Document:

Exhibit 10.1

                                                                    Confidential

                          TECHNOLOGY RESELLER AGREEMENT

This Technology Reseller Agreement ("Agreement"), effective as of this 19 day of
March,  2007 ("Effective Date"), is made and entered into by and between

Applied DNA Sciences,  Inc., a Nevada  corporation  with an address of 25 Health
Sciences Drive, Suite 113, Stony Brook, New York 11790 ("Applied DNA"),

                                       and

HPT  International  LLC.,  a  _____________  limited  liability  company with an
address of 900 Towbin Ave. Suite C., Lakewood, NJ 08701 ("Reseller").

WHEREAS, Applied DNA has developed and has rights in certain technology used for
botanical DNA  encryption,  embedment  and  authentication  solutions  wherein a
marker may be embed in items to, among other things,  authenticate  and identify
counterfeit versions of such items; and

WHEREAS,  Reseller  desires the right to include  Applied  DNA's  SigNature  DNA
Markers in its products for  distribution  to its customers,  and Applied DNA is
willing  to grant  such  rights,  in  accordance  with the terms and  conditions
herein.

NOW  THEREFORE,  in  consideration  of the mutual  covenants and  understandings
contained  in this  Agreement  and other good and  valuable  consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereby
agree as follows:

1. DEFINITIONS

For the purpose of this  Agreement,  the  following  terms shall have the stated
meanings:

1.1     "Affiliate"  with  respect  to a party,  means any  entity  controlling,
        controlled by or under common control with such party.

1.2     "Intellectual  Property" means all current and future worldwide  patents
        and  other  patent  rights,  trademarks,  trade  names,  service  marks,
        copyrights, applications for any of the foregoing, technology, know-how,
        trade  secrets,  mask work  rights and all other  intellectual  property
        rights.

1.3     "Reseller  Products"  means those  products  sold by  Reseller  that are
        identified on SCHEDULE A.

1.4     "SigNature  DNA  Markers"  means the  DNA-inscribed  markers  comprising
        Applied DNA's technology.

2. RESELLER RIGHTS AND OBLIGATIONS

2.1     RIGHTS  GRANTED.  Subject  to and in  accordance  with the terms of this
        Agreement, Applied DNA hereby:

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        (i)     appoints  Reseller as an  authorized  reseller of SigNature  DNA
                Markers during the Term; and

        (ii)    grants to Reseller a  non-exclusive,  non-transferable,  limited
                right and  license  during the Term to affix the  SigNature  DNA
                Markers only on Reseller Products for distribution to Reseller's
                customers.

        (iii)   grants to Reseller a exclusive, non-transferable,  limited right
                and license  during the Term to affix the  SigNature DNA Markers
                only  on  Resellers  Products  for  distribution  to  Reseller's
                customers  in the US in the poultry  and/or  Kosher Food markets
                provided that the Reseller buy's  and  pay's for $[*]  worth  of
                SigNature  DNA  Markers  during  the  first  12  months  of this
                agreement. If this milestone is met, the Reseller can extend the
                exclusivity for a second Term,  provided  Reseller agrees to buy
                and  pay for  $[*]  worth of SigNature DNA  Markers  during  the
                second Term.

        (iv)    If after 2 years,  the milestones have been met or exceded,  HPT
                shall retain the right to exclusivity based on a milestone which
                shall be negotiated before the expiration of the 2nd year

        (v)     In the event HPT does not reach a milestone, HPT shal retain the
                right to sell to HPT  customers  already using the Signature DNA
                Markers until such time as this agreement expires

2.2     SPECIFIC  RESTRICTIONS.  Without in any way expanding the rights granted
        above,  Reseller's  use of the SigNature DNA Markers shall be restricted
        in accordance with the following specific restrictions.

2.2.1   NO  UNAUTHORIZED  USE.  Reseller shall not use the SigNature DNA Markers
        except as expressly permitted under the terms of this Agreement.

2.2.2   NO  ALTERING.  Reseller  shall not alter,  translate,  adapt or vary the
        SigNature DNA Markers.

2.2.3   NO REVERSE ENGINEERING.  Reseller shall not decompile or disassemble the
        SigNature DNA Markers or reverse  engineer the SigNature DNA Markers (or
        attempt, authorize or permit the same).

2.2.4   NO  COPYING.  Reseller  may not make nor  attempt to make  copies of the
        SigNature DNA Markers.

3. ORDERS; FEES

3.1     PURCHASE  ORDERS.  Reseller shall submit purchase orders for Applied DNA
        to embed SigNature DNA Markers in a requested media which Reseller shall
        then affix to Reseller  Products.  Each such purchase  order shall be in
        the amounts  required for a minimum of one (1) million  Reseller Product
        units.  All such  purchase  orders shall be subject to the terms of this
        Agreement.  No terms in any purchase order shall be binding upon Applied
        DNA, and under no  circumstances  shall any such terms alter or vary any
        term of this Agreement.

3.2     FEES.  Applied  DNA  shall  be  entitled  to the  fees  associated  with
        Reseller's  distribution  of Reseller  Products having embed on them the
        SigNature DNA Markers,  in  accordance  with the fee schedule set out in
        SCHEDULE B.

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3.3     SHIPMENT.  All orders  will be shipped  by Applied  DNA F.O.B.  place of
        origin within 30 days of receipt of a formal purchase order.

3.4     TAXES.  All amounts  payable  under this  Agreement are exclusive of all
        sales, use, value-added,  withholding,  and other taxes and duties. Each
        party will pay the taxes and duties  assessed  against it in  connection
        with this  Agreement  and its  performance  by any  authority  within or
        outside of the U.S.,  except for taxes  payable on the other party's net
        income or any  other  taxes due and  payable  by the other  party in the
        ordinary course.

3.5     RECORDS.  During  the Term,  Reseller  will  maintain  accurate  records
        necessary to determine the fees payable pursuant to ss.3.2.

