Document:

Exhibit 10.65

EXECUTION COPY

October 8, 2009

	
 

	
 

	
To:

	
Andrew Conru

	
 

	
Lars
  Mapstead

	
 

	
Marc Bell

	
 

	
Dan Staton

	
 

	
 

	
From:

	
FriendFinder
  Networks Inc.

Re:  Restructure
of Debt of FriendFinder Networks Inc. 

Dear Andrew,
Lars, Marc and Dan:

This letter
(the “Agreement”) summarizes our agreement for the amending of the
below-referenced debt in connection with the closing of FriendFinder Networks
Inc.’s (“FFN” or “Company”) Qualified IPO (as defined in the Sellers’
Securities Agreement as to the INI Second Lien Subordinated Secured Notes
referenced below) and shall be binding upon all signatories hereto. Our intent
is to enter into the various definitive agreements required by this Agreement
(the “Definitive Agreements” and each a “Definitive Agreement”) prior to the
effectiveness of FFN’s registration statement on Form S-1(No. 333-156414)
relating to its initial public offering of common stock (the “Registration
Statement”), which Definitive Agreements will set forth the definitive terms of
the amendment and the other terms herein (including representations and
warranties as to authority, and other customary provisions not covered in the
paragraphs below) and shall supersede this Agreement. For the avoidance of
doubt, however, the entry into the Definitive Agreements will not be a condition
precedent to the effectiveness of the Waivers (defined below), the closing of
the Qualified IPO will not affect the binding nature of the agreements set
forth herein (except to the extent that such Qualified IPO is required to take
place to render a provision herein effective) and the failure of the parties to
enter into the Definitive Agreements despite good faith efforts will not affect
the legally binding nature of these terms.

Our current
debt structure is as follows:

Current Debt (as
of 8/15/09)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
INI First Lien Senior Secured Notes (12.5%)

	
 

	
INI Second Lien Subordinated Secured Notes (15%)

	
 

	
FFN 2005 & 2006 Notes (15%)

	
 

	
INI Subordinated Convertible Notes (6%)

	
 

	
FFN Subordinated Term Loan Notes (13%)

	
 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	
Conru/Mapstead

	
 

	
$

	
80,009,274

	
 

	
$

	
80,000,000

	
 

	
 

	
 

	
 

	
$

	
156,093,869*

	
 

	
 

	
 

	
 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	
Staton/Bell

	
 

	
$

	
8,000,927

	
 

	
 

	
 

	
 

	
$

	
12,982,918

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	
PET Capital
  Partners

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
$

	
32,191,966

	
 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	
All Others

	
 

	
$

	
111,706,949

	
 

	
 

	
 

	
 

	
$

	
31,547,368

	
 

	
 

	
 

	
 

	
$

	
4,236,658

	
 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

1

* $156,093,869
is the amount of debt remaining after deducting the full value of VAT liability
(less a $10,000,000 portion of the liability contained in the Working Capital
Escrow) as determined in the financial statements of the Company. Without
affecting in any way the release of all parties from indemnification claims in
accordance with Section 4(a) hereof, it is acknowledged that Conru and Mapstead
dispute VAT liability and the reduction in the amount of such debt. 

	
 

	
 

	
 

	
1.

	
a.

	
The current
  debt structure at Interactive Network, Inc. (“INI”) will remain in place
  except that the INI Subordinated Convertible Notes will not be convertible by
  INI, with the holders retaining the right to convert (hereinafter referred to
  as the “INI Subordinated Non-Convertible Notes”). The face amount will be
  fixed at $156 million. PIK interest will remain at 6% and be calculated from
  the date of the original acquisition based on a face amount of $156 million.
  If INI desires to prepay the INI Subordinated Non-Convertible Notes,
  sufficient proof of prepayment capability will need to be provided prior to
  Conru and Mapstead having to make a decision on conversion. The parties
  acknowledge that the Waivers (defined below) with respect to the INI and FFN
  debt are effective as of the date hereof.

	
 

	
 

	
 

	
 

	
b.

