Document:

Exhibit 10.1

 

Execution Version

 

WAIVER AND SECOND AMENDMENT

TO TERM LOAN CREDIT AND SECURITY AGREEMENT

 

THIS WAIVER AND
SECOND AMENDMENT TO TERM LOAN CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of August 14, 2018,
is by and among Hudson Technologies Company,
a Tennessee corporation (“Hudson Technologies”), HUDSON HOLDINGS, INC., a Nevada corporation (“Holdings”),
and ASPEN REFRIGERANTS, INC. (formerly known as AIRGAS-REFRIGERANTS, INC.), a Delaware corporation (“ARI”
and together with Hudson Technologies, and Holdings, collectively, the “Borrowers”, and each a “Borrower”),
the other Credit Parties hereto, the financial institutions party hereto as lenders (the “Lenders”), and U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as collateral agent and administrative agent for the Lenders (in
such capacities, the “Agent”). Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed thereto in the Credit Agreement (as defined below).

 

WITNESSETH

 

WHEREAS, the
Borrowers, the other Credit Parties, the Lenders, and the Agent are parties to that certain Term Loan Credit and Security Agreement
dated as of October 10, 2017 (as amended by that Limited Waiver and First Amendment to Term Loan Credit and Security Agreement
and Certain Other Documents, dated as of June 29, 2018 (as amended, the “First Amendment”), and as may be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the
Credit Parties have requested that the Agent and the Lenders (a) waive compliance with the Total Leverage Ratio covenant set forth
in Section 1.1 of the First Amendment and (b) amend certain provisions of the Credit Agreement, and the Agent and the Lenders have
agreed to grant such waiver and make such amendments, in each case, in accordance with and subject to the terms and conditions
set forth herein.

 

NOW, THEREFORE,
in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I. 

WAIVER

 

1.1             
Waiver of First Amendment Total Leverage Ratio.
Subject to the terms and conditions set forth herein, the Agent and the Required Lenders hereby waive the requirement to comply
with the Total Leverage Ratio covenant set forth in Section 1.1 of the First Amendment; provided, that, (x) on October 15, 2018,
the Credit Parties shall provide the Agent and the Lenders with a certificate setting forth in reasonable detail (with accompanying
calculations) the Total Leverage Ratio as of the four fiscal quarter period ending September 30, 2018, and (y) and the failure
of the Credit Parties to (i) maintain, as of the end of such four fiscal quarter period, the Total Leverage Ratio required under
Section 6.5 of the Credit Agreement, or (ii) deliver the certificate described in the immediately preceding clause (x) shall, in
each case, constitute an immediate Event of Default.

 

     

     

    

 

1.2             
Waiver of Section 9.8(i) Reporting Requirement.
Subject to the terms and conditions set forth herein, the Agent and the Required Lenders hereby waive the requirement to deliver
the 10-Q report of HT filed for the fiscal quarter ended June 30, 2018 within the forty-five (45) day time period required by Section
9.8(i) of the Credit Agreement; provided, that such 10-Q report shall be provided to Agent and the Lenders promptly as soon as
such report is filed.

 

1.3             
Effectiveness of Waivers. The foregoing
waivers shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any breach,
Default or Event of Default other than as specifically waived herein nor as a waiver of any breach, Default or Event of Default
of which the Lenders have not been informed by the Credit Parties, (b) affect the right of the Lenders to demand compliance by
the Credit Parties with all terms and conditions of the Credit Agreement and the Other Documents, except as specifically modified
or waived by the terms hereof, (c) be deemed a waiver of any transaction or future action on the part of the Credit Parties requiring
the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement or the Other Documents, or (d)
except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Agent’s or the Lenders’
exercise of any rights or remedies under the Credit Agreement or any Other Document, whether arising as a consequence of any Default
or Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

 

Article
II.

AMENDMENTs TO CREDIT AGREEMENT

 

2.1             
Amendments to Section 1.2 of the Credit Agreement.

 

(a)    
Section 1.2 of the Credit Agreement is hereby amended by adding the following new defined terms in proper alphabetical order:

 

““Bi-Weekly
Reporting Package” shall have the meaning set forth in Section 9.13(b) hereof.”

 

““Exit
Fee” shall have the meaning set forth in Section 3.4(b) hereof.”

 

““Financial
Covenant Waiver Period” shall mean the period commencing with the fiscal quarter ended June 30, 2018, and concluding
with the fiscal quarter ending September 30, 2018.”

 

““Repayment
in Full” shall have the meaning set forth in Section 3.4(b) hereof.”

 

““Sales/Inventory
Report” shall have the meaning set forth in Section 9.13(b) hereof.”

 

     

     

    

 

““Second
Amendment” shall mean that certain Waiver and Second Amendment to Term Loan Credit and Security Agreement dated as of
August 14, 2018 by and among the Borrowers, the other Credit Parties, the Agent, and the Lenders.”

 

““Second
Amendment Effective Date” shall mean August 14, 2018.”

 

““13-Week
Cash Flow Forecast” shall have the meaning set forth in Section 9.13(a) hereof.”

 

(b)    Section 1.2 of the Credit Agreement is hereby amended by deleting the term “Applicable Rate” in its entirety
and substituting the following in lieu thereof:

 

“Applicable
Rate” shall mean the Eurodollar Rate plus 10.25% (it being expressly acknowledged that (x) the increase in the Applicable
Rate as a result of the modifications set forth in the Second Amendment shall be retroactive from and after July 1, 2018, and (y)
in no event shall the increase in the Applicable Rate as a result of modifications set forth in the Second Amendment exceed the
Applicable Rate in effect on the Closing Date by more than three percent (3.00%) per annum (excluding the imposition of interest
at the Default Rate)).

 

2.2             
Amendment to Section 2.20(f) of the Credit Agreement.
Clause (i) of Section 2.20(f) is hereby amended and restated in its entirety to read in full as follows: 

 

“(i)
Notwithstanding anything herein to the contrary, no Prepayment Premium or Make-Whole Amount shall be payable (x) in the event Repayment
in Full occurs prior to March 31, 2020, or (y) in connection with any prepayment made pursuant to this Section 2.20 (other than
a mandatory prepayment under Section 2.20(b), a payment as a result of acceleration or foreclosure, or a prepayment required as
a result of a disposition of assets not permitted hereunder).”

 

2.3             
Amendment to Section 3.1 of the Credit Agreement.
The second sentence of Section 3.1(a) of the Credit Agreement is hereby amended by replacing the text “3.00% interest per
annum” with the text “6.00% interest per annum”. 

