Document:

Neptune Technologies & Bioressources Inc. - Exhibit 4.2 - Prepared by
   TNT Filings Inc.

Exhibit 4.2

TECHNOLOGY LICENSE AGREEMENT

*Confidential treatment has been requested and a complete copy of this
agreement has been filed with the Commission. Redacted portions are marked
throughout.

This TECHNOLOGY LICENSE AGREEMENT
(the “Agreement”) entered into this 15th day of October, 2008 (the “Effective
Date”) by and between Neptune Technologies & Bioressources Inc. (“Licensor”)
and Neuro Vimer Pharm Inc. renamed NeuroBioPharm Inc. (the “Company”)
(Licensor and the Company are sometimes referred to herein individually as a “Party”
and collectively as the “Parties”). Agreement reviewed the 20 February
2009. 

WHEREAS Licensor is the owner or licensee of Licensed Intellectual Property (as hereinafter defined); and 

WHEREAS the Company desires to obtain from Licensor, and Licensor desires to grant to the Company, a license to use such Licensed Intellectual Property in certain Licensed Fields
and within a specified Territory under the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the premises, the mutual covenants, agreements and respective representations and warranties contained herein, and other good and valuable
consideration, the receipt and sufficiency for which are hereby acknowledged, the Parties hereto agree as follows: 

	

1.  		
DEFINITIONS

	
	 	 
		
“Agreement” has the meaning set forth in the preamble.

	
	 	 
		
“Additional Term” has the meaning set forth in Section 11.1.

	
	 	 
		
“Business Day” means a day other than Saturday, Sunday, or any other day on which commercial banks located in Montreal are not required to be open for
business.

	
	 	 
		
“Company” has the meaning set forth in the Preamble.

	
	 	 
		
“Company Independent Development” means any intellectual property created, acquired or developed by the Company that is not a Company Related
Enhancement.

	
	 	 
		
“Company Related Enhancement” means any derivative works from, and other improvements and enhancements to, the Licensed Intellectual Property and any other
intellectual property created, acquired or developed by the Company that is directly or indirectly derived from on the Licensed Intellectual Property.

	
	 	 
		
“Confidential Information” has the meaning set forth in Section 10.

	
	 	 
		
“Contract Year”
shall mean each twelve-month period following the Effective Date. 

	
	 	
 
	 	

“Cosmeceutical” means
Nutraceuticals with cosmetic claims.
	 	
 
	 	

“Cost” means, with respect to a Party, all reasonably documented costs, fees and expenses that such Party incurs in performing the applicable obligation(s) under this Agreement,
as such Party determines in good faith and on a reasonable basis, including, without limitation, for (a) all out-of-pocket expenses and consultant and vendor costs, (b) personnel wages, salaries and other compensation and benefits for such Party’s employees, and (c) other personnel-related expenses, and associated general and administrative expenses, and (d) direct equipment, software and services costs. With respect to any expenses
that are incurred for the benefit of the other Party or other entities in addition to the Party, Cost will include only a fair allocation of such multi-party expenses. 
	
	

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“Effective Date” has the meaning set forth in the Preamble. 

“Enhancement Notice”
shall have the meaning set forth in Section 3.5(a). 

“Gross Margin” means the revenues for each Licensed Product made, used, transferred or sold by, or on behalf of, the Company or a sublicensee of the Company in an arm’s
length transaction, less the cost of goods sold, which is defined as direct costs attributable to the purchase of the Licensed Products by the Company, including without limitation the cost of materials, direct labor costs, indirect expenses such as
distribution costs and sales force costs.

“Initial Term” has the meaning set forth in Section 11.1. 

“Licensed Field” 
distribution and sale 
[REDACTED: Targeted Markets] 
and Prescription Drug Products for use in
the human Neurological Field
[REDACTED: Technical Conditions] 

“License Grant”
has the meaning set forth in Section 2.1(a). 

“Licensed Intellectual Property” means, subject to the terms and conditions of this Agreement, (a) the Licensed Patents and (b) all know-how, trade secrets, systems, copyrighted
materials, software (in object code form and, at Licensor’s sole discretion, in source code form), technology, Confidential Information of Licensor not included in the foregoing, and other intellectual property, other than Trademarks, owned or
controlled by, or licensed to Licensor (with the right to grant sublicenses in the Licensed Field) as of the Effective Date and necessary for exploitation of the Licensed Patents, in each case to the extent related to the Licensed Field.

“Licensed Patents” means those patents and patent applications relating to the Licensed Field owned by Licensor, or to which Licensor has license rights (with the right to grant
sublicenses) as of the Effective Date, and set forth on Schedule A. 

“Licensed Products” means any and all products Used, directly or indirectly, by the Company and within the scope of one or more claims of the Licensed Patents and within the
Licensed Field.

“Net Sales” means the revenues for each Licensed Product made, used, transferred or sold by, or on behalf of, the Company or a sublicensee of the Company in an arm’s length
transaction, less the sum of the following actual and customary deductions (net of rebates or allowances of such deductions received):  cash, trade, or quantity discounts; sales or use taxes imposed upon particular sales; import/export and customs
duties freight or other transportation charges; amounts repaid or credited by reason of rejections and return of goods.

“Neurological Field” [REDACTED: Field
Applications] 

 “Nutraceutical Products” means any Dietary Supplement or Functional Food that has proven health and medical benefits.  “Dietary Supplement” means a product isolated or
purified from foods that is generally sold in medicinal forms not usually associated with food; a dietary supplement is demonstrated to have a physiological benefit to maintain healthy physiological systems.  “Functional Food” is similar in appearance to, or may be, conventional food, is consumed as part of a usual diet, and is
demonstrated to have physiological benefits to maintain healthy physiological systems beyond basic nutritional functions. 

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“Nutrigenomic Products” means Nutraceuticals designed to interact with specific genes to reduce the risk of common chronic diseases by altering the expression of genes and the structure of an
individual's genome. 

“Over-the-Counter Products” means products intended to be used in the prevention, cure and treatment of a disease, with a monograph safety standard, requiring no scientific review
and which can be sold without a prescription from a medical doctor or in formulation with another OTC product where the safety monograph applies to at least one of the ingredients in the formulation. 

“Permitted Company Licensee” means any permitted sublicensee of the Company pursuant to the terms and conditions of this Agreement.

“Person” means any natural person, corporation, partnership, limited liability company, trust or any other legal entity. 

“Prescription Drug Products” means products intended for the prevention, cure or treatment of a disease, to which attach specific claims, and which has received approval from each
country’s respective authorities to be marketed as a prescription drug, and which must be prescribed by a medical doctor. 

“Prescription Medical Food Products” means products intended to meet unique complete nutritional requirements of a disease, which fall within the GRAS category (“Generally
Recognized As Safe”) as defined by the respective regulatory authorities of each country in the Territory and which must be prescribed by a medical doctor and/or doctors accredited to prescribe. 

“Related Company” means a company that directly, or indirectly through one or more intermediaries, owns, or is owned by, or is under common ownership with, the Company. For this
purpose, the term “own” or “ownership” means the ownership of twenty-five percent (25%) or more of the voting shares of such corporation or of twenty-five percent (25%) of the ownership interests in such other business entity.

“Royalties” has the meaning set forth in Section 5.2. 

“Term” means the Initial Term and the Additional Term. 

“Territory” means worldwide.

“Third Party” means any person other than the Licensor, the Company or the Related Company.  

“Use” means to develop, use,
sell, offer for sale, import, export, have imported, have exported, distribute, create derivative works from, improve, enhance, and modify; for the purpose of this Agreement, “Use” specifically excludes manufacturing. 

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2.  		
LICENSE GRANT

	
	 	 	 	 	 	 
		

2.1  		
License to the Company.

	
	 	 	 	 	 	 
			
(a)  		
License Grant. Licensor hereby grants to the Company, and the Company hereby accepts, subject to the terms and conditions of this Agreement, an exclusive, non-transferable license for the
Term and in the Territory to Use the Licensed Intellectual Property solely within the Licensed Field and, where it relates to the development and commercialization of Licensed Products, in accordance with the terms set out in Schedule B to this
Agreement. (the "License Grant"). [REDACTED:
Technical Condition]

	
	 	 	 	 	 	 
			
(b)  		
Copies. The Company shall be permitted to make such reasonable numbers of copies of the Licensed Intellectual Property as are reasonably necessary to effectuate the License Grant; provided
however, that (i) the Company shall treat all such copies as Confidential Information of Licensor to be disclosed only as permitted in Section 10, and (ii) all such copies shall be subject to all terms and conditions of this Agreement.

	
	 	 	 	 	 	 
			
(c)  		
Derivative Works.

	
	 	 	 	 	 	 
				
(i)  		
The Company may create Company Related Enhancements from the Licensed Intellectual Property, subject to the terms of the License Grant.

	
	 	 	 	 	 	 
				
(ii)  		
Except as may be imposed by other provisions of this Agreement, such as confidentiality and non-compete provisions, no restrictions are imposed on the Company’s rights to create Independent
Developments.

	
	 	 	 	 	 	 
			
(d)  		
Sublicenses. Subject to Section 14.1, the Company shall have the right to sublicense the Licensed Intellectual Property but only with the prior written consent of Licensor,
such consent to be at Licensor’s sole discretion, but which shall not be rejected without justified cause, provided that:

	
	 	 	 	 	 	 
				
(i)  		
the sublicense to such Permitted Company Licensee is pursuant to a written, valid and enforceable agreement containing terms and restrictions (other than fees and without sub-licensing rights) at least substantially
the same as those contained herein, including, without limitation, the following:

	
	 	 	 	 	 	 
					
(I)  		
License grant limitations and sublicensee obligations relating thereto at least as restrictive as the License Grant and sublicense obligations set forth herein;

	
	 	 	 	 	 	 
					
(II)  		
Licensor ownership of Licensed Intellectual Property, and Licensor license rights to Company Related Enhancements and to Company Independent Development by such sublicensee at least as broad as those contained herein;
and

	

4

	
 	
 	
 	
 	
(III)  		
Obligations on the Permitted Company Licensee at least as broad, and rights at least as favorable to Licensor, as those contained herein regarding protection of Licensed Intellectual Property, audit rights, remedies
and liability limitations, representations, warranties, confidentiality, termination, governing law and other miscellaneous provisions.

	

	 	 		
(ii)  		
notwithstanding Section 2.1(d)(i) above:

	
	 	 	 	 	 	 
	 	 			
(I)  		
No sublicensing of any Permitted Company Licensee will include any representations or warranties, express or implied, made on behalf of Licensor;

	
	 	 	 	 	 	 
	 	 			
(II)  		
Except for damages related to the manufacturing of the Licensed Products by Licensor, Licensor will not be liable for any damages, whether direct, indirect, incidental, consequential, special, punitive or other
liability, arising under any such sublicenses, and the Company will at its cost defend and hold the Licensor harmless in relation thereto; and

	
	 	 	 	 	 	 
	 	 			
(III)  		
Any such sublicense agreement will expressly provide that Licensor is a third party beneficiary of that sublicense agreement;

	
	 	 	 	 	 	 
	 	 		
(iii)  		
no sublicense will be permitted if it has, or is reasonably likely to have, any material adverse legal, financial or tax effect on Licensor; and

	
	 	 	 	 	 	 
	 	 		
(iv)  		
the Company shall be liable for any action or inaction on the part of any sublicensee of the Company.

	
	 	 	 	 	 	 
	
 	
 	
(e)  		
Scope of License. Except for such rights expressly granted to the Company herein, no license, right, title or interest in or to the Licensed Intellectual Property is granted to the Company
or any other entity, either expressly or by implication, estoppel or otherwise.

