Document:

Exhibit
10.1

 

EXECUTION
COPY

 

APEX SILVER MINES
LIMITED

 

6,375,000 Ordinary Shares

($.01 par value)

 

Underwriting Agreement

 

New York, New York

April 6, 2006

 

Harris
Nesbitt Corp.

As
Representative of the several Underwriters

c/o
Harris Nesbitt Corp.

3 Times
Square

New
York, NY 10036

 

Ladies
and Gentlemen:

 

Apex Silver Mines Limited, a Cayman Islands company
(the “Company”), proposes to sell to the several underwriters named in Schedule
I hereto (the “Underwriters”), for whom you (the “Representative”) are acting
as representative, 6,375,000 Ordinary Shares, $.01 per share par value (“Ordinary
Shares”) of the Company (said shares to be issued and sold by the Company being
hereinafter called the “Securities”). To the extent there are no additional
Underwriters listed on Schedule I other than you, the term Representative as
used herein shall mean you, as Underwriter, and the terms Representative and
Underwriters shall mean either the singular or plural as the context requires. The
use of the neuter in this Agreement shall include the feminine and masculine
wherever appropriate. Any reference
herein to the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Final Prospectus shall be deemed to refer to and include the
documents incorporated by reference therein pursuant to Item 12 of Form S-3
which were filed under the Exchange Act on or before the Effective Date of the
Registration Statement or the issue date of the Base Prospectus, any
Preliminary Prospectus or the Final Prospectus, as the case may be; and any
reference herein to the terms “amend,” “amendment” or “supplement” with respect
to the Registration Statement, the Base Prospectus, any Preliminary Prospectus
or the Final Prospectus shall be deemed to refer to and include the filing of
any document under the Exchange Act after the Effective Date of the
Registration Statement or the issue date of the Base Prospectus, any
Preliminary Prospectus or the Final Prospectus, as the case may be, deemed to
be incorporated therein by reference. Certain terms used herein are
defined in Section 19 hereof.

 

1.             Representations
and Warranties. The Company represents and warrants to, and agrees with,
each Underwriter as set forth below in this Section 1.

 

 

(a)           The
Company meets the requirements for use of Form S-3 under the Act and has
prepared and filed with the Commission a shelf registration statement (file
number 333-117205), including a related Base Prospectus, for registration under
the Act of the offering and sale of the Securities. Such Registration
Statement, including any amendments thereto filed prior to the Execution Time,
has become effective. The Company may have filed with the Commission, as part
of an amendment to the Registration Statement or pursuant to Rule 424(b), one
or more preliminary prospectus supplements relating to the Securities, each of
which has previously been furnished to you. The Company will file with the
Commission a final prospectus supplement relating to the Securities in
accordance with Rule 424(b). As filed, such final prospectus supplement shall
contain all information required by the Act and the rules thereunder, and,
except to the extent the Representative shall agree in writing to a
modification, shall be in all substantive respects in the form furnished to you
prior to the Execution Time or, to the extent not completed at the Execution
Time, shall contain only such specific additional information and other changes
(beyond that contained in the Base Prospectus and any Preliminary Prospectus)
as the Company has advised you, prior to the Execution Time, will be included
or made therein. The Registration Statement, at the Execution Time, meets the
requirements set forth in Rule 415(a)(1)(x).

 

(b)           On each
Effective Date, the Registration Statement did, and when the Final Prospectus
is first filed in accordance with Rule 424(b) and on the Closing Date (as
defined herein), the Final Prospectus (and any supplement thereto) will, comply
in all material respects with the applicable requirements of the Act, the Exchange
Act and the respective rules thereunder; on each Effective Date and at the
Execution Time, the Registration Statement did not and will not contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein not
misleading; and on the date of any filing pursuant to Rule 424(b) and on
the Closing Date, the Final Prospectus (together with any supplement thereto)
will not include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided,
however, that the Company makes no representations or warranties as to
the information contained in or omitted from the Registration Statement or the
Final Prospectus (or any supplement thereto) in reliance upon and in conformity
with information furnished in writing to the Company by or on behalf of any
Underwriter through the Representative specifically for inclusion in the
Registration Statement or the Final Prospectus (or any supplement thereto), it
being understood and agreed that the only such information furnished by or on
behalf of any Underwriter consists of the information described as such in
Section 8 hereof.

 

(c)           The Disclosure Package when taken together
with the price to the public to be included on the cover page of the Final
Prospectus does not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading. The preceding sentence does not apply to statements in or omissions
from the Disclosure Package based upon and in conformity with written
information furnished to the Company by any Underwriter through the
Representative specifically for use therein, it being understood and agreed
that the only such information furnished by or on

 

2

 

behalf
of any Underwriter consists of the information described as such in Section 8
hereof.

 

(d)           (i) At the
earliest time after the filing of the Registration Statement that the Company
or another offering participant made a bona
fide offer (within the meaning of
Rule 164(h)(2)) of the Act and (ii) as of the Execution Time (with such date
being used as the determination date for purposes of this clause (ii)), the
Company was not and is not an Ineligible Issuer (as defined in Rule 405),
without taking account of any determination by the Commission pursuant to Rule
405 that it is not necessary that the Company be considered an Ineligible
Issuer.

 

(e)           Each
Issuer Free Writing Prospectus, if any, does not include any information that
conflicts with the information contained in the Registration Statement,
including any document incorporated therein and any prospectus supplement
deemed to be a part thereof that has not been superseded or modified. The
foregoing sentence does not apply to statements in or omissions from any Issuer
Free Writing Prospectus based upon and in conformity with written information
furnished to the Company by any Underwriter through the Representative
specifically for use therein, it being understood and agreed that the only such
information furnished by or on behalf of any Underwriter consists of the
information described as such in Section 8 hereof.

 

(f)            The
Company is not, and after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof as described in the
Disclosure Package and the Final Prospectus will not be, required to register
as an “investment company” as defined in the Investment Company Act, without
taking account of any exemption arising out of the number of holders of the Company’s
securities.

 

(g)           The
Company is subject to and in compliance with the reporting requirements of
Section 13 or Section 15(d) of the Exchange Act.

 

(h)           Unless as
otherwise disclosed in the Disclosure Package and the Final Prospectus, the
Company has not paid or agreed to pay to any person any compensation for
soliciting another to purchase any securities of the Company (except as
contemplated in this Agreement).

 

(i)            The
Company has not taken, directly or indirectly, any action designed to or that has
constituted or that might reasonably be expected to cause or result, under the
Exchange Act or otherwise, in stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Securities.

 

(j)            Each of
the Company and its subsidiaries has been duly incorporated and is validly
existing in good standing under the laws of the jurisdiction in which it is
chartered or organized with full power and authority to own or lease, as the
case may be, and to operate its properties and conduct its business as
described in the Disclosure Package and the Final Prospectus, and is duly
qualified to do business as a foreign corporation and is in good standing under
the laws of each jurisdiction that requires such qualification, except where
the failure to qualify or to be in good standing would not have

 

3

 

a
material adverse effect on the condition (financial or otherwise), prospects,
earnings, business or properties of the Company and its subsidiaries, taken as
a whole, whether or not arising from transactions in the ordinary course of
business (a “Material Adverse Effect”).

 

(k)           All the
outstanding shares of capital stock of each material subsidiary have been duly
authorized and validly issued and are fully paid and nonassessable, and, except
as otherwise set forth in the Disclosure Package and the Final Prospectus, all
outstanding shares of capital stock of the material subsidiaries are owned by
the Company either directly or through wholly owned subsidiaries free and clear
of any security interest, claim, lien or encumbrance.

 

(l)            The
Company’s authorized equity capitalization is as set forth in the Disclosure
Package and the Final Prospectus; the capital stock of the Company conforms in
all material respects to the description thereof contained in the Disclosure
Package and the Final Prospectus; the outstanding Ordinary Shares have been
duly authorized and validly issued and are fully paid and nonassessable; the
holders of outstanding shares of capital stock of the Company are not entitled
to preemptive or other rights to subscribe for the Securities or the Ordinary
Shares; and, except as set forth in the Disclosure Package and the Final
Prospectus and except for up to 25,000 Ordinary Shares to be issued to Mariana
Resources Limited, no options, warrants or other rights to purchase, agreements
or other obligations to issue, or rights to convert any obligations into or
exchange any securities for, shares of capital stock of or ownership interests
in the Company are outstanding.

 

(m)          The
statements in the Disclosure Package and the Final Prospectus under the
headings “Certain U.S. Federal Tax Considerations,” and the summaries of legal
and regulatory matters and proceedings under the headings “Republic of Bolivia,”
and “Description of the Ordinary Shares” fairly summarize the matters therein
described.

 

(n)           This
Agreement has been duly authorized, executed and delivered by the Company.

 

(o)           The
Securities have been duly authorized by the Company and, when issued and
delivered and paid for as provided herein, will be validly issued, fully paid
and nonassessable and will conform to the descriptions thereof in the
Disclosure Package and the Final Prospectus.

 

(p)           No
consent, approval, authorization, filing with or order of any court or
governmental agency or body is required in connection with the transactions
contemplated herein, except such (i) as may be required under the blue sky
laws of any jurisdiction in which the Securities are offered and sold and (ii)
such consents, approvals, authorizations, orders, registrations, filings and/or
qualifications which, if not obtained, would not have a Material Adverse Effect
or affect the validity of the Securities or the legal authority of the Company
to comply with this Agreement.

 

4

 

(q)           None of
the execution and delivery of this Agreement, the issuance and sale of the
Securities, or the performance of any other of the obligations herein
contemplated, or the fulfillment of the terms hereof will conflict with, result
in a breach or violation or imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of its subsidiaries pursuant to,
(i) the charter or bylaws of the Company or any of its subsidiaries; (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation, condition, covenant
or instrument to which the Company or any of its subsidiaries is a party or
bound or to which its or their property is subject; or (iii) any statute, law,
rule, regulation, judgment, order or decree of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having
jurisdiction over the Company or any of its subsidiaries or any of its or their
properties, except, with respect to clause (ii) and (iii) above, such
violations or defaults which would not have a Material Adverse Effect or affect
the validity of the Securities or the legal authority of the Company to comply
with this Agreement.

 

(r)            The
consolidated financial statements and schedules of the Company and its
consolidated subsidiaries included or incorporated by reference in the
Disclosure Package and the Final Prospectus present fairly in all material
respects the financial condition, results of operations and cash flows of the
Company as of the dates and for the periods indicated, comply as to form with
the applicable accounting requirements of Regulation S-X and have been prepared
in conformity with generally accepted accounting principles applied on a
consistent basis throughout the periods involved (except as otherwise noted
therein); the selected financial data set forth under the caption “Summary of
Financial Information” in the Final Prospectus fairly present, on the basis
stated in the Disclosure Package and the Final Prospectus, the information
included therein.

 

(s)           No action,
suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Company or any of its subsidiaries or its
or their property is pending or, to the best knowledge of the Company,
threatened that (i) could reasonably be expected to have a material adverse
effect on the performance by the Company of this Agreement or the consummation
of any of the transactions contemplated hereby or (ii) could reasonably be
expected to have a Material Adverse Effect, except as set forth in or
contemplated in the Disclosure Package and the Final Prospectus (exclusive of
any amendment or supplement thereto).

