Document:

Unassociated Document

[Exhibit 10.1]

SUPPLY AGREEMENT*

 

This Supply Agreement ("Agreement") is made as of this 13th day of January 2010 ("Effective Date"), by and between XXX of _____________________ ("XXX"), and Advanced Micro Sensors, of 333 South Street, Shrewsbury, Massachusetts, 01545 ("AMS").

 

WHEREAS XXX requires wafers of AMR magnetic sensors for the manufacture and integration of AMR sensors into XXX products;

 

WHEREAS AMS is a manufacturer of magnetic sensors and MEMs devices and is willing to act as XXX's foundry for manufacturing AMR magnetic sensors die in wafer form;

 

NOW THEREFORE in consideration of the foregoing premises and for good and valuable consideration, the parties hereby agree as follows:

 

1.            DEFINITION

 

"Affiliates" shall mean, with respect to any party, any other entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such party. For entities, "control" means direct or indirect ownership or control of more than fifty percent (50%) of the voting power or other ownership interest of a corporation or other entity, whether through ownership of voting securities, by contract, or otherwise.

 

"Product" shall mean the AMR magnetic sensor as specified in Exhibit A.

 

2.            SUPPLY RELATIONSHIP

 

(a) Subject to the terms and conditions of this Agreement, XXX agrees to purchase from AMS, and AMS agrees to supply to XXX, the Product in a quantity no less than the quantity listed in the following table:

 

	
Year

	  	
Annual Quantity (pcs)

	 	 	 
	
2010

	  	  
	 	 	 
	
2011

	  	  
	 	 	 
	
2012

	  	  

 

Beginning 2013 until termination of this Agreement, XXX shall give AMS the "right of first refusal" on a minimum of 30% of XXX's total annual Product wafer demand.

 

____________________

* The Registrant has sought confidential treatment of certain terms of this Agreement.

 

  

  

  

 

(b) XXX Access to AMS. XXX personnel (no more than 3 at a time) will be allowed access to the AMS clean room during first shift working hours for the sole purpose of reviewing standard AMS production and quality data as it relates to the XXX Product. XXX personnel will be required to notify Tim Blaser, VP Operations, prior to entering the clean room.

 

(c) Prices. Subject to the requirements of Section 2(a), AMS agrees to manufacture and sell to XXX and XXX agrees to purchase the Products ordered by XXX from time to time at the prices set forth on Exhibit B

 

(d) Forecasting. No later than the 15th day of the start of each calendar quarter XXX agrees to provide AMS with a rolling 12 month forecast of Product demand in no less than quarterly amounts. All such forecasts shall be non-binding, and XXX shall be under no obligations to purchase Products except pursuant to Purchase Orders placed as described below.

 

(e) Purchase Order Procedure. AMS shall supply Products to XXX in accordance with the purchase order procedure described below:

 

(i) On a monthly basis XXX will issue to AMS written purchase orders for Products, specifying relevant details of the order such as quantity, destination, billing and shipping information, and delivery date(s) not earlier than 30 days after the date of the purchase order (a "Purchase Order").

 

(ii) AMS shall accept Purchase Orders by written notice to XXX within 5 working days of receipt. In the event that AMS cannot comply with a delivery date requested by XXX in any Purchase Order, AMS may request an alternative delivery date, which shall be no more than 45 days after the date requested by XXX. Any terms and conditions contained in any written acceptance of a Purchase Order, invoice or other written document delivered by AMS to XXX that are inconsistent with the terms and conditions of this Agreement shall be null and void and of no effect unless agreed to in writing executed by an authorized representative of XXX.

 

(iii) At any time up to 10 days prior to the delivery date set forth in any Purchase Order, XXX may issue an alteration to a Purchase Order in order to (i) change a location for delivery, (ii) correct typographical or clerical errors, or (iii) reschedule a delivery. Deliveries must be rescheduled within 45 days of original delivery date.

 

3.            SHIPPING, RISK OF LOSS, ACCEPTANCE

 

(a) Shipment. Unless instructed otherwise by XXX, AMS shall: (i) ship all Products requested in a Purchase Orders complete, with no partial shipments; (ii) ship to the destination designated in the Purchase Order in accordance with specific shipping instructions; (iii) ensure that all subordinate documents bear the Purchase Order number; (iv) enclose a packing memorandum with each shipment and, when more than one (1) package is shipped, identify the package containing the memorandum; (v) mark the Purchase Order number on all packages and shipping papers; (vi) render invoices in duplicate or as otherwise specified, showing Purchase Order number; (vii) render separate invoices for each shipment or Purchase Order; (viii) forward bills of lading and shipping notices with invoices; and (ix) invoice XXX by mailing or otherwise transmitting invoices, bills, and notices to the billing address on the Purchase Order. Routing instructions may be altered without a written notice.

 

  

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(b) Shipping Point, Risk of Loss. Products ordered by XXX shall be shipped EXW, Point of Destination (Incoterms 2000), with the carrier and to the destination specified in the Purchase Order.

 

(c) Acceptance and Rejection. XXX shall have the right, but not the obligation, to inspect any Products. XXX shall have the right to reject any Products that do not conform to the requirements of this Agreement. XXX shall be under no obligation to pay for any rejected Products, and XXX shall be entitled to credit or reimbursement, as applicable, with respect to rejected Products.

 

4.            QUALITY CONTROL MANAGER; QUALITY ASSURANCE

 

	 	
a)

	
Appointment of Ouality Control Manager. Each party shall appoint a responsible Quality Control Manager who shall be responsible for all communications with respect to quality control with the other party, including those relating to Product qualification and inspection, testing and quality control procedures.

 

	 	
b)

	
Ouality Assurance. AMS shall implement and maintain such quality assurance standards as are reasonably feasible to produce and deliver to XXX Products that are substantially defect-free, so as to meet the quality standards of XXX, as well as to meet any other quality and reliability standards agreed to between the parties. At any time during the term of this Agreement, on at least seven (7) days' prior written notice from XXX, AMS shall allow representatives of XXX to inspect AMS' s manufacturing facilities in order to satisfy itself of quality control requirements. In addition, XXX shall have the right to review AMS quality control procedures applicable to the Products on request.

 

	 	
c)

	
AMS Personnel. AMS shall provide, at the request of XXX and at no additional cost to XXX, technically competent personnel of AMS to assist in the identification and resolution of any performance problems with the Products delivered to XXX by AMS

 

5.            PAYMENT

 

(a) Products. AMS may invoice XXX on shipment of Products in accordance with the shipping terms set forth in Section 4 above. Prices shall be as set forth on Exhibit B ,and XXX shall pay all undisputed invoiced amounts in accordance with such pricing terms within thirty (30) days of receipt of an invoice therefor.

 

(b) Invoice Requirements. An invoice shall contain (i) AMS's name and invoice date, (ii) the specific Purchase Order number, (iii) description, price, and quantity of the Products actually delivered or rendered, (iv) credits (if applicable), (v) name (where applicable), title, phone number, and complete mailing address of responsible official to whom payment is to be sent, and (vi) other substantiating documentation or information as may reasonably be required by XXX from time to time.

  

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(c) Taxes and Other Charges. The prices set forth herein relating to purchase and sale of the Products includes, and AMS agrees to be responsible for all charges for packaging. XXX is responsible for the delivery charges, and duties or governmental charges of any kind that may be levied in connection with the provision of the Products.

 

6.            WARRANTIES

 

(a) Product Warranty. AMS represents and warrants to XXX that (i) all Products will substantially conform to the Specifications and be free from defects in material and workmanship for a period of 12 months from delivery thereof (the "Warranty Period") and (ii) all documentation supplied with the Products will be accurate. At XXX's option and AMS's expense, AMS shall repair or replace any non-conforming Product, or refund to XXX the price paid for such non-complying Product. Any corrected, repaired, modified or substitute Product shall be warranted as provided herein for the remainder of the applicable Warranty Period or for a period of ninety (90) days from the date ofXXX's receipt thereof, whichever is greater.

 

(b) General Warranties of AMS. AMS represents and warrants that (i) AMS has the full power, right and authority to enter into this Agreement, carry out its obligations under this Agreement, and grant the rights granted to XXX hereunder; and (ii) AMS has not previously granted and will not in the future grant any rights in or to the Products to a third party which are inconsistent with the rights granted to XXX herein; and (iii) the Products and the use and distribution thereof will not infringe any patent, copyright, trademark or other third party intellectual property right, and there are no suits or proceedings pending or threatened which allege that the Products or use thereof infringes upon such patents, copyrights, trademarks or other third party intellectual property right. However, AMS shall not be liable in respect of any defect in the Products arising from any design or specification fault introduced by XXX's internal processes.

 

(c) Exclusion of Any Other Warranties of AMS. The warranties contained in this Agreement are made in lieu of all other warranties, express or implied, by AMS, whether oral or written. Only an authorized officer of AMS may make modifications to these warranties or additional warranties binding on AMS, and such modifications or additional warranties must be in writing. Accordingly, additional statements such as those made in advertising or presentations, whether oral or written, do not constitute warranties by AMS and should not be relied upon as such. AMS hereby disclaims all implied warranties, including the warranties of merchantability and fitness for a particular purpose.

