Document:

Exhibit 10(f) 

 

 

 

 

 

PURCHASE AND SALE AGREEMENT

 

dated as of

April 20, 2011

 

between

 

EQUUS TOTAL RETURN, INC.

 

AND

 

KHAN INVESTMENTS LTD.

 

 

 

 

 

 

    	 

    	 

    

PURCHASE AND SALE AGREEMENT

 

 

THIS PURCHASE AND SALE
AGREEMENT (this “Agreement”), dated as of, April 20, 2011 by and between Equus Total Return, Inc., a Delaware
corporation (“Buyer”) and Khan Investments Ltd., a Dubai corporation (“Seller”). Capitalized
terms used herein but not otherwise defined shall have the meanings set forth in Article I of this Agreement.

 

R E C I T A L S:

 

WHEREAS,
Seller is the holder of certain 4% five-year bonds with redeemable warrants attached, due May 30, 2012, issued by Orco
Germany pursuant to that certain Prospectus of Orco Germany, dated as of May 24, 2007,
that are listed on the Luxembourg Stock Exchange under ISIN XS0302623953 (the “Bonds”);
and 

 

WHEREAS, Buyer desires
to acquire a certain number of the Bonds from Seller and Seller has agreed to exchange such Bonds for Eight-Hundred Fifty Thousand
shares of Equus Restricted Common Stock (the “Equus Acquired Stock”) pursuant to the terms of this Agreement;

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.01. Definitions.
 The following terms, as used herein, have the following meanings:

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

 

“Agent”
means, with respect to any Person, any officer, director, employee, stockholder, controlling person (within the meaning of the
Securities Act), affiliate or authorized agent of such Person.

 

“Bonds”
shall have the meaning set forth in the recitals.

 

“Bond Value”
means an amount equal to 446.16 Euro.

“Business
Day” means any day that is not a Saturday or Sunday or a day on which the banking institutions in New York, New York
are required to be closed.

“Closing”
shall have the meaning set forth in Section 2.02.

 

    	1

    	 

    

“Closing Date”
means the date of the Closing.

 

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

 

“Commission”
means the U.S. Securities and Exchange Commission.

“Equus
Restricted Common Stock” means the common stock, par value $0.001 per share, of Buyer.

“Exchange”
shall have the meaning set forth in Section 2.01.

“Conversion
Rate” means the spot exchange rate applicable for converting one (1) U.S. Dollar into Euros which is 1 Euro= $1.433.

“Governmental
Authority” means any federal, state or local government or any court, tribunal, administrative agency or commission or
other governmental or other regulatory authority or agency, domestic, foreign or supranational.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, restriction or encumbrance of any kind
in respect of such asset.

 

“Material Adverse
Effect” means a material adverse effect on the business, assets, financial condition or results of operations of Buyer.

 

“Orco Purchased
Bonds” means 5,704 Bonds which is equal to the quotient obtained by dividing (i) the product obtained by multiplying
(x) 850,000 times (y) the Per Share Value ($4.29), by (ii) the Bond Value (€)446.16; provided, however, fractions of a Bond
shall not be exchanged but shall instead be rounded up to the nearest whole Bond and any such fraction (the “Bond Fraction
Amount”) shall be paid in cash by Buyer to Seller as contemplated by Section 2.02 hereof, all of which is summarized
in Schedule A attached.

 “Orco
Germany” means Orco Germany S.A., a public limited liability company (société anonyme), incorporated under
the laws of the Grand Duchy of Luxembourg, having its registered office at 48, boulevard Grande-Duchesse Charlotte, L-1330 Luxembourg
and registered with the Luxembourg companies and trade register under number B 102254.

“Per Share
Value” means an amount equal to the product of (i) $4.29 U.S. Dollars, times (ii) the Conversion Rate.

“Person”
means an individual, corporation, partnership, association, trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

 

“Securities Act”
means the Securities Act of 1933, as amended.

