Document:

Exhibit
10.1

EXPLANATORY NOTE TO THIS
EXHIBIT

The Company’s
representations and warranties included in this First Amendment Agreement were made to each of the lenders hereunder. These representations
and warranties were made as of specific dates, only for purposes of this First Amendment Agreement and for the benefit of the parties
thereto. These representations and warranties were subject to important exceptions and limitations agreed upon by the parties,
made for the purposes of allocating contractual risk between the parties rather than establishing these matters as facts and were
made subject to a contractual standard of materiality that may be different from the standard generally applicable under federal
securities laws. This First Amendment Agreement is filed with this report only to provide investors with information regarding
its terms and conditions, and not to provide any other factual information regarding the Company or its business. Moreover, information
concerning the subject matter of the representations and warranties may have changed, and may continue to change, after the date
of the First Amendment Agreement, and such subsequent information may or may not be fully reflected in the Company’s public
reports. Accordingly, investors should not rely on the representations and warranties contained in this First Amendment Agreement
or any description thereof as characterizations of the actual state of facts or condition of the Company or its affiliates. The
information in this First Amendment Agreement should be considered together with the Company’s public reports filed with
the Securities and Exchange Commission.

 

 

[EXECUTION

COUNTERPART]

FIRST AMENDMENT
AGREEMENT

This First Amendment Agreement, dated
as of March 1, 2012 (this “Amendment”), is entered into by and among SERACARE LIFE SCIENCES, INC., a corporation
duly organized and validly existing under the laws of the State of Delaware (the “Borrower”); the Guarantors
party hereto, if any (each, a “Guarantor”, and collectively, the “Guarantors”); each of the
lenders signatory hereto listed under the caption “LENDERS” on the signature pages hereto (each, a “Lender”
and collectively, the “Lenders”); and MIDDLESEX SAVINGS BANK, as LC Bank (defined below) and as administrative
agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

The Borrower, Guarantors, Lenders, LC
Bank and Administrative Agent are parties to a Loan Agreement, dated as of December 30, 2010 (as amended from time to time, the
“Loan Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit to be made
by the Lenders to the Borrower. All capitalized terms used but not otherwise defined herein have the meanings assigned to them
in the Loan Agreement.

On February 12, 2012, the Borrower entered
into the Merger Agreement defined below.

The Borrower has requested that the Lenders
amend the Loan Agreement, the Notes, the Fee Letter and the Post Closing Agreement as set forth herein, and on the terms and conditions
set forth herein, the parties hereto are willing to agree to the requested amendments to the Loan Agreement, the Notes, the Fee
Letter and the Post-Closing Agreement.

    	 

    	 	

    
Accordingly, in consideration of the
mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:

1.                 
Amendments to Loan Agreement. Subject to the satisfaction of the conditions precedent specified in Section 6 below,
but effective as of the date hereof:

(a)            
The following new definitions shall be added to Section 1.01 of the Loan Agreement in their appropriate alphabetical
order:

“First Amendment”
means the First Amendment Agreement dated as of March 1, 2012, by and among the Obligors, Lenders, LC Bank and Administrative Agent.

“First Amendment Effective
Date” means the “Effective Date” as such term is defined in the First Amendment.

“Merger” means
the merger of Merger Sub with and into the Borrower, with the Borrower surviving such merger as a wholly owned Subsidiary of New
Parent, all on the terms and conditions of, and as specified in, the Merger Agreement.

“Merger Agreement”
means the Agreement and Plan of Merger dated as of February 12, 2012, by and among New Parent, Merger Sub and the Borrower.

“Merger Sub”
means Project Plasma Merger Corp., a Delaware corporation and wholly owned subsidiary of New Parent.

“New Parent”
means Project Plasma Holdings Corporation, a Delaware corporation.

(b)            
The following definitions in Section 1.01 of the Loan Agreement shall be amended and reinstated in their entirety
to read as follows:

 

“Revolving
Commitment Termination Date” means the earliest to occur of (a) February 28, 2013, (b) the date on which the Merger is
consummated and (c) the date of termination of the Revolving Commitments in accordance with the terms of the Financing Documents
(including without limitation in accordance with Section 9.01 hereof).

“Principal
Payment Date” means the first Business Day of each calendar month, commencing with April 1, 2013 (or, if the Term Commitment
Termination Date occurs before February 28, 2013, commencing with the first such date to occur after the Term Commitment Termination
Date), and the Term Maturity Date.

“Term
Commitment Termination Date” means the earliest to occur of (a) February 28, 2013, (b) the date on which the Merger is
consummated, (c) the date of termination of the Term Commitments in accordance with the terms of the Financing Documents (including
without limitation in accordance with Section 9.01 hereof) and (d) the first date on which all outstanding principal of, interest
on and all other amounts outstanding in respect of the Term Loans shall have been paid in full.

    	2

    	 	

    
 

“Term
Maturity Date” means February 28, 2020; provided, if such day is not a Business Day, the Term Maturity Date shall
be the immediately preceding Business Day.

“Term-Out
Date” means February 28, 2013 (provided, if such day is not a Business Day, the Term-Out Date shall be the immediately
preceding Business Day).

(c)            
Section 2.09(b)(i) of the Loan Agreement shall be amended by replacing the column headed “Period” therein
in its entirety with the following column:

“Period

From the First Amendment Effective
Date to and including the first anniversary of the First Amendment Effective Date.

From the first anniversary of the
First Amendment Effective Date to and including the second anniversary of the First Amendment Effective Date.

From the second anniversary of the
First Amendment Effective Date to and including the third anniversary of the First Amendment Effective Date.”

(d)           
Exhibits A-1 through A-3, inclusive, of the Loan Agreement shall be replaced in their entirety with Exhibits A-1
through A-3, inclusive, attached hereto.

(e)               
Notwithstanding anything to the contrary in the Loan Agreement, the Lenders agree that the execution and delivery
by the Borrower on February 12, 2012 of the Merger Agreement (as in effect on such date) shall not, in and of itself, constitute
a “Change of Control”. For avoidance of doubt, however, the Borrower and each other party hereto confirm and agree
that the consummation of the Merger would constitute a “Change of Control” for purposes of the Financing Documents.

2.                 
Amended and Restated Notes. Subject to the satisfaction of the conditions precedent specified in Section 6 below,
but effective as of the date hereof:

(a)               
the Revolving Note of each Lender shall be amended and restated substantially in the form of Exhibit A-1 hereto,
dated the Effective Date, payable to such Lender in a principal amount equal to the amount of its Revolving Commitment as originally
in effect and otherwise duly completed; and

(b)              
the Initial Term Note of each Lender shall be amended and restated substantially in the form of Exhibit A-2 hereto,
dated the Effective Date, payable to such Lender in a principal amount equal to the amount of such Lender’s Term Commitment
and otherwise duly completed.

    	3

    	 	

    
 

3. Amendments to Post-Closing
Agreement. Subject to the satisfaction of the conditions precedent specified in Section 6 below, but effective as of the date
hereof:

(a)            
Row and Item 2 of Exhibit A to the Post-Closing Agreement shall be amended by deleting the phrase “b) 217 Perry
Parkway, Gaithersburg, MD 20877” from said row and Item 2.

(b)            
Row and Item 7 of Exhibit A to the Post-Closing Agreement shall be amended by replacing the phrase “January
31, 2012” in said row and Item 7 with the phrase “May 31, 2012”.

(c)            
Exhibit A to the Post-Closing Agreement shall be amended by adding the following new Row and Item 8 to end of the
table set forth in said Exhibit A:

 

	8.	
        Use Borrower’s best efforts to deliver
        to the Administrative Agent a Collateral Access Agreement for Borrower’s offices at 217 Perry Parkway, Gaithersburg, MD 20877

         
	On or before May 31, 2012 (or such later date as the Administrative Agent may, in its sole discretion, designate in writing)

 

4. Amendment to Fee Letter.
Subject to the satisfaction of the conditions precedent specified in Section 6 below, but effective as of the date hereof, Section
2 of the Fee Letter shall be amended by replacing the phrase “annually in advance on the Closing Date and on each anniversary
thereof” in said Section 2 with the phrase “annually in advance on the First Amendment Effective Date and on each anniversary
thereof”.

5.Representations and Warranties;
Ratification.

(a)            
The Borrower represents and warrants to the Administrative Agent and each Lender that the representations
and warranties of the Borrower set forth in the Loan Agreement and in each other Financing Document are true and complete
on the date hereof as if made on and as of the hereof and as if each reference therein to “this Agreement”, the “Loan
Agreement”, the “Notes”, the “Post-Closing Agreement”, the “Fee Letter” or the like included
reference to this Amendment and to the Loan Agreement, Notes, Post-Closing Agreement and Fee Letter, as applicable, as amended
hereby (except to the extent that such representations and warranties expressly relate to an earlier date).

