Document:

Exhibit 10.5

 

REGISTRATION RIGHTS AGREEMENT

 

BETWEEN

 

FOREST OIL CORPORATION

 

AND

 

LONE PINE RESOURCES INC.

 

Dated as of June 1, 2011

 

 

TABLE OF CONTENTS

 

	
ARTICLE I
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    	
REGISTRATION RIGHTS
    	
5
    
	
 
    	
 
    	
 
    
	
2.1
    	
Mandatory Registration Rights
    	
5
    
	
2.2
    	
Piggyback Registration Rights
    	
7
    
	
2.3
    	
Expenses
    	
9
    
	
2.4
    	
No Additional Demand Registration Rights
    	
9
    
	
2.5
    	
MJDS
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    	
REGISTRATION PROCEDURES
    	
10
    
	
 
    	
 
    	
 
    
	
3.1
    	
Registration and Qualification in the United States
    	
10
    
	
3.2
    	
Qualification in Canada
    	
14
    
	
3.3
    	
Selling Stockholder Information
    	
17
    
	
3.4
    	
Discontinuation of Disposition of Registrable Shares
    	
17
    
	
3.5
    	
Free Writing Prospectus
    	
18
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
SUSPENSION PERIOD
    	
18
    
	
 
    	
 
    	
 
    
	
4.1
    	
Suspension
    	
18
    
	
4.2
    	
Notices Relating to Suspension
    	
19
    
	
4.3
    	
Effectiveness of Registration Statement
    	
19
    
	
 
    	
 
    	
 
    
	
ARTICLE V
    	
INDEMNIFICATION AND CONTRIBUTION
    	
20
    
	
 
    	
 
    	
 
    
	
5.1
    	
Indemnification by Lone Pine
    	
20
    
	
5.2
    	
Indemnification by Forest
    	
20
    
	
5.3
    	
Indemnification Procedures
    	
21
    
	
5.4
    	
Contribution
    	
22
    
	
5.5
    	
Contribution Procedures
    	
22
    
	
5.6
    	
Additional Liability
    	
23
    
	
 
    	
 
    	
 
    
	
ARTICLE VI
    	
TERMINATION OF LONE PINE’S OBLIGATIONS
    	
23
    
	
 
    	
 
    	
 
    
	
ARTICLE VII
    	
MISCELLANEOUS
    	
23
    
	
 
    	
 
    	
 
    
	
7.1
    	
Construction
    	
23
    
	
7.2
    	
Entire Agreement
    	
24
    
	
7.3
    	
Notices
    	
24
    
	
7.4
    	
Governing Law
    	
25
    
	
7.5
    	
Severability
    	
25
    
	
7.6
    	
Amendment
    	
25
    
	
7.7
    	
Counterparts
    	
25
    
	
7.8
    	
Authority
    	
25
    
	
7.9
    	
Binding Effect and Assignment
    	
25
    
	
7.10
    	
Waiver
    	
26
    
	
7.11
    	
Arbitration
    	
26
    
	
7.12
    	
Adjustment for Stock Splits, etc.
    	
26
    

 

i

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of June 1, 2011, by and between Lone Pine Resources Inc., a Delaware corporation (“Lone Pine”), and Forest Oil Corporation, a New York corporation (“Forest”).

 

RECITALS

 

WHEREAS, Lone Pine is a wholly-owned subsidiary of Forest;

 

WHEREAS, prior to the execution and delivery of this Agreement, Forest, Canadian Forest Oil Ltd., an Alberta corporation, and Lone Pine entered into a Separation and Distribution Agreement dated as of May 25, 2011 (the “Separation and Distribution Agreement”), and prior to or contemporaneously with the execution and delivery of this Agreement, Forest and Lone Pine are entering into the other Separation Agreements (as defined in the Separation and Distribution Agreement);

 

WHEREAS, promptly after the execution and delivery of this Agreement, Lone Pine will consummate an initial public offering (the “IPO”) of its common stock, $0.01 per share, including the associated preferred share purchase rights (the “Common Stock”), in the United States pursuant to a registration statement on Form S-1 (Registration No. 333-171123) under the Securities Act of 1933, as amended, and in certain jurisdictions of Canada pursuant to a prospectus filed under Canadian Securities Laws (as defined below);

 

WHEREAS, immediately following the consummation of the IPO, Forest will own at least 80.1% of the Common Stock; and

 

WHEREAS, the parties desire to make certain arrangements to provide Forest with registration rights with respect to the Common Stock it holds.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth below, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE I
 DEFINITIONS

 

The following terms used in this Agreement are defined as set forth below or in the sections indicated, as applicable.  Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I of the Separation and Distribution Agreement.

 

“Agreement” has the meaning given such term in the Preamble.

 

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“Canadian Prospectus” means a prospectus of Lone Pine filed in one or more Eligible Jurisdictions pursuant to applicable Canadian Securities Laws qualifying Registrable Shares for public distribution in such Eligible Jurisdictions, including the preliminary prospectus, all amendments and supplements to the prospectus, and all material incorporated by reference or deemed to be incorporated by reference, if any, in the prospectus.

 

“Canadian Regulator” means, with respect to each Eligible Jurisdiction, the securities regulatory authority or securities regulator, as applicable, under the applicable Canadian Securities Laws of such Eligible Jurisdiction.

 

“Canadian Review System” means the system and procedures for multi-jurisdictional prospectus reviews established under National Policy 11-102 - Process for Prospectus Review in Multiple Jurisdictions and, as applicable, Multilateral Instrument 11-102 - Passport System, of the Canadian Securities Administrators.

 

“Canadian Securities Laws” means, with respect to any Canadian Prospectus filed in a Eligible Jurisdiction, as applicable, the securities legislation of such Eligible Jurisdiction, together with applicable published policy statements and blanket rulings and orders issued by the relevant Canadian Regulator, all as amended and in effect from time to time.

 

“Common Stock” has the meaning given such term in the Recitals.

 

“Controlling Person” is defined in Section 5.1.

 

“Commission” means the United States Securities and Exchange Commission.

 

“Demand Date” is the date that Forest demands mandatory registration rights pursuant to Section 2.1.

 

“Eligible Jurisdiction” means each Canadian jurisdiction (other than Quebec) in which Lone Pine is, at the relevant time, a “reporting issuer” under the applicable Canadian Securities Laws of that jurisdiction.

 

“End of Suspension Notice” is defined in Section 4.2.

 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“FINRA” means the Financial Industry Regulatory Authority.

 

“Free Writing Prospectus” means a free writing prospectus, as defined in Rule 405 under the Securities Act.

 

“Forest” has the meaning given such term in the Preamble, and includes any successor thereto.

 

“Indemnified Party” is defined in Section 5.3.

 

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“Indemnifying Party” is defined in Section 5.3.

 

“IPO” has the meaning given such term in the Recitals.

 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act.

 

“Liabilities” is defined in Section 5.1.

 

“Lock-up Expiration Date” is defined in Section 2.1.

 

“Lone Pine” has the meaning given such term in the Preamble, and includes any successor thereto.

 

“Mandatory Canadian Shelf Prospectus” is defined in Section 2.1.

 

“Mandatory Registration Statement” is defined in Section 2.1.

 

“MJDS” means the Canadian multijurisdictional disclosure system established by National Instrument 71-101 - The Multijurisdictional Disclosure System, of the Canadian Securities Administrators.

 

“NI 44-102” means National Instrument 44-102 - Shelf Distributions, of the Canadian Securities Administrators.

 

“No Objections Letter” is defined in Section 3.1(t).

 

“Permitted Free Writing Prospectus” is defined in Section 3.5.

 

“Piggyback Canadian Prospectus” is defined in Section 2.2.

 

“Piggyback Registration Statement” is defined in Section 2.2.

 

“Principal Canadian Regulator” means (a) if a Canadian Prospectus is to be filed in more than one Eligible Jurisdiction, the Canadian Regulator that is the “principal regulator” with respect to such Canadian Prospectus pursuant to the Canadian Review System, and (b) if a Canadian Prospectus is to be filed in only one Eligible Jurisdiction, the Canadian Regulator for that Eligible Jurisdiction.

 

“Prospectus” means the prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus.

 

“Purchaser Indemnitee” is defined in Section 5.1.

 

“Registrable Shares” means the shares of Common Stock held by Forest immediately following consummation of the IPO, and any shares or other securities issued in respect of such Registrable Shares because of or in connection with any stock dividend, stock distribution, stock

 

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split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares, or any combination of shares, recapitalization, merger, or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, with respect to a Registrable Share, the earliest to occur of:

 

(a)                                  the date on which it is sold pursuant to a Registration Statement or a Canadian Prospectus or is otherwise sold by Forest to a person that is not an Affiliate of Forest, or becomes eligible for sale pursuant to Rule 144 without restriction pursuant to such rule on the volume of securities that may be sold in any single transaction; or

 

(b)                                 the date on which it is sold to Lone Pine or its subsidiaries.

