Document:

exv4w3

Exhibit 4.3

EXECUTION VERSION

FEDERAL NATIONAL MORTGAGE ASSOCIATION

WARRANT TO PURCHASE COMMON STOCK

			
	 	 	 
	NO. 2008-1
	 	September 7, 2008

VOID AFTER SEPTEMBER 7, 2028

     THIS CERTIFIES THAT, for value received, the United States Department of the Treasury, with
its principal office at 1500 Pennsylvania Avenue, NW, Washington, DC 20220 (the “Holder”),
is entitled to purchase at the Exercise Price (defined below) from Federal National Mortgage
Association, a government-sponsored enterprise of the United States of America, with its principal
office at 3900 Wisconsin Avenue, NW, Washington, DC 20016 (the “Company”), shares of common
stock, no par value, of the Company, as provided herein.

     1. Definitions. As used herein, the following terms shall have the following
respective meanings:

     “Affiliate” shall mean, as to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, “control,” when used with respect to any
Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise and the
terms “affiliated,” “controlling” and “controlled” have meanings correlative to the foregoing.

     “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which banking institutions in New York, New York are authorized or obligated by law or
executive order to close.

     “Common Stock” shall mean the common stock, no par value, of the Company, and all
other stock of any class or classes (however designated) of the Company from time to time
outstanding, the holders of which have the right, without limitation as to amount, either to all or
to a share of the balance of current dividends or liquidating distributions after the payment of
dividends and distributions on any shares entitled to preference.

     “Exercise Period” shall mean the time period commencing with the date hereof and
ending at 5:00 p.m. New York time on the 20th anniversary of the date hereof.

     “Exercise Price” shall mean one one-thousandth of a cent ($0.00001) per share.

     “Exercise Shares” shall mean the shares of the Common Stock issuable upon exercise of
this Warrant, subject to adjustment pursuant to the terms herein, and shall also mean any other
shares, securities, assets or property otherwise issuable upon exercise of this Warrant.

     “Fair Market Value” shall mean, with respect to a share of Common Stock, or any other
security of the Company or any other issuer:

     (a) the volume weighted average daily Market Price during the period of the most recent twenty
(20) Trading Days, ending on the last Trading Day before the date of determination of Fair Market
Value, if such class of Common Stock or other security is (i) traded

 

on the New York Stock Exchange or any other U.S. national or regional securities exchange, or
admitted to unlisted trading privileges on such an exchange, or (ii) is quoted or reported on the
Over-the-Counter Bulletin Board (“OTCBB”) or by Pink OTC Markets Inc. or a similar organization or
agency succeeding to its functions of reporting prices; or

     (b) if such class of Common Stock or other security is not then so listed, admitted to trading
or quoted, the Fair Market Value shall be the Market Price on the last Business Day before the date
of determination of Fair Market Value.

     “Fully Diluted” shall mean, as of immediately prior to the exercise of this Warrant
(or a portion of this Warrant), the sum of, without duplication, (i) the total number of shares of
Common Stock outstanding and (ii) all shares of Common Stock issuable in respect of securities
convertible into or exercisable or exchangeable for Common Stock, stock appreciation rights or
options, warrants (including this Warrant) and other rights to purchase or subscribe for Common
Stock or securities convertible into or exercisable or exchangeable for Common Stock (in each case,
assuming that no restrictions apply with respect to conversion, exercise, exchange, subscription or
purchase).