 

(t)            Each of
the Company and its subsidiaries owns or leases all such properties as are
necessary to the conduct of its operations as presently conducted, and each of
the Company and each of its subsidiaries owns, leases or possesses the rights
to all properties as are necessary to explore, develop and exploit the San
Cristobal Project (as defined in the Disclosure Package and the Final
Prospectus) in Bolivia, except, in each case, where the failure to own or lease
such properties would not result in a Material Adverse Effect.

 

(u)           Neither
the Company nor any of its subsidiaries is in violation of any law, rule or
regulation of any foreign national, federal, state or local governmental or

 

5

 

regulatory
authority applicable to it or is not in non-compliance with any term or
condition of, or has failed to obtain and maintain in effect, any license,
certificate, permit, registration, concession, franchise or other governmental
authorization required for the ownership or lease of its property or the
conduct of its business, other than those which are not currently required and
which the Company expects to acquire in the ordinary course, which violation,
non-compliance or failure would individually or in the aggregate have a
Material Adverse Effect, whether or not arising from transactions in the
ordinary course of business, except as set forth in or contemplated in the
Disclosure Package and the Final Prospectus; and the Company has not received
notice of any governmental proceedings relating to the revocation or material
modification of any such license, certificate, permit or other authorization,
except as set forth in or contemplated in the Disclosure Package and the Final
Prospectus.

 

(v)           Neither
the Company nor any of its subsidiaries is in violation or default of (i) any
provision of its charter or bylaws; (ii) the terms of any indenture, contract,
lease, mortgage, deed of trust, note agreement, loan agreement or other
agreement, obligation, condition, covenant or instrument to which it is a party
or bound or to which its property is subject; or (iii) any statute, law, rule,
regulation, judgment, order or decree applicable to the Company or any of its
subsidiaries of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or
such subsidiary or any of its properties, as applicable, except, with respect
to clause (ii) and  (iii) above, such violations or defaults which would
not have a Material Adverse Effect or affect the validity of the Securities or
the legal authority of the Company to comply with this Agreement.

 

(w)          PricewaterhouseCoopers
LLP, who have certified certain financial statements of the Company and its
consolidated subsidiaries and delivered their report with respect to the
audited consolidated financial statements and schedules included or
incorporated by reference in the Disclosure Package and the Final Prospectus,
are independent public accountants with respect to the Company within the
meaning of the Act.

 

(x)            There are
no stamp or other issuance or transfer taxes or duties or other similar fees or
charges required to be paid in connection with the execution and delivery of
this Agreement or the issuance or sale by the Company of the Securities.

 

(y)           The
Company has filed all non-U.S., U.S. federal, state and local tax returns that
are required to be filed or has requested extensions thereof (except in any
case in which the failure so to file would not have a Material Adverse Effect
and except as set forth in or contemplated in the Disclosure Package and the
Final Prospectus (exclusive of any amendment or supplement thereto)) and has
paid all taxes required to be paid by it and any other assessment, fine or
penalty levied against it, to the extent that any of the foregoing is due and
payable, except for any such assessment, fine or penalty that is currently
being contested in good faith or as would not have a Material Adverse Effect
and except as set forth in or contemplated in the Disclosure Package and the
Final Prospectus (exclusive of any amendment or supplement thereto).

 

6

 

(z)            No labor
problem or dispute with the employees of the Company or any of its subsidiaries
exists or is threatened or imminent, and the Company is not aware of any
existing or imminent labor disturbance by the employees of any of its or its
subsidiaries’ principal suppliers, contractors or customers, except as would
not have a Material Adverse Effect, and except as set forth in or contemplated
in the Disclosure Package and the Final Prospectus (exclusive of any amendment
or supplement thereto).

 

(aa)         The Company
and each of its subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which they are engaged; all policies of
insurance and fidelity or surety bonds insuring the Company or any of its
subsidiaries or their respective businesses, assets, employees, officers and
directors are in full force and effect; the Company and its subsidiaries are in
compliance with the terms of such policies and instruments; there are no claims
by the Company or any of its subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a
reservation of rights clause; neither the Company nor any of its subsidiaries
has been refused any insurance coverage sought or applied for; and neither the
Company nor any of its subsidiaries has any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse
Effect except as set forth in or contemplated in the Disclosure Package and the
Final Prospectus (exclusive of any amendment or supplement thereto).

 

(bb)         No subsidiary
of the Company is currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on such subsidiary’s
capital stock, from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such subsidiary’s
property or assets to the Company or any other subsidiary of the Company,
except as described in or contemplated in the Disclosure Package and the Final
Prospectus (exclusive of any amendment or supplement thereto).

 

(cc)         The Company
and each of its subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed
in accordance with management’s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to
maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

 

(dd)         The Company
and its subsidiaries are (i) in compliance with any and all applicable
non-U.S., U.S. federal, state and local laws and regulations relating to the
protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”); (ii)
have received and are in compliance with all permits, licenses or other
approvals required of them under

 

7

 

applicable
Environmental Laws to conduct their respective businesses as presently
conducted; and (iii) have not received notice of any actual or potential
liability under any Environmental Law, except where such non-compliance with
Environmental Laws, failure to receive required permits, licenses or other
approvals, or liability would not, individually or in the aggregate, have a
Material Adverse Effect, except as set forth in or contemplated in the
Disclosure Package and the Final Prospectus (exclusive of any amendment or
supplement thereto). Except as set forth in the Disclosure Package and the
Final Prospectus, neither the Company nor any of its subsidiaries has been
named as a “potentially responsible party” under the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended.

 

(ee)         In the
ordinary course of its business, the Company periodically reviews the effect of
Environmental Laws on the business, operations and properties of the Company
and its subsidiaries, in the course of which it identifies and evaluates
associated costs and liabilities (including, without limitation, any capital or
operating expenditures required for clean-up, closure of properties or
compliance with Environmental Laws, or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to
third parties); on the basis of such review, the Company has reasonably
concluded that such associated costs and liabilities would not, singly or in
the aggregate, have a Material Adverse Effect, except as set forth in or contemplated
in the Disclosure Package and the Final Prospectus (exclusive of any amendment
or supplement thereto).

 

(ff)           The
minimum funding standard under Section 302 of the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (“ERISA”), has been satisfied by each “pension plan”
(as defined in Section 3(2) of ERISA) which has been established or maintained
by the Company and/or one or more of its subsidiaries, and the trust forming
part of each such plan which is intended to be qualified under Section 401 of
the Code is so qualified; each of the Company and its subsidiaries has
fulfilled its obligations, if any, under Section 515 of ERISA; neither the
Company nor any of its subsidiaries maintains or is required to contribute to a
“welfare plan” (as defined in Section 3(1) of ERISA) which provides retiree or
other post-employment welfare benefits or insurance coverage (other than “continuation
coverage” (as defined in Section 602 of ERISA)); each pension plan and welfare
plan established or maintained by the Company and/or one or more of its
subsidiaries is in compliance in all material respects with the currently
applicable provisions of ERISA; and neither the Company nor any of its
subsidiaries has incurred or could reasonably be expected to incur any
withdrawal liability under Section 4201 of ERISA, any liability under Section
4062, 4063, or 4064 of ERISA, or any other liability under Title IV of ERISA.

 

(gg)         The
subsidiaries listed on Annex A attached hereto are the only “significant
subsidiaries” of the Company (as defined in Rule l-02 of Regulation S-X under
the Act).

 

(hh)         The Company has not taken any action or omitted to take any action (such
as issuing any press release relating to any Securities without an appropriate
legend)

 

8

 

which may result in the loss by any of the Underwriters
of the ability to rely on any stabilization safe harbor provided by the
Financial Services Authority under the Financial Services and Markets Act 2000
(the “FSMA”). The Company has been informed of the guidance relating to
stabilization provided by the Financial Services Authority, in particular in
Section MAR 2 Annex 2G of the Financial Services Handbook.

 

(ii)           Except as
set forth in the Disclosure Package and the Final Prospectus, none of the
Company, its subsidiaries or, to the knowledge of the Company, any director,
officer, agent, employee or Affiliate of the Company or any of its
subsidiaries, is aware of or, in connection
with their services to the Company, has taken any action, directly or
indirectly, that would result in a violation by such persons of Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “FCPA”), including, without
limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to
pay or authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of value to any “foreign
official” (as such term is defined in the FCPA) or any foreign political party
or official thereof or any candidate for foreign political office, in
contravention of the FCPA; and the Company, its subsidiaries and, to the
knowledge of the Company, its Affiliates have conducted their businesses in
compliance in all material respects with the FCPA and have instituted and
maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued material compliance therewith.

 

(jj)           The
operations of the Company and its subsidiaries are and have been conducted at
all times in compliance in all material respects with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the money laundering statutes
of all jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the “Money Laundering Laws”), and no
action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the
best knowledge of the Company, threatened.

 

(kk)         None
of the Company, any of its subsidiaries or, to the knowledge of the Company,
any director, officer, agent, employee or Affiliate of the Company or any of
its subsidiaries is currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Department of the Treasury (“OFAC”); and the Company will not directly or indirectly use the
proceeds of the offering of the Securities hereunder, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S.
sanctions administered by OFAC.

 

(ll)           There is and has been no failure on the part
of the Company and any of the Company’s directors or officers, in their
capacities as such, to comply with any provision of the Sarbanes Oxley Act of
2002 and the rules and regulations promulgated in

 

9

 

connection therewith (the “Sarbanes Oxley Act”),
including Section 402 related to loans and Sections 302 and 906 related to
certifications.

 

(mm)       Prior to the
date hereof, the Company has furnished to the Representative letters, each substantially in the form of Exhibit
A hereto, duly executed by each officer of the Company identified on Annex B
hereto and director of the Company and addressed to the Representative.

 

(nn)         No stamp or
other issuance or transfer taxes or duties and no capital gains, income,
withholding or other taxes are payable by or on behalf of the Underwiters to
the Cayman Islands or any political subdivision or taxing authority thereof or
therein purely as a direct consequence of the issue of Securities by the
Company to or for the respective accounts of the Underwriters, in each case for
resale and delivery in the manner contemplated herein.

 

(oo)         The
information set forth in the Disclosure Package and the Final Prospectus
relating to the proven and probable ore reserves located at the San Cristobal
Project as of December 31, 2005 has been prepared by Mine Reserves Associates
Inc. materially in accordance with methods generally applied in the mining industry
and conforms in all material respects to the rules and regulations of the
Commission.

 

Any certificate signed by any officer of the Company
and delivered to the Representative
or counsel for the Underwriters in connection with the offering of the Securities
shall be deemed a representation and warranty by the Company, as to matters
covered thereby, to each Underwriter.

 

2.             Purchase
and Sale. Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company agrees to sell to
each Underwriter, and each Underwriter agrees, severally and not jointly, to
purchase from the Company, at a purchase price of $23.70 per share, the amount
of the Securities set forth opposite such Underwriter’s name in Schedule I
hereto.

 

3.             Delivery
and Payment. Delivery of and payment for the Securities shall be made at
10:00 A.M., New York City time, on April 12, 2006, or at such time on such
later date not more than three Business Days after the foregoing date as the
Representative shall designate, which date and time may be postponed by
agreement between the Representative and the Company or as provided in
Section 9 hereof (such date and time of delivery and payment for the
Securities being herein called the “Closing Date”). Delivery of the Securities
shall be made to the Representative for the respective accounts of the several
Underwriters against payment by the several Underwriters through the
Representative of the purchase price thereof to or upon the order of the Company
by wire transfer payable in same-day funds to the account specified by the
Company. Delivery of the Securities shall be made through the facilities of The
Depository Trust Company unless the Representative shall otherwise instruct.