 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with this Agreement, including:  (a) all Commission, Canadian Regulator, securities exchange or marketplace, FINRA registration, listing, inclusion, and filing fees, (b) all fees and expenses incurred in connection with compliance with international, federal or state securities, or blue sky laws (including any registration, listing and filing fees, and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares, and the preparation of a blue sky memorandum and compliance with the rules of FINRA), (c) all expenses of any Persons in preparing or assisting in preparing, word processing, duplicating, printing, delivering, and distributing any Registration Statement, any Prospectus, any Canadian Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates, and any other documents relating to the performance under and compliance with this Agreement, (d) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on the New York Stock Exchange and the Toronto Stock Exchange pursuant to Section 3.1(m), (e) the fees and disbursements of counsel for Lone Pine and of the independent public accountants of Lone Pine (including the expenses of any special audit and “cold comfort” letters required by or incident to such performance), and (f) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by Lone Pine in connection with any Registration Statement or Canadian Prospectus); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Shares by Forest and the fees, costs, and disbursements of any counsel to Forest.

 

“Registration Statement” means any Mandatory Registration Statement or Piggyback Registration Statement.

 

“Rule 144,” “Rule 158,” “Rule 415,” or “Rule 424,” respectively, means such specified rule promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

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“Separation and Distribution Agreement” has the meaning given such term in the Recitals.

 

“Suspension Event” is defined in Section 4.2.

 

“Suspension Notice” is defined in Section 4.2.

 

“Underwriting Agreement” is defined in Section 2.1.

 

“Underwritten Offering” means a sale of securities of Lone Pine to an underwriter or underwriters for reoffering to the public.

 

ARTICLE II
 REGISTRATION RIGHTS

 

2.1                                 Mandatory Registration Rights.  At any time after the expiration of the restrictions set forth in Section 3 of the Underwriting Agreement (the “Underwriting Agreement”), dated May 25, 2011, by and among Lone Pine and the Underwriters party thereto (the “Lock-up Expiration Date”), Forest may demand that Lone Pine (a) file with the Commission one or more shelf or other registration statements on Form S-1 or such other form under the Securities Act then available to Lone Pine providing for the resale by Forest of all or a portion of the Registrable Shares in one or more separate public offerings or from time to time pursuant to Rule 415 of the Securities Act (including the Prospectus, any amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference, if any, in any such registration statement, the “Mandatory Registration Statement”); and/or (b) file in one or more Eligible Jurisdictions one or more base shelf prospectuses under NI 44-102 (including, as applicable, such other documents comprising the Canadian Prospectus of which the base shelf prospectus is a part, a “Mandatory Canadian Shelf Prospectus”) qualifying the Registrable Shares for public distribution in each such Eligible Jurisdiction.  If Lone Pine has an effective Mandatory Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, Lone Pine shall promptly give notice of such eligibility to Forest and may, in its sole discretion, convert such Mandatory Registration Statement on Form S-1 to a registration statement on Form S-3 or such other short-form registration statement by means of a post-effective amendment or otherwise, unless Forest notifies Lone Pine within 10 Business Days of receipt of the Lone Pine notice that such conversion would interfere with its distribution of Registrable Shares already in progress and provides a reasonable explanation therefor, in which case Lone Pine will delay the conversion of the Mandatory Registration Statement for a reasonable time after receipt of the first such notice, not to exceed 30 days in the aggregate.

 

(a)                                  Effectiveness and Scope.  Lone Pine shall use its reasonable best efforts to cause the Mandatory Registration Statement to be declared effective by the Commission and/or a final receipt to be issued for the Mandatory Canadian Shelf Prospectus by the Principal Canadian Regulator within 120 days following the Demand Date, and to remain effective until, in the case of a Mandatory Registration Statement, the date on which all Shares in respect thereof cease to be Registrable Shares and, in the case of a Mandatory

 

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Canadian Shelf Prospectus, the earlier of the date on which Forest no longer holds any Registrable Shares and 25 months from the date on which the receipt is issued.  The Mandatory Registration Statement and/or the Mandatory Canadian Shelf Prospectus shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including an Underwritten Offering, a direct sale to purchasers, a sale through brokers or agents, or a sale over the internet), by Forest, as agreed to by Forest and its counsel.

 

(b)                                 Underwriting.  If Forest proposes to conduct an Underwritten Offering under the Mandatory Registration Statement or the Mandatory Canadian Shelf Prospectus, Forest shall advise Lone Pine of the managing underwriters for such proposed Underwritten Offering.  In such event, Lone Pine shall enter into an underwriting agreement in customary form with the managing underwriters, which shall include, among other provisions, indemnities to the effect and to the extent provided in Article V and shall take all such other reasonable actions as are requested by the managing underwriter in order to expedite or facilitate the registration and/or qualification and the disposition of the Registrable Shares included in such Underwritten Offering; provided, however, that Lone Pine shall be required to cause appropriate officers of Lone Pine or its Affiliates to participate in a “road show” or similar marketing effort being conducted by such underwriter with respect to such Underwritten Offering only if Forest and any other Persons, if any, who are participating in the Underwritten Offering reasonably anticipate gross proceeds from such Underwritten Offering of at least $20 million; provided, further, that Lone Pine shall not be required to cause such officers of Lone Pine or its Affiliates to participate in a “road show” or similar marketing effort being conducted by such underwriter with respect to such Underwritten Offering more than twice in a 365 day period.  If Forest proposes to distribute its Registrable Shares through such Underwritten Offering, it shall enter into an underwriting agreement in customary form with the managing underwriters selected for such Underwritten Offering and complete and execute any questionnaires, personal information forms, powers of attorney, submissions to jurisdiction, certificates, undertakings, declarations, notices, indemnities, securities escrow agreements, and other documents reasonably required under the terms of such underwriting (including, without limitation, any documents required under the Securities Act or applicable Canadian Securities Laws), and furnish to Lone Pine such information in writing as Lone Pine may reasonably request for inclusion in the Mandatory Registration Statement and/or Mandatory Canadian Shelf Prospectus; provided, however, that Forest shall not be required to make any representations or warranties to or agreements with Lone Pine or the underwriters other than representations, warranties, or agreements as are customary and reasonably requested by the underwriters.  Notwithstanding any other provision of this Agreement, with respect to an Underwritten Offering pursuant to a Mandatory Registration Statement or a Mandatory Canadian Shelf Prospectus, if the managing underwriters determine in good faith that marketing factors require a limitation on the number of shares to be included in such Underwritten Offering, then the managing underwriters may exclude shares (including Registrable Shares) from the Underwritten Offering, and any shares included in the Underwritten Offering shall be allocated to Forest to the extent of its requested amount of Registrable Shares to be included in the Underwritten Offering.

 

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2.2                                 Piggyback Registration Rights.

 

(a)                                  Piggyback Registration.  If, after the date hereof, Lone Pine proposes (i) to file a registration statement under the Securities Act providing for a public offering of Lone Pine’s equity securities, other than a registration statement on Form S-8 or Form S-4 or any similar form hereafter adopted by the Commission as a replacement therefor (including the Prospectus, any amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, the “Piggyback Registration Statement”); and/or (ii) to file a Canadian Prospectus providing for a public offering of Lone Pine’s equity securities in one or more Eligible Jurisdiction (a “Piggyback Canadian Prospectus”), or (iii) conduct an Underwritten Offering pursuant to a Piggyback Registration Statement or a Piggyback Canadian Prospectus, Lone Pine will notify Forest of the proposed filing and Forest shall be given an opportunity to include in the public offering provided for under such Piggyback Registration Statement or Piggyback Canadian Prospectus or in the Underwritten Offering, as applicable, all or any part of the Registrable Shares; provided, however, that, except as set forth below, Forest shall not be given an opportunity to include Registrable Shares in any Underwritten Offering to the extent that Lone Pine has been advised by the managing underwriter of such Underwritten Offering that the inclusion of any Registrable Shares for sale for the benefit of Forest will have a materially adverse effect on the price, timing, marketing, or distribution of the Common Stock; provided, further that notwithstanding any provision to the contrary in this Section 2.2, Forest shall have the right to include Registrable Shares in any Underwritten Offering subject to this Section 2.2 in a number up to the greater of (i) 20% of the number of shares of Common Stock to be sold in such Underwritten Offering or (ii) the number of Registrable Shares that Forest could include in such Underwritten Offering without regard to this provision.   If Forest has an Affiliate who is an officer or director of Lone Pine, within 10 Business Days after delivery of the above-described notice by Lone Pine, Forest has the right to notify Lone Pine in writing of its intention to include Registrable Shares in the public offering provided for under such Piggyback Registration Statement or Piggyback Canadian Prospectus or in the Underwritten Offering, as applicable, and, in such notice, shall inform Lone Pine of the number of Registrable Shares that Forest wishes to so include, as applicable, and provide, as a condition to such inclusion, such information regarding itself and its Registrable Shares as is required pursuant to Regulation S-K promulgated under the Securities Act and/or applicable Canadian Securities Laws to effect the registration and/or qualification of the Registrable Shares; provided, however, that if Forest does not have an Affiliate who is an officer or director of Lone Pine, Forest shall provide such notice within three Business Days (or one Business Day in the case of an “overnight” offering or “bought deal”) after delivery of the above-described notice by Lone Pine.  If such written notification of Forest’s intent to include Registrable Shares in the public offering provided for under such Piggyback Registration Statement or Piggyback Canadian Prospectus or in the Underwritten Offering, as applicable, is not received by Lone Pine within the time-frame specified in the immediately preceding sentence, Forest shall have no right to so include any Registrable Shares.  Inclusion of any Registrable Shares in such Piggyback Registration Statement will not affect the inclusion of such Registrable Shares

 

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in the Mandatory Registration Statement until such Registrable Shares have been sold under the Piggyback Registration Statement, at which time Lone Pine may remove from the Mandatory Registration Statement such Registrable Shares.

