Document:

EX-4.11:

 

Exhibit 4.11

BSL HOLDINGS, INC.

NONQUALIFIED STOCK OPTION AGREEMENT

(QUALIFIED OFFICERS)

	 	 	 
	Name of Optionee:
	 	Gifford Shaw
	 
	 	 
	Number of Shares of BSL Holdings, Inc.
	 	 
	Common Stock, 5.01 par value,
	 	 
	Covered by Option:
	 	100,000 shares (“Option
Shares”)
	 
	 	 
	Per Share Option Price:
	 	$1.00
	 
	 	 
	Option Grant Date:
	 	February 9, 1999

 

 

	 	 	 
	Date Nonqualified Stock Option
	 	 
	Becomes Exercisable (subject to the
	 	 
	attainment of the performance
	 	 
	criteria and subject to the other terms and
	 	 
	conditions set forth on Schedule
	 	 
	A to this Agreement):
	 	20,000 Shares on February 9, 2000
	 
	 	 
	 
	 	20,000 Shares on February 9, 2001
	 
	 	 
	 
	 	20,000 Shares on February 9, 2002
	 
	 	 
	 
	 	20,000 Shares on February 9, 2003
	 
	 	 
	 
	 	20,000 Shares on February 9, 2004

			
	§	 	Schedule A to this Agreement sets forth the performance criteria and other terms and conditions to the vesting and
exercisability of this Option based on the vesting schedule set forth above.

			
	•	 	Notwithstanding the foregoing vesting schedule and Schedule A to this Agreement, the Option will become fully vested and exercisable on
the ninth anniversary of the Option Grant Date (February 9, 2008), provided that the Optionee is continuously employed with the Company through
such date, unless the Option is terminated earlier pursuant to the terms of this Agreement.

	 	 	 
	Option Termination Date:

	 	     February 9, 2009

 

 

     This Stock Option Agreement (this “Agreement”) is executed and delivered as of the Option
Grant Date by and between BSL Holdings, Inc. (the “Company”) and the Optionee. The Optionee and
the Company hereby agree as follows:

     1. Grant of Option. The Company, hereby grants to the Optionee an option to purchase
the Option Shares at the Per Share Option Price.

     2. Nonqualified _Stock Options. The Option granted hereby shall be treated as a
nonqualified stock option under the Internal Revenue Code.

     3. Termination of Option.

          (a) Except as provided in this Section 3 or as otherwise provided by the Board, the
Option granted hereby may not be exercised and shall terminate unless the Optionee at the time of
exercise is then in the employ or service of the Company, and unless the Optionee has remained
continuously so employed or in such service since the date of grant of the Option. No additional
Option Shares become exercisable after the Optionee’s employment or service with the Company has
terminated for any reason. For purposes of this Agreement, the Company shall determine the
effective date of an Optionee’s termination of employment or service.

          (b) In case of termination of the Optionee’s employment or service with the Company due to
death, the Option granted hereby shall be exercisable as to the number of shares of Common Stock
for which it was exercisable as of the date of death and shall remain exercisable as to such
shares by the Optionee’s estate, beneficiaries or heirs for a period of one hundred twenty (120)
days immediately following such termination of employment.

          (c) In case of termination of the Optionee’s employment or service with the Company for Cause
(as defined below), the Option granted hereby shall be cancelled and terminated as of the date of
such termination of employment.

          (d) In case of termination of the Optionee’s employment or service with the Company for any
other reason, the Option granted hereby shall remain exercisable as to the number of shares of
Common Stock for which it was exercisable as of the date of termination for a period of ninety
(90) days immediately following such termination of employment or service and shall be cancelled
and terminated with respect to the remainder of the shares of Common Stock covered by the Option
as of the date of termination.

          (e) The Option granted hereby shall in no event terminate later than the close of business on
the Option Termination Date and may be terminated earlier pursuant to this Agreement.

     4. For purposes of this Agreement, “Cause” shall mean:

 

 

          (a) any act of fraud, gross negligence or dishonesty in the performance of the Optionee’s
duties or the willful failure by the Optionee to perform his or her duties;

          (b) engaging in any action with the intention of causing harm or damage to any of the
Company’s operations;

          (c) conviction of a felony; or

          (d) obtaining personal gain from a transaction in which the Optionee has a conflict of
interest with the Company.