3.6     AUDIT. Not more than once during each six (6) month period, and upon ten
        (10) days prior  written  notice to  Reseller,  Applied  DNA may inspect
        Licensee's  records  identified  in  ss.3.5 to  verify  compliance  with
        Reseller's  obligations to pay fees under this Agreement  ("Audit").  If
        the Audit reveals an underpayment,  Reseller will pay to Applied DNA the
        full amount of such underpayment  within fifteen (15) days of Reseller's
        receipt of the results of the Audit. The cost of any Audit shall be born
        by Applied DNA;  provided,  that if the Audit reveals an underpayment of
        more  than  the  greater  of five  percent  (5%) of the fees due for the
        period  audited,  then  Reseller will bear the  reasonable  costs of the
        Audit.  Any such Audit shall be conducted at a time and place reasonably
        acceptable to Reseller, and in such a manner so as not to interfere with
        or disrupt Reseller's business and operations.

4. TERM AND TERMINATION

4.1     TERM.  This Agreement  shall commence on the Effective Date and continue
        for a  period  of one (1)  year  (the  "Initial  Term")  unless  earlier
        terminated  as  permitted  below.   Thereafter,   this  Agreement  shall
        automatically  renew for  successive one (1) year terms (each a "Renewal
        Term") unless earlier  terminated as permitted  below.  The Initial Term
        and all Renewal Terms are referred to collectively as the "Term."

4.2     TERMINATION.

4.3     BREACH.  Either party may terminate this Agreement for a material breach
        by the other party if such breach is not cured  within  thirty (30) days
        after receipt of written notice thereof.

4.4     CANCELLATION  OF  RENEWAL.  Either  party may  elect  not to renew  this
        Agreement by providing  written  notice to the other party not less than
        ninety (90) days before the end of the Initial Term or the  then-current
        Renewal Term, as the case may be.

4.5     TERMINATION.  In the  event of the  expiration  or  termination  of this
        Agreement  all of the  rights  granted  to  Reseller  pursuant  to  this
        Agreement shall terminate; provided that Reseller may continue to resell
        any  SigNature  DNA Markers that it has in inventory as of the effective
        date of such  termination  so long as  Reseller is not in default of its
        obligations under ss.ss.2 or 3.

5. LIMITED WARRANTIES

5.1     WARRANTIES. Each party represents and warrants that (a) it is authorized
        and has the right to enter into this Agreement; and (b) it has rights to
        its products  sufficient to complete the  transactions  contemplated  by
        this Agreement.

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5.2     DISCLAIMER. EXCEPT AS EXPRESSLY PROVIDED IN THIS SS.5, THE SIGNATURE DNA
        MARKERS AND ANY OTHER MATERIALS PROVIDED BY APPLIED DNA ARE PROVIDED "AS
        IS" WITHOUT ANY  WARRANTIES  OF ANY KIND,  AND APPLIED DNA  SPECIFICALLY
        DISCLAIMS ALL WARRANTIES,  WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT
        LIMITATION,  ANY IMPLIED  WARRANTIES OF  MERCHANTABILITY,  FITNESS FOR A
        PARTICULAR PURPOSE AND NON-INFRINGEMENT.

6. PROPRIETARY RIGHTS

        As between the  parties,  Applied DNA  maintains  all rights,  title and
        interest,  including all  Intellectual  Property  Rights,  in and to the
        SigNature DNA Markers and all of the technology  relating  thereto,  and
        except for the license rights  expressly  granted in ss.2 Reseller shalL
        have no rights in or to the SigNature DNA Markers.

7. INDEMNITY

7.1.1   INDEMNITY.  Reseller shall defend,  indemnify and hold harmless  Applied
        DNA, its Affiliates, and their respective officers, directors, employees
        and agents  (each an  "Indemnified  Party") from and against any and all
        claims, suits, losses,  liabilities,  damages,  judgments,  settlements,
        costs and expenses (including but not limited to investigation costs and
        attorneys' fees and expenses),  that any Indemnified Party may suffer or
        incur  as a  result  of any  claim by any  third-party  relating  to the
        Reseller Products.

7.1.2   PROCEDURE.  Applied  DNA or the  affected  Indemnified  Party  will  (a)
        promptly  notify  Reseller  in  writing  of any  such  claim,  provided,
        however,  that a delay in notifying  Reseller shall not avoid Reseller's
        indemnity  obligations  hereunder  unless,  and only to the extent that,
        Reseller's  ability to defend the claim has been  materially  prejudiced
        thereby;  and (b)  provide  to  Reseller,  at  Reseller's  expense,  all
        available information,  assistance and authority reasonably necessary to
        defend.  Reseller shall,  at its own expense,  assume the defense of any
        such claim or suit. In no event, however, shall Reseller settle any such
        claim  without  the  written  consent  of Applied  DNA and the  affected
        Indemnified  Party,  which consent shall not be  unreasonably  withheld.
        Reseller  shall  reimburse  Applied  DNA  for  any  costs  and  expenses
        (including  without limitation  reasonable  attorneys' fees) incurred by
        Applied  DNA  or  an  Indemnified   Party  in  enforcing  the  aforesaid
        indemnification.

8. LIMITATION OF LIABILITY

8.1     DISCLAIMER. IN NO EVENT SHALL APPLIED DNA OR ITS AFFILIATES OR PROVIDERS
        BE  LIABLE  FOR ANY  INCIDENTAL,  CONSEQUENTIAL,  INDIRECT,  SPECIAL  OR
        PUNITIVE DAMAGES (INCLUDING WITHOUT LIMITATION, LOSS OF PRODUCTION, LOSS
        OF PROFITS OR OF  CONTRACTS,  LOSS OF REVENUE,  LOSS OF OPERATION  TIME,
        LOSS OF GOODWILL OR  ANTICIPATED  SAVINGS,  WASTED  MANAGEMENT  OR STAFF
        TIME)  ARISING  OUT  OF OR IN  CONNECTION  WITH  THIS  AGREEMENT  OR ANY
        MATERIALS PROVIDED BY APPLIED DNA PURSUANT HERETO,  WHETHER IN AN ACTION
        IN  CONTRACT,  TORT  (INCLUDING  NEGLIGENCE  AND  STRICT  LIABILITY)  OR
        OTHERWISE,  OR ITS TERMINATION,  AND IRRESPECTIVE OF WHETHER APPLIED DNA
        HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH DAMAGES.