 

2.4             
Amendment to Section 3.4 of the Credit Agreement.
Section 3.4 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

“Fees.

 

(a)        Borrowers
shall pay the amounts required to be paid in the Fee Letter and the FS Fee Letter in the manner and at the times required by the
Fee Letter and the FS Fee Letter.

 

(b)       Subject
to the last sentence of this clause (b), in consideration of the agreements of the Agent and the Lenders under the Second Amendment,
in addition to any other fees payable hereunder, the Borrowers agree to pay to Lenders an exit fee equal to three percent (3.00%)
of the outstanding principal balance of the Loans on the Second Amendment Effective Date (the “Exit Fee”), which
Exit Fee shall be fully earned as of the Second Amendment Effective Date, but shall only be payable in full in cash upon the earlier
to occur of (x) this Agreement having been terminated pursuant to Section 12.2 and all Obligations (other than contingent indemnification
and reimbursement obligations for which no claim has been asserted) having been paid in full (whether through a refinancing transaction
or otherwise) (“Repayment in Full”), or (y) any acceleration of the Loans pursuant to Section 11.1. Notwithstanding
the foregoing, Lenders hereby agree that (i) payment of the Exit Fee shall be waived in the event that Repayment in Full occurs
prior to January 1, 2020, and (ii) the Exit Fee shall be reduced to one-and-one-half percent (1.50%) in the event that Repayment
in Full occurs on or after January 1, 2020 but prior to March 31, 2020.”

 

     

     

    

 

2.5             
Amendment to Section 6.5 of the Credit Agreement.
Section 6.5 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

“Financial
Covenants.

 

(a)              
Total Leverage Ratio. Maintain as of the end of each fiscal quarter, for the consecutive four fiscal quarter period
then ending, commencing with the fiscal quarter ending December 31, 2017, a Total Leverage Ratio of not greater than 4.75:1.00.

 

(b)              
During the Financial Covenant Waiver Period, without the prior written consent of the Required Lenders, the Credit Parties
shall not be permitted to (x) make Permitted Acquisitions or any other investments under Section 7.4(e) (excluding transactions
permitted under Section 7.10 hereof so long as such transactions are solely among Borrowers and/or Guarantors) and Section 7.4(f),
or (y) declare, pay or make any dividends or distributions on any shares of the common stock or preferred stock of any Credit Party
(other than dividends or distributions payable solely in its stock or rights thereto, or split-ups or reclassifications of its
stock), including Permitted Distributions, or payments in respect of Earn-outs, under Section 7.7.”

 

2.6             
Amendment to Section 7.10 of the Credit Agreement.
Section 7.10 of the Credit Agreement is hereby amended by replacing the proviso at the end thereof to read as follows: 

 

“provided,
however, any Borrower shall be permitted to make loans (i) to Affiliates (specifically excluding any other Borrowers or Guarantors),
so long as the aggregate principal amount of all such loans made by all Borrowers shall not exceed $250,000 outstanding at any
one time and (ii) to any other Borrowers or Guarantors.”

 

2.7             
Amendment to Section 9.13 of the Credit Agreement.
Section 9.13 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Bi-Weekly Reporting.

 

(a)        Commencing
August 29, 2018 and on a bi-weekly basis thereafter (by 5:00 p.m. New York City time no later than the third (3rd) Business
Day of each second week), furnish Agent and Lenders with a 13-week rolling cash flow forecast, which shall (i) show receipts and
disbursements of the Credit Parties projected through such period, (ii) commencing with the second such forecast and for each such
forecast thereafter, contain a comparison of the Credit Parties’ actual receipts and disbursements for the immediately preceding
two-week period to the projected receipts and disbursements for such period as set forth in the cash flow forecast for such period,
and (iii) otherwise be in form and substance, and with such detail, as is reasonably acceptable to the Required Lenders (each such
report, a “13-Week Cash Flow Forecast”). The Borrowers represent, warrant and covenant that each cash flow forecast
shall be, and when delivered has been, prepared in good faith based upon assumptions believed by the Borrowers to be reasonable
in light of current market conditions, it being acknowledged and agreed by Agent and the Lenders that projections as to future
events are inherently uncertain and are not a guarantee of financial performance and that actual results may differ from projected
results.

 

     

     

    

 

(b)        Concurrently
with the delivery of any 13-Week Cash Flow Forecast under the preceding clause (a), furnish Agent and Lenders with a bi-weekly
sales and inventory report, which shall (i) show, with respect to the Credit Parties on a consolidated basis for the immediately
preceding two-week period, (x) sales by gas, including volumes and average pricing, and (y) inventory by gas, including cost and
pounds on hand, and (ii) otherwise be in form and substance, and with such detail, as is reasonably acceptable to the Required
Lenders (each such report, a “Sales/Inventory Report”; together with the 13-Week Cash Flow Forecast, the “Bi-Weekly
Reporting Package”).

 

(c) Not later
than the second (2nd) Business Day after delivery of any Bi-Weekly Reporting Package, the Credit Parties shall cause
their senior management to make themselves available during normal business hours for a telephonic meeting with the Lenders and
their advisors to discuss information contained in such Bi-Weekly Reporting Package, as well as any other information regarding
the Credit Parties’ business results and operations reasonably requested by the Lenders.”

 

2.8             
Amendment to Article IX of the Credit Agreement.
Article IX of the Credit Agreement is hereby amended by adding the following new Section 9.18: 

 

“9.18Information
Sharing with FS’ Investment Advisor. With respect to any information provided to FS pursuant to this Article IX or otherwise
under the Credit Agreement and the Other Documents (including the furnishing of reports and holding of telephonic meetings pursuant
to Section 9.13 hereof), furnish such information and provide access to such meetings to FS’ investment advisor, FS/KKR Advisor,
LLC, subject to the obligations set forth in Section 14.15 hereof.”

 

Article
III.

ADDITIONAL AGREEMENTS

 

3.1             
Reaffirmation of Obligations Regarding Lenders’ Financial Advisor and Ongoing Cooperation.
The Credit Parties hereby reaffirm their obligations under Section 3.1 of the First Amendment, including, without limitation the
Credit Parties’ obligations with respect to (x) the Lenders’ engagement of FTI Consulting Inc. (“FTI”)
as financial advisor, and (y) ongoing cooperation with the Lenders and their advisors (including FTI) in connection with the Lenders’
examination of the Credit Parties’ financial affairs, finances, financial condition, business and operations. 

 

     

     

    

 

Article
IV.