	
After the
  payment in full of the INI First Lien Senior Secured Notes and the INI Second
  Lien Subordinated Secured Notes, INI may not incur additional indebtedness
  other than Permitted Indebtedness (as to be defined in the Definitive
  Agreement and substantially consistent with the Sellers’ Securities Agreement
  dated December 7, 2007, as amended) (the “New Debt”) or grant additional
  liens on INI’s assets or pledges of stock of INI or its Subsidiaries to
  secure indebtedness without INI having first granted the New Security
  Interest (as defined in subparagraph (c) of this Section 1) in favor of the
  INI Subordinated Non-Convertible Notes. If the New Security Interest has been
  so granted, then INI may incur New Debt having a principal amount of no more
  than $150 million (the “New Debt Cap”) and if the New Debt is secured, the
  INI Subordinated Non-Convertible Notes will share dollar for dollar in any
  amounts realized from the security interest in the collateral securing the
  New Debt. 

	
 

	
 

	
 

	
 

	
c.

	
After the
  payment in full of the INI First Lien Senior Secured Notes and the INI Second
  Lien Subordinated Secured Notes, after the repayment in full of or consent
  and waiver from the Required Holders of the FFN 2005 and 2006 Notes and
  subject to any restrictions in the terms of the FFN Series A Preferred Stock
  and any restrictions in the existing debt at the FFN or INI level as of the
  date hereof which relate to the debt/lien structure of INI (including,
  without limitation, the securities purchase agreements pursuant to which such
  debt was issued, any amendments thereto, and any intercreditor agreements
  relating to such debt), INI will 

2

	
 

	
 

	
 

	
 

	
 

	
grant a
  security interest (the “New Security Interest”) in the collateral now
  securing the INI First Lien Senior Secured Notes and the INI Second Lien
  Subordinated Secured Notes in favor of the INI Subordinated Non-Convertible
  Notes. To the extent that INI incurs secured New Debt if permitted pursuant
  to subparagraph (b) of this Section 1, the INI Subordinated Non-Convertible
  Notes will share in any amounts realized from its security interest in its
  collateral dollar for dollar with the New Debt on a pari passu basis up to
  the New Debt Cap. If Bell, Staton and their affiliates assume sufficient
  control of the FFN 2005 and 2006 Notes or the FFN Series A Preferred Stock to
  enable them to have the power or authority to make decisions as to providing
  consent to the granting of the New Security Interest with respect to such FFN
  securities, Bell and Staton hereby agree to approve and consent to the New
  Security Interest on behalf of any such debt or equity holder groups.

	
 

	
 

	
2.

	
Conru and
  Mapstead acknowledge that the following waivers of defaults and amendments to
  the debt instruments described above are effective as of the date hereof: (i)
  the Third Amendment and Limited Waiver to Securities Purchase Agreements
  (with respect to the FFN 2005 and 2006 Notes) attached as Exhibit A
  hereto, (ii) Amendment No. 2 and Waiver to Securities Purchase Agreement
  relating to Interactive Network, Inc. (with respect to the INI First Lien
  Senior Secured Notes) attached as Exhibit B hereto, (iii) Amendment
  No. 2 and Waiver to Sellers’ Securities Agreement relating to the
  Subordinated Secured Notes due 2011 of Interactive Network, Inc. (with
  respect to the INI Second Lien Subordinated Secured Notes) attached as Exhibit
  C hereto, which we refer to as the Conru/Mapstead Waiver, and (iv) the
  FFN/PET Capital October 8, 2009 Limited Waiver (with respect to the FFN
  Subordinated Term Loan Notes) attached as Exhibit D hereto. We refer
  to these waivers of defaults and amendments described in (i) through (iv)
  above as the “Waivers.” 

	
 

	
 

	
3.

	
Conru and
  Mapstead will be released from any liability for matters which could be the
  subject of indemnification claims under Article 10 of the Stock Purchase
  Agreement, it being agreed that there will be no further indemnification
  claims against Conru and Mapstead, Conru and Mapstead will have no
  responsibility or liability for (or, for the avoidance of doubt, control or
  direction of) the pending Balthaser Patent Infringement Claim and there will
  be no recourse to the INI Subordinated Non-Convertible Notes (or, for the
  avoidance of doubt, any stock received upon conversion if so elected by Conru
  or Mapstead or proceeds upon the sale of any such stock) in relation to the
  VAT indemnification or any other claims, except as set forth in Section 4(a)
  below. The working capital escrow amount will remain available for VAT
  Liability claims as set forth in Section 4 (b) below. 