8.2     LIMIT.  APPLIED  DNA'S  MAXIMUM  LIABILITY,  WHETHER IN  CONTRACT,  TORT
        (INCLUDING  NEGLIGENCE  AND STRICT  LIABILITY) OR BASED ON ANY CLAIM FOR
        INDEMNITY OR  CONTRIBUTION  OR  OTHERWISE,  IN RESPECT OF EACH AND EVERY
        EVENT ARISING OUT OF OR IN  CONNECTION  WITH THIS  AGREEMENT,  SHALL NOT
        EXCEED THE AMOUNT  PAID TO APPLIED  DNA BY  RESELLER  IN THE TWELVE (12)
        MONTH  PERIOD  IMMEDIATELY  PRECEDING  THE  CLAIM  GIVING  RISE  TO SUCH
        LIABILITY.

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9. CONFIDENTIALITY

9.1     A party  ("Recipient  Party") that receives  confidential or proprietary
        information   ("Confidential   Information")   from  the   other   party
        ("Disclosing  Party") agrees to use the Confidential  Information of the
        Disclosing  Party only for the purposes  set forth under this  Agreement
        and not to use  such  Confidential  Information  for any  other  purpose
        whatsoever;   ensure  that  only  those  of  its  directors,   officers,
        employees,  consultants,  contractors  and agents who are concerned with
        the  carrying  out of this  Agreement  have  access to the  Confidential
        Information  of the  Disclosing  Party on a "need to know" basis and are
        informed  of the secret and  confidential  nature of it and are bound by
        obligations  of  confidentiality;  and otherwise  keep the  Confidential
        Information  of the  Disclosing  Party secret and  confidential  and not
        directly  or  indirectly  disclose  or  permit  to be  disclosed  to any
        third-party  for any reason  without  the prior  written  consent of the
        Disclosing Party.

9.2     The  obligations  of confidence  of each party  referred to in this ss.8
        will not extend to any Confidential Information of the other party that:
        is or becomes  generally  available to the public other than by a breach
        by a  Recipient  Party of the  provisions  of this  ss.8;  is  developed
        independently  by the Recipient  Party as demonstrated by written record
        and  without  access  or  reference  to,  or use  of,  the  Confidential
        Information  of the  Disclosing  Party;  is in the  rightful  and lawful
        possession  of  the  Recipient  Party  prior  to its  disclosure  by the
        Disclosing Party as demonstrated by written record; or is rightfully and
        lawfully   disclosed  to  the  Recipient  Party  by  a  third-party  who
        rightfully  and lawfully  obtained  the  Confidential  Information,  and
        without  breach of any  obligation of such  third-party  to maintain the
        confidentiality of such Confidential Information.

9.3     The Recipient Party may, on the advice of counsel, disclose Confidential
        Information  to the  extent  required  by  law,  provided  that,  unless
        prohibited by law,  prompt written notice of the required  disclosure is
        given to the Disclosing Party so that it may seek appropriate  relief to
        prevent such  disclosure,  and that such  disclosure will be only to the
        extent  so  required  and  will be  subject,  if  practicable,  to prior
        consultation  with the  Disclosing  Party with a view to agreeing to the
        timing and content of such disclosure.

9.4     All  Confidential  Information  disclosed by the Disclosing Party to the
        Recipient Party will be considered to be and will remain the property of
        the  Disclosing  Party.  In the event  that a court or  trustee  assumes
        partial or complete  control over the assets of a Recipient  Party based
        on the insolvency or bankruptcy of that party,  the Recipient Party will
        to the extent permitted by law, take all steps necessary or desirable to
        maintain  the  confidentiality  and security of the  Disclosing  Party's
        Confidential  Information  and to  ensure  that  the  court  or  trustee
        maintains that Confidential Information in confidence in accordance with
        this Agreement.

9.5     Nothing  in this  ss.8  shall be deemed to  conflict  with or  otherwise
        restrict the rights  granted in ss.2 to use the SigNature DNA Markers in
        Reseller  Products and to distribute them to Reseller's  customers.  The
        obligations of the parties under this ss.8 will survive the  expiration,
        rescission,  assignment or  termination  of this  Agreement for whatever
        reason.

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10. FORCE MAJEURE

        Neither party shall be  responsible  to the other for failure to perform
        any of the  obligations  imposed by this  Agreement;  provided that such
        failure  shall be  occasioned  by  fire,  flood,  explosion,  lightning,
        windstorm,  earthquake,  subsidence of soil, failure or destruction,  in
        whole or in part,  of  machinery  or  equipment  or failure of supply of
        materials,   discontinuity   in  the   supply  of  power,   governmental
        interference,  civil commotion,  riot, war,  terrorism,  strikes,  labor
        disturbance,  transportation  difficulties  or labor  shortage or by any
        cause  beyond  the  reasonable  control  of the party in  question;  and
        provided  further  that  the  party  seeking  to  avail  itself  of  the
        protections of this ss.10 use reasonable efforts to restore  performance
        as soon as  possible,  and  regularly  inform  the  other  party  of its
        progress  to that end.  Should a force  majeure  event  relied upon by a
        party  materially  impact the other party's  rights under this Agreement
        for a period of more than one hundred eighty (180) days,  then the other
        party may terminate  this Agreement upon ten (10) days written notice to
        the non-performing party.

11. MISCELLANEOUS

11.1    GOVERNING  LAW.  This  Agreement  shall be governed and  interpreted  in
        accordance with the laws of the State of New York,  except to the extent
        that New York  conflict of laws rules would require the  application  of
        the law of another state or country.

