Document:

Exhibit 10.2

NON-STATUTORY STOCK OPTION

Granted by

Vistula
Communications Services, Inc.

Under the

Amended and Restated 2004 Stock Incentive Plan

For valuable
consideration, the receipt of which is hereby acknowledged, Vistula
Communications Services, Inc., a Delaware corporation (hereinafter together
with its subsidiaries, where the context permits, referred to as the “Company”),
hereby grants to the Holder named in Schedule A attached hereto the following
Non-Statutory Stock Option (the “Option”):

Section
1.  Grant of Option.  Subject to the terms and conditions
hereinafter set forth, the Holder is hereby given the right and option to
purchase from the Company shares of the Company’s Common Stock, $.001 par value
per share (the “Common Stock”).  Schedule
A attached hereto and hereby incorporated herein sets forth, with respect to
this Option, (i) its expiration date, (ii) its exercise price per share, (iii)
the maximum number of shares that the Holder may purchase upon exercise hereof,
and (iv) the vesting schedule.  It also
sets forth applicable conditions that the Company may wish to incorporate
herein.  This Option shall terminate in
all respects, and all rights and options to purchase shares hereunder shall
terminate, ten years from the Effective Date set forth above.  The right to purchase shares hereunder shall
be cumulative.

Section
2.  Exercise of Option.  Each Option hereunder may be exercised only
to the extent such Option has vested pursuant to the terms of Section 1.  Purchase of any shares hereunder shall be
made by delivery to the Company of a written notice of exercise specifying the
number of shares with respect to which the Option is to be exercised and the
address to which the certificate representing such shares is to be mailed,
accompanied by:

 (i)  cash, certified or bank check or postal money
order payable to the order of the Company for an amount equal to the Option
price of such shares;

(ii)  with the consent of the
Company, shares of Common Stock of the Company which (a) either have been
purchased by the Holder on the open market, or (b) have been beneficially owned
by the Holder for a period of at least six months and are not then subject to
restriction under any Company plan (“mature shares”); such surrendered shares
shall have a fair market value equal to or less than the Option price of such
shares and shall be accompanied by cash or a certified or bank check or postal
money order in an amount equal to the difference, if any, between the Option
price of such shares and the fair market value of such shares;

(iii)  with the consent of the
Company, a personal recourse note issued by the Holder to the Company in a
principal amount equal to such aggregate exercise price and 

with such other terms, including interest rate and maturity, as the
Company may determine in its discretion, provided that the interest rate borne
by such note shall not be less than the lowest applicable federal rate, as
defined in Section 1274(d) of the Internal Revenue Code of 1986, as amended;

(iv)  with the consent of the
Company, if the class of Common Stock is registered under the Securities
Exchange Act of 1934 (the “Exchange Act”) at that time, subject to rules as may
be established by the Board of Directors of the Company (the “Board”),
irrevocable instructions to a broker to promptly deliver to the Company cash or
a check payable and acceptable to the Company for the purchase price;

(v)  with the consent of the
Company, instructions to reduce the number of shares otherwise issuable to the
Holder upon the exercise of the Option by a number of shares of Common Stock
having a fair market equal to the aggregate exercise price; provided, however,
that the Holder otherwise owns an equal number of mature shares; or

(vi)  with the consent of the
Company, a combination of (i), (ii), (iii), (iv) and/or (v).

For the
purpose of the foregoing, the fair market value of the shares of Common Stock
which may be delivered to the Company upon exercise of the Option shall be
determined in accordance with procedures adopted by Board.

Section
3.  Conditions and
Limitations.  As a condition
precedent to any exercise of this Option, the Holder (or if any other
individual or individuals are exercising this Option, such individual or
individuals) shall deliver to the Company an investment letter in form and
substance satisfactory to the Company and its counsel which shall contain,
among other things, a statement in writing to the following effects (to the
extent then applicable):  (i) that the
Option is then being exercised for the account of the Holder and only with a
view to investment in, and not for, in connection with or with a view to the
disposition of, the shares with respect to which the Option is then being
exercised; (ii) that the Holder and Holder’s representatives have fully investigated
the Company and the business and financial conditions concerning it and have
knowledge of the Company’s then current corporate activities and financial
condition; and (iii) that the Holder believes that the nature and amount of the
shares being purchased are consistent with Holder’s investment objectives,
abilities and resources.  The
restrictions imposed by this Section and any investment representation made
pursuant to this Section shall be inoperative upon the registration with the
Securities and Exchange Commission (the “Commission”) of the stock subject to
this Option or acquired through the exercise of this Option.

The Holder
also agrees for a period of up to 180 days from the effective date of any
registration of securities of the Company under the Securities Act of 1933, as
amended (the “Securities Act”), upon request of the Company or the underwriters
managing any underwritten offering of the Company’s securities, not to sell,
make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any shares issued pursuant to the exercise of this Option,
without the prior written consent of the Company and such underwriters.

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Section
4.  Delivery of Shares.  Within a reasonable time following the
receipt by the Company of the written notice and payment of the Option price
for the shares to be purchased thereunder and, if applicable, the investment
letter referred to in Section 3, the Company will deliver or cause to be
delivered to the Holder (or if any other individual or individuals are
exercising this Option, to such individual or individuals) at the address
specified pursuant to Section 2 hereof a certificate or certificates for the
number of shares with respect to which the Option is then being exercised,
registered in the name of the Holder (or the name or names of the individual or
individuals exercising the Option, either alone or jointly with another person
or persons with rights of survivorship, as the individual or individuals
exercising the Option shall prescribe in writing to the Company); provided,
however, that such delivery shall be deemed effected for all purposes when a
stock transfer agent or the Company shall have deposited such certificate or
certificates in the United States mail, addressed to the Holder (or such
individual or individuals) at the address so specified; and provided further
that if any law, regulation or order of the Commission or other body having
jurisdiction in the premises shall require the Company or the Holder (or the
individual or individuals exercising this Option) to take any action in
connection with the sale of the shares then being purchased, then, subject to
the other provisions of this paragraph, the date on which such sale shall be
deemed to have occurred and the date for the delivery of the certificates for
such shares shall be extended for the period necessary to take and complete
such action, it being understood that the Company shall have no obligation to
take and complete any such action.

