Document:

ex4-28.htm

    Exhibit
4.28

     

     

     

    
      FOURTH SUPPLEMENTAL INDENTURE, dated as
of January 11, 2001, among TURNER BROADCASTING SYSTEM, INC., a Georgia
corporation (the “Company”), AOL TIME WARNER INC., a Delaware corporation (“AOL
Time Warner”), AMERICA ONLINE, INC., a Delaware corporation (“America Online”),
TIME WARNER INC., a Delaware corporation formerly known as TW Inc. (“TWI”), TIME
WARNER COMPANIES, INC., a Delaware corporation (“TWC”), and THE CHASE MANHATTAN
BANK, as successor Trustee (the “Trustee”).

       

      WHEREAS the Company has executed and
delivered to the Trustee a Senior Debt Securities Indenture, dated as of
May 15, 1993 (including the Company’s Standard Multiple Series Indenture
Provisions dated May 15, 1993 incorporated therein by reference) (the
“Original Indenture”), as amended from time to time, including by way of the
First Supplemental Indenture, dated as of October 10, 1996 (the “First
Supplemental Indenture”), among the Company, TWI and the Trustee, the Second
Supplemental Indenture, dated as of December 5, 1997 (the “Second
Supplemental Indenture”) among the Company, TWC, TWI and the Trustee, the Third
Supplemental Indenture, dated as of March 17, 1998 (the “Third Supplemental
Indenture”) among the Company, TWC, TWI and the Trustee, and including with
respect to each particular series of securities, the terms of such securities
established, as contemplated by Section 301 of the Original Indenture, pursuant
to the Officers’ Certificate, dated as of July 8, 1993, pursuant to which the
Company issued its 8d% Senior
Notes due 2013, in the principal amount of $300,000,000 (the “8d% Notes
Certificate”), the Officers’ Certificate, dated as of February 3, 1994,
pursuant to which the Company issued its 7.40% Senior Notes due 2004, in the
principal amount of $250,000,000 (the “7.40% Notes Certificate”) and the
Officers’ Certificate, dated as of February 3, 1994, pursuant to which the
Company issued its 8.40% Senior Debentures due 2024, in the principal amount of
$200,000,000 (the “8.40% Debentures Certificate” and together with the 8d% Notes
Certificate and the 7.40% Notes Certificate, the “Certificates”) (the Original
Indenture as amended by the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture and the Certificates is
herein called the “Indenture”);

       

      WHEREAS TWI has, by way of the First
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “TWI
Guarantee”);

       

      WHEREAS TWC has, by way of the Second
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of the Company under the Indenture (the “TWC
Guarantee”);

       

      WHEREAS TWI has, by way of the Third
Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of TWC under the TWC Guarantee (the “Additional TWI Guarantee” and
together with the TWI Guarantee, the “TWI Guarantees”);

       

      WHEREAS pursuant to a Second Amended
and Restated Agreement and Plan of Merger, dated as of January 10, 2000, as
amended, among AOL Time Warner, America Online, TWI, America Online Merger Sub
Inc. and Time Warner Merger Sub Inc., America Online and TWI will become wholly
owned subsidiaries of AOL Time Warner;

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS Section 901(3) of the
Indenture provides that the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee may, without the consent of any Holders, enter into
one or more indentures supplemental to the Indenture for the purpose of adding
additional Events of Default in respect of the Securities;

       

      WHEREAS Section 901(9) of the
Indenture provides that the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee may, without the consent of any Holders, enter into
one or more indentures supplemental to the Indenture for the purposes of, among
other things, making any provision with respect to matters or questions arising
under the Indenture provided that no such change shall adversely affect the
interests of the Holders of Securities of any series;

       

      WHEREAS the Company proposes in and by
this Seventh Supplemental Indenture to supplement and amend the Indenture in
certain respects as it applies to Securities issued thereunder;

       

      WHEREAS America Online desires to
unconditionally and irrevocably guarantee all the monetary obligations of TWI
under the TWI Guarantees (including obligations to the Trustee) and the full and
punctual performance within applicable grace periods of all other obligations of
TWI under the TWI Guarantees (the “America Online Guarantee”) and to extend to
the Holders of Securities certain rights and privileges in connection with the
America Online Guarantee;

