Document:

EX-10.1

 

Exhibit 10.1

Employment Agreement

The Princeton Review, Inc.

          This Employment Agreement (along with its Exhibits, (this “Agreement”) is between Stephen
Melvin (“Exec”) and The Princeton Review, Inc. (“TPR”), and is subject to the terms of the current
form of the Executive Compensation Policy Statement, dated July 1, 2005, a copy of which is
attached as Exhibit A (the “Policy Statement”). Capitalized terms used herein are defined in The
Princeton Review Glossary, also dated July 1, 2005, the current form of which governs this
Agreement and is attached as Exhibit B. This Agreement supersedes any previous agreement with
respect to Exec.

	1.	 	Job Description: Starting January 26, 2007 (the “Effective Date”), Exec shall serve as EVP
and Chief Financial Officer. Exec shall devote full business time and energies to the business
affairs, including management and financial responsibilities, of TPR. Further he will use his
best efforts, skill and abilities to promote TPR’s interests, in accordance with guidelines,
policies and objectives established by TPR.

	2.	 	Compensation: TPR shall pay Exec an annual base salary of $297,052 in accordance with TPR’s
normal payroll practices as of January 17, 2007.

	3.	 	Benefits: Exec shall also receive those medical, dental, life insurance benefits and D&O
insurance benefits made available by TPR to the other G-0 Executives of TPR as a class in
accordance with TPR policies.

	4.	 	Transition Expenses: Until such point that Exec is covered by TPR’s health insurance plan,
TPR shall reimburse Exec for the cost of his health insurance.

	5.	 	Term: This Agreement has an initial expiration date of July 1, 2007 but will automatically
be extended for additional six months period upon the completion of the initial term and any
six-months extension period thereafter until (i) Exec voluntarily terminates employment or
(ii) TPR gives contrary written notice to Exec at least one month prior to the completion of
the initial term or any six-months extension period thereafter.

	6.	 	Severance: If TPR terminates Exec’s employment for any reason other than for Cause or if this
Agreement is terminated under Section 4.2 or 4.3 of the Policy Statement, then in lieu of the
payments provided under Sections 5.2, 5.3 and 5.4 of the Policy Statement, TPR will pay Exec
an amount equal to three months of his annual base salary in effect at the time of
termination, payable in accordance with TPR’s standard payroll practices; provided, however,
that in order to be eligible to receive such severance payments under this Section 5, Exec
shall have executed and delivered to TPR a release agreement in the form of Exhibit B.
If Exec leaves voluntary anytime after April 1, 2007, Exec will be eligible for a severance
payment of $50,000. Exec shall be employed at-will, and either party may terminate Exec’s
employment with or without Cause at any time. This is in lieu of any other payment.

	7.	 	This Agreement shall be interpreted under the laws of the State of New York. If any
provision of this Agreement shall be found to be invalid or unenforceable, that provision only
shall be deemed to be deleted, or revised to validly express the intention of the parties, and
the remainder of this Agreement, by intention of the parties shall remain valid and
enforceable to the fullest extent permitted by law. This Agreement may be executed in
counterparts This Agreement is personal to Exec and may not be assigned by him. TPR may
assign this Agreement to any successor or affiliate. This Agreement constitutes and contains
the entire agreement and understanding of the parties with respect to the subject

 

 

	 	 	matter hereof and a modification of this Agreement will be binding only if in writing and
executed by both parties.

Agreed to this January 19, 2007.

	 	 	 	 	 	 	 
	/s/ John Katzman

	 	 	 	/s/ Stephen Melvin	 	 
	 

John Katzman

	 	 
	 	 

Stephen Melvin
	 	 
	CEO
	 	 	 	 	 	 

 

 

EXHIBIT A

The Princeton Review, Inc.

2005 Executive Compensation Policy Statement

Effective july 1, 2005

The Princeton Review, Inc (“TPR”) wants to fairly compensate its senior management in a consistent
and clear way. This document will serve as an addendum to the employment agreements of executives
selected by the Chief Executive Officer (“CEO”) or the Board of Directors (the “Board”).

The issues covered are as follows: (1) Who is eligible; (2) Responsibilities and Non-compete; (3)
Term & Compensation; (4) Termination for Cause, Disability or Death; (5) Severance Benefits and
Payments; (6) Change of Control; and the always-popular (7) Legal Stuff.

