, any meetings of the
board of subsidiary of the Company if at such time it has no Intrexon-appointed director serving on the board of directors of that subsidiary (any such Intrexon-appointed director, an “Intrexon Director”). 

  
 Hogan Lovells 

- 4 - 

	2.6	The Company agrees that, for so long as there is an Intrexon Nominee on the Board, it will procure director insurance of a type and at a level of coverage that is customary for members of a board of directors of a
publicly listed company and reasonably acceptable to Intrexon. 

  

	2.7	The Company agrees that, for so long as there is an Intrexon Nominee on the Board, it will enter into a customary form of indemnification agreement with each Intrexon Nominee in a form reasonably acceptable to Intrexon.

  

	3.	REPORTING COMPLIANCE. 

  

	3.1	For so long as Intrexon itself or together with its Affiliates controls 10% or more of the voting rights exercisable at meetings of the shareholders of the Company, for any time period for which Intrexon has notified.
AquaBounty that Intrexon has reasonably concluded, after consultation with its outside advisors, that Intrexon is required to consolidate or include AquaBounty’s financial statements with its own, AquaBounty shall comply with the following
additional obligations: 

  

	 	(a)	AquaBounty shall maintain at its principal place of business or, upon notice to Intrexon, at such other place as AquaBounty shall determine: 

 

	 	(i)	a copy of AquaBounty’s Certificate of Incorporation or organizational document and all amendments thereto, together with executed copies of any powers of attorney pursuant to which any amendment has been executed;

  

	 	(ii)	a copy of this Agreement; 

  

	 	(iii)	a copy of AquaBounty’s federal, state, and local income tax returns and reports, if any; and 

  

	 	(iv)	minutes of meetings of AquaBounty’s board of directors and shareholders or actions by written consent in lieu thereof, redacted as necessary by AquaBounty to exclude any sensitive or confidential information that
Intrexon, by operation of law or contractual stipulation, is not permitted to receive. 

  

	 	(b)	AquaBounty shall keep its books and records consistent with United States generally accepted accounting principles (US GAAP). 

  

	 	(c)	Intrexon at its own expense and upon reasonable notice, may examine any information it may reasonably request (including, to the extent AquaBounty has the right to provide such, the work papers of AquaBounty’s
internal and independent auditors) and make copies of and abstracts from the financial and operating records and books of account of AquaBounty, and discuss the affairs, finances and accounts of AquaBounty with AquaBounty and independent auditors of
AquaBounty, all at such reasonable times and as often as Intrexon or any agents or representatives of Intrexon may reasonably request. The rights granted pursuant to this clause 3.1(c) are expressly subject to compliance by Intrexon with the safety,
security and confidentiality procedures and guidelines of AquaBounty, as such procedures and guidelines may be established from time to time. 

  
 Hogan Lovells 

- 5 - 

	 	(d)	Unless waived by Intrexon, in its sole discretion, as soon as available but no later than ninety (90) days after the end of each fiscal year, AquaBounty shall cause to be prepared and Intrexon to be furnished with
an audited balance sheet as of the last day of such fiscal year and an audited income statement, a statement of stockholders’ equity and statement of cash flows for AquaBounty for such fiscal year and notes associated with each, in each case
prepared in accordance with US GAAP, together with a report of AquaBounty’s independent auditor that such statements have been prepared in accordance with US GAAP and present fairly, in all material respects, the financial position,
results of operations and cash flows of AquaBounty. 

  

	 	(e)	As soon as available but no later than forty five (45) days after the end of each calendar quarter, AquaBounty shall furnish the following to Intrexon an unaudited balance sheet as of the last day of such period,
and an unaudited income statement, a statement of cash flows and a statement of stockholders’ equity for AquaBounty for such period, in each case prepared in accordance with US GAAP. 

 

	 	(f)	As requested by Intrexon on no more than a quarterly basis, a certificate, executed by the Chief Executive Officer or Chief Financial Officer of AquaBounty, certifying on behalf of AquaBounty the following:

  

	 	(i)	AquaBounty maintains accurate books and records reflecting its assets and liabilities and maintains proper and adequate internal accounting controls that provide assurance that (1) transactions are executed with
management’s authorization; (2) transactions are recorded as necessary to permit preparation of the consolidated financial statements of AquaBounty and to maintain accountability for AquaBounty’s consolidated assets; (3) access
to the assets of AquaBounty is permitted only in accordance with management’s authorization; (4) the reporting of assets of AquaBounty is compared with existing assets at regular intervals; and (5) accounts, notes and other
receivables and inventory are recorded accurately, and proper and adequate procedures are implemented to effect the collection of accounts, notes and other receivables on a current and timely basis. 

 

	 	(ii)	under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; any such controls and procedures are adequate to ensure that all material information concerning AquaBounty is
made known on a timely basis to those individuals responsible for the preparation of any filings that may be required to be made by Intrexon with the SEC and other public disclosure documents. 

 

	 	(iii)	AquaBounty shall promptly prepare and furnish to Intrexon any information, whether written or oral, requested by Intrexon that is reasonably necessary for purposes of Intrexon’s ongoing compliance with applicable
law. 

  
 Hogan Lovells 

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	3.2	The parties agree that the delivery deadlines in clause 3.1 will be modified to the extent necessary to ensure that such deliverables are provided by AquaBounty no less than thirty (30) days prior to the date necessary
for Intrexon to meet any disclosure obligation under rules or regulations to which Intrexon may be or become subject from time to time. Intrexon will provide AquaBounty with notice as promptly as practicable regarding any changes in Intrexon’s
disclosure obligations that would require a change in delivery deadlines under this clause 3. 

