Document:

EXHIBIT
10.1

 

FORM
OF STOCK PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (the “Agreement”) is entered into as of the 4th day of June,
2020 by and between CQENS Technologies Inc., a Delaware corporation formerly known as VapAria Corporation with its principal place
of business located at 5550 Nicollet Avenue, Minneapolis, MN 55419 (the “Company”) and _____________________
a foreign investor, with an address principal place of business located at __________________________________ (the “Purchaser”).

 

WHEREAS,
the Company presently has 25,123,458 shares of common stock, $0.0001 par value per share (the “Common Stock”),
and no shares of preferred stock issued and outstanding.

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to Purchaser
as provided herein, and Purchaser shall purchase from the Company, shares of Common Stock of the Company in a transaction exempt
from registration under the Securities Act of 1933, as amended (the “1933 Act”) in reliance on exemptions
provided by Section 4(a)(2) and Regulation S promulgated thereunder.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and the promises and covenants herein contained, the receipt and sufficiency
of which are hereby acknowledged by the parties hereto, the parties, intending to be legally bound, hereby agree as follows:

 

ARTICLE
1

PURCHASE AND SALE OF COMMON STOCK

 

Section
1.1Purchase and Sale of the Shares. Subject to the terms and conditions of this Agreement, at Closing (as hereinafter
defined) the Company will issue and sell to the Purchaser and the Purchaser will purchase from the Company, ____________) shares
of Common Stock (the “Shares”), representing less than one percent (1%) of the Company’s issued
and outstanding shares prior to Closing, at a per share purchase price of Four Dollars and Eighty-three cents ($4.83) per Share
(the “Per Share Purchase Price”) for a total purchase price of ___________________________ “Purchase
Price”).

 

Section
1.2Closing. The Closing shall take place immediately following the execution of this Agreement by the parties hereto
(the “Closing”) or at such other date as the parties may agree in writing. At Closing, the Company will
deliver a stock certificate to the Purchaser representing the Shares, and the Purchaser shall tender the Purchase Price to the
Company in immediately available funds in U.S. dollars. All actions taken at the Closing shall be deemed to have been taken simultaneously
at the time the last of any such actions is taken or completed.

 

Section
1.3Regulation S. This Agreement is executed in reliance upon the transaction exemption afforded by Regulation S
promulgated by the Securities and Exchange Commission (“SEC”) under the 1933 Act. The Shares purchased
hereby have not been registered under the 1933 Act and may not be offered or sold in the United States or to U.S. persons (as
hereinafter defined) unless the Shares are registered under the 1933 Act, or an exemption from the registration requirements of
the 1933 Act is available.

 

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ARTICLE
2

REPRESENTATIONS
AND WARRANTIES

 

Section
2.1Representation and Warranties of the Company. The Company hereby makes the following representations and warranties
to the Purchaser:

 

(a)       Organization
and Good Standing. The Company is an entity duly incorporated, validly existing and in good standing under the laws of the
State of Delaware, with full corporate power and authority to own, lease and operate its business and properties and to carry
on its business in the places and in the manner as presently conducted. The Company is in good standing as a foreign entity in
each jurisdiction in which the properties owned, leased or operated, or where the business is conducted by it requires such qualification,
except where the failure to so qualify would not have a material adverse effect on its business, taken as a whole, or consummation
of the transactions contemplated hereby.

 

(b)       Authority
and Enforcement. The Company has taken all corporate action necessary for the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby. This Agreement constitutes the valid and binding obligation of the Company,
enforceable against it in accordance with its terms, except as may be affected by bankruptcy, insolvency, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification that the availability
of equitable remedies is subject to the discretion of the court before which any proceeding therefor may be brought.

 

(c)       No
Conflicts or Defaults. The execution and delivery of this Agreement by the Company and the consummation of the transactions
contemplated hereby do not (a) contravene its Amended and Restated Certificate of Incorporation or Bylaws, or (b) with or without
the giving of notice or the passage of time (i) violate, conflict with, or result in a material breach of, or a material default
or loss of rights under, any covenant, agreement, mortgage, indenture, lease, instrument, permit or license to which it is a party
or by which it is bound, or any judgment, order or decree, or any law, rule or regulation to which it is subject, (ii) result
in the creation of, or give any party the right to create, any lien upon any assets or properties of the Company, or (iii) terminate
or give any party the right to terminate, amend, abandon or refuse to perform, any material agreement, arrangement or commitment
relating to which the Company is a party.

 

(d)       Capitalization;
Shares of Company’s Common Stock. The Company’s authorized capital consists of 200,000,000 shares of Common Stock
and 10,000,000 shares of preferred stock. As of the date hereof, there are 25,101,035 shares of Common Stock and no shares of
preferred stock issued and outstanding. The Shares of the Company’s Common Stock have been duly authorized, and upon issuance
pursuant to the provisions hereof, will be validly issued, fully paid and non-assessable.

 

(e)       SEC
Reports. The Company files annual, quarterly and current reports with the SEC pursuant to Section 12(g) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The Company has filed all reports required to
be filed by it under the Exchange Act since January 1, 2017 (the “SEC Reports”). The SEC Reports do
not misrepresent a material fact, do not omit to state a material fact and do not omit any fact necessary to make the statements
made therein, in light of the circumstances under which they are made, not misleading.

 

Section
2.2Representations and Warranties of the Purchaser. The Purchaser hereby makes the following representations and
warranties to the Company:

 

(a)       Organization
and Good Standing. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the
British Virgin Islands, with full power and authority to own, lease and operate its business and properties and to carry on its
business in the places and in the manner as presently conducted. The Purchaser is in good standing as a foreign entity in each
jurisdiction in which the properties owned, leased or operated, or where the business is conducted by it requires such qualification,
except where the failure to so qualify would not have a material adverse effect on its business, taken as a whole, or consummation
of the transactions contemplated hereby.

 

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(b)       Authority
and Enforcement. The Purchaser has taken all action necessary for the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby. This Agreement constitutes the valid and binding obligation of the Purchaser, enforceable
against it in accordance with its terms, except as may be affected by bankruptcy, insolvency, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and subject to the qualification that the availability of equitable
remedies is subject to the discretion of the court before which any proceeding therefor may be brought.

 

(c)       No
Conflicts or Defaults. The execution and delivery of this Agreement by the Purchaser and the consummation of the transactions
contemplated hereby do not (a) contravene its organizational or operating agreements, or (b) with or without the giving of notice
or the passage of time (i) violate, conflict with, or result in a material breach of, or a material default or loss of rights
under, any covenant, agreement, mortgage, indenture, lease, instrument, permit or license to which it is a party or by which it
is bound, or any judgment, order or decree, or any law, rule or regulation to which it is subject, (ii) result in the creation
of, or give any party the right to create, any lien upon any assets or properties of the Purchaser, or (iii) terminate or give
any party the right to terminate, amend, abandon or refuse to perform, any material agreement, arrangement or commitment relating
to which the Purchaser is a party. No consent, approval, order or authorization of, or registration, declaration or filing with,
any governmental entity, is required by the Purchaser in connection with the execution of this Agreement by the Purchaser or the
consummation by it of the transactions contemplated hereby, except for such other consents, approvals, orders, authorizations,
registrations, declarations or filings, the failure of which to obtain would not individually or in the aggregate have a material
adverse effect.

 

(d)       Information
on the Company. The Purchaser has been provided access to the SEC Reports via the SEC’s public website at www.sec.gov/EDGAR,
and represents and warrants that the Purchaser has read and reviewed the SEC Reports. The Purchaser is a sophisticated investor
who has such knowledge and experience in financial, tax and other business matters as to enable it to evaluate the merits and
risks of, and to make an informed investment decision with respect to, the Shares and this Agreement. The Purchaser, either alone
or together with its advisors, has such knowledge and experience in financial, tax, and business matters, and, in particular,
investments in illiquid securities, so as to enable it to utilize the information made available to it in connection with the
transactions contemplated hereby, to evaluate the merits and risks of an investment in the Shares and to make an informed investment
decision with respect thereto. The Purchaser has relied solely on the SEC Reports in making its decision to purchase the Shares.

 

(e)       Financial
Risk. Purchaser acknowledges that the purchase of the Shares involves a high degree of risk and affirms that it can bear the
economic risk of acquiring the Shares, including the total loss of its investment. The Purchaser is not relying on any offering
documents or other literature other than this Agreement in connection with the purchase of the Shares. Purchaser is sufficiently
experienced in financial and business matters to be capable of evaluating the merits and risks of its investments and to make
an informed decision relating thereto. In evaluating its investment, Purchaser has consulted its own investment and/or legal and/or
tax advisors. Purchaser (i) is either experienced in purchasing securities of a U.S. issuer offered under the exemption provided
by Regulation S, or (ii) has engaged legal counsel experienced in compliance with offers and sales made in reliance on Regulation
S to advise it regarding an investment in Shares. The Purchaser acknowledges that there is no market for the Shares and that no
market may ever develop. The Purchase further acknowledges that the Purchaser has adequate means of providing for the Purchaser’s
current financial needs and foreseeable contingencies and has no need for liquidity of its investment in the Shares.