Section
5.  Adjustments Upon Changes
in Capitalization.  The
existence of this Option shall not affect in any way the right or power of the
Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, or any merger or consolidation of the Company, or
any issue of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

If the Company
shall effect a subdivision or consolidation of shares or other capital
readjustment, the payment of a stock dividend, or other increase or reduction
of the number of shares of the Common Stock outstanding, without receiving
compensation therefor in money, services or property, then the number, class,
and per share price of shares of stock subject to this Option shall be
appropriately adjusted in such a manner as to entitle the Holder to receive
upon exercise of this Option, for the same aggregate cash consideration, the
same total number and class of shares that the owner of an equal number of
outstanding shares of Common Stock would own as a result of the event requiring
the adjustment.

Except as
hereinbefore expressly provided, the issue by the Company of shares of stock of
any class, or securities convertible into shares of stock of any class, for
cash or property, or for labor or services, either upon direct sale or upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of
shares or obligations of the Company convertible into such shares or other
securities, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock then subject to
this Option.

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Section
6.  Effect of Certain
Transactions.  If the Company
is a party to a merger or reorganization with one or more other corporations,
whether or not the Company is the surviving or resulting corporation, or if the
Company consolidates with or into one or more other corporations, or if the
Company is liquidated or sells or otherwise disposes of substantially all of
its assets to another corporation (each hereinafter referred to as a “Transaction”),
in any case while this Option remains outstanding:

 (i)
after the effective date of such Transaction this Option shall remain
outstanding and shall be exercisable in shares of Common Stock or, if
applicable, shares of such stock or other securities, cash or property as the
holders of shares of Common Stock received pursuant to the terms of such
Transaction;

(ii) the Board may accelerate the time for
exercise of this Option, so that from and after a date prior to the effective
date of such Transaction this Option shall be exercisable in full;

(iii) this Option may be cancelled by the
Board as of the effective date of the Transaction, provided that (a) notice of
such cancellation shall have been given to the Holder and (b) the Holder shall
have the right to exercise this Option to the extent the same is then
exercisable or, if the Board shall have accelerated the time for exercise of
this Option, in full during the thirty-day period preceding the effective date
of the Transaction; or

(iv) in the event of a Transaction under the
terms of which holders of Common Stock of the Company receive upon consummation
thereof a cash payment for each share surrendered (the “Transaction Price”),
the Holder shall be provided a cash payment equal to the difference between (a)
the Transaction Price times the number of shares of Common Stock subject to
this Option (to the extent the exercise price is not in excess of the Transaction
Price) and (b) the aggregate exercise price of all such shares of Common Stock
subject to this Option, in exchange for the termination of this Option.

Section
7.  Rights of Holder.  No person shall, by virtue of the granting of
this Option to the Holder, be deemed to be a holder of any shares purchasable
under this Option or to be entitled to the rights or privileges of a holder of
such shares unless and until this Option has been exercised with respect to
such shares and they have been issued pursuant to that exercise of this Option.

The granting
of this Option shall not impose upon the Company any obligations to continue
the Holder’s services to the Company; and the right of the Company to terminate
the services of the Holder shall not be diminished or affected by reason of the
fact that this Option has been granted to the Holder.

Nothing herein
contained shall impose any obligation upon the Holder to exercise this Option.

At all times
while any portion of this Option is outstanding, the Company shall: reserve and
keep available, out of shares of its authorized and unissued stock or
reacquired shares, a sufficient number of shares of its Common Stock to satisfy
the requirements of this Option; 

 4
 

comply with
the terms of this Option promptly upon exercise of the Option rights; and pay
all fees or expenses necessarily incurred by the Company in connection with the
issuance and delivery of shares pursuant to the exercise of this Option.

Section
8.  Transfer and Termination.  This Option is not transferable by the Holder
otherwise than by will or the laws of descent and distribution.

This Option is
exercisable, during the Holder’s lifetime, only by him, and by him only while
he is providing services to the Company, except that in the event that the
Holder’s services to the Company terminate for any reason other than death,
disability or termination for cause, the Holder shall have the right to
exercise this Option within a period of sixty days after said termination (but
not later than the expiration date of this Option) with respect to the shares
which were purchasable by him by exercise of this Option at the time of such
termination of services.

In the event
of the permanent and total disability or the death of the Holder prior to
termination of the Holder’s services to the Company or a parent or subsidiary
of the Company and before the date of expiration of this Option, the Holder, or
in the event of death, his executors, administrators, heirs or legatees, as the
case may be, shall have the right to exercise this Option at any time within
one year after said disability or death (but not after the termination date of
this Option) with respect to the shares which were purchasable by the Holder at
the date of his disability or death.  The
Holder shall be considered permanently and totally disabled if he is unable to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to last for a
continuous period of not less than 12 months.

