PROSPERITY INITIATIVE AMENDING AGREEMENT #1
Exhibit 10.51
| BIOAMBER SARNIA INC. |
APPLICANT #: 5000002171 PROJECT #:509040 |
PROSPERITY INITIATIVE
AMENDING AGREEMENT #1
This Amending Agreement made on March 26, 2012
| BETWEEN: | HER MAJESTY THE QUEEN IN RIGHT OF CANADA, (“Her Majesty”) hereby represented by the Minister responsible for the Federal Economic Development Agency for Southern Ontario (“Minister”) | |
| AND: | BIOAMBER SARNIA INC. (previously known as “BlueWater Biochemicals Inc.”) (“Recipient”), a corporation incorporated established under the laws of Canada | |
| (collectively referred to as the “Parties”) | ||
WHEREAS the Minister and the Recipient entered into a contribution agreement dated the September 16, 2011 under the Prosperity Initiative the (“Contribution Agreement”) whereby the Minister agreed to make a repayable contribution to the Recipient in the maximum amount of $12,000,000;
WHEREAS the Recipient has changed its name to “Bioamber Sarnia Inc.”;
WHEREAS the Parties wish to amend the Contribution Agreement in order to amend the project Completion Date (as defined in the Contribution Agreement);
WHEREAS the Minister wishes to disburse the Contribution (as defined in the Contribution Agreement) in earlier Fiscal Years (as defined in the Contribution Agreement) and the Recipient has agreed to the new fiscal allocation; and
WHEREAS the Parties wish to make other amendments to the Contribution Agreement,
NOW THEREFORE in consideration of their respective obligations contained herein, the Parties agree to the following:
| 1. | Interpretation |
All capitalized terms used and not otherwise defined herein will have the meanings given to them in the Contribution Agreement.
| BIOAMBER SARNIA INC. | APPLICANT #: 5000002171 PROJECT #:509040 |
| 2. | Execution |
This Amending Agreement must be executed by the Recipient and received by the Minister within thirty (30) days of its signature on behalf of the Minister, failing which the Minister may declare it will be null and void.
| 3. | Amendment |
| 3.1 | In the Contribution Agreement, the name of “BlueWater Biochemicals Inc.” is hereby replaced by “Bioamber Sarnia Inc.” |
| 3.2 | In Subsection 2.1 of the Contribution Agreement, the definition of “Completion Date” is hereby deleted and replaced by the following new definition: |
“Completion Date means the Project completion date, March 31, 2014.”
| 3.3 | In the Contribution Agreement, Subsection 4.2 is hereby deleted and replaced by the following new Subsection 4.2: |
“The Contribution will be allocated in the following manner:
| (i) | up to seventy-five percent (75%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2012; |
| (ii) | up to seventeen percent (17%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2013; |
| (iii) | up to seventeen percent (17%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2014; |
The payment of the Contribution is estimated at amounts specified below in each of the following Fiscal Years:
| 2011/2012 |
$ | 3,580,000 | ||
| 2012/2013 |
$ | 5,000,000 | ||
| 2013/2014 |
$ | 3,420,000 |
The Minister will have no obligation to pay any amounts in any other years than those specified herein.”
| 3.3 | In the Contribution Agreement, Subsection 18.7 in its entirety. |
| 3.4 | In the Contribution Agreement, Annex 4 is hereby deleted and replaced by the following new Annex 4 attached hereto. |
| 4. | General |
| 4.1 | The Contribution Agreement and this Amending Agreement will henceforth be read together and will have the effect as if all the provision of such agreements were contained in one instrument. |
| BIOAMBER SARNIA INC. | APPLICANT #: 5000002171 PROJECT #:509040 |
| 4.2 | Except for the amendments expressly set forth in this Amending Agreement, the other terms and provisions of the Contribution Agreement remains unchanged. |
| 4.3 | This Amending Agreement is governed by the laws of the Province of Ontario. |
| 4.4 | This Amending Agreement may be executed and delivered in any number of counterparts, each of which when executed and delivered is an original but all of which taken together constitutes one and the same instrument. |
| 4.5 | Each of the Parties shall, at the request of the other Party to this Amending Agreement, execute such documents and do such acts as may be reasonably required to carry out the terms of this Amending Agreement. |
| 4.6 | This agreement shall enure to the benefit of, and be binding upon, the Parties and their respective successors and permitted assigns. |
| BIOAMBER SARNIA INC. | APPLICANT #: 5000002171 PROJECT #:509040 |
IN WITNESS WHEREOF the Parties hereto have executed this Amending Agreement through duly authorized representatives.
