Document:

LOAN
MODIFICATION AGREEMENT

 

                This
Loan Modification Agreement (“Agreement”) is made and entered as of 

March 31, 2015 between CALIFORNIA BANK & TRUST, a California banking
corporation ("Bank"), and ICON ECI FUND SIXTEEN, a Delaware
statutory trust (“Borrower”).   

RECITALS

A.            Pursuant
to the terms of a Commercial Loan Agreement ("Loan Agreement")
between Bank and Borrower dated as of December 26, 2013, Bank agreed to make a
revolving Line of Credit available to Borrower.  

B.            The
Line of Credit was evidenced by a promissory note ("Note") of even
date with the Loan Agreement, executed by Borrower in favor of Bank.

C.            Borrower's
obligations under the Note and Loan Agreement were originally secured, among
other things, by the following:

1.               
A Security Agreement, dated the
same date as the Loan Agreement, executed by Borrower in favor of Bank granting
Bank a security interest in Borrower’s personal property (“Security Agreement”). 
The security interest was perfected through a UCC-1 Financing Statement filed
with the Delaware Secretary of State.

D.             
Borrower has requested additional time to repay the indebtedness owing under
the Note.  Bank is agreeable to the terms set forth below.  

TERMS

NOW, THEREFORE, Borrower and
Bank agree as follows:

                1.             Adoption of Recitals. 
Borrower hereby represents and warrants that each of the Recitals set forth
above are true, accurate and complete.

                2.             Acknowledgement of
Debt.  Borrower acknowledges that there are no claims, demands, offsets or
defenses at law or in equity that would defeat or diminish Bank’s right to
collect the indebtedness evidenced by the documents described in the Recitals
(“Loan Documents”) and to proceed to enforce the rights and remedies available
to Bank as provided in the Loan Documents or by law. Capitalized terms in this
Modification shall have the meanings given to them in the Loan Documents unless
otherwise defined herein.

                3.             Modification of Loan
Documents.  The Loan Documents are hereby supplemented, amended and
modified to incorporate the following, which shall supersede and prevail over
any existing and conflicting provisions thereof: 

(a)        Section
1.1 of the Loan Agreement, entitled “Definitions,” is modified by deleting the
definition of “Line of Credit Expiration Date” and inserting in its place the
following:         

              
“Line of Credit Expiration Date” means May 30, 2017.

(b)        Section
2.1(a) of the Loan Agreement, entitled “Revolving Line of Credit,” is modified
by deleting the section and inserting in its place the following:

Revolving
Line of Credit.  During the Line of
Credit Availability Period and so long as no Event of Default has occurred and
is continuing, Bank will, on a revolving basis, make advances to Borrower
(“Line of Credit”), which, except as set forth below, may not at any time
exceed an aggregate amount outstanding equal to the lesser of Five Million
Dollars ($5,000,000.00) or the Borrowing Base (collectively the “Line of Credit
Limit”).  Borrower’s obligation to repay advances under the Line of Credit
shall be evidenced by a promissory note in a form acceptable to Bank (the “Line
of Credit Note”).  During the Line of Credit Availability Period, Borrower may
repay principal amounts and re-borrow them.  Borrower agrees that Borrower will
not permit the outstanding balance under the Line of Credit to exceed the Line
of Credit Limit. 

 

 

 

(c)         Section 8.4 of
the Loan Agreement, entitled “Minimum Debt Service Coverage Ratio,” is deleted
and replaced with the following:

Minimum
Debt Service Coverage Ratio.  To
maintain as of the end of each fiscal quarter based on the financial results as
reported on SEC Form 10-Q or 10-K, as applicable, a Debt Service Coverage Ratio
of not less than 2.00 to 1.00 on a rolling four quarter basis, effective as of
December 31, 2014.

(d)        Section 8.5 of the Loan Agreement, entitled
“Tangible Net Worth,” is deleted and replaced with the following:

Tangible Net Worth.  To maintain as of the end of the fiscal quarter
based on the financial results as reported on SEC Form 10-Q or 10-K, as
applicable, a Tangible Net Worth of not less than Fifteen Million Dollars
($15,000,000.00), effective December 31, 2014.     