If the Holder’s
services to the Company are terminated by the Company for Cause, this Option
shall immediately terminate and shall thereafter be of no further force and
effect.  The term “cause” shall mean (a)
any material breach by the Holder of any agreement to which the Holder and the
Company are both parties, (b) any act (other than retirement) or omission to
act by the Holder which may have a material and adverse effect on the Company’s
business or on the Holder’s ability to perform services for the Company,
including, without limitation, the commission of any crime (other than minor
traffic violations), or (c) any material misconduct or material neglect of
duties by the Holder in connection with the business or affairs of the Company
or any Parent, Subsidiary or affiliate of the Company.  The Board shall have sole authority and
discretion to determine whether the Holder’s services have been terminated for
Cause.

Section
9.  Notice.  Any notice to be given to the Company
hereunder shall be deemed sufficient if addressed to the Company and delivered
to the Company, 405 Park Avenue, New York, New York 10022, attention of
President, or such other address as the Company may hereafter designate.

Any notice to
be given to the Holder hereunder shall be deemed sufficient if addressed to and
delivered in person to the Holder at his address furnished to the Company or
when deposited in the mail, postage prepaid, addressed to the Holder at such
address.

 5
 

Section 10.  Withholding of
Taxes.  The Holder hereby
agrees that the Company may withhold from amounts due to the Holder from the
Company the appropriate amount of federal, state and local withholding taxes
attributable to the Holder’s exercise of this Option.

At the Holder’s
election, the amount required to be withheld may be satisfied, in whole or in
part, by (i) authorizing the Company to withhold from shares of Common Stock to
be issued pursuant to the exercise of this Option a number of shares with an
aggregate fair market value that would satisfy the minimum withholding amount
due with respect to such exercise, or (ii) transferring to the Company  a sufficient number of mature shares of
Common Stock with an aggregate fair market value that would satisfy the minimum
withholding amount due.

The Holder
further agrees that, if the Company does not withhold an amount due to the
Holder from the Company sufficient to satisfy the Company’s withholding
obligation, the Holder will reimburse the Company on demand, in cash, for the
amount underwithheld.

Section
11.  Government and Other
Regulations; Governing Law. 
This Option is subject to all laws, regulations and orders of any
governmental authority which may be applicable thereto and, notwithstanding any
of the provisions hereof, the Holder agrees that he will not exercise the Option
granted hereby nor will the Company be obligated to issue any shares of stock
hereunder if the exercise thereof or the issuance of such shares, as the case
may be, would constitute a violation by the Holder or the Company of any such
law, regulation or order or any provision thereof.  Without limiting the generality of the
foregoing, the Company shall not be obligated to issue any such shares if in
the Company’s sole judgment to do so would cause the Company or such issue not
to be in compliance with the requirements of Rule 504 promulgated under the
Securities Act.  The Company shall not be
obligated to take any affirmative action in order to cause the exercise of this
Option or the issuance of shares pursuant hereto to comply with any such law,
regulation, order or provision.

This Option is
and shall be subject in every respect to the provisions of the Company’s
Amended and Restated 2004 Stock Incentive Plan, as amended from time to time
(the “Plan”), which is incorporated herein by reference and made a part
hereof.  The Holder hereby accepts this
Option subject to all the terms and provisions of the Plan and agrees that (a)
in the event of any conflict between the terms hereof and those of the Plan,
the latter shall prevail, and (b) all decisions under and interpretations of
the Plan by the Committee or the Board shall be final, binding and conclusive
upon the Holder and his heirs and legal representatives.

This Option
shall be governed by and construed in accordance with the laws of the State of
Delaware.

Section
12.  Effective Date.  This Option shall be effective on the
Effective Date set forth on page 1 hereof.

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IN WITNESS
WHEREOF, the parties have executed this Option, or caused this Option to be
executed, as of the Effective Date.

	
  

  	
  Vistula Communications Services, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  

 

	
  Acknowledged and accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Holder

  	
   

  	
   

  

 

 

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SCHEDULE A

Vistula
Communications Services, Inc.

Non-Statutory Stock Option Granted Under the

Amended and Restated 2004 Stock Incentive Plan

	
  1.

  	
   

  	
  Name of Holder:

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Date of Grant:

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Maximum Number of shares for

  
	
   

  	
   

  	
  which this Option is exercisable:

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Exercise (purchase) price per share:

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Expiration Date of Option:

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Vesting Schedule:

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  All shares purchased upon exercise of this Option
  are subject to the lockup agreement set forth in Section 3 of the Option and
  to the other terms of the Option and the Plan.

  

 

*  *  *

 

 8Exhibit 10(d)(xiii)

THIRD LOAN MODIFICATION AGREEMENT

This Third Loan
Modification Agreement (this “Loan Modification Agreement’) is entered into as
of November 16, 2006, by and between SILICON VALLEY BANK,
a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Bank”) and AMERICAN SCIENCE AND
ENGINEERING, INC, a Massachusetts corporation with its chief
executive office located at 829 Middlesex Turnpike, Billerica, Massachusetts
01821 (“Borrower”).

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of August 11, 2003, evidenced by,
among other documents, a certain Loan and Security Agreement dated as of August
11, 2003, between Borrower and Bank, as amended by a certain First Loan
Modification Agreement dated as of June 30, 2004, between Borrower and Bank,
and as further amended by a certain Second Loan Modification Agreement dated as
of November 30, 2004, between Borrower and Bank (as amended, the “Loan Agreement”).
Capitalized terms used but not otherwise defined herein shall have the same
meaning as in the Loan Agreement.

2.             DESCRIPTION OF
COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement and the Intellectual Property Collateral as
described in a certain Intellectual Property Security Agreement dated as of
August 11, 2003, as amended by a certain First Amendment to Intellectual
Property Security Agreement dated as of August 23, 2004 (as amended, the “IP
Security Agreement”) (together with any other collateral security granted to
Bank, the “Security Documents”).