 

4.             Offering
by Underwriters. It is understood that the several Underwriters propose to
offer the Securities for sale to the public as set forth in the Final
Prospectus.

 

10

 

5.             Agreements.
The Company agrees with the several Underwriters that:

 

(a)           Prior
to the termination of the offering of the Securities, the Company will not file
any amendment of the Registration Statement or supplement (including the Final
Prospectus or any Preliminary Prospectus) to the Base Prospectus or any Rule
462(b) Registration Statement unless the Company has furnished you a copy for
your review prior to filing and will not file any such proposed amendment or
supplement to which you reasonably object. The Company will cause the Final
Prospectus, properly completed, and any supplement thereto to be filed in a
form approved by the Representative with the Commission pursuant to the
applicable paragraph of Rule 424(b) within the time period prescribed and
will provide evidence satisfactory to the Representative of such timely filing.
The Company will promptly advise the Representative (i) when the Final
Prospectus, and any supplement thereto, shall have been filed (if required)
with the Commission pursuant to Rule 424(b) or when any Rule 462(b)
Registration Statement shall have been filed with the Commission,
(ii) when, prior to termination of the offering of the Securities, any
amendment to the Registration Statement shall have been filed or become
effective, (iii) of any request by the Commission or its staff for any
amendment of the Registration Statement, or any Rule 462(b) Registration
Statement, or for any supplement to the Final Prospectus or for any additional
information, (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or of any notice
objecting to its use or the institution or threatening of any proceeding for
that purpose and (v) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Securities for sale
in any jurisdiction or the institution or threatening of any proceeding for
such purpose. The Company will use its best efforts to prevent the issuance of
any such stop order or the occurrence of any such suspension or objection to the
use of the Registration Statement and, upon such issuance, occurrence or notice
of objection, to obtain as soon as possible the withdrawal of such stop order
or relief from such occurrence or objection, including, if necessary, by filing
an amendment to the Registration Statement or a new registration statement and
using its best efforts to have such amendment or new registration statement
declared effective as soon as practicable.

 

(b)           If,
at any time prior to the filing of a final prospectus pursuant to Rule 424(b),
any event occurs as a result of which the Disclosure Package would include any
untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein in the light of the circumstances
under which they were made at such time not misleading, the Company will (i)
notify promptly the Representative so that any use of the Disclosure Package
may cease until it is amended or supplemented; (ii) amend or supplement the
Disclosure Package to correct such statement or omission; and (iii) supply any
amendment or supplement to you in such quantities as you may reasonably
request.

 

(c)           If,
at any time when the Final Prospectus relating to the Securities is required to
be delivered under the Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172), any event occurs as a result of which
the Final Prospectus as then supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made
at such time not misleading, or if it shall be necessary to amend the
Registration Statement, file a new registration statement or supplement the
Final Prospectus to comply with the Act or the Exchange Act or the respective
rules thereunder, including in connection with use

 

11

 

or delivery of the Final Prospectus, the Company
promptly will (i) notify the Representative of any such event;
(ii) prepare and file with the Commission, subject to the second sentence
of paragraph (a) of this Section 5, an amendment or supplement or new
registration statement which will correct such statement or omission or effect
such compliance; (iii) use its best efforts to have any amendment to the
Registration Statement or new registration statement declared effective as soon
as practicable in order to avoid any disruption in use of the Final Prospectus;
and (iv) supply any supplemented Final Prospectus to you in such
quantities as you may reasonably request.

 

(d)           As
soon as practicable, the Company will make generally available to its security
holders and to the Representative an earnings statement or statements of the
Company and its subsidiaries which will satisfy the provisions of
Section 11(a) of the Act and Rule 158.

 

(e)           The
Company will furnish to the Representative and counsel for the Underwriters,
without charge, signed copies of the Registration Statement (including exhibits
thereto) and to each other Underwriter a copy of the Registration Statement
(without exhibits thereto) and, so long as delivery of a prospectus by an
Underwriter or dealer may be required by the Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172), as many copies
of each Preliminary Prospectus, the Final Prospectus and each Issuer Free
Writing Prospectus and any supplement thereto as the Representative may
reasonably request. The Company will pay the expenses of printing or other production
of all documents relating to the offering.

 

(f)            The
Company will arrange, if necessary, for the qualification of the Securities for
sale under the laws of such jurisdictions as the Representative may reasonably
request, will maintain such qualifications in effect so long as required for
the distribution of the Securities and will pay any fee of the National
Association of Securities Dealers, Inc., in connection with its review of the
offering; provided that in no event shall the Company be obligated to
qualify to do business in any jurisdiction where it is not now so qualified or
to take any action that would subject it to service of process in suits, other
than those arising out of the offering or sale of the Securities, in any
jurisdiction where it is not now so subject.

 

(g)           The
Company will not, for a period of 90 days following the Execution Time, without
the prior written consent of Harris Nesbitt Corp., directly or indirectly,
offer, sell, contract to sell, pledge, otherwise dispose of, enter into any
transaction which is designed to, or might reasonably be expected to, result in
the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Company or any
Affiliate of the Company or any person in privity with the Company or any
Affiliate of the Company of, file (or participate in the filing of) a
registration statement with the Commission in respect of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act in respect of,
any shares of capital stock of the Company or any securities convertible into,
or exercisable or exchangeable for, shares of capital stock of the Company
(other than the Securities), or publicly announce an intention to effect any
such transaction; provided, however, that the Company may (i)
issue and sell Ordinary Shares or securities convertible into or exchangeable
for Ordinary Shares pursuant to any employee or director stock option plan,
stock ownership plan or dividend reinvestment plan of the Company described in
the Disclosure Package and the Final Prospectus

 

12

 

and in effect at the Execution Time; (ii) issue Ordinary
Shares issuable upon the conversion of securities or the exercise of warrants
outstanding at the Execution Time and described in the Disclosure Package and
the Final Prospectus; (iii) issue up to 25,000 Ordinary Shares to Mariana
Resources Limited; and (iv) file and cause to become effective a registration
statement registering the Ordinary Shares issuable upon the exercise of
warrants set forth on Annex C.

 

(h)           The
Company will not take, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected to cause or result in,
under the Exchange Act or otherwise, stabilization or manipulation of the price
of any security of the Company to facilitate the sale or resale of the
Securities.

 

(i)            The
Company agrees to pay the costs and expenses relating to the following
matters:  (i) the preparation,
printing or reproduction and filing with the Commission of the Registration
Statement (including financial statements and exhibits thereto), each
Preliminary Prospectus, the Final Prospectus and each Issuer Free Writing
Prospectus, if any, and each amendment or supplement to any of them;
(ii) the printing (or reproduction) and delivery (including postage, air
freight charges and charges for counting and packaging) of such copies of the
Registration Statement, each Preliminary Prospectus, the Final Prospectus and
each Issuer Free Writing Prospectus, if any, and all amendments or supplements
to any of them, as may, in each case, be reasonably requested for use in
connection with the offering and sale of the Securities; (iii) the
preparation, printing, authentication, issuance and delivery of certificates
for the Securities, including any stamp or transfer taxes in connection with
the original issuance and sale of the Securities; (iv) the printing (or
reproduction) and delivery of this Agreement, any blue sky memorandum and all
other agreements or documents printed (or reproduced) and delivered in
connection with the offering of the Securities; (v) the registration of
the Securities under the Exchange Act and the listing of the Securities on the
American Stock Exchange; (vi) any registration or qualification of the
Securities for offer and sale under the securities or blue sky laws of the
several states (including filing fees and the reasonable fees and expenses of
counsel for the Underwriters relating to such registration and qualification);
(vii) any filings required to be made with the National Association of
Securities Dealers, Inc. (including filing fees and the reasonable fees and
expenses of counsel for the Underwriters relating to such filings);
(viii) the transportation and other expenses incurred by or on behalf of
Company representatives in connection with presentations to prospective
purchasers of the Securities; (ix) the fees and expenses of the Company’s
accountants and the fees and expenses of counsel (including local and special
counsel) for the Company; and (x) all other costs and expenses incident to
the performance by the Company of its obligations hereunder.

 

(j)            The
Company agrees that, unless it has obtained or will obtain the prior written
consent of the Representative, and each Underwriter, severally and not jointly,
agrees with the Company that, unless it has obtained or will obtain, as the
case may be, the prior written consent of the Company, it has not made and will
not make any offer relating to the Securities that would constitute an Issuer
Free Writing Prospectus or that would otherwise constitute a “free writing
prospectus” (as defined in Rule 405) required to be filed by the Company with
the Commission or retained by the Company under Rule 433; provided that
the prior written consent of the parties hereto shall be deemed to have been
given in respect of the Free Writing Prospectuses included in Schedule II
hereto, if any. Any such free writing prospectus consented to by the
Representative or the Company is hereinafter referred to as a “Permitted Free
Writing

 

13

 

Prospectus.” 
The Company agrees that (x) it has treated and will treat, as the case
may be, each Permitted Free Writing Prospectus as an Issuer Free Writing
Prospectus and (y) it has complied and will comply, as the case may be, with
the requirements of Rules 164 and 433 applicable to any Permitted Free Writing
Prospectus, including in respect of timely filing with the Commission,
legending and record keeping.

 

(k)           The
Company will not amend or supplement the Final Prospectus, other than by filing
documents under the Exchange Act that are incorporated by reference therein,
without the prior written consent of the Representative, which shall not be
unreasonably withheld; provided, however, that, prior to the
completion of the distribution of the Securities by the Underwriters (as
determined by the Underwriters), the Company will not file any document under
the Exchange Act that is incorporated by reference in the Final Prospectus
unless, prior to such proposed filing, the Company has furnished the
Representative with a copy of such document for their review and the
Representative has not timely and reasonably objected to the filing of such
document. The Company will promptly advise the Representative when any document
filed under the Exchange Act that is incorporated by reference in the Final
Prospectus shall have been filed with the Commission.

 

(l)            The
Company will, for a period of twelve months following the Execution Time,
furnish to the Representative (i) all reports or other communications
(financial or other) generally made available to stockholders, and deliver such
reports and communications to the Representative as soon as they are available,
unless such documents are furnished to or filed with the Commission or any
securities exchange on which any class of securities of the Company is listed and
generally made available to the public and (ii) subject to applicable
requirements of Regulation FD, such additional information concerning the
business and financial condition of the Company as the Representative may from
time to time reasonably request (such statements to be on a consolidated basis
to the extent the accounts of the Company and its subsidiaries are consolidated
in reports furnished to stockholders).

 

(m)          The
Company will comply with all applicable securities and other laws, rules and regulations,
including, without limitation, the Sarbanes Oxley Act, and use its best efforts
to cause the Company’s directors and officers, in their capacities as such, to
comply with such laws, rules and regulations, including, without limitation,
the provisions of the Sarbanes Oxley Act.

 

(n)           The
Company will not take any action or omit to take any action (such as issuing
any press release relating to any Securities without an appropriate legend)
which may result in the loss by any Underwriters of the ability to rely on any
stabilization safe harbor provided by the Financial Services Authority under
the FSMA.