Section 1. Who is Eligible

	 	1.1.	 	The CEO or the Board shall decide who will be covered under the Executive Compensation Policy.
	 
	 	1.2.	 	An executive will not be covered under the Executive Compensation Policy unless he or she has
an effective employment agreement that provides for such participation.

Section 2. Responsibilities and Non-compete

	 	2.1.	 	So long as this Agreement continues in effect, the
Executive shall devote full business time and
energies to the business affairs, including
management and financial responsibilities, of TPR.
Further, he or she will use his or her best efforts,
skill and abilities to promote their interests, in
accordance with guidelines, policies and objectives
established by TPR and his or her manager.
	 
	 	2.2.	 	Any materials, writings, graphics, techniques,
methods or products relating or reasonably
applicable to TPR business, or any natural extension
thereof, which may be developed by the Executive
during his or her term of employment with TPR shall
inure solely and fully to the benefit of TPR,
without any additional compensation to the
Executive.
	 
	 	 	 	In addition, TPR will be the exclusive owner of
all intellectual property rights (including
copyrights, patents, trade secrets, trademarks and
moral rights) in all of the Executive’s works of
authorship, inventions, and other creations, ideas,
suggestions and contributions, either standing alone
or as part of a collective work, that are within the
scope of the Executive’s employment at TPR. At
TPR’s request, the Executive agrees to sign all
documents necessary to confirm this agreement and to
secure and perfect TPR’s interest in such rights.
The Executive acknowledges that during his or her
	 
	 	 	 	employment with TPR, he or she may have had
otherwise prohibited access to trade secrets and
other oral or written information and materials that
are confidential in nature and proprietary to TPR.
The Executive will not, at any time, whether during
or after the term of employment, directly or
indirectly, by any means or devices whatsoever,
copy, retain, disclose, use, or permit the use of or
access to any confidential business information,
except as may be required in the performance of the
Executive’s duties for TPR. Upon termination or
expiration of employment with TPR, the Executive
will immediately turn over to TPR all copies of any
confidential business information in his or her
possession or control.
	 
	 	2.3.	 	In the event of a breach or threatened breach by the
Executive of any provision of this Agreement which
would be difficult to measure in terms of monetary
damages, including, but not limited to, the
disclosure of confidential business information, or
the unauthorized rendering of services to any person
or firm engaged in a business competitive with that
of TPR or its franchises as described in Section 2.4
below, TPR shall by agreement of the parties be
entitled to obtain a restraining order, injunction
and all other appropriate equitable remedies in
addition to other applicable remedies provided by
applicable law. It is expressly agreed that the
Executive’s obligation to maintain the
confidentiality of the business of TPR and its
franchises, which are not matters of general public
knowledge, will survive the termination of this
Agreement.
	 
	 	2.4.	 	The Executive agrees that his or her services
provided to TPR are of a special, unique and
intellectual character, and the Executive’s position
with TPR places him or her in a position of
confidence and trust with the business, customers
and employees of TPR and its affiliates.
Accordingly, the Executive agrees during the term of
this Agreement and for a period of eighteen (18)
months following the expiration or termination of
this Agreement not to:

 

 

	 	2.4.1.	 	engage in any capacity, in the
business of providing assistance
with or professional training for
state standards and assessments,
preparation for standardized
examinations, or the college,
professional school, or graduate
school admissions process, without
the advance written consent of TPR,
or
	 
	 	2.4.2.	 	solicit the services of any
employee of TPR or any of its
franchises (or any individual
employed by TPR or any of its
franchises within the then most
recent 12 months) or take any
action that results, or might
reasonably result, in any employee
ceasing to perform services for TPR
or any of its franchises and
commencing to perform services for
the Executive or any person or
entity associated with the
Executive. If the Executive
breaches this Section 2.4, he or
she will immediately forfeit as of
the time of such breach the right
to receive any severance payments
or benefits under this Agreement
and forfeit the gain from any stock
options exercised following a
termination of employment. In
addition, TPR will be entitled to
require that the Executive repay to
TPR the value of any such payments
or benefits previously paid to the
Executive and to pursue any
additional remedies at law or
equity, including, without
limitation, those contemplated by
Section 2.3 above.

