Document:

Exhibit 10.1
    

    
      Execution Copy
    

    

    

    
      AGREEMENT
    

    
      This Agreement (this “Agreement”) is made and entered into
      as of March 11, 2013, by and among Calgon Carbon Corporation (the “Company”)
      and the entities and natural persons listed on Exhibit A hereto
      and their respective Affiliates (collectively, “Starboard”)
      (each of the Company and Starboard, a “Party” to this
      Agreement, and collectively, the “Parties”).
    

    
      RECITALS
    

    
      WHEREAS, the Company and Starboard have engaged in various discussions
      and communications concerning the Company’s business, financial
      performance and strategic plans;
    

    
      WHEREAS, Starboard is deemed to beneficially own shares of common stock
      of the Company (the “Common Stock”) totaling, in the
      aggregate, four million nine hundred sixty-five thousand (4,965,000)
      shares, or approximately nine and two tenths percent (9.2%), of the
      Common Stock of the Company issued and outstanding on the date hereof;
    

    
      WHEREAS, Starboard submitted a nomination letter to the Company on
      January 15, 2013 (the “Nomination Letter”) nominating
      director candidates to be elected to the Company’s board of directors
      (the “Board”) at the 2013 annual meeting of stockholders of
      the Company (the “2013 Annual Meeting”); and
    

    
      WHEREAS, the Company and Starboard have determined to come to an
      agreement with respect to the election of members of the Board at the
      2013 Annual Meeting, certain matters related to the 2013 Annual Meeting
      and certain other matters, as provided in this Agreement.
    

    
      NOW, THEREFORE, in consideration of the foregoing premises and the
      mutual covenants and agreements contained herein, and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Parties hereto, intending to be legally bound hereby,
      agree as follows:
    

    
      1.  Board Matters; Board Appointments; 2013 Annual Meeting.
    

    
      (a)  Prior to the mailing of its definitive proxy statement for the 2013
      Annual Meeting, the Company agrees that the Board and all applicable
      committees of the Board shall take all necessary actions to (i) increase
      the size of the Board from eight (8) members to nine (9) members, and
      (ii) nominate Donald C. Templin (“Templin”) and Louis S.
      Massimo (the “Starboard Appointee,” and with Templin, the “New
      Appointees”) for election to the Board at the 2013 Annual
      Meeting.  Each of the New Appointees shall be designated as nominees for
      the class of directors with terms expiring at the 2016 annual meeting of
      stockholders (the “2016 Annual Meeting”).
    

    
      (b)  Upon the execution of this Agreement, Starboard hereby irrevocably
      withdraws its Nomination Letter and Starboard hereby agrees not to  (i)
      nominate any person for election at the 2013 Annual Meeting, (ii) submit
      any proposal for consideration at, or bring any other business before,
      the 2013 Annual Meeting, directly or indirectly, or (iii) initiate,
      encourage or participate in any “withhold” or similar campaign with
      respect to the 2013 Annual Meeting, directly or indirectly, and shall
      not permit any of its Affiliates or Associates to do any of the items in
      this Section 1(b).  Starboard shall not publicly or privately encourage
      or support any other stockholder to take any of the actions described in
      this Section 1(b).
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      (c)  The Company agrees that it will recommend, support and solicit
      proxies for the election of the New Appointees at the 2013 Annual
      Meeting in the same manner as for the Company’s other nominees standing
      for election to the Board at the 2013 Annual Meeting.
    

    
      (d)  The Company agrees that if the Starboard Appointee or any
      Replacement Director (as defined below) is unable to serve as a
      director, resigns as a director or is removed as a director prior to the
      2016 Annual Meeting, and at such time Starboard beneficially owns in the
      aggregate at least the lesser of 3.0% of the Company’s then outstanding
      Common Stock (subject to adjustment for stock splits, reclassifications,
      combinations and similar adjustments), the Company and Starboard shall
      discuss in good faith the mutual recommendation to the Governance
      Committee of the Board (the “Governance Committee”) of the
      appointment of a substitute person to fill the resulting vacancy in the
      class of directors with terms expiring at the 2016 Annual Meeting, which
      person shall (i) be independent of Starboard, (ii) qualify as
      “independent” pursuant to NYSE listing standards, and (iii) have
      relevant financial and business experience.  The appointment of any such
      person to the Board will be subject to the approval of the Governance
      Committee, in its sole discretion, after exercising its fiduciary duties
      in good faith (any such replacement nominee appointed in accordance with
      the terms of this Section 1(d) shall be referred to as the “Replacement
      Director”).  Upon the acceptance of a Replacement Director nominee
      by the Governance Committee, the Board will appoint such Replacement
      Director to the Board no later than five (5) business days after the
      Governance Committee recommendation of such Replacement Director.
    

    
      (e)  At the 2013 Annual Meeting, Starboard agrees to appear in person or
      by proxy at the 2013 Annual Meeting and vote all shares of Common Stock
      beneficially owned by it (i) in favor of the election of each of the
      Company’s nominees for election to the Board (ratably with respect to
      all nominees) and (ii) in accordance with the Board’s recommendation
      with respect to the Company’s “say-on-pay” proposal, unless, as relates
      solely to the Company’s “say-on-pay” proposal, Institutional Shareholder
      Services Inc. recommends otherwise.
    

    
      (f)  Starboard agrees that it will cause its Affiliates and Associates
      to comply with the terms of this Agreement.  As used in this Agreement,
      the terms “Affiliate” and “Associate” shall have the respective meanings
      set forth in Rule 12b-2 promulgated by the Securities and Exchange
      Commission under the Securities Exchange Act of 1934, as amended, or the
      rules or regulations promulgated thereunder (the “Exchange Act”)
      and shall include all persons or entities that at any time during the
      term of this Agreement become Affiliates or Associates of any person or
      entity referred to in this Agreement.
    

    
      (g)  As of the date of this Agreement, the New Appointees are appointed
      as observers to the Board (the “Board Observers”) until the
      2013 Annual Meeting.  Each of the Board Observers will (i) receive
      copies of all notices and written information furnished to the full
      Board, reasonably in advance of each meeting to the extent practicable,
      and (ii) be permitted to be present at all meetings of the full Board
      (whether by phone or in person).  Notwithstanding the foregoing, (A) the
      Company shall be entitled to withhold any information and exclude the
      Board Observers from any meeting, or any portion thereof, as is
      reasonably determined by the Company to be necessary to protect the
      Company’s attorney-client privilege, or as otherwise may be appropriate
      until the New Appointees are elected to the Board, and (B) the Board
      Observers shall execute a confidentiality agreement in form and
      substance reasonably acceptable to the Company with respect to the
      information and discussions to which the Board Observers will have
      access.
    

