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Exhibit 4.15    
  

 
 

MASTER PARTICIPATION AND SERVICING AGREEMENT    
  

        THIS MASTER PARTICIPATION AND SERVICING AGREEMENT (this "Agreement") is entered into as of
June 1, 2001 by and among City National Bank, a national banking association ("CNB"), CN Real Estate Investment
Holdings, Inc., a California corporation and wholly owned subsidiary of CNB ("Holdings"), and CN
Real Estate Investment Corporation, a California corporation organized as a "real estate investment trust" under the Internal Revenue Code of 1986, as amended  ("REIT").

Recitals

        WHEREAS, CNB desires to transfer to Holdings and Holdings desires to acquire from CNB a participation interest in certain single
(1-4) family mortgage loans, construction loans, commercial real estate loans, and other loans secured by real property as listed on  Exhibit A attached hereto and incorporated herein, as amended
from time to time (the "Affected
Loans"), on the terms and subject to the conditions herein stated; and 

        WHEREAS, immediately after its receipt from CNB of the above-described participation interest in the Affected Loans, Holdings desires to
transfer to REIT and REIT desires to acquire from Holdings such participation interest, and CNB desires to grant Holdings a novation of all its obligations with respect to such participation interest;
and 

        WHEREAS, from time to time after the date hereof, CNB may sell to REIT and REIT may purchase from CNB a participation interest in
additional loans, which shall also constitute Affected Loans for purposes of the Agreement, and Exhibit B will be added to and amended to reflect
such additions; and 

        WHEREAS, certain of the Affected Loans are lines of credit or revolving credit transactions under which CNB has agreed that it will, from
time to time, make loan advances and extend credit to the borrower under the terms of governing loan agreements; and 

        WHEREAS, as used herein, the term "Security" shall mean any and all collateral and
security interests in the assets or other property of any borrower(s) under an Affected Loan or of any guarantor thereof or other person liable with respect thereto, whether such assets or other
property constitute real or personal, tangible or intangible assets or other property, and all rights and interests under guaranties and assignments, granted to, received by or assigned to CNB to
secure the obligations of the borrower(s) and/or any guarantors thereof or other persons liable with respect to the Affected Loans (collectively,  "Obligors"), including, but not limited to, loan
agreements, security agreements, guaranty agreements, deeds of trust and other instruments of pledge,
mortgage or hypothecation (collectively, the "Affected Loan Documents").

        NOW, THEREFORE, incorporating the Recitals set forth above, and in consideration of the promises, mutual covenants and undertakings of the
parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 
 

AGREEMENT    
  

ARTICLE I
  PARTICIPATION IN AFFECTED LOANS

        1.1  Conveyances of Participation Interests in Affected Loans. 

        (a)  CNB
hereby conveys to Holdings, and Holdings hereby acquires from CNB, on a non-recourse basis, a 100% participation interest in each Affected Loan as to the
loan amounts from time to time outstanding under such Affected Loan pursuant to the Affected Loan 

 

Documents with respect thereto and all servicing rights with respect to each Affected Loan (the "Initial Participation Interest"). Immediately after
the conveyance described in the immediately preceding sentence, Holdings hereby conveys to REIT, and REIT hereby acquires from Holdings, on a non-recourse basis, the same Initial
Participation Interest as was initially conveyed by CNB to Holdings. Upon the conveyance pursuant to the immediately preceding sentence, CNB hereby grants to Holdings a complete novation of all
obligations in respect of the Initial Participation Interest. 

        Initially
Holdings and, after Holdings' conveyance of the Initial Participation Interest to REIT, then REIT shall hereinafter be referred to sometimes as  "Participant." After the date hereof, CNB may from time to
time sell to Participant and Participant shall purchase from CNB, on a
non-recourse basis, a Participation Interest in additional Affected Loans (the "Additional Participation Interest" and, together with the
Initial Participation Interest, the "Participation Interest"), and Exhibit B shall be and added
to and amended from time to time to denote such purchases and any other changes to the Affected Loans since the time it was last amended. The respective participation interests of Participant and CNB
in each Affected Loan are herein called the "Proportionate Shares." Affected Loans in which Participant's Proportionate Share is 100% are herein called  "Wholly Owned
Loans."

        (b)  The
Initial Participation Interest shall be as set forth on Exhibit A hereto. 