       

      WHEREAS AOL Time Warner desires to
unconditionally and irrevocably guarantee all the monetary obligations of (i)
America Online under the America Online Guarantee and (ii) TWI under the TWI
Guarantees (including in each case obligations to the Trustee), and the full and
punctual performance within applicable grace periods of all other obligations of
America Online under the America Online Guarantee and TWI under the TWI
Guarantees (the “AOL Time Warner Guarantee”) and to extend to the Holders of
Securities certain rights and privileges in connection with the AOL Time Warner
Guarantee; and

       

      WHEREAS the Company, AOL Time Warner,
America Online, TWI and TWC have requested that the Trustee execute and deliver
this Fourth Supplemental Indenture and all requirements necessary to make this
Fourth Supplemental Indenture a valid instrument in accordance with its terms
and to make the America Online Guarantee the valid obligation of America Online
and the AOL Time Warner Guarantee the valid obligation of AOL Time Warner, and
the execution and delivery of this Fourth Supplemental Indenture has been duly
authorized in all respects.

       

      NOW, THEREFORE, the Company, AOL Time
Warner, America Online, TWI, TWC and the Trustee hereby agree that the following
Sections of this Fourth Supplemental Indenture supplement the Indenture with
respect to Securities issued thereunder:

       

      
        SECTION 1.  Definitions.  Capitalized
terms used herein and not defined herein have the meanings ascribed to such
terms in the Indenture.

         

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      SECTION 2.  The America Online
Guarantee.  (a)  America Online irrevocably and
unconditionally guarantees, to each Holder of Securities (including each Holder
of Securities issued under the Indenture after the date of this Fourth
Supplemental Indenture) and to the Trustee and its successors and assigns,
(i) the full and punctual payment of all monetary obligations of TWI under
the TWI Guarantees (including obligations to the Trustee) and (ii) the full
and punctual performance within applicable grace periods of all other
obligations of TWI under the TWI Guarantees.  America Online further
agrees that its obligations hereunder shall be unconditional irrespective of the
absence or existence of any action to enforce the same, the recovery of any
judgment against the Company, AOL Time Warner, America Online, TWI or TWC
(except to the extent such judgment is paid) or any waiver or amendment of the
provisions of the Indenture or the Securities to the extent that any such action
or any similar action would otherwise constitute a legal or equitable discharge
or defense of a guarantor (except that such waiver or amendment shall be
effective in accordance with its terms).

       

      (b)           America
Online further agrees that the America Online Guarantee constitutes a guarantee
of payment, performance and compliance and not merely of
collection.

       

      (c)           America
Online further agrees to waive presentment to, demand of payment from and
protest to the Company of any of the AOL Time Warner Guarantee, the America
Online Guarantee, the TWI Guarantees or the TWC Guarantee, and also waives
diligence, notice of acceptance of the America Online Guarantee, presentment,
demand for payment, notice of protest for nonpayment, the filing of claims with
a court in the event of merger or bankruptcy of the Company and any right to
require a proceeding first against the Company or any other
Person.  The obligations of America Online shall not be affected by
any failure or policy on the part of the Trustee to exercise any right or remedy
under the Indenture or the Securities of any series.

       

      (d)           The
obligation of America Online to make any payment hereunder may be satisfied by
causing the Company, AOL Time Warner, TWI or TWC to make such
payment.  If any Holder of any Security or the Trustee is required by
any court or otherwise to return to the Company, AOL Time Warner, America
Online, TWI or TWC, or any custodian, trustee, liquidator or other similar
official acting in relation to any of the Company, AOL Time Warner, America
Online, TWI or TWC, any amount paid by any of them to the Trustee or such
Holder, the America Online Guarantee, to the extent theretofore discharged,
shall be reinstated in full force and effect.

       

      (e)           America
Online also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder of Securities in
enforcing any of their respective rights under the America Online
Guarantee.

