Document:

Exhibit 4.3 - Deposit Agreement

 

EXHIBIT 4.3

DEPOSIT AGREEMENT

     DEPOSIT AGREEMENT,
dated as of October__, 2002, among BOYKIN LODGING
COMPANY, an Ohio corporation, NATIONAL CITY BANK, a national banking
association, as Depositary, and all holders from time to time of Receipts (as
hereinafter defined) issued hereunder.

WITNESSETH:

     WHEREAS, it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of the Company’s Preferred Shares (as
hereinafter defined) with the Depositary for the purposes set forth in this
Deposit Agreement and for the issuance hereunder of the Receipts evidencing
Depositary Shares representing a fractional interest in the Preferred Shares
deposited; and

     WHEREAS, the Receipts are to be substantially in the form of Exhibit A
annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;

     NOW, THEREFORE, in consideration of the premises contained herein, it is
agreed by and among the parties hereto as follows:

ARTICLE I

DEFINITIONS

     The following definitions shall apply to the respective terms (in the
singular and plural forms of such terms) used in this Deposit Agreement and the
Receipts:

     SECTION 1.01. “Amendment to the Articles” shall mean the Amendment to the
Amended and Restated Articles of Incorporation of the Company, as amended from
time to time, establishing the 10 1/2% Class A Cumulative Preferred Shares, Series
2002-A as Preferred Shares of the Company.

     SECTION 1.02. “Articles of Incorporation” shall mean the Amended and
Restated Articles of Incorporation, as amended from time to time, of the
Company.

     SECTION 1.03. “Common Shares” shall mean the Company’s Common Shares,
without par value.

     SECTION 1.04. “Company” shall mean Boykin Lodging Company, an Ohio
corporation, and its successors.

     SECTION 1.05. “Corporate Office” shall mean the corporate office of the
Depositary at which at any particular time its business in respect of matters
governed by this Deposit Agreement shall be administered, which at the date of
this Deposit Agreement is located at 1900 East Ninth Street, Cleveland, Ohio
44114.

     SECTION 1.06. “Deposit Agreement” shall mean this agreement, as the same
may be amended, modified or supplemented from time to time.

 

 

     SECTION 1.07. “Depositary” shall mean National City Bank, a national
banking association having its principal office in the United states and having
a combined capital and surplus of at least $50,000,000, and any successor as
depositary hereunder.

     SECTION 1.08. “Depositary Share” shall mean a fractional interest of 1/10
of a Preferred Share deposited with the Depositary hereunder and the same
proportionate interest in any and all other property received by the Depositary
in respect of such Preferred Share and held under this Deposit Agreement, all
as evidenced by the Receipts issued hereunder. Subject to the terms of this
Deposit Agreement, each owner of a Depositary Share is entitled,
proportionately, to all the rights, preferences and privileges of the Preferred
Share represented by such Depositary Share, including the dividend, voting,
redemption, conversion and liquidation rights contained in the Amendment to the
Articles and the Articles of Incorporation.

     SECTION 1.09. “Depositary’s Agent” shall mean an agent appointed by the
Depositary as provided, and for the purposes specified, in Section 7.05.

     SECTION 1.10.
“Preferred Shares” shall mean the Company’s 10
1/2% Class A
Cumulative Preferred Shares, Series 2002-A, without par value, heretofore
validly issued, fully paid and nonassessable.

     SECTION 1.11. “Receipt” shall mean a Depositary Receipt issued hereunder
to evidence one or more Depositary Shares, whether in definitive or temporary
form, substantially in the form set forth as Exhibit A hereto.

     SECTION 1.12. “record date” shall mean the date fixed pursuant to Section
4.04.

     SECTION 1.13. “record holder” or “holder” as applied to a Receipt shall
mean the person in whose name a Receipt is registered on the books maintained
by the Depositary for such purpose.

     SECTION 1.14. “Registrar” shall mean National City Bank or any bank or
trust company appointed to register ownership and transfers of Receipts, the
deposited Preferred Shares or Shares-in-Trust, as the case may be, as herein
provided.

     SECTION 1.15. “Securities Act” shall mean the Securities Act of 1933, as
amended.

     SECTION 1.16. “Shares-in-Trust” shall mean any Preferred Shares designated
as Shares-in-Trust pursuant to the Articles of Incorporation.

     SECTION 1.17. “Transfer Agent” shall mean National City Bank or any bank
or trust company appointed to transfer the Receipts, or the deposited Preferred
Shares, as the case may be, as herein provided.

ARTICLE II

FORM OF RECEIPTS; DEPOSIT OF PREFERRED SHARES;

EXECUTION AND DELIVERY, TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS

     SECTION 2.01. Form and Transferability of Receipts. (a) The definitive
Receipt shall be engraved or printed or lithographed with steel-engraved
borders and underlying tint and shall be substantially in the form set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate

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insertions,
modifications and omissions, as hereinafter provided. Pending the preparation
of definitive Receipts, the Depositary, upon the written order of the Company,
delivered in compliance with Section 2.02, shall execute and deliver temporary
Receipts which may be printed, lithographed, typewritten, mimeographed or
otherwise substantially of the tenor of the definitive Receipts in lieu of
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may
determine, as evidenced by their execution of such Receipts. If temporary
Receipts are issued, the Company and the Depositary will cause definitive
Receipts to be prepared without unreasonable delay. After the preparation of
definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the Corporate
Office or such other offices, if any, as the Depositary may designate, without
charge to the holder. Upon surrender for cancellation of any one or more
temporary Receipts, the Depositary shall execute and deliver in exchange
therefor definitive Receipts representing the same number of Depositary Shares
as represented by the surrendered temporary Receipt or Receipts. Such exchange
shall be made at the Company’s expense and without any charge therefor. Until
so exchanged, the temporary Receipts shall in all respects be entitled to the
same benefits under this Deposit Agreement, and with respect to the Preferred
Shares deposited, as definitive Receipts.

     (b)  Receipts shall be executed by the Depositary by the manual or
facsimile signature of a duly authorized signatory of the Depositary,
provided
that if a Registrar (other than the Depositary) shall have been appointed then
such Receipts shall also be countersigned by manual or facsimile signature of a
duly authorized signatory of the Registrar. No Receipt shall be entitled to
any benefits under this Deposit Agreement or be valid or obligatory for any
purpose unless it shall have been executed as provided in the preceding
sentence. The Depositary shall record on its books each Receipt executed as
provided above and delivered as hereinafter provided.

     (c)  Except as the Depositary may otherwise determine, Receipts shall be in
denominations of any number of whole Depositary Shares. All Receipts shall be
dated the date of their issuance.

     (d)  Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of
this Deposit Agreement as may be required by the Depositary or required to
comply with any applicable law or regulation or with the rules and regulations
of any securities exchange upon which the Preferred Shares, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject.

     (e)  Title to any Receipt (and the beneficial ownership of the Depositary
Shares evidenced by such Receipt) that is properly endorsed or accompanied by a
properly executed instrument of transfer or endorsement shall be transferable
by delivery with the same effect as in the case of a negotiable instrument;
provided, however, that until a Receipt shall be transferred on the books of
the Depositary as provided in Section 2.04, the Depositary may, notwithstanding
any notice to the contrary, treat the record holder thereof at such time as the
absolute owner thereof for all purposes, including without limitation, for the
purpose of determining the person entitled to (i) distribution of dividends or
other distributions, (ii) the exercise of any conversion rights or (iii) any
notice provided for in this Deposit Agreement and for all other purposes.

     SECTION 2.02. Deposit of Preferred Shares; Execution and Delivery of
Receipts in Respect Thereof. (a) Concurrently with the execution of this
Deposit Agreement, the Company is delivering to the Depositary a certificate or
certificates, registered in the name of the Depositary and evidencing
180,000 Preferred Shares, properly endorsed or accompanied, if
required by the Depositary, by a duly executed instrument of transfer or
endorsement, in form satisfactory to the

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Depositary, together with (i) all such
certifications as may be required by the Depositary in accordance with the
provisions of this Deposit Agreement and (ii) a written order of the Company
directing the Depositary to execute and deliver to, or upon the written order
of, the person or persons stated in such order a Receipt or Receipts for the
Depositary Shares representing such deposited Preferred Shares. The Depositary
acknowledges receipt of the deposited Preferred Shares and related
documentation and agrees to hold such deposited Preferred Shares in an account
to be established by the Depositary at the Corporate Office or at such other
office as the Depositary shall determine. The Company hereby appoints the
Depositary as the Registrar and Transfer Agent for the Preferred Shares
deposited hereunder and any Shares-in-Trust designated pursuant to Section
2.10, and the Depositary hereby accepts such appointment and, as such, will
reflect changes in the number of deposited Preferred Shares (including any
fractional shares) held by it by notation, book-entry or other appropriate
method.