     “Market Price” shall be, as of any specified date with respect to any share of any
class of Common Stock or any other security of the Company or any other issuer:

     (i) the closing price on that date or, if no closing price is reported, the last reported sale
price, of shares of the Common Stock or such other security on the New York Stock Exchange on that
date; or

     (ii) if the Common Stock or such other security is not traded on the New York Stock Exchange,
the closing price on that date as reported in composite transactions for the principal U.S.
national or regional securities exchange on which the Common Stock or such other security is so
traded or, if no closing price is reported, the last reported sale price of shares of the Common
Stock or such other security on the principal U.S. national or regional securities exchange on
which the Common Stock or such other security is so traded on that date; or

     (iii) if the Common Stock or such other security is not traded on a U.S. national or regional
securities exchange, the last quoted bid price on that date for the Common Stock or such other
security in the over-the-counter market as reported (x) by the OTCBB or (y) if reports are
unavailable under clause (x) above by Pink OTC Markets Inc. or a similar organization or agency
succeeding to its functions of reporting prices;

     (iv) if the Common Stock or such other security is not so quoted by OTCBB or Pink OTC Markets
Inc. or a similar organization, the Market Price shall be determined in accordance with the
Valuation Procedure.

     “Participating Securities” shall mean, (i) any equity security (other than Common
Stock) that entitles the holders thereof to participate in liquidations or other distributions with
the holders of Common Stock or otherwise participate in the capital of the Company other than
through a fixed or floating rate of return on capital loaned or invested, and (ii) any stock
appreciation rights, phantom stock rights, or any other profit participation rights with respect to

-2-

 

any of the Company’s capital stock or other equity ownership interest, or any rights or
options to acquire any such rights.

     “Person” shall mean any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, estate, unincorporated
organization or government or any agency or political subdivision thereof, or any other entity
whatsoever.

     “Trading Day” shall mean, with respect to any class of Common Stock or any other
security of the Company or any other issuer a day (i) on which the securities exchange or other
trading platform applicable for purposes of determining the Market Price of a share or unit of such
class of Common Stock or other security shall be open for business or (ii) for which quotations
from such securities exchange or other trading platform of the character specified for purposes of
determining such Market Price shall be reported.

     “Valuation Procedure” shall mean a determination made in good faith by the Board of
Directors of the Company (the “Board”) that is set forth in resolutions of the Board that
are certified by the Secretary of the Company, which certified resolutions (i) set forth the basis
of the Board’s determination, which, in the case of a valuation in excess of $100 million, shall
include the Board’s reliance on the valuation of a nationally recognized investment banking or
appraisal firm, and (ii) are delivered to the Holder within ten (10) Business Days following such
determination. A Valuation Procedure with respect to the value of any capital stock shall be based
on the price that would be paid for all of the capital stock of the issuer in an arm’s-length
transaction between a willing buyer and a willing seller (neither acting under compulsion).

     2. Exercise of Warrant; Number of Shares.

          2.1 Exercise. This Warrant may be exercised in whole or in part at any time during
the Exercise Period, by delivery of the following to the Company at its address set forth above (or
at such other address as it may designate by notice in writing to the Holder):

               (a) an executed Notice of Exercise in the form attached hereto;

               (b) payment of the Exercise Price (i) in cash or by check, (ii) by cancellation of
indebtedness or (iii) pursuant to Section 2.2
hereof; and

               (c) this Warrant.

     This Warrant will be exercisable for a number of shares of Common Stock that, together with
the shares of Common Stock previously issued pursuant to this Warrant, is equal to 79.9% of the
total number of shares of Common Stock outstanding on a Fully Diluted basis on the date of
exercise. Whenever the Holder exercises this Warrant in whole or in part, it may assign its right
to receive the Exercise Shares issuable upon such exercise to any other Person.

     As soon as practicable (and in any event within five Business Days) after this Warrant shall
have been exercised, a certificate or certificates for the Exercise Shares so purchased, registered
in the name of the Holder or such other Person as may be designated by the Holder (to the extent
such transfer is not validly restricted and upon payment of any transfer taxes that are

-3-

 

required to be paid by the Holder in connection with any such transfer), shall be issued and
delivered by the Company to the Holder or such other Person .