 

(b)                                 Right to Terminate Piggyback Registration.  At any time, Lone Pine may terminate or withdraw any Piggyback Registration Statement or Piggyback Canadian Prospectus referred to in this Section 2.2, and without any obligation to Forest whether or not Forest has elected to include Registrable Shares in such registration or qualification, as applicable.  Lone Pine may suspend the effectiveness and use of any Piggyback Registration Statement or Piggyback Canadian Prospectus at any time for an unlimited amount of time whether or not Forest has elected to include Registrable Shares in such registration or qualification, as applicable.

 

(c)                                  Underwriting.  Any notice provided to Forest by Lone Pine pursuant to Section 2.2(a) in connection with an Underwritten Offering shall advise Forest of the managing underwriters for any Underwritten Offering proposed under the Piggyback Registration Statement or Piggyback Canadian Prospectus.  Forest’s right to include Registrable Shares in any Piggyback Registration Statement or Piggyback Canadian Prospectus pursuant to this Section 2.2 shall be conditioned upon participation in such Underwritten Offering and the inclusion of Registrable Shares in the Underwritten Offering to the extent provided herein.  Forest, if distributing Registrable Shares through such Underwritten Offering, shall enter into an underwriting agreement in customary form with the managing underwriters selected for such Underwritten Offering and complete and execute any questionnaires, personal information forms, powers of attorney, submissions to jurisdiction, certificates, undertakings, declarations, notices, indemnities, securities escrow agreements, and other documents reasonably required under the terms of such underwriting (including, without limitation, any documents required under the Securities Act or applicable Canadian Securities Laws), and furnish to Lone Pine such information in writing as Lone Pine may reasonably request for inclusion in the Registration Statement or Canadian Prospectus; provided, however, that Forest shall not be required to make any representations or warranties to or agreements with Lone Pine or the underwriters other than representations, warranties, or agreements as are customary and reasonably requested by the underwriters.  Notwithstanding any other provision of this Agreement, with respect to an Underwritten Offering pursuant to a Piggyback Registration Statement or a Piggyback Canadian Prospectus, if the managing underwriters determine in good faith that marketing factors require a limitation on the number of shares to be included in such Underwritten Offering, then the managing underwriters may exclude shares (including Registrable Shares) from the Underwritten Offering, and any shares included in the Underwritten Offering shall be allocated first, to Lone Pine, and second, to Forest, and third, to any other Person included in such Underwritten Offering.  If Forest disapproves of the terms of any Underwritten Offering pursuant to a Piggyback Registration Statement or a Piggyback Canadian Prospectus, Forest may elect to withdraw therefrom by written notice to Lone Pine and the underwriter, delivered at least 10 Business Days before the effective date of the Piggyback Registration Statement or at any time prior to execution of a definitive underwriting agreement relating to a distribution pursuant to a Piggyback Canadian Prospectus or any Underwritten Offering.  Any Registrable Shares excluded or

 

8

 

withdrawn from any Underwritten Offering pursuant to a Piggyback Registration Statement may be excluded and withdrawn from such Piggyback Registration Statement.

 

(d)                                 Hold-Back Agreement.  By electing to include Registrable Shares in an Underwritten Offering pursuant to a Piggyback Registration Statement or a Piggyback Canadian Prospectus, Forest shall be deemed to have agreed not to effect any sale or distribution of securities of Lone Pine of the same or similar class or classes of the securities included in the Registration Statement or Canadian Prospectus or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during such periods as reasonably requested (but in no event longer than 30 days’ before or 60 days’ following the pricing of such Underwritten Offering, provided, that each of the executive officers and directors of Lone Pine who holds shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock is subject to the same restriction for the entire time period required of Forest hereunder) by the representatives of the underwriters.

 

(e)                                  Termination of Piggyback Registration Rights.  The Piggyback Registration rights granted pursuant to this Section 2.2 shall terminate on the fifth anniversary of the Lock-up Expiration Date.

 

(f)                                    Mandatory Registration not Impacted by Piggyback Registration Statement.  Lone Pine’s obligation to file any Mandatory Registration Statement or Mandatory Canadian Shelf Prospectus shall not be affected by the filing or effectiveness of the Piggyback Registration Statement or Piggyback Canadian Prospectus, as applicable.

 

2.3                                 Expenses.  Lone Pine shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement.  Forest, if participating in a registration or qualification pursuant to this Section 2.3, shall bear all discounts and commissions payable to underwriters or brokers and all transfer taxes, if any, in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of Forest not specifically allocated to Lone Pine pursuant to this Agreement relating to the sale or disposition of Registrable Shares pursuant to any Registration Statement or Canadian Prospectus.  Nothing herein shall require Lone Pine to pay any fees, costs, or disbursements of or relating to counsel for Forest unless required pursuant to Section 5.3.

 

2.4                                 No Additional Demand Registration Rights.  Unless otherwise consented to by Forest, which consent may be unreasonably withheld, Lone Pine shall not grant to any other Person a demand registration right to register Common Stock for sale to the public in an Underwritten Offering or in a continuous offering under Rule 415 of the Securities Act or under NI 44-102.

 

2.5                                 MJDS.  Notwithstanding anything contained in this Article II or in Section 3.2, in the event that Lone Pine is required hereunder to qualify any Registrable Shares for public distribution in any Eligible Jurisdiction and Lone Pine is then eligible to qualify securities for distribution in Canada pursuant to the MJDS Rule, Lone Pine may, at its option, elect to qualify

 

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Registrable Shares for public distribution in such Eligible Jurisdiction pursuant to the applicable requirements and procedures set forth in the MJDS Rule, and the terms and conditions hereof shall apply, mutatis mutandis.

 

ARTICLE III
 REGISTRATION PROCEDURES

 

3.1                                 Registration and Qualification in the United States.  In connection with the obligations of Lone Pine with respect to any registration of Registrable Shares in the United States pursuant to this Agreement, Lone Pine shall:

 

(a)                                  prepare and file with the Commission, as specified in this Agreement, each Registration Statement, which Registration Statement shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith, and use its reasonable best efforts to cause such Registration Statement to become effective as soon as practicable after filing and to remain effective as appropriate;

 

(b)                                 subject to Section 3.1(i), (i) prepare and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective and accurate as appropriate, (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act, (iii) promptly amend or supplement each such Registration Statement to include Lone Pine’s quarterly and annual financial information and other material developments (until Lone Pine is eligible to incorporate such information by reference into the Registration Statement), during which time sales of the Registrable Shares under the Registration Statement will be suspended until such amendment or supplement is filed and effective, and (iv) comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by Forest;

 

(c)                                  furnish to Forest, without charge, as many copies of each Prospectus, including each preliminary Prospectus, any Permitted Issuer Free Writing Prospectus, and any amendment or supplement thereto and such other relevant documents as Forest may reasonably request; Lone Pine hereby consents to the use of such Prospectus, including each preliminary Prospectus, any Permitted Issuer Free Writing Prospectus, and any amendment or supplement thereto, by Forest in connection with the offering and sale of the Registrable Shares covered by any such Prospectus;

 

(d)                                 use its reasonable best efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such domestic jurisdictions as Forest shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to

 

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this Agreement, and do any and all other acts and things that may be reasonably necessary or advisable to enable Forest to consummate the disposition of Registrable Shares in each such jurisdiction; provided, however, that Lone Pine shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 3.1(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction;

 

(e)                                  use its reasonable best efforts to cause all Registrable Shares covered by such Registration Statement to be registered and approved by such other domestic governmental agencies or authorities, if any, as may be necessary to enable Forest to consummate the disposition of such Registrable Shares;

 

(f)                                    notify Forest promptly (i) when such Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of any issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or related Prospectus or any Issuer Free Writing Prospectus or for additional information, and (iv) of the happening of any event during the period such Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any Permitted Issuer Free Writing Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration Statement and the Prospectus and such Permitted Issuer Free Writing Prospectus until the requisite changes have been made);

