Document:

c51112_ex10-28.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

GENTEK INC. DIRECTORS’ DEFERRED COMPENSATION PROGRAM

          This GenTek Inc. Directors’ Deferred Compensation Program is hereby established on August 27, 2007 and is part of and subject to the terms of the Company’s Amended and Restated 2003
Management and Directors Incentive Plan (the “Plan”). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this
Program. This Program is intended to comply with all applicable laws, including Internal Revenue Code Section 409A and related Treasury guidance and Regulations, and shall be operated and interpreted in accordance with this intention. 

ARTICLE I 

DEFINITIONS

	1.1.	“Change of Control” means
        an event that is a Change of Control under the Plan and that qualifies
        as a “change in control event” under Treasury Regulation Section
    1.409A -3(i)(5). 
	            	 
	1.2.	“Director” means
        a member of the Board who is not an employee of the Company or any of
    its subsidiaries. 
	 	 
	1.3.	“Disability” means
        that the Director is unable to engage in any substantial gainful activity
        by reason of any medically determinable physical or mental impairment
        that can be expected to result in death or can be expected to last for
    a continuous period of not less than twelve months.
        For purposes of this Program, a Director shall
        be deemed to have a Disability if determined to be totally disabled by
    the Social Security Administration.
	 	 
	1.4.	“Program” means
    this GenTek Inc. Directors’ Deferred Compensation Program. 
	 	 
	1.5.	“Separation from Service” means
        a termination of service with the Company as a Director, as determined
    by the Board in accordance with Treasury Regulation Section 1.409A-1(h).
	 	 
	1.6.	“Stock Account” means
    the account created by the Company pursuant to Article III of this Program. 
	 	 
	1.7.	“Stock Award” means
        the portion of a Director’s annual retainer payable in Restricted
        Stock for serving as a member of the Board. The ratio between the cash
        portion of the annual retainer and the Stock portion of the annual retainer
        for purposes of the Program shall not be changed unless such change is
    made in the Year prior to the Year in which the change becomes effective.
	 	 
	1.8.	“Year” means
    calendar year. 

ARTICLE II

  

  ELECTION TO DEFER

	2.1.	A Director may elect, on or before December
        31 of any Year, to defer payment of all or a specified part of the Stock
        Award granted during the Year following such election and succeeding
        Years (until the Director ceases to be a Director or changes his or her
        election pursuant to section 2.3 herein). Any person who shall become
        a Director during any Year, and who was not a Director of the Company
        on the preceding December 31, may elect, no later than thirty days following
        the date the Director’s term begins to defer payment of all or a
        specified part of such Stock Award earned during the remainder of such
        Year and for succeeding Years. For the initial Year of the Program, each
        Director may make an election to defer the Director’s November 2007
        Stock Award; provided, that the election is made prior to November 1,
    2007. 
	            	 

1

	
2.2.	
A Director shall elect to participate in the Program and select the amount of deferral and the manner of payment by submitting a letter in the form attached hereto as Appendix A to the Vice President of Human Resources of
the Company.	
	            	 
	
2.3.	
The election shall continue from Year to Year unless the Director terminates it by written request delivered to the Secretary of the Company prior to the commencement of the Year for which the termination is first
effective.	
	 

ARTICLE III 

DEFERRED COMPENSATION ACCOUNTS

	
3.1.	
The Company shall maintain separate unfunded accounts for the Stock Awards deferred by each Director.	
	            	 
	
3.2.	
Each Year the Company shall credit, on the date of grant of the Restricted Stock to which the deferral election made hereunder relates, the Stock Account of each Director with the number of shares of Stock which is equal to
the deferred portion of any Stock Award due the Director in such Year. Unless determined otherwise by the Board, Stock Awards credited to a Director’s Stock Account shall vest on the first anniversary of the date the Stock Awards are granted
and shall be forfeited in the event the Director incurs a Separation from Service prior to the applicable vesting date. Notwithstanding the foregoing, the Director’s Stock Account shall become fully vested in the event of the Director’s
death and Disability (as defined in the Plan or the Program, whichever is more favorable to the Director) and in the event of a Change of Control (as defined in the Plan).	
	 
