Document:

exv10w1

Exhibit 10.1

EMPLOYMENT AGREEMENT

          This employment agreement (the “Agreement”) is entered into by and between Douglas C. Robinson
(“you” or “your”) and LifeVantage Corporation, a Colorado corporation, (the “Company”). This
Agreement has an effective date of March 15, 2011 (the “Effective Date”) and this Agreement shall
terminate no later than June 30, 2014 (the date of termination of this Agreement is the “Expiration
Date”).

          In consideration of the mutual covenants and promises made in this Agreement, you and the
Company agree as follows:

      1. Position and Responsibilities. As of the Effective Date, you will commence serving as a
full-time employee of the Company as the Company’s President and Chief Executive Officer (“PCEO”).
As PCEO, you shall report directly to the Company’s Board of Directors (the “Board”). You shall
have the duties, responsibilities and authority that are customarily associated with such position
and such other senior management duties as may reasonably be assigned by the Board. You will
devote your full time, efforts, abilities, and energies to promote the general welfare and
interests of the Company and any related enterprises of the Company. You will loyally,
conscientiously, and professionally do and perform all duties and responsibilities of his position,
as well as any other duties and responsibilities as will be reasonably assigned by the Company. At
the request of the Company, you will also serve as an officer and/or member of the board of
directors of any Company affiliate, without additional compensation. Your primary workplace will
be located at the Company’s Utah office, located at 10813 S. River Front Parkway, Suite 500, South
Jordan, Utah 84095, although you will have a home office where you will be able to work remotely
subject to requisite business travel. Nothing herein shall preclude you from (i) serving, with the
prior written consent of the Board in its sole and absolute discretion, as a member of the board of
directors or advisory boards (or their equivalents in the case of a non-corporate entity) of
non-competing businesses and charitable organizations, (ii) engaging in charitable activities and
community affairs, and (iii) managing your personal investments and affairs; provided, however,
that the activities set out in clauses (i), (ii) and (iii) shall be limited by you so as not to
materially interfere, individually or in the aggregate, with the performance of your duties and
responsibilities hereunder.

      2. At-Will Employment. Your employment with the Company is at-will and either you or the Company
may terminate your employment at any time and for any reason (or no reason), with or without Cause
(as defined below), in each case subject to the terms and provisions of this Agreement. The terms
of Sections 8 through 18 shall survive any termination or expiration of this Agreement or of your
employment.

      3. Salary, Bonus and Equity Incentives. For avoidance of doubt, the Board may delegate some or all
of its authority and responsibilities under this Section 3 to a committee of members of the Board.

          (a) Base Salary. During your employment as PCEO and while this Agreement is in effect, you
will be paid an annual base salary of $325,000 (the “Base Salary”) for your services as PCEO,
payable in the time and manner that the Company customarily pays its employees. Your Base Salary
will be automatically increased to $350,000 if, for each calendar month in a consecutive three
month period, the Company’s monthly earnings before interest, taxes, depreciation and amortization
(“EBITDA”) exceeds the product of ten percent multiplied by the Company’s total revenues for each
such month (the “EBITDA Performance Goal”). The Board in its reasonable judgment shall determine
(based on
Company monthly financial statements) if and when the EBITDA Performance Goal has been
achieved. If the EBITDA Performance Goal is achieved while you are PCEO, then the automatic Base
Salary increase shall be effective on the next payroll period following the Board’s determination
that the three month period EBITDA Performance Goal was achieved.

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          (b) Bonuses. During your employment as PCEO and while this Agreement is in effect, you will
be eligible to participate in any bonus programs as set forth by the Board. Commencing with the
Company’s Fiscal Year 2012 which ends on June 30, 2012, during each Company fiscal year you will be
eligible to earn an annual cash bonus based on performance objectives established by the Board with
input from you. For fiscal year 2012, the bonus performance objectives shall be established by the
Board within 90 days following the Effective Date. Your annual maximum cash bonus amount will be
equal to 50% of the Base Salary that was paid to you during the applicable fiscal year. The actual
amount of the annual bonus paid to you, if any, shall be determined by the Board in its sole
discretion and may be less than the maximum amount. Any such bonus shall be paid to you during the
first three months of the fiscal year that follows the applicable performance fiscal year. The
bonus will be deemed to have been earned on the date of payment of such bonus and you must remain
an employee of the Company through the date of payment in order to receive the bonus. In addition
to the foregoing, you will be eligible to receive the following transition bonus payments
conditioned on you continuously remaining employed by the Company through the applicable payment
date.

	 	 	 	 	 
	Bonus Amount	 	 	Payment Date
	 
	$	101,250	 	 	Effective Date

	$	67,500	 	 	July 31, 2011

	$	33,750	 	 	September 30, 2011

	$	33,750	 	 	March 30, 2012

	$	33,750	 	 	October 1, 2012

	 
	$	270,000	 	 	 

          (c) Stock Options and Compensatory Equity. While you are an employee of the Company, you will
be eligible to receive grants of stock options (or other grants of Company equity) to purchase
shares of the Company’s common stock. Such equity grants, if any, will be made in the sole
discretion of the Board and will be subject to the terms and conditions specified by the Board, the
Company’s stock plan, the award agreement that you must execute as a condition of any grant and the
Company’s insider trading policy. If required by applicable law with respect to transactions
involving Company equity securities, you agree that you shall use your best efforts to comply with
any duty that you may have to (i) timely report any such transactions and (ii) to refrain from
engaging in certain transactions from time to time. The Company has no duty to register under (or
otherwise obtain an exemption from) the Securities Act of 1933 (or applicable state securities
laws) with respect to any Company equity securities that may be issued to you. Any equity
compensation awards that were granted to you before the Effective Date shall continue to be
governed by their applicable terms and conditions.

Upon the Effective Date, subject to approval of the Board and subject to your being a Company
employee on the Effective Date, you shall be granted a stock option under the Company’s 2010 Stock
Incentive Plan (“2010 SIP”) to purchase up to 1,610,000 common shares of the Company (the
“Option”). To the maximum extent permitted by applicable law, the Option shall constitute an
“incentive stock option”, as provided under Internal Revenue Code (the “Code”) Section 422, and the
balance of the Option shall be a nonstatutory stock option. Before the grant of the Option, the
number of shares subject to the Option (and exercise prices referenced below) shall be
proportionately adjusted to the extent necessary under 2010 SIP section 11(a). As a condition of
the grant of the Option, you must timely execute an Option agreement(s)
prescribed by the Company which will provide the terms and conditions of the Option. However, the
Option and the Option agreement will provide for the following terms:

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	Shares subject to Option	 	Per Share Exercise Price	 	Vesting Date*	 
	 
	 	110,000	 	 	Fair Market Value on Grant Date
	 	Grant Date

	 	500,000	 	 	Fair Market Value on Grant Date
	 	June 30, 2012

	 	500,000	 	 	$1.20**
	 	June 30, 2013

	 	500,000	 	 	$1.75**
	 	June 30, 2014

	 
	 	1,610,000	 	 	 
	 	 	 	 

 

			
	*	 	You must continuously remain in Service (as defined in the 2010 SIP) through the vesting date in
order for the applicable portion of the Option to become vested.
	 
	**	 	If the Fair Market Value on the Option grant date is greater then the per share exercise price
shown in the above table, then the actual per share exercise price for the related number of shares
shall instead be equal to such higher Fair Market Value. For purposes of this Agreement, “Fair
Market Value” shall have the meaning provided to it in the 2010 SIP.

     4. Expense Reimbursement. During your employment as PCEO and while this Agreement is in effect,
you will be reimbursed for all reasonable business expenses (including, but without limitation,
travel expenses) upon the properly completed submission of requisite forms and receipts to the
Company in accordance with the Company’s expense reimbursement policy.

     5. Limitation on Golden Parachute Payments Notwithstanding any other provision of this Agreement
or any such other agreement or plan, if any portion of the Total Payments (as defined below) would
constitute an Excess Parachute Payment (as defined below) and therefore would be nondeductible to
the Company by reason of the operation of Code Section 280G relating to golden parachute payments
and/or would be subject to the golden parachute excise tax (“Excise Tax”) by reason of Section 4999
of the Code, then the full amount of the Total Payments shall not be provided to you and you shall
instead receive the Reduced Total Payments (as defined below).

If the Total Payments must be reduced to the Reduced Total Payments, the reduction shall occur in
the following order: (1) reduction of cash payments for which the full amount is treated as a
Parachute Payment; (2) cancellation of accelerated vesting (or, if necessary, payment) of cash
awards for which the full amount is not treated as a parachute payment; (3) cancellation of any
accelerated vesting of equity awards; and (4) reduction of any continued employee benefits. In
selecting the equity awards (if any) for which vesting will be reduced under clause (3) of the
preceding sentence, awards shall be selected in a manner that maximizes the after-tax aggregate
amount of Reduced Total Payments provided to you, provided that if (and only if) necessary in order
to avoid the imposition of an additional tax under Section 409A of the Code, awards instead shall
be selected in the reverse order of the date of grant.

For the avoidance of doubt, for purposes of measuring an equity compensation award’s value to you
when performing the determinations under the preceding paragraph, such award’s value shall equal
the then aggregate fair market value of the vested shares underlying the award less any aggregate
exercise price less applicable taxes. Also, if two or more equity awards are granted on the same
date, each award will be reduced on a pro-rata basis. In no event shall (i) you have any
discretion with respect to the ordering of payment reductions or (ii) the Company be required to
gross up any payment or benefit to you to avoid the effects of the Excise Tax or to pay any regular
or excise taxes arising from the application of the Excise Tax.

All mathematical determinations and all determinations of whether any of the Total Payments are
Parachute Payments that are required to be made under this Section shall be made by a nationally
recognized independent audit firm selected by the Company (the “Accountants”), who shall provide
their

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determination, together with detailed supporting calculations regarding the amount of any
relevant matters, both to the Company and to you. Such determination shall be made by the
Accountants using reasonable good faith interpretations of the Code. The Company shall pay the
fees and costs of the Accountants which are incurred in connection with this Section.

“Excess Parachute Payment” has the same meaning provided to such term by Treasury Regulations
section 1.280G-1 Q/A-3.

“Parachute Payment” has the same meaning provided to such term by Treasury Regulations section
1.280G-1 Q/A-2.

“Reduced Total Payments” means the lesser portion of the Total Payments that may be provided to you
instead of the Total Payments. The Reduced Total Payments shall be the maximum amount from the
Total Payments that can be provided to you without incurring Excess Parachute Payments.