 

(g)                                 use its reasonable best efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable;

 

(h)                                 upon written request, furnish to Forest, without charge, at least one conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested);

 

(i)                                     except as provided in Article IV, upon the occurrence of any event contemplated by Section 3.1(f)(iv), use its reasonable best efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any Permitted Issuer Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus or Permitted Issuer Free Writing Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to

 

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make the statements therein, in the light of the circumstances under which they were made, not misleading, and, upon request, promptly furnish to Forest a reasonable number of copies of each such supplement or post-effective amendment;

 

(j)                                     if requested by Forest or the representative of the underwriters, if any, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such material information as Forest or the representative of the underwriters, if any, indicate relates to them or otherwise reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after Lone Pine has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(k)                                  in the case of an Underwritten Offering, use its reasonable best efforts to furnish or caused to be furnished to Forest and the underwriters a signed counterpart, addressed to Forest and the underwriters, of:  (i) an opinion of counsel for Lone Pine, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; (ii) a “comfort” letter, dated the date of the underwriting agreement and the date of each closing thereunder, signed by the independent public accountants who have certified Lone Pine’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities, and such other financial matters as the underwriters may reasonably request and are customarily obtained by underwriters in underwritten offerings; provided, that to be an addressee of the comfort letter, Forest may be required to confirm that it is in the category of persons to whom a comfort letter may be delivered in accordance with applicable accounting literature; and (iii) a “comfort” letter, dated the date of the underwriting agreement and the date of each closing thereunder, signed by the independent petroleum engineering consultants who have evaluated or audited Lone Pine’s oil and gas reserves included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of its evaluation or audit of such oil and gas reserves, as are customarily covered in engineers’ letters delivered to underwriters in underwritten public offerings of securities, and such other reserves-related matters as the underwriters may reasonably request and are customarily obtained by underwriters in underwritten offerings;

 

(l)                                     enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement) and take all other action in connection therewith to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement, and in the case of an Underwritten Offering make representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same, to the extent customary, if and when requested;

 

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(m)                               in the case of an Underwritten Offering, use its reasonable best efforts to make available for inspection by the underwriters participating in any disposition pursuant to a Registration Statement and their representatives (including counsel or other professional advisors), all financial and other records, pertinent corporate documents, and properties of Lone Pine, and cause the officers and employees of Lone Pine to supply all information reasonably requested; provided, however, that such records, documents or information that Lone Pine determines, in good faith, to be confidential and notifies the underwriters accordingly shall not be disclosed unless (i) disclosure is necessary to avoid or correct a misrepresentation in a Registration Statement or Prospectus, (ii) the release of such records, documents, or information is required by law or ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents, or information have been generally made available to the public; provided, further, that to the extent practicable, the foregoing inspection and information gathering shall be coordinated on behalf of Forest and the other parties entitled thereto by one counsel designated by and on behalf of Forest and the other parties, which counsel Lone Pine determines in good faith is reasonably acceptable;

 

(n)                                 use its reasonable best efforts (including seeking to cure in Lone Pine’s listing application any deficiencies cited by the exchanges) to cause all Registrable Shares to be listed on the New York Stock Exchange and the Toronto Stock Exchange and thereafter maintain the listing on such exchanges when such Registrable Shares are included in a Registration Statement;

 

(o)                                 use its reasonable best efforts to prepare and file in a timely manner all documents and reports required by the Exchange Act and, to the extent Lone Pine’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires before the expiration of the effectiveness period of the Registration Statement as required by Section 2.1(a), Lone Pine shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 2.1(a);

 

(p)                                 provide a CUSIP number for all Registrable Shares;

 

(q)                                 (i) otherwise use its commercially reasonable efforts to comply in all material respects with all applicable rules and regulations of the Commission, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and (iii) delay filing any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which Forest shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, Forest having been furnished with a copy thereof at least three Business Days before the filing thereof; provided, that Lone Pine may file such Registration Statement or Prospectus or amendment or supplement after Lone Pine shall have made a good faith effort to resolve any such issue with Forest and shall have advised Forest in writing of its reasonable belief that such filing complies in all material respects with the requirements of the Securities Act;

 

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(r)                                    cause to be maintained a registrar and transfer agent for all Registrable Shares;

 

(s)                                  in connection with any disposition of Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being delivered no longer constituting Registrable Shares, cooperate with Forest and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by Lone Pine’s charter), and to enable such Registrable Shares to be in such denominations and registered in such names as Forest or the representative of the underwriters, if any, may request at least three Business Days before any sale of Registrable Shares;

 

(t)                                    if required under the rules of FINRA, in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2.1, cooperate with the underwriter’s or other FINRA member’s counsel as reasonably necessary to prepare and, within one Business Day of such filing with the Commission, to file with FINRA all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information provided to FINRA through its COBRADesk system, and shall pay all costs, fees, and expenses incident to FINRA’s review of the Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees, and other disbursements of any other FINRA member that is the holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); and

 

(u)                                 upon effectiveness of the first Registration Statement filed under this Agreement, if necessary, Lone Pine will take such actions and make such filings as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement.

 

3.2                                 Qualification in Canada.  In connection with the obligations of Lone Pine with respect to any qualification of Registrable Shares for public distribution in an Eligible Jurisdiction pursuant to this Agreement, Lone Pine shall:

 

(a)                                  prepare and file, in each Eligible Jurisdiction in which the distribution is to be effected, as specified in this Agreement, a preliminary and final prospectus, which shall comply as to form in all material respects with the requirements of applicable Canadian Securities Laws, together with any required amendments or supplements thereto as may be required to comply with applicable Canadian Securities Laws and all material incorporated by reference or deemed to be incorporated by reference therein (as

 

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applicable), and use its reasonable best efforts to obtain receipts for the preliminary and final prospectus from the Canadian Regulator;

 

(b)                                 furnish to Forest, without charge, as many copies of the Canadian Prospectus and such other relevant documents as Forest may reasonably request; and Lone Pine hereby consents to the use of the Canadian Prospectus by Forest in connection with the offering and sale of the Registrable Shares covered by such Canadian Prospectus;

 

(c)                                  in the case of an Underwritten Offering, use its reasonable best efforts to furnish or cause to be furnished to Forest and the underwriters a signed counterpart, addressed to Forest and the underwriters, of:  (i) an opinion of counsel for Lone Pine, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; (ii) a “comfort” letter, dated the date of the underwriting agreement and the date of each closing thereunder, signed by the independent public accountants who have certified Lone Pine’s financial statements included in the Canadian Prospectus, covering substantially the same matters with respect to the Canadian Prospectus and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities, and such other financial matters as the underwriters may reasonably request and are customarily obtained by underwriters in underwritten offerings; provided, that to be an addressee of the comfort letter, Forest may be required to confirm that it is in the category of persons to whom a comfort letter may be delivered in accordance with applicable accounting literature; and (iii) a “comfort” letter, dated the date of the underwriting agreement and the date of each closing thereunder, signed by the independent petroleum engineering consultants who have evaluated or audited Lone Pine’s oil and gas reserves included in the Canadian Prospectus, covering substantially the same matters with respect to the Canadian Prospectus and with respect to events subsequent to the date of its evaluation or audit of such oil and gas reserves, as are customarily covered in engineers’ letters delivered to underwriters in underwritten public offerings of securities, and such other reserves-related matters as the underwriters may reasonably request and are customarily obtained by underwriters in underwritten offerings;

 

(d)                                 enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement) and take all other action in connection therewith to expedite or facilitate the distribution of the Registrable Shares covered by the Canadian Prospectus, and in the case of an Underwritten Offering make representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same, to the extent customary, if and when requested;

 

(e)                                  in the case of an Underwritten Offering, use its reasonable best efforts to make available for inspection by the underwriters participating in any distribution pursuant to the Canadian Prospectus and their representatives (including counsel or other professional advisors), all financial and other records, pertinent corporate documents, and properties of Lone Pine, and cause the officers and employees of Lone Pine to supply all

 

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information reasonably requested; provided, however, that any records, documents, or information that Lone Pine determines, in good faith, to be confidential and notifies the underwriters accordingly shall not be disclosed unless (i) disclosure is necessary to avoid or correct a misrepresentation in the Canadian Prospectus, (ii) the release of such records, documents, or information is required by law or ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents, or information have been generally made available to the public; provided, further, that to the extent practicable, the foregoing inspection and information gathering shall be coordinated on behalf of Forest and the other parties entitled thereto by one counsel designated by and on behalf of Forest and the other parties, which counsel Lone Pine determines in good faith is reasonably acceptable;

 