| HER MAJESTY THE QUEEN IN RIGHT OF CANADA, | ||||||
| Per: |
/s/ Xxxxx Xxxxx |
March 28/12 | ||||
| Xxxxx Xxxxx | Date | |||||
| Director, Business Development | ||||||
| Federal Economic Development Agency for | ||||||
| Southern Ontario | ||||||
| BIOAMBER SARNIA INC., | ||||||
| Per: |
/s/ Xxxx-Xxxxxxxx Huc |
April 2, 2012 | ||||
| Xxxx-Xxxxxxxx Huc | Date | |||||
| President | ||||||
| Bioamber Sarnia Inc. | ||||||
I have authority to bind the corporation
| Per: |
/s/ Xxxx Xxxxxxxx |
April/2/12 | ||||
| Xxxx Xxxxxxxx | Date | |||||
| Executive Vice-President |
||||||
| Bioamber Sarnia Inc. |
||||||
I have authority to bind the corporation
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #: 509040
Annex 4
PROSPERITY INITIATIVE
CERTIFIED COPY OF AUTHORIZING DOCUMENTS
Industry Industrie
Canada Canada
2010-05-07
ILLEGIBLE
9th floor ILLEGIBLE
000 XXXXXXXXX Xxxxxx Xxxx
Xxxxxx, Xxxxxxx KIA 0C8
ILLEGIBLE
000 XXXXXXXXX
Xxxxxx ILLEGIBLE KIA 0C8
Corporation Information Sheet
Canada Business Corporations Act (CBCA)
Fiche de renseignements
Concernant la societe
Loi ILLEGIBLE cur les societes par actions (LCSA)
7546360 CANADA INC.
Corporation Number
754636-0
Numero de societe
Corporation Key
Cle de societe
Requested for changes of address or directors ILLEGIBLE
84343573
ILLEGIBLE
Anniversary Date
05-07
ILLEGIBLE
Requested to ILLEGIBLE
Date ILLEGIBLE
ILLEGIBLE
Annual Returns Filing Period ILLEGIBLE 2011
05-07 to/au 07-06
ILLEGIBLE
Periode poor deposer le rapport annuel ILLEGIBLE 2011
Reporting Obligations
A ILLEGIBLE can be ILLEGIBLE if it ILLEGIBLE in filing a document required by the CBCA To understand the ILLEGIBLE reporting ILLEGIBLE Keeping Your ILLEGIBLE in Good Standing ILLEGIBLE or ILLEGIBLE)
Obligations de declaration
ILLEGIBLE societe ILLEGIBLE
Corporate Name
Where a ILLEGIBLE has been approved be ILLEGIBLE that the ILLEGIBLE in the NUANS ILLEGIBLE report). The corporation may be required to change its name in the event that ILLEGIBLE are made to ILLEGIBLE established that ILLEGIBLE to occur ILLEGIBLE that may ILLEGIBLE granted ILLEGIBLE to the ILLEGIBLE For addressed ILLEGIBLE Presenting Year Corporate Name (enclosed or available ILLEGIBLE)
Denomenation societe
ILLEGIBLE Canada ILLEGIBLE la ILLEGIBLE societe ILLEGIBLE NUANS ILLEGIBLE Web
Canada
Telephone/ Telephone
1-866-ILLEGIBLE
Email / ILLEGIBLE
XXXXXXXXX.xx
Website / ILLEGIBLE Web
www ILLEGIBLE ca
BIOAMBER SARNIA INC.
APPLICANT#: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Certificate of Incorporation
Certificat de constitution
Canada Business Corporations Act
Loi canadienne sur les societes par actions
7546360 CANADA INC.
Corporate name / Denomination societe
754636-0
Corporation number/Numero de societe
I HEREBY CERTIFY that the above-named corporation, the articles of incorporation of which are attached, is incorporated under the Canada Business Corporations Act.
JE CERTIFIE que la societe susmentionnee, dont les statuts constitutifs sont joint, est constituee en vertu de la Loi canadienne sur les societes par actions.