          (e) The Company in its sole discretion shall determine whether acts, omissions or activities
on the part of the Optionee constitute “Cause” for termination of the Optionee’s employment for
purposes of this Agreement.

     5. The Optionee shall comply with and be bound by all the terms and conditions contained in
this Agreement.

     6. Options granted hereby shall not be transferable except by will or the laws of descent
and distribution. During the lifetime of the Optionee, the Option may be exercised only by the
Optionee, the guardian or legal representative of the Optionee.

     7. The obligation of the Company to sell and deliver any stock under this Option is
specifically subject to all applicable laws, rules, regulations, governmental and stockholder
approvals and Company policies.

     8. The Option Shares issued upon exercise of this Option may not be sold, assigned, mortgaged,
pledged, hypothecated, or otherwise transferred or disposed of to any third party, until and unless
the Company completes an initial public offering of its Common Stock pursuant to the Securities Act
of 1933, as amended (the “Securities Act”). In the event the Company completes an initial public
offering of its Common Stock pursuant to the Securities Act, the Option Shares may be sold
thereafter, subject to applicable legal and timing restrictions. If Optionee’s employment with the
Company is terminated prior to an initial public offering of the Company’s Common Stock, the
Optionee’s Option Shares are subject to repurchase by the Company under the terms and conditions
described on Schedule A to the Agreement.

     9. In addition to the restrictions on transfer imposed by the Company as described in
paragraph 8 above, the Option Shares issued upon exercise of this Option are “restricted
securities,” as such term is defined in Rule 144 under the Securities Act. Any resale of such
Option Shares must comply with the registration

 

 

requirements of the Securities Act (and any state securities laws that may be applicable) or
an exemption therefrom.

     10. The certificates for the Option Shares will bear restrictive legends in
substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACT OF ANY STATE. THE
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND SUCH STATE LAWS AS MAY BE APPLICABLE, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

IN ADDITION TO THE FOREGOING, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND TO CERTAIN REPURCHASE RIGHTS
EXERCISABLE BY THE COMPANY. THESE RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS
ARE SET FORTH IN THE STOCK OPTION AGREEMENT BETWEEN THE COMPANY AND THE HOLDER OF
THE SECURITIES, AND REFERENCE TO SUCH AGREEMENT SHOULD BE MADE FOR A FULL
DESCRIPTION OF SUCH TRANSFER RESTRICTIONS AND REPURCHASE RIGHTS.

     11. By signing this Agreement, the Optionee agrees not to sell any Option Shares at a time
when any law, regulation or Company policy prohibits a sale.

     12. This Agreement does not give the Optionee the right to be retained by the Company or any
of its subsidiaries in any capacity. The Company reserves the right to terminate the Optionee’s
service at any time, with or without Cause.

     13. The Optionee or the Optionee’s estate, beneficiaries or heirs have no rights as a
stockholder of the Company until a certificate for the Option Shares has been issued. No
adjustments are made for dividends or other rights if the applicable record date occurs before the
Optionee’s stock certificate is issued.

     14. Any notice by the Optionee to the Company hereunder shall be in writing and shall be
deemed duly given only upon receipt thereof by the Company at its principal offices. Any notice by
the Company to the Optionee shall be in writing and shall be deemed duly given if mailed to the
Optionee at the address last specified to the Company by the Optionee.

 

 

     15. The validity and construction of this Agreement shall be governed by the laws of the
State of Delaware.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
representative and the Optionee has hereunto set his hand as of the Option Grant Date.