    

    

    
      
        

        

      

      
        
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      (h)  Within five (5) business days following the date of this Agreement,
      the Company shall amend its Rights Agreement, dated as of January 27,
      2005, as amended, to replace any mention of “ten percent” or “10%” in
      the definition of “Acquiring Person” in Section 1(a) thereof with
      “fifteen percent” or “15%”, and to make any necessary conforming changes.
    

    
      (i)  The Company shall use its reasonable best efforts to hold the 2013
      Annual Meeting no later than May 31, 2013.
    

    
      (j)  The Company shall have dissolved the Executive Committee of the
      Board on or prior to the date of this Agreement.  The Company agrees
      that if a new Executive Committee of the Board is created, the Board
      will take all action necessary in furtherance of the appointment of the
      Starboard Appointee to the Executive Committee of the Board.
    

    
      (k)  The Company agrees that promptly following the conclusion of the
      2013 Annual Meeting, but in any event no later than thirty (30) days
      thereafter, the Board will take all action necessary in furtherance of
      (i) the appointment of Templin to the Audit Committee of the Board and
      (ii) the appointment of the Starboard Appointee to the Compensation
      Committee of the Board.
    

    
      2.  Standstill Provisions.
    

    
         (a)  Starboard agrees that, from the date of this Agreement until the
      earlier of (i) the date that is fifteen (15) business days prior to the
      deadline for the submission of stockholder nominations for the 2014
      annual meeting of stockholders of the Company pursuant to the Company’s
      bylaws or (ii) the date that is one-hundred (100) days prior to the
      first anniversary of the 2013 Annual Meeting (the “Standstill
      Period”), neither it nor any of its Affiliates or Associates under
      its control or direction will, and it will cause each of its Affiliates
      and Associates under its control not to, directly or indirectly, in any
      manner:
    

    
      (i)  engage in any solicitation of proxies or consents or become a
      “participant” in a “solicitation” as such terms are defined in
      Regulation 14A under the Exchange Act of proxies or consents (including,
      without limitation, any solicitation of consents that improperly seeks
      to call a special meeting of stockholders), in each case, with respect
      to securities of the Company;
    

    
      (ii)  form, join or in any way participate in any “group” (within the
      meaning of Section 13(d)(3) of the Exchange Act) with respect to the
      Common Stock (other than a “group” that includes all or some of the
      persons identified on Exhibit A, but does not include any other
      entities or persons not identified on Exhibit A as of the date
      hereof); provided, however, that nothing herein shall limit the ability
      of an Affiliate of Starboard to join the “group” following the execution
      of this Agreement, so long as any such Affiliate agrees to be bound by
      the terms and conditions of this Agreement;
    

    

    

    
      
        

        

      

      
        
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      (iii)  deposit any Common Stock in any voting trust or subject any
      Common Stock to any arrangement or agreement with respect to the voting
      of any Common Stock, other than any such voting trust, arrangement or
      agreement solely among the members of Starboard and otherwise in
      accordance with this Agreement;
    

    
      (iv)  seek or encourage any person to submit nominations in furtherance
      of a “contested solicitation” for the election or removal of directors
      with respect to the Company or seek, encourage or take any other action
      with respect to the election or removal of any directors;
    

    
      (v)  (A) make any proposal for consideration by stockholders at any
      annual or special meeting of stockholders of the Company, (B) make any
      offer or proposal (with or without conditions) with respect to a merger,
      acquisition, recapitalization, restructuring, disposition or other
      business combination involving Starboard and the Company, or encourage,
      initiate or support any other third party in any such related activity
      or (C) make any public communication in opposition to any Company
      acquisition or disposition activity approved by the Board;
    

    
      (vi)  seek, alone or in concert with others, representation on the
      Board, except as specifically contemplated in Section 1;
    

    
      (vii)  seek to advise, encourage, support or influence any person with
      respect to the voting or disposition of any securities of the Company at
      any annual or special meeting of stockholders, except in accordance with
      Section 1; or
    

    
      (viii)  make any request or submit any proposal to amend the terms of
      this Agreement other than through non-public communications with the
      Company that would not be reasonably determined to trigger public
      disclosure obligations for any Party.
    

    
         (b)  Except as expressly provided in Section 1 or Section 2(a), each
      member of Starboard shall be entitled to:
    

    
       (i)  vote their shares on any other proposal duly brought before the
      2013 Annual Meeting, or otherwise vote as each member of Starboard
      determines in its sole discretion; or
    

    
      (ii)  disclose, publicly or otherwise, how it intends to vote or act
      with respect to any securities of the Company, any stockholder proposal
      or other matter to be voted on by the stockholders of the Company and
      the reasons therefore; provided that, as applicable, all such activity
      is in compliance with the requirements of this Agreement.
    

    
      3.  Representations and Warranties of the Company.
    

    
      The Company represents and warrants to Starboard that (a) the Company
      has the corporate power and authority to execute this Agreement and to
      bind it thereto, (b) this Agreement has been duly and validly
      authorized, executed and delivered by the Company, constitutes a valid
      and binding obligation and agreement of the Company, and is enforceable
      against the Company in accordance with its terms, except as enforcement
      thereof may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, fraudulent conveyance or similar laws
      generally affecting the rights of creditors and subject to general
      equity principles, (c) the execution, delivery and performance of this
      Agreement by the Company does not and will not violate or conflict with
      (i) any law, rule, regulation, order, judgment or decree applicable to
      the Company, or (ii) result in any breach or violation of or constitute
      a default (or an event which with notice or lapse of time or both could
      constitute such a breach, violation or default) under or pursuant to, or
      result in the loss of a material benefit under, or give any right of
      termination, amendment, acceleration or cancellation of, any
      organizational document, agreement, contract, commitment, understanding
      or arrangement to which the Company is a party or by which it is bound,
      and (d) the Company has dissolved the Executive Committee of the Board.
    

    

    

    
      
        

        

      

      
        
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      4.  Representations and Warranties of Starboard.
    