       

      (f)           Any
term or provision of this Fourth Supplemental Indenture to the contrary
notwithstanding, the maximum aggregate amount of the America Online Guarantee
shall not exceed the maximum amount that can be hereby guaranteed without
rendering this Fourth Supplemental Indenture, as it relates to America Online,
voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors
generally.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      SECTION 3.  The AOL Time Warner
Guarantee.  (a)  AOL Time Warner irrevocably and
unconditionally guarantees, to each Holder of Securities (including each Holder
of Securities issued under the Indenture after the date of this Fourth
Supplemental Indenture) and to the Trustee and its successors and assigns,
(i) the full and punctual payment of all monetary obligations of America
Online under the America Online Guarantee and TWI under the TWI Guarantees
(including in each case obligations to the Trustee) and (ii) the full and
punctual performance within applicable grace periods of all other obligations of
America Online under the America Online Guarantee and TWI under the TWI
Guarantees.  AOL Time Warner further agrees that its obligations
hereunder shall be unconditional irrespective of the absence or existence of any
action to enforce the same, the recovery of any judgment against the Company,
AOL Time Warner, America Online, TWI or TWC (except to the extent such judgment
is paid) or any waiver or amendment of the provisions of the Indenture or the
Securities to the extent that any such action or any similar action would
otherwise constitute a legal or equitable discharge or defense of a guarantor
(except that such waiver or amendment shall be effective in accordance with its
terms).

       

      (b)           AOL
Time Warner further agrees that the AOL Time Warner Guarantee constitutes a
guarantee of payment, performance and compliance and not merely of
collection.

       

      (c)           AOL
Time Warner further agrees to waive presentment to, demand of payment from and
protest to the Company of any of the AOL Time Warner Guarantee, the America
Online Guarantee, the TWI Guarantees or the TWC Guarantee, and also waives
diligence, notice of acceptance of the AOL Time Warner Guarantee, presentment,
demand for payment, notice of protest for nonpayment, the filing of claims with
a court in the event of merger or bankruptcy of the Company and any right to
require a proceeding first against the Company or any other
Person.  The obligations of AOL Time Warner shall not be affected by
any failure or policy on the part of the Trustee to exercise any right or remedy
under the Indenture or the Securities of any series.

       

      (d)           The
obligation of AOL Time Warner to make any payment hereunder may be satisfied by
causing the Company, America Online, TWI or TWC to make such
payment.  If any Holder of any Security or the Trustee is required by
any court or otherwise to return to the Company, AOL Time Warner, America
Online, TWI or TWC, or any custodian, trustee, liquidator or other similar
official acting in relation to any of the Company, AOL Time Warner, America
Online, TWI or TWC, any amount paid by any of them to the Trustee or such
Holder, the AOL Time Warner Guarantee, to the extent theretofore discharged,
shall be reinstated in full force and effect.

       

      (e)           AOL
Time Warner also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or any Holder of Securities
in enforcing any of their respective rights under the AOL Time Warner
Guarantee.

       

      (f)           Any
term or provision of this Fourth Supplemental Indenture to the contrary
notwithstanding, the maximum aggregate amount of the AOL Time Warner Guarantee
shall not exceed the maximum amount that can be hereby guaranteed without
rendering this Fourth Supplemental Indenture, as it relates to AOL Time Warner,
voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors
generally.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      SECTION 4.  Amendments to
Covenants.  Section 1009 of Article 10 of the Indenture is
hereby supplemented and amended to read in its entirety as follows:

       

      “SECTION 1009.  Consolidation, Merger,
Conveyance or Transfer by AOL Time Warner, America Online, TWI or TWC on Certain
Terms.  (a)  None of AOL Time Warner, America Online,
TWI or TWC shall consolidate with or merge into any other corporation or convey
or transfer its properties and assets substantially as an entirety to any
Person, unless:

       

      “(1) the corporation formed by
such consolidation or into which AOL Time Warner, America Online, TWI or TWC is
merged or the Person which acquires by conveyance or transfer the properties and
assets of AOL Time Warner, America Online, TWI or TWC substantially as an
entirety shall be organized and existing under the laws of the United States of
America or any State or the District of Columbia, and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the performance of the obligations of AOL Time
Warner, America Online, TWI or TWC, as the case may be, under this
Indenture;

       

      “(2) immediately after giving
effect to such transaction, no Event of Default, and no event which, after
notice or lapse of time, or both, would become an Event of Default, shall have
happened and be continuing; and

       

      “(3) the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
such consolidation, merger, conveyance or transfer and such supplemental
indenture comply with this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with.

