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.


Sumitomo Precision Products Co., Ltd.
By:             /s/ Shinichi Miki
Name:             Shinichi Miki
Title: President
Visualant, Incorporated
By:             /s/ Ronald P. Erickson
Name:             Ronald P. Erickson
Title:              President and CEO




 


 
 

 
 
 
 
Top Level Schedule on Joint Development Tasks- Attachment B to the Joint Development Agreement
   
3/25/2013
   
   
2013
                 
2014
       
Tasks
Owner
Mar.
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
   
Orca HW (6D) and FW (Ahi) Complete
Both
 
26-Apr
                         
                                 
Test  Orca with TaterTot (Host software)
Both?
   
May 13 Start testing
                   
                                 
Squid Prototype Development
Visualant
 
May 27 Start to test working unit
               
                                 
Self Calibration Development
   
Starts May 13 We have to work with Prof Furness to plan this we can start when we have Orca, FW, and Host Software
                                 
Skunk Works
Visualant
This is work with RATLab. The only real schedule is 'submit entry into xprize'
     
                                 
                                 
Dev. Kit (6D rev 1) Release to Market
Both
     
End June. We see the Dev Kit potentially being released with Calibration algorithm as a later update
                                 
Dev. Kit (Squid) Release to Market
Both
         
To be discussed between Visualant and SPP working group based on schedule above
                                 
Market Research with Dev. Kit (6D rev 1)
Both
         
After the market release(3 to 6 months? To be discussed)
 
                                 
Market Research with Dev. Kit (Squid)
Both
         
After the market release(3 to 6 months? To be discussed)
 
                                 
Market response wrap up
Both
         
after above two activities
           
                                 
Ver. 7 Concept design
Both
         
after above
               
Ver. 7 top level configuration docs
Visualant?
       
TBD
                 
Ver. 7 tests/ Callibration
Both
         
TBD
                 
Ver. 7 release
Both
         
TBD