“Total Payments” means collectively the benefits or payments provided by the Company (or by any
person who acquires ownership or effective control of the Company or ownership of a substantial
portion of the Company’s assets within the meaning of section 280G of the Code and the regulations
thereunder) to or for the benefit of you under this Agreement or any other agreement or plan.

     6. Employee Benefit Programs. During your employment with the Company, and except as may be
provided under an employee stock purchase plan, you will be entitled to participate, on the same
terms as generally provided to senior executives, in all Company employee benefit plans and
programs at the time or thereafter made available to Company senior executive officers including,
without limitation, any savings or profit sharing plans, deferred compensation plans, stock option
incentive plans, group life insurance, accidental death and dismemberment insurance,
hospitalization, surgical, major medical and dental coverage, vacation, sick leave (including
salary continuation arrangements), long-term disability, holidays and other employee benefit
programs sponsored by the Company. The Company may amend, modify or terminate these benefits at
any time and for any reason.

     7. Consequences of Termination of Employment. Unless the Company requests otherwise in writing,
upon termination of your employment for any reason, you understand and agree that you shall be
deemed to have also immediately resigned from all positions as an officer (and/or director, if
applicable) with the Company (and its affiliates) as of your last day of employment (the
“Termination Date”). Upon termination of your employment for any reason, you shall receive payment
or benefits from the Company covering the following: (i) all unpaid salary and unpaid vacation
accrued through the Termination Date, (ii) any payments/benefits to which you are entitled under
the express terms of any applicable Company employee benefit plan, (iii) any unreimbursed valid
business expenses for which you have submitted properly documented reimbursement requests and (iv)
your then outstanding equity compensation awards as governed by their applicable terms
(collectively, (i) through (iv) are the “Accrued Pay”). You may also be eligible for other
post-employment payments and benefits as provided in this Agreement.

          (a) For Cause. For purposes of this Agreement, your employment may be terminated by the
Company for “Cause” as a result of the occurrence of one or more of the following:

               (i) your conviction of, or a plea of guilty or nolo contendere to, a felony or other crime
(except for misdemeanors which are not materially injurious to the business or reputation of the
Company or a Company affiliate);

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               (ii) your willful refusal to perform in any material respect your duties and responsibilities
for the Company or a Company affiliate or your failure to comply in any material respect with the
terms of this Agreement and the Confidentiality Agreement and the polices and procedures of the
Company or a Company affiliate at which you serve as an officer and/or director if such refusal or
failure causes or reasonably expects to cause injury to the Company or a Company affiliate;

               (iii) fraud or other illegal conduct in your performance of duties for the Company or a
Company affiliate;

               (iv) your material breach of any material term of this Agreement; or

               (v) any conduct by you which is materially injurious to the Company or a Company affiliate or
materially injurious to the business reputation of the Company or a Company affiliate.

          Prior to your termination for Cause, you will be provided with written notice from the Company
describing the conduct forming the basis for the alleged Cause and to the extent curable as
determined by the Board in its sole discretion, an opportunity of 15 days to cure such conduct
before the Company may terminate you for Cause. If the Board determines that the Cause event is
curable, you may during this 15 day period present your case to the full Board before any
termination for Cause is finalized by the Company. Any termination for “Cause” will not limit any
other right or remedy the Company may have under this Agreement or otherwise.

          In the event your employment is terminated by the Company for Cause you will be entitled only
to your Accrued Pay and you will be entitled to no other compensation from the Company.

          (b) Without Cause or for Good Reason. The Company may terminate your employment without Cause
at any time and for any reason with notice or you may resign your employment for Good Reason (as
defined below in Section 7(b)(ii)) upon thirty days advance written notice (each a “Qualifying
Termination”). If your employment is terminated due to a Qualifying Termination, then you will be
eligible to receive the following subject to your timely compliance with Section 7(e) and further
provided that no payments for such Qualifying Termination shall be made until on or after the date
of a “separation from service” within the meaning of Code Section 409A.

               (i) The Company shall provide you with cash payments equal in the aggregate to your then Base
Salary. The cash payments provided by this subpart (i) shall be paid to you in substantially equal
monthly installments payable over the 12 month period following your Termination Date, provided,
however, the first payment (in an amount equal to two months of Base Salary) shall be made on the
60th day following the Termination Date.

               (ii) For purposes of this Agreement, you may resign your employment from the Company for “Good
Reason” within ninety (90) days after the date that any one of the following events described in
the below subparts (1) through (3) (any one of which will constitute “Good Reason”) has first
occurred without your written consent. Your resignation for Good Reason will only be effective if
the Company has not cured or remedied the Good Reason event within 30 days after its receipt of
your written notice (such notice shall describe in detail the basis and underlying facts supporting
your belief that a Good Reason event has occurred). Such notice of your intention to resign for
Good Reason must be
provided to the Company within 45 days of the initial existence of a Good Reason event.
Failure to timely provide such written notice to the Company or failure to timely resign your
employment for Good Reason means that you will be deemed to have consented to and waived the Good
Reason event. If the Company does timely cure or remedy the Good Reason event, then you may either
resign your

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employment without Good Reason or you may continue to remain employed subject to the
terms of this Agreement. For avoidance of doubt, the initial existence of any Good Reason event
must occur after the Effective Date and before the Expiration Date.

	 	(1)	 	You have incurred a material
diminution in your responsibilities, duties or authority;
	 
	 	(2)	 	You have incurred a material
diminution in your Base Salary; or
	 
	 	(3)	 	The Company has materially
breached a material term of this Agreement.

For avoidance of doubt, this Section 7(b) does not apply to a termination of employment due to
death or Disability which are addressed in Section 7(d) below.

          (c) Voluntary Termination. In the event you voluntarily terminate your employment with the
Company without Good Reason, you will be entitled to receive only your Accrued Pay. You will be
entitled to no other compensation from the Company. You agree to provide the Company with at least
30 days advance written notice of your intention to resign without Good Reason. For avoidance of
doubt, this Section 7(c) does not apply to a termination of employment due to death or Disability
which are addressed in Section 7(d) below.

          (d) Death or Disability. In the event your employment with the Company is terminated due to
your Disability or death, then you or your estate will be entitled to receive your Accrued Pay.
For purposes of this Agreement, “Disability” is defined to occur when you are unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can be expected to last
for a continuous period of not less than twelve (12) months.

          (e) Separation Agreement and Release of Claims. As a condition to receiving (and continuing
to receive) the payments provided in Section 7(b), you must: (i) within not later than forty-five
(45) days after your Termination Date, execute (and not revoke) and deliver to the Company a
Separation Agreement in a form prescribed by the Company and such Separation Agreement shall
include without limitation a release of all claims against the Company and its affiliates along
with a covenant not to sue and (ii) remain in full compliance with such Separation Agreement.

     8. Proprietary Information and Inventions Agreement; Confidentiality. You will be required, as a
condition of your employment with the Company, to timely execute the Company’s form of proprietary
information and inventions agreement as may be amended from time to time by the Company
(“Confidentiality Agreement”).

     9. Assignability; Binding Nature. Commencing on the Effective Date, this Agreement will be binding
upon you and the Company and your respective successors, heirs, and assigns. This Agreement may
not be assigned by you except that your rights to compensation and benefits hereunder, subject to
the limitations of this Agreement, may be
transferred by will or operation of law. No rights or obligations of the Company under this
Agreement may be assigned or transferred except in the event of a merger or consolidation in which
the Company is not the continuing entity, or the sale or liquidation of all or substantially all of
the assets of the Company provided that the assignee or transferee is the successor to all or
substantially all of the assets of the Company and assumes the Company’s obligations under this
Agreement contractually or as a matter of law. The Company will require any such purchaser,
successor or assignee to expressly assume and agree to perform this Agreement in the same manner
and to the same

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extent that the Company would be required to perform if no such purchase,
succession or assignment had taken place. Your rights and obligations under this Agreement shall
not be transferable by you by assignment or otherwise provided, however, that if you die, all
amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement
to your devisee, legatee or other designee or, if there be no such designee, to your estate.

     10. Governing Law; Arbitration. This Agreement will be deemed a contract made under, and for all
purposes shall be construed in accordance with, the laws of Utah. Any controversy or claim
relating to this Agreement or any breach thereof, and any claims you may have arising from or
relating to your employment with the Company, will be settled solely and finally by arbitration in
Salt Lake City, Utah before a single arbitrator in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association (“AAA”) then in effect
in the State of Utah, and judgment upon such award rendered by the arbitrator may be entered in any
court having jurisdiction thereof, provided that this Section 10 shall not be construed to
eliminate or reduce any right the Company or you may otherwise have to obtain a temporary
restraining order or a preliminary or permanent injunction to enforce any of the covenants
contained in this Agreement before the matter can be heard in arbitration.

     11. Taxes. The Company shall have the right to withhold and deduct from any payment hereunder any
federal, state or local taxes of any kind required by law to be withheld with respect to any such
payment. The Company (including without limitation members of the Board) shall not be liable to
you or other persons as to any unexpected or adverse tax consequence realized by you and you shall
be solely responsible for the timely payment of all taxes arising from this Agreement that are
imposed on you. This Agreement is intended to comply with the applicable requirements of Code
Section 409A and shall be limited, construed and interpreted in a manner so as to comply therewith.
Each payment made pursuant to any provision of this Agreement shall be considered a separate
payment and not one of a series of payments for purposes of Code Section 409A. While it is
intended that all payments and benefits provided under this Agreement to you will be exempt from or
comply with Code Section 409A, the Company makes no representation or covenant to ensure that the
payments under this Agreement are exempt from or compliant with Code Section 409A. The Company
will have no liability to you or any other party if a payment or benefit under this Agreement is
challenged by any taxing authority or is ultimately determined not to be exempt or compliant. In
addition, if upon your Termination Date, you are then a “specified employee” (as defined in Code
Section 409A), then solely to the extent necessary to comply with Code Section 409A and avoid the
imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified
deferred compensation” subject to Code Section 409A payable as a result of and within six (6)
months following your Termination Date until the earlier of (i) the first business day of the
seventh month following your Termination Date or (ii) ten (10) days after the Company receives
written confirmation of your death. Any such delayed payments shall be made without interest.
Additionally, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement
shall be subject to the following conditions: (1) the expenses eligible for reimbursement or
in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or
in-kind benefits in
any other taxable year; (2) the reimbursement of eligible expenses or in-kind benefits shall be
made promptly, subject to the Company’s applicable policies, but in no event later than the end of
the year after the year in which such expense was incurred; and (3) the right to reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit.