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ARTICLE II

 

PURCHASE AND SALE

 

2.01.
Purchase and Sale. Upon the terms and subject to the conditions herein, and in reliance upon the representations,
warranties, covenants and agreements made by the parties hereto, Buyer hereby agrees to purchase on the Closing Date from Seller,
and Seller, hereby agrees to sell, transfer and assign to Buyer the Orco Purchased Bonds, including all interest accrued and unpaid
or deferred thereon, free and clear of any and all Liens, in exchange for Buyer issuing to Seller on the Closing Date the Equus
Acquired Shares (the “Exchange”).

 

2.02.
Closing. The closing (the “Closing”) of the Exchange shall take place on the date hereof at
the offices of Goodwin|Procter LLP in New York, New York, or at such other place as Buyer and Seller shall mutually agree. On or
prior to the Closing:

 

(a)
Buyer shall deliver to Seller a certificate or electronic deposit for the Equus
Acquired Shares, registered in the name of Seller.

 

(b) Buyer shall
pay to Seller, by check delivered pursuant to the notice provisions set forth in Section 6.01 hereof, an amount in cash equal to
the product of (x) the Bond Fraction Amount, times (y) the Bond Value.

 

(c)
Seller shall cause the broker who holds Bonds for the benefit of Seller to transfer the Orco Purchased Bonds, without any
restrictions on transfer or resale thereof, to a broker designated in writing by Buyer not later than two (2) Business Days prior
to the Closing Date.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES RELATING TO
BUYER

 

Buyer hereby represents
and warrants to Seller as of the Closing Date that:

 

3.01. Corporate Existence
and Power.  Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction
of incorporation, and has all requisite corporate power and authority to (i) carry on its business as now being conducted and (ii)
execute, deliver and perform its obligations under this Agreement. Buyer is duly qualified to do business and is in good standing
in all jurisdictions wherein such qualification is necessary and where failure to be so qualified would not have a Material Adverse
Effect.

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3.02. Corporate Authorization.
The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated
hereby and thereby, have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement has been duly
executed and delivered by Buyer and constitutes a valid and binding agreement of Buyer, enforceable in accordance with its terms,
subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium and other similar laws affecting
the enforcement of creditors’ rights generally.

 

3.03. Concerning
the Restricted Common Stock.  The Equus Acquired Shares have been duly authorized and on the Closing Date will be validly
issued, fully paid and nonassessable.

 

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES 

RELATING SELLER

 

Seller hereby represents
and warrants to, and agrees with, Buyer as of the Closing Date as follows:

 

4.01. Corporate Power
and Authorization. Seller is a corporation duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation, and has all requisite corporate power and authority to execute, deliver and perform its obligations
under this Agreement. The execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the
transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action on the part of Seller.
This Agreement has been duly executed and delivered by Seller and constitutes a valid and binding agreement of Seller, enforceable
in accordance with its terms, subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium
and other similar laws affecting the enforcement of creditors’ rights generally.

 

4.02. Investment
Representation. (a) Seller represents and warrants that:

 

(i)
it is acquiring the Equus Restricted Common Stock solely for its account and not with a view to or for resale in connection with
a distribution thereof;

 

(ii)
it has had the opportunity to ask questions of and receive complete answers from Agents of Buyer concerning the business, management
and financial condition of Buyer and the terms and conditions of the Equus Restricted Common Stock;

 

(iii)
it is able to bear the economic risk of its investment in the Equus Restricted Common Stock for an indefinite period of time;

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(iv)
it can afford a complete loss of its investment in the Equus Restricted Common Stock;

 

(v)
Seller has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of the investment in the Equus Restricted Common Stock; and

 

(viii)
Seller is an “accredited investor” within the meaning of Rule 501 under the Securities Act.