 

(d) Warranty of XXX. XXX represents and warrants that its has the full power, right and authority to enter into this Agreement and to carry out its obligations hereunder and grant the rights granted to AMS hereunder.

  

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7.             INDEMNIFICATION AND INSURANCE

 

(a) AMS Product Liability Indemnification. AMS shall defend. indemnify and hold harmless XXX, its Affiliates and their officers, directors and employees from and against all losses, damages, liabilities, settlement amounts, reasonable attorneys' fees, costs and expenses ("Liabilities") resulting from any and all claims by third parties for loss, damage or injury (including death) caused by any Product purchased under this Agreement, except to the extent caused by negligence, willful misconduct or Product defects attributable to XXX or its suppliers or licensors, provided that AMS is notified by XXX of all such claims within a reasonable period of time following XXX's initial notification of such claims, and provided further that AMS is given full control over any negotiation, arbitration, or litigation concerning such claims, and that XXX provides reasonable cooperation and assistance to AMS in the defense and settlement of such claims.

 

(b) XXX Product Liability Indemnification. XXX shall defend, indemnify and hold harmless AMS, its Affiliates and their officers, directors and employees from and against all Liabilities resulting from any and all claims by third parties for loss, damage or injury (including death) caused by any product of XXX in which the Product was incorporated, except to the extent such liability was caused by negligence, willful misconduct or Product defects attributable to AMS or its suppliers or licensors, provided that XXX is notified by AMS of all such claims within a reasonable period of time following AMS's initial notification of such claims, and provided further that XXX is given full control over any negotiation, arbitration, or litigation concerning such claims, and that AMS provides reasonable cooperation and assistance to XXX in the defense and settlement of such claims.

 

(c) Intellectual Property Indemnification. AMS shall defend, indemnify and hold harmless XXX and its Affiliates, agents, distributors and customers, from and against all Liabilities resulting from any and all claims that the AMS Licensed IP in the Products infringe any patent, copyright, trademark, trade secret or other proprietary right or intellectual property of any third party, provided that AMS is notified by XXX of all such claims within a reasonable period of time following AMS's initial notification of such claims, and provided further that AMS is given full control over any negotiation, arbitration, or litigation concerning such claims, and that XXX provides reasonable cooperation and assistance to AMS in the defense and settlement of such claims.

 

(d) Procedure. The parties will follow the following procedure with respect to any indemnification provided pursuant to this Agreement:

 

(i) Any person claiming indemnification under this Agreement (the "Indemnified Party") will give AMS or XXX, as the case may be (the "Indemnitor"), written notice of any claim promptly after receipt by such Indemnified Party of notice thereof. Any delay in giving notice hereunder which does not materially prejudice the Indemnitor will not affect the Indemnified Party's rights to indemnification hereunder. The Indemnitor will have the right to defend the Indemnified Party against any claim with counsel of its choice reasonably satisfactory to the Indemnified Party so long as (i) the Indemnitor notifies the Indemnified Party in writing, within fifteen (15) days after the Indemnified Party has given notice of the claim, of the Indemnitor's election to defend the claim and of the identity of the Indemnitor's counsel, (ii) the Indemnitor provides the Indemnified Party with evidence reasonably acceptable to the Indemnified Party that the Indemnitor will have the financial resources to defend against the claim and fulfill its indemnification obligations hereunder, (iii) the claim involves only money damages and does not seek an injunction or other equitable relief, and (iv) the Indemnitor conducts the defense of the claim actively and diligently.

 

  

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(ii) So long as the Indemnitor is conducting the defense of the claim in accordance with clause (d) (i) above, (i) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the claim, (ii) the Indemnified Party will not consent to the entry of any judgment or enter into any settlement with respect to the claim without the prior written consent of the Indemnitor (not to be withheld unreasonably) and (iii) the Indemnitor will not consent to the entry of any judgment or enter into any settlement with respect to the claim without the prior written consent of the Indemnified Party (not to be withheld unreasonably).

 

(iii) In the event any of the conditions in clause (d)(i) above is or becomes unsatisfied, however, (i) the Indemnified Party may defend against, and consent to the entry of any judgment or enter into any settlement with respect to, the claim in any manner it reasonably may deem appropriate (and the Indemnified Party need not consult with, or obtain any consent from, the Indemnitor in connection therewith), (ii) the Indemnitor will reimburse the Indemnified Party promptly and periodically for the costs of defending against the claim (including reasonable attorneys' fees and expenses), and (iii) the Indemnitor will remain responsible for any Liabilities the Indemnified Party may suffer resulting from, arising out of, relating to, in the nature of, or caused by the claim to the fullest extent provided in this Section 7.

 

(e) Insurance. AMS will procure and maintain at its expense comprehensive general liability insurance with a reputable insurer in the amounts of not less than $1 million per incident and $3 million annual aggregate. Such comprehensive general liability insurance will (a) provide product liability coverage, (b) provide broad form contractual liability coverage extending to AMS's indemnification under this Section 7, (c) contain no products or completed operations exclusions, (d) be in occurrence form, (e) name XXX as an additional insured, and (f) be primary, and any applicable insurance maintained by XXX will be excess and non-contributing. AMS will maintain such insurance during the Term and for a further period of at least five (5) years thereafter. AMS will provide XXX with written evidence of such insurance upon request of XXX, and will provide XXX with written notice at least thirty (30) days prior to any cancellation, non-renewal, reduction or other material change in such insurance.

 

8.             INTELLECTUAL PROPERTY; LICENSE

 

	
  

	
a.

	
AMS Ownership. All right, title and interest in and to intellectual property now owned by AMS, including all patents, copyrights, trade secrets or other intellectual property rights therein, shall be solely owned and retained by AMS, and nothing in this Agreement shall be construed to assign or transfer any such right, title or interest to XXX.

   

  

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b.

	
License to XXX. AMS hereby grants XXX and its Affiliates a perpetual, royalty- bearing, non-exclusive, worldwide license, under all intellectual property rights of AMS, to use or sublicense others to use any inventions, mask works, copyrighted works, trade secrets, designs, layouts and other intellectual property of AMS relating to the Products and their design, development, quality control and manufacture (collectively "AMS Licensed IP"), solely to the extent necessary or appropriate to allow XXX to make, have made, use, sell, import, export or distribute the Products and any products that are similar to the Products("Licensed Products"). In the case XXX performs any activities that, absent this license, would constitute infringement or contributory infringement of any AMS Licensed IP, XXX will pay AMS a 2% royalty based on the then current price of the total sensor-only wafer cost of the Licensed Products made in exercising such license rights. This royalty will be payable quarterly. No royalties are payable with respect to Products purchased by XXX from AMS. The royalty is payable by XXX on Products manufactured by XXX or for XXX by a party other than AMS, but only if the manufacture, use or sale of such Products cannot be done without infringement of intellectual property rights owned by AMS. This paragraph does not in any event grant any license rights to AMS in any XXX-owned intellectual property, and any sensor designs and patented or unpatented inventions of XXX remain solely owned by XXX, with no license granted to AMS.

 

c. Obligation to Disclose and Assist. On request from XXX from time to time, AMS shall disclose to XXX (including without limitation providing copies of) all relevant designs, software, specifications and other technical information in the AMS Licensed IP, in order to allow XXX, its Affiliates and sublicensees to make Products and otherwise to exercise its license rights set forth in Section 8(b). In addition, on request from XXX from time to time AMS shall provide technical assistance to XXX, its Affiliates and sublicensees sufficient to allow manufacture of the Products and use of the technology licensed in Section 8b to XXX, its Affiliates and sublicensees ("Technical Services"). AMS shall provide such Technical Services at AMS' s then-current time and materials cost of providing nonrecurring engineering assistance.

 

d. XXX Ownership. All right, title and interest in and to any intellectual property now owned by XXX, including all patents, copyrights, trade secrets, device layout or other intellectual property rights therein, shall continue to be solely owned and retained by XXX, and nothing in this Agreement shall be construed to assign, license or transfer any such right, title or interest to AMS. Without limitation of the foregoing, AMS shall not fabricate AMR compassing sensors for other customers using XXX device layout without written agreement from XXX

 

	 	
e.

	
Joint Ownership and Development. If the parties jointly develop patentable inventions, copyrightable works, and/or trade secrets in the course of their performance under this Agreement, the parties shall jointly own such inventions, copyrightable works, and/or trade secrets with no duty to account to one another for the use thereof or profits derived therefrom; and the parties shall make reasonable efforts to protect any such intellectual property and shall cooperate in the prosecution of infringers. For the purposes of this paragraph, jointly developed patentable inventions shall be inventions that would be jointly owned under United States laws on joint inventorship.

  

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9.            CONFIDENTIALITY

 

The parties acknowledge that they entered and are bound by a Mutual Nondisclosure Agreement dated May 18, 2006 (the "NDA") (attached as Exhibit D) The NDA is hereby incorporated into this Agreement and shall apply to any information disclosed by one party to the other in connection with this Agreement. Notwithstanding the foregoing, (a) the individuals designated to receive Proprietary Information (as defined in the NDA) of the other party is hereby expanded to include all employees of a party who need to know such information in order to perform obligations and exercise rights set forth in this Agreement; and (b) Proprietary Information need not be stamped "proprietary" to constitute Proprietary Information (as defined in theNDA).