     12. Entire Agreement. Except as otherwise specifically provided in this Agreement, this Agreement
(and the agreements referenced herein) contains all the legally binding understandings and
agreements between you and the Company pertaining to the subject matter of this Agreement and
supersedes all such agreements, whether oral or in writing, previously discussed or entered into
between the parties including without limitation any term sheets regarding your potential
employment with the

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Company. As a material condition of this Agreement, you represent that by
entering into this Agreement or by becoming a Company employee you are not violating the terms of
any other contract or agreement or other legal obligations that would prohibit you from performing
your duties for the Company. You further agree and represent that in providing your services to
the Company you will not utilize or disclose any other entity’s trade secrets or confidential
information or proprietary information. You represent that you are not resigning employment or
relocating any residence in reliance on any promise or representation by the Company regarding the
kind, character, or existence of such work, or the length of time such work will last, or the
compensation therefor.

     13. Covenants
(a)  As a condition of this Agreement and to your receipt of any
post-employment benefits, you agree that you will fully and timely comply with all of the covenants
set forth in this subsection 13(a) (which shall survive your termination of employment and
termination or expiration of this Agreement):

               (i) You will fully comply with all obligations under the Confidentiality Agreement and further
agree that the provisions of the Confidentiality Agreement shall survive any termination or
expiration of this Agreement or termination of your employment or any subsequent service
relationship with the Company;

               (ii) Within five (5) days of the Termination Date, you shall return to the Company all Company
confidential information including, but not limited to, intellectual property, etc. and you shall
not retain any copies, facsimiles or summaries of any Company proprietary information;

               (iii) You will not at any time during the period of your employment with the Company and
during any period in which you are receiving severance payments under section 7 of this Agreement,
make (or direct anyone to make) any disparaging statements (oral or written) about the Company, or
any of its affiliated entities, officers, directors, employees, stockholders, representatives or
agents, or any of the Company’s products or services or work-in-progress, that are harmful to their
businesses, business reputations or personal reputations.;

               (iv) You agree that during the period of your employment with the Company and for one year
after the Termination Date, you will not induce, solicit, recruit or encourage any employee of the
Company to leave the employ of the Company which means that you will not (x) disclose to any
person, entity or employer the backgrounds or qualifications of any Company employees or otherwise
identify them as potential candidates for employment or (y) personally or through any other person
recruit or otherwise solicit Company employees to work for you or any other person, entity, or
employer;

               (v) You agree that during the period of your employment with the Company and thereafter, you
will not utilize any trade secrets of the Company in order to solicit, either on behalf of yourself
or any other person or entity, the business of any client or customer of the Company, whether past,
present or prospective. The Company considers the following, without limitation, to be its trade
secrets: Financial information, administrative and business records, analysis, studies,
governmental licenses, employee records (including but not limited to counts and goals), prices,
discounts, financials, electronic and written files of Company policies, procedures, training, and
forms, written or electronic work product that was authored, developed, edited, reviewed or
received from or on behalf of the Company during period of employment, Company developed
technology, software, or computer programs, process manuals, products, business and marketing plans
and or projections, Company sales and marketing data, Company technical information, Company
strategic plans, Company financials, vendor affiliations, proprietary information, technical data,
trade secrets, know-how, copyrights, patents, trademarks, intellectual property, and all
documentation related to or including any of the foregoing; and

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               (vi) You agree that, upon the Company’s request and without any payment therefore, you shall
reasonably cooperate with the Company (and be available as necessary) after the Termination Date in
connection with any matters involving events that occurred during your period of employment with
the Company.

          (b) You also agree that you will fully and timely comply with all of the covenants set forth
in this subsection 13(b) (which shall survive your termination of employment and termination or
expiration of this Agreement):

               (i) You will fully pay off any outstanding amounts owed to the Company no later than their
applicable due date or within thirty days of your Termination Date (if no other due date has been
previously established);

               (ii) Within five (5) days of the Termination Date, you shall return to the Company all Company
property including, but not limited to, computers, cell phones, pagers, keys, business cards, etc.;

               (iii) Within thirty days of the Termination Date, you will submit any outstanding expense
reports to the Company on or prior to the Termination Date; and

               (iv) As of the Termination Date, you will no longer represent that you are an officer,
director or employee of the Company and you will immediately discontinue using your Company mailing
address, telephone, facsimile machines, voice mail and e-mail;

          (c) You acknowledge that (i) upon a violation of any of the covenants contained in Section 13
of this Agreement or (ii) if the Company is terminating your employment for Cause as provided in
Section 7(a), the Company would as a result sustain irreparable harm, and, therefore, you agree
that in addition to any other remedies which the Company may have, the Company shall be entitled to
seek equitable relief including specific performance and injunctions restraining you from
committing or continuing any such violation; and

          (d) You agree that you will strictly adhere to and obey all Company rules, policies,
procedures, regulations and guidelines, including but not limited to those contained in the
Company’s employee handbook, as well any others that the Company may establish including without
limitation any policy the Company adopts on the recoupment of compensation (“Clawback Policy”). As
a result, you understand and agree that you may be required to repay to the Company certain
previously paid (and/or future) compensation in accordance with any such Clawback Policy and/or in
accordance with applicable
law. In particular, under a Clawback Policy, the Company may among other things (i) cause the
cancellation of any 2010 SIP award, including the Option, (ii) require reimbursement by you of any
2010 SIP award (including the Option) or of any previously paid bonus and (iii) effect any other
right of recoupment of equity or other compensation in accordance with the Clawback Policy and/or
applicable law. You will also strictly adhere to all applicable state and/or federal laws and/or
regulations relating to your employment with the Company.

     14. Offset. Any severance or other payments or benefits made to you under this Agreement may be
reduced, in the Company’s discretion, by any amounts you owe to the Company provided that any such
offsets do not violate Code Section 409A.

     15. Notice. Any notice that the Company is required to or may desire to give you shall be given by
personal delivery, recognized overnight courier service, email, telecopy or registered or certified
mail, return receipt requested, addressed to you at your address of record with the Company, or at
such

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other place as you may from time to time designate in writing. Any notice that you are
required or may desire to give to the Company hereunder shall be given by personal delivery,
recognized overnight courier service, email, telecopy or by registered or certified mail, return
receipt requested, addressed to the Company’s General Counsel at its principal office, or at such
other office as the Company may from time to time designate in writing. The date of actual
delivery of any notice under this Section 15 shall be deemed to be the date of delivery thereof.

     16. Waiver; Severability. No provision of this Agreement may be amended or waived unless such
amendment or waiver is agreed to by you and the Company in writing and such amendment or waiver
expressly references this section. No waiver by you or the Company of the breach of any condition
or provision of this Agreement will be deemed a waiver of a similar or dissimilar provision or
condition at the same or any prior or subsequent time. Except as expressly provided herein to the
contrary, failure or delay on the part of either party hereto to enforce any right, power, or
privilege hereunder will not be deemed to constitute a waiver thereof. In the event any portion of
this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions
shall be unaffected thereby and will remain in full force and effect to the fullest extent
permitted by law.

     17. Voluntary Agreement. You acknowledge that you have been advised to review this Agreement with
your own legal counsel and other advisors of your choosing and that prior to entering into this
Agreement, you have had the opportunity to review this Agreement with your attorney and other
advisors and have not asked (or relied upon) the Company or its counsel to represent you or your
counsel in this matter. You further represent that you have carefully read and understand the
scope and effect of the provisions of this Agreement and that you are fully aware of the legal and
binding effect of this Agreement. This Agreement is executed voluntarily by you and without any
duress or undue influence on the part or behalf of the Company.

     18. Key-Man Insurance. The Company shall have the right to insure your life for the sole benefit
of the Company, in such amounts, and with such terms, as it may determine. All premiums payable
thereon shall be the obligation
of the Company. You shall have no interest in any such policy, but you agree to cooperate with the
Company in taking out such insurance by submitting to physical examinations, supplying all
information required by the insurance company, and executing all necessary documents, provided that
no financial obligation is imposed on you by any such documents.

Please acknowledge your acceptance and understanding of this Agreement by signing and returning it
to the undersigned. A copy of this signed Agreement will be sent to you for your records.

	 	 	 

	ACKNOWLEDGED AND AGREED:
	 	 
	 
	 	 
	This
11 day of March, 2011.

	 	This 11 day of March, 2011.
	 
	 	 
	LIFEVANTAGE CORPORATION

	 	DOUGLAS C. ROBINSON
	 
	 	 
	/s/ GARRY MAURO
	 	/s/ DOUGLAS C. ROBINSON
	 

	 	 
	BY: Garry Mauro
	 	 
	TITLE: Chairman of the Board of Directors
	 	 

-10-exv10w1

Exhibit 10.1

FACTORING AGREEMENT

(Special Terms and Conditions)

	 	 	 

	BETWEEN:

	 	BNP Paribas Fortis
Factor, a public limited company under Belgian law, having its registered
office at 3000 Leuven, Vital Decosterstraat 44, Register of Legal Entities of Leuven, company
number 0819.568.044 (the “Factor”);
	 
	 	 
	AND:

	 	Supplies Distributors. a public limited company under Belgian law, having its registered office at
4460 Grace-Hollogne, Rue Louis Blériot 5, Register of Legal
Entities of Liège, company number
0475.286.142 (the “Client”);

The Factor and the Client are referred to collectively as the “Parties” and
individually as a “Party”;

WHEREAS the Client wants to entrust the Factor with the following services:

	 	(a)	 	Management and administration of the Client’s debtor portfolio;
	 
	 	(b)	 	Financing of the Client’s receivables;
	 
	 	(c)	 	Collection of the Client’s receivables;

WHEREAS the Factor is prepared to perform these services on behalf of the Client under the
provisions of the present Agreement;

THE FOLLOWING IS AGREED:

All terms that commence with a capital letter shall have the meaning attached to them in the
General Terms and Conditions, which constitute an integral part of the present Agreement.