	
 

	
 

	
4.

	
With respect
  to the Company’s VAT Liability:

3

	
 

	
 

	
 

	
 

	
a)

	
If the
  actual costs of eliminating the VAT Liability are less than $29 million
  (after applying the amounts referenced in Section 4(b) below as to such
  liability), then the amount of the INI Subordinated Non-Convertible Notes
  held by Conru and Mapstead will be increased by the issuance of new Notes
  identical to the INI Subordinated Non-Convertible Notes, which will evidence
  the unused portion of the $29 million plus interest on the amount of these
  notes from December of 2007. 

	
 

	
 

	
 

	
 

	
b)

	
Conru and
  Mapstead will allow the $10 million working capital escrow to be used to pay
  for pre-acquisition VAT Liability (which is anticipated to be in excess of
  $10 million). To the extent the Company is successful in finally reducing the
  aggregate VAT Liability to less than $10 million, the Company will release
  any funds in the escrow then remaining to Conru and Mapstead. The agreement
  relating to the handling of escrow funds is currently being negotiated
  between Rob Inveiss and Joshua Bressler; the finalization and execution of
  such agreement shall be a condition precedent to the effectiveness of this
  Agreement, and such agreement will be deemed effective contemporaneously with
  the execution of this Agreement. Such agreement will be amended as part of
  the Definitive Agreements to reflect the terms of this Agreement and of the
  Waivers, if required. Other than the VAT Liability, no other amounts can be
  claimed against the working capital escrow.

	
 

	
 

	
 

	
 

	
c)

	
The Company
  will cooperate with Conru and Mapstead in obtaining releases of all claims
  against each of them with regard to VAT Liability, both civil and criminal.
  For the avoidance of doubt, the Company will satisfy any VAT Liability, to
  the extent permitted by law, and if the Company incurs any expenses or pays
  any amounts in connection with any such releases or claims, such amounts will
  be included in determining the amount spent by the Company to eliminate VAT
  Liability pursuant to Section 4(a) above, and will be considered part of the
  pre-acquisition VAT Liability for purposes of Section 4(b). 

	
 

	
 

	
5.

	
In any election of directors at a meeting of stockholders of FFN in
  which the board designee nominated by Conru and Mapstead pursuant to the
  Conru/Mapstead Waiver is running for election to the FFN Board of Directors,
  each of Bell and Staton and affiliates of Bell and Staton that
  own voting securities of FFN that are beneficially owned and voted by either
  Bell or Staton will vote in favor of, and not vote in favor of removal
  without cause of, any such board designee. The voting agreement may be
  formalized in connection with the Definitive Agreements.

	
 

	
 

	
6.

	
The Consulting
  Agreements with the entities furnishing the services of Conru and Mapstead,
  respectively, (which entities are third party beneficiaries hereunder), are
  hereby extended through the first quarter of 2013 and the fee payable to the
  furnishing entities in their respective Consulting Agreements is hereby
  increased in the aggregate from what each of them is to receive in each
  respective year by 

4

	
 

	
 

	
 

	
$1 million
  in 2010, $1 million in 2011, $1 million in 2012 and $250,000 in the first
  quarter of 2013 (such increased amounts, the “Increased Consulting Fees”);
  provided, however, that payment of the Increased Consulting Fees will be
  subject to payment in full of the INI First Lien Senior Secured Notes, the
  FFN 2005 Notes and the FFN 2006 Notes, at which time any then Increased
  Consulting Fees will be due and payable. The furnishing entities will share
  in such additional compensation in proportion to Conru’s and Mapstead’s
  ownership of stock of Various, Inc. prior to the December, 2007 acquisition.
  The extension of the Consulting Agreements may be formalized in connection
  with the Definitive Agreements.

	
 

	
 

	
7.