CONDITIONS TO EFFECTIVENESS

 

4.1             
Closing Conditions. This Amendment shall be deemed effective as of the date (the “Second Amendment
Effective Date”) on which the following conditions shall have been satisfied:

 

(1)     
The Agent and the Lenders shall have received a copy of this Amendment duly executed by each of the Borrowers, the other
Credit Parties, the Required Lenders and the Agent;

 

(2)     
The Agent shall have received, for the account of each Lender in Dollars and in immediately available funds, an amendment
fee in an amount equal to one percent (1.00%) multiplied by the outstanding principal amount of the Loans held by such Lender as
of the Second Amendment Effective Date; and

 

(3)     
The Credit Parties shall have paid all accrued and outstanding fees of the Agent and the Lenders in accordance with Section
14.9 of the Credit Agreement (including accrued and outstanding fees and expenses of King & Spalding LLP, counsel to the Lenders,
FTI Consulting Inc., financial advisor to the Lenders, and Nixon Peabody LLP, counsel to the Agent).

 

Article
V.

CONDITION SUBSEQUENT

 

5.1             
Revolving Loan Agreement Waiver. Within two (2) Business Days following the Second Amendment Effective Date,
the Credit Parties shall furnish the Agent and the Lenders a waiver from the Revolving Agent and Required Lenders (as defined
in the Revolving Loan Agreement), in form and substance satisfactory to the Required Lenders, covering substantially the same
matters as those set forth in Section 1.2 hereof. Failure to comply with this Section 5.1 shall constitute an immediate Event
of Default.

 

Article
VI.

MISCELLANEOUS

 

6.1             
Amended Terms. On and after the Second
Amendment Effective Date, all references to the Credit Agreement in each of the Other Documents shall hereafter mean the Credit
Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby
ratified and confirmed and shall remain in full force and effect according to its terms.

 

     

     

    

 

6.2             
Representations and Warranties of the Credit Parties. Each Credit Party represents and warrants as follows:

 

(a)              
It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

 

(b)              
This Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal,
valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally
and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(c)              
No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental
authority or third party is required in connection with the execution, delivery or performance by such Credit Party of this Amendment.

 

(d)              
The representations and warranties set forth in the Credit Agreement are true and correct in all material respects as of
the date hereof as if made on and as of such date (except to the extent any such representation or warranty relates to an earlier
specified date, in which case they shall be true and correct in all material respects as of such earlier date).

 

(e)              
After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of
Default.

 

6.3             
Reaffirmation of Obligations. Each Credit Party hereby ratifies the Credit Agreement and the Other Documents
and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and the Other Documents applicable to
it and (b) that it is responsible for the observance and full performance of its respective Obligations.

 

6.4             
Credit Document. This Amendment shall constitute an Other Document under the terms of the Credit Agreement.

 

6.5             
Expenses. The Borrowers agree to pay all reasonable costs and expenses of the Agent and the Lenders in connection
with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses
of King & Spalding LLP, counsel to the Lenders.

 

6.6             
Further Assurances. The Credit Parties agree to promptly take such action, upon the request of the Agent or
the Required Lenders, as is necessary to carry out the intent of this Amendment.

 

     

     

    

 

6.7             
Entirety. The Credit Agreement (as modified by this Amendment) and the Other Documents embody the entire agreement
among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject
matter hereof.

 

6.8             
Counterparts. This Amendment may be executed in original counterparts each of which counterpart shall be deemed
an original document but all of which counterparts together shall constitute the same agreement. Execution and delivery via facsimile
or PDF shall bind the parties.

 

6.9             
No Actions, Claims, Etc. As of the date hereof, each of the Credit Parties hereby acknowledges and confirms
that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature,
in law or in equity, against the Agent, the Lenders, or the Agent’s or the Lenders’ respective officers, employees,
representatives, agents, counsel or directors arising from any action by such persons, or failure of such persons to act under
the Credit Agreement on or prior to the date hereof.

 

6.10         
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

6.11         
General Release. In consideration of
the willingness of the Agent and the Lenders to enter into this Amendment, each Credit Party hereby releases and forever discharges
the Agent, the Lenders and the Agent’s and the Lender’s respective predecessors, successors, assigns, officers, managers,
directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to
as the “Bank Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions
and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution
and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated
or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Credit
Party on or prior the date hereof may have or claim to have against any of the Bank Group in any way related to or connected with
the Credit Agreement, the Other Documents and the transactions contemplated thereby.

 

6.12         
Governing Law; Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The governing law, jurisdiction,
service of process and waiver of jury trial provisions set forth in Sections 14.1 and 11.8 of the Credit Agreement are hereby
incorporated by reference, mutatis mutandis.

 

     

     

    

 

6.13          Agent
Authorization. Each of the undersigned Lenders, which together constitute th e Required Lenders, hereby authorizes
the Agent to execute and deliver this Amendment and, by its execution below, each of the undersigned Lenders agrees to be
bound by the terms and conditions of this Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

	 	BORROWERS:
	 	 	 
	 	HUDSON TECHNOLOGIES COMPANY
	 	 	 
	 	By:  	/s/ Brian Coleman
	 	Name: Brian Coleman
	 	Title: President
	 	 	 
	 	HUDSON HOLDINGS, INC.
	 	 	 
	 	By:  	/s/ Brian Coleman
	 	Name: Brian Coleman
	 	Title: President
	 	 	 
	 	ASPEN REFRIGERANTS, INC.
	 	 	 
	 	By:  	/s/ Brian Coleman
	 	Name: Brian Coleman
	 	Title: President
	 	 	 
	 	GUARANTOR:
	 	 	 
	 	HUDSON TECHNOLOGIES, INC.
	 	 	 
	 	By:  	/s/ Brian Coleman
	 	Name: Brian Coleman
	 	Title: President

 

Signature Page to Waiver and Second Amendment
 – Hudson Technologies

 

     

     

    

 

	 	AGENT:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as the Agent
	 	 	 
	 	By:  	/s/ Prital K. Patel
	 	Name: Prital K. Patel
	 	Title: Vice President

  

Signature Page to Waiver and Second Amendment
 – Hudson Technologies

 

     

     

    

 

	 	LENDERS:
	 	 	 
	 	FS INVESTMENT CORPORATION
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	HAMILTON STREET FUNDING LLC
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	GREEN CREEK LLC
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	JUNIATA RIVER LLC
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	JEFFERSON SQUARE FUNDING LLC
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	FS INVESTMENT CORPORATION II
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	FS INVESTMENT CORPORATION III
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory
	 	 	 
	 	FS INVESTMENT CORPORATION IV
	 	By:  	/s/ Philip S. Davidson
	 	Name: Philip S. Davidson
	 	Title: Authorized Signatory

