Document:

EX-10.8

 Exhibit 10.8 

FORM OF 
 DEVELOPMENT
RIGHTS 
 AND COOPERATION AGREEMENT 

BETWEEN 
 USD TERMINALS
CANADA ULC, 
 a British Columbia unlimited liability company 

as “Current Operator” 

AND 
 USD TERMINALS
CANADA II ULC, 
 a British Columbia unlimited liability company 

as “Developer” 

Dated as of             , 2014 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1. DEFINED TERMS
	  	 	2	  
	 1.1
	  	Defined Terms	  	 	2	  
		
	 ARTICLE 2. EXCLUSIVE DEVELOPMENT RIGHTS, CONSTRUCTION MATTERS, ACCESS AND USE, COOPERATION AND OTHER MATTERS
	  	 	4	  
	 2.1
	  	Exclusive Development Rights	  	 	4	  
	 2.2
	  	Construction Matters	  	 	5	  
	 2.3
	  	Access to Existing Improvements; Easements and Related Rights	  	 	6	  
	 2.4
	  	Ownership of Improvements and Lien Rights	  	 	7	  
	 2.5
	  	Subordination by Mortgagee(s)	  	 	7	  
	 2.6
	  	General Cooperation	  	 	7	  
	 2.7
	  	Memorandum of Agreement.	  	 	7	  
		
	 ARTICLE 3. REPRESENTATIONS AND WARRANTIES
	  	 	8	  
	 3.1
	  	Representations and Warranties of Current Operator.	  	 	8	  
	 3.2
	  	Representations and Warranties of Developer	  	 	8	  
		
	 ARTICLE 4. GENERAL PROVISIONS
	  	 	9	  
	 4.1
	  	Covenants Run with Land	  	 	9	  
	 4.2
	  	Binding Effect	  	 	9	  
	 4.3
	  	Attorneys’ Fees	  	 	9	  
	 4.4
	  	Waivers	  	 	9	  
	 4.5
	  	Governing Law	  	 	9	  
	 4.6
	  	Time; Time Periods	  	 	9	  
	 4.7
	  	Notices	  	 	9	  
	 4.8
	  	Further Documentation	  	 	10	  
	 4.9
	  	No Third Party Beneficiary	  	 	10	  
	 4.10
	  	Headings and Counterparts	  	 	10	  
	 4.11
	  	Entire Agreement; Amendments	  	 	10	  
	 4.12
	  	Severability	  	 	10	  
	 4.13
	  	Exhibits	  	 	10	  

 EXHIBITS 
  

			
	Exhibit A	  	Legal Description of Hardisty Rail Property
	Exhibit B	  	Current Site Plan of Hardisty Rail Facility
	Exhibit C	  	Legal Description of Undeveloped Land
	Exhibit D	  	General Description of Phase II Expansion
	Exhibit E	  	General Description of Phase IIA Expansion
	Exhibit F	  	General Description of Phase III Expansion
	Exhibit G	  	Preliminary Site Plan for Phase II Expansion and Phase IIA Expansion

  
 ii 

 DEVELOPMENT RIGHTS 

AND COOPERATION AGREEMENT 

THIS DEVELOPMENT RIGHTS AND COOPERATION AGREEMENT (“Agreement”) is made and entered into as of
            , 2014 (the “Effective Date”), by and between USD TERMINALS CANADA ULC, a British Columbia unlimited liability company (together with its successors and
assigns, “Current Operator”), and USD TERMINALS CANADA II ULC, a British Columbia unlimited liability company (together with its successors and assigns, “Developer”). Current Operator and Developer are sometimes
referred to herein, collectively as the “Parties,” and individually, as a “Party.” 
 RECITALS

 A. Current Operator is the owner of certain tracts or parcels of real estate located in the vicinity of Hardisty, AB, Canada, as more
particularly described on Exhibit A attached hereto (the “Hardisty Rail Property”). The Hardisty Rail Property has been improved with a rail terminal facility (the “Hardisty Rail Terminal Facility”) as
generally depicted on the site plan attached hereto as Exhibit B. 
 B. Pursuant to that certain Purchase and Sale Agreement dated as
of             , 2014, by and between Current Operator and Developer, Developer is acquiring from Current Operator on and as of the Effective Date, certain undeveloped tracts or parcels of
real estate located adjacent to the Hardisty Rail Property, as more particularly described on Exhibit C attached hereto (the “Undeveloped Land”). 

C. Developer desires to obtain certain rights (i) to develop, construct and operate certain proposed expansion(s) of the Hardisty Rail
Terminal Facility in, on, over, across and under the Hardisty Rail Property in connection with the Development Projects (as defined below), and each of them, and (ii) to obtain certain other rights in, on, over and across the Hardisty Rail
Property in connection with the proposed Development Projects, and each of them. 
 D. In connection with the proposed Development Projects,
including in furtherance of Developer’s ownership and development of the Undeveloped Land and any future land acquired by Developer relating thereto (herein, “Future Acquired Land”), Developer and Current Operator wish to enter
into this Agreement to set forth the general intent of the Parties and agreement of the Current Operator (i) to grant to Developer the exclusive right to develop, construct and operate certain aspects of the Development Projects, and each of
them, in, on, over, across and under the Hardisty Rail Property, (ii) to grant to Developer the right to use (both on a temporary and permanent basis) certain portions of the Hardisty Rail Property and Hardisty Rail Terminal Facility in
connection with the development, construction and operation of the Development Projects, and each of them, (iii) to cooperate with Developer in connection with the development, construction and operation of the Development Projects, and each of
them, and (iv) to enter into such further agreements or instruments with or for the benefit of Developer the Undeveloped Land and any Future Acquired Land, and to grant further rights in, on, over, across and under the Hardisty Rail Property to
or for the benefit of Developer the Undeveloped Land and any Future Acquired Land, as Developer may reasonably request in connection with the Development Projects, or any of them. 

  
 1 

 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in consideration of the foregoing
Recitals and facts, the mutual covenants contained herein, and the terms and conditions set forth herein, the Parties mutually covenant, declare, and agree as follows: 

ARTICLE 1. 
 DEFINED
TERMS 
 1.1 Defined Terms. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, (i) the terms defined in this Article and used in this Agreement shall have the meanings assigned to them in this Article and include the plural as well as the singular, (ii) all references in this Agreement to
designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement, (iii) the words “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; and (iv) the word “including” shall have the same meaning as the phrase “including, without
limitation,” and other similar phrases. 
 “Affiliate: Any Person that, directly or indirectly (including
through one or more intermediaries), controls or is controlled by or is under common control with any other Person. For purposes of this definition, the term “control” (including the correlative meanings of the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly (including through one or more intermediaries), of the power to direct or cause
the direction of the management and policies of such Person, through the ownership or control of voting securities, partnership interests or other equity interests or otherwise. 

“Agreement” shall mean this Agreement, as the same may be amended or modified from time to time in accordance
with the terms hereof. 
 “Claims” means any and all obligations, debts, covenants, conditions,
representations, costs, and liabilities and any and all demands, causes of action, and claims, of every type, kind, nature or character, direct or indirect, known or unknown, absolute or contingent, determined or speculative, at law, in equity or
otherwise, including attorneys’ fees and litigation and court costs. 
 “Current Operator” shall have
the meaning set forth in the Preface hereto, and shall include its successors and assigns. 
 “Developer”
shall have the meaning set forth in the Preface hereto, and shall include its successors and assigns. 
 “Development
Project” shall mean each of the Phase II Expansion, Phase IIA Expansion and Phase III Expansion (collectively, the “Development Projects”). A preliminary site plan of the Phase II Expansion and Phase IIA Expansion is
attached hereto as Exhibit G. A preliminary site plan for the Phase III Expansion has not yet been prepared. 

  
 2 

 “Development Term” shall mean the period commencing on the
Effective Date and continuing for seven (7) years thereafter. 
 “Easements and Related Rights” shall
have the meaning set forth in Section 2.3(b) hereof. 
 “Future Acquired Land” shall have the
meaning set forth in the Recitals hereto. 
 “Hardisty Rail Property” shall have the meaning set forth in
the Recitals hereto. 
 “Hardisty Rail Terminal Facility” shall have the meaning set forth in the Recitals
hereto. 
 “Mortgage” shall mean any mortgage, debenture, deed of trust or other security agreement
encumbering the Hardisty Rail Property, or any portion thereof, and securing an indebtedness of Current Operator or any Affiliate of Current Operator. 

“Mortgagee” shall mean the holder or beneficiary of a Mortgage and any other rights of the lender or credit
party under any loan or credit agreement, lease, note, collateral assignment instruments, guarantees, indemnity agreements and other documents or instruments evidencing, securing or otherwise relating to the loan made, credit extended, or other
financing vehicle pursuant thereto. 
 “Person” means an individual, partnership, corporation, trust,
limited liability company or other entity. 
 “Phase II Expansion” is generally described on Exhibit
D attached hereto and depicted on Exhibit G attached hereto, and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether
individually or in the aggregate, do not materially and adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase II Expansion” shall be those development,
construction and operational activities and rights conducted in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase II Expansion development, construction and operational activities and
rights will or may also be conducted by Developer on the Undeveloped Land and/or on any Future Acquired Land. 