    
      Starboard represents and warrants to the Company that (a) the authorized
      signatory of Starboard set forth on the signature page hereto has the
      power and authority to execute this Agreement and any other documents or
      agreements to be entered into in connection with this Agreement and to
      bind it thereto, (b) this Agreement has been duly authorized, executed
      and delivered by Starboard, and is a valid and binding obligation of
      Starboard, enforceable against Starboard in accordance with its terms,
      except as enforcement thereof may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium, fraudulent conveyance or similar
      laws generally affecting the rights of creditors and subject to general
      equity principles, (c) the execution of this Agreement, the consummation
      of any of the transactions contemplated hereby, and the fulfillment of
      the terms hereof, in each case in accordance with the terms hereof, will
      not conflict with, or result in a breach or violation of the
      organizational documents of Starboard as currently in effect, (d) the
      execution, delivery and performance of this Agreement by Starboard does
      not and will not violate or conflict with (i) any law, rule, regulation,
      order, judgment or decree applicable to Starboard, or (ii) result in any
      breach or violation of or constitute a default (or an event which with
      notice or lapse of time or both could constitute such a breach,
      violation or default) under or pursuant to, or result in the loss of a
      material benefit under, or give any right of termination, amendment,
      acceleration or cancellation of, any organizational document, agreement,
      contract, commitment, understanding or arrangement to which such member
      is a party or by which it is bound, and (e) as of the date of this
      Agreement, (i) Starboard is deemed to beneficially own in the aggregate
      four million nine hundred sixty-five thousand (4,965,000) shares of
      Common Stock and (ii) Starboard does not currently have, and does not
      currently have any right to acquire, any interest in any other
      securities of the Company (or any rights, options or other securities
      convertible into or exercisable or exchangeable (whether or not
      convertible, exercisable or exchangeable immediately or only after the
      passage of time or the occurrence of a specified event) for such
      securities or any obligations measured by the price or value of any
      securities of the Company or any of its Affiliates, including any swaps
      or other derivative arrangements designed to produce economic benefits
      and risks that correspond to the ownership of Common Stock, whether or
      not any of the foregoing would give rise to beneficial ownership (as
      determined under Rule 13d-3 promulgated under the Exchange Act), and
      whether or not to be settled by delivery of Common Stock, payment of
      cash or by other consideration, and without regard to any short position
      under any such contract or arrangement).
    

    

    

    
      
        

        

      

      
        
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      5.  Press Release.
    

    
      Promptly following the execution of this Agreement, the Company and
      Starboard shall jointly issue a mutually agreeable press release (the “Mutual
      Press Release”) announcing certain terms of this Agreement, in the
      form attached hereto as Exhibit B.  Prior to the issuance of the
      Mutual Press Release, neither the Company nor Starboard shall issue any
      press release or public announcement regarding this Agreement without
      the prior written consent of the other Party.  Until the 2013 Annual
      Meeting, neither the Company nor Starboard or the Starboard Appointee
      shall make any public announcement or statement that is inconsistent
      with or contrary to the statements made in the Mutual Press Release,
      except as required by law or the rules of any stock exchange or with the
      prior written consent of the other Party.
    

    
      6.  Specific Performance.
    

    
      Each of Starboard, on the one hand, and the Company, on the other hand,
      acknowledges and agrees that irreparable injury to the other party
      hereto would occur in the event any of the provisions of this Agreement
      were not performed in accordance with their specific terms or were
      otherwise breached and that such injury would not be adequately
      compensable by the remedies available at law (including the payment of
      money damages).  It is accordingly agreed that Starboard, on the one
      hand, and the Company, on the other hand (the “Moving Party”),
      shall each be entitled to specific enforcement of, and injunctive relief
      to prevent any violation of, the terms hereof, and the other party
      hereto will not take action, directly or indirectly, in opposition to
      the Moving Party seeking such relief on the grounds that any other
      remedy or relief is available at law or in equity.  This Section 6 is
      not the exclusive remedy for any violation of this Agreement.
    

    
      7.  Expenses.
    

    
      The Company shall reimburse Starboard for its reasonable, documented
      out-of-pocket fees and expenses (including legal expenses) incurred in
      connection with the matters related to the 2013 Annual Meeting, the
      filing of a Schedule 13D amendment in connection with this Agreement and
      the negotiation and execution of this Agreement, provided that such
      reimbursement shall not exceed Fifty Thousand dollars ($50,000) in the
      aggregate.
    

    
      8.  Severability.
    

    
      If any term, provision, covenant or restriction of this Agreement is
      held by a court of competent jurisdiction to be invalid, void or
      unenforceable, the remainder of the terms, provisions, covenants and
      restrictions of this Agreement shall remain in full force and effect and
      shall in no way be affected, impaired or invalidated.  It is hereby
      stipulated and declared to be the intention of the Parties that the
      Parties would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such which may be hereafter
      declared invalid, void or unenforceable.  In addition, the Parties agree
      to use their best efforts to agree upon and substitute a valid and
      enforceable term, provision, covenant or restriction for any of such
      that is held invalid, void or enforceable by a court of competent
      jurisdiction.
    

    

    

    
      
        

        

      

      
        
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      9.  Notices.
    

    
      Any notices, consents, determinations, waivers or other communications
      required or permitted to be given under the terms of this Agreement must
      be in writing and will be deemed to have been delivered:  (i) upon
      receipt, when delivered personally; (ii) upon receipt, when sent by
      facsimile (provided confirmation of transmission is mechanically or
      electronically generated and kept on file by the sending party); or
      (iii) one business day after deposit with a nationally recognized
      overnight delivery service, in each case properly addressed to the party
      to receive the same.  The addresses and facsimile numbers for such
      communications shall be:
    

    	
          
            If to the Company:
          

        
	
           
        
	
           
        	
           
        	
          Calgon Carbon Corporation
        
	

        	

        	
          500 Calgon Carbon Drive
        
	

        	

        	
          Pittsburgh, Pennsylvania 15205
        
	

        	

        	
          Attention: Randall S. Dearth
        
	

        	

        	
          
            Richard D. Rose, Esq.
          

        
	

        	

        	
          Telephone: (412) 787-6725
        
	

        	

        	
          Facsimile: (412) 787-4774
        
	

        	

        	
           
        
	
          with a copy (which shall not constitute notice) to:
        
	

        	

        	
           
        
	

        	

        	
          Jones Day
        
	

        	

        	
          901 Lakeside Avenue
        
	

        	

        	
          Cleveland, Ohio 44114-1190
        
	

        	

        	
          Attention: Lyle G. Ganske, Esq.
        
	
          
             
          

        	

        	
          
            Telephone: (216) 586-7264
          

        
	

        	

        	
          Facsimile: (216) 579-0212
        
	

        	

        	
           
        
	

        	

        	
          500 Grant Street, Suite 4500
        
	

        	

        	
          Pittsburgh, Pennsylvania 15219
        
	

        	

        	
          Attention: David A. Grubman, Esq.
        
	

        	

        	
          Telephone: (412) 394-7223
        
	

        	

        	
          Facsimile: (412) 394-7959
        
	

        	

        	
           
        
	
          If to Starboard or any member thereof:
        
	

        	

        	
           
        
	

        	

        	
          Starboard Value LP
        
	

        	

        	
          599 Lexington Avenue, 19th Floor
        
	

        	

        	
          New York, New York 10022
        
	

        	

        	
          Attention: Jeffrey C. Smith
        
	

        	

        	
          Telephone: (212) 845-7955
        
	

        	

        	
          Facsimile: (212) 845-7988
        
	

        	

        	
           
        
	
          with a copy (which shall not constitute notice) to:
        
	

        	

        	
           
        
	

        	

        	
          Olshan Frome Wolosky LLP
        
	

        	

        	
          Park Avenue Tower
        
	

        	

        	
          65 East 55th Street
        
	

        	

        	
          New York, New York 10022
        
	

        	

        	
          Attention: Steve Wolosky, Esq.
        