(f)                                    (i) notify Forest promptly of the happening of any event as a result of which the Canadian Prospectus as then in effect and pursuant to which Registrable Shares are qualified for public distribution in an Eligible Jurisdiction would include an untrue statement of material fact or would omit to state a material fact that is required to be stated or that is necessary to make any statement therein not misleading in light of the circumstances in which it was made (which notice shall be accompanied by an instruction to suspend the use of the Canadian Prospectus until the required updates have been completed); (ii) except as provided in Article IV use its reasonable best efforts to promptly amend or supplement the Canadian Prospectus so that the Canadian Prospectus, as amended or supplemented, will not include an untrue statement of material fact or omit to state a material fact that is required to be stated or that is necessary to make any statement therein not misleading in light of the circumstances in which it was made; and (iii) promptly furnish to Forest a reasonable number of copies of any such amendment or supplement;

 

(g)                                 notify Forest promptly of the issuance by a Canadian Regulator, or by any court or other governmental or regulatory authority, of any order or ruling suspending the effectiveness of the receipt for a Canadian Prospectus, ceasing any trading in Registrable Shares or the Common Stock generally, or suspending or preventing the use of a Canadian Prospectus or the qualification of any securities thereunder for distribution in any jurisdiction; and use its reasonable best efforts to have any such order or ruling cancelled or withdrawn pending which Forest shall cease any distribution of Common Stock and acts in furtherance thereof and shall not deliver a Canadian Prospectus to any person;

 

(h)                                 notify Forest promptly of the initiation of any proceedings for an order or ruling described in Section 3.2(g) above or any request by a Canadian Regulator, or by any court or other governmental or regulatory authority, for amendments or supplements to a Canadian Prospectus or for additional information;

 

(i)                                     in connection with any disposition of Registrable Shares (whether or not pursuant to a Canadian Prospectus) that will result in the securities being delivered no longer constituting Registrable Shares, cooperate with Forest and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any

 

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transfer restrictive legends (other than as required by Lone Pine’s charter), and to enable such Registrable Shares to be in such denominations and registered in such names as Forest or the representative of the underwriters, if any, may request at least three Business Days before any sale of Registrable Shares;

 

(j)                                     use its reasonable best efforts to cause all Registrable Shares to be listed on the New York Stock Exchange and the Toronto Stock Exchange;

 

(k)                                  provide a CUSIP number for all Registrable Shares;

 

(l)                                     (i) otherwise use its commercially reasonable efforts to comply in all material respects with all applicable Canadian Securities Laws, and (ii) delay filing any document comprising a part of the Canadian Prospectus to which Forest shall have reasonably objected on the grounds that such document does not comply in all material respects with the requirements of applicable Canadian Securities Laws, Forest having been furnished with a copy thereof at least three Business Days before the filing thereof; provided, that Lone Pine may file such document after Lone Pine shall have made a good faith effort to resolve any such issue with Forest and shall have advised Forest in writing of its reasonable belief that such filing complies in all material respects with the requirements of applicable Canadian Securities Laws;

 

(m)                               cause to be maintained a registrar and transfer agent for all Registrable Shares; and

 

(n)                                 use its reasonable best efforts to otherwise take all such other actions as may be necessary in order to facilitate the distribution of Registrable Shares in an Eligible Jurisdiction in accordance with applicable Canadian Securities Laws, through registrants who comply with the relevant provisions of such laws.

 

3.3                                 Selling Stockholder Information.  Forest shall furnish to Lone Pine such information regarding the proposed distribution of Common Stock by Forest as Lone Pine may from time to time reasonably request in writing or as shall be required to effect the registration or qualification of the Registrable Shares, and Forest shall not be entitled to be named as a selling stockholder in any Registration Statement or Canadian Prospectus (and Forest shall not be entitled to use the Prospectus forming a part of the Registration Statement) if Forest does not provide such information to Lone Pine.  Forest further agrees to furnish promptly to Lone Pine in writing all information required from time to time to make the information previously furnished by Forest not misleading.

 

3.4                                 Discontinuation of Disposition of Registrable Shares.  Forest agrees that, upon receipt of any notice from Lone Pine of the happening of any event of the kind described in Section 3.1(f)(ii), 3.1(f)(iii), 3.1(f)(iv), 3.2(f)(i), 3.2(g), or 3.2(h), Forest will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement or a Canadian Prospectus until (a) any such order or ruling is vacated or (b) if an event described in Section 3.1(f)(iii), 3.1(f)(iv), or 3.2(f)(i) occurs, Forest’s receipt of the copies of the supplemented or amended Prospectus or Canadian Prospectus, as applicable.  If so directed by Lone Pine, Forest will deliver to Lone Pine (at the reasonable expense of Lone Pine) all copies in

 

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its possession, other than permanent file copies, of the Prospectus or Canadian Prospectus covering such Registrable Shares as at the time of receipt of such direction.

 

3.5                                 Free Writing Prospectus.  Forest represents that it has not prepared or had prepared on its behalf or used or referred to, and agrees that it will not prepare or have prepared on its behalf or use or refer to, any Free Writing Prospectus, and has not distributed and will not distribute any written materials in connection with the offer or sale of the Registrable Shares without the prior express written consent of Lone Pine and, in connection with any Underwritten Offering, the underwriters; provided, however, that no Free Writing Prospectus or other written materials will be used, referred to or distributed in any jurisdiction in which such use, reference or distribution is unlawful.  Any such Free Writing Prospectus consented to by Lone Pine and the underwriters, as the case may be, to the extent that such Free Writing Prospectus is lawfully used, referred to or distributed, is hereinafter referred to as a “Permitted Free Writing Prospectus.”  Lone Pine represents and agrees that it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including in respect of timely filing with the Commission, legending, and record keeping.

 

ARTICLE IV
 SUSPENSION PERIOD

 

4.1                                 Suspension.  Subject to the provisions of this Article IV, following the effectiveness of a Registration Statement and/or the issuance of a final receipt for a Canadian Prospectus (and the filings with any international, federal, or state securities commissions), Lone Pine may direct Forest, in accordance with Section 4.2, to suspend sales of the Registrable Shares pursuant to a Registration Statement and/or a Canadian Prospectus for such times as Lone Pine reasonably may determine is necessary and advisable (but in no event, (a) in the case of clause (i) below, for more than 45 consecutive days and (b) in the case of clauses (i), (ii) and (iii) below, for more than an aggregate of 90 days in any consecutive 12-month period commencing on the Closing Time or more than 60 days in any consecutive 90-day period, except (in the case of clause (b)) as a result of a review of any post-effective amendment by the Commission before declaring any post-effective amendment to the Registration Statement effective; provided, that Lone Pine has used its reasonable best efforts to cause such post-effective amendment to be declared effective), if any of the following events shall occur:  (i) the representative of the underwriters of an Underwritten Offering of primary shares by Lone Pine has advised Lone Pine that the sale of Registrable Shares pursuant to the Registration Statement and/or a Canadian Prospectus would have a material adverse effect on the price, timing, marketing, or distribution of such Underwritten Offering; (ii) the majority of the members of the board of directors of Lone Pine shall have determined in good faith that (A) the offer or sale of any Registrable Shares would materially impede, delay, or interfere with any proposed financing, offer, or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization, consolidation, or other significant transaction involving Lone Pine, (B) upon the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement and/or the Canadian Prospectus would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) either (x) Lone Pine has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would or would reasonably be expected to have a material adverse effect on Lone Pine or Lone Pine’s ability to consummate such transaction, or (z) the proposed transaction renders Lone Pine unable

 

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to comply with Commission requirements or applicable Canadian Securities Laws, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to promptly amend or supplement the Canadian Prospectus, as applicable; or (iii) the majority of the members of the board of directors of Lone Pine shall have determined in good faith, upon the advice of counsel, that it is required by law to amend or supplement the Registration Statement or the Canadian Prospectus or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of (A) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (B) reflecting in the Prospectus included in the Registration Statement or the Canadian Prospectus any facts or events arising after the effective date of the Registration Statement (or of the most-recent post-effective amendment) or the Canadian Prospectus that, individually or in the aggregate, represents a fundamental change in the information set forth therein; or (C) including in the Prospectus included in the Registration Statement or the Canadian Prospectus any material information with respect to the plan of distribution not disclosed in the Registration Statement or the Canadian Prospectus or any material change to such information.  Upon the occurrence of any such suspension, Lone Pine shall use its reasonable best efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to promptly amend or supplement the Canadian Prospectus or to take such action as is necessary to make resumed use of the Registration Statement or the Canadian Prospectus compatible with Lone Pine’s best interests, as applicable, so as to permit Forest to resume sales of the Registrable Shares as soon as possible.

