Document:

Exhibit 10.49

 

SECOND AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”), is dated as of this 15th day of August, 2014 and is made by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Sole Lead Arranger”), and as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Sole Book Runner”), ALION SCIENCE AND TECHNOLOGY CORPORATION, a Delaware corporation (“Borrower”), ALION - BMH CORPORATION, a Virginia corporation (“BMH Guarantor”), ALION - CATI CORPORATION, a California corporation (“CATI Guarantor”), ALION - IPS CORPORATION, a Virginia corporation (“IPS Guarantor”), ALION - JJMA CORPORATION, a New York corporation (“JJMA Guarantor”), ALION - METI CORPORATION, a Virginia corporation (“METI Guarantor”), ALION INTERNATIONAL CORPORATION, a Delaware corporation (“AIC Guarantor”), WASHINGTON CONSULTING, INC., a Virginia corporation (“WC Guarantor”), and WASHINGTON CONSULTING GOVERNMENT SERVICES, INC., a Virginia corporation (“WCGS Guarantor”; together with BMH Guarantor, CATI Guarantor, IPS Guarantor, JJMA Guarantor, METI Guarantor, AIC Guarantor and WC Guarantor, each a “Guarantor” and collectively, the “Guarantors”).

 

RECITALS

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement, dated as of May 2, 2014 by and among Borrower, the Agent, the Sole Lead Arranger, the Sole Book Runner, and the Lender, and as amended by that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of July 31, 2014 by and among Borrower, the Agent, the Sole Lead Arranger, the Sole Book Runner, and the Lender (as the same may be further amended, restated, supplemented or otherwise modified, the “Credit Agreement”), the Lender has agreed to make certain financial accommodations available to Borrower from time to time pursuant to the terms and conditions thereof.

 

WHEREAS, pursuant to that certain Amended and Restated Guaranty Agreement dated as of May 2, 2014 by and among the Guarantors and the Agent (as the same may be amended, restated, supplemented or otherwise modified, the “Guaranty”), each Guarantor irrevocably and unconditionally guaranteed, jointly and severally with the other Guarantors the due and punctual payment and performance of the Guaranteed Obligations (as defined in the Guaranty) with respect to the Credit Agreement.

 

WHEREAS, each of the Borrower and the Guarantors have requested that the Agent and the Lender amend the Credit Agreement to (i) extend the Maturity Date, and (ii) make certain other revisions to the Credit Agreement as more fully set forth herein.

 

WHEREAS, although the Agent and the Lender are under no obligation to extend the Maturity Date and make certain other revisions to the Credit Agreement as more fully set forth herein, the Agent and the Lender have agreed to so extend the Maturity Date and amend certain provisions of the Credit Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 

 

1.                                      Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Credit Agreement.

 

2.                                      Amendments to Credit Agreement.  As of the effective date of this Amendment, the Credit Agreement is amended as follows:

 

2.01                        Maturity Date.  The definition of the term “Maturity Date” as set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Maturity Date” means the earlier of (a) August 20, 2014, (b) the date on which the Indebtedness owing under the Senior Secured Notes becomes due and payable in full thereunder, whether by acceleration or otherwise, or (c) the date on which the Indebtedness owing under the Senior Unsecured Notes becomes due and payable in full thereunder, whether by acceleration or otherwise.

 

3.                                      No Other Changes.  Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.

 

4.                                      No Approval of Permitted Bond Refinancing; No Further Obligations to Extend Maturity Date.  The Loan Parties hereby acknowledge and agree that the Agent and the Lender’s agreement to enter into this Amendment shall not be deemed or otherwise construed to constitute an approval or consent by the Agent or the Lender to any of the terms or provisions of any of the agreements or loan documents in connection with the Permitted Bond Refinancing.  The Loan Parties further acknowledge and agree that the Agent and the Lender’s agreement to enter into this Amendment shall in no way obligate the Agent and the Lender to further extend the Maturity Date or make any other modifications to the Credit Agreement or the other Loan Documents.

 

5.                                      Reserved.

 

6.                                      Conditions Precedent.  The effectiveness of this Amendment is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent:

 

(a)                                 an original counterpart of this Amendment duly executed by each of: the Borrower, the Guarantors, the Lender, the Agent, the Sole Lead Arranger, and the Sole Book Runner;

 

(b)                                 payment by the Borrower of (i) all fees and expenses of the Agent and the Agent’s counsel incurred in connection with the preparation of this Amendment, and (ii) all other fees and expenses relating to the preparation, execution and delivery of this Amendment or otherwise related to the Credit Agreement or the Loan Documents which are due and payable as of the date hereof; and

 

(c)                                  such other documents, instruments and agreements as the Agent may reasonably request.