     (b)  If required by the Depositary, Preferred Shares presented for deposit
by the Company at any time, whether or not the register of shareholders of the
Company is closed, shall also be accompanied by an agreement or assignment, or
other instrument satisfactory to the Depositary, that will provide for the
prompt transfer to the Depositary or its nominee of any dividend or any right
to subscribe for additional Preferred Shares or to receive other property that
any person in whose name the Preferred Shares is or has been registered may
thereafter receive upon or in respect of such deposited Preferred Shares, or in
lieu thereof such agreement of indemnity or other agreement as shall be
satisfactory to the Depositary.

     (c)  Upon receipt by the Depositary of a certificate or certificates for
Preferred Shares deposited hereunder, together with the other documents
specified above, and upon registering such Preferred Shares in the name of the
Depositary, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver to, or upon the order of, the person or
persons in the written order delivered to the Depositary referred to in the
first paragraph of this Section 2.02, a Receipt or Receipts for the number of
whole Depositary Shares representing the Preferred Shares so deposited and
registered in such name or as may be requested by such person or persons. The
Depositary shall execute and deliver such Receipt or Receipts at the Corporate
Office, except that, at the request, risk and expense of any person requesting
such delivery, such delivery may be made at such other place as may be
designated by such person.

     (d)  Other than in the case of splits, combinations or other
reclassifications affecting the Preferred Shares, or in the case of dividends
or other distributions of Preferred Shares, if any, there shall be deposited
hereunder not more than the number of Preferred Shares as set forth in the
Amendment to the Articles, as such may be amended.

     (e)  The Company shall deliver to the Depositary from time to time such
quantities of Receipts as the Depositary may request to enable the Depositary
to perform its obligations under this Deposit Agreement.

     SECTION 2.03. Optional Redemption of Preferred Shares For Cash. (a)
Whenever the Company shall elect to redeem deposited Preferred Shares for cash
in accordance with the provisions of the Amendment to the Articles, it shall
(unless otherwise agreed in writing with the Depositary) give the Depositary
not less than 30 days prior written notice of the date of such proposed
redemption and of the number of such Preferred Shares held by the Depositary to
be redeemed and the applicable redemption price, determined pursuant to the
Amendment to the Articles, including the amount, if any, of accrued and unpaid
dividends to the date of such redemption. The Depositary shall mail,
first-class postage prepaid, notice of the redemption of Preferred Shares and
the proposed simultaneous redemption of the Depositary Shares representing the
Preferred Shares to be redeemed, not less than 30 and not more than 60 days
prior to the date fixed for redemption of such Preferred Shares and Depositary
Shares (the “cash redemption

Page 4

 

date”), to the holders of record on the record
date fixed for such redemption pursuant to Section 4.04 of the Receipts
evidencing the Depositary Shares to be so redeemed, at the addresses of such
holders as the same appear on the records of the Depositary; but neither
failure to mail any such notice to one or more such holders nor any defect in
any such notice shall affect the sufficiency of the proceedings for redemption
as to other holders. The Company shall provide the Depositary with such
notice, and each such notice shall state: the cash redemption date; the cash
redemption price; the number of deposited Preferred Shares and Depositary
Shares to be redeemed; if fewer than all the Depositary Shares held by any
holder are to be redeemed, the number of such Depositary Shares held by such
holder to be so redeemed; the place or places where Receipts evidencing
Depositary Shares to be redeemed are to be surrendered for payment of the cash
redemption price; and that from and after the cash redemption date dividends in
respect of the Preferred Shares represented by the Depositary Shares to be
redeemed will cease to accrue. If fewer than all the outstanding Depositary
Shares are to be redeemed the Depositary Shares to be redeemed shall be
selected pro rata (as nearly as may be practicable without creating fractional
Depositary Shares) or by any other equitable method determined by the Company
that will not result in the designation of any Shares-in-Trust. The Company
shall also cause notice of redemption to be published in a newspaper of general
circulation in the City of New York at least once a week for two successive
weeks commencing not less than 30 days nor more than 60 days prior to the cash
redemption date.

     (b)  In the event that notice of redemption has been made as described in
Section 2.03(a) and the Company shall then have paid in full to the Depositary
the cash redemption price (determined pursuant to the Amendment to the
Articles) of the Preferred Shares deposited with the Depositary to be redeemed
(including any accrued and unpaid dividends to the date of redemption), the
Depositary shall redeem the number of Depositary Shares representing such
Preferred Shares so called for redemption by the Company and from and after the
cash redemption date (unless the Company shall have failed to redeem the
Preferred Shares to be redeemed by it as set forth in the Company’s notice
provided for in Section 2.03(a)), all dividends in respect of the Preferred
Shares called for redemption shall cease to accrue, the Depositary Shares
called for redemption shall be deemed no longer to be outstanding and all
rights of the holders of Receipts evidencing such Depositary Shares (except the
right to receive the cash redemption price and any money or other property to
which holders of such Receipts were entitled upon such redemption) shall, to
the extent of such Depositary Shares, cease and terminate. Upon surrender in
accordance with said notice of the Receipts evidencing such Depositary Shares
(properly endorsed or assigned for transfer, if the Depositary shall so
require), such Depositary Shares shall be redeemed at a cash redemption price
of $25.00 per Depositary Share plus any other money and other property
payable in respect of such Preferred Shares. The foregoing shall be further
subject to the terms and conditions of the Amendment to the Articles.

     (c)  If fewer than all of the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with payment of the cash
redemption price for and all other amounts payable in respect of the Depositary
Shares called for redemption, a new Receipt evidencing the Depositary Shares
evidenced by such prior Receipt and not called for redemption.

     SECTION 2.04. Registration of Transfers of Receipts. The Company hereby
appoints the Depositary as the Registrar and Transfer Agent for the Receipts,
and the Depositary hereby accepts such appointment and, as such, shall register
on its books from time to time transfers of Receipts upon any surrender thereof
by the holder in person or by a duly authorized attorney, properly endorsed or
accompanied by a properly executed instrument of transfer or endorsement,
together with evidence of the payment of any transfer taxes as may be required
by law. Upon such surrender, the Depositary shall execute a new Receipt or
Receipts and deliver the same to or upon the order of the person entitled
thereto

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evidencing the same aggregate number of Depositary Shares evidenced by
the Receipt or Receipts surrendered.

     SECTION 2.05. Combinations and Split-Ups of Receipts. Upon surrender of a
Receipt or Receipts at the Corporate Office or such other office as the
Depositary may designate for the purpose of effecting a split-up or combination
of Receipts, subject to the terms and conditions of this Deposit Agreement, the
Depositary shall execute and deliver a new Receipt or Receipts in the
authorized denominations requested evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered.

     SECTION 2.06. Surrender of Receipts and Withdrawal of Preferred Shares.
(a) Any holder of a Receipt or Receipts may withdraw any or all of the
deposited Preferred Shares represented by the Depositary Shares evidenced by
such Receipt or Receipts and all money and other property, if any, represented
by such Depositary Shares by surrendering such Receipt or Receipts at the
Corporate Office or at such other office as the Depositary may designate for
such withdrawals, provided that a holder of a Receipt or Receipts may not
withdraw such Preferred Shares (or money and other property, if any,
represented thereby) which have previously been called for redemption or which
have been designated as Shares-in-Trust in accordance with Section 2.10. After
such surrender, without unreasonable delay, the Depositary shall deliver to
such holder, or to the person or persons designated by such holder as
hereinafter provided, the number of whole or fractional Preferred Shares and
all such money and other property, if any, represented by the Depositary Shares
evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders
of such whole or fractional Preferred Shares will not thereafter be entitled to
deposit such Preferred Shares hereunder or to receive Depositary Shares
therefor. If the Receipt or Receipts delivered by the holder to the Depositary
in connection with such withdrawal shall evidence a number of Depositary Shares
in excess of the number of Depositary Shares representing the number of whole
or fractional shares of deposited Preferred Shares to be withdrawn, the
Depositary shall at the same time, in addition to such number of whole or
fractional Preferred Shares and such money and other property, if any, to be
withdrawn, deliver to such holder, or (subject to Section 2.04) upon his order,
a new Receipt or Receipts evidencing such excess number of Depositary Shares.
Delivery of such Preferred Shares and such money and other property being
withdrawn may be made by the delivery of such certificates, documents of title
and other instruments as the Depositary may deem appropriate, which, if
required by the Depositary, shall be properly endorsed or accompanied by proper
instruments of transfer.