	 	2.5.	 	If any provision of this Section 2 is found to be
void or unenforceable, in whole or in part, then the
remainder of the provisions of this Section 2 will
remain in full force and effect and in no way be
affected or impaired, and the provision so found to
be void or unenforceable will be deemed modified in
amount, duration, scope or otherwise to the minimum
extent necessary such that such provision shall not
be void or unenforceable and, as so modified, will
remain in full force and effect.

Section 3. Term & Compensation:

	 	3.1.	 	The Agreement has an initial one-year term, which will
automatically be extended for additional two-year periods upon
the completion of the initial one-year term or any two-year
extension period thereafter until (i) the Executive voluntarily
terminates employment or (ii) TPR gives contrary written notice
to the Executive at least 60 days prior to the completion of the
initial one-year term or any two-year extension period
thereafter.
	 
	 	3.2.	 	Base annual salary is payable in 26 equal bi-weekly installments.
	 
	 	3.3.	 	The Executive may be eligible for an annual bonus in accordance
with The Princeton Review Bonus Policy, attached hereto as
Exhibit A.
	 
	 	3.4.	 	A health insurance plan comparable to the best plan being
provided on a current basis to management executives of TPR or
other TPR employees.
	 
	 	3.5.	 	Other benefits such as 401(k), cafeteria plan, educational
reimbursement and such others as may be provided to other
management personnel of TPR or other TPR employees.
	 
	 	3.6.	 	Three weeks of paid vacation.

Section 4. Termination of Employment:

	 	4.1.	 	TPR may terminate the Executive’s employment for Cause.
	 
	 	4.2.	 	TPR may terminate the Executive’s employment due to his or her
“Disability.” For purposes of this Agreement, the Disability of the
Executive shall mean that the Executive shall fail to perform the
duties of employment because of illness or incapacity to perform for
90 successive days, or for shorter periods aggregating 90 days or
more in any consecutive 12-month period (the “Periods of
Disability”). In no event will the Executive’s absence from work on
an approved maternity or paternity leave be counted as a Period of
Disability.
	 
	 	4.3.	 	This Agreement shall terminate immediately upon the Executive’s death.
	 
	 	4.4	 	If the Executive voluntarily terminates without Adequate Notice, any
stock options granted to the Executive shall immediately terminate
upon the Executive’s termination of employment.

 

 

Section 5. Severance Payments and Benefits:

	 	5.1.	 	If the Executive’s employment terminates for any
reason during the term of the Agreement, the
Executive will be entitled to receive his or her
salary through the date of termination (and a cash
payment for vacation accrued to that date).
	 
	 	5.2.	 	If TPR terminates the Executive’s employment due to
his or her Disability, then, in addition to the
payments provided under Section 5.1 above (which
will include the salary accrued by the Executive
during the Period(s) of Disability), the Executive
will also continue to receive base salary for a
period of six months following the date of
termination, minus any other Disability benefits
provided by TPR to the Executive during this period.
Payment under this Section 5.2 will, however,
immediately cease upon the Executive’s return to
employment with TPR or any other employer.
	 
	 	5.3.	 	If TPR terminates the Executive’s employment without
Cause, or if the Executive terminates employment
after being Reassigned, then, in addition to the
payments provided under Section 5.1 above, TPR will
pay the Executive his or her annual base salary for
an additional six months following termination. In
addition, the Executive will be entitled to
reimbursement of COBRA payments to maintain medical
and dental insurance for a number of weeks equal to
twice the number of years he or she was employed
full-time by TPR.
	 
	 	5.4.	 	If TPR does not renew the Agreement under Section
3.1 above, then, in addition to the payments
provided under Section 5.1 above, TPR will pay the
Executive an amount equal to his or her weekly
salary multiplied by twice the number of years he or
she was employed full-time by TPR. This payment will
not be due if TPR is in the process of Terminating
for Cause at the time of renewal.
	 
	 	5.5.	 	Any severance payments or benefits provided under
this Section 5 shall be in consideration of, and
subject to, the Executive’s performance of the
non-competition obligations of Section 2.4 above.
	 
