Document:

ex-10.2

 THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. 
 

 

 DEBT SETTLEMENT AGREEMENT
 

 THIS AGREEMENT is made effective as of the 11th day of July, 2016.
 

 BETWEEN:
 LIM CHIN YANG, a person with an address of
 

 Plot 3207, Bl. F. Jalan BS 7/1, Kawasan Perindustrian Bukit Serdang. 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia
 

 (the "Creditor")
 OF THE FIRST PART
 

 AND: 
 VGRAB COMMUNICATIONS INC., a British Columbia company with a corporate office at Suite 810, 789 West Pender Street, Vancouver, British Columbia, V6C 1H2
 

 (the “Company")
 OF THE SECOND PART
 

 WHEREAS:
 

 A.
 As of the date of this Agreement, the Company was indebted to the Creditor in the amount of the Indebtedness for services provided by the Creditor; and
 

 B.
 The Creditor and the Company have agreed to settle the Indebtedness by issuance to the Creditor of  common shares of the Company at a price of $0.12 per share on the terms and conditions set out herein,
 

 THE PARTIES HEREBY AGREE AS FOLLOWS:
 

 1.
 DEFINITIONS
 

 1.1
 The following terms will have the following meanings for all purposes of this Agreement.
 

 (a)
 "Agreement" means this Debt Settlement Agreement, and all schedules and amendments to in the Agreement;
 

 (b)
 "Exchange Act" means the United States Securities Exchange Act of 1934, as amended;
 

 (c)
 “Indebtedness” means the indebtedness of the Company to the Creditor in the amount of $49,467.20;
 

 (d)
 “MI 51-105” means Multilateral Instrument 51-105 – Issuers Quoted in the U.S. Over-the-Counter Markets of the Canadian Securities Administrators, as amended;
 

 (e)
 “NI 45-106” means National Instrument 45-106 – Prospectus and Registration Exemptions of the Canadian Securities Administrators, as amended;
 

 
 

 (f)
 “Offered Securities” means the Shares;
 

 (g)
 "Offering" means the offering of the Offered Securities being made by the Company pursuant to this Agreement;
 

 (h)
 “Purchase Price” means the purchase price payable by the Creditor to the Company in consideration for the purchase and sale of the Shares in accordance with Section 2.1 of this Agreement;
 

 (i)
 "SEC" means the United States Securities and Exchange Commission;
 

 (j)
 "Securities Act" means the United States Securities Act of 1933, as amended; 
 

 (k)
 "Shares" means common shares of the Company.
 

 1.2
 All dollar amounts referred to in this agreement are in United States funds, unless expressly stated otherwise.
 

 2.
 PURCHASE AND SALE OF SHARES
 

 2.1
 Subject to the terms and conditions of this Agreement, the Creditor hereby subscribes for and agrees to purchase from the Company 412,226 Shares at a price equal to $0.12 per Share (the “Purchase Price”).  Upon execution, the subscription by the Creditor for the Shares will be irrevocable.
 

 2.2
 Notwithstanding any other provision of this Agreement, the Company’s obligation to issue Shares to the Creditor under the terms of this Agreement is conditional upon the Offering and the sale of the Shares to the Creditor complying with all securities laws and other applicable laws of the jurisdiction in which the Creditor is resident.  The Creditor agrees to deliver to the Company all other documentation, agreements, representations and requisite government forms required by the lawyers for the Company as required to comply with all securities laws and other applicable laws of the jurisdiction of the Creditor.
 

 2.3
 The Creditor hereby authorizes and directs the Company to deliver the securities to be issued to such Creditor pursuant to this Agreement to the Creditor’s address indicated on the first page of this Agreement.
 

 3.
 SETTLEMENT OF INDEBTEDNESS
 

 3.1
 The Company and the Creditor agree to offset the full amount of the Purchase Price against the full amount of the Indebtedness.  
 

 3.2
 Forthwith upon the execution of this Agreement by the Creditor and the Company, the Company agrees to deliver to the Creditor a share certificate representing the Shares issuable under this Agreement.
 

 3.3
 Upon the delivery by the Company of the share certificate representing the Shares issuable under this Agreement, the Creditor agrees to remise, release and forever discharge the Company and its respective directors, officers, servants and agents (collectively the “Releasees”) from any and all debts, obligations, claims, demands, dues, actions and causes of action whatsoever, at law or in equity, and whether known or unknown, suspected or unsuspected which the Creditor has or may in the future have against the Releasees or any of them with respect to any matter relating to the Indebtedness, whether on account of principal, interest or otherwise.
 

 4.
 U.S. RESTRICTED SHARE AGREEMENTS OF THE CREDITOR
 

 4.1
 The Creditor represents and warrants to the Company that the Creditor is not a “U.S. Person” as defined by Regulation S of the Securities Act and is not acquiring the Shares for the account or benefit of a U.S. Person.  A copy of the definition of a US Person as set out in Regulation S is attached as Schedule A to this Agreement.
 

