Document:

SUBSIDIARY GUARANTY

 

1.          Identification.

 

This Guaranty (the
“Guaranty”), dated as of July 14, 2014, is entered into by Millennium Biotechnologies, Inc., a Delaware corporation
(the “Guarantor”), for the benefit of 31 Group LLC (the “Lender”).

 

2.          Recitals.

 

2.1           The
Guarantor is a direct or indirect subsidiary of Inergetic, Inc., a Delaware corporation (“Parent”). The Lender
has made and/or is making loans to Parent (the “Loans”). Guarantor will obtain substantial benefit from the
proceeds of the Loans.

 

2.2           The
Loans are and will be evidenced by certain secured subordinated convertible promissory notes (collectively, “Note”
or “Notes”) issued by Parent on, about or after the date of this Guaranty pursuant to a securities purchase
agreement dated at or about the date hereof (“Purchase Agreement”). The Notes were and or will be executed by
Parent as “Borrower” for the benefit of the Lender as the “Holder” thereof.

 

2.3           In
consideration of the Loans made and to be made by Lender to Parent and for other good and valuable consideration, and as security
for the performance by Parent of its obligations under the Notes and as security for the repayment of the Loans and all other sums
due from Parent to Lender arising under the Notes (collectively, the “Obligations”), Guarantor, for good and
valuable consideration, receipt of which is acknowledged, has agreed to enter into this Guaranty.

 

2.4           The
Lender and Parent have also entered into that certain Security Agreement dated at or about the date of this Agreement (“Security
Agreement”).

 

3.          Guaranty.

 

3.1           Guaranty.
Guarantor hereby unconditionally and irrevocably guarantees, jointly and severally with any other guarantor of the Obligations,
the punctual payment, performance and observance when due, whether at stated maturity, by acceleration or otherwise, of all of
the Obligations now or hereafter existing, whether for principal, interest (including, without limitation, all interest that accrues
after the commencement of any insolvency, bankruptcy or reorganization of Parent, whether or not constituting an allowed claim
in such proceeding), fees, commissions, expense reimbursements, liquidated damages, indemnifications or otherwise arising under
the Notes, Security Agreement or any other Transaction Document (as defined in the Purchase Agreement) (such obligations, to the
extent not paid by Parent being the “Guaranteed Obligations” and included in the definition of Obligations),
and agrees to pay any and all reasonable costs, fees and expenses (including reasonable counsel fees and expenses) incurred by
the Lender in enforcing any rights under the guaranty set forth herein. Without limiting the generality of the foregoing, Guarantor’s
liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by Parent to the Lender,
but for the fact that they are unenforceable or not allowable due to the existence of an insolvency, bankruptcy or reorganization
involving Parent.

 

3.2           Guaranty
Absolute. Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Notes,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights
of the Lender with respect thereto. The obligations of Guarantor under this Guaranty is independent of the Guaranteed Obligations,
and a separate action or actions may be brought and prosecuted against Guarantor to enforce such obligations, irrespective of whether
any action is brought against Parent or any other guarantor or whether Parent or any other guarantor is joined in any such action
or actions. The liability of Guarantor under this Guaranty constitutes a primary obligation, and not a contract of surety, and
to the extent permitted by law, shall be irrevocable, absolute and unconditional irrespective of, and Guarantor hereby irrevocably
waives any defenses it may now or hereafter have in any way relating to, any or all of the following:

 

    	 

    	 

    

 

(a) any lack of validity
of the Notes or any agreement or instrument relating thereto;

(b) any change in the
time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment
or waiver of or any consent to departure from the Notes, including, without limitation, any increase in the Guaranteed Obligations
resulting from the extension of additional credit to Parent or otherwise;

(c) any taking, exchange,
release, subordination or non-perfection of any Collateral, or any taking, release or amendment or waiver of or consent to departure
from any other guaranty, for all or any of the Guaranteed Obligations;

(d) any change, restructuring
or termination of the corporate, limited liability company or partnership structure or existence of Parent; or

(e) any other circumstance
(including, without limitation, any statute of limitations) or any existence of or reliance on any representation by the Lender
that might otherwise constitute a defense available to, or a discharge of, Parent or any other guarantor or surety.

 

This Guaranty shall
continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations
is rescinded or must otherwise be returned by the Lender or any other entity upon the insolvency, bankruptcy or reorganization
of the Parent or otherwise (and whether as a result of any demand, settlement, litigation or otherwise), all as though such payment
had not been made.