     (b)  If the deposited Preferred Shares and the money and other property
being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of
Preferred Shares, such holder shall execute and deliver to the Depositary a
written order so directing the Depositary and the Depositary may require that
the Receipt or Receipts surrendered by such holder for withdrawal of such
Preferred Shares be properly endorsed in blank or accompanied by a properly
executed instrument of transfer or endorsement in blank.

     (c)  The Depositary shall deliver the deposited Preferred Shares and the
money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Corporate Office,
except that, at the request, risk and expense of the holder surrendering such
Receipt or Receipts and for the account of the holder thereof, such delivery
may be made at such other place as may be designated by such holder.

     SECTION 2.07. Limitations on Execution and Delivery, Transfer, Split-Up,
Combination, Surrender and Exchange of Receipts. (a) As a condition precedent
to the execution and delivery, transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the
Company may require any or all of the following: (i) payment to it of a sum
sufficient for

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the payment (or, in the event that the Depositary or the Company
shall have made such payment, the reimbursement to it) of any tax or other
governmental charge with respect thereto (including any such tax or charge with
respect to the Preferred Shares being deposited or withdrawn); (ii) the
production of proof satisfactory to it as to the identity and genuineness of
any signature (or the authority of any signatory); and (iii) compliance with
such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement as may be required by
any securities exchange upon which the deposited Preferred Shares, the
Depositary Shares or the Receipts may be included for quotation or listed.

     (b)  The deposit of Preferred Shares may be refused, the delivery of
Receipts against Preferred Shares may be suspended, the transfer of Receipts
may be refused, and the transfer, split-up, combination, surrender, exchange or
redemption of outstanding Receipts may be suspended (i) during any period when
the register of shareholders of the Company is closed or (ii) if any such
action is deemed reasonably necessary or advisable by the Depositary, any of
the Depositary’s Agents or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or
commission, or under any provision of this Deposit Agreement.

     SECTION 2.08. Lost Receipts, etc. In case any Receipt shall be mutilated
or destroyed or lost or stolen, the Depositary in its discretion may execute
and deliver a Receipt of like form and tenor in exchange and substitution for
such mutilated Receipt or in lieu of and in substitution for such destroyed,
lost or stolen Receipt, provided that the holder thereof provides the
Depositary with (i) evidence reasonably satisfactory to the Depositary of such
destruction, loss or theft of such Receipt, of the authenticity thereof and of
his ownership thereof and (ii) reasonable indemnification satisfactory to the
Depositary and the Company.

     SECTION 2.09. Cancellation and Destruction of Surrendered Receipts. All
Receipts surrendered to the Depositary or any Depositary’s Agent shall be
cancelled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy such Receipts so cancelled.

     SECTION 2.10. Designation of Preferred Shares as Shares-in-Trust. (a) As
provided in the Articles of Incorporation, upon the happening of certain
events, certain Preferred Shares shall be automatically designated
Shares-in-Trust. In the event of such a designation, the Receipt representing
the deposited Preferred Shares so designated shall no longer represent, to the
extent of the shares so designated, such deposited Preferred Shares. Promptly
upon its knowledge of the designation of such deposited Preferred
Shares as Shares-in-Trust, the Company shall notify the Depositary of such designation,
the number of deposited Preferred Shares so designated, and the identity of the
holder of the Receipt so affected, whereupon the Depositary shall promptly
notify the holder of such Receipt to surrender such Receipt(s) to the
Depositary for cancellation of the number of Depositary Shares evidenced
thereby equal to the designated deposited Preferred Shares represented thereby.

     (b)  If fewer than all of the Depositary Shares evidenced by a Receipt are
required to be surrendered for cancellation, the Depositary will deliver to the
holder of such Receipt upon its surrender to the Depositary a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not
required to be surrendered for cancellation of the Depositary Shares
represented thereby, and the Depositary will make appropriate adjustments in
its records (as contemplated in Section 2.02) to reflect such designation and
cancellation (including the reduction of any fractional share of deposited
Preferred Shares and the issuance of any Shares-in-Trust).

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ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     SECTION 3.01. Filing Proofs, Certificates and Other Information. Any
person presenting Preferred Shares for deposit or any holder of a Receipt may
be required from time to time to file such proof of residence or other
information, to execute such certificates and to make such representations and
warranties as the Depositary or the Company may reasonably deem necessary or
proper. The Depositary or the Company may withhold or delay the delivery of
any Receipt, the transfer, redemption or exchange of any Receipt, the
withdrawal of the deposited Preferred Shares represented by the Depositary
Shares evidenced by any Receipt, the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof, until such
proof or other information is filed, such certificates are executed or such
representations and warranties are made.

     SECTION 3.02. Payment of Fees and Expenses. Holders of Receipts shall be
obligated to make payments to the Depositary of certain fees and expenses, as
provided in Section 5.07, or provide evidence reasonably satisfactory to the
Depositary that such fees and expenses have been paid. Until such payment is
made, transfer of any Receipt or any withdrawal of the Preferred Shares or
money or other property, if any, represented by the Depositary Shares evidenced
by such Receipt may be refused, any dividend or other distribution may be
withheld, and any part or all of the Preferred Shares or other property
represented by the Depositary Shares evidenced by such Receipt may be sold for
the account of the holder thereof (after the Depositary has attempted  by reasonable means to
notify such holder a reasonable number of days prior to such sale). Any
dividend or other distribution so withheld and the proceeds of any such sale
may be applied to any payment of such fees or expenses, the holder of such
Receipt remaining liable for any deficiency.

     SECTION 3.03. Representations and Warranties as to Preferred Shares. In
the case of the initial deposit of the Preferred Shares hereunder, the Company
and, in the case of subsequent deposits thereof, each person so depositing
Preferred Shares under this Deposit Agreement, shall be deemed thereby to
represent and warrant that such Preferred Shares and each certificate therefor
are valid and that the person making such deposit is duly authorized to do so.
The Company hereby further represents and warrants that such Preferred Shares,
when issued, will be validly issued, fully paid and nonassessable. Such
representations and warranties shall survive the deposit of the Preferred
Shares and the issuance of Receipts.

     SECTION 3.04. Representation and Warranties as to Receipts and Depositary
Shares. The Company hereby represents and warrants that the Receipts, when
issued, will evidence legal and valid interests in the Depositary Shares and
each Depositary Share will represent a legal and valid 1/10 fractional interest
in a deposited Preferred Share. Such representation and warranty shall survive
the deposit of the Preferred Shares and the issuance of Receipts evidencing the
Depositary Shares.

ARTICLE IV

THE PREFERRED SHARES; NOTICES

     SECTION 4.01. Cash Distributions. Whenever the Depositary shall receive
any cash dividend or other cash distribution on the deposited Preferred Shares,
including any cash received upon redemption of any Preferred Shares pursuant to
Section 2.03, the Depositary shall, subject to Section 3.02, distribute to
record holders of Receipts on the record date fixed pursuant to Section 4.04
such amounts of such dividend or distribution as are, as nearly as practicable,
in proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders; provided, however, that (i) in case the Company
or the Depositary shall be required to and shall withhold from any cash
dividend or other cash distribution in respect of the Preferred Shares
represented by the Receipts held by any holder

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an amount on account of taxes,
the amount made available for distribution or distributed in respect of
Depositary Shares represented by such Receipts subject to such withholding
shall be reduced accordingly and (ii) no cash dividends will be paid in respect
of any Depositary Share to the extent that it represents any Preferred Shares
designated as Shares-in-Trust. The Depositary shall distribute or make
available for distribution, as the case may be, such amount as can be
distributed without attributing to any holder of Receipts a fraction of one
cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to record
holders of Receipts then outstanding.

     SECTION 4.02. Distributions Other Than Cash. Whenever the Depositary
shall receive any distribution other than cash on the deposited Preferred
Shares, the Depositary shall, subject to Section 3.02, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.04 such
amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders, in any manner that the
Depositary and the Company may deem equitable and practicable for accomplishing
such distribution, except that no distribution will be made in respect of any
Depositary Share to the extent that it represents any Preferred Shares
designated as Shares-in-Trust. If, in the opinion of the Depositary after
consultation with the Company, such distribution cannot be made proportionately
among such record holders, or if for any other reason (including any
requirement that the Company or the Depositary withhold an amount on account of
taxes), the Depositary deems, after consultation with the Company, such
distribution not to be feasible, the Depositary may, with the approval of the
Company, adopt such method as it deems equitable and practicable for the
purpose of effecting such distribution, including the sale (at public or
private sale) of the securities or property thus received, or any part thereof,
at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Section 3.02, be distributed or
made available for distribution, as the case may be, by the Depositary to
record holders of Receipts as provided by Section 4.01 in the case of a
distribution received in cash. The Company shall not make any distribution of
such securities or property to the holders of Receipts unless the Company shall
have provided to the Depositary an opinion of counsel stating that the
distribution of such securities or property has been registered under the
Securities Act or that registration is not required. The Company shall advise
the Depositary of the nature of any property, and if the Depositary in its
reasonable judgment determines that it may be deemed an owner thereof and may incur liability by reason thereof, the Depositary shall have the right to refuse such
property, but the Depositary shall assist the Company in determining an
appropriate means of distributing such property.