	
In the Board
  Meeting of June 26, 2009 and September 29, 2009, the Board of FFN approved a
  compensatory cash payment to Staton and Bell under specific terms and
  conditions as outlined in form agreements approved by the Board, if a public
  or private stock offering after the Qualified IPO takes place and subject to
  the payment in full of the INI First Lien Senior Secured Notes, the FFN 2005
  Notes and the FFN 2006 Notes. In addition, FFN represents and warrants to
  Conru and Mapstead that the Board of FFN has approved a cash payment to Conru
  and Mapstead equal to the compensatory cash payment to Staton and Bell, which
  payment will be memorialized in a written agreement consistent with these
  terms and finalized at the same time as the Staton and Bell agreements are
  finalized and in any event by the time of the execution of the Definitive
  Agreements. However, no payments will be made to Staton, Bell, Conru or Mapstead
  until payment in full of the INI First Lien Senior Secured Notes, the FFN
  2005 Notes and the FFN 2006 Notes, at which time any such deferred payments
  will be due and payable. Conru and Mapstead will share in such payments in
  proportion to their ownership of stock of Various, Inc. prior to the December
  2007 acquisition. The undersigned parties understand and agree to treat for
  U.S. federal income tax purposes the cash payments to Messrs. Staton, Bell,
  Conru and Mapstead in a consistent manner and agree that the Company will
  treat such cash payments as deductible ordinary and necessary business
  expenses on its Federal Income Tax return in the year that such cash payments
  are made and the recipients of such cash payments will report a current
  income inclusion on their Federal Income Tax returns in the year that such
  cash payments are made. 

	
 

	
 

	
8.

	
Bell and
  Staton agree that any FFN Subordinated Term Loan Notes now or hereafter held
  by Bell, Staton or their affiliates will be subject to the Intercreditor Agreement
  (PET Notes/Seller Notes Guaranty) dated as of December 6, 2007, and will be
  treated on a pari passu basis with the INI Subordinated Non-Convertible
  Notes, notwithstanding the recital therein which limits the application of
  the pari passu treatment to no more than $24,441,056.14 in principal amount
  (less prepayments) of FFN Subordinated Term Loan Notes. The extension of the
  pari passu treatment may be formalized in connection with the Definitive
  Agreements.

5

All reasonable
fees and expenses of counsel to Conru and Mapstead, and $150,000 for the fees
of other advisers, for and in connection with the consideration of these terms
and the negotiation and finalization of the Definitive Agreements and all
ancillary matters, will be payable by the Company upon receipt of invoices
therefor, and regardless of whether the Definitive Agreements are finalized.

We are
prepared to move forward expeditiously to draft the Definitive Agreements. The
undersigned hereby agree to negotiate the Definitive Agreements in good faith,
which Definitive Agreements will be effective prior to the effectiveness of
FFN’s Registration Statement. The foregoing agreements do not affect the
continued effectiveness of existing agreements among Conru, Mapstead, Staton
and Bell and their respective affiliates, nor do they affect the continued
effectiveness of any outstanding warrants or rights of Conru, Mapstead, Bell
and Staton and their respective affiliates. In the event of any conflict
between any provisions of this Agreement and any provisions of any Waivers or
Definitive Agreements after the same are executed, the terms and provisions of
such Waivers and Definitive Agreements shall control and govern.

This Agreement
shall be governed by, and construed in accordance with, the law of the state of
New York applicable to contracts made and to be performed in the state of New
York. Any legal action or proceeding with respect to this Agreement may be
brought in the courts of the state of New York in the county of New York or in
the United States District Court for the Southern District of New York and, by
execution and delivery of this Agreement, each party hereby irrevocably accepts
the jurisdiction of the aforesaid courts. 

No amendment
or waiver of any provision this Agreement will be effective unless signed by
the signatories hereto. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement. 

[Signature page follows.]

6

If the terms
of this Agreement are acceptable to you, please sign below and return such
Agreement to the undersigned.

	
 
	
 
	
 

	
 
	
FRIENDFINDER
  NETWORKS INC.

	
 
	
 

	
 
	
By:
	
/s/ Ezra
  Shashoua

	
 
	
 
	 	 
	
 
	
 
	
Ezra
  Shashoua, Chief Financial Officer

	
 
	
 
	
 

	
 
	
INTERACTIVE
  NETWORK, INC.