“Phase IIA Expansion” is as generally described on Exhibit E attached hereto hereto and depicted on
Exhibit G attached hereto and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether individually or in the aggregate, do not
materially and adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase IIA Expansion” shall be those development, construction and operational activities and
rights conducted in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase IIA Expansion development, construction and operational activities and rights will or may also be conducted by
Developer on the Undeveloped Land and/or on any Future Acquired Land. 

  
 3 

 “Phase III Expansion” is as generally described on Exhibit
F attached hereto and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether individually or in the aggregate, do not materially and
adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase III Expansion” shall be those development, construction and operational activities and rights conducted
in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase III Expansion development, construction and operational activities and rights will or may also be conducted by Developer on the
Undeveloped Land and/or on any Future Acquired Land. 
 “Permits” shall mean, with respect to any
improvements to be constructed or installed on the Hardisty Rail Property in connection with a Development Project, any and all governmental permits, licenses and approvals required in connection therewith. 

“Plans” shall mean, with respect to any improvements to be constructed or installed on the Hardisty Rail
Property in connection with a Development Project, including any improvements that will be connected to or otherwise integrated with the Hardisty Rail Terminal Facility for joint use with such Development Project, the plans and specifications
therefor as prepared by Developer and approved by Current Operator and, if required, by any Mortgagee; provided, however, that Current Operator shall not unreasonably withhold, condition or delay any such approval and shall cooperate in good faith
with Developer in seeking the approval of any Mortgagee so long such Development Project and the operation thereof will not, in the reasonable, good faith judgment of Current Operator, materially and adversely affect the current operation or use of
the Hardisty Rail Terminal Facility. 
 “Site Work” shall have the meaning set forth in
Section 2.2. 
 “Unavoidable Delays” shall mean any cause whatsoever beyond the reasonable
control of Developer, including war, act of terrorism, insurrection, strikes, lock-outs, riots, floods, earthquakes, fires, casualties, acts of God, freight embargoes, lack of transportation, governmental restrictions, requirements or priority,
change in applicable law, administrative appeals, arbitration or litigation (including litigation challenging any Permits), unusually severe weather, inability to secure necessary labor, materials or tools, acts or failure to act of any governmental
authority. 
 “Undeveloped Land” shall have the meaning set forth in the Recitals hereto. 

ARTICLE 2. 
 EXCLUSIVE
DEVELOPMENT RIGHTS, CONSTRUCTION MATTERS, ACCESS 
 AND USE, COOPERATION AND OTHER MATTERS 

2.1 Exclusive Development Rights. The Parties agree that during the Development Term, Developer shall have the exclusive right to
develop and construct the Development Projects, including any portion thereof, on the Hardisty Rail Property. Current Operator shall not, and shall not permit any other Person during the Development Term, to develop, construct or install any
facilities or other improvements on the Hardisty Rail Property that would expand the operational capacity of the Hardisty Rail Terminal Facility without the prior written approval of Developer, which approval maybe given or withheld in the sole and
absolute discretion of Developer. 

  
 4 

 2.2 Construction Matters. 

(a) Generally. In connection with any improvements to be constructed or installed on the Hardisty Rail Property in connection with any
Development Project (any such work on the Hardisty Rail Property, and any required access thereto, relating to such Development Project, or any portion thereof, the “Site Work”) shall be in accordance with the following: 

(i) Such Site Work shall be the sole responsibility of Developer, both as to performance and payment of costs therefor; 

(ii) Such Site Work shall not commence until (A) the applicable Plans therefor shall have been approved by Current
Operator and, if required, by any Mortgagee, in accordance with the definition of “Plans” set forth above, and (B) Developer shall have procured and paid for all required Permits therefor; provided, however, that at the request of
Developer, at no cost or expense to Current Operator, Current Operator shall join in the application for any such Permits whenever such action is necessary or required; 

(iii) Developer shall notify Current Operator not less than ten (10) days prior to the commencement of such Site Work;

 (iv) There shall be no material changes in the approved Plans for such Site Work, without first obtaining the prior
written approval of Current Operator, and if required, any Mortgagee, with respect thereto; provided, however, that Current Operator shall not unreasonably withhold, condition or delay any such approval and shall cooperate in good faith with
Developer in seeking the approval of any Mortgagee so long as such changes will not, in the reasonable, good faith judgment of Current Operator, materially and adversely affect the current operation or use of the Hardisty Rail Terminal Facility;

 (v) Once commenced, such Site Work shall be performed in material compliance with the approved Plans (and any approved
changes thereto) and shall be diligently prosecuted to completion (subject to Unavoidable Delays); provided, however, that nothing herein shall require Developer to use any overtime or special rate of labor; 

(vi) At all times during the performance of such Site Work, Developer shall maintain or cause to be maintained customary
builder’s risk and liability insurance for the benefit of Developer and Current Operator; and 
 (vii) All Site Work
shall be performed and completed in a good and workmanlike manner and in conformity with all applicable laws. 
 (b) Restoration. In
the event that any portion of the Hardisty Rail Terminal Facility is damaged by any Site Work being performed by Developer pursuant to the rights granted to Developer hereunder, Developer shall promptly repair or replace the same at Developer’s
sole cost and expense. 

  
 5 

 (c) Indemnification. Developer shall indemnify, defend and hold harmless Current Operator
and its Affiliates from and against all Claims arising out of the performance or completion of any such Site Work. 
 2.3 Access to
Existing Improvements; Easements and Related Rights; Master Agreement(s). 
 (a) Access. Subject to the provisions of this
Section 2.3 below, Developer shall have reasonable access in, on, over, across and under the Hardisty Rail Property and any and all existing improvements located or hereinafter located thereon for the purposes of developing, constructing
and operating the Development Projects, and each of them, as herein provided. In the event that Current Operator determines that Developer is subjecting any such improvements to excess wear and tear, Current Operator shall have the right to charge
Developer reasonable costs related to Developer’s use of any such improvements. 
 (b) Easements and Related Rights. Without
limiting the provisions of Section 2.3(a) above, Current Operator shall, at the request of Developer, grant such permanent and/or temporary easements, access rights and development and use rights (the “Easements and Related
Rights”) in, on, over, under and across the Hardisty Rail Property as the servient tenement for such purposes as Developer may reasonably request in connection with the Development Projects, and each of them, including, but not limited to,
easements and related rights for access (including vehicle road access), rail purposes, utilities, drainage and storm water retention facilities, construction and grading (including for slopes and roads), aerial easements and for other general use
purposes as necessary to support the commencement, completion and operation of the Development Projects, and each of them, to or for the benefit of Developer and the Undeveloped Land and/or any Future Acquired Land as the dominant tenement, provided
that the location of such Easements and Related Rights shall be in locations reasonably approved by Current Operator and, if required, any Mortgagee, and shall not permanently and materially interfere with Current Operator’s current operation
and use of the Hardisty Rail Terminal Facility. All such Easement and Related Rights shall be on customary terms and conditions to be agreed upon by Current Operator and Developer, each in good faith and in their reasonable discretion, and if
required, approved by any Mortgagee. Without limiting the general nature of the foregoing, the Parties further agree as follows: 

(i) Such Easements and Related Rights may include easements to the county, city, municipality, utility companies and other
entities that may require development, utility and similar easements in connection with the Development Projects, and either of them; and 

(ii) Such Easements and Related Rights may be requested by Developer in form acceptable for recording in the official land
records in the jurisdiction in which the Hardisty Rail Property, the Undeveloped Land and/or any Future Acquired Land are located; 

  
 6 

 (c) Master Agreement(s). Without limiting the Parties obligations pursuant to this
Section 2.3, if either Party determines that it is reasonably necessary or desirable to enter into one or more construction, reciprocal easement, joint use and operation, shared facilities or similar agreement(s) pertaining to the
development, construction, operation and/or use of the Development Projects, or either of them, and the Hardisty Rail Terminal Facility, then upon the request of either such Party, the Parties shall each promptly and in good faith and in their
reasonable discretion negotiate for and enter into such agreement(s), which agreement(s) (i) may contain customary terms and conditions pertaining to, among other matters, the matters set forth in this Agreement, future maintenance and capital
expenses for any shared facilities, apportionment of shared operating and capital expenses, coordination of business activities, non-interference covenants, restrictions on changes in use, maintenance of insurance and mutual indemnification, and
(ii) shall be in form acceptable for recording in the official land records in the jurisdiction in which the Hardisty Rail Property, the Undeveloped Land and any Future Acquired Land are located. 