  

Signature Page to Waiver and Second Amendment
 – Hudson TechnologiesEXHIBIT 10.1

 

COMMON GROUND
MK SDN BI-ID 11547951.D} Level 13A, Wilma Mont Kiara, 1 Man Kiara. Mont Kiara, 50480 Kuala Lumpur, Malaysia. Membership Agreement
Date: 18 Nov 2017 The Space Detail Member's Detail Company Name & Address: Company Name: VRDT Holdings Inc Common Ground MK
Sdn Blid (1247931-0) Level 13A, Wisma Mont Kiara, Company Registration Number: C4078204 1 Jahn Kiara, Mont Kiara, 50480, Kuala
Lumpur Name: Rajiv ail Pushpa nath an Email: admin@commongrourd.work Title: Administrator Account Name: Common Ground MK Sdn Bhd
NRIC/Passporti 860104-02-5529 Account Number: 8008950663 Email: raieef@vrdtholdings.com Bank Name: CIMB Bank Berhad Mobile: 0122434185
Bank Address: Solaris Mont !Vara, Kuala Lumpur Registered Address: 8383 Wilshlre Blvd, Suite 800, Swift Code: CIBBMYKL Beverly
Hills, CA90211 USA Membership Packages (Office Internal Use) service Provision I Start Date: 20 Nov 2017 LEnd Date: I 30 Nov 2018
Office Number Number of Desks Monthly Membership Fees M 17 5 Ran 3,995.00 Total per month RM 3,995.00 Initial Payment First month
fees {plus 6% GST) RM 1,552.72 Deposit + Access card deposit RM 8,240.00 Total initial Payment RM 9,792.72 Additional Services
& Requirements Special rate of RM 3,995,00 per month for private office M17 at Common Ground Mont flare for 12 months Complimentary
12 hours meeting room usage per month Complimentary 500 pages b/w printing per month ACKNOWLEDGMENT This Agreement is made between
Common Ground MK Sdn S hd (the "Space") and VRDT Holdings Inc `the "Member"). The Member confirms that it
has read and understood the Term & Conditions as set out in the following pages; and the Parties agree that they will be bound
by all obligations set out herein. For & On Behalf of The Space* For & On Behalf of Member Name: Yvonne Lee Name: Rajiv
a/I Pushpanat ha n Title: Head of Sates Title: Administrator Signature & Company Sta • • Signature & Company
Stamp: 1111bori 411111 11111 w• *Please submit this agreement with required documents attached: 1) Company Registration Certificate
(SSM) 2) Photo copy of Company Director or Member's NR1C/Passport (Front & Back)

 

    	 	 	1 

    	 

    

 

  

COMMON
GROUND MK SDN BHD 15247931-D) Level 13A, Wisma Mont Kiara, 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur, Malaysia. Terms &
Condition HOT DESK, FIXED DESK AND PRIVATE OFFICE The Member is here forth deemed as the party that will occupy the property.
The Space is here forth deemed as Common Ground. PAYMENT & MEMBERSHIP The Member must pay to The Space an Initial start-up
fee before the Membership start date, comprising of:- • The first month's payment of the Membership fee • A deposit
amounting to one (1) month of the Membership Fee for the Hot Desk and; two (2) month of the membership Fee for Fixed Desk and
Private Office package. The Member must pay the Space without demand the Membership Fee in advance on the first day of each month,
the first payment (or a due proportion of it apportioned one day-to-day basis) to be made on or before the commencement date of
the Membership Period and each subsequent payment to be made on the first day of every succeeding month. Where the member subscribes
to any services provided by the space, the Member will be charged service charges on a Pay-as-You-Use basis and the Space will
Issue to the Member an invoice In respect of the amount charged. General Add-On Services price lists are readily available at
Reception for members to refer before subscribing. For the avoidance of doubt, all invoices are to be settled promptly within
14 days from the date of the invoice. The Member Is not permitted to deduct, contra or set-off any outstanding sums due and owing
by the Space to the Member against the invoice amounts, Services will not be provided if the subscribed service is more than 50%
of the Member's deposit with the Space. The Member must pay to the Space promptly as and when due, without demand, deduction,
set-off, or counterclaim, all sums due and payable by the Member to the Space under this Agreement. The Member must not exercise
any right or claim to withhold the membership fee Of any right or claim to legal or equitable set-off. For the avoidance of doubt,
any sums due and owing under this Agreement by the Member to the Space are to be paid by the Member in full, net of any bank charges,
taxes, administrative charges and foreign exchange ("FX") expensed. Acceptable forms of payment Include cheques and
bank transfers. All payments must be made In Malaysian Ringgit. All security deposits are only accepted in cheque. All sums owed
by the Member to the Space will Incur a daily late fee of 2% of the outstanding amount or deduction from deposit until the sum
is paid or accepted by the Space. Nothing in this clause entitles the Member to withhold or delay any payment or affect the rights
of the Space in relation to non-payment. Sums paid via cheque are not considered paid, until cleared by the issuing bank and received
by the recipient bank (Common Ground account). In the event that the Member does not pay the total amount as stated on the Invoice
to the Space by the due date, the Space shall be entitled to the following: • The Space will limit the Member from entering
to the property within 14 (fourteen) days from the invoice due date. • Withdraw and stop all services provided by the Space
choice including, but not limited to telephone and Internet services. • Enter the Unit and change the lock without prior
notice. • Claim all costs associated with recovering all monies owed to the Space from the Member. • Register the company
name and its Directors with credit rating agencies and the Malaysian government if monies remain outstanding for more than 30
days. • Claim all outstanding Invoices and the cost of recouping those monies against the signing party and directors of
the company. Upon check In, all Members will have to furnish a copy of: • NRIC or Passport • Business Registration •
Signed Copy of Membership Agreement and Terms & Conditions Signature

 

    	 	 	2 

    	 

    

 