11.2    JURISDICTION.  Any action  arising  out of or related to this  Agreement
        shall be  litigated  in, and only in, one of the federal or state courts
        located in the City of New York, State of New York.

11.3    SERVICE OF PROCESS.  Each party  agrees  that  service of process may be
        made upon it at the address set forth in ss.11.6.

11.4    EXPORT  RESTRICTIONS.  Any  know-how,  technology  or  documents  to  be
        transferred  hereunder  shall  not be  exported  by  Reseller  except in
        compliance with applicable United States governmental regulations.

11.5    RELATIONSHIP  OF THE  PARTIES.  This  Agreement  does not  constitute  a
        partnership  agreement,  nor does it  create a joint  venture  or agency
        relationship  between the parties.  Neither  party shall hold itself out
        contrary to the terms of this ss.11.5.  Neither party shall be liable to
        any third party for the representations,  acts or omissions of the other
        party.

11.6    NOTICES. Unless otherwise expressly provided for, all notices, requests,
        demands,  consents or other  communications  required or permitted under
        this  Agreement  must be in writing and must be delivered  personally or
        sent by certified or registered mail (postage prepaid and return receipt
        requested)  or by a  nationally  recognized  courier  using its tracking
        system,  to the other  party at the  address  set forth below (or to any
        other address given by either party to the other party in writing):

        if to Applied DNA, addressed to:        if to Reseller, addressed to:

        Applied DNA Sciences, Inc.
        25 Health Sciences Dr. Suite 113
        Stony Brook, NY 11790
        Facsimile: (631) 444-8848               Facsimile:
        Attention: Kurt Jensen                  Attention:

                                                   TECHNOLOGY RESELLER AGREEMENT
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        In the case of mailing,  the  effective  date of delivery of any notice,
        demand or consent  shall be  considered to be ten (10) days after proper
        mailing.  In the case of courier,  the effective date of delivery of any
        notice,  demand or consent shall be upon actual delivery as confirmed by
        the courier's tracking system.

11.7    WAIVER AND  AMENDMENT.  No waiver,  amendment  or  modification  of this
        Agreement  shall be effective  unless it is in writing and signed by the
        party against whom the waiver, amendment or modification is sought to be
        enforced.  No failure or delay by either party in exercising  any right,
        power or remedy under this  Agreement  shall  operate as a waiver of the
        right,  power or remedy. No waiver of any term,  condition or default of
        this  Agreement  shall be  construed  as a  waiver  of any  other  term,
        condition or default.

11.8    SEVERABILITY.  If any  provision of this  Agreement is finally held by a
        court of competent jurisdiction to be unlawful, the remaining provisions
        of this  Agreement  shall  remain in full force and effect,  unless as a
        result  of such  unlawful  provision  there  is a  material  failure  of
        consideration  as to a party and such party is  unwilling  to waive such
        failure.

11.9    ASSIGNMENT.  Neither this  Agreement  nor any right (except as otherwise
        stated in Section 2) or obligation  under this Agreement may be assigned
        by either party without the prior written consent of the other party.

11.10   HEADINGS.  The section and  paragraph  headings  of this  Agreement  are
        intended as a convenience only, and shall not affect the  interpretation
        of its provisions.

11.11   SECTION  REFERENCES.   Unless  the  context  otherwise   requires,   all
        references to a particular  section will be a reference to that section,
        in or to this Agreement, as it may be amended from time to time pursuant
        to this Agreement.

11.12   CONSTRUCTION.  Both  parties have  participated  in the drafting of this
        Agreement,  which  Agreement is the result of  negotiations  between the
        parties. The rule of "construction  against the draftsman" shall have no
        applicability to the interpretation or construction of the provisions of
        this  Agreement  and no provision of this  Agreement  shall be construed
        against either party as the drafter.

11.13   SINGULAR AND PLURAL TERMS. Where the context of this Agreement requires,
        singular  terms shall be  considered  plural,  and plural terms shall be
        considered singular.

11.14   CURRENCY.   All  references  in  this  Agreement  to  dollars  are  U.S.
        denominated currency.

11.15   ENTIRE  AGREEMENT.  This  Agreement  constitutes  the complete and final
        agreement and  understanding  between the parties,  and  supersedes  and
        replaces  all prior  negotiations  and  agreements  between  the parties
        concerning its subject matter.  The interpretation of this Agreement may
        not  be  explained  or   supplemented   by  any  course  of  dealing  or
        performance, or by usage of trade.

                                                   TECHNOLOGY RESELLER AGREEMENT
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11.16   EXECUTION  REQUIRED.  This Agreement shall not be binding against either
        party until it is executed by both parties.

11.17   COUNTERPARTS.  This Agreement may be executed in  counterparts,  each of
        which  when so  executed  will be an  original,  and both of which  will
        constitute one and the same  instrument.  Complete sets of  counterparts
        will be distributed to each party.

11.18   COSTS.  Each  party  will bear its own  costs,  fees and other  expenses
        (including legal fees,  costs and expenses)  incurred in the preparation
        and execution of this Agreement.  Each party to this Agreement shall, at
        its own expense except as otherwise expressly provided herein,  furnish,
        execute and deliver all documents and take all actions as may reasonably
        be required to effect the terms and purposes of this Agreement.

11.19   REMEDIES  CUMULATIVE.  Unless stated  otherwise in this  Agreement,  the
        rights and remedies of the parties under this  Agreement are  cumulative
        and not exclusive of any rights or remedies provided herein or by law.

IN WITNESS  WHEREOF,  the parties  have caused this  Agreement to be executed by
their duly authorized representatives.