Hereinafter, the Security
Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

3.             DESCRIPTION OF
CHANGE IN TERMS.

1.             Modifications to Loan
Agreement.

1.             The Loan Agreement
shall be amended by deleting the following subsection (a) appearing in Section
2.1.1 thereof:

“              (a)           Availability. Bank shall make
Advances not exceeding (i) the lesser of (A) the Revolving Line or (B) the
Borrowing Base minus (ii) the amount of all outstanding Letters of Credit
(including drawn but unreimbursed Letters of Credit), minus (iii) the FX
Reserve, and minus (iv) the aggregate outstanding Advances hereunder (including
any Cash Management Services). Amounts borrowed under this Section may be
repaid and reborrowed during the term of this Agreement.”

and inserting in lieu
thereof the following:

“              (a)           Availability. Subject to the terms
and conditions of this Agreement, Bank shall make Advances not exceeding the
Availability Amount. Amounts borrowed under the Revolving Line may be repaid
and, prior to the Revolving Maturity Date, reborrowed, subject to the
applicable terms and conditions precedent herein.”

2.             The
Loan Agreement shall be amended by deleting the following subsection (a) appearing
in Section 2.1.2 thereof:

 

“              (a)           Bank shall issue or have issued Letters of
Credit for Borrower’s account not exceeding (i) the lesser of the Revolving Line
or the Borrowing Base minus (ii) the outstanding principal balance of any
Advances (including any Cash Management Services), minus (iii) the amount of
all Letters of Credit (including drawn but unreimbursed Letters of Credit),
plus an amount equal to any Letter of Credit Reserves. The face amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of
Credit and any Letter of Credit Reserve) may not exceed $5,000,000.00. Each
Letter of Credit shall have an expiry date no later than 180 days after the
Revolving Maturity Date provided Borrower’s Letter of Credit reimbursement
obligation shall be secured by cash on terms acceptable to Bank on and after
(i) the Revolving Maturity Date of the Revolving Line if the Revolving Maturity
Date of the Revolving Line is not extended by Bank, or (ii) the occurrence of
an Event of Default hereunder. All Letters of Credit shall be, in form and
substance, acceptable to Bank in its sole discretion and shall be subject to
the terms and conditions of Bank’s form of standard Application and Letter of
Credit Agreement. Borrower agrees to execute any further documentation in
connection with the Letters of Credit as Bank may reasonably request”.

and inserting in lieu
thereof the following:

“                (a)           As part of the Revolving Line, Bank shall
issue or have issued Letters of Credit for Borrower’s account. The face amount
of outstanding Letters of Credit (including drawn but unreimbursed Letters of
Credit and any Letter of Credit Reserve) may not exceed Twenty Million Dollars
($20,000,000.00). Such aggregate amounts utilized hereunder shall at all times
reduce the amount otherwise available for Advances under the Revolving Line.
If, on the Revolving Maturity Date, there are any outstanding Letters of
Credit, then on such date Borrower shall provide to Bank cash collateral in an
amount equal to 105% of the face amount of all such Letters of Credit plus all
interest, fees, and costs due or to become due in connection therewith (as
estimated by Bank in its good faith business judgment), to secure all of the
Obligations relating to said Letters of Credit. All Letters of Credit shall be
in form and substance acceptable to Bank in its sole discretion and shall be
subject to the terms and conditions of Bank’s standard Application and Letter
of Credit Agreement (the “Letter of Credit
Application”). Borrower agrees to execute any further documentation
in connection with the Letters of Credit as Bank may reasonably request.
Borrower further agrees to be bound by the regulations and interpretations of
the issuer of any Letters of Credit guarantied by Bank and opened for Borrower’s
account or by Bank’s interpretations of any Letter of Credit issued by Bank for
Borrower’s account, and Borrower understands and agrees that Bank shall not be
liable for any error, negligence, or mistake, whether of omission or
commission, in following Borrower’s instructions or those contained in the
Letters of Credit or any modifications, amendments, or supplements thereto.”

3.             The Loan Agreement
shall be amended by deleting Section 2.2 in its entirety, and inserting in lieu
thereof the following:

“              2.2          Overadvances. If, at
any time Borrower’s Unrestricted Cash is less than Thirty Million Dollars
($30,000,000.00) for a period of thirty (30) consecutive days, and the Credit
Extensions under Sections 2.1.1, 2.1.2, 2.1.3 and 2.1.4 exceed the lesser of either
(a) the Revolving Line or (b) the Borrowing Base, Borrower shall immediately
pay to Bank in cash such excess.”

 

4.             The
Loan Agreement shall be amended by deleting the following appearing as Section
2.4(b) thereof:

“              (b)           Unused Line Fee.
In the event, in any calendar quarter, the average daily principal balance of
the Credit Extensions outstanding during the quarter is less than
$5,000,000.00, Borrower shall pay Bank an unused line fee in an amount equal to
0.50% per annum on the difference between $5,000,000.00 and the average daily
principal balance of the Credit Extensions outstanding during the quarter,
which unused line fee shall be computed and paid quarterly, in arrears, on the
first day of the following quarter.

and inserting in lieu
thereof:

“              (b)           Unused Revolving Line
Facility Fee. A fee (the “Unused Revolving Line
Facility Fee”), payable quarterly, in arrears, on a calendar year
basis, in an amount equal to one-half of one percent (0.50%) per annum of the
average unused portion of the Revolving Line, as determined by Bank. For
purposes hereof, any Letter of Credit Reserve, any F/X Reserve, or Cash
Management Services held or in place for any calendar year shall constitute a
utilization of the Revolving Line. Borrower shall not be entitled to any
credit, rebate or repayment of any Unused Revolving Line Facility Fee
previously earned by Bank pursuant to this Section notwithstanding any
termination of the Agreement or the suspension or termination of Bank’s
obligation to make loans and advances hereunder.”