 

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(f)       Offshore
Transaction. Purchaser represents and warrants to Company as follows:

 

(i)       Purchaser
is a not a U.S. person (as defined in Regulation S) and is not subscribing for the Shares on behalf of a U.S. person. At the time
Purchaser executed and delivered this Agreement, Purchaser was outside the United States;

 

(ii)       Any
subsequent offer or sale of the Shares by the Purchaser prior to the expiration of one (1) year from the Closing (the “Distribution
Compliance Period”) shall be made only in accordance with the provisions of Regulation S, pursuant to registration
of the Shares under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act. The
Purchaser represents, warrants and covenants to the Company that it will not engage in hedging transactions with regard to such
Shares prior to the expiration of the Distribution Compliance Period unless in compliance with the 1933 Act. Following the expiration
of the Distribution Compliance Period, the Purchaser represents, warrants and covenants to the Company that it will not engage
in any “directed selling efforts” as that term is defined in Regulation S with respect to the Shares;

 

(iii)       Purchaser
is acquiring the Shares for its own account and not on behalf of any U.S. person, and the sale has not been pre-arranged with
a purchaser in the United States;

 

(iv)       Purchaser
represents and warrants and hereby agrees that all subsequent offers and sales of the Shares will be made (a) outside the United
States in compliance with Rule 903 or Rule 904 of Regulation S, (b) pursuant to registration of the Shares under the 1933 Act,
or (c) pursuant to an exemption from such registration. The undersigned acknowledges that the Company has no obligation to register
the Shares under the 1933 Act or otherwise;

 

(v)       Purchaser
understands that the Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements
of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments and undertakings of Purchaser set forth herein in order to determine the applicability
of such exemptions and the suitability of Purchaser to acquire the Shares;

 

(vi)       Purchaser
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with the purchase
of the Shares, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the
income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of
the Shares. The Purchaser’s subscription and payment for, and its continued beneficial ownership of the Shares, will not
violate any applicable securities or other laws of the undersigned’s jurisdiction;

 

(vii)       Purchaser
acknowledges that, in the view of the SEC, the statutory exemption claimed for this transaction would not be present if the offering
of Shares, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions
of the 1933 Act. Purchaser is acquiring the Shares for investment purposes and has no present intention to sell the Shares in
the United States or to a U.S. person or for the account or benefit of a U.S. person either now or promptly after the expiration
of the Distribution Compliance Period; and

 

(viii)       Purchaser
is not an “distributor” as that term is defined in Regulation S and Purchaser is not participating, pursuant to a
contractual agreement, in the distribution of the Shares. The Purchaser has not engaged in any “directed selling efforts”
with respect to the Shares including any activity undertaken for the purpose of, or that could reasonably be expected to have
the effect of, conditioning the market in the United States for any of the Shares being offered by the Company pursuant to this
Agreement, including, but not limited to, placing an advertisement in a publication “with a general circulation in the United
States” that refers to the offering of securities being made in reliance upon Regulation S.

 

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(g)       Legend.
The Purchaser agrees that the Company may insert the following or similar legend on the face of the certificate evidencing the
Shares in compliance with the 1933 Act or state securities laws:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES OR TO A “U.S. PERSON” AS THAT TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE SECURITIES ACT UNLESS THE
SHARES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR CQENS TECHNOLOGIES INC. HAS BEEN PROVIDED WITH AN OPINION OF COUNSEL SATISFACTORY
TO IT THAT AN EXEMPTION FROM REGISTRATION IS AVAILABLE.”

 

(h)       OFAC
Compliance. The Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at
<http://www.treas.gov/ofac> before making the following representations. The Purchaser represents that the amounts invested
by it in the Company pursuant to this Agreement were not and are not directly or indirectly derived from activities that contravene
federal, state or international laws and regulations, including anti-money laundering laws and regulations. Federal regulations
and Executive Orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision
of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories,
persons and entities can be found on the OFAC website at <http://www.treas.gov/ofac>. In addition, the programs administered
by OFAC (the “OFAC Programs”) prohibit dealing with individuals1 or entities in certain
countries regardless of whether such individuals or entities appear on the OFAC lists. To the best of the Purchaser’s knowledge,
none of: (1) the Purchaser; any person controlling or controlled by the Purchaser; (3) if the Purchaser is a privately-held entity,
any person having a beneficial interest in the Purchaser; or (4) any person for whom the Purchaser is acting as agent or nominee
in connection with this investment is a country, territory, individual or entity named on an OFAC list, or a person or entity
prohibited under the OFAC Programs. The Purchaser agrees to promptly notify the Company should the Purchaser become aware of any
change in the information set forth in these representations. The Purchaser understands and acknowledges that, by law, the Company
may be obligated to “freeze the account” of the Purchaser, either by prohibiting additional purchases by the Purchaser
and/or segregating the assets in the account in compliance with governmental regulations.

 

(i)       Senior
Political Figure. To the best of the Purchaser’s knowledge, none of: (1)
the Purchaser; (2) any person controlling or controlled by the Purchaser; (3) if the Purchaser is a privately-held entity, any
person having a beneficial interest in the Purchaser; or (4) any person for whom the Purchaser is acting as agent or nominee in
connection with this investment is a senior foreign political figure2, or any immediate family3 member or
close associate4 of a senior foreign political figure, as such terms are defined in the footnotes below.

 

 

1
These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs.

2
A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative,
military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political
party, or a senior executive of a foreign government owned corporation. In addition, a “senior foreign political figure”
includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political
figure.

3
“Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings,
spouse, children and in-laws.

4
A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain
an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct
substantial domestic and international financial transactions on behalf of the senior foreign political figure.

 

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(j)       Foreign
Bank. If the Purchaser is affiliated with a non-U.S. banking institution (a “Foreign Bank”), or
if the Purchaser receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign
Bank, the Purchaser represents and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an
electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains
operating records related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that
licensed the Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other
Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.

 

(k)       Independent
Investigation; Access. Purchaser acknowledges that Purchaser, in making the decision to purchase the Shares pursuant to the
terms of this Agreement, has relied upon independent investigations made by it and Purchaser’s representatives, if any,
and Purchaser and such representatives, if any, have been given access and the opportunity, prior to any sale to it, to examine
all material books and records of the Company, and the opportunity to ask questions of, and to receive answers from the Company
or any person acting on its behalf concerning the terms and conditions of this Agreement. Purchaser and its advisors, if any,
have received complete and satisfactory answers to any such inquiries.

 

(l)       No
Government Recommendation or Approval. Purchaser understands that no federal or state agency has made or will make any finding
or determination relating to the fairness for public investment in the Company, or has passed or made, or will pass on or make,
any recommendation or endorsement of the Shares.

 

(m)       General.
The Purchaser understands that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to determine the suitability of the Purchaser to
acquire the Shares. The Purchaser certifies that each of the foregoing representations and warranties set forth in this Section
2 are true as of the date hereof and shall survive thereafter.

 

ARTICLE
3

CONDITIONS TO CLOSING

 

Section
3.1Conditions Precedent to the Obligation of the Company to Sell the Shares. The obligation hereunder of the Company
to proceed to close this Agreement and to issue and sell the Shares to the Purchaser is subject to the satisfaction or waiver,
at or before the Closing, of each of the conditions set forth below. These conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion.

 

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(a)       Accuracy
of the Purchaser’s Representations and Warranties. The representations and warranties of the Purchaser shall be true
and correct in all material respects as of the date when made and as of the Closing as though made at that time, except for representations
and warranties that speak as of a particular date.

 

(b)       Performance
by the Purchaser. The Purchaser shall have performed, satisfied and complied in all material respects with all material covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior
to the Closing.

 

(c)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by this Agreement.

 

(d)       Documentation.
The Purchaser shall provide the Company with such information and documentation as it may reasonably request in connection with
the issuance of the Shares to the Purchaser.

 

Section
3.2Conditions Precedent to the Obligation of the Purchaser to Close. The obligation hereunder of the Purchaser
to perform its obligations under this Agreement and to purchase the Shares is subject to the satisfaction or waiver, at or before
the Closing, of each of the conditions set forth below. These conditions are for the Purchaser’s sole benefit and may be
waived by the Purchaser at any time in its sole discretion.

 

(a)       
Accuracy of the Company’s Representations and Warranties. Each of the representations and warranties of the Company
shall be true and correct in all material respects as of the date when made and as of the Closing as though made at that time
(except for representations and warranties that speak as of a particular date).