2.4 Ownership of Improvements and Lien Rights. Notwithstanding any rule of law or equity, at all times Developer shall have
(a) ownership of any and all improvements constructed or installed in, on, over, across and under the Hardisty Rail Property, the Undeveloped Land and any Future Acquired Land in connection with the Development Projects, and each of them,
notwithstanding that any portion thereof may be annexed or affixed to the Hardisty Rail Property and (b) the right to grant liens on said improvements and to any access, use or other rights in, on, over, across and under the Hardisty Rail
Property granted to or for the benefit of Developer, the Undeveloped Land and/or any Future Acquired Land under or pursuant to this Agreement (including any rights under any agreement(s) entered into pursuant to Section 2.3(c) above), in
each case without the consent or approval of Current Operator or any Mortgagee, and (c) the right to remove any or all such improvements from time to time. 

2.5 Subordination by Mortgagee(s). Current Operator covenants and agrees to cooperate with Developer and to use commercially
reasonable, good faith efforts to cause any Mortgagee holding a superior lien on the Hardisty Rail Property to approve any Easements and Related Rights and any agreements(s) entered into pursuant to Section 2.3(c) above, in each case to
the extent required by the terms of any Mortgage and/or related loan documents, and to subordinate such Mortgagee’s lien to the rights and obligations granted thereunder. 

2.6 General Cooperation. Current Operator agrees and covenants to fully cooperate with Developer in connection with the Development
Projects, and each of them, including, without limitation, by (a) granting those rights and easements reasonably necessary to commence and complete any Site Work and to operate and use the Development Projects, and each of them, and
(b) executing and delivering any additional documents and/or instruments reasonably requested by Developer in connection therewith. 

2.7 Memorandum of Agreement. At the request of either Party, the Parties shall execute, acknowledge (if applicable) and deliver a short
form memorandum of or other instrument evidencing this Agreement in form and substance reasonably acceptable to the Parties. Following execution, acknowledgement (if applicable) and delivery thereof, either Party, at its sole cost and expense, shall
be entitled to record such instrument in the official land records in the jurisdiction in which the Hardisty Rail Property and Undeveloped Land are located. 

  
 7 

 ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of Current Operator. Current Operator represents and warrants to Developer as follows: 

(a) Organizational Status. Current Operator is an unlimited liability company validly existing under the laws of British Columbia and
extra-provincially registered in Alberta and has full power and authority to enter into and to perform its obligations under this Agreement. The Persons executing this Agreement on behalf of Current Operator have full power and authority to do so
and to perform every act and to execute and deliver every document and instrument necessary or appropriate to consummate the transactions contemplated by this Agreement. Current Operator has all necessary power and authority to own its properties
and to conduct its business as now owned and conducted by Current Operator. 
 (b) Entity Action. All corporate action on the part of
Current Operator which is required for the execution, delivery and performance by Current Operator of this Agreement has been taken, and each of the documents and agreements to be delivered by Current Operator concurrently herewith or hereafter has
been or will be duly and effectively taken. 
 (c) Enforceable Nature of Agreement. This Agreement and each of the documents and
agreements to be delivered by Current Operator concurrently herewith or hereafter, constitute and will constitute legal, valid and binding obligations of Current Operator, enforceable against Current Operator in accordance with their respective
terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar laws affecting the enforcement of creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a court of law or equity). 
 3.2 Representations and
Warranties of Developer. Developer represents and warrants to Current Operator as follows: 
 (a) Organizational Status. Developer
is an unlimited liability company validly existing under the laws of British Columbia and extra-provincially registered in Alberta and has full power and authority to enter into and to perform its obligations under this Agreement. The Persons
executing this Agreement on behalf of Developer have full power and authority to do so and to perform every act and to execute and deliver every document and instrument necessary or appropriate to consummate the transactions contemplated by this
Agreement. Developer has all necessary power and authority to own its properties and to conduct its business as now owned and conducted by Developer. 

(b) Entity Action. All corporate action on the part of Developer which is required for the execution, delivery and performance by
Developer of this Agreement has been taken, and each of the documents and agreements to be delivered by Developer concurrently herewith or hereafter has been or will be duly and effectively taken. 

  
 8 

 (c) Enforceable Nature of Agreement. This Agreement and each of the documents and
agreements to be delivered by Developer concurrently herewith or hereafter, constitute and will constitute legal, valid and binding obligations of Developer, enforceable against Developer in accordance with their respective terms, except to the
extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar laws affecting the enforcement of creditors’ rights generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a court of law or equity). 
 ARTICLE 4. 

GENERAL PROVISIONS 
 4.1
Covenants Run with Land. The rights granted, created and made herein for the benefit of Developer and the Undeveloped Land and any Future Acquired Land, in each case as dominant tenement, together with the benefits and burdens thereof, shall
run with and bind the Hardisty Rail Property as servient tenement and shall bind and inure to the benefit of the Undeveloped Land and any Future Acquired Land; provided, however, that only Developer and its successors and assigns shall have any
right to enforce the rights granted to Developer hereunder and inuring to the benefit of the Undeveloped Land and any Future Acquired Land. 

4.2 Binding Effect. The provisions of this Agreement are binding upon and will inure to the benefit of the Parties and their respective
heirs, personal representatives, successors and assigns. 
 4.3 Attorneys’ Fees. If any action or arbitration is brought by
either party in respect to its rights under this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees and court costs as determined by the court. 

4.4 Waivers. No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision, whether or not
similar, nor will any waiver be a continuing waiver. No waiver will be binding unless executed in writing by the party making the waiver. Either party may waive any provision of this Agreement intended for its benefit; provided, however, such waiver
will in no way excuse the other Party from the performance of any of its other obligations under this Agreement. 
 4.5 Governing Law.
This Agreement will be construed according to the laws of Alberta, Canada, without giving effect to its conflict of laws principles. 
 4.6
Time; Time Periods. Time is of the essence of this Agreement. Any reference in this Agreement to “days” shall mean calendar days. 

4.7 Notices. Notices will be in writing and will be given by personal delivery, by deposit in the United States mail, certified mail,
return receipt requested, postage prepaid, by facsimile transmission, or by express delivery service, freight prepaid. Notices will be delivered or addressed to a Party at the addresses or facsimile numbers set forth below or at such other address
or number as a Party may designate in writing. The date notice is deemed to have been given, received and become effective will be (a) the date on which the notice is delivered, if notice is given by personal delivery, (b) the date of
actual receipt, if the notice is sent through the United States mail or by express delivery service, or (c) if notice is sent by facsimile transmission, on the date of transmission, if the transmission is commenced prior to 5:00 p.m. (Houston
time) and continuously transmitted thereafter until complete, otherwise on the day following the date of transmission. 

  
 9 

 If to Current Operator: 

c/o USD Partners LP 
 811 Main,
Suite 2800 
 Houston, TX 77002 

Attn: Adam Altsuler 
 Fax:
855-435-6255 
 If to Developer: 

c/o USD Group LLC 
 811 Main,
Suite 2800 
 Houston, TX 77002 

Attn: Chris Robbins 
 Fax:
866-480-6637 
 4.8 Further Documentation. Each Party agrees in good faith to execute such further or additional documents as may be
reasonably necessary or appropriate to fully carry out the intent and purpose of this Agreement. 
 4.9 No Third Party Beneficiary. No
term or provision of this Agreement is intended to, or shall, be for the benefit of any Person not a party hereto and no such Person shall have any right or cause of action hereunder. 

4.10 Headings and Counterparts. The headings of this Agreement are for purposes of reference only and will not limit or define the
meaning of any provision of this Agreement. This Agreement may be executed in any number of counterparts, each of which will be an original but all of which will constitute one and the same instrument. 

4.11 Entire Agreement; Amendments. This Agreement and the exhibits hereto and thereto constitute the entire agreement between the
parties pertaining to the subject matter contained in this Agreement. All prior and contemporaneous agreements and understandings of the Parties, oral or written, are superseded by and merged in this Agreement. No supplement, modification or
amendment of this Agreement will be binding unless in writing and executed by the Parties. 
 4.12 Severability. If any provision of
this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable the remainder of this Agreement shall nonetheless remain in full force and effect; provided that the invalidity or unenforceability of such provision
does not materially adversely affect the benefits accruing to any Party hereunder. 
 4.13 Exhibits. All exhibits attached to this
Agreement are incorporated herein by reference. 
 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of Effective Date set forth
above. 
  

			
	 DEVELOPER: 
  

USD TERMINALS CANADA ULC,
 a British Columbia
unlimited liability company

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 CURRENT OPERATOR: 
  

USD TERMINALS CANADA II ULC,
 a British
Columbia unlimited liability company

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 S-1 

 EXHIBIT A 

LEGAL DESCRIPTION OF HARDISTY RAIL PROPERTY 

PLAN 1322469 
 BLOCK 1 

LOT 1 
 EXCEPTING THEREOUT ALL MINES AND MINERALS

 AREA: 142.56 HECTARES (352.27 ACRES) MORE OR LESS 

  
 A-1 

 EXHIBIT B 

CURRENT SITE PLAN OF HARDISTY RAIL FACILITY 

[To be attached.] 