(e)         The Loan Documents which recite that they
are security instruments shall secure, in addition to any other obligations
secured thereby, the payment and performance by Borrower of all obligations
under the Line of Credit, as modified hereby, and by any amendments,
modifications, extensions or renewals of the same which are hereafter agreed to
in writing by the parties.   

                4.             Conditions Precedent. 
The modification of the Loan Documents under Section 3 above is subject to
Borrower’s compliance with the following conditions precedent to Bank’s
complete satisfaction:  

(a)   
     Execution of this Modification by Borrower and delivery of the executed
Modification to Bank by March 31, 2015; 

                                              
(b)         Borrower shall pay a renewal fee of $19,000.00;

                                               (c)         Borrower
shall pay all accrued interest on the Line of Credit through March 31, 2015;
and   

(d)         Borrower shall
reimburse the Bank for the attorneys’ fees incurred by Bank in preparation of
this Modification.

5.             Field
Audit. Borrower shall cooperate with Bank’s completion of an asset based
lending field audit of Borrower’s books and records at Borrower’s expense to be
completed by July 31, 2015. 

                6.             Borrower’s
Representations and Warranties.  Borrower represents and warrants to Bank
as of the date of this Modification and until repayment of all indebtedness of
Borrower to Bank:

(a)                
Accuracy of Representations in
Modification and Existing Loan Documents. 
All representations and warranties made and given by Borrower in this
Modification and the Loan Documents are accurate and correct except to the
extent that any breach thereof would not result in a Material Adverse Change.

(b)           No Default.
No default has occurred and is continuing under the Loan Documents, and no
event has occurred and is continuing which, with notice or the passage of time
or both, would be a default which could be reasonably expected to result in a
Material Adverse Change.

(c)           Enforceable
Loan Documents/No Conflicts. The Loan Documents and this Modification are
legal, valid and binding agreements of Borrower, enforceable in accordance with
their respective terms.  This Modification does not conflict with any law,
agreement, or obligation by which Borrower is bound.

                7.             Borrower
Acknowledgment.  Borrower hereby acknowledges and agrees that:

 

 

(a)           No
Breach by Bank. Bank has not breached any duty to Borrower in connection
with the Loan Documents, and Bank has fully performed all obligations the Bank
may have had or now has to Borrower and Guarantors.

(b)           Interest,
Fees, and Other Charges. All interest, fees or other charges imposed,
accrued, or collected by Bank under the Loan Documents or this Modification,
and the method of computing the interest, fees, or other charges, were and are
proper and agreed to by Borrower and Guarantors and were properly computed and
collected.

(c)           No Waiver.
By entering into this Modification, Bank does not waive any existing defaults
or any defaults hereafter occurring, and Bank does not become obligated to
waive any condition or obligation in any agreement between or among any of the
parties hereto.

(d)           No Third
Party Beneficiaries. This Modification is not intended for, and shall not
be construed to be for, the benefit of any person not a signatory hereto.

(e)           Fair
Consideration. All payments made by Borrower to Bank under the Loan
Documents and this Modification were and are for fair consideration and
reasonably equivalent value.

                8.             Governing Law. 
This Modification shall be construed, governed and enforced in accordance with
the laws of the State of California.

                9.             Interpretation. 
No provision of this Modification is to be interpreted for or against Borrower
or Bank because that party, or that party's representative, drafted such
provision.

                10.          No Impairment/Security. 
Except as otherwise specifically set forth herein, the Loan Documents shall
each remain unaffected by this Modification and all such documents shall remain
in full force and effect.  Borrower’s payment and performance of Borrower’s
various obligations to Bank under the Loan Documents, including all extensions,
amendments, renewals or replacements thereof, continue to be and shall be
secured by the liens arising under the Loan Documents.  Nothing contained
herein shall be deemed a waiver of any of the rights and remedies that Bank may
have against Borrower, or of any of Bank’s rights and remedies arising out of
the Loan Documents.

                11.          Purpose and Effect of
Bank’s Approval.  Bank’s approval of any matter in connection with the Loan
Documents shall be for the sole purpose of protecting Bank’s security, rights,
and remedies under the Loan Documents.  No such approval shall result in a
waiver of any default of Borrower. In no event shall Bank’s approval be a
representation of any kind by Bank with regard to the matter being approved.