(b)            
The Borrower hereby ratifies and confirms in all respects all of its obligations and any prior grant
of a security interest under each Financing Document (as amended hereby).

6.Conditions Precedent to Effectiveness.
This Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction
of such conditions being referred to herein as the “Effective Date”):

(a)               
Administrative Agent shall have received the following documents, each in form and substance reasonably satisfactory to
it:

    	4

    	 	

    
 

                                                             (i)                       
a copy of this Amendment, duly executed and delivered by each party hereto;

                                                             (ii)                       
the amended and restated Notes of each Lender described in Section 2 hereof, duly executed and delivered by the Borrower;

                                                            
(iii)                       
a legal opinion of Foley Hoag LLP, counsel to the Obligors, addressed to the Lenders and Administrative Agent, as to matters
concerning the Obligors, this Amendment and the Financing Documents as amended hereby to which they are party as the Administrative
Agent may reasonably request; and

                                                            
(iv)                       
evidence of corporate authority and bring-down certificates, substantially similar to those delivered pursuant to Sections
5.01(b)(ii) and 5.01(b)(iv) of the Loan Agreement, with respect to this Amendment and the Financing Documents as amended hereby,
as the Administrative Agent may reasonably request;

(b)              
The Borrower shall not have requested any Borrowing of Term Loans on or before the Effective Date.

(c)               
No Default shall have occurred and be continuing on the date hereof or as of the Effective Date.

(d)              
No order, judgment or decree of any Governmental Authority shall purport to bar any Lender from making any Loans to be made
by it or the LC Bank from issuing, amending, renewing or extending any LC, as applicable. No injunction or other restraining order
binding on or applicable to any Obligor or such Obligor’s Property shall have been issued or shall be pending with respect
to any action, suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain
relief as a result of, the transactions contemplated by this Amendment or the Financing Documents (as amended hereby).

(e)               
Borrower shall have paid to the Administrative Agent, for the account of Middlesex and Commerce Bank as Lenders, a nonrefundable
amendment fee in an amount equal to $30,000.00 (the “Amendment Fee”), due and payable in full on the Effective
Date.

(f)               
Borrower shall have paid to the Administrative Agent, for the account of the Administrative Agent, the annual administrative
fee due and payable by the Borrower under the Fee Letter (as amended hereby).

(g)              
Borrower shall have paid the accrued and unpaid fees and expenses of counsel to the Administrative Agent, and all other
outstanding fees and expenses (if any) due and payable by Borrower under the Financing Documents.

The fees described in Sections 6(e) and
(f) hereof shall be fully earned on the Effective Date, shall be nonrefundable for any reason whatsoever and shall be in addition
to any other fees, costs and expenses payable pursuant to the Financing Documents. Borrower’s obligation to pay the foregoing
fees will not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute any Obligor may have.

    	5

    	 	

    
 

7.Limited
Purpose. Notwithstanding anything contained herein, the amendments and modifications made hereby: (a) are limited amendments
and modifications and do not alter or amend any term of any Financing Document other than as expressly set forth herein,
(b) are effective only with respect to the transactions described herein and in the Financing Documents for the specific instance
and the specific purposes to which the relevant provisions apply, (c) shall not be effective for any other purpose or transaction,
and (d) do not imply a future waiver, or departure from the terms of any Financing Documents or constitute a basis for a subsequent
amendment, waiver or consent thereunder. 

8.Effect on Loan Agreement.
Except as expressly amended hereby, all of the terms and conditions of the Loan Agreement and all other Financing Documents remain
in full force and effect, and none of such terms and conditions are, or shall be construed as, otherwise amended or modified. All
references to the Loan Agreement, Notes, Post-Closing Agreement and Fee Letter in the Financing Documents, and any documents, instruments
and agreements related to them, shall hereafter refer to the Loan Agreement, Notes, Post-Closing Agreement and Fee Letter as amended
hereby.

9.Miscellaneous.

(a)            
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE COMMONWEALTH OF MASSACHUSETTS.

(b)            
This Amendment is a Financing Document.

(c)            
This Amendment evidences solely the amendment of the terms and provisions of the obligations of the Borrower under
the Financing Documents and is not a novation or discharge thereof. There are no other understandings, express or implied, among
the Borrower and other parties hereto regarding the subject matter hereof or thereof.

(d)           
This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract.

(e)            
Delivery of an executed counterpart of a signature page of this Amendment by telecopy or portable document format
(“PDF”) shall be effective as delivery of a manually executed counterpart of this Amendment.

[Remainder of page
intentionally blank]

    	6

    	 	

    
 

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

 
 

	 	BORROWER
	 	 
	 	SERACARE LIFE SCIENCES, INC. 
	 	 
	 	 
	 	 
	 	By: 	/s/ Gregory A. Gould
	 	 	Name: Gregory A. Gould
 Title: Interim President and Chief Executive
Officer,

Chief Financial Officer, Treasurer and Secretary
	 	 	 
	 	 	 
	 	GUARANTORS  
	 	 	 
	 	[None on the date of this Amendment]  
	 	 	 

    	 

    	 	

    
 

 

 

	 	ADMINISTRATIVE AGENT
	 	 
	 	MIDDLESEX SAVINGS BANK, as Administrative
Agent 
	 	 
	 	 
	 	 
	 	By: 	/s/ Tony
Zhang
	 	Name:	Tony
Zhang
	 	Title:	Vice President
	 	 	 
	 	 	 

	 	LENDERS AND LC BANK
	 	 
	 	MIDDLESEX SAVINGS BANK, as a Lender
and as LC Bank 
	 	 
	 	 
	 	By: 	/s/ Philip
T. Jurgeleit
	 	Name :	Philip
T. Jurgeleit
	 	 	Senior Vice President
	 	 	 

	 	 
	 	COMMERCE BANK AND TRUST COMPANY
	 	 
	 	 
	 	By: 	/s/ Philip
T. Jurgeleit
	 	Name :	Philip
T. Jurgeleit
	 	 	Senior Vice President
	 	 	 

    	 

    	 	

    

EXHIBIT A-1

FORM
OF AMENDED AND RESTATED REVOLVING NOTE

$____________                                                                                               [insert First
Amendment Effective Date]

FOR VALUE RECEIVED, the undersigned SERACARE
LIFE SCIENCES, INC., a corporation duly organized, validly existing and in good standing under the laws of the

State of Delaware, with a principal place of business located at 37 Birch Street, Milford, Massachusetts 01757, and a mailing address
in Massachusetts at 37 Birch Street, Milford, Massachusetts 01757 (hereinafter called the "Borrower"), promises
to pay to [insert name of Lender] or registered assigns (hereinafter called the "Lender"), OR ORDER, ON
DEMAND on the Revolving Commitment Termination Date, the principal sum of ___________ ($________) DOLLARS (or such lesser amount
as may have been advanced (which Borrower agrees includes any advances previously made to Borrower by Lender under the Original
Note referred to below) to Borrower by Lender from time to time hereunder) (each, an "Advance") with interest
on the unpaid balance hereof from the date hereof until paid in full in cash, at the rate and in the manner hereinafter provided,
in lawful money of the United States of America. All payments of principal and interest shall be made to Middlesex Savings Bank
(“Middlesex”) as administrative agent (the “Administrative Agent”) under the Loan Agreement
dated as of December 30, 2010 (as amended from time to time, the “Loan Agreement”) among the Borrower, the guarantors
party thereto, the lenders (including the Lender) party thereto, the LC Bank party thereto and the Administrative Agent, for account
of the Lender in U.S. dollars in immediately available funds at the Administrative Agent’s office at 120 Flanders Road, Westborough,
Massachusetts 01581.

Variable Rate; Payments: The unpaid
principal of this Note from time to time outstanding shall bear interest, computed on the basis of the actual number of days elapsed
over a year assumed to have 360 days, at an annual rate equal to the Prime Rate plus one-half of one percent (0.5%) per annum,
but in any event not less than 3.49% per annum ("Interest Rate").

As used herein, the “Prime Rate”
means the rate from time to time announced and made effective by Middlesex as its Prime Rate. The Prime Rate hereunder shall change
as Middlesex's Prime Rate changes and any such change shall be effective on the announcement date by Middlesex of such change.