 

6.             Conditions
to the Obligations of the Underwriters. The obligations of the Underwriters
to purchase the Securities shall be subject to the accuracy of the
representations and warranties on the part of the Company contained herein at
the Execution Time and the Closing Date pursuant to Section 3 hereof, to
the accuracy of the statements of the Company made in any certificates pursuant
to the provisions hereof, to the performance by the Company of its obligations
hereunder and to the following additional conditions:

 

14

 

(a)           The
Final Prospectus, and any supplement thereto, have been filed in the manner and
within the time period required by Rule 424(b); and any other material
required to be filed by the Company pursuant to Rule 433(d) under the Act shall
have been filed with the Commission within the applicable time periods
prescribed for such filings by Rule 433; and no stop order suspending the
effectiveness of the Registration Statement or any notice objecting to its use
shall have been issued and no proceedings for that purpose shall have been
instituted or threatened.

 

(b)           The
Company shall have requested and caused Walkers, Cayman Islands counsel for the
Company, to have furnished to the Representative their opinion, dated the
Closing Date and addressed to the Representative, to the effect that:

 

(i)            The
Company is a company duly incorporated, validly existing and in good standing
under the laws of the Cayman Islands, with full corporate power an authority to
own its properties and conduct its business as described in the Disclosure
Package and the Final Prospectus, and is duly qualified to do business as a
foreign corporation and is in good standing under the laws of each jurisdiction
which requires such qualification, except to the extent that failure to so
qualify would not have a Material Adverse Effect;

 

(ii)           The
Company’s authorized equity capitalization is as set forth in the Disclosure
Package and the Final Prospectus; the capital stock of the Company conforms to
the description thereof contained in the Disclosure Package and the Final
Prospectus; the outstanding Ordinary Shares have been duly and validly
authorized and issued and are fully paid and nonassessable; the Securities
being sold hereunder by the Company have been duly and validly authorized, and,
when issued and delivered to and paid for by the Underwriters pursuant to this
Agreement will be fully paid and nonassessable; the certificates for the
Securities are in valid and sufficient form; the holders of outstanding shares
of capital stock of the Company are not entitled to preemptive or other rights
to subscribe for the Securities; and, except as set forth in the Disclosure
Package and the Final Prospectus, no options, warrants or other rights to
purchase, agreements or other obligations to issue, or rights to convert any
obligations into or exchange any securities for, shares of capital stock of or
ownership interests in the Company are outstanding;

 

(iii)          This
Agreement has been duly authorized by all necessary corporate action on the
part of the Company and has been duly executed and delivered by the Company;

 

(iv)          Except as
set forth in the Disclosure Package and the Final Prospectus, there is, to our
current actual knowledge, no action, suit or proceeding pending against the
Company, its subsidiaries or their respective properties in any court or before
any governmental authority or agency, or arbitration board or tribunal of the
Cayman Islands which, if

 

15

 

adversely determined, could reasonably be expected to
have a Material Adverse Effect; and the summaries of legal and regulatory matters
and proceedings under the heading “Description of the Ordinary Shares” fairly
summarize the matters therein described;

 

(v)           Neither
the issue and sale of the Securities, nor the consummation of any other of the
transactions contemplated herein nor the fulfillment of the terms hereof will
conflict with, result in a breach or violation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or its
subsidiaries pursuant to, (a) the Memorandum and Articles of Association of the
Company or its subsidiaries, or (b) any statute, law, rule, regulation,
judgment, order or decree applicable to the Company or its subsidiaries of any
court, regulatory body, administrative agency, governmental body, arbitrator or
other authority of the Cayman Islands having jurisdiction over the Company or
its subsidiaries or any of its or their respective properties, except where
such breach, violation or imposition would not individually or in the aggregate
have a Material Adverse Effect;

 

(vi)          The Company’s
agreement to the choice of law provisions set forth in Section 15 hereof will
be recognized by the courts of the Cayman Islands; the Company can sue and be
sued in its own name under the laws of the Cayman Islands, the irrevocable
submission of the Company to the non-exclusive personal jurisdiction of a New
York Court, the waiver by the Company of any objection to the venue of a
proceeding of a New York Court and the agreement of the Company that this
Agreement shall be governed by and construed in accordance with the laws of the
State of New York are legal, valid and binding; and judgment obtained in a New
York Court arising out of or in relation to the obligations of the Company
under this Agreement, not being a sum payable in respect of taxes or other
charges of a like nature or a fine or other penalty, is enforceable against the
Company in the courts of the Cayman Islands; and

 

(vii)         The
Company is not entitled to any immunity on the basis of sovereignty or
otherwise in respect of its obligations under this Agreement and could not
successfully interpose any such immunity as a defense in any suit or action
brought or maintained in respect of its obligations under this Agreement.

 

In rendering such
opinion, such counsel may rely (A) as to matters involving the application
of laws of any jurisdiction other than the laws of the Cayman Islands, to the
extent they deem proper and specified in such opinion, upon the opinion of
other counsel of good standing whom they believe to be reliable and who are satisfactory
to counsel for the Underwriters and (B) as to matters of fact, to the
extent they deem proper, on certificates of responsible officers of the Company
and public officials. References to the

 

16

 

Final Prospectus in this
paragraph (b) include any amendment or supplement thereto at the Closing
Date.

 

(c)           The
Company shall have requested and caused Davis Graham & Stubbs LLP, counsel
for the Company, to furnish to the Representative its opinion, dated the
Closing Date and addressed to the Representative, to the effect that:

 

(i)            Except as
disclosed in the Disclosure Package and the Final Prospectus, there are, to our
current actual knowledge, (a) no outstanding subscriptions, warrants, options,
calls, claims, commitments, convertible securities or other agreements or
arrangements under which the Company is or may be obligated to issue shares of
its capital stock, and (b) no preemptive or similar rights to subscribe for or
to purchase capital stock of the Company;

 

(ii)           The
execution and delivery of this Agreement and the issuance and sale of the
Securities will not breach or result in a violation of (a) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument
filed as a material contract by the Company under the Exchange Act to which the
Company or its subsidiaries is a party or bound or to which their respective
property is subject, or (b) any statute, law, rule, regulation, judgment, order
or decree applicable to the Company or its subsidiaries of any court,
regulatory body, administrative agency, governmental body, arbitrator or other
authority having jurisdiction over the Company or its subsidiaries or any of
its or their respective properties, except where such breach, violation or
imposition would not individually or in the aggregate have a Material Adverse
Effect;

 

(iii)          No
consent, approval or authorization of, or designation, declaration or filing
with, any governmental authority in the United States is required in connection
with the valid execution, delivery and performance by the Company of this
Agreement or the issuance and sale of the Securities, other than (a) as may be
required under the blue sky or securities laws of any jurisdiction in which the
Securities are offered or sold, and (b) such consents, approvals,
authorizations, designations, declarations or filings as have been made or
obtained on or before the date hereof;

 

(iv)          Except as
set forth in the Disclosure Package and the Final Prospectus, there is, to our
current actual knowledge, no action, suit or proceeding pending against the
Company, its subsidiaries or their respective properties in any court or before
any governmental authority or agency, or arbitration board or tribunal which,
if adversely determined, could reasonably be expected to have a Material
Adverse Effect;

 

(v)           The
statements set forth under the heading “Description of Ordinary Shares” in the Disclosure
Package and the Final Prospectus, insofar as such statements purport to
summarize certain provisions of the Ordinary Shares provide a fair summary of
such provisions;

 

(vi)          The Company
is not and, after giving effect to the offering and sale of the Securities and
the application of the proceeds thereof as described in the Disclosure

 

17

 

Package and the Final Prospectus, will not be,
required to register as an “investment company” as defined in the Investment
Company Act of 1940, as amended, without taking account of any exemption
arising out of the number of holders of the Company’s securities;

 

(vii)         The
Registration Statement has become effective under the Act; any required filing
of the Base Prospectus, and any Preliminary Prospectus and the Final
Prospectus, and any supplements thereto, pursuant to Rule 424(b) has been
made in the manner and within the time period required by Rule 424(b); to
the knowledge of such counsel, no stop order suspending the effectiveness of
the Registration Statement or any notice objecting to its use has been issued,
no proceedings for that purpose have been instituted or threatened, and the
Registration Statement and the Final Prospectus (other than the financial
statements and other financial, statistical and reserve information contained
therein, as to which such counsel need express no opinion) comply as to form in
all material respects with the applicable requirements of the Act and the rules
thereunder;

 

(viii)        No
consent, approval, authorization, filing with or order of any court or
governmental agency or body is required in connection with the transactions
contemplated herein, except such as have been obtained under the Act and such
as may be required under the blue sky laws of any jurisdiction in connection
with the purchase and distribution of the Securities by the Underwriters in the
manner contemplated in this Agreement and in any Preliminary Prospectus and the
Final Prospectus and such other approvals (specified in such opinion) as have
been obtained;

 

(ix)           To our
knowledge, no holders of securities of the Company have rights to the
registration of such securities under the Registration Statement;

 

(x)            The
statements in the Final Prospectus the heading “Certain U.S. Federal Tax Considerations,”
insofar as such statements constitute a summary of matters of United States tax
laws referred to therein, fairly summarize in all material respects the matters
therein described; and

 

(xi)           Assuming
that Colorado law is identical to New York law, this Agreement has been duly
executed and delivered by the Company under New York law.

 

In rendering such opinion, such counsel may rely as to
matters of fact, to the extent they deem proper, on certificates of responsible
officers of the Company and public officials. References to the Final
Prospectus in this Section 6(b) include any amendment or supplement thereto at
the Closing Date.

 

In addition, such counsel
shall advise the Underwriters to the effect that, in connection with such
counsel’s participation in the preparation of the Final Prospectus, while it
has not independently verified the accuracy, completeness or fairness of the
statements contained therein (except with respect to the matters opined upon in
paragraphs (v) and (x) above), and subject to the fact that the limitations
inherent in the examination made by, and the knowledge available to, such
counsel are such that it is unable to assume, and does not assume, any
responsibility for the

 

18

 

accuracy, completeness or fairness of the statements
contained in the Registration Statement, the Base Prospectus and the Final
Prospectus (except with respect to the matters opined upon in paragraphs (v)
and (x) above), on the basis of its examination and participation in
conferences with certain officers of the Company, its independent public
accountants and Representative of the Underwriters in connection with the
preparation of the Final Prospectus, it can advise the Underwriters
supplementally, as of the date thereof or the date of such opinion, that it has
no current actual knowledge that (i) on the Effective Date the Registration
Statement contained any untrue statement of a material fact or omitted to state
any material fact required to be stated therein or necessary to make the
statements therein not misleading or (ii) that the Final Prospectus as of its
date and on the Closing Date included or includes any untrue statement of a
material fact or omitted or omits to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading (in each case, other than the financial statements and
other financial, statistical or reserve information contained therein, as to
which such counsel need express no opinion) or
(iii) the documents specified in a schedule to such counsel’s letter,
consisting of those included in the Disclosure Package, and the price to the public to be included on
the cover page of the Final Prospectus, when taken together as a whole, as of
the Execution Time, contained any untrue statement of a material fact or
omitted to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.
However, such counsel need not express any belief as to the financial
statements and the notes thereto or the schedules or other financial,
statistical or reserve data contained in the Registration Statement or the
Final Prospectus or omitted therefrom.