APPLIED DNA SCIENCES, INC.               RESELLER:HPT International LLC

By (sign)                                By (sign):

/s/ Kurt Jensen                          /s/ Israel Sar-El
-----------------------------            -----------------------------
Printed name: Kurt Jensen                Printed name: Israel Sar-El
Title: Comptroller                       Title: C.E.O.
Date: 3/16/07                            Date: 3/19/07
     -------------                            -------------

                                                   TECHNOLOGY RESELLER AGREEMENT
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                                   SCHEDULE A

                                RESELLER PRODUCTS

Reseller may use the  SigNature DNA Markers in the following of its products for
distribution to its customers:

Holograms,  Nylon 6 tags,  other  plastic  or  metal  food  tags  and any  other
identification material mutually agreed upon by the parties.

                                                   TECHNOLOGY RESELLER AGREEMENT
                                                                      SCHEDULE A

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                                   SCHEDULE B

                                  FEE SCHEDULE

Reseller shall pay Applied DNA the following fees:

1. AMOUNT.  In respect of all Reseller Products having the SigNature DNA Markers
fixed to them that are distributed to third parties,  Reseller shall pay Applied
DNA $[*] per Reseller  Product  incorporating  SigNature DNA  Marker(s)  that is
distributed to a third party.

2. Second level forensic  authentication (Real Time PCR) will be provided at our
Stony  Brook Lab at a cost to Reseller  of $[*] per test.  Third level  forensic
authentication test (CE Sequencing) will be provided at our Stony Brook Lab at a
cost to Reseller of $[*] per test.

3. PAYMENT TERMS.  Reseller  shall  calculate the fees due to Applied DNA at the
end of each  calendar  month,  and shall pay to Applied DNA all such fees within
ten (10) days following the last day of such calendar month, providing with that
payment an accounting report itemizing all products distributed and to whom they
were distributed.

                                                   TECHNOLOGY RESELLER AGREEMENT
                                                                      SCHEDULE BExhibit 10.14

 

 

 

 

SHENANDOAH TELEPHONE COMPANY

EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

 

 

 

 

 

 

 

 

 

 

Effective January 1, 2007

 

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

TABLE OF CONTENTS

 

	
            INTRODUCTION
 	
            1
 
	
            ARTICLE I  DEFINITIONS
 	
            2
 
	
             
	
            1.01. Account
 	
            2
 
	
             
	
            1.02. Affiliate
 	
            2
 
	
             
	
            1.03. Beneficiary or Beneficiaries
 	
            2
 
	
             
	
            1.04. Beneficiary Designation Form
 	
            2
 
	
             
	
            1.05. Board
 	
            2
 
	
             
	
            1.06. Code
 	
            2
 
	
             
	
            1.07. Committee
 	
            2
 
	
             
	
            1.08. Company
 	
            3
 
	
             
	
            1.09. Compensation
 	
            3
 
	
             
	
            1.10. Credited Service
 	
            3
 
	
             
	
            1.11. Deferred Benefit
 	
            3
 
	
             
	
            1.12. Defined Benefit SERP
 	
            3
 
	
             
	
            1.13. Employee
 	
            3
 
	
             
	
            1.14. ERISA
 	
            3
 
	
             
	
            1.15. Participant
 	
            3
 
	
             
	
            1.16. Plan
 	
            4
 
	
             
	
            1.17. Plan Year
 	
            4
 
	
             
	
            1.18. Specified Employee
 	
            4
 
	
             
	
            1.19. Terminate or Termination
 	
            4
 
	
             
	
            1.20. The 401(k) Plan
 	
            4
 
	
            ARTICLE II  PARTICIPATION
 	
            5
 
	
            ARTICLE III  DEFERRED BENEFIT
 	
            6
 
	
             
	
            3.01. Establishment of Account
 	
            6
 
	
             
	
            3.02. Conversion Contribution
 	
            6
 
	
             
	
            3.03. Replacement Contribution
 	
            6
 
	
             
	
            3.04. Restoration Contribution
 	
            6
 
	
             
	
            3.05. Investment Measures
 	
            6
 
	
             
	
            3.06. Vesting
 	
            7
 
	
             
	
            3.07. Distributions
 	
            7
 
	
            ARTICLE IV  ADMINISTRATION OF THE PLAN
 	
            8
 
	
             
	
            4.01. Administrative Rules
 	
            8
 
	
             
	
            4.02. Eligibility Determinations
 	
            8
 
	
             
	
            4.03. Information to Committee
 	
            8
 
	
             
	
            4.04. Claims Procedure
 	
            8
 
			

            

 

 

- i -

 

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

 

	
            ARTICLE V  AMENDMENTS AND TERMINATION
 	
            10
 
	
            ARTICLE VI  MISCELLANEOUS
 	
            11
 
	
             
	
            6.01. No Guarantee of Employment
 	
            11
 
	
             
	
            6.02. Liability
 	
            11
 
	
             
	
            6.03. Nonassignability
 	
            11
 
	
             
	
            6.04. Indemnification
 	
            11
 
	
             
	
            6.05. Notices
 	
            12
 
	
             
	
            6.06. Waiver
 	
            12
 
	
             
	
            6.07. Binding Nature of Plan
 	
            12
 
	
             
	
            6.08. Construction
 	
            12
 
	
             
	
            6.09. Governing Law
 	
            12
 
	
            SIGNATURE PAGE
 	
            13
 
	
             
 	
             
 
			

            

 

 

 

- ii -

 

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

INTRODUCTION

Effective May 12, 2003, the Board of Directors of Shenandoah Telephone Company (the “Company”) adopted the Executive Supplemental Retirement Plan (the “Plan”) for selected key employees Participating in the Shenandoah Telephone Company Retirement Plan. The Plan was initially designed as a defined benefit plan, to provide retirement benefits in addition to those provided under the Company’s Retirement Plan. 

