Document:

Unassociated Document

Exhibit 4.2

 

 

NEITHER THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.

.

 

WASTE2ENERGY HOLDINGS, INC.

 

COMMON STOCK WARRANT

 

	No. ____   	 ___, 2009
	 	 

Waste2Energy Holdings, Inc. , a Delaware  corporation (the “Company”), hereby certifies that ______________________________, its permissible transferees, designees, successors and assigns (collectively, the “Holder”),
for value received, is entitled to purchase from the Company at any time and from time to time commencing on the date first appearing above (the “Issuance Date”), up to and through 12:01a.m. (EST) on the date three (3) years from the Issuance Date (the “Termination Date”) up to _______ shares (each, a “Share”
and collectively the “Shares”) of the Company’s common stock, at an exercise price per Share equal to $2.00 (the “Exercise Price”).  The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section
4 hereof.

 

This Warrant is being issued by the Company in a private placement pursuant to the Company’s Confidential Private Placement Memorandum, dated as of September 9, 2009 as amended and/or supplemented (the “PPM”).

 

1.           Method of Exercise; Payment.

 

(a)           Cash Exercise.  The purchase rights represented by this Warrant may be exercised, for cash only, by the Holder, in whole or in part, at any time, or from time to time, by the surrender of this
Warrant (with the notice of exercise form (the "Notice of Exercise") attached hereto as Exhibit A duly executed) at the principal office of the Company, and by payment to the Company of an amount equal to the Exer­cise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election of the Holder, by wire transfer or certified
check payable to the order of the Company. The person or persons in whose name(s) any certificate(s) repre­senting Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised.

 

 

 

 

1

 

 

 (b)           Stock Certificates.  In the event of any exercise of the rights represented by this Warrant, as promptly as practicable after this Warrant is surrendered and delivered to the Company along
with all other appropriate documentation on or after the date of exercise and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of Shares issuable upon such exercise.  In the event this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Shares for which this Warrant may
then be exercised.

(c)           Taxes.  The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments representing such Shares, shall be made without charge to the Holder
for any tax or other charge in respect of such issuance.

(d)           Call Provision.  At any time at which the Market Price of the Company's Common Stock exceeds $2.50 for sixty (60) Trading Days during any sixty (60) consecutive Trading Days, as adjusted for stock
splits, combinations, recapitalizations and the like, the Company may elect to call this Warrant; provided however, the Company may not call this Warrant unless a registration statement is effective and the Common Stock is listed on an Eligible Market ("Eligible Market" means the OTC Bulletin Board, the American Stock Exchange, The New York Stock Exchange, Inc., The NASDAQ Global Select Market, The NASDAQ Global Market or The
NASDAQ Capital Market); provided further, however, that in no event shall the number of shares of Common Stock that may be acquired by the Holder upon exercise pursuant to the terms of this Section 1(d) at any time shall exceed a number that, when added to the total number of shares of Common Stock deemed beneficially owned by the Holder (other than by virtue of the ownership of securities or rights to acquire securities that have limitations on the Holder’s right to convert, exercise or purchase similar
to the limitation set forth herein (the “Excluded Shares”), together with all shares of Common Stock deemed beneficially owned at such time (other than by virtue of the ownership of the Excluded Shares) by persons whose beneficial ownership of Common Stock would be aggregated with the beneficial ownership by the Holder for purposes of determining whether a group exists or for purposes of determining the Holder’s
beneficial ownership, in either such case for purposes of Section 13(d) of the 1934 Act and Regulation 13D-G thereunder (including, without limitation, as the same is made applicable to Section 16 of the 1934 Act and the rules promulgated thereunder), would result in beneficial ownership by the Holder or such group of more than 4.9% of the shares of Common Stock for purposes of Section 13(d) or Section 16 of the 1934 Act and the rules promulgated thereunder.  The Warrant shall remain outstanding with respect
to Warrant Shares that may not be issued to the Holder pursuant to the foregoing. In order for the Company to exercise its call right hereunder, (i) it must exercise the right by providing written notice (the “Call Notice”) to the Holder within 3 Trading Days after the 10th Trading Day in which the Market Price of the Company’s Common
Stock exceeded $2.50, (ii) such notice must indicate the date (the “Call Date”) on which the Warrant shall be exercised, which date may not be sooner than 3 Trading Days, nor later than 5 Trading Days, after delivery of the Call Notice, and (iii) the closing price of the Common Stock on an Eligible Market on the Trading Day immediately preceding the Call Date must exceed $2.50.

 

2.           Warrant.

 

	
(a)
	
Exchange, Transfer and Replacement.  At any time prior to the exercise hereof, this Warrant may be exchanged upon presentation and surrender to the Company, alone or with other warrants of like tenor of different denominations registered in the name of the same Holder, for another warrant or warrants of like tenor in the name of such Holder
exercisable for the aggregate number of Shares as the warrant or warrants surrendered.

 

	
(b)
	
Replacement of Warrant.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation,
upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.

 

(c)    Cancellation; Payment of Expenses.  Upon the surrender of this Warrant in connection with any transfer, exchange or replacement as provided in this Section
2, this Warrant shall be promptly canceled by the Company.  The Holder shall pay all taxes and all other expenses (including legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution and delivery of Warrants pursuant to this Section 2.

 

(d)   Warrant Register.  The Company shall maintain, at its principal executive offices (or at the offices of the transfer agent for the Warrant or such other office or agency of the Company as it may designate by notice to the holder hereof), a register
for this Warrant (the “Warrant Register”), in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

3.           Rights and Obligations of Holders of this Warrant.  The Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of a stockholder
in the Company, either at law or in equity; provided, however, that in the event any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise of this Warrant, such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the date on which this Warrant, together with a duly executed
Notice of Exercise, was surrendered and payment of the aggregate Exercise Price was made, irrespective of the date of delivery of such Common Stock certificate.