 

Nothing in this Section 9 or the NDA shall limit or restrict the license granted to XXX by Section 8.

 

10.           TERM AND TERMINATION

 

	 	
a)

	
Term. This Agreement shall be effective immediately upon its execution and shall continue in full force until December 31,2018. This Agreement shall not be renewed except by written agreement of the parties.

 

	 	
b)

	
Termination for Breach. Notwithstanding any other provision of this Agreement, each party shall have the right, in addition to any other rights and remedies available to the party, to terminate this agreement immediately by written notice to the other party if the other party breaches any material provision of this Agreement and, in the case of a breach capable of cure, fails to cure such breach within thirty (30) days of the receipt by the breaching party of notice specifying the breach and requiring its remedy.

 

	 	
c)

	
Effect of Terntination. Upon any termination or expiration of the Agreement, each party shall return and make no further use of any proprietary and confidential information and materials (and all copies thereof) belonging to the other party. Unless this Agreement is terminated by AMS in accordance with Section I O(b), AMS shall fulfill any Purchase Orders outstanding as of the effective date of termination or expiration, unless XXX directs AMS otherwise in writing. In addition, any terntination or expiration of this Agreement shall automatically terminate the Purchase and Lease Agreement between the parties dated January 6, 2009 and the Equipment Lease Agreement between the parties dated January 13., 2010, without any further action or notice by either party.

 

	 	
d)

	
Survival. In addition to such other provisions which by their nature reasonably are intended to survive any expiration or termination of this Agreement or any Purchase Order issued hereunder, the provisions of Sections 6, 7, 8, 9, 10, and II (c) and (d), shall survive any such expiration or termination.

  

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11.          GENERAL

 

	 	
a)

	
Entire Agreement. This Agreement, together with the attached Exhibits, shall constitute the entire Agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written communications, agreements and understandings of the parties with respect to such subject matter. In making this Agreement, the parties have not made or relied upon any representations, understandings or other agreements not specifically set forth herein.

 

	 	
b)

	
Assignment. Neither party may assign or otherwise transfer this Agreement, or any rights or obligations hereunder, to any third party without the prior written consent of the other, which consent will not be unreasonably withheld. AMS shall not subcontract or delegate its obligations hereunder without the prior written consent of XXX.

 

	 	
c)

	
Choice of Law Forum. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts without regard to its principles of conflicts of laws. The United Nations Convention on Contracts for the International Sale of Goods shall not apply. Any litigation arising from or relating to this Agreement shall be filed and prosecuted before a court of competent subject matter jurisdiction located in Massachusetts. The parties hereby consent to the jurisdiction of such courts over them, stipulate to the convenience, efficiency and fairness of proceeding in such courts, and covenant not to assert any objection to proceeding in such courts based on any alleged lack of jurisdiction or any alleged inconvenience, inefficiency or unfairness of such courts.

 

	 	
d)

	
Dispute Resolution. Any disputes arising from or relating to this Agreement that cannot be resolved amicably by the parties shall be resolved by binding arbitration in Boston, Massachusetts, before a single arbitrator selected by the American Arbitration Association ("AAA") or such other body as may be agreed to by the parties and subject to the Commercial Rules of Arbitration of the AAA. The arbitrator shall award damages that fully compensate the non-breaching party for any breach of this Agreement. The arbitrator's decision and award shall be enforceable in any court of competent jurisdiction.

 

	 	
e)

	
Independent Contractors. The relationship of AMS and XXX at all times shall be solely that of independent contractors with respect to all matters arising under this Agreement. Nothing herein shall be deemed to establish a relationship of partnership, joint venture or employment between the parties. XXX shall have no control or direction over AMS and any of its employees, consultants and subcontractors performing development or manufacturing hereunder. Any such employees, consultants and subcontractors shall not have any contractual relationship whatsoever with XXX arising out of or by virtue of this Agreement, and AMS shall be responsible for compliance with all applicable employment related laws and regulations with respect to such persons, including without limitation those governing hours of labor, working conditions, workers' compensation, payment of wages, and the payment of any applicable taxes, such as unemployment, social security, and other payroll taxes.

 

  

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f)

	
Currency. All monetary amounts set forth in this Agreement are United States dollars.

 

	 	
g)

	
Compliance with Laws. Each party shall comply with the provisions of all applicable federal laws (including procurement of required permits or certificates) in its performance hereunder.

 

	 	
h)

	
Force Majeure. Neither party shall be liable for any delay or failure in performance arising out of acts or events beyond its reasonable ability to foresee and avoid, including fires, labor disputes, embargoes, requirements imposed by Government regulation, civil or military authorities, judicial decisions, acts of God or by the public enemy.

 

	 	
i)

	
Notices. Any notice required or permitted to be given to a party under this Agreement or any applicable statute shall be made in writing and shall be sufficiently given if personally delivered, sent by reputable private courier with established tracking capability (such as Federal Express, UPS, Airborne or DHL) and marked for next business day delivery, or sent by certified mail, return receipt requested, addressed to the signatory of this Agreement for the party required or entitled to receive such notice at the address for such party set forth in the introductory paragraph of this Agreement, or to such other person or at such other address as the party may specify by written notice to the other party in accordance with this sentence. Notices sent in accordance with the immediately preceding sentence shall be deemed to have been given or made on the earlier of (i) the date of actual receipt, as demonstrated by the tracking records of the applicable delivery service or courier or by the certified mail return receipt, (b) on the second business day after they are sent by courier, or (c) on the fifth business day after they are sent by certified mail, return receipt requested.

 

	 	
j)

	
Severability. If any provision of this Agreement is determined to be invalid, illegal or otherwise unenforceable, then such provision will instead be construed to give effect to its intent to the maximum extent possible, and the validity, legality and enforceability of the other provisions of this Agreement shall not be affected thereby. If, after application of the immediately preceding sentence, any provision of this Agreement is determined to be invalid, illegal or unenforceable, such provision shall be severed, and after any such severance, all other provisions hereof shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed under seal by their duly authorized representatives as of the date first set forth above.

 

  

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XXX

	 	
Advanced Micro Sensors

	  	 	  
	
By:

	  	 	
By:

	  
	  	 	  
	
Name:

	  	 	
Name:  Timothy C. Stucchi

	  	 	  
	
Title:  President & CEO

	 	
Title:  President & CEO

 

  

  

  

[Exhibit 10.1]

Consent to Assignment*

This Consent to Assignment (“Consent”) is made on the effective date set forth below by and between XXX (“XXX”) and Advanced MicroSensors, Inc. (“AMS”) with respect to the following agreements between XXX and AMS (the “Agreements”):

A. Supply Agreement – Effective as of January 13, 2010

B. Equipment Lease Agreement – Effective as of January 13, 2010

C. Purchase and Lease Agreement – Effective as of January 6, 2009

XXX hereby consents to the assignment of the Agreements to AMS Acquisition, Inc., a New York corporation (“Assignee”) effective as of the closing (the “Closing”) of an asset sale transaction between AMS and Assignee pursuant to which Assignee acquires all or substantially all of the assets of AMS, on the conditions that:

1.  as part of the Closing, AMS will obtain from Assignee a written agreement in the form attached hereto at Exhibit A (the “Assumption Agreement”); and

2. AMS will deliver a copy of the executed Assumption Agreement to XXX within five (5) business days of the Closing.

By signing this Consent, AMS agrees to be bound by these conditions.  If AMS does not fulfill these conditions, this Consent shall be void and of no effect.

XXX represents and warrants that it is not in breach of its obligations under the Agreements, and to its knowledge, AMS is not in breach of its obligations thereunder.

AMS represents and warrants that it is not in breach of its obligations under the Agreements, and to its knowledge, XXX is not in breach of its obligations hereunder.

Dated: May 23_, 2011

	  	
Advanced MicroSensors, Inc.

	  	  
	  	
By:

	
   

	  	  
	  	
Timothy C. Stucchi

	  	
President/CEO

	  	  
	  	
XXX

	  	  
	  	
By:

	
   

	  	  
	  	
Name:

	  	
Title:

 

____________________

* The Registrant has sought confidential treatment of certain portions of this Agreement.

 

  

  

  

 

EXHIBIT A

ASSUMPTION AGREEMENT

This Assumption Agreement (“Assumption Agreement”) is made on the effective date set forth below by AMS Acquisition, Inc., a New York corporation (“Assignee”) in favor of XXX (“XXX”).

WHEREAS effective as of the closing (the “Closing”) of an asset sale transaction between Assignee and Advanced MicroSensors, Inc. (“AMS”), Assignee will acquire all or substantially all of the assets of AMS;

WHEREAS on condition that Assignee executes this Assumption Agreement and delivers it to XXX, XXX has given its consent to the assignment by AMS to Assignee of the following agreements between XXX and AMS (the “Agreements”):

A. Supply Agreement – Effective as of January 13, 2010

B. Equipment Lease Agreement – Effective as of January 13, 2010

C. Purchase and Lease Agreement – Effective as of January 6, 2009

Accordingly, Assignee hereby represents, warrants and covenants to XXX as follows:

1.           On and from the Closing, Assignee shall assume the Agreements and shall perform all of AMS’s obligations under the Agreements.