 

(d)           The
Company shall have requested and caused Quintanilla & Soria, Bolivian
counsel for the Company, to furnish to the Representative its opinion, dated
the Closing Date and addressed to the Representative, to the effect that:

 

(i)            Minera San Cristobal S.A. is a corporation (sociedad anonima) existing under the laws
of Bolivia;

 

(ii)           Minera San Cristobal S.A. has all necessary
power and authority to own property and carry on its business;

 

(iii)          Minera San Cristobal S.A. is the registered
and beneficial owner of the mining concessions listed on a schedule attached
thereto, free and clear of all encumbrances in favor of, and any rights and
interests of, any other person;

 

(iv)          The authorized capital and the issued and
outstanding common shares of Minera San Cristobal S.A., as well as the
registered holders of the issued common shares, are as follows:

 

Outstanding Shares:
13,856,610

 

Apex Silver Mines Sweden AB:
13,856,608

 

Apex Luxembourg s.a.r.l.: 1

 

Apex Metals GmbH: 1

 

19

 

(e)           The
Company shall have requested and caused Bonn Schmitt Steichen, Luxembourg
counsel for the Company, to furnish to the Representative its opinion, dated
the Closing Date and addressed to the Representative, to the effect that:

 

(i)            Apex Luxembourg s.a.r.l. is a société à responsabilité limitée existing
under the laws of Luxembourg;

 

(ii)           Apex Luxembourg s.a.r.l. has all necessary
power and authority to own property and carry on its business;

 

(iii)          All of the issued and outstanding capital
stock of Apex Luxembourg s.a.r.l. is owned of record by Apex Silver Mines
Limited.

 

(f)            The
Company shall have requested and caused Wistrand Advokatbyra, Swedish counsel
for the Company, to furnish to the Representative its opinion, dated the Closing
Date and addressed to the Representative, to the effect that:

 

(i)            Apex Silver Mines Sweden AB is a privat aktiebolag existing under the laws
of Sweden;

 

(ii)           Apex Silver Mines Sweden AB has all necessary
power and authority to own property and carry on its business;

 

(iii)          All of the issued and outstanding capital
stock of Apex Silver Mines Sweden AB is owned by Apex Luxembourg s.a.r.l.

 

(g)           The
Representative shall have received from Cleary Gottlieb Steen & Hamilton
LLP, counsel for the Underwriters, such opinion or opinions, dated the Closing
Date and addressed to the Representative, with respect to the issuance and sale
of the Securities, the Registration Statement, the Disclosure Package, the
Final Prospectus (together with any supplement thereto) and other related
matters as the Representative may reasonably require, and the Company shall
have furnished to such counsel such documents as they request for the purpose
of enabling them to pass upon such matters.

 

(h)           The
Company shall have furnished to the Representative a certificate of the
Company, signed by the Chairman of the Board or the President and the principal
financial or accounting officer of the Company, dated the Closing Date, to the
effect that the signers of such certificate have carefully examined the
Registration Statement, the Final Prospectus, the Disclosure Package and any
amendments or supplements thereto, as well as each electronic roadshow used in
connection with the offering of the Securities, and this Agreement and that:

 

(i)            the
representations and warranties of the Company in this Agreement are true and
correct on and as of the Closing Date with the same effect as if made on the
Closing Date and the Company has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied at or prior to the
Closing Date;

 

20

 

(ii)           no
stop order suspending the effectiveness of the Registration Statement or any
notice objecting to its use has been issued and no proceedings for that purpose
have been instituted or, to the Company’s knowledge, threatened; and

 

(iii)          since
the date of the most recent financial statements included or incorporated by
reference in the Final Prospectus (exclusive of any supplement thereto), there
has been no material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business, except as set forth in or contemplated in the
Disclosure Package and the Final Prospectus (exclusive of any supplement
thereto).

 

(i)            The Company shall have requested and
caused PricewaterhouseCoopers LLP to have furnished to the Representative, at
the Execution Time and at the Closing Date, a letter, dated respectively as of
the Execution Time and as of the Closing Date, in form and substance
satisfactory to the Representative.

 

(j)            Subsequent to the Execution Time or,
if earlier, the dates as of which information is given in the Registration
Statement (exclusive of any amendment thereof) and the Final Prospectus
(exclusive of any supplement thereto), there shall not have been (i) any
change or decrease specified in the letter or letters referred to in
paragraph (h) of this Section 6 or (ii) any change, or any
development involving a prospective change, in or affecting the condition
(financial or otherwise), prospects, earnings, business or properties of the
Company and its subsidiaries taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or
contemplated in the Disclosure Package and the Final Prospectus (exclusive of
any supplement thereto) the effect of which, in any case referred to in
clause (i) or (ii) above, is, in the sole judgment of the Representative,
so material and adverse as to make it impractical or inadvisable to proceed
with the offering or delivery of the Securities as contemplated by the
Registration Statement (exclusive of any amendment thereof), the Disclosure
Package and the Final Prospectus (exclusive of any supplement thereto).

 

(k)           Prior to the Execution Time,
the Company shall have furnished to the Representative a letter substantially
in the form of Exhibit A hereto from each officer and director of the Company
and addressed to the Representative.

 

(l)            Subsequent to the Execution Time,
there shall not have been any decrease in the rating of any of the Company’s
debt securities by any “nationally recognized statistical rating organization”
(as defined for purposes of Rule 436(g) under the Act) or any notice given of
any intended or potential decrease in any such rating or of a possible change
in any such rating that does not indicate the direction of the possible change

 

(m)          Prior to the Closing Date, the Company
shall have furnished to the Representative such further information, certificates
and documents as the Representative may reasonably request.

 

21

 

If any of the conditions specified in this
Section 6 shall not have been fulfilled when and as provided in this
Agreement, or if any of the opinions and certificates mentioned above or
elsewhere in this Agreement shall not be reasonably satisfactory in form and
substance to the Representative and counsel for the Underwriters, this
Agreement and all obligations of the Underwriters hereunder may be canceled at,
or at any time prior to, the Closing Date by the Representative. Notice of such
cancellation shall be given to the Company in writing or by telephone or
facsimile confirmed in writing.

 

The documents required to be delivered by this
Section 6 shall be delivered at the office of Cleary Gottlieb Steen & Hamilton LLP, counsel for the
Underwriters, at One Liberty Plaza, New
York, NY 10006, on the Closing Date.

 

7.             Reimbursement of Underwriters’ Expenses. If the
sale of the Securities provided for herein is not consummated because any
condition to the obligations of the Underwriters set forth in Section 6
hereof is not satisfied, because of any termination pursuant to Section 10
hereof or because of any refusal, inability or failure on the part of the
Company to perform any agreement herein or comply with any provision hereof
other than by reason of a default by any of the Underwriters, the Company will
reimburse the Underwriters severally through Harris Nesbitt Corp. on demand for
all expenses (including reasonable fees and disbursements of counsel) that
shall have been incurred by them in connection with the proposed purchase and
sale of the Securities.

 

8.             Indemnification and Contribution. (a)  The Company agrees to indemnify and hold
harmless each Underwriter, the directors, officers, employees and agents of
each Underwriter and each person who controls any Underwriter within the
meaning of either the Act or the Exchange Act against any and all losses,
claims, damages or liabilities, joint or several, to which they or any of them
may become subject under the Act, the Exchange Act or other U.S. federal or
state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the registration statement for the registration of
the Securities as originally filed or in any amendment thereof, or in the Base
Prospectus, any Preliminary Prospectus, or any other preliminary prospectus
supplement relating to the Securities, the Final Prospectus or any Issuer Free
Writing Prospectus, or in any amendment thereof or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and agrees to reimburse each such indemnified party, as
incurred, for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not
be liable in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
any Underwriter through the Representative specifically for inclusion therein.
This indemnity agreement will be in addition to any liability that the Company
may otherwise have.

 

(b)           Each Underwriter severally and not jointly agrees
to indemnify and hold harmless the Company, each of its directors, each of its
officers who signs the

 

22

 

Registration
Statement, and each person who controls the Company within the meaning of
either the Act or the Exchange Act, to the same extent as the foregoing
indemnity from the Company to each Underwriter, but only with reference to
written information relating to such Underwriter furnished to the Company by or
on behalf of such Underwriter through the Representative specifically for inclusion
in the documents referred to in the foregoing indemnity. This indemnity
agreement will be in addition to any liability that any Underwriter may
otherwise have. The Company acknowledges that the statements set forth (i) in
the last paragraph of the cover page regarding delivery of the Securities and
(ii) under the heading “Underwriting,” the 16th paragraph in the Preliminary
Prospectus and the Final Prospectus constitute the only information furnished
in writing by or on behalf of the several Underwriters for inclusion in any
Preliminary Prospectus, the Final Prospectus and any Issuer Free Writing
Prospectus.

 

(c)           Promptly
after receipt by an indemnified party under this Section 8 of notice of
the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this
Section 8, notify the indemnifying party in writing of the commencement
thereof; but the failure so to notify the indemnifying party (i) will not
relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party
from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to appoint counsel (including local counsel) of the
indemnifying party’s choice at the indemnifying party’s expense to represent
the indemnified party in any action for which indemnification is sought (in
which case the indemnifying party shall not thereafter be responsible for the
fees and expenses of any separate counsel, other than local counsel if not
appointed by the indemnifying party, retained by the indemnified party or
parties except as set forth below); provided, however, that such
counsel shall be satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel (including local counsel) to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a
conflict of interest, (ii) the actual or potential defendants in, or targets
of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may
be legal defenses available to it and/or other indemnified parties that are
different from or additional to those available to the indemnifying party,
(iii) the indemnifying party shall not have employed counsel satisfactory
to the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action or (iv) the
indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party. An indemnifying party will
not, without the prior written consent of the indemnified parties, settle or compromise
or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be

 

23

 

sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.

 

(d)           In
the event that the indemnity provided in paragraph (a) or (b) of this
Section 8 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, the Company and the Underwriters severally
agree to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with
investigating or defending any loss, claim, damage, liability or action)
(collectively “Losses”) to which the Company and one or more of the
Underwriters may be subject in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and by the
Underwriters on the other from the offering of the Securities; provided,
however, that in no case shall any Underwriter be responsible for any
amount in excess of the underwriting discount or commission applicable to the
Securities purchased by such Underwriter hereunder. If the allocation provided
by the immediately preceding sentence is unavailable for any reason, the
Company and the Underwriters severally shall contribute in such proportion as
is appropriate to reflect not only such relative benefits but also the relative
fault of the Company on the one hand and of the Underwriters on the other in
connection with the statements or omissions which resulted in such Losses as
well as any other relevant equitable considerations. Benefits received by the
Company shall be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by it, and benefits received by the
Underwriters shall be deemed to be equal to the total underwriting discounts
and commissions, in each case as set forth on the cover page of the Final
Prospectus. Relative fault shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information provided by the Company on the one hand or the Underwriters on the
other, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The Company and the Underwriters agree that it would not be just and
equitable if contribution were determined by pro rata allocation or any other
method of allocation that does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph (d),
no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 8, each person who controls an Underwriter within the meaning
of either the Act or the Exchange Act and each director, officer, employee,
Affiliate and agent of an Underwriter shall have the same rights to
contribution as such Underwriter, and each person who controls the Company
within the meaning of either the Act or the Exchange Act, each officer of the
Company who shall have signed the Registration Statement and each director of
the Company shall have the same rights to contribution as the Company, subject
in each case to the applicable terms and conditions of this paragraph (d).