	
3.3.	
The Company shall credit the Stock Account of each Director with the number of shares of Stock equal to any cash dividends (or the fair market value of dividends paid in property other than dividends payable in Stock)
payable on the number of shares of Stock represented in each Director’s Stock Account divided by the Fair Market Value on the dividend payment date (rounded down to the nearest whole share). Dividends payable in Stock will be credited to each
Directors Stock Account in the form of the right to receive Stock and shall be subject to the same vesting provisions, if any, then applicable to the portion of the Stock Account which such dividends relate. If adjustments are made to the
outstanding shares of Stock as a result of split- ups, recapitalizations, mergers, consolidations and the like, an appropriate adjustment also will be made in the number of shares of Stock credited to the Director’s Stock Account.	
	 
	
3.4.	
The right to receive Stock at a later date shall not entitle any person to rights of a stockholder with respect to such Stock unless and until shares of Stock have been issued to such person pursuant to Article IV or
Article VI hereof.	
	 
	
3.5.	
Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship. To the extent that any person acquires a right to receive payments from the Company under the Program, such right shall
be no greater than the right of any unsecured general creditor of the Company.	
	 

    2 

ARTICLE IV

PAYMENT OF DEFERRED COMPENSATION

	
4.1.	
Subject to Paragraph’s 4.2 and 6.3, distributions from the Director’s Stock Account shall be paid in a lump sum in Stock and the payment shall occur no later than thirty days following the first day of the month
next following the event that causes the distribution pursuant to the Director’s election (made pursuant to Paragraph 2.2 of Article II hereof).	
	            	 
	
4.2.	
Each Director shall have the right to designate one or more beneficiaries to succeed to his or her right to receive payments hereunder in the event of his or her death. Each designated beneficiary shall receive payments in
the same manner as the Director if he or she had lived. In case of a failure of designation or the death of all designated beneficiaries without any designated successors, the balance of the amounts contained in the Director’s Stock Account
shall be payable in a lump sum to the former Director’s estate in full no later than the end of the Year in which he or she dies, unless the Director’s death occurs in December, in which case the Stock Account will be paid no later than
the end of the Year following the Year in which he or she dies. No beneficiary designation shall be valid unless it is in writing, signed by the Director and filed with the Vice President of Human Resources of the Company.	
	 

ARTICLE V 

ADMINISTRATION

	
5.1.	
The Company shall administer the Program at its expense. All decisions made by the Company with respect to issues hereunder shall be final and binding on all parties. The Program is intended to comply with Section 409A of
the Internal Revenue Code and shall be administered and interpreted in accordance with such Section 409A and related Treasury guidance and Regulations.	
	            	 
	
5.2.	
Except to the extent required by law, the right of any Director or any beneficiary to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such
Director or beneficiary; and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance.	
	 

ARTICLE VI 

AMENDMENT OF PROGRAM; GOVERNING LAW; CHANGE OF CONTROL

	
6.1.	
The Program may be amended, suspended or terminated in whole or in part from time to time by the Board except that no amendment, suspension, or termination shall apply to the payment of any amounts previously credited to a
Director’s Stock Account.	
	            	 
	
6.2.	
The Program shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without regard to principles of conflict of law.	
	 
	
6.3.	
In the event of a Change of Control, all amounts contained in each Director’s Stock Account shall be fully vested and distributed in a lump sum on the date of such Change of Control.	
	 

3

***

4

APPENDIX A

[Date]

Mr. Robert D. Novo 

Vice President of Human Resources and

Environmental Health And Safety 

GenTek Inc. 