	 	5.6.	 	To the extent permitted by law, the total amount of
any severance payments or benefits provided under
this Section 5 shall be paid ratably over time
pursuant to TPR’s regularly scheduled payroll system
based on the number of months of the Executive’s
annual base salary to be paid, and shall be subject
to withholding taxes.

Section 6. Change in Control:

	 	6.1.	 	TPR shall retain full and unlimited discretion to
add to or to dispose of TPR. However, if there is a
Change in Control during the term of the Agreement,
the Executive will be entitled to immediate vesting
and settlement of all deferred stock and stock
options then held by the Executive under the
relevant plans, and of all other stock-based awards
granted to the Executive under any stock-based
incentive plan of TPR.

Section 7. Legal Stuff:

	 	7.1.	 	Except for the right of TPR to seek equitable relief under the circumstances provided by Section 2
hereof, any controversy, dispute or claim arising under or relating to the provisions of this
Agreement, or the breach thereof, shall be determined by arbitration in the City of New York in
accordance with the Commercial Arbitration Rules of the American Arbitration Association then in
effect. The decision and award in such arbitration proceeding shall be binding and final on the
parties, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.
	 
	 	7.2.	 	If any provision of the Agreement shall be found to be invalid or unenforceable, that provision only
shall be deemed to be deleted, or revised to validly express the intention of the parties, and the
remainder of the Agreement, by intention of the parties, shall remain valid and enforceable to the
fullest extent permitted by law.
	 
	 	7.3.	 	The Agreement is personal to the Executive and may not be assigned by him or her. TPR may assign the
Agreement to any successor, or to any party or corporation that may succeed to the business of TPR or
of such successor by sale of assets, merger, or consolidation or otherwise, provided the assignee
assumes the responsibilities and obligations of TPR under the Agreement.
	 
	 	7.4.	 	The Agreement constitutes and contains the entire agreement and understanding of the parties with
respect to the subject matter hereof. A modification of this Agreement will be binding only if agreed
to in writing by the party sought to be bound or obligated.
	 
	 	7.5.	 	The Agreement shall be interpreted under the laws of the State of New York.

 

 

	 	7.6.	 	The Agreement may be executed in any number of identical counterparts, and each counterpart shall be
deemed a duplicate original hereof.
	 
	 	7.7.	 	The Compensation Committee shall administer this Policy and shall have exclusive authority and
discretion to interpret and construe the terms hereof and determine eligibility for payments and
benefits hereunder with respect to the CEO and each other Executive Officer. Any such determination
will be final and binding on the Executive Officer unless arbitrary and capricious or made in bad
faith. The CEO, however, shall administer this Policy and shall have exclusive authority and
discretion to interpret and construe the terms hereof and to determine eligibility for payments and
benefits hereunder with respect to any other executive of TPR that is covered by this Policy. Any such
determination will be final and binding on the executive unless arbitrary and capricious or made in bad
faith.
	 
	 	7.8.	 	Any payments due to the Executive hereunder will be reduced by all required withholding and other taxes.
	 
	 	7.9.	 	Many definitions and terms used here can be found in The Princeton Review Glossary. Any of the terms
herein may be superceded by the specific employment agreement to the extent that the employment
agreement specifically provides that it is superceding a term herein. The Executive’s specific
employment agreement, together with this addendum, are referred to herein as the “Agreement”. However,
the terms herein supercede those of the Stock Option Grant or Stock Incentive Plan.

 

 

EXHIBIT B

The Princeton Review Glossary — 2005

EFFECTIVE JULY 1, 2005

In many documents and agreements used by The Princeton Review, Inc. we use certain terms. In order
that all of those documents refer to the same things in the same way, we have created this
Glossary.

	1)	 	“Adequate Notice” is 4 weeks prior written notice that an Executive Officer must provide to the Company in the event that such Executive Officer voluntarily
terminates his or her employment with the Company.
	 
	2)	 	“Agreed Value” is the fair market value of the Company as determined by the Company through the valuation committee set up in the Stockholder’s Agreement.
	 
	3)	 	“Board” shall mean the Board of Directors of the Company.
	 