 

(b) Seller
acknowledges and agrees that:

 

(i)
the Equus Acquired Shares have not been registered under the Securities Act, or under the securities laws of any state or other
jurisdiction, and are being issued in reliance upon certain exemptions under such statutes;

 

(ii)
the Equus Acquired Shares may not be resold, transferred, pledged or otherwise disposed of except pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws, or pursuant to a valid exemption from such registration
requirements, and Buyer shall have no obligation to record any proposed transfer of such shares on its stock tranfer records unless
the shares to be transferred have been registered under the Securities Act or the request for transfer is accompanied by an opinion
in form and substance satisfactory to Buyer that no such registration is required;

 

(iii)
Buyer shall have no obligation to register the Equus Acquired Shares pursuant to the Securities Act or the securities laws of any
state or to supply the information which may be necessary to sell such securities; and

 

(iv)
the certificate representing the Equus Acquired Shares will bear the following restrictive legend:

 

“The securities represented hereby
have not been registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of
except in accordance with the terms thereof and unless registered with the Securities and Exchange Commission of the United States
and the securities regulatory authorities of certain states or unless an exception from such registration is available.”

 

Buyer shall have no obligation
to remove such legend unless it is provided with an opinion of counsel reasonably satisfactory to Buyer that no such legend is
required.

 

4.03. Ownership.
Seller is the beneficial owner of the aggregate principal amount or accreted value, as the case may be, of the Purchased Orco
Bonds. There are no outstanding agreements, arrangements or understandings under which Seller or its nominee may be obligated

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to sell, assign, transfer or otherwise dispose of any of the Purchased Orco Bonds, other
than this Agreement.

 

4.04. Liens.
The Purchased Orco Bonds are not subject to any Lien. The execution and delivery of, and the performance by the Seller of its
obligations under, this Agreement, will not result in the creation of any Lien upon the Purchased Orco Bonds.

 

 

ARTICLE V

 

CERTAIN COVENANTS AND AGREEMENTS OF THE PARTIES

 

5.01Further Assurances.
 From time to time after the Closing, each of the parties hereto agrees to use its reasonable best efforts to take or cause
to be taken all action, to do or cause to be done, and to assist and cooperate with the other party hereto in doing, all things
necessary, proper or advisable under applicable laws and regulations to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by this Agreement, including, the execution and delivery of such instruments,
and the taking of such other actions as the other party hereto may reasonably require in order to carry out the intent of the Agreement.

 

5.02Publicity.
Except as expressly contemplated by this Article V, neither Buyer nor Seller shall, nor shall they permit their respective Agents
to, issue or cause the publication of any press release or make any other public statement, filing or announcement with respect
to this Agreement and the transactions contemplated hereby without the prior approval of the other party; provided, however, that
either party shall be entitled, without the prior approval of the other party, to make any press release or public disclosure with
respect to such transactions as is required by applicable law or the New York Stock Exchange. Buyer and Seller shall cooperate
in issuing press releases or otherwise making public statements with respect to this Agreement and the transactions contemplated
hereby, which cooperation shall include first consulting the other party hereto concerning the requirement for, and timing and
content of, such public announcement.

 

5.03Buyer 8-K
Filing. Not more than four (4) Business Days following the Closing Date, Buyer shall file with the Commission on Form 8-K
a current report describing the Exchange and certain transactions undertaken in connection with the transactions contemplated by
this Agreement.

 

5.04Seller Schedule
13D Filing. Not more than ten (10) Business Days following the Closing Date, Seller shall file with the Commission a statement
on Schedule 13D describing the nature of its shareholdings in Buyer and any other items as may be required in connection with such
filing.

 

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ARTICLE VI

 

MISCELLANEOUS

 

6.01. Notices.
All notices, requests, demands or other communications that are required or may be given pursuant to the terms of this Agreement
shall be in writing and shall be deemed to have been duly given: (i) on the date of delivery, if personally delivered by hand,
(ii) upon the third day after such notice is deposited in the United States mail, if mailed by registered or certified mail,
postage prepaid, return receipt requested, (iii) upon the date scheduled for delivery after such notice is sent by a nationally
recognized overnight express courier or (iv) by fax upon written confirmation (including the automatic confirmation that is
received from the recipient’s fax machine) of receipt by the recipient of such notice:

 

	
        if to Buyer, to:

         

        Goodwin|Procter LLP

        The New York Times Building

        620 Eighth Avenue

        New York, NY 10018

        Attn: Martin Glass

        Facsimile: (212) 355-3333

         

         

         
	
        with a copy to:

         

         

	
        if to Seller to:

         

         

         
	
        with a copy to:

         

         

         

 

Such information may be
changed, from time to time, by means of a notice given in the manner provided in this Section 6.01.