2.           As of the Closing, Section 2(a) of the Supply Agreement shall be amended by replacing the entire section with the following:

 

“(a) Subject to the terms and conditions of this Agreement, XXX agrees to purchase from AMS, and AMS agrees to supply to XXX, the Product in a quantity no less than the quantity listed in the following table:

	
Year

	 	
Annual Quantity (Pcs)

	
2011

	 	  
	
2012

	 	  
	
2013-termination

	 	
___% of XXX’s total annual Product wafer demand

 

XXX will renegotiate in good faith with AMS with respect to the Product price on an annual basis in order to be competitive with market prices for comparable products and assure reasonable margins for AMS.  If XXX and AMS fail to agree a Product price that is reasonably satisfactory to XXX as a result of such negotiations, and XXX can reasonably demonstrate that the price otherwise payable by XXX under this Agreement is not competitive with market prices, XXX shall be released from its minimum purchase commitments under this Agreement.  In addition, AMS shall give XXX priority over other customers to ensure that XXX’s requirements for Products are always met.”

 

  

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3.           Assignee hereby agrees not to assign or transfer, whether by operation of law, merger, asset sale, change of control or otherwise, any of the Agreements to any competitor of XXX.

	
Dated: May 23_, 2011

	  
	  	
AMS Acquisition, Inc.

	  	  
	  	
By:

	
   

	  	  
	  	
Name:

	  	
Title:

	
Acknowledged and agreed by

	
XXX

	  
	
By:

	
   

	  
	  
	
Name:

	
Title:

 

  

-3-Unassociated Document

[Exhibit 10.2]

EQUIPMENT LEASE AGREEMENT*

This Equipment Lease Agreement ("Agreement") is made as of this 13th of January 2010 ("Effective Date") by and between XXX ("Lessor"), and Advanced Micro Sensors, Inc., Shrewsbury, Massachusetts, USA ("Lessee").

WHEREAS, the parties have entered into a Supply Agreement effective January 13, 2010 under which the Lessee is providing certain services to Lessor for the development and production of an AMR sensor;

WHEREAS, the parties entered into an Equipment Purchase Agreement on November 19, 2007 and now wish to extend the lease term of that agreement;

WHEREAS, a Nordiko 8550 Sputtering System ("Equipment") purchased by the Lessor from the Lessee and located at the AMS facility in Shrewsbury, Massachusetts is being used in the services under the aforesaid Supply Agreement;

NOW THEREFORE, in consideration of the foregoing premises and for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereby agree as follows:

1.           THE EQUIPMENT

1.1.           The Lessor purchased from the Lessee the Nordiko 8550 Sputtering System (Serial Number 7324) on November 19, 2007. This System includes a sputter chamber, control cabinet, two pumps and power supplies.

1.2.           The Equipment is currently located at AMS facility and is used by the Lessee for the development and production of the Lessor's AMR sensor.

2.           LEASE OF THE EQUIPMENT

2.1.           Lease.  The Lessor hereby extends the lease of the Equipment to the Lessee for a one (1) year period beginning from the Effective Date ("Initial Term") for purposes of the Lessee providing certain services to (i) the Lessor with respect to the development and production of certain products for the Lessor and (ii) third parties. The Lessee agrees to use the Equipment in accordance with all, and not in violation of any, applicable laws and solely for the purposes specified in this Section 2. I. The Lessee acknowledges and agrees that the services provided by the Lessee to the Lessor for which the Equipment is to be used are personal and the Lessee may not assign or otherwise transfer any right hereunder to any other person or entity. This lease of the Equipment is subject to the provisions in Section 2.4. Notwithstanding the Lessee's right to use the Equipment in accordance with the provisions in Section 2 of this Agreement, the Equipment shall at all times be owned by the Lessor. The Lessee shall have no interest in the Equipment other than the right to use the Equipment pursuant to the terms and conditions of this Agreement. The Lessee shall pay the Lessor rent for this lease of the Equipment in the amount of five thousand dollars ($5,000), payable on the date hereof and on the first day of any Extended Term (as that term is defined in Section 2.4 hereof) in addition to the Lessee's obligations under Sections 2.2 and 2.3 below. The Lessor shall refund a pro-rated portion of such rent paid with respect to the Initial Term or any year of an Extended Term if such Initial Term or Extended Term is terminated before the first anniversary of its commencement.

____________________

* The Registrant has sought confidential treatment of certain portions of this Agreement.

 

  

  

  

 

2.2.           Repair. Maintenance and Insurance.  While the lease of the Equipment as set forth in this Section 2 is in effect, the Lessee shall, regardless of whether the Lessee actually uses the Equipment during any period, be responsible for and bear the expense of all necessary routine repairs, routine maintenance, operation, and replacements required to be made to maintain the Equipment in good condition. The Lessee shall keep the Equipment fully insured against all risks of loss or physical damage to the Equipment for the full insurable value thereof and such other insurance thereon in amounts and against such risks as the Lessee may reasonably request, as provided in Section 3.3 below.

2.3.           Risk of Loss: Compliance.  While this lease of the Equipment pursuant to this Section 2 is in effect, all risk of loss, damage to or destruction (whether total or partial and even when such loss, damage, or destruction is a result of fortuitous causes or force majeure) of the Equipment shall at all times be on the Lessee. While this lease of the Equipment as set forth in this Section 2 is in effect, the Lessee shall (i) comply with and conform to all laws, ordinances, and regulations relating to the use or maintenance of the Equipment, and (ii) shall keep the Equipment free from any and all liens and encumbrances (other than this lease), and shall do or permit no act or thing whereby the Lessor's title or rights may be encumbered or impaired. All the Equipment shall remain personal property, and title thereto shall remain in the Lessor exclusively.

2.4.           Extension of Right to Use Equipment.  Subject to the provisions of Section 3.2, unless otherwise prematurely terminated in accordance with the provisions of this Agreement, at the end of the Initial Term, for so long as the Supply Agreement remains in effect this Agreement will automatically be extended for further, successive one (I) year terms (each an "Extension Term"). The Initial Term and/or any Extension Term will end automatically on termination of the Supply Agreement. .

2.5.           Right of Removal.  Subject to the provisions of Section 3.2 of this Agreement, after the expiration of the Initial Term and any Extended Term (as applicable), the Lessor shall have the right, in its sole and absolute discretion and for any reason, and at the Lessor's sale expense, to remove the Equipment from the premises where they are located upon the Lessor providing the Lessee with a written notice informing the Lessee of the Lessor's intention to remove the Equipment (which notice may also be an email to an address previously provided by the Lessee to the Lessor) (the "Notice of Removal").

 

  

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2.6.           Right to File Financing Statement.  The Lessee hereby irrevocably authorizes the Lessor at any time and from time to time to file in any Uniform Commercial Code jurisdiction any initial financing statement(s) and amendments thereto in such form and substance as the Lessor shall reasonably require. It is the intent of the parties that this Agreement and the transactions contemplated hereby constitute a sale of the Equipment and a lease back to the Lessee of such Equipment as provided herein, and that any filing of a financing statement under the Uniform Commercial Code or otherwise shall not be construed as evidence that any security interest was intended to be created, but only to give public notice of the Lessor's ownership of the Equipment. If this Agreement or any of the transactions contemplated hereby is otherwise deemed at any time to be one intended as security or to not be a sale and the right to use described above, the Lessee hereby grants to the Lessor a security interest in the Equipment and all attachments and accessions thereto, improvements thereon and all products and proceeds thereof (whether now owned or hereafter acquired, and wherever located) to secure the obligations of the Lessee to the Lessor, including those set forth herein.

3.           COVENANTS

The Lessee agrees that:

3.1.           Lessor Access.  The Equipment shall at all times be kept and maintained only at the address for the Lessee listed in the first paragraph of this Agreement. The Lessor shall be entitled to access the premises where the Equipment is located during normal business hours and upon reasonable prior notice for inspection of same, and/or at any time for removal of same pursuant and subject to the terms of this Agreement.

3.2.           Solvency and Financial Distress.  The Lessee shall at all times remain Solvent.  As soon as the Lessee becomes aware (or should reasonably have been aware) of the existence of any development or other information which could reasonably be expected to result in Lessee not to be Solvent, or if the representations of the Lessee in Section 4.3 or Section 4.4 are not true and correct, the Lessee shall immediately provide the Lessor with telephonic, telecopy or e-mail notice specifying the nature of such development or information, including the anticipated effect thereof, which notice shall be promptly confirmed in writing within five (5) calendar days. Whether or not such notice has been provided, in the event that the Lessor believes, in its reasonable discretion, that the Lessee is or could reasonably be expected to not be Solvent, or that the representations of the Lessee in Section 4.3 or Section 4.4 are, or may reasonably be expected to not be true and correct, then the Lessor may enter into the premises where the Equipment are located, take possession of the Equipment, and remove the Equipment from such locations, all without further cost or expense to the Lessor.