 

4.           Adjustments.

 

(a)           Stock Dividends, Reclassifications, Recapitalizations, Etc.  While this Warrant is outstanding, in the event the Company:  (i) pays
a dividend in Common Stock or makes a distribution in Common Stock, (ii) subdivides its outstanding Common Stock into a greater number of shares, (iii) combines its outstanding Common Stock into a smaller number of shares or (iv) increases or decreases the number of shares of Common Stock outstanding by reclassification of its Common Stock (including a recapitalization in connection with a consolidation or merger in which the Company is the continuing corporation), then (1) the Exercise Price
on the record date of such division or distribution or the effective date of such action shall be adjusted by multiplying such Exercise Price by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately before such event and the denominator of which is the number of shares of Common Stock outstanding immediately after such event, and (2) the number of shares of Common Stock for which this Warrant may be exercised immediately before such event shall be adjusted by
multiplying such number by a fraction, the numerator of which is the Exercise Price immediately before such event and the denominator of which is the Exercise Price immediately after such event.

 

 

 

2

 

 

 (b)           Combination: Liquidation.  While this Warrant is outstanding, (i) In the event of a Combination (as defined below), each Holder shall have the right to receive upon exercise of the Warrant
the kind and amount of shares of capital stock or other securities or property which such Holder would have been entitled to receive upon or as a result of such Combination had such Warrant been exercised immediately prior to such event (subject to further adjustment in accordance with the terms hereof).  Unless paragraph (ii) is applicable to a Combination, the Company shall provide that the surviving or acquiring Person (as defined below) (the “Successor
Company”) in such Combination will assume by written instrument the obligations under this Section 4 and the obligations to deliver to the Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, the Holder may be entitled to acquire. “Combination” means an event in which the Company consolidates
with, mergers with or into, or sells all or substantially all of its assets to another Person, where “Person” means any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity; (ii) In the event of (x) a Combination where consideration to the holders
of Common Stock in exchange for their shares is payable solely in cash or (y) the dissolution, liquidation or winding-up of the Company, the Holders shall be entitled to receive, upon surrender of their Warrant, distributions on an equal basis with the holders of Common Stock or other securities issuable upon exercise of the Warrant, as if the Warrant had been exercised immediately prior to such event, less the Exercise Price.  In case of any Combination described in this Section 4,
the surviving or acquiring Person and, in the event of any dissolution, liquidation or winding-up of the Company, the Company, shall deposit promptly with an agent or trustee for the benefit of the Holders of the funds, if any, necessary to pay to the Holders the amounts to which they are entitled as described above.  After such funds and the surrendered Warrant are received, the Company is required to deliver a check in such amount as is appropriate (or, in the case or consideration other than cash,
such other consideration as is appropriate) to such Person or Persons as it may be directed in writing by the Holders surrendering such Warrant.

 

 (c) Notice of Adjustment.  Whenever the Exercise Price or the number of shares of Common Stock and other property, if any, issuable upon exercise of the Warrant is adjusted, as provided in this Section
4, the Company shall deliver to the holders of the Warrant in accordance with Section 10 a certificate of the Company’s Chief Financial Officer setting forth, in reasonable detail, the event requiring the adjustment and the method by which such adjustment was calculated (including a description of the basis on which (i) the Board of Directors determined the fair value of any evidences of indebtedness, other securities or property
or warrants, options or other subscription or purchase rights and (ii) the Current Market Value (as defined below) of the Common Stock was determined, if either of such determinations were required), and specifying the Exercise Price and number of shares of Common Stock issuable upon exercise of the Warrant after giving effect to such adjustment.

 

(d)  Notice of Certain Transactions.  While this Warrant is outstanding, in the event that the Company shall propose (a) to pay any dividend payable in securities of any class to the holders of its Common Stock or to make any other non-cash dividend
or distribution to the holders of its Common Stock, (b) to offer the holders of its Common Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities, rights or options, (c) to effect any capital reorganization, reclassification, consolidation or merger affecting the class of Common Stock, as a whole, or (d) to effect the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
the Company shall, within the time limits specified below, send to each Holder a notice of such proposed action or offer.  Such notice shall be mailed to the Holders at their addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such dividend, distribution or rights, or the date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed, and shall briefly indicate the
effect of such action on the Common Stock and on the number and kind of any other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the Exercise Price after giving effect to any adjustment pursuant to Section 4 which will be required as a result of such action.  Such notice shall be given as promptly as possible and (x) in
the case of any action covered by clause (a) or (b) above, at least ten (10) days prior to the record date for determining holders of the Common Stock for purposes of such action or (y) in the case of any other such action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier.

 

 

 

3

 

 

(e)  Current Market Value.  The “Current Market Value” per share of Common Stock or any other security at any date means (i) if the security is not registered
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or traded on a national securities exchange, quotation system or bulletin board, (a) the value of the security, determined in good faith by the Board of Directors of the Company and certified in a board resolution, based on the most recently completed arm’s-length transaction between the Company and a Person other than an affiliate
of the Company or between any two such Persons and the closing of which occurs on such date or shall have occurred within the six-month period preceding such date, or (b) if no such transaction shall have occurred within the six-month period, the value of the security as determined by an independent financial expert or an agreed upon financial valuation model or (ii) if the security is registered under the Exchange Act and/or traded on a national securities exchange, quotation system or bulletin board, the average
of the daily closing bid prices (or  the equivalent in an over-the-counter market) for each day on which the Common Stock is traded for any period on the principal securities exchange or other securities market on which the common Stock is being traded (each, a “Trading Day”) during the period commencing thirty (30) days before such date and ending on the date one (1) day prior to such date.