 

9.             Default by an Underwriter. If any one or more
Underwriters shall fail to purchase and pay for any of the Securities agreed to
be purchased by such Underwriter or

 

24

 

Underwriters hereunder and such failure to purchase
shall constitute a default in the performance of its or their obligations under
this Agreement, the remaining Underwriters shall be obligated severally to take
up and pay for (in the respective proportions which the amount of Securities set
forth opposite their names in Schedule I hereto bears to the aggregate
amount of Securities set forth opposite the names of all the remaining
Underwriters) the Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase; provided, however, that in the
event that the aggregate amount of Securities which the defaulting Underwriter
or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate
amount of Securities set forth in Schedule I hereto, the remaining Underwriters
shall have the right to purchase all, but shall not be under any obligation to
purchase any, of the Securities, and if such nondefaulting Underwriters do not
purchase all the Securities, this Agreement will terminate without liability to
any nondefaulting Underwriter or the Company. In the event of a default by any
Underwriter as set forth in this Section 9, the Closing Date shall be
postponed for such period, not exceeding five Business Days, as the
Representative shall determine in order that the required changes in the
Registration Statement and the Final Prospectus or in any other documents or
arrangements may be effected. Nothing contained in this Agreement shall relieve
any defaulting Underwriter of its liability, if any, to the Company and any
nondefaulting Underwriter for damages occasioned by its default hereunder.

 

10.           Termination. This Agreement
shall be subject to termination in the absolute discretion of the
Representative, by notice given to the Company prior to delivery of and payment
for the Securities, if at any time prior to such time (i) trading in the
Company’s Ordinary Shares shall have been suspended by the Commission or the
American Stock Exchange or trading in securities generally on the New York
Stock Exchange or the American Stock Exchange shall have been suspended or
limited or minimum prices shall have been established on such Exchange,
(ii) a banking moratorium shall have been declared either by U.S. federal
or New York State authorities or (iii) there shall have occurred any
outbreak or escalation of hostilities, declaration by the United States of a
national emergency or war, or other calamity or crisis the effect of which on
financial markets is such as to make it, in the sole judgment of the
Representative, impractical or inadvisable to proceed with the offering or
delivery of the Securities as contemplated by any Preliminary Prospectus or the
Final Prospectus (exclusive of any amendment or supplement thereto).

 

11.           Representations and Indemnities to
Survive. The respective agreements, representations, warranties,
indemnities and other statements of the Company or its officers and of the
Underwriters set forth in or made pursuant to this Agreement will remain in
full force and effect, regardless of any investigation made by or on behalf of
any Underwriter or the Company or any indemnified persons referred to in
Section 8 hereof, and will survive delivery of and payment for the
Securities. The provisions of Sections 7 and 8 hereof shall survive the
termination or cancellation of this Agreement.

 

12.           Notices. All communications
hereunder will be in writing and effective only on receipt, and, if sent to the
Representative, will be mailed, delivered or telefaxed to the Harris Nesbitt
Corp. General Counsel (fax no.: (212) 702-1205) and confirmed to the
General Counsel, Harris Nesbitt Corp., at 3 Times Square, New York, NY 10036,
Attention:  General Counsel; or, if sent
to the Company, will be mailed, delivered or telefaxed to Mark Lettes, Chief
Financial Officer (fax no.: (303) 839-5907 and confirmed to it at Apex Silver
Mines Limited c/o

 

25

 

Apex Silver Mines Corporation, 1700 Lincoln Street,
Suite 3050, Denver, Colorado 80203, Attention: 
Mark Lettes, Chief Financial Officer.

 

13.           Successors. This Agreement
will inure to the benefit of and be binding upon the parties hereto and their
respective successors, the indemnified persons referred to in Section 8
hereof and their respective successors, and no other person will have any right
or obligation hereunder.

 

14.           No Fiduciary Duty. The Company
hereby acknowledges that (a) the purchase and sale of the Securities pursuant
to this Agreement is an arm’s-length commercial transaction between the
Company, on the one hand, and the Underwriters and any affiliate through which
it may be acting, on the other, (b) the Underwriters are acting as principal
and not as an agent or fiduciary of the Company and (c) the Company’s
engagement of the Underwriters in connection with the offering and the process leading
up to the offering is as independent contractors and not in any other capacity.
Furthermore, the Company agrees that it is solely responsible for making its
own judgments in connection with the offering (irrespective of whether any of
the Underwriters has advised or is currently advising the Company on related or
other matters). The Company agrees that it will not claim that the Underwriters
have rendered advisory services of any nature or respect, or owe an agency,
fiduciary or similar duty to the Company, in connection with such transaction
or the process leading thereto.

 

15.           Applicable Law. This Agreement
will be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed within the State of
New York. The parties hereto each hereby waive any right to trial by jury in
any action, proceeding or counterclaim arising out of or relating to this
Agreement.

 

16.           Consent to Jurisdiction; Service of Process. The Company hereby (a) submits
to the non-exclusive jurisdiction of the courts of the State of New York located
in the City and County of New York and the United States District Court for the
Southern District of New York (collectively, the “New York Courts” and each, a “New York Court”)
with respect to any actions and proceedings arising out of or relating to this
Agreement and hereby consents to personal service with respect thereto,
(b) agrees that all claims with respect to such actions or proceedings may
be heard and determined in such New York Courts, (c) waives the defense of an
inconvenient forum, and (d) agrees not to commence, prosecute or continue any
action or proceeding relating to this Agreement other than in a New York Court.

 

17.           Counterparts. This Agreement
may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.

 

18.           Headings. The section headings
used herein are for convenience only and shall not affect the construction
hereof.

 

19.           Definitions. The terms that
follow, when used in this Agreement, shall have the meanings indicated.

 

26

 

“Act” shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Affiliate” shall have the meaning specified in Rule
501(b) of Regulation D.

 

“Base Prospectus” shall mean the base prospectus
referred to in paragraph 1(a) above contained in the Registration Statement at
the Execution Time.

 

“Business Day” shall mean any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in The City of New
York.

 

“Code” shall mean the Internal Revenue Code of 1986,
as amended.

 

“Commission” shall mean the Securities and Exchange
Commission.

 

“Disclosure Package” shall mean (i) the Base
Prospectus, (ii) the Preliminary Prospectus used most recently prior to the
Execution Time, (iii) the Issuer Free Writing Prospectuses, if any, identified
in Schedule II hereto, and (iv) any other Free Writing Prospectus that the
parties hereto shall hereafter expressly agree in writing to treat as part of
the Disclosure Package.

 

“Effective Date” shall mean each date and time that
the Registration Statement, any post-effective amendment or amendments thereto
became or become effective.

 

“Exchange Act” shall mean the Securities Exchange Act
of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Execution Time” shall mean the date and time that
this Agreement is executed and delivered by the parties hereto.

 

“Final Prospectus” shall mean the prospectus
supplement relating to the Securities that was first filed pursuant to Rule 424(b)
after the Execution Time, together with the Base Prospectus.

 

“Free Writing Prospectus” shall mean a free writing
prospectus, as defined in Rule 405.

 

“Investment Company Act” shall mean the Investment
Company Act of 1940, as amended, and the rules and regulations of the
Commission promulgated thereunder.

 

“Issuer Free Writing Prospectus” shall mean an issuer
free writing prospectus, as defined in Rule 433.

 

“Preliminary Prospectus” shall mean any preliminary
prospectus supplement to the Base Prospectus referred to in paragraph 1(a)
above which is used prior to the filing of the Final Prospectus, together with
the Base Prospectus.

 

27

 

“Registration Statement” shall mean the registration
statement referred to in paragraph 1(a) above, including exhibits and financial
statements and any prospectus supplement relating to the Securities that is
filed with the Commission pursuant to Rule 424(b) and deemed part of such
registration statement pursuant to Rule 430B, as amended at the Execution Time
and, in the event any post-effective amendment thereto or any Rule 462(b)
Registration Statement becomes effective prior to the Closing Date, shall also
mean such registration statement as so amended or any such Rule 462(b)
Registration Statement.

 

“Regulation D” shall mean Regulation D under
the Act.

 

“Rule 158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule
405”, “Rule 415”, “Rule 424”, “Rule 430B”, “Rule 433” and “Rule
462(b)” refer to such rules under the Act.

 

28

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed
duplicate hereof, whereupon this letter and your acceptance shall represent a
binding agreement between the Company and the several Underwriters.

 

	
   

  	
  Very truly yours,

  
	
   

  
	
   

  	
  APEX SILVER MINES LIMITED

  
	
   

  
	
   

  	
  By:

  	
  /s/ Mark A. Lettes

  	
   

  
	
   

  	
  Name: Mark A. Lettes

  
	
   

  	
  Title: Senior VP and Chief Financial Officer

  

 

The foregoing Agreement is hereby

confirmed and accepted as of the

date first above written.

 

	
  By:

  	
  HARRIS NESBITT CORP.,

  	
   

  
	
   

  	
  acting severally for itself and the other several

  	
   

  
	
   

  	
  Underwriters named in Schedule I.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Michael S. Vitton

  	
   

  	
   

  
	
   

  	
  Name: Michael S. Vitton

  	
   

  
	
   

  	
  Title: Executive Managing Director

  	
   

  
					

 

29

 

SCHEDULE I

 

	
  Underwriters

  	
   

  	
  Number of Securities

  to be Purchased

  	
   

  
	
  Harris Nesbitt Corp.

  	
   

  	
  6,375,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  6,375,000

  	
   

  

 

 

SCHEDULE II

 

Schedule of Free Writing Prospectuses included in the Disclosure
Package

 

2

 

	
  [Form of Lock-Up Agreement]

  	
  EXHIBIT A

  

 

[Letterhead of
officer, director or major shareholder of

APEX SILVER MINES
LIMITED

 

APEX SILVER MINES LIMITED

Public Offering of Ordinary Shares

 

, 2006

 

Harris
Nesbitt Corp.

As
Representative of the several Underwriters

c/o
Harris Nesbitt Corp.

3
Times Square

New
York, NY 10036

 

Ladies
and Gentlemen:

 

This letter is being delivered to you in connection
with the proposed Underwriting Agreement (the “Underwriting Agreement”),
between Apex Silver Mines Limited, a Cayman Islands company (the “Company”),
and you as representative of a group of Underwriters named therein, relating to
an underwritten public offering of Ordinary Shares, $.01 par value (the “Ordinary
Shares”), of the Company.

 

In order to induce you and the other Underwriters to
enter into the Underwriting Agreement, the undersigned will not, without the
prior written consent of Harris Nesbitt Corp., directly or indirectly, offer,
sell, contract to sell, pledge or otherwise dispose of (or enter into any
transaction which is designed to, or might reasonably be expected to, result in
the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the undersigned or any
affiliate of the undersigned or any person in privity with the undersigned or
any affiliate of the undersigned of, file (or participate)), directly or
indirectly, including the filing (or participation in the filing) of a registration
statement with the Securities and Exchange Commission in respect of, or
establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Securities and
Exchange Commission promulgated thereunder with respect to, any shares of
capital stock of the Company or any securities convertible into, or exercisable
or exchangeable for such capital stock, or publicly announce an intention to
effect any such transaction, for a period of 90 days after the date of the
Underwriting Agreement. Notwithstanding the foregoing, the undersigned may (1)
transfer any or all of the shares of capital stock of the Company or any
securities convertible into, or exercisable or exchangeable for such capital
stock by gift, will or intestacy; provided, however, that in any
such case it shall be a condition to the transfer that the transferee execute
an agreement stating that the transferee is receiving and holding the
securities subject to the provisions of this letter, and there shall be no
further transfer of such securities except in accordance with this letter; and
(2) in the case of an officer or director of the Company, dispose up to 175,000
Ordinary Shares (however, the total disposition by the officers and directors
of the Company as a group shall not exceed an aggregate of 175,000 Ordinary
Shares); provided that

 

 

the undersigned may not make any disposition of
Ordinary Shares pursuant to this clause (2) until at least 30 days after the
date of the Underwriting Agreement.