 

(b)       Performance
by the Company. The Company shall have performed, satisfied and complied in all respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing.

 

(c)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by his Agreement.

 

ARTICLE
4

RIGHT OF FIRST REFUSAL

 

If
at any time commencing on the Closing and ending at 5 p.m., New York time, 36 months from the Closing (the “ROFR Period”)
the Company has a bona fide offer (the “Offered Capital”) of equity capital or financing from any person
at a price per share less than the Purchase Price Per Share (as may be adjusted from time to time in the event of stock splits,
recapitalizations or similar transactions), that Company intends to act upon, then Company must first offer such opportunity to
the Purchaser to provide such capital or financing to Company on the same terms as the Offered Capital. Should the Purchaser be
unwilling or unable to provide such capital or financing to Company within ten (10) Business Days from the Purchaser’s receipt
of written notice (the “ROFR Notice”) of the Offered Capital from Company, then Company is free to proceed
to consummate the transaction for the Offered Capital without any further notification to the Purchaser; provided, however, that
such equity capital or financing must be upon the same terms and conditions offered by Company to the Purchaser, which transaction
must be completed within one hundred and twenty (120) days after the date of ROFR Notice. If Company does not receive the capital
or financing from the respective person within one hundred and twenty (120) days after the date of the ROFR Notice, during the
ROFR Period then Company must again offer the capital or financing opportunity to Purchaser as described above, and the process
detailed above shall be repeated.

 

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ARTICLE
5

REGISTRATION RIGHTS

 

Section
5.1Grant of Piggyback Right. Commencing on the Closing and ending at
5 p.m., New York time, 36 months from the Closing (the “Piggyback Registration Period”) in the event
that the Company proposes for any reason to register any of its Common Stock under the 1933 Act (a “Proposed Registration”),
other than pursuant to a registration statement on Form S-4 or Form S-8 (or similar or successor forms), the Company shall promptly
give written notice (the “Piggyback Notice”) of such Proposed Registration to the Purchaser and shall
offer the Purchaser the right (the “Piggyback Right”) to include any of the Shares (the “Registrable
Shares”) in the Proposed Registration (the “Resale Registration Statement”). The Purchaser
is granted one (1) Piggyback Right hereunder. The Purchaser shall have ten (10) Business Days from the date of the Piggyback Notice
to deliver to the Company a written request specifying the number of Registrable Shares it intends to sell and the Purchaser’s
intended method of disposition. When used herein, “Business Day” shall mean any day except any Saturday,
any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State
of New York are authorized or required by law or other governmental action to close. Subject to Section 5.2 below, the
Company shall include in such registration statement all such Registrable Shares so requested to be included therein in such Resale
Registration Statement.

 

Section
5.2Underwritten Offering. If the Proposed Registration includes an underwritten primary public offering on behalf
of the Company and the managing underwriter or underwriters of the Proposed Registration advises the Company that the total number
of Registrable Shares that the Purchaser intends to include in the offering exceeds the number that can be sold in such offering
without being likely to have a material adverse effect on the price, timing or distribution of the Common Stock offered or the
market for the Common Stock, then the Registrable Shares to be included in such underwritten primary public offering shall include
the number of securities of the Company that such managing underwriter or underwriters advises the Company in writing can be sold
without having such material adverse effect, with such number to be allocated (i) first, to the securities that the Company
proposes to sell, and (ii) second, to the Registrable Shares requested to be included therein by the Purchaser. Notwithstanding
any other provision of this Agreement, if any guidance publicly made available by the SEC (the “SEC Guidance”)
sets forth a limitation on the number of Registrable Shares to be registered in the Registration Statement (and the Company has
used its best efforts to advocate with the SEC for the registration of all or the maximum number of Registrable Shares), the number
of Registrable Shares to be registered in such Registration Statement will be reduced to a number which is consistent with SEC
Guidance or written comments and/or oral discussions by the Company with the staff of the SEC.

 

Section
5.3Fees and expenses. All expenses incurred in connection with the registration of the Registrable Shares pursuant
to this Agreement (excluding underwriting, brokerage and other selling commissions and discounts), including without limitation
all registration and qualification and filing fees, printing, fees and disbursements of counsel for the Company and fees and expenses
shall be borne by the Company; provided, however, the Purchaser shall be required to pay the expenses of
counsel and any other advisors for the Purchaser and any brokerage or other selling discounts or commissions and any other expenses
incurred by the Purchaser for its own account.

 

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Section
5.4Cooperation. The Purchaser agrees to cooperate with the Company as reasonably requested by the Company in connection
with the preparation and filing of the Resale Registration Statement, unless the Purchaser has notified the Company in writing
of the Purchaser’s election to exclude all of such Registrable Securities from such Resale Registration Statement, including,
but not limited to, the completion of a customary selling security holder questionnaire.

 

ARTICLE
6

MISCELLANEOUS

 

Section
6.1Fees and Expenses. Each of the parties to this Agreement shall pay its own fees and expenses related to the
transactions contemplated by this Agreement.

 

Section
6.2Entire Agreement, Amendment. This Agreement contains the entire understanding of the parties with respect to
the matters covered herein. No provision of this Agreement may be waived or amended other than by a written instrument signed
by the party against whom enforcement of any such amendment or waiver is sought.

 

Section
6.3Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder
shall be in writing and shall be effective (a) upon hand delivery or facsimile at the address or number designated in this Agreement
(if delivered on a business day during normal business hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or
(b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address,
or upon actual receipt of such mailing, whichever shall first occur. Any party hereto may from time to time change its address
for notices by giving written notice of such changed address to the other party hereto in accordance herewith.

 

Section
6.4Waivers. No waiver by either party of any default with respect to any provision, condition or requirement of
this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement
hereof nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter.

 

Section
6.5Headings. The article, section and subsection headings in this Agreement are for convenience only and shall
not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions
hereof.

 

Section
6.6Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
successors and assigns. The parties hereto may not amend this Agreement or any rights or obligations hereunder without the prior
written consent of the Company and the Purchaser.

 

Section
6.7No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns and is not for the benefit of, nor may any other person hereof enforce any provision.

 

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Section
6.8Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the
State of Delaware, without giving effect to the choice of law provisions. Each of the parties hereto expressly and irrevocably:
(1) agree that any legal suit, action or proceeding arising out of or relating to this Agreement will be instituted exclusively
in United States District Court for the District of Minnesota; (2) waive any objection they may have now or hereafter to the venue
of any such suit, action or proceeding; and (3) consent to the in person jurisdiction of United States District Court for the
District of Minnesota in any such suit, action or proceeding. Each of the parties hereto further agrees to accept and acknowledge
service of any and all process which may be served in any such suit, action or proceeding in the United States District Court
for the District of Minnesota and agree that service of process upon it mailed by certified mail to its address will be deemed
in every respect effective service of process upon it, in any such suit, action or proceeding. ANY LEGAL SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN MINNEAPOLIS, MN, AND EACH PARTY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE
OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION
OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF
VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A)
NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE
THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.8.

 

Section
6.9Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered
to the other

 

Section
6.10Publicity. Neither the Company nor the Purchaser shall issue any press release or otherwise make any public
statement or announcement with request to this Agreement until the closing. After the closing, the Company may issue a press release,
or otherwise make a public statement or announcement with respect to this agreement and/or transaction.

 

Section
6.11Further Assurances. From and after the date of this Agreement, upon the request of the Purchaser or the Company,
each of the Company or and the Purchaser shall execute and deliver such instruments, documents and other writings as maybe reasonably
necessary or desirable to confirm and carry out and to effectuate fully the intent and purpose of this agreement.

 

Section
6.12Role of Counsel. The parties acknowledge their understandings that this Agreement was prepared at the request
of the Company by Pearlman Law Group LLP, its counsel, and that such firm did not represent the Purchaser in conjunction with
this Agreement or any of the related transactions. The Purchaser, as further evidenced by its signature below, acknowledges that
it has had the opportunity to obtain the advice of independent counsel of its choosing prior to its execution of this Agreement
and that it has availed itself of this opportunity to the extent it deemed necessary and advisable.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers
as of the day and date first above written.

 

	 	CQENS
    Technologies Inc.
	 	 
	 	By:	           
	 	 	Alexander
    Chong, Chief Executive Officer
	 	 
	 	Investor
	 	 
	 	By:	          
	 	 	Name:

 

    	10Exhibit 10.1

  

   

  

  
    PARISH OF ST. JAMES, STATE OF LOUISIANA

     

    AND

     

    NUSTAR LOGISTICS, L.P.

     

    

    
      

    
      

      

    

    LEASE AGREEMENT

    
      

      

      
        

      

      

    

    Dated as of June 1, 2008

     

    The interest of the PARISH OF ST. JAMES, STATE OF LOUISIANA (the.“Issuer”) in this Lease Agreement has been assigned (except for “Reserved Rights” defined in this Lease Agreement) pursuant
      to the Indenture of Trust dated as of the date hereof from the Issuer to U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”), and is subject to the security interest of the Trustee thereunder.