	 	 	 	 	 
	 	 	BSL HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Donald F. McAleenan
	 

	 	 	 	 
	 

	 	 	 	Name: Donald F. McAleenan,
	 

	 	 	 	Title: Senior Vice President,
	 

	 	 	 	    General Counsel and Secretary
	 
	 	 	 	 
	 

	 	 	 	/s/ Gifford Shaw
	 

	 	 	 	 
	 

	 	 	 	 Gifford Shaw

 

 

SCHEDULE A

TERMS AND CONDITIONS RELATING TO OPTION GRANT

	 	 	 
	Name of Optionee:
	 	Gifford Shaw
	 
	 	 
	Number of Option Shares:
	 	100,000
	 
	 	 
	Option Grant
Date:
	 	February 9, 1999
	 
	 	 
	Exercise Price:
	 	$1.00
	 
	 	 
	Vesting Schedule and
Conditions:
	 	 

	A.	 	The Option granted hereby will vest in five equal annual installments (each, an
“Installment”) commencing on the first anniversary of the Option Grant Date with full vesting
on the fifth anniversary of the Option Grant Date (the “Performance Period”); provided, that
the vesting of each Installment is subject to the following conditions:

	 	(i)	 	the continued employment of the Optionee with the
Company through the applicable vesting date; and

the achievement by Pelican Companies, Inc. (“Pelican”) of a 10% Return
on Net Assets for the calendar year immediately preceding the vesting
of the Installment. For example, the Option Installment scheduled to
vest on February 9, 2000 will do so only if Pelican’s Return on Net
Assets for the calendar year ending December 31, 1999 equals or exceeds
10%.

If an installment does not vest due to Pelican’s failure to
achieve a 10% Return on Net Assets for any calendar year during
the five-year Performance Period, that Installment will
subsequently vest if Pelican achieves a cumulative 10%
Return on Net Assets for the period commencing January 1 of such
calendar year and ending on December 31 of any succeeding
calendar year during the Performance Period.

	 	(iv)	 	Return on Net Assets is calculated as follows:
Earnings before interest and taxes (EBIT) divided by the sum of net
fixed assets and working capital.

 

 

	B.	 	The Option will vest in full on February 9, 2008 regardless of whether the performance
criteria described in A (ii) or (iii) above have been achieved as long as the Optionee
has been continuously employed by the Company through such date, unless the Option is
terminated earlier pursuant to this Agreement.

  Repurchase of Option Shares:

	(i)	 	At the Employee’s Option:

	(a)	 	In the event that the Optionee’s employment with the Company terminates for any reason other than
for Cause, upon the Optionee’s request, the Company will repurchase the Option Shares issued upon
exercise of the Option at their then applicable fair market value as determined by the Board of
Directors in its sole discretion. The Optionee’s written irrevocable request to the Company to
repurchase such Option Shares must be received by the Company within 90 days after the Optionee’s
last date of employment. The Company will repurchase the Option Shares within 60 days after
receipt of the Optionee’s request by delivering a check to the Optionee in the full amount of the
purchase price.

	(b)	 	The Company’s obligation to repurchase
the Optionee’s Option Shares will not apply to the extent
that total repurchases by the Company of stock issued
pursuant to the Plan from all participants during the
calendar year in which the Optionee’s employment is
terminated exceed $500,000. The Company’s obligation to
repurchase the Option Shares will also be subject to
compliance with applicable law and the provisions of the
Company’s then existing loan facility.

	(ii)	 	At the Company’s Option:

The Company will have a 120-day option to
repurchase the Optionee’s Option Shares in the event that the Optionee’s
employment with the Company terminates for any reason. The repurchase price
will be the fair market value of the Option Shares as
determined by the Board in its sole discretion. The Company
may exercise its option by providing the Optionee with
written notice of its election to repurchase, together with
a

 

 

check in the full amount of the purchase price, within 120
days after the Optionee’s last date of employment.

	(iii)	 	The Company’s repurchase rights and obligations relating to the Option Shares will terminate
upon an initial public offering of the Company’s Common Stock.

	 	 	 
	Restrictions on Transfer:

	 	Please refer to Sections 8, 9 and 10 of the Stock Option
Agreement for a description of the transfer restrictions applicable to the Option Shares.<PAGE>

                                                                    Exhibit 4.01

          This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depository named
below or a nominee of the Depository. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depository or its nominee
except in the limited circumstances described herein and in the Indenture, and
no transfer of this Note (other than a transfer of this Note as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository) may be registered except in
the limited circumstances described herein.

          Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation (the "Depository"), to
the Company or its agent for registration of transfer, exchange, or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

                                 CITIGROUP INC.
                       4.200% NOTES DUE DECEMBER 20, 2007

REGISTERED                                                            REGISTERED

                                                              CUSIP: 172967 DB 4
                                                            ISIN: US172967 DB 44
                                                          Common Code: 023047276

No. R- ___________                                                   $__________

          CITIGROUP INC., a Delaware corporation (the "Company", which term
includes any successor Person under the Indenture), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of
$____________ on December 20, 2007 and to pay interest thereon from and
including September 20, 2005 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually, on June 20 and
December 20 of each year, commencing December 20, 2005, at the rate of 4.200%
per annum, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note is registered at the close of business on the Record Date for
such interest, which shall be the June 1 and December 1 (whether or not a
Business Day) immediately preceding such Interest Payment Date.

<PAGE>

          Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the holder on such Record Date and may either
be paid to the Person in whose name this Note is registered at the close of
business on a subsequent Record Date, such subsequent Record Date to be not less
than five days prior to the date of payment of such defaulted interest, notice
whereof shall be given to holders of Notes of this series not less than 15 days
prior to such subsequent Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

          Interest hereon will be calculated on the basis of a 360-day year
comprised of twelve 30-day months.

          If either an Interest Payment Date or the Maturity of the Notes falls
on a day that is not a Business Day, such Interest Payment Date or Maturity will
be the next succeeding Business Day. If a date for payment of interest or
principal on the Notes falls on a day that is not a business day in the place of
payment, such payment will be made on the next succeeding business day in such
place of payment as if made on the date the payment was due. No interest will
accrue on any amounts payable for the period from and after the due date for
payment of such principal or interest.

          For these purposes, "Business Day" means any day which is a day on
which commercial banks settle payments and are open for general business in The
City of New York.

          Payment of the principal of and interest on this Note will be made at
the office or agency of the Trustee maintained for that purpose in The City of
New York.

          Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by
the Trustee or by an authenticating agent on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

                                        2

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated: September 20, 2005

                                        CITIGROUP INC.

                                        By:
                                            ------------------------------------
                                        Title: Treasurer

ATTEST:

By:
    ---------------------------------
Title: Assistant Secretary

                                        3

<PAGE>

          This is one of the Notes of the series issued under the
within-mentioned Indenture.

Dated: September 20, 2005

                                        THE BANK OF NEW YORK,
                                        as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        -or-

                                        CITIBANK, N.A.,
                                        as Authenticating Agent

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        4

<PAGE>

     This Note is one of a duly authorized issue of Securities of the Company
(the "Notes"), issued and to be issued in one or more series under the
Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the
"Indenture"), between the Company and The Bank of New York, as Trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to $500,000,000.

     If an event of default (as defined in the Indenture) with respect to Notes
of this series shall occur and be continuing, the principal of the Notes of this
series may be declared due and payable in the manner and with the effect
provided in the Indenture.

     The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note upon compliance by the Company with certain conditions
set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this
Note.

     The Indenture contains provisions permitting the Company and the Trustee,
without the consent of the holders of the Securities, to establish, among other
things, the form and terms of any series of Securities issuable thereunder by
one or more supplemental indentures, and, with the consent of the holders of not
less than 66 2/3% in aggregate principal amount of Securities at the time
outstanding which are affected thereby, to modify the Indenture or any
supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification will (i) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of
interest thereon, reduce the principal amount thereof or the premium, if any,
thereon, reduce the amount of the principal of Original Issue Discount
Securities payable on any date, change the currency in which Securities are
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series
then outstanding, or (iii) modify, without the written consent of the Trustee,
the rights, duties or immunities of the Trustee.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

     This Note is a Global Security registered in the name of a nominee of the
Depository. This Note is exchangeable for Notes registered in the name of a
person other than the Depository or its nominee only in the limited
circumstances hereinafter described. Unless and until it is exchanged in whole
or in part for definitive Notes in certificated form, this Note may not be

                                       5

<PAGE>

transferred except as a whole by the Depository to a nominee of the Depository
or by a nominee of the Depository to the Depository or another nominee of the
Depository.