 

3.3           Waiver.
Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and any requirement that the Lender exhaust any right or takes any action against any Borrower or
any other person or entity or any Collateral. Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated herein and that the waiver set forth in this Section 3.3 is knowingly made in contemplation
of such benefits. Guarantor hereby waives any right to revoke this Guaranty, and acknowledges that this Guaranty is continuing
in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

3.4       Continuing
Guaranty; Assignments. This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the later
of the indefeasible cash payment in full of the Guaranteed Obligations, (b) be binding upon Guarantor, its successors and assigns
and (c) inure to the benefit of and be enforceable by the Lender and its successors, pledgees, transferees and assigns. Without
limiting the generality of the foregoing clause (c), the Lender may pledge, assign or otherwise transfer all or any portion
of its rights and obligations under this Guaranty (including, without limitation, all or any portion of its Notes owing to it)
to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted such
Lender herein or otherwise.

 

3.5          Subrogation.
Guarantor will not exercise any rights that it may now or hereafter acquire against the Lender or other guarantor (if any) that
arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification, whether or not such
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take
or receive from the Lender or other guarantor (if any), directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been indefeasibly paid in full.

 

    	 

    	 

    

 

3.6     Maximum
Obligations. Notwithstanding any provision herein contained to the contrary, Guarantor’s liability with respect to the
Obligations shall be limited to an amount not to exceed, as of any date of determination, the amount that could be claimed by Lender
from Guarantor without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law.

 

4.          Miscellaneous.

 

4.1           Expenses.
Guarantor shall pay to the Lender, on demand, the amount of any and all reasonable expenses, including, without limitation, reasonable
attorneys’ fees, reasonable legal expenses and reasonable brokers’ fees, which the Lender may incur in connection with
exercise or enforcement of any the rights, remedies or powers of the Lender hereunder or with respect to any or all of the Obligations.

 

4.2           Waivers,
Amendment and Remedies. No course of dealing by the Lender and no failure by the Lender to exercise, or delay by the Lender
in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, and no single or partial exercise thereof
shall preclude any other or further exercise thereof or the exercise of any other right, remedy or power of the Lender. No amendment,
modification or waiver of any provision of this Guaranty and no consent to any departure by Guarantor therefrom, shall, in any
event, be effective unless contained in a writing signed by the Guarantor and the Lender. The rights, remedies and powers of the
Lender, not only hereunder, but also under any instruments and agreements evidencing or securing the Obligations and under applicable
law are cumulative, and may be exercised by the Lender from time to time in such order as the Lender may elect.

 

4.3           Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be provided
pursuant to the notice provisions of the Purchase Agreement.

 

4.4           Term;
Binding Effect. This Guaranty shall (a) remain in full force and effect until payment and satisfaction in full of all of the
Guaranteed Obligations; (b) be binding upon Guarantor and its successors and permitted assigns; and (c) inure to the benefit of
the Lender and its respective successors and assigns. All the rights and benefits granted by Guarantor to the Lender hereunder
and other agreements and documents delivered in connection therewith are deemed granted to the Lender. Upon the payment in full
of the Guaranteed Obligations, (i) this Guaranty shall terminate and (ii) the Lender will, upon Guarantor’s request and at
Guarantor’s expense, execute and deliver to Guarantor such documents as Guarantor shall reasonably request to evidence such
termination, all without any representation, warranty or recourse whatsoever.

 

4.5           Captions.
The captions of Paragraphs, Articles and Sections in this Guaranty have been included for convenience of reference only, and shall
not define or limit the provisions hereof and have no legal or other significance whatsoever.

 

    	 

    	 

    

 