     

    
      
        

    

    LEASE AGREEMENT

     

    THIS LEASE AGREEMENT, dated as of June 1, 2008, between the PARISH

          OF ST. JAMES, STATE OF LOUISIANA, a political subdivision of the State of Louisiana (the “Issuer”) and NuSTAR LOGISTICS, L.P., a limited partnership organized and existing under the laws of the
        State of Delaware (the “Company”);

     

    W I T N E S S E T H:

     

    That the parties hereto, intending to be legally bound hereby, and for and in consideration of the premises and the mutual covenants hereinafter contained, do hereby covenant, agree and bind
      themselves as follows:  provided, that any obligation of the Issuer created by or arising out of this Agreement shall never constitute a debt or a pledge of the faith and credit or the taxing power of the Issuer or any political subdivision
      or taxing district of the State of Louisiana (the “State”) but shall be payable solely out of the Trust Estate (as defined in the Indenture), anything herein contained to the contrary by implication or otherwise notwithstanding:

     

    
      
        

    

    ARTICLE I

     

    DEFINITIONS

     

    Section 1.01          Definitions.

     

    All capitalized, undefined terms used herein shall have the same meanings as used in Article I of
      the hereinafter defined Indenture.  In addition, the following words and phrases shall have the following meanings:

     

    “Completion Date” means the date with respect to which with, except for amounts retained by the Trustee at the Company’
      s direction to pay any Cost of the Project not then due and payable, (i) construction of the Project has been completed and all costs of labor, services, materials and supplies used in such construction have been paid, (ii) all equipment for the
      Project has been installed, such equipment so installed is suitable and sufficient for the operation of the Project, and all costs and expenses incurred in the acquisition and installation of such equipment have been paid, and (iii) all other
      facilities necessary in connection with the Project have been acquired, constructed and installed and all costs and expenses incurred in connection therewith have been paid.

     

    “Cost” with respect to the Project shall be deemed to include all items permitted to be financed under the provisions
      of the Code and the Act.

     

    “Default” means any Default under this Agreement as specified in and defined by Section 8.01 hereof.

     

    “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions,
      notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous
      Material or to health and safety matters.

     

    “Governmental Authority” means the government of the United States of America, any other nation or any political
      subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
      pertaining to government.

     

    “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
      wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
      pursuant to any Environmental Law.

     

    “Indenture” means the Indenture of Trust dated as of this date between the Issuer and the Trustee, pursuant to which
      the Bonds are authorized to be issued, and any amendments and supplements thereto.

     

    
      
        

    

    “Issuance Costs” means all costs that are treated as costs of issuing or carrying the Bonds under existing Treasury
      Department regulations and rulings, including, but not limited to, (a) underwriter’s spread (whether realized directly or derived through purchase of the Bonds at a discount below the price at which they are expected to be sold to the public);
      (b) counsel fees (including bond counsel, underwriter’s counsel, Issuer’s counsel and Company counsel, as well as any other specialized counsel fees incurred in connection with the issuance of the Bonds); (c) financial advisory fees incurred in
      connection with the issuance of the Bonds; (d) rating agency fees; (e) Trustee fees incurred in connection with the issuance of the Bonds; (f) paying agent and certifying and authenticating agent fees related to issuance of the Bonds; (g) accountant
      fees related to the issuance of the Bonds; (h) printing costs of the Bonds and of the preliminary and final offering materials; (i) publication costs associated with the financing proceedings; and G) costs of engineering and feasibility studies
      necessary to the issuance of the Bonds; provided, that bond insurance premiums and certain credit enhancement fees, to the extent treated as interest expense under applicable regulations, shall not be treated as “Issuance Costs.”

     

    “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition
      (financial or otherwise) of the Company taken as a whole, (b) the ability of the Company to perform any of its obligations under this Lease Agreement or (c) the rights of or benefits available to the Issuer under this Agreement.

     

    “Net Proceeds” means the proceeds of the Bonds reduced by amounts m a reasonably required reserve or replacement fund.

     

    “Project” means the facilities described in Exhibit “A” hereto.

     

    “Qualified Project Costs” means Costs and expenses of the Project, which constitute land costs or costs for property of
      a character subject to the allowance for depreciation excluding specifically working capital and inventory costs, provided, however, that (i) costs or expenses paid more than sixty (60) days prior to the adoption by the Issuer of its
      resolution on June 6, 2007, declaring its intent to reimburse Project expenditures with Bond proceeds, shall not be deemed to be Qualified Project Costs; (ii) Issuance Costs shall not be deemed to be Qualified Project Costs; (iii) interest during the
      Construction Period shall be allocated between Qualified Project Costs and other Costs and expenses to be paid from the proceeds of the Bonds; (iv) interest following the Construction Period shall not constitute a Qualified Project Cost; (v) letter
      of credit fees and municipal bond insurance premiums which represent a transfer of credit risk shall be allocated between Qualified Project Costs and other costs and expenses to be paid from the proceeds of the Bonds; and (vi) letter of credit fees
      and municipal bond insurance premiums which do not represent a transfer of credit risk shall not constitute Qualified Project Costs.

     

    “Requisition” means a written request for a disbursement from the Project Fund, signed by a Company Representative,
      substantially in the form attached hereto as Exhibit “B” and satisfactorily completed as contemplated by said form.

     

    “Reserved Rights” means amounts payable to the Issuer under Sections 4.02(b),

        7.02 and 8.04 hereof.

     

    “State” means the State of Louisiana.

     

    
      
        

    

    “Term of Agreement” means the duration of the leasehold interest created hereby as specified in Section 9.01 hereof.

     

    Section 1.02          Uses of Phrases.

     

    Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders.  Unless the context shall otherwise indicate, the words “Bond,”
      “Bondholder,” “Owner,” “registered owner” and “person” shall include the plural as well as the singular number, and the word “person” shall include corporations and associations, including public bodies, as well as persons.  Any percentage of Bonds,
      specified herein for any purpose, is to be figured on the unpaid principal amount thereof then Outstanding.  All references herein to specific Sections of the Code refer to such Sections of the Code and all successor or replacement provisions
      thereto.

     

    
      
        

    

    ARTICLE II

     

    REPRESENTATIONS, COVENANTS AND WARRANTIES

     

    Section 2.01          Representations, Covenants and Warranties of the Issuer.

     

    The Issuer represents, covenants and warrants that:

     

    (a)          The Issuer is a political subdivision of the State of Louisiana.  Under the provisions of the Act, the Issuer is authorized to enter into the transactions contemplated by this Agreement
      and the Indenture and to carry out its obligations hereunder and thereunder.  The Issuer has been duly authorized to execute and deliver this Agreement and the Indenture.

     

    (b)          The Issuer covenants that it will not pledge the amounts derived from this Agreement other than as contemplated by the Indenture.

     

    Section 2.02          Representations, Covenants and Warranties of the Company.

     

    The Company represents, covenants and warrants that:

     

    (a)         The Company is a limited partnership duly organized and validly existing under the laws of the State of Delaware.  The Company is not in violation of any provision of its certificate of
      limited partnership, has the power to enter into this Agreement, and has duly authorized the execution and delivery of this Agreement, and is qualified to do business and is in good standing under the laws of the State.

     

    (b)         The Company (i) shall preserve, renew, and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, and franchises material to the conduct of its
      business (provided that the foregoing shall not prohibit any merger, consolidation, sale, lease, or transfer permitted under the following clause (ii)); and (ii) shall not without the prior written consent of the Credit Provider (during any
      Credit.Facility Period) and the Trustee (during any Interest Period that is not a Credit Facility Period) consolidate with or merge into any other person or sell, lease, or transfer its properties and assets as, or substantially as, an
      entity to any person unless (1) (A) in the case of a merger, the Company is the surviving entity, or (B) the person formed by such consolidation or into which the Company is merged or the person that acquires by sale or transfer, or that leases the
      properties and assets of the Company as, or substantially as, an entity expressly assumes by an assumption agreement hereto, executed and delivered to the Issuer, all of the obligations of the Company under this Lease Agreement; (2) the surviving
      entity or successor person is a person organized and existing under the laws of the United States of America, any state thereof, or the District of Columbia; (3) immediately after giving effect to such transaction, no Default shall have occurred and
      be continuing; and (4) the Company has delivered to the Issuer an officers’ certificate stating that such consolidation, merger, conveyance, sale, transfer, or lease complies with this Section 2.02(b).

     

    (c)         Neither the execution and delivery of this Agreement or the Remarketing Agreement, nor the consummation of the transactions contemplated hereby and thereby, nor the fulfillment of or
      compliance with the terms and conditions hereof or thereof conflicts with or results in a breach of the terms, conditions, or provisions of any agreement or instrument to which the Company is now a party or by which the Company is bound, or
      constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Company under the terms of any such instrument or agreement, except
      where such conflict, breach, default, creation or imposition individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect.