Beginning on April 1, 2012 and on the
first day of each and every month thereafter during the existence of the Note, Borrower shall make payments of interest
monthly in arrears on outstanding Advances. Principal not paid when due hereunder shall bear interest at the rate set forth above
from the date due until so paid and shall be due and payable upon demand, whether or not an Event of Default has occurred. Payments
hereunder shall be applied first to interest then due on the unpaid balance of principal and then to such principal.

    	 

    	 	

    
 Late Charge: Whenever any
installment of principal and/or interest due hereunder shall not be paid when due, if so required by the requisite percentage
of lenders under the Loan Agreement, the Borrower shall pay in addition thereto as a late charge, four percent (4%) of the amount
of any such past due amount.

Revolving Credit: Until such right
is terminated by the requisite percentage of lenders specified in the Loan Agreement by a refusal to make any further Advances,
the Borrower may borrow, repay (without penalty), and reborrow hereunder from time to time in accordance with the Loan Agreement
for working capital and general corporate purposes of Borrower, provided that the aggregate principal amount at any time outstanding
shall not exceed the face amount of this Note, as described in the Loan Agreement.

Security: This Note is secured
by a security interest in all assets of the Borrower and its domestic subsidiaries, pursuant to a Security Agreement of even date
herewith among Borrower, the other grantors party thereto and the Administrative Agent (as amended and in effect from time to time,
the "Security Agreement"), and the other Security Documents referred to in the Loan Agreement. All of Borrower’s
obligations to the Lender however characterized (the "Obligations") are guaranteed pursuant to a guaranty (as
amended and in effect from time to time, the "Guaranty") made by the Borrower’s domestic subsidiaries (the
“Guarantors”), if any. Such documents, together with various other instruments securing this Note (the terms
and provisions of all of which are incorporated herein by reference) are herein referred to as the "Security Instruments."

Setoff: Any deposits or other
sums at any time credited by or due from the holder to the Borrower or any Guarantor and any securities or other property of Borrower
or any Guarantor in the possession or custody of the holder may at all times be held and treated as collateral security for the
payment of this Note and any and all other liabilities, direct or indirect, absolute or contingent, due or to become due, now existing
or hereafter arising, of said Borrower or Guarantor to the holder; and the holder on or after default in payment hereof that constitutes
an Event of Default under and as defined in the Loan Agreement may sell any such securities or other property at broker's board
or at public or private sale without demand, notice or advertisement of any kind, all of which are hereby expressly waived. The
holder may at any time apply or set off such deposits or other sums against said liabilities of Borrower and Guarantors.

Demand Rate: If so required by
the requisite percentage of lenders under the Loan Agreement, Borrower shall pay an interest rate which is three percent (3%) per
annum above the interest rate otherwise payable hereunder ("Demand Rate”) (a) while any monetary amount remains
unpaid hereunder and such failure to pay is an Event of Default under the Loan Agreement; and (b) following the occurrence of and
during the continuation of any other Event of Default under the Loan Agreement (or, if applicable, any of the Security Instruments),
unless and until such Event of Default is cured or waived by the requisite percentage of lenders under the Loan Agreement.

 

    	 

    	 	

    
Collection Costs: If this Note
shall not be paid in full upon demand as set forth herein, the Borrower agrees to pay all costs and expenses of collection, including
court costs and reasonable attorneys' fees.

Waiver: The Borrower and each
Guarantor, and any other person now or hereafter liable for the payment of any of the indebtedness evidenced by this Note, each
severally agrees, by making, guaranteeing or endorsing this Note or by making any agreement to pay any of the indebtedness evidenced
by this Note, to waive presentment for payment, protest and demand, notice of protest, demand and or dishonor and nonpayment of
this Note, and consents without notice or further assent (a) to the substitution, exchange or release of the collateral securing
this Note or any part thereof at any time, (b) to the acceptance by the holder or holders at any time of any additional collateral
or security for or other guarantors of this Note, (c) to the modification or amendment at any time, and from time to time of this
Note, and any Security Instrument at the request of any person liable hereon, (d) to the granting by the holder hereof of any extension
of the time for payment of this Note or for the performance of the agreements, covenants and conditions contained in this Note,
or any Security Instrument, at the request of any other person liable hereon, and (e) to any and all forbearances and indulgences
whatsoever; and such consent shall not alter or diminish the liability of any person.

JURY TRIAL WAIVER: EACH OF
BORROWER, GUARANTORS AND LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN AGREEMENT OR ANY SECURITY INSTRUMENTS,
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES
A MATERIAL INDUCEMENT FOR BORROWER, GUARANTORS AND LENDER TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY.

This Note amends, restates and supersedes,
but is not intended to and shall not extinguish or cancel, the indebtedness (including, but not limited to, accrued but unpaid
interest thereon) evidenced by the Revolving Note dated December 30, 2010 (the “Original Note”) made by the
Borrower in favor of Lender in the principal amount of $__________. This Note is not a novation or discharge of the terms and provisions
of the obligations of the Borrower under the Original Note or under any Financing Document.

The Borrower and Guarantors have received
a copy of this Note.

This Note shall be the joint and several
obligation of the Borrower and all sureties, guarantors and endorsers, and shall be binding upon them and their respective successors
and assigns and each or any of them.

[remainder of
page left intentionally blank]

    	 

    	 	

    
IN WITNESS WHEREOF, the Borrower has
executed this Note as an instrument under seal, as of the day and year first above written.

 

		 	BORROWER	 	 
			 	 	 	 	 	 
	Signed in the presence of: 	 	SERACARE LIFE SCIENCES, INC.	 
	 	 	 	 	 	 	 	
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 		By:	 	 
	Witness	 	 	 	Name: 	 	
	Title:          	 	, duly authorized	Title:	 	 

  

    	 

    	 	

    

EXHIBIT A-2

FORM
OF AMENDED AND RESTATED INITIAL TERM NOTE

$____________                                                                                                                         [insert First Amendment
Effective Date]

FOR VALUE RECEIVED, the undersigned SERACARE
LIFE SCIENCES, INC., a corporation duly organized, validly existing and in good standing under the laws of the

State of Delaware, with a principal place of business located at 37 Birch Street, Milford, Massachusetts 01757, and a mailing address
in Massachusetts at 37 Birch Street, Milford, Massachusetts 01757 (hereinafter called the "Borrower"), promises
to pay to [insert name of Lender] or registered assigns (hereinafter called the "Lender"), OR TO ITS ORDER,
the principal sum of ___________ AND 00/100 DOLLARS ($________) (or such lesser amount of term loans as may have been advanced
to Borrower by Lender from time to time hereunder and pursuant to the Loan Agreement (defined below)) with interest on the unpaid
balance hereof from the date hereof until paid in full in cash, at the rate and in the manner hereinafter provided, in lawful money
of the United States of America. All payments of principal and interest shall be made to Middlesex Savings Bank (“Middlesex”)
as administrative agent (the “Administrative Agent”) under the Loan Agreement dated as of December 30, 2010
(as amended from time to time, the “Loan Agreement”) among the Borrower, the guarantors party thereto, the lenders
(including the Lender) party thereto, the LC Bank party thereto and the Administrative Agent, for account of the Lender in U.S.
dollars in immediately available funds at the Administrative Agent’s office at 120 Flanders Road, Westborough, Massachusetts
01581.

Variable Rate; Payments: From
the date of this Note to but excluding February 28, 2013, the unpaid principal of this Note from time to time outstanding shall
bear interest, computed on the basis of the actual number of days elapsed over a year assumed to have 360 days, at an annual rate
equal to the Prime Rate plus one-half of one percent (0.5%) per annum, but in any event not less than 3.49% per annum ("Interest
Rate").

As used herein, the Prime Rate means
the rate from time to time announced and made effective by Middlesex as its Prime Rate. The Prime Rate hereunder shall change as
Middlesex's Prime Rate changes and any such change shall be effective on the announcement date by Middlesex of such change.

Fixed Rate; Payments: From and
including February 28, 2013 to but excluding February 28, 2018, the unpaid principal of this Note from time to time outstanding
shall bear interest, computed on the basis of the actual number of days elapsed over a year assumed to have 360 days, at an annual
rate equal to the higher (as determined on February 28, 2013) of (a) the five-year Treasury rate plus three percent (3.00%)
per annum and (b) a fixed rate of five and 49/100 percent (5.49%) per annum (the “Interest Rate”). From and
after February 28, 2018, the unpaid principal of this Note from time to time outstanding shall bear interest, computed on the basis
of the actual number of days elapsed over a year assumed to have 360 days, at an annual rate equal to the higher of (a) the two-year
Treasury rate plus three and one-half percent (3.50%) per annum and (b) a fixed rate of five and 49/100 percent (5.49%)
per annum (the “Interest Rate”).