  
 B-1 

 EXHIBIT C 

LEGAL DESCRIPTION OF UNDEVELOPED LAND 

Firstly: 
 MERIDIAN 4 RANGE 9 TOWNSHIP 42 

SECTION 26 
 QUARTER SOUTH WEST 

CONTAINING 64.7 HECTARES (160 ACRES) MORE OR LESS 
 EXCEPTING
THEREOUT : 
 A) 0.413 HECTARES (1.02 ACRES) MORE OR LESS 
 AS
SHOWN ON ROAD PLAN 1656TR 
 B) 0.417 HECTARES (1.03 ACRES) MORE OR LESS 

AS SHOWN ON ROAD PLAN 8320717 
 EXCEPTING THEREOUT ALL MINES AND
MINERALS 
 AND THE RIGHT TO WORK THE SAME 
 Secondly:

 THE SOUTH EAST QUARTER OF SECTION TWENTY SIX (26) 

TOWNSHIP FORTY TWO (42) 
 RANGE NINE (9) 

WEST OF THE FOURTH MERIDIAN 
 CONTAINING 64.7 HECTARES (160 ACRES)
MORE OR LESS. 
 EXCEPTING THEREOUT: 
 0.417 HECTARES (1.03
ACRES) MORE OR LESS, AS SHOWN 
 ON ROAD PLAN 8320717. 

EXCEPTING THEREOUT ALL MINES AND MINERALS 
 AND THE RIGHT TO WORK
THE SAME. 

  
 C-1 

 EXHIBIT D 

GENERAL DESCRIPTION OF PHASE II EXPANSION 
  

	 	•	 	Increase capacity to support one (1) additional train per day (total of 3). 

  

	 	•	 	Construction of three (3) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	Construction of an additional manifold pipeline connection to Gibsons’ existing 24” crude feeder pipeline to include replication of all pig cleans, strainers and cruder feeder monitoring equipment. Note:
assumes that Gibsons has sufficient pumping, pipeline and tankage equipment to support loading of two (2) additional trains per day. Also note: Gibsons will be required to construct an additional crude feeder pipeline to tie into the new
manifold pipeline connecting to the 2nd side of the Phase II Expansion rail loading rack. 

  

	 	•	 	Installation of additional rack components to support the 2nd side of the Phase II Expansion rail loading rack (includes tying into the existing VCU system and industrial drainage, of which are designed to accommodate
up to 4 trains per day). 

  

	 	•	 	All site civil and drainage works to support the construction activities above. 

  
 D-1 

 EXHIBIT E 

GENERAL DESCRIPTION OF PHASE IIA EXPANSION 
  

	 	•	 	Increase capacity to support one (1) additional train per day (total of 4). 

  

	 	•	 	Construction of two (2) northern loop connection tracks to include southern portion of the future further expansion of operating loop track (i.e., the Phase III Expansion). 

 

	 	•	 	Construction of three (3) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	All site civil, road crossing and drainage works to support construction activities above. 

  
 E-1 

 EXHIBIT F 

GENERAL DESCRIPTION OF PHASE III EXPANSION 
  

	 	•	 	Increase capacity to support 1 additional train per day (total of 5) with focus on supporting the loading of stabilized bitumen as well as the potential for inbound offloading of units trains handling diluent.

  

	 	•	 	Construction of five (5) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	Construction of an additional manifold pipeline connection to a new Gibsons 24” crude feeder pipeline to include replication of all pig clean-outs, strainers and crude feeder monitoring equipment. Note: will
require Gibsons to construct additional pumping, pipeline and tankage equipment to sufficiently support the loading of one (1) additional train per day. 

  

	 	•	 	Construction of a new manifold pipeline connection and new 16” diluent recovery line to include all required pumps, surge tanks and monitoring equipment to support the offload of diluent by rail. Note: will require
Gibsons to construct additional pumping, pipeline and tankage equipment to sufficiently connect to the surge tankage and pipeline supporting inbound unit trains of diluent offloaded at the new Phase III rail terminal and pumped to Gibsons for
storage and further distribution. 

  

	 	•	 	Construction of a new Diluent Recovery Unit (DRU) and support tankage capable of supporting the processing of inbound diluted crude from Gibsons and stabilizing the feeder crude for railcar loading as bitumen. Note:
will require construction of all required pumping, pipeline, tankage and utility connections to sufficient support the diluent recovery process as well as move the recovered diluent to Gibsons for storage and further distribution. 

 

	 	•	 	Installation of an additional rack structure, components and control systems to support both rail loading of bitumen and offloading of diluent to include additional Vapor Recovery Unit (VCU) and industrial
drainage/containment equipment to support an additional one (1) train per day in rail volume through-put. 

  

	 	•	 	7) All site civil and drainage works to support the construction activities above. 

  
 F-1 

 EXHIBIT G 

PRELIMINARY SITE PLAN FOR PHASE II EXPANSION AND PHASE IIA EXPANSION 

[To be attached.] 

  
 G-1EX-10.17

 EX10.17 

LEASE AGREEMENT 
 This Lease Agreement
(“Agreement”) is made and entered into as of 24 August 2014 (the “Effective Date”), by and between LIGIA GABRIELA SURGEON DE LAMASTUS (legal name), female, Panamanian, of legal age, widowed, with identity card No. X-XXX-XXXX (“LANDLORD”), on one hand, and on the other hand, DAVID FRANK, male, American (USA), of legal age, with passport No. XXXXXXXXX, acting in name and
on behalf of AQUA BOUNTY PANAMA, S. de R.L., a company duly organized and existing under the laws of the Republic of Panama, registered under Microjacket 1017, Document 1363400 of the Mercantile Section of the Public Registry of the Republic
of Panama, (“ABP”) duly authorized to that end, as registered before the Public Registry, (each individually a “Party” and both collectively the “Parties”). 

RECITALS 
 WHEREAS, LUIS LAMASTUS (the
“PREVIOUS OWNER”) was the owner of possessory rights over a property of approximately 21 hectares, located in Los Naranjos, District of Boquete, Province of Chiriqui, Republic of Panama (the “Property”). 

WHEREAS, the PREVIOUS OWNER and ABP subscribed a usufruct agreement (“Previous Usufruct Agreement”) regarding a portion of the Property in which ABP
is developing an aquaculture project in the Parcel identified as “Aqua Bounty Panama Project” consisting of the production of genetically modified salmon (the “ABP Project”) that requires (i) the importation of AquAdvantage
Salmon (“AAS”) eggs from the facilities of Aqua Bounty Technologies (“ABT”) and (ii) grow-out of the AAS 
 WHEREAS,
the ABP Project is still in force and it requires that a temporary agreement is subscribed for ABP to continue the ABP Project. 
 WHEREAS, the LANDLORD and
her three daughters: Michelle Marie Lamastus Surgeon, female, Panamanian, of legal age, married, student, with identity card number X-XXX-XXX; Melissa Lynn Lamastus Surgeon, female, Panamanian, of legal age, married, financial manager, with identity
card number X-XXX-XXX; and Christine Gabriela Lamastus Surgeon, female, Panamanian, of legal age, single, teacher, with identity card number X-XXX-XXX (all together the “DAUGHTERS”) are the legal heirs of the PREVIOUS OWNER (all together,
the “LEGAL HEIRS OF THE PREVIOUS OWNER”). 

 WHEREAS, the DAUGHTERS are herein represented by the LANDLORD, as it is evidenced on EXHIBIT C. 

WHEREAS, the LANDLORD and the DAUGHTERS in their condition of the only heirs of the PREVIOUS OWNER are the custodians of the Property while it is declared of
their ownership by means of a judicial proceeding (“JUDICIAL PROCEEDING”) in which the LANDLORD and the DAUGHTERS shall be declared the only heirs of the PREVIOUS LANDLORD. 

WHEREAS, the Property is under the total control and use of the LANDLORD anti the DAUGHTERS, including the River Flow but for the 2.03 hectares previously
given in usufruct to ABP. Furthermore, the Property is under a titling process before the National Property Administration Authority (ANATI) to obtain an official property title. 

WHEREAS, the Property is adjacent to a river flow that originates from the Rio Caldera (“River Flow”), with an average water flow of 95,000
gallons per minute during the rainy season, that is key for the purpose of this Agreement. 
 WHEREAS, the LANDLORD wishes to lease to ABP, and ABP wishes
to lease from the LANDLORD, a portion of 2.03 hectares of the Property adjacent to the River Flow, that is described and depicted in EXHIBIT A attached hereto that constitutes part of this Agreement (the “Parcel”). 

WHEREAS, the LANDLORD has demonstrated that the Parcel is free and clear from any encumbrances, liens or restrictions. Furthermore, the Property is in good
standing from any fees or taxes applicable from any public or private institutions. 
 WHEREAS, the LANDLORD has demonstrated that there are no claims or
disputes over the possessory rights and/or title rights of the LANDLORD or of any other nature on the Parcel and on the Property. 

  
 2 

 WHEREAS, for purposes of the ABP Project, ABP will obtain from Aqua Bounty Technologies (“ABT”) the AAS
eggs and will ship them to Panama for production. 
 WHEREAS, ABP made capital investments and improvements to the Parcel during the term of the Previous
Usufruct Agreement, consisting of the following (“FACILITIES AND EQUIPMENT”): 
  

	 	1.	The buildings contained on the Parcel, including, but not limited to, the quarantine building containing the fry tanks, egg incubation system, feed warehouse and office. 