     

    
      
        

    

    (d)         There is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, known to be pending or threatened against or affecting
      the Company or any of its officers, nor to the best knowledge of the Company is there any basis therefor, wherein an unfavorable decision, ruling, or finding would materially adversely affect the transactions contemplated by this Agreement or which
      would adversely affect, in any way, the validity or enforceability of the Bonds, this Agreement, the Remarketing Agreement, or any agreement or instrument to which the Company is a party, used or contemplated for use in the consummation of the
      transactions contemplated hereby.

     

    (e)         The Project is of the type authorized and permitted by the Act, and its estimated Cost is not less than $56,200,000.00.

     

    (f)          The proceeds from the sale of the Bonds will be used only for payment of Costs of the Project.

     

    (g)        The Company will use due diligence to cause the Project to be operated in accordance with the laws, rulings, regulations and ordinances of the State and the departments, agencies and
      political subdivisions thereof.  The Company has obtained or caused to be obtained all requisite approvals of the State and of other federal, state, regional and local governmental bodies for the acquisition, construction, improving and equipping of
      the Project.

     

    (h)        The Company will fully and faithfully perform all the duties and obligations which the Issuer has covenanted and agreed in the Indenture to cause the Company to perform and any duties and
      obligations which the Company is required in the Indenture to perform.  The foregoing shall not apply to any duty or undertaking of the Issuer which by its nature cannot be delegated or assigned.

     

    (i)         The issuance of the Bonds by the Issuer to finance the acqms1tlon, construction and installation of the Project has induced the Company to locate the Project in the Parish of St. James,
      State of Louisiana which will directly result in an increase in employment opportunities in such Parish.

     

    (j)          The Company does not “ control” the Credit Provider, either directly or indirectly through one or more controlled companies, within the meaning of Section 2(a)(9) of the Investment
      Company Act of 1940.

     

    
      
        

    

    Section 2.03          Tax-Exempt Status of the Bonds.

     

    The Company hereby represents, warrants and agrees that the Tax Regulatory Agreement executed and delivered by the Company concurrently with the issuance and delivery of the Bonds is true, accurate
      and complete in all material respects as of the date on which executed and delivered.

     

    Section 2.04          Notice of Determination of Taxability.

     

    Promptly after the Company first becomes aware of any Determination of Taxability, the Company shall give written notice thereof to the Issuer and the Trustee.

     

    
      
        

    

    ARTICLE III

     

    ACQUISITION AND CONSTRUCTION

    OF THE PROJECT;

    ISSUANCE OF THE BONDS

     

    Section 3.01          Agreement to Acquire, Construct and Install the Project.

     

    The Company agrees to make all contracts and do all things necessary for the acquisition, construction and installation of the Project.  The Company further agrees that it will acquire, construct,
      and install the Project with all reasonable dispatch and use its commercially reasonable efforts to cause acquisition, construction, installation and occupancy of the Project.  The Company expects the Project to be completed September 2008, or as
      soon thereafter as may be practicable, delays caused by force majeure as defined in Section 8.01 hereof only excepted; but if for any reason such acquisition, construction and installation
      is not completed by said date there shall be no resulting liability on the part of the Company and no diminution in or postponement of the payments required in Section 4.02 hereof to be
      paid by the Company.

     

    Section 3.02          Agreement to Issue the Bonds; Application of Bond Proceeds.

     

    In order to provide funds for the payment of the Cost of the Project, the Issuer, concurrently with the execution of this Agreement, will issue, sell, and deliver the Bonds and deposit the net
      proceeds thereof with the Trustee in the Project Fund.

     

    Section 3.03          Disbursements from the Project Fund.

     

    The Issuer has, in the Indenture, authorized and directed the Trustee to make disbursements from the Project Fund to pay the Costs of the Project, or to reimburse the Company for any Cost of the
      Project paid by the Company.  Except with respect to payment of Issuance Costs on the date of issuance of the Bonds, the Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a
      Requisition.

     

    Section 3.04          Furnishing Documents to the Trustee.

     

    The Company agrees to cause such Requisitions to be directed to the Trustee as may be necessary to effect payments out of the Project Fund in accordance with Section 3.03 hereof.

     

    Section 3.05          Establishment of Completion Date.

     

    (a)         The Completion Date shall be evidenced to the Issuer and the Trustee by a certificate signed by a Company Representative stating that, except for amounts retained by the Trustee at the
      Company’s direction to pay any Cost of the Project not then due and payable, (i) construction of the Project has been completed and all costs of labor, services, materials and supplies used in such construction have been paid, (ii) all equipment for
      the Project has been installed, such equipment so installed is suitable and sufficient for the operation of the Project, and all costs and expenses incurred in the acquisition and installation of such equipment have been paid, and (iii) all other
      facilities necessary in connection with the Project have been acquired, constructed and installed and all costs and expenses incurred in connection therewith have been paid.  Notwithstanding the foregoing, such certificate shall state that it is
      given without prejudice to any rights against third parties which exist at the date of such certificate or which may subsequently come into being.  Forthwith upon completion of the acquisition, construction and installation of the Project, the
      Company agrees to cause such certificate to be furnished to the Issuer and the Trustee.  Upon receipt of such certificate, the Trustee shall retain in the Project Fund a sum equal to the amounts necessary for payment of the Costs of the Project not
      then due and payable according to such certificate.  If any such amounts so retained are not subsequently used, prior to any transfer of said amounts to the General Account of the Bond Fund as provided below, the Trustee shall give notice to the
      Company of the failure to apply said funds for payment of the Costs of the Project.  Any amount not to be retained in the Project Fund for payment of the Costs of the Project, and all amounts so retained but not subsequently used, shall be
      transferred by the Trustee into the General Account of the Bond Fund.

     

    
      
        

    

    (b)        If, upon the Completion Date, at least ninety-five percent (95%) of the Net Proceeds of the Bonds have not been used to pay Qualified Project Costs, any amount (exclusive of amounts
      retained by the Trustee in the Project Fund for payment of Costs of the Project not then due and payable) remaining in the Project Fund shall be transferred by the Trustee into the General Account of the Bond Fund and used by the Trustee (a) to
      redeem, or to cause the redemption of, Bonds on the earliest redemption date permitted by the Indenture without a premium, (b) to purchase Bonds on the open market prior to such redemption date at prices not in excess of one hundred percent (100%) of
      the principal amount of such Bonds, or (c) for any other purpose provided that the Trustee is furnished with an opinion of Bond Counsel to the effect that such use is lawful under the Act and will not require that interest on the Bonds be
      included in gross income for federal income tax purposes.  Until used for one or more of the foregoing purposes, such segregated amount may be invested as. permitted by the Indenture provided that prior to any such investment the
      Trustee is provided with an opinion of.  Bond Counsel to the effect that such investment will not require that interest on the Bonds be included in gross income for federal income tax purposes.

     

    Section 3.06          Company Required to Pay in Event Project Fund Insufficient.

     

    In the event the moneys in the Project Fund available for payment of the Costs of the Project should not be sufficient to pay the Costs of the Project in full, the Company agrees to complete the
      Project and to pay that portion of the Costs of the Project in excess of the moneys available therefor in the Project Fund.  The Issuer does not make any warranty, either express or implied, that the moneys paid into the Project Fund and available
      for payment of the Costs of the Project will be sufficient to pay all of the Costs of the Project.  The Company agrees that if after exhaustion of the moneys in the Project Fund, the Company should pay any portion of the Costs of the Project pursuant
      to the provisions of this Section, the Company shall not be entitled to any reimbursement therefor from the Issuer, the Trustee or the Owners of any of the Bonds, nor shall the Company be entitled to any diminution of the amounts payable under Section 4.02 hereof.

     

    
      
        

    

    Section 3.07          Special Arbitrage Certifications.

     

    The Company and the Issuer covenant not to cause or direct any moneys on deposit in any fund or account to be used in a manner which would cause the Bonds to be classified as “arbitrage bonds” within
      the meaning of Section 148 of the Code, and the Company certifies and covenants to and for the benefit of the Issuer and the Owners of the Bonds that so long as there are any Bonds Outstanding, moneys on deposit in any fund or account in connection
      with the Bonds, whether such moneys were derived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause the Bonds to be classified as “arbitrage bonds” within the meaning of Section 148 of
      the Code.

     

    
      
        

    

    ARTICLE IV

     

    LEASE PROVISIONS; SUBSTITUTE CREDIT FACILITY

     

    Section 4.01          Agreement to Lease the Project.

     

    The Issuer hereby demises and leases to the Company, and the Company hereby leases from the Issuer, for and during the term of the Agreement, the Project, including the building, the Project
      Equipment and the Project Land, described in Exhibit A hereto.