                12.          Counterparts. 
This Modification may be executed in as many counterparts as necessary or
convenient, and by the different parties on separate counterparts each of
which, when so executed, shall be deemed an original, but all such counterparts
shall constitute but one and the same agreement.

                13.          Invalidity.  If
any court of competent jurisdiction determines any provision of this
Modification or any of the Loan Documents to be invalid, illegal or
unenforceable, that portion shall be deemed severed from the rest, which shall
remain in full force and effect as though the invalid, illegal or unenforceable
portion had never been a part of this Modification or the Loan Documents.

                14.          Successors and Assigns. 
This Modification shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

                15.          Full Force and Effect. 
Except as set forth herein, all other terms and conditions of the Loan
Documents shall remain in full force and effect, including provisions on
prepayment, late charges, default interest and attorneys fees.

                16.          The Current Status of
the Line of Credit.  Borrower hereby acknowledges the following: (a) except
as modified by this Modification, the Loan Documents remain in full force and
effect, and remains the binding obligation of Borrower; and (b) Borrower has no
known or suspected defense to its obligations under the Loan Documents, and no
claim or offset whatsoever against Bank in connection with the Loan Documents
or otherwise.  

 

 

                17.          Entire Agreement. 
This Modification and the Loan Documents constitute the entire, complete and
exclusive understanding between the parties regarding the Loan and may not be
modified, amended, or terminated except by a written agreement signed by the
party against whom enforcement is sought.  No modification, change or
supplement of the Loan Documents and this Modification shall be binding on Bank
unless in writing signed by an authorized officer of Bank.  No waiver of or any
acquiescence to any Event of Default or any failure or delay by Bank in
enforcing any right or remedy shall be construed to be a waiver, acquiescence,
or consent to any preceding or subsequent Event of Default or a waiver of any
right or remedy.

                18.          Documentation.  In
addition to the instruments and documents mentioned or referred to herein,
Borrower will, at Borrower’s own cost and expense, supply Bank with such other
instruments, documents, information and data as are reasonably necessary for
the purposes hereof, all of which shall be in form and content as reasonably
required by Bank.

                                IN
WITNESS WHEREOF, the parties have executed this Modification as of the day and
year first above written.

	
   	
   

  
	 	
    ICON ECI FUND SIXTEEN, 

    a Delaware statutory trust,

                    By: ICON
    MT 16, LLC, its managing owner

                    By: ICON
    CAPITAL, LLC, its sole member

     

                    By: /s/
    Mark Gatto                                               

                                    Mark
    Gatto

    Co-President
    and Co-Chief Executive Officer

     

    	
    CALIFORNIA
    BANK & TRUST,

    a California banking corporation 

     

     

    By:         /s/
    J. Michael Sullivan                                        

                    J.
    Michael Sullivan

               Senior Vice President and Relationship ManagerEX-10.1

 Exhibit 10.1 

CHANGE OF CONTROL/SEVERANCE AGREEMENT 

This CHANGE OF CONTROL/SEVERANCE AGREEMENT, dated as of April 1, 2015, is made by and between Waters Corporation (together with all
subsidiaries or affiliates hereinafter referred to as the “Company”) and Michael F. Silveira (the “Executive”). 

WHEREAS, the Executive has been hired as a senior executive of the Company and is expected to make major contributions to the Company; and

 WHEREAS, the Company desires continuity of management; and 

WHEREAS, the Executive is willing to render services to the Company subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the
Executive agree as follows: 
 1 . Termination prior to a Change of Control. If, within nine (9) months prior to a Change
of Control (as such term is defined in Section 3(c) below) and subsequent to the commencement of substantive discussions that ultimately result in the Change of Control, but prior to such Change of Control, the Company terminates the
Executive’s employment with the Company for a reason other than Cause (as such term is defined in Section 3(d) below), death or Disability (as such term is defined in Section 3(e) below), the Company shall: 

(a) Cash Payment. Pay to the Executive a lump sum amount (reduced by any required withholding), within ten (10) business days
following the Change of Control, equal to the sum of (i) twenty-four (24) times his/her monthly base salary (at the highest monthly base salary rate in effect for the Executive in the twelve-month period prior to the termination of his/her
employment) and (ii) an amount equal to the amount payable pursuant to the immediately preceding clause (i) times the greater of (X) his/her target bonus percentage under the Company’s Management Incentive Plan or any successor
plan for the year in which the termination of the Executive’s employment occurs or (Y) his/her bonus percentage theretofore accrued thereunder for that year; and 