	1.	 	Area of application

	 	1.1.	 	The Parties agree upon the following:

	 	•	 	the Client’s Usual Business Activity is understood to mean:

on its own behalf and on behalf of third parties, both in Belgium and abroad, the import,
the export, the purchase and the sales of computer products and office supplies related
to computer products, as well as the conclusion of distribution and agency agreements
regarding the import, the export the purchase and the sales of these computer products
and office supplies;

	 	•	 	the Agreed Countries are understood to mean:
	 
	 	 	 	all member states of the European Union, as well as Andorra, Bahrain, Cyprus, Egypt,
French Polynesia, Israel, Kuwait, Oman, Quatar, South Africa, Switzerland, Turkey and the
United Arab Emirates; however, the Parties agree that, at any moment in time, the total
amount of Advance Financing granted with regards to Assigned Receivables on Debtors
established in Andorra, Bahrain, Egypt, French Polynesia, Kuwait, Oman, Quatar and the
United Arab Emirates, may never exceed seven percent (7%) of the total amount of Advance
Financing.
	 
	 	•	 	the Excluded Debtors are understood to mean:
	 
	 	 	 	International Business Machines Corporation (New Orchard Road, Armonk, New York, United
States of America) and all its affiliated and associated companies;

			
	 	 	 
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	2.	 	Assignment

	 	2.1.	 	Contrary to the provisions of Article 3.5 of the General Terms and Conditions,
the Invoices for the Agreed Countries indicated with an asterisk (*) in Article 1.1 of
the present Special Terms and Conditions will be sent by the Factor.
	 
	 	2.2.	 	The Invoices for the Agreed Countries not indicated with an asterisk (*) in
Article 1.1 of the present Special Terms and Conditions will be sent by the Client in
accordance with Article 3.5 of the General Terms and Conditions.

	3.	 	Financing

	 	3.1.	 	The Parties agree upon the following:

	 	•	 	the Financing Percentage will amount to eighty percent (80%);
	 
	 	•	 	the Financing Limit will amount to seven point five million
euro (€ 7,500,000.00);
	 
	 	•	 	the Concentration Limit will amount to fifteen percent (15%).

	 	3.2.	 	The Parties agree that the Client shall have to provide the following Securities:
	 
	 	 	 	not applicable;
	 
	 	3.3.	 	The Parties agree that the actual Factorable Receivables of the
Client, established in Invoices bearing a date previous to the Effective Date, do
not qualify for Advance Financing unless the entire portfolio of unpaid
Factorable Receivables of the Client, established in Invoices bearing a date
previous to the Effective Date are, assigned to the Factor.
	 
	 	 	 	However, Factorable Receivables, established in Invoices bearing a date previous to
the Effective Date, on national and international public debtors, do never qualify
for Advance Financing.

Otherwise, the Advance Financing of Factorable Receivables, established in Invoices
bearing a date previous to the Effective Date, is submitted to the terms and
conditions of article 6 (Financing) of the General Terms and Conditions.

	4.	 	Fee

	 	4.1.	 	The Parties agree upon the following:

	 	•	 	the Factoring Fee will amount to zero point zero three percent
(0.03%) of the Assigned Receivables (inclusive of VAT);
	 
	 	•	 	the annually charged Minimum Factoring Fee will amount to
five thousand one hundred euro (€ 5,100.00).

	 	4.2.	 	The Parties agree that the following Interest Rates will be charged:

	 	•	 	In case of Advance Financing in the form of a cash-credit: zero
point seventy percent (0.70%) a year on top of the EURIBOR (Euro Interbank
Offered Rate) — one month rate; in case the aforementioned benchmarking-tariff
(EURIBOR), due to any disruption of the interbank market, does not reflect the
real cost of funding of the Factor anymore, the following Interest Rate shall be
charged in case of Advance Financing in the form of a cash-credit: zero point
seventy percent (0.70%) a year on top of the cost of funding;
	 
	 	 	 	increased by:
	 
	 	•	 	An overdraft commission, i.e. a fee of one percent (1%) on the
highest overdraft amount in the Factoring Account (to be calculated every last
day of the month).

	 	4.3.	 	The Parties agree that the following Costs will be charged:

	 	•	 	Non-recurring start-up and registration costs amounting to six-hundred euro
(€ 600.00), due upon signature of the present Agreement;

			
	 	 	 
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	 	•	 	Legal collection and assistant costs:

	 	•	 	Costs of a visit to the Debtor: one hundred and fifty euro
(€ 150.00) per
visit to Belgian debtors and two hundred and twenty five euro (€ 225.00) per visit to
Debtors based in the Grand Duchy of Luxembourg the Netherlands and the North of
France.
	 
	 	•	 	Non-recoverable lawyer and litigation costs; prior to commencement of the
proceedings, a provision is charged amounting to ten percent (10%) of the amount to
be collected with a minimum of three hundred and seventy-five euro
(€ 375.00); at the
end of the legal proceedings the actual non-recoverable lawyer and litigation costs
will be charged;
	 
	 	•	 	Costs of legal assistance by the Factor (indebted on top of the
non-recoverable lawyer and litigation costs): ten percent of the amount actually
collected with a minimum of one hundred and fifty euro (€ 150.00).

	 	•	 	In accordance with article 14.6 of the General Terms and Conditions, the costs of legal
assistance will also be charged on all amounts actually due in case of bankruptcy or liquidation
of the Client.
	 
	 	•	 	Initially, no costs are charged for the use of Copilot; however, this can be changed in
accordance with Article 8.4 of the Copilot user agreement.
	 
	 	•	 	Audit costs: seven hundred and fifty euro (€ 750.00) each audit; if such audit has to be carried
out abroad, these costs shall beh increased by the actual travel costs.

	 	4.4.	 	The Parties confirm that the Technical Factor Data are the following:

	 	 	 

	Countries:

	 	all member states of the European Union, as well as Andorra, Bahrain,
Cyprus, Egypt, French Polynesia, Israel, Kuwait, Oman, Quatar, South Africa,
Switzerland, Turkey and the United Arab Emirates;
	 
	 	 
	Factorable turnover

	 	fifty-two million euro (52,000,000.00);
	Average invoice value

	 	eleven thousand euro (11,000.00);
	Number of debtors

	 	fifty (50);
	Payment conditions

	 	thirty (30) days;

	5.	 	Other terms and conditions

	 	5.1.	 	In addition to article 2.1 of the General Terms and Conditions, receivables with
regard to the sales of Xerox’ products shall not be considered as Factorable Receivables
(for the avoidance of doubt, Xerox’ product means any product of Xerox Corporation [45
Glover Avenue, Norwalk, Connecticut, United States of America] or one of its affiliates or
associated companies).
	 
	 	5.2.	 	By way of derogation from article 3.12 of the General Terms and Conditions, once a
week, the Client shall report any Invoice by sending the Factor a signed document called a
‘notice of assignment of receivables’, the format of which shall be supplied by the
Factor.
	 
	 	5.3.	 	By way of derogation from article 3.13 of the General Terms and Conditions, once a
week, the Client shall report any credit note issued by sending the Factor a signed
document called a notice of credit notes’, the format of which shall be supplied by the
Factor.
	 
	 	5.4.	 	By way of derogation from article 3.15 of the General Terms and Conditions, the Client
is exempt from systematically providing the Factor with a copy of the Invoices. The Client
shall provide the Factor with a copy of the invoices upon first request of the latter.
	 
	 	5.5.	 	By way of derogation from article 7.1 of the General Terms and Conditions, the Factor
hereby appoints the Client as its attorney-in-fact having the powers to initially, i.e.
until forty five (45) days following the due date of the Invoice in which the Assigned
Receivable concerned is established, take care of the follow-up of the payment of the
Assigned Receivables. After the aforementioned period, the Factor shall take care of the
follow-up of the payment of the Assigned Receivables concerned.
	 
	 	 	 	These powers are granted if, and as long as, the following conditions are fulfilled:

	 	•	 	the tangible net worth (i.e.: the equity, decreased with (i) the goodwill and the
intangibles, (ii) the bad debt (not provided for), (iii) the intercompany receivables and
(iv) the current account on directors/shareholders (debit), and increased with (i) the
intercompany debt (ii) the current account of directors/shareholders (credit) and (iii)
the subordinated long term debt) of the Client exceeds two million
euro (€ 2,000,000.00);
	 
	 	•	 	the tangible net worth of the Client exceeds ten percent (10%) of the total assets;

			
	 	 	 
	Factoring Agreement — Special Terms and Conditions
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	 	•	 	the Client commits no violation, even no violation due to slight negligence, of
the provisions of the present Agreement.

	 	 	 	In case the Factor has to revoke these powers and, consequently, has to take care of the
follow-up of the payment of the Assigned Receivables immediately, the Factor shall, in
addition to article 4.3 of these Special Terms and Conditions, be entitled to charge to
the Client the following collection cost: costs of notice: six euro
(€ 6.00) each document
(Invoice or credit-note).
	 
	 	5.6.	 	Quarterly, the Factor will check if, regarding the preceding period, the proportion
between (i) the dilution (i.e. the total amount of issued credit notes concerning
Assigned Receivables, increased with the total amount of payments concerning Assigned
Receivables that are made directly by a Debtor to the Client, increased with the total
amount of Disputed Receivables) and (ii) the total amount of Assigned Receivables does
not exceed thirteen percent (13%).
	 
	 	 	 	If the proportion between (i) the dilution and (ii) the total amount of Assigned
Receivables exceeds thirteen percent (13%), the Financing Percentage shall be decreased
with the percentage of this exceeding.
	 
	 	5.7.	 	The Client undertakes not to assign, transfer, pledge, grant a security on, or
otherwise encumber any or all, current and/or future claims it may have against [•]
within the scope of the credit policy n° [•] underwritten by the former with the latter.
	 
	 	 	 	The Client hereby appoints the Factor as its attorney-in-fact having the powers (a) to
pledge all current and/or future claims the former may have against [•] within the scope
of the credit policy n° [•] underwritten by the former with the latter and (b) to take
all related necessary steps. The Factor undertakes not to exercise these powers unless
one of the following conditions is fulfilled:

	 	(a)	 	the tangible net worth of the Client is lower than two
million euro (€ 2,000,000.00);
	 
	 	(b)	 	the tangible net worth of the Client is lower than ten percent (10%) of the total
assets.

	 	5.8.	 	Annually, and for the first time within three (3) months following the Effective
Date, the Factor shall carry out a pre-lending audit, during which the latter shall make a
detailed study of, inter alia, the Client, its procedures, its contracts with its
Debtors, the history of credit notes, the history of Disputed Receivables, etc. The
Factor shall be entitled to terminate this Agreement if, in its sole discretion, the
results of this pre-lending audit are unsatisfactory.
	 
	 	5.9.	 	In addition to article 14 of the General Terms and Conditions, the Client shall be
entitled to terminate this Agreement on its first anniversary following the Effective
Date if, and only if, at that moment, the performance of this Agreement is hindered by
operational problems due to the start-up of the Factor, and this by giving a Notice of
Termination to the Factor at least three (3) months prior to the aforementioned first
anniversary of the Agreement.
	 