C DEPOSIT COMMON GROUND MK SON BHD (1247931.0) Level 13A, Wisma Mont Kiara, 1 JaIan
Kiara, Mont Kiara, 50480 Kuala Lumpur, Malaysia. If the Member has fulfilled all Its obligations as specified under this Agreement,
the Space undertakes to return the deposit to the Member (subject to the deduction of the sum expended to rectify any damage caused
by the Member to the Property and/or any sum expended to restore the Property to Its Original Condition) within thirty (30) days.
There is strictly no refund of security deposit in the event of early termination or non-fulfillment of Membership Agreement.
The Member is not allowed to set off any sums owed under the Membership Fee, the Service Charges or any other turn payable under
this Agreement against the Deposit. The Space reserves the right to set off the Member's unpaid expenses in computing the amount
of Deposit to be refunded. A Statement of Accounts will be provided upon refund. A refund of the Deposit shall only be made in
favour of the Member's registered company or Member's name in this Agreement. All refunds of deposit will be issued via wire transfer
or cheque. If the cost of the monthly services provided to the Member by the Space from time to time exceeds 50% of the Deposit,
services shall Immediately cease, until the balance Is cleared by the Member. If within thirty (30) days, the Member has not deregistered
their usage of Common Ground's address for company registration and/or listings, the Space reserves the right to forfeit the security
deposit add claim other costs associated with deregistration of the Member's use of Common Ground's address. TERMINATION/RENEWAL
Upon expiry/termination, the Space shall be entitled (but not obliged) to retain any furniture, personal effects or other belongings
of the Client until all arrears owed to the Space have been paid or other loss made good and in the event of non-payment within
14 days the Space shall be entitled to dispose of any goods retained in settlement of any arrears and any costs of disposal. The
Property must be vacated by 5.00pm on the date of termination of the Agreement or the last day of the Membership Period, as applicable
in the same condition as It was found at the beginning of the Term. Where the Property is not returned In the same condition,
the Space shall organize to repair the Property at the Member's cost to the same condition as at the Commencement Date of the
Membership. The Space does not accept any responsibility for any item of furniture, personal effects or other belongings left
in the Property and have the right to dispose of such property, the costs of such disposal being the responsibility of the Member.
On or before the expiry of this Membership the Member must return to the Space all keys and other means of access to the Property
and the Centre and whenever any key or other means of access Is lost to report such loss forthwith to the Space and to pay on
demand the cost of replacing such key or other means of access and the cost of replacing any lock changed by the Space. The cost
per an access card is RM 100 and the cost per a key Is RM 100. Any loss of key will require replacement of all Issued keys for
the client at a cost of RM 100 per key. This will include the cost of replacing the lock. The Space shall have the right to terminate
this agreement without notice with forfeiture of the security deposit if the Member: • Breaches the national or local laws
in which the center is located, in which The Space has reasons to believe Member has breached the best practice and the code of
ethic principal; deliberately jeopardize public laws and order. • If the Member is declared bankrupt, is wound up or put
under receivership. Where parties wish to renew this Agreement, the renewed membership must be signed not less than one (1) month
before the expiry date of the Membership Period. If either party does not give notice for termination of this agreement in writing
by the notice period, the Membership shall automatically renew at prevailing list price for 3 months. Signature

 

    	 	 	3 

    	 

    

 

  

COMMON GROUND MK SON BHD (5247935.0) Level 13A, Wisma Mont Kiara, 1 Jalan Kiara, Mont
Kiara, 50480 Kuala Lumpur, Malaysia. The Member will be released from their obligations under this Membership and allowed to terminate
prior to the end date of the Membership subject to the Member paying the Space the full membership fee for the unexpired term
together with all other outstanding Invoices. Upon settlement for these terms, the deposit will be subsequently refunded to the
Member within sixty (60) days (subject to the deduction of the sum expended to rectify any damage caused by the Member to the
Licensed Area and/or any sum expended to restore the Licensed Area to its Original Condition). OBLIGATIONS OF THE MEMBER The Member
may only use the accommodations for office purposes. Use of licensed area for "retail", "medical", "residential",
or "industrial" usage is strictly prohibited. The Member may only conduct business In the centre utilizing the name
provided to Common Ground upon registration, and other uses must be approved with Common Ground prior written consent. The Member
will not place anything In or cause obstruction of the Common Area. The Member agrees to immediately give to the Space a copy
of any notice or order from any government authority which relates to the Property; and/or notice of any defect in the Property
which may give rise to a liability or duty on the Space. The Member agrees not to (without the prior written consent of the Space
(i) make any alterations or additions to or affecting the structure of the Property; (ii) carry out works involving the hacking
of the floors or the structural column and beams of the Property; (iii) install and/or add any additional furniture, fixture and/or
fittings in the Property; (iv) exhibit and/or display an and/or or affix, inter ails, fixture and/or fittings to the interior
or exterior of the office space or anywhere in the premises; (v) make any alterations to the furniture, partitions and/existing
furnishings; and/or (vi) damage the furniture, partitions and/existing furnishings. The approved alterations and additions must
be carried out by the Member at its own cost and expense. The Member agrees to keep the Space clean and tidy; keep the Space,
including all fixtures and fittings in It in good and tenantable repair and condition; and immediately make good, to the reasonable
satisfaction of the Space, any damage caused to the Space (including the Space's fixtures and fittings in It) or any other parts
of the premises by the Member, Its employees, agents, Independent contractors or any permitted occupier. To keep the Space including
its fixtures, fittings, Installations and appliances in a safe condition by adopting all necessary measures to prevent an outbreak
of fire in or at the Property, and to this end, the Member must comply with all requirements of the Space, the Fire Safety Bureau
and/or other relevant body or authority. The Space reserves the right to ask for the removal of any equipment that the Space considers
a safety hazard. The Member agrees not to affix or display at the Property or any part of the premises, any name, sign, notice,
placard, poster, banner or advertisement, except with the prior written consent of the Space and in a style and manner and at
a location previously approved by the Space. If the Member displays any name, sign, notice, placard, poster, banner or advertisements
in default of this clause, the Member must remove them immediately on demand, failing which the Space may do so and the Member
shall bear the Space's costs and expenses of doing so. In the event the Member changes its name, the Member shall provide the
Space with written notification within 14 days of the said name change along with supporting documents. Signature

 

    	 	 	4 

    	 

    

  