        (c)  Holdings
acknowledges that the conveyance by CNB to Holdings of the Initial Participation Interest is intended to qualify as a tax-free transaction under
Section 351 of the Internal Revenue Code of 1986, as amended (the "Code"). REIT acknowledges that the conveyance by Holdings to REIT of the Initial Participation Interest is intended to qualify
as a tax-free transaction under Section 351 of the Code. 

        (d)  The
Participation Interest will confer upon Participant all of CNB's rights against the respective Obligors for repayment of principal and interest and other amounts due
and payable in respect of the Affected Loans, and of the Security therefor, and of all rights and benefits under the Affected Loan Documents. Such Participation Interest shall also impose upon
Participant all duties and obligations of CNB under the Affected Loan Documents including, without limitation, CNB's obligation to make loan advances and extend credit pursuant thereto. 

        1.2  Affected Loan Documents. CNB is and shall, subject to Section 1.4 hereof, remain the named lender and secured
party and/or beneficiary under all Affected Loan Documents. CNB shall hold such title and rights, however, as trustee for Participant. Subject to Section 1.4 hereof, CNB will retain custody of
all original Affected Loan Documents but, promptly upon Participant's request, shall provide Participant with copies of any and all signed Affected Loan Documents. 

        1.3  Sharing of Risks. Participant agrees to bear the risks of the collectibility of the Affected Loans, of each Obligor's
financial condition, of any fraud or forgery of any Obligor, of the unenforceability of any of the Affected Loan Documents, of usury or claims of usury, in each case whether valid or invalid, and of
the adequacy of the Security for the Affected Loans; and Participant shall bear any losses and expenses sustained or incurred in connection with any Affected Loan. 

        1.4  Participant's Right to Acquire Legal Title to Affected Loans. As to any Affected Loan, CNB will, promptly upon
Participant's request, subject to any required consent from the applicable Borrowers (as defined below), assign to Participant all of the applicable Affected Loan Documents and otherwise take such
actions as are necessary to cause legal title to such Affected Loan to be transferred to Participant. Participant shall pay any out-of-pocket costs in connection with such a
transfer to Participant. 

        1.5  Sale of Interest in Affected Loans. 

        (a)  CNB
agrees to sell and REIT agrees to acquire additional loans in the future by mutual agreement. The respective participating interests of REIT and CNB in the Affected
Loans are herein called the "Participation Interest." Each party's Proportionate Share in the Affected Loans, 

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including the Affected Loan Documents, the Security for each Affected Loan, casualty and title insurance proceeds and condemnation awards (if any), shall be pari
passu and coordinated without priority of one over the other. 

        (b)  The
sale price of each Affected Loans shall be equal to its par value. 

        (c)  Each
of the Affected Loans shall be identified as listed on Exhibit "B," attached hereto, which shall be amended monthly. 

        (d)  REIT's
participation in the Affected Loans will confer upon REIT its Proportionate Share of CNB's rights against the respective borrowers (and any guarantors) for
repayment of principal and interest, and its Proportionate Share of the Security therefor, and its Proportionate Share of all rights and benefits under the Affected Loan Documents. Such Proportionate
Share shall also impose upon REIT its share of all duties and obligations assumed by CNB under the Affected Loan Documents including, without limitation, CNB's obligation to make loan advances and
extend credit pursuant thereto. 

 
 

ARTICLE II
  FUNDING OF AFFECTED LOANS

        2.1  Funding. Participant shall control and make all disbursements of loan advances pursuant to the Affected Loan Documents
and payments to third persons to protect any Security (such as, by way of example, payment of taxes, assessments, or casualty and hazard insurance premiums). Participant shall promptly notify CNB of
any circumstance which may, in the judgment of Participant, necessitate a payment to protect any Security. 

        2.2  Reports. CNB shall deliver to Participant, at such intervals as are mutually agreeable (but in any event not less
frequently than once each month) statements reflecting the status of each Affected Loan, any advances made by Participant to each borrower under each Affected Loan (a "Borrower") and any repayments
thereof. 

 
 

ARTICLE III
  ADMINISTRATION OF AFFECTED LOANS

        Subject
always to the limitations of CNB's liability set forth in Section 4.2(c) hereof: 

        3.1  Administration. CNB shall be the administrator of the Affected Loans. 

        3.2  Records. CNB shall at all times keep and maintain proper books of account and records reflecting all transactions in
connection with the Affected Loans, the Security and any advances made under the Affected Loan Documents or to protect any Security. Such books and records shall be accessible for inspection and
copying by Participant at all reasonable times during business hours, subject always to applicable federal banking regulations. 