	

	
 	

2.2  		

Licensed Third Party Technology.
Except as otherwise set forth in Section 5.4, for all third party intellectual
property licensed or sublicensed by Licensor for use with or within the Licensed
Intellectual Property in connection with the Company’s business, the Company
shall bear the Cost of such license or sublicense, based on the following
principles: (a) where the third party licensor negotiates with the Licensor a
reasonable fee for the Company [REDACTED:
Condition]
(b) where the third party licensor fee is based on a usage or other trackable
methodology directly related to the licensed third party intellectual property
[REDACTED:
Condition]
(c) where the third party licensor has set a general fee, Licensor shall
determine [REDACTED:
Condition]

	

	 	 	 
	
 	

2.3  		
Licensor Right to Control Its Business. Nothing in this Agreement shall restrict Licensor from modifying, discontinuing use of, or ceasing support for any of the Licensed Intellectual
Property without liability or obligation to the Company or any third party, provided, however, that Licensor shall use commercially reasonable efforts (a) to provide the Company with sufficient advanced notice of any such modifications, discontinuations or cessations of support to allow the
Company to take appropriate actions to minimize any adverse effect on the Company, and (b) and to implement such modifications, discontinuations, and cessations of support in a manner intended to minimize any material adverse effect on the Company's
business or operations, so long as such notice and such minimization efforts do not nor are likely to have a material adverse effect on Licensor. Notwithstanding the foregoing, the notice to be provided by the Licensor in accordance with subsection
(a) above shall be of at least thirty (30) days.

	

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2.4  		
Technology Transfer. To the extent reasonably necessary for the Company to exercise its rights and perform its obligations under this Agreement, promptly after the Effective Date, Licensor
shall provide to the Company one (1) copy of each physical embodiment of the Licensed Intellectual Property controlled by Licensor on the Effective Date (and, from time to time thereafter during the Term, promptly after Licensor obtains control of
any additional Licensed Intellectual Property).

	
	 	 	 	 
	

3.  		
OWNERSHIP OF INTELLECTUAL PROPERTY; RIGHTS TO ENHANCEMENTS

	
	 	 	 	 
		

3.1  		
Ownership of Licensed Intellectual Property. The Company acknowledges that Licensor and its licensors own and shall own all right, title and interest, throughout the world, in and to the
Licensed Intellectual Property. The Company shall not take any action that is inconsistent with Licensor's and its licensors’ ownership of the Licensed Intellectual Property. The Company agrees that nothing in this Agreement and no use of the
Licensed Intellectual Property by the Company pursuant to this Agreement, shall vest in the Company or be construed to vest in the Company, any right, title or interest in or to the Licensed Intellectual Property other than the express right to Use
the Licensed Intellectual Property solely in accordance with the terms and conditions of this Agreement.

	
	 	 	 	 
		

3.2  		
Ownership of Company Related Enhancements. The Company shall own all right, title, and interest in and to all Company Related Enhancements.

	
	 	 	 	 
		

3.3  		
Company Related Enhancement Rights and Obligations.

	
	 	 	 	 
			
(a)  		
The Company shall promptly disclose all Company Related Enhancements to Licensor. [REDACTED: Condition]

	
	 	 	 	 
			
(b)  		
The Company shall not at any time during or after the Term of this Agreement Use, nor knowingly permit any third party to access or Use, for the benefit of the Company or any other entity, any Company Related
Enhancements outside of the Licensed Field without the prior written approval of the Licensor.

	
	 	 	 	 
		

3.4  		
Ownership of Independent Developments. Licensor agrees and acknowledges that the Company shall own all right, title and interest in and to all Company Independent Developments throughout the
world, and that there shall be no restrictions upon the Company's right to create Independent Developments except as specifically provided in this Agreement.

	

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3.5  		
Independent Development License to Licensor.

	
	 	 	 	 
			
(a)  		
Subject to Section 14.1 and Section 14.2, the Company shall promptly disclose all Company Independent Developments to Licensor, such disclosure to be subject to the confidentiality obligations of this Agreement. Such
notification shall include a description of the Company Independent Development in reasonably sufficient detail to permit Licensor to evaluate the Company Independent Development ("Enhancement Notice").
Upon Licensor's request, the Company shall grant to Licensor a commercially reasonable evaluation license [REDACTED: Condition]

	
	 	 	 	 
			
(b)  		
Subject to Section 14.1 and Section 14.2, the Company must hereby offer to grant to the Licensor, and Licensor may at its sole discretion accept, effective upon Licensor’s acceptance with respect to each Company
Independent Development, a nonexclusive, perpetual, royalty-bearing, irrevocable, worldwide license to: (a) use, sell, offer for sale, import, export, have imported, have exported, distribute, and (b) in collaboration with the Company or with the
Company’s pre-appoval, to create derivative works from, improve, enhance, modify and/or otherwise exploit, the Company Independent Developments in Licensor's business in any territory and in any field of use except the Licensed Field, subject
to the Parties entering into a reasonable license agreement therefore [REDACTED: Condition]

	
	 	 	 	 
			
(c)  		
Without limitation to Section 3. 5(b), in the event the Company determines to generally commercialize or license the Company Independent Development, 
[REDACTED: Condition]

	
	 	 	 	 
	 	 	 	 
		

3.6  		
Vested Ownership Rights.

	
	 	 	 	 
			
(a)  		
Subject to Section 14.1 and Section 14.2, to the extent any right, title or interest in or to any Company Related Enhancement or Company Independent Development or other intellectual property or data vests in the
Company, by operation of law or otherwise, in a manner contrary to the agreed upon ownership as set forth in this Agreement 
[REDACTED: Condition]

	
	 	 	 	 
			
(b)  		
Subject to Section 14.1 and Section 14.2,
Company shall take, or shall cause to be taken, all such actions as shall be
necessary, including procuring assignments from individuals [REDACTED: Condition]

	
	 	 	 	 
		

3.7  		
Trademark Rights. Nothing in this Agreement shall be deemed to give the Company any right, title or interest in or to any of Licensor's Trademarks.

	
	 	 	 	 
	

4.  		
PROTECTION OF LICENSED INTELLECTUAL PROPERTY

	
	 	 	 	 
		

4.1  		
Maintenance of Intellectual Property Rights. The maintenance of the Licensed Patents shall be managed [REDACTED: Party
& Condition]. Should the Licensor choose not to continue to maintain any of the patents or patent applications which form part of the Licensed Patents, the Licensor shall provide the Company with
reasonably advanced notice of at least six (6) months if possible in writing of its decision and the Company may, in its sole discretion and at its cost, choose to continue the maintenance of such patent or patent application.

	

7

		

4.2  		
Protection of Intellectual Property Rights.

	
	 	 	 	 
			
(a)  		
[REDACTED: Party
& Condition] police the Licensed Intellectual Property in the Territory, and in connection with any lawsuits
involving Licensed Intellectual Property. [REDACTED:
Condition]

	
	 	 	 	 
			
(b)  		
[REDACTED: Right]

	
	 	 	 	 
			

(c)  		
[REDACTED: Right]

	
	 	 	 	 
		

4.3  		
No Assurance of Protection. The Company agrees and acknowledges that (a) except as set forth on Schedule A, the Licensed Patents and other Licensed Intellectual Property currently are not
patented or registered in the Territory, (b) except as set forth in Section 7, Licensor makes no representation or warranty regarding intellectual property protection for the Licensed Intellectual Property in the Territory and (c) all terms and
conditions of this Agreement, including, without limitation, financial terms, are made on the Parties’ understanding and acknowledgment that protection for any or all Licensed Intellectual Property may not be obtainable in all or in part of the
Territory.

	
	 	 	 	 
		

4.4  		
Defense Against Infringement Claims. Licensor and the Company shall cooperate to diligently defend the Company, and, if applicable, Licensor, against any third party infringement claims,
demands or actions relating to the Licensed Intellectual Property in the Territory (“Third Party Infringement Claims”).

	
	 	 	 	 
			
[REDACTED: Right]

	
	 	 	 	 
		

4.5  		
Defense Against Other Claims. Licensor and the Company shall cooperate to defend the Company against any third party claims, demands or actions, other than claims subject to Section 4.4.
[REDACTED: Obligation]

	
	 	 	 	 
		

4.6  		
Exceptions. Notwithstanding the other provisions contained in this Section 4, the Licensor shall be solely responsible for the defense, control and resolution, at its own expense, of the
claims, demands and actions set forth in Schedule 7.1 to this Agreement.

	
	 	 	 	 
		

4.7  		
[REDACTED: Obligation]

	
	 	 	 	 
	

5.  		
ROYALTIES

	
	 	 	 	 
		

5.1  		
Initial Consideration.
On the Effective Date, the [REDACTED: Consideration]

	
	 	 	 	 
		

5.2  		
Royalties. In addition to the Initial Consideration, during the Initial Term, the Company shall pay to Licensor, in consideration for the License Grant, a running royalty (the
"Royalties") [REDACTED: Royalties]

	
	 	
 	
 
	 	
 	
If the Company or a Related Company
sells Licensed Product in the Licensed Field under the License Grant as a
component or a combination of other ingredients (the “Formulation”), for
the purpose of calculating the Royalties, the applicable Net Sales, Gross Margin
or revenues, as the case may be, shall calculated in proportion to the cost for
the Company or for the Related Company of the product under the License Grant
relative to the cost of the Formulation. 
	

8

	 	 	 	 
		

5.3  		
Minimum Requirements. In order to maintain the rights granted under this Agreement, the Company shall meet all of the following conditions:

	

	
 	
 	
 	
 
	
 	
 	
(a)  		
In each Contract Year, notwithstanding any payment made under Section 5.1, the Company undertakes to make minimum payments to the Licensor, which shall include the Royalty payments made during such Contract Year, and
which payments shall equal or exceed the following amounts (the “Minimum Payment Requirements”):

	

	
  
		

[REDACTED: Years] 
	
	

[REDACTED: Targeted Markets]

		

[REDACTED: Minimum Royalties 
	
	
  
		

Payment] 
	

For purposes of clarity, the Minimum Payment Requirements are based on annual minimum payments [REDACTED: Condition] 

If any of the conditions set out in Section 5.3(a)(b) and Section 5.3(a)(c) are not met by the Company for reasons other than reasons beyond the Company’s control [REDACTED: Option]

Notwithstanding the foregoing, the Company may choose to restrict the License Field under this Agreement and to abandon its License Grant [REDACTED: Targeted Markets &
Condition]

	
 	

5.4  		
Third Party Fees. The Company shall be responsible for all third party license and other fees and all other Company Costs in connection with the License Grant, except for the fees to be
assumed by the Licensor as set forth in Section 4.6, any fees payable to the Université de Sherbrooke related to the Beaudoin Patent and any fees related to the action undertaken by Mr. Beaudoin as described in Schedule 7.1 hereto.

	
	 	 	 
	
 	

5.5  		
Time and Place of Payment. All Royalties are payable quarterly within forty-five (45) days after end of each such quarter, and any other fees net forty-five (45) days from invoice for same
from Licensor. All payments under this Agreement shall be made in Montreal, Quebec, in Canadian currency, or such other location as Licensor may indicate.

	
	 	 	 
	
 	

5.6  		
Taxes and Other Assessments. All payments under this Agreement shall be made without deduction for taxes, assessments or other charges of any kind that may be imposed on Licensor by any
government, or subdivision of such government, other than Licensor’s Canadian income taxes, and all such taxes, assessments and charges shall be the sole responsibility of the Company.

	
	 	 	 
	
 	

5.7  		
Failure to Pay and Overdue Payments. Failure to pay the License Fee within sixty (60) days of receipt by the Company of notice from Licensor that the License Fee has not been paid, shall
constitute a material breach of this Agreement. Any payments that are not timely paid as provided hereunder shall bear interest at the annual rate of the lower of (a) the highest rate permitted by law and (b) one and one half percent (1.5%) per
month.

	

9

	
 	

5.8  		
Early Repayment of Royalties.

	
	 	 	 	 	 
	 		
(a)  		
At any time during the first year following the Effective Date if agreed by both Parties, and at any time [REDACTED: Option]

	
	 	 	 	 	 
	 		
(b)  		
The calculation of the number of Company class A and/or class B Shares to be issued shall be based on the following formula:

	
	 	 	 	 	 
	 			
NPV Royalties at T / FMV at T, 
[REDACTED:
Formula]

	
	 	 	 	 	 
	 		
(c)  		
[REDACTED: Consideration] For the purpose of this Section 5.8, “Fair Market Value” shall be determined as follows:

	
	 	 	 	 	 
	 			
(i)  		
If the Company is traded on a public exchange, the volume weighted average price of its shares for the twenty (20) trading days prior to the issuance of the shares;

	
	 	 	 	 	 
	 			
(ii)  		
If the Company is not
traded on a public exchange, the higher [REDACTED: Condition]

	
	 	 	 	 	 
	 		
(d)  		
[REDACTED:
Restriction]

	
	 	 	 	 	 
	 		
(e)  		
[REDACTED: Condition]

	

	

6.  		
PAYMENTS, RECORDS, AUDIT RIGHTS

	
	 	 	 
		

6.1  		
Payment Reports. Within forty-five (45) days after the end of each calendar quarter during the Term, the Company shall provide the Licensor, along with the Royalties, with a report stating
the Company’s Net Sales, Gross Margin, revenues from sublicenses made by the Company to third parties and, if applicable, all information used to establish the pro-rata calculation should the Company sell a Formulation, the whole for that
calendar quarter by the Company. Such report shall also indicate the quantity of Licensed Products sold by the Company during such calendar quarter. The Company shall provide the reports due to the Licensor at the address set forth in Section
14.14.