     The Person in whose name any certificate or certificates for the Exercise Shares are to be
issued upon exercise of this Warrant shall be deemed to have become the holder of record of such
shares on the date on which this Warrant was surrendered and payment of the Exercise Price was
made, irrespective of the date of delivery of such certificate or certificates, except that, if the
date of such surrender and payment is a date when the stock transfer books of the Company are
closed, such Person shall be deemed to have become the holder of such shares at the close of
business on the next succeeding date on which the stock transfer books are open (whether before or
after the end of the Exercise Period).

          2.2 Net Exercise. Notwithstanding any provision herein to the contrary, if the Market
Price of one share of the Common Stock is greater than the Exercise Price (at the date of
calculation as set forth below), in lieu of exercising this Warrant by payment of cash, check or
cancellation of indebtedness, the Holder may elect (the “Conversion Right”) to receive
shares equal to the value (as determined below) of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company together with the
properly endorsed Notice of Exercise in which event the Company shall issue to the Holder a number
of shares of Common Stock computed using the following formula:

     Where X = the number of shares of Common Stock to be issued

     Y = the number of shares of Common Stock purchasable under this Warrant or, if only a portion
of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of
such calculation)

     A = the Market Price of one share of the Common Stock (at the date of such calculation)

     B = Exercise Price (as adjusted pursuant to the terms herein to the date of such calculation)

     The Company shall pay all reasonable administrative costs incurred by the Holder in connection
with the exercise of the Conversion Right by the Holder pursuant to this Section 2.2.

     3. Covenants and Representations of the Company

          3.1 Covenants as to Exercise Shares.

               (a) The Company covenants and agrees that all Exercise Shares that may be issued upon the
exercise of this Warrant will, upon issuance, be validly authorized, issued and outstanding, fully
paid and nonassessable, free of preemptive rights and free from all taxes, liens and charges with
respect to the issuance thereof. If the Common Stock or the class of securities of any other
Exercise Shares is then listed or quoted on a national securities exchange

-4-

 

or a regional securities exchange, all such Exercise Shares shall, upon issuance, also be so
listed or quoted. The Company further covenants and agrees that the Company will at all times
during the Exercise Period, have authorized and reserved solely for purposes of the exercise of
this Warrant, free from preemptive rights, a sufficient number of shares of its Common Stock or the
class of securities of any other Exercise Shares to provide for the exercise in full of this
Warrant (without taking into account any possible exercise pursuant to Section 2.2 hereof). If at
any time during the Exercise Period the number of authorized but unissued shares of Common Stock or
the class of securities of any other Exercise Shares shall not be sufficient to permit exercise in
full of this Warrant (without taking into account any possible exercise pursuant to Section 2.2
hereof), the Company will take such corporate action as shall be necessary to increase its
authorized but unissued shares of Common Stock or the class of securities of any other Exercise
Shares to such number of shares as shall be sufficient for such purposes.

               (b) If at any time the Exercise Shares shall include any shares or other securities other than
shares of Common Stock, or any other property or assets, the terms of this Warrant shall be
modified or supplemented (and in the absence of express written documentation thereof, shall be
deemed to be so modified or supplemented), and the Company shall take all actions as may be
necessary to preserve, in a manner and on terms as nearly equivalent as practicable to the
provisions of this Warrant as they apply to the Common Stock, the rights of the Holder hereunder,
including any equitable replacements of the term “Common Stock” with the term “Exercise Shares” and
adjustments of any formula included herein.

               (c) The Company’s filings under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), will comply in all material respects as to form with the Exchange Act and
the rules and regulations thereunder.

               (d) Without prior written consent of the Holder, the Company shall not permit any Significant
Subsidiary (as defined by Rule 1-02(w) of Regulation S-X under the Securities Act or any successor
rule) to (i) issue or grant any capital stock or equity ownership interest, including any
Participating Security; (ii) any rights, options, warrants or convertible security that is
exercisable for or convertible into any capital stock or other equity ownership interest, including
any Participating Security; or (iii) any stock appreciation rights, phantom stock rights, or any
other profit participation rights, or any rights or options to acquire any such rights, in each
case of clauses (i), (ii) and (iii) above, to any Person other than the Company or its wholly owned
subsidiaries.