 4.2
 The Creditor acknowledges, represents and warrants to the Company that the Creditor was not in the United States both at the time the offer to purchase the Shares was received and at the time the Creditor’s decision to purchase the Shares was made. 
 

 

 
 
 4.3
 The Creditor acknowledges that the Shares are “restricted securities” within the meaning of the Securities Act and will be issued to the Creditor in accordance with Regulation S of the Securities Act.
 

 4.4
 The Creditor agrees not to engage in hedging transactions with regard to the Shares unless in compliance with the Securities Act.
 

 4.5
 The Creditor agrees to resell the Shares only in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws.  The Creditor further agrees that the Company will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws. 
 

 4.6
 The Creditor acknowledges and agrees that all certificates representing the Shares will be endorsed with restrictive legends substantially similar to the following in accordance with Regulation S of the Securities Act and MI 51-105: 
 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT.   SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”
 

 “THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN OR FROM A JURISDICTION IN CANADA UNLESS THE CONDITIONS IN SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKETS ARE MET.”
 

 5.
 ADDITIONAL AGREEMENTS, COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE CREDITOR
 

 The Creditor agrees, covenants, represents and warrants with and to the Company as follows, and acknowledges that the Company is relying upon such agreements, covenants, representations and warranties in connection with the sale of the Shares to such Creditor:
 

 5.1
 The Creditor is an “accredited investor” as that term is defined in NI 45-106 and the Creditor has completed, signed, and delivered with this Agreement, a copy of the Canadian Accredited Investor Certificate and Risk Acknowledgement Form attached as Schedules A and B to this Agreement.
 

 5.2
 The Creditor acknowledges and agrees that (i) the Company is an “OTC reporting issuer” as that term is defined in MI 51-105, (ii) the Offered Securities may not be traded in or from a jurisdiction in Canada unless the following conditions have been met, (iii) the Creditor will comply with such conditions in making any trade of the Offered Securities in or from a jurisdiction in Canada and (iv) the Company will refuse to register any transfer of the Offered Securities made in connection with a trade of the Offered Securities in or from a jurisdiction in Canada and not made in accordance with the provisions of MI 51-105:
 

 (a)
 A four month period has passed from the later of (i) the date that the Company distributed the Offered Securities, and (ii) the date the Offered Securities were distributed by a control person of the Company;
 

 (b)
 If the person trading the Offered Securities is a control person of the Company, such person has held the Offered Securities for at least 6 months;
 

 
 

 (c)
 The number of Offered Securities that the person proposes to trade, plus the number of securities of the same class that such person has traded in the preceding 12 months, does not exceed 5% of the Company’s outstanding securities of the same class;
 

 (d)
 The trade is made through an investment dealer registered in a jurisdiction in Canada;
 

 (e)
 The investment dealer executes the trade through any of the over-the-counter markets in the United States;
 

 (f)
 There has been no unusual effort made to prepare the market or create a demand for the Offered Securities;
 

 (g)
 No extraordinary commission or other consideration is paid to a person for the trade;
 

 (h)
 If the person trading the Offered Securities is an insider of the Company, the person reasonably believes that the Company is not in default of securities legislation; and
 

 (i)
 All certificates representing the Offered Securities bear the Canadian restrictive legend set out in Section 13(1) of MI 51-105.
 

 5.3
 The Creditor represents and warrants that it is a resident of the jurisdiction specified in the Creditor’s address  as set out in the first page to this Agreement and that it does not presently intend to trade any of the Offered Securities in or from a jurisdiction in Canada.  If the Creditor does, in the future, intend to trade the Offered Securities in or from a jurisdiction in Canada, it will, in addition to complying with the provisions of Section 4.2, re-submit all certificates representing the Offered Securities to the Company for purposes of having the legend set out in Section 13(1) of MI 51-105 endorsed on such certificates.
 

 5.4
 The Creditor acknowledges that an investment in the Company is highly speculative, and involves a high degree of risk as the Company is in the early stages of developing its business, and may require substantial funds in addition to the proceeds of this private placement, and that only creditors who can afford the loss of their entire investment should consider investing in the Company.  The Creditor is an investor in securities of businesses in the development stage and acknowledges that the Creditor is able to fend for himself/herself/itself, can bear the economic risk of the Creditor's investment, and has such knowledge and experience in financial or business matters such that the Creditor is capable of evaluating the merits and risks of an investment in the Company’s securities as contemplated in this Agreement.  
 

 5.5
 If the Creditor is not an individual, was not organized for the purpose of acquiring the Offered Securities.
 

 5.6
 The Creditor has had full opportunity to review the Company’s periodic filings with the SEC pursuant to the Exchange Act, and the Company’s filings on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR), including, but not limited to, the Company’s annual reports, quarterly reports, current reports and additional information regarding the business and financial condition of the Company.  The Creditor has had full opportunity to ask questions and receive answers from the Company regarding this information, and to review and discuss this information with the Creditor's legal and financial advisors.  The Creditor believes he/she/it has received all the information he/she/it considers necessary or appropriate for deciding whether to purchase the Shares and that the Creditor has had full opportunity to discuss this information with the Creditor’s legal and financial advisors prior to executing this Agreement.
 