5.             The Loan Agreement
shall be amended by deleting the following appearing as Section 6.2 thereof:

“              6.2          Financial Statements,
Reports, Certificates.

(a)           Borrower shall deliver
to Bank: (i) as soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared consolidated balance sheet and
income statement covering Borrower’s consolidated operations during the period
certified by a Responsible Officer and in a form acceptable to Bank; (ii) as
soon as available, but no later than ninety (90) days after the last day of
Borrower’s fiscal year, audited consolidated financial statements prepared
under GAAP, consistently applied, together with an unqualified opinion on the
financial statements from an independent certified public accounting firm
reasonably acceptable to Bank; (iii) within five (5) days of filing, copies of
all statements, reports and notices made available to Borrower’s security
holders or to any holders of Subordinated Debt and all reports on Form 10-K,
10-Q and 8-K filed with the Securities and Exchange Commission; (iv) a prompt
report of any legal actions pending or threatened against Borrower or any Subsidiary
that is reasonably likely to result in damages or costs to Borrower or any
Subsidiary of One Hundred Thousand Dollars ($100,000.00) or more; (v) prompt
notice of any material change in the composition of the Intellectual Property,
or the registration of any copyright, including any subsequent ownership right
of Borrower in or to any Copyright, Patent or Trademark not shown in any
intellectual property security agreement between Borrower and Bank or knowledge
of an event that materially adversely affects the value of the Intellectual
Property; and (vi) budgets, sales projections, operating plans or other
financial information reasonably requested by Bank.

(b)           Within thirty (30) days
after the last day of each month, Borrower shall deliver to Bank a Borrowing Base
Certificate signed by a

 

Responsible Officer in the form of Exhibit C, with aged listings of
accounts receivable (by invoice date).

(c)           Within thirty (30) days
after the last day of each month, Borrower shall deliver to Bank with the
monthly financial statements a Compliance Certificate signed by a Responsible
Officer in the form of Exhibit D.

(d)           Within thirty (30) days
after the last day of each month, Borrower shall deliver to Bank Deferred
Revenue Schedules.

(e)           Allow Bank to audit
Borrower’s Collateral at Borrower’s expense. Such audits shall be conducted no
more often than once every six (6) months unless an Event of Default has
occurred and is continuing. Notwithstanding the foregoing, no Credit Extensions
shall be made prior to the completion of the initial audit (the “Initial Audit”).

Notwithstanding
the above financial reporting requirements, in the event that Borrower has no
Advances or Credit Extensions in an amount equal to or greater than Five
Hundred Thousand Dollars ($500,000.00) outstanding during any month, the
monthly financial reporting requirements set forth in subsections (a), (b), (c)
and (d) above shall be delivered on a quarterly basis, within forty five (45)
days after the end of each fiscal quarter of Borrower.”

and inserting in lieu
thereof the following:

“              6.2          Financial Statements,
Reports. Certificates.

(a)           Borrower shall deliver
to Bank: (i) as soon as available, but no later than forty-five (45) days after
the last day of each quarter, a company prepared consolidated balance sheet and
income statement covering Borrower’s consolidated operations during the period
certified by a Responsible Officer and in a form acceptable to Bank; (ii) as
soon as available, but no later than ninety (90) days after the last day of Borrower’s fiscal
year, audited consolidated financial statements prepared under GAAP,
consistently applied, together with an unqualified opinion on the financial
statements from an independent certified public accounting firm reasonably
acceptable to Bank; (iii) within five (5) days of filing, copies of all
statements, reports and notices made available to Borrower’s security holders
or to any holders of Subordinated Debt and all reports on Form 10-K, 10-Q and
8-K filed with the Securities and Exchange Commission; (iv) a prompt report of
any legal actions pending or threatened against Borrower or any Subsidiary that
is reasonably likely to result in damages or costs to Borrower or any
Subsidiary of One Hundred Thousand Dollars ($100,000.00) or more; (v) prompt notice
of any material change in the composition of the Intellectual Property, or the
registration of any copyright, including any subsequent ownership right of
Borrower in or to any Copyright, Patent or Trademark not shown in any
intellectual property security agreement between Borrower and Bank or knowledge
of an event that materially adversely affects the value of the Intellectual
Property; and (vi) budgets, sales projections, operating plans, listings of
accounts payable, or other financial information reasonably requested by Bank.

(b)           Within forty-five (45)
days after the last day of each quarter, Borrower shall deliver to Bank a
Borrowing Base Certificate signed by

 

a Responsible Officer in the form of Exhibit C, with aged listings of
accounts receivable (by invoice date).

(c)           Within forty-five (45)
days after the last day of each quarter, Borrower shall deliver to Bank with
the monthly financial statements a Compliance Certificate signed by a
Responsible Officer in the form of Exhibit D.

(d)           Allow Bank to audit
Borrower’s Collateral at Borrower’s expense. Such audits shall be conducted no
more often than once every twelve (12) months unless an Event of Default has
occurred and is continuing.”