3.3.           Insurance.  Lessee agrees to cause Lessor to be named as a "loss payee" under Lessee's property-casualty insurance policy or policies covering the Equipment and as an "additional insured" under Lessee's general liability policy or policies, and to provide Lessor with evidence of such coverage from time to time in form and substance reasonably satisfactory to Lessor. Breach of this covenant by Lessee shall give Lessor the same rights as it would have under Section 3.2 if the representations of the Lessee in Section 4.3 or Section 4.4 are not true and correct.

3.4.           Other Termination of Lease.  The Lessor may terminate the lease created under Section 2.1 hereof at any time after the occurrence of any of the following:

 

  

3

  

 

(A)           The Lessee fails to pay rent on the dates and in the amounts specified in Section 2.1 hereof, but the Lessor shall not be entitled to terminate the lease unless it has first given the Lessee written notice of its intent to terminate the lease for such failure to pay rent and the Lessee has not paid such rent within three (3) business days after Lessee's receipt of such notice; or

(B)           The Lessee breaches any other provision of this Agreement and fails to remedy the breach within fourteen (14) days after written notice from Lessor.

In addition, this Agreement will terminate automatically upon any termination or expiration of the Supply Agreement between the parties dated January 13, 2010 ("Supply Agreement") or of the Purchase and Lease Agreement between the parties dated January 6, 2009 (the "Purchase and Lease Agreement"). The parties also agree that, in the event of the termination or expiration of the Supply Agreement, the lease to Lessee under the Purchase and Lease Agreement shall terminate automatically, and the parties hereby agree that the Purchase and Lease Agreement is deemed amended to this effect.

3.5.           Intellectual Property Escrow.  Pursuant to the Equipment Purchase Agreement between the parties dated November 19, 2007, Lessee delivered to Lessor's intellectual property counsel the Lessee's intellectual property related to the Equipment as it relates to the AMR sensor products manufactured for the Lessor. Such intellectual property will be delivered to the Lessor upon its notification of such legal counsel (with a copy to the Lessee) that the lease created under Section 2.1 hereof has.expired or terminated.

4.           REPRESENTATIONS OF THE LESSEE; INDEMNIFICATION

The Lessee represents and warrants to the Lessor as follows:

4.1.            Organization.  The Lessee is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, and has all requisite power and authority (corporate and other) to own its properties, to carry on its business as now being conducted, to execute and deliver this Agreement and the agreements contemplated herein, and to consummate the transactions contemplated hereby. The Lessee is duly qualified to do business and in good standing in all jurisdictions in which its ownership of property being sold herewith or the character of its business requires such qualification.

 

  

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4.2.           Authorization.  The execution and delivery of this Agreement by the Lessee, and the agreements provided for herein, and the consummation by the Lessee of all transactions contemplated hereby, have been duly authorized by all requisite corporate and, if necessary, shareholder action. This Agreement and all such other agreements and obligations entered into and undertaken in connection with the transactions contemplated hereby to which the Lessee is a party constitute the valid and legally binding obligations of the Lessee, enforceable against the Lessee in accordance with their respective terms. The execution, delivery and performance by the Lessee of this Agreement and the agreements provided for herein, and the consummation by the Lessor of the transactions contemplated hereby and thereby, will not, with or without the giving of notice or the passage of time or both, (a) violate the provisions of any law, rule or regulation applicable to the Lessee; (b) violate the provisions of the Certificate of Incorporation or Bylaws of the Lessee; (c) violate any judgment, decree, order or award of any court, governmental body or arbitrator; or (d) conflict with or result in the breach or termination of any term or provision of, or constitute a default under, or cause any acceleration under, or cause the creation of any lien, charge or encumbrance upon the Equipment pursuant to, any indenture, mortgage, deed of trust or other instrument or agreement to which the Lessee is a party or by which the Lessee or any of its properties is or may be bound. No consents or approvals of third parties (other than any that have been obtained or which will be provided pursuant to this Agreement) are required in connection with the consummation by the Lessee of the transactions contemplated by this Agreement and the transactions contemplated hereby.

4.3.            Solvency.  After giving effect to the transactions contemplated by this Agreement, and at all times after the date hereof, the Lessee is and will be Solvent. For purposes of this Lease Agreement, "Solvent" means (a) the fair value of the property of the Lessee is greater than the total amount of liabilities, including contingent liabilities, of the Lessee; (b) the present fair salable value of the assets of the Lessee is not less than the amount that will be required to pay the probable liability of the Lessee on its debts as they become absolute and matured; ( c) the Lessee does not intend to, and does not believe that it will, incur debts or liabilities beyond the Lessee's ability to pay as such debts and liabilities mature; and (d) the Lessee is not engaged in a business or transaction, and has no plans to engage in a business or transaction, for which the Lessee's property would constitute an unreasonably small capital. The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed, without duplication, as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably be expected to become an actual or matured liability.

4.4.           Bankruptcy.  No petition or action for relief has been filed by or against the Lessee under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, or seeking the appointment of a custodian, receiver, tmstee (or other similar official) of the Lessee or all or any substantial portion of the Lessee's assets, or making any assignment for the benefit of creditors.

4.5.           Indemnification.  The Lessee hereby indemnifies and holds harmless the Lessor against all claims, damages, losses, liabilities, costs and expenses (including, without limitation, settlement costs and any legal, accounting or other expenses for investigating or defending any actions or threatened actions) reasonably incurred by the Lessor in connection with (i) any breach by the Lessee of any representation or warranty in this Agreement; (ii) any breach of any covenant, agreement or obligation of the Lessee contained in this Agreement or any other agreement, instrument or document contemplated by this Agreement; (iii) any misrepresentation contained in any statement, certificate or schedule furnished by the Lessee pursuant to this Agreement or in connection with the transactions contemplated by this Agreement; (iv) any claims against, or liabilities or obligations of, the Lessee or against the Equipment not specifically assumed by the Lessor pursuant this Agreement; and (v) any violation by the Lessee of, or any failure by the Lessee to comply with, any law, ruling, order, decree, regulation or zoning, environmental or permit requirement applicable to the Lessee or the Equipment.

 

  

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The Lessor shall have the right to set-off any and all amounts due by the Lessee as a result of the indemnification provided under this Section 4.5 against any amounts otherwise due by Lessor to Lessee under any agreement between the parties.

4.6.           Survival orRepresentations. All representations and warranties made by the Lessee herein or in any instrument or document furnished in connection herewith shall survive the date hereof and any investigation at any time made by or on behalf of the parties hereto.

5.           GENERAL

5.1.           This Agreement shall not affect the terms of the aforesaid Supply Agreement.

5.2.           Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Lessee may not assign its obligations hereunder without the prior written consent of the Lessor, which shall not be unreasonably withheld. Any assignment in contravention of this provision shall be void. No assignment shall release the Lessee from any obligation or liability under this Agreement.

5.3.           Entire Agreement. This Agreement, all Schedules and Exhibits hereto, and all agreements and instruments to be delivered by the parties pursuant hereto represent the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede all prior oral and written and all contemporaneous oral negotiations, commitments and understandings between such parties. This Agreement may be modified or amended only by a written instrument executed by the Lessor and the Lessee.

5.4.           Governing Law; Jurisdiction and Waiver of Jury Trial.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Lessor and Lessee agree that any suit relating to this Agreement or the transactions contemplated thereby may be brought in the Courts of the Commonwealth of Massachusetts or any federal court sitting therein, and consent to the nonexclusive jurisdiction of such courts and service of process in any such suit being made upon the Lessor or Lessee, as the case may be, at the address provided above. Lessor and Lessee each hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient forum. Lessor and Lessee each hereby waives its right to a trial by jury with respect to any action or claim arising out of any dispute in connection with this Agreement or any transaction contemplated hereby.

5.5.           Limitation on Liability.  In no event shall either party be liable or responsible for any special, indirect, incidental or consequential damages (including but not lintited to damages for loss of profits, loss of revenues or claims by any customer of Lessee) arising out of or in connection with this Agreement or any performance or failure of performance by such party, even if such party has been advised of the possibility of such damages or losses.

 

  

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5.6.           Currency.  All monetary amounts set forth in this Agreement are United States dollars.

5.7.           Notices.  Unless otherwise provided in this Agreement, any notices or other communications required or permitted hereunder shall be sufficiently given if delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, addressed to the party at the address set forth below or to such other address of which the parties may have given notice:

To the Lessee:

Advanced MicroSensors, Inc.

Attn: Tina Krasnecky

333 South Street

Shrewsbury, MA 01545

Facsimile: 508-770-5807

Email: tkrasnecky@advancedmicrosensors.com

	  	
To the Lessor:

	  
	  	
   

	  
	  	
   

	  
	  	
   

	  

Unless otherwise specified herein, such notices or other communications shall be deemed received (a) on the date delivered, if delivered personally; (b) one (I) business day after being sent via overnight courier; or (c) three (3) business days after being sent, if sent by registered or certified mail.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed under seal by their duly authorized representatives as of the date first set forth above.

	
XXX

	
Advanced Micro Systems, Inc.