     SECTION 4.03. Subscription Rights, Preferences or Privileges. (a) If the
Company shall at any time offer or cause to be offered to the persons in whose
names deposited Preferred Shares are registered on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such
rights, preferences or privileges shall in each such instance be made available
by the Depositary to the record holders of Receipts in such manner as the
Company shall instruct (including by the issue to such record holders of
warrants representing such rights, preferences or privileges); provided,
however, that (a) if at the time of issue or offer of any such rights,
preferences or privileges the Company determines upon advice of its legal
counsel that it is not lawful or feasible to make such rights, preferences or
privileges available to the holders of Receipts (by the issue of warrants or
otherwise) or (b) if and to the extent instructed by holders of Receipts who do
not desire to exercise such rights, preferences or privileges, the Depositary
shall then, if so instructed by the Company, and if applicable law and the
terms of such rights, preferences or privileges so permit, sell such rights,
preferences or privileges of such holders at public or private sale, at such
place or places and upon such terms as it may deem proper. The net proceeds of
any such sale shall, subject to Section 3.01 and Section 3.02, be distributed
by the Depositary to the record holders of Receipts entitled thereto as
provided by Section 4.01 in the case of a distribution received in cash. The
Company shall not make any distribution of such rights, preferences or
privileges, unless the

Page 9

 

Company shall have provided to the Depositary an opinion
of counsel stating that the distribution of such rights, preferences or
privileges has been registered under the Securities Act or that registration is
not required.

     (b)  If registration under the Securities Act of the securities to which
any rights, preferences or privileges relate is required in order for holders
of Receipts to be offered or sold the securities to which such rights,
preferences or privileges relate, the Company agrees that it will promptly file
a registration statement pursuant to the Securities Act with respect to such
rights, preferences or privileges and securities and use its best efforts and
take all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences
or privileges to enable such holders to exercise such rights, preferences or
privileges. In no event shall the Depositary make available to the holders of
Receipts any right, preference or privilege to subscribe for or to purchase any
securities unless and until such a registration statement shall have become
effective or unless the offering and sale of such securities to such holders
are exempt from registration under the provisions of the Securities Act and the
Company shall have provided to the Depositary an opinion of counsel to such
effect.

     (c)  If any other action under the law of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to
holders of Receipts, the Company agrees to use its best efforts to take such
action or obtain such authorization, consent or permit sufficiently in advance
of the expiration of such rights, preferences or privileges to enable such
holders to exercise such rights, preferences or privileges.

     SECTION 4.04. Notice of Dividends; Fixing of Record Date for Holders of
Receipts. Whenever any cash dividend or other cash distribution shall become
payable, any distribution other than cash is proposed to be made, or any rights,
preferences or privileges shall at any time be offered, with respect to the
deposited Preferred Shares, or whenever the Depositary shall receive notice of
(i) any meeting at which holders of such Preferred Shares are entitled to vote
or of which holders of such Preferred Shares are entitled to notice or (ii) any
election on the part of the Company to redeem any such Preferred Shares, the
Depositary shall in each such instance fix a record date (which shall be the
same date as the record date fixed by the Company with respect to the Preferred
Shares) for the determination of the holders of Receipts who shall be entitled
to receive such dividend, distribution, rights, preferences or privileges, to give instructions for the exercise of
voting rights at any such meeting or to receive notice of such
meeting or of the
determination of which Depositary Shares are to be so redeemed.

     SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at
which the holders of deposited Preferred Shares are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders
of Receipts a notice, which shall be provided by the Company and which shall
contain (i) such information as is contained in such notice of meeting, (ii) a
statement that the holders of Receipts at the close of business on a specified
record date fixed pursuant to Section 4.04 will be entitled, subject to any
applicable provision of law, to instruct the Depositary as to the exercise of
the voting rights pertaining to the amount of Preferred Shares represented by
their respective Depositary Shares and (iii) a brief statement as to the manner
in which such instructions may be given. Upon the written request of a holder
of a Receipt on such record date, the Depositary shall vote or cause to be
voted the amount of Preferred Shares represented by the Depositary Shares
evidenced by such Receipt in accordance with the instructions set forth in such
request. To the extent any such instructions request the voting of a
fractional interest of a share of deposited Preferred Shares, the Depositary
shall aggregate such interest with all other fractional interests resulting
from requests with the same voting instructions and shall vote the number of
whole votes resulting from such aggregation in accordance with the instructions

Page 10

 

received in such requests. Each Preferred Share is entitled to one vote on all
matters as to which the Preferred Shares vote and, accordingly, each Depositary
Share is entitled to 1/10 of a vote on such matters. The Company hereby agrees
to take all reasonable action that may be deemed necessary by the Depositary in
order to enable the Depositary to vote such Preferred Shares or cause such
Preferred Shares to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will abstain from voting to be extent of
the Preferred Shares represented by the Depositary Shares evidenced by such
Receipt. The Depositary shall not be required to exercise discretion in voting
any Preferred Shares represented by the Depositary Shares evidenced by such
Receipt.

     SECTION 4.06. Changes Affecting Preferred Shares and Reclassifications,
Recapitalizations, etc. Upon any change in par or stated value, split-up,
combination or any other reclassification of Preferred Shares, or upon any
recapitalization, reorganization, merger or consolidation affecting the Company
or to which it is a party or sale of all or substantially all of the Company’s
assets, the Depositary shall, upon the instructions of the Company, (i) make
such adjustments in (a) the fraction of an interest represented by one
Depositary Share in one Preferred Share and (b) the ratio of the redemption
price per Depositary Share to the redemption price of a Preferred Share, in
each case as may be required by or as is consistent with the provisions of the
Amendment to the Articles and the Articles of Incorporation to fully reflect
the effects of such change in par or stated value, split-up, combination or
other reclassification, or of such recapitalization, reorganization, merger,
consolidation or sale and (ii) treat any shares or other securities or property
(including cash) that shall be received by the Depositary in exchange for or
upon conversion of or in respect of the Preferred Shares as new deposited
property under this Deposit Agreement, and Receipts then outstanding shall
thereafter represent the proportionate interests of holders thereof in the new
deposited property so received in exchange for or upon conversion or in respect
of such Preferred Shares. In any such case the Depositary may, in its
discretion, with the approval of the Company, execute and deliver additional
Receipts, or may call for the surrender of all outstanding Receipts to be
exchanged for new Receipts specifically describing such new deposited property.
Anything to the contrary herein notwithstanding, holders of Receipts shall
have the right from and after the effective date of any such change in par or
stated value, split-up, combination or other reclassification of the Preferred
Shares or any such recapitalization, reorganization, merger or consolidation or
sale of substantially all the assets of the Company to surrender such Receipts
to the Depositary with instructions to convert, exchange or surrender the
Preferred Shares represented thereby only into or for, as the case may be, the
kind and amount of shares and other securities and property and cash into which
the deposited Preferred Shares evidenced by such Receipts might have been
converted or for which such Preferred Shares might have been exchanged or
surrendered immediately prior to the effective date of such transaction. The
Company shall cause an effective provision to be made in the corporate charter
of the resulting or surviving corporation (if other than the Company) for
protection of such rights as may be applicable upon exchange of the deposited
Preferred Shares for securities or property or cash of the surviving
corporation in connection with the transactions set forth above. The Company
shall cause any such surviving corporation (if other than the Company)
expressly to assume the obligations of the Company hereunder.

     SECTION 4.07. Inspection of Reports. The Depositary shall make available
for inspection by holders of Receipts at the Corporate Office and at such other
places as it may from time to time deem advisable during normal business hours
any reports and communications received from the Company that are both received
by the Depositary as the holder of deposited Preferred Shares and made
generally available to the holders of the Preferred Shares. In addition, the
Depositary shall transmit certain notices and reports to the holders of
Receipts as provided in Section 5.05.

     SECTION 4.08. Lists of Receipt Holders. Promptly upon request from time
to time by the Company, the Depositary shall furnish to the Company a list, as
of a recent date specified by the

Page 11

 

Company, of the names, addresses and holdings
of Depositary Shares of all persons in whose names Receipts are registered on
the books of the Depositary.