	 	5.10.	 	By way of derogation from article 14.3 of the General Conditions, in order to be
valid, the Notice of Termination shall be given by the Party wishing to terminate the
Agreement to the other Party at least three (3) months prior to the anticipated date of
termination of the Agreement.
	 
	 	5.11.	 	This Agreement is subject to the condition precedent that the Client terminates the
factor agreement concluded on [•] with Fortis Commercial Finance SA/NV (BE414.392.710)
and provides proof hereof to the Factor.

	6.	 	Effective date

The
present Agreement shall take effect on 1st April, 2011 (the “Effective
Date”).

The present Agreement comprises four (4) pages of Special Terms and Conditions and eight (8) pages
of General Terms and Conditions.

Done in Leuven on [•] in two (2) original copies; each Party acknowledges having received one
original copy.

			
	 	 	 
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	On behalf of BNP Paribas Fortis Factor NV/SA
	 	On behalf of Supplies Distributors NV/SA

	 	 	 	 	 
	 	 	 
	 	/s/
Martijn Duynstee
 	 
	 	MARTIJN DUYNSTEE 	 
	 	ADMINISTRATEUR DÉLÉGUÉ

SUPPLIES DISTRIBUTORS SA 	 
	 
	 	 	 
	 	/s/
Noël Dedoyard
 	 
	 	Noël Dedoyard 	 
	 	Finance Manager 	 
	 

			
	 	 	 
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FACTORING AGREEMENT

(Appendix)

	 	 	 

	BETWEEN:

	 	BNP Paribas Fortis
Factor, a public limited company under Belgian law, having its registered
office at 3000 Leuven, Vital Decosterstraat 44, Register of Legal Entities of Leuven, company
number 0819.568.044 (the “Factor”);
	 
	 	 
	AND:

	 	Supplies Distributors, a public limited company under Belgian law, having its registered office at
4460 Grace-Hollogne, Rue Louis Blériot 5, Register of Legal Entities of Liége, company number
0475.286.142 (the “Client”);

The Factor
en the Client are collectively referred to as the “Parties” and
individually as a “Party”;

WHEREAS
on the ______ of December 2010, a
factoring agreement between Parties (the “Agreement”) was
concluded;

WHEREAS the Parties, as of the signing of this Annex, wish to make a change to the Agreement;

THE
FOLLOWING IS AGREED:

All terms that commence with a capital letter shall have the meaning attached to them in the
General Terms and Conditions, which constitute an integral part of the present Agreement.

	1.	 	In addition to article 1.1, third indent, of the Special Terms and Conditions, should also
be considered as Excluded Debtors:

	 	•	 	InfoPrint Solutions Company LLC (United States, CO 80301 Boulder, 6300 Diagonal
Highway) and all its affiliated and associated companies;
	 
	 	•	 	Olympus Europe Holding GmbH (14-18 Wendenstrasse, 20097 Hamburg, Germany, HRB 10554),
or one of its affiliates or associated companies);
	 
	 	•	 	Alpargatas Europe SL (15 C/Menorca, 28009 Madrid, Spain, NIF ESB85358596), or one of
its affiliates or associated companies).

To the extent necessary, Parties declare that all other provisions of the Agreement remain
unchanged.

This addendum comprises one (1) page.

Done in
Leuven on
17th of December 2010 in two (2) original copies, each Party acknowledges
having received one original copy.

			
	 	 	 
	On behalf of BNP Paribas Fortis Factor NV/SA
	 	On behalf of Supplies Distributors NV/SA

	 	 	 	 	 
	 	 	 
	 	/s/
Martijn Duynstee
 	 
	 	MARTIJN DUYNSTEE 	 
	 	ADMINISTRATEUR DÉLÉGUÉ

SUPPLIES DISTRIBUTORS SA 	 
	 
	 	 	 
	 	/s/
Noël Dedoyard
 	 
	 	Noël Dedoyard 	 
	 	Finance Manager 	 
	 

			
	 	 	 
	Factoring Agreement — Appendix
	 	1/1

 

 

FACTORING AGREEMENT

(General Terms and Conditions)

	1.	 	Definitions
	 
	1.1	 	Unless the context clearly indicates otherwise, the following
terms that commence with a capital letter shall have the following meaning in
the present Agreement:

	 	 	 

	Advance Financing

	 	has the meaning attached to it in article 6.1 of these General
Terms and Conditions;
	 
	 	 
	Agreed Countries

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Agreement

	 	means the present factoring agreement, consisting of the Special Terms
and Conditions and the General Terms and Conditions, including any
changes agreed upon in accordance with its provisions as well as any
annexes;
	 
	 	 
	Assigned Receivables

	 	means all Factorable Receivables assigned in application of
article 3.1 of these General Terms and Conditions (and each one of them
an “Assigned Receivable”)
	 
	 	 
	Client

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Collection

	 	has the meaning attached to it in article 7.1 of these General Terms
and Conditions;
	 
	 	 
	Concentration Limit

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Copilot

	 	has the meaning attached to it in article 5.1 of these General Terms
and Conditions;
	 
	 	 
	Costs

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Current Account

	 	has the meaning attached to it in article 4.1 of these General Terms
and Conditions;
	 
	 	 
	Debtors

	 	has the meaning attached to it in article 2.1 of these General Terms
and Conditions (and each one of them a “Debtor”);
	 
	 	 
	Dispute Negotiation Period

	 	has the meaning attached to it in article 9.5 of these General
Terms and Conditions;
	 
	 	 
	Disputed Receivables

	 	has the meaning attached to it in article 9.1 of these General Terms
and Conditions;
	 
	 	 
	Effective Date

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Excluded Debtor / Excluded Debtors

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Factor

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Factorable Receivables

	 	has the meaning attached to it in article 2.1 of these General
Terms and Conditions (and each one of them a “Factorable
Receivable”);
	 
	 	 
	Factoring Account

	 	has the meaning attached to it in
article 6.6 of these General Terms and Conditions;

			
	 	 	 
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	Factoring Fee

	 	has the meaning attached to it in
the Special Terms and Conditions;
	 
	 	 
	Financing Limit

	 	has the meaning attached to it in
the Special Terms and Conditions;
	 
	 	 
	Financing Percentage

	 	has the meaning attached to it in
the Special Terms and Conditions;
	 
	 	 
	General Terms and Conditions

	 	means these general terms and conditions, which are part of the
Agreement;
	 
	 	 
	Interest Rates

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Invoice

	 	has the meaning attached to it in article 3.5 of these General Terms
and Conditions;
	 
	 	 
	Invoicing Terms

	 	has the meaning attached to it in article 3.11 of these General
Terms and Conditions;
	 
	 	 
	Minimum Factoring Fee

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Notice of Termination

	 	has the meaning attached to it in article 14.2 of these General Terms
and Conditions;
	 
	 	 
	Party / Parties

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Security / Securities

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Special Terms and Conditions

	 	means the special terms and conditions accepted by both Parties in a
separate legal document, which are part of the Agreement.
	 
	 	 
	Technical Factor Data

	 	has the meaning attached to it in the Special Terms and Conditions;
	 
	 	 
	Usual Business Activity

	 	has the meaning attached to it in the Special Terms and Conditions;

	2.	 	Area of application
	 
	2.1.	 	The present Agreement relates to all current and future receivables of the Client resulting
from the delivery of goods and/or the provision of services to its debtors (the “Debtors”)
based in the Agreed Countries within the scope of its Usual Business Activity, with the
exception of:

	 	(a)	 	receivables on private individuals;
	 
	 	(b)	 	receivables on Excluded Debtors;
	 
	 	(c)	 	receivables on companies with which there is a direct or indirect link by
virtue of participating interests;
	 
	 	(d)	 	receivables on companies in which the Client has personal interests;
	 
	 	(e)	 	receivables on debtors who are also creditors of the Client;
	 
	 	(f)	 	receivables for the delivery of goods and/or provision of services
whereby the Debtor did not actually take delivery of the goods and/or the Debtor
did not actually accept the services in question;

	 	 	(any receivables within the area of application are called the “Factorable Receivables).

	3.	 	Assignment
	 
	3.1.	 	Pursuant to articles 1689 to 1701 of the Civil Code, the Client hereby assigns to the Factor
all Factorable Receivables, wholly owned and unencumbered, which the latter accepts under the
following conditions.
	 
	3.2.	 	If the Client assigns to the Factor a receivable that is not a Factorable Receivable, the
latter can and may accept this assignment without having the obligation to provide any
services under the present Agreement.

			
	 	 	 
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	3.3.	 	The Client will only assign uncontested, unconditional and bona fide Factorable Receivables to the Factor.
	 
	3.4.	 	Any Disputed Receivable is explicitly subject to the provisions contained in article 9 of
these General Terms and Conditions.
	 
	3.5.	 	Unless agreed otherwise in the Special Terms and Conditions, the Client will send the
original of each invoice in which a Factorable Receivable has been established (the
‘Invoice’) to its Debtor immediately after each delivery of goods and/or provision of
services.
	 
	3.6.	 	The Factor itself is at any given time entitled to send the original Invoices to the Debtor
and/or to serve notice of the Assignment.
	 
	3.7.	 	The Factor shall always serve notice of the assignment of a Factorable Receivable relating
to the implementation of a public contract for works, supplies or services awarded by a
contracting authority as defined in article 12 of the Law of 15 June 2006 on public
procurement and certain contracts for works, supplies and services to the Debtor, contracting
authority, in question.
	 
	3.8.	 	All costs of sending an Invoice and/or a notice of assignment of a Factorable Receivable to
a Debtor, incurred by the Factor, shall be charged by the latter to the Client.
	 
	3.9.	 	Every Invoice shall feature the assignment clause supplied by the Factor and a description
of the manner in which the Debtor can make a release payment.
	 
	3.10.	 	Every Invoice shall also mention the payment terms.
	 
	3.11.	 	Every Invoice shall also mention the invoicing terms and conditions that are supplied, or
at least accepted, by the Factor (the “Invoicing Terms”) in a language which the Debtor
masters.
	 
	3.12.	 	The Client shall report any Invoice by immediately sending the Factor a signed document
called a ‘notice of assignment of receivables’, the format of which shall be supplied by the
Factor.
	 
	3.13.	 	The Client shall report any credit note issued by immediately sending the Factor a signed
document called a notice of credit notes’, the format of which shall be supplied by the
Factor.
	 