        3.3  Expenses. CNB shall bear the normal expenses of administering the Affected Loans, including but not limited to its
general overhead expenses and inspection and appraisal fees, to the extent the same are not reimbursed by a Borrower or other Obligor. 

        3.4  Treatment of Affected Loans. CNB, as the named lender and servicer of the loans, shall take such actions with respect to
Affected Loans and any Security therefor as is necessary, subject to the discretion of the Participant, to allow Participant to service such loans as provided in this Agreement. 

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ARTICLE IV
  ENFORCEMENT OF AFFECTED LOANS

        4.1  Notice. Each of CNB and Participant shall promptly notify the other if it learns of any of the following: 

        (a)  The
failure of any Obligor to timely perform any material obligation of such Obligor under any Affected Loan Document; 

        (b)  Any
state of facts which constitutes or, if not cured within 30 days, would constitute a material default or an "Event of Default" under an Affected Loan
Document; 

        (c)  The
filing of any petition by or against any Obligor under any federal or state law pertaining to bankruptcy or insolvency, or the appointment of a receiver or trustee
for any Obligor, for a substantial part of such Obligor's assets or for any Security for such Affected Loan, or the making by such Obligor of an assignment for the benefit of creditors, or such
Obligor's admission in writing of his, hers or its inability to pay his, her or its debts generally as they become due, if not cured within 30 days; or 

        (d)  The
assertion by any Obligor of any substantial claim that any Affected Loan Documents applicable to such Obligor are not valid and enforceable in accordance with their
terms, if not withdrawn within 30 days. 

        4.2  Enforcement. 

        (a)  Should
CNB acquire title to any Security, either through foreclosure, sale or acceptance of deed or bill of sale in lieu of foreclosure, CNB shall, despite CNB's record
ownership of such Security, actually hold an undivided interest in trust for the benefit Participant at the time of such foreclosure or other action or transaction. The disposition of any such
Security acquired by CNB shall be made in such manner as Participant shall, in its sole discretion, determine; but CNB shall exert reasonable efforts, in accordance with the standards it applies to
loans of similar size and character solely for its own account, to effect the maximum benefit of Participant. 

        (b)  CNB,
subject always to the determination of the Participant, shall be entitled to exercise its discretion to determine when and in what manner an Affected Loan shall be
enforced, including, without limitation, the right to determine, following a Borrower's default, whether any further loan advances are to be made to such Borrower. The parties hereto agree that,
notwithstanding any provision herein to the contrary, CNB shall not be liable to Participant for any action taken or omitted in connection with the administration, enforcement or collection of an
Affected Loan, except for such as is taken or omitted as the result of CNB's willful misconduct or bad faith. 

        (c)  Participant
hereby agrees to indemnify and hold harmless CNB from and against all losses, liabilities, costs, damages and expenses which CNB may incur or sustain as the
result of taking any action to enforce any Affected Loan Documents. 

 
 

ARTICLE V
  REPRESENTATIONS AND WARRANTIES

        5.1  Mutual Representations and Warranties. Each party hereby represents and warrants to the other that it has all requisite
corporate power and authority to enter into, and perform its obligations under, this Agreement. 

        5.2  CNB Representations and Warranties. CNB further represents and warrants to Participant that: 

        (a)  CNB
has in its possession the original note and, as applicable, the security agreement and all other Affected Loan Documents (except for any of them which are currently
in the process of 

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being recorded) which, as of the date hereof (or thereof), have been executed and/or delivered in connection with each Affected Loan. The copies of Affected Loan Documents that CNB has provided or
made available to Participant for review are substantially identical to those executed and delivered by each Obligor in connection with each Affected Loan. 

        (b)  Prior
to consummation of the transactions contemplated by Section 1.1 hereof, except as disclosed to Participant, CNB owned a 100% interest in each Affected Loan,
and (except as may have been otherwise disclosed to Participant) has not heretofore sold, transferred or otherwise disposed of any portion of its interest in any Affected Loan. 

        (c)  CNB
may, on the date of this Agreement, have other outstanding loans with or extensions of credit to a Borrower or other Obligor or may make loans or extend additional
credit in the future to such Borrower or other Obligor without giving notice to, without any obligation to participate such loans to and without the consent of, Participant. 

