Exhibit 4.3.1.1
| Atlantic Canada Opportunities Agency | Agence de promotion économique du Canada atlantique | AGENCY COPY |
Project No.: 200804 | Nova Scotia Office P.O. Box 22B4 Station "C" Halifax, N.S. B3J 3GB | Bureau de Ia Nouvelle-Écosse Cassier postal 22B4 Succ. "C" Halifax (N.-E.) B3J 3GB |
Amendment #4 | ||
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Metamaterial Technologies Inc. | ||
1 Research Drive | ||
Bay 8 | ||
Dartmouth, Nova Scotia |
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B2Y 4M9 | MAR 07 2014 |
Attention: Dr. George Palikaras
Dear Dr. Palikaras:
Re: Amendment Approved under the Business Development Program
Please note, the Atlantic Canada Opportunities Agency ("the Agency'') hereby agrees to the following amendment:
Delete clause 1.01, 3.01, 3.02 and 4.02(c) and replace with the following:
1.01 | Subject to all other provisions of this Agreement, the Agency will make a repayable contribution ('the Contribution') to the Applicant to assist in the execution by the Applicant of the Project as described and defined in Annex 1 (Statement of Work) calculated as the lesser of (a) and (b) as follows: |
3.01 The Applicant shall repay the Contribution to the Agency in accordance with the repayment schedule attached to this offer.
These amounts are calculated to repay the outstanding balance of the Contribution;
however, the last installment will be adjusted to include all sums owing.
3.02 The first repayment installment is due and payable on March 1, 2015.
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Subsequent repayment installments are due and payable at intervals of the (1) month thereafter until the Contribution shall be fully repaid.
4.02 As a condition of the Agency's assistance,
Annex 1 - Statement of Work, is to be replaced by the attached revised Annex 1 – Statement of Work, dated March 4, 2014.
All other terms and conditions of our Letter of Offer accepted by you on August 30. 2012 and as amended thereafter, remain unchanged.
This amendment will become effective upon receipt of your written acceptance, no later than thirty (30) days from the appearing on this letter. Please sign and date one copy of this amendment letter and return it to the above address.
If you have any questions pertaining to our procedures and requirements, please contact Lauren MacDonald the office assigned to your project, at *800) 565-1228 or (902) 426-2508 or via e-mail at lauren.macdonald@acoa-apeca.gs.ca.
Yours truly,
Peter Hogan
Vice-President
ACOA Nova Scotia
Attachment (repayment schedule, Statement of Work)
The foregoing amendment is hereby accepted this_________ day of _______________, 20____.
Project No. : 200804
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| Metamaterial Technologies Inc. |
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| 03/11/2014 |
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| Signature of Authorized Signing Authority |
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| George Palikaras President and CEO |
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| Name and Title (please print) |
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| Signature of Authorized Signing Authority |
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| Name and Title (please print) |
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Amendment to Statement of Work / Modification à 1’énoncé des travaux
Revised ANNEX 1
Project No: 200804
Statement Of Work- March 4, 2014
Project Description
This project will assist the Applicant with using state-of-the-art patented technology to develop a transparent thin film based on nanotechnology that is able to block selected frequencies of light. Eligible costs include research salaries and wages, equipment and materials.
Project Location
Halifax, Nova Scotia
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Project Costs |
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| Financing |
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| ACOA BDP Repayable Contribution | $500,000 |
Special Equipment | $69,000 |
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Salaries/Wages | 385,444 |
| Shareholders' Injection | 166,667 |
Consultants | 146,223 |
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Product Development | 66,000 |
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Total Project Costs | $666,667 |
| Total Financing | $666,667 |
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Eligible Costs |
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Special Equipment | $69,000 |
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Salaries/Wages | 385,444 |
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Consultants | 146,223 |
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Product Development | 66,000 |
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Total Eligible Costs | $666,667 |
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Expected Results from the Project
The federal government requires that results from projects receiving federal funding be identified. ACOA will thus follow-up on the following expected results identified for your project.