(b) Benefits. Provide the Executive and his/her dependents with the same life, accident, health and dental insurance benefits that the
Executive was receiving immediately prior to the termination of employment until the earlier of: (i) the date which is twenty-four (24) months following the date of the Change of Control; or (ii) the date the Executive commences
subsequent employment; provided, that if the Executive’s continued participation is not possible under the terms of any one or more of those insurance plans, the Company shall pay to the Executive the amount the Company would have paid
in premiums under the relevant plan or plans had the 

 
Executive continued to be employed by the Company and continued to participate in the relevant plan or plans. The Executive and his/her dependents shall be entitled to health insurance
continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), from the date of discontinuance specified in the preceding sentence, to the extent such coverage is required to be provided in
accordance with applicable law; and 
 (c) Equity Arrangements. On the Change of Control, and notwithstanding any contrary provisions
of the Amended and Restated 1994 Stock Option Plan, the Second Amended and Restated 1996 Long-Term Performance Incentive Plan, the 2003 Equity Incentive Plan or the 2012 Equity Incentive Plan (or any plans that may become the successors to such
plans) and any equity incentive agreements entered into between the Company and the Executive pursuant to such plans or otherwise, cause any unexercisable installments of any equity of the Company or any subsidiary or affiliate of the Company held
by the Executive pursuant to any such equity incentive agreement on the Executive’s last date of employment with the Company that have not expired to become exercisable, or in the case of any then effective restrictions on the vesting of any
equity of the Company or any subsidiary or affiliate of the Company held by the Executive pursuant to any such equity incentive agreement, to cause such restrictions to lapse, as the case may be, on the Change of Control; and 

(d) Qualified Plan Arrangements. On the Change of Control, cause any unvested portion of any qualified or non-qualified capital
accumulation benefits granted to the Executive under the Waters Investment Plan, Waters Retirement Plan, Waters 401(k) Restoration Plan, the Waters Retirement Restoration Plan, and the Waters Health Care Reimbursement Plan for Retirees (or any plans
that may become the successors to such plans) to become immediately vested (subject to applicable law); 
 provided, however, that any amounts and
benefits set forth in this Section 1 shall be reduced by any and all other severance or other amounts or benefits paid or payable to the Executive as a result of the termination of his/her employment. 

2. Termination Following a Change of Control. 

If, at any time during a period commencing with a Change of Control and ending eighteen (18) months after such Change of Control, the
Company terminates the Executive’s employment for a reason other than Cause, death, or Disability or the Executive terminates employment with the Company for “Good Reason” (provided, however, that any such termination by the Executive
must occur promptly, and in any event within 90 days, after the occurrence of the event or events constituting “Good Reason”), the Company shall: 

(a) Cash Payment. Pay to the Executive a lump sum amount (reduced by any required withholding), within ten (10) business days
following the Executive’s last date of employment, equal to the sum of twenty-four (24) times his/her monthly base salary (at the highest monthly base salary rate in effect for such Executive in the twelve (12) month period prior to
the termination of his/her employment) and (ii) an amount equal to the amount payable pursuant to the immediately preceding clause (i) 

  
 2 

 
times the greater of (X) his/her target bonus percentage under the Company’s Management Incentive Plan or any successor plan for the year in which the termination of the
Executive’s employment occurs or (Y) his/her bonus percentage theretofore accrued thereunder for that year; and 
 (b)
Benefits. Provide the Executive and his/her dependents with the same life, accident, health and dental insurance benefits that the Executive was receiving immediately prior to the termination of his/her employment until the earlier of: (i)
the date which is twenty-four (24) months following the date of the Change of Control; or (ii) the date the Executive commences subsequent employment; provided, that if the Executive’s continued participation is not possible under the
terms of any one or more of those insurance plans, the Company shall pay to the Executive the amount the Company would have paid in premiums under the relevant plan or plans had the Executive continued to be employed by the Company and continued to
participate in the relevant plan or plans. The Executive and his/her dependents shall be entitled to health insurance continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), from the date of
discontinuance specified in the preceding sentence, to the extent such coverage is required to be provided in accordance with applicable law; and 