	

        	

        	
          Telephone: (212) 451-2333
        
	

        	

        	
          Facsimile: (212) 451-2222
        

    

    

    

    
      
        

        

      

      
        
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      10.  Applicable Law.
    

    
      This Agreement shall be governed by and construed and enforced in
      accordance with the laws of the State of Delaware without reference to
      the conflict of laws principles thereof.  Each of the Parties hereto
      irrevocably agrees that any legal action or proceeding with respect to
      this Agreement and the rights and obligations arising hereunder, or for
      recognition and enforcement of any judgment in respect of this Agreement
      and the rights and obligations arising hereunder brought by the other
      party hereto or its successors or assigns, shall be brought and
      determined exclusively in the Delaware Court of Chancery and any state
      appellate court therefrom within the State of Delaware (or, if the
      Delaware Court of Chancery declines to accept jurisdiction over a
      particular matter, any state or federal court within the State of
      Delaware).  Each of the Parties hereto hereby irrevocably submits, with
      regard to any such action or proceeding for itself and in respect of its
      property, generally and unconditionally, to the personal jurisdiction of
      the aforesaid courts and agrees that it will not bring any action
      relating to this Agreement in any court other than the aforesaid
      courts.  Each of the Parties hereto hereby irrevocably waives, and
      agrees not to assert in any action or proceeding with respect to this
      Agreement, (i) any claim that it is not personally subject to the
      jurisdiction of the above-named courts for any reason, (ii) any claim
      that it or its property is exempt or immune from jurisdiction of any
      such court or from any legal process commenced in such courts (whether
      through service of notice, attachment prior to judgment, attachment in
      aid of execution of judgment, execution of judgment or otherwise) and
      (iii) to the fullest extent permitted by applicable legal requirements,
      any claim that (A) the suit, action or proceeding in such court is
      brought in an inconvenient forum, (B) the venue of such suit, action or
      proceeding is improper or (C) this Agreement, or the subject matter
      hereof, may not be enforced in or by such courts.
    

    
      11.  Counterparts.
    

    
      This Agreement may be executed in two or more counterparts, each of
      which shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each of the Parties and
      delivered to the other Party (including by means of electronic delivery
      or facsimile).
    

    
      12.  Entire Agreement; Amendment and Waiver; Successors and
      Assigns; Third Party Beneficiaries.
    

    
      This Agreement contains the entire understanding of the Parties hereto
      with respect to its subject matter.  There are no restrictions,
      agreements, promises, representations, warranties, covenants or
      undertakings between the Parties other than those expressly set forth
      herein.  No modifications of this Agreement can be made except in
      writing signed by an authorized representative of each the Company and
      Starboard, except that the signature of an authorized representative of
      the Company will not be required to permit an Affiliate of Starboard to
      agree to be listed on Exhibit A and be bound by the terms and
      conditions of this Agreement.  No failure on the part of any party to
      exercise, and no delay in exercising, any right, power or remedy
      hereunder shall operate as a waiver thereof, nor shall any single or
      partial exercise of such right, power or remedy by such party preclude
      any other or further exercise thereof or the exercise of any other
      right, power or remedy.  All remedies hereunder are cumulative and are
      not exclusive of any other remedies provided by law.  The terms and
      conditions of this Agreement shall be binding upon, inure to the benefit
      of, and be enforceable by the Parties hereto and their respective
      successors, heirs, executors, legal representatives, and permitted
      assigns.  No party shall assign this Agreement or any rights or
      obligations hereunder without, with respect to any member of Starboard,
      the prior written consent of the Company, and with respect to the
      Company, the prior written consent of Starboard.  This Agreement is
      solely for the benefit of the Parties hereto and is not enforceable by
      any other persons.
    

    

    

    
      
        

        

      

      
        
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      13.  Mutual Non-Disparagement.
    

    
      Subject to applicable law, each of the Parties covenants and agrees
      that, during the Standstill Period, or if earlier, until such time as
      the other Party or any of its agents, subsidiaries, affiliates,
      successors, assigns, officers, key employees or directors shall have
      breached this Section, neither it nor any of its respective agents,
      subsidiaries, affiliates, successors, assigns, officers, key employees
      or directors, shall in any way publicly disparage, call into disrepute,
      or otherwise defame or slander the other Parties or such other Parties’
      subsidiaries, affiliates, successors, assigns, officers (including any
      current officer of a Party or a Parties’ subsidiaries who no longer
      serves in such capacity following the execution of this Agreement),
      directors (including any current director of a Party or a Parties’
      subsidiaries who no longer serves in such capacity following the
      execution of this Agreement), employees, stockholders, agents, attorneys
      or representatives, or any of their products or services, in any manner
      that would damage the business or reputation of such other Parties,
      their products or services or their subsidiaries, affiliates,
      successors, assigns, officers (or former officers), directors (or former
      directors), employees, stockholders, agents, attorneys or
      representatives.  For purposes of this Section 13, the
      Starboard Appointee shall not be deemed to be an agent, affiliate,
      officer, key employee or director of the Company or Starboard and no
      actions taken by any agent or other representative of a Party in any
      capacity other than as a representative of such Party shall be covered
      by this Agreement.
    

    
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          - 9 -
        

        
          

        

      

      
        

        

      

    

    

    

    
      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
      by the duly authorized signatories of the Parties as of the date hereof.
    

    	
           
        	
          CALGON CARBON CORPORATION
        
	

        	
           
        
	

        	
           
        
	

        	
           
        
	

        	
          By:
        	
          
            /s/ Randall S. Dearth
          

        
	
          
             
          

        	
          
            Name:
          

        	
          
            Randall S. Dearth
          

        
	

        	
          
            Title:
          

        	
          
            Chief Executive Officer
          

        

    

    

    

    
      

      

    

    	
          STARBOARD:
        	

        
	

        	
           
        
	
          STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
        	
          
            STARBOARD VALUE GP LLC
          

        
	
          
            By: Starboard Value LP, its investment manager
          

        	
          
            By: Starboard Principal Co LP, its member
          

        
	

        	
          
             
          

        
	
          
            STARBOARD VALUE AND OPPORTUNITY S LLC
          

        	
          
            STARBOARD PRINCIPAL CO LP
          

        
	
          
            By: Starboard Value LP, its manager
          

        	
          
            By: Starboard Principal Co GP LLC, its general partner
          

        
	

        	
          
             
          

        
	
          STARBOARD VALUE LP
        	
          
            STARBOARD PRINCIPAL CO GP LLC
          

        
	
          
            By: Starboard Value GP LLC, its general partner
          

        	