	
	 	 	 
		

6.2  		
Company Maintenance of Records. The Company shall maintain complete and accurate accounting, development and business records in accordance with sound accounting, research and development
and business practices to substantiate and verify the Company’s financial information used in calculating the Royalties, any use of Licensed Intellectual Property and any development of any software or other intellectual property related to the
Licensed Intellectual Property, and will preserve such records for a period of at least five (5) years after completion of the pertinent obligations or other work.

	
	 	 	 
		

6.3  		
Audit. Licensor or its designee shall have the right, at Licensor’s expense, to audit and inspect the books and records of the Company upon five (5) Business Days’ written notice
to the Company during regular business hours for the purpose of verifying that all Royalties have been paid and confirming that the Company has performed all of its obligations under, and has complied with, the terms and conditions of this
Agreement. If the audit identifies any underpayment or overpayment of Royalties by the Company, then, (a) in the case of an underpayment, the Company shall pay to Licensor the amount of such underpayment within thirty (30) Business Days after Licensor delivers to the Company a written report describing such
underpayment, or (b) in the case of an overpayment, the Company shall be entitled to a credit against future Royalties in the amount of such overpayment as described in a written report from Licensor. If the audit reveals that the Company underpaid
Royalties by more than ten percent (10%) in any calendar quarter, then all fees and expenses of such audit shall be paid by the Company.

	

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7.  		
REPRESENTATIONS AND WARRANTIES

	
	 	 	 
		

7.1  		
Licensor Representations and Warranties. Except as set forth in Schedule 7.1, Licensor represents to the Company that, to the knowledge of Licensor, with respect to the Territory (a)
Licensor owns or has the right to license the Licensed Intellectual Property free and clear of any encumbrances; and (b) there are no adverse claims in the Territory relating to the Licensed Intellectual Property.

	
	 	 	 
		

7.2  		
Mutual Representations and Warranties. Each Party represents and warrants to the other Party that (a) it has the full corporate right, power and authority to enter into this Agreement and to
perform its obligations hereunder, (b) the execution of this Agreement and the performance of its obligations hereunder does not and will not conflict with or result in a breach (including, without limitation, with the passage of time) of any other
agreement to which it is a party or by which any of its assets or properties is bound or affected, and (c) this Agreement has been duly executed and delivered by such Party and constitutes the valid and binding agreement of such Party, enforceable
against such Party in accordance with its terms, except to the extent that enforceability is limited by public policy or creditors' rights generally.

	
	 	 	 
		

7.3  		
Disclaimer of Representations and Warranties. TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT AS SET FORTH ABOVE IN THIS SECTION 7, LICENSOR DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES,
WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR IN WRITING, ARISING UNDER LAWS OF CANADA, THE TERRITORY OR ANY OTHER LAWS, INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO VALIDITY, ENFORCEABILITY, NON-INTERRUPTION, ERROR-FREE OPERATION,
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OR THE LIKE WITH RESPECT TO THE LICENSED INTELLECTUAL PROPERTY, WHETHER IN THE TERRITORY OR OTHERWISE.

	
	 	 	 
	

8.  		
INDEMNIFICATION

	
	 	 	 
		

8.1  		
Indemnification by Licensor. Subject to Section 9, Licensor agrees to defend, indemnify, and hold the Company, and the respective directors, officers, employees and agents of the Company,
harmless from and against any and all out-of-pocket costs, damages and losses (including, without limitation, reasonable attorneys’ fees and costs) arising out of or resulting from third party claims due to (i) the material breach by Licensor
of any of its representations, warranties, covenants and agreements contained in this Agreement, or (ii) Licensor's material unauthorized use or disclosure of any Company Confidential Information, or (iii) any acts or omissions of the Licensor in
its business arising from gross negligence or willful misconduct.

	

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8.2  		
Indemnification by the Company. Subject to Section 9, the Company agrees to defend, indemnify, and hold Licensor and the respective directors, officers, employees and agents of Licensor,
harmless from and against any and all out-of-pocket costs, damages and losses (including, without limitation, reasonable attorneys’ fees and costs) arising out of or resulting from third party claims due to (i) any material breach by the
Company (or by any Permitted Company Licensee) of any of its representations, warranties, covenants and agreements contained in this Agreement, (ii) the Company’s (or any Permitted Company Licensee’s) unauthorized use or disclosure of any
Licensed Intellectual Property or material unauthorized use or disclosure of any Confidential Information or (iii) any acts or omissions of the Company (or any Permitted Company Licensee) in its business arising from gross negligence or willful
misconduct.

	
	 	 	 
		

8.3  		
Indemnification Obligations. In no event will the loss of profits, sales, business, data or other indirect, incidental, consequential, special, punitive or similar damages of a third party
be considered direct damages of a Party for purposes of the indemnification obligations under this Section 8.

	
	 	 	 
	

9.  		
LIMITED REMEDY

	
	 	 	 
		

9.1  		
Intellectual Property. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL LICENSOR BE LIABLE TO THE COMPANY, ANY PERMITTED COMPANY LICENSEE OR ANY OTHER ENTITY FOR ANY CLAIM, LOSS OR
DAMAGE OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THE DEFICIENCY OR INADEQUACY OF THE LICENSED INTELLECTUAL PROPERTY FOR ANY PURPOSE WHETHER OR NOT KNOWN OR DISCLOSED TO LICENSOR.

	
	 	 	 
		

9.2  		
Exclusion of Consequential Damages. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL A PARTY OR ANY PERMITTED COMPANY LICENSEE BE LIABLE TO THE OTHER PARTY OR ANY PERMITTED COMPANY
LICENSEE OR ANY OTHER ENTITY FOR ANY LOSS OF PROFITS, SALES, BUSINESS, DATA OR OTHER INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR SIMILAR DAMAGES IRRESPECTIVE OF WHETHER LICENSOR HAS BEEN INFORMED OF, KNEW OF, OR SHOULD HAVE KNOWN OF
THE LIKELIHOOD OF SUCH DAMAGES. THIS LIMITATION APPLIES TO ALL CAUSES OF ACTION IN THE AGGREGATE, INCLUDING, WITHOUT LIMITATION, BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT LIABILITY, MISREPRESENTATION, AND OTHER TORTS.

	

	

10.  		
CONFIDENTIALITY

	
	 	 	 
		

10.1  		
Definition. "Confidential Information" means (a) the terms and conditions of this Agreement, (b) any information, in whatever form, designated by a Party
(“Disclosing Party”) in writing as confidential, proprietary or marked with words of like import when provided to the other Party (“Receiving Party”); and (c) information orally conveyed if the Disclosing Party states at the time of the oral conveyance or promptly thereafter that such information is Confidential, and such statement of confidentiality is specifically confirmed in
writing within fifteen (15) days of such oral conveyance, or is disclosed under circumstances in which the Receiving Party knew or reasonably should have known was confidential.

	

12

	
 	

10.2  		
Exclusions. Confidential Information shall not include information which: (a) at or prior to the time of disclosure was known to the Receiving Party through lawful means or through act of a
third party that was not known by the Receiving Party to be unauthorized; (b) at or after the time at which the disclosure by the Disclosing Party becomes generally available to the public through no act or omission on the Receiving Party's part;
(c) is proven in record to be developed by the Receiving Party independent of any Confidential Information it receives from the Disclosing Party or (d) the Receiving Party lawfully receives from a third person free to make such disclosure without
breach of any legal obligation.

	
	 	 	 
	
 	

10.3  		
Disclosure Due to Legal Obligations. The Receiving Party may disclose Confidential Information pursuant to any statute, regulation, order, subpoena or document discovery request, including,
without limitation, in publicly filed disclosure documents of the Receiving Party under federal or state securities laws if deemed reasonably necessary on advice of legal counsel.

	
	 	 	 
	
 	

10.4  		
Requirements. Licensor and the Company shall use the Confidential Information of the other Party solely to fulfill its obligations and exercise its rights under this Agreement, and, except
as otherwise provided herein, all Confidential Information of the Disclosing Party, and any derivative works thereof, shall remain at all times the sole and exclusive property, worldwide, of the Disclosing Party and its licensors. The Receiving
Party shall use the same measures used to protect the Disclosing Party’s Confidential Information as it uses to protect its own Confidential Information, but in no event less than commercially reasonable measures. The Receiving Party shall not
disclose any of the Disclosing Party's Confidential Information to any third party without the Disclosing Party's prior written consent.

	
	 	 	 
	
 	

10.5  		
Permitted disclosure. Notwithstanding the foregoing Section 10.4, the Receiving Party may disclose the Disclosing Party's Confidential Information to the extent necessary to enter into or
perform its obligations under sublicenses granted in accordance with this Agreement to the Receiving Party's business partners with the Disclosing Party's prior written consent, such consent not to be unreasonably withheld, provided that any third
party shall enter into a customary confidentiality agreement in favor of the Disclosing Party, and in form and substance reasonably satisfactory to the Disclosing Party.

	
	 	 	 
	
 	

10.6  		
Return of information. The Receiving Party shall, at the request of the Disclosing Party, retrieve all Confidential Information from its and permitted disclosees' officers, employees,
agents, advisors and subcontractors and thereafter shall (a) promptly return all Confidential Information held or used by the Receiving Party in whatever form or (b) at the discretion of the Disclosing Party, promptly destroy all such Confidential
Information, and promptly cause an officer of the Receiving Party to certify that the requirements of this Section 10.6 have been fully complied with; provided that, during the Term, the Disclosing Party shall not make such a request with respect to
Confidential Information necessary for the Receiving Party to perform its obligations hereunder.

	

13

		

10.7  		
Injunctions. In view of the difficulties of placing a monetary value on the Confidential Information, the Disclosing Party may be entitled to a preliminary and final injunction without the
necessity of posting any bond or undertaking in connection therewith to prevent any further breach of this Article or further unauthorized use of its Confidential Information. This remedy is separate from and in addition to any other remedy the
Disclosing Party may have.

	
	 	 	 	 
	

11.  		
TERM AND TERMINATION

	
	 	 	 	 
		

11.1  		
Term. The "Initial Term" of this Agreement shall commence on the Effective Date and shall expire on the date of expiration of [REDACTED: Term]

	
	 	 	 	 
		

11.2  		
Termination by Either Party. This Agreement may be terminated by either Party immediately upon notice to the other Party if such other Party commits a material breach of any of the material
provisions of this Agreement, and such breach is not cured within thirty (30) days after written notice of such breach is received from the non-breaching Party, except that the time period shall be fourteen (14) days for breaches in respect of
Confidential Information that result or are reasonably likely to result in a material adverse effect on the non-breaching Party;

	
	 	 	 	 
		

11.3  		
Termination by Licensor. Without limitation to Section 11.2, Licensor may terminate this Agreement prior to expiration of the Term under the following conditions:

	
	 	 	 	 
			
(a)  		
Upon thirty (30) days written notice of such action, unless cured by the Company during such notice period, if the Company uses any of the Licensed Intellectual Property outside of the scope of the License Grant or
the Licensed Field; or

	
	 	 	 	 
			
(b)  		
Upon written notice in the event that the Company ceases doing business, becomes insolvent, is the subject of a voluntary bankruptcy, insolvency or similar proceeding, is the subject of an involuntary bankruptcy,
insolvency, or similar proceeding that is not dismissed within sixty (60) days of filing, makes an assignment for the benefit of creditors, becomes unable to pay its debts when due or enters into an agreement with its creditors providing for the
extension or composition of debt.

	
	 	 	 	 
		

11.4  		
Effect of Termination.

	
	 	 	 	 
			
(a)  		
Upon the termination of this Agreement for any reason other than: (i) its natural expiration, or (ii) the termination of this Agreement by the Company due to a material breach of this Agreement by Licensor, then all
Licensor license rights to all Company Related Enhancements and to Company Independent Developments existing at the time of the termination shall survive unaffected by such expiration or termination.