               (e) The Company shall not take any action that will result in an increase in the par value of
the Common Stock.

          3.2 No Impairment. Except and to the extent as waived or consented to in writing by
the Holder, the Company will not, by amendment of its charter, bylaws or other governing documents
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Warrant and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise rights of the
Holder against impairment or dilution consistent with the intent and principles

-5-

 

expressed herein. If any event or occurrence shall occur (including without limitation, stock
dividends and stock splits) as to which the failure to make any adjustment to the Exercise Price
and/or the number of shares or other assets or property subject to this Warrant would adversely
affect the purchase rights or value represented by this Warrant, including any issuance of Common
Stock or Participating Securities, then, in each such case, the Company shall determine the
adjustment, if any, on a basis consistent with the essential intent and principles herein,
necessary to preserve, without dilution, the purchase rights represented by this Warrant. If such
determination involves or is based on a determination of the Fair Market Value of any securities or
other assets or property, such determination shall be made in accordance with the Valuation
Procedure. Without limiting the foregoing, in the event of any dividend or distribution by the
Company of assets or property (including shares of any other Person) on or with respect to the
Common Stock, or any exchange of the shares of Common Stock into any other assets, property or
securities, this Warrant will be equitably adjusted to permit the Holder to receive upon exercise
the assets, property or securities that would have been received if the Warrant had been exercised
immediately prior to such dividend, distribution or exchange.

          3.3 Notice of Record Date. In the event (i) the Company takes a record of the holders
of any class of securities for the purpose of determining the holders thereof who are entitled to
receive any dividend or other distribution, (ii) the Company authorizes the granting to the holders
of Common Stock (or holders of the class of securities of any other Exercise Shares) of rights to
subscribe to or purchase any shares of capital stock of any class or securities convertible into
any shares of capital stock or of any other right, (iii) the Company authorizes any
reclassification of, or any recapitalization involving, any class of Common Stock or any
consolidation or merger to which the Company is a party and for which approval of the stockholders
of the Company is required, or of the sale or transfer of all or substantially all of the assets of
the Company, (iv) the Company authorizes or consents to or otherwise commences the voluntary or
involuntary dissolution, liquidation or winding up of the Company or (v) the Company authorizes or
takes any other action that would trigger an adjustment in the Exercise Price or the number or
amount of shares of Common Stock or other Exercise Shares subject to this Warrant, the Company
shall mail to the Holder, at least ten (10) days prior to the earlier of the record date for any
such action or stockholder vote and the date of such action, a notice specifying (a) which action
is to be taken and the date on which any such record is to be taken for the purpose of any such
action, (b) the date that any such action is to take place and (c) the amount and character of any
stock, other securities or property and amounts, or rights or options with respect thereto,
proposed to be issued, granted or delivered to each holder of Common Stock (or holders of the class
of securities of any other Exercise Shares).

     4. Fractional Shares. No fractional shares shall be issued upon the exercise of this
Warrant. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be
aggregated for purposes of determining whether the exercise would result in the issuance of any
fractional share. If, after aggregation, the exercise would result in the issuance of a fractional
share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise
entitled to such fraction a sum in cash equal to the product resulting from multiplying such
fractional amount by the Fair Market Value of one share of Common Stock.

-6-

 

     5. Listing Rights. The Company shall use its best efforts, upon the request of the
Holder, to cause the Exercise Shares to be listed or quoted on a national securities exchange or a
regional securities exchange.

     6. No Stockholder Rights or Liabilities. Without limiting the consent rights of the
Holder contained in Section 3, this Warrant in and of itself shall not entitle the Holder to any
voting rights or other rights as a stockholder of the Company. No provision of this Warrant, in
the absence of affirmative action by the Holder to exercise this Warrant in exchange for shares of
Common Stock, and no mere enumeration herein of the rights or privileges of the Holder, shall give
rise to any liability of the Holder for the Exercise Price or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company.