COMMON
GROUND MK SDN BHD (1247931-D) Level 13A, Wisma Mont Kiara, 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur, Malaysia. The Member
agrees not to download any movies and/or any video clips from, unauthorized websites via the Space's shared Internet server. The
Member reserves the right to cap bandwidth in cases of abnormal bandwidth usage. The Member must promptly comply, at its cost
and expense, with the law and all requirements of the relevant authority in force at the moment relating to the Space, the use
or occupation of the Space, anything done in the Property by the Member, and anything In the Space. The term law" referred
to herein Includes any present or future requirement of the statute (Including subsidiary legislation) or common law (if applicable).
The Member agrees to follow all "house rules". A copy of the house rules may be requested at any time from the Space.
The Member will maintain updated anti-virus programs installed in the Member's computer(s) before using the Space's line(s) to
connect to the internet. The Member shall compensate and indemnify the Space for the cost of rectification and repair if the system
is disrupted due to corruption caused by a virus in the Member's system(s). The Space reserves its right to disconnect the Member's
line(s) if the Member does not take steps to protect Its computer(s) from such virus. LIABILITIES Except in cases of gross negligence
or purposeful misrepresentation by the Space, the Member will indemnify the Space against all claims, demands, actions, proceedings,
judgments, damages, losses, costs arid expenses of any nature which the Space may suffer or incur for death, injury ,loss and/or
damage caused, directly or Indirectly, by:-any occurrences fn the Property or the use or occupation of the Property by the Member
or by any of the Member's employees, independent contractors, agents or any permitted occupier. The Space is not liable to the
Member and the Member must not claim against the Space for any death, Injury, loss or damage (including Indirect, consequential
and special losses) which the Member may suffer in respect of any of the following (whether caused by negligence or other causes):-
• any failure or inability of or delay by the Space to provide, or any interruption in, or inadequate supply of, any of the
utilities, air- conditioning service, lift services or lighting to the Property; or • any failure or inability of or delay
by the Space to grant access to the Property and/or the premises and/or to the use of the Space's comprehensive office services
as set out in Clause 2 above and in the General Offices Service; or leakage or defect in the piping, wiring and sprinkler system
or defect In the structure of the premises; or • any act, omission or negligence of any contractor approved by the Space
under this Agreement, and such contractor appointed by the Space wit not be treated as an employee or agent of the Space; or any
loss of confidential information and/or loss of confidentiality brought about by the entry of unauthorized persons into the Property
and/or premises; or Death, injury, loss, or damage caused by other persons In the Property and/or the premises. • Any loss
of confidential information and/or loss of confidential brought about by the entry of unauthorized persons Into the Property and/or
premises; or Death, Injury, loss or damage caused by other persons In the Property and/or the premises. • For the avoidance
of doubt, "injury, loss and damage" as set out in the above clause above includes, but is not limited to any loss of
business, loss of profits, loss of anticipated saving, loss of data, third party claims or any consequential loss. All items stored
within Common Ground are at the risk of the Member. The Member shall make no claims to the Space of such items for whatever reason.
Except in cases of gross negligence or purposeful misrepresentation by the Space, the Space is not responsible to the Member or
to its employees, independent contractors, agents or permitted occupier not to any other persons for any death, injury, loss or
damage sustained or originating from the Property and/or the business centre and/or the premises directly or indirectly caused
by, resulting from or in connection with any act, omission or negligence of the Space or Its employees, agents or independent
contractors. The Space's consent to or waiver of any default by the Member of its obligations In this Agreement is only eff ctive
Is in writing. Such written consent or waiver by the Space must not be taken as a consent or waiver to another default by the
Member f thes ogligation, or a default by the Member of another obligation In this Agreement. Signature

 

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COMMON GROUND MK SDN BHD (1247931-DJ Level 13A, Wisma Mont Kiara, 1 Jalan Kiara, Mont
Kiara, 50460 Kuala Lumpur, Malaysia. GENERAL TERMS This agreement is considered the equivalent of an agreement for accommodation(s)
in a hotel. Every aspect of Common Ground will remain under the full control and possession of the Space. By signing this agreement
and membership agreement, the Member accepts that there is no creation of tenancy interest, leasehold Interest, or other real
estate property interest the property. The client is given a membership to use the property for a specified period as stated herein.
This Agreement supersedes any prior agreement between the Parties and embodies the entire agreement between the Parties. This
Agreement may not be modified, changed or altered in any way except as agreed in writing and endorsed by both Parties. The Illegality,
invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction will not affect the legality,
validity or enforceability of (I) that provision under the law of any other jurisdiction; or (ill any of the other provisions
in this Agreement. This Agreement is governed by Federation of Malaysia law. The Parties agree to submit to the jurisdiction of
the courts of the Federation of Malaysia in cases of dispute. By signing this Agreement, The Member confirm that they have read
and agreed to all the terms and conditions set out above. Name: TA, a4 pusAtanafkaa) Signature: Company Stamp: Date: .20/11/7

 

    	 	 	6 

    	 

    

 

 

Regus"
Online Virtual Office Agreement Agreement Date : November 8, 2017 Business Center Details CA, Beverly Hills - 8383 Wilshire Address
0303 Wilshire Blvd . Suite 800 Beverly Hills California 90211 United States of America Confirmation No 8227493 Client Details
Company Name VRDTHOLDINGS INC Contact Name Danial Abdullah Address No 1-1 Jalan 10F Taman Equine Seri Kembangan Selangor 43300
Malaysia Virtual Office Payment Details (exc. tax and exc. services) Virtual Office Type : Standard Virtual Office Initial Payment
: First month's fee : $ 144.27 One Time Registration Fee : $ 0 00 Service Retainer : $ 206.10 Total Initial Payment : $ 350.37
Monthly Payment : Total Monthly Payment : $ 206.10 Service Provision : Start Date November 10,2017 End Date November 30,2018 All
agreements end on the last calendar day of the month. Comments Additional Discount- Total Savings of $ 290 83 Customer will receive
the discounted monthly fee for the initial term. Terms and Conditions We are Regus Management Group. LLC, the "Provider"
This Agreement incorporates our terms of business set out on the attached Terms and Conditions and House Rules which you confirm
you have read and understood. We both agree to comply with those terms and our obligations as set out in them. This agreement
is binding from the agreement date and may not be terminated once it is made, except in accordance with its terms. Note that the
Agreement does not come to an end automatically. See "Cancellation" section of your terms and conditions ADREEMENTTO
ARBITRATE, CLASS ACTION WAIVER. Any dispute or claim relating in any way to this agreement shall be resolved by binding arbitration
administered by the American Arbitration Association in accord with its Commercial Arbitration Rules (available at iinivwv adr
orgy, except that you or the Provider may assert claims in small claims court and the Client and the Provider may pursue court
actions to remove you. or prevent your removal, from the Center if you do not leave when this agreement terminates The arbitrator
shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability, or formation
of this agreement. The arbitrator shall not conduct arbitration as a class or representative action. The Client and the Provider
acknowledge that this agreement is a transaction in interstate commerce governed by the Federal Arbitration Act. The Client and
the Provider agree to waive any right to pursue any dispute relating to this agreement in any class, private attorney general.
or other representative action . F I accept the terms and conditions j fr- Download the terms and conditions Confirm by typing
your name in the box below Name: danial on behalf of VROTHOLDINGS INC I confirm these details are correct to the best of my knowledge
Payment Details Download the house rules Signed on November 10, 2017 Card Type : Visa 71 authorise the Provider to debit my credit
card for the total initial payment above Name on Card : danial plus applicable TAXNAT and for all future charges incurred thereafter,
unless Card Number :"' '****'" 4904 another form of payment is provided . Expiry Date: 11 20 This website is secure.
Your personal details are protected at all times . Print Agreement If you need assistance call our Helpline on +1-855-400-3575
Regus- Copyright ©Reg. Group Companies 2009 All rights reserved. Reproduction in whole or in part in any form or medium without
express written permission of Regus plc is Prohibited .