Expected Project Results
The Proponent shall develop one new product (goggles) with its state of the art transparent thin film technology.
Means of Verification
Project final report and product demonstration.
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Revised Repayment Schedule | Schedule 6 |
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Client: |
Metamaterial Technologies Inc. |
Start Date: |
2015/03/01 | ||
Account Number: | 200804 | End Date: | 2022/02/01 | ||
Number of Repayments: | 84 |
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Total Repayable: | $500,000.00 |
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Payment# | Due Date |
| Amount Due | Amount Paid to Date | *Amount Outstanding |
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| $500,000.00 |
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| $0.00 | $500,000.00 |
1 | 2015/03/01 |
| $5,952.00 |
| $494,048.00 |
2 | 2015/04/01 |
| $5,952.00 |
| $488,096.00 |
3 | 2015/05/01 |
| $5,952.00 |
| $482,144. 00 |
4 | 2015/06/01 |
| $5,952.00 |
| $476,192.00 |
5 | 2015/07/01 |
| $5,952.00 |
| $470,240.00 |
6 | 2015/08/01 |
| $5,952. 00 |
| $464,288.00 |
7 | 2015/09/01 |
| $5,952. 00 |
| $458,336.00 |
8 | 2015/10/01 |
| $5,952.00 |
| $452,384.00 |
9 | 2015/11/01 |
| $5,952.00 |
| $446,432.00 |
10 | 2015/12/01 |
| $5,952.00 |
| $440,480.00 |
11 | 2016/01/01 |
| $5,952.00 |
| $434,528.00 |
12 | 2016/02/01 |
| $5,952.00 |
| $428,576.00 |
13 | 2016/03/01 |
| $5,952. 00 |
| $422,624.00 |
14 | 2016/04/01 |
| $5,952. 00 |
| $41 6,672.00 |
15 | 2016/05/01 |
| $5,952. 00 |
| $410,720.00 |
16 | 2016/06/01 |
| $5,952. 00 |
| $404,768.00 |
17 | 2016/07/01 |
| $5,952.00 |
| $398,816.00 |
18 | 2016/08/01 |
| $5,952.00 |
| $392,864.00 |
19 | 2016/09/01 |
| $5,952.00 |
| $386,912.00 |
20 | 2016/10/0 I |
| $5,952.00 |
| $380,960.00 |
21 | 2016/11/01 |
| $5,952.00 |
| $375,008.00 |
22 | 2016/12/01 |
| $5,952.00 |
| $369,056.00 |
23 | 2017/01/0 I |
| $5,952. 00 |
| $363, I 04.00 |
24 | 2017/02/01 |
| $5,952. 00 |
| $357, 152.00 |
25 | 2017/03/01 |
| $5,952.00 |
| $351,200.00 |
26 | 2017/04/01 |
| $5,952. 00 |
| $345,248.00 |
27 | 2017/05/01 |
| $5,952.00 |
| $339,296.00 |
28 | 2017/06/01 |
| $5,952.00 |
| $333,344.00 |
29 | 2017/07/01 |
| $5,952.00 |
| $327,392.00 |
30 | 2017/08/0 I |
| $5,952. 00 |
| $321,440.00 |
31 | 2017/09/0 I |
| $5,952. 00 |
| $31 5,488.00 |
32 | 2017/10/0 I |
| $5,952. 00 |
| $309,536.00 |
33 | 2017/11 /01 |
| $5,952. 00 |
| $303,584.00 |
34 | 2017/12/0 I |