90 East Halsey Road 

Parsippany, New Jersey 07054 

Dear Mr. Novo:

          Pursuant to the GenTek Inc. Directors’ Deferred Compensation Program (the “Program”), I hereby elect to defer receipt of all or a portion of my Stock Awards (as defined in the
Program) granted on or after November 1, 2007 and for succeeding Years in accordance with the percentages indicated below.

          I elect to have my Stock Awards credited as follows (fill in appropriate percentages for the two options):

               _______ %1 of
the Stock Awards shall be credited to my Stock Account as provided for in the
Program; 

               _______ %
of the Stock Awards shall not be deferred, but shall be granted to me directly
as Restricted Stock.

          Vesting: As provided in the Program and unless determined otherwise by the Board, I understand that the Stock Awards credited to my Stock Account shall
vest on the one year anniversary of the date of grant and shall be forfeited in the event I incur a Separation from Service prior to the applicable vesting date. Notwithstanding the foregoing, I understand that the Stock Awards shall become fully
vested [in the event of my death, Disability or] in the event of a Change of Control.

          I hereby elect to begin receiving my vested Deferred Stock in accordance with the Program following the earlier of (check one or more): 

               _______ The date I incur a Separation from Service (as defined in the Program).

               _______ The date I experience a Disability (as defined in the Program).

               _______ ___________
, ____ (insert month, day and year)

               _______ The ___ anniversary of the date of deferral 

          I further understand that the Deferred Stock shall be paid in accordance with the Program and possibly earlier than my election above
in connection with my death or a Change of Control (as defined in the Program).

	1     	Beginning in November 2007, the Stock Awards
        are scheduled to be payable in each November as $40,000 in restricted
    stock and such Stock Awards shall be subject to a one year vesting period. 
	     	 

1

          In the event of my death prior to receipt of all or any amount of the balance of my Stock Account so accumulated, I designate the following one or more individuals   as my beneficiary or
beneficiaries to receive the funds so accumulated, but unpaid.

	 	Very truly yours,

    

    [Name]

	

      

    [Witness]	 

 

 

2CONVERSION AGREEMENT

            
            This Conversion Agreement (this
            “Agreement”) is made
            this 5th day of November 2007, between Mountains West Exploration, Inc., a
            New Mexico corporation (the
            “Corporation”), and each
            of the other signatories hereto, (each a “Note
            Holder” and collectively, the
            “Note
            Holders”).

            
            RECITALS

            
            A.    
            The Corporation issued a certain promissory note to each Note Holder
            (the “Note” and
            collectively, the
            “Notes”) pursuant to the
            certain Note Purchase Agreement between the Corporation and the Note Holders
            (“Note Purchase
            Agreement”). The terms not defined herein shall have
            the meaning ascribed to them in the Note Purchase Agreement.

            
            B.        The outstanding
            principal and accrued interest as of the Closing Date (as defined below) on each Note
            is set forth opposite the respective Note Holder’s name on Schedule 1 attached
            hereto (the “Debt” and
            collectively, the “Common
            Debt”).

            
            C.        All of the parties
            hereto desire to convert the Common Debt into shares of Common Stock of the
            Corporation.

            
            NOW, THEREFORE, in consideration of the mutual promises and of the
            representations, warranties and covenants hereinafter made, the parties hereto agree as
            follows:

            
            AGREEMENT

            
            1.         
            Incorporation of the Recitals. Each of the
            above recitals is incorporated in this Agreement and deemed to be a part of this
            Agreement.

            
            2.         
            Conversion of Common Debt. On the terms and
            subject to the conditions herein set forth, on the Closing Date, each Note Holder
            hereby agrees to convert the Common Debt owned by such Note Holder into the number of
            shares of Common Stock of the Corporation as set forth opposite such Note
            Holder’s name on Schedule 1 attached hereto, at a conversion price of $0.51 per
            share upon each respect Note shall be deemed cancelled.

            
            3.         
            Waiver and Release. Upon the conversion of
            the Common Debt as provided in Section 2 above, each Note Holder hereby:

            
                	
                             

                        	
                            
                            A.