 5.7
 The Creditor acknowledges that the offering of the Offered Securities by the Company has not been reviewed by the SEC or any other securities commission or regulatory body, and that the Offered Securities are being issued by the Company pursuant to an exemption from registration under the Securities Act and an exemption from the prospectus requirements under applicable Canadian securities laws.
 

 5.8
 The Creditor understands that the Offered Securities will be characterized as "restricted securities" under the Securities Act as they are being acquired from the Company in a transaction not involving a public offering and that, under the Securities Act and the regulations promulgated thereunder, such securities may be resold without registration under the Securities Act only in certain limited circumstances. The Creditor represents that the Creditor is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
 

 
 
 5.9
 The Offered Securities will be acquired by the Creditor for investment for the Creditor's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Creditor has no present intention of selling, granting any participation in, or otherwise distributing the same.  The Creditor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Offered Securities.
 

 5.10
 The Creditor is not aware of any advertisement or general solicitation regarding the offer or sale of the Company’s securities.
 

 5.11
 This Agreement has been duly authorized, validly executed and delivered by the Creditor.
 

 5.12
 The Creditor acknowledges that this Agreement and the Schedules hereto require the Creditor to provide certain personal information to the Company.  Such information is being collected by the Company for the purposes of completing the Offering, which includes, without limitation, determining the Creditor's eligibility to purchase the Offered Securities and any other securities issuable hereunder under applicable securities laws, or preparing and registering certificates representing the Offered Securities to be issued to the Creditor, as the case may be, and completing filings required by any stock exchange or securities regulatory authority. The Creditor's personal information may be disclosed by the Company to stock exchanges or securities or other regulatory authorities, and any of the other parties involved in the Offering, including the Company’s legal counsel, and may be included in record books in connection with the Offering. By executing this Agreement, the Creditor is deemed to be consenting to the foregoing collection, use and disclosure of the Creditor's personal information. The Creditor also consents to the filing of copies or originals of any of the Creditor's documents described herein as may be required to be filed with any stock exchange or securities or other regulatory authority in connection with the transactions contemplated hereby. 
 

 5.13
 The Creditor has satisfied himself/herself/itself as to the full observance of the laws of the Creditor's jurisdiction in connection with any invitation to subscribe for the Offered Securities or any use of this Agreement, including (i) the legal requirements within the Creditor's jurisdiction for the purchase of the Offered Securities; (ii) any foreign exchange restrictions applicable to such purchase; (iii) any governmental or other consents that may need to be obtained; (iv) the income tax and other tax consequences, if any, that may be relevant to an investment in the Offered Securities; and (v) any restrictions on transfer applicable to any disposition of the Offered Securities imposed by the jurisdiction in which the Creditor is resident.
 

 6.
 REPRESENTATIONS BY THE COMPANY
 

 6.1
 The Company represents and warrants to the Creditor that:
 

 (a)
 The Company is a corporation duly organized, existing and in good standing under the laws of the Province of British Columbia and has the corporate power to conduct the business which it conducts and proposes to conduct.
 

 (b)
 The Shares, when issued in accordance with the terms and conditions of this Agreement, will be duly and validly issued, fully paid and non-assessable common shares in the capital of the Company.
 

 7.
 MISCELLANEOUS
 

 7.1
 Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company, at its corporate office at Suite 810, 789 West Pender Street, Vancouver, British Columbia V6C 1H2, and to the Creditor at his/her/its address indicated on the last page of this Agreement. Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received.
 

 7.2
 The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.
 

 

 
 
 7.3
 The Creditor agrees that the representations, warranties and covenants of the Creditor herein will be true and correct both as of the execution of this Agreement and as of the date of this Agreement will survive the closing of the transactions contemplated in this Agreement.  The representations, warranties and covenants of the Creditor herein are made with the intent that they be relied upon by the Company in determining the eligibility of a purchaser of Offered Securities and the Creditor agrees to indemnify the Company and its respective trustees, affiliates, shareholders, directors, officers, partners, employees, advisors and agents against all losses, claims, costs, expenses and damages or liabilities which any of them may suffer or incur which are caused or arise from a breach thereof.  The Creditor undertakes to immediately notify the Company at the address set out above of any change in any statement or other information relating to the Creditor set forth herein.
 

 7.4
 Time shall be of the essence hereof.
 

 7.5
 This Agreement represents the entire agreement of the parties hereto relating to the subject matter hereof and there are no representations, covenants or other agreements relating to the subject matter hereof except as stated or referred to herein. 
 

 7.6
 The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the Creditor and the Company and their respective heirs, executors, administrators, successors and assigns; provided that, except for the assignment by a Creditor who is acting as nominee or agent to the beneficial owner and as otherwise herein provided, this Agreement shall not be assignable by any party without prior written consent of the other parties. 
 