 

5.           Registration Rights.  The Holder shall, with respect to the Shares, have the resale registration rights set forth in the PPM by and between the Company
and the Holder.

 

6.           Fractional Shares.  In lieu of issuance of a fractional share upon any exercise hereunder, the Company will issue an additional whole share in lieu
of that fractional share, calculated on the basis of the Exercise Price.

 

7.           Legends.  Prior to issuance of the shares of Common Stock underlying this Warrant, all such certificates representing such shares shall bear a restrictive
legend to the effect that the Shares represented by such certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and that the Shares may not be sold or transferred in the absence of such registration or an exemption therefrom, such legend to be substantially in the form of the bold-face language appearing at the top of Page 1 of this Warrant.

 

8.           Disposition of Warrants or Shares.  The Holder of this Warrant, each transferee hereof and any holder and transferee of any Shares, by his or its
acceptance thereof, agrees that no public distribution of Warrants or Shares will be made in violation of the provisions of the Securities Act.  Furthermore, it shall be a condition to the transfer of this Warrant that any transferee thereof deliver to the Company his or its written agreement to accept and be bound by all of the terms and conditions contained in this Warrant.

 

9.           Merger or Consolidation.  The Company will not merge or consolidate with or into any other corporation, or sell or otherwise transfer its property,
assets and business substantially as an entirety to another corporation, unless the corporation resulting from such merger or consolidation (if not the Company), or such transferee corporation, as the case may be, shall expressly assume, by supplemental agreement reasonably satisfactory in form and substance to the Holder, the due and punctual performance and observance of each and every covenant and condition of this Warrant to be performed and observed by the Company.

 

10.           Notices.  Except as otherwise specified herein to the contrary, all notices, requests, demands and other communications required or desired to be
given hereunder shall only be effective if given in writing by certified or registered U.S. mail with return receipt requested and postage prepaid; by private overnight delivery service (e.g. Federal Express); by facsimile transmission (if no original documents or instruments must accompany the notice); or by personal delivery.  Any such notice shall be deemed to have been given (a) on the business day immediately following the mailing thereof, if mailed by certified or registered U.S. mail as specified
above; (b) on the business day immediately following deposit with a private overnight delivery service if sent by said service; (c) upon receipt of confirmation of transmission if sent by facsimile transmission; or (d) upon personal delivery of the notice.  All such notices shall be sent to the following addresses (or to such other address or addresses as a party may have advised the other in the manner provided in this Section 10):

 

	
if to the Company:
	
Waste2Energy Holdings, Inc.

	
  
	
1 Chick Springs Road, Suite 218

	
  
	
Greenville, SC 29609

	
  
	
Attention: Craig Brown, CFO

	
  
	
Facsimile: 864-679-1627

with copy to:                                  Sichenzia
Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, NY 10006

Attention:  Thomas A. Rose, Esq.

Facsimile: (212) 930-9725

Notwithstanding the time of effectiveness of notices set forth in this Section 10, a Notice of Exercise shall not be deemed effectively given until it has been duly completed and submitted to the Company together with this original Warrant and payment of the Exercise Price
in a manner set forth in this Section 10.

 

 

 

 

4

 

 

  11.           Limitation on Exercise. Notwithstanding anything to the contrary contained herein, the number of shares of Common Stock that may be acquired
by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.99% of the
total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. The holder may waive the restriction in whole or in part upon and effective after 61 days prior written notice to the Company. This provision shall not restrict the number of shares of
Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a merger or other business combination or reclassification involving the Company.

12.           Governing Law.  This Agreement shall be governed by and construed solely and exclusively in accordance with and pursuant to the internal laws of
the State of New York without regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or state court located in the City, County and State of New York. By its execution hereof, the parties hereby covenant and irrevocably submit to the inpersonam jurisdiction
of the federal and state courts located in the City, County and State of New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in New York City. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or
lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of all of its reasonable counsel fees and disbursements.

 

13.           Successors and Assigns.  This Warrant shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

14.           Headings.  The headings of various sections of this Warrant have been inserted for reference only and shall not affect the meaning or construction
of any of the provisions hereof.

 

15.           Severability. If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be excluded from this Warrant, and the
balance hereof shall be interpreted as if such provision were so excluded.

 

16.           Modification and Waiver.  This Warrant and any provision hereof may be amended, waived, discharged or terminated only by an instrument in writing
signed by the Company and the Holder.

 

17.           Specific Enforcement.  The Company and the Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Warrant were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which either of them may be entitled by law or equity.

 

18.           Assignment.  This Warrant may be transferred or assigned, in whole or in part, at any time and from time to time by the then Holder by submitting
this Warrant to the Company together with a duly executed Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant as Exhibit B hereto, and, upon the Company’s receipt thereof, and in any event, within five (5) business days thereafter, the Company shall issue a Warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred or assigned.

 

 

(Signature Page Immediately Follows)

 

 

 

 

5

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, manually or by facsimile, by one of its officers thereunto duly authorized.

 

	 	
WASTE2ENERGY HOLDINGS, INC.
	 
	 	 	 	 
	

Date: ____ 2009

	
By: 
	/s/ 	 
	 	 	Name: Craig Brown	 
	 	 	
Title: Chief Financial Officer
	 
	 	 	 	 

 

 

 

 

 

 

6

 

 

 

EXHIBIT A

 

TO

 

WARRANT

 

NOTICE OF EXERCISE

 

To Be Executed by the Holder

 

in Order to Exercise the Warrant

 

The undersigned Holder hereby elects to purchase _______ Shares pursuant to the attached Warrant, and requests that certificates for securities be issued in the name of:

 

__________________________________________________________

 

(Please type or print name and address)

 

__________________________________________________________

 

__________________________________________________________

 

__________________________________________________________

 

(Social Security or Tax Identification Number)

 

and delivered

to:_________________________________________________________________

 

___________________________________________________________________.

 

(Please type or print name and address if different from above)

 

If such number of Shares being purchased hereby shall not be all the Shares that may be purchased pursuant to the attached Warrant, a new Warrant for the balance of such Shares shall be registered in the name of, and delivered to, the Holder at the address set forth below.