                        	
                            
                            waives all of the obligations of the Corporation under
                            the Notes; and

                        

            

            
            B.        releases and forever
            discharges the Corporation, its parents, subsidiaries, affiliates, past and present, as
            well as their trustees, directors, officers, agents, attorneys, insurers, employees,
            members, stockholders, representatives, assigns and successors, past and present
            (collectively, the “Released
            Parties”), with respect to and from any and every right
            and all manner of action and actions, cause or causes of action, damages, liabilities,
            losses, sums owing, claims or demands of whatever kind, nature or description (whether
            known or unknown as of the date of this Agreement), at law or in equity, or created by
            statute or regulation, which have arisen before the date of this Agreement in
            connection with the Notes; provided, however, that this release shall not in any way
            release or

            
             

            
            

            

            

            
            otherwise affect the rights of each Note Holder under the terms of this
            Agreement. Each Note Holder shall not bring any action, claim or proceeding of any kind
            (whether judicial, arbitration or otherwise) against any Released Party, as applicable,
            for any action, cause or causes of action, damages, liabilities, losses, sums owing,
            claims or demands released by each Note Holder pursuant to this Agreement.

            
            4.         
            Representations and Warranties of the Note
            Holders. Each Note Holder represents and warrants to the
            Corporation that:

            
            A.        Each Note Holder has
            full power, authority and legal right to enter into this Agreement.

            
            B.        This Agreement
            constitutes the valid and legally binding obligation of each Note Holder, enforceable
            in accordance with its terms and conditions except as the enforceability thereof may be
            limited by the availability of equitable principals or by bankruptcy, insolvency,
            reorganizations, moratorium or other similar laws effecting creditors’ rights
            generally.

            
            C.        Each Note Holder is
            the absolute owner of its respective Debt and has good and marketable title thereto,
            free and clear of any pledges, liens, claims, security interests, charges, options,
            encumbrances or other restrictions.

            
            D.        Each Note Holder has
            full right, power and authority to convert its respective Debt as provided
            herein.

            
            5.         
            Representations and Warranties of the
            Corporation. The Corporation represents and warrants to each
            Note Holder that:

            
            A.        The Corporation has
            full power, authority and legal right to enter into this Agreement.

            
            B.        This Agreement
            constitutes the valid and legally binding obligation of the Corporation, enforceable in
            accordance with its terms and conditions except as the enforceability thereof may be
            limited by the availability of equitable principals or by bankruptcy, insolvency,
            reorganizations, moratorium or other similar laws effecting creditors’ rights
            generally.

            
            6.         
            Condition Precedent. The conversion of the
            Common Debt as contemplated by this Agreement shall be subject to the consent of the
            board of directors of the Corporation.

            
            7.         
            Closing. The closing of the transactions
            contemplated hereunder (the
            “Closing”) shall take
            place at the offices of the Corporation on November 5, 2007 at 10:00 a.m. or on such
            other date or at such other place as the parties shall otherwise mutually agree orally
            or in writing (the “Closing
            Date”).

            
            8.         
            Deliveries of the Note Holders. On the
            Closing Date, in addition to execution of this Agreement, each Note Holder shall
            deliver to the Corporation the following:

             

            
            -2-

             

            
            

            

            

            
                	
                             

                        	
                            
                            A.

                        	
                            
                            The Note held by Note Holder for cancellation by the
                            Corporation.

                        

            

            
            B.        Any other documents
            required by this Agreement or reasonably requested by the Corporation.

            
            9.         
            Deliveries of the Corporation. On the
            Closing Date, in addition to execution of this Agreement, the Corporation shall
            deliver, or caused to be delivered, to each Note Holder the following:

            
            A.        Original certificates
            evidencing the issuance of the Common Stock of the Corporation to the respective Note
            Holder or a letter to the Corporation’s transfer agent authorizing the issuance
            of such shares.