 

	 	2.	The structures, including, but not limited to, the small LHO (“Low Head Oxygenator”), large LHO, concrete water intake and distribution structure, containment sump, and sedimentation pond outlet structures.

  

	 	3.	The fry tanks and external grow-out tanks. 

  

	 	4.	The containment components, including the filters and screens, filter boxes, containment sump screens, sedimentations ponds including their outlet screens, and perimeter fencing. 

 

	 	5.	Water distribution components, including river and spring water intakes, pipes, drainage canal, and sedimentation ponds. 

  

	 	6.	Electrical generation system, including the solar panels, hydroelectric turbine, and associated electrical transmission and storage components. 

WHEREAS, in furtherance of this ABP Project, ABP wishes to obtain from the LANDLORD, and the LANDLORD wishes to provide to ABP access to and unrestricted use
of the Parcel in order for ABP to operate the ABP Project. 
 NOW, THEREFORE, in consideration of the premises described above, and of the mutual benefits
and obligations set forth in this Agreement, the Parties hereto agree as follows: 
 The Recitals set forth above are material to this Agreement and are
hereby expressly incorporated herein. 

  
 3 

 ARTICLE 1. LEASE 

The LANDLORD hereby leases to ABP the following: 
  

	 	1.	The Parcel described in EXHIBIT A and all its inherent benefits. 

  

	 	2.	The River Flow and spring water adjacent to the Parcel. 

 ARTICLE 2. PARCEL AND WATER USE 

2.1 ABP shall only use the Parcel for activities related to the ABP Project. 

2.2 ABP shall use me Parcel with the diligence of a good pater familias and shall not knowingly allow the Parcel to be used for any unlawful purpose.

 2.3 ABP shall make any additional improvements that it deems convenient and/or necessary to develop the ABP Project without the approval of the LANDLORD.

 2.4 Unless there is a cause that originates from Acts of God, the ABP Project will have access to the River Flow and to spring water at the same volumes
that are currently in use in the ABP Project and in no event shall these volumes be lower than 2170 gallons per minute of river water for the growout tanks and 130 gallons per minute of spring water for the fry tanks. 

2.5 The water distribution system of the ABP Project will be managed by ABP. The LANDLORD will not diminish, increase or in any way endanger the water levels
in the ABP Project’s drainage canal and sedimentation ponds without the written consent of ABP. The LANDLORD in no way will contaminate the waters of the ABP Project. 

2.6 In the event that the LANDLORD develops production facilities that require water use in her portion of the Property, ABP shall share with the LANDLORD,
without any cost to the LANDLORD, a portion of the water flow contained in the water distribution system only if the water requirements for the ABP Project are met. 

ARTICLE 3. TERM 
 3.1 The term of this Agreement
shall be one (1) year as of the Effective Date (“Term”) and shall be renewed by equal terms at the exclusive option of ABP. Shall a final judicial decision within the JUDICIAL 

  
 4 

 
PROCEEDING declaring the LANDLORD and the DAUGHTERS THE LEGAL HEIRS OF THE PREVIOUS OWNER is made before the Term, this Agreement shall be terminated without previous notice and/or judicial
authorization and a new Agreement, in the terms of EXHIBIT D, shall be signed by the Parties. Also, shall a final judicial decision within the JUDICIAL PROCEEDING is made without declaring the LANDLORD and the DAUGHTERS the only LEGAL HEIRS OF THE
PREVIOUS OWNER but including additional heirs of the PREVIOUS OWNER (the “ADDITIONAL HEIRS”), the LANDLORD, THE DAUGHTERS and ABP will sign a new Agreement, in the terms of EXHIBIT C, in which the ADDITIONAL HEIRS will be included. Shall
the ADDITIONAL HEIRS do not wish to sign the new Agreement in the terms of EXHIBIT D, this Agreement shall be terminated without previous notice and/or judicial authorization. 

ARTICLE 4. LANDLORD OBLIGATIONS AND PROHIBITIONS 

4.1 The LANDLORD shall guarantee ABP the peaceful and uninterrupted use of the Parcel. 

4.2 The LANDLORD shall make any repair that is needed to preserve the Parcel for the use of ABP for the purposes herein established. 

4.3 The LANDLORD shall not impose any liens or restrictions for the use of the Property during the Term of this Agreement. Shall the LANDLORD sell or transfer
his possessory rights over the Property, the contract covering the sale or transfer of the possessory rights over the Property to the new owner shall include the duty of the new owner to respect this Agreement. In any case, ABP has the right to
exercise any actions that it deems convenient or necessary to guarantee that the Parcel, the equipment and the improvements are free and clear from any liens or restriction of use. 

4.4 The LANDLORD agrees not to modify or interfere with any of the existing AAS production facilities, containment, and/or water distribution systems of the
ABP Project without prior written authorization of ABP and/or ABT. The LANDLORD will not jeopardize, negatively impact or increase effluent flow into the ABP Project drainage canal and sedimentation ponds without the written authorization of ABP.
The LANDLORD has knowledge that any unauthorized change to the facilities of the ABP Project that were previously inspected by the FDA could jeopardize ABT’s Food and Drug Administration (FDA) application. 

  
 5 

 ARTICLE 5. LANDLORD RIGHTS 

5.1 The LANDLORD is permitted to build on the Property outside the borders of the Parcel, in accordance with the Property borders established in EXHIBIT A, as
long as the construction and new infrastructure does not impede the development of the ABP Project, damages or interferes with (i) the existing ABP Project infrastructure; (ii) the FACILITIES and EQUIPMENT; (iii) containment elements
and/or (iv) the River Flow and spring water used in the ABP Project and the effluent. The LANDLORD must advise ABP in writing before making any constructions or additions to the infrastructure of the ABP Project for ABP and shall await for ABP
to authorize them. 
 5.2 The LANDLORD has the right to receive technical assistance from ABP when needed. 

ARTICLE 6. ABP OBLIGATIONS 
 6.1 ABP shall provide
the LANDLORD with the monthly payment described in Article 8.1 of this Agreement. 
 ARTICLE 7. ABP RIGHTS 

7.1 ABP has the right to: 
  

	 	1.	Enter the ABP Project at any time without prior notice to the LANDLORD. 

  

	 	2.	Impose its technical and management parameters on the management of the ABP Project to guarantee the survival, performance, and production of the AAS. 

ARTICLE 8. PAYMENT 
 8.1 ABP agrees to pay the
LANDLORD a total fee of US$180,000.00 over the term of the lease (the FEE), which covers all of the costs for the lease of the Parcel, which is US$15,000 per month. 

8.2 The monthly lease fee described in Article 8.1 will be discounted by US$1,800 per month for the first twelve (12) months of the term of this
Agreement so that the LANDLORD can repay ABP the US$21,600 associated with the August 2014 INASA trout feed order (400 quintales) which ABP purchased on the LANDLORD’S behalf (EXHIBIT B). 

  
 6 

 8.2 The FEE shall be transferred to the following bank account designated by the LANDLORD within the first ten
(10) days of every month: 
 LIGIA GABRIELA SURGEON DE LAMASTUS 

ACCOUNT # XX-XXX-XXXXX-X 
 ABA XXXXXXXXX 

Citibank, New York 10043 
 111 Wall Street, USA 

GLOBAL BANK CORP 
 SWIFT GLBLPAPA 

5056 Victoriano Lorenzo 
 PANAMA, REPUBLIC OF PANAMA 

ARTICLE 9. LEGAL EXPENSES 
 9.1 In the event that
Panamanian legal counsel is required to defend the ABP Project against litigations or claims, ABP will assume the legal expenses if the litigation or claim arise out of (i) reasons not attributable to the LANDORD; and/or (ii) reasons
attributable to the ABP Project or the AAS eggs. However, if the litigation or claim is a result of (i) a direct or indirect action of the LANDLORD, (ii) dispute on possessory rights on the Property and/or (iii) inheritance rights
involving the Property, then the LANDLORD will bear said legal expenses. 
 ARTICLE 10. PRODUCT 

10.1 Product ownership: ABP is the owner of the AAS contained in the ABP Project tanks. 

10.2 Product sales: In the event that the AAS is approved by U.S. and the authorities of the Republic of Panama, ABP, and/or ABT, will determine to
whom and in what form the harvested AAS will be commercialized. 
 10.3 Product processing: ABT and/or ABP will decide where to process the harvested
AAS. If ABT and/or ABP use the LANDLORD to process the AAS, ABT and/or ABP will pay the LANDLORD a competitively priced processing and packing fee that shall be agreed by both parties. 

10.4 Sales Proceeds: In the event that the AAS is approved by the U.S. and the authorities of the Republic of Panama, all sales proceeds from approved
harvested AAS will belong to ABP and/or ABT. 