7.             The Loan Agreement
shall be amended by inserting the following to appear as subsection (b) of
Section 6.6 thereof:

“                              (b)           Provide Bank five (5)
days prior written notice before establishing any Collateral Account at or with
any bank or financial institution other than Bank or its Affiliates. In
addition, for each Collateral Account that Borrower or Guarantor at any time
maintains, Borrower shall cause the applicable bank or financial institution
(other than Bank) at or with which any Collateral Account is maintained to
execute and deliver a Control Agreement or other appropriate instrument with
respect to such Collateral Account to perfect Bank’s Lien in such Collateral
Account in accordance with the terms hereunder. The provisions of the previous
sentence shall not apply to deposit accounts exclusively used for payroll,
payroll taxes and other employee wage and benefit payments to or for the
benefit of Borrower’s employees and identified to Bank by Borrower as such.”

8.             The Loan Agreement
shall be amended by deleting Section 6.7 thereof in its entirety and inserting
in lieu thereof the following:

“              6.7          Financial Covenants.

(a)           Adjusted
Quick Ratio. Borrower shall maintain at all times, to be tested, as
of the last day of each quarter, a ratio of Quick Assets to Current Liabilities
minus Deferred Revenue and customer deposits of at least 2.0 to 1.0.

(b)           Minimum EBIT.
Borrower shall have minimum quarterly EBIT of at least Three Million Five
Hundred Thousand Dollars ($3,500,000.00).”

9.             The Loan Agreement
shall be amended by deleting the following definitions appearing in Section 13.1
thereof:

““Borrowing
Base” is (i) 80.0% (the “Accounts Advance Rate”) of Eligible
Accounts, which, at Bank’s discretion and upon written notice by Bank shall be
net of any Deferred Revenue plus (ii) the lesser of (A) 10.0% (the “Inventory Advance
Rate”) of the value of Borrower’s Eligible Inventory (valued at the lower of
cost or wholesale fair market value) or (B) $750,000.00 (the “Inventory Cap”),
all as determined by Bank from Borrower’s most recent Borrowing Base
Certificate; provided, however, after performing an audit of Borrower’s
Collateral, Bank may, in its sole discretion, (i) lower the Inventory Advance
Rate, lower the Inventory Cap or lower the Accounts Advance Rate if the results
are unsatisfactory to Bank or (ii) increase the Accounts Advance Rate to 85.0%
if the results are satisfactory to Bank.”

 

““Current Liabilities” are the
aggregate amount of Borrower’s Total Liabilities which mature within one (1)
year, which shall include, without limitation, all obligations and liabilities
of Borrower to Bank.”

““Quick Assets”
is, on any date, the Borrower’s consolidated, unrestricted cash (less customer
deposits), cash equivalents, net billed accounts receivable and investments
with maturities of fewer than 12 months determined according to GAAP.

““Revolving Line” is an Advance or
Advances of up to Five Million Dollars ($5,000,000.00).”

““Revolving
Maturity Date” is November 29, 2006”

and inserting in lieu
thereof the following:

““Borrowing Base” is eighty-five
percent (85.0%) of Eligible Accounts, as determined by Bank from Borrower’s
most recent Borrowing Base Certificate; provided, however, that Bank may
decrease the foregoing percentages in its good faith business judgment based on
events, conditions, contingencies, or risks which, as determined by Bank, may
adversely affect Collateral.”

““Current Liabilities” are all
obligations and liabilities of Borrower to Bank (with the exception of Letters
of Credit issued by Bank which are specifically cash secured and segregated)
plus, without duplication, the aggregate amount of Borrower’s Total Liabilities
that mature within one (1) year.”

““Quick Assets”
is, on any date, the Borrower’s unrestricted cash (less customer deposits),
plus net billed accounts receivable determined according to GAAP.”

““Revolving Line” is an Advance or
Advances of up to Twenty Million Dollars ($20,000,000.00).”

““Revolving
Maturity Date” is November 14, 2008.”

11.           The Loan Agreement
shall be amended by inserting the following definitions to appear alphabetically
in Section 13.1:

““Availability
Amount” is: (a) if Borrower’s Unrestricted Cash is greater than or
equal to Thirty Million Dollars ($30,000,000.00), the Revolving Line, minus (i)
the amount of all outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit
Reserves, minus (ii) the FX Reserve, and minus (iii) the outstanding principal
balance of any Advances (including any amounts used for Cash Management
Services); or (b) if Borrower’s Unrestricted Cash is less than Thirty Million
Dollars ($30,000,000.00) for a period of thirty (30) consecutive days, the
lesser of (i) the Revolving Line or (ii) the Borrowing Base minus (x) the
amount of all outstanding Letters of Credit (including drawn but unreimbursed
Letters of Credit) plus an amount equal to the Letter of Credit Reserves, minus
(y) the FX Reserve, and minus (z) the outstanding principal balance of any
Advances (including any amounts used for Cash Management Services).”

““Collateral
Account” is any Deposit Account, Securities Account, or Commodity
Account.”

““Commodity
Account” is any “commodity account” as defined in the Code with such
additions to such term as may hereafter be made.”

 

““Deposit Account” is any “deposit
account” as defined in the Code with such additions to such term as may
hereafter be made.”

““Letter of
Credit Application” is defined in Section 2.1.2(a).”

““Lockbox”
is defined in Section 6.9.”

““Securities Account” is any “securities
account” as defined in the Code with such additions to such term as may
hereafter be made.”

““Unrestricted
Cash” shall mean all cash maintained at Bank in Borrower’s name that
is unrestricted and not pledged to any other Person.”

““Unused
Revolving Line Facility Fee” is defined in Section 2.4(b).”

12.           The Borrowing Base
Certificate appearing as Exhibit C to the Loan Agreement is hereby replaced
with the Borrowing Base Certificate attached as Exhibit A hereto.