       

      “(b)  Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of AOL Time
Warner, America Online, TWI or TWC, as the case may be, substantially as an
entirety in accordance with paragraph (a) of this Section, the successor
Person formed by such consolidation or into which AOL Time Warner, America
Online, TWI or TWC, as the case may be, is merged or to which such conveyance or
transfer is made shall succeed to, and be substituted for, and may exercise
every right and power of AOL Time Warner, America Online, TWI or TWC, as
applicable under the Indenture with the same effect as if such successor had
been named as AOL Time Warner, America Online, TWI or TWC, as applicable
herein.  In the event of any such conveyance or transfer, the
predecessor shall be discharged from all obligations and covenants under the
Indenture and the Securities and may be dissolved, wound up or liquidated at any
time thereafter.”

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      SECTION 5.  Additional Events of
Default.  Clauses (h), (i) and (j) of Section 501 of
the Indenture are hereby supplemented and amended to read in their entirety as
follows:

       

      “(h) the entry of an order for relief
against AOL Time Warner or any Material U.S. Subsidiary thereof under
Title 11, United States Code (the ‘Federal Bankruptcy Act’) by a court
having jurisdiction in the premises or a decree or order by a court having
jurisdiction in the premises adjudging AOL Time Warner or any Material U.S.
Subsidiary thereof a bankrupt or insolvent under any other applicable Federal or
State law, or the entry of a decree or order approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in
respect of AOL Time Warner or any Material U.S. Subsidiary thereof under the
Federal Bankruptcy Act or any other applicable Federal or State law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of AOL Time Warner or any Material U.S. Subsidiary thereof or
of any substantial part of its properties, or ordering the winding up or
liquidation of their respective affairs, and the continuance of any such decree
or order unstayed and in effect for a period of 90 consecutive days;
or

       

      “(i) the consent by AOL Time Warner or
any Material U.S. Subsidiary thereof to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under the Federal Bankruptcy Act or
any other applicable Federal or State law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of AOL Time Warner or any
Material U.S. Subsidiary thereof or of any substantial part of its properties,
or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by AOL Time Warner or any Material
U.S. Subsidiary thereof in furtherance of any such action; or

       

      “(j) default under any bond, debenture,
note, guarantee or other evidence of indebtedness for money borrowed by AOL Time
Warner, America Online, TWI or TWC (including a default with respect to a
guarantee of the Securities of any series) or under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by AOL Time Warner, America
Online, TWI or TWC, whether such indebtedness now exists or shall hereafter be
created, which default (i) shall constitute a failure to pay the principal
of such indebtedness having an outstanding principal amount in excess of
$50 million in the aggregate when due and payable at the final (but not any
interim) maturity thereof after the expiration of any applicable grace period
with respect thereto and the holders of such indebtedness shall not have waived
such default or (ii) shall have resulted in such indebtedness having an
outstanding principal amount in excess of $50 million in the aggregate
becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, in either case without such indebtedness
having been discharged, or such acceleration having been rescinded or annulled,
within a period of 60 days after there shall have been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of such series, a written notice specifying such default and
requiring AOL Time Warner, America Online, TWI or TWC to cause such indebtedness
to be discharged or cause such acceleration to be rescinded or annulled and
stating that such notice is a ‘Notice of Default’ hereunder.”

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      SECTION 6.  Effect on
Indenture.  Except as expressly modified by this Fourth
Supplemental Indenture, the Indenture and the Securities issued thereunder are
in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect.

       

      SECTION 7.  Form of
Securities.  The Company shall not be required to prepare and
execute, and the Trustee shall not be required to authenticate and deliver in
exchange for outstanding Securities, any new Securities to conform to this
Fourth Supplemental Indenture.

       

      SECTION 8.  GOVERNING LAW. 
THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS, BUT NOT THE LAWS AS TO CONFLICTS OR CHOICE OF
LAW, OF THE STATE OF NEW YORK.

       

      SECTION 9.  Counterparts.  This
Fourth Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same
instrument.

       

      SECTION 10.  Trustee Not Responsible for
Recitals.  The recitals therein contained are made by the
Company, AOL Time Warner, America Online, TWI and TWC, and not by the Trustee,
and the Trustee assumes no responsibility for the correctness
thereof.  The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fourth
Supplemental Indenture.