On December 22, 2006, the Company amended the Plan to include a lump-sum distribution option and to allow Participants to elect, by no later than December 31, 2006, the form of payment with respect to benefits payable in 2007, consistent with guidance issued under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

Effective December 31, 2006, the Company amended and restated the Plan (i) to comply with Code section 409A, in accordance with proposed regulations promulgated thereunder, (ii) to provide for an enhanced early retirement benefit, and (iii) to freeze further accruals as of December 31, 2006. Although the  Plan document was amended and restated effective as of December 31, 2006, the amendments required by Code section 409A were effective as of January 1, 2005. (This Plan document refers to the Plan in effect as of December 31, 2006, as the “Defined Benefit SERP”.)

Effective January 1, 2007, the Company has further amended and restated the Plan by changing the Plan to an individual account, defined contribution design. Participants’ accounts under the Plan will be credited, as of January 1, 2007, with the actuarial equivalent present value of their benefits under the Defined Benefit SERP as of December 31, 2006.

The Plan is intended to be unfunded and maintained primarily for the purpose of providing deferred compensation for a “select group of management or highly compensated employees” (as such phrase is used in the Employee Retirement Income Security Act of 1974). The Plan must be administered and construed in a manner that is consistent with that intent. The Plan, as amended and restated herein, is intended to satisfy the requirements of section 409A of the Code. The Plan will be administered and interpreted in a manner that is consistent with that intent.

 

- 1 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE I

DEFINITIONS

 

	
            1.01.
 	
            Account
 

Account means an unfunded deferred compensation account established to record a Participant’s interest in the Plan. The term Account encompasses the subaccounts established for each Investment Option.

	
            1.02.
 	
            Affiliate 
 

Affiliate means any corporation which, when considered with the Company, would constitute, a controlled group of corporations within the meaning of Code section 1563(a) determined without reference to Code section 1563(a)(4) and 1563(e)(3)(C).

	
            1.03.
 	
            Beneficiary or Beneficiaries
 

Beneficiary means a person or entity designated on a Beneficiary Designation Form by a Participant to receive a Deferred Benefit payment. If there is no valid designation by the Participant, or if the designated Beneficiary or Beneficiaries fail to survive the Participant or otherwise fail to take the Deferred Benefit, the Participant’s Beneficiary is the first of the following who survives the Participant:  a Participant’s spouse (the person legally married to the Participant when the Participant dies); the Participant’s children in equal shares; and the Participant’s estate. 

	
            1.04.
 	
            Beneficiary Designation Form  1.09

 

Beneficiary Designation Form means a form acceptable to the Committee used by a Participant according to this Plan to name his or her Beneficiary or Beneficiaries who will receive all Deferred Benefit payments under this Plan if he dies.

	
            1.05.
 	
            Board
 

Board means the Board of Directors of the Company.

	
            1.06.
 	
            Code
 

Code means the Internal Revenue Code of 1986, as amended.

	
            1.07.
 	
            Committee
 

Committee means the committee appointed by the Board to administer the Plan.

 

- 2 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

	
            1.08.
 	
            Company
 

Company means the Shenandoah Telephone Company, and any successor business by merger, purchase, or otherwise that maintains the Plan.

	
            1.09.
 	
            Compensation 
 

Compensation means salary, including salary deferrals under the 401(k) Plan or under the Company’s Code section 125 cafeteria plan, cash bonuses, and paid time off, without regard to any limitations imposed by the application of Code section 401(a)(17). Compensation shall exclude equity compensation, disability payments, retirement income, and Company contributions to the 401(k) Plan and to this Plan.

	
            1.10.
 	
            Credited Service 
 

Credited Service means the sum of: (i) for the period prior to January 1, 2007, all service counted as Credited Service under the Defined Benefit SERP as of December 31, 2006, and (ii) for the period after December 31, 2006, Years of Service as defined in the 401(k) Plan.

	
            1.11.
 	
            Deferred Benefit 
 

Deferred Benefit means the benefit payable under the Plan.

	
            1.12.
 	
            Defined Benefit SERP
 

Defined Benefit SERP means the Plan in effect as of December 31, 2006, before it was converted to a defined contribution Plan effective as of January 1, 2007.

	
            1.13.
 	
            Employee
 

Employee means an employee of the Company or an Affiliate of the Company, who is a member of a select group of management, or a highly compensated employee (as such terms are used in section 201(2) of ERISA).

	
            1.14.
 	
            ERISA
 

ERISA means the Employee Retirement Income Security Act of 1974, as amended.

	
            1.15.
 	
            Participant
 

Participant means an Employee who becomes a Participant in the Plan pursuant to Plan Article II hereof.

 

- 3 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

	
            1.16.
 	
            Plan 
 

Plan means the Shenandoah Telephone Company Executive Supplemental Retirement Plan, as amended and restated.

	
            1.17.
 	
            Plan Year
 

Plan Year means each 12-month period beginning on January 1 and ending on December 31.

	
            1.18.
 	
            Specified Employee
 

Specified Employee means a Participant who is a “specified employee” under section 409A of the Code.

	
            1.19.
 	
            Terminate or Termination
 

Terminate or Termination, with respect to a Participant, mean cessation of an employment relationship with the Company or an Affiliate whether by death, disability, retirement or severance for any other reason. Terminate or Termination do not include situations where the Participant transfers employment among the Company and one of its Affiliates and shall be applied consistently with the requirements of Code section 409A.

	
            1.20.
 	
            The 401(k) Plan
 

The 401(k) Plan means the  Shenandoah Telephone Company Supplemental Retirement Plan.

 

- 4 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE II

PARTICIPATION

(a)          Any Employee who is selected by the Board to participate in the Plan and whose participation is approved in writing by a resolution adopted by the Board will become a Participant.

(b)          A Participant shall continue to be a Participant in the Plan so long as an Account is being maintained (or is required to be maintained under the terms of the Plan) for him or her.

(c)          A Participant shall cease to be credited with contributions under Article III of the Plan when he is no longer a member of management or a highly compensated employee, or on the date the Committee declares that he is no longer eligible to receive contributions under the Plan.

 

 

- 5 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE III

DEFERRED BENEFIT

	
            3.01.
 	