Xxxxx Xxxxxx
Deputy Director / Derecteur ILLEGIBLE
2010-05-07
Date of Incorporation (YYYY-MM-DD)
Date de constitution (AAAA-MM-JJ)
Canada
BIOAMBER SARNIA INC.
APPLICANT#: 5000002171
PROJECT #:509040
Schedule / Annexe Other Provisions / Autres dispositions
7 OTHER PROVISIONS BORROWING POWERS
7.1 The Board of Directors may by resolution and without the approval of the shareholders.
7.1.1. Borrow money, taking into account the credit of the Corporation,
7.1.2 Issue, reissue, sell or pledge the Corporation’s debt instruments.
7.1.3 Guarantee in the name of the Corporation the execution of an obligation of which another person is responsible
71.4 Delegate one or many of the aforementioned powers to a director, a committee of directors or to an officer of the Corporation.
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Industrie
Canada
Canada
Certificate of Amendment
Certificat de modification
Canada Business Corporations Act
Loi canadienne sur les societes par actions
BLUEWATER BIOCHEMICALS INC.
Corporate name / Denomination sociale
754363-0
Corporation number/Numero de societe
I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 179 of the Canada Business Corporations Act as set out in the attached articles of amendment.
JE CERTIFIE que les status de la societe susmentionnee sont modifies aux termes de l’article 000 xx xx Xxx xxxxxxxxxx sur les societes par actions, tel quil est indique dans les clauses modificatrices ci-jointes.
Aissa Aomarl
Deputy Director / Director adjount
2010-05-11
Date of Amendment (YYYY-MM-DD)
Date de modification (AAAA-MM-JJ)
Canada
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Form 4
Articles of Amendment
Canada Business Corporations Act
(CBCA) (s. 27 or 177)
Formulaire 4
Clauses modificatrices
Loi canadienne sur les societes par
actions (LCSA) (art 27 ou 177)
1
Corporate name
Denomination societe
7546360 CANADA INC.
2
Corporation number
Numero de la sociele
754636-0
3
The articles are amended as follows
Les statuts sont modifies de la facon survante
The corporation changes its name to
La denomination societe est modifies pour
BLUEWATER BIOCHEMICALS INC.
4
Declaration I certify that I am a director or an officer of the corporation
Declaration J’atteste que je surs un adminstrateus ou un dengeant de la societe
Original signed by / Original signe par
Xxxx-Xxxxxxxx Xxx
Xxxx-Xxxxxxxx Huc 514-844-8000
Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA)
ILLEGIBLE
Canada
IC 3069 (2008/04)
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Form 4
Articles of Amendment
Canada Business Corporations Act
(CBCA) (s. 27 or 177)
Formulaire 4
Clauses modificatrices
Loi canadienne sur les societes par
actions (LCSA) (art 27 ou 177)
1
Corporate name
Denomination sociale
BLUEWATER BIOCHEMICALS INC.
2
Corporation number
Numero de la societe
754636-0
3
The articles are amended as follows
Les statuts sont modifies de la facon survante
The corporation changes the province or territory in Canada where the registered office is situated to.
La province ou le territorie au Canada ou est situe le uege social est modifie pour
QC
4
Declaration I certify that I am a director or an officer of the corporation
Declaration J’atteste que je surs un administratues ou un dingeant de la societe
Xxxx-Xxxxxxxx Huc 514-844-8000
Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA)
ILLEGIBLE
Canada
IC 3069 (2008/04)
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Form 3
Change of Registered Office Address
Canada Business Corporations Act
(CBCA) (s. 19)
Formulaire 3
Changement d’adresse du slege social
Loi canadienne sur les societes par actions (LCSA) (art. 19)
1
Corporate name
Denomination sociale
BLUEWATER BIOCHEMICALS INC.
2
Corporation number
Numero de la societe
754636-0
3
New registered office address
Nouvelle adresse du siege social
0000, XXXXXXXXX XXXX-XXXXXXXX XXXXX
XXXXX 0000
XXXXXXXX XX X0X 0X0
4
Additional address
Autre adresse
5
Declaration I certify that I have relevant knowledge of the corporation and that I am authorized to sign this form.