	4)	 	“Cause” shall mean:

	 	a)	 	dishonesty or the willful engaging by an employee in illegal conduct, if such acts materially injure the company;
	 
	 	b)	 	the willful failure of an employee to perform the material duties of his or her employment (other than any such failure
resulting from incapacity due to physical or mental illness), after a written demand is delivered to the employee which
identifies the manner in which the employee has not substantially performed his or her duties;
	 
	 	c)	 	the willful engaging by an employee in gross misconduct in connection with the performance of his or her duties which is
materially injurious to his or her employer; or
	 
	 	d)	 	disloyalty towards the Company which results in material harm to the Company, which specifically shall include, but not be
limited to, actions which are inconsistent with the fiduciary duty owed the Company arising by law from employment as an
officer and agent of the Company.

	5)	 	A “Change in Control” shall mean:

	 	a)	 	an acquisition or acquisitions of 30% or more of the Company’s then issued and outstanding voting stock, with preferred
stock on an as-converted basis, that results in a change in the CEO or Chairman of the Board, by an outside entity or
entities (as defined below);
	 
	 	b)	 	a merger or consolidation of the Company, unless (1) following the transaction, former stockholders of the Company continue
to hold at least 50% of the voting stock of the surviving entity or (2) the transaction is effected to implement a
recapitalization in which no outside entity or entities acquire control of 50% or more of the Company’s voting stock;
	 
	 	c)	 	during any period of two consecutive years, individuals who at the beginning of such period were members of the Board cease
for any reason to constitute at least a majority thereof (unless the election, or the nomination for election by the
Company’s stockholders, of each new director was approved by a vote of at least two-thirds of the directors then still in
office who were directors at the beginning of such period);
	 
	 	d)	 	a liquidation or dissolution of the Company, or sale of substantially all of its assets to an outside entity or entities; or
	 
	 	e)	 	the execution of a binding agreement which, if consummated, would result in a Change in Control as defined above;

	 	i)	 	provided, that, notwithstanding anything to the
contrary in the foregoing, neither the initial public
offering of the common stock of the Company, nor the
temporary holding of Company securities by an
underwriter pursuant to an offering of such
securities, shall be deemed to constitute, or
otherwise be treated as, a Change in Control.
	 
	 	ii)	 	For purposes of this definition, an “outside entity”
includes “person” or “group” within the meaning of
Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934 as of April 1, 2000.
Notwithstanding anything to the contrary in the
foregoing, an “outside entity” shall not include SG
Capital Partners, L.L.C.

	6)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
	 
	7)	 	“Common Stock” shall mean the common stock of the Company.

 

 

	8)	 	“Committee” shall mean the Compensation Committee of the Board or such other committee appointed either by the Board or
by such Compensation Committee to administer the Plan.
	 
	9)	 	“Company” shall mean The Princeton Review, Inc.
	 
	10)	 	“Deferral Period” shall mean the period during which receipt of an award of Deferred Stock shall be deferred.
	 
	11)	 	“Deferred Stock” shall mean an award of deferred stock granted to an employee under the Stock Incentive Plan.
	 
	12)	 	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
	 
	13)	 	“Executive Officer” shall mean an executive officer of the Company as defined in Rule 3b-7 of the Exchange Act.
	 
	14)	 	“Incentive Stock Option” shall mean a Stock Option that is an “incentive stock option” within the meaning of Section 422
of the Code.
	 
	15)	 	“Fair Market Value” shall mean the closing sale price of the Stock on a given date as reported on the NASDAQ, or such
other national securities exchange as may be designated by the Company, or, in the event that the Stock is not listed
for trading on a national securities exchange but is quoted on an automated system, on such automated system.
	 
	16)	 	“Non-Qualified Stock Option” shall mean a Stock Option which is not an Incentive Stock Option.
	 
	17)	 	“Reassigned” shall mean:

	 	a)	 	a material detrimental change in an employee’s duties, titles or
reporting responsibilities from those in effect;
	 
	 	b)	 	the relocation of the employee by more than 50 miles from the
office at which he or she was based, or, if the employee consents
to relocation, the failure by the Company to pay the Executive’s
reasonable moving expenses and indemnify him or her against loss
realized in the sale of his or her principal residence in
connection with the relocation;
	 
	 	c)	 	the Company’s failure to have any successor assume the Agreement; or
	 
	 	d)	 	any other material breach by the Company of the Agreement.

	18)	 	“Related Company” shall mean any affiliate of the Company designated as such by the Committee.
	 