    	 

    	 	

    

Beginning on April 1, 2012 and on the
first day of each and every month thereafter during the term hereof, Borrower shall make payments of interest monthly in arrears
on the outstanding principal of this Note. Unless paid in full in cash on or before the Term-Out Date (defined below), Borrower
shall make monthly payments of principal of this Note, in eighty-four (84) consecutive installments, one payable on each Principal
Payment Date (defined below). Principal not paid when due hereunder shall bear interest at the rate set forth above from the date
due until so paid. Each payment shall be applied first to interest then due on the unpaid balance of principal and then to such
principal. “Principal Payment Date” means the first business day of each calendar month, commencing with April
1, 2013 (or, if the commitments of the lenders party to the Loan Agreement to make term loans to the Borrower under the Loan Agreement
terminate before February 28, 2013, commencing with the first such date to occur after the date such commitments terminate), and
the Maturity Date.

Amortization: Such monthly payments
shall be made in a seven (7) year, straight-line amortization schedule to be attached by the Administrative Agent to this Note
(or any amendment and restatement of this Note as provided in the Loan Agreement) by the Term-Out Date.

This Note shall termed-out in accordance
with the Loan Agreement on February 28, 2013 (the “Term-Out Date”) and shall be due and payable on February
28, 2020 (the “Maturity Date”), unless such date is extended in a written agreement executed by Borrower, the
Guarantors (defined below), the lenders party to the Loan Agreement (including the Lender), LC Bank party thereto and the Administrative
Agent.

Late Charge: Whenever any installment
of principal and/or interest due hereunder shall not be paid when due, if so required by the requisite percentage of lenders under
the Loan Agreement, the Borrower shall pay in addition thereto as a late charge, four percent (4%) of the amount of any such past
due amount.

Security: This Note is secured
by a security interest in all assets of the Borrower and its domestic subsidiaries, pursuant to a Security Agreement of even date
herewith among Borrower, the other grantors party thereto and the Administrative Agent (as amended and in effect from time to time,
the "Security Agreement"), and the other Security Documents referred to in the Loan Agreement. All of Borrower’s
Guaranteed Obligations (as defined in the Loan Agreement) to the Lender (the "Obligations") are guaranteed pursuant
to a guaranty (as amended and in effect from time to time, the "Guaranty") made by the Borrower’s domestic
subsidiaries (the “Guarantors”), if any. Such documents, together with various other instruments securing this
Note (the terms and provisions of all of which are incorporated herein by reference) are herein referred to as the "Security
Instruments."

    	 

    	 	

    

Default: An Event of Default under
the Loan Agreement (or, if applicable, any of the Security Instruments) shall constitute an Event of Default hereunder, and such
events of default include, but are not limited to, the failure of Borrower to make any payments of principal when due hereunder.
Upon the occurrence of an Event of Default, the requisite percentage of lenders under the Loan Agreement may, at their option,
without notice or demand, declare the unpaid principal and all accrued interest under this Note to be immediately due and payable
without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly
waived by the Borrower for itself, its successors and assigns. No course of dealing or delay in accelerating the maturity of this
Note or in taking any other action with respect to any Event of Default shall affect Lender's or Administrative Agent’s rights
to take action with respect thereto, and no waiver as to any one Event of Default shall affect any of Lender's or Administrative
Agent’s rights as to any other Event of Default.

Setoff: Any deposits or other
sums at any time credited by or due from the holder to the Borrower or any Guarantor and any securities or other property of Borrower
or any Guarantor in the possession or custody of the holder may at all times be held and treated as collateral security for the
payment of this Note and any and all other liabilities, direct or indirect, absolute or contingent, due or to become due, now existing
or hereafter arising, of said respective Borrower or any Guarantor to the holder. The holder hereof on or after default in payment
hereof that constitutes an Event of Default hereunder may apply such deposits or other sums to said Obligations and sell any such
securities or other property at broker's board or at public or private sale without demand, notice or advertisement of any kind,
all of which are hereby expressly waived.

Default Rate: The requisite percentage
of lenders under the Loan Agreement shall have the option of imposing, and Borrower shall pay upon billing therefor, an interest
rate which is three percent (3%) per annum above the interest rate otherwise payable hereunder ("Default Rate"):
(a) while any monetary amount remains unpaid hereunder and such failure to pay is an Event of Default under the Loan Agreement;
(b) following the occurrence of and during the continuance of any other Event of Default under the Loan Agreement (or, if applicable,
any of the Security Instruments), unless and until the Event of Default is cured or waived by the requisite percentage of lenders
under the Loan Agreement; and (c) after the Maturity Date.

Collection Costs: If this Note
shall not be paid in full whenever it shall become due, the Borrower and Guarantors agree to pay all costs and expenses of collection,
including court costs and reasonable attorneys' fees.

Prepayment: Borrower may make
partial or a full prepayment of principal due hereunder without penalty, provided however, that as to full prepayments made with
funds provided by any lender(s) other than Middlesex and Commerce Bank and Trust Company, a prepayment charge will be applicable
for the first three (3) year period of this Note, on the terms more fully provided in the Loan Agreement. The charge will be equal
to three (3%) percent of the amount of principal of this Note prepaid for the first such year, two (2%) percent for the second
such year, and one (1%) percent for the third such year.

    	 

    	 	

    

Waiver: The Borrower and each
Guarantor, and any other person now or hereafter liable for the payment of any of the indebtedness evidenced by this Note, each
severally agrees, by making, guaranteeing or endorsing this Note or by making any agreement to pay any of the indebtedness evidenced
by this Note, to waive presentment for payment, protest and demand, notice of protest, demand and or dishonor and nonpayment of
this Note, and consents without notice or further assent (a) to the substitution, exchange or release of the collateral securing
this Note or any part thereof at any time, (b) to the acceptance by the holder or holders at any time of any additional collateral
or security for or other guarantors of this Note, (c) to the modification or amendment at any time, and from time to time of this
Note, and any Security Instrument at the request of any person liable hereon, (d) to the granting by the holder hereof of any extension
of the time for payment of this Note or for the performance of the agreements, covenants and conditions contained in this Note,
or any Security Instrument, at the request of any other person liable hereon, and (e) to any and all forbearances and indulgences
whatsoever; and such consent shall not alter or diminish the liability of any person.

JURY TRIAL WAIVER: EACH OF
BORROWER, GUARANTORS AND LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN AGREEMENT OR ANY SECURITY INSTRUMENTS,
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES
A MATERIAL INDUCEMENT FOR BORROWER, GUARANTORS AND LENDER TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY.

This Note amends, restates and supersedes,
but is not intended to and shall not extinguish or cancel, the indebtedness (including, but not limited to, accrued but unpaid
interest thereon) evidenced by the Initial Term Note dated December 30, 2010 (the “Original Note”) made by the
Borrower in favor of Lender in the principal amount of $__________. This Note is not a novation or discharge of the terms and provisions
of the obligations of the Borrower under the Original Note or under any Financing Document.

The Borrower and Guarantors have received
a copy of this Note.

This Note shall be the joint and several
obligation of the Borrower and all sureties, guarantors and endorsers, and shall be binding upon them and their respective successors
and assigns and each or any of them.

[remainder of
page left intentionally blank]

    	 

    	 	

    

IN WITNESS WHEREOF, the Borrower has
executed this Note as an instrument under seal, as of the day and year first above written.

 

		 	BORROWER	 	 
			 	 	 	 	 	 
	Signed in the presence of: 	 	SERACARE LIFE SCIENCES, INC.	 
	 	 	 	 	 	 	 	
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 		By:	 	 
	Witness	 	 	 	Name: 	 	
	Title:          	 	, duly authorized	Title:	 	 

    	 

    	 	

    

EXHIBIT A-3

[FORM
OF] AMENDED AND RESTATED TERM NOTE

$___________                                                                                                                                           [insert Term-Out Date]

FOR VALUE RECEIVED, the undersigned SERACARE
LIFE SCIENCES, INC., a corporation duly organized, validly existing and in good standing under the laws of the

State of Delaware, with a principal place of business located at 37 Birch Street, Milford, Massachusetts 01757, and a mailing address
in Massachusetts at 37 Birch Street, Milford, Massachusetts 01757 (hereinafter called the "Borrower"), promises
to pay to [insert name of Lender] or registered assigns (hereinafter called the "Lender"), OR TO ITS ORDER,
the principal sum of ___________ AND 00/100 DOLLARS ($________) with interest on the unpaid balance hereof from the date hereof
until paid in full in cash, at the rate and in the manner hereinafter provided, in lawful money of the United States of America.
All payments of principal and interest shall be made to Middlesex Savings Bank (“Middlesex”) as administrative
agent (the “Administrative Agent”) under the Loan Agreement dated as of December 30, 2010 (as amended from time
to time, the “Loan Agreement”) among the Borrower, the guarantors party thereto, the lenders (including the
Lender) party thereto, the LC Bank party thereto and the Administrative Agent, for account of the Lender in U.S. dollars in immediately
available funds at the Administrative Agent’s office at 120 Flanders Road, Westborough, Massachusetts 01581.