 

4.2                                 Notices Relating to Suspension.  In the case of an event that causes Lone Pine to suspend the use of a Registration Statement and/or a Canadian Prospectus (a “Suspension Event”), Lone Pine shall give written notice (a “Suspension Notice”) to Forest to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing.  Lone Pine shall use its reasonable best efforts and take all reasonable steps to terminate suspension of the use of the Registration Statement and/or the Canadian Prospectus as promptly as possible.  Forest shall not effect any sales of Registrable Shares pursuant to such Registration Statement (or such filings) or the Canadian Prospectus at any time after it has received a Suspension Notice from Lone Pine and before receipt of an End of Suspension Notice (as defined below).  If so directed by Lone Pine, Forest will deliver to Lone Pine (at the expense of Lone Pine) all copies other than permanent file copies then in Forest’s possession of the Prospectus and any Issuer Free Writing Prospectus and the Canadian Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice.  Forest may recommence effecting sales of Registrable Shares pursuant to the Registration Statement (or such filings) and/or the Canadian Prospectus following further notice to such effect (an “End of Suspension Notice”) from Lone Pine, which End of Suspension Notice shall be given by Lone Pine to Forest in the manner described above promptly following the conclusion of any Suspension Event and its effect.

 

4.3                                 Effectiveness of Registration Statement.  Notwithstanding any provision herein to the contrary, subject to applicable law, any Suspension Events or as contemplated by Section 3.1(f)(iv) or 3.2(f)(i) each Registration Statement and/or Canadian Prospectus shall be

 

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maintained effective pursuant to this Agreement until the Registrable Shares are not Registrable Shares.

 

ARTICLE V
 INDEMNIFICATION AND CONTRIBUTION

 

5.1                                 Indemnification by Lone Pine.  Lone Pine agrees to indemnify and hold harmless (a) Forest and any underwriter (as determined in the Securities Act) for Forest, (b) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any of the foregoing (a “Controlling Person”), and (c) the respective officers, directors, partners, members, employees, representatives, and agents of any such Person or any Controlling Person (any Person referred to in clause (a), (b), or (c) may hereinafter be referred to as a “Purchaser Indemnitee”) from and against any and all losses, claims, damages, judgments, actions, reasonable out-of-pocket expenses, and other liabilities, including, as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of outside counsel to any Purchaser Indemnitee, joint or several (the “Liabilities”), directly or indirectly related to, based upon, arising out of, or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus (preliminary, amended, supplemented, or final), Issuer Free Writing Prospectus (as amended or supplemented), Canadian Prospectus (preliminary, amended, supplemented or final) or any other document prepared by Lone Pine used to sell the Registrable Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or a Canadian Prospectus, in light of the circumstances under which they were made), not misleading, except insofar as such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to Lone Pine or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, (ii) any untrue statement or omission contained in a preliminary Prospectus if such untrue statement is cured by delivery to Forest of an amended preliminary Prospectus or a Free Writing Prospectus prior to pricing of the sale of securities, if an Underwritten Offering, or the effectiveness of the Mandatory Registration Statement to which the preliminary Prospectus relates, (iii) any untrue statement or omission contained in a preliminary Canadian Prospectus if such untrue statement is cured by delivery to Forest of an amended preliminary Canadian Prospectus, or (iv) any sales by Forest after the delivery by Lone Pine to Forest of a Suspension Notice and before the delivery by Lone Pine of an End of Suspension Notice.  Lone Pine shall notify Forest promptly of the institution, threat, or assertion of any claim, proceeding (including any governmental investigation), or litigation which it shall have become aware in connection with the matters addressed by this Agreement which involves Lone Pine or a Purchaser Indemnitee.  The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee.

 

5.2                                 Indemnification by Forest.  In connection with any Registration Statement or Canadian Prospectus in which Forest is participating, Forest agrees to indemnify and hold harmless Lone Pine, each Person who controls Lone Pine within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and the respective officers, directors,

 

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partners, members, representatives, employees, and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from Lone Pine to each Purchaser Indemnitee, but only with reference to (a) untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating to Forest furnished to Lone Pine in writing by Forest expressly for use in any Registration Statement, Prospectus or Canadian Prospectus, any amendment or supplement thereto, or any preliminary Prospectus or preliminary Canadian Prospectus and (b) any sales by Forest after the delivery by Lone Pine to Forest of a Suspension Notice and before the delivery by Lone Pine of an End of Suspension Notice.  The liability of Forest pursuant to clause (a) of the immediately preceding sentence shall in no event exceed the net proceeds received by Forest from sales of Registrable Shares giving rise to such obligations.  If Forest elects to include Registrable Shares in an Underwritten Offering, Forest shall be required to agree to such customary indemnification provisions as may reasonably be required by the underwriter in connection with such Underwritten Offering.

 

5.3                                 Indemnification Procedures.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim, or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to Section 5.1 or 5.2, such Person (the “Indemnified Party”), shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”), in writing (to the extent legally advisable) of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any Liability which it may have under this Article V, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such proceeding and shall assume the defense of such proceeding and pay the fees and expenses actually incurred by such counsel related to such proceeding.  Notwithstanding the foregoing, in any such proceeding, any Indemnified Party may retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (a) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (b) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (c) the Indemnifying Party and its counsel do not pursue in a reasonable manner the defense of such action, or (d) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party, in which event the Indemnifying Party may not assume or direct the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties under the particular

 

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Registration Statement and any such separate firm for Lone Pine, the directors, the officers and such control Persons of Lone Pine as shall be designated in writing by Lone Pine.  The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any Liability by reason of such settlement or judgment to the extent provided in this Article V without reference to this sentence.  No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all Liability on claims that are the subject matter of such proceeding.

 

5.4                                 Contribution.  If the indemnification provided for in Section 5.1 or 5.2 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such sections, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (a) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying Parties on the other in connection with the statements or omissions that resulted in such Liabilities, or (b) if the allocation provided by clause (a) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Indemnifying Parties and the Indemnified Party, as well as any other relevant equitable considerations.  The relative fault of Lone Pine, on the one hand, and any Purchaser Indemnitees, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by Lone Pine or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

5.5                                 Contribution Procedures.  The parties agree that it would not be just and equitable if contribution pursuant to this Article V were determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in Section 5.4.  The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 5.4 shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Article V, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  For purposes of this Article V, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) Forest shall have the same rights to contribution as Forest, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange

 

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Act) Lone Pine, and each officer, director, partner, member, employee, representative, agent, or manager of Lone Pine shall have the same rights to contribution as Lone Pine.  Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit, or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Article V or otherwise, except to the extent that any party is materially prejudiced by the failure to give notice.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

5.6                                 Additional Liability.  The indemnity and contribution agreements contained in this Article V will be in addition to any Liability which any Indemnifying Party may otherwise have to any Indemnified Party referred to above.  Each Purchaser Indemnitee’s obligations to contribute pursuant to this Article V are not joint but are several in the proportion that the number of Shares sold by such Purchaser Indemnitee bears to the number of Shares sold by all Purchaser Indemnities.

 

ARTICLE VI
 TERMINATION OF LONE PINE’S OBLIGATIONS

 

Lone Pine shall have no further obligations pursuant to this Agreement upon the earlier of such time as (a) Forest completes the Spin-off and (b) no Registrable Shares are outstanding after their original issuance; provided, however, that Lone Pine’s obligations under Articles V and VII (and any related definitions) shall remain in full force and effect following such time.

 

ARTICLE VII
 MISCELLANEOUS

 

7.1                                 Construction.  The parties have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement.  Any reference to any federal, state, provincial, local, or foreign law will be deemed also to refer to such law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise.  Any reference to any contract or agreement (including schedules, exhibits, and other attachments thereto), including this Agreement, will be deemed also to refer to such agreement as amended, restated, or otherwise modified, unless the context requires otherwise.  The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.”  Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context requires otherwise.  The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited.  Where this Agreement states that a party “will” or “shall” perform in some manner or otherwise act or omit to act, it means that such party is legally obligated to do so in accordance with this Agreement.  The captions,

 

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titles, and headings included in this Agreement are for convenience only and do not affect this Agreement’s construction or interpretation.  Any reference to an Article, Section or Schedule in this Agreement shall refer to an Article or Section of, or Schedule to, this Agreement, unless the context otherwise requires.  Other than with respect to Article V, this Agreement is for the sole benefit of the parties and does not, and is not intended to, confer any rights or remedies in favor of any Person (including any employee or shareholder of Forest or Lone Pine) other than the parties.

 

7.2                                 Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes (a) all prior oral or written proposals or agreements, (b) all contemporaneous oral proposals or agreements, and (c) all previous negotiations and all other communications or understandings between the parties, in each case with respect to the subject matter hereof and thereof.

 

7.3                                 Notices.  Any notice, instruction, direction, or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, facsimile or other generally accepted means of electronic transmission, or mail (with postage prepaid), to the following addresses:

 

(a)                                  If to Lone Pine, to:

 

Lone Pine Resources Inc.

c/o David M. Anderson

Suite 2500, 645-7 Avenue SW

Calgary, Alberta,

Canada, T2P 4G8

Fax:  (403) 663-2447

 

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

 

Bennett Jones LLP

c/o Colin Perry

4500 Bankers Hall East

Calgary, Alberta

Canada T2P 4K7

Fax:  (403) 265-7219

 

(b)                                 If to Forest, to:

 

Forest Oil Corporation

c/o Cyrus D. Marter IV

707 17th Street, Suite 3600

Denver, Colorado 80202

Fax:  (303) 812-1510

 

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

 

Vinson & Elkins L.L.P.

c/o Shelley A. Barber

666 Fifth Avenue, 26th Floor

New York, New York 10103

Fax:  (917) 849-5353

 

or to such other addresses or telecopy numbers as may be specified by like notice to the other party.