        

    

    
      

      

    

    	
           
        	
          
            By:
          

        	
          
            /s/ Jeffrey C. Smith
          

        
	

        	
          
            Name:
          

        	
          
            Jeffrey C. Smith
          

        
	

        	
          
            Title:
          

        	
          
            Authorized Signatory
          

        

    

    
      

      

      

    

    
      [Signature Page to Agreement]
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT A
    

    
      Starboard
    

    
      STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
STARBOARD VALUE AND
      OPPORTUNITY S LLC
STARBOARD VALUE LP
STARBOARD VALUE GP LLC
STARBOARD
      PRINCIPAL CO LP
STARBOARD PRINCIPAL CO GP LLC
JEFFREY C. SMITH
MARK
      R. MITCHELL
PETER A. FELD
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT B
    

    
      PRESS RELEASEex10-2.htm

Exhibit 10.2

ASSIGNMENT AGREEMENT

MINING CONCESSION

IDENTIFIED WITH CODE NUMBER: LGC-15011

 

THIS AGREEMENT is made and dated for reference effective as of the _8th day of March, 2013 (the “Effective Date”).

 

BETWEEN:

GOLDEN GLORY RESOURCES S.A., a company incorporated under the laws of Panama having it's registered office address at Suite 1-A, #5 Calle Eusebio A. Morales El Cangrejo, Panama City Republic of Panama

 

(the “Assignor”)

AND:

 

GOLDEN GLORY RESOURCES INC. a Nevada corporation, having a business address at Carrera 43 A # 1-50, Torre Proteccion Piso 6, San Fernando Plaza Medellin Colombia___________________________

(the "Assignee”);

WHEREAS:

A. The Assignor is a company incorporated under the laws of Panama, and is in the business of seeking mineral resource property interests of merit;

B. The Assignee, is a company incorporated under the laws of Nevada, USA;

 

C. Pursuant to an assignment agreement (the ``First Assignment Agreement``) effective the 21st day of January, 2013, a copy of which is attached hereto as Schedule ``A``, the Assignor acquired rights, title and interest to 100 percent of the mining concession in Colombia identified with code number LGC-15011(the `Mining Concession Contract`); and

D. The Assignor wishes to assign all of its right, title, interest in and to the  First Assignment Agreement and the Mining Concession Contract to the Assignee.

NOW THEREFORE THIS AGREEMENT WITNESSETH that, in consideration of the mutual covenants and provisos herein contained, THE PARTIES HERETO AGREE AS FOLLOWS:

  

  

  

1. Definitions

For purposes of this Agreement hereto, the following terms with the initial letter in upper case, in addition to others found in this Agreement, shall have the meaning as specified in this clause. The definitions of terms hereinto shall be applied equally to the singular and plural forms. Unless the meaning shall be understood differently by the context (i) any mention to any contract, instrument or other document shall be understood as referred to said contract, instrument or other document as may be amended, added or modified from time to time, (ii) any reference to any

person contained in this Agreement shall be interpreted as to include all successors and assignees of said person, and (iii) all mentions to Chapters and Sections shall be understood to the Chapter and Sections of this Agreement hereto.

	
"Assignment Notice":

	
Means the assignment notice of the Mining Concession Contract.

	
"Area":

	
Means the Area requested in the Mining Concession Contract, known as La Frontera, Aguadas CALDAS.La Frontera as the given name to the project (The Frontier in English), located in Aguadas region of the province of Caldas, Colombia, as well as the province of Antioquia, Colombia.

	
  

	
This Area is detailed in the Mining Concession Contract.

	
"Effective Date":

	
Means the date on which this Agreement becomes effective, which is the same day on which the Parties execute this Agreement

"Environmental Authority":

	
  

	
Means the Regional Environmental Authorities (Corporacion Autonoma Regional) with power and authority over the Area granted under the Mining Concession Contract. Likewise it will include the Ministry of the Environment, Housing and Territorial Development and any other authority that by virtue of Colombian laws, among other regulations without being limited to, Decree Law 2811 of 1974, Law 99 of 1993, Law 1333 of 2009 and any other norms that modifies, supersedes or regulates, grants powers, rights, competences, authorizations and any other prerogative in connection with the Environmental Regulation.

"Environmental Regulations":

	
  

	
Means any legal regulation in connection with environmental issues, including, among others, but without being limited to, Law

 

  

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23 of 1973, Decree Law 2811 of 1974, Decree 1594 of 1984, Law 99 of 1993, Law 1124 of 2007, Decree 1299 of 2003, Decree 2320 of 2010, Law 1333 of 2009, Decree 1715 of 1978 Decree 1541 of 1978, Decree 1713 of 2002, Decree 1140 of 2003, Decree 838 of 2005, law 945 of 2005, Law 29 of 1992, Law 740 of 2002, Law 253 of 1996, Decree 948 of 1995, Decree 979 of 2006, Resolution 0601 of 2006, Resolution 0627 of 2006, and all other regulations that modify, delete, supersede, or regulate them as it may be applicable.

	
"Mining Authority":

	
Means the Ministry of Mines and Energy, Ingeominas, ANM (Colombian National Mining Agency) and the Secretariat of Mines and Energy of the Governorship of Caldas and Antioquia, and any other authority that by virtue of Colombian laws, among other regulations without being limited to the same, Law 685 of 2001, Law 1382 of 2010and any other provision that modifies, supersedes or regulates, grants powers, rights, competences, authorizations and any other prerogative in connection with mining issues.

	
"Mining Registry":

	
Means the Colombian public registration system

"Exploration and Exploitation Rights and Obligations Grant":

	
  

	
Means the exploration and exploitation rights and obligations granted over the Mining Concession Contract, by means of which the Assignors shall grant the exploration and exploitation rights and obligations of the Mining Concession Contract and extensions to the Assignee, to allow the Assignee to perform works on the Area.

	
"Purchase Price":

	
Shall be the share issuance described under Section 5 of this Agreement.

2. Purpose

The purpose of this Agreement is to effect the assignment of all the rights title and interest of the Assignor in the First Assignment Agreement and the Mining Concession Contract to the Assignee pursuant to the terms and conditions set forth under this Agreement.

3. Closing

3.1 On or before March 8, 2013 (the ``Closing Date``), the Assignor shall transfer all its right, title and interest in and to the First Assignment Agreement to the Assignee in exchange for the shares described in clause 5.1.1.

  

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3.2 On or before the Closing Date, the Assignor shall enter into a Cancellation Agreement with  Warwick Calasse pursuant to which Mr. Calasse shall tender for immediate cancellation 158,750,000 share of the Assignee’s common stock held by him in consideration of the issuance to him of 5,000,000 shares of the  Series “A” Preferred Stock.  The Series “A” Preferred Stock shall carry the rights and privileges set out in the certificate of designation attached and incorporated into this Agreement as Schedule “B” (the “Series “A” Preferred Stock).