(c) Equity Arrangements. Notwithstanding any contrary provisions of the Amended and Restated 1994 Stock Option Plan, the Second Amended
and Restated 1996 Long-Term Performance Incentive Plan, the 2003 Equity Incentive Plan or the 2012 Equity Incentive (or any plans that may become the successors to such plans) and any equity incentive agreements entered into between the Company and
the Executive pursuant to such plans or otherwise, cause any unexercisable installments of any equity of the Company or any subsidiary or affiliate of the Company held by the Executive pursuant to any such equity incentive agreement on the
Executive’s last date of employment with the Company that have not expired to become exercisable, or, in the case of any then effective restrictions on the vesting of any equity of the Company or any subsidiary or affiliate of the Company held
by the Executive pursuant to any such equity incentive agreement, to cause such restrictions to lapse, as the case may be, on such last date of employment; and 

(d) Qualified Plan Arrangements. Cause any unvested portion of any qualified and non-qualified capital accumulation benefits granted to
the Executive under the Waters Investment Plan, Waters Retirement Plan, Waters 401(k) Restoration Plan, the Waters Retirement Restoration Plan, and the Waters Health Care Reimbursement Plan for Retirees (or any plans that may become the successors
to such plans) to become immediately vested (subject to applicable law); 
 provided, however, that any amounts and benefits set forth in this
Section 2 shall be reduced by any and all other severance or other amounts or benefits paid or payable to the Executive as a result of the termination of his/her employment. 

(e) Definition of Good Reason. For purposes of this Section 2 above, “Good Reason” shall mean the occurrence (without
the Executive’s express written consent) of one or more of the following events following a Change of Control, as the case may be: 

(i) A material diminution in the Executive’s authority, duties or responsibilities from his/her authority, duties and responsibilities
immediately prior to the Change in Control; or 

  
 3 

 (ii) A material reduction in the Executive’s base compensation (except for salary reductions
similarly affecting all senior executives of the Company); or 
 (iii) A material change in the Executive’s place of business
(provided, however, that travel for business purposes consistent with past practices shall not be considered a change in the place of business for the purpose of this clause (iii)); or 

(iv) A material breach by the Company of any agreement under which the Executive provides services to the Company, including without
limitation thereto Section 3(g) of this Agreement and any plan of incentive compensation; 
 provided, that the occurrence of any of the events
listed in clauses (i) though (iv) shall not mean “Good Reason” (x) unless the Executive shall have given notice of the event to the Company within ninety (90) days after it first existed and the Company shall have
failed to remedy the condition within thirty (30) days after the notice, or (y) if the event follows an event or action by the Executive that would constitute Cause (as defined herein) for termination. 

3. General. 
 (a)
Release. Notwithstanding any other provision of this Agreement to the contrary, benefits shall be payable under this paragraph only if the Executive enters into a final and binding agreement prepared by the Company whereby the Executive
releases the Company and its subsidiaries (and those affiliated with the Company and its subsidiaries) from all claims that the Executive may otherwise have against them, to the extent that the basis for such claims arose on or before the date the
release is signed by the Executive; except that such release shall not adversely affect the Executive’s rights to enforce the terms of this Agreement, and shall not adversely affect the Executive’s right to any indemnification or right to
reimbursement of expenses by the Company to which the Executive would otherwise be entitled to under, without limitation, any charter document or Company insurance policy, by reason of services he rendered for the Company or any of its subsidiaries
as an officer and/or an employee thereof. 
 (b) Termination for Cause. In the event the Executive’s employment with the Company
is terminated by the Company for “Cause”, or the Executive terminates his/her employment with the Company other than during the specific time periods set forth in Section 2 or for any reason other than Good Reason, the Executive shall
not be entitled to the severance benefits or other considerations described herein by virtue of this Agreement. 
 (c) Definition of
Change of Control. For purposes of this Agreement, “Change of Control’ shall mean (i) the closing of a merger, consolidation, liquidation or reorganization of the Company into or with another company or other legal person, after
which merger, consolidation, liquidation or reorganization the capital stock of 

