AMENDMENT TO JOINT RESEARCH AND PRODUCT DEVELOPMENT AGREEMENT DATED MARCH 29, 2013 BY AND BETWEEN VISUALANT, INC. AND SUMITOMO PRECISION PRODUCTS CO., LTD.
Published on September 16, 2013
Exhibit 10.31
AMENDMENT TO JOINT RESEARCH AND PRODUCT DEVELOPMENT AGREEMENT
This Amendment to the Joint Research and Product Development Agreement (“Amended Agreement”) dated May 31, 2012 is entered into effective March 29, 2013 (the “Effective Date”), between Sumitomo Precision Products Co., Ltd., a Japanese corporation having a place of business at 1-10 Fuso-cho, Amagasaki, Hyogo 660-0891 Japan, (hereinafter “SPP”), and Visualant, Incorporated a corporation under the laws of the State of Nevada having a business address of 500 Union Street, Suite 420, Seattle, Washington, 98101, and subsidiaries and affiliates (hereinafter “VISUALANT”).
This Amended Agreement reflects the following changes to the Joint Research and Product Development Agreement dated May 31, 2012:
2.2 Deliverables
The deliverables for the Amended Agreement are included in Attachment B for the Amended Agreement dated March 25, 2013.
7.1 Term
The term of this Amended Agreement shall commence on the Effective Date and continue through December 31, 2013 (the “Term”), except as set forth herein or if sooner terminated in accordance with provisions herein. The Term may be extended by mutual consent of the Parties.
Unless detailed in this Amended Agreement, the Joint Research and Product Development Agreement dated May 31, 2012 remains unchanged.
IN WITNESS WHEREOF, VISUALANT and SPP have caused this Amended Agreement to be executed on the dates accompanying each signature below.
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Sumitomo Precision Products Co., Ltd.
By: /s/ Shinichi Miki
Name: Shinichi Miki
Title: President
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Visualant, Incorporated
By: /s/ Ronald P. Erickson
Name: Ronald P. Erickson
Title: President and CEO
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Top Level Schedule on Joint Development Tasks- Attachment B to the Joint Development Agreement
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3/25/2013
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2013
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2014
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Tasks
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Owner
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Mar.
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Apr
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May
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Jun
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Jul
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Aug
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Sep
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Oct
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Nov
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Dec
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Jan
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Feb
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Mar
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Orca HW (6D) and FW (Ahi) Complete
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Both
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26-Apr
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Test Orca with TaterTot (Host software)
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Both?
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May 13 Start testing
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Squid Prototype Development
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Visualant
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May 27 Start to test working unit
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Self Calibration Development
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Starts May 13 We have to work with Prof Furness to plan this we can start when we have Orca, FW, and Host Software
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Skunk Works
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Visualant
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This is work with RATLab. The only real schedule is 'submit entry into xprize'
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Dev. Kit (6D rev 1) Release to Market
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Both
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End June. We see the Dev Kit potentially being released with Calibration algorithm as a later update
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Dev. Kit (Squid) Release to Market
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Both
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To be discussed between Visualant and SPP working group based on schedule above
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Market Research with Dev. Kit (6D rev 1)
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Both
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After the market release(3 to 6 months? To be discussed)
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Market Research with Dev. Kit (Squid)
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Both
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After the market release(3 to 6 months? To be discussed)
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Market response wrap up
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Both
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after above two activities
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Ver. 7 Concept design
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Both
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after above
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Ver. 7 top level configuration docs
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Visualant?
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TBD
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Ver. 7 tests/ Callibration
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Both
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TBD
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Ver. 7 release
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Both
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TBD
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