 

7.4                                 Governing Law.  This Agreement shall be construed in accordance with and governed by the substantive internal laws of the State of New York, excluding its conflict of laws rules.

 

7.5                                 Severability.  If any term or other provision of this Agreement shall be determined by a court, administrative agency, or arbitrator to be invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not render the entire Agreement invalid.  Rather, this Agreement shall be construed as if not containing the particular invalid, illegal, or unenforceable provision, and all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party.  Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent permitted under applicable Law.

 

7.6                                 Amendment.  This Agreement may only be amended by a written agreement executed by both parties.

 

7.7                                 Counterparts.  This Agreement may be executed in separate counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement.

 

7.8                                 Authority.  Each party represents to the other party that (a) it has the corporate power and authority to execute, deliver, and perform this Agreement, (b) the execution, delivery, and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is its legal, valid, and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors’ rights generally and general equity principles.

 

7.9                                 Binding Effect and Assignment.  This Agreement binds and benefits the parties and their respective successors and permitted assigns and shall inure to the benefit of Forest.  The registration rights granted by this Agreement may not be transferred or assigned by operation of law or in connection with any transfer or assignment of Registrable Shares to a transferee unless, immediately following such transfer or assignment, such transferee will hold

 

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an amount of Registrable Shares greater than 10% of the Common Stock outstanding on the date of such transfer or assignment, and then only upon notification to Lone Pine in writing and agreement by such transferee to the rights and obligations of this Agreement; provided, however, that if the Spin-Off occurs, no Person receiving Common Stock in the Spin-Off shall be a transferee or assignee permitted by this Section 7.9.  References to Forest in this Agreement shall be deemed to include any such transferee or assignee permitted by this Section 7.9.

 

7.10                           Waiver.  A provision of this Agreement may be waived only by a writing signed by the party intended to be bound by the waiver.  A party is not prevented from enforcing any right, remedy, or condition in the party’s favor because of any failure or delay in exercising any right or remedy or in requiring satisfaction of any condition, except to the extent that the party specifically waives the same in writing.  A written waiver given for one matter or occasion is effective only in that instance and only for the purpose stated.  A waiver once given is not to be construed as a waiver for any other matter or occasion.  Any enumeration of a party’s rights and remedies in this Agreement is not intended to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by Law and include any rights and remedies authorized in Law or in equity.

 

7.11                           Arbitration.  All disputes and controversies which may arise out of or in connection with this Agreement and are not resolved through good faith negotiation shall be settled by binding arbitration in accordance with the provisions of Article VI of the Separation and Distribution Agreement.

 

7.12                           Adjustment for Stock Splits, etc.  Wherever in this Agreement there is a reference to a specific number of shares with respect to any securities, then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares with respect to any securities so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination, or stock dividend.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	
 
    	
LONE PINE RESOURCES INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David M. Anderson
    
	
 
    	
Name:
    	
David M. Anderson
    
	
 
    	
Title:
    	
President and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FOREST OIL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Cyrus D. Marter IV
    
	
 
    	
Name:
    	
Cyrus D. Marter IV
    
	
 
    	
Title:
    	
Senior Vice President, General Counsel and Secretary
    

 

SIGNATURE PAGE TO
 REGISTRATION RIGHTS AGREEMENTExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This employment agreement (this “Agreement”) is entered into this 27th day of May, 2011 by and among Manhattan Bancorp (“MB”) and Bank of Manhattan, N.A. (“the Bank”) (collectively referred to as “the Company”) on the one hand, and Brian E. Cote (“Employee”) on the other hand, on the terms and conditions set forth herein.

 

1.             Position

 

Employee shall be the Executive Vice President and Chief Financial Officer of  MB and the Bank. Employee’s duties under this Agreement shall include all ordinary and reasonable duties customarily performed by an executive vice president and Chief Financial Officer of a bank holding company and   a commercial banking institution in California, in each case subject to the direction of the Chief Executive Officer of MB and the Bank and further subject to the powers by law vested in the Boards of Directors of MB and the Bank.

 

2.             Exclusivity

 

Employee agrees to devote his full business time and attention to rendering the services as Executive Vice President and Chief Financial Officer of MB and the Bank.  Employee expressly agrees as a condition to the performance by Company of its obligations herein that, during the term hereof, he will not, directly or indirectly, render any services of an advisory nature or otherwise become employed by, or participate or engage in, any business competitive with any businesses of the Company, without the prior written consent of the Company; provided, however, that nothing herein shall prohibit Employee from owning stock or other securities of a competitor which are relatively insubstantial to the total outstanding stock of such competitor, and so long as he in fact does not have the power to control or direct the management or policies of such competitor and does not serve as a director or officer of, and is not otherwise associated with, any competitor except as consented to by the Company in advance and in writing.  Nothing contained herein shall preclude substantially passive investments by Employee during the term hereof that may require nominal amounts of his time, energies and interest.  Employee agrees that he shall not engage in conduct which is in contravention of the Company’s conflict of interest policy.

 

3.             Term

 

Employee’s employment under this Agreement shall commence on May 26, 2011 (‘the Effective Date”) and shall continue thereafter for a period of three (3) years from the date thereof, subject, however, to prior termination of this Agreement as hereinafter provided (“Term”).

 

4.             Compensation

 

(a)           Salary

 

The Company shall pay Employee a base salary (“Base Salary”) of $190,000 per annum, less appropriate withholdings, taxes and similar deductions, payable in equal installments on

 

 

those days when the Company normally pays its employees. The Base Salary during the Term may be increased by the Board in its sole discretion.

 

(b)           Bonus

 

Employee shall be eligible for consideration for an annual bonus target of  35% of Employee’s Base Salary based on an annual incentive plan.   The amount of bonus compensation, if any, to be paid to Employee shall be determined in the sole discretion of the Board based upon the performance of Employee and the results of the Company’s operations.  Any such bonus compensation shall be paid no later than March 15 of the calendar year following the calendar year in which Employee performs the services for which the bonus is to be paid.  The annual bonus target, and any bonus paid for the calendar year 2011 will be pro-rated.

 

(c)           Business Expenses

 

Employee shall be entitled to reimbursement by the Bank or MB for any ordinary and necessary business expenses incurred by Employee in the performance of Employee’s duties in accordance with the Bank’s and MB’s reimbursement policies in effect from time to time, provided that each such expenditure is of a nature qualifying it as a proper deduction on the federal and state income tax returns of the Bank or MB as a business expense and not as deductible compensation to Employee; and Employee furnishes to the Bank and MB adequate records and other documentary evidence required by federal and state statutes and regulations issued by the appropriate taxing authorities for the substantiation of such expenditures as deductible business expenses of the Bank and MB and not as deductible compensation to Employee.

 

In order to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), (i) in no event shall any payment under this Section 4(c) or Sections 4(d)(iii) or (iv) be made later than the end of the calendar year next following the calendar year in which such expenses were incurred, and Employee shall be required to have submitted substantiation for such expenses at least 10 days before the last date for payment, (ii) the amount of such expenses that the Company is obligated to pay in any given calendar year shall not affect the expenses that the Company is obligated to pay in any other calendar year, and (iii) Employee’s right to have the Company pay such expenses may not be liquidated or exchanged for any other benefit.

 

(d)           Benefits

 

During the term of his employment under this Agreement, Employee shall be entitled to receive the following benefits:

 

(i)            Employee shall be eligible to participate in all employee benefit plans maintained by the Company, including (without limitation) any disability, health, accident and other insurance programs, paid vacations, and similar plans or programs, subject to terms and conditions of each plan currently in effect.

 

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(ii)           Employee is entitled to four (4) weeks of vacation per year. Accrual and use of vacation time shall be governed by the Company’s applicable policies and procedures.

 

(iii)          Employee will be provided with an executive membership at the Manhattan Country Club under the Bank’s corporate membership, at the Bank’s expense.  The Bank shall pay or reimburse Employee for all dues associated with such membership and reimburse Employee for all business expenses incurred at the Club in accordance with the Bank’s reimbursement policies.

 

(e)           Restricted Stock Grant

 

Employee shall be granted on the Effective Date Ten Thousand (10,000)  restricted shares of common stock.  These restricted shares shall vest (a) over a period of three years and (b) following achievement of such performance vesting benchmarks to be determined by the Board in its reasonable discretion, in consultation with Employee, provided that Employee continues in the employment of the Company through each anniversary date, and will be subject to the terms and conditions of the Manhattan Bancorp 2010 Equity Incentive Plan.