     7. Transfer of Warrant. This Warrant is not transferable; provided, however, that the
Holder may assign its rights to receive shares upon exercise of this Warrant pursuant to Section
2.1.

     8. Payment of Taxes on Stock Certificate Issues Upon Exercise. The initial issuance
of certificates of Common Stock upon any exercise of this Warrant shall be made without charge to
the exercising Holder for any transfer, stamp or similar tax or for any other governmental charges
that may be imposed in respect of the issuance of such stock certificates, and such stock
certificates shall be issued in the respective names of, or in such names as may be directed by,
the Holder; provided, however, that the Company shall not be required to pay any tax or such other
charges that may be payable in respect of any transfer involved in the issuance and delivery of any
such stock certificate, any new warrants or other securities in a name other than that of the
Holder upon exercise of this Warrant (other than to an Affiliate), and the Company shall not be
required to issue or deliver such certificates or other securities unless and until the Person or
Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or
shall have established to the satisfaction of the Company that such tax has been paid or is not
payable.

     9. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may
reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any
time enforceable by anyone.

     10. Closing of Books. The Company will at no time close its transfer books against
the transfer of any shares of Common Stock issued or issuable upon the exercise or conversion of
any Warrant in any manner which interferes with the timely exercise or conversion of this Warrant.

-7-

 

     11. Notices, Etc. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified,
(b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient
or if not, then on the next Business Day, (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one (1) Business Day after
deposit with a nationally recognized overnight courier, specifying next Business Day delivery, with
written verification of receipt. All notices and other communications shall be sent to the Company
at the address listed on the signature page and to Holder at the address set forth below or at such
other address as the Company or Holder may designate by ten (10) days advance written notice to the
other parties hereto:

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Attn: Under Secretary for Domestic Finance

with a copy to:

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Attn: General Counsel

     12. Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of
and agreement to all of the terms and conditions contained herein.

     13. Binding Effect on Successors. This Warrant shall be binding upon any Person
succeeding the Company by merger, consolidation or acquisition of all or substantially all of the
Company’s assets, and all of the obligations of the Company relating to the Common Stock issuable
upon the exercise or conversion of this Warrant shall survive the exercise, conversion and
termination of this Warrant and all of the covenants and agreements of the Company shall inure to
the benefit of the successors and assigns of the Holder.

     14. Governing Law. This Warrant and all rights, obligations and liabilities hereunder
shall be governed and construed in accordance with Federal law, if and to the extent such Federal
law is applicable, and otherwise in accordance with the law of the State of New York.

-8-

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer as of September 7, 2008.

	 	 	 	 	 	 	 
	 	 	FEDERAL NATIONAL MORTGAGE ASSOCIATION, by	 	 
	 
	 	 	 	 	 	 
	 	 	The Federal Housing Finance Agency, its Conservator	 	 
	 
	 
	 	/s/ James B. Lockhart III	 
	 	 	 	 	 
	 	 	James B. Lockhart III	 	 
	 

	 	Director	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	3900 Wisconsin Avenue, NW	 	 
	 

	 	 	 	Washington, DC 20016	 	 

Signature Page to Warrantexv10w21

Exhibit 10.21

			
	 
	CHASE
	 	Note Modification Agreement

This agreement is dated as of January 18, 2008 (the “Agreement Date”), by and between
U.S. Global Investors, Inc. (the “Borrower”) and JPMorgan Chase Bank, N.A. (the
“Bank”). The provisions of this agreement are effective on the date that this agreement
has been executed by all of the signers and delivered to the Bank (the “Effective
Date”).