 7.7
 The Creditor, on his/her/its own behalf and, if applicable, on behalf of others for whom he/she/it is contracting hereunder, agrees that this subscription is made for valuable consideration and may not be withdrawn, cancelled, terminated or revoked by the Creditor, on his/her/its own behalf and, if applicable, on behalf of others for whom he/she/it is contracting hereunder. 
 

 7.8
 Neither this Agreement nor any provision hereof shall be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.
 

 7.9
 The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any other provision hereof.
 

 7.10
 The headings used in this Agreement have been inserted for convenience of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof. 
 

 7.11
 Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the province of British Columbia.
 

 7.12
 This Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each party and delivered to the other party, it being understood that all parties need not sign the same counterpart.
 

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

 	 	 	
	  
	  
	  

	 /s/ Lim Chin Yang
	  
	  

	 LIM CHIN YANG
	  
	  

	  
	  
	  

	  
	  
	  

	 VGRAB COMMUNICATIONS INC.
	  
	  

	 by its authorized signatory:
	  
	  

	  
	  
	  

	  
	  
	  

	 /s/ Jack Skurtys
	  
	  

	 Name: Jack Skurtys
	  
	  

	 Title:    CEO
	  
	  

 

 

 
 SCHEDULE A
 

 ACCREDITED INVESTOR CERTIFICATE
 

 The Creditor represents and warrants to VGrab Communications Inc. (the “Company”) that the Creditor has read the following definition of an “accredited investor” from National Instrument 45-106 - Prospectus and Registration Exemptions and certifies that the Creditor is an accredited investor by virtue of falling into one or more of the categories below (please initial the appropriate box below):
 

 	 	 	
	 Initials
	  
	  

	 ____
	 (a) 
	 except in Ontario, a Canadian financial institution, or a Schedule III bank, 

	  
	  
	  

	 ____
	 (b)
	 except in Ontario, the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), 

	  
	  
	  

	 ____
	 (c) 
	 except in Ontario, a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, 

	  
	  
	  

	 ____
	 (d) 
	 except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, 

	  
	  
	  

	 ____
	 (e) 
	 an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), 

	  
	  
	  

	 ____
	 (e.1) 
	 an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador), 

	  
	  
	  

	 ____
	 (f) 
	 except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada, 

	  
	  
	  

	 ____
	 (g) 
	 except in Ontario, a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec, 

	  
	  
	  

	 ____
	 (h) 
	 except in Ontario, any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, 

	  
	  
	  

	 ____
	 (i) 
	 except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada,

	  
	  
	  

	 ____
	 (j) 
	 an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds CAD$1,000,000,  

	  
	  
	  

	 ____
	 (j.1) 
	 an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds CAD$5,000,000,

	  
	  
	  

	 ____
	 (k) 
	 an individual whose net income before taxes exceeded CAD$200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded CAD$300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, 

	  
	  
	  

	 ____
	 (l)
	 an individual who, either alone or with a spouse, has net assets of at least CAD$5,000,000, 

 

 

 
 

 	 	 	
	  
	  
	  

	 ____
	 (m) 
	 a person, other than an individual or investment fund, that has net assets of at least CAD$5,000,000 as shown on its most recently prepared financial statements, 

	 ____
	 (n) 
	 an investment fund that distributes or has distributed its securities only to: 
  (i)   a person that is or was an accredited investor at the time of the distribution, 
  (ii)  a person that acquires or acquired securities in the circumstances referred to in NI 45-106 sections 2.10 [Minimum amount investment], or 2.19 [Additional investment in investment funds], or 
  (iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under NI 45-106 section 2.18 [Investment fund reinvestment],

	  
	  
	  

	 ____
	 (o) 
	 an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,

	  
	  
	  

	 ____
	 (p) 
	 a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, 

	  
	  
	  

	 ____
	 (q) 
	 a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, 

	  
	  
	  

	 ____
	 (r) 
	 a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, 

	  
	  
	  

	 ____
	 (s) 
	 an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function, 

	  
	  
	  

	 ____
	 (t) 
	 a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors, 

	  
	  
	  

	 ____
	 (u) 
	 an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, 

	  
	  
	  

	 ____
	 (v) 
	 a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor, or 

	  
	  
	  

	 ____
	 (w) 
	 a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former spouse;

 

 	
	 Persons described in paragraphs (j), (k) or (l) above must complete Schedule “B” - Risk Acknowledgement Form.

 

 The representations and warranties made in this certificate are true and accurate as of the date of this certificate and will be true and accurate as of the date of closing of the transaction contemplated by this Agreement.  If any such representations and warranties becomes untrue or inaccurate prior to the closing, the undersigned Creditor will give the Company immediate written notice.
 

 

 

 

 
 

 The Creditor acknowledges that the Company will be relying on this certificate in connection with the Agreement.  The statements made in this certificate are true.
 

 Dated _________________________, 20____.
 