            Establishment of Account
 

A bookkeeping account (the “Account”) shall be established for each Participant effective as of January 1, 2007. The Account shall reflect the Participant’s interest in the Plan under this Article III. The Account shall be credited with the amounts described in Plan sections 3.02, 3.03, and 3.04. The Account shall be adjusted for notional investment gains and losses as provided in Plan section 3.05.

	
            3.02.
 	
            Conversion Contribution
 

(a)          Effective as of January 1, 2007, a Participant’s Account shall be credited with the actuarial equivalent present value of his benefit under the Defined Benefit SERP as of December 31, 2006, whether or not vested, applying the actuarial assumptions under the Shenandoah Telephone Company Retirement Plan in effect as of December 31, 2006. Thereafter, the Participant shall no longer be entitled to any benefit under the terms of the Defined Benefit SERP. 

(b)          Notwithstanding the preceding, if a Participant elected to retire in accordance with section 3.08 of the Defined Benefit SERP, then his accrued benefit under the Defined Benefit SERP as of December 31, 2006, shall be distributed in accordance with such election, and shall not be credited to his Account under this section 3.02.

	
            3.03.
 	
            Replacement Contribution
 

A Participant’s Account shall be credited with an amount equal to 7% of the Participant’s Compensation. These replacement contributions shall be credited to a Participant’s Account as of the date that basic contributions are credited to the Participant’s account in the 401(k) Plan.

	
            3.04.
 	
            Restoration Contribution
 

A Participant’s Account shall be credited with an amount equal to 5% of the
Participant’s Compensation that exceeds the applicable Code section
401(a)(17) compensation limit, which is intended to restore contributions that
are reduced under the 401(k) Plan on account of the section 401(a)(17)
limitation. These restoration contributions shall be credited to each Account as
of the date that basic contributions are credited to the Participant’s
account in the 401(k) Plan. Notwithstanding the preceding, the Restoration
Contribution under this section 3.04 cannot exceed the dollar limitation as in
effect under Code section 402(g) for that year. 

	
            3.05.
 	
            Investment Measures
 

A Participant’s Account shall be adjusted for notional investment gains and
losses based on the investment performance of the investments selected by the
Participant. The investment 

 

- 6 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

 options available under the Plan shall be the same
investment options offered under the 401(k) Plan, unless the Committee provides for additional or alternative investment options, which shall be set forth on an exhibit attached hereto. Unless the Committee directs otherwise, the procedures governing the investment of a Participant’s Account, including the frequency of valuation, the ability to change investment options or reallocate among the investment options, or any limitations on the minimum percentage allocable to an investment, will be subject to the same rules as applicable to the 401(k) Plan.

	
            3.06.
 	
            Vesting
 

Each Participant shall have a vested and nonforfeitable interest in his Account upon completing ten years of Credited Service.

	
            3.07.
 	
            Distributions
 

(a)          A Participant who elected to retire in accordance with section 3.08 of the Defined Benefit SERP shall receive his benefit under the Defined Benefit SERP in accordance with such election, and shall receive any benefit accrued under the Plan on and after January 1, 2007, in accordance with Plan subsections 3.07(b) and (c).

(b)          A Participant who has a vested and nonforfeitable interest in his Account shall receive a distribution of his Deferred Benefit as of his Termination. The distribution will equal the balance of the Participant’s vested Account on the date of Termination. The distribution shall be paid in a single lump sum, in cash, no later than 90 days after Termination; provided, however, that if the Participant is a Specified Employee on the date of Termination and the Termination is not on account of death or disability (as defined under Code section 409A), then the payment shall be made (without interest or other adjustment) on the first day of the seventh month beginning after Termination.

(c)          If a Participant’s employment ends on account of death or if a Participant dies before receiving a distribution of his vested Account, then the vested Account balance shall be paid to the Participant’s Beneficiary or Beneficiaries.

(d)          Any portion of a Participant’s Account that has not become vested and nonforfeitable on or before his Termination shall be forfeited as of the date of Termination.

 

- 7 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE IV

ADMINISTRATION OF THE PLAN

	
            4.01.
 	
            Administrative Rules
 

The Company reserves the right to adopt any rules for the administration and application of the Plan as necessary which are not inconsistent with the express terms hereof, to amend or revoke any such rule, and to interpret the Plan and any rules adopted pursuant to this Plan Article. All actions taken and all determinations made by the Company in good faith shall be final and binding upon all Participants, Beneficiaries, or other persons interested in the Plan.

	
            4.02.
 	
            Eligibility Determinations
 

In addition to the powers hereinabove specified, the Committee shall have the power to select which employees of the Company and its Affiliates will be eligible to receive contributions under Article III of the Plan, to compute and certify the amount and kind of benefits from time to time payable to Participants and their Beneficiaries under the Plan, to authorize all disbursements for such purposes, and to determine whether a Participant is entitled to a benefit under the Plan.

	
            4.03.
 	
            Information to Committee
 

To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating to the compensation of all Participants, their retirement, death or other cause for Termination of employment, and such other pertinent facts as the Committee may require.

	
            4.04.
 	
            Claims Procedure
 

(a)          All claims for benefits under the Plan shall be submitted to the Committee or such person as the Committee may designate in writing who shall have the initial responsibility for determining the eligibility of any claim for benefits. All claims for benefits shall be made in writing and shall set forth the facts which such claimant believes to be sufficient to entitle him to the benefit claimed.

(b)          In the event a claim for benefits is denied the claimant shall be notified in writing or by electronic mail within ninety (90) days after the claim is submitted. The notice shall be written in a manner calculated to be understood by the claimant and shall include:

	
             
  	
            (1)
 	
            The specific reason or reasons for the denial;
 

(2)          Specific references to the pertinent Plan provisions on which the denial is based;

 

- 8 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

(3)          A description of any additional material or information necessary for the claimant to perfect the claim and an explanation why such material or information is necessary; and

(4)          An explanation of the Plan’s claim review procedures and time limits applicable to such procedures, including the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review.