     SECTION 4.09. Tax and Regulatory Compliance. The Depositary shall be
responsible for (i) preparation and mailing of 1099 forms for all open and
closed accounts, (ii) foreign tax withholding, (iii) withholding 31% (or any
withholding as may be required at the then applicable rate) of dividends from
holders of Receipts subject to back-up withholding, (iv) mailing W-9 forms to
new holders of Receipts without a certified taxpayer identification number, (v)
processing certified W-9 forms, (vi) preparation and filing of state
information returns and (vii) escheatment services.

     SECTION 4.10. Withholding. Notwithstanding any other provision of this
Deposit Agreement, in the event that the Depositary determines that any
distribution in property is subject to any tax which the Depositary is
obligated by law to withhold, the Depositary may dispose of all or a portion of
such property in such amounts and in such manner as the Depositary deems
necessary and practicable to pay such taxes, by public or private sale, and the
Depositary shall distribute the net proceeds of any such sale or the balance of
any such property after deduction of such taxes to the holders of Receipts
entitled thereto in proportion to the number of Depositary Shares held by them,
respectively.

ARTICLE V

THE DEPOSITARY AND THE COMPANY

     SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the
Depositary and the Registrar. (a) The Depositary shall maintain at the
Corporate Office facilities for the execution and delivery, transfer, surrender
and exchange, split-up, combination and redemption of Receipts and for the
deposit and withdrawal of Preferred Shares and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, transfer, surrender
and exchange, split-up, combination and redemption of Receipts and for the
deposit and withdrawal of Preferred Shares, all in accordance with the
provisions of this Deposit Agreement.

     (b)  The Depositary shall keep books at the Corporate Office for the
registration and transfer of Receipts, which books at all reasonable times
shall be open for inspection by the record holders of Receipts as provided by
applicable law. The Depositary may close such books, at any time or from time
to time, when deemed expedient by it in connection with the performance of its
duties hereunder.

     (c)  If the Receipts or the Depositary Shares evidenced thereby or the
Preferred Shares represented by such Depositary Shares shall be listed on the
New York Stock Exchange or any other stock exchange, the Depositary may, with
the approval of the Company, appoint a Registrar (acceptable to the Company)
for registration of such Receipts or Depositary Shares in accordance with the
requirements of such exchange. Such Registrar (which may be the Depositary if
so permitted by the requirements of such exchange) may be removed and a
substitute registrar appointed by the Depositary upon the request or with the
approval of the Company. If the Receipts, such Depositary Shares or such
Preferred Shares are listed on one or more other stock exchanges, the
Depositary will, at the request and expense of the Company, arrange such
facilities for the delivery, transfer, surrender, redemption and exchange of
such Receipts, such Depositary Shares or such Preferred Shares as may be
required by law or applicable stock exchange regulations.

     SECTION 5.02. Prevention or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company. Neither the Depositary, any
Depositary’s Agent, any Registrar nor the Company shall incur any liability to
any holder of any Receipt, if by reason of any provision of any present or
future law or regulation thereunder of the United States of America or of any
other

Page 12

 

governmental authority or, in the case of the Company, the Depositary,
the Depositary’s Agent or the Registrar, by reason of any provision, present or
future, of the Articles of Incorporation or the Amendment to the Articles or,
in the case of the Company, the Depositary, the Depositary’s Agent or the
Registrar, by reason of any act of God or war or other circumstance beyond the
control of the relevant party, the Depositary, any Depositary’s Agent, the
Registrar or the Company shall be prevented or forbidden from doing or
performing any act or thing that the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary’s Agent,
any Registrar or the Company incur any liability to any holder of a Receipt by
reason of any nonperformance or delay, caused as aforesaid, in the performance
of any act or thing that the terms of this Deposit Agreement provide shall or
may be done or performed, or by reason of any exercise of, or failure to
exercise, any discretion provided for in this Deposit Agreement.

     SECTION 5.03. Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Company. (a) Neither the Depositary, any Depositary’s Agent,
any Registrar nor the Company assumes any obligation or shall be subject to any
liability under this Deposit Agreement or any Receipt to holders of Receipts
other than from acts or omissions arising out of conduct constituting bad
faith, gross negligence or willful misconduct in the performance of such duties
as are specifically set forth in this Deposit Agreement.

     (b)  Neither the Depositary, any Depositary’s Agent, any Registrar nor the
Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding with respect to the deposited Preferred
Shares, Depositary Shares or Receipts that in its reasonable opinion may
involve it in expense or liability, unless indemnity reasonably satisfactory to
it against all expense and liability be furnished as often as may be required.

     (c)  Neither the Depositary, any Depositary’s Agent, any Registrar nor the
Company shall be liable for any action or any failure to act by it in reliance
upon the written advice of legal counsel or accountants, or information
provided by any person presenting Preferred Shares for deposit, any holder of a
Receipt or any other person believed by it in good faith to be competent to
give such advice or information. Each of the Depositary, any Depositary’s Agent, any Registrar
and the Company may reasonably rely and shall each be protected in acting upon any
written notice, request, direction or other document believed by it in good
faith to be genuine and to have been signed or presented by the proper party or
parties.

     (d)  In the event the Depositary shall receive conflicting claims, requests
or instructions from any holders of Receipts, on the one hand, and the Company,
on the other hand, the Depositary shall be entitled to act on such claims,
requests or instructions received from the Company and shall be entitled to the
full indemnification set forth in Section 5.06 hereof in connection with any
action so taken.

     (e)  The Depositary shall not be responsible for any failure to carry out
any instruction to vote any of the deposited Preferred Shares or for the manner
or effect of any such vote made, as long as any such action or inaction is in
good faith and does not result from gross negligence or willful misconduct of
the Depositary. The Depositary undertakes, and any Registrar shall be required
to undertake, to perform such duties and only such duties as are specifically
set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Agreement or imposed upon the Depositary or any
Registrar.

     (f)  The
Depositary, its parents, affiliates, and subsidiaries, any
Depositary’s Agent, and any Registrar may own, buy, sell or deal in any class
of securities of the Company and its affiliates and in Receipts or Depositary
Shares or become pecuniarily interested in any transaction in which the Company
or its affiliates may be interested or contract with or lend money to or
otherwise act as fully or as freely as if the Depositary were not the
Depositary or the Registrar were not the Registrar hereunder as
applicable. The Depositary may also act as

Page 13

 

transfer agent or
registrar of any of the securities of the Company or its affiliates or act in
any other capacity for the Company or its affiliates.

     (g)  It is intended that neither the Depositary nor any Depositary’s Agent
shall be deemed to be an “issuer” of the securities under the federal
securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary and any Depositary’s Agent are acting
only in a ministerial capacity as Depositary for the deposited Preferred
Shares; provided, however, that the Depositary agrees to comply with all
information reporting and withholding requirements applicable to it under law
or this Deposit Agreement in its capacity as Depositary.

     (h)  Neither the
Depositary (or any of its officers, directors, employees or
agents) nor any Depositary’s Agent makes any representation or has any
responsibility as to the validity of any registration statement pursuant to
which the Depositary Shares may be registered under the Securities Act, the
deposited Preferred Shares, the Depositary Shares, the Receipts
(except as to its
countersignature thereon) or any instruments referred to therein or herein, or
as to the correctness of any statement made in any such registration statement
or herein; provided, however, that the Depositary is responsible for its
representations in this Deposit Agreement and for the validity of any action
taken or required to be taken by the Depositary in connection with this Deposit
Agreement.

     (i)  The Company agrees that it will register the issuance of the Preferred
Shares and the Depositary Shares to the extent required by applicable
securities laws.

     SECTION 5.04. Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by notice of its election to do so delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as hereinafter provided. The Depositary may
at any time be removed by the Company by notice of such removal delivered to
the Depositary, such removal to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.

     (b)  In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor depositary,
which shall be a bank or trust company having its principal office in the
United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed in 60
days, the resigning Depositary may petition a court of competent jurisdiction
to appoint a successor depositary. Every successor depositary shall execute
and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be
the Depositary under this Deposit Agreement, and such predecessor, upon payment
of all sums due it and on the written request of the Company, shall promptly
execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver
all rights, title and interest in the deposited Preferred Shares and any moneys
or property held hereunder to such successor and shall deliver to such
successor a list of the record holders of all outstanding Receipts. Any
successor depositary shall promptly mail notice of its appointment to the
record holders of Receipts.

     (c)  Any corporation or association into or with which the Depositary may
be merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act. Such
successor depositary may execute the Receipts either in the name of the
predecessor depositary or in the name of the successor depositary.