	3.14.	 	The Client shall immediately provide the Factor with the data of any Invoice by means of an
electronic file, the format of which shall be determined by the Factor.
	 
	3.15.	 	The Client shall immediately provide the Factor with a copy of any Invoice by means of an
electronic file, the format of which shall be determined by the Factor.
	 
	4.	 	Current Account
	 
	4.1.	 	The Parties explicitly agree to create between them an indivisible current account (the
“Current Account”), in which all claims from one Party against the other arising from the
present Agreement or based on any other grounds will be settled.
	 
	4.2.	 	If the Client needs to have several financing accounts at its disposal, these shall be
deemed to be sub-accounts of the single, indivisible Current Account between the Client and
the Factor. The Factor shall always have the possibility to offset any debit and credit
balances in these sub-accounts / financing accounts with each other, even after bankruptcy of
the Client or in case of any other form of concurrence.
	 
	4.3.	 	Any setoff in the Current Account shall take place after deduction of the Factoring Fee, the
Interest Rates, the Costs and any other expenses made by the Factor that are due by the
Client.
	 
	4.4.	 	Upon termination of the present Agreement, the credit balances are transferred to the Client
upon settlement of the Current Account and after deduction of any possible amounts due
(Factoring Fee, Interest Rates, Costs and any other expenses made or to be made by the Factor
that are due by the Client).
	 
	5.	 	Management and Administration of the debtor portfolio

			
	 	 	 
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	5.1.	 	Subject to the terms and conditions set forth below, the Factor undertakes to keep
the following documents at the disposal of the Client by means of an online accessible
electronic application called “Copilot” (“Copilot”):

	 	(a)	 	An overview of the outstanding items of its Debtors;
	 
	 	(b)	 	All documentation required to keep its accounts up to date.

	5.2.	 	The use of Copilot is subject to the acceptance of a separate user agreement,
which is added to the present Agreement. By concluding the present Agreement, the Client
declares to accept this user agreement and undertakes to confirm this acceptance upon
first use.
	 
	6.	 	Financing
	 
	6.1.	 	Subject to the terms and conditions set forth below, the Factor undertakes to
grant financing to the Client by means of an advance on the Assigned Receivables (the
“Advance financing”).
	 
	6.2.	 	The Assigned Receivables on a Debtor shall qualify for Advance Financing only
after receipt by the Factor of the following data to be reported by the Client:

	 	(a)	 	the full and correct name of the Debtor in question;
	 
	 	(b)	 	the full and correct address of the Debtor in question;
	 
	 	(c)	 	the country where the Debtor in question is based;
	 
	 	(d)	 	the VAT number of the Debtor in question;
	 
	 	(e)	 	the company number of the Debtor in question (or similar
for foreign Debtors);

	6.3.	 	Assigned Receivables with payment terms exceeding ninety (90) days do not qualify
for Advance Financing, unless upon explicit acceptance by the Factor.
	 
	6.4.	 	For any Assigned Receivable, the Advance Financing is limited to this fraction of
the Assigned Receivable in question equal to the Financing Percentage. However, the
total Advance Financing amount may never exceed the Financing Limit.
	 
	6.5.	 	Upon request of the Client, the Advance Financing is settled with the Client in
the Current Account in accordance with article 4.1 of the present General Terms and
Conditions.
	 
	6.6.	 	The actual available amount for Advance Financing (the “Factoring Account”) will
appear from the documents the Factor puts at the disposal of the Client.
	 
	6.7.	 	Each Assigned Receivable that is not settled within ninety (90) days after the due
date shall automatically be withdrawn from Advance Financing.
	 
	6.8.	 	The Factor reserves the right to wholly or partially withdraw Assigned Receivables
on certain Debtors from Advance Financing, for example in the following cases
(non-exhaustive list):

	 	(a)	 	if the Concentration Limit is exceeded, i.e. when the
proportion between (i) the Assigned Receivables on the Debtor in question
qualifying for Advance Financing and (ii) the total of Assigned Receivables
qualifying for Advance Financing exceeds the Concentration Limit;
	 
	 	(b)	 	In case of imminent inability of the Debtor in question to
pay;
	 
	 	(c)	 	If the Factor is in the possession of negative information
with regard to the Debtor in question.

	6.9.	 	If the Factor is of the opinion that the Assigned Receivables and/or the financial
situation of the Client provide insufficient guarantee for the settlement of the Current
Account, the Factor has the right to suspend the Advance Financing. The Factor shall
inform the Client of this decision by registered letter.
	 
	6.10.	 	Irrespective whether this Agreement has already taken effect, the Advance
Financing will only be put at the disposal of the Client by the Factor if the former has
provided all Securities.
	 
	6.11.	 	If the Factoring Account is overdrawn, the Client shall immediately, and without
a notice of default being required, repay the amount by which the account is exceeded to
the Factor.
	 
	7.	 	Payment/Collection

			
	 	 	 
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	7.1.	 	Subject to the terms and conditions set forth below, the Factor undertakes to take care
of the follow-up of the payment of the Assigned Receivables (the “Collection”).
	 
	7.2.	 	All Assigned Receivables payments will be settled in the Current Account on a daily basis.
	 
	7.3.	 	Any payment of an Assigned Receivable made directly by a Debtor to the Client shall be
reported immediately by the latter to the Factor and forwarded without delay.
	 
	7.4.	 	The Factor always has the right to reimburse to the Debtor a possible credit balance, a
payment made by mistake and/or any legitimate demand for repayment from a Debtor without
prior notice to the Client. The corresponding amount will be settled in the debit of the
Current Account.
	 
	7.5.	 	Any difference in payment smaller than or equal to fifteen
euro (€ 15.00) as well as any
discount granted by the Client will be written off by the Factor without consultation with
the Client.
	 
	7.6.	 	Upon termination of the present Agreement, all payments made will in the first place be used
to settle the balance of the Current Account.
	 
	7.7.	 	If an Assigned Receivable has not been paid on its due date, the Factor shall initiate the
dunning procedure.
	 
	7.8.	 	If, after the dunning procedure, it appears that an Assigned Receivable still has not been
paid, a legal collection procedure may be pursued upon request of the Client. This legal
collection procedure consists of two (2) parts:

	 	(a)	 	The legal collection procedure through the Factor’s legal services
	 
	 	(b)	 	The legal collection procedure through external lawyers.

	7.9.	 	The costs relating to this legal collection procedure will be charged by the Factor to the
Client.
	 
	7.10.	 	If the portfolio of Assigned Receivables offers insufficient guarantees for the settlement
of the Current Account, or in case of suspension of payments by the Client, the Factor will
pursue the legal collection procedure without consulting the Client; however, the related
costs will remain payable by the Client.
	 
	7.11.	 	If legal proceedings are instituted, the Factor has the right to conduct these proceedings
in its own name, in the name of the Client or in the name of both without the Client having
the possibility to dispute the valid assignment of the receivables.
	 
	7.12.	 	Except in case of explicit written approval by the Factor, the Client will not perform any
delivery to a Debtor against whom an Assigned Receivable is being collected through the legal
collection procedure.
	 
	7.13.	 	The Client assists the Factor in protecting its rights. If necessary, all documents
required to support the receivables are submitted upon the Factor’s first request. In
addition, both Parties shall inform each other of any information obtained with regard to the
Debtors as far as this information may be relevant for one of the Parties.
	 
	8.	 	Fee
	 
	8.1.	 	The Client shall pay the Factoring Fee on the Assigned Receivables (including VAT).
	 
	8.2.	 	The Factoring Fee is charged at the time of every assignment of a Factorable Receivable as
well as at the time of every assignment of a receivable other than a Factorable Receivable
provided this assignment is accepted by the Factor in accordance with article 3.2 of the
present General Terms and Conditions.
	 
	8.3.	 	The total annual Factoring Fee charged shall furthermore never be lower than the Minimum
Factoring Fee. Within this scope the total annual Factoring Fee charged is calculated not by
calendar year but from the Effective Date to the first anniversary of the Effective Date, and
subsequently from this anniversary of the Effective Date to the next anniversary of the
Effective Date and so forth.
	 
	8.4.	 	If the recalculation carried on the basis of actual data of the Client shows that the
Factoring Fee is not in line with the

			
	 	 	 
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	 	 	Factoring Fee calculated on the basis of the Technical Factor Data, the Factor shall have
the right to adjust the Factoring Fee with retroactive effect for a time period of maximum
twelve (12) months. The Client is notified by the Factor of this adjustment in writing, in
which case the former has the right to cancel the Agreement within thirty (30) days; the
Agreement shall in this case be terminated ninety (90) days after notice of the cancellation
is given.
	 
	8.5.	 	The Advance Financing is subject to the Interest Rates.
	 
	8.6.	 	The Interest Rates are adjusted by the Factor over the course of this Agreement depending on
the adjustment of the basic interest rates. These adjustments are communicated on the monthly
statements of the Current Account.
	 
	8.7.	 	Furthermore, all Costs are charged to the Client. The rates of these Costs continue to apply
in case of termination of the Agreement and are charged until the Current Account is settled.
	 
	8.8.	 	All Costs, except those expressed in percentages, are adjusted by the Factor to the consumer
price index on a calendar year basis.
	 
	8.9.	 	All expenses related to all measures taken by the Factor to maintain or restore its rights
versus the Client or the Debtors are at the expense of the Client.
	 
	9.	 	Contestation
	 
	9.1.	 	If either Party is informed of the fact that the Debtor contests an Assigned Receivable (the
“Disputed Receivable”), this Party shall inform the other Party of this without delay.
	 
	9.2.	 	The Factor has the right to immediately reassign any Disputed Receivable to the Client.
	 
	9.3.	 	Any Advance Financing granted on the basis of a Disputed Receivable is immediately due as
from the moment of contestation.
	 
	9.4.	 	Any form of Collection performed with regard to a Disputed Receivable is immediately stopped
and all Costs and/or expenses incurred by the Factor for the Collection of a Disputed
Receivable are due as from the moment of contestation.
	 
	9.5.	 	The Factor has the possibility to waive the right awarded to him in article 9.2 of the
present General Terms and Conditions. In this case the Factor shall give the Client the
possibility to settle the dispute with regard to the Disputed Receivable amicably within
thirty (30) days (the “Dispute Negotiation Period”) after its emergence. The Client will
accurately inform the Factor of any possible evolution in and any possible amicable solution
for this dispute
	 
	9.6.	 	If the Client reaches an amicable solution with the Debtor of the Disputed Receivable during
the Dispute Negotiation Period, the Client shall regain its rights to Advance Financing and
Collection in accordance with the provisions of the present Agreement.
	 