 

In full payment of the purchase price with respect to the Shares purchased and transfer taxes, if any, the undersigned hereby tenders payment of $__________ by check, money order or wire transfer payable in United States currency to the order of [________________].

 

	 	HOLDER:	 
	 	 	 	 
	

Dated:

	
By: 
	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

 

 

 

 

 

7

 

 

EXHIBIT B

 

TO

 

WARRANT

 

FORM OF ASSIGNMENT

 

(To be signed only on transfer of Warrant)

 

For value received, the undersigned hereby sells, assigns, and transfers unto _____________ the right represented by the within Warrant to purchase ______ shares of Common Stock of Waste2Energy Holdings, Inc., a Delaware corporation, to which the within Warrant relates, and appoints ____________________ Attorney to transfer such right
on the books of Waste2Energy Holdings, Inc., a Delaware corporation, with full power of substitution of premises.

 

	 	 	 
	 	 	 	 
	

Dated:

	
By: 
	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	
(signature must conform to name

of holder as specified on the factof the Warrant)
	 
	 	 	 
Address:
	 

 

 

Signed in the presence of :

 

Dated:

 

8aviva_ex0401.htm

    
      Exhibit
4.1 – Aviva Capital Accumulation Plan

       

 

     

    DATED 25
April, 2006

    

    

    ABACUS
CORPORATE TRUSTEE LIMITED

    AND

    AVIVA
PLC

     

     

      
        

      

    

    

    DECLARATION
OF TRUST

     

    Aviva
Capital Accumulation Plan

     

      
        

      

    

    
 

     

     

     

    Deloitte
& Touche LLP

    180
Strand

    London

    WC2R
1BL

    tel. 020
7936 3000

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
THIS DECLARATION OF TRUST is made the 25 day of
April 2006

    
BETWEEN

    

    (1)           Aviva
Plc ("Aviva") whose registered office is situated at St Helen's, 1 Undershaft,
London, EC3P 3DQ, incorporated in England and Wales No. 2468686 of the one part;
and

    

    (2)           Abacus
Corporate Trustee Limited whose registered office is situated at La Motte
Chambers, St Helier, Jersey, Channel Islands JE1 1BJ incorporated in Jersey No.
68138, (hereinafter called "the Original Trustee") of the other
part.

    

    WHEREAS

    

    A.           Aviva
wishes to establish a Trust as set out in this Declaration of Trust with a view
to the Trustees of such Trust holding assets for the benefit of selected
individuals and their families, and with an object of making distributions as
determined to be appropriate, but not so as to provide benefits consisting of or
including relevant benefits (as defined by section 393B ITEPA (as amended by
Section 249 FA 2004)) to any person.

    

    B.           It
is no part of the purpose of this Trust to provide retirement or death
benefits.

    

    C.           Aviva
has paid the sum of £100 to the Original Trustee to be held upon the Trusts set
out in this Declaration of Trust.

    

    NOW THEREFORE IT IS HEREBY
DECLARED as follows:

    

    1.           DEFINITIONS

    

    In this
Declaration of Trust unless the context otherwise requires the following
expressions have the following meanings respectively:

    

    (a)           "the
Beneficiaries" means (subject always to Clause 16(b) below) the present or
former Employees and the members of the Family of such present or former
Employees but excluding any Jersey tax residents and "Beneficiary" has a
corresponding meaning;

    

    (b)           "the
Company" means Aviva Plc;

    

    (c)           "charity"
means any trust, company, foundation, institution or other organisation
established exclusively for charitable purposes in accordance with the laws of
England and Wales;

    

    (d)           "Dependant"
in relation to an Employee, or former Employee means anyone who is financially
dependent upon that individual. This includes anyone who shares living expenses
with, or receives financial support from, the Employee or thriller Employee, and
whose standard of living would be adversely affected by the loss of that
person's contribution or support. The Trustee's decision as to whether someone
is another individual's Dependant will be final;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (e)           "Employee"
means an individual who is employed by a Group Company under a contract of
service (including individuals who are employed as executive
office-holders);

    

    (f)           "Employee
Taxation" means all taxation (including without limitation pay-as-you-earn
taxation or other deduction of tax at source and/or national insurance or other
social security contributions (or equivalent)) payable by a Beneficiary by
reason of any addition or contribution to the Trust Fund or the entitlement to
or receipt of any benefit, distribution or transfer of assets under this Trust
(but excluding capital gains or equivalent taxation), and which the relevant
Group Company or the Trustee is obliged by applicable law to
withhold;

    

    (g)           "Excluded
Person" means the following person or classes of person:

    

    (i)           the
Trustees;

    

    (ii)           the
Company and any Group Company;

    

    (h)           "Family"
in relation to an Employee means spouse, person with whom the Employee had
entered into a civil partnership under the Civil Partnership Act 2004, widow or
widower, former spouse (provided that he/she is a Dependant of the Employee),
Dependants, parents, children, stepchildren, adopted children, grandchildren,
siblings, grandparents, grandparents of his or her spouse, descendants of those
grandparents, aunts, uncles, nephews and nieces;

    

    (i)           "FA
2004" means the Finance Act 2004;

    

    (j)           "Group
Company" means the Company and any holding company or subsidiary of the Company
and any other subsidiary of any such holding company (within the meaning of
section 736 of the Companies Act 1985);

    

    (k)           "ICTA"
means the Income and Corporation Taxes Act 1988;

    

    (1)           "ITEPA"
means the Income Tax (Earnings and Pensions) Act 2003;

    

    (m)           "the
Trustee" means the Original Trustee or other Trustees or Trustee for the time
being of the Trust;

    

    (n)           "the
Trust Fund" means the said sum of £100, all property at any time added thereto
by way of further settlement, accumulation of income lawfully made, capital
accretion or otherwise and all property from time to time representing such
money, property accumulation and accretions;

    

    (o)           "the
Trust Period" means the earlier of the period of eighty (80) years beginning
with the date of this Declaration of Trust (which number of years shall be the
perpetuity period applicable hereto); or such earlier date as the Trustees shall
specify (not being a date earlier than the execution of such deed);
and

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (p)           "the
Trust" means the Trust declared by this Declaration of Trust.