 

6.02. Waivers; Remedies.
No delay on the part of any party in exercising any right, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any right, power or privilege under this Agreement operate as a waiver
of any other right, power or privilege of such party under this Agreement, nor shall any single or partial exercise of any right,
power or privilege under this Agreement preclude any other further exercise thereof or the exercise of any other right, power or
privilege under this Agreement.

 

6.03. Amendment.
This Agreement may be modified or amended only by written agreement of the parties to this Agreement. 

    	7

    	 

    

 

6.04. Costs, Expenses
and Taxes. All costs and expenses, including any taxes, incurred in connection with this Agreement shall be paid by the
party incurring such cost or expense.

 

6.05. Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

 

6.06. Survival of
Representations. The representations, warranties, covenants and agreements of Buyer and Seller contained in this Agreement
shall survive the Closing.

 

6.07. Governing Law.
This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without
regard to the conflicts of law rules of such state. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined exclusively in any New York state or federal court sitting in The City of New York. The parties hereto
hereby: (a) submit to the exclusive jurisdiction of any state or federal court sitting in The City of New York for the purpose
of any Action arising out of or relating to this Agreement brought by any party hereto, and (b) irrevocably waive, and agree not
assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that is property is exempt or immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may
not be enforced in or by any of the above-named courts.

 

6.08. Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by the other parties hereto. A facsimile transmission of this Agreement
bearing a signature on behalf of a party hereto shall be legal and binding on such party.

 

6.09. Entire Agreement.
This Agreement constitute the entire agreement between the parties with respect to the subject matter hereof and supersede
all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter
hereof. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied
upon by either party hereto. None of the provisions of this Agreement is intended to confer upon any Person other than the parties
hereto any rights or remedies hereunder.

 

6.10. Captions.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation
hereof.

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IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first above written.

 

 

BUYER:

 

EQUUS TOTAL RETURN, INC.

 

By: /s/ John A. Hardy

Name: John A. Hardy

Title: Executive Chairman

 

 

 

SELLER:

 

KHAN INVESTMENTS LTD.

 

By: /s/ Christian Kruppa

Name: Christian Kruppa

Title: President

 

 

 

 

 

 

    	9Exhibit 10(g) 

 

 

 

 

 

AMENDED AND RESTATED

 

PURCHASE AND SALE AGREEMENT

 

dated as of

May 9, 2011

 

between

 

EQUUS TOTAL RETURN, INC.

 

AND

 

KHAN INVESTMENTS LTD.

 

 

 

 

 

 

    	 

    	 

    

AMENDED AND RESTATED

PURCHASE AND SALE AGREEMENT

 

 

THIS AMENDED AND RESTATED
PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of May 9, 2011, is by and between Equus Total Return,
Inc., a Delaware corporation (“Buyer”) and Khan Investments Ltd., a Dubai corporation (“Seller”).
Capitalized terms used herein but not otherwise defined shall have the meanings set forth in Article I of this Agreement.

 

R E C I T A L S:

 

WHEREAS,
Seller is the holder of certain 4% five-year bonds with redeemable warrants attached, due May 30, 2012, issued by Orco
Germany pursuant to that certain Prospectus of Orco Germany, dated as of May 24, 2007,
that are listed on the Luxembourg Stock Exchange under ISIN XS0302623953 (the “Bonds”);
and 

 

WHEREAS, Buyer desires
to acquire a certain number of the Bonds from Seller and Seller has agreed to exchange such Bonds for Eight-Hundred Fifty Thousand
shares of Equus Restricted Common Stock (the “Equus Acquired Shares”) pursuant to the terms of this Agreement;

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.01. Definitions.
 The following terms, as used herein, have the following meanings:

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

 

“Agent”
means, with respect to any Person, any officer, director, employee, stockholder, controlling person (within the meaning of the
Securities Act), affiliate or authorized agent of such Person.