Variable Rate; Payments: From
the date of this Note to but excluding February 28, 2013, the unpaid principal of this Note from time to time outstanding shall
bear interest, computed on the basis of the actual number of days elapsed over a year assumed to have 360 days, at an annual rate
equal to the Prime Rate plus one-half of one percent (0.5%) per annum, but in any event not less than 3.49% per annum ("Interest
Rate").

As used herein, the Prime Rate means
the rate from time to time announced and made effective by Middlesex as its Prime Rate. The Prime Rate hereunder shall change as
Middlesex's Prime Rate changes and any such change shall be effective on the announcement date by Middlesex of such change.

Fixed Rate; Payments: From and
including February 28, 2013 to but excluding February 28, 2018, the unpaid principal of this Note from time to time outstanding
shall bear interest, computed on the basis of the actual number of days elapsed over a year assumed to have 360 days, at an annual
rate equal to the higher (as determined on February 28, 2013) of (a) the five-year Treasury rate plus three percent (3.00%)
per annum and (b) a fixed rate of five and 49/100 percent (5.49%) per annum (the “Interest Rate”). From and
after February 28, 2018, the unpaid principal of this Note from time to time outstanding shall bear interest, computed on the basis
of the actual number of days elapsed over a year assumed to have 360 days, at an annual rate equal to the higher of (a) the two-year
Treasury rate plus three and one-half percent (3.50%) per annum and (b) a fixed rate of five and 49/100 percent (5.49%)
per annum (the “Interest Rate”).

    	 

    	 	

    

Beginning on April 1, 2012 and on the
first day of each and every month thereafter during the term hereof, Borrower shall make payments of interest monthly in arrears
on the outstanding principal of this Note. Borrower shall make monthly payments of principal of this Note, in eighty-four (84)
consecutive installments, one payable on each Principal Payment Date (defined below). Principal not paid when due hereunder shall
bear interest at the rate set forth above from the date due until so paid. Each payment shall be applied first to interest then
due on the unpaid balance of principal and then to such principal. “Principal Payment Date” means the first
business day of each calendar month, commencing with April 1, 2013, and the Maturity Date.

Amortization: Such monthly payments
shall be made in a seven (7) year, straight-line amortization schedule attached hereto.

This Note shall be due and payable on
February 28, 2020 (the “Maturity Date”), unless such date is extended in a written agreement executed by Borrower,
the Guarantors (defined below), the lenders party to the Loan Agreement (including the Lender), LC Bank party thereto and the Administrative
Agent.

Late Charge: Whenever any installment
of principal and/or interest due hereunder shall not be paid when due, if so required by the requisite percentage of lenders under
the Loan Agreement, the Borrower shall pay in addition thereto as a late charge, four percent (4%) of the amount of any such past
due amount.

Security: This Note is secured
by a security interest in all assets of the Borrower and its domestic subsidiaries, pursuant to a Security Agreement of even date
herewith among Borrower, the other grantors party thereto and the Administrative Agent (as amended and in effect from time to time,
the "Security Agreement"), and the other Security Documents referred to in the Loan Agreement. All of Borrower’s
Guaranteed Obligations (as defined in the Loan Agreement) to the Lender (the "Obligations") are guaranteed pursuant
to a guaranty (as amended and in effect from time to time, the "Guaranty") made by the Borrower’s domestic
subsidiaries (the “Guarantors”), if any. Such documents, together with various other instruments securing this
Note (the terms and provisions of all of which are incorporated herein by reference) are herein referred to as the "Security
Instruments."

Default: An Event of Default under
the Loan Agreement (or, if applicable, any of the Security Instruments) shall constitute an Event of Default hereunder, and such
events of default include, but are not limited to, the failure of Borrower to make any payments of principal when due hereunder.
Upon the occurrence of an Event of Default, the requisite percentage of lenders under the Loan Agreement may, at their option,
without notice or demand, declare the unpaid principal and all accrued interest under this Note to be immediately due and payable
without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly
waived by the Borrower for itself, its successors and assigns. No course of dealing or delay in accelerating the maturity of this
Note or in taking any other action with respect to any Event of Default shall affect Lender's or Administrative Agent’s rights
to take action with respect thereto, and no waiver as to any one Event of Default shall affect any of Lender's or Administrative
Agent’s rights as to any other Event of Default.

    	 

    	 	

    
Setoff: Any deposits or other
sums at any time credited by or due from the holder to the Borrower or any Guarantor and any securities or other property of Borrower
or any Guarantor in the possession or custody of the holder may at all times be held and treated as collateral security for the
payment of this Note and any and all other liabilities, direct or indirect, absolute or contingent, due or to become due, now
existing or hereafter arising, of said respective Borrower or any Guarantor to the holder. The holder hereof on or after default
in payment hereof that constitutes an Event of Default may apply such deposits or other sums to said Obligations and sell any
such securities or other property at broker's board or at public or private sale without demand, notice or advertisement of any
kind, all of which are hereby expressly waived.

Default Rate: The requisite percentage
of lenders under the Loan Agreement shall have the option of imposing, and Borrower shall pay upon billing therefor, an interest
rate which is three percent (3%) per annum above the interest rate otherwise payable hereunder ("Default Rate"):
(a) while any monetary amount remains unpaid hereunder and such failure to pay is an Event of Default under the Loan Agreement;
(b) following the occurrence of an during the continuance of any other Event of Default under the Loan Agreement (or, if applicable,
any of the Security Instruments), unless and until the Event of Default is cured or waived by the requisite percentage of lenders
under the Loan Agreement; and (c) after the Maturity Date.

Collection Costs: If this Note
shall not be paid in full whenever it shall become due, the Borrower and Guarantors agree to pay all costs and expenses of collection,
including court costs and reasonable attorneys' fees.

Prepayment: Borrower may make
partial or a full prepayment of principal due hereunder without penalty, provided however, that as to full prepayments made with
funds provided by any lender(s) other than Middlesex and Commerce Bank and Trust Company, a prepayment charge will be applicable
for the first three (3) year period of this Note, on the terms more fully provided in the Loan Agreement. The charge will be equal
to three (3%) percent of the amount of principal of this Note prepaid for the first such year, two (2%) percent for the second
such year, and one (1%) percent for the third such year.

Waiver: The Borrower and each
Guarantor, and any other person now or hereafter liable for the payment of any of the indebtedness evidenced by this Note, each
severally agrees, by making, guaranteeing or endorsing this Note or by making any agreement to pay any of the indebtedness evidenced
by this Note, to waive presentment for payment, protest and demand, notice of protest, demand and or dishonor and nonpayment of
this Note, and consents without notice or further assent (a) to the substitution, exchange or release of the collateral securing
this Note or any part thereof at any time, (b) to the acceptance by the holder or holders at any time of any additional collateral
or security for or other guarantors of this Note, (c) to the modification or amendment at any time, and from time to time of this
Note, and any Security Instrument at the request of any person liable hereon, (d) to the granting by the holder hereof of any extension
of the time for payment of this Note or for the performance of the agreements, covenants and conditions contained in this Note,
or any Security Instrument, at the request of any other person liable hereon, and (e) to any and all forbearances and indulgences
whatsoever; and such consent shall not alter or diminish the liability of any person.

    	 

    	 	

    

JURY TRIAL WAIVER: EACH OF
BORROWER, GUARANTORS AND LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN AGREEMENT OR ANY SECURITY INSTRUMENTS,
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES
A MATERIAL INDUCEMENT FOR BORROWER, GUARANTORS AND LENDER TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY.

This Note amends, restates and supersedes,
but is not intended to and shall not extinguish or cancel, the indebtedness (including, but not limited to, accrued but unpaid
interest thereon) evidenced by the Amended and Restated Initial Term Note dated March 1, 2012 (the “Original Note”)
made by the Borrower in favor of Lender in the principal amount of $__________. This Note is not a novation or discharge of the
terms and provisions of the obligations of the Borrower under the Original Note or under any Financing Document.

The Borrower and Guarantors have received
a copy of this Note.