 

	By:   	
 

	  	By:    	
 

	  	  	  
	Name:    	
 

	  	Name:    	
 

	  	  	  
	Title:    	
 

	  	Title:    	
 

 

  

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[Exhibit 10.2 continued]

 

PURCHASE AND LEASE AGREEMENT*

 

This Purchase and Lease Agreement (this “Agreement”) made as of the  6th day of January, 2009 between XXX, a Delaware corporation with an office at ________________ (the “Buyer/Lessor”), and Advanced MicroSensors, Inc., a Delaware corporation with its principal office at 333 South Street, Shrewsbury, MA 01545 (the “Seller/Lessee”).

Preliminary Statement

 

The Buyer/Lessor desires to purchase, and the Seller/Lessee desires to sell, all of the Purchased Assets for the consideration set forth below, subject to the terms and conditions of this Agreement and upon consummation of the transactions contemplated by this Agreement.  Moreover, the Buyer/Lessor hereby agrees to grant to the Seller/Lessee a lease for the Fixed Assets subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1.           Sale and Delivery of the Purchased Assets.

 

1.1   Delivery of the Purchased Assets.

 

(a)      Subject to and upon the terms and conditions of this Agreement, the Seller/Lessee hereby sells, transfers, conveys, assigns and delivers to the Buyer/Lessor, and the Buyer/Lessor purchases from the Seller/Lessee, all of Seller/Lessee’s rights, title and interests in and to the following (collectively, the “Purchased Assets”):

 

(i)           all personal property listed on Exhibit A hereto (collectively, the “Fixed Assets”);

 

(ii)          all rights of the Seller/Lessee under and to express or implied warranties relating to or covering any Fixed Asset;

 

(iii)         all rights of the Seller/Lessee under any maintenance contracts or agreements relating to the Fixed Assets; and

 

(iv)         all permits, licenses, registrations, certificates, orders, approvals, variances, and similar rights issued or obtained from any governmental entity (including any court, tribunal, administrative agency or commission or other governmental or regulatory authority or agency), necessary for the use or operation of any Fixed Asset.

 

(v)          all operation manuals, repair records, maintenance records relating to the Fixed Assets.

 

____________________

* The Registrant has sought confidential treatment of certain portions of this Agreement.

 

  

  

  

 

1.2   Further Assurances.  At any time and from time to time after the date hereof and subject to the terms and conditions of this Agreement, at the Buyer/Lessor’s request and without further consideration, the Seller/Lessee promptly shall execute and deliver such instruments of sale, transfer, conveyance, assignment and confirmation, and take such other action, as the Buyer/Lessor may reasonably request to more effectively transfer, convey and assign to the Buyer/Lessor, and to confirm the Buyer/Lessor’s title to, all of the Purchased Assets, to put the Buyer/Lessor in actual possession and operating control thereof, to assist the Buyer/Lessor in exercising all rights with respect thereto and to carry out the purpose and intent of this Agreement, in each case subject to the terms and conditions of this Agreement.

 

1.3   Purchase Price.  The aggregate purchase price for the Purchased Assets is $300,000, which shall be delivered by the Buyer/Lessor to the Seller/Lessee on the date hereof by wire transfer to an account designated by the Seller/Lessee.

 

1.4   No Assumption of Liabilities. The Buyer/Lessor does not assume any liabilities or obligations of the Seller/Lessee, and the Seller/Lessee shall remain solely liable (as between the Buyer/Lessor and the Seller/Lessee) for any and all such liabilities and obligations.

 

1.5   Condition; Disclaimer of Warranties.  The Buyer/Lessor acknowledges that the Fixed Assets consist of used equipment and related personal property and agrees that it is purchasing each of the Fixed Assets in “as is, where is” condition.  Except as expressly set forth in Section 2 hereof, the Buyer/Lessor makes no representations or warranties with respect to the Purchased Assets and, without limiting the foregoing, expressly disclaims all warranties (express, implied or otherwise) with respect to the Purchased Assets, including but not limited to any implied warranties of merchantability or fitness for a particular purpose.

 

2.           Representations of the Seller/Lessee.

 

The Seller/Lessee represents and warrants to the Buyer/Lessor as follows:

 

2.1   Organization.  The Seller/Lessee is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, and has all requisite power and authority (corporate and other) to own its properties, to carry on its business as now being conducted, to execute and deliver this Agreement and the agreements contemplated herein, and to consummate the transactions contemplated hereby.  The Seller/Lessee is duly qualified to do business and in good standing in all jurisdictions in which its ownership of property being sold herewith or the character of its business requires such qualification.

 

  

  

  

2.2   Authorization.  The execution and delivery of this Agreement by the Seller/Lessee, and the agreements provided for herein, and the consummation by the Seller/Lessee of all transactions contemplated hereby, have been duly authorized by all requisite corporate and, if necessary, shareholder action.  This Agreement and all such other agreements and obligations entered into and undertaken in connection with the transactions contemplated hereby to which the Seller/Lessee is a party constitute the valid and legally binding obligations of the Seller/Lessee, enforceable against the Seller/Lessee in accordance with their respective terms.  The execution, delivery and performance by the Seller/Lessee of this Agreement and the agreements provided for herein, and the consummation by the Buyer/Lessor of the transactions contemplated hereby and thereby, will not, with or without the giving of notice or the passage of time or both, (a) violate the provisions of any law, rule or regulation applicable to the Seller/Lessee; (b) violate the provisions of the Certificate of Incorporation or Bylaws of the Seller/Lessee; (c) violate any judgment, decree, order or award of any court, governmental body or arbitrator; or (d) conflict with or result in the breach or termination of any term or provision of, or constitute a default under, or cause any acceleration under, or cause the creation of any lien, charge or encumbrance upon the Purchased Assets pursuant to, any indenture, mortgage, deed of trust or other instrument or agreement to which the Seller/Lessee is a party or by which the Seller/Lessee or any of its properties is or may be bound.  No consents or approvals of third parties (other than any that have been obtained or which will be provided pursuant to this Agreement) are required in connection with the consummation by the Seller/Lessee of the transactions contemplated by this Agreement and the transactions contemplated hereby.

 

2.3   Ownership of the Purchased Assets.  There are no claims, liabilities, liens, mortgages, security interests, restrictions, prior assignments, pledges, charges, encumbrances and equities of any kind and nature whatsoever affecting or against the Purchased Assets (collectively, the “Encumbrances”).  The Seller/Lessee is the true and lawful owner of the Purchased Assets, and has the right to sell and transfer to the Buyer/Lessor good, clear, record and marketable title to the Purchased Assets, free and clear of all Encumbrances of any kind and nature whatsoever.  The execution and delivery by the Seller/Lessee of this Agreement vests good and marketable title to the Purchased Assets in the Buyer/Lessor, free and clear of all Encumbrances.

 

2.4   Broker or Finder Fees.  The Seller/Lessee represents and warrants that it has not engaged any broker or finder or incurred any liability for brokerage fees, commissions or finder’s fees in connection with the transactions contemplated by this Agreement, and agrees to indemnify and hold harmless the Buyer/Lessor against any claims or liabilities asserted against it by any person acting or claiming to act as a broker or finder on behalf of the other party.

 

2.5   Fixed Assets.  All of the Fixed Assets are in good operating condition and repair, normal wear and tear excepted and with reasonable allowance for the age of the Fixed Assets, are currently used by the Seller/Lessee in the ordinary course of business and in the production of products of the Seller/Lessee and normal maintenance has been consistently performed with respect to such Fixed Assets.

 

2.6   Tax Matters.  The Seller/Lessee has timely filed or will timely file (allowing for any applicable extension periods) all federal, state and local tax returns which are required to be filed by it and has paid or will pay all taxes, interest, penalties, assessments and deficiencies which have become due or which have been claimed to be due prior to the date hereof relating to the Purchased Assets.  The Seller/Lessee is current in the payment of all income, franchise, real estate, sales, use and withholding taxes and other employee benefits, taxes or imposts.

 

2.7   Compliance with Laws.  The Seller/Lessee is not in violation of any law, regulation or ordinance relating to the Purchased Assets.

 

  

  

  

2.8   Regulatory Approvals.  All consents, approvals, authorizations and other requirements prescribed by any law, rule or regulation and all consents and approvals of third parties which must be obtained or satisfied by the Seller/Lessee and which are necessary for the execution and delivery by the Seller/Lessee of this Agreement and the documents to be executed and delivered by the Seller/Lessee in connection herewith, and the consummation of the transactions contemplated hereby, have been obtained and satisfied.

 

2.9   Solvency.  After giving effect to the transactions contemplated by this Agreement, and at all times after the date hereof, the Seller/Lessee is and will be Solvent.  For purposes of this Purchase Agreement, “Solvent” means (a) the fair value of the property of the Seller/Lessee is greater than the total amount of liabilities, including contingent liabilities, of the Seller/Lessee; (b) the present fair salable value of the assets of the Seller/Lessee is not less than the amount that will be required to pay the probable liability of the Seller/Lessee on its debts as they become absolute and matured; (c) the Seller/Lessee does not intend to, and does not believe that it will, incur debts or liabilities beyond the Seller/Lessee’s ability to pay as such debts and liabilities mature; and (d) the Seller/Lessee is not engaged in a business or transaction, and has no plans to engage in a business or transaction, for which the Seller/Lessee’s property would constitute an unreasonably small capital.  The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed, without duplication, as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably be expected to become an actual or matured liability.