 

“Bonds”
shall have the meaning set forth in the recitals.

 

“Bond Value”
means an amount equal to 446.16 Euro.

“Business
Day” means any day that is not a Saturday or Sunday or a day on which the banking institutions in New York, New York
are required to be closed.

“Closing”
shall have the meaning set forth in Section 2.02.

 

    	1

    	 

    

“Closing Date”
means the date of the Closing.

 

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

 

“Collateral” shall have the
meaning set forth in Section 2.04.

 

“Commission”
means the U.S. Securities and Exchange Commission.

“Delivery
Date” shall mean Forty-Five (45) calendar days from the Closing Date.

“Equus
Restricted Common Stock” means the common stock, par value $0.001 per share, of Buyer.

“Exchange”
shall have the meaning set forth in Section 2.01.

“Conversion
Rate” means the spot exchange rate applicable for converting one (1) U.S. Dollar into Euros which is 1 Euro= $1.433.

“Governmental
Authority” means any federal, state or local government or any court, tribunal, administrative agency or commission or
other governmental or other regulatory authority or agency, domestic, foreign or supranational.

 

“Interest”
means any interest paid by a depository institution with respect to the Collateral when delivered pursuant to Section 2.04.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, restriction or encumbrance of any kind
in respect of such asset.

 

“Material Adverse
Effect” means a material adverse effect on the business, assets, financial condition or results of operations of Buyer.

 

“Orco Purchased
Bonds” means 5,704 Bonds which is equal to the quotient obtained by dividing (i) the product obtained by multiplying
(x) 850,000 times (y) the Per Share Value ($4.29), by (ii) the Bond Value (€)446.16; provided, however, fractions of a Bond
shall not be exchanged but shall instead be rounded up to the nearest whole Bond and any such fraction (the “Bond Fraction
Amount”) shall be paid in cash by Buyer to Seller as contemplated by Section 2.02 hereof, all of which is summarized
in Schedule A attached.

 “Orco
Germany” means Orco Germany S.A., a public limited liability company (société anonyme), incorporated under
the laws of the Grand Duchy of Luxembourg, having its registered office at 48, boulevard Grande-Duchesse Charlotte, L-1330 Luxembourg
and registered with the Luxembourg companies and trade register under number B 102254.

“Per Share
Value” means an amount equal to the product of (i) $4.29 U.S. Dollars, times (ii) the Conversion Rate.

    	2

    	 

    

“Person”
means an individual, corporation, partnership, association, trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

“Post-Closing
Delivered Bonds” shall have the meaning set forth in Section 2.04.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

ARTICLE II

 

PURCHASE AND SALE

 

2.01.
Purchase and Sale. Upon the terms and subject to the conditions herein, and in reliance upon the representations,
warranties, covenants and agreements made by the parties hereto, Buyer hereby agrees to purchase on the Closing Date from Seller,
and Seller, hereby agrees, on or before the Delivery Date, to sell, transfer and assign to Buyer the Orco Purchased Bonds, including
all interest accrued and unpaid or deferred thereon, free and clear of any and all Liens, in exchange for Buyer issuing to Seller,
on the Closing Date, the Equus Acquired Shares (the “Exchange”).

 

2.02.
Closing. The closing (the “Closing”) of the Exchange shall take place on the date hereof at
the offices of Goodwin|Procter LLP in New York, New York, or at such other place as Buyer and Seller shall mutually agree.

 

2.03. Delivery of Equus Acquired Shares.
On or prior to the Closing:

 

(a)
Buyer shall deliver to Seller a certificate or electronic deposit for the Equus
Acquired Shares, registered in the name of Seller.