Page 14

 

     SECTION 5.05. Notices, Reports and Documents. The Company agrees that it
will deliver to the Depositary, and the Depositary will, promptly after receipt
thereof, transmit to the record holders of Receipts, in each case at the
address recorded in the Depositary’s books, copies of all notices and reports
(including financial statements) required by law, by the rules of any national
securities exchange upon which the Preferred Shares, the Depositary Shares or
the Receipts are included for quotation or listed or by the Articles of
Incorporation, as amended by the Amendment to the Articles, to be furnished by
the Company to holders of the deposited Preferred Shares and, if requested by
the holder of any Receipt, a copy of this Deposit Agreement, the form of
Receipt, the Articles of Incorporation as amended, and the form of Preferred
Shares. Such transmission will be at the Company’s expense and the Company
will provide the Depositary with such number of copies of such documents as the
Depositary may reasonably request. In addition, the Depositary will transmit
to the record holders of Receipts at the Company’s expense such other documents
as may be requested by the Company.

     SECTION 5.06. Indemnification by the Company. The Company agrees to
indemnify the Depositary, any Depositary’s Agent and any Registrar against, and
hold each of them harmless from, any liability, costs and expenses (including
reasonable attorneys’ fees) that may arise out of, or in connection with, its
acting as Depositary, Depositary’s Agent or Registrar, respectively, under this
Deposit Agreement and the Receipts, except for any liability arising out of the
willful misconduct, gross negligence or bad faith on the part of any such
person or persons. The obligations of the Company set forth in this Section
5.06 shall survive any succession of any Depositary, Registrar or Depositary’s
Agent or termination of this Deposit Agreement.

     SECTION 5.07 Fees, Charges and Expenses. No charges and expenses of the
Depositary or any Depositary’s Agent hereunder shall be payable by any person,
except as provided in this Section 5.07. The Company shall pay all transfer
and other taxes and governmental charges arising solely from the existence of
this Deposit Agreement. The Company shall also pay all fees and expenses of
the Depositary in connection with the initial deposit of the Preferred Shares
and the initial issuance of the Depositary Shares evidenced by the Receipts,
any redemption of the Preferred Shares at the option of the Company and all
withdrawals of the Preferred Shares by holders of Depositary Shares. If a
holder of Receipts requests the Depositary to perform duties not required under
this Deposit Agreement, the Depositary shall notify the holder of the cost of
the performance of such duties prior to the performance thereof. Such holder
will be liable for the charges and expenses related to such performance. All
other fees and expenses of the Depositary and any Depositary’s Agent hereunder
and of any Registrar (including, in each case, fees and expenses of counsel)
incident to the performance of their respective obligations hereunder will be
promptly paid as previously agreed between the Depositary and the Company. The
Depositary shall present its statement for fees and expenses to the Company
every quarter or at such other intervals as the Company and the Depositary may
agree.

ARTICLE VI

AMENDMENT AND TERMINATION

     SECTION 6.01. Amendment. The form of the Receipts and any provision of
this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect that they may
deem necessary or desirable; provided, however, that no such amendment (other
than any change in the fees of any Depositary, Registrar or Transfer Agent)
which (i) shall materially and adversely alter the rights of the holders of
Receipts or (ii) would be materially and adversely inconsistent with the rights
granted to the holders of the Preferred Shares pursuant to the Articles of
Incorporation as amended by the Amendment to the Articles, shall be effective
unless such amendment shall have been approved by the holders of at least a
majority of the Depositary Shares then outstanding. In no event shall any
amendment impair the right, subject to the provisions of
Sections 2.06 and 2.07 and Article III, of any holder of any Depositary Shares to
surrender the Receipt

Page 15

 

evidencing such Depositary Shares with instructions to
the Depositary to deliver to the holder the deposited Preferred Shares and all
money and other property, if any, represented thereby, except in order to
comply with mandatory provisions of applicable law. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by this Deposit Agreement as amended thereby.

     SECTION 6.02. Termination. (a) This Deposit Agreement may be terminated
by the Company upon not less than 30 days prior written notice to the
Depositary if (i) such termination is necessary to preserve the Company’s
status as a real estate investment trust under the Internal Revenue Code of
1986, as amended (or any successor provision), or (ii) the holders of a
majority of the Preferred Shares consent to such termination, whereupon the
Depositary shall deliver or make available to each holder of a Receipt, upon
surrender of the Receipt held by such holder, such number of whole or
fractional deposited Preferred Shares as are represented by the Depositary
Shares evidenced by such Depositary Receipt, together with any other property
held by the Depositary in respect of such Receipt. In the event that this
Deposit Agreement is terminated pursuant to clause (i) of the immediately
preceding sentence, the Company hereby agrees to use its best efforts to list
the Preferred Shares issued upon surrender of the Receipt evidencing the
Depositary Shares represented thereby on a national securities exchange. This
Deposit Agreement will automatically terminate if (x) all outstanding
Depositary Shares shall have been redeemed in accordance with Section 2.03 or (y)
there shall have been made a final distribution in respect of the deposited
Preferred Shares in connection with any liquidation, dissolution or winding up
of the Company and such distribution shall have been distributed to the holders
of Receipts entitled thereto.

     (b)  Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary, any Depositary’s Agent and any Registrar under
Section 5.06 and Section 5.07.

ARTICLE VII

MISCELLANEOUS

     SECTION 7.01. Counterparts. This Deposit Agreement may be executed in any
number of counterparts and by each of the parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument. Copies of this Deposit Agreement shall
be filed with the Depositary and the Depositary’s Agents and shall be open to
inspection during business hours at the Corporate Office and the respective
officers of the Depositary’s Agents, if any, by any holder of a Receipt.

     SECTION 7.02. Exclusive Benefits of Parties. This Deposit Agreement is
for the exclusive benefit of the parties hereto, and their respective
successors hereunder, and shall not be deemed to give any legal or equitable
right, remedy or claim to any other person whatsoever.

     SECTION 7.03. Invalidity of Provisions. In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.

     SECTION 7.04. Notices. (a) Any and all notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or
facsimile transmission (once receipt of such notice by mail, telegram or
facsimile is confirmed by the Company), addressed to the Company at:

Page 16

 

	 	 	 
	 	 	BOYKIN LODGING COMPANY
	
	
	
	

	 	 	Guildhall Building
	
	
	
	

	 	 	45 W. Prospect Avenue, Suite 1500
	
	
	
	

	 	 	Cleveland, Ohio 44115
	
	
	
	

	 	 	Attention: Chief Financial
and Investment Officer
	
	
	
	

	 	 	Telephone Number: (216) 430-1200
	 	 	Facsimile Number: (216) 430-1201
	 
	With a copy to:	BAKER & HOSTETLER LLP
	
	
	
	

	 	 	
3200 National City Center
	
	
	
	

	 	 	
1900 East Ninth Street
	
	
	
	

	 	 	
Cleveland, Ohio 44114
	
	
	
	

	 	 	
Attention: Robert A. Weible
	
	
	
	

	 	 	
Telephone Number: (216) 621-0200
	 	 	Facsimile Number: (216) 696-0749

or at any other address of which the Company shall have notified the Depositary
in writing.

     (b)  Any and all notices to be given to the Depositary hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail, or by telegram or facsimile
(once receipt of such notice by mail, telegram or facsimile is confirmed by the
Depositary), addressed to the Depositary at the Corporate Office
National City Bank, Dept. 3116, 629 Euclid Ave, Room 635, Cleveland,
Ohio 44114.

     (c)  Any and all
notices to be given to any record holder of a Receipt hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail, or by telegram or facsimile
confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary or, if such holder
shall have filed with the Depositary in a timely manner a written request that
notices intended for such holder be sent to some other address, at the
address designated in such request.

     (d)  Delivery of a notice to the Company or the Depositary sent by mail, or
by telegram or facsimile shall be deemed to be effected at the time
when verbal or written confirmation is received by the person or entity
delivering such notice. The Depositary or the Company may, however, act upon
any notice sent by mail, telegram, telex or telecopier received by it from the
other or from any holder of a Receipt, notwithstanding that such notice shall
not subsequently be confirmed as aforesaid.

     SECTION 7.05. Depositary’s Agents. The Depositary may from time to time
appoint Depositary’s Agents to act in any respect for the Depositary for the
purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s
Agents. The Depositary will notify the Company of any such action.

     SECTION 7.06. Holders of Receipts Are Parties. The holders of Receipts
from time to time are parties to this Deposit Agreement and
shall be bound by all of the terms and conditions hereof and of the Receipts by
acceptance of delivery thereof.

     SECTION 7.07. Governing Law. This Deposit Agreement and the Receipts and
all rights hereunder and thereunder and all provisions hereof and thereof shall be
governed by, and construed in accordance with, the laws of the State of Ohio
without regard to conflicts of laws.

     SECTION 7.08. Inspection of Deposit Agreement. Copies of this Deposit
Agreement shall be filed with the Depositary and the Depositary’s Agents and
shall be open to inspection during business hours at the Corporate Office and
the respective offices of the Depositary’s Agents, if any, by any holder of any
Receipt.