	
	 	 	 	 
			
(b)  		
Return of Licensed Intellectual Property Upon Termination. On or before ten (10) days after the termination of this Agreement, the Company must deliver to Licensor all Licensed Intellectual
Property and Licensor Confidential Information, or at Licensor's request, destroy, to the extent requested, all copies of the Licensed Intellectual Property and Licensor Confidential Information created by or on behalf of the Company and cause an officer of the Company to certify that such instructions have been followed in their entirety.

	

14

	

12.  		
RIGHTS RELATING TO THE MANUFACTURING OF LICENSED PRODUCTS

	
	 	 	 	 
		

12.1  		
Licensor’s Right to Manufacture. The Licensor may, at its sole option, manufacture or have manufactured by a third party the Licensed Products for the Company.

	
	 	 	 	 
		

12.2  		
Price of Manufacturing and Standards. Should the Licensor choose to manufacture or to have manufactured the Licensed Products:

	
	 	 	 	 
			
(a)  		
The price for the manufacturing of the Licensed Products for the Company shall be as follows: [REDACTED: Targeted Markets & Price]

	
	 	 	 	 
			
(b)  		
[REDACTED: Condition]

	
	 	 	 	 
			
(c)  		
The Licensor shall manufacture the Licensed Products in accordance with generally accepted industry standards in the Licensed Field, the product specifications and for the quantity provided by the Company, and shall
be responsible for all direct damages caused by its negligence or willful misconduct in the manufacturing of the Licensed Products.

	
	 	 	 	 
			
(d)  		
[REDACTED: Condition]

	
	 	 	 	 
		

12.3  		
Manufacturing by or on behalf of Company. Should the Licensor choose not to manufacture or have manufactured the Licensed Products, the Company may (using Licensor IP, trade secret,
Technology and/or Process, if wished by the Company) manufacture or have manufactured the Licensed Products. If the Company does so, then the Parties will amend this License Agreement to provide:

	
	 	 	 	 
			
(a)  		
for the amendment of the definition of “Use” to add the terms “manufacture or have manufactured” and to make other amendments related thereto, and

	
	 	 	 	 
			
(b)  		
[REDACTED: Amendment Condition]

	
	 	 	 	 
			
(c)  		
to provide an undertaking by the Company to provide or to cause any third party manufacturer to provide all financial information required [REDACTED:
Condition]

	
	 	 	 	 
			
(d)  		
to provide all details and documentation to allow the Company and/or manufacturers outsourced by the Company to adequately use the Production knowhow, IP, trade secret, Technology related to the Production
Process.

	

15

	 	 	 	 
	

13.  		
NON-COMPETITION

	
	 	 	 	 
		
During the Term of this Agreement and for a period of five (5) years thereafter, the Company shall not develop any product containing phospholipids polyunsaturated fatty acids extracted from Krill with any competitor
of the Licensor.

	
	 	
 

	

14.  		
LICENSOR’S CHANGE IN OWNERSHIP OF THE COMPANY

	
	 	 	 	 
		

14.1  		
Should, at any time during the Term of this Agreement:

	
	 	 	 	 
			
(a)  		
the Licensor own, directly and/or indirectly, itself and/or through one or more intermediaries, an aggregate number of voting shares of the Company which in total, [REDACTED: Voting Percentage]

	
	 	 	 	 
			
(b)  		
the Licensor own,
directly and/or indirectly, itself and/or through one or more intermediaries, an
aggregate number of non-voting shares which entitle the holder to the right to
receive dividends and to participate in assets of the Company upon its
dissolution, which in total [REDACTED: Participation Percentage]

	
	 	 	 	 
			
(c)  		
[REDACTED: Condition]

	
	 	 	
 	
 
	 	 	●	

The first paragraph of Section 2.1(d) shall be replaced by the following:
	 	 	
 	
 
	 	 	
 	

“(d) Sublicenses. The Company shall have the right to sublicense the Licensed Intellectual Property but only after having provided a prior written notice to
the Licensor, and provided that:”

	 	 	
 	
 
	 	 	●	

Section 3.3(a) shall be replaced by the following:
	 	 	
 	
 
	 	 	
 	

“(a) The Company shall promptly, but in all cases no more than thirty (30) days following the aforementioned development, inform the Licensor of the development of all Company Related
Enhancements and disclose, by written notice to the Licensor, a description of the Company Related Enhancement in reasonably sufficient detail to permit Licensor to evaluate the Company Related
Enhancement.
[REDACTED: Condition]

	 	 	
 	
 
	 	 	●	

Section 3.5 shall be replaced by the following:
	 	 	
 	
 
	 	 	
 	

“The Company may, at its option, disclose any Company Independent Development to Licensor, such disclosure to be subject to the confidentiality obligations of this Agreement. Such
notification shall include a description of the Company Independent Development in reasonably sufficient detail to permit the Licensor to evaluate the Company Independent Development. [REDACTED: Condition]

	 	 	
 	
 
	 	 	●	

Section 3.6 shall be replaced by the following:
	 	 	
 	
 
	 	 	
 	

“(a) Subject to the Licensor having evaluated the Company Related Enhancement as provided in Section 3.3(a), to the extent any right, title or interest in or to any Company Related
Enhancement or other intellectual property and/or data related to the Company Related Enhancement, vests in the Company, by operation of law or otherwise, in a manner contrary to the agreed upon ownership as
set forth in this Agreement, [REDACTED: Condition]

16

(b) The Company shall take, or shall cause to be taken, all such actions as shall be necessary, including procuring assignments from individuals, [REDACTED: Condition] 

[REDACTED: Condition] 

	
 	
 	
 
	
 	

14.2  		
Should, at any time during the Term of this Agreement: 

	
	 	 	 	 
	 	 	
 	
[REDACTED: Condition]
	 	 	
 	
 
	 		●	
The first paragraph of Section 2.1(d) shall be replaced by the following:

	
	 	 	 	 
	 			
“(d) Sublicenses. The Company shall have the right to sublicense the Licensed Intellectual Property but only after having provided a prior written notice to the
Licensor, and provided that:”

	
	 	 	 	 
	 		●	
Section 3.3(a) shall be replaced by the following:

	
	 	 	 	
 
	 	 	

“(a) The Company shall promptly, but in all cases no more than thirty (30) days following the aforementioned development, inform the Licensor of the development of all Company Related Enhancements and disclose, by written notice to
the Licensor, a description of the Company Related Enhancement in reasonably sufficient detail to permit Licensor to evaluate the Company Related Enhancement. [REDACTED: Condition] 

	 	 	 

	

15.  		
MISCELLANEOUS

	
	 	 	 
		

15.1  		
Further Assurances. Each Party shall take such action as the other Party may reasonably request to effect, perfect or confirm such other Party's ownership interests and other rights as set
forth in this Agreement, including, without limitation, by promptly (a) executing instruments of assignment, declarations, affirmations or other documents in connection with the applicable provisions of this Agreement, and (b) confirming in writing
all waivers and consents under this Agreement, that are requested by a Party from time to time.

	
	 	 	 
		

15.2  		
Assignment. This Agreement may not be assigned, in whole or in part, by the Company without Licensor's express, prior written consent. Any attempted assignment by the Company shall be null
and void. Licensor may assign this Agreement in whole or in part upon notice to the Company, provided that Licensor’s successor agrees to be bound by the terms and conditions of this Agreement.

	
	 	 	 
		

15.3  		
Successors; Assigns. The provisions of this Agreement shall be binding upon the Parties and their respective permitted successors and assigns.

	

17

		

15.4  		
Section Headings. The section headings of this Agreement are for organizational purposes only and shall not be used in interpreting this Agreement. References to a section includes reference
to all subsections of that section.

	
	 	 	 
		

15.5  		
Severability. In the event that any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be construed so as to give
closest effect to the intent of the Parties, and the remaining portions of this Agreement shall remain in full force and effect.

	
	
 	
 	
 
	
 	

15.6  		
Relationship. Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, agency, fiduciary or employment relationship between the Parties.

	
	 	 	 
	
 	

15.7  		
Waiver. No waiver of any term or breach hereof shall be effective unless such waiver is in writing and signed by the party against whom such waiver is claimed. No waiver of, or failure to
enforce, any term or breach hereof shall be deemed to be a waiver of any other term or breach or subsequent breach.

	
	 	 	 
	
 	

15.8  		
Survival. Termination of this Agreement for any cause shall not release any Party hereto from any liability which at the time of termination has already accrued to the other parties hereto
or which thereafter may accrue in respect of any act or omission prior to such termination, nor shall any such termination hereof affect in any way the survival of and right, duty, or obligation of any parties hereto which is expressly stated
elsewhere in this Agreement to survive termination hereof.

	
	 	 	 
	
 	

15.9  		
Entire Agreement; Amendments. This Agreement, includingall schedules hereto, which are hereby incorporated by reference, constitute the entire agreement between the Parties with respect to
the subject matter hereof, and supersede all previous or contemporaneous agreements, proposals, understandings and representations, written or oral, with respect to the terms and conditions hereof. No amendment, change, waiver, or discharge hereof
shall be valid unless in writing and signed by the Party against which such amendment, change, waiver or discharge is sought to be enforced.

	
	 	 	 
	
 	

15.10  		
Governing Law. This Agreement shall be governed exclusively by the laws in effect in the province of Quebec, without regard to the conflict of laws principles thereof, except for the
construction or enforcement of any Licensed Patents in which case the laws of the jurisdiction under which any such Licensed Patent was issued shall govern such Licensed Patent’s construction and enforcement to the extent necessary.

	

18

	
 	

15.11  		
Arbitration. All disputes arising out of this Agreement shall be finally settled by final and binding arbitration in Montreal, Canada, before, and under the then current commercial
arbitration rules of the Quebec Civil Code, subject to the additional limitations set forth herein. The arbitration shall be conducted by a single arbitrator appointed in accordance with such rules. Discovery (e.g., document production; examination
of the other Party’s witnesses and depositions) will be permitted in the written form only, except for cross-examination as further provided herein. The Parties agree that the decision of the arbitrator shall be final and binding. The
arbitration hearing shall be held no later than two (2) months from the date of the notice from one Party to another Party of its intent to proceed to arbitration. The arbitration shall take no more than two days, and each Party shall have a total
of up to four (4) hours to cross-examine the other Party’s witnesses on the first day, and each Party shall have a total of up to four (4) hours to present/rebut its case on the second day, with the arbitrator announcing the decision at the end
of such presentations/rebuttals. Judgment on any decision made by the arbitrator may be entered and enforced in any court of competent jurisdiction. All fees and charges of the arbitrator shall be shared equally by the Parties unless otherwise
specified by the arbitrator; each Party shall be responsible for the payment of all fees and expenses connected with the presentation of its respective case, provided that the arbitrator may in his/her discretion award to the prevailing Party the
costs and expenses incurred by the prevailing Party in connection with the arbitration proceeding. The arbitration shall be confidential. The arbitrator shall not include any confidential information of the Parties in his/her arbitration decision or append any document which includes confidential information to his/her
arbitration decision.

	
	
 	
 	
 
	
 	

15.12  		
Injunctive Relief. Notwithstanding anything herein to the contrary, either Party may seek from a court of competent jurisdiction interim, provisional or permanent relief in the form of a
temporary restraining order, preliminary injunction, permanent injunction or other equitable relief concerning any Dispute. Without limiting the generality of the foregoing, Section 14.15 shall be specifically enforceable by both Parties.

	
	 	 	 
	
 	

15.13  		
Force Majeure. Neither Party shall be liable for any failure or delay in its performance under this Agreement (other than payment obligations) due to any cause beyond its reasonable control,
including, without limitation, any act of war, acts of God, earthquake, flood, embargo, riot, sabotage, labor shortage or dispute, governmental act or failure of the Internet (each, a “Force Majeure Event”), provided that the affected Party: (a) gives the other Party prompt notice of such cause, and (b) uses its commercially reasonable efforts to correct promptly, such failure or delay in performance. If the performance of any part of
this Agreement by either Party is prevented, hindered, delayed or otherwise made impracticable by reason of any flood, riot, fire, judicial or governmental action, labor shortage or dispute, act of God or any other causes beyond the control of
either Party, that Party shall be excused from such to the extent, and for so long as, it is prevented, hindered or delayed by such causes.