     The Notes represented by this Global Security are exchangeable for
definitive Notes in certificated form of like tenor as such Notes in
denominations of $1,000 and integral multiples thereof only if (i) the
Depository notifies the Company that it is unwilling or unable to continue as
Depository for the Notes or (ii) the Depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, or (iii) the
Company in its sole discretion decides to allow the Notes to be exchanged for
definitive Notes in registered form. Any Notes that are exchangeable pursuant to
the preceding sentence are exchangeable for certificated Notes issuable in
authorized denominations and registered in such names as the Depository shall
direct. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of definitive Notes in certificated form is registrable
in the register maintained by the Company in The City of New York for such
purpose, upon surrender of the definitive Note for registration of transfer at
the office or agency of the registrar, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. Subject to the
foregoing, this Note is not exchangeable, except for a Global Security or Global
Securities of this issue of the same principal amount to be registered in the
name of the Depository or its nominee.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     The Company will pay additional amounts ("Additional Amounts") to the
beneficial owner of any Note that is a non-United States person in order to
ensure that every net payment on such Note will not be less, due to payment of
U.S. withholding tax, than the amount then due and payable. For this purpose, a
"net payment" on a Note means a payment by the Company or a paying agent,
including payment of principal and interest, after deduction for any present or
future tax, assessment or other governmental charge of the United States. These
Additional Amounts will constitute additional interest on the Note.

     The Company will not be required to pay Additional Amounts, however, in any
of the circumstances described in items (1) through (13) below.

     (1)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner:

                                       6

<PAGE>

          (a)  having a relationship with the United States as a citizen,
               resident or otherwise;

          (b)  having had such a relationship in the past or

          (c)  being considered as having had such a relationship.

     (2)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner:

          (a)  being treated as present in or engaged in a trade or business in
               the United States;

          (b)  being treated as having been present in or engaged in a trade or
               business in the United States in the past or

          (c)  having or having had a permanent establishment in the United
               States.

     (3)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner being or having been any of the following (as such terms are
          defined in the Internal Revenue Code of 1986, as amended):

          (a)  personal holding company;

          (b)  foreign personal holding company;

          (c)  foreign private foundation or other foreign tax-exempt
               organization;

          (d)  passive foreign investment company;

          (e)  controlled foreign corporation or

          (f)  corporation which has accumulated earnings to avoid United States
               federal income tax.

     (4)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner owning or having owned, actually or constructively, 10 percent
          or more of the total combined voting power of all classes of stock of
          the Company entitled to vote or by reason of the beneficial owner
          being a bank that has invested in a Note as an extension of credit in
          the ordinary course of its trade or business.

For purposes of items (1) through (4) above, "beneficial owner" means a
fiduciary, settlor, beneficiary, member or shareholder of the holder if the
holder is an estate, trust, partnership, limited liability company, corporation
or other entity, or a person holding a power over an estate or trust
administered by a fiduciary holder.

     (5)  Additional Amounts will not be payable to any beneficial owner of a
          Note that is a:

                                       7

<PAGE>

          (a)  fiduciary;

          (b)  partnership;

          (c)  limited liability company or

          (d)  other fiscally transparent entity

          or that is not the sole beneficial owner of the Note, or any portion
          of the Note. However, this exception to the obligation to pay
          Additional Amounts will only apply to the extent that a beneficiary or
          settlor in relation to the fiduciary, or a beneficial owner or member
          of the partnership, limited liability company or other fiscally
          transparent entity, would not have been entitled to the payment of an
          Additional Amount had the beneficiary, settlor, beneficial owner or
          member received directly its beneficial or distributive share of the
          payment.

     (6)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the failure of
          the beneficial owner or any other person to comply with applicable
          certification, identification, documentation or other information
          reporting requirements. This exception to the obligation to pay
          Additional Amounts will only apply if compliance with such reporting
          requirements is required by statute or regulation of the United States
          or by an applicable income tax treaty to which the United States is a
          party as a precondition to exemption from such tax, assessment or
          other governmental charge.