Page 17

 

     SECTION 7.09. Headings. The headings of articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto
have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

     IN WITNESS WHEREOF, Boykin Lodging Company and National City Bank have
duly executed this Deposit Agreement as of the day and year first above set
forth and all holders of Receipts shall become parties hereto by and upon
acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

	 
	BOYKIN LODGING COMPANY
	 
	By:
	

Authorized Officer
	 
	NATIONAL CITY BANK
	 
	By:
	

Authorized Signatory

Page 18

 

Exhibit A

[Form of Definitive Receipt]

See Exhibit 4.2

Page 19Exhibit 10.10
                                                                   -------------

                              EMPLOYMENT AGREEMENT

This Employment Agreement ("Agreement") is entered into as of July 1, 2000
("Effective Date") between Glenn A. Befort ("Employee") and Antennas America,
Inc. a Utah Corporation ("Company"). For purposes of this Agreement, each of
Employee and Company is individually referred to as a "Party", and Employee and
Company are referred to collectively as the "Parties".

                                     RECITAL

     Company desires to retain the services of Employee and Employee has offered
to provide services to Company pursuant to the terms of this Agreement.

                                    AGREEMENT

     In consideration of the premises and of the mutual covenants included in
this Agreement, the Parties agree as follows:

          1. Services: Company retains Employee and Employee shall perform
services for Company as set forth in this Agreement on behalf of Company for the
period and under the terms and conditions set forth in this Agreement.

          2. Term: This Agreement shall be for an initial period of three years
("Term") commencing on the Effective Date and terminating on June 30, 2003
subject, however, to review and termination during the Term as provided herein.
The Parties agree to negotiate in good faith the continuation of the employment
relationship of Employee with Company following the Term upon such terms as the
Parties may agree; provided however, that in the event that either Party does
not desire to continue the employment relationship beyond the Term, that Party
shall deliver notice to the other Party of that intention on or before 90 days
prior to the expiration of the Term and the Parties shall not be obligated to
negotiate the continuation of the employment relationship. If the employment
relationship does not continue beyond the Term, Employee agrees to cooperate
with Company and Company's new management with respect to the transition of the
new management in the operations previously performed by Employee.

          3. Duties: Employee shall perform the following services for Company:

               3.1. Employee shall serve as Chief Executive Officer and
Treasurer of Company and in that capacity shall work with Company to pursue
Company's plans as directed by Company's Board of Directors (the "Board"). In
the event the Board directs Employee to act in a different capacity other than
as Chief Executive Officer, Employee shall have the option to terminate this
Agreement per the terms of Section 7.1. of this Agreement.

               3.2. During the Term, Employee shall devote all of Employee's
business time to the performance of Employee's duties under this Agreement.
Without limiting the foregoing, Employee shall be on Company's premises
performing services on behalf of Company or traveling on behalf of Company on a
full time basis and Employee shall be available at the request of Company at
other times, including weekends and holidays, to meet the needs of Company's
business.

<PAGE>

               3.3. During the Term, Employee will not engage in any other
activities or undertake any other commitments that conflict with or take
priority over Employee's responsibilities and obligations to Company and
Company's business, including without limitation those responsibilities and
obligations incurred pursuant to this Agreement.

          4. Compensation: Company shall pay Employee for the performance of
services pursuant to this Agreement as follows:

               4.1. Company shall pay Employee for the performance of services
pursuant to this Agreement a salary at the annual rate of $250,000, payable in
at least bi-weekly installments.

               4.2. Employee shall also receive an annual incentive bonus equal
to five percent of EBITDA with a guaranteed minimum of $150,000 if EBITDA is at
least $1. For the year 2000, the guaranteed minimum incentive bonus will be
equal to the pro-rated portion of the $150,000 calculated using the Effective
Date. In subsequent years the incentive bonus shall be determined according to
the audited year-end financial statements of Company and shall be payable on or
before 10 business day after the filing by Company with the SEC of Company's
Annual Report on Form 10-KSB or Form I0-K, or the successor such Form, with
respect to that fiscal year.

               4.3. Employee shall also receive Stock Options to purchase
8,400,000 shares of Company common stock, the exercise price of which will be
equal to the weighted average trading price on the Effective Date, which will
also be employee's first day of employment, and the term of the options will be
five years from the Effective Date. On the employee's first anniversary date,
2,800,000 of the options will become exercisable with an expiration date four
years from the first anniversary date; on the Employee's second anniversary date
2,800,000 of options will be come exercisable with an expiration date three
years from the second anniversary date; and on the Employee's third anniversary
date 2, 800,000 options will become exercisable with the expiration date two
years from the third anniversary date. However, if the Company is acquired or
has a change of control, as defined in Section 7.4. below, or if Employee's
employment with Company is terminated without cause, or due to death or
disability, all remaining unexercisable options will become exercisable
immediately on the date any of these events occurs. Any options that have become
exercisable as the result of any of the triggering events described above in
this Section 4.3., will expire on the fifth anniversary of the Effective Date.

Per IRS Code and per Company's 1997 Stock Option and Compensation Plan, some of
the 8,400,000 options can be classified as Qualified Options and the remainder
must be classified as Non-Qualified Options. The specific number of options
classified as Qualified Options will be determined after the exercise price of
the options has been calculated as described above in this Section 4.3. Per IRS
Code, the maximum number of Qualified Options that can be granted to an Employee
in each calendar year is equal to $100,000 divided by the exercise price for
those options.

                    4.3.1. In the event that Employee terminates his employment
with Company voluntarily prior to the third anniversary of the Effective Date or
if Employee's employment is terminated for cause by the Board of Directors, any
unexercised options will expire 90 calendar days from the Employee's termination
date per this Section 4.3.1., and any remaining unexercisable options will
expire on the Employee's termination date per this Section 4.3.1.

               4.4. Any payments that company is required to make to Employee
pursuant to this Agreement shall be reduced by (i) such amounts as are required
to be withheld with respect to those amounts under and for the purposes of any
of the applicable tax and other laws or regulations, and (ii) such amounts as
Employee may owe to Company at any time and from time to time.

                                       -2-

<PAGE>

               4.5. Employee shall be eligible for participation in any present
or future pension or retirement plan of Company of which other employees of
Company are generally eligible. It is understood, however, that entitlements
that may accrue to Employee pursuant to such arrangements may differ from those
that accrue to other employees, such differences being based on the discretion
of the Board.

          5. Reimbursement of Expenses: Employee shall be reimbursed for
reasonable expenses incurred on behalf of Company in the performance of
Employee's duties and services pursuant to this Agreement. Employee shall
provide Company with an expense report containing a detailed description of
expenses incurred by the 60th day following the calendar month in which the
expenses were incurred on behalf of Company. The description of expenses shall
contain such information as may be required in order to permit such
reimbursements as proper deductions to Company under the Internal Revenue Code,
as amended, and the rules and regulations adopted pursuant thereto and in effect
at that time. Company shall pay this invoice within 30 days of its receipt.

          6. Additional Benefits:

               6.1. Employee shall be entitled to take reasonable amounts of
paid time off for vacation and other personal reasons.

               6.2. Employee and his family, if any, shall be entitled to
receive such benefits under medical insurance plans, life and disability
insurance and otherwise, as are provided to all other managers or directors of
Company.

          7. Termination:

               7.1. Employee may terminate this Agreement at any time without
further liability or obligation hereunder if Company has breached a material
provision of this Agreement or Company has otherwise materially breached any
other obligation to Employee, such termination to be effected at least 90 days
prior to the date for termination and Company's failing to cure the breach prior
to the date set for termination in that notice.

               7.2. Company may terminate this Agreement at any time for cause,
with such termination to be effected by the Company's giving Employee written
notice of termination. The term "For Cause" shall include termination of
employment as a result of any of the following" (i) a material breach of this
Agreement by Employee; or (ii) as a result of a determination by the Board,
acting reasonable;, that the Employee has (A) committed a criminal act or an act
constituting moral turpitude, or (B) committed any fraudulent act, or (C)
breached the Employee's fiduciary duty to the Company.

               7.3. Within the first twenty four months of the effective date of
this Agreement, Company may terminate this Agreement immediately by Company's
giving written notice of termination to Employee by the Company's paying
Employee a severance, in twelve equal monthly installments, of $400,000. After
twenty four months Company may terminate this Agreement by giving written notice
of termination to Employee and by the Company's paying Employee's compensation
of in accordance with the terms of this Agreement for a period beginning on the
date of termination and ending on the earlier to occur of 90 days after the date
of termination and the end of the Term of this Agreement in accordance with
Section 2. of this Agreement. It is further understood that in the event the
Agreement is terminated per this Paragraph 7.3. that any other outstanding
amounts owing to Employee by Company as of the date of termination shall be paid
in full to Employee no later than 60 days from the date of termination.