 

7.                                      Representations and Warranties.  Each Loan Party hereby represents and warrants to the Lender Group as follows:

 

(a)                                 Each Loan Party has all requisite power and authority to execute this Amendment and to perform all of its obligations hereunder.

 

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(b)                                 The execution, delivery and performance by each Loan Party of this Amendment has been duly authorized by all necessary action on the part of such Loan Party.

 

(c)                                  The execution, delivery and performance by each Loan Party of this Amendment does not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Subsidiaries, the Governing Documents of any Loan Party or its Subsidiaries, or any order, judgment or decree of any court or other Governmental Authority binding on any Loan Party or its Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of any Loan Party or its Subsidiaries where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require any approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any material agreement of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of material agreements, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect.

 

(d)                                 The execution, delivery, and performance by each Loan Party of this Amendment and the consummation of the transactions contemplated by this Amendment do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Agent for filing or recordation, as of the Closing Date (or such later date as Agent may agree in its Permitted Discretion).

 

(e)                                  This Amendment has been duly executed and delivered by each Loan Party that is a party hereto and thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.

 

(f)                                   No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment.

 

(g)                                  All of the representations and warranties contained in Section 4 of the Credit Agreement are correct on and as of the date hereof as though made on and as of such date.

 

8.                                      Reaffirmation of Guaranty.  Each of the Guarantors hereby reaffirms its continuing obligations to the Agent and the Lender under the Credit Agreement and agrees that the transactions contemplated by this Amendment shall not in any way affect the validity and enforceability of their respective guaranty obligations thereunder or reduce, impair or discharge the obligations of such Guarantors thereunder.

 

9.                                      Severability.  If any provision of any of this Amendment or of the Credit Agreement, as amended hereby, is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions.

 

10.                               References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment and this

 

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Amendment shall be deemed a Loan Document for purposes of the application of provisions of the Credit Agreement generally applicable thereto (including, without limitation, any arbitration provisions or waiver provisions).

 

11.                               Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

12.                               Default.  The failure of any of the Loan Parties to perform any of their respective obligations under this Amendment or the material falsity of any representation or warranty made herein shall, at the option of the Agent (as determined in accordance with the Credit Agreement) after expiration of any applicable cure period, constitute an Event of Default under the Loan Documents.

 

13.                               No Waiver.  The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or breach, default or event of default under any Loan Documents or other document held by the Agent or Lender, whether or not known to the Agent or Lender and whether or not existing on the date of this Amendment.

 

14.                               No Novation.  The parties hereto intend this Amendment to evidence the amendments to the terms of the existing indebtedness of the Loan Parties to the Lender as specifically set forth herein and do not intend for such amendments to constitute a novation in any manner whatsoever.

 

15.                               GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

16.                               No Implied Agreements.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

 

17.                               Release.  The Borrower and the Guarantors hereby absolutely and unconditionally release and forever discharge the Agent and the Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Borrower or the Guarantors have had, now have or have made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

18.                               Costs and Expenses.  The Borrower hereby reaffirms its agreement under the Credit Agreement to pay or reimburse the Agent and/or the Lender on demand for all reasonable costs and expenses incurred by the Agent and/or the Lender in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel.  Without limiting the generality of the foregoing, the Borrower specifically agrees to pay all reasonable fees and disbursements of counsel to the Agent and/or the Lender for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto.  The Borrower hereby agrees that the Lender may, at any time or from time to time in its sole discretion and without

 

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further authorization by Borrower, make a loan to the Borrower under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses.

 

19.                               Miscellaneous.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

 

[Signature pages to follow]

 

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

 

	
BORROWER:
    	
ALION SCIENCE AND TECHNOLOGY CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
GUARANTORS:
    	
ALION-BMH CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALION-CATI CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALION-IPS CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALION-JJMA CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALION-METI CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    

 

[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement]

 

 

	
 
    	
ALION INTERNATIONAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Chief Financial Officer/Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WASHINGTON CONSULTING, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barry Broadus
    
	
 
    	
 
    	
Name: Barry Broadus
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WASHINGTON CONSULTING GOVERNMENT SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey R. Boyers
    
	
 
    	
 
    	
Name: Jeff Boyers
    
	
 
    	
 
    	
Title: Treasurer
    

 

[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement]

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Administrative Agent, Sole Lead Arranger, Sole   Book Runner, and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hilary Hymel
    
	
 
    	
 
    	
Name: Hilary Hymel
    
	
 
    	
 
    	
Title: Assistant Vice President
    

 