4. Rights and Obligations of the Parties

4.1 Obligations of the Assignee

The Assignee shall:

4.1.1 issue and deliver to the Assignor on the Closing Date 5,000,000 shares of Series “A” Preferred Stock in the capital of  the Assignee’s parent company, Goff, Corp. uponn the terms and conditions set forth under Clause 5 of this Agreement.

4.1.2 comply fully with each of the obligations of the Assignor set forth under First Assignment Agreement and the Mining Concession Contract, including the work program described in the First Assignment Agreement, as well as in any other permit, concession, authorization or any other type of order issued by the authority including, but not limited to, the Mining Authority and the Environmental Authority, in order to maintain the Mining Concession Contract free from any lien or encumbrance, or termination event from the time of the Effective Date;

4.1.2. comply fully with any other obligation to which the Assignee is bound according to this Agreement.

4.2. Rights of the Assignee

4.2.1 All rights title and interest of the Assignor in and to the First Assignment Agreement Mining Concession Contract.

5. Payment of the Purchase Price by the Assignee

5.1.1 The Assignee will deliver 5 million preferred shares (the "Purchase Price") in the capital of the Assignee`s parent company, Goff, Corp., to the Assignor on the Closing Date.

6.  Representations and Warranties of the Assignor

The Assignor represents and warrants as follows:

6.1.1. That the Assignor has all powers and authority necessary to execute, deliver and meet its obligations pursuant to this Agreement.

6.1.2. That this Agreement has been duly executed by the Assignor and constitutes a legal, valid and binding obligation of the Assignor and it is enforceable pursuant to its terms.

  

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6.1.3. That the execution of this Agreement by the Assignor and the fulfillment of its obligations by the Assignor pursuant to this Agreement shall not: (i) breach any applicable law to which the Assignors may be subject to; or (ii) constitute a violation; default or conflict, or shall constitute or create (with or without due notification or the passing of lime or both) a breach (or shall result in a right for termination, cancelation or acceleration) of any obligation under any contract under which the Assignor may be a party.

6.2. Representations and Warranties of the Assignee:

6.2.1. That the Assignee has all powers and authority necessary to execute this document, and shall have as may be required, the power and authority to deliver and perform its obligations pursuant to this Agreement hereof.

6.2.2. That this Agreement has been duly executed by the Assignee and constitutes a legal, valid and binding obligation for the Assignee and it is enforceable pursuant to its terms.

6.2.3.  That, the execution of this Agreement by the Assignee and the fulfillment of its obligations by the Assignee pursuant to this Agreement shall not: (i) breach any applicable law to which the Assignee may be subject to; or (ii) constitute a violation; default or conflict, or shall constitute or create (with or without due notification or the passing of time or both) a breach (or shall result in a right for termination, cancelation or acceleration) of any obligation under any contract under which the Assignee may be a party.

7. Further Assurances

The Assignor shall be obligated to execute any other document or agreements or take any other action, which may be required to carry out its obligations under this Agreement, including without limitation to effect the assignment of First Assignment Agreement.

8. Applicable Law

The interpretation and validity of this Agreement hereof shall be subject to the provisions of the laws of the Republic of Panama.

9. Arbitration.

The Parties agree that any dispute or controversy that may arise between them derived from this Agreement shall be subject to arbitration before an appointed arbitration Board at the International Chamber of Commerce of Panama (the "Board"). The Board shall be subject to the following rules:

9.1 Three (3) arbitrators designated by the Parties, shall comprise the Board. If the Parties are unable toreach an agreement on the arbitrators, the arbitrators shall be designated by the International Chamber of Commerce of Panama City;

9.2. The decisions of the Board will be based on Panama Law;

  

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9.3. The Board shall session in the Internationl Chamber of Commerce of Panama City.

9.4. The Secretary of the Board shall be appointed by the International Chamber of Commerce of Panama City.

9.5 Each party shall bear their own costs for the arbitration.

10. Severability.

If any competent authority declares null and void in any jurisdiction any provision of this Agreement or the application of any provision to any person or situation, the validity or legality of the remainder of this Agreement, or the application of said provision to persons or situations different than those with respect to which it was declared null, shall not be affected. The prohibited or unenforceable provision shall be considered replaced by a provision valid and enforceable, which will be the closest to the expression of the intention of the forbidden or unenforceable provision. To the extent permitted by the applicable laws, the Parties hereby waive any legal provision that prohibits or declares unenforceable in arty respect any provision of this Agreement. Notwithstanding any provision on the contrary herein contained, if determined that any of said provision is prohibited or unenforceable with respect to any of the Parties, said provision shall not be enforceable with respect to the other Party.

11. Modification

This Agreement shall only be modified in writing by mutual agreement between the Parties.

12. Notifications:

12.1. All communications between the Parties shall be in writing and shall be delivered to the addresses established for said purpose in this Clause, except that by previous written communication the change of address for these purposes is notified.

12.2. Any notice delivered to the Parties shall be delivered as follows:

12.3. To the Assignee:

Carrera 43 A # 1-50, Torre Proteccion Piso 6, San Fernando Plaza

Medellin Colombia

12.4. To the Assignor:

Suite 1-A, #5 Calle Eusebio A. Morales El Cangrejo,

Panama City Republic of Panama

12.5 The addresses above, telephone numbers and facsimiles may he changed by written notification to the other party with at least five (5) calendar days before the validity of the new address.

  

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12.6. Notifications shall be deemed to be received:

12.6.1. The same day if the delivery was made personally.

12.6.2. Four (4) business days after the delivery to the address indicated above, when delivered by Courier.

13. Assignment

The Assignee may assign this Agreement at any time by providing notice in writing of the assignment to the Assignor.

The Assignor shall not assign this Agreement.

14. Effective Delivery

Upon the execution of this agreement, the Assignors shall deliver the Concession Contracts to the Assignee, who for all purposes shall be the only authorized Party to undertake any kind of activity on the Areas.

15. Integrity of this Agreement.

This Agreement shall prevail over any previous agreement, contract or verbal or written covenant between them, and therefore, any documentation, writing, document or any other previous relationship shall not have any validity.

16. Headings, names and titles.

The headings, names and titles used in this Agreement and the clauses are included for convenience and as a reference only and shall not affect the meaning or interpretation of the provisions of this Agreement hereof.

17. Complete Understandings.

The various understandings set forth in this Agreement constitute a unique and indivisible agreement, each of the understandings being a condition for the execution of the others, regardless the order of their verification.

18. Taxes.

The Parties acknowledge that they are aware of the current tax regulations and in particular those in connection with the withholding tax, as it may be applicable to this Agreement hereof. Each of the parties shall be responsible for any taxes, contributions and all oilier rates for which ii may be liable pursuant to the applicable tax regulation.