        (d)  CNB
(i) shall not be responsible for the performance or observance of any of the terms, covenants or conditions of any of the Affected Loan Documents on the part
of the Borrower or any other Obligor and (ii) makes no warranty or representation concerning (and shall not be responsible to Participant for): (A) the due execution, legality, validity,
enforceability, genuineness, sufficiency, value or collectibility of any of the Affected Loan Documents, any of the Security or any document relative thereto; (B) the financial condition of
Borrower or any other Obligor; or (C) the merit or viability of the project that Borrower plans to develop in accordance with the terms and conditions of the Affected Loan Documents. 

 
 

ARTICLE VI
  RECOVERY AFTER DEFAULT

        6.1  Offsets. Etc. If, following a default or an Event of Default (as defined in each Affected Loan Document), or following
demand by Participant for payment of amounts due under a promissory note evidencing an Affected Loan, CNB at any time receives payment of all or any part of the principal, interest, fees or expenses
due with respect to an Affected Loan, whether by set-off or otherwise, CNB shall promptly pay to Participant such portion of the payment as necessary to ensure that Participant shall have
received the total amount of principal, interest, fees and expenses owed by the Borrower as existed prior to such action. The costs and expenses incurred by either party hereto in connection with any
such legal proceeding shall be borne fully by Participant. 

 
 

ARTICLE VII
  SERVICING AGREEMENT

        7.1  Servicing. Participant hereby appoints CNB, and CNB accepts such appointment to act as servicer and administrator (as
appointed under Section 3.10 hereof) of the Affected Loans (the "Servicing Agreement"). As compensation for such services, Participant shall pay
to CNB the fees set forth in Section 7.2. hereof CNB shall service and administer the Affected Loans in accordance with the standards it applies from time to time to loans of similar size and
character solely for its own account. CNB may subcontract the Servicing Agreement to a third party, provided that such third party meets the standards CNB would apply when selecting a servicer of
loans of similar size and character solely for its own account. 

        7.2  Servicing Fee. Participant shall pay to CNB, for servicing the Affected Loans, a servicing fee (the  "Servicing Fee") which shall be equal to the amount set forth on
Exhibit C attached hereto and
hereby incorporated into this Agreement. The Servicing Fee shall be payable monthly in arrears on the tenth day of each month (or on such other date as the parties may mutually agree) and may, but is
not required to, be deducted by CNB from any payments to which Participant is otherwise entitled from CNB pursuant hereto. The Servicing Fee does not, however, compensate CNB for any services which 

5

 

CNB may be required to render outside the normal course of administering the Affected Loans, or as the result of a Borrower's default under any such loan ("CNB Extraordinary
Services"). For any such CNB Extraordinary Services, Participant shall pay to CNB such additional reasonable servicing fee or fees as may be appropriate, depending upon the
nature and extent of the CNB Extraordinary Services rendered or contemplated to be rendered by CNB. 

 
 

ARTICLE VIII
  MISCELLANEOUS

        8.1  Notices. All notices hereunder may, and (except as otherwise provided herein) if requested by either Participant or CNB
shall, be in writing; provided however, that routine informational communications, requests to adjust participations, and similar matters may be made orally. All written notices shall be deemed to be
sufficiently given when personally delivered to the party receiving the notice or mailed to such party by certified or registered mail, return receipt requested, postage prepaid, or sent by overnight
courier service to the address set forth below: 

	 
	 

	TO CNB:	City National Bank

400 North Roxbury Drive

Beverly Hills, California 90210

Attention: Vice Chairman and Chief Financial Officer
	 	 
	TO HOLDINGS:	CN Real Estate Investment Holdings, Inc.

606 South Olive Street, Sixth Floor

Los Angeles, California 90014

Attention: Chief Financial Officer
	 	 
	TO THE REIT:	CN Real Estate Investment Corporation

606 South Olive Street, Sixth Floor

Los Angeles, California 90014

Attention: Chief Financial Officer

        Any
party hereto may change its address for notice, and designate or change the location and manner in which payments to such party shall he made, by a notice in writing to the other
parties, given as above provided. Notices which are mailed or sent by overnight courier service shall be effective only upon receipt. 