WHEREAS, the Borrower executed a Line of Credit Note as evidence of indebtedness in the original
face amount of One Million and 00/100 Dollars ($1,000,000.00), dated June 3, 2005 owing by the
Borrower to the Bank, as same may have been amended or modified from time to time (the “Note”),
which Note has at all times been, and is now, continuously and without interruption outstanding in
favor of the Bank; and,

WHEREAS, the Borrower has requested and the Bank has agreed that the Note be modified to the
limited extent as hereinafter set forth;

NOW THEREFORE, in mutual consideration of the agreements contained herein and for other good and
valuable consideration, the parties agree as follows:

1. ACCURACY OF RECITALS. The Borrower acknowledges the accuracy of the Recitals stated above.

2. MODIFICATION OF NOTE.

          2.1 From and after the Effective Date, the provision in the Note captioned “Promise to Pay” is
hereby amended as follows: The date on which the entire balance of unpaid principal plus accrued interest shall be due
and payable immediately is hereby changed from February 1, 2008 to February 1, 2009.

          2.2 Each of the Related Documents is modified to provide that it shall be a default or an
event of default thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any
representation or warranty by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or
misleading as of the date hereof. As used in this agreement, the “Related Documents” shall include the Note and all loan agreements,
credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments,
guaranties, or any other instrument or document executed in connection with the Note or in connection with any other obligations of
the Borrower to the Bank.

          2.3 Each reference in the Related Documents to any of the Related Documents shall be a
reference to such document as modified herein.

3. RATIFICATION OF RELATED DOCUMENTS AND COLLATERAL. The Related Documents are ratified and
reaffirmed by the Borrower and shall remain in full force and effect as they may be modified herein. All real
or personal property described as security in the Related Documents shall remain as security for the Note and the obligations of the
Borrower in the Related Documents.

4. BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants to the Bank that
each of the following representations and warranties made in the Note and Related Documents are true and
will remain true until maturity of the Note, termination of the other Related Documents and payment and performance in full of all
liabilities, obligations and debt evidenced by the Note and other Related Documents:

          4.1 No default or event of default under any of the Related Documents as modified hereby, nor
any event, that, with the giving of notice or the passage of time or both, would be a default or an event of default
under the Related Documents as modified herein has occurred and is continuing.

          4.2 There has been no material adverse change in the business, assets, affairs, prospects or financial condition of the
Borrower or any Guarantor or any subsidiary of the Borrower.

          4.3 Each and all representations and warranties of the Borrower in the Related Documents are
accurate on the date hereof.

          4.4 To the best of its knowledge, the Borrower has no claims, counterclaims, defenses, or
setoffs with respect to the loan evidenced by the Note or with respect to the Related Documents as modified herein.

          4.5 The Note and the Related Documents as modified herein are the legal, valid, and binding
obligations of the Borrower, enforceable against the Borrower in accordance with their terms.

 

 

          4.6 The Borrower, other than any Borrower who is a natural person, is validly
existing under the laws of the State of its formation or organization. The Borrower has
the requisite power and authority to execute and deliver this agreement and to perform
the obligations described in the Related Documents as modified herein. The execution
and delivery of this agreement and the performance of the obligations described in the
Related Documents as modified herein have been duly authorized by all requisite action
by or on behalf of the Borrower. This agreement has been duly executed and delivered by
or on behalf of the Borrower.

5. BORROWER COVENANTS. The Borrower covenants with the Bank:

          5.1 The Borrower shall execute, deliver, and provide to the Bank such additional agreements,
documents, and instruments as reasonably required by the Bank to effectuate the intent of this agreement.

          5.2 The Borrower fully, finally, and forever releases and discharges the Bank and its
successors, assigns, directors, officers, employees, agents, and representatives from any and all causes of action, claims, debts,
demands, and liabilities, of whatever kind or nature, in law or equity, of the Borrower, whether now known or unknown to the Borrower, (i)
in respect of the loan evidenced by the Note and the Related Documents, or of the actions or omissions of the Bank in any manner
related to the loan evidenced by the Note or the Related Documents and (ii) arising from events occurring prior to the date of this agreement (“Claims”);

          5.3 The Borrower shall pay to the Bank:

               5.3.1 All the internal and external costs and expenses incurred (or charged by internal
allocation) by the Bank in connection with this agreement (including, without limitation, inside
and outside attorneys, appraisal, appraisal review, processing, title, filing, and recording
costs, expenses, and fees).