 

2.10   Bankruptcy.  No petition or action for relief has been filed by or against the Seller/Lessee under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, or seeking the appointment of a custodian, receiver, trustee (or other similar official) of the Seller/Lessee or all or any substantial portion of the Seller/Lessee’s assets, or making any assignment for the benefit of creditors.

 

2.11   Purchase Price.  The aggregate purchase price paid pursuant to Section 1.3 of this Agreement represents reasonably equivalent value for the Purchased Assets.

3.           Lease of the Fixed Assets

 

3.1   Lease.  From and after giving effect to the sale of the Purchased Assets by the Seller/Lessee to the Buyer/Lessor as provided in this Agreement, the Buyer/Lessor hereby leases back to  the Seller/Lessee the Fixed Assets for purposes of the Seller/Lessee providing certain services to (i) the Buyer/Lessor with respect to the development and production of certain products for the Buyer/Lessor and (ii) third parties.  The Seller/Lessee agrees to use the Fixed Assets in accordance with all, and not in violation of any, applicable laws and solely for the purposes specified in this Section 3.1.  The Seller/Lessee acknowledges and agrees that the services provided by the Seller/Lessee to the Buyer/Lessor for which the Fixed Assets are to be used are personal and the Seller/Lessee may not assign or otherwise transfer any right hereunder to any other person or entity.  This lease of the Fixed Assets is subject to the provisions in Section 3.4.  Notwithstanding the Seller/Lessee’s right to use the Fixed Assets in accordance with the provisions in Section 3 of this Agreement, the Fixed Assets shall at all times be owned by Buyer/Lessor.  The Seller/Lessee shall have no interest in the Purchased Assets after the date hereof other than the right to use the Fixed Assets pursuant to the terms and conditions of this Agreement.  The Seller/Lessee shall have no interest in the Purchased Assets after the date hereof other than the right to use the Fixed Assets pursuant to the terms and conditions of this Agreement.  The Seller/Lessee shall pay the Buyer/Lessor rent for this lease of the Fixed Assets in the amount of one thousand dollars ($1,000), payable on the date hereof and on the first day of any Extended Term (as that term is defined in Section 3.4 hereof) in addition to performance of the Seller/Lessee’s obligations under Sections 3.2 and 3.3 below.  The Buyer/Lessor shall refund a pro-rated portion of such rent paid with respect to the Initial Term or any year of an Extended Term if such Initial Term or Extended Term is terminated before the first anniversary of its commencement.

 

  

  

  

 

3.2   Repair, Maintenance and Insurance.  While the lease of the Fixed Assets as set forth in this Section 3 is in effect, the Seller/Lessee shall, regardless of whether the Seller/Lessee actually uses the Fixed Assets during any period, be responsible for and bear the expense of all necessary routine repairs, routine maintenance, operation, and replacements required to be made to maintain the Fixed Assets in good condition, normal wear and tear excepted and with reasonable allowance for the age of the Fixed Assets, it being understood that the Seller/Lessee shall not be responsible for any cost or expense of repairing or replacing any Fixed Asset should such Fixed Asset experience a fundamental failure or cease to operate notwithstanding the Buyer/Lessor’s performance of its routine repair and maintenance obligations as provided above.  Seller/Lessee shall keep the Fixed Assets fully insured against all risks of loss or physical damage to the Fixed Assets for the full insurable value thereof and such other insurance thereon in amounts and against such risks as Seller/Lessee may reasonably request, as provided in Section 5.6 below.

 

3.3   Risk of Loss; Compliance.  While this lease of the Fixed Assets pursuant to this Section 3 is in effect, all risk of loss, damage to or destruction (whether total or partial and even when such loss, damage, or destruction is a result of fortuitous causes or force majeure) of the Fixed Assets shall at all times be on the Seller/Lessee.  While this lease of  the Fixed Assets as set forth in this Section 3 is in effect, the Seller/Lessee shall (i) comply with and conform to all laws, ordinances, and regulations relating to the use or maintenance of the Fixed Assets, and (ii) shall keep the Fixed Assets free from any and all Encumbrances (other than this lease), and shall do or permit no act or thing whereby the Buyer/Lessor’s title or rights may be encumbered or impaired.  All the Fixed Assets shall remain personal property, and title thereto shall remain in the Buyer/Lessor exclusively.

 

3.4   Term of Lease.  The initial term of this lease shall be for the period beginning on the date hereof and ending  January 6, 2010  (the “Initial Term”).  Unless otherwise prematurely terminated in accordance with the provisions of this Agreement, this lease shall terminate and no longer be of any force or effect at the end of the Initial Term unless the Buyer/Lessor provides the Seller/Lessee, at least 90 calendar days prior to the expiration of the Initial Term, with written notice (which may also be an email to an address previously provided by the Seller/Lessee to the Buyer/Lessor) for the extension of such lease, in which case, the lease will be extended for an additional one year period (the “Initial Extension”).  Buyer/Lessor may thereafter similarly provide the Seller/Lessee with additional extension notices at least 90 days prior to the expiration of the then-current term, each of which shall extend the time for an additional one year term (all such extensions, including the Initial Extension, an “Extended Term”).  The Buyer/Lessor is under no obligation to provide the Seller/Lessee with any extension notices, and the determination whether to provide any extension notices is in the sole and absolute discretion of the Buyer/Lessor.  Furthermore, the providing of any extension notice on any one or more occasions does not modify this provision, obligate the Buyer/Lessor to provide any extension notice, or create any expectation on the part of the Seller/Lessee that any further extension notices shall be given.

 

  

  

  

 

3.5   Right of Removal.

 

(A)          Subject to the provisions of Section 5.3 of this Agreement, after the expiration of the Initial Term and any Extended Term (as applicable), the Buyer/Lessor shall have the right, in its sole and absolute discretion and for any reason, and at the Buyer/Lessor’s sole expense, to remove the Fixed Assets from the premises where they are located upon the Buyer/Lessor providing the Seller/Lessee with a written notice informing the Seller/Lessee of the Buyer/Lessor’s intention to remove the Fixed Assets (which notice may also be an email to an address previously provided by the Seller/Lessee to the Buyer/Lessor) (the “Notice of Removal”).

 

(B)           The requirement that the Notice of Removal be sent to the Seller/Lessee as specified in this Section 3.5 do not apply in the event the Buyer/Lessor decides, in its reasonable discretion, to remove the Fixed Assets pursuant to the provisions in Section 5.3 of this Agreement.

 

3.6   Right to File Financing Statement.  The Seller/Lessee hereby irrevocably authorizes the Buyer/Lessor at any time and from time to time to file in any Uniform Commercial Code jurisdiction any initial financing statement(s) and amendments thereto in such form and substance as the Buyer/Lessor shall reasonably require.  It is the intent of the parties that this Agreement and the transactions contemplated hereby constitute a sale of the Purchased Assets and a lease back to the Seller/Lessee of such Purchased Assets as provided herein, and that any filing of a financing statement under the Uniform Commercial Code or otherwise shall not be construed as evidence that any security interest was intended to be created, but only to give public notice of the Buyer/Lessor’s ownership of the Purchased Assets.  If this Agreement or any of the transactions contemplated hereby is otherwise deemed at any time to be one intended as security or to not be a sale and the right to use described above, the Seller/Lessee hereby grants to the Buyer/Lessor a security interest in the Purchased Assets and all attachments and accessions thereto, improvements thereon and all products and proceeds thereof (whether now owned or hereafter acquired, and wherever located) to secure the obligations of the Seller/Lessee to the Buyer/Lessor, including those set forth herein.

 

4.           Indemnification

 

4.1   Scope of Indemnification.  Subject to Section 11 below, the Seller/Lessee hereby indemnifies and holds harmless the Buyer/Lessor against all claims, damages, losses, liabilities, costs and expenses (including, without limitation, settlement costs and any legal, accounting or other expenses for investigating or defending any actions or threatened actions) reasonably incurred by the Buyer/Lessor in connection with (i) any breach by the Seller/Lessee of any representation or warranty in this Agreement; (ii) any breach of any covenant, agreement or obligation of the Seller/Lessee contained in this Agreement or any other agreement, instrument or document contemplated by this Agreement; (iii) any misrepresentation contained in any statement, certificate or schedule furnished by the Seller/Lessee pursuant to this Agreement or in connection with the transactions contemplated by this Agreement; (iv) any claims against, or liabilities or obligations of, the Seller/Lessee or against the Purchased Assets not specifically assumed by the Buyer/Lessor pursuant this Agreement; and (v) any violation by the Seller/Lessee of, or any failure by the Seller/Lessee to comply with, any law, ruling, order, decree, regulation or zoning, environmental or permit requirement applicable to the Seller/Lessee or the Purchased Assets.

 

  

  

  

 

The Buyer/Lessor shall have the right to set-off any and all amounts due by the Seller/Lessee as a result of the indemnification provided under this Section 4.1 against any amounts otherwise due by Buyer/Lessor to Seller/Lessee under any agreement between the parties.