	
	 	 	 
	
 	

15.14  		
Notice. Any notice pursuant to this Agreement, if specified to be in writing, shall be in writing and shall be deemed given (a) if by hand delivery, upon receipt thereof, (b) if by facsimile
transmission, upon electronic confirmation thereof, if promptly followed by a confirmation copy sent by registered mail, return receipt requested, (c) if by electronic mail, upon receipt of confirmation electronic mail message, if promptly followed
by a confirmation copy registered mail, return receipt requested, or (d) if by internationally recognized courier delivery service (such as Federal Express), upon such delivery. All notices shall be addressed as follows (or such other address as
either Party may in the future specify in writing to the other):

	

19

	

In the case of Licensor: 
		

Neptune Technologies & Bioressources Inc. 
	
	
  
		

225, Promenade du Centropolis

Suite 200 
	
	
  
		

Laval, Quebec, Canada 
	
	
  
		
H7T 0B3

	
  
		

Fax: (450) 687-2262 
	
	
  
		
  
	
	

In the case of the Company: 
		
NeuroBioPharm Inc. 

(formerly Neuro Vimer Pharm Inc.) 

225, Promenade du Centropolis 

Suite 200 

Laval, Quebec, Canada 

H7T 0B3 

Fax: (450) 687-2262 
	

	
 	

15.15  		
Marking Obligations. The Company shall accurately produce or reproduce all Licensor copyright notices and other proprietary rights logos and legends, on all copies of Licensed Intellectual
Property and any related documentation the Company produces or reproduces.

	
	
 	
 	
 

	
 	

15.16  		
Interpretation. The Company and Licensor agree and acknowledge that this Agreement has been freely negotiated and entered into by each Party and that no court should in any manner construe
any ambiguity against the draftsman solely by virtue of its role as draftsman.

	
	 	 	 
	
 	

15.17  		
Counterparts. This Agreement may be executed in several counterparts, which may be delivered by facsimile transmission (provided that originals are thereafter promptly delivered by
registered mail, return receipt requested), all of which taken together shall constitute the entire agreement between the Parties hereto.

	

IN WITNESS WHEREOF the Parties hereto have executed this Agreement by persons duly authorized as of the date and year first above written. 

NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.

    /s/ André Godin                                                        
    

          André Godin 

          Vice-President, Administration and Finance

NEUROBIOPHARM INC. 

(formerly Neuro Vimer Pharm Inc.)

    /s/ 
Tina Sampalis 

                                                         

          
Tina Sampalis, M.D. Ph.D. 

          
President

 

20

SCHEDULE A 

LICENSED PATENTS

[REDACTED: Patents]

 

 

 

21

SCHEDULE B 

DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS

[REDACTED: Technical Conditions] 

 

 

 

 

1

SCHEDULE 7.1 

CLAIMS RELATING TO THE LICENSED INTELLECTUAL PROPERTY

[REDACTED: Claims] 

 

 

 

 

2ex10_1.htm

EXHIBIT 10.1

 

JOINT VENTURE AGREEMENT

 

AMONG

 

SUNSI ENERGIES HONG KONG LIMITED

 

AND

 

ZIBO BAOYUN CHEMICAL PLANT

 

(the “shareholders”)

 

 

 

 

DATED THIS 18 DAY OF JUNE 2009

 

 

1

 

THIS JOINT VENTURE AGREEMENT ("Agreement") is entered into on this 18 day of June 2009

 

AMONG:

 

SUNSI ENGERGIES HONG KONG LIMTIED, a private company incorporated with limited  liability under the laws of the Hong Kong Special Administrative Region of the People's Republic of China having is registered office at 401 Jardine House, I Connaught Place, Central, Hong Kong ("SunSi")

 

AND:

Zibo Baoyun Chemical Plant, an enterprise established under the laws of Peoples Republic of China having its registered office at [CHINESE OMITTED] (name of legal representative: Song Yihua, title: General Manager, nationality: Chinese ("PRC Party")

 

("SunSi" and "PRC Party" are hereinafter referred to collectively as tile "Shareholders" and each Individually as a "Shareholder")

 

 

WHEREAS:

 

A.           The Shareholders wish to participate together in a joint venture for establishing the Company (as hereinafter defined) for the purpose of conducting the Business (as hereinafter defined);

 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and intending to be legally bound, the parties herby agree as follows:

 

1.             DEFINED TERMS - INTERPRETATION

 

1.1           Definitions.

 

For purposes of this Agreement, unless the context otherwise requires, the terms defined In the recitals of this Agreement above or in the main body of this Agreement below shall have the meanings respectively specified therein and the following terms shall have the following meanings:

 

"Additional Contributions" means all financial contributions by the Shareholders or their Affiliates to the Company in addition to the initial Capital Contributions whether made by way of injection of capital or Shareholders Loans to the Company after the date of this Agreement;

 

"Affiliate" shall mean, with respect to a person, any other person that directly or indirectly controls, is  controlled by or is under common control with the fast person. For the purposes of this definition, "control" of a person shall mean the power, directly or indirectly, either to (i) vote a majority of the securities
having ordinary voting power for the election of Directors or directors of such person or  (ii) direct or cause the direction of the management and policies of such person, whether by contract or otherwise;

"Agreement" means this Joint Venture Agreement, as amended, modified, supplemented or restated from time to time, as the context requires;

 

 

2

 

 

"Applicable Law" means all statutes, laws, common law rules, regulations, ordinances, codes or other legal requirements of any Governmental Authority, board of fire underwriters and similar quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree or other judicial or regulatory requirement of
any court or Governmental Authority of competent jurisdiction affecting or relating to any of the parties to this Agreement.

"Assets" shall have the meaning specified in Clause 3.3;

"Board of Directors" means the board of Directors of the Company from time to time;

 

"Business Day" means any day other than a Saturday, Sunday or other day on which banks in Hong Kong, or Shangdong, PRC (as the case may be) are authorized or required by law to be closed;

"Business" shall have the meaning specified in Clause 2.2;

"Chairman" means the Chairman of the Board of Directors from time to time;

"Closing" shall have the meaning specified in Clause 7.1;

"Company" shall have the meaning specified in Clause 2.1;

 

"Company Percentage" means, with respect to the PRC Party, the PRC Party's Company Percentage and, with respect to SunSi, the SunSi Company Percentage;

"Confidential information" shall have the meaning as specified in Clause 19.1;

 

"Deed of Adherence" means the deed of adherence pursuant to which a third party who becomes a Shareholder pursuant to the terms of this Agreement after the date hereof, shall agree to be bound by the provisions of this Agreement in form and substance satisfactory to SunSi and the Company;

"Directors" means the directors of the Company from time to time and each shall be a "Director";

"Financial Year" means the one year period starting on 1 January and ending on 31 December;

"Funding Shareholder" has the meaning specified in Clause4.4;

 

"Governmental Authority" shall mean any federal, state or local government or other political subdivision thereof, including, without limitation, any agency or entity exercising executive, legislative, judicial, regulatory or administrative governmental powers of functions, in each case to the extent the same has Jurisdiction over
any of the parties to this Agreement;

"Hong Kong" shall mean the Hong Kong Special Administrative Region of the PRC;

"Initial Capital Contribution" Means the SunSi Initial Capital Contribution and the PRC Party Initial Capital Contribution;

 

"Interests" shall mean any percentage interest, securities, claims, title or other rights in the Company;

 

"Non-funding Shareholder" shall have the meaning specified in Clause4.4;

 

 

3

 

"Permitted Assignee" shall mean any party to which a Shareholder's Interest, in whole or in part, is Transferred in accordance with Clause 10;

 

"PRC" means the People's Republic of China, excluding Hong Kong and Macau;

 

"PRC Party Initial Capital Contribution" shall have the meaning specified in Clause 4.2;

 

"PRC Party's Company Percentage" shall mean the Company Percentage of the PRC Party as reflected in Exhibit A hereto and as modified from time to time pursuant to Clause 4.4;

 

"Shareholders" shall mean the any party who, at any time holds any equity interest in the Company and "Shareholder" shall mean either one of them; initially the Shareholders are SunSi and the PRC Party;

 

"SunSi Company Percentage" means the Company Percentage held by SunSi from time to time; "SunSi Initial Capital Contribution" shall have the meaning specified in Clause 4.1;

 

"Taxes" means and includes all forms of tax, levy, duty, charge, impost, fee, deduction or withholding of any nature now or hereafter imposed, levied, collected, withheld or assessed by any taxing or other authority in any part of the world and includes any interest, additional tax, penalty or other charge payable or claimed in respect
thereof;

 

"Third Party" shall mean, with respect to any Shareholder, any person that is not an Affiliate of either Shareholder; and

 

"Transfer" shall mean any sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest or other direct or indirect disposition or encumbrance of an interest (including, without limitation, by operation of law) or the acts thereof The terms "Transferor",

"Transferee" "Transferred" and other forms of the word "Transfer" shall have correlative meanings.

1.2.           Interpretation

In this Agreement, a reference to:

1.2.1.       a "subsidiary" of a company or corporation shall be construed as a reference to any company or corporation.

 

(a)           which is controlled directly or indirectly by the first-mentioned company or corporation; more than half of the issued share capital of which is beneficially  owned, directly or indirectly, by the first-mentioned company or corporation; or

 

(b)           which is a subsidiary of another subsidiary of the first-mentioned company or corporation,

 

and, for these purposes, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body;

 

1.2.2.       a "person" includes a reference to any individual, firm, company, corporation or other body corporate, government, state or agency of a state or any joint venture, association or partnership, workers' council or employee representative body (whether or not having separate legal personality);

 

 

4

 

 

1.2.3. "parties" means the parties to this Agreement and "party" shall mean any one of them.

 

Save where the context otherwise requires, references herein to any party to the Agreement shall include references to its successors and permitted assigns thereunder.

 

The Schedules form part of this Agreement and any reference to this Agreement includes the Schedules, In this Agreement, unless otherwise provided, any reference to an Article, Section or Schedule is a reference to an Article or Section of, or Schedule to, this Agreement.

 

The words "hereof", "herein", "hereunder", "hereinafter" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

2.             CORPORATE PURPOSE OF THE COMPANY

 

2.1.          The parties shall cooperate together to establish limited liability company as a sino-foreign joint venture under the laws of the PRC in Baoyung, Shangdong Province under
the name of "Zibo Baoyuan Chemical Company Ltd." ([CHINESE OMITTED]) (the "Company"). The registered office of the Company locates at [CHINESE OMITTED]

 

2.2.          The Company shall engage in the production and sale of tricholorsilane, phosphorus trichloride, phosphorus oxychloride, silicon tetrachloride, and such other byproducts or
additional products as may be produced; provision of technology consultancy and related services (the "Business").

 

2.3.          The Company may carry out any other commercial, industrial or financial activities that it may deem useful which are additional or ancillary to the Business.

 

2.4.          Nothing in this Agreement shall limit the Company from migrating to another jurisdiction or entering into a merger with an entity in another jurisdiction, provided that such
migration or merger has been approved by the Board of Directors.

3.             FORMATION OF THE JOINT VENTURE

3.1.          The total amount of the investment in this joint venture shall be USD20,000,000.

 

3.2.          As soon as practicable, the parties shall cooperate together to cause the Company to be formed as a sino-foreign joint venture enterprise. The registered capital of the
Company shall initially be USD9,600,000 (or other amount to be determined by authorities or the parties. The Shareholders shall inject the registered capital of the Company as required under Clause 4.1.

 

3.3.          The PRC Party shall cause and procure all of its assets and business to be transferred and assigned to the Company including:

3.3.1.       all land use rights,

 

3.3.2.       all plant and factory 

 

 

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3.3.3.        all vehicles, equipment, machinery, furniture and fixtures;

 

3.3.4.        all raw materials, work in progress, finished product, inventory, supplies;

 

3.3.5.        all contracts, accounts receivables,

 

3.3.6.        all employees;

 

3.3.7.        all licenses, leases, permits and authorizations presently issued in connection with the operation of all or any par of the Business as it is presently being operated;

 

3.3.8.        all warranties, issued by any manufacturer or contractor in connection with construction or installation of equipment or any component of the improvements included
as part of the Business;

 

3.3.9.        all other intangibles associated with the Business, including, without limitation, goodwill, all logos, designs, trade names, trademarks related to the Business,

 

3.3.10.      all telephone exchange numbers specifically dedicated and identified with the Business;

 

3.3.11.      all books and records, accounting vouchers, customer and supplier files, customer and supplier lists and customer marketing information relating to the Business;

 

3.3.12.     all plans and specifications, engineering drawings and prints with respect to the improvements, all operating manuals, and all books, data and records regarding the physical
components systems of the improvements at the Property;

 

3.3.13.      all licenses and permits currently used and as are necessary to operate the business currently operated by the PRC Party and any and all other assets used in 

                 the business of the PRC Party (the "Assets").