 	 	
	 Signature of Creditor:
	  

	  
	  

	 Name of Creditor:
	  

	  
	  

	 Name and Title of Authorized Signatory of Creditor (if Corporate Creditor):
	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 SCHEDULE B
 

 RISK ACKNOWLEDGEMENT FORM
 

 Form 45-106F9 
 Form for Individual Accredited Investors
 

 	
	 WARNING!
 This investment is risky. Don’t invest unless you can afford to lose all the money you pay for this investment.

 

 	 	 	
	 SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER

	 1. About your investment

	 Type of securities: Shares 
	 Issuer:      VGrab Communications Inc.

	 Purchased from: [Instruction: Indicate whether securities are purchased from the issuer or a selling security holder.] 

	 SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER

	 2. Risk acknowledgement

	 

 This investment is risky. Initial that you understand that:
	 Your initials

	 Risk of loss – You could lose your entire investment of $___________ . [Instruction: Insert the total dollar amount of the investment.]
	  

	 Liquidity risk – You may not be able to sell your investment quickly – or at all.  
	  

	 Lack of information – You may receive little or no information about your investment. 
	  

	 Lack of advice – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca. 
	  

	 3. Accredited investor status

	 You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. 
	 Your initials

	 ·
 Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)
	  

	 ·
 Your net income before taxes combined with your spouse’s was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year.
	  

	 ·
 Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.
	  

 

 

 
 

 	 	 	 	
	 ·
 Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.)
	  

	 4. Your name and signature

	 By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. 

	 First and last name (please print):

	 Signature: 
	 Date:

	 SECTION 5 TO BE COMPLETED BY THE SALESPERSON

	 5. Salesperson information 

	 [Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]

	 First and last name of salesperson (please print):

	 Telephone: 
	 Email:

	 Name of firm (if registered):

	 SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER

	 6. For more information about this investment

	 For investment in a non-investment fund
 

 VGrab Communications Inc.
 810 – 789 West Pender Street
Vancouver, BC
V6C 1H2
 Attention: Jacek P. Skurtys, CEO
 

 For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

 

 Form instructions:
 

 1.
 This form does not mandate the use of a specific font size or style but the font must be legible. 
 

 2.
 The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.  
 

 3.
 The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.Exhibit 10.18

 

EXECUTION VERSION

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of July 1, 2016 (as amended or otherwise modified from time to time, this “Amendment”), is made by Aqua Ventures Holdings Curaçao N.V., a Curaçao limited liability company (the “Borrower”), AquaVenture Holdings LLC, a Delaware limited liability company (“AVH”), Seven Seas Water Corporation, a Delaware corporation (“Seven Seas”), AquaVenture Capital Limited, a British Virgin Island limited liability company (“BVI Holdco”), AquaVenture Holdings Limited, a British Virgin Islands business company (“BVI Issuer”, and together with the Borrower, AVH, Seven Seas and BVI Holdco, the “Credit Parties”), and Citibank, N.A. as a Lender and as administrative agent (in such capacity, the “Agent”).

 

RECITALS

 

WHEREAS, the Credit Parties, the Lender and the Agent have entered into that certain Credit Agreement, dated as of June 18, 2015 (as from time to time amended, amended and restated, modified, supplemented and/or restated, the “Credit Agreement”);

 

WHEREAS, the Credit Parties have requested that the Lender and the Agent agree to certain amendments and modifications to the Credit Agreement in connection with certain proposed corporate restructuring changes to be made by the Credit Parties, including the formation of BVI Issuer as a subsidiary of AVH; and

 

WHEREAS, the Lender and the Agent are willing to agree to such amendments and modifications subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1                                  Definitions; Interpretation

 

Section 1.1                                    Defined Terms.  All capitalized terms used in this Amendment (including in the Recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

Section 1.2                                    Interpretation.  The rules of construction set forth in Section 1.03 of the Credit Agreement shall be applicable to this Amendment and are incorporated herein by this reference.

 

Section 1.3                                    Amendments to Credit Agreement as of Effective Date.  Effective as of the date on which all conditions precedent set forth in Section 3 of this Amendment are satisfied (the “Effective Date”), the Credit Agreement shall be amended as follows:

 

(a)                            By adding the following definition of “BVI Issuer” to Section 1.01 in the appropriate alphabetical order:

 

“BVI Issuer” means AquaVenture Holdings Limited, a British Virgin Islands business company.

 

 

(b)                            By amending and restating the definition of “Change of Control” in Section 1.01 in its entirety as follows:

 

“Change of Control” means the occurrence of any of the following that occurs after the date hereof:

 

(a)                                 (i) before an IPO and if a New Topco Event has not occurred, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934), other than the Permitted Holders or a “group” that includes only Permitted Holders, shall become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934) of more than 50% of the equity securities of AVH entitled to vote for members of the board of directors or equivalent governing body of AVH on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to acquire pursuant to any option right) (collectively, “Voting Stock”), or (ii) before an IPO and if a New Topco Event has occurred, any “person” or “group”, other than the Permitted Holders or a “group” that includes only Permitted Holders, shall become the “beneficial owner” of more than 50% of the Voting Stock of the Parent Guarantor; or

 

(b)                                 after an IPO, any “person” or “group”, other than the Permitted Holders or a “group” that includes only Permitted Holders, shall become the “beneficial owner” of more than 35% of the Voting Stock of the Parent Guarantor; or

 

(c)                                  during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent Guarantor cease to be individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or

 

(d)                                 a Parent Guarantor shall cease to own, directly or indirectly, 100% of the equity securities of any other Holdco Guarantor or the Borrower.