This Note shall be the joint and several
obligation of the Borrower and all sureties, guarantors and endorsers, and shall be binding upon them and their respective successors
and assigns and each or any of them.

[remainder of
page left intentionally blank]

    	 

    	 	

    

IN WITNESS WHEREOF, the Borrower has
executed this Note as an instrument under seal, as of the day and year first above written.

 

 

		 	BORROWER	 	 
			 	 	 	 	 	 
	Signed in the presence of: 	 	SERACARE LIFE SCIENCES, INC.	 
	 	 	 	 	 	 	 	
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 		By:	 	 
	Witness	 	 	 	Name: 	 	
	Title:          	 	, duly authorized	Title:EX10-1

Exhibit 10.1

__________

 

 

 

AMENDMENT NO. 1 TO

PROPERTY ACQUISITION AGREEMENT

 

 

 

Among each of:

MINAS RÍO BRAVO S.A..

(as a Vendor)

And:

COMPAÑÍA MINERA RÍO VERDE S.A.

(as a Vendor)

And:

MINAS LA ROCA S.A.

(as a Vendor)

 

And each of:

PIEDRA RICA MINING S.A.

(as the Purchaser)

And:

URANIUM ENERGY CORP.

(as UEC)

 

 

 

 

 

Uranium Energy Corp.

Suite 320, 1111 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2J3

__________

AMENDMENT NO. 1 TO

PROPERTY ACQUISITION AGREEMENT

                       THIS AMENDMENT NO. 1 TO Property Acquisition Agreement (the "Amendment") is made and dated for reference as fully executed on this 28th day of February, 2012 (the "Execution Date").

 

AMONG EACH OF:

MINAS RÍO BRAVO S.A., a company incorporated under the 

laws of Paraguay, and having an address for notice and delivery 

located at Facundo Machain No. 6063, Asuncion, Paraguay

("Rio Bravo");

OF THE FIRST PART

AND:

COMPAÑÍA MINERA RÍO VERDE S.A., a company 

incorporated under the laws of Paraguay, and having an address for 

notice and delivery located at Facundo Machain No. 6063, 

Asuncion, Paraguay

("Minera");

OF THE SECOND PART

AND:

MINAS LA ROCA S.A., a company incorporated under the laws 

of Paraguay, and having an address for notice and delivery located 

at Facundo Machain No. 6063, Asuncion, Paraguay

("La Roca");

OF THE THIRD PART

(and each of Rio Bravo, Minera and La Roca being hereinafter 

singularly also referred to as a "Vendor" and collectively referred 

to as the "Vendors" as the context so requires);

AND EACH OF:

URANIUM ENERGY CORP., a company incorporated under the 

laws of the State of Nevada, U.S.A., and having an address for 

notice and delivery located at Suite 320, 1111 West Hastings 

Street, Vancouver, British Columbia, Canada, V6E 2J3

("UEC");

OF THE FOURTH PART

- 2 -

AND:

PIEDRA RICA MINING S.A., a company incorporated under 

the laws of Paraguay, and having an address for notice and 

delivery located at Juan Iturbe No. 339, Asuncion, Paraguay

(the "Purchaser");

OF THE FIFTH PART

(and each of the Vendors, UEC and the Purchaser being hereinafter 

singularly also referred to as a "Party" and collectively referred to 

as the "Parties" as the context so requires).

 

WHEREAS:

(A)       Rio Bravo is a body corporate subsisting under and registered pursuant to the laws of Paraguay and is the 100% legal, beneficial and registered owner of certain mineral property concession interests which are located in Paraguay and which are more particularly described as "La Pastora Block" and "Carayao Block" and comprise approximately 50,000 hectares each (collectively, the "Rio Bravo Assets"); and which Rio Bravo Assets and the right to prospect the same were granted to Rio Bravo by way of Resolution No. 757, dated April 28, 2011, and by way of Resolution 774, dated April 28, 2011, from the Paraguay Minstro de Obras Publicas y Comunicaciones ("MPOC");

(B)       Minera is a body corporate subsisting under and registered pursuant to the laws of Paraguay and is the 100% legal, beneficial and registered owner of certain mineral property concession interests which are located in Paraguay and which are more particularly described as "Isla Margarita Block" and "Santa Rosa Block" and comprise approximately 56,500 hectares and 42,800 hectares, respectively (collectively, the "Minera Assets"); and which Minera Assets and the right to prospect the same were granted to Minera by way of Resolution No. 775, dated April 28, 2011, and by way of Resolution 842, dated May 9, 2011, from the MPOC;

(C)       La Roca is a body corporate subsisting under and registered pursuant to the laws of Paraguay and is the 100% legal, beneficial and registered owner of certain mineral property concession interests which are located in Paraguay and which are more particularly described as "Union Block" and "Tapiracuai Block" and comprise approximately 50,000 hectares each (collectively, the "La Roca Assets"; and together with each of the Rio Bravo Assets, the Minera Assets and the La Roca Assets and including, without limitation, any and all reports, maps, assay results and other relevant technical data and work product compiled by or in the possession or within the control of the Vendors with respect to any such mineral property interests, being hereinafter singularly also referred to as a "Mineral Asset" and collectively referred to as the "Mineral Assets" as the context so requires); and which La Roca Assets and the right to prospect the same were granted to La Roca by way of Resolution No. 756, dated April 28, 2011, and by way of Resolution 758, dated April 28, 2011, from the MPOC;

(D)       The Purchaser is a body corporate subsisting under and registered pursuant to the laws of Paraguay and is presently engaged in the business of seeking, acquiring, exploring and developing mineral resource property interests of merit in Paraguay, and UEC, through its wholly-owned subsidiary, UEC Paraguay Corp., is the legal and beneficial owner of all of the presently issued and outstanding common shares in the capital of the Purchaser except for one common share;

- 3 -

(E)       UEC is a reporting company incorporated under the laws of the State of Nevada, U.S.A., is also in the business of seeking, acquiring and developing mineral resource property interests of merit and has its common shares listed for trading on the NYSE Amex equities exchange;

(F)       In accordance with the terms and conditions of a certain underlying "Property Acquisition Agreement", dated for reference effective as at October 14, 2011, as entered into between the Parties (the "Property Acquisition Agreement"); a copy of which Property Acquisition Agreement being attached hereto as Schedule "A" and forming a material part hereof; each of the Vendors thereby agreed to sell, and the Purchaser thereby agreed to acquire, subject to the prior satisfaction of certain conditions precedent to the satisfaction of the Purchaser, all of the Mineral Assets (collectively, the "Acquisition"); and

(G)       Due to the advent of certain recently proposed and contemplated indirect property acquisition transactions involving UEC in Paraguay, and in view of the passing of certain laws by the National Congress of Paraguay modifying certain aspects of the mining laws of Paraguay, the Parties now desire to amend the Property Acquisition Agreement and the related Acquisition in accordance with the terms and conditions of this Amendment;

 

          THIS AMENDMENT WITNESSES that, in consideration of the respective covenants and agreements herein contained, the Parties mutually covenant and agree as follows:

Certain Definitions

1.       Capitalized terms not otherwise herein defined shall have the meaning ascribed to them in the Property Acquisition Agreement.

Amendments to the Property Acquisition Agreement

2.       The Property Acquisition Agreement is hereby amended as follows:

(a)       The title of Article "1" of the Property Acquisition Agreement is hereby deleted and substituted with the title "Acquisition and Option Transaction".

(b)       Section "1.1" (titled Acquisition of the Mineral Assets and Acquisition Consideration) of the Property Acquisition Agreement is hereby amended and restated as follows:

"1.1     Acquisition of the Rio Bravo Assets and Acquisition Consideration.   Rio Bravo hereby agrees to sell, assign and transfer a 100% undivided right, title and interest in and to all of the mineral property interests comprising the Rio Bravo Assets in exchange for the following consideration to be paid and delivered in the following manner:

(a)       a one-time and aggregate cash payment of U.S. $7,500 by UEC and by way of wire transfer at the "Closing Date" (as hereinafter defined) to the order and direction of Rio Bravo in accordance with the direction of Rio Bravo delivered to the Purchaser in writing prior to the Closing Date (the "Cash Payment");

(b)       the deemed repayment and corresponding relinquishment by UEC and/or the Purchaser of that certain promissory note, dated June 10, 2011 (the "Rio Bravo Promissory Note") from Rio Bravo to UEC and/or the Purchaser with a current principal amount of U.S. $48,906 (the "Rio Bravo Relinquishment"); which Rio Bravo Promissory Note having represented certain regulatory and insurance fees and amounts which had been previously advanced by UEC and/or the Purchaser to Rio Bravo in order to maintain the Rio Bravo Assets prior to the proposed Acquisition hereunder; and

- 4 -

(c)       the one-time and aggregate issuance of 100,000 restricted common shares of UEC's common stock (the "Acquisition Shares"), which each of Rio Bravo, the Purchaser and UEC acknowledge and agree shall be valued at a deemed issuance price of U.S. $3.25 per Acquisition Share, and which Acquisition Shares will be issued to the order and direction of Rio Bravo in accordance with the direction and registration instructions of Rio Bravo delivered to the Purchaser in writing prior to the Closing Date;

(and each of the Cash Payment, the Rio Bravo Relinquishment and the issuance and delivery of the Acquisition Shares being, collectively, the "Acquisition Consideration" herein).".