  
 4 

 
the Company outstanding prior to consummation of the transaction is not converted into or exchanged for or does not represent more than 50% of the aggregate voting power of the surviving or
resulting entity; (ii) the direct or indirect acquisition by any person (as the term “person” is used in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of more than 50% of the voting capital
stock of the Company, in a single or series of related transactions; (iii) the sale, exchange, or transfer of all or substantially all of the Company’s assets (other than a sale, exchange, or transfer to one or more entities where the
stockholders of the Company immediately before such sale, exchange or transfer retain, directly or indirectly, at least a majority of the beneficial interest in the voting stock of the entities to which the assets were transferred). 

(d) Definition of Cause. For purposes of this Agreement, “Cause” shall mean: (i) the conviction of the Executive by a
court of competent jurisdiction of, or the pleading of guilty or nolo contendere to, any felony or any crime involving moral turpitude; (ii) gross negligence, breach of fiduciary duty or breach of any confidentiality, non-competition or
developments agreement in favor of the Company; (iii) the Executive shall have willfully and continually failed to substantially perform the Executive’s duties with the Company after a written demand for substantial performance is
delivered by the Company, which demand specifically identifies the manner in which the Company believes that the Executive has not substantially performed the Executive’s duties pursuant to the disciplinary procedures of the Company, and such
failure of substantial performance shall have continued for a period of thirty (30) days after such written demand, (iv) the Executive has been chronically absent from work (excluding vacations, illnesses or leaves of absences),
(v) the commission by the Executive of an act of fraud, embezzlement or misappropriation against the Company; or (vi) the Executive shall have refused, after explicit notice, to obey any lawful resolution or direction by the Board which is
consistent with his/her duties as an officer of the Company. 
 (e) Definition of Disability. For purposes of this Agreement,
“Disability” means an independent medical doctor (selected by the Company’s health or disability insurer) has certified that the Executive has, for six (6) months consecutive or nonconsecutive in any 12 month period been disabled
in a manner that seriously interferes with his/her ability to perform his/her responsibilities as an employee of the Company. Any refusal by the Executive to submit to a medical examination for the purpose of certifying disability shall be deemed to
constitute conclusive evidence of the Executive’s disability. 
 (f) Liquidated Damages. The parties hereto expressly agree that
the payments by the Company to the Executive in accordance with the terms of this Agreement will be liquidated damages, and that the Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking
other employment or otherwise, nor shall any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive. 

(g) Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Company
and any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or 

  
 5 

 
otherwise) of the Company. The Company shall require any such successor to assume this Agreement expressly and to be bound by the provisions of this Agreement as if such successor were the
Company and for purposes of this Agreement, any such successor of the Company shall be deemed to be the “Company” for all purposes. 

(h) No Employment Agreement; Effect on Other Agreements. Nothing in this Agreement shall create any obligation on the part of the
Company or any other person to continue the employment of the Executive, and nothing herein shall affect the Executive’s obligations under any non-competition, confidentiality, option or similar agreement between the Company and the Executive
currently in effect or which may be entered into in the future. 
 (i) Withholding. All payments required to be made by the Company
hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it must withhold pursuant to any applicable law or regulation. 

(j) Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled
exclusively by single-arbitrator arbitration in Boston, Massachusetts in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect, and judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. 
 (k) Governing Law; Miscellaneous. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts. This Agreement constitutes the entire Agreement between the Executive and the Company concerning the subject matter hereof and supersedes any prior negotiations, understandings, or
agreements concerning the subject matter hereof, whether oral or written, and may be amended or rescinded only upon the written consent of the Company and the Executive. The invalidity or unenforceability of any provision of this Agreement shall not
affect the other provisions of this Agreement and this Agreement shall be construed and reformed to the fullest extent possible. The Executive may not assign any of his/her rights or obligations under this Agreement; the rights and obligations of
the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and
the same instrument. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written
above. 
  

			
	WATERS CORPORATION
		
	By:		 /s/ Douglas A. Berthiaume

			Douglas A. Berthiaume
			Chairman, President and Chief Executive Officer
	
	THE EXECUTIVE
		
	By:		 /s/ Michael F. Silveira

			Michael F. Silveira

  
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]