    

    
      	
              2.             
      

            	
              TRUSTS
      OF CAPITAL

            

    

    

    The
Trustee shall, during the Trust Period, hold the Trust Fund and the income
thereof upon Trust for such of the Beneficiaries in such shares and on such
trusts whatsoever and subject to such powers and provisions whatsoever and by
whomsoever exercisable as the Trustee shall in its absolute discretion during
the Trust Period revocably or irrevocably by writing appoint.

     

    
      	
              3.             
      

            	
              APPLICATION
      OF INCOME AND CAPITAL

            

    

    

    Subject
as aforesaid

    

    (a)           the
Trustee shall keep income separate from capital by paying income as it arises
into a separate account;

    

    (b)           the
Trustee shall have the power to accumulate all or any income from time to
time;

     

    (c)           subject
to clause 7 below, the Trustee shall have power exercisable during the Trust
Period to pay or apply all or any part or parts of the capital or income of the
Trust Fund to or for the benefit of such of all or any one or more of the
Beneficiaries in such shares and in such manner generally as the Trustee shall
in its absolute discretion think fit.

    

    
      	
              4.            
      

            	
              USE
      OF TRUST FUND

            

    

    

    (a)           Without
prejudice to the generality of the foregoing it shall be lawful for the Trustee
in exercise of the foregoing powers and discretions to pay or apply income or
capital of the Trust Fund:

     

    (i)           by
transferring the same to the Trustees of any other trust to be held by them on
the trusts applicable to capital monies comprised in such other trust if such
transfer would not infringe any rile against perpetuities, provided that such
other trust shall only be capable of benefiting the classes of persons referred
to in section 86(l) Inheritance Tax Act 1984;

     

    (ii)           by
paying any taxes, duties or other fiscal imposition for which the Trustee may
become liable in any part of the world notwithstanding that such liability may
not be enforceable in the courts of the jurisdiction where this Trust is for the
time being administered.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b)           Where
there is more than one Trustee, they may exercise any power or discretion in
favour of any person notwithstanding that he is a director of a corporate
Trustee which is one of the Trustees so long as either he has not voted on any
resolution of the directors of such corporate Trustee relating to such exercise
or there is another Trustee, who is neither a Beneficiary nor a corporate
Trustee whose directors include a Beneficiary.

    

    
      	
              5.             
      

            	
              RECOMMENDATIONS
      FROM THE COMPANY

            

    

    

    (a)           In
the exercise of its powers and discretions the Trustee shall consider any
written recommendations made to it by a Group Company but the Trustee shall not
be bound to comply with any such recommendations.

    

    (b)           The
Trustee may rely without further enquiry on any written information or
communication given to it by a Group Company including (but not limited to)
information as to whether any individual is or is not a Beneficiary and the
Trustee's decision based on any such information shall be final and binding on
all parties.

    

    
      	
              6.            
      

            	
              RECOMMENDATIONS
      FROM RESTRICTED BENEFICIARIES

            

    

    

    (a)           In
the exercise of its powers and discretions, the Trustee shall consider any
recommendations made to it by a Beneficiary but the Trustee shall not be bound
to comply with any such recommendations.

    

    (b)           Where
any recommendation is made by a Beneficiary which is not followed by the
Trustee, the Trustee shall be under no obligation to explain why they decided
not to follow that recommendation.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              7.            

            	
              RESTRICTIONS
      ON POWERS

            

    

    

    (a)           In
the exercise of its powers and discretions, the Trustee shall not take into
account the fact or prospect of an Employee's retirement or death as a reason
for or against paying or applying all or any part or parts of the capital or
income of the Trust Fund to or for the benefit of any one or more of the
Beneficiaries to the intent that the Trust shall not be used to provide
retirement or death benefits.

    

    (b)           The
Trustee shall not provide any benefits to any Beneficiary other than cash
distributions or transfers of Trust assets, unless the Company gives its prior
written consent.

    

    (c)           For
the avoidance of doubt, permitting any one or more of the Beneficiaries to use
Trust assets shall not constitute a benefit for the purposes of Clause 7(b)
above provided that such Beneficiary pays a market rent for the use of such
Trust asset.

    

    
      	
              8.            
      

            	
              RESIDUAL
      TRUST

            

    

    

    (a)           Subject
as previously mentioned the Trustee shall during or at the end of the Trust
period hold the Trust Fund and the income thereof upon trust for such charity or
charities as the Trustee shall in its absolute discretion (but before the end of
the Trust Period) determine.

    

    (b)           The
receipt of such person as the Trustee reasonably believes to be the treasurer or
other proper officer of a charity is a sufficient discharge to the Trustee in
respect of any property so paid or transferred and the Trustee is not obliged to
see to the application of such property.

    

    
      	
              9.            
      