  
 7 

 ARTICLE 11. PROPERTY TITLE 

11.1 The LANDLORD agrees to pursue and obtain clear, legal, ownership title to the Property from the appropriate authorities (ANATI) in Panama or any other
authority where the ownership title is to be obtained and further registered. 
 ARTICLE 12. PROMISE TO LEASE 

12.1 Once the inheritance proceeding is finished and the LANDLORD is declared the heir of the Previous Owner, the LANDLORD promises to sign a new lease
agreement with ABP in the terms established in EXHIBIT D of this agreement. 
 ARTICLE 13. PURCHASE RIGHTS 

13.1 If the LANDLORD receives an offer from a third party to purchase the Property, either in its entirety, or any portion of the Property, (“Purchase
Offer”) LANDLORD will give ABP the right of first refusal to match the purchase offer under the same terms and conditions as offered by the third party. 

13.2 The LANDLORD is required to inform ABP in writing of the Purchase Offer for the Property within three (3) calendar days of receiving it. The
Purchase Offer will be considered received upon the confirmation receipt of the electronic means used to inform the Purchase Offer. Notwithstanding the above, the LANDLORD will make the necessary efforts to confirm with ABP that the Purchase Offer
was received by ABP. 
 13.3 ABP has fourteen (14) calendar days to respond to the LANDLORD with ABP’s counter-offer for the Purchase Offer. 

ARTICLE 14. CURE PERIOD 
 If any of the Parties
breaches the terms of this Agreement (“Breach”), the offended party will deliver a written notice to the breaching party 

  
 8 

 
(“Notice”) within thirty (30) calendar days of the Breach. The breaching party will in turn have sixty (60) calendar days to remedy his Breach (“Cure Period”). In
the event that the breaching party does not satisfactorily remedy his Breach within the Cure Period, the offended party shall have the right to terminate this Agreement by written notice to the breaching party. Notwithstanding the above, shall
according to the exclusive opinion of ABP, the Breach endangers the ABP Project, upon Notice the LANDLORD will be obliged to immediately remedy the Breach, and shall it not be remedied, ABP will be entitled to terminate this Agreement without Notice
and/or judicial authorization. 
 ARTICLE 15. TERMINATION 

15.1 The occurrence of any of the following events shall be deemed to be and shall be treated as a default under this Agreement and the parties shall be
entitled to terminate this Agreement without the need of Notice and/or judicial authorization: 
  

	 	1.	The breach or failure by either Party in the due observance or performance of the obligations of this Agreement; 

  

	 	2.	The extinction of the possessory rights of LANDLORD over the Property, unless that such possessory rights evolve into property rights and title; 

 

	 	3.	The resignation or death of the LANDLORD; 

  

	 	4.	The diminishment or contamination of the River Flow and/or spring water adjacent to the Parcel in such a manner that could impede ABP to continue developing its activities and/or the ABP Project; 

 

	 	5.	The expiration of the Term of this Agreement; 

  

	 	6.	If either of the Parties files or have filed a petition of bankruptcy liquidation or dissolution; and 

  

	 	7.	If any of the RECITALS described above are not verified or prove to be invalid. 

 15.2 The occurrence of the
following shall be deemed to be and shall be treated as a default under this Agreement and the Parties shall be entitled to terminate this Agreement without judicial authorization, but with a previous notice of sixty (60) days counted as of the
decision to do so: 
 1. The abandonment by ABT or cessation of the New Animal Drug Application for AAS which is under review by the U.S. FDA

  
 9 

 ARTICLE 16. CONFLICT RESOLUTION 

In the event a dispute arises in connection with this Agreement, the parties to such dispute agree that its representatives will meet to attempt to resolve
such controversy through a conciliation managed by the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama. 
 If the
dispute is not resolved by conciliation, such dispute shall be submitted to arbitration in law, at a proceeding administered by the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama, to which rules the Parties
unconditionally voluntarily submit and claim knowledge thereof. The dispute shall be resolved in accordance with Panamanian substantive rules and the procedural rules of the Conciliation and Arbitration Center of the Chamber of Commerce of the
Republic of Panama or, in its defect, applicable procedural rules under Panamanian law. The arbitration shall take place in Panama City, Republic of Panama and proceedings shall be in Spanish. The award rendered pursuant to such arbitration shall be
in writing, shall be final, binding and conclusive between the parties. The award shall have no further recourse, except for those provided for annulment in accordance with the laws of Panama. Once the award is rendered and is final, it will produce
the effects of res judicata and the parties shall comply with the award without delay. 
 All costs and expenses related to the arbitration proceeding shall
be borne by the Parties to the dispute in equal parts. Each party will cover the costs of its own legal counsel and expert witnesses, except they expressly agree otherwise or the arbitrators so decide in the final award. 

ARTICLE 17. TAXES 
 The LANDLORD shall maintain the
Property in good standing from any applicable fees or taxes from any public or private institutions during the term of this Agreement and its renewals. 

ARTICLE 18. GOVERNING LAW 
 This Agreement shall be
interpreted and enforced in accordance with the laws of the Republic of Panama 

  
 10 

 ARTICLE 19. ENTIRE AGREEMENT. 

This Agreement constitutes the entire Agreement between the Parties related to the subject matter herein, and the terms included herein may not be contradicted
by evidence of any prior Agreement or of any oral Agreement. 
 ARTICLE 20. NOTICES 

Any notice or written communications required or submitted under this Agreement shall be sent to the Following Addresses: 

 

			
	For ABP:
		
	Name:	  	David A. Frank
	Domicile:	  	Two Clock Tower Place, Suite 395, Maynard, MA 01754
	Telephone:	  	(978) 648-6048
	Email:	  	dfrank@aquabounty.com
	
	For the LANDLORD:
		
	Name:	  	Ligia Gabriela Surgeon de Lamastus
	Domicile:	  	Lamasur, Los Naranjos, Avenida Central, Boquete, Provincia de Chiriquí, República de Panamá.
	Telephone:	  	507 6615 3679
	Email:	  	gabysurgeon@icloud.com

 ARTICLE 21. MODIFICATIONS. 

This Agreement can be only modified by written agreement of the Parties. No change in, addition to, or waiver of any of the terms and conditions of this
Agreement shall be binding upon any Party unless approved by it in writing. 
 ARTICLE 22: ASSIGNMENT. 

The Parties to this Agreement shall not assign any rights or obligations hereunder without the express written consent of the other Party. 

ARTICLE 23. SEVERABILITY 
 If it is determined that
any provision of this Agreement is invalid or not binding, in whole or in part, such invalidity shall be only in respect of that provision or portion thereof and the remainder of the same clause or all the remaining provisions of this Agreement
shall remain valid, in full force and binding on the Parties. 

  
 11 

 ARTICLE 24. CONFIDENTIALITY 

The Parties agree to maintain strict confidentiality of the terms of this Agreement. The Parties shall treat as confidential all information made available to
them under this Agreement and shall not disclose such confidential information without the written consent of the owner of that information. 
 The
foregoing restriction on use and disclosure shall not apply to confidential information that, at the time of disclosure or its becoming known to the recipient, the recipient can show: 

 

	 	1.	Is public knowledge; or 

  

	 	2.	Came lawfully into the recipient’s possession otherwise than directly or indirectly from the owner without restriction on its subsequent disclosure or use by the recipient. 

The foregoing restriction on use and disclosure shall be maintained by the recipient until the confidential information: 

 

	 	1.	Becomes public knowledge through no fault or action on the recipient’s part; or 

  

	 	2.	Comes into the recipient’s possession free from any restriction from a third party (other than the owner or its affiliate) who has the lawful right to make such disclosure. 

Notwithstanding the foregoing restriction on use and disclosure, a party may disclose confidential information to any competent governmental agencies having
authority to require such disclosure but informing such governmental agencies of the confidential nature of such information. 
 ARTICLE 25:
Counterparts 
 This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the Parties in their respective counterparts, and when taken together
constitute a single document. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
 12 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

  

			
	

	 	/s/ Gabriela Surgeon de Lamastus
	 	  

	 	LIGIA GABRIELA SURGEON DE LAMASTUS
	 	LANDLORD
		
		 	/s/ David Frank
		 	  

		 	DAVID FRANK
		 	AQUA BOUNTY PANAMA S. DE R.L.

  
 13 

 EXHIBIT D 

LEASE AGREEMENT 
 This Lease Agreement
(“Agreement”) is made and entered into as of                      (the “Effective Date”), by and between LIGIA GABRIELA
SURGEON DE LAMASTUS (legal name), female, Panamanian, of legal age, widowed, with identity card No. X-XXX-XXXX; Michelle Marie Lamastus Surgeon, female, Panamanian,
of legal age, married, student, with identity card number X-XXX-XXX; Melissa Lynn Lamastus Surgeon, female, Panamanian, of legal age, married, financial manager, with
identity card number X-XXX-XXX; Christine Gabriela Lamastus Surgeon, female, Panamanian, of legal age, single, teacher, with identity card number X-XXX-XXXX, the last three duly represented by LIGIA GABRIELA SURGEON DE LAMASTUS, as evidenced in
power of attorney granted to her included as EXHIBIT C, (collectively the “LANDLORD”) on one hand, and on the other hand, DAVID FRANK, male, American (USA), of legal age, with passport No. XXXXXXXXX, acting in name and on behalf of
AQUA BOUNTY PANAMA, S. de R.L., a company duly organized and existing under the laws of the Republic of Panama, registered under Microjacket 1017, Document 1363400 of the Mercantile Section of the Public Registry of the Republic of Panama,
(“ABP”) duly authorized to that end, as registered before the Public Registry, (each individually a “Party” and both collectively the “Parties”). 