	10.	 	Invoicing Terms
	 
	10.1.	 	Apart from the Invoices in accordance with article 3.11 of the present General Terms and
Conditions, the Client also needs to mention the Invoicing Terms, in a language which the
Debtor masters, on the order forms, order confirmations and similar documents issued by the
Client.
	 
	10.2.	 	The Invoicing Terms shall provide for a retention of title.
	 
	10.3.	 	Any adjustment the Client wants to make to the Invoicing Terms during the term of the
present Agreement is only possible upon prior written approval of the Factor.
	 
	11.	 	Direct debit of suppliers of the Client
	 
	11.1.	 	The Client hereby authorises the Factor to pay any claim/receivable which a supplier of the
Client who has also signed a factoring agreement with the Factor may have on the Client by
means of direct debit into the Current Account insofar this claim/receivable is indebted and
has fallen due, unless this claim/receivable is contested by the Client.

			
	 	 	 
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	12.	 	Exclusivity
	 
	12.1.	 	Barring explicit written approval of the Factor, the Client undertakes not to conclude any
factoring agreement nor any other similar agreement with a different company than the Factor
regardless of the claim/receivable to which this agreement would relate. The Client can under
no circumstances conclude an agreement with a different factoring company or assign or pledge
claims/receivables in any other way to third parties without the approval of the factor, even
if these claims/receivables are outside the area of application of the present Agreement.
	 
	13.	 	Obligation to provide information
	 
	13.1.	 	The Client provides the Factor with its financial statements no later than ten (10) working
days after the general meeting at which these statements were approved.
	 
	13.2.	 	The Factor furthermore has the right to request interim balance sheet data and financial
data.
	 
	13.3.	 	If the Factor deems it necessary to inspect the accounts, the Client will grant access to
its offices to the persons entrusted with this inspection.
	 
	13.4.	 	If the Client does not present the financial statements or does not present them in time,
or presents incomplete or incorrect financial data, this may result in suspension or
immediate termination of the present Agreement.
	 
	14.	 	Duration / Termination
	 
	14.1.	 	This Agreement is concluded for a duration of three (3) years following the Effective Date.
	 
	14.2.	 	Unless in case of notice of termination of the present Agreement (the “Notice of
Termination”) by either Party, this Agreement will each time be extended for a period of one
(1) year.
	 
	14.3.	 	In order to be valid, the Notice of Termination shall be given by the Party wishing to
terminate the Agreement to the other Party at least six (6) months prior to the anticipated
date of termination of the Agreement.
	 
	14.4.	 	In order to be valid, the Notice of Termination shall be given in writing by registered
letter.
	 
	14.5.	 	This Agreement shall terminate automatically:

	 	(a)	 	in case of suspension of business by the Client;
	 
	 	(b)	 	in case of suspension of payment by the Client;
	 
	 	(c)	 	in case of bankruptcy of the Client;
	 
	 	(d)	 	in case of liquidation of the Client or the Factor.

	14.6.	 	In case of bankruptcy or liquidation of the Client, any costs in this respect will be
charged by the Factor on all amounts actually recovered.
	 
	14.7.	 	In case of bankruptcy of the Client the Factor will inform the trustee of the termination
of the Agreement, which will only continue to exist in view of the settlement of the Current
Account.
	 
	14.8.	 	The Factor can terminate or suspend this Agreement unilaterally without prior notice in
case of one or several of the following events:

	 	(a)	 	the Client committed a serious violation of the provisions of the present Agreement,
	 
	 	(b)	 	a bill of exchange accepted by the Client or a cheque issued by the Client is
protested,
	 
	 	(c)	 	assets of the Client are seized under a prejudgment attachment or attachment in
execution,
	 
	 	(d)	 	assets of the Factor or one of the Debtors of a Assigned Receivable are seized under
garnishment;
	 
	 	(e)	 	the control over the Client is handed over;
	 
	 	(f)	 	four fifths (4/5) of the Client’s equity capital has been consumed;
	 
	 	(g)	 	the Client’s credits with its bankers are suspended or cancelled;
	 
	 	(h)	 	the Client’s guarantors withdraw;
	 
	 	(i)	 	the Client has considerable outstanding debts with social creditors and/or the
treasury;
	 
	 	(j)	 	If applicable, the Client is removed from the list of registered contractors;

			
	 	 	 
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	 	(k)	 	If applicable, the Client does not have the legally required
permits and/or approvals;
	 
	 	(l)	 	In case of merger, split-up or
absorption of the Client.

	14.9	 	In case of serious violations to the Agreement, the Factor is exempted from all its
obligations whereas the Client remains obliged to pay the Factoring Fee.
	 
	15.	 	Liability
	 
	15.1.	 	Except in case of fraud, the Factor can in no way be held liable for any kind of damage
suffered by the Client due to default by the former within the scope of the present
Agreement.
	 
	16.	 	Transfer / Pledge of the Agreement
	 
	16.1.	 	This Agreement as well as the resulting rights can only be transferred or pledged upon
prior written approval by the Factor, which shall have to accept the deed of transfer or the
deed of pledge, except as far as the transfer or pledge to Fortis Bank NV (BNP Paribas
Fortis) is concerned.
	 
	17.	 	Miscellanea
	 
	17.1.	 	The invalidity of a provision of the present Agreement does not affect the validity of the
other provisions of the Agreement and thus does not entail the invalidity of the entire
Agreement.
	 
	17.2.	 	If a Party refrains from invoking a default by the other Party, this shall under no
circumstances mean that the former permanently refrains from invoking this default at a later
point in time. If one of the Parties fails to insist on the exercise of its rights resulting
from this Agreement on one or more occasions, this cannot be regarded as a waiver of these
provisions or rights and these provisions and rights remain in full force. A once-only or
partial exercise of rights or legal means by one of the Parties does not exclude a further or
subsequent exercise of these rights or legal means or the exercise of other rights or legal
means.
	 
	17.3.	 	This Agreement covers the complete agreement between the Parties with respect to its
subject and contains all items negotiated and agreed upon between the Parties. The Agreement
supersedes any agreement, announcement, offer, proposal or correspondence, either oral or
written, exchanged or concluded between the Parties prior to the Date of Commencement and
relating to the same subject matter.
	 
	17.4.	 	Any change to the Agreement is to be made in writing and signed by the legal representatives
of the Parties.
	 
	18.	 	Applicable law — Disputes
	 
	18.1.	 	This Agreement is governed by Belgian law.
	 
	18.2.	 	Any dispute relating to the conclusion, the validity, the interpretation or the performance
of this Agreement or subsequent agreements or operations resulting from it, as well as any other
disputes regarding or relating to this Agreement will fall within the exclusive jurisdiction of the
court competent for the legal district of Leuven, without exceptions and regardless of whether it
concerns a legal or factual matter.

			
	 	 	 
	Factoring Agreement — General Terms and Conditions
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POWER OF ATTORNEY

The undersigned, Martijn Duynstee, in his capacity as general manager
(gedelegeerd bestuurder / administrateur délégué) acting on behalf of Supplies
Distributors NV/SA, having its registered office at 4460 Grace-Hollogne, Rue Louis
Blériot 5, Register of Legal Entities of Liége, company number 0475.286.142 (the
“Client”), hereby referring to the factoring agreement (the “Agreement”) concluded on
[•] between the Client and BNP Paribas Fortis Foctor NV/SA, having its registered
office at 3000 Leuven, Vital Decosterstraat 44, Register of Legal Entities of Leuven,
company number 0819.568.044 (the “Factor”),

Hereby grants power of attorney to:

	 	 	 	 	 	 	 
	Name	 	Position	 	Signature
	M. Duynstee

	 	Managing Director
	 	/s/
	 	M. Duynstee
	 
	 	 	 	 	 	 
	N. Dedoyard

	 	Finance Manager
	 	/s/
	 	N. Dedoyard
	 
	 	 	 	 	 	 
	E. Eloy

	 	Accounting & Tax Manager
	 	/s/
	 	E. Eloy
	 
	 	 	 	 	 	 
	S. Freyman

	 	Credit Controller
	 	/s/
	 	S. Freyman

to sign each individually the notice of assignment of receivables referred to in
article 3.12 of the General Terms and Conditions of the Agreement and the notice of
credit notes referred to in Article 3.13 of the General Terms and Conditions of the
Agreement on behalf and for the account of the Client.

The Client will immediately inform the Factor of any revocation of the present power
of attorney versus one or several of the persons mentioned above.

Unless
explicitly stated otherwise, all terms in this power of attorney that commence with a capital letter shall have the same meaning as attached to them
in the Agreement.

Done in Leuven on [•].

	 	 	 	 	 
	 	 	 
	 	/s/ Martijn Duynstee
 	 
	 	MARTIJN DUYNSTEE 	 
	 	ADMINISTRATEUR DÉLÉGUÉ

SUPPLIES DISTRIBUTORS SA 	 
	 
	 	 	 
	 	/s/
Noël Dedoyard
 	 
	 	Noël Dedoyard 	 
	 	Finance Manager 	 
	 

Factorovereenkomst — Volmacht

 

 

COPILOT AGREEMENT

BNP PARIBAS FORTIS FACTOR N.V.

	 	 	 	 	 

	1. Object

	 	 	1	 
	2. System requirements

	 	 	1	 
	3. Conditions of Entry

	 	 	1	 
	4. Identification procedure

	 	 	1	 
	5. Authorised representatives

	 	 	2	 
	6. Product evolution — Range of services

	 	 	2	 
	7. Processing of applications

	 	 	2	 
	8. Financial conditions

	 	 	3	 
	9. Liability of the Factor

	 	 	3	 
	10. Recommendations

	 	 	3	 
	11. Evidence of the instructions and transactions

	 	 	3	 
	12. Duration of the Agreement — Termination

	 	 	3	 
	13. Changes to the Agreement

	 	 	4	 
	14. Legal framework

	 	 	4	 

	1.	 	Object

	 	1.1.	 	The present agreement (the “Agreement”) determines the conditions under which BNP
Paribas Fortis Factor N.V. (the “Factor”) puts its internet application ‘Copilot’ at the
disposal of its client (the “Subscriber”), who accepts, within the scope of its factoring
agreement (the “Internet services”).