            	
              POWERS
      OF TRUSTEE

            

    

    

    The
Trustee shall (in addition to all other powers vested in it under this Trust or
by law) have the following powers:

    

    (a)           All
powers of investment, sale, charging, dealing, disposition and management (and
all other powers) of an absolute beneficial owner of the Trust
Fund;

    

    (b)           Notwithstanding
the generality of (a), power to invest Trust monies in the acquisition (either
by the Trustee alone or by it jointly with any other person or body of Trustees)
by purchase or otherwise of shares in or debentures of the Company whether or
not such shares or debentures constitute the whole of the Trust
Fund;

    

    (c)           Power
to invest or hold or allow to remain in the name or under the control of any
person as nominee of the Trustee the whole or such part of the Trust Fund as the
Trustee shall in its absolute discretion think fit and the Trustee shall not be
liable for any loss to the Trust Fund or the income thereof occasioned by the
exercise of this power;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (d)           Power
in its absolute discretion so long as at least one director of the Trustee shall
have no interest therein to enter into any contract disposition or transaction
with any director of any corporate Trustee hereof (whether such director shall
be acting alone or jointly with other persons) if the Trustee could lawfully
have entered into the same if dealing with persons not being directors of a
corporate Trustee;

    

    (e)           Power
to delegate to any person (including a director of a corporate Trustee) at any
time, for any period, in any manner and upon any terms whatever (including
provision for reasonable remuneration) all or any of the powers (including the
power to sub-delegate) and discretions imposed on or given to the Trustee under
this Declaration of Trust or by law or otherwise;

    

    (f)           Power
for any director of the Trustee to be employed and remunerated as a director or
other officer or employee or as agent or adviser of any company body or firm in
any way connected with the Trust Fund and to keep as his property (and without
being liable to account therefore) any remuneration, commission, fees or profits
received by him in any such capacity notwithstanding that his situation or
office may have been obtained or may be held or retained in right or by means or
by reason of his position as a director of the Trustee or of any shares, stock,
property rights or powers whatever belonging to or connected with the Trust
Fund;

    

    (g)           Power
for the Trustee at any time to borrow monies on the security of the Trust Fund
or any part thereof or on personal security only for any purpose for which Trust
monies may be applied in accordance with this Declaration of Trust including the
purpose of investment only and on such terms as to the payment of interest (if
any) and as to repayment as the Trustee shall in its absolute discretion think
fit;

    

    (h)           Power
for the Trustee to arrange for any instrument of transfer whereby any part of
the Trust Fund is transferred to a Beneficiary (whether pursuant to the exercise
of an option or otherwise) to be stamped pursuant to applicable law and to pay
the related stamp duty, if any;

    

    (i)           Power
to purchase insurance policies or make such other provisions as may seem
appropriate in order to make provision for employees and former employees of the
company against future termination of their employment with a Group Company by
reason of their disablement by accident during service or by reason of their
death by accident during service;

    

    (j)           Power
to offset any Trustee expense (including for the avoidance of doubt any income
or capital expense) from any part or the Trust Fund.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              10.          
      

            	
              EXCLUSION
      OF LIABILITY

            

    

    

    (a)           Notwithstanding
any rule of law equity or otherwise to the contrary nothing in this Declaration
of Trust shall oblige or impose on the Trustee any duty to preserve or enhance
the value of the Trust Fund and accordingly the Trustee shall not be liable to
anyone actually or prospectively interested hereunder for any failure to
preserve or enhance the Trust Fund or any part of it except in the case of fraud
wilful misconduct or gross negligence on the part of the Trustee who is sought
to be made liable.

    

    (b)           No
Trustee shall be liable for any loss or damage which may happen to the Trust
Fund or the income thereof arising from any improper investment or purchase made
by him in good faith or the fraud, negligence or wilful misconduct of any agent
employed by him or by any other Trustee of the Trust although his employment was
not strictly necessary or expedient or by reason of any mistake or omission made
in good faith by any Trustee of the Trust or by reason of any other matter or
thing (including negligence) except fraud or wilful misconduct on the part of
the Trustee who is sought to be made liable.

    

    (c)           The
Trustee shall be discharged from any further liability in respect of the whole
or any part of the Trust Fund, which is transferred to any person pursuant to
the terms of this Trust.

    

    (d)           The
Trustee shall not incur any liability whatsoever arising from:

     

    (i)           anything
done or omitted in conformity with any advice given or purporting to have been
given by any adviser or manager appointed or employed by the Trustee in
connection with the Trust or the delegation to any such adviser or manager of
all or any of the Trustee's powers and discretions; or

     

    (ii)           the
Trustee having made investments or otherwise in any manner whatsoever having
acted in accordance with recommendations of a Group Company.

    

    (e)           The
Trustee shall be under no obligation to (i) become directors or officers, or
interfere in the management or affairs, of any company, any of the shares or
stocks of which are, for the time being, comprised in the assets of the Scheme
or any company associated with such company, notwithstanding that the Trustee
has (whether directly or indirectly) a substantial holding in or control of any
such company; or (ii) seek information about the affairs of any such company but
may leave the conduct of the affairs of any such company to its directors or
other persons managing the company (so long as they have no actual notice of any
act of dishonesty on the part of such directors or others in connection with the
management of the company).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              11.          
      

            	
              CORPORATE
      TRUSTEE

            

    

    

    (a)           Any
Trustee who shall be a company authorised to undertake trust business shall be
entitled to act as a Trustee on terms and conditions as may from time to time be
agreed between such trustee and the Company or in default of the Company the
person or persons by whom the power of appointing new or additional trustees
hereof is for the time being exercisable and in the absence of any such
published terms and conditions in accordance with its published terms and
conditions for trust business in force from time to time including (in addition
to reimbursement of such company's expenses costs and other liabilities) the
right to remuneration and the incidence thereof and in addition such company or
person connected with such company being a banker broker investment adviser or
engaged in any other profession business or trade may without accounting for any
resultant profit act in such capacity and perform any service on behalf of the
Trust and on the same terms as with a customer.