 

3.4.          PRC Party shall cause the Directors to be appointed in accordance with Clause 13.2. The PRC Party shall cause the General Manager and legal representative (who shall be the Chairman) to be appointed
in accordance with Clause 13.3.

 

4.             INITIAL CAPITAL CONTRIBUTIONS

4.1.          SunSi shall subscribe for and acquire such a 90% interest in the Company for the aggregate capital contribution of USD8,640,000 (the "SunSi Initial Capital Contribution ") to be paid
as follows:

4.1.1.        USD5,184,000 within six (6) months after Closing; and

 

4.1.2.        USD3,456,000 within twelve (12) months after Closing.

 

4.2.          The PRC Party shall acquire a 10% interest in the Company for the capital contribution of USD9,600,000 (the "PRC Party Initial Capital Contribution") when required to do so by the relevant
government authorities.

 

 

6

 

4.3.          If the Board of Directors determines that the Company requires additional funds for its operations, the Shareholders shall provide such funds as Additional Contributions to the Company,
pro rata in proportion to their respective Company Percentages. Such Additional Contribution shall be made by way of additional capital Injections.

 

4.4.          Should either Shareholder (the "Non-funding Shareholder") fail to fund or delay in funding such Additional Contribution as and when required, the other Shareholder (the "Funding Shareholder")
may provide to the Company the amounts not funded by the Non-funding Shareholder as Additional Capital Contribution, in which case (i) the Company Percentage of the Non-funding Shareholder shall be subject to dilution at a multiple of up to 2:1 and (ii) the Non-funding
Shareholder shall be liable to pay an interest to the Funding Shareholder at such rate of interest not exceeding 10% per annum on the principal amount so funded by the Funding Shareholder from the date of funding to the date of payment of such interest.

 

5.             OBLIGATIONS OF THE PRC PARTY

5.1.          The PRC Party shall be responsible for the following:

 

5.1.1.       handling applications for approval, registration, business license and other matters concerning the establishment of the Company to relevant authorities in PRC;

 

5.1.2.       procuring the signing of a 30-year land lease contract between the Company and Shangzhuang Village for 100mu of land in Shangzhuang Village on which the Company may
construct its workshop and manufacturing facilities capable of production of tricholorsilane, phosphorus trichloride, phosphorus oxychloride, and silicon tetrachloride;

 

5.1.3.       organizing the design and construction of the workshop and other construction facilities of the Company;

 

5.1.4.       assisting the Company in purchasing or leasing equipment, material, raw materials, articles for office use, means of transportation and communication facilities etc.;

 

5.1.5.       assisting the Company in contacting and settling the infrastructure facilities such as water, electricity, transportation etc.;

 

5.1.6.       assisting the Company in recruiting management personnel, technical personnel, workers and other personnel as needed:

 

5.1.7.       assisting foreign workers and staff in applying for entry visas, work permits and handling their travel procedures; and

 

5.1.8.       handling any and all other matters relating to the establishment of the Company as a going concern as requested by SunSi.

6.             CONDITIONS PRECEDENT

 

6.1           SunSi's obligations to make the SunSi Initial Contribution and to acquire a 90% interest in the Company in accordance with Clause 4.1 are subject to and conditioned upon the satisfaction or waiver
of following conditions precedent:

 

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6.1.1.       the conduct of a due diligence exercise by SunSi on the business and Assets to the sole satisfaction of SunSi;

 

6.1.2.       the establishment of the Company in accordance with the terms of this Agreement and all applicable PRC laws and regulations within 30 days from the date of this
Agreement and Sunsi has provided the documents necessary for application for approval of the Joint Venture;

 

6.1.3.       the transfer of all the Assets by the PRC Party to the Company in accordance with the terms of this Agreement and all applicable laws in the PRC to the sole
satisfaction of SunSi;

 

6.1.4.       the approval of this transaction by the legal representative of the PRC Party;

 

6.1.5.       the approval of the transfer of Assets by the legal representative of the PRC Party;

 

6.1.6.       the approval of this transaction by the board of directors and shareholders of SunSi;

 

6.1.7.       the lease or land use rights to the land "cheng bao" as described in Clause 5.1.2 being granted to the Company for a period of 30 years for the initial total "cheng bao
fee" of 150,000 RMB per year which "cheng bao fee" maybe adjusted by the Government Authorities according to the Consumer Price Index from time to time ;

 

6.1.8.       the receipt of all required approvals, consents, licenses and authorizations of state, federal and foreign (e.g., PRC government) regulatory authorities for the formation
of Company, the transfer of the Assets and business to by the PRC Party to the Company;

 

6.1.9.       the receipt of all required consents of third parties, if any;

 

6.1.10.     all the representations and warranties of the PRC Party remaining true and accurate in all material respects;

 

6.1.11.     the absence of any material adverse change in the Company or the business operated by it, except as contemplated in this Agreement;

 

6.1.12.     the absence of any governmental action or proceeding prohibiting or enjoining the transaction; and

 

6.1.13.     the preparation of a finalize audit of the PRC Party to the sole satisfaction of SunSi under US GAAP (if required).

 

6.2.          If any of the conditions precedent set forth above have not been fulfilled to SunSi's sole satisfaction or waived by SunSi, at its sole discretion within 90 days of the date of this
Agreement, SunSi shall. have the right to:

6.2.1.       transfer the SunSi Company Percentage to the PRC Party; or

 

6.2.2.       extend the time for the fulfillment of the conditions to a time determined by SunSi, at its sole discretion; or

 

6.2.3.       proceed to Closing on such terms and conditions as SunSi may determine at its sole discretion.

 

 

8

 

 

7.             CLOSING

7.1           The closing of the transactions contemplated in this Agreement (the "Closing") shall take place within 15 days after the satisfaction or waiver
of all the conditions precedent set forth in Clause 6.1 or on such other date agreed upon by the parties hereto (the "Closing Date").

 

7.2.          The Closing shall be held on the Closing Date at the offices of Messrs. Boughton Peterson Yang Anderson at 409 Jardine House, I Connaught Place, Central, Hong Kong, or at such other location
agreed upon by the parties hereto.

 

7.3.          If the Conditions Precedent set forth in Clause 6.1 have not been fulfilled to SunSi's sole satisfaction on or before the Closing Date, SunSi shall have the right to terminate this Agreement and
upon such termination, no party shall have any further right or obligation hereunder.

 

8.             PRC PARTY'S DELIVERIES ON CLOSING

8.1.          The PRC Party shall deliver the following documents at Closing:

8.1.1.       documentary proof of its acquisition of a 10% interest in the Company if not already provided;

 

8.1.2.       such other assignments, instruments of transfer, and other documents as SunSi may reasonably require in order to complete the transactions contemplated hereunder
or to evidence compliance by the PRC Party with the covenants, agreements, representations and warranties made by it hereunder;

 

8.1.3.       documentary evidence satisfactory to SunSi to show that all transfer tax returns, if any, which are required by law and the regulations issued pursuant thereto in
connection with the payment of all Taxes that are payable or arise as a result of the consummation of the transactions contemplated by this Agreement, in each case, as prepared and duly executed by
the PRC Party, if any;

 

8.1.4.       formal written opinion of PRC counsel acting for Sunsi dated as of the Closing Date that the Assets have been transferred to the Company in accordance with all
applicable PRC laws and regulations, that the Company has good and valid title to the Assets free and clear or encumbrances or claims of any nature whatsoever;

 

8.1.5.       In relation to the Company the Memorandum and Articles of Association, the certificate of incorporation, common seal, register of members, register of directors,
register of directors, register of shareholdings, register of charges, all other requisite registers, minutes of directors and shareholders' meetings in proper order and condition and fully entered
up to Closing;

 

8.1.6.       signed resolutions and/or minutes of the directors of the Company resolving the following:

 

(a)           the acquisition by SunSi of a 90% interest in the Company and the registration of SunSi as a member of the Company; and

 

 

9

 

(b)           the appointment of directors and other officers of the Company and the legal representative that have been nominated in writing for that purpose by SunSi and who
have consented in writing to such appointment.

 

9.             SUNSI'S DELIVERIES AT CLOSING

 

9.1.          SunSi shall deliver or shall cause to be delivered the following at Closing a certified true copy of the board resolutions of SunSi approving this Agreement and the transactions contemplated herein.

10.           TRANSFER OF INTERESTS

10.1         A Shareholder (the "Transferring Party") may not Transfer all or any portion of or all of its Interests to a third party, unless:

 

10.1.1.     with the prior written consent of the other Shareholder (the "Non-Transferring Party"); and

 

10.1.2.     with the consent of the relevant Governmental Authorities; or

 

10.1.3.     the Transferring Party has complied with the provisions of Clause 10.5 below and the Non-Transferring Party has failed to serve the Exercise Notice (as defined in
Clause 10.5) in accordance with Clause 10.5; and

 

10.1.4.     the price and terms offered to such third party by the Transferring Party shall not be more favorable than those offered to the Non-Transferring Party pursuant to
Clause 10.5 below in respect of such Interest being offered for sale.

 

10.2.        Each proposed Transferee of Interests who is not already a party to this Agreement shall, as a condition precedent to such Transfer, execute a Deed of Adherence and execute
such further documents as may be necessary, in the opinion of the Company, to make it a party hereto. Provided that the proposed Transferee of Interests delivers a duly executed Deed of Adherence, such Transferee shall be entitled to all the rights and remedies
available to any original party of this Agreement, including but not limited to the right to enforce this Agreement against SunSi and the PRC Party as if it were an original signatory thereto.

 

10.3.        Any purported Transfer of Interests other than in accordance with this Agreement by any Shareholder shall be null and void, and the Company shall refuse to recognize any
such Transfer for any purpose.

 

10.4.        Notwithstanding the foregoing, in no event shall a Permitted Assignee have any more rights under this Agreement than an original signatory to this Agreement

 

10.5.        If the Transferring Party receives an offer from any third party (the "Buyer") to purchase any or all of its Interest in the Company which it is prepared
to accept, it shall first inform the Company of its intention to accept such offer by a notice in writing (the "Transfer Notice"). The Transfer Notice shall contain the identity of the Buyer, the portion of the interest proposed to be sold (the "Sale interest"), the terms
and conditions of the proposed sale and any other information which may be relevant to the Non-Transferring Party's decision on the exercise of the right of first refusal. The Transfer Notice shall not be revocable except with the unanimous agreement of the Board of Directors of the Company. Within 1 4 Business Days of the receipt of the Transfer Notice (the "Exercise Period"), the Non-Transferring
Party may exercise its right of first refusal by agreeing to purchase the Sale Interest by issuing a written notice of exercise (the "Exercise Notice"). Upon the issue of the Exercise Notice, the Non-Transferring Party shall be bound to purchase the Sale Interest From the Transferring Party which shall be bound to sell and transfer the Sale Interest to the Non-Transferring Party. The sale and purchase shall be completed at a place and time to be appointed by the Board of
Directors of the Company. If the Non-Transferring Party fail to issue the Exercise Notice within the Exercise Period, the Transferring Party shall then be permitted to transfer the Sale Interest to the Buyer on a bona fide sale upon price and terms which shall not be more favorable than those offered to the Non-Transferring Party pursuant to this Clause.

 

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11.           SHAREHOLDERS' MATTERS AND VOTING RIGHTS

1l.1.         SunSi and the PRC Party shall vote their respective Company Percentage (as the case may be at a general meeting of shareholders, in a written resolution and/or as otherwise
required or permitted under Applicable Laws) in accordance with the Company Percentage respectively held by them.

 

11.2.        The Shareholders hereby agree to exercise their voting rights and to instruct their respective representatives to exercise their voting rights, in a manner consistent with all
of their respective obligations under, and in accordance with the applicable provisions of, this Agreement.