  

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19. Good faith.

The Parties state that they enter into this Agreement in good faith and that the same shall always preside their contractual relations and in consequence they shall provide mutual assistance to each other in the execution and development of this Agreement.

20. Joint Stipulation.

The Parties of this Agreement manifest and agree that the recitals, Sections, conditions and in general the writing of this Agreement is the result of the negotiations between the Parties and that as a result, it shall not be presumed that a possible ambiguity in this Agreement shall be resolved against any of the Parties of this Agreement.

21.  Effect.

The provisions in this Agreement, shall be binding for the Parties as of the date on which the parties execute this Agreement..

In witness whereof, this Agreement is hereby executed on the 8th day of March, 2013

GOLDEN GLORY RESOURCES S.A

 

Per:

Its: Authorized Signatory

GOLDEN GLORY RESOURCES INC.

Per: /s/Warwick Calasse__         

Warwick Calasse

Its: President, Director and Authorized Signatory

  

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SCHEDULE A

First Assignment Agreement

See Attached

  

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SCHEDULE B

CERTIFICATE OF DESIGNATION

SERIES “A” PREFERRED STOCK

Preferred Stock of the Company, to be named "Series A Preferred Stock," consisting of 10,000,000 shares, which series shall have the following designations, powers, preferences and relative and other special rights and the following qualifications, limitations and restrictions:

1. Designation and Rank.  The designation of such series of the Preferred Stock shall be the Series A Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock").  The maximum number of shares of Series A Preferred Stock shall be 10,000,000.  The Series A Preferred Stock shall rank senior to the Company's common stock, par value $0.001 per share (the "Common Stock"), and to all other classes and series of equity securities of the Company which by their terms do not rank senior to the Series A Preferred Stock ("Junior Stock").  The Series A Preferred Stock shall be subordinate to and rank junior to all indebtedness of the Company now or hereafter outstanding.

2. Dividends.  Holders of the Series A Preferred Stock shall share ratably, with the holder of Common Stock, in any dividends that may, from time to time be declared  by the Board of Directors.

3. Voting Rights.

(a) Class Voting Rights.  The Series A Preferred Stock shall have the following class voting rights (in addition to the voting rights set forth in Section 3(b) hereof).  So long as any shares of the Series A Preferred Stock remain outstanding, the Company shall not, without the affirmative vote or consent of the holders of at least seventy-five percent (75%) of the shares of the Series A Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting, in which the holders of the Series A Preferred Stock vote separately as a class: (i) authorize, create, issue or increase the authorized or issued amount of any class or series of stock, including but not limited to the issuance of any more shares of Preferred Stock, ranking pari passu or senior to the Series A Preferred Stock, with respect to the distribution of assets on liquidation, dissolution or winding up; (ii) amend, alter or repeal the provisions of the Series A Preferred Stock, whether by merger, consolidation or otherwise, so as to adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock; provided, however, that any creation and issuance of another series of Junior Stock shall not be deemed to adversely affect such rights, preferences, privileges or voting powers; (iii) repurchase, redeem or pay dividends on, shares of Common Stock or any other shares of the Company's Junior Stock (other than de minimus repurchases from employees of the Company in certain circumstances, and any contractual redemption obligations existing as of the date hereof as disclosed in the Company's public filings with the Securities and Exchange Commission); (iv) amend the Articles of Incorporation or By-Laws of the Company so as to affect materially and adversely any right, preference, privilege or voting power of the Series A Preferred Stock; provided, however, that any creation and issuance of another series of Junior Stock shall not be deemed to adversely affect such rights, preferences, privileges or voting powers; (v) effect any distribution with respect to Junior Stock other than as permitted hereby; (vi) reclassify the Company's outstanding securities; (vii) voluntarily file for bankruptcy, liquidate the Company's assets or make an assignment for the benefit of the Company's creditors; or (viii) materially change the nature of the Company's business.

 

  

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(b) General Voting Rights.  Except with respect to transactions upon which the Series A Preferred Stock shall be entitled to vote separately as a class pursuant to Section 3(a) above and except as otherwise required by Nevada law, the Series A Preferred Stock shall be entitled to vote with the holders of the Company's Common Stock as a class at the rate of seventy-five (75) common share votes per share of Series A Preferred Stock.  The Common Stock into which the Series A Preferred Stock is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding Common Stock of the Company, and none of the rights of the Preferred Stock.

 

4. Liquidation Preference. The holders of the Series A Preferred Stock shall rank pari passu with the holders of common stock in respect of all rights on liquidation, dissolution or winding up, with all of said assets being distributed among the holders of the Series A Preferred Stock and the other classes of stock ranking pari passu with the Series A Preferred Stock, if any, ratably in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full.

(a) A consolidation or merger of the Company with or into any other corporation or corporations, or a sale of all or substantially all of the assets of the Company, or the effectuation by the Company of a transaction or series of related transactions in which more than 50% of the voting shares of the Company is disposed of or conveyed, shall not be deemed to be a liquidation, dissolution, or winding up within the meaning of this Section 4.  In the event of the merger or consolidation of the Company with or into another corporation, the Series A Preferred Stock shall maintain its relative powers, designations and preferences provided for herein and no merger shall result which is inconsistent therewith.

(b) Written notice of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, stating a payment date and the place where the distributable amounts shall be payable, shall be given by mail, postage prepaid, no less than forty-five (45) days prior to the payment date stated therein, to the holders of record of the Series A Preferred Stock at their respective addresses as the same shall appear on the books of the Company.

5. Conversion.  The holder of Series A Preferred Stock shall have the following conversion rights (the "Conversion Rights"), which Conversion Right shall be effective upon issuance:

(a) Right to Convert.  At any time on or after the Issuance Date, the holder of any such shares of Series A Preferred Stock may, at such holder's option, subject to the limitations set forth in Section 7 herein, elect to convert (a "Voluntary Conversion") all or any portion of the shares of Series A Preferred Stock held by such person into a number of fully paid and non-assessable shares of Common Stock equal to thirty (30) shares of Common Stock for each share of Series A Preferred Stock being converted (the "Conversion Ratio"), provided that the Company has a sufficient number of authorized shares of Common Stock for such conversion. In the event of a liquidation, dissolution or winding up of the Company, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Series A Preferred 

 

  

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Stock.  In the event of such a liquidation, dissolution or winding up, the Company shall provide to each holder of shares of Series A Preferred Stock notice of such redemption or liquidation, dissolution or winding up, which notice shall (i) be sent at least fifteen (15) days prior to the termination of the Conversion Rights (or, if the Company obtains lesser notice thereof, then as promptly as possible after the date that it has obtained notice thereof).