 

    	 	 	7 

    	 

    

 

 

1.
Product Definition 1.1 Mailbox Plus: Entitles the Client to receive mail at the Provider Center specified in this Agreement ("designated
Center"). The Client may use the address of the designated Center for business correspondence subject to exception in certain
locations. 1.2 Telephone Answering: Entitles the Client to a local telephone number determined by the Provider in the designated
Center, personalized call answering service during normal business hours, and after business hours and weekend voicem ail access.
1.3 Virtual Office and Virtual Office Plus: Includes all services detailed in sections 1.1 and 1.2. In addition the Client is
entitled to receive faxes at the designated Center. Due to postal requirements, in the United States only, the Virtual Office
product provides 2 days of private office usage per month at the designated Center and a lobby directory listing, subject to availability.
Globally, the Virtual Office Plus product provides 5 days of private office usage per month at the designated Center, subject
to availability. 2. This Agreement 2.1 Comply with House Rules: The Client must comply with any House Rules which the Provider
imposes generally on users of the designated Center. Such rules are developed and/or imposed to protect Client's use of the designated
Center for work. The House Rules vary from country to country and from Center to Center and these can be requested locally. 2.2
AUTOMATIC RENEWAL: THIS AGREEMENT LASTS FOR THE PERIOD STATED IN IT AND THEN WILL BE EXTENDED AUTOMATICALLY FOR SUCCESSIVE PERIODS
EQUAL TO THE CURRENT TERM BUT NO LESS THAN 3 MONTHS (UNLESS LEGAL RENEWAL TERM LIMITS APPLY) UNTIL BROUGHT TO AN END BY THE CLIENT
OR BY THE PROVIDER PERSUANT TO SECTION 2.3. ALL PERIODS SHALL RUN TO THE LAST DAY OF THE MONTH IN WHICH THEY WOULD OTHERWISE EXPIRE.
THE FEES ON ANY RENEWAL WILL BE AT THE THEN PREVAILING MARKET RATE. THIS CLAUSE DOES NOT APPLY TO MONTH TO MONTH AGREEMENTS 2.3
CANCELLATION: EITHER THE PROVIDER OR THE CLIENT CAN TERMINATE THIS AGREEMENT AT THE END DATE STATED IN IT, OR AT THE END OF ANY
EXTENSION OR RENEWAL PERIOD, BY GIVING AT LEAST THREE MONTHS WRITTEN NOTICE TO THE OTHER. HOWEVER, IF THIS AGREEMENT, EXTENSION
OR RENEWAL IS FOR THREE MONTHS OR LESS AND EITHER THE PROVIDER OR THE CLIENT WISHES TO TERMINATE IT, THE NOTICE PERIOD IS TWO
MONTHS IF THIS AGREEMENT, EXTENSION OR RENEWAL IS FOR TWO MONTHS OR LESS, NOTICE MUST BE GIVEN WITHIN ONE WEEK OF THE START DATE
OF THE CURRENT TERM.IF THE CLIENT IS ON A MONTH TO MONTH AGREEMENT EITHER PARTY MAY TERMINATE THIS AGREEMENT BY GIVING NO LESS
THAN ONE MONTHS' NOTICE TO THE OTHER (EFFECTIVE FROM THE START OF ANY CALENDAR MONTH). 2.4. Ending this Agreement immediately:
To the maximum extent permitted by applicable law, the Provider may put an end to this Agreement immediately by giving the Client
notice and without need to follow any additional procedure if (a) the Client becomes insolvent, bankrupt, goes into liquidation
or becomes unable to pay its debts as they fall due, or (b) the Client is in breach of one of its obligations which cannot be
put right, or (c) its conduct, or that of someone at the Center with its permission or invitation, is incompatible with ordinary
office use which shall be determined at the Provider's sole discretion and (i) such conduct is repeated despite the Client having
been given a warning or (ii) such conduct is material enough (in the Provider's opinion) to warrant immediate termination. If
the Provider puts an end to this Agreement for any of these reasons it does not put an end to any outstanding obligations, including
the payment of any additional services used, requested or required under the agreement as well as the monthly fee for the remainder
of the period for which this Agreement would have lasted if the Provider had not ended it. 2.5 If the Center is no longer available:
In the event that the Provider is no longer able to provide the services at the designated Center stated in this Agreement then
this agreement will end and the Client will only have to pay monthly fees up to the date it ends and for the additional services
the Client has used. The Provider will try to find suitable alternative for the Client at another Provider Center. 2.6 Employees:
While this Agreement is in force and for a period of six months after it ends, neither the Provider nor the Client may knowingly
solicit or offer employment to any of the other's staff employed in the designated Center. This obligation applies to any employee
employed at the designated Center up to that employee's termination of employment, and for three months thereafter. It is stipulated
that the breaching party shall pay the non-breaching party the equivalent of six months' salary for any employee concerned. Nothing
in this clause shall prevent either the Provider or the Client from employing an individual who responds in good faith and independently
to an advertisement which is made to the public at large. 2.8 Notices: All formal notices must be in writing, which may include
email, to the address first written on the front page of the Agreement. It is the Client's responsibility to keep their address
of record up to date with the designated Center at all times. 2.9 Confidentiality: The terms of this Agreement are confidential.
Neither the Provider nor the Client may disclose them without the other's consent unless required to do so by law or an official
authority. This obligation continues for a period of 3 years after this Agreement ends. 2.10 Applicable law: This agreement is
interpreted and enforced in accordance with the law of the place where the relevant Center is located. All dispute resolution
proceedings will be conducted in the country, state or province where the Center is located. If any provision of these terms and
conditions is held void or unenforceable under the applicable law, the other provisions shall remain in force. In the case of
Japan all agreements will be interpreted and enforced by the Tokyo District Court, and in the case of France, any dispute regarding
this agreement will be settled by the relevant courts of the Paris jurisdiction. 3. Compliance 3.1 Compliance with the law: The
Client must comply with all relevant laws and regulations in the conduct of its business. The Client must do nothing illegal in
connection with its use of the Business Center. The Client must not do anything that may interfere with the use of the Center
by the Provider or by others, (including but not limited to political campaigning or immoral activity), cause any nuisance or
annoyance, increase the insurance premiums the Provider has to pay, or cause loss or damage to the Provider (including damage
to reputation) or to the owner of any interest in the building which contains the Center the Client is using. Both the Client
and the Provider shall comply at all times with all relevant anti-bribery and anti-corruption laws. The Provider confirms that
in providing the services it has not employed or used any labour in contravention of the requirements of any anti-slavery laws.
3.2 If the Provider has been advised by any government authority or other legislative body that it has reasonable suspicion that
the Client is conducting criminal activities from the Center then the Provider shall be entitled to terminate this agreement with
immediate effect 3.3 The Client acknowledges that (a) the terms of this clause are a material inducement in the Provider's execution
of this agreement and (b) any violation by the Client of this clause shall constitute a material default by the Client hereunder,
entitling the Provider to terminate this agreement, without further notice or procedure. 3.4 The Provider may collect and process
personal data from and of the Client to administer contractual relationship, ensure compliance with applicable laws and regulations,
and enable the Provider to provide its services and to manage its business. The Client acknowledges and accepts that such personal
data may be transferred or made accessible to all entities of the Provider's group, wherever located, for the purposes of providing
the services herein. 4. Use 4.1 The Client must not carry on a business that competes with the Provider's business of providing
serviced office accommodations, virtual offices or its ancillary services. 4.2 The Client's name and address: The Client may only
carry on that business in its name or some other name that the Provider previously agrees. 4.3 Use of the Center Address: The
Client may use the designated Center address as its business address. The Client is not permitted to use the address of the designated
Center as their registered office address unless permitted by law and by the Provider and (if relevant) by local compliance rules.
Any other uses are prohibited without the Provider's prior written consent. 5. The Provider's Liability To the maximum extent
permitted by applicable law, the Provider will not be liable for any loss sustained as a result of the Provider's failure to provide
a service as a result of any mechanical breakdown, strike, or termination of THE PROVIDER'S interest in the building containing
the Center. THE CLIENT EXPRESSLY AND SPECIFICALLY AGREES TO WAIVE, AND AGREES NOT TO MAKE, ANY CLAIM FOR DAMAGES, DIRECT, INDIRECT,
PUNITIVE, SPECIAL OR CONSEQUENTIAL, INCLUDING, BUT NOT LIMITED TO, LOST BUSINESS, REVENUE, PROFITS OR DATA, FOR ANY REASON WHATSOEVER
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, ANY FAILURE TO FURNISH ANY SERVICE PROVIDED HEREUNDER, ANY ERROR OR OMISSION
WITH RESPECT THERETO, FROM FAILURE OF ANY AND ALL COURIER SERVICE TO DELIVER ON TIME OR OTHERWISE DELIVER ANY ITEMS (MAIL, PACKAGES,
ETC.), OR ANY INTERRUPTION OF SERVICES. 6. Fees 6.1 Taxes and duty charges: The Client agrees to pay promptly (i) all sales, use,
excise and any other taxes and license fees which the Client is required to pay to any governmental authority (and, at the Provider's
request, will provide to the Provider evidence of such payment) and (ii) any taxes paid by the Provider to any governmental authority
that are attributable to the accommodation, where applicable, including, without limitation, any gross receipts, rent and occupancy