(c)       The following terms shall be inserted after Section "1.1" of the Property Acquisition Agreement:

"1.2     Option to Acquire each of the Minera Assets and the La Roca Assets and Option Consideration.   Subject to the Purchaser's prior right and entitlement to acquire the same in compliance with the mining laws of Paraguay, from time to time; it being within the Purchaser's sole and absolute discretion to determine such compliance and entitlement, from time to time; each of Minera and La Roca hereby irrevocably grant to the Purchaser (or, at the sole and absolute discretion of the Purchaser, to such other entity or subsidiary as may be determined by the Purchaser prior to the Closing Date) the sole and exclusive right and option to acquire a 100% undivided right, title and interest in and to all of the mineral property interests comprising each of the Minera Assets and the La Roca Assets, respectively, free and clear from all liens, charges, encumbrances, claims, rights or interest of any other person (each an "Option" and, collectively, the "Options"), and, in order to maintain the Options in good standing and in full force and effect, the Purchaser hereby agrees to exercise the Options, in accordance with the laws of Paraguay, on or before the Closing Date (and which period in time from the Effective Date herein to the Closing Date is referred to as the "Option Period") in the following manner and in accordance with such final terms and conditions to be reasonably negotiated and agreed to by each of Minera, La Roca, the Purchaser and UEC in definitive option agreements in respect of each of the Options shortly hereafter:

(a)       pay to the order and direction of each of Minera and La Roca (as the case may be) a non-refundable cash payment (each an "Option Payment" and, collectively, the "Option Payments") of U.S. $1,000 by way of wire transfer at the Closing Date;

(b)       the deemed repayment and corresponding relinquishment by UEC and/or the Purchaser of each of those certain promissory notes (as the case may be) dated June 10, 2011 (collectively, the "M&L Promissory Notes", and together with the Minera Promissory Notes, the "Promissory Notes") from each of Minera and La Roca to UEC and/or the Purchaser with a current principal amount of approximately U.S. $45,801 and U.S. $48,906, respectively (collectively, the "M&L Relinquishments"); and which M&L Promissory Notes having represented certain regulatory and insurance fees and amounts which had been previously advanced by UEC and/or the Purchaser to each of Minera and La Roca in order to maintain each of the Minera Assets and the La Roca Assets prior to the Closing Date hereunder; and

- 5 -

(c)       pay, or cause to be paid, to or on each of Minera's and La Roca's behalf as the Purchaser may determine, in the Purchaser's sole and absolute discretion, all underlying regulatory and governmental fees, payments and assessment work required to keep the mineral property interests comprising each of the Minera Assets and the La Roca Assets in good standing during the Option Period (the "Maintenance Payments").

(and each of the Option Payments, the M&L Relinquishments and the Maintenance Payments being, collectively, the "Option Consideration" herein).".

(d)       Section "1.2" (titled Resale restrictions and legending of Share certificates) of the Property Acquisition Agreement is hereby amended and restated as follows:

"1.2     Resale restrictions and legending of Share certificates.  Rio Bravo hereby acknowledges and agrees that the Purchaser and UEC make no representations as to any resale or other restriction affecting the Acquisition Shares and that the Acquisition Shares are being issued by UEC to Rio Bravo in reliance upon the registration and prospectus exemptions contained in "Regulation S" promulgated under the United States Securities Act of 1933 (the "Securities Act") which will continue to impose a trading restriction in the United States on the Acquisition Shares for a period of at least six months from the date of issuance.  Rio Bravo, the Purchaser and UEC hereby also acknowledge and understand that neither the sale of the Acquisition Shares, nor any of the Acquisition Shares themselves, have been registered under the Securities Act or any state securities laws, and, furthermore, that the Acquisition Shares must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available.  Rio Bravo, the Purchaser and UEC also acknowledge and understand that the certificate(s) representing the Acquisition Shares will be stamped with the following legend (or substantially equivalent language) restricting transfer in the following manner if such restriction is required by applicable securities laws:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR APPLICABLE STATE SECURITIES LAWS.  THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, (B) TO Uranium Energy Corp. (THE "CORPORATION"), (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, IF AVAILABLE, OR (E) IN A TRANSACTION THAT DOES NOT OTHERWISE REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS IF AN OPINION OF COUNSEL, OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE CORPORATION, HAS BEEN PROVIDED TO THE CORPORATION TO THAT EFFECT.  THE SECURITIES REPRESENTED BY THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE SECURITIES LAWS."; and

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"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [four months and one day from the Closing Date]";

and Rio Bravo hereby consents to UEC making a notation on its records or giving instructions to UEC's transfer agent of the Acquisition Shares in order to implement the restrictions on transfer set forth and described hereinabove.".

(e)       Section "1.5" (titled Standstill provisions respecting the Vendors) of the Property Acquisition Agreement is hereby amended and restated as follows:

"1.5     Standstill provisions respecting the Vendors.   In consideration of the Purchaser's and UEC's within agreement for the proposed Acquisition and Options and to enter into the terms and conditions of this Agreement, each of the Vendors hereby undertakes for itself, and for each of its respective agents and advisors, that it will not until the earlier of the Closing Date or the termination of this Agreement approach or consider any other potential purchasers, or make, invite, entertain or accept any offer or proposal for the proposed sale of any interest in and to any of its Mineral Assets or of any of the Vendors' respective and underlying securities or business interests, as the case may be, or, for that matter, disclose any of the terms of this Agreement, without each of the Purchaser's and UEC's prior written consent.  In this regard each of the Vendors acknowledges that the foregoing restrictions are important to the respective businesses of the Purchaser and UEC and that a breach by any of the Vendors of any of the covenants herein contained would result in irreparable harm and significant damage to each of the Purchaser and UEC that would not be adequately compensated for by monetary award.  Accordingly, each of the Vendors agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, each Vendor will also be liable to the Purchaser and UEC, as liquidated damages, for an amount equal to the amount received and earned by any such Vendor as a result of and with respect to any such breach.  The Parties hereby also acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, they agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances.".

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(f)       The first and fourth paragraphs of Section "1.7" (titled Royalty, right purchase and right of first refusal for the Royalty) of the Property Acquisition Agreement is hereby amended and restated as follows:

"1.7     Royalty, right to purchase and right of first refusal for the Royalty.   At any time after the Closing Date, however, subject to the right to purchase provided for immediately hereinbelow, and as a condition to the due and complete completion of each of the within Acquisition and Options, it is hereby acknowledged and agreed that, as part of and not in addition to the "Existing Royalty" (as hereinafter defined), the Purchaser shall remain continually obligated to pay to the order and direction of the Vendors an aggregate overriding royalty (the "Royalty" herein) equal to one and one-half percent (1.5%) of the gross proceeds received by the Purchaser in connection with any uranium which is produced and sold in relation to any mineral interests comprising the Mineral Assets hereunder."

"       At any time, and from time to time, after Closing the Purchaser shall have the sole and exclusive right and option, exercisable at any time in writing, in its sole and absolute discretion; and as already provided for in the Share Exchange Agreement; however, subject, at all times, to the Royalty then due and payable having first been paid in full to the Vendors; to acquire one-half percent (0.5%) of the aggregate Royalty interest hereunder and thereunder (that being one-third of the entire 1.5%) at a Royalty purchase price of U.S. $166,666.67 (the "Royalty Purchase Price") for such one-third Royalty interest; with the Royalty Purchase Price to be due and payable by the Purchaser to the order and direction the Vendors within five calendar days of the Purchaser's election to do so.".

(g)       The numbering of Sections "1.2", "1.3", "1.4", "1.5", "1.6", and "1.7" of the Property Acquisition Agreement are hereby amended and restated as "1.3", "1.4", "1.5", "1.6", "1.7", and "1.8", respectively, and any and all references to said section numbers in the Property Acquisition Agreement shall refer to amended and restated section numbers, as applicable.