 

11.3.        The Shareholders shall be entitled to receive copies of all minutes of general meetings of the shareholders and written resolutions of the shareholders.

 

 

12.           DISTRIBUTIONS AND LIQUIDATION WATERFALL

12.1.         Except as otherwise specifically required in this Clause 12, distributions shall be made to the Shareholders in accordance with their respective Company Percentages.

 

12.2.        All net profits after tax payable to the PRC government available for distribution shall be made: (i) first, to the reserve funds as stipulated in the memorandum and articles of
association of the Company, staff funds and development funds of the Company respectively, the amount of distribution to each of the items shall be solely determined by the Board of Directors , (ii) second as dividends or distributions of Net Proceeds to SunSi and the PRC Party in accordance with their respective Company Percentages.

 

 

13.           MANAGEMENT

 

13.1         The Company shall be managed by not more than five (5) Directors (which do not need to be Shareholders) unless otherwise agreed by the parties in writing. The term of
directorship shall be four (4) years.

 

13.2.        SunSi shall be entitled to appoint four (4) Directors and the PRC Party shall be entitled to appoint one (1) Director. When Sunsi has invested up to USD 5,184.000, Sunsi's
Director shall be entitled to participate on the board of Directors.

 

 

11

 

 

13.3.       The Company shall be managed by the legal representative (who shall also be the Chairman) and the General Manager. SunSi shall be entitled to appoint the legal
representative (who shall also be the Chairman). The General Manager shall be appointed by the Board of Directors.

 

13.4.        The Board of Directors shall meet upon call by the Chairman, or one (1) Director. at the place indicated in the notice of meeting. The Chairman shall preside at all meeting of
the Board of Directors, but in his absence, the Board of Directors may appoint another Director as chairman pro tempore by vote of the majority present at any such 

                meeting.

 

13.5.        Written notice of any meeting of the Board of Directors must be given to the Directors at least twenty-four hours in advance of the date foreseen for the meeting, except in case
of emergency, in which ease the nature and the motives of the emergency shall he mentioned in the notice. This notice may be omitted in case of assent of each Director in writing, by cable, telegram, telex or facsimile, or any other similar means of communication.
A special convocation will not he required for a board meeting to be held at a time and location determined in a prior resolution adopted by the Board of Directors.

 

13.6.        The Directors shall hold each year at least two (2) meetings of the Board of Directors it being understood that, to the extent reasonably practicable, attendance in person by
video conference or conference call of each Director will be required at such board meetings. The quorum necessary for the transaction of business at a meeting shall be three (3) Directors. The quorum must be present at all times during the meeting. No action
may be taken by the Board of Directors unless there is a quorum present and such action is resolved by the majority of Directors present.

 

13.7.        The Director appointed by the PRC Party shall be the vice-chairman. It may also choose, by simple majority vote, a secretary, who need not be a Director, who shall be
responsible for keeping the minutes of the meetings of the Board of Directors.

 

13.8.        In dealings with third parties, the Board of Directors has the power to act in the name of the Company in all circumstances and to authorize all transactions consistent with the
best interest of the Company and the Business.

 

13.9.        Any Director may act at any meeting of the Board of Directors by appointing in writing or by cable, telegram, facsimile or electronic mail another Director as his proxy. A
Director may represent more than one of his fellow Directors.

 

13.10.      Any Director may participate in any meeting of the Board of Directors by conference-call, telephone, video conference or by other similar means of communication allowing all
the persons taking part in the meeting to hear one another. The participation in a meeting by these means is equivalent to a participation in person at such meeting, Decisions shall
be taken by a majority of votes of the Directors present or represented at such meeting.

 

13.11.      The minutes of any meeting of the Board of Directors shall be signed by all Chairman attending

 

13.12.      The Board of Directors may, unanimously, pass resolutions by circular means when expressing its approval in writing, by cable, telegram, telex, facsimile, electronic nail, or any
other similar means of communication, to be confirmed in writing.

 

 

12

 

 

13.13.      The Directors shall be entitled to receive copies of all minutes of meetings of the Board of Directors and written resolutions of the Board of Directors.

 

13.14.      The management, control and operation of the Company and the formulation and execution of business and investment policy shall be vested exclusively in the Board of
Directors, and the Board of Directors shall exercise all powers necessary and Convenient for the purposes Of, the Company, on behalf and in the name of the Company, in accordance
with this Agreement and all applicable laws and regulations of the PRC.

 

13.15.      The death or resignation of a Director, for any reason whatsoever, shall not cause the dissolution of the Company.

 

13.16.      The Director(s) do not assume, by reason of its/their position, any personal liability in relation to commitments regularly made by them in the name of the Company, They are
authorized agents only and are therefore merely responsible for the execution of their mandate.

 

13.17.      Except as otherwise provided herein, no Shareholder shall have the right to, and no Shareholder shall, take part in the management or affairs of the Company, nor in any event
shall any Shareholder have the power to act or bind the Company.

 

13.18.      The Board of Directors has the power to determine any borrowings by the Company from the Company's banker(s) in the ordinary course of business and for purpose of
securing the indebtedness to the Company's banker(s) of such borrowings to create any charge, lien or encumbrance over the Company's undertaking, property or assets in the ordinary course of business provided that any borrowings exceeding USD25,000 in the aggregate
shall be deemed to be out of the ordinary course of business.

 

13.19.      The Board of Directors shall determine the general policy of the Company including the scope of activities, operations and business of the Company.

 

13.20.      The Company shall have one (1) General Manager who shall be appointed by the Board of Directors under such terms and conditions as the Board of Directors may at its
absolute discretion think fit.

 

13.21.      The Company shall have one vice-General Manager who shall be appointed by the Board of Directors under such terms and conditions as the Board of Directors may at
its absolute discretion think ft.

 

13.22.      Other members of senior management may be appointed by the Board of Directors upon such terms and conditions as the Board of Directors may at its absolute discretion
think fit.

 

13.23.     The Board of Directors shall have the power to determine all matters in relation to the management, wages, benefits, labor insurance of the employees of the Company in
accordance with PRC laws and regulations.

14.          COVENANTS

14.1.        No Shareholder shall take, or cause to be taken, any action that would result in any Shareholders having any personal liability for the obligations of the Company. The
Shareholders shall be under a duty as described herein to conduct the affairs of the Company in the best interests of the Company and of the Shareholders including the safekeeping and use of all Company funds and assets and the use thereof for the exclusive ben eft of the Company.

 

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15.          ACCOUNTING, INFORMATION AND REPORTING

 

15.1.        SunSi shall be responsible for all accounting and income tax reporting related to this Agreement in accordance with Generally Accepted Accounting Principles in the United
States and shell provide the PRC Party with copies of financial reports relating to the Company.

 

15.2.        Each of the Shareholders shall be entitled to examine the books, corporate records and accounts to be kept by the Company and to be supplied with all information, including
information to be obtained from outside advisers to the Company, in such form as a party may reasonably require to keep it properly informed shout the business and affairs of the Company, including without limitation the Company's holdings in its subsidiary/subsidiaries,
and generally to protect its interests as Shareholder.

 

15.3.        The Company shall supply each of the Shareholders with copies of annual accounts and, if any, consolidated accounts of the Company within six (6) months of the end of the Financial Year, and any and all other reports
required by the Shareholders.

16.          REPRESENTATIONS AND WARRANTIES OF THE PRC PARTY

16.1.       The PRC Party represents and warrants to SunSi that:

 

16.1.1.     it has the power and authority to enter into this Agreement, and to perform its obligations hereunder and consummate the transactions contemplated hereby;

 

16.1.2.     the execution and delivery by it, and compliance with this Agreement by it, does not conflict with, or constitute a default under, any instruments governing it, any law, regulation
or order, or any agreement to which it is a party or by which it is bound;

 

16.1.3      this Agreement has been duly authorized, executed and delivered by it, and constitutes its legal, valid and binding obligation enforceable against it in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally
and by general equitable principles;

 

16.1.4.     the Company has been only incorporated as a sino-foreign joint venture enterprise in accordance with all applicable PRC laws and regulations;

 

16.1.5.     the Company licenses, permits, consents and authorizations to conduct the Business in accordance with all applicable PRO laws and regulations;

 

16.1.6.     it owns the Assets free and clear of all hens, claims or other encumbrances;

 

16.1.7.     the transfer of the Assets by it to the Company is legal, valid and enforceable and after such transfer no person shall have a claim against the Assets which is superior
to that of the Company;

 

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16.1.8.     the transfer of the Assets shah have been duly approved by the PRC Party, its shareholders, directors and officers, including its legal representative;

 

16.1.9.     all consents, approvals, permissions and other authorization for the transfer of the Assets by the PRC Party to the Company shall prior to Closing have been duly
obtained and all such consents, approvals, permissions and other authorization are valid and will not be invalidated or withdrawn due to the passage of time or other circumstances;

 

16.1.10.   the transfer of the Assets by the PRC Party and the PRC Party's execution, delivery and compliance with, and performance of the terms and provisions of, this
Agreement, will not (i)conflict with or result in any violation of the organizational documents of the PRC Party, (ii) conflict with or result in any violation of any provision of any bond, note or other
instrument of indebtedness, contract, indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which either of the PRC Party is a party, (iii) violate any existing term or provision of any order, writ, judgment, injunction, decree,
statute, law, rule or regulation applicable to the assets or properties of the PRC Party or (iv) result in the creation or imposition of any lien or encumbrance on the Assets or any portion thereof;

 

16.1.1l.    there are no actions, suits or proceedings pending, or threatened in writing, against or affecting the PRC Party or the Assets in any court or before or by an arbitration tribunal or
regulatory or governmental commission, department or agency;

 

16.1.12.   the PRC Party has not received any written notice from a Governmental Authority of any investigation with respect to the PRC Party, the Business or the Assets
which, to PRC Party's knowledge, remains ongoing;

 

16.1.13.   all tax returns, reports declarations, claims for refunds, or information return or statement or other form relating to Taxes affecting the Business or the PRC Party,
through the Closing Date, including any schedule or attachment thereto, and including any amendment thereof required to be filed by the PRC Party have been or will be accurately prepared
and have been or will be duly executed and timely fled in accordance with applicable law, and any and all Taxes attributable to such period for which the PRC Party may
be held liable have been or will be paid in full or accrued within the prescribed period or any extension thereof. All Taxes 

                attributable to such period required to be withheld by the PRC Party, including, but not limited
to, Taxes arising as a result of payments (or amounts allocable) to foreign persons, have been or will be collected and withheld, and have been or will be either paid to the
respective Governmental Authority, set aside in accounts for such purpose, or accrued; reserved against and entered upon the books and records of the PRC Party;

 

16.1.14.   no tax liens have been fled, issued or recorded on or against the Assets or the Business; and

 

16.1.15.   no insolvency proceeding of any character (including bankruptcy, receivership reorganization, composition or arrangement with creditors (including any assignment for the
benefit of creditors)), voluntary or involuntary, relating to the PRC Party is being threatened against any it by any Person.

 

16.2.       The representations and warranties made by the PRC Party herein are deemed to be valid up to the Closing Date.

 

15

 

 

17.          REPRESENTATIONS AND WARRANTIES OF SUNSI

17.1.        SunSi reps events and warrants to the PRC Party that.

 

17.1.1.     SunSi has the power and authority to enter into this Agreement, and to perform its obligations hereunder and consummate the transactions contemplated hereby;

 

17.1.2.     the execution and delivery by SunSi, and compliance with this Agreement by it, does not conflict with, or constitute a default under, any Instruments governing
SunSi, any law, regulation or order, or any agreement to which it is a party or by which it is bound; and

 

17.1 .3.    this Agreement has been duly authorized, executed and delivered by SunSi, and constitutes a legal, valid and binding obligation of SunSi, enforceable against SunSi in accordance
with Its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws a fleeting the enforcement of creditors' rights generally and by general equitable principles.