13.           The Compliance
Certificate appearing as Exhibit D to the Loan Agreement is hereby replaced
with the Compliance Certificate attached as Exhibit B hereto.

4.             FEES. A fully
earned, non-refundable facility fee of Two Hundred Fifty Thousand Dollars
($250,000.00) is earned as of the date hereof and shall be payable as follows:
(i) One Hundred Fifty Thousand Dollars ($150,000.00) is payable on the date
hereof, and (ii) One Hundred Thousand Dollars ($100,000.00) is payable on the
earlier to occur of (x) November 16, 2007, (y) the occurrence of an Event of
Default, or (z) the early termination of the Loan Agreement. The Borrower shall
also reimburse Bank for all legal fees and expenses incurred in connection with
this amendment to the Existing Loan Documents.

5.             RATIFICATION OF IP
SECURITY AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and
singular, the terms and conditions of the IP Security Agreement and
acknowledges, confirms and agrees that said IP Security Agreement contains an
accurate and complete listing of all Intellectual Property Collateral as
defined in said IP Security Agreement, and shall remain in full force and
effect. Notwithstanding the terms and conditions of the IP Security Agreement,
the Borrower shall not register any Copyrights or Mask Works in the United
States Copyright Office unless it: (i) has given at least five (5) days’ prior
written notice to Bank of its intent to register such Copyrights or Mask Works
and has provided Bank with a copy of the application it intends to file with
the United States Copyright Office (excluding exhibits thereto); (ii) executes
a security agreement or such other documents as Bank may reasonably request in
order to maintain the perfection and priority of Bank’s security interest in
the Copyrights proposed to be registered with the United States Copyright
Office; and (iii) records such security documents with the United States
Copyright Office contemporaneously with filing the Copyright application(s)
with the United States Copyright Office. Borrower shall promptly provide to
Bank a copy of the Copyright application(s) filed with the United States
Copyright Office, together with evidence of the recording of the security
documents necessary for Bank to maintain the perfection and priority of its
security interest in such Copyrights or Mask Works. In addition, the Borrower
shall provide written notice to Bank, on a quarterly basis, regarding any
application filed by Borrower in the United States Patent and Trademark Office
for a patent or to register a trademark or service mark.

6.             RATIFICATION OF
PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all
and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of August 11, 2003, between Borrower and Bank, and
acknowledges, confirms and agrees the disclosures and information Borrower
provided to Bank in the Perfection Certificate has not changed, as of the date
hereof, except to the extent such disclosure is updated by the information
contained in Exhibit C, attached hereto as
a supplement to the Exhibit B previously delivered to the Bank.

7.             CONSISTENT CHANGES.
The Existing Loan Documents are hereby amended wherever necessary to reflect
the changes described above.

 

8.             RATIFICATION OF
LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms
and conditions of all security or other collateral granted to the Bank, and
confirms that the indebtedness secured thereby includes, without limitation,
the Obligations.

9.             NO DEFENSES OF
BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the
Obligations, or otherwise, and that if Borrower now has, or ever did have, any
offsets, defenses, claims, or counterclaims against Bank, whether known or
unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder.

10.           CONTINUING VALIDITY.
Borrower understands and agrees that in modifying the existing Obligations,
Bank is relying upon Borrower’s representations, warranties, and agreements, as
set forth in the Existing Loan Documents. Except as expressly modified pursuant
to this Loan Modification Agreement, the terms of the Existing Loan Documents
remain unchanged and in full force and effect. Bank’s agreement to
modifications to the existing Obligations pursuant to this Loan Modification
Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations. It is the intention of Bank and Borrower to
retain as liable parties all makers of Existing Loan Documents, unless the
party is expressly released by Bank in writing. No maker will be released by
virtue of this Loan Modification Agreement.

11.           COUNTERSIGNATURE.
This Loan Modification Agreement shall become effective only when it shall have
been executed by Borrower and Bank.

 

This Loan Modification Agreement is executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the
date first written above.

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  
	
  AMERICAN
  SCIENCE AND ENGINEERING, INC.

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Kenneth J.
  Goloznik

  	
   

  	
   

  	
  By:

  	
  /s/ Mark Gallagher

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  KENNETH J.
  GOLOZNIK

  	
   

  	
   

  	
  Name:

  	
  MARK GALLAGHER

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
   

  	
  Title:

  	
  SVP

  	
   

  
											

 

The undersigned, AS&E GLOBAL, INC., a
Massachusetts corporation (“Guarantor”) hereby: (i) ratifies, confirms and
reaffirms, all and singular, the terms and conditions of a certain (A)
Unlimited Guaranty dated August 11, 2003 (the “Guaranty”), and (B) a certain
Security Agreement by Guarantor in favor of the Bank dated August 11, 2003 (the
“Security Agreement”); and (ii) acknowledges, confirms and agrees that the
Guaranty and Security Agreement shall remain in full force and effect and shall
in no way be limited by the execution of this Loan Modification Agreement, or
any other documents, instruments and/or agreements executed and/or delivered in
connection herewith; and (iii) acknowledges, confirms and agrees that the
obligations of Borrower to Bank under the Guaranty include, without limitation,
all Obligations of Borrower to Bank under the Loan Agreement, as amended by
this Loan Modification Agreement.

	
  

  	
  AS&E GLOBAL, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony R. Fabiano

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  ANTHONY R. FABIANO

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
							

 

EXHIBIT A

EXHIBIT C

BORROWING BASE CERTIFICATE

Borrower: American
Science and Engineering, Inc.