4.6           Governing
Law; Venue; Severability. This Guaranty shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts or choice of law. Any legal action or proceeding against Guarantor with respect
to this Guaranty may be brought in the courts of the State of New York or of the United States for the Southern District of New
York, and, by execution and delivery of this Guaranty, Guarantor hereby irrevocably accepts for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. Guarantor hereby irrevocably waives any objection which
it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection
with this Guaranty brought in the aforesaid courts and hereby further irrevocably waives and agrees not to plead or claim in any
such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. If any provision
of this Guaranty, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect any
other provisions which can be given effect without the invalid provision or application, and to this end the provisions hereof
shall be severable and the remaining, valid provisions shall remain of full force and effect. This Guaranty shall be deemed
an unconditional obligation of Guarantor for the payment of money and, without limitation to any other remedies of Lenders, may
be enforced against Guarantor by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar
rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement
to which Lender and Guarantor are parties or which Guarantor delivered to Lender, which may be convenient or necessary to determine
Lender’s rights hereunder or Guarantor’s obligations to Lender are deemed a part of this Guaranty, whether or not such
other document or agreement was delivered together herewith or was executed apart from this Guaranty. Each party hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any other manner permitted by law. Guarantor irrevocably appoints Parent its true and lawful
agent for service of process upon whom all processes of law and notices may be served and given in the manner described above;
and such service and notice shall be deemed valid personal service and notice upon Guarantor with the same force and validity as
if served upon Guarantor.

 

4.7           Satisfaction
of Obligations. For all purposes of this Guaranty, the payment in full of the Obligations shall be conclusively deemed to have
occurred when the Obligations have been indefeasibly paid pursuant to the terms of the Notes and the Purchase Agreement.

 

4.8           Counterparts/Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed and delivered this Guaranty, as of the date first written above.

 

“GUARANTOR”

 

MILLENNIUM BIOTECHNOLOGIES, INC.

 

	By:	s/	 
	 	Name:	 
	 	Title:Exhibit 10.1 Daley Employment Agreement

Cellular Dynamics International, Inc.
University Research Park
525 Science Drive, Suite 200
Madison, WI 53711

July 10, 2013

Mr. Timothy D. Daley
4126 Meyer Avenue
Madison, WI 53711

Dear Mr. Daley:

This letter (when executed and delivered by you as contemplated below, “this Agreement”) will confirm terms and conditions of your employment by Cellular Dynamics International, Inc. (the “Company”). They are as follows:

1.Term of Employment and Duties
(a)  Term.  You are employed by the Company as Vice President and Interim Chief Financial Officer of the Company.  Your employment begins on July 10, 2014 (your “Start Date”) and shall continue until the second business day after the Company’s annual report on Form 10-K for 2014 is filed with the Securities and Exchange Commission (the “Anticipated End Date”) or such earlier date in accordance with notice from the Company at any time for any reason (including, e.g., following the hiring of David Snyder’s successor as chief financial officer of the Company (“CFO”)) pursuant to Section 5 hereof.  Your employment with the Company will not continue after the Anticipated End Date except as it may be extended by mutual written agreement between you and the Company.
(b)  Employment Duties.  During the term of your employment, you agree to devote your best efforts and skill and two thirds (2/3) of your business time and attention to the business and affairs of the Company as required by its business needs.  You will report to the Chief Executive Officer (“CEO”) and/or the President of the Company and, as appropriate, Board of Directors of the Company (the “Board of Directors”).  You will be the chief financial officer of the Company.  You will have the duties and responsibilities typically associated with such position and accordingly will be generally responsible for the Company’s financial reporting, internal controls, corporate treasury, tax, budgeting and other accounting and finance matters.  You also will have responsibility for other employees who are performing such services for the Company.  You shall perform such other duties as may be assigned to you from time to time by or under authority of the Board of Directors and/or to the Chief Executive Officer and/or the President of the Company, consistent with the foregoing.  You will be designated an executive officer of CDI for purposes of the federal securities laws.