    

    (b)           Any
Trustee or person connected with a Trustee who shall be a solicitor advocate
attorney or accountant or engaged in any other professional business or trade
shall be entitled to charge be reimbursed and be paid out of the Trust Fund his
usual professional or other charges for work or business done or transacted or
time expended by him or his firm or any employee or partner of his in the
execution of or otherwise in relation to the Trust including acts which a
Trustee not being in that or any profession business or trade could have
done.

    

    (c)           Nothing
in this Trust shall prevent any director of the Trustee or any person connected
with a director of the Trustee from contracting or entering into any financial
banking or other transaction with the Trustee or any company or body any of
whose shares or securities form part of the Trust Fund or from being interested
in any such contract or transaction and the Trustee shall not be liable to
account to any person interested under the Trust for any profit or benefit made
or derived by the Trustee thereby or in connection therewith.

    

    (d)           Any
Trustee or person or company connected to the Trustee shall be entitled to
retain any commissions or retrocessions which would or may become payable as a
result of dealing with the Trust Fund notwithstanding that such commission is
payable as a direct or indirect result of dealing with the Trust
Fund.

    

    
      	
              12.          
      

            	
              APPOINTMENT
      AND REMOVAL OF TRUSTEE

            

    

    

    (a)           The
power to appoint new and additional trustees of this Trust shall be vested in
the Company.

    

    (b)           The
Company may at any time remove any Trustee and any Trustee may at any time by
serving not less than thirty days' notice in writing to the Company retire from
the trusts of the Trust (and so that if after such removal or retirement there
shall be no continuing Trustee the Company shall at the same time as such
removal is effected or forthwith appoint a new trustee or trustees in place of
such retired or removed Trustee) PROVIDED that no Trustee shall be personally
liable tbr acting as a Trustee after the date upon which he had been removed but
prior to actual receipt of notice by him of such removal and shall continue to
be entitled to remuneration and the indemnity contained in this Declaration of
Trust conferred on the Trustee until all Trust assets have been transferred to
the new or continuing Trustee.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (c)           Any
person and whether an individual or a body corporate may be appointed as a
Trustee provided that they are not resident in the UK at any time from the date
of their appointment as Trustee to the date of their retirement as
Trustee.

    

    
      	
              13.          
      

            	
              CHANGE
      OF GOVERNING LAW

            

    

    

    Notwithstanding
anything contained in this Declaration of Trust the Company may at any time
during the Trust Period declare that the powers and provisions of the Trust
shall from the date of such declaration take effect in accordance with the law
of such other territory as shall be therein specified and as from the date of
such declaration:

    

    (a)           the
law of such other territory shall be the law applicable hereto and the Courts in
such other territory shall be the forum for the administration hereof but
subject to the powers conferred by this clause and until any further declaration
is made hereunder; and

    

    (b)           the
Company (with the prior written consent of the Trustee) shall have the power to
make such amendments to the terms of clauses 2 to 6, 8 to 13, 18 and 19 of this
Declaration of Trust as may be reasonably necessary in order to ensure that no
provision in this Declaration of Trust becomes illegal void or voidable under
the law applicable thereto

    

    PROVIDED
THAT the foregoing power shall not be exercisable in any manner which might
directly or indirectly cause this Declaration of Trust under the law applicable
thereto to become illegal void or voidable.

    

    
      	
              14.          
      

            	
              AMENDMENT
      OF DECLARATION

            

    

    

    The
Company may at any time alter or add to all or any of the provisions of clauses
2 to 6, 8 to 13, 18 and 19 of this Declaration of Trust in any respect whether
or not such alteration or addition adversely affects the interest of any of the
Beneficiaries PROVIDED that no such alteration or addition:

     

    (i)           shall
affect any vested interest in the Trust Fund or income thereof subsisting prior
to such alteration or addition; or

     

    (ii)           shall
apply to any part of the Trust Fund (or the income thereof) if the Trustee shall
previously have exercised the power of appointment conferred by clause 2 above
in respect of such parts of the Trust Fund by an irrevocable appointment or by a
revocable appointment unless and to the extent that the same shall previously
have been revoked;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (ii)           may
be made which would have the effect of prejudicing the status of this Trust as a
Trust satisfying the conditions set out in Section 86 of the Inheritance Tax Act
1984;

    

    (iii)           may
be made which would result in the Trust being administered in the United
Kingdom;

     

    (iii)           may
be made which would result in the Trust being an Employer Financed Retirement
Benefits Scheme for the purposes of Section 393 ITEPA as amended by FA 2004 or a
relevant non-UK scheme for the purposes of Schedule 34 FA 2004; or

    

    (iv)           may
be made to this clause 14 or clauses 7, 15, 16, 17, 20 or 21.

    

    The
Trustee with the consent of the Company shall have power from time to time to
release or to any extent to restrict the future exercise of any powers conferred
on it by this Trust or by law notwithstanding the fiduciary nature of any such
powers.

    

    
      	
              15.           
      

            	
              EXCLUDED
      PERSONS

            

    

    

    No
provision of this Trust shall operate and no discretion or power conferred upon
the Trustee or any other person under this Trust or by law shall be capable of
being exercised in such manner as shall cause any part of the capital or income
of the Trust Fund to be distributed or lent to paid or applied to or for the
benefit of an Excluded Person whether directly or indirectly in any
circumstances whatsoever.

    

    
      	
              16.          

            	
              SEGREGATION
      OF FUNDS

            

    

    

    (a)           Notwithstanding
the foregoing provisions of this Trust the Trustee shall hold all sums
contributed by a particular company (together with the property and monies from
time to time representing the same and the income thereof) separate from all
sums contributed by any other company and shall hold the same upon Trust for
those Beneficiaries who are employees or former employees of the contributing
company or members of the Family of such employees or former employees to the
exclusion of the other Beneficiaries.