       

      SECTION 11.  Headings.  The
headings of this Fourth Supplemental Indenture are for reference only and shall
not limit or otherwise affect the meaning hereof.

       

      SECTION 12.  Separability.  In
case any one or more of the provisions contained in this Fourth Supplemental
Indenture or in the Securities shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Fourth
Supplemental Indenture or of the Securities, but this Fourth Supplemental
Indenture and the Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS WHEREOF, the parties hereto
have caused this Fourth Supplemental Indenture to be duly executed by their
respective authorized officers as of the date first above written.

       

      
        
          
            	 	TURNER BROADCASTING SYSTEM, INC.,	 
	 	 	 	 
	
                     

                  	
                    by
       

                  	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

          

        

      

       

      
         

        
          
            
              	 	
                      AOL
      TIME WARNER INC.,

                    	 
	 	 	 	 
	
                       

                    	
                      by
       

                    	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

            

          

        

         

         

      

      
        
          
            
              	 	
                      AMERICA
      ONLINE, INC.,

                    	 
	 	 	 	 
	
                       

                    	
                      by
       

                    	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

            

          

        

         

        
           

          
            
              
                	 	
                        TIME
      WARNER INC.,

                      	 
	 	 	 	 
	
                         

                      	
                        by
       

                      	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

              

            

          

           

          
             

            
              
                
                  	 	
                          AMERICA
      ONLINE, INC.,

                        	 
	 	 	 	 
	
                           

                        	
                          by
       

                        	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                

              

            

             

            
               

              
                
                  
                    	 	
                            TIME
      WARNER COMPANIES, INC.,

                          	 
	 	 	 	 
	
                             

                          	
                            by
       

                          	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                  

                

              

               

              
                 

                
                  
                    
                    

                  

                  
                    8

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                 

                
                  
                    
                      	 	
                              THE
      CHASE MANHATTAN BANK,

                              as Trustee

                            	 
	 	 	 	 
	
                               

                            	
                              by
       

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                

                 

                 

                 

                 

                9ex101.htm

    EXHIBIT
10.1

     

    SUBSCRIPTION
AGREEMENT

     

     

    Dated:
March 19, 2007

     

    

    Alfa
International Holdings Corp.

    The
Empire State Building

    350 Fifth
Avenue, # 1103

    New York,
NY  10118

    

    Gentlemen:

    

    1.           The
undersigned subscriber, Mr. Sam Hamdan (“Hamdan”) hereby tenders this
subscription and applies for the purchase from Alfa International Holdings
Corp., a Delaware corporation (the “Company”), of two million four hundred
fifty-four thousand four hundred ninety (2,454,490) shares (the “Shares”) of the
Company’s $.001 par value common stock (the “Common Stock”), at a purchase price
of $0.10 per Share. The purchase price for all the Shares (“Purchase Price”) is
two hundred forty-five thousand four hundred forty-nine dollars ($245,449.00)
which has been paid to the Company by the cancellation by Hamdan’s company - The
Global Leadership Team, Inc. (“GLT”) - of an account payable of $245,449.00 owed
by the Company’s wholly owned subsidiary Journey of Light, Inc. (“JOL”) to
GLT.

    

    The
Shares are being offered without any registration pursuant to the exemptions
from registration contained in Section 4(2) promulgated by the Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended
(the “Act”), and under similar exemptions afforded under the laws of the various
states only to “accredited investors” as that term is defined in Rule 501 under
Regulation D promulgated by the SEC under the Act. Hamdan acknowledges and
represents that he is an “accredited investor” as so defined.

    

    Hamdan is
sending an executed copy of this Subscription Agreement
to: Alfa International
Holdings Corp., The Empire State Building, 350 Fifth Avenue, Room 1103, New
York, NY  10118.