 

    	 	 	8 

    	 

    

 

 

taxes, tangible
personal property taxes, stamp tax or other documentary taxes and fees. 6.2 Service Retainer/Deposit: The Client will be required
to pay a service retainer/deposit equivalent to two months of the monthly fee (plus VAT/Tax where applicable) upon entering into
this Agreement unless a greater amount is specified on the front of this agreement. This will be held by the Provider without
generating interest as security for performance of all the Client's obligations under this Agreement. The service retainer/deposit
or any balance will be returned to the Client when the Client has settled its account which includes deducting outstanding fees
and other costs due to the Provider. The Provider may require the Client to pay an increased retainer/deposit if outstanding fees
exceed the service retainer/deposit held and/or the Client frequently fail to pay the Provider's fees when due. 6.3 Registration
Fee: The Client will be charged a one-time registration fee. This fee is listed in the House Rules. 6.4 Payment: the Provider
is continually striving to reduce its environmental impact and supports its clients in doing the same. Therefore the Provider
will send all invoices electronically (where allowed by law) and the Client will make payments via an automated method such as
Direct Debit or Credit Card, wherever local banking systems permit unless another form of payment is offered to the Client as
a qualified and current key account. All amounts payable by the Client under this agreement may be assigned to other members of
the Provider's group. 6.5 Late payment: If the Client does not pay fees when due, a fee will be charged on all overdue balances.
This fee will differ by country and is listed in the House Rules. If the Client disputes any part of an invoice the Client must
pay the amount not in dispute by the due date or be subject to late fees. The Provider also reserves the right to withhold services
(including for the avoidance of doubt, denying the Client access to its accommodation, where applicable) while there are any outstanding
fees and/or interest or the Client is in breach of this Agreement. 6.6 Insufficient Funds: The Client will pay a fee for any returned
check or any other declined payments due to insufficient funds. This fee will differ by country and is listed in the House Rules.
6.7 If this agreement is for a term of more than 12 months, the Provider will increase the monthly office fee on each anniversary
of the start date. This increase will be by the local Consumer Price Index or such other broadly equivalent index where a consumer
price index is not available locally. If there is a negative index rate, prices will not be decreased. Renewals are calculated
separately from annual indexation increases. Month to Month agreements will use the above stated index or the current month to
month virtual office price, whichever is the greater. 6.8 Standard services: The monthly fee and any recurring services requested
by the Client are payable monthly in advance. Unless otherwise agreed in writing, these recurring services will be provided by
the Provider at the specified rates for the duration of this Agreement (including any renewal). Specific due dates will differ
by country and are listed in the House Rules. Where a daily rate applies, the charge for any such month will be 30 times the daily
fee. For a period of less than a month the fee will be applied on a daily basis. 6.9 Pay-as-you-use and Additional Variable Services:
Fees for pay-as-you- use services, plus applicable taxes, in accordance with the Provider's published rates which may change from
time to time, are invoiced in arrears and payable the month following the calendar month in which the additional services were
provided. Specific due dates will differ by country and are listed in the House Rules. 6.10 Discounts, Promotions and Offers:
If the Client benefited from a special discount, promotion or offer, the Provider may discontinue that discount, promotion or
offer without notice if the Client materially breaches these terms and conditions. terms & Conditions — January 2017
—

 

9

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