RECITALS 
 WHEREAS, the LANDLORD is the
owner of possessory rights over a property of approximately 21 hectares, located in Los Naranjos, District of Boquete, Province of Chiriqui, Republic of Panama (the “Property”). 

WHEREAS, the Property is adjacent to a river flow that originates from the Rio Caldera (“River Flow”), with an average water flow of 95,000
gallons per minute during the rainy season, that is key for the purpose of this Agreement. 
 WHEREAS, the Property is under the total control and use of
the LANDLORD, including the River Flow but for the 2.03 hectares previously given in usufruct to ABP. Furthermore, the Property is under a titling process before the National Property Administration Authority (ANATI) to obtain an official property
title. 
 WHEREAS, the LANDLORD wishes to lease to ABP, and ABP wishes to lease from the LANDLORD, a portion of 2.03 hectares of the Property adjacent to
the River Flow, that is described and depicted in EXHIBIT A attached hereto that constitutes part of this Agreement (the “Parcel”). 

WHEREAS, the Parcel was subject to a usufruct agreement (“Previous Usufruct Agreement”) subscribed between a previous owner and ABP in which ABP is
developing an aquaculture project identified as “Aqua 

 
Bounty Panama Project” consisting of the production of genetically modified salmon (the “ABP Project”) that requires (i) the importation of AquAdvantage Salmon
(“AAS”) eggs from the facilities of Aqua Bounty Technologies (“ABT”) and (ii) grow-out of the AAS. 
 WHEREAS, the
LANDLORD has demonstrated that the Parcel is free and clear from any encumbrances, liens or restrictions. Furthermore, the Property is in good standing from any fees or taxes applicable from any public or private institutions. 

WHEREAS, the LANDLORD has demonstrated that there are no claims or disputes over the possessory rights and/or title rights of the LANDLORD or of any other
nature on the Parcel and on the Property. 
 WHEREAS, for purposes of the ABP Project, ABP will obtain from Aqua Bounty Technologies (“ABT”) the
AAS eggs and will ship them to Panama for production. 
 WHEREAS, ABP made capital investments and improvements to the Parcel during the term of the
Previous Usufruct Agreement, consisting of the following (“FACILITIES AND EQUIPMENT”): 
  

	 	1.	The buildings contained on the Parcel, including, but not limited to, the quarantine building containing the fry tanks, egg incubation system, feed warehouse and office. 

 

	 	2.	The structures, including, but not limited to, the small LHO (“Low Head Oxygenator”), large LHO, concrete water intake and distribution structure, containment sump, and sedimentation pond outlet structures.

  

	 	3.	The fry tanks and external grow-out tanks. 

  

	 	4.	The containment components, including the filters and screens, filter boxes, containment sump screens, sedimentations ponds including their outlet screens, and perimeter fencing. 

 

	 	5.	Water distribution components, including river and spring water intakes, pipes, drainage canal, and sedimentation ponds. 

  

	 	6.	Electrical generation system, including the solar panels, hydroelectric turbine, and associated electrical transmission and storage components. 

WHEREAS, in furtherance of this ABP Project, ABP wishes to obtain from the LANDLORD, and the LANDLORD wishes to provide to ABP access to and unrestricted use
of the Parcel in order for ABP to operate the ABP Project. 
 NOW, THEREFORE, in consideration of the premises described above, and of the mutual benefits
and obligations set forth in this Agreement, the Parties hereto agree as follows: 
 The Recitals set forth above are material to this Agreement and are
hereby expressly incorporated herein. 

 ARTICLE 1. LEASE 

The LANDLORD hereby leases to ABP the following: 
  

	 	1.	The Parcel described in EXHIBIT A and all its inherent benefits. 

  

	 	2.	The River Flow and spring water adjacent to the Parcel. 

 ARTICLE 2. PARCEL AND WATER USE 

2.1 ABP shall only use the Parcel for activities related to the ABP Project. 

2.2 ABP shall use the Parcel with the diligence of a good pater familias and shall not knowingly allow the Parcel to be used for any unlawful purpose.

 2.3 ABP shall make any additional improvements that it deems convenient and/or necessary to develop the ABP Project without the approval of the LANDLORD.

 2.4 Unless there is a cause that originates from Acts of God, the ABP Project will have access to the River Flow and to spring water at the same volumes
that are currently in use in the ABP Project and in no event shall these volumes be lower than 2170 gallons per minute of river water for the growout tanks and 130 gallons per minute of spring water for the fry tanks. 

2.5 The water distribution system of the ABP Project will be managed by ABP. The LANDLORD will not diminish, increase or in any way endanger the water levels
in the ABP Project’s drainage canal and sedimentation ponds without the written consent of ABP. The LANDLORD in no way will contaminate the waters of the ABP Project. 

2.6 In the event that the LANDLORD develops production facilities that require water use in her portion of the Property, ABP shall share with the LANDLORD,
without any cost to the LANDLORD, a portion of the water flow contained in the water distribution system only if the water requirements for the ABP Project are met. 

ARTICLE 3. TERM 
 3.1 The term of this Agreement
shall be two (2) years as of the Effective Date (“Term”) and shall be renewed by equal terms at the exclusive option of ABP. 
 ARTICLE
4. LANDLORD OBLIGATIONS AND PROHIBITIONS 
 4.1 The LANDLORD shall guarantee ABP the peaceful and uninterrupted use of the Parcel. 

4.2 The LANDLORD shall make any repair that is needed to preserve the Parcel for the use of ABP for the purposes herein established. 

4.3 The LANDLORD shall not impose any liens or restrictions for the use of the Property during the Term of this Agreement. Shall the LANDLORD sells or
transfers his possessory rights over the Property, the contract covering the sale or transfer of the possessory rights over the Property to the new owner shall include the duty of the new owner to respect this

 
Agreement. In any case, ABP has the right to exercise any actions that it deems convenient or necessary to guarantee that the Parcel, the equipment and the improvements are free and clear from
any liens or restriction of use. 
 4.4 The LANDLORD agrees not to modify or interfere with any of the existing AAS production facilities, containment,
and/or water distribution systems of the ABP Project without prior written authorization of ABP and/or ABT. The LANDLORD will not jeopardize, negatively impact or increase effluent flow into the ABP Project drainage canal and sedimentation ponds
without the written authorization of ABP. The LANDLORD has knowledge that any unauthorized change to the facilities of the ABP Project that were previously inspected by the FDA could jeopardize ABT’s Food and Drug Administration (FDA)
application. 
 ARTICLE 5. LANDLORD RIGHTS 
 5.1
The LANDLORD is permitted to build on the Property outside the borders of the Parcel, in accordance with the Property borders established in EXHIBIT A, as long as the construction and new infrastructure does not impede the development of the ABP
Project, damages or interferes with (i) the existing ABP Project infrastructure; (ii) the FACILITIES and EQUIPMENT; (iii) containment elements and/or (iv) the River Flow and spring water used in the ABP Project and the effluent.
The LANDLORD must advise ABP in writing before making any constructions or additions to the infrastructure of the ABP Project for ABP and shall await for ABP to authorize them. 

5.2 The LANDLORD has the right to receive technical assistance from ABP when needed. 

ARTICLE 6. ABP OBLIGATIONS 
 6.1 ABP shall provide
the LANDLORD with the monthly payment described in Article 8.1 of this Agreement. 
 ARTICLE 7. ABP RIGHTS 

7.1 ABP has the right to: 
  

	 	1.	Enter the ABP Project at any time without prior notice to the LANDLORD. 

  

	 	2.	Impose its technical and management parameters on the management of the ABP Project to guarantee the survival, performance, and production of the AAS. 

ARTICLE 8. PAYMENT 
 8.1 ABP agrees to pay the
LANDLORD a total fee of US$360,000.00 over the term of the lease (the FEE), which covers all of the costs for the lease of the Parcel, which is US$15,000 per month. 

8.2 The monthly lease fee described in Article 8.1 will be discounted by US$1,800 per month until completing the repayment of the US$21,600 associated with
the August 2014 INASA trout feed order (400 quintales) which ABP purchased on the LANDLORD’S behalf (Exhibit B) of which a part has already been paid as a result of discounting US$1,800.00 per month within a previous agreement. 