        8.2  Entire Agreement. This Agreement represents the entire agreement among the parties hereto with respect to the subject
matter hereof and supersedes all other prior arrangements, representations and covenants with respect thereto, whether oral or written. 

        8.3  Headings. Section headings herein are for the purposes of convenience only and should not be used in construing the
provisions hereof. 

        8.4  Modifications. Participant and CNB may at any time hereafter modify this Agreement by-further agreement in
writing signed by them. 

        8.5  Covenant of Further Assurances. The parties hereto shall execute such other documents and perform such other acts as may
be necessary or desirable to carry out the purposes of this Agreement. 

        8.6  Successors and Assigns: Applicable Law. 

        (a)  Except
as to Participant's right to acquire legal title to Affected Loans, as provided in Section 1.4 hereof, Participant may not assign any of its interest in
the Affected Loans, or participate any portion or portions of its interest in such loans, without the prior written consent of CNB, which consent shall not be unreasonably withheld. Participant shall
not delegate its obligations with regard to the administration of the Affected Loans without the prior written 

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consent of CNB, which consent shall not be unreasonably withheld, except that nothing herein shall be deemed to prohibit Participant from engaging a CNB or a third party as the servicer of the
Affected Loans. 

        (b)  This
Agreement shall be governed and construed according to the laws of the State of California (without regard to its conflict of laws rules), and shall be binding upon
and inure to the benefit of Participant and CNB and their respective successors and permitted assigns; and the representations and warranties of each party herein contained shall survive the execution
of this Agreement and all advances of funds hereunder. As used herein, the singular includes the plural, the plural includes the singular, and the use of any gender shall be applicable to all genders,
as the context may require. 

        8.7  Not a Security. Participant agrees that its Participation Interest does not, and will not be claimed by it to, constitute
the purchase by it from, or the sale to it by, CNB or any other person of a "security" within the meaning of the Securities Act of 1933, as amended, or the Securities and Exchange Act of 1934, as
amended, or any other similar securities act (state or federal), or regulations issued thereunder; and that under no circumstances whatsoever shall CNB be deemed to be an underwriter or seller of a
security; and Participant irrevocably waives any right to claim that its participation in any Affected Loan constitutes the purchase of a security or that CNB or any other person is the seller or
underwriter of a security. 

        8.8  Intent of Parties. It is the intent and purpose of the parties hereto that this Agreement represents a present conveyance
by CNB to Holdings and, thereafter, a present conveyance by Holdings to REIT of an undivided 100% ownership interest in each Affected Loan, all Affected Loan Documents delivered in connection
therewith, and the rights, benefits and obligations arising therefrom; and this Agreement shall not be deemed to represent a mere pledge of an interest in any Affected Loan by CNB to Participant or a
loan from Participant to CNB. 

        8.9  Unenforceability. If any provision hereof is invalid or unenforceable, the remaining provisions shall not be affected by
such invalidity or unenforceability. Each provision hereof shall, however, be valid and be enforced to the maximum extent permitted by applicable law. 

        8.10 Termination. This Agreement shall have an initial term commencing on the date hereof and ending on December 31,
2003 ("Renewal Date"), and shall automatically continue from year to year after the
Renewal Date without the necessity of further action by either party unless sooner terminated as provided hereinafter. Either party may terminate this Agreement on the Renewal Date or on any one year
anniversary of the Renewal Date by giving the other party not less than ninety (90) days' prior written notice of such termination; provided, however, that any such termination shall be
effective only as to future loan advances, or other extensions of credit, and receipt of Security. All collections on transactions entered into prior to the date that termination is effective shall be
accounted for as if the Affected Loan were in liquidation; provided, however, that CNB may enter into subsequent transactions with any Obligor and account separately therefor. If Participant shall
give notice of termination, Participant shall have no interest in any Security received or otherwise coming into existence subsequent to the effective date of termination. Notwithstanding the
foregoing, Participant may not, under any circumstance, terminate its participation in any Affected Loans as to which, on the date of giving notice of termination or on the effective date of
termination, the Borrower is in default or any of the applicable Affected Loan Documents. 