	19)	 	“Restricted Stock” shall mean an award of shares of Stock granted to an employee pursuant to the Stock Incentive Plan.
	 
	20)	 	“Stock” shall mean the common stock of the Company.
	 
	21)	 	“Stock Incentive Plan” shall mean The Princeton Review, Inc. 2000 Stock Incentive Plan, or any successor plan thereto.
	 
	22)	 	“Stock Option” shall mean an award to purchase shares of Stock granted to an employee pursuant to the Stock Incentive
Plan, which may be either a Non-Qualified Stock Option or an Incentive Stock Option.EX-4.1

 

	 	 	 	 	 

Exhibit 4.1

AMENDMENT NO. 1

TO

RIGHTS AGREEMENT

     THIS AMENDMENT NO. 1 TO RIGHTS AGREEMENT is entered into as of this 17th day of
January, 2007 by and between Nastech Pharmaceutical Company Inc. (the “Company”) and American Stock
Transfer & Trust Company (the “Rights Agent”).

RECITALS:

     WHEREAS, the Company and the Rights Agent previously entered into that certain Rights
Agreement dated February 22, 2000 (the “Rights Agreement”) to provide for, among other things,
certain preferred share purchase rights of the Company’s stockholders; and

     WHEREAS, the Company and the Rights Agent desire to amend the Rights Agreement to make it
clear, for avoidance of doubt, that a bona fide underwriter is excluded from the definition of an
“Acquiring Person” under the Rights Agreement.

     NOW, THEREFORE, in consideration of the rights and obligations contained herein, and for other
good and valuable consideration, the adequacy of which is hereby acknowledged, the parties agree as
follows:

     SECTION 1. Amendment to Rights Agreement. Paragraph (a) of Section 1 of the Rights
Agreement is hereby amended by adding the following at the end of such paragraph:

     “For purposes of determining whether a person is an “Acquiring Person” under this
Rights Agreement, pursuant to Rule 13d-3(d)(4) under the Securities Exchange Act of 1934,
as amended, a person engaged in business as an underwriter of securities who acquires
securities through its participation in good faith in a firm commitment underwriting
registered under the Securities Act of 1933, as amended, shall not be deemed to be the
beneficial owner of such securities until the expiration of forty calendar days after the
date of such acquisition.”

     SECTION 2. Entire Agreement. This Amendment constitutes the entire agreement of the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
undertakings, both written and oral, between the Company and the Rights Agent with respect to the
subject matter hereof and thereof. Except as modified by this Amendment, the Rights Agreement
remains in full force and effect.

     SECTION 3. Severability. If any term or other provision of this Amendment is invalid,
illegal or incapable of being enforced by any law or public policy, all other terms

 

 

and provisions of this Amendment shall nevertheless remain in full force and effect for so long as
the economic or legal substance of the transactions contemplated by this Amendment is not affected
in any manner materially adverse to either party hereto. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Amendment so as to effect the original intent of the parties
as closely as possible in an acceptable manner in order that the transactions contemplated by this
Amendment are consummated as originally contemplated to the greatest extent possible.

     SECTION 4. Counterparts. This Amendment shall not be effective or binding until such
time as it has been executed and delivered by all parties hereto. This Amendment may be executed
and delivered (including by facsimile transmission or portable document format (PDF)) in one or
more counterparts, and by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original, but all of which taken together shall constitute one
and the same agreement.

     SECTION 5. Governing Law. This Amendment shall be deemed to be a contract made under
the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed entirely
within such State.

[Signature Page Follows]

 

 

     IN WITNESS WHEREOF, the Company and the Rights Agent have caused this Amendment to be executed
by their respective officers thereunto duly authorized as of the date first written above.

	 	 	 	 	 
	 	NASTECH PHARMACEUTICAL COMPANY INC.

 	 
	 	By:  	/s/ Steven C. Quay
 	 
	 	 	Name:  	Steven C. Quay 	 
	 	 	Title:  	Chairman of the Board, President
and Chief Executive Officer 	 
	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY

 	 
	 	By:  	/s/ Herbert J. Lemmek
 	 
	 	 	Name:  	Herbert J. Lemmek 	 
	 	 	Title:  	Vice President

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