 

(b) Buyer shall
pay to Seller, by check delivered pursuant to the notice provisions set forth in Section 6.01 hereof, an amount in cash equal to
the product of (x) the Bond Fraction Amount, times (y) the Bond Value.

 

2.04 Delivery of Orco Purchased
Bonds; Security. On or prior to the Delivery Date:

 

(a)
Seller shall cause the broker who holds Bonds for the benefit of Seller to transfer the Orco Purchased Bonds, without any
restrictions on transfer or resale thereof, to a broker designated in writing by Buyer not later than two (2) Business Days prior
to the Closing Date.

 

(b) As security
for delivery of the Orco Purchased Bonds, with respect to any Orco Purchased Bonds not delivered to Seller on or before the Closing
Date (the “Post-Closing Delivered Bonds”), Seller shall deliver cash, in United States currency, to an account
designated in writing by the Buyer, in an amount equal to aggregate Bond Value of the Post-Closing Delivered Bonds, multiplied
by the Conversion Rate (hereafter, the “Collateral”).

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(c) Should Seller
deliver the Post-Closing Delivered Bonds on or prior to the Delivery Date, Buyer shall return that portion of the Collateral equal
to the Bond Value of the Post-Closing Bonds so delivered, multiplied by the Conversion Rate, but excluding any and all Interest,
which shall remain the sole and separate property of the Buyer.

 

(d) Should Seller
fail to deliver any or all of the Post-Closing Delivered Bonds by the Delivery Date, Buyer shall have the right to possess, as
Buyer’s sole and separate property, that portion of the Collateral equal to the Post-Closing Delivered Bonds not so delivered,
multiplied by the Conversion Rate, and including any and all Interest, free and clear from any claims, Liens, security interests,
encumbrances, or legal or equitable interests of any kind.

 

(e) The parties
hereto agree and acknowledge that, with respect to any Collateral delivered by Seller hereunder, unless and until the Post-Closing
Delivered Bonds are delivered to Buyer’s account on or prior to the Delivery Date as specified pursuant to subsections (a)
and (c) of this Section 2.04, Buyer shall be considered the owner of the Collateral, free and clear from any adverse claims, Liens,
security interests, or encumbrances save only the contingent obligation to return the Collateral to Seller pursuant to said subsection
(c) of this Section 2.04.

 

2.05 Acknowledgement
of Full Payment. Notwithstanding the foregoing obligations of the parties hereunder, the parties hereto further agree
and acknowledge that the delivery by Seller to Buyer of (i) the Orco Purchased Bonds; (ii) the Collateral; or (iii) any combination
of the foregoing pursuant to the requirements of this Article II, shall constitute full payment by Seller for the Equus Acquired
Shares delivered by Buyer hereunder.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES RELATING TO
BUYER

 

Buyer hereby represents
and warrants to Seller as of the Closing Date that:

 

3.01. Corporate Existence
and Power.  Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction
of incorporation, and has all requisite corporate power and authority to (i) carry on its business as now being conducted and (ii)
execute, deliver and perform its obligations under this Agreement. Buyer is duly qualified to do business and is in good standing
in all jurisdictions wherein such qualification is necessary and where failure to be so qualified would not have a Material Adverse
Effect.

    	4

    	 

    

3.02. Corporate Authorization.
The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated
hereby and thereby, have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement has been duly
executed and delivered by Buyer and constitutes a valid and binding agreement of Buyer, enforceable in accordance with its terms,
subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium and other similar laws affecting
the enforcement of creditors’ rights generally.

 

3.03. Concerning
the Restricted Common Stock.  The Equus Acquired Shares have been duly authorized and on the Closing Date will be validly
issued, fully paid and nonassessable.

 

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES 

RELATING SELLER

 

Seller hereby represents
and warrants to, and agrees with, Buyer as of the Closing Date as follows:

 

4.01. Corporate Power
and Authorization. Seller is a corporation duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation, and has all requisite corporate power and authority to execute, deliver and perform its obligations
under this Agreement. The execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the
transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action on the part of Seller.
This Agreement has been duly executed and delivered by Seller and constitutes a valid and binding agreement of Seller, enforceable
in accordance with its terms, subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium
and other similar laws affecting the enforcement of creditors’ rights generally.