 

For the purposes of the definition of “Change of Control”, no Person who is a director, manager or officer of a Permitted Holder shall be, or shall be deemed to be, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934) of the Voting Stock of the Parent Guarantor held by any Permitted Holder of which such Person is a director, manager or officer.

 

 

(c)                             By amending and restating the definition of “IPO” in Section 1.01 its entirety as follows:

 

“IPO” means an initial public offering of the Parent Guarantor.

 

(d)                            By amending and restating the definition of “New Topco” in Section 1.01 in its entirety as follows:

 

“New Topco” means BVI Issuer if a New Topco Event has occurred.

 

(e)                             By adding the following definition of “New Topco Event” to Section 1.01 in the appropriate alphabetical order:

 

“New Topco Event” means the consummation of a Permitted Restructuring Change described in clause (a) of the definition thereof.

 

(f)                              By amending the definition of “Operating Agreement” in Section 1.01 by replacing the phrase “the Parent Guarantor” with “AVH.”

 

(g)                             By amending and restating the definition of “Parent Guarantor” in Section 1.01 in its entirety as follows:

 

“Parent Guarantor” means each of AVH and BVI Issuer, except that from and after the occurrence of a New Topco Event, the “Parent Guarantor” shall instead be New Topco only.

 

(h)                            By amending and restating the definition of “Permitted Holders” in Section 1.01 in its entirety as follows:

 

“Permitted Holders” means (i) Element Partners and its Affiliates, and investment partnerships or funds affiliated with, or managed by, Element Partners and its Affiliates (including, as of the date hereof, Element Partners II, L.P., Element Partners II Intrafund, L.P., Element Partners II-A, L.P., DFJ Element, L.P. and DFJ Element Intrafund, L.P.), (ii) Virgin Green Fund and its Affiliates, and investment partnerships or funds affiliated with, or managed by, Virgin Green Fund and its Affiliates (including, as of the date hereof, Virgin Green Fund I, L.P.), (iii) Virgin Group Holdings Limited and its Affiliates, (iv) Douglas R. Brown and investment partnerships or funds affiliated with, or managed by, Douglas R. Brown (including, as of the date hereof, DRB Pure Water Solutions LLC, DRB Pure Water Solutions II LLC, DRB Pure Water Solutions III LLC and DRB Pure Water Solutions IV LLC), (v) whenever the Permitted Holders described in clauses (i) through (iv), inclusive, of this definition of Permitted Holders own, directly or indirectly, more than 50% of the Voting Stock of Quench USA Holdings LLC, Quench USA Holdings LLC; provided that Quench USA Holdings LLC shall not be a Permitted Holder after the consummation of a Permitted Restructuring Change described in clause (c) of the definition thereof, and (vi) whenever the Permitted Holders described in clauses (i) through (v), inclusive, of this definition of Permitted Holders own, directly or indirectly, more

 

 

than 50% of the Voting Stock of AVH, AVH; provided that AVH shall not be a Permitted Holder after the consummation of a Permitted Restructuring Change described in clause (b) of the definition thereof.

 

(i)                                By amending and restating the definition of “Permitted Restructuring Changes” in Section 1.01 in its entirety as follows:

 

“Permitted Restructuring Changes” means any of the following:  (a) the contribution of all of the assets of AVH (including all of the equity interests of Seven Seas and Quench), other than the equity interests of BVI Issuer held by AVH, by AVH to BVI Issuer (including, without limitation, the issuance of equity interests of BVI Issuer (i) to AVH in or as part of such contribution and (ii) to implement a stock split of the equity interests of BVI Issuer), (b) the merger of AVH with a direct wholly owned Subsidiary of New Topco (including, without limitation, the issuance of equity interests of New Topco to the members of AVH (including Quench USA Holdings LLC) in or as part of such merger), or (c) the merger of Quench USA Holdings LLC with a direct wholly owned Subsidiary of New Topco (including, without limitation, the issuance of equity interests of New Topco to the members of Quench USA Holdings LLC in or as part of such merger); provided that the following conditions have been satisfied to the satisfaction of the Agent:

 

(i) at least five (5) Business Days’ prior written notice thereof shall have been provided to the Agent (or such shorter period as the Agent shall determine in its sole discretion), together with such information with respect thereto as the Agent shall reasonably request;

 

(ii) the Agent shall have received copies of all approvals and consents (including from shareholders, governmental authorities and third parties) as shall be necessary to consummate such transaction;

 

(iii) the Agent shall have received copies of all documents necessary to effectuate such transaction;

 

(iv) the Agent shall have received evidence of the consummation of such transaction;

 

(v) substantially contemporaneously with a Permitted Restructuring Change as described in (a) above, the Agent shall have received such Collateral Documents, executed by the parties thereto, necessary for New Topco to pledge the capital stock or other equity interests of Seven Seas to the Agent, together with evidence of all filings, registrations, recordings and other actions (including receipt of pledged certificates and stock powers) necessary to create a first priority perfected security interest therein in favor the Agent;

 

(vi) the Agent shall have received such corporate authority documents, certificates and legal opinions as the Agent shall reasonably request in connection with such transaction and the Loan Documents entered into in connection with such transaction; and

 

 

(vii) the Agent shall have received evidence that it has a first priority perfected security interest in the Collateral of the Credit Parties.