    

    2.           Representations and
Warranties.  In order to induce the Company to accept this
subscription, Hamdan hereby represents and warrants to, and covenants with, the
Company as follows:

     

    

    (i)           Hamdan
acknowledges that:

    

    (1)
Pursuant to the requirements of Section 4(2) promulgated under the Act, the
Company has provided to Hamdan certain information concerning its business and
financial condition and has afforded him the opportunity to ask questions of
management regarding such information, and

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     

    (2)
Hamdan confirms that he has received and carefully reviewed (a) the Company’s
Annual Report on Form 1O-KSB for the fiscal year ended December 31, 2005 (the
"10K Filing"), and (b) the Quarterly Report on Form 10-QSB for the Quarterly
Period ended September 30, 2006 (the "10Q Filing") [collectively, the "10K and
10Q Filings"]. The Company makes and files regular quarterly and annual reports
with the SEC (the "SEC Filings"). The SEC Filings - which are publicly available
documents - include information relevant to the risk factors associated with any
investment in the Company, and

    

    (3) Other
than this Subscription Agreement and the SEC Filings, Hamdan has not been
furnished with any other materials or literature relating to the offer and sale
of the Shares, except for information that Hamdan has received from sources
other than the Company as a result of his own due diligence
efforts.

    

    (ii)           Hamdan
has had a reasonable opportunity to ask questions of and receive answers from
the Company concerning (i) the Company and (ii) the SEC Filings (and in
particular the descriptions therein of (a) the acquisition in 2005 by the
Company of Journey of Light, Inc., (b) the acquisition in 2001 by the Company of
Contact Sports, Inc., (c) details of the Company’s current financial condition
and previous equity sales and (d) details of Journey of Light’s project with the
Oman government in the Sultanate of Oman and all such questions have been
answered to the full satisfaction of Hamdan;

    

    (iii)           Hamdan
has such knowledge and expertise in financial and business matters that Hamdan
is capable of evaluating the merits and risks involved in making an investment
in the Shares and Hamdan understands and accepts the risks of purchasing the
Shares;

    

    (iv)           Hamdan
understands that the Company has determined that the exemption from the
registration provisions of the Act, which is based upon non-public offerings, is
applicable to the offer and sale of the Shares, based, in part, upon the
representations, warranties and agreements made by Hamdan herein. The Company
will keep the information in this Subscription Agreement strictly confidential,
but Hamdan agrees that the Company may present this Subscription Agreement to
such parties as the Company may deem appropriate in order to assure itself that
the offer and sale of Shares will not violate the Act or applicable state
securities laws;

    

    (v) Except as
set forth in this Subscription Agreement and the SEC Filings, no representations
or warranties have been made to Hamdan by the Company or any agent, employee or
affiliate of the Company and in entering into this transaction Hamdan is not
relying upon any information, other than that contained in this Subscription
Agreement or the SEC Filings and the results of independent investigation by
Hamdan;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (vi)           Hamdan
understands that (A) based upon an exemption from such registration requirements
pursuant to Section 4(2) under the Act, the Shares have not been registered
under the Act or the securities laws of any state;  (B) resale or
other transfer of the Shares may be restricted under the Act and/or applicable
state securities laws and such Shares therefore may not be sold, pledged,
assigned or otherwise disposed of, unless they are registered under the Act, or
an exemption from such registration is available; and (C) other than as set
forth in this Subscription Agreement between the Company and Hamdan, the Company
is under no obligation to register the Shares under the Act or any state
securities law, or to take any action to make any exemption from any such
registration provisions available;

    

    (vii)          
Hamdan is acquiring the Shares solely for his own account for investment
purposes only and not with a view towards the resale or distribution
thereof;

    

    (viii)        
Hamdan will not sell or otherwise transfer any of the Shares or any interest
therein, unless and until (i) the Shares shall have first been registered under
the Act and all applicable state securities laws; or (ii) Hamdan shall have
first delivered to the Company a written opinion of counsel (which counsel and
opinion (in form and substance) shall be reasonably satisfactory to the
Company), to the effect that the proposed sale or transfer is permitted under
the Act and is exempt from the registration provisions of the Act and all
applicable state securities laws;

    

    (ix)           
Hamdan has full power and authority to execute and deliver this Subscription
Agreement and to perform his obligations hereunder; and this Subscription
Agreement is a legally binding obligation of Hamdan and GLT in accordance with
its terms. GLT has consented to the terms of this subscription agreement and
Hamdan has the full power and authority to execute and deliver GLT’s consent
hereto;

    