 

4.02. Investment
Representation. (a) Seller represents and warrants that:

 

(i)
it is acquiring the Equus Acquired Shares solely for its account and not with a view to or for resale in connection with a distribution
thereof;

 

(ii)
it has had the opportunity to ask questions of and receive complete answers from Agents of Buyer concerning the business, management
and financial condition of Buyer and the terms and conditions of the Equus Acquired Shares;

 

(iii)
it is able to bear the economic risk of its investment in the Equus Acquired Shares for an indefinite period of time;

    	5

    	 

    

 

(iv)
it can afford a complete loss of its investment in the Equus Acquired Shares;

 

(v)
Seller has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of the investment in the Equus Acquired Shares; and

 

(viii)
Seller is an “accredited investor” within the meaning of Rule 501 under the Securities Act.

 

(b) Seller
acknowledges and agrees that:

 

(i)
the Equus Acquired Shares have not been registered under the Securities Act, or under the securities laws of any state or other
jurisdiction, and are being issued in reliance upon certain exemptions under such statutes;

 

(ii)
the Equus Acquired Shares may not be resold, transferred, pledged or otherwise disposed of except pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws, or pursuant to a valid exemption from such registration
requirements, and Buyer shall have no obligation to record any proposed transfer of such shares on its stock tranfer records unless
the shares to be transferred have been registered under the Securities Act or the request for transfer is accompanied by an opinion
in form and substance satisfactory to Buyer that no such registration is required;

 

(iii)
Buyer shall have no obligation to register the Equus Acquired Shares pursuant to the Securities Act or the securities laws of any
state or to supply the information which may be necessary to sell such securities; and

 

(iv)
the certificate representing the Equus Acquired Shares will bear the following restrictive legend:

 

“The securities represented hereby
have not been registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of
except in accordance with the terms thereof and unless registered with the Securities and Exchange Commission of the United States
and the securities regulatory authorities of certain states or unless an exception from such registration is available.”

 

Buyer
shall have no obligation to remove such legend unless it is provided with an opinion of counsel reasonably satisfactory to Buyer
that no such legend is required.

 

4.03.
Ownership. Seller is the beneficial owner of the aggregate principal amount or accreted value, as the case may be,
of the Purchased Orco Bonds. There are no outstanding agreements, arrangements or understandings under which Seller or its nominee
may be obligated

    	6

    	 

    

to sell, assign, transfer or otherwise dispose of any of the Purchased
Orco Bonds, other than this Agreement.

 

4.04. Liens.
The Purchased Orco Bonds are not subject to any Lien. The execution and delivery of, and the performance by the Seller of
its obligations under, this Agreement, will not result in the creation of any Lien upon the Purchased Orco Bonds.

 

ARTICLE V

 

CERTAIN COVENANTS AND AGREEMENTS OF THE PARTIES

 

5.01Further Assurances.
 From time to time after the Closing, each of the parties hereto agrees to use its reasonable best efforts to take or cause
to be taken all action, to do or cause to be done, and to assist and cooperate with the other party hereto in doing, all things
necessary, proper or advisable under applicable laws and regulations to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by this Agreement, including, the execution and delivery of such instruments,
and the taking of such other actions as the other party hereto may reasonably require in order to carry out the intent of the Agreement.

 

5.02Publicity.
Except as expressly contemplated by this Article V, neither Buyer nor Seller shall, nor shall they permit their respective Agents
to, issue or cause the publication of any press release or make any other public statement, filing or announcement with respect
to this Agreement and the transactions contemplated hereby without the prior approval of the other party; provided, however, that
either party shall be entitled, without the prior approval of the other party, to make any press release or public disclosure with
respect to such transactions as is required by applicable law or the New York Stock Exchange. Buyer and Seller shall cooperate
in issuing press releases or otherwise making public statements with respect to this Agreement and the transactions contemplated
hereby, which cooperation shall include first consulting the other party hereto concerning the requirement for, and timing and
content of, such public announcement.