[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement]EX-10.16

 Exhibit 10.16 

INTELLECTUAL PROPERTY LICENSE AND FULL AND FINAL RELEASE 

This Agreement, effective as of the 28th day of February, 2014, (the “Effective
Date”) is by and among GENESIS GROUP INC., a corporation incorporated in the province of Newfoundland, with offices located at Memorial University of Newfoundland, St. John’s Newfoundland, Canada A1C 5S7 (“Genesis”)
and HSC RESEARCH AND DEVELOPMENT PARTNERSHIP, a partnership organized and subsisting under the laws of the Province of Ontario, Canada with offices at 555 University Avenue, Toronto, Ontario, M5G 1X8 (“RDLP”), and
AQUABOUNTY TECHNOLOGIES, INC., a corporation incorporated in the United States of America, with offices located at Two Clock Tower Place, Suite 395, Maynard, Massachusetts, 01754, USA (“AquaBounty”) (each of Genesis, RDLP and
AquaBounty, a “Party” and collectively, the “Parties”). 
 FOR GOOD AND VALUABLE CONSIDERATION, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	The parties acknowledge and agree that this Agreement supersedes and replaces the License Agreement dated July 10, 1996 (as amended), which was originally entered into by and among AquaBounty’s predecessors in
interest, namely A/F Protein Inc. and A/F Protein Canada Inc. (as licensees), and RDLP and Genesis (as licensors) (the “License Agreement”). 

  

	2.	Genesis and RDLP hereby grant to AquaBounty, and AquaBounty hereby accepts, a worldwide, royalty-free, fully paid up, sub-licensable, assignable, non-exclusive right and license (i) to the Technology (as defined in
Appendix A) and (ii) to the Licensed Patents (as defined in Appendix A) (collectively, the “Licensed Rights”) to make, have made, use (including use in the performance of services for its customers), offer, market and sell
products and services. 

  

	3.	Genesis and RDLP and each of its successors and assigns (hereinafter collectively called the “Licensors”) hereby remise, release and forever discharge AquaBounty, A/F Protein, Inc. and A/F Protein
Canada Inc. and each of its successors and assigns (hereinafter collectively called the “Licensees”) and each of its affiliates, associates and subsidiaries and each of their respective present and former directors, officers,
attorneys, employees, parents, successors, subsidiaries, related entities, administrators and assigns, as the case may be, of and from all actions, causes of action, claims, demands and damages whatsoever, and howsoever arising, which the Licensors
have or ever had against the Licensees, or any of them, by reason of any loss, liability or other damage arising out of or in relation to (i) the Licence Agreement, (ii) the Technology and (iii) the Licensed Rights (collectively, the
“Released Subject Matters”). 

  

	4.	The Licensees hereby remise, release and forever discharge the Licensors and each of its affiliates, associates and subsidiaries and each of their respective present and former directors, officers, attorneys, employees,
parents, successors, subsidiaries, related entities, administrators and assigns, as the case may be, of and from all actions, causes of action, claims, demands and damages whatsoever, and howsoever arising, which the Licensees have or ever had
against the Licensors, or any of them, by reason of any loss, liability or other damage any arising out of or in relation to the Released Subject Matters. 

	5.	In consideration for the license and release granted above, AquaBounty shall pay to Genesis a sum of C$150,000.00, by March 7, 2014 via a payment method mutually agreed upon by the Parties. 

 

	6.	The Parties acknowledge and agree that the other Party does not admit any liability or obligation of any kind whatsoever and such liabilities and obligations are, in fact, denied. 

 

	7.	The Parties hereby covenant that they will not, at any time, bring any suit, make any threat or claim or commence any action or proceeding against the other Party, or any person in respect of or relating to the Released
Subject Matters in which a claim could arise, or any of them for contribution or indemnity or any other relief. 

  

	8.	The Parties acknowledge and agree that their covenants and obligations hereunder, and the rights and benefits to the other Party hereunder, are binding on any and all of their successors and assigns, and enure to the
benefit of all successors and assigns of the Parties. 

  

	9.	The Parties agree that if any Party (including any successor or assign) hereafter make any claims or demands or take or threaten to take any action against the other Party in respect of the Released Subject Matters,
then this Release may be raised as an estoppel to such claim, demand or proceeding. The Party making the claim or demand shall be jointly and severally liable for indemnifying the other Party for any and all fees, costs and expenses associated with
the claim. 

  

	10.	Except as set for in paragraph 9 above, each Party will bear its own costs and attorney fees with respect to this matter. 

  

	11.	The Licensors, including their fellows, officers, employees and agents, hereby represent and warrant that no information, manufacturing techniques, data, designs or concepts developed by The Research Institute of the
Hospital for Sick Children of Toronto, Ontario, and Memorial University of Newfoundland covering the “all fish” gene construct for the production of transgenic fish has been delivered to the Licensees at any date between July 11, 1996
and the Effective Date. 

  

	12.	The Licensors, including their fellows, officers, employees and agents, make no representations or warranties that any Licensed Patent is or will be held valid, or that the manufacture, use, sale or other distribution
of any products will not infringe upon any patent or other rights not vested in the Licensors. 