	
 
	
 

	
 
	
By:
	
/s/ Ezra
  Shashoua

	
 
	
 
	 	 
	
 
	
 
	
Ezra
  Shashoua, Chief Financial Officer

	
 
	
 
	
 

	
Accepted and
  agreed as of this 8th day of October, 2009. 
	
 

	
 
	
 

	
ANDREW B.
  CONRU TRUST AGREEMENT
	
 

	
 
	
 

	
By:
	
/s/ Andrew
  B. Conru
	
 

	
 
	 	 	
 

	
Andrew B.
  Conru, Trustee
	
 

	
 
	
 

	
MAPSTEAD
  TRUST, created on April 16, 2002
	
 

	
 
	
 

	
By:
	
/s/ Lars
  Mapstead
	
 

	
 
	 	 	
 

	
Lars
  Mapstead, Trustee
	
 

	
 
	
 

	
By:
	
/s/ Marin A.
  Mapstead
	
 

	
 
	 	 	
 

	
Marin A.
  Mapstead, Trustee
	
 

	
 
	
 

	
/s/ Andrew
  B. Conru
	
 

	 	 	 	
 

	
Andrew B.
  Conru
	
 

	
 
	
 

	
/s/ Lars
  Mapstead
	
 

	 	 	 	
 

	
Lars
  Mapstead
	
 

	
 
	
 
	
 

	
/s/ Daniel
  Staton
	
 

	 	 	 	
 

	
Daniel
  Staton
	
 

	
 
	
 

	
/s/ Marc H.
  Bell
	
 

	 	 	 	
 

	
Marc H. BellExhibit 4.2

Exhibit 4.2

							
	 
	 
	 
	 
	 
	 
	 

	NUMBER

ARR.            

	 
	 
	 
	SHARES

ARMOUR Residential REIT, Inc.

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND 

COMMON STOCK 

SEE REVERSE FOR CERTAIN DEFINITIONS 

AND IMPORTANT NOTICE ON TRANSFER 

RESTRICTIONS AND OTHER INFORMATION 

		
	 
	CUSIP                     

	This Certifies that

	 

	 
	 

	is the owner of 

	 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.001 EACH OF THE COMMON STOCK OF 

ARMOUR Residential REIT, Inc.

transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this certificate properly endorsed. 

This Certificate and the Shares represented hereby are issued and shall be subject to all of the provisions of the charter and bylaws of the Corporation, 

each as may be amended from time to time (copies of which are on file with the Corporation and the transfer agent), 

to all of which the Holder by acceptance hereof assents. 

This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. 

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

Dated: 

			
	

                                                         

President

	 
	

                                                         

Secretary

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

	 
	UNIF GIFT MIN ACT   -

	           Custodian           

	TEN ENT            -

	as tenants by the entireties

	 
	 
	  (Cust)                 (Minor)

	JT TEN                -

	as joint tenants with right of survivorship and not as tenants in common

	 
	 
	under Uniform Gifts to Minors Act                     

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

ARMOUR Residential REIT, Inc.

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemptions of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office. 

The shares represented by this certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose of the Corporation’s maintenance of its qualification as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i) no Person may Beneficially Own or Constructively Own shares of the Corporation’s Common Stock in excess of 9.8 percent (in value or number of shares) of the outstanding shares of Common Stock of the Corporation unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own shares of Capital Stock of the Corporation in excess of 9.8 percent (in value or number of shares) of the total outstanding shares of Capital Stock of the Corporation, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially Own or Constructively Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iv) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially Owns or Constructively Owns or attempts to Beneficially Own or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation. If the restrictions on transfer or ownership provided in (i), (ii) or (iii) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, if the ownership restriction provided in (iv) above would be violated or upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio . All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its principal office. 

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 ZIP CODE, OF ASSIGNEE)

	 

	 

                                                                                                                                                             shares

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

                                                                                                 Attorney

to transfer the said stock on the books of the within named Corporation will fill power of substitution in the premises.

Dated                         

                                                                                                                                                

Notice:  The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

                                                                                                                                     

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

PURSUANT TO S.E.C. RULE 17Ad-15).

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

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