4.2   Survival of Representations.  All representations and warranties made by the Seller/Lessee herein or in any instrument or document furnished in connection herewith shall survive the date hereof and any investigation at any time made by or on behalf of the parties hereto.

 

5.           Post-Closing Covenants.

 

The Seller/Lessee agrees that:

 

5.1   Asset Tags.  From and after the date hereof, the Seller/Lessee shall cause the Fixed Assets to have asset tags affixed in a reasonably visible location at all times which asset tags will be in form and substance acceptable to the Buyer/Lessor and will indicate that such Fixed Assets are the property of the Buyer/Lessor.

 

5.2   Buyer/Lessor Access .  The Fixed Assets shall at all times be kept and maintained only at the address for the Seller/Lessee listed in the first paragraph of this Agreement.  The Buyer/Lessor shall be entitled to access the premises where the Fixed Assets or any other Purchased Assets are located during normal business hours and upon reasonable prior notice for inspection of same,  and/or at any time for removal of same pursuant and subject to the terms of this Agreement.

 

5.3   Solvency and Financial Distress.  The Seller/Lessee shall at all times remain Solvent.  As soon as Seller/Lessee becomes aware (or should reasonably have been aware) of the existence of any development or other information which could reasonably be expected to result in Seller/Lessee not to be Solvent, or if the representations of the Seller/Lessee in Section 2.9 or Section 2.10 are not true and correct, the Seller/Lessee shall immediately provide the Buyer/Lessor with telephonic, telecopy or e-mail notice specifying the nature of such development or information, including the anticipated effect thereof, which notice shall be promptly confirmed in writing within five (5) calendar days.  Whether or not such notice has been provided, in the event that the Buyer/Lessor believes, in its reasonable discretion, that the Seller/Lessee is or could reasonably be expected to not be Solvent, or that the representations of the Seller/Lessee in Section 2.9 or Section 2.10 are, or may reasonably be expected to not be true and correct, then the Buyer/Lessor may, in addition to any other remedies, without notice and notwithstanding the Seller/Lessee’s purchase rights set forth in Section 3.5 of this Agreement, enter into the premises where the Purchased Assets are located, take possession of the Purchased Assets, and remove the Purchased Assets from such locations, all without further cost or expense to the Buyer/Lessor, whereupon the term of the lease created under Section 3.1 hereof shall terminate.

 

  

  

  

5.4.  Other Termination of Lease.  The Buyer/Lessor may terminate the lease created under Section 3.1 hereof at any time after the occurrence of any of the following:

(A)  The Seller/Lessee fails to pay rent on the dates and in the amounts specified in Section 3.1 hereof, but the Buyer/Lessor shall not be entitled to terminate the lease unless it has first given the Seller/Lessee written notice of its intent to terminate the lease for such failure to pay rent and the Seller/Lessee has not paid such rent within three (3) business days after Seller/Lessee’s receipt of such notice; or

(B)  AMS’s  termination of the Development and Supply Agreement (“D&S Agreement”) between the parties dated May 20, 2006 pursuant to Section 11(a), or termination by the Buyer/Lessor pursuant to Section 11(b), of said agreement; or

(C)  a material breach by the Seller/Lessee of any of its obligations hereunder or its exclusivity obligations under Section 3(b) of the D&S Agreement, if the Buyer/Lessor has given the Seller/Lessee notice of such breach and the Seller/Lessee has not cured such breach within ten (10) days of its receipt of such notice.

 

5.5   Intellectual Property Escrow.  Promptly following execution of this agreement, but in any event within thirty (30) days following the date of this agreement, Seller/Lessee shall deliver to Buyer/Lessor’s intellectual property counsel at the address noted below the Seller/Lessee’s intellectual property related to the Fixed Assets  as it relates to    the AMR sensor products manufactured for the Buyer/Lessor by use thereof as set forth in Exhibit B to this agreement.

 

The Seller/Lessee’s intellectual property shall be delivered to:

 

Stanley M. Schurgin, Esq.

Weingarten, Schurgin, Gagnebin & Lebovici, LLP

Ten Post Office Square

Boston, MA 02109

Telephone:  617-542-2290

The intellectual property will be delivered to the Buyer/Lessor upon its notification of the above legal counsel (with a copy to the Seller/Lessee) that the lease created under Section 3.1 hereof has expired or terminated.

5.6   Insurance.  Buyer/Lessor agrees to cause Seller/Lessee to be named as a “loss payee” under Seller/Lessee’s property-casualty insurance policy or policies covering the Fixed Assets and as an “additional insured” under Seller/Lessee’s general liability policy or policies, and to provide Buyer/Lessor with evidence of such coverage from time to time in form and substance reasonably satisfactory to Buyer/Lessor.  Breach of this covenant by Seller/Lessee shall give Buyer/Lessor the same rights as it would have under Section 5.3 if the representations of the Seller/Lessee in Section 2.9 or Section 2.10 are not true and correct.

 

  

  

  

 

6.           Transfer and Sales Tax.

 

Notwithstanding any provisions of law imposing the burden of such taxes on the Seller/Lessee or the Buyer/Lessor, as the case may be, the Seller/Lessee shall be responsible for and shall pay (a) all sales, use and transfer taxes, and (b) all governmental charges, if any, upon the sale or transfer of any of the Purchased Assets hereunder.  If the Seller/Lessee shall fail to pay such amounts on a timely basis, the Buyer/Lessor may pay such amounts to the appropriate governmental authority or authorities, and the Seller/Lessee shall promptly reimburse the Buyer/Lessor for any amounts so paid by the Buyer/Lessor.

 

7.           Notices.

 

Unless otherwise provided in this Agreement, any notices or other communications required or permitted hereunder shall be sufficiently given if delivered personally or sent by e-mail or by overnight courier or registered or certified mail, postage prepaid, addressed to the party at the address set forth below or to such other address of which the parties may have given notice:

 

To the Seller/Lessee:

 

Advanced MicroSensors, Inc.

Attention: Tina Krasnecky, CFO

333 South Street

Shrewsbury, MA 01545

Facsimile:  508-770-5807

E-mail:  tkrasnecky@advancedmicrosensors.com

With a copy to:

 

To the Buyer/Lessor:

 

______________

______________

______________

With a copy to:

 

Robert L.  Birnbaum Esq.

Foley Hoag LLP

155 Seaport Boulevard

Boston, MA  02210

Facsimile:  617-832-7000

E-mail:  rbirnbaum@foleyhoag.com

 

Unless otherwise specified herein, such notices or other communications shall be deemed received (a) on the date delivered, if delivered personally; (b) one (1) business day after being sent via overnight courier; or (c) three (3) business days after being sent, if sent by registered or certified mail.

 

  

  

  

 

8.           Successors and Assigns.

 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Seller/Lessee may not assign its obligations hereunder without the prior written consent of the Buyer/Lessor, which shall not be unreasonably withheld.  Any assignment in contravention of this provision shall be void.  No assignment shall release the Seller/Lessee from any obligation or liability under this Agreement.

 

9.           Entire Agreement; Amendments; Attachments.

 

This Agreement, all Schedules and Exhibits hereto, and all agreements and instruments to be delivered by the parties pursuant hereto represent the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede all prior oral and written and all contemporaneous oral negotiations, commitments and understandings between such parties.  This Agreement may be modified or amended only by a written instrument executed by the Buyer/Lessor and the Seller/Lessee.

 

10.         Expenses.

 

The Buyer/Lessor and the Seller/Lessee shall each pay their own expenses in connection with this Agreement and the transactions contemplated hereby.

 

11.         Governing Law; Jurisdiction and Waiver of Jury Trial.

 

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.  Buyer/Lessor and Seller/Lessee agree that any suit relating to this Agreement or the transactions contemplated thereby may be brought in the Courts of the Commonwealth of Massachusetts or any federal court sitting therein, and consent to the nonexclusive jurisdiction of such courts and service of process in any such suit being made upon the Buyer/Lessor or Seller/Lessee, as the case may be, at the address provided above.  Buyer/Lessor and Seller/Lessee each hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient forum.  Buyer/Lessor and Seller/Lessee each hereby waives its right to a trial by jury with respect to any action or claim arising out of any dispute in connection with this Agreement or any transaction contemplated hereby.

 

12.         Limitation on Liability.

 

In no event shall either party be liable or responsible for any special, indirect, incidental or consequential damages (including but not limited to damages for loss of profits, loss of revenues or claims by any customer of Seller/Lessee) arising out of or in connection with this Agreement or any performance or failure of performance by such party, even if such party has been advised of the possibility of such damages or losses.

 

  

  

  

 

13.         Miscellaneous.

 

The section headings are for the convenience of the parties and in no way alter, modify, amend, limit, or restrict the contractual obligations of the parties.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document.

 

[Remainder of this page left blank]

 

  

  

  

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of and on the date first above written.

 

	  	
SELLER/LESSEE:

	  	  
	  	
ADVANCED MICROSENSORS, INC.

	  	  
	  	
By:

	  
	  	
Title:__President and CEO_________

	  	
BUYER/LESSOR:

	 	 
	  	
XXX

	  	  	  
	  	
By:

	  
	  	
Title:

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