    

    (b)           Notwithstanding
the foregoing provisions of this Trust the Trustee shall have power exercisable
in its discretion at any time or times during the Trust Period by instrument in
writing (revocable during the Trust Period whether with or without the consent
of any person(s) or in-evocable) to declare in relation to the capital and
income of the whole or any specified part or parts of the Trust Fund that the
expression "Beneficiaries" should be limited to a specified person(s) or class
of persons.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              17.          
      

            	
              TRUSTEE'S
      INDEMNITY

            

    

    

    (a)           The
Trustee and its officers, employees, nominees and agents shall be indemnified
from the Trust Fund against any costs expenses or liabilities whatsoever to
which they shall be or become liable in relation to this Trust by virtue of any
act omission event or thing whatsoever (including without prejudice to the
generality of the foregoing the preparation of this Declaration of Trust) unless
such costs expenses or liabilities shall be attributable to fraud or wilful
misconduct or gross negligence on the part of the Trustee or other person whom
or which it is sought to make liable.

    

    (b)           Notwithstanding
the terms of clause 17(a), in the event the Trust Fund is insufficient or at the
discretion of the Trustee, the Trustee and its directors, officers, employees,
nominees and agents shall be indemnified by the Company (in place of the Trust
Fund) against any costs expenses or liabilities whatsoever to which they shall
be or become liable in relation to this Trust by virtue of any act omission
event or thing whatsoever (including without prejudice to the generality of the
foregoing the preparation of this Declaration of Trust) unless such costs
expenses or liabilities shall be attributable to fraud or wilful misconduct or
gross negligence on the part of the Trustee or other person whom or which it is
sought to make liable.

    

    
      	
              18.          
      

            	
              PAYE
      AND NATIONAL INSURANCE

            

    

    

    Notwithstanding
the foregoing provisions of this Trust if at any time(s) hereafter the Trustee
proposes to pay or apply any income of capital of the Trust Fund or provide any
benefit to or for a Beneficiary who is (or who is a member of the Family ot) an
Employee of any Group Company and such payment or provision will or might give
rise to a liability upon any Group Company to account for any Employee Taxation
then, before such payment or provision is made, the Trustee must: (i) consult
with the relevant Group Company to agree the amount of Employee Taxation that
may be due; (ii) if and when any such payment or provision is made the Trustee
must account directly to the relevant Group Company or appropriate authorities
for such Employee Taxation payable in respect thereof (and the Trustee shall
have no right against any Group Company to be reimbursed for such Employee
Taxation) and (iii) if and when any such payment or provision of benefit is made
the Trustee must advise the Company of such payment or provision of benefit and
confirm the amounts of Employee Taxation paid in respect of the payment or
provision of benefit.

    

    Notwithstanding
the foregoing provisions of this Trust the Trustee shall have no power to make
any payment or transfer or create any asset to or fbr the benefit of an employee
or former employee that would give rise to a liability upon any Group Company
for Class 1 or Class 1 A NIC except with the prior written consent of such Group
Company.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              19.          
      

            	
              PROPER
      LAW

            

    

    

    The
proper law of this Trust shall be the law of England and Wales.

    

    
      	
              20.          
      

            	
              COMPLIANCE
      WITH LAW AND REGULATORY
REQUIREMENTS

            

    

    

    (a)           Section
31 of the Trustee Act 1925 shall be deemed to apply to the Trust Deed as it the
words "may, in all the circumstances, be reasonable" had been omitted from
paragraph (i) of subsection (1) thereof and the words "the Trustees may think
fit" had been substituted therefore; and the proviso at the end of subsection
(1) thereof had been omitted therefrom.

    

    (b)           Section
32 of the Trustee Act 1925 shall be deemed to apply to the Trust Deed in
relation to any money, securities or other property comprised in the Trust Fund
or any part thereof as if the words "one half of were omitted from proviso (a)
of subsection (1) thereof.

    

    (c)           Section
11(1) of the Trusts of Land and Appointment of Trustees Act 1996 shall not apply
to this Trust and accordingly the Trustees may exercise all their powers
relating to land without consulting any Beneficiary.

    

    (d)           The
Trustee shall take all reasonable steps to ensure that the Company is able to
comply with the requirements of the law of England and Wales.

    

    
      	
              21.          
      

            	
              IRREVOCABILITY

            

    

    

    This
Declaration of Trust is irrevocable.

    

    
      	
              22.         
      

            	
              EXECUTION
      IN COUNTERPART

            

    

    

    This
Declaration of Trust may be executed in any number of counterparts, and by the
parties on separate counterparts, but shall not be effective until each party
has executed at least one counterpart. Each counterpart shall constitute an
original of this Declaration of Trust but all counterparts put together
constitute but one and the same instrument.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    IN WITNESS
whereof the duly authorised representatives of Aviva Plc and the Original
Trustee has signed this Declaration of Trust the day and year first before
written

    
Signed
by

    for
and

    on behalf
of Aviva Plc

    
...............................................

    

    Executed
and delivered as a deed under the common seal of Abacus Corporate Trustee
Limited acting through:

    

    

    

     

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
IN
WITNESS whereof the duly authorised representatives of Aviva Plc and the
Original Trustee has signed this Declaration of Trust the day and year first
before written

    

    Executed
as a deed under the Common Seal of Aviva Plc in the presence of:

    

    

    

    

     

     

    Executed
and delivered as a deed under the common seal of Abacus Corporate Trustee
Limited acting through:

    

    

    ________________________________

    Authorised
Signatory

    

    

    ________________________________

    
      Authorised
Signatory

       

       

       

       

       

       

      
        
           

        

        
          15

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