     (7)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is collected or imposed by any method other than by
          withholding from a payment on a Note by the Company or a paying agent.

     (8)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld by reason of a change in law,
          regulation, or administrative or judicial interpretation that becomes
          effective more than 15 days after the payment becomes due or is duly
          provided for, whichever occurs later.

     (9)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld by reason of the presentation by
          the beneficial owner of a Note for payment more than 30 days after the
          date on which such payment becomes due or is duly provided for,
          whichever occurs later.

     (10) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any:

          (a)  estate tax;

          (b)  inheritance tax;

                                       8

<PAGE>

          (c)  gift tax;

          (d)  sales tax;

          (e)  excise tax;

          (f)  transfer tax;

          (g)  wealth tax;

          (h)  personal property tax or

          (i)  any similar tax, assessment, withholding, deduction or other
               governmental charge.

     (11) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment, or other governmental
          charge required to be withheld by any paying agent from a payment of
          principal or interest on a Note if such payment can be made without
          such withholding by any other paying agent.

     (12) Additional amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is required to be made pursuant to any European Union
          directive on the taxation of savings income or any law implementing or
          complying with, or introduced to conform to, any such directive.

     (13) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any combination of items (1) through (12)
          above.

     Except as specifically provided herein, the Company will not be required to
make any payment of any tax, assessment or other governmental charge imposed by
any government or a political subdivision or taxing authority of such
government.

     As used in this Note, "United States person" means:

     (a)  any individual who is a citizen or resident of the United States;

     (b)  any corporation, partnership or other entity created or organized in
          or under the laws of the United States;

     (c)  any estate if the income of such estate falls within the federal
          income tax jurisdiction of the United States regardless of the source
          of such income and

     (d)  any trust if a United States court is able to exercise primary
          supervision over its administration and one or more United States
          persons have the authority to control all of the substantial decisions
          of the trust.

     Additionally, "non-United States person" means a person who is not a United
States person, and "United States" means the United States of America, including
the States and the District of Columbia, but excluding its territories and its
possessions.

     Except as provided below, the Notes may not be redeemed prior to maturity.

     (1)  The Company may, at its option, redeem the Notes if:

                                       9

<PAGE>

          (a)  the Company becomes or will become obligated to pay Additional
               Amounts as described above;

          (b)  the obligation to pay Additional Amounts arises as a result of
               any change in the laws, regulations or rulings of the United
               States, or an official position regarding the application or
               interpretation of such laws, regulations or rulings, which change
               is announced or becomes effective on or after September 13, 2005
               and

          (c)  the Company determines, in its business judgment, that the
               obligation to pay such Additional Amounts cannot be avoided by
               the use of reasonable measures available to it, other than
               substituting the obligor under the Notes or taking any action
               that would entail a material cost to the Company.

     (2)  The Company may also redeem the Notes, at its option, if:

          (a)  any act is taken by a taxing authority of the United States on or
               after September 13, 2005, whether or not such act is taken in
               relation to the Company or any affiliate, that results in a
               substantial probability that the Company will or may be required
               to pay Additional Amounts as described above;

          (b)  the Company determines, in its business judgment, that the
               obligation to pay such Additional Amounts cannot be avoided by
               the use of reasonable measures available to it, other than
               substituting the obligor under the Notes or taking any action
               that would entail a material cost to the Company and

          (c)  the Company receives an opinion of independent counsel to the
               effect that an act taken by a taxing authority of the United
               States results in a substantial probability that the Company will
               or may be required to pay the Additional Amounts described under
               above, and delivers to the Trustee a certificate, signed by a
               duly authorized officer, stating that based on such opinion the
               Company is entitled to redeem the Notes pursuant to their terms.

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in
whole, and not in part, and will be made at a redemption price equal to 100% of
the principal amount of the Notes Outstanding plus accrued interest thereon to
the date of redemption. Holders shall be given not less than 30 days nor more
than 60 days prior notice by the Trustee of the date fixed for such redemption.

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture. The Notes are governed by the
laws of the State of New York.

                                       10

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