2.Compensation
(a)  Base Salary.  During the term of your employment, the Company will pay you a salary at the rate of $390,000 per year, i.e., $260,000 based on your two-thirds commitment.
(b)  Incentive Bonus.  The Company in its discretion and subject to further approval of the Compensation Committee of the Company’s Board of Directors may pay a fixed bonus to you for successful completion of your tenure as the Company’s Vice President and Interim Chief Financial Officer and transition of the CFO’s duties and responsibilities to David Snyder’s successor.  For clarity and notwithstanding any term or implication in paragraph 3(b) to the contrary, any such bonus shall be your sole incentive compensation and in lieu of any participation by you in the Company’s Annual Incentive Cash Compensation Plan.
(c)  Payments; Withholding and Other Taxes.  Except as may be expressly otherwise provided herein or in any plan, program or agreement pursuant to which any such other compensation is payable, your salary and any and all bonus or other compensation due hereunder shall be payable according to the regular payroll practices of the Company.  The Company will deduct from the payments to be made to you under this Agreement any Federal, State or local withholding or other taxes or charges which the Company is from time to time required to deduct under applicable law, and all amounts payable to you under this Agreement are stated before any such deduction.
(d)  Stock Options.  The Company has granted you an option to purchase 18,000 shares of the Company’s Common Stock under the Company’s 2013 Equity Incentive Plan (the “Plan”) on the terms set out in the Stock Option Agreement between you and the Company that is being executed and delivered contemporaneously with this Agreement.  For clarity and notwithstanding any term or implication in paragraph 3(b) to the contrary, such Option Award shall be your sole participation by you in the Plan as compensation for your services hereunder.
3.Expenses and Benefits
(a)  Employee Expenses.  The Company will pay or reimburse you for all reasonable expenses, e.g., automobile, travel, and like expenses, ordinarily and necessarily incurred by you in furtherance of the Company’s business upon submission of such substantiation as may be required under, and otherwise in accordance with, the Company’s expense reimbursement policy in effect from time to time with respect to the Company’s senior executive officers.
(b)  Fringe Benefits.  During the term of your employment, you will be entitled to participate in any health insurance, disability insurance, retirement, and other similar fringe benefit plans of the kinds and in the amounts now or at any time during such term provided generally to senior executive officers of the Company in accordance with the respective terms and conditions thereof on which such officers participate in such plans.  You acknowledge that you have no rights in any such plans except as expressly provided under the terms of such plans and that such plans may be terminated, modified or supplemented at any time.  You also will be entitled to paid time off and vacations during the term of your employment in accordance with the Company’s policies as in effect from time to time for senior executive officers of the Company.  Copies of any plans or other documents describing these benefits will be provided to you upon request.

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(c)  Effect of Benefits; Timing of Payment.  In no event will the reimbursements or in-kind benefits to be provided by the Company pursuant to this Agreement in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor will your right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.  Further, any reimbursements to be provided by the Company pursuant to this Agreement shall be paid to you no later than the calendar year following the calendar year in which you incur the expenses.
4.Restrictive Agreement.  
As consideration for your employment by the Company and the benefits conferred to you under this Agreement, contemporaneously with the execution and delivery of this Agreement, you will execute and deliver to the Company a form of its Employment, Confidential Information, Invention Assignment and Arbitration Agreement that is substantially in the form to which Mr. Snyder has agreed or as is otherwise is acceptable to you and the Company (the “Restrictive Agreement”). 
5.Right to Terminate; Automatic Termination.  
(a)  Termination without Cause.  Subject to Section 6 hereof, the Company may terminate your employment and all of the Company’s obligations under this Agreement at any time and for any reason upon thirty (30) calendar days’ prior written notice to you.  For purposes of this Section 3.1(a), the Company reserves the discretion to end your employment at any time during the 30-day notice period; provided, however, the Company will provide you your salary for the remaining portion, if any, of the 30-day notice period.
(b)  Termination for Cause.  Subject to Section 6 hereof, the Company may terminate your employment and all of the Company’s obligations under this Agreement at any time, without prior notice and without further obligations for Cause.  For purposes of this Agreement, “Cause” as determined by the Company shall mean any of the following:  (i) you have breached this Agreement or any other agreement to which you and the Company are parties or has breached any other obligation or duty owed to the Company; (ii) you have committed negligence, misconduct, or committed a crime the circumstances of which substantially relate to your employment duties with the Company; (iii) you have taken any action likely to result in discredit to or loss of business, reputation or goodwill of the Company; (iv) you have failed to follow a reasonable direction from the Company’s Chief Executive Officer or its President; and (v) you have failed to perform or neglected the duties and responsibilities assigned to you by the Company.
(c)  Termination by Death or Disability.  Subject to Section 6 hereof, your employment and all of the Company’s obligations under this Agreement shall terminate automatically, effective immediately upon your death or upon notice of determination of your Disability.  For purposes of this Agreement, “Disability” means (i) you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) you are, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less 