     

    Section 4.02          Rental Payments.

     

    (a)         The Company hereby covenants and agrees to pay base rental for the use and occupancy of the Project, as follows:  on or before any Interest Payment Date for the Bonds or any other date
      that any payment of interest, premium, if any, or principal or Purchase Price is required to be made in respect of the Bonds pursuant to the Indenture, until the principal of, premium, if any, and interest on the Bonds shall have been fully paid or
      provision for the payment thereof shall have been made in accordance with the Indenture, in immediately available funds, a sum which, together with any other moneys available for such payment in any account of the Bond Fund, will enable the Trustee
      to pay the amount payable on such date as Purchase Price or principal of (whether at maturity or upon redemption or acceleration or otherwise), premium, if any, and interest on the Bonds as provided in the Indenture; provided, however,
      that the obligation of the Company to make any rental payment hereunder shall be deemed satisfied and discharged to the extent of the corresponding payment made by the Credit Provider to the Trustee under the Credit Facility.

     

    It is understood and agreed that all rental payments payable by the Company under subsection (a) of this Section 4.02 are assigned by the
      Issuer to the Trustee for the benefit of the Owners of the Bonds.  The Company assents to such assignment.  The Issuer hereby directs the Company and the Company hereby agrees to pay to the Trustee at the Principal Office of the Trustee all payments
      payable by the Company pursuant to this subsection.

     

    (b)         The Company will also pay, as additional rent, the reasonable fees and expenses of the Issuer related to the issuance of the Bonds, payable on the date of issuance of the Bonds.

     

    (c)         The Company will also pay, as additional rent, the reasonable fees and expenses of the Trustee under the Indenture and all other amounts which may be payable to the Trustee under Section 10.02 of the Indenture, such amounts to be paid directly to the Trustee for the Trustee’s own account as and when such amounts become due and payable.

     

    (d)         The Company will also pay, as additional rent, any amounts due and payable under Section 4.05 hereof.

     

    (e)        In the event the Company should fail to make any of the rental payments required in this Section 4.02, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon, to the
      extent permitted by law, from the date when such payment was due, at the rate of interest borne by the Bonds.

     

    
      
        

    

    Section 4.03          Obligations of Company Unconditional.

     

    The obligations of the Company to make the payments required in Section 4.02 and to perform and observe the other agreements contained
      herein shall be absolute and unconditional and shall not be subject to any defense or any right of setoff, counterclaim or recoupment arising out of any breach by the Issuer or the Trustee of any obligation to the Company, whether hereunder or
      otherwise, or out of any indebtedness or liability at any time owing to the Company by the Issuer or the Trustee, and, until such time as the principal of, premium, if any, and interest on the Bonds shall have been fully paid or provision for the
      payment thereof shall have been made in accordance with the Indenture, the Company (i) will not suspend or discontinue any rental payments provided for in Section 4.02 hereof, (ii) will
      perform and observe all other agreements contained in this Agreement and (iii) except as otherwise provided herein, will not terminate the Term of Agreement for any cause, including, without limiting the generality of the foregoing, failure of the
      Company to complete the acquisition, construction and installation of the Project, the occurrence of any acts or circumstances that may constitute failure of consideration, eviction or constructive eviction, destruction of or damage to the Project,
      the taking by eminent domain of title to or temporary use of any or all of the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either
      thereof or any failure of the Issuer or the Trustee to perform and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement.  Nothing contained in this Section shall be
      construed to release the Issuer from the performance of any of the agreements on its part herein contained, and in the event the Issuer or the Trustee should fail to perform any such agreement on its part, the Company may institute such action
      against the Issuer or the Trustee as the Company may deem necessary to compel performance so long as such action does not abrogate the obligations of the Company contained in the first sentence of this Section.

     

    Section 4.04          Substitute Credit Facility.

     

    Subject to the conditions set forth in this Section 4.04, the Company may provide for the delivery to the Trustee of a Substitute Credit
      Facility.  The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Credit
      Facility to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Credit Facility, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the
      expiration date of the Credit Facility then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as
      more fully described in Section 4.01(b) of the Indenture and Exhibit B thereto.  Any Substitute Credit Facility shall be delivered to the Trustee prior to such Mandatory Purchase Date and
      shall be effective on and after such Mandatory Purchase Date.  On or before the date of such delivery of a Substitute Credit Facility to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the
      delivery of such Substitute Credit Facility will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Credit Provider to the effect that
      the Substitute Credit Facility is a legal, valid, binding and enforceable obligation of the Substitute Credit Provider in accordance with its terms.

     

    
      
        

    

    Section 4.05          Exemption From Ad Valorem Tax.

     

    The Company and Issuer hereby acknowledge, understand and agree that, while the Project is owned by the Issuer, the Project will be exempt from all ad valorem taxes.  Notwithstanding such exemption,
      the Company hereby agrees, commencing on the December 31 that is at least eleven full years after establishment of the Completion Date and on each December 31 thereafter, so long as the Issuer owns the Project, to make a payment in lieu of tax, in an
      amount equal to, but not exceeding, the amount that would be due and payable as ad valorem tax on the Project if the Company owned the Project.  Such payment in lieu of tax shall be paid to the person or entity collecting tax in the Parish of
      St. James and shall be distributed to taxing bodies in the same manner as ad valorem tax collections are distributed.

     

    Section 4.06          Removal of Property.

     

    The Issuer shall not be under any obligation to renew, repair or replace any item of inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary equipment, fixtures or furnishings
      comprising a part of the Project.  In any instance where the Company in its sound discretion determines that any items of the Project have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such
      items of the Project, and (on behalf of the Issuer) sell, trade-in, exchange or otherwise dispose of them (as a whole or in part) without any responsibility or accountability to the Issuer or the Trustee therefor.

     

    The removal of any portion of the Project pursuant to the provisions of this Section shall not entitle the Company to any abatement or diminution of the rents payable under Section 4.02 hereof.

     

    Section 4.07          Additional Property Constituting a Part of the Project.

     

    Notwithstanding any provision of this Agreement to the contrary, after the Completion Date, the Company may elect to have any real or personal property, machinery, equipment, furniture or fixtures
      acquired at the sole cost of the Company included as part of the Project by delivering to the Trustee and the Issuer written notice of the Company’s election to have such property included as part of the Project.  Upon the filing of such written
      notice with the Trustee and the Issuer, such property specified in said notice shall become a part of the Project, up to a total cost of $10,000,000.

     

    
      
        

    

    ARTICLE V

     

    ARTICLEV PREPAYMENT AND REDEMPTION

     

    Section 5.01          Prepayment and Redemption.

     

    The Company shall have the option to prepay its obligations hereunder at the times and in the amounts as necessary to exercise its option to cause the Bonds to be redeemed as set forth in the
      Indenture and in the Bonds.  The Company hereby agrees that it shall prepay its obligations hereunder at the times and in the amounts as necessary to accomplish the mandatory redemption of the Bonds as set forth in the Indenture and in the Bonds. 
      The Issuer, at the request of the Company, shall forthwith take all steps (other than the payment of the money required for such redemption) necessary under the applicable redemption provisions of the Indenture to effect redemption of all or part of
      the Outstanding Bonds, as may be specified by the Company, on the date established for such redemption.

     

    
      
        

    

    ARTICLE VI

     

    SPECIAL COVENANTS

     

    Section 6.01          No Warranty of Condition or Suitability by Issuer.

     

    THE ISSUER MAKES NO WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO THE PROJECT OR THE CONDITION THEREOF, OR THAT THE PROJECT WILL BE SUITABLE FOR THE PURPOSES OR NEEDS OF THE COMPANY.  THE ISSUER MAKES
      NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, THAT THE COMPANY WILL HAVE QUIET AND PEACEFUL POSSESSION OF THE PROJECT.  THE ISSUER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE MERCHANTABILITY, CONDITION OR
      WORKMANSHIP OF ANY PART OF THE PROJECT OR ITS SUITABILITY FOR THE COMPANY’S PURPOSES.

     

    Section 6.02          Access to the Project.

     

    The Company agrees that the Issuer, the Credit Provider, the Trustee and their duly authorized agents, attorneys, experts, engineers, accountants and representatives shall have the right to inspect
      the Project at all reasonable times and on reasonable notice.  The Issuer, the Credit Provider, the Trustee and their duly authorized agents shall also be permitted, at all reasonable times, to examine the books and records of the Company with
      respect to the Project.

     

    Section 6.03          Further Assurances and Corrective Instruments.

     

    The Issuer and the Company agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further
      instruments as may reasonably be required for carrying out the expressed intention of this Agreement.

     

    Section 6.04          Issuer and Company Representatives.