Declaration J’atteste que je possede une connaissance suffisante de la societe et que je suis autorise(e) a signer le present formulaire
Xxxx-Xxxxxxxx Huc 514-844-8000
Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $ 5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA)
ILLEGIBLE
Canada
IC 3420 (2008/04)
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Certificate of Amendment
Canada Business Corporations Act
Certificat de modification
Loi canadienne sur les societes par actions
BIOAMBER SARNIA INC.
Corporate name / Denomination societe
754636-0
Corporation number / Numero de societe
I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the Canada Business Corporations Act as set out in the attached articles of amendment.
JE CERTIFIE que les statuts de la societe susmentionnee sont modifeis aux termes de l’article 000 xx xx Xxx xxxxxxxxxx sur les societes par actions. tel quil est indique dens les clauses modificationnes ca-jointes.
Xxxxxx Xxxxxxxx
Director/Directour
2011-12-01
Date of Amendment (YYYY-MM-DD)
Date de modification (AAAA-MM-JJ)
Canada
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
Industry
Canada
Industrie
Canada
Form 4
Articles of Amendment
Canada Business Corporations Act
(CBCA) (s. 27 or 177)
Formulaire 4
Clauses modificatrices
Loi canadienne sur les societes par
actions (LCSA)(art. 27 ou 177)
1
Corporate name
ILLEGIBLE
BLUEWATER BIOCHEMICALS INC.
2
Corporation number
ILLEGIBLE
754636-0
3
The articles are amended as follows
ILLEGIBLE
The corporation changes its name to:
ILLEGIBLE
BIOAMBER SARNIA INC.
4
Declaration I certify that I am a director or an officer of the corporation
Declaration J’ILLEGIBLE que je suis un adminstrateus on un ILLEGIBLE
Original signed by / Original signe par
XXXX-XXXXXXXX XXX
XXXX-XXXXXXXX HUC
514-844-8000
Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $ 5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA)
ILLEGIBLE
Canada
IC 3069 (2008/04)
BIOAMBER SARNIA INC.
APPLICANT #: 5000002171
PROJECT #:509040
RESOLUTIONS OF THE BOARD OF DIRECTORS OF BLUEWATER BIOCHEMICALS INC.
EFFECTIVE DATE: AUGUST 25, 2011
REPAYABLE CONTRIBUTION FROM HER MAJESTY THE QUEEN IN RIGHT CANADA REPRESENTED BY THE MINISTER RESPONSIBLE FOR FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
WHEREAS the corporation wishes to be granted a repayable contribution of up to a maximum amount of twelve million dollars ($12,000,000) from her Majesty the Queen in Right of Canada represented by the Minister Responsible for Federal Economic Development Agency for Southern Ontario (the “Agency”) and that the Agency wishes to make a repayable contribution of such amount to the corporation as part of its Prosperity initiative, the whole in accordance with the Prosperity Initiative Regional Diversification Contribution Agreement to be entered into between her Majesty the Queen in Right of Canada represented by the Minister Responsible for the Agency and the corporation (the “Contribution Agreement”);
IT IS RESOLVED:
1 To approve that the corporation be granted a repayable contribution of up to a maximum amount of twelve million dollars ($12,000,000) from her Majesty the Queen in Right of Canada represented by the Minister Responsible for the Agency, the whole in accordance with the Contribution Agreement.
2 To authorize Xx. Xxxx-Xxxxxxxx Xxx and Xx. Xxxx Xxxxxxxx to sign, for and on behalf of the corporation, the Contribution Agreement, substantially in the form and terms in which it has been submitted to the Board of directors of the corporation, with any modification that may be required to be done at the sole discretion of Xx. Xxxx-Xxxxxxxx Xxx and Xx. Xxxx Xxxxxxxx, and to sign any document and to take any action, required or useful, at their sole discretion, in order to give full effect to these resolutions.
INSERTION
IT IS RESOLVED to keep a copy of the above-mentioned resolutions in the corporate book of the corporation in accordance with section 117(2) of the Canada Business Corporations Act.
VALIDITY
We, the undersigned, being all the directors of the corporation entitled to vote, hereby sign these resolutions so that they shall have the same value as if they had been adopted at a meeting of the Board of directors, in accordance with section 117( 1) of the Canada Business Corporations Act.
XXXX-XXXXXXXX HUC
XXXX XXXXXXXX