If special circumstances require an extension of time for processing the initial claim, a written notice of the extension and the reason therefore shall be furnished to the claimant before the end of the initial 90 day period. In no event shall the extension exceed 90 days.

(c)          In the event a claim for benefits is wholly or partly denied, the claimant or his duly authorized representative, at the claimant’s sole expense, may appeal the denial to the Committee within 60 days of the receipt of written notice of the denial. In pursuing the appeal the claimant or his duly authorized representative:

(1)          may request in writing that the Committee review the denial, taking into account all comments, documents, records and information submitted by the claimant relating to the claim without regard to whether the information was submitted or considered in the initial benefit determination;

(2)          upon request, and free of charge, may review or receive copies of documents and records relevant to the claim for benefits; and

	
             
  	
            (3)
 	
            may submit documents, records and written issues relating to the claim.
 

The decision on review shall be made within 60 days of receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review. If such an extension of time is required, written notice of the extension shall be furnished to the claimant before the end of the original 60 day period. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by the claimant, and shall include specific references to the provisions of the Plan on which the denial is based.

 

- 9 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE V

AMENDMENTS AND TERMINATION

The Company hopes and expects to continue the Plan indefinitely, but reserves the right, by resolution of the Board or any executive committee of the Board, to amend, modify, or terminate the Plan at any time and for any reason by a majority vote of its members, by unanimous consent in lieu of a meeting or in any other manner applicable under state law; provided, however, that no amendment or termination of the Plan shall cause a distribution of benefits in violation of Code section 409A. In addition, the Board or the executive committee of the Board may delegate to an appropriate officer, or officers of the Company, or committee, all or part of the authority to amend or terminate the Plan.

 

- 10 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

ARTICLE VI

MISCELLANEOUS

	
            6.01.
 	
            No Guarantee of Employment
 

The Plan does not in any way limit the right of the Company or an Affiliate at any time and for any reason to terminate the Participant’s employment or such Participant’s status as an officer of the Company or an Affiliate. In no event shall the Plan by its terms or implications constitute an employment contract of any nature whatsoever between the Company or an Affiliate and a Participant.

	
            6.02.
 	
            Liability
 

The Plan is unfunded. A Deferred Benefit is at all times a mere contractual obligation of the Company. A Participant and his or her Beneficiaries have no right, title, or interest in the Deferred Benefits or any claim against them. All Deferred Benefits will be satisfied solely out of the general corporate assets of the Company, which shall remain subject to the claims of its creditors and the creditors of any Affiliate that is an employer of a Participant. The Company may establish one or more trusts under which payments may be made that will satisfy the Company’s obligations under this Plan to the extent of such payments. The assets of any such trusts will remain subject to the claims of the creditors of the Company and any Affiliate that is an employer of a Participant. No officer, director, or stockholder of the Company or its subsidiaries shall be individually liable for the
Company’s or its subsidiaries’ obligations hereunder, or on account of any claim arising by reason of the provisions of this Plan or of any instrument or instruments implementing the provisions or purposes hereof.

	
            6.03.
 	
            Nonassignability
 

A Participant has no control over Deferred Benefits except according to his or her Beneficiary Designation Form, and any investment options elected under the Plan. The rights, interests, and benefits of a Participant (or Beneficiary thereof) in this Plan shall not be subject to assignment, anticipation, transfer, pledge, hypothecation or other transfer, and such rights, interests and benefits shall not be liable for the debts, contracts, or engagements of a Participant (or Beneficiary thereof), or otherwise subject to execution, attachment, garnishment, or similar process. 

	
            6.04.
 	
            Indemnification
 

The Company shall indemnify and hold harmless each member of the Committee
against any and all expenses and liabilities arising out of membership on the
Committee relating to administration of the Plan, excepting only expenses and
liabilities arising out of a member’s own willful misconduct. Expenses
against which a member of the Committee shall be indemnified hereunder shall
include without limitation, the amount of any settlement or judgment, costs,
counsel fees, and related charges reasonably incurred in connection with a claim
asserted, or a  

 

- 11 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

proceeding brought or settlement thereof. The foregoing right of
indemnification shall be in addition to any other rights to which any such
member may be entitled. 

	
            6.05.
 	
            Notices
 

Notices and elections under this Plan must be in writing. A notice or election is deemed delivered if it is delivered personally or if it is mailed by registered or certified mail to the person or business at its last known business address.

	
            6.06.
 	
            Waiver
 

The waiver of a breach of any provision in this Plan does not operate as and may not be construed as a waiver of any later breach.

	
            6.07.
 	
            Binding Nature of Plan
 

The Plan shall be binding upon the Company, its Affiliates and the successors and assigns of the Company and its Affiliates, subject to the provisions set forth in Article V, and upon a Participant, his or her Beneficiary, and either of their assigns, heirs, executors or committees.

	
            6.08.
 	
            Construction
 

Headings are given for ease of reference and must be disregarded in interpreting the Plan. If a provision of this Plan is not valid or not enforceable, that fact in no way affects the validity or enforceability of any other provision. Masculine pronouns wherever used shall include feminine pronouns and the use of the singular shall include the plural.

	
            6.09.
 	
            Governing Law
 

This Plan shall be governed by the laws of the Commonwealth of Virginia (other than its choice-of-law provisions) except to the extent that the laws of the Commonwealth of Virginia are preempted by the laws of the United States.

 

- 12 -

 

 

Shenandoah Telephone Company

Executive Supplemental Retirement Plan

Effective January 1, 2007

 

SIGNATURE PAGE

As evidence of its adoption of the restated Shenandoah Telephone Company Executive Supplemental Retirement Plan Effective January 1, 2007, the Company has caused this document to be executed by its duly authorized officer as of the 21st day of March, 2007.

 

SHENANDOAH TELEPHONE COMPANY

By:    /s/Christopher E. French        

	
             
 	
            Christopher E. French
 

	
             
 	
            President
 

 

 

 

- 13 -

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