            
            B.        Any other documents
            required by this Agreement or reasonably requested by the Note Holders.

            
            10.       
            Survival of Representations and Warranties.
            All representations, warranties, covenants and agreements made herein or in any
            certificates provided for herein shall survive this Agreement.

            
            11.       
            Entire Agreement. This Agreement, including
            Schedule 1 attached hereto, constitutes the entire agreement among the parties with
            respect to the subject matter thereof, and supersede all prior agreements,
            correspondence, conversations and negotiations with respect to the subject matter
            hereof. If any provision of this Agreement shall be declared by any court of competent
            jurisdiction illegal, void or unenforceable, the other provisions shall not be affected
            but shall remain in full force and effect. This Agreement may not be modified or
            changed except by an instrument in writing duly executed by the parties hereto, and no
            waiver of compliance of any provision or condition hereof and no consent provided for
            herein shall be effective unless evidenced by an instrument in writing duly executed by
            the party hereto seeking to be charged with such waiver or consent.

            
            12.       
            Successors and Assigns. This Agreement
            shall be binding upon and shall inure to the benefit of the parties hereto and their
            respective heirs, legal representatives, successors in interest and assigns.
            Notwithstanding the foregoing, the parties hereto each hereby acknowledge and agree
            that neither party may assign its rights or obligations hereunder, except as otherwise
            expressly permitted herein.

            
            13.       
            General. The parties agree that for the
            purpose of satisfying any conditions of this Agreement, time is of the essence of this
            Agreement. The section headings contained in this Agreement are for references purposes
            only and shall not affect the meaning or interpretation of this Agreement. This
            Agreement may be executed in any number of counterparts, each of which shall be deemed
            to be an original, and all of which when taken together shall be deemed to be one and
            the same instrument. This Agreement shall be governed by and construed according to the
            laws of the State of Illinois. 

            
            14.       
            Note Purchase Agreement and Warrants. The
            parties hereto acknowledge that this Agreement is not intended to terminate any
            existing Warrants issued pursuant to the Note Purchase Agreement or otherwise
            authorized in connection with this conversion. With regard to

             

            
            -3-

             

            
            

            

            

            
            such Warrants, the parties hereto acknowledge and agree that the
            exercise price for the purchase of Common Stock of the Corporation shall be equal to
            $0.51 per share of Common Stock and each holder affirms the representations and
            warranties set forth on Schedule 2.

            
            [Signature Page Follows]

            
            -4-

             

            
            

            

            

            
            IN WITNESS WHEREOF, the parties hereto have executed this Conversion
            Agreement as of the date first written above.

             

            
                	
                            
                             

                        	
                            
                             

                        	
                            
                            Mountains West Exploration, Inc.

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                            By: 

                        	
                            
                            /s/ Lee Wiskowski

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                            Its:

                        	
                            

                            
                            Co-Chief Executive
                            Officer

                        

            

             

             

            
            -5-

             

            
            

            

            

             

            
                	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Richard Levy

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Richard Levy

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Norm Siegel

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Norm Siegel

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Albert Pick III

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Albert Pick III

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ David Beamish

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            David Beamish

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Douglas Stukel

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Douglas Stukel

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Grander, L.L.C.

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Lee Wiskowski

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Lee Wiskowski, Member

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            One-Seven LLC

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            /s/ Douglas Stukel

                        
	
                            
                             

                        	
                            
                             

                        	
                            
                             

                        	
                            
                            Douglas Stukel, Member

                        

            

             

             

            
            -6-

             

            
            

            

            

            
            SCHEDULE 1

             

             

             

            
                	
                            
                            Note Holder

                        	
                            
                            Shares of Common Stock

                        
	
                            
                             

                        	
                            
                             

                        
	
                            
                            Richard Levy

                        	
                            
                            206,871

                        
	
                            
                            Norman F. Siegel Living Trust, dated July 26,
                            2005

                        	
                            
                            206,871

                        
	
                            
                            Albert Pick III

                        	
                            
                            206,683

                        
	
                            
                            Grander, L.L.C.