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than 3 months under an accident and health plan covering employees of the Company.  A determination of Disability shall be made by the Company, which, at its sole discretion, may consult with a physician or physicians satisfactory to the Company and you shall cooperate with any efforts to make such determination.  Any such determination shall be conclusive and binding on the parties hereto.
(d)  Termination by Resignation.  Subject to Section 6 hereof, you may terminate your employment at any time and for any reason upon thirty (30 calendar days’ prior written notice to the Company’s Chief Executive Officer of your resignation from employment with the Company or at such other time as may be mutually agreed between the parties hereto following the provision of such notice.  For purposes of this Section 5(d), the Company reserves the discretion to end your employment at any time during the 30-day notice.
6. Compensation and Benefits upon Termination.
If your employment is terminated pursuant to Section 5 hereof, you shall have no further rights against the Company hereunder, except for the right to receive (i) any unpaid base salary through the effective date of termination and (ii) such other benefits in which you are vested or are otherwise entitled under the terms of the applicable plans and arrangements through the effective date of termination including without limitation reimbursement of your business expenses that are reimbursable pursuant to Paragraph 3(a) but have not been reimbursed by the Company as of the date of termination and payment of any accrued vacation under the Company’s vacation/paid time off policy that is unused through the effective date of termination.  Except as expressly provided above in this Section 5, any Award Agreement under the Plan including the Stock Option Agreement, or by law, the Company will have no further obligations to you following your termination of employment. 
7.  Miscellaneous
(a)  Section 409A Compliance.  The Company and you intend that any amounts or benefits payable or provided under this Agreement comply with the provisions of Section 409A of the Code and the treasury regulations relating thereto so as not to subject you to the payment of the tax, interest and any tax penalty which may be imposed under Section 409A of the Code. The provisions of this Agreement shall be interpreted in a manner consistent with such intent. In furtherance thereof, to the extent that any provision hereof would otherwise result in your being subject to payment of tax, interest and tax penalty under Section 409A of the Code, the Company and you agree to amend this Agreement in a manner that brings this Agreement into compliance with Section 409A of the Code and preserves to the maximum extent possible the economic value of the relevant payment or benefit under this Agreement to you.
(b)  Binding Effect.  This Agreement will be binding on the Company and its successors and will inure to the benefit of and be enforceable by your personal or legal representatives, heirs and successors.
(c)  Governing Law.  This Agreement and all questions of its interpretation, performance and enforcement and the rights and remedies of parties will be determined in accordance with the laws of the State of Wisconsin without regard to the laws of any other jurisdiction that otherwise would govern under conflict of law principles.

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(d)  Integration.  This Agreement supersedes any and all prior agreements, whether written or oral, between the Company or any representative thereof and you relating to the services performed by you as an employee (i.e., the Company’s Vice President and Interim Chief Financial Officer) for the Company or your compensation for such services, and all such prior agreements are null and void.  For clarity, nothing herein shall be construed to supersede the Restrictive Agreement, the Independent Contractor Agreement between the Company and you dated January 1, 2014 under which you have provided and may provide, other than during the term of your employment hereunder, services to the Company, the confidentiality agreement contemplated in the Independent Contractor Agreement, or any Stock Option Agreement between the Company and you under the Company’s 2008 Equity Incentive Plan, as amended.
(e)  Notices.  Any notice required or permitted to be given under this Agreement will be in writing and will be deemed given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt at the following addresses or to such other addresses either party shall specify by like notice:
if to the Company:
Cellular Dynamics International, Inc.
Attn: President or Chairman of the Board
University Research Park
525 Science Drive, Suite 200
Madison, WI 53711
and if to you:
Mr. Timothy D. Daley
4126 Meyer Avenue
Madison, WI 53711
(f)  Amendment.  The Agreement may be amended or modified only upon the written consent of the Company and you.
(g)  No Conflicting Obligations or Third Party Consents.  You hereby represent and warrant to the Company that (i) neither the execution of this Agreement by you nor the performance of any of your obligations or duties hereunder will conflict with or violate or constitute a breach of the terms of any contractual, statutory or other obligation; and (ii) you are not required to obtain the consent of any firm, corporation or other entity or person in order to enter into this Agreement or to perform any of your obligations or duties hereunder.
[Remainder of page intentionally left blank; signature page follows.]

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If this letter correctly sets forth your understanding of our agreement, please sign a copy in the space provided below and return it to the Company.
	
		
	 

	 
	 

	 
	Very truly yours,

	 
	 

	 
	Cellular Dynamics International, Inc.

	 
	 

	 
	 

	 
	/s/ Thomas M. Palay

	 
	Thomas M. Palay

	 
	Vice Chairman of the Board of Directors and President

I confirm my agreement with the
terms and conditions of this letter
as of the date first set forth above.

/s/ Timothy D. Daley
Timothy D. Daley

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