        8.11 Termination of Servicing. The Servicing Agreement may be terminated by either CNB or Participant upon providing the
other with least 60 days' advance written notice. Notice of termination may be given at any time. Such termination shall be effective as of the last day of the first (1st) 

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calendar month following the calendar month in which notice is given. The termination of servicing will be effective as follows: 

        (a)  If
CNB terminates the servicing portion of this Agreement, Participant will not pay CNB a termination fee; 

        (b)  If
Participant terminates the servicing portion of this Agreement without cause and with the intention of transferring the servicing to a third party, Participant will
be entitled to the proceeds of the sale of such servicing rights and will bear the cost and expenses related to the sale and transfer of such servicing rights. In such event, Participant will not pay
CNB a termination fee; and 

        (c)  If
Participant terminates the Servicing Agreement for cause, including, without limitation, a breach by CNB of any of its representations and warranties as provided in
Article V hereof, such termination will be effective fifteen days after giving of notice unless such breach is cured within fifteen days, and no termination fee will be paid by Participant to
CNB. Upon such termination, Participant will automatically resume all its rights in and responsibilities for servicing the Affected Loans. Participant will also have the right to designate any person
to exercise those powers. The Affected Loan Documents will be delivered to Participant or a party that it designates. CNB will also promptly deliver to Participant any necessary assignment, transfers
and documents of authority. 

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	 	 	City National Bank, a national banking association
	

 	
 	

By:	
 	

/s/  FRANK P. PEKNY      
 Its: Vice Chairman and CFO
	

 	
 	
CN Real Estate Investment Holdings, Inc., a California corporation
	

 	
 	

By:	
 	

/s/  HENG W. CHEN      
 Its: CFO/Secretary
	

 	
 	
CN Real Estate Investment Corporation, a California corporation
	

 	
 	

By:	
 	

/s/  HENG W. CHEN      
 Its: CFO/Secretary

8

 
 
 

Exhibit A
  [Initial Participation Interest]    
  

9

 
 
 

Exhibit B
  [Additional Participation Interest]    
  

10

 
 
 

Exhibit C    
  

 .01% of principal balance at the beginning of the servicing month.  

11

QuickLinks

Exhibit 4.15

MASTER PARTICIPATION AND SERVICING AGREEMENT

AGREEMENT

ARTICLE II FUNDING OF AFFECTED LOANS

ARTICLE III ADMINISTRATION OF AFFECTED LOANS

ARTICLE IV ENFORCEMENT OF AFFECTED LOANS

ARTICLE V REPRESENTATIONS AND WARRANTIES

ARTICLE VI RECOVERY AFTER DEFAULT

ARTICLE VII SERVICING AGREEMENT

ARTICLE VIII MISCELLANEOUS

Exhibit A [Initial Participation Interest]

Exhibit B [Additional Participation Interest]

Exhibit C<Page>

Exhibit 4.1

FORM OF CERTIFICATE OF COMMON STOCK

NUMBER
C-

SHARES

See Reverse for
Certain Definitions

Incorporated under the laws of the State of Delaware

enherent Corp.

50,000,000 Shares $.001 Par Value

Voting Common Stock

THIS SECURITY HAS NOT BEEN REGISTERED OR QUALIFIED UNDER ANY STATE OF FEDERAL
SECURITIES LAWS AND IS BEING SOLD PURSUANT TO APPLICABLE EXEMPTIONS FROM
REGISTRATION OR QUALIFICATION. THE TRANSFER OF THIS SECURITY IS RESTRICTED.
SEE THE ARTICLES OF INCORPORATION, BYLAWS OR SHAREHOLDER AGREEMENT FOR DETAILS.

This is to certify that

is the owner of

Fully Paid and Non-Assessable Shares of Voting Common Stock of
enherent Corp.

transferable only on the books of the Corporation by the holder thereof in
person or by a duly authorized Attorney upon surrender of this Certificate
properly endorsed.

Witness, the seal of the Corporation and the signatures of its duly authorized
officers.

Dated

Secretary

President

<Page>

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

    TEN COM       -  as tenants in common
    TEN ENT       -  as tenants by the entireties
    JT TEN        -  as joint tenants with right of
                     survivorship and not as tenants
                     in common

    UNIF GIFT MIN ACT -     Custodian
                      (Cust)               (Minor)
                 under Uniform Gifts to Minors
                 Act
                            (State)

    Additional abbreviations may also be used though not in the above list.

For value received ____________ hereby sell, assign, and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
ASSIGNEE)

    Shares

represented by the within Certificate, and do hereby
irrevocably constitute and appoint

    Attorney

to transfer the said Shares on the books of the within named Corporation with
full power of substitution in the premises

    Dated:

         In presence of

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