Lender: Silicon Valley
Bank

Commitment
Amount: $20,000,000.00

	
  ACCOUNTS RECEIVABLE

  	
   

  	
   

  
	
  (1)

  	
   

  	
  Accounts Receivable Book Value as of

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Additions (please explain on reverse)

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (3)

  	
   

  	
  TOTAL ACCOUNTS RECEIVABLE

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)

  	
   

  	
   

  
	
  (4)

  	
   

  	
  Amounts over 120 days due

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (5)

  	
   

  	
  Balance of 50% over 120 day accounts

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (6)

  	
   

  	
  Credit balances over 120 days

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (7)

  	
   

  	
  Concentration Limits

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (8)

  	
   

  	
  Foreign Accounts

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (9)

  	
   

  	
  Governmental Accounts

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (10)

  	
   

  	
  Contra Accounts

  	
   

  	
  $

  
	
  (11)

  	
   

  	
  Promotion or Demo Accounts

  	
   

  	
  $

  
	
  (12)

  	
   

  	
  Intercompany/Employee Accounts

  	
   

  	
  $

  
	
  (13)

  	
   

  	
  Disputed Accounts

  	
   

  	
  $

  
	
  (14)

  	
   

  	
  Other (please explain on reverse)

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  
	
  (15)

  	
   

  	
  TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS

  	
   

  	
  $

  
	
  (16)

  	
   

  	
  Eligible Accounts (#3 minus #15)

  	
   

  	
  $

  
	
  (17)

  	
   

  	
  ELIGIBLE AMOUNT OF ACCOUNTS (85% of #16)

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BALANCES

  	
   

  	
   

  
	
  (18)

  	
   

  	
  Maximum Loan Amount

  	
   

  	
  $

  
	
  (19)

  	
   

  	
  Total Funds Available (Lesser of #18 and #17)

  	
   

  	
  $

  
	
  (20)

  	
   

  	
  Present balance owing on Line of Credit

  	
   

  	
  $

  
	
  (21)

  	
   

  	
  Outstanding under Sublimits (L/C, Cash Mgt, Fx)

  	
   

  	
  $

  
	
  (22)

  	
   

  	
  RESERVE POSITION (#19 minus #20 and #21)

  	
   

  	
  $

  

 

The undersigned represents and warrants that this is true,
complete and correct, and that the information in this Borrowing Base
Certificate complies with the representations and warranties in the Loan and
Security Agreement between the undersigned and Silicon Valley Bank.

 

	
  COMMENTS:

  	
  BANK
  USE ONLY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Received by:

  	
   

  	
   

  
	
   

  	
   

  	
  AUTHORIZED SIGNER 

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
    Authorized
  Signer

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
  Verified:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  AUTHORIZED SIGNER 

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
  Compliance Status:

  	
  Yes               No 

  	
   

  
												

 

 

EXHIBIT B

EXHIBIT D

COMPLIANCE CERTIFICATE

TO:         SILICON VALLEY BANK

FROM:
AMERICAN SCIENCE AND ENGINEERING, INC.

The
undersigned authorized officer of AMERICAN SCIENCE AND ENGINEERING, INC.
certifies that under the terms and conditions of the Loan and Security
Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in
complete compliance for the period
ending                              with
all required covenants except as noted below and (ii) all representations and
warranties in the Agreement are true and correct in all material respects on
this date. Attached are the required documents supporting the certification.
The Officer certifies that these are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) consistently applied from one period to
the next except as explained in an accompanying letter or footnotes. The
Officer acknowledges that no borrowings may be requested at any time or date of
determination that Borrower is not in compliance with any of the terms of the
Agreement, and that compliance is determined not just at the date this
certificate is delivered.

Please indicate compliance status by circling
Yes/No under “Complies” column.

	
  Reporting
  Covenant

  	
   

  	
  Required

  	
   

  	
  Complies

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly
  financial statements with CC

  	
   

  	
  Quarterly within 45 days

  	
   

  	
  Yes  No

  
	
  Annual (CPA
  Audited)

  	
   

  	
  FYE within 90 days

  	
   

  	
  Yes  No

  
	
  10-Q, 10-K and
  8-K

  	
   

  	
  Within 5 days after filing with SEC

  	
   

  	
  Yes  No

  
	
  BBC, A/R Agings,
  and inventory report

  	
   

  	
  Quarterly within 45 days

  	
   

  	
  Yes  No

  
	
  Deferred Revenue
  Schedule

  	
   

  	
  Quarterly within 45 days

  	
   

  	
  Yes  No

  
	
  Audit

  	
   

  	
  Annually

  	
   

  	
  Yes  No

  

 

Notification of registration of Intellectual
Property

The
following Intellectual Property was registered after the Closing Date (if
blank, read “None”)

	
  Financial Covenant

  	
   

  	
  Required

  	
   

  	
  Actual

  	
   

  	
  Complies

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Minimum Adjusted
  Quick Ratio (Quarterly)

  	
   

  	
  2.0:1.0

  	
   

  	
  :1.0

  	
   

  	
  Yes
   No

  	
   

  
	
  Minimum EBIT
  (Quarterly)

  	
   

  	
   

  	
  *

  	
  $

  	
   

  	
   

  	
  Yes  No

  	
   

  
									

 

*See
Section 6.7(b) of Agreement

	
  

  	
  Comments
  Regarding Exceptions: See Attached.

  	
   

  	
  BANK
  USE ONLY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sincerely,

  	
   

  	
  Received By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  	
  Reviewed By:

  	
   

  	
   

  
	
   

  	
  SIGNATURE

  	
   

  	
   

  	
   

  	
   

  	
  Compliance Status: Yes / No

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TITLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																	

 

 

EXHIBIT C

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