  

	13.	The Licensors, including their fellows, officers, employees and agents, make no representations, extend no warranties of any kind, either express or implied, including but not limited to the implied warranties of
merchantability or fitness for a particular purpose, and assume no responsibilities whatever with respect to design, development, manufacture, use, sale or other disposition of products by Licensees and their sublicensees or affiliates.

  

	14.	The entire risk as to the design, development, manufacture, offering for safe, sale or other disposition and performance of products is assumed by Licensees and their sublicensees and affiliates. In no event shall the
Licensors, including their fellows, officers, employees an agents, be responsible or liable for any direct, indirect, special, incidental, or consequential damages or lost profits to Licensees and their sublicensees or affiliates or any other
individual or entity regardless of legal theory. The above limitations on liability apply even though the Licensors, including their fellows, officers, employees or agents, may have been advised of the possibility of such damage. 

  
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	15.	Regardless of any research or testing that may have been done at or by the Licensors, the Licensors make no representations regarding how Licensed Rights can or should be used in the commercial production of products.

  

	16.	Licensees shall defend, indemnify and hold harmless and shall require its sublicensees and Affiliates licensed hereunder to defend, indemnify and hold harmless the Licensors, as well as their fellows, officers,
trustees, directors, employees and agents, for and against any and all claims, demands, damages, losses, and expenses of any nature (including attorneys’ fees and other litigation expenses), resulting from, but not limited to, death, personal
injury, illness, property damage, economic loss or products liability arising from or in connection with, any of the following: 

  

	 	a.	Any manufacture, use, sale or other disposition of products by Licensees and their sublicensees, affiliates, or transferees; 

  

	 	b.	The direct or indirect use by any person of products made, used, sold or otherwise distributed by Licensees and their sublicensees or Affiliates; 

 

	 	c.	The use by Licensees and their sublicensee or Affiliates of any invention related to the Technology or the Licensed Patents. 

  

	17.	The Licensors shall be entitled to participate at their option and expense through counsel of its own selection, and may join in any legal actions related to any such claims, demands, damages, losses and expenses under
Paragraph 16 above. 

  

	18.	Prior to the first commercial sale or other distribution of products, the Licensees shall purchase and maintain in effect a policy of product liability insurance covering all claims with respect to any products
manufactured, sold, licensed or otherwise distributed by Licensees and their sublicensees and affiliates, and shall specify the Licensors, including their fellows, officers, trustees, directors and employees, as an additional insureds (or otherwise
extend such coverage to include those Parties) Licensees shall furnish certificate(s) of such insurance to the Licensors, upon request. 

  

	19.	This Agreement supersedes any and all prior discussions, communications, and agreements, either oral or written, and it embodies the entire agreement of the Parties hereto with respect to the subject matter hereof. Any
changes or modifications of this Agreement shall be in writing, executed by the Parties hereto, and any attempt at oral modification of this Agreement, or through a writing signed by only one of the Parties, shall be void. There are no
representations or warranties or understandings of any kind except as expressly set forth herein. The consideration for the terms of this Agreement is contained solely herein, and no Party has relied on representations, warranties, or
understandings, other than as expressly set forth herein, in entering into this Agreement. 

  

	20.	Any term or provision of the Agreement held by a court of competent jurisdiction to be unenforceable shall be severable and shall not affect the validity of the remaining terms or provisions of this Agreement.

  

	21.	The Agreement may be executed in counterparts, each of which constitutes an original and all of which taken together constitute one and the same instrument. This Agreement may be executed and transmitted by facsimile
telecopies or by email attachment in .pdf format, which facsimile copies or email attachments shall be deemed as originals for all purposes. 

  
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	22.	This Agreement shall be governed by the laws of Ontario and the laws of Canada applicable therein. 

  

	23.	The Parties acknowledge and agree that they have each had an adequate opportunity to read and consider this Agreement and to obtain legal advice in regard to it. The rule of contract construction that a contract is
construed against its drafter shall not apply to this Agreement, and the Parties waive any right and shall not assert any claim in any proceeding that this Agreement should be construed against the drafter hereof. 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives this 5th day of March, 2014. 
  

					
	GENESIS GROUP INC.
		
	Per:	 	/s/ David J. King
		 	Name:	 	David J. King
		 	Title:	 	President & CEO
	
	HSC RESEARCH AND DEVELOPMENT PARTNERSHIP
		
	Per:	 	/s/ Stuart Howe
		 	Name:	 	Stuart Howe
		 	Title:	 	President
	
	AQUABOUNTY TECHNOLOGIES, INC.
		
	Per:	 	/s/ David Frank
		 	Name:	 	David Frank
		 	Title:	 	Chief Financial Officer

  
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