  

	4.	CONFIDENTIALITY 

  

	4.1	The parties acknowledge the existence and continuing effect of the Mutual Confidentiality Agreement effective January 13, 2012 between Intrexon and the Company, as amended June 25, 2012 and as further amended
by this Section 4.1 (the “Mutual Confidentiality Agreement”). The first section of Section 3 of the Mutual Confidentiality Agreement is hereby replaced in its entirety with the following “The disclosure period of this
Agreement shall expire on the date that the Relationship Agreement dated [ ], 2012 between Intrexon and AquaBounty Technologies terminates (the “Disclosure Period”), unless such Disclosure Period is extended by the agreement of the
parties in writing.” The definition of “Confidential Information” in Section 1 of the Mutual Confidentiality Agreement is hereby amended to replace the period at the end of such definition with the following: “; provided,
however, that Confidential Information shall not include any such information that Intrexon can demonstrate was developed by Intrexon independently of and without reference to any Confidential Information or became known to Intrexon (independently
of disclosure by the Company) on a non-confidential basis from a third party lawfully possessing and entitled to disclose such information.”. 

  

	4.2	For the avoidance of doubt, information shared by or on behalf of the Company with an Intrexon Nominee is deemed to be shared with such individual in his or her capacity as an Intrexon Nominee and not in his or her
capacity as an employee, consultant or agent of Intrexon; provided, however, that each Intrexon Nominee shall be entitled to disclose to Intrexon such information concerning the Company as he or she thinks fit, to the extent permitted by applicable
law, and that information that constitutes Confidential Information under the Confidentiality Agreement that is disclosed to Intrexon shall be subject to the terms of the Confidentiality Agreement. 

 

	5.	CAPACITY AND LIABILITY 

 Each
party warrants and represents to the other that it has the power to enter into this Agreement and to exercise its rights and to perform its obligations hereunder and all corporate and other action required to authorise its execution of this
Agreement and its performance of its obligations hereunder has been duly taken. 
  

	6.	DURATION 

 This Agreement will continue in full force and
effect until Intrexon itself or together with its Affiliates ceases to control 10% or more of the voting rights exercisable at meetings of the shareholders of the Company, save that the provisions of clauses 4 (Confidentiality), 10
(Notices) and 13 (Governing Law) shall survive termination of this Agreement. 

  
 Hogan Lovells 

- 7 - 

	7.	ENTIRE AGREEMENT 

 This Agreement (together
with any documents referred to herein) constitutes the entire agreement between the parties hereto in connection with the subject matter of this Agreement. 
  

	8.	WAIVERS AND AMENDMENTS 

  

	8.1	No waiver of any term, provision or condition of this Agreement shall be effective unless such waiver is evidenced in writing and signed by the waiving party. 

 

	8.2	No omission or delay on the part of any party to this Agreement in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right, power or privilege preclude any other or further exercise thereof or of any other right, power or privilege. The rights and remedies in this Agreement are cumulative with and not exclusive of any rights or remedies provided by law.

  

	8.3	No amendment or modification to this Agreement shall be effective unless in writing and signed by all parties. 

  

	9.	ASSIGNMENT 

 No party to this Agreement may assign,
transfer or charge all or any of the other parties’ obligations nor any of its rights or benefits arising under this Agreement without the prior written consent of the other party; except that Intrexon may assign, transfer or charge all or any
of its obligations, rights and benefits arising under this Agreement without the prior written consent of the Company to (i) an Affiliate of Intrexon or (ii) to the transferee in the event Intrexon sells, conveys, disposes or otherwise
transfers all of its shares of AquaBounty common stock. 
  

	10.	NOTICES 

 Any demand, notice or other communication in
connection with this Agreement will be in writing and will, if otherwise given or made in accordance with this clause 10, be deemed to have been duly given or made as follows: 
  

	 	(a)	if sent by prepaid first class post to the recipient at its registered office (or such other address as may be notified to the other parties by a recipient in writing), on the second Business Day after the date of
posting; 

  

	 	(b)	if sent by air mail to the recipient at its registered office (or such other address as may be notified to the other parties by a recipient in writing), on the sixth Business Day after the date of posting; or

  

	 	(c)	if delivered by hand, upon delivery to the recipient at its registered office (or such other address as may be notified to the other parties by a recipient in writing), 

provided that, if it is delivered by hand or sent by facsimile on a day which is not a Business Day or after 4 p.m. (at the location of the recipient) on a
Business Day, it will instead be deemed given or made on the next Business Day. 

  
 Hogan Lovells 

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	11.	INVALIDITY 

 If at any time any one or more of the
provisions of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be in any way affected or impaired thereby. 

 

	12.	COUNTERPARTS 

 This Agreement may be
executed in any number of counterparts and by the parties on separate counterparts, each of which when so executed and delivered shall be an original, but all the counterparts shall together constitute one and the same instrument. 

 

	13.	GOVERNING LAW 

 All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of
conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such New York Court, or that such
Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. For the purposes of this Agreement, “Proceeding” means an action, claim, suit, investigation or proceeding (including,
without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 [Signatures Appear on
the Following Page] 

  
 Hogan Lovells 

- 9 - 

 THIS AGREEMENT is executed and delivered on the date stated
at the beginning of this Agreement. 
  

			
	Intrexon Corporation
		
	By:	 	 /s/ Thomas R. Kasser 

	Name:	 	Thomas R. Kasser
	Title:	 	 President, Animal Science Division
 SVP,
Intrexon Corporation

	
	AquaBounty Technologies, Inc.
		
	By:	 	 /s/ David A. Frank

	Name:	 	David A. Frank
	Title:	 	Chief Financial Officer

 Hogan Lovells 

  
 - 10 -

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