                        	
                            
                            259,163

                        
	
                            
                            One-Seven LLC

                        	
                            
                            259,163

                        
	
                            
                            David Beamish

                        	
                            
                            30,833

                        
	
                            
                            Douglas Stukel

                        	
                            
                            30,720

                        

            

             

             

            
            -7-

             

            
            

            

            

            
            SCHEDULE 2

             

            
            REPRESENTATIONS AND WARRANTIES OF THE
            LENDERS. IN CONNECTION WITH THE TRANSACTIONS PROVIDED FOR
            HEREIN, EACH NOTE HOLDER HEREBY REPRESENTS AND WARRANTS TO THE COMPANY
            THAT:

            
            Purchase Entirely for Own Account. Each
            Lender acknowledges that this Agreement is made with Lender in reliance upon such
            Lender’s representation to the Corporation that the shares of Common Stock issued
            upon conversion of the Note, the Warrants, and any Common Stock issuable upon exercise
            of the Warrants (collectively, the “Securities”) will be acquired for
            investment for Note Holder’s own account, as principal and not as a nominee or
            agent, and not with a view to the resale or distribution of any part thereof, and that
            such Note Holder has no present intention of selling, granting any participation in, or
            otherwise distributing the same. By executing this Agreement, each Note Holder further
            represents that such Note Holder does not have any contract, undertaking, agreement or
            arrangement with any person to sell, transfer or grant participations to such person or
            to any third person, with respect to the Securities.

            
            Disclosure of Information. Each Note
            Holder acknowledges that it has received all the information, documents and materials
            it considers necessary or appropriate for deciding whether to acquire the Securities.
            Each Note Holder confirms that it has made such further investigation of the Company as
            was deemed appropriate to evaluate the merits and risks of this investment. Each Note
            Holder further represents that it has had an opportunity to ask questions and receive
            answers from the Company regarding the terms and conditions of the offering of the
            Securities.

            
            Investment Experience. Each Note Holder
            is an investor in securities of companies in the development stage and acknowledges
            that it is able to fend for itself, can bear the economic risk of its investment and
            has such knowledge and experience in financial or business matters that it is capable
            of evaluating the merits and risks of the investment in the Securities. If other than
            an individual, each Note Holder also represents it has not been organized solely for
            the purpose of acquiring the Securities.

            
            Accredited Investor. Each Note Holder is
            an “accredited investor” within the meaning of Rule 501 of Regulation D of
            the Securities Act of 1933, as presently in effect (the “Securities
            Act”).

            
            Restricted Securities. Each Note Holder
            understands that the Securities are characterized as “restricted
            securities” under the federal securities laws inasmuch as they are being acquired
            from the Company in a transaction not involving a public offering and that under such
            laws and applicable regulations such securities may not be resold except through a
            valid registration statement or pursuant to a valid exemption from the registration
            requirements under the Securities Act and applicable state securities laws. Each Note
            Holder represents that it is familiar with Rule 144 of the Securities Act, and
            understands the resale limitations imposed thereby and by the Securities Act and
            applicable state securities laws.

            
            Legends. It is understood that the
            certificates evidencing the Securities, or any other securities issued in respect of
            the Securities upon any stock split, stock dividend, recapitalization, merger,
            consolidation or similar event, shall bear the legends required by applicable law as
            well as such agreements to which such Securities may be subject, including, without
            limitation, legends relating to restrictions on transfer under federal and state
            securities laws and legends required under applicable state securities laws, as well as
            the following legend:

            
            “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
            ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED UNDER ANY
            STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
            OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT
            UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (B) AN OPINION OF COUNSEL SATISFACTORY TO
            THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR (C) AN
            EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
            (IF AVAILABLE), IN EACH OF CASES (A) THROUGH (C) IN ACCORDANCE WITH ANY APPLICABLE
            STATE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.”

             

             

            
            -8-

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