(h)       Section "5.1" (titled Closing and Closing Date) of the Property Acquisition Agreement is hereby amended and restated as follows:

"5.1     Closing and Closing Date.   The closing (the "Closing") of the within Options to acquire each of the Minera Assets and the La Roca Assets and Acquisition of the mineral interests comprising the Rio Bravo Assets, as contemplated in the manner as set forth in Article "1" hereinabove, together with all of the transactions contemplated by this Agreement, shall occur on such day which is two business days following the due and complete satisfaction of all of the conditions precedent which are set out in Article "4" hereinabove (the "Closing Date"), or on such earlier or later Closing Date as may be agreed to in advance and in writing by each of the Parties, and will be closed, in each such instance, at the offices of McMillan LLP, Lawyers - Patent & Trade Mark Agents, located at 1500 Royal Centre, 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7, at 2:00 p.m. (Vancouver time) on the Closing Date.".

(i)       Section "5.2" (titled Latest Closing Date) of the Property Acquisition Agreement is hereby amended and restated as follows:

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"5.2     Latest Closing Date.   If the Closing Date has not occurred by March 31, 2012, this Agreement will be terminated and unenforceable unless the Parties agree in writing to grant an extension of the Closing Date.".

(j)       Section "5.4" (titled Documents to be delivered by the Purchaser prior to the Closing Date) of the Property Acquisition Agreement is hereby amended and restated as follows:

"5.4     Documents to be delivered by the Purchaser prior to the Closing Date.   Not later than two business days prior to the Closing Date, and in addition to the documentation which is required by the agreements and conditions precedent which are set forth hereinabove, the Purchaser and/or UEC shall also execute and deliver, or cause to be delivered, to each of the Vendors and/or the Escrow Agent, as applicable, all such other documents, resolutions and instruments as are necessary, in the opinion of counsel for the Vendors, acting reasonably, to complete the Acquisition, to exercise the Options, to complete the Acquisition Consideration, to complete the Option Consideration, and to issue the Acquisition Shares free and clear of all liens, charges and encumbrances, however, subject to the normal resale provisions applicable thereto, and in particular including, but not being limited to, the following materials:

(a)       a Closing agenda;

(b)       a certified copy of the resolutions of the respective Boards of Directors of each of the Purchaser and UEC providing for the approval of all of the transactions contemplated hereby;

(c)       written evidence of the delivery and issuance of the Acquisition Consideration in accordance with section "1.1" hereinabove and comprised of:

(i)       the payment of the Cash Payment;

(ii)      the Rio Bravo Relinquishment of the Rio Bravo Promissory Note; and

(iii)     the issuance and delivery of a UEC share certificate, subject to the normal resale provisions applicable thereto, representing all of the Acquisition Shares issued and registered as directed by Rio Bravo in accordance with section "1.1" hereinabove;

(d)       written evidence of the delivery and issuance of the Option Consideration in accordance with section "1.2" hereinabove and comprised of:

(i)       the payment of the Option Payments;

(ii)      the M&L Relinquishments of the M&L Promissory Notes; and

(iii)     the payment of the Maintenance Payments;

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(e)       all necessary consents and approvals in writing to the completion of the transactions contemplated herein and including, without limitation, the Regulatory Approval;

(f)       written evidence of the Purchaser's satisfaction with its due diligence in accordance with section "2.1" hereinabove;

 (g)       a certificate of an officer from each of the Purchaser and UEC, dated as of the Closing Date, acceptable in form to counsel for the Vendors, acting reasonably, certifying that the warranties, representations, covenants and agreements of each of the Purchaser and UEC contained in this Agreement are true and correct and will be true and correct as of the Closing Date as if made by each of the Purchaser and UEC on the Closing Date; and

(h)       all such other documents and instruments as the Vendors' counsel may reasonably require.".

(k)       Section "9.4" (titled Opinions, reports and advance of each of the Vendors) of the Property Acquisition Agreement is hereby amended and restated as follows:

"9.4     Opinions, reports and advice of each of the Vendors.   Each of the Vendors hereby acknowledges and agrees that all written and oral opinions, reports, advice and materials provided by the Vendors to the Purchaser and UEC in connection with the Acquisition and the Options contemplated herein are intended solely for the Purchaser's and UEC's benefit and for the Purchaser's and UEC's use only, and that any such written and oral opinions, reports, advice and information are the exclusive property of the Purchaser and UEC.  In this regard the Vendors hereby covenant and agree that the Purchaser and UEC may utilize any such opinion, report, advice and materials for any other purpose whatsoever and, furthermore, may reproduce, disseminate, quote from and refer to, in whole or in part, at any time and in any manner, any such opinion, report, advice and materials in the Purchaser's and/or UEC's sole and absolute discretion.  Each of the Vendors further covenants and agrees that no public references to the Purchaser and/or UEC or disclosure of either of the Vendor's role in respect of the Purchaser and/or UEC may be made by any of the Vendors without the prior written consent of the Purchaser and UEC in each specific instance and, furthermore, that any such written opinions, reports, advice or materials shall, unless otherwise required by the Purchaser and/or UEC, be provided by the Vendors to the Purchaser and UEC in a form and with such substance as would be acceptable for filing with and approval by any regulatory authority having jurisdiction over the affairs of the Purchaser and UEC from time to time.".

(l)       Section "13.4(c)" (titled Termination) of the Property Acquisition Agreement is hereby amended and restated as follows:

"the final Closing has not occurred on or before March 31, 2012 in accordance with section "5.2" hereinabove; or".

3.       Except as expressly amended hereby, the Property Acquisition Agreement is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect as of the date hereof.

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Effect of Amendment

4.       This Amendment shall form a part of the Property Acquisition Agreement for all purposes, and each of the Vendors, the Purchaser and UEC shall be bound hereby.  From and after the Execution Date of this Amendment by the Parties, any reference to the Property Acquisition Agreement shall be deemed a reference to the Property Acquisition Agreement as amended hereby.

Entire Agreement

5.       This Amendment constitutes the entire agreement between the Parties, and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise between the Parties, with respect to the subject matter of this Amendment.  Nothing in this Section 5 will limit or restrict the effectiveness and validity of any document with respect to the subject matter of this Amendment that is executed and delivered contemporaneously with or pursuant to this Amendment.

Governing Laws

6.       This Amendment shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract.

Counterparts

7.       This Amendment may be executed in any number of counterparts, in original form or by facsimile, each of which will together, for all purposes, constitute one and the same instrument, binding on the parties hereto, and each of which will together be deemed to be an original, notwithstanding that each party hereto is not a signatory to the same counterpart.

Headings

8.       The descriptive headings of the several Sections of this Amendment were formulated, used and inserted in this Amendment for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

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          IN WITNESS WHEREOF each of the Parties has set their respective hands and seals in the presence of their duly authorized signatories as of the Execution Date determined hereinabove.

	
The COMMON SEAL of

MINAS RÍO BRAVO S.A.,

a Vendor herein,

was hereunto affixed in the presence of:

___________________________________

Authorized Signatory
	
)

)

)

)

)

)

)

)
	

     (C/S)

	 	 	 
	
The COMMON SEAL of

COMPAÑÍA MINERA RÍO VERDE S.A.

a Vendor herein,

was hereunto affixed in the presence of:

___________________________________

Authorized Signatory
	
)

)

)

)

)

)

)

)
	

     (C/S)

	 	 	 
	
The COMMON SEAL of

MINAS LA ROCA S.A.

a Vendor herein,

was hereunto affixed in the presence of:

___________________________________

Authorized Signatory
	
)

)

)

)

)

)

)

)
	

     (C/S)

	 	 	 
	
The COMMON SEAL of

URANIUM ENERGY CORP.,

UEC herein,

was hereunto affixed in the presence of:

___________________________________

Authorized Signatory
	
)

)

)

)

)

)

)

)
	

     (C/S)

	 	 	 
	
The COMMON SEAL of

PIEDRA RICA MINING S.A.,

the Purchaser herein,

was hereunto affixed in the presence of:

___________________________________

Authorized Signatory
	
)

)

)

)

)

)

)

)
	

     (C/S)

 

__________

Schedule A

 

                       This is Schedule "A" to that certain Amendment No. 1 To Property Acquisition Agreement as entered into among the Vendors (Minas Rio Bravo S.A., Compania Minera Rio Verde S.A. and Minas La Roca S.A.) and each of the Purchaser (Piedra Rica Mining S.A.) and UEC (Uranium Energy Corp.)

 

Property Acquisition Agreement

Refer to the copy of the Property Acquisition Agreement attached hereto.

__________

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