| $5,952.00 |
| $297,632.00 |
35 | 2018/01 /01 |
| $5,952.00 |
| $291,680.00 |
36 | 2018/02/01 |
| $5,952.00 |
| $285,728.00 |
37 | 2018/03/01 |
| $5,952.00 |
| $279,776.00 |
38 | 2018/04/01 |
| $5,952.00 |
| $273,824.00 |
39 | 2018/05/01 |
| $5,952.00 |
| $267,872.00 |
40 | 2018/06/01 |
| $5,952.00 |
| $261,920.00 |
41 | 2018/07/01 |
| $5,952.00 |
| $255,968. 00 |
Revised Repayment Schedule | Schedule 6 |
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42 | 2018/08/01 |
| $5,952.00 |
| $250,016.00 |
43 | 2018/09/01 |
| $5,952.00 |
| $244,064.00 |
44 | 2018110/01 |
| $5,952.00 |
| $238, 112.00 |
45 | 2018/11/01 |
| $5,952.00 |
| $232,160.00 |
46 | 2018/12/01 |
| $5,952.00 |
| $226,208.00 |
47 | 2019/01/0 I |
| $5,952.00 |
| $220,256.00 |
48 | 2019/02/01 |
| $5,952.00 |
| $214,304.00 |
49 | 2019/03/01 |
| $5,952.00 |
| $208,352.00 |
50 | 2019/04/01 |
| $5,952.00 |
| $202,400.00 |
51 | 2019/05/01 |
| $5,952.00 |
| $196,448.00 |
52 | 2019/06/01 |
| $5,952.00 |
| $190,496.00 |
53 | 2019/07/0 I |
| $5,952.00 |
| $184,544.00 |
54 | 2019/08/01 |
| $5,952.00 |
| $178,592.00 |
55 | 2019/09/01 |
| $5,952.00 |
| $172,640.00 |
56 | 2019/10/01 |
| $5,952.00 |
| $166,688.00 |
57 | 2019/11/01 |
| $5,952.00 |
| $160,736.00 |
58 | 2019/12/01 |
| $5,952.00 |
| $154,784. 00 |
59 | 2020/01/01 |
| $5,952.00 |
| $148,832.00 |
60 | 2020/02/01 |
| $5,952.00 |
| $142,880.00 |
61 | 2020/03/01 |
| $5,952.00 |
| $136,928.00 |
62 | 2020/04/01 |
| $5,952.00 |
| $130,976.00 |
63 | 2020/05/01 |
| $5,952.00 |
| $125,024.00 |
64 | 2020/06/01 |
| $5,952.00 |
| $119,072.00 |
65 | 2020/07/01 |
| $5,952.00 |
| $113,120.00 |
66 | 2020/08/01 |
| $5,952.00 |
| $107,168.00 |
67 | 2020/09/01 |
| $5,952.00 |
| $101,216.00 |
68 | 2020/10/01 |
| $5,952.00 |
| $95,264.00 |
69 | 2020/11/01 |
| $5,952.00 |
| $89,312.00 |
70 | 2020/12/01 |
| $5,952.00 |
| $83,360.00 |
71 | 2021/01101 |
| $5,952.00 |
| $77,408.00 |
72 | 2021/02/01 |
| $5,952.00 |
| $71,456.00 |
73 | 2021/03/01 |
| $5,952.00 |
| $65,504.00 |
74 | 2021/04/01 |
| $5,952.00 |
| $59,552.00 |
75 | 2021/05/01 |
| $5,952.00 |
| $53,600.00 |
76 | 2021/06/01 |
| $5,952.00 |
| $47,648.00 |
77 | 2021/07/0 I |
| $5,952.00 |
| $41,696.00 |
78 | 2021/08/01 |
| $5,952.00 |
| $35,744.00 |
79 | 2021/09/01 |
| $5,952.00 |
| $29,792.00 |
80 | 2021/10/01 |
| $5,952.00 |
| $23,840.00 |
81 | 2021/11/01 |
| $5,952.00 |
| $17,888.00 |
82 | 2021/12/01 |
| $5,952.00 |
| $11,936.00 |
83 | 2022/01101 |
| $5,952.00 |
| $5,984.00 |
84 | 2022/02/01 |
| $5,984.00 |
| $0.00 |