18.           DEFAULT 

 

18.1.        The following shall be events of default ("Events of Default") in respect of a Shareholder (the "Defaulting Shareholder(s)"):

 

18.1.1.     the Shareholder commits any material breach of o omits to observe any of its undertakings or obligations in a material respect under this Agreement and if any such breach
or omission is capable of remedy, the same shall not have been fully remedied within 30 Business Days of the Shareholder being notified of such breach or omission or the Shareholder fails to have taken substantive steps to remedy such breach or omission if such
breach or omission requires more than 30 days to remedy (excluding the failure or delay in providing Additional Capital Contribution in accordance with Clause 4.3); or

 

18.1.2.     a creditor attaches, arrests, seizes or takes possession of, ca a distress, execution, sequestration or other process is levied, executed or enforced upon or sued out against, the
whole co ally part of the business, undertaking, properties, assets, rights or revenues of the Shareholder and such attachment, arrest, seizure, possession, distress, execution, sequestration or process is not contested on valid grounds, released, lifted, discharged or discontinued
within 4 days; or

 

18.1.3.     the Shareholder stops or suspends payment of its just and uncontested debts or is unable or admits inability to pay its debts as they fall due or begins negotiations
with one or more of its creditors with a view to a general or partial reconstruction, readjustment or rescheduling of all or part of its debts or proposes or enters into any compromise, composition
or other arrangement for the benefit of its creditors generally or any class of its creditors or any proceedings arc commenced in relation to the Shareholder under any law, enactment, regulation or procedure relating to reconstruction, readjustment or rescheduling
of debts; or

 

18.1.4.     the Shareholder or any other person takes any action or any legal proceedings are started or other steps taken for (i) the winding-up, liquidation or dissolution of
the Shareholder, or (ii) the appointment Of a liquidator, trustee, receiver, receiver manager, administrator, administrative receiver or similar officer of the Shareholder or of the whole or any part of the Shareholder's business, undertaking, properties, assets, rights or revenues; or

 

 

16

 

18.1.5.     the Shareholder suspends or ceases or threatens to suspend or cease to carry on its business or a material part thereof; or 

 

18.1.6.     the Shareholder transfers or disposes of or proposes or threatens to transfer or dispose of the whole or a substantial part of the Shareholder's assets.

18.2.        Upon the occurrence of, or prospective occurrence of, an Event of Default any Shareholder(s) not in default (the "Non-defaulting Shareholder(s)") may serve a written notice
(a "Default Notice") on the Company which Default Notice shall include a detailed description of the facts constituting the Event of Default, including the dates of such Event of Default and he provisions of Clauses 18.3 to
18.7 shall apply.

 

18.3.        Within five (5) Business Days after the receipt of a Default Notice from a Non-defaulting Shareholder the Company shall forward the Default Notice to all the Shareholders.

 

18.4.       The Company shall, within three (3) Business Days after the receipt of the Default Notice select and instruct a firm of independent public accountants, which shall be one of the reputable accounting
firms based in 1-long Kong to certify, in writing within 60 days of the receipt of instructions from the Company the sum which, in their opinion, is the "fair value" of the Company as a going concern as at the time immediately before the Event of Default occurred (the "Certification"). Such firm of accountants shall act as experts and not as arbitrators and the Certification shall, in the absence of fraud or manifest error, be
final, conclusive and binding on the Company and all Shareholders. The cost of obtaining the Certification shall be borne by the Company, The Company shall forward a copy of the Certification to all the Shareholders promptly after receiving the same from the accountants.

 

18.5.       The Non-Defaulting Shareholders may (but are not obligated to) require the Defaulting Shareholder to sell all but only part of its Interest in the Company to the Non-defaulting Shareholder
by sending a written notice to the Company (the "Call Notice") within seven (7) Business Days after receipt of the Certification (the "Call Period") at the Certified Fair Value multiplied by the Company Percentage of the Defaulting Shareholder. The right of the Non-defaulting
Shareholder under this Clause 18.5shall be in addition to and without prejudice to any of its other rights or remedies under this Agreement or at law against the Defaulting Shareholder in respect of such default. If the Non-defaulting Shareholder fails to deliver the Call Notice to the Company within such seven (7) Business Days period, the Non-defaulting Shareholder shall be deemed to have waived its right to purchase the Interest
of the Defaulting Shareholder and shall be deemed to have irrevocably offered to sell all of its interests in the Company to the Defaulting Shareholder at the Certified Fair Value multiplied by the Company Percentage of the Non-defaulting Shareholder. If the Non-defaulting Shareholder does not deliver the Call Notice within the Call Period, the Defaulting Shareholder shall be bound to purchase all (but not some only) of the Interests of the Non-defaulting Shareholder at the Certified Fair Value multiplied by
the Company Percentage of the Non-defaulting Shareholder.

 

 

17

 

 

18.6.        The completion of any sale and purchase under Clause 18.5 shall be held within thirty (30) Business Days after the Non-Defaulting Shareholder issues the Call Notice where a Call Notice is issued during the Call Period
or thirty (30) Business Days of the end of the Call Period if no Call Notice is issued (as applicable) or at such other time and place as the parties to the transaction may agree upon. At such closing, the selling Shareholder must upon receipt of the purchase price by bankers draft or wire transfer deliver to the purchasing Shareholder the share certificates of his Interest, an executed instrument of transfer and bought and sold notes of such Interest. The selling Shareholder shall be deemed to represent and
warrant to the purchasing Shareholder that the relevant Interest shall be free and clear of any encumbrances and that it is the legal and beneficial owner of the relevant Interest or otherwise has full authority to sell, transfer and assign such Interest as provided herein.

 

18.7.        Each Shareholder, by way of security for the performance of his obligations under this Clause 18, hereby irrevocably appoints the Company individually to be its attorney, with full power of substitution,
and in the name and on behalf and as the act or deed of the Shareholder or otherwise, without any reference to or consent from the Shareholder, to sign, seal, deliver, execute, perfect and do all deeds, instruments, documents, acts and things as may be required or considered expedient by the Company to fully carry out the effect of this Clause
18. The Shareholders hereby ratify and confirm and agree to ratify and confirm any deed, instrument, document, act and thing which such attorney may have lawfully executed or done.

 

19.           CONFIDENTIALITY

19.1         Save and except as provided in Clauses 19.2, 19.3 and 19.4 below, each of the parties undertakes to refrain From disclosing (a) the existence, nature or terns of this Agreement
and/or the terms of the transactions referred to herein, or (b) the confidential documents and information exchanged by the parties in furtherance of the actions contemplated by this Agreement (hereinafter collectively referred to as "Confidential Information"), without the prior consent from the other parties unless such disclosure is required
by applicable law.

 

19.2.       The parties hereby acknowledge that SunSi is a subsidiary of a public company and may be required by applicable law to file this Agreement with and make other disclosures to the relevant government
authority in due course and such disclosure by SunSi is permitted under this Clause 19.  

 

19.3.        Nothing in this Clause 19 shall apply to any part of the Confidential Information which comes into the public domain, or become known to the parties, its affiliates and advisors
prior to this Agreement for any reason except the failure of any party to comply with this Clause 19.

 

19.4.        Nothing in this Clause 19 shall prevent the parties from disclosing the Confidential Information to its consultants, attorneys, lender, representatives and advisors or from
disclosing the Confidential Information to potential sources of financing provided all such persons shall observe the city of confidentiality under this Clause 19.

 

20.           DISSOLUTION-WINDING-UP-FINAL DISTRIBUTIONS

 

The Company shall be dissolved, and its affairs shall be wound up in accordance with the applicable laws and regulations of the PRC laws and regulations including but not limited to Articles 89 to 96 of the Regulations for Implementation of the Sino foreign Joint Venture Law is may be amended from time to time.

 

18

 

 

21.          MISCELLANEOUS PROVISIONS

21.1         The PRC Party may not assign any of its rights or benefits under this Agreement without SunSi's written consent, provided that SunSi will not unreasonably withhold consent to the assignment
of the PRC Party's rights or benefits under this Agreement to another limited liability company or other entity which is 1 00% owned (directly) and control led (directly) by the PRC Party.

 

21.2.       Any notice to SunSi or the PRC Party shall be delivered to the address of such person specified hereafter or such other mailing address which such person shall advise the other parties in writing. Any
notice shall be deemed to have been duly given (i) on the date of delivery, if personally delivered, delivered by facsimile transmission or delivered by electronic mail (which is confirmed with a copy sent by other means), or (ii) on the fifth (5) Business Day following the date of sending, if sent by registered or certified mail or internationally
recognized overnight courier.

To SunSi:

 

Address:                45 Main Street, Suite 309. Brooklyn, New York, 11201

Telephone:             646-205-0291

Facsimile:                646-205-0292

Attention:               Me. Richard St-Julien

To PRC Party:

Address:                [CHINESE OMITTED]

Telephone:             0086-5333951399

Facsimile:               0086-5333951399

Attention:              [CHINESE OMITTED]

21.3.        As far as this is allowed under any Applicable Law, both English and Chinese languages shall be the prevailing language in any notification or communication pursuant to 

                the Agreement.

 

21.4.        The Agreement shall be governed by and construed in accordance with the laws of the PRC.

 

21.5.        The Agreement is executed in both Chinese and English Languages of which have equal weight.

 

22.          DISPUTE RESOLUTION

22.1.        Any claim or dispute arising out of, in connection with or relating to this Agreement, including any question concerning its existence, validity, termination or interpretation,
shall initially be settled by negotiation or mediation, through the Board or otherwise, failing which such dispute shall be fully and finally settled under and resolved by binding and mandatory arbitration to be conducted in accordance with and under the PRC arbitration rules of the Beijing International Arbitration Centre then in effect.
Such arbitration shall be the sole and exclusive means and procedure to finally settle any such claims or dispute, except as provided such rules.

 

22.2.        Notwithstanding any other law, rule or regulation to the contrary, the Parties agree that the arbitration clause as contained herein will be interpreted and construed as
a presently effective and enforceable written agreement to arbitrate, and must be given effect as such, The parties hereby expressly waive any right that they may have to require the exhaustion of local administrative, judicial or alternative dispute resolution remedies as a condition of any interim remedy proceeding being brought or commenced under
this Agreement.

 

 

19

 

 

22.3.        It is the parties' express intent that any award made hereunder ("Award") be final and binding in all respects, and the parties agree to carry out the resulting
Award without delay.  In addition, the parties hereto waive any rights to appeal Inc arbitral Award made In accordance with the provisions of this Clause, and this provision shall be construed as an exclusion agreement to the fullest extent permitted
by applicable law.

 

22.4.        The parties agree that any Award rendered in any arbitration conducted pursuant to this Agreement, as well as all communications, pleadings, writings and proceedings in connection therewith,
will be treated in the strictest of confidence, and no aspect thereof is to he disclosed to anyone not a party to this Agreement without the express written consent of both parties.

 

22.5.        This Agreement shall Constitute the entire and sole agreement between the Shareholders on the provisions covered by it As a result, it replaces and cancels any contract, agreement exchange of letters
or oral agreement on the same subject between the Shareholders prior to the date hereof. This Agreement may only be amended or modified by a written, document executed by all the Shareholders. In the event of any conflict between the provisions of this Agreement and the organizational documents of the Company
the provisions of this Agreement shall prevail. 

 

22.6.        In the event that one or more of the provisions of this Agreement is rendered in any way void, illegal or inapplicable by virtue of any Applicable Law, the validity, legality or applicability of the other
provisions of the Agreement shall not be in any way affected or impaired and shall remain in full force and effect.

 

22.7.        The headings in this Agreement are inserted for convenience of reference only and shall not affect the interpretation of this Agreement.

 

22.9.        This Agreement may be executed by the parties hereto separately in any number of counterparts (including by facsimile copy); each of such counterpart shall for all 

                purposes be deemed to be an original, and all such counterparts shall together constitute one and the sane instrument.

 

[SIGNATURE PAGES TO FOLLOW]

 

 

 

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In witness whereof, the parties have duly executed this Agreement, as of the 18 day of June 2009

 

	SUNSI ENERGIES HONG KONG LIMTIED:	 	 
	 	 	 
	 	 	 	 
	
By
	/s/ Michel G. Laporte	 	 
	Name: Michel G. Laporte	 	 
	Title: President	 	 
	 	 	 	 
	Zibo Baoyun Chemical Plant	 	 
	 	 	 	 
	By	/s/ Song Yihua	 	 
	Name: Song Yihua	 	 
	Title:	 	 
	 	 	 	 

 

 

 

21

 

 

EXHIBIT A

 

COMPANY PERCENTAGES

	
Shareholder
	
Company Percentage

	
SUNSI
	
90%

	
PRC Party
	10%

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