	2.	 	System requirements

	 	2.1.	 	To gain access to the Internet Services, the Subscriber needs to be in the
possession of at least the following hardware and software:

	 	•	 	a PC computer (Pentium IV processor recommended) with at least 256 Mb RAM memory (512 MB recommended),
	 
	 	•	 	a 256 colour monitor with a resolution of 1024 x 768 and a fast modem (speed at least 56 kbps),
	 
	 	•	 	Internet access (e.g. a subscription with a provider),
	 
	 	•	 	a web browser (e.g. Firefox 2.0 or Internet Explorer 5, and more recent versions).

	 	2.2.	 	All Internet access costs are at the expense of the Subscriber.

	3.	 	Conditions of entry

	 	3.1.	 	The present conditions of entry are an integral part of the factoring agreement.
	 
	 	3.2.	 	At the time of entry into the Agreement, the Subscriber indicates the function
group(s) (Transaction Management — Statistics — ...) he would like to have. The
corresponding costs will be invoiced at the rate indicated in the factoring agreement;
this rate can be revised in accordance with article 8.4.

	4.	 	Identification procedure

	 	4.1.	 	The Subscriber has access to the Internet Services upon identification by means of a
subscriber number and a password supplied by the Factor.
	 
	 	4.2.	 	The Subscriber can change his password at any given time at his own initiative; it
is indeed recommended to do this on a regular basis.

			
	 	 	 
	Copilot Agreement
	 	1/4

 

 

	 	4.3.	 	The password is of a strictly confidential nature. It only circulates on the
Internet in encoded form. The Subscriber is responsible for the safekeeping,
confidentiality and use of his password.
	 
	 	4.4.	 	It is therefore agreed that any interrogation made or any order placed through the
use of the subscriber number and password is deemed to originate from the Subscriber
himself or, as the occasion arises, from one of his authorised representatives (see
article 5).

	5.	 	Authorised representatives

	 	5.1.	 	Only one subscriber number and password combination gives access to the Internet
Services. This combination can be used to have the factoring agreement carried out by the
authorised representative(s), and by them only, under the responsibility of the
Subscriber.
	 
	 	5.2.	 	The confidentiality provisions and the assumption mentioned above (see article 4.4)
shall apply to the authorised representatives. According to the rules of the mandate, any
transaction carried out or accepted by an authorised representative in this manner will
bind the Subscriber as if he had carried out or accepted the transaction himself.

	6.	 	Product evolution — Range of services

	 	6.1.	 	Depending in particular on the technical evolutions, the Factor will make such
adjustments to the services offered as he considers necessary or desirable.
	 
	 	6.2.	 	The Internet Services currently include:

	 	•	 	Transaction Management:

	 	•	 	Company Credit Limit
	 
	 	•	 	Buyer management
	 
	 	•	 	Consultation of accounts
	 
	 	•	 	Outstanding amount
	 
	 	•	 	Assignment of invoices and credit notes
	 
	 	•	 	Financing request
	 
	 	•	 	Consultation of the revolving
	 
	 	•	 	Consultation of outstanding invoices
	 
	 	•	 	Invoice collection status
	 
	 	•	 	Consultation of correspondence
	 
	 	•	 	Dispute management

(reproduction limited to 500 lines)

	 	•	 	Statistics:

	 	•	 	Limits
	 
	 	•	 	Overdue Invoices
	 
	 	•	 	Disputes
	 
	 	•	 	Outstanding balances
	 
	 	•	 	Ageing Analysis

	 	6.3.	 	In addition, the Factor will gradually put new functions at the disposal of the
Subscribers. The Subscriber will be informed of the availability of a new function by
means of a notification on the identification screen. Certain new functions may give rise
to additional rates; these rates will be presented to the Subscriber for approval.

	7.	 	Processing of applications

	 	7.1.	 	Applications filed through this channel (limit application, transfer of invoices or
credit notes, financing application, etc.) will be processed as soon as possible.
	 
	 	7.2.	 	The requested financing will only be carried out depending on the available balance
and the ongoing transactions.
	 
	 	7.3.	 	All applications filed will be deemed to originate from a sufficiently authorised
user who, in this capacity, is in the possession of the access codes of the service. The
Factor cannot be held liable for any transaction carried out on

			
	 	 	 
	Copilot Agreement
	 	2/4

 

 

	 	 	 	the basis of an application filed by an insufficiently authorised user or resulting from
fraudulent use of the service. In this respect the Factor reserves the right to
immediately suspend the execution of a transaction in case of facts that raise suspicions
of abnormal use or attempted abnormal use.

	8.	 	Financial conditions

	 	8.1.	 	Use of the Internet Services is invoiced on a monthly basis. The amount of this
invoice depends on the level of the services selected by the Subscriber in accordance
with the rate mentioned in the factoring agreement.
	 
	 	8.2.	 	The Subscriber explicitly authorises the Factor to debit the amount due to the
current account of his factoring agreement. Each month started will be invoiced in full.
	 
	 	8.3.	 	The rates are communicated to the Subscriber upon signature of the factoring
agreement and can be consulted in the Factor’s rate overview.
	 
	 	8.4.	 	The rates can be revised. Any change in the rates or invoicing terms and conditions
will be communicated to the Subscriber by means of a notification on the identification
screen at least thirty days before these new rates take effect. If the Subscriber does
not accept the new rates, he is entitled to terminate his subscription (see article 12).
Use of the Internet Services after the date of effect of the revised rates is regarded as
acceptance of the new rates by the Subscriber.
	 
	 	8.5.	 	The Subscriber will be personally responsible for the payment of the communication
costs invoiced to him by his provider.

	9.	 	Liability of the Factor

	 	9.1.	 	Except in case of deliberate intent, the Factor can in no way be held liable for any
kind of damage suffered by the Subscriber due to a default by the former within the scope
of the provision of the Internet Services.

	10.	 	Recommendations

	 	10.1.	 	In order to safeguard the confidential nature of his data, the Subscriber is
requested to take all appropriate measures as regards his hardware and software to
prevent storage of the consulted data on his computer and/or to delete these data upon
completion of the consultation. If the Subscriber imports financial data into software,
he will ensure that this information is not accessible to unauthorised third parties.
	 
	 	10.2.	 	In addition, the Subscriber shall take all appropriate measures to protect the data
and/or software stored on or loaded into his hardware against infection by viruses and
against penetration attempts.

	11.	 	Evidence of the instructions and transactions

	 	11.1.	 	The transaction and balance statements communicated within the scope of the present
Agreement are presented without prejudice to the transactions under consideration. The
Subscriber therefore has the obligation to check the periodic statements or other
information supplied by the Factor; only these statements serve as evidence.

	12.	 	Duration of the Agreement — Termination

	 	12.1.	 	This Internet Services subscription agreement is entered into for an indefinite
time period starting from the date of connection of the Subscriber. The subscription
agreement ends automatically upon the effective termination of the factoring agreement,
to which the present agreement is inextricably linked.
	 
	 	12.2.	 	Either party can terminate the present subscription at any given time by giving
written notice to the other party. The termination will take affect after 30 days’ notice
starting from the day of receipt of this notification by the latter.
	 
	 	12.3.	 	In addition, in case of a serious mistake by the Subscriber or in case of
non-payment of the sums due within the scope of the present Agreement, the Factor may
unilaterally terminate this subscription agreement without observing the required period
of notice. The Factor will inform the Subscriber of his decision by registered letter.
	 
	 	12.4.	 	In case of suspension of payment by the Subscriber, the subscription agreement is
terminated automatically.

			
	 	 	 
	Copilot Agreement
	 	3/4

 

 

	13.	 	Changes to the Agreement

	 	13.1.	 	Any change to the present Agreement will be communicated to the
Subscriber at least 30 days prior to the date on which it takes effect by means of
specific communications addressed to the Subscriber on the identification screen.
	 
	 	13.2.	 	The applicable version of the present Agreement can be consulted at any
given time in the “Identification” section.
	 
	 	13.3.	 	If the Subscriber does not agree with a change to the Agreement, the
Subscriber has the possibility to terminate his subscription agreement with 30 days’
notice. Use of the Internet Services after the date on which the changes to the
Agreement take effect is regarded as acceptance of the new rates by the Subscriber.

	14.	 	Legal framework

	 	14.1.	 	The present Agreement is governed by Belgian law.
	 
	 	14.2.	 	Any disputes shall be settled by the courts of Leuven.

			
	 	 	 
	Capilot Agreement
	 	4/4

 

 

POWER OF ATTORNEY

The undersigned, Martijn Duynstee, in his capacity as general manager (gedelegeerd bestuurder
/ administrateur délégué) acting on behalf of Supplies Distributors NV/SA, having its registered
office at 4460 Grace-Hollogne, Rue Louis Blériot 5, Register of
Legal Entities of Liége, company
number 0475.286.142 (the “Client”), hereby referring to the factoring agreement (the “Agreement”)
concluded on [•] between the Client and BNP Paribas Fortis Factor NV/SA, having its registered
office at 3000 Leuven, Vital Decosterstraat 44, Register of Legal Entities of Leuven, company
number 0819.568.044 (the “Factor”),

	1.	 	Irrevocably authorises the Factor to transfer to her correct internal account all payments
which the Factor may at any given time receive with regard to one or several Assigned
Receivables;
	 
	2.	 	Irrevocably authorises the handling bank to credit to the Factor’s account all cheques on
which the Client is designated as beneficiary which the Client or the Factor may receive at
any given time and which are issued by means of payment of one or several Assigned
Receivables;
	 
	3.	 	Irrevocably authorises the Factor to complete the missing endorsement to the Factor of one
or several bills of exchange issued for payment of one or several Assigned Receivables;
	 
	4.	 	Irrevocably authorises the Factor to attach the assignment clause to any Invoice in which a
Transferred Claim is established and for which the latter considers this to be expedient in
accordance with article 3.9 of the General Terms and Conditions of the Agreement.

Unless explicitly stated otherwise, all terms in this power of attorney that commence with a
capital letter shall have the same meaning as attached to them in the Agreement.

This power of attorney is irrevocable and continues to apply until the Client’s last commitment
resulting from the Agreement has expired.

Done in Leuven on [•].

	 	 	 	 	 
	 	 	 
	 	/s/
Martijn Duynstee
 	 
	 	MARTIJN DUYNSTEE 	 
	 	ADMINISTRATEUR DÉLÉGUÉ

SUPPLIES DISTRIBUTORS SA 	 
	 
	 	 	 
	 	/s/
Noël Dedoyard
 	 
	 	Noël Dedoyard 	 
	 	Finance Manager 	 
	 

			
	 	 	 
	Facturing Agreement — Power of Attorney

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