 8.2 The FEE shall be transferred to the following bank account designated by the LANDLORD within the first ten
(10) days of every month: 
 LIGIA GABRIELA SURGEON DE LAMASTUS 

ACCOUNT # X-XXX-XXXXX 
 ABA XXXXXXXXX 

Citibank, New York 10043 
 111 Wall Street, USA 

GLOBAL BANK CORP 
 SWIFT GLBLPAPA 

5056 Victoriano Lorenzo 
 PANAMA, REPUBLIC OF PANAMA 

ARTICLE 9. LEGAL EXPENSES 
 9.1 In the event that
Panamanian legal counsel is required to defend the ABP Project against litigations or claims, ABP will assume the legal expenses if the litigation or claim arise out of (i) reasons not attributable to the LANDORD; and/or (ii) reasons
attributable to the ABP Project or the AAS eggs. However, if the litigation or claim is a result of (i) a direct or indirect action of the LANDLORD, (ii) dispute on possessory rights on the Property and/or (iii) inheritance rights
involving the Property, then the LANDLORD will bear said legal expenses. 
 ARTICLE 10. PRODUCT 

10.1 Product ownership: ABP is the owner of the AAS contained in the ABP Project tanks. 

10.2 Product sales: In the event that the AAS is approved by U.S. and the authorities of the Republic of Panama, ABP, and/or ABT, will determine to
whom and in what form the harvested AAS will be commercialized. 
 10.3 Product processing: ABT and/or ABP will decide where to process the harvested
AAS. If ABT and/or ABP use the LANDLORD to process the AAS, ABT and/or ABP will pay the LANDLORD a competitively priced processing and packing fee that shall be agreed by both parties. 

10.4 Sales Proceeds: In the event that the AAS is approved by the U.S. and the authorities of the Republic of Panama, all sales proceeds from approved
harvested AAS will belong to ABP and/or ABT. 
 ARTICLE 11. PROPERTY TITLE 

11.1 The LANDLORD agrees to pursue and obtain clear, legal, ownership title to the Property from the appropriate authorities (ANATI) in Panama or any other
authority where the ownership title is to be obtained and further registered. 

 ARTICLE 12. PURCHASE RIGHTS 

13.1 If the LANDLORD receives an offer from a third party to purchase the Property, either in its entirety, or any portion of the Property, (“Purchase
Offer”) LANDLORD will give ABP the right of first refusal to match the purchase offer under the same terms and conditions as offered by the third party. 

13.2 The LANDLORD is required to inform ABP in writing of the Purchase Offer for the Property within three (3) calendar days of receiving it. The
Purchase Offer will be considered received upon the confirmation receipt of the electronic means used to inform the Purchase Offer. Notwithstanding the above, the LANDLORD will make the necessary efforts to confirm with ABP that the Purchase Offer
was received by ABP. 
 13.3 ABP has fourteen (14) calendar days to respond to the LANDLORD with ABP’s counter-offer for the Purchase Offer. 

ARTICLE 14. CURE PERIOD 
 If any of the Parties
breaches the terms of this Agreement (“Breach”), the offended party will deliver a written notice to the breaching party (“Notice”) within thirty (30) calendar days of the Breach. The breaching party will in turn have sixty
(60) calendar days to remedy his Breach (“Cure Period”). In the event that the breaching party does not satisfactorily remedy his Breach within the Cure Period, the offended party shall have the right to terminate this Agreement by
written notice to the breaching party. Notwithstanding the above, shall according to the exclusive opinion of ABP, the Breach endangers the ABP Project, upon Notice the LANDLORD will be obliged to immediately remedy the Breach, and shall it not be
remedied, ABP will be entitled to terminate this Agreement without Notice and/or judicial authorization. 
 ARTICLE 15. TERMINATION 

15.1 The occurrence of any of the following events shall be deemed to be and shall be treated as a default under this Agreement and the parties shall be
entitled to terminate this Agreement without the need of Notice and/or judicial authorization: 
  

	 	1.	The breach or failure by either Party in the due observance or performance of the obligations of this Agreement; 

  

	 	2.	The extinction of the possessory rights of LANDLORD over the Property, unless that such possessory rights evolve into property rights and title; 

 

	 	3.	The resignation or death of the LANDLORD; 

  

	 	4.	The diminishment or contamination of the River Flow and/or spring water adjacent to the Parcel in such a manner that could impede ABP to continue developing its activities and/or the ABP Project; 

 

	 	5.	The expiration of the Term of this Agreement; 

  

	 	6.	If either of the Parties files or have filed a petition of bankruptcy liquidation or dissolution, and 

  

	 	7.	If any of the RECITALS described above are not verified or prove to be invalid. 

 15.2 The occurrence of the following shall be deemed to be and shall be treated as a default
under this Agreement and the Parties shall be entitled to terminate this Agreement without judicial authorization, but with a previous notice of sixty (60) days counted as of the decision to do so: 

1. The abandonment by ABT or cessation of the New Animal Drug Application for AAS which is under review by the U.S. FDA 

ARTICLE 16. CONFLICT RESOLUTION 
 In the event a
dispute arises in connection with this Agreement, the parties to such dispute agree that its representatives will meet to attempt to resolve such controversy through a conciliation managed by the Conciliation and Arbitration Center of the Chamber of
Commerce of the Republic of Panama. 
 If the dispute is not resolved by conciliation, such dispute shall be submitted to arbitration in law, at a
proceeding administered by the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama, to which rules the Parties unconditionally voluntarily submit and claim knowledge thereof. The dispute shall be resolved in
accordance with Panamanian substantive rules and the procedural rules of the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama or, in its defect, applicable procedural rules under Panamanian law. The
arbitration shall take place in Panama City, Republic of Panama and proceedings shall be in Spanish. The award rendered pursuant to such arbitration shall be in writing, shall be final, binding and conclusive between the parties. The award shall
have no further recourse, except for those provided for annulment in accordance with the laws of Panama. Once the award is rendered and is final, it will produce the effects of res judicata and the parties shall comply with the award without delay.

 All costs and expenses related to the arbitration proceeding shall be borne by the Parties to the dispute in equal parts. Each party will cover the costs
of its own legal counsel and expert witnesses, except they expressly agree otherwise or the arbitrators so decide in the final award. 
 ARTICLE 17.
TAXES 
 The LANDLORD shall maintain the Property in good standing from any applicable fees or taxes from any public or private institutions during
the term of this Agreement and its renewals. 
 ARTICLE 18. GOVERNING LAW 

This Agreement shall be interpreted and enforced in accordance with the laws of the Republic of Panama 

ARTICLE 19. ENTIRE AGREEMENT 
 This Agreement
constitutes the entire Agreement between the Parties related to the subject matter herein, and the terms included herein may not be contradicted by evidence of any prior Agreement or of any oral Agreement. 

 ARTICLE 20. NOTICES 

Any notice or written communications required or submitted under this Agreement shall be sent to the Following Addresses: 

 

			
	For ABP:
		
	Name:	  	David A. Frank
	Domicile:	  	Two Clock Tower Place, Suite 395, Maynard, MA 01754
	Telephone:	  	(978) 648-6048
	Email:	  	dfrank@aquabounty.com
	
	For the LANDLORD:
		
	Name:	  	Ligia Gabriela Surgeon de Lamastus
	Domicile:	  	Lamasur, Los Naranjos, Avenida Central, Boquete, Provincia de Chiriquí, República de Panamá.
	Telephone:	  	507 6615 3679
	Email:	  	gabysurgeon@icloud.com

 ARTICLE 21. MODIFICATIONS 

This Agreement can be only modified by written agreement of the Parties. No change in, addition to, or waiver of any of the terms and conditions of this
Agreement shall be binding upon any Party unless approved by it in writing. 
 ARTICLE 22: ASSIGNMENT 

The Parties to this Agreement shall not assign any rights or obligations hereunder without the express written consent of the other Party. 

ARTICLE 23. SEVERABILITY 
 If it is determined that
any provision of this Agreement is invalid or not binding, in whole or in part, such invalidity shall be only in respect of that provision or portion thereof and the remainder of the same clause or all the remaining provisions of this Agreement
shall remain valid, in full force and binding on the Parties. 
 ARTICLE 24. CONFIDENTIALITY 

The Parties agree to maintain strict confidentiality of the terms of this Agreement. The Parties shall treat as confidential all information made available to
them under this Agreement and shall not disclose such confidential information without the written consent of the owner of that information. 
 The
foregoing restriction on use and disclosure shall not apply to confidential information that, at the time of disclosure or its becoming known to the recipient, the recipient can show: 

 

	 	1.	Is public knowledge; or 

  

	 	2.	Came lawfully into the recipient’s possession otherwise than directly or indirectly from the owner without restriction on its subsequent disclosure or use by the recipient. 

 The foregoing restriction on use and disclosure shall be maintained by the recipient until the confidential
information: 
  

	 	1.	Becomes public knowledge through no fault or action on the recipient’s part; or 

  

	 	2.	Comes into the recipient’s possession free from any restriction from a third party (other than the owner or its affiliate) who has the lawful right to make such disclosure. 

Notwithstanding the foregoing restriction on use and disclosure, a party may disclose confidential information to any competent governmental agencies having
authority to require such disclosure but informing such governmental agencies of the confidential nature of such information. 
 ARTICLE 25:
COUNTERPARTS 
 This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the Parties in their respective counterparts, and when taken together
constitute a single document. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written. 

 

	
	  

	LIGIA GABRIELA SURGEON DE LAMASTUS
	LANDLORD
	
	  

	DAVID FRANK
	AQUA BOUNTY PANAMA S. DE R.L.

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