6. EXECUTION AND DELIVERY OF AGREEMENT BY THE BANK. The Bank shall not be bound by this agreement
until (i) the Bank has executed this agreement and (ii) the Borrower performed all of the obligations of
the Borrower under this agreement to be performed contemporaneously with the execution and delivery of this agreement.

7. INTEGRATION, ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The Note and the
Related Documents as modified herein contain the complete understanding and agreement of the
Borrower and the Bank in respect of the loan and supersede all prior representations, warranties, agreements, arrangements,
understandings, and negotiations. No provision of the Note or the Related Documents as modified herein may be changed, discharged, supplemented,
terminated, or waived except in a writing signed by the party against whom it is being enforced.

8. GOVERNING LAW AND VENUE. This agreement shall be governed by and construed in accordance with
the laws of the State of Texas (without giving effect to its laws of conflicts). The Borrower agrees that any legal
action or proceeding with respect to any of its obligations under the Note or this agreement may be brought by the Bank in any state or
federal court located in the State of Texas, as the Bank in its sole discretion may elect. By the execution and delivery of this
agreement, the Borrower submits to and accepts, for itself and in respect of its property, generally and unconditionally, the
non-exclusive jurisdiction of those courts. The Borrower waives any claim that the State of Texas is not a convenient forum or the proper venue for
any such suit, action or proceeding. This agreement binds the Borrower and its successors, and benefits the Bank, its
successors and assigns. The Borrower shall not, however, have the right to assign the Borrower’s rights under this agreement or any
interest therein, without the prior written
consent of the Bank.

9. COUNTERPART EXECUTION. This agreement may be executed in multiple counterparts, each of which,
when so executed, shall be deemed an original, but all such counterparts, taken together, shall constitute one and
the same agreement.

10. NOT A NOVATION. This agreement is a modification only and not a novation. In addition to all
amounts hereafter due under the Note and the Related Documents as they may be modified herein, all accrued interest evidenced
by the Note being modified by this agreement and all accrued amounts due and payable under the Related Documents shall continue
to be due and payable until paid. Except for the above-quoted modification(s), the Note, any Related Documents, and all the terms and
conditions thereof, shall be and remain in full force and effect with the changes herein deemed to be incorporated therein. This
agreement is to be considered attached to the Note and made a part thereof. This agreement shall not release or affect the liability of
any guarantor, surety or endorser of the Note or release any owner of collateral securing the Note. The validity, priority and
enforceability of the Note shall not be impaired hereby. References to the Related Documents and to other agreements shall not affect or impair the
absolute and unconditional obligation of the Borrower to pay the principal and interest on the Note when due. The Bank
reserves all rights against all parties to the Note.

     THIS AGREEMENT AND THE OTHER RELATED DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

 

	 	 	 	 	 
	 	Borrower: 	 
	Address: 7900 Callaghan Road 

     
     
  

San Antonio, TX 78229 	
U.S. Global Investors, Inc.

 

 	 
	 	By:  	/s/ Frank E. Holmes
 	 
	 	  	Frank E. Holmes
     
     
     
     
   
    Chief Executive Officer
 	 
	 	 	Printed Name
     
     
     
     
     
     
     
     
                        Title 	 
	 
	 	 	Date Signed: 2-27-08	 
	 
	BANK’S ACCEPTANCE
	 
	The foregoing agreement is hereby agreed to and acknowledged.
	 	 	 	 	 
	 	Bank:

JPMorgan Chase Bank, N.A.

 	 
	 	By:  	/s/ John L. Dockendorf II
 	 
	 	  	    John L. Dockendorf II,        
               Vice President
 	 
	 	 	Printed Name
     
     
     
     
     
     
     
     
     Title 	 
	 
	 	 	Date Signed: 2/28/08

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]