                                      -3-

<PAGE>

               7.4. At the option of either Party, this Agreement may be
terminated within six months after the date of a "Change in Control" of Company,
as defined below, by giving 90 days' prior written notice of termination to
Employee. A Change in Control shall mean the sale, liquidation, dissolution,
consolidation, merger or other business combination of or involving Company,
which consolidation , merger or other business combination results in persons
and/or entities, other than shareholders of Company immediately prior to the
transaction, owning a majority of Company's outstanding common stock, or the
change in ownership of more than 50 percent of Company, or the transfer of all
or substantially all of Company's assets.

               7.5. This Agreement shall terminate upon the death of Employee or
if Employee becomes permanently disabled. Employee shall be considered
permanently disabled if, and on the date on which, Employee has been unable to
perform a substantial and material portion of Employee's duties hereunder, for a
period of 90 continuous days, because of sickness, injury, or disability, as
determined by a majority vote of the Board.

               7.6. In the event Employee's employment is terminated, then all
unaccrued salary obligations of Company to Employee shall cease as of the date
of termination except as otherwise expressed herein.

          8. Corporate Data and Information: Employee understands that Employee
has access to certain information concerning Company and its business that is
provided solely in connection with Employee's employment with Company. Any other
use of this information at any time during or after the term of this Agreement
is prohibited. Further, Employee understands that Company is a publicly traded
company and it is important for Company to protect the rights of its
shareholders. Employee understands that applicable federal securities laws
impose significant restrictions concerning the use or disclosure of certain
non-public information in general and in buying or selling, or disclosing with
others the possibility of buying or selling Company's stock by persons who have
access to material information concerning Company which is not generally
available to members of the general public. Employee understands that Employee
is subject to the restrictions. During and after Employee's employment, Employee
agrees that Employee will not at any time disclose, to any person or entity for
any reasons or purpose whatsoever, nor use for Employee's own personal benefit
or the benefit of any person or entity, any information concerning the financial
or business or other operations of the company that is not publicly known,
provided that this restriction shall not apply to information required to be
disclosed under applicable laws, regulation, court order or subpoena to which
Employee is subject. Upon the termination of the Employee's employment under
this Agreement for any reason, the Employee hereby agrees to return to Company
all data and information relating to the business of Company or any of its
subsidiaries or affiliates that Employee obtained during or prior to the time of
Employee's employment. It is expressly agreed that the terms and conditions of
this Section 8. shall apply after any termination, whether voluntary or
involuntary, of Employee's employment under this Agreement.

          9. Alternative Dispute Resolution: Employee agrees that any and all
disputes that Employee has with Company, or any of Company's employees, which
arise out of Employee's employment or under the terms of this Agreement shall be
resolved through final and binding arbitration, as specified herein. This shall
include, without limitations, disputes relating to this Agreement, Employee's
employment with Company or the termination thereof, claims for breach of
contract or breach of the covenant of good faith and fair dealing, and any
claims of discrimination or other claims under any federal, state or local law
or regulation now in existence or hereinafter enacted and as amended from time
to time concerning in any way the subject of Employee's employment with Company
or its termination. The only claims not covered by this Section 9. are wage
claims, claims for benefits under the worker's compensation laws or claims for
unemployment insurance benefits, which will be resolved pursuant to those laws.
Binding arbitration will be conducted in either Arapahoe, Denver or Jefferson

                                      -4-

<PAGE>

County, Colorado in accordance with the rules and regulations of the American
Arbitration Association Employment Dispute Resolution Rules. Each Party will
split the cost of the arbitration filing and hearing fees, and the cost of the
arbitrator. The arbitrator also will determine whether each Party will pay its
own attorneys' fees or whether one Party will pay all or part of the other
Party's attorney's fees. Employee understands and agrees that the arbitration
shall be instead of any civil litigation and that the arbitrator's decision
shall be final and binding to the fullest extent permitted by law and
enforceable by any court having jurisdiction thereof. Employee further
represents that he is making a voluntary and knowing waiver of his right to
pursue any and all employment-related claims in court.

          10. Non-Compete: Employee acknowledges and recognizes the highly
competitive nature of Company's business and that Employee's duties hereunder
justify reasonable restricting Employee's future employment following any
termination of employment with Company. Employee agrees that while Employee is
employed with Company, and for a period of two years following termination of
employment with Company, Employee will not (a) induce customers, agents or other
sources of distribution of Company's business to reduce, alter or divert
business with or from Company; (b) reveal any proprietary information regarding
Company, or (c) manage, support, consult or work on any project which is
intended to directly compete with a Company product which was completed or in
development during Employee's period of employment with Company.

          11. Representations and Warranties:

               11.1. Company represents and warrants to Employee as follows: (i
) Company has been duly formed as a corporation under the laws of the State of
Utah; and (ii) the execution of this Agreement has been duly authorized by
Company and does not require the consent of or notice to any party nor
previously obtained or given.

               11.2. Employee represents and warrants to Company that the
execution of this Agreement and the performance of Employee's obligations
hereunder does not require the consent of or notice to any party not previously
obtained or given, and there is nothing that prohibits or restricts the
execution by Employee of this Agreement or his performance of the obligations
hereunder.

          12. Covenants: Each of Employee and Company covenants to diligently
and skillfully do and perform the acts and duties required herein.

          13. Miscellaneous:

               13.1. Entire Agreement: This Agreement constitutes the entire
agreement between the Parties with respect to the subject matter of this
Agreement and supersedes all prior and contemporaneous agreements between the
Parties with respect to the subject matter of this Agreement.

               13.2. Notice: All notices, requests, demands, directions and
other communications ("Notices") concerning this Agreement shall be in writing
and shall be mailed or delivered personally or sent by telecopier or facsimile
to the applicable Party at the address of such Party set forth below in this
Section 13.2. When mailed, each such Notice shall be sent by first class,
certified mail, return receipt requested, enclosed in a postage prepaid wrapper,
and shall be effective on the fifth business day after is has been deposited in
the mail. When delivered personally, each such Notice shall be effective when
delivered to the address for the respective Party set forth in this Section
13.2. When sent by telecopier or facsimile, each such Notice shall be effective
on the day on which it was sent provided that is sent on a business day and
further provided that it is sent prior to 5:00 p.m., local time of the Party to
whom the Notice is being sent, on that business day; otherwise, each such Notice

                                      -5-

<PAGE>

shall be effective on the first business day occurring after the Notice is sent.
Each such Notice shall be addressed to the Party to be notified as shown below:

         To Company:       Antennas America, Inc.
                           4860 Robb Street, Suite 101
                           Wheat Ridge, Colorado 80033

         To Employee:      Glenn A. Befort
                           114 Poppy Hills Cove North
                           Georgetown, Texas 78628

Either Party may change its address for purposes of this Section 13.2. by giving
the other Party written Notice of the new address in the manner set forth above.

               13.3. Severability: Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, and if any provision of this Agreement shall be or become
prohibited or invalid in whole or in part for any reason whatsoever, that
provision shall be ineffective only to the extent of such prohibition or
invalidity without invalidating the remaining portion of that provision or the
remaining provisions of this Agreement.

               13.4. Non-waiver: The waiver of either Party of a breach or
violation of any provision of this Agreement shall not operate or be construed
as a waiver of any subsequent breach or violation of any provision of this
Agreement.

               13.5. Amendment: No amendment or modification of this Agreement
shall be deemed effective unless and until it has been executed in writing by
the Parties to this Agreement. No term or condition of this Agreement shall be
deemed to have been waived, nor shall there by any estoppel to enforce any
provision of this Agreement, except by a written instrument that has been
executed by the Party charged with such waiver or estoppel.

               13.6. Inurement: This Agreement shall be binding upon, and inure
to the benefit of, Employee and Company, and their respective heirs, successors
and assigns. Notwithstanding the foregoing, this Agreement shall not be
assignable by either Party. There are no third party beneficiaries to this
Agreement.

               13.7. Headings: The headings in this Agreement are for
convenience only; they form no part of this Agreement and shall not affect is
interpretation.

          IN WITNESS WHEREOF, this Agreement is executed on the date(s) set
forth below to be effective as of the Effective Date.

                                                     EMPLOYEE:

7-30-00                                                 /s/ Glenn A. Befort
-------                                              ---------------------------
Date                                                 Glenn A. Befort

                                                     ANTENNAS AMERICA, INC.

June 30, 2000                                           /s/ Randall P. Marx
-------------                                        ---------------------------
Date                                                 Randall P. Marx
                                                     Chief Executive Officer

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