(b) Mechanics of Voluntary Conversion.  The Voluntary Conversion of Series A Preferred Stock shall be conducted in the following manner:

(i) Holder's Delivery Requirements.  To convert Series A Preferred Stock into full shares of Common Stock on any date (the " Voluntary Conversion Date"), the holder thereof shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 5:00 p.m., New York time on such date, a copy of a fully executed notice of conversion in the form attached hereto as Exhibit I (the "Conversion Notice"), to the Company at its then current executive offices, Attention: President, and (B) surrender to a common carrier for delivery to the Company as soon as practicable following such Voluntary Conversion Date the original certificates representing the shares of Series A Preferred Stock being converted (or an indemnification undertaking with respect to such shares in the case of their loss, theft or destruction) (the "Preferred Stock Certificates") and the originally executed Conversion Notice.

(ii) Company's Response.  Upon receipt by the Company of a facsimile copy of a Conversion Notice, the Company shall immediately send, via facsimile, a confirmation of receipt of such Conversion Notice to such holder.  Upon receipt by the Company of a copy of the fully executed Conversion Notice, the Company or its designated transfer agent (the "Transfer Agent"), as applicable, shall, within three (3) business days following the date of receipt by the Company of the fully executed Conversion Notice, issue and deliver to the Holder the shares of Common Stock as specified in the Conversion Notice, registered in the name of the holder or its designee, for the number of shares of Common Stock to which the holder shall be entitled.  If the number of shares of Preferred Stock represented by the Preferred Stock Certificate(s) submitted for conversion is greater than the number of shares of Series A Preferred Stock being converted, then the Company shall, as soon as practicable and in no event later than three (3) business days after receipt of the Preferred Stock Certificate(s) and at the Company's expense, issue and deliver to the holder a new Preferred Stock Certificate representing the number of shares of Series A Preferred Stock not converted.

(iii) Record Holder.  The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of the Series A Preferred Stock shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

(c) No Impairment.  The Company shall not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 5 and in the taking of all such action as may be necessary or appropriate in order to protect the Conversion Rights of the holders of the Series A Preferred Stock 

 

  

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against impairment.  In the event a holder shall elect to convert any shares of Series A Preferred Stock as provided herein, the Company cannot refuse conversion based on any claim that such holder or any one associated or affiliated with such holder has been engaged in any violation of law, unless (i) an order from the Securities and Exchange Commission prohibiting such conversion or (ii) an injunction from a court, on notice, restraining and/or adjoining conversion of all or of said shares of Series A Preferred Stock shall have been issued and the Company posts a surety bond for the benefit of such holder in an amount equal to 120% of the Liquidation Preference Amount of the Series A Preferred Stock such holder has elected to convert, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable to such holder in the event it obtains judgment.

(d) Issue Taxes.  The Company shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be payable in respect of any issue or delivery of shares of Common Stock on conversion of shares of Series A Preferred Stock pursuant hereto; provided, however, that the Company shall not be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such conversion.

(e) Notices.  All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or by facsimile or e-mail or three (3) business days following being mailed by certified or registered mail, postage prepaid, return-receipt requested, addressed to the holder of record at its address appearing on the books of the Company.  The Company will give written notice to each holder of Series A Preferred Stock at least twenty (20) days prior to the date on which the Company closes its books or takes a record (I) with respect to any dividend or distribution upon the Common Stock, (II) with respect to any pro rata subscription offer to holders of Common Stock or (III) for determining rights to vote with respect to any Organic Change, dissolution, liquidation or winding-up and in no event shall such notice be provided to such holder prior to such information being made known to the public.  The Company will also give written notice to each holder of Series A Preferred Stock at least twenty (20) days prior to the date on which any Organic Change, dissolution, liquidation or winding-up will take place and in no event shall such notice be provided to such holder prior to such information being made known to the public.

(f) Fractional Shares.  No fractional shares of Common Stock shall be issued upon conversion of the Series A Preferred Stock.

(g) Retirement of Series A Preferred Stock.  Conversion of Series A Preferred Stock shall be deemed to have been effected on the Conversion Date.  Upon conversion of only a portion of the number of shares of Series A Preferred Stock represented by a certificate surrendered for conversion, the Company shall issue and deliver to such holder at the expense of the Company, a new certificate covering the number of shares of Series A Preferred Stock representing the unconverted portion of the certificate so surrendered as required by Section 5(b)(ii).

 

  

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6. No Preemptive Rights.  No holder of the Series A Preferred Stock shall be entitled to rights to subscribe for, purchase or receive any part of any new or additional shares of any class, whether now or hereinafter authorized, or of bonds or debentures, or other evidences of indebtedness convertible into or exchangeable for shares of any class, but all such new or additional shares of any class, or any bond, debentures or other evidences of indebtedness convertible into or exchangeable for shares, may be issued and disposed of by the Board of Directors on such terms and for such consideration (to the extent permitted by law), and to such person or persons as the Board of Directors in their absolute discretion may deem advisable.

7. Vote to Change the Terms of or Issue Preferred Stock.  The affirmative vote at a meeting duly called for such purpose or the written consent without a meeting, of the holders of not less than seventy-five percent (75%) of the then outstanding shares of Series A Preferred Stock (in addition to any other corporate approvals then required to effect such action), shall be required (a) for any change to this Certificate of Designation or the Company's Articles of Incorporation which would amend, alter, change or repeal any of the powers, designations, preferences and rights of the Series A Preferred Stock or (b) for the issuance of shares of Series A Preferred Stock other than pursuant to the Purchase Agreement.

8. Lost or Stolen Certificates.  Upon receipt by the Company of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of any Preferred Stock Certificates representing the shares of Series A Preferred Stock, and, in the case of loss, theft or destruction, of any indemnification undertaking by the holder to the Company and, in the case of mutilation, upon surrender and cancellation of the Preferred Stock Certificate(s), the Company shall execute and deliver new preferred stock certificate(s) of like tenor and date; provided, however, the Company shall not be obligated to re-issue Preferred Stock Certificates if the holder contemporaneously requests the Company to convert such shares of Series A Preferred Stock into Common Stock.

9. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Certificate of Designation shall be cumulative and in addition to all other remedies available under this Certificate of Designation, at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit a holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Certificate of Designation.  Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the holders of the Series A Preferred Stock and that the remedy at law for any such breach may be inadequate.  The Company therefore agrees that, in the event of any such breach or threatened breach, the holders of the Series A Preferred Stock shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

 

  

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10. Specific Shall Not Limit General; Construction.  No specific provision contained in this Certificate of Designation shall limit or modify any more general provision contained herein.  This Certificate of Designation shall be deemed to be jointly drafted by the Company and all initial purchasers of the Series A Preferred Stock and shall not be construed against any person as the drafter hereof.

11. Failure or Indulgence Not Waiver.  No failure or delay on the part of a holder of Series A Preferred Stock in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

  

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