 

5.03Buyer 8-K
Filing. Not more than four (4) Business Days following the Closing Date, Buyer shall file with the Commission on Form 8-K
a current report describing the Exchange and certain transactions undertaken in connection with the transactions contemplated by
this Agreement.

 

5.04Seller Schedule
13D Filing. Not more than ten (10) Business Days following the Closing Date, Seller shall file with the Commission a statement
on Schedule 13D describing the nature of its shareholdings in Buyer and any other items as may be required in connection with such
filing.

 

    	7

    	 

    

ARTICLE VI

 

MISCELLANEOUS

 

6.01. Notices.
All notices, requests, demands or other communications that are required or may be given pursuant to the terms of this Agreement
shall be in writing and shall be deemed to have been duly given: (i) on the date of delivery, if personally delivered by hand,
(ii) upon the third day after such notice is deposited in the United States mail, if mailed by registered or certified mail,
postage prepaid, return receipt requested, (iii) upon the date scheduled for delivery after such notice is sent by a nationally
recognized overnight express courier or (iv) by fax upon written confirmation (including the automatic confirmation that is
received from the recipient’s fax machine) of receipt by the recipient of such notice:

 

	
        if to Buyer, to:

         

        Goodwin|Procter LLP

        The New York Times Building

        620 Eighth Avenue

        New York, NY 10018

        Attn: Martin Glass

        Facsimile: (212) 355-3333

         

         

         
	
        with a copy to:

         

         

	
        if to Seller to:

         

         

         
	
        with a copy to:

         

         

         

 

Such information may be
changed, from time to time, by means of a notice given in the manner provided in this Section 6.01.

 

6.02. Waivers; Remedies.
No delay on the part of any party in exercising any right, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any right, power or privilege under this Agreement operate as a waiver
of any other right, power or privilege of such party under this Agreement, nor shall any single or partial exercise of any right,
power or privilege under this Agreement preclude any other further exercise thereof or the exercise of any other right, power or
privilege under this Agreement.

 

6.03. Amendment.
This Agreement may be modified or amended only by written agreement of the parties to this Agreement. 

    	8

    	 

    

6.04. Costs, Expenses
and Taxes. All costs and expenses, including any taxes, incurred in connection with this Agreement shall be paid by the
party incurring such cost or expense.

 

6.05. Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

 

6.06. Survival of
Representations. The representations, warranties, covenants and agreements of Buyer and Seller contained in this Agreement
shall survive the Closing.

 

6.07. Governing Law.
This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without
regard to the conflicts of law rules of such state. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined exclusively in any New York state or federal court sitting in The City of New York. The parties hereto
hereby: (a) submit to the exclusive jurisdiction of any state or federal court sitting in The City of New York for the purpose
of any Action arising out of or relating to this Agreement brought by any party hereto, and (b) irrevocably waive, and agree not
assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that is property is exempt or immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may
not be enforced in or by any of the above-named courts.

 

6.08. Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by the other parties hereto. A facsimile transmission of this Agreement
bearing a signature on behalf of a party hereto shall be legal and binding on such party.

 

6.09. Entire Agreement.
This Agreement constitute the entire agreement between the parties with respect to the subject matter hereof and supersede
all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter
hereof. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied
upon by either party hereto. None of the provisions of this Agreement is intended to confer upon any Person other than the parties
hereto any rights or remedies hereunder.

 

6.10. Captions.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation
hereof.

    	9

    	 

    

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first above written.

 

 

BUYER:

EQUUS TOTAL RETURN, INC.

 

By: /s/ John A. Hardy

Name: John A. Hardy

Title: Executive Chairman

 

 

 

SELLER:

 

KHAN INVESTMENTS LTD.

 

By: /s/ Christian Kruppa

Name: Christian Kruppa

Title: President

 

 

 

 

 

 

 

    	10

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