     

    Whenever under the provisions of this Agreement the approval of the Issuer or the Company is required or the Issuer or the Company is required to take some action at the request of the other, such
      approval or such request shall be given for the Issuer by an Issuer Representative and for the Company by a Company Representative.  The Trustee shall be authorized to act on any such approval or request.

     

    Section 6.05          Financing Statements.

     

    The Company agrees to execute and file or cause to be executed and filed any and all financing statements or amendments thereof or continuation statements necessary to perfect and continue the
      perfection of the security interests granted in the Indenture.  The Company shall pay all costs of filing such instruments.

     

    
      
        

    

    Section 6.06          Covenant to Provide Ongoing Disclosure.

     

    The Company hereby covenants and agrees that, upon the exercise by the Company of the Conversion Option to elect a Long Term Period, the Company shall enter into a written undertaking for the benefit
      of the holders of the Bonds, as required by Section (b)(5)(i) of Securities and Exchange Commission Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (17 CFR Part 240, §240.15c2-12) (the “Rule”); provided, however,
      that the Company shall not be obligated to enter into such written undertaking if the Company shall furnish to the Trustee, prior to the exercise of the Conversion Option, an opinion of Bond Counsel that, notwithstanding such election by the Company,
      the Rule is not applicable to the Bonds.

     

    Section 6.07          Notice of Control.

     

    The Company shall provide written notice to the Trustee and the Remarketing Agent thirty days prior to the consummation of any transaction that would result in the Company controlling the Credit
      Provider or being controlled by the Credit Provider within the meaning of Section 2(a)(9) of the Investment Company Act of 1940.

     

    Section 6.08          Acknowledgement and Covenant Regarding Commercial Paper or Long Term Period.

     

    The Company acknowledges that the Bonds shall initially be rated only while the Interest Period for the Bonds is a Daily Period or a Weekly Period.  Further, the Company acknowledges that in the
      event that it shall select a Commercial Paper Period or Long Term Period as the Interest Period, it shall be required to provide a Substitute Credit Facility or an amendment to the Credit Facility in accordance with Section 2.07 of the Indenture.  The Company covenants that, in the event that it shall select a Commercial Paper Period or Long Term Period, it shall amend or cause the amendment of, and supplement or cause the
      supplementation of, this Agreement and the Indenture, respectively, such that the Bonds shall continue to be rated as investment grade by Moody’s, Fitch or S&P.

     

    Section 6.09          Environmental Matters.

     

    The Company shall:

     

    (a)        comply with all applicable Environmental Laws and obtain and comply with and maintain any and all licenses, approvals, notifications, registrations or permits required
      by applicable Environmental Laws except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and

     

    (b)       conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply
      with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not
      reasonably be expected to have a Material Adverse Effect.

     

    
      
        

    

    ARTICLE VII

     

    ASSIGNMENT, SELLING, SUBLEASING; INDEMNIFICATION; REDEMPTION

     

    Section 7.01          Assignment, Selling and Leasing.

     

    This Agreement may be assigned and the Project may be sold or subleased, as a whole or in part, with the prior written consent of the Credit Provider and the Trustee (provided, however,
      during the Credit Facility Period, the consent of the Trustee shall not be required); provided, further, that no such assignment, sale or sublease shall, in the opinion of Bond Counsel, result in interest on any of the Bonds becoming
      includable in gross income for federal income tax purposes, or shall otherwise violate any provisions of the Act; provided further, however, that no such assignment, sale or sublease shall relieve the Company of any of its
      obligations under this Agreement.

     

    Section 7.02          Release and Indemnification Covenants.

     

    (a)        The Company shall and hereby agrees to indemnify and save the Issuer and the Trustee harmless against and from all claims by or on behalf of any person, firm, corporation or other legal
      entity arising from the conduct or management of, or from any work or thing done on, the Project, or any reason whatsoever in connection with the Project and/or the Bonds, including without limitation, (i) any condition of the Project, (ii) any
      breach or default on the part of the Company in the performance of any of its obligations under this Agreement, (iii) any act or negligence of the Company or of any of its agents, contractors, servants, employees or licensees or (iv) any act or
      negligence of any assignee or lessee of the Company, or of any agents, contractors, servants, employees or licensees of any assignee or lessee of the Company.  The Company shall indemnify and save the Issuer and the Trustee harmless from any such
      claim arising as aforesaid, or in connection with any action or proceeding brought thereon, and upon notice from the Issuer or the Trustee, the Company shall defend them or either of them in any such action or proceeding.

     

    (b)        Notwithstanding the fact that it is the intention of the parties hereto that the Issuer shall not incur any pecuniary liability by reason of the terms of this Agreement or the undertakings
      required of the Issuer hereunder, by reason of the issuance of the Bonds, by reason of the execution of the Indenture or by reason of the performance of any act requested of the Issuer by the Company, including all claims, liabilities or losses
      arising in connection with the violation of any statutes or regulation pertaining to the foregoing; nevertheless, if the Issuer should incur any such pecuniary liability, then in such event the Company shall indemnify and hold the Issuer harmless
      against all claims, demands or causes of action whatsoever, by or on behalf of any person, firm or corporation or other legal entity arising out of the same or out of any offering statement or lack of offering statement in connection with the sale or
      resale of the Bonds and all costs and expenses incurred in connection with any such claim or in connection with any action or proceeding brought thereon, and upon notice from the Issuer, the Company shall defend the Issuer in any such action or
      proceeding.  All references to the Issuer in this Section 7.02 shall be deemed to include its commissioners, directors, officers, employees, and agents.

     

    
      
        

    

    Notwithstanding anything to the contrary contained in this Section 7.02, the
      Company shall have no liability to indemnify the Issuer against claims or damages resulting from the Issuer’s own gross negligence or willful misconduct.

     

    Section 7.03          Issuer to Grant Security Interest to Trustee.

     

    The parties hereto agree that pursuant to the Indenture, the Issuer shall assign to the Trustee, in order to secure payment of the Bonds, all of the Issuer’s right, title and interest in and to this
      Agreement, except for Reserved Rights.

     

    Section 7.04          Indemnification of Trustee.

     

    The Company shall and hereby agrees to indemnify the Trustee for, and hold the Trustee harmless against, any loss, liability or expense (including the costs and expenses of defending against any
      claim of liability) incurred without gross negligence or willful misconduct by the Trustee and arising out of or in connection with its acting as Trustee under the Indenture.

     

    
      
        

    

    ARTICLE VIII

     

    DEFAULTS AND REMEDIES

     

    Section 8.01          Defaults Defined.

     

    The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events:

     

    (a)         Failure by the Company to pay any amount required to be paid under Section 4.02(a) or (d) hereof.

     

    (b)        Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the
      Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee
      will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected.

     

    (c)         The dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by
      the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which
      shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or
      assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due.

     

    (d)         The occurrence and continuance of a Default under the Indenture.

     

    The provisions of subsection (b) of this Section are subject to the following limitation:  if by reason of force majeure the Company is unable in whole or in part to carry out any of its agreements
      contained herein (other than its obligations contained in Article IV hereof), the Company shall not be deemed in Default during the continuance of such inability.  The term “force majeure”
      as used herein shall mean, without limitation, the following:  acts of God; strikes or other industrial disturbances; acts of public enemies; orders or restraints of any kind of the government of the United States of America or of the State or of any
      of their departments, agencies or officials, or of any civil or military authority; insurrections; riots; landslides; earthquakes; fires; storms; droughts; floods; explosions; breakage or accident to machinery, transmission pipes or canals; and any
      other cause or event not reasonably within the control of the Company.  The Company agrees, however, to remedy with all reasonable dispatch the cause or causes preventing the Company from carrying out its agreement, provided that the
      settlement of strikes and other industrial disturbances shall be entirely within the discretion of the Company and the Company shall not be required to settle strikes, lockouts and other industrial disturbances by acceding to the demands of the
      opposing party or parties when such course is in the judgment of the Company unfavorable to the Company.

     

    
      
        

    

    Section 8.02          Remedies on Default.

     

    Whenever any Default referred to in Section 8.01 hereof shall have happened and be continuing, the Trustee, or the Issuer with the
      written consent of the Trustee, may take one or any combination of the following remedial steps:

     

    (a)         If the Trustee has declared the Bonds immediately due and payable pursuant to Section 9.02 of the Indenture, by written
      notice to the Company, declare an amount equal to all amounts then due and payable on the Bonds, whether by acceleration of maturity (as provided in the Indenture) or otherwise, to be immediately due and payable as liquidated damages under this
      Agreement and not as a penalty, whereupon the same shall become immediately due and payable;

     

    (b)         Have reasonable access to and inspect, examine and make copies of the books and records and any and all accounts, data and income tax and other tax returns of the Company during regular
      business hours of the Company if reasonably necessary in the opinion of the Trustee; or

     

    (c)         Take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due, or to enforce performance and observance of any
      obligation, agreement or covenant of the Company under this Agreement.