 

(j)                               By deleting from Section 1.01 the definition of “Restructuring Parent” in its entirety.

 

(k)                            By amending Section 9.02 by adding the following as a new clause (b) and renumbering accordingly:

 

(b)                                 promptly after it has knowledge or becomes aware thereof, notice of the occurrence of existence of any default under any indebtedness or other obligations of such Credit Party for borrowed money in an amount in excess of the Threshold Amount;

 

(l)                                By amending Section 9.02 by restating the last sentence thereof as follows:

 

Each notice pursuant to Section 9.02(a) - (h) shall be accompanied by a written statement by a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein, and stating what action the Borrower proposes to take with respect thereto.

 

(m)                        By amending Section 9.14 by replacing the reference to “Section 11.06” with “Section 10.01.

 

(n)                            By amending and restating Section 10.05(g) in its entirety as follows:

 

(g)                                  so long as no Default of Event of Default exists, or would result therefrom, Permitted Restructuring Changes may be consummated.

 

(o)                            By amending Section 10.06 by deleting the word “and” at the end of clause (h) thereof, deleting the period at the end of clause (i) thereof and substituting the word “and” and a semicolon therefor, and adding the following as a new clause (j):

 

(j)                                    so long as no Default of Event of Default exists, or would result therefrom, Permitted Restructuring Changes may be consummated.

 

(p)                            By amending and restating Section 10.07(e) in its entirety as follows:

 

(e)                                  prior to a New Topco Event, the Parent Guarantor may make Restricted Payments to its members to pay any income taxes that are due and payable by the members pursuant to Section 3.4 of the Operating Agreement;

 

(q)                            By amending Section 10.07 by deleting the period at the end of clause (f) thereof and substituting the word “and” and a semicolon therefor and adding the following as a new clause (g):

 

(g)                                  so long as no Default of Event of Default exists, or would result therefrom, Permitted Restructuring Changes may be consummated.

 

 

(r)                               By amending Section 10.08 by adding the following as a new sentence at the end thereof:  “For the avoidance of doubt, any amendment, modification or waiver of any Organization Document that is not prohibited under the preceding sentence shall be deemed to be explicitly permitted hereunder for all purposes under the other Loan Documents.”

 

(s)                              By amending and restating Section 10.10 in its entirety as follows:

 

Section 10.10                      Transactions with Affiliates.  Such Credit Party shall not and shall not permit any of its Restricted Subsidiaries to enter into any transaction, including the purchase, sale or exchange of property or the rendering of any services, with any Related Party, or enter into, assume or suffer to exist, or permit any Restricted Subsidiary to enter into, assume or suffer to exist, any employment or consulting contract with any Related Party, except (i) a transaction or contract which is in the ordinary course of the Borrower’s or such Restricted Subsidiary’s business and which is upon fair and reasonable terms not less favorable to the Borrower or such Restricted Subsidiary than it would obtain in a comparable arm’s length transaction with a Person not a Related Party or (ii) Permitted Restructuring Changes.

 

(t)                               By amending Section 12.09(a) by deleting the period at the end of clause (ii) thereof and substituting the word “and” and a semicolon therefor, and adding the following as a new clause (iii):

 

(iii)                               to release AVH from its Guaranty upon the occurrence of a Permitted Restructuring Change as described in clause (a) of the definition thereof.

 

(u)                            By amending Section 13.18 by replacing the reference to “54 West 39th Street, 5th Floor, New York, New York 10018” with “530 Seventh Avenue, Suite 909, New York, NY 10018.”

 

(v)                            By adding the following as a new Section 13.24

 

Section 13.24                      Conflicts with Other Loan Documents.  Notwithstanding anything to the contrary contained in any other Loan Document (whether now or hereafter in effect), (x) any Permitted Restructuring Changes permitted to be consummated in accordance with the terms of this Agreement shall be deemed to be explicitly permitted under all other Loan Documents (whether now or hereafter in effect) and (y) if the equity interests of a Credit Party are pledged pursuant to a Collateral Document, the issuance of new equity interests by such Credit Party shall be deemed to be explicitly permitted under this Agreement for the purposes of the other Loan Documents if such equity issuance would not otherwise violate the terms of this Agreement and no Default or Event of Default exists or would result therefrom.