 

 

If for any reason the Underwriting Agreement shall be
terminated prior to the Closing Date (as defined in the Underwriting
Agreement), the agreement set forth above shall likewise be terminated.

 

	
   

  	
  Yours very truly,

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

ANNEX A

 

Significant Subsidiaries

 

	
  Apex Luxembourg S.a.r.l.

  	
   

  	
  Luxembourg

  
	
  Apex Silver Mines Sweden AB

  	
   

  	
  Sweden

  
	
  Apex Metals GmbH

  	
   

  	
  Switzerland

  
	
  Minera San Cristobal S.A.

  	
   

  	
  Bolivia

  
	
  Apex Silver Mines Corporation

  	
   

  	
  Delaware

  

 

 

ANNEX B

 

Officers

 

Jeffrey G. Clevenger

Alan R. Edwards

Mark A. Lettes

Robert P. Vogels

 

 

ANNEX C

 

Warrants

 

Placement Agent Warrant dated January 28, 2004 for 228,000 Ordinary
Shares issued to Nathan A. Low.

 

Placement Agent Warrant dated January 28, 2004 for 72,000 Ordinary
Shares issued to Sunrise Securities Corp.

 

Placement Agent Warrant dated January 28, 2004 for 50,000 Ordinary
Shares issued to Robert Newman Jr.

 

Warrant dated March 29, 2004 for 10,000 Ordinary Shares issued to Jay
Rodin.

 

Warrant dated March 29, 2004 for 5,000 Ordinary Shares issued to Eric
Abitbol.Exhibit 10.1

 

RLI INCENTIVE COMPENSATION PLAN

EFFECTIVE JANUARY 1, 2006

 

I. ESTABLISHMENT
AND PURPOSE

 

RLI Corp. (the “Company”) hereby establishes the RLI
Incentive Compensation Plan (the “Plan”), effective January 1, 2006 (the “Effective
Date”), for the benefit of its employees and employees of its Affiliates. The
Plan is intended to amend, consolidate and restate prior incentive compensation
plans established by the Company, including the Market Value Potential
Executive Incentive Plan. The terms of the Plan, as set forth herein, shall
apply to Awards granted under the Plan on and after the Effective Date. Awards
granted under the Company’s incentive compensation plans in effect prior to the
Effective Date shall be governed by the terms of such plans.

 

The Plan is intended to align incentive compensation
with achieving the financial performance factors on which the Company’s market
value is driven. The Plan is also designed to promote the accomplishment of
management’s primary annual objectives as reflected in the Company’s annual
operating plan and in the objectives established by management for employees,
and to recognize the achievement of management’s objectives through the payment
of incentive compensation.

 

The Plan provides for incentive payments
to employees based upon the achievement of pre-established performance goals. The
performance goals may be annual or multi-year goals. Incentive
compensation payable under the Plan is intended to be deductible by the Company
in accordance with Section 162(m) of the Internal Revenue Code of 1986, as
amended (the “Code”). The Company may adopt a variety of bonus and
incentive programs under the Plan provided such programs are based on the
performance goals described herein.

 

II.
DEFINITIONS

 

For purposes of the Plan, unless the context
otherwise requires, the following terms shall have the meanings set forth
below.

 

 

2.1           “Affiliate” means any
corporation that is part of a controlled group within the meaning of Code Section 414(b) or
(c).

 

2.2           “Award” means an award of incentive
compensation under the Plan to a Participant in accordance with the terms set
forth herein.

 

2.3           “Board” means the Board of Directors
of the Company as constituted at the relevant time.

 

2.4           “Board Approval Limit” means a
predetermined Award level at which the independent directors of the Board
approve Awards in accordance with Section 5.3(c).

 

2.5           “Bonus Bank” means a deferred payment
arrangement established under Section 6.2.

 

2.6           “Bonus Pool” means an amount available
for distribution to Participants who have been assigned an interest in the
Bonus Pool (e.g. Market Value Potential bonus pool arrangement in effect as of
the Effective Date). The amount of the Bonus Pool will be determined by the
Committee based on the Performance Goals.

 

2.7           “Cause” means termination for reasons
described in Section 6.3.

 

2.8           “Code” means the Internal Revenue Code
of 1986, as amended.

 

2.9           “Committee” means the Executive
Resources Committee of the Board, as constituted at the relevant time, which
shall consist of two or more “outside directors” within the meaning of Section 162(m)
of the Code who are not eligible for participation in the Plan.

 

2.10         “Company” means RLI Corp., an Illinois
corporation.

 

2.11         “Disability or Disabled,” with respect
to a Participant, means that the Participant satisfies the requirements to
receive long-term disability benefits under the Company-sponsored group
long-term disability plan in which the Participant participates without regard
to any waiting periods, or that the Participant has been determined by the
Social Security Administration to be 

 

 

eligible
to receive Social Security disability benefits. A Participant shall not be
considered to be “Disabled” unless the Participant furnishes proof of the
Disability to the Company in such form and manner as the Company may require.

 

2.12         “Eligible Employee,” for any
Performance Period, means a 162(m) Employee and such other employees of the
Company and its Affiliates as may be designated to participate in the Plan
for such Performance Period. An employee who is designated as eligible to
participate in the Plan for a particular Performance Period is not necessarily
eligible to participate in the Plan for any other Performance Period.

 

2.13         “Effective Date” means January 1,
2006.

 

2.14         “Fiscal Year” means the calendar year.

 

2.15         “Normal Retirement Date,” of a
Participant, means the date on which the Participant has attained both (i) combined
age and years of service with the Company of seventy-five and (ii)  and at
least 10 years of service. For this purpose, Company service will be based only
on Participant’s actual service with the Company (and not any other employer
that may be acquired by the Company with respect to service prior to the
acquisition) and shall be calculated based on the number of whole employment
years the Participant has completed from the date of Participant’s initial
employment with the Company. No credit shall be given for fractional years of
service.

 

2.16         “162(m) Employee,” for any Fiscal
Year, means an employee of the Company who, as of the close of the Fiscal Year,
is:  (a) the CEO (or an individual
acting in such capacity); or (b) among the four highest compensated
officers of the Company (other than the CEO). Whether an employee is the CEO or
one of the four highest compensated officers of the Company is determined
pursuant to the executive compensation rules of the Securities Exchange
Act of 1934 and regulations under Code Section 162(m).

 

2.17         “Participant,” for any Performance
Period, means an Eligible Employee who has commenced participating in the Plan
for such Performance Period.

 

2.18         “Performance Goals,” of a Participant
for a Performance Period, are the goals established for the 

 

 

Performance
Period, the achievement of which is a condition for receiving an Award under
the Plan.

 

In the case of a Participant who is a 162(m)
Employee, all Performance Goals must be pre-established by the Committee, must
be objective, and must state, in terms of an objective formula or standard, the
method for computing the amount of compensation payable if the goal is attained.
A Performance Goal is considered “pre-established” for purposes of this
paragraph if it is established in writing by the Committee no later than 90
days after the commencement of a Performance Period, provided that the outcome
is substantially uncertain at the time the Committee actually establishes the
goal. However, in no event will a Performance Goal be considered to be
pre-established if it is established after 25 percent of a Performance Period
has elapsed. A Performance Goal is considered “objective” if a third party
having knowledge of the relevant facts could determine whether the goal is met.
A formula or standard is considered “objective” if a third party having
knowledge of the relevant performance results could calculate the amount to be
paid to the Participant. A Performance Goal may be adjusted in accordance
with Code Section 162(m) during a Performance Period to prevent dilution
or enlargement of an Award as a result of extraordinary events or circumstances
as determined by the Committee or to exclude the effects of extraordinary,
unusual or nonrecurring events, changes in accounting principles, discontinued
operations, acquisitions, divestitures and material restructuring charges.

 

Performance Goals may be based on one or more
of the following criteria and may be based on attainment of a particular
level of, or on a positive change in, a factor: 
revenue, revenue per employee, earnings before income tax (profit before
taxes), earnings before interest and income tax, net earnings (profit after
taxes), earnings per employee, earnings per share, operating income, total
shareholder return, market share, return on equity, before-tax return on net
assets, after-tax return on net assets, economic value added (economic profit),
market value potential, and underwriting profit. Such criteria may relate
to one or any combination of two or more of Company, Affiliate, division or
individual performance.

 

 

2.19         “Performance Period” means, generally,
the Fiscal Year. However, the Committee may, at its discretion, designate a
shorter or longer Performance Period.

 

2.20         “Plan Administrative Committee” means
the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
and Vice President, Human Resources of the Company or such other officers as
the Committee may designate from time to time.

 

2.21         “Retirement,” of a Participant, means
the Participant’s termination of employment with the Company and all Affiliates
on or after his Normal Retirement Date.

 

2.22         “Salary,” of a Participant for a
Performance Period, means the annualized base compensation payable to a
Participant determined by the salary rate in effect on the last day of the
Performance Period. The salary rate shall be determined without regard to
reductions or deferrals of compensation under qualified and nonqualified plan
or welfare benefit plan. The salary rate shall be determined without regard to
fringe benefits, bonuses or other payments in addition to Participant’s base
compensation.

 

2.23         “Target Performance Award” means a
dollar amount (which may be expressed as a percentage of Salary)
established for a Participant if the Performance Goal for the Participant is
achieved. The Target Performance Award may also state the maximum amount
that may actually be paid to the Participant under Section 5.3 (which
may be expressed as a percentage of Salary.)

 

III.           ADMINISTRATION

 

3.1           Duties of Committee. The Committee will administer the Plan. Any
actions taken by the Committee shall be by a majority vote of all Committee
members. The Committee may establish such rules and regulations as it
deems necessary for the Plan and its interpretation. In addition, the Committee
may make such determinations and take such actions in connection with the
Plan as it deems necessary. Each determination made by the Committee in
accordance with the provisions of the Plan will be final, binding and
conclusive. The Committee may rely on the financial statements certified
by the Company’s independent public accountants.

 

 

3.2           Duties of Plan Administrative Committee. Except as provided in Section 3.3, the
Committee may delegate some or all of its administrative powers and
responsibilities under the Plan to the Plan Administrative Committee. Unless
the Committee determines otherwise, the Committee shall be treated as
delegating its authority to the Plan Administrative Committee to the full
extent permitted hereunder. The Plan Administrative Committee may make
such determinations and take such actions within the scope of such delegation
and as otherwise provided in the Plan, as it deems necessary. The Plan
Administrative Committee may further delegate any duties delegated to it
pursuant to this Section 3.2 to other officers or employees of the Company
and any such delegation may allow for further delegation to other officers
or employees. Each determination made by the Plan Administrative Committee, or
its delegate, will be final, binding and conclusive. The Plan Administrative
Committee and its delegates may rely on the financial statements certified
by the Company’s independent public accountants. Notwithstanding any such
delegation, the Committee may review and change any decision made by the
Plan Administrative Committee or its delegate.

 

3.3           Committee’s Duties with Respect to 162(m)
Employees and to Amend or Terminate Plan. Notwithstanding anything in the Plan to the contrary:  (a) the Committee shall have sole and
exclusive authority to (i) establish the Performance Goals for all 162(m)
Employees, (ii) determine and certify the achievement of the Performance
Goals for all 162(m) Employees, (iii) decrease the amount of Awards
payable to all 162(m) Employees pursuant to Section 5.2 and 5.3, and (iv) to
modify, suspend, terminate or reinstate the Plan.