     

    Any amounts collected pursuant to action taken under this Section shall be paid into the Bond Fund and applied.in accordance with the provisions of the Indenture.

     

    Section 8.03          No Remedy Exclusive.

     

    Subject to Section 9.02 of the Indenture, no remedy herein conferred upon or reserved to the Issuer or the Trustee is intended to be
      exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity.  No delay or omission
      to exercise any right or power accruing upon any Default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right or power may be exercised from time to time and as often as may be deemed expedient.  In
      order to entitle the Issuer or the Trustee to exercise any remedy reserved to it in this Article, it shall not be necessary to give any notice, other than such notice as may be required in this Article.  Such rights and remedies as are given the
      Issuer hereunder shall also extend to the Trustee, and the Trustee and the Owners of the Bonds, subject to the provisions of the Indenture, shall be entitled to the benefit of all covenants and agreements herein contained.

     

    
      
        

    

    Section 8.04          Agreement to Pay Attorneys’ Fees and Expenses.

     

    In the event the Company should default under any of the provisions of this Agreement and the Issuer should employ attorneys or incur other expenses for the collection of payments required hereunder
      or the enforcement of performance or observance of any obligation or agreement on the part of the Company herein contained, the Company agrees that it will on demand therefor pay to the Issuer the reasonable fee of such attorneys and such other
      expenses so incurred by the Issuer.

     

    Section 8.05          No Additional Waiver Implied by One Waiver.

     

    In the event any agreement contained in this Agreement should be breached by either party and thereafter waived by the other party, such waiver shall be limited to the particular breach so waived and
      shall not be deemed to waive any other breach hereunder.

     

    
      
        

    

    ARTICLE IX

     

    MISCELLANEOUS

     

    Section 9.01          Term of Agreement; Option to Purchase Project.

     

    This Agreement shall remain in full force and effect from the date hereof to and including June 1, 2038, or until such time as all of the Bonds and the fees and expenses of the Issuer and the Trustee
      and all amounts payable to the Credit Provider under or in respect of the Credit Facility shall have been fully paid or provision made for such payments, whichever is later; provided, however, that this Agreement may be terminated
      prior to such date pursuant to Article V of this Agreement, but in no event before all of the obligations and duties of the Company hereunder have been fully performed, including, without
      limitation, the payments of all costs and fees mandated hereunder.

     

    If the Company pays the rentals herein required, or if provision is made for payment of the Bonds in accordance with the provisions of the Indenture, the Company shall have the right and option,
      herein granted by the Issuer, to purchase the Project from the Issuer at any time during the term of the Agreement after or simultaneously with payment (or provision for payment in accordance with the Indenture) in full of the principal of and the
      interest and premium (if any) on the Bonds and all fees, charges and disbursements of the Trustee, accrued and to accrue until the date of such full payment, at and for a purchase price of $1000 plus the related costs and expenses (including
      reasonable attorneys’ fees) incurred by the Issuer in connection with the Company’s exercise of such option.  To exercise any such purchase option, the Company shall notify the Issuer in writing not less than thirty (30) days prior to the date on
      which it proposes to effect such purchase and, on the date of such purchase, shall pay the aforesaid purchase price to the Issuer in cash, whereupon the Issuer will, by bills of sale and deed or other appropriate instruments, transfer and convey the
      Project (in its then condition, whatever that may be) to the Company, subject only to such liens, encumbrances and exceptions to which title thereto was subject when this Agreement was delivered, those to the creation or suffering of which the
      Company consented (except for this Agreement and the Indenture) and those resulting from the failure of the Company to perform or observe any of the agreements or covenants on its• part herein contained.  Nothing herein contained shall be construed
      to give the Company any right to any rebate to or refund of any rental paid by it hereunder prior to the exercise by it of the purchase option hereinabove granted, even though such rental may have been wholly or partially prepaid.

     

    Section 9.02          Notices.

     

    All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed given when delivered or mailed by registered mail, postage prepaid, addressed as follows:

     
      	
              If to the Issuer:

            	
              Parish of St. James, State of Louisiana

            
	 	
              P.O. Box 176

            
	 	
              Vacherie, Louisiana 70090

            
	 	
              Attention:  Parish President

            

      

      

      
        
          

      

      	
              If to the Trustee:

            	
              U.S. Bank National Association

            
	 	
              1349 West Peachtree, NW

            
	 	
              Two Midtown Plaza, Suite 1050

            
	 	
              Atlanta, Georgia 30309

            
	 	
              Attention:  Corporate Trust Department

            
	 	 
	
              If to the Company:

            	
              NuStar Logistics, L.P.

            
	 	
              2330 North Loop 1604

            
	 	
              West San Antonio, Texas 78248

            
	 	
              Attention:  Chief Financial Officer

            
	 	 
	
              If to the Credit Provider:

            	
              SunTrust Bank

            
	 	
              303 Peachtree Street 10th Floor

            
	 	
              Atlanta, Georgia 30308

            
	 	
              Attention:  David Edge

            
	 	 
	
              If to the Remarketing Agent:

            	
              SunTrust Robinson Humphrey, Inc.

            
	 	
              303 Peachtree Street, 24th Floor

            
	 	
              Atlanta, Georgia 30303

            
	 	
              Attention:  Municipal Desk

            
	 	 
	
              If to Fitch:

            	
              Fitch, Inc.

            
	 	
              One State Street Plaza

            
	 	
              New York, New York 10004

            
	 	
              Attention:  Structured Finance

            
	 	 
	
              If to Moody’s:

            	
              Moody’s Investors Service, Inc.

            
	 	
              99 Church Street

            
	 	
              New York, New York 10007

            
	 	
              Attention:  Corporate Department,

            
	 	
              Structured Finance Group

            
	 	 
	
              If to S&P:

            	
              Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

            
	 	
              55 Water Street

            
	 	
              New York, New York 10041

            
	 	
              Attention:  Corporate Finance Department

            

    

     

    A duplicate copy of each notice, certificate or other communication given hereunder by the Issuer or the Company shall also be given to the Trustee and the Credit Provider.  The Issuer, the Company, the Trustee, and
      the Credit Provider may, by written notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent.

     

    
      
        

    

    Section 9.03          Binding Effect.

     

    This Agreement shall inure to the benefit of and shall be binding upon the Issuer, the Company, the Credit Provider, the Trustee, the Owners of Bonds and their respective successors and assigns,
      subject, however, to the limitations contained in Section 2.02(b) hereof.

     

    Section 9.04          Severability.

     

    In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other
      provision hereof.

     

    Section 9.05          Amounts Remaining in Funds.

     

    Subject to the provisions of Section 6.11 of the Indenture, it is agreed by the parties hereto that any amounts remaining in any account
      of the Bond Fund, the Project Fund, or any other fund (other than the Rebate Fund) created under the Indenture upon expiration or earlier termination of this Agreement, as provided in this Agreement, after payment in full of the Bonds (or provision
      for payment thereof having been made in accordance with the provisions of the Indenture) and the fees and expenses of the Trustee in accordance with the Indenture, shall belong to and be paid to the Company by the Trustee.

     

    Section 9.06          Amendments, Changes and Modifications.

     

    Subsequent to the issuance of Bonds and prior to their payment in full (or provision for the payment thereof having been made in accordance with the provisions of the Indenture), and except as
      otherwise herein expressly provided, this Agreement may not be effectively amended, changed, modified, altered or terminated without the written consent of the Trustee and, prior to the Credit Facility Termination Date and payment of all amounts
      payable to the Credit Provider under or in connection with the Credit Facility, the consent of the Credit Provider, in accordance with the provisions of the Indenture.

     

    Section 9.07          Execution in Counterparts.

     

    This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

     

    Section 9.08          Applicable Law.

     

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

     

    Section 9.09          Captions.

     

    The captions and headings in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions or Sections of this Agreement.

     

    
      
        

    

    IN WITNESS WHEREOF, the Issuer and the Company have caused this Agreement to be executed in their respective corporate names and their respective corporate seals to be hereunto affixed and attested
      by their duly authorized officers, all as of the date first above written.

     

    	
            (SEAL)

          	
            PARISH OF ST. JAMES, STATE OF LOUISIANA

          
	 	 
	 	By:	
            /s/ Dale Hymel

          
	 	 	
            Parish President

          

     

    	
            Attest:

          	 
	 	 
	By:	
            /s/ Angela R. Rodrigue

          	 
	 	
            Secretary, Parish Council

          

    

    

    	 	
            NUSTAR LOGISTICS, L.P.

          
	 	 	By:	
            NUSTAR GP, INC., its general partner

          
	 	 	 	 
	 	 	
            By:

          	
            /s/ Steven A. Blank

          
	 	 	 	
            Title:

          	
            Senior Vice President,

          
	 	 	 	 	
            Chief Financial Officer and Treasurer

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