 

Section 1.4                                    References Within Credit Agreement.  Each reference in the Credit Agreement to “this Agreement” and the words “hereof,” “hereto,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Credit Agreement as heretofore amended and as amended by this Amendment.

 

 

SECTION 2                                  Representations and Warranties

 

To induce the Lenders to enter into this Amendment, the Credit Parties represent and warrant to the Agent and the Lender party hereto as set forth below.

 

Section 2.1                                    Validity, etc.  This Amendment and the Credit Agreement (after giving effect to this Amendment) each constitutes the legal, valid and binding obligation of the Credit Parties enforceable in accordance with its respective terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

Section 2.2                                    Representations and Warranties, etc.  Immediately prior to, and immediately after giving effect to, this Amendment the following statements shall be true and correct:

 

(a)                            the representations and warranties set forth in each Loan Document shall, in each case, be true and correct in all material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); and

 

(b)                            no Default shall have then occurred and be continuing.

 

SECTION 3                                  Effectiveness

 

Section 3.1                                    Conditions.  The effectiveness of this Amendment is subject to the satisfaction of each of the following conditions precedent:

 

(a)                            the Agent shall have received this Amendment, executed by the parties hereto;

 

(b)                            the Agent shall have received evidence that BVI Issuer shall have been formed as a direct Subsidiary of AVH, including receipt of certified Organization Documents of BVI Issuer;

 

(c)                             the Agent shall have received a certificate of the Secretary or Assistant Secretary of BVI Issuer, dated the Effective Date, certifying (i) the resolutions of the Board of Directors of BVI Issuer authorizing the execution, delivery and performance of the Loan Documents to which BVI Issuer is a party and (ii) the incumbency, authority and signatures of each officer of BVI Issuer authorized to execute and deliver the Loan Documents to which BVI Issuer is a party and act with respect thereto;

 

(d)                            the Agent shall have received a Guaranty executed by BVI Issuer;

 

(e)                             such Collateral Documents, executed by the parties thereto, necessary for (i) AVH to pledge the capital stock or other equity interests of BVI Issuer to the Agent and (ii) New Topco to pledge the capital stock or other equity interests of Borrower to the Agent;

 

 

(f)                              the Agent shall have received legal opinions from counsel to AVH and BVI Issuer with respect to this Amendment, the Guaranty, and the applicable Collateral Documents executed by BVI Issuer as the Agent shall reasonably request; and

 

(g)                             the Agent shall have received evidence of appointment of the Process Agent as BVI Issuer’s authorized agent with all powers necessary to receive on its behalf service of copies of the summons and complaint and any other process which may be served in any action or proceeding arising out of or relating to the Loan Documents in any of the courts in and of the State of New York.

 

Section 3.2                                    Consents.  Effective upon the satisfaction of the conditions precedent set forth in Section 3.1, the Lenders hereby consent to the contribution of AVH’s equity interests in the Borrower to BVI Issuer in exchange for additional equity interests in BVI Issuer.

 

Section 3.3                                    Additional Deliveries.  Within fifteen (15) days after the effectiveness of this Amendment, Parent Guarantor, BVI Issuer and Borrower shall deliver, or cause to be delivered, to the Agent evidence of all filings, registrations, recordings and other actions (including receipt of pledged certificates and stock powers) necessary to create a first priority perfected security interest in BVI Issuer and in Borrower in favor of the Agent.

 

SECTION 4                                  Miscellaneous

 

Section 4.1                                    Credit Agreement Otherwise Not Affected.  Except for the amendments pursuant hereto, the Credit Agreement remains unchanged.  As amended pursuant hereto, the Credit Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by any party hereto shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.

 

Section 4.2                                    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

Section 4.3                                    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.

 

Section 4.4                                    Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which when executed and delivered shall be an original and all of which shall constitute together but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile (or other electronic transmission) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

 

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

 

 

	
 
    	
AQUA VENTURES HOLDINGS   CURAÇAO N.V.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lee Muller
    
	
 
    	
 
    	
Name: Lee Muller
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
AQUAVENTURE HOLDINGS   LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lee Muller
    
	
 
    	
 
    	
Name: Lee Muller
    
	
 
    	
 
    	
Title: Chief Financial   Officer, Treasurer, and Secretary
    
	
 
    	
 
    
	
 
    	
AQUAVENTURE HOLDINGS   LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lee Muller
    
	
 
    	
 
    	
Name: Lee Muller
    
	
 
    	
 
    	
Title: Chief Financial   Officer
    
	
 
    	
 
    
	
 
    	
SEVEN SEAS WATER   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lee Muller
    
	
 
    	
 
    	
Name: Lee Muller
    
	
 
    	
 
    	
Title: Chief Financial   Officer
    
	
 
    	
 
    
	
 
    	
AQUAVENTURE CAPITAL   LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kwok Hing Frederick   Hung
    
	
 
    	
 
    	
Name: Kwok Hing   Frederick Hung
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CITIBANK, N.A., as   Agent and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kane Park
    
	
 
    	
 
    	
Name: Kane Park
    
	
 
    	
 
    	
Title: Vice President

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