 

IV. ELIGIBILITY TO PARTICIPATE

 

Participation in the Plan is limited to Eligible
Employees. An employee who is a 162(m) Employee for a Performance Period shall
be eligible to participate in the Plan for the Performance Period. Prior to or
within an administratively reasonable period of time following the beginning of
a Performance Period, the Plan Administrative Committee or its delegate shall
determine which other employees are Eligible Employees for the Performance
Period. The Committee has final authority to approve or disapprove the
selection of any Eligible Employee. An Eligible Employee (other than a 162(m)
Employee) shall become a 

 

 

Participant only upon his or her approval by the
Plan Administrative Committee or its delegate and his or her compliance with such
terms and conditions as the Committee or Plan Administrative Committee may from
time to time establish for the implementation of the Plan.

 

V.
CALCULATION OF AWARDS

 

A Participant’s Award for a Performance Period is
determined as follows:

 

5.1           Establishing Performance Goals and Target
Performance Awards and Board Approval Limits. Prior to the beginning of a Performance Period or as soon thereafter
as administratively reasonable, but no later than the time permitted under Code
Section 162(m), the Committee (in the case of Participants who are 162(m)
Employees) and the Plan Administrative Committee, or its delegate, (in the case
of all other Participants), shall establish the Performance Goal or Goals and
each Participant’s Target Performance Award. Alternatively the Committee (in
the case of Participants who are 162(m) Employees) and the Plan Administrative
Committee, or its delegate (in the case of all other Participants), may establish
a Bonus Pool for one or more Participants and assign Participants an interest
in the Bonus Pool. In addition, the Committee shall establish a Board Approval
Limit for each Award made to a 162(m) Employee.

 

5.2           Calculation of Awards. Following the close of a Performance
Period, the Committee (in the case of the 162(m) Employees) and the Plan
Administrative Committee (in the case of all other Participants) shall
determine the actual Award payable to a Participant by (i) multiplying the
percentage achievement of the Performance Goal against the Target Performance
Award to determine the Participant’s Award for the Performance period or (ii) multiplying
the Participant’s interest in any Bonus Pool by the final amount of the Bonus
Pool. No Award will be paid to a Participant if the percentage achievement of a
Performance Goal is below any minimum level of performance established for such
Performance Goal. In no event shall the aggregate of all Award payments
(including the amount of any Award credited to a Bonus Bank) with respect to a
Participant in any Fiscal Year exceed $7,500,000.

 

 

5.3           Adjustments and Certifications of Awards. Once the determination in Section 5.2
is made, the Committee, in the case of a Participant who is a 162(m) Employee,
and the Plan Administrative Committee or its delegate in all other cases,
shall:

 

(a)           Review the amount of each Award and make any
adjustments it, in its sole discretion, deems appropriate to the amount of the
Award. In general, each Participant’s Award will be the amount pre-established
(when the Performance Goals were established) for achievement of the
Performance Goals at the achievement levels described in Section 5.1. However,
at the discretion of the Plan Administrative Committee, this amount may be
increased (except in the case of a Participant who is a 162(m) Employee) or
decreased based upon such objective or subjective criteria as it deems
appropriate. The Committee, in its discretion, may decrease (but not
increase) the amount in the case of a 162(m) Employee based upon such objective
or subjective criteria as it deems appropriate; and

 

(b)           In the case of a Participant who is a 162(m)
Employee, the Committee shall certify the extent to which the Participant has
satisfied each of his or her Performance Goals and all other material terms of
an Award.

 

(c)           In the case of any Award subject to a Board
Approval Limit, the independent directors serving on the Board may reduce
the actual Award, but not below the Board Approval Limit established by the
Committee.

 

VI.
PAYMENT OF AWARDS

 

6.1           Timing of Award Payment. Except as provided in Section 6.2, a
Participant’s Award for a Performance Period shall be paid in a cash lump sum
to him or her no later than March 15 following the end of the Fiscal Year
in which the Performance Period ends. A Participant who is also eligible to
participate in the RLI Corp. Executive Deferred Compensation Plan may elect
to defer some or all of any amount otherwise payable to him or her under this Section 6.1
to the extent permitted by such plan.

 

 

6.2           Bonus Bank. Immediately prior to the beginning of a Performance Period, the
Committee may specify that a portion of an Award will be credited to a
Bonus Bank. Any such Award will be in writing and shall specify a fixed schedule of
payments and such other terms and conditions as the Committee or Plan
Administrative Committee may choose. The terms of the Award may provide
that amounts credited to the Bonus Bank may be reduced if Performance
Goals in a subsequent Performance Period are not met. Amounts deposited to the
Bonus Bank will be credited with interest equivalent to the interest rate on
three-year U.S. Government Treasury Bills in effect at the beginning of the
fiscal year.

 

6.3           Change in Employment Status During Performance Period. In general, in order to receive a payment a Participant must be employed
by the Company or Affiliate on (i) the date of actual payment with respect
to an Award that is not held under a Bonus Bank and (ii) the date of
actual payouts from a Bonus Bank arrangement. If the Participant’s employment
is terminated during a Performance Period due to his or her death, Retirement,
or Disability, the Participant (or the Participant’s beneficiary in the case of
the Participant’s death) will be entitled to receive a pro rata portion of the
Award only if the Award expressly provides for such payment. If the Participant’s
employment is terminated at a time when a Participant has a balance in a Bonus
Bank due to his or her death or Disability, the Participant (or the Participant’s
beneficiary in the case of the Participant’s death) will be entitled to receive
a payment equal to the balance of the Bonus Bank adjusted for interest through
the end of the preceding quarter within 30 days of termination. Notwithstanding
anything in this Section 6.3 to the contrary, a Participant shall not be
entitled to any Award for a Performance period if the Participant’s employment
is terminated by the Company or Affiliate for “Cause” during the Performance
Period. For these purposes, “Cause” shall mean the Participant’s:  (a) failure to comply with any material
policies and procedures of the Company or Affiliate; (b) conduct
reflecting dishonesty or disloyalty to the Company or Affiliate, or which may have
a negative impact on the reputation of the Company or Affiliate; (c) commission
of a felony, theft or fraud, or violations of law involving moral turpitude; (d) failure
to perform the material duties of his or her employment; (e) excessive
absenteeism; (f) unethical behavior; or (g) violation of a material
policy of the 

 

 

Company. If a Participant’s employment is terminated
for “Cause,” the date on which the Participant’s employment is considered to be
terminated, for purposes of this Section 6.3, shall be the time at which
such Participant is instructed or notified to cease performing his or her job
responsibilities for the Company or any Affiliate, whether or not for other
reasons, such as payroll, benefits or compliance with legal procedures or
requirements, he or she may still have other attributes of an employee.

 

6.4           Beneficiary. In the event that any amount
becomes payable under the Plan by reason of the Participant’s death, such
amount shall be paid to the same beneficiary or beneficiaries (and in the same
proportions) as last designated by the Participant to receive benefits under
the Company basic life insurance plan upon the Participant’s death. Such amount
shall be paid to the beneficiary or beneficiaries at the same time such amount
would have been paid to the Participant had he or she survived. In order for
such designation to be valid for purposes of the Plan, it must be completed and
filed with the Company according to the rules established by the Company
for the Company basic life insurance plan. If the Participant has not completed
a beneficiary designation for the Company basic life insurance plan, or all
such beneficiaries have predeceased the Participant, then any amount that
becomes payable under the Plan by reason of the Participant’s death shall be
paid to the personal representative of the Participant’s estate. If there is
any question as to the legal right of any person to receive a distribution
under the Plan by reason of the Participant’s death, the amount in question
may, at the discretion of the Committee, be paid to the personal representative
of the Participant’s estate, in which event the Company shall have no further
liability to anyone with respect to such amount.

 

6.5           Forfeiture. All Awards paid to the Chief
Executive Officer and Chief Financial Officer of the Company under this Plan
are subject to forfeiture as provided in Section 304 of the Sarbanes-Oxley
Act of 2002, and the implementing rules and regulations.

 

VII.
MISCELLANEOUS

 

7.1           No Guaranty of Employment. Neither
the adoption nor maintenance of the Plan, the designation of an employee as an
Eligible Employee, the setting of Performance Goals,

 

 

nor the provision of any Award under the Plan shall
be deemed to be a contract of employment between the Company or an Affiliate
and any employee. Nothing contained in the Plan shall give any employee the
right to be retained in the employ of the Company or an Affiliate or to
interfere with the right of the Company or an Affiliate to discharge any
employee at any time, nor shall it give the Company or an Affiliate the right
to require any employee to remain in its employ or to interfere with the
employee’s right to terminate his or her employment at any time.

 

7.2           Release. Any payment of an Award to or
for the benefit of a Participant or beneficiary that is made in good faith by
the Company in accordance with the Company’s interpretation of its obligations
hereunder shall be in full satisfaction of all claims against the Company for
payments under the Plan to the extent of such payment.

 

7.3           Notices. Any notice provided by the Company under the Plan may be posted
to a Company-designated website.

 

7.4           Nonalienation. No benefit payable at any time under the
Plan shall be subject in any manner to alienation, sale, transfer, assignment,
pledge, levy, attachment, or encumbrance of any kind by any Participant or
beneficiary.

 

7.5           Plan is Unfunded. All Awards under the Plan shall be paid
from the general assets of the Company. No Participant shall be deemed to have,
by virtue of being a Participant in the Plan, any claim on any specific assets
of the Company such that the Participant would be subject to income taxation on
any Award prior to distribution to him or her, and the rights of a Participant
or beneficiary to any payment to which he or she is otherwise entitled under
the Plan shall be those of an unsecured general creditor of the Company.

 

7.6           Tax Liability. The Company may withhold from any
payment of Awards or other compensation payable to or on behalf of a
Participant or beneficiary such amounts as the Company determines are
reasonably necessary to pay any taxes required to be withheld under applicable
law.

 

7.7           Captions. Article and section headings and captions are provided for
purposes of reference and 

 

 

convenience
only and shall not be relied upon in any way to construe, define, modify,
limit, or extend the scope of any provision of the Plan.

 

7.8           Invalidity of Certain Plan Provisions. If any provision of the Plan is held
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision of the Plan and the Plan shall be construed and enforced as
if such provision had not been included.

 

7.9           Venue. As a substantial portion of the duties and obligations of the parties
created by the Plan will be performed in Peoria, Illinois, it shall be the sole
and exclusive venue for any arbitration, litigation, special proceedings, or
other proceedings between the parties in connection with the Plan.

 

7.10         Hold Harmless. A Participant shall hold the Company
harmless from and pay any cost, expense or fee (not to exceed the bank balance)
incurred by the Company with respect to any claim, due or demand asserted by
any person, except the Company against any amounts due Participant under the
Plan.

 

7.11         No Other Agreements. The terms and conditions set forth herein
constitute the entire understanding of the Company and the Participants with
respect to the matters addressed herein.

 

7.12         Incapacity. In the event that any Participant is unable to care for his or her
affairs because of illness or accident, any payment due may be paid to the
Participant’s duly qualified guardian or other appointed legal representative.

 

7.13         Applicable Law. The Plan and all rights under it shall be
governed by and construed according to the laws of the State of Illinois.

 

	
   

  	
  Date: February 9, 2006

  
	
   

  	
   

  
	
   

  	
  RLI CORP.

  
	
   

  	
   

  
	
   

  	
  By

  	
    /s/ Jonathan E. Michael

  	
   

  
	
   

  	
   

  	
  President & CEO

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