    (x)            
Hamdan is an “accredited investor,” as such term is defined in Rule 501 of
Regulation D of the Rules and Regulations promulgated under the
Act;

     

    (xi)           Hamdan
acknowledges that the Company will endorse all certificates representing the
Shares with a legend, together with any legend that any state authority may
require in connection with the issuance or sale of the Shares, substantially in
the following form:

    

    “These
Securities have not been registered under the Securities Act of 1933, as
amended, (the “Act”) or the securities laws or regulations of any
state.  They may not be offered for sale or sold, absent an effective
registration statement under the Act or an opinion of counsel, satisfactory to
the Company, that such registration is not required under the Act or any
applicable State laws or regulations”.

    

    (xii)           Hamdan
has adequate net worth and means of providing for current needs and personal
contingencies to sustain a complete loss of Hamdan’s investment in the Shares
and has no need for liquidity in such investment. Hamdan’s overall commitments
which are not readily marketable are not disproportionate to Hamdan’s net worth
and Hamdan’s investment in the Shares will not cause such overall commitments to
become excessive; and

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (xiii)           All
of the information set forth herein with respect to Hamdan’s business experience
is correct and complete as of the date hereof.

    

     

    3.      Hamdan
understands that this subscription is not binding upon the Company until the
Company accepts it, which acceptance is at the sole discretion of the
Company.

    

    4.      Hamdan
understands that the Company may, in its sole discretion, reject this
subscription, in whole or in part, and/or reduce this subscription in any amount
and to any extent.

    

    5.      Hamdan
agrees to indemnify the Company and hold it and its officers, directors and
agents harmless from and against any and all losses, damages, liabilities, costs
and expenses which it or they may sustain or incur in connection with the breach
by Hamdan of any representation, warranty or covenant made by
Hamdan.

    

    6.      Neither
this Subscription Agreement nor any of the rights of Hamdan may be transferred
or assigned by Hamdan.

    

    7.      Except
as provided in paragraphs 3 and 4 above, this Subscription Agreement (i) may
only be modified by a written instrument executed by Hamdan and the Company;
(ii) sets forth the entire agreement between Hamdan and the Company with respect
to the subject matter hereof; (iii) shall be governed by the laws of the State
of New York applicable to contracts made and to be wholly performed therein; and
(iv) shall inure to the benefit of, and be binding upon the Company and Hamdan
and their respective heirs, legal representatives, successors and permitted
assigns.

    

    8.      Unless
the context otherwise requires, all personal pronouns used in this Subscription
Agreement, whether in the masculine, feminine or neuter gender, shall include
all other genders.

    

    9.      All
notices or other communications hereunder shall be in writing and shall be
deemed to have been duly given if delivered personally or mailed by certified or
registered mail, return receipt requested, postage prepaid, as follows: if to
Hamdan, to: Mr. Sam Hamdan, 555 South Old Woodward Ave., Birmingham,
MI  48009-6679; and if to the Company, to Alfa International Holdings
Corp., The Empire State Building, 350 Fifth Avenue, # 1103, New York, NY 10118,
Attention: Frank J. Drohan, President, or to such other address as the Company
or Hamdan shall have designated to the other by like notice.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    IN
WITNESS WHEREOF, Hamdan has executed this Subscription Agreement and GLT has
consented to the terms of this Subscription Agreement as of the 19th day of
March 2007.

     

     

    Number
of Shares Subscribed for: 2,454,490

    

    

    Signature:

     

    ______________________________

    Sam
Hamdan

    

    _______________________

    Social
Security Number

     

    

    The
foregoing subscription by Hamdan for 2,454,490 Shares in exchange for an account
payable in the amount of $245,449 due to GLT from JOL is hereby consented to by
GLT.

    

    The
Global Leadership Team, Inc.

    a
Michigan corporation

    

     

    By:
______________________________

     

    Sam
Hamdan

    President

    

    
 

    The
foregoing subscription for 2,454,490 Shares is hereby accepted by Alfa
International Holdings Corp., this ____day of March 2007.

     

     

    
      
        	 	Alfa
      International Holdings Corp.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	 	Frank
      J. Drohan	 
	 	 	

                President

              	 
	 	 	 	 

      

    

     

     

     

     

     

    4

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