 

5.             Disability and Death

 

(a)           If Employee suffers a physical or psychological condition which renders him incapable of performing the essential functions of his job with or without a reasonable accommodation prior to the termination of this Agreement, then, to the extent permitted by law, the Company shall have the right upon ten days written notice to terminate this Agreement and Employee’s employment hereunder.

 

(b)           Immediately following the date on which the Company terminates Employee’s employment pursuant to Section 5(a) of this Agreement, or earlier if required by law, the Company shall pay to Employee all incurred but unreimbursed business expenses, accrued but unpaid Base Salary, any awarded but unpaid bonus, and accrued but unused vacation time, such salary and vacation time to accrue until the last day of the month in which Employee’s last working day occurred.  Thereafter, the Company’s obligations shall terminate.  Employee shall not be eligible to receive any separation pay if terminated pursuant to Section 5(a), but Employee shall continue to be eligible to receive benefits under the disability plans, if any, that the Company maintains as of the date of termination, provided that Employee satisfies the requirements of such plans, if any.

 

(c)           If Employee dies before receipt of the entire amount specified in Section 5(b), then unpaid amounts shall be paid to Employee’s estate.

 

(d)           In the event of Employee’s death during the Term of this Agreement, this Agreement shall terminate immediately without any further action by the Company. As soon as reasonably practicable  after the date of death, the Company shall pay to Employee’s estate all incurred but unreimbursed business expenses, accrued but unpaid Base Salary, any awarded but unpaid bonus, and accrued but unused vacation time, with such salary and vacation to accrue

 

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until the last day of the month in which Employee’s last working day occurred.  No separation pay shall be paid if termination occurs pursuant to this Section 5(d).

 

6.             Termination for Cause and Without Cause

 

(a)           The Bank or MB may terminate this Agreement at any time by action of its Board for cause (“Cause”).  For purposes of this Agreement, termination for “Cause” shall mean termination because of Employee’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or  cease-and-desist order or similar written agreement issued by the Federal Deposit Insurance Corporation or the United States Comptroller of the Currency or his or her designee, or material breach of any provision of this Agreement.  For purposes of this Agreement, no act, or the failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interests of the Bank or MB.  Termination under this Section 6(a) shall not prejudice any remedy that the Bank or MB may have at law, in equity, or under this Agreement.

 

In the event Employee is terminated for Cause, Employee shall be entitled to receive his Base Salary through the effective date of the termination, any incurred but unreimbursed business expenses, and any accrued but unused vacation time as of the date of termination. Employee shall not be entitled to any other compensation.  Employee shall not be eligible to receive any separation pay if terminated for Cause.

 

(b)           During the Term, this Agreement may be terminated immediately without Cause and at will by the Company upon written notice, or by resignation by the Employee for Good Reason. For purposes of this provision, “Good Reason” shall mean (unless agreed to in writing by Employee): (i) the assignment to Employee of a title or material duties of a substantially lesser responsibility than those described in Section 1 hereof, (ii) a material diminution in the authority or responsibilities of Employee  (iii) a material reduction in the Employee’s Base Salary, or (iv) the relocation of Employee’s principal place of employment to any location more than 50 miles from the Company’s headquarters at the Effective Date.

 

(i)            Employee shall be required to provide the Company with written notice detailing with specificity the reasons that Employee believes that he has Good Reason to terminate the Agreement no later than 90 days after the initial existence of such reasons.  Upon receipt by the Company of such notice by Employee, the Company shall have the right to revoke any changes identified by Employee within 30 days of said notification, in which case no Good Reason shall be deemed to exist.

 

(ii)           If Employee’s employment is terminated without Cause by the Company  or for Good Reason by Employee under this Section, Employee shall be paid out his Base Salary through the date of termination, any accrued but unused vacation pay as of the date of termination, and any incurred but unreimbursed business expenses.  In addition, if Employee’s employment is terminated without Cause by the Company or for Good Reason by Employee under this Section at any time and Employee executes and does not revoke a waiver and release

 

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agreement in a form acceptable to the Company, and any period for revocation expires, all occurring no later than thirty-five (35) days following termination, then Employee shall be paid separation pay equivalent to an additional twelve (12) months of salary based upon the Employee’s then current annual Base Salary (“Separation Pay”).  The Separation Pay, less applicable state and federal withholdings, shall be paid in equal installments during a twelve month period on the Company’s regular payroll dates (commencing with the first payroll date that is more than thirty (30) days following termination).   The payment of the Separation Pay shall be contingent upon the Employee reasonably responding to telephonic questions directed to Employee at reasonable times during the twelve month period regarding subject matter in Employee’s area of knowledge and experience with the Company

 

(c)           During the Term, this Agreement may be terminated without Good Reason by Employee on 30 days notice to the Company (“the Notice Period”). If this Agreement is terminated without Good Reason by Employee, Employee shall continue to receive his Base Salary through the effective date of his termination, any accrued but unused vacation pay as of the date of termination, and any incurred but unreimbursed business expenses.   The Company reserves the right to accelerate Employee’s last day of employment and pay him out for the remainder of the Notice Period on the Company’s regular payroll dates, or to request Employee not to report to work during the Notice Period.  Employee agrees to cooperate fully with the Company with respect to the transition of his duties and responsibilities during the Notice Period.

 

(d)           Unless otherwise agreed, if Employee is terminated for any reason or resigns for any reason, Employee agrees to resign immediately from the Board of Directors and all committees or other positions held with MB or the Bank and any of their respective subsidiaries, if any, effective as of the last date of employment.

 

(e)           The expiration of this Agreement at the end of the Term shall not constitute a termination without Cause or for Good Reason pursuant to this Section.

 

7.             Supervisory Matters

 

If Employee is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s or MB’s affairs by notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) and (g)(1)), the obligations of the Bank and MB under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings, but vested rights of the parties shall not be affected unless explicitly mandated in writing by the Federal Deposit Insurance Corporation or the United States Comptroller of the Currency or his or her designee.  If the charges in the notice are dismissed, the Bank and MB may in its discretion:  (i) pay Employee all or part of the compensation withheld while their obligations under this Agreement were suspended; and/or  (ii) reinstate (in whole or in part) any of their obligations which were suspended.  If Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s or MB’s affairs by an order issued under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) or (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.  If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C.

 

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Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the parties shall not be affected.  All obligations under this Agreement shall be terminated, except to the extent that it is determined that continuation of the Agreement is necessary for the continued operation of the Bank; (i) by the Federal Deposit Insurance Corporation at the time that the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 11 of the Federal Deposit Insurance Act (12 U.S.C. Section 1821); or (ii) by the Federal Deposit Insurance Corporation or the United States Comptroller of the Currency or his or her designee, at the time that the Federal Deposit Insurance Corporation or the United States Comptroller of the Currency or his or her designee approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is in an unsafe or unsound condition.  All rights of the parties that have already vested, however, shall not be affected by such action.

 

8.             Golden Parachute Limitation

 

Notwithstanding any other provision of this Agreement, separation compensation under Section 6 hereof will be reduced as provided below if, and to the extent, necessary to avoid any additional tax or penalty imposed on “excess parachute payments” under the Internal Revenue Code.

 

If Employee’s severance or other compensation provided by MB and/or the Bank under Section 6 hereof and outside this Agreement would cause any such payment to be an “excess parachute payment” (as defined in Section 280G(b)(1) of the Internal Revenue Code), then the payments under Section 6 hereof will be reduced (pro rata in the case of installment payments) to the largest amount which may be paid without any portion of such amount being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code.  In the event there is a dispute among the parties regarding the extent to which payments must be reduced pursuant to this Section, such dispute will be settled in accordance with Section 17 below; and no such disputed payment shall be made until the dispute is settled.

 

9.             Section 409A Limitation

 

It is the intention of Bank, MB and Employee that the severance and other benefits payable to Employee under this Agreement either be exempt from, or otherwise comply with, Section 409A of the Internal Revenue Code (“Section 409A”).  Notwithstanding any other term or provision of this Agreement, to the extent that any provision of this Agreement is determined by Bank and MB, with the advice of its independent accounting firm or other tax advisors, to be subject to and not in compliance with Section 409A, including, without limitation, the timing of commencement and completion of severance benefit and/or other benefit payments to Employee hereunder, or the amount of any such payments, such provisions shall be interpreted in the manner required to comply with Section 409A.  If any payment to be made hereunder is “non-qualified deferred compensation” subject to Section 409A and the timing of such payment is based on termination of Employee’s employment with the Bank and/or MB, then for such purpose “termination of employment” shall mean “separation from service” with the Company as such term is defined for purposes of Section 409A.  Bank, MB and Employee acknowledge and agree that such interpretation could, among other matters, (i) delay for a period of six (6) months or more, or otherwise modify the commencement of severance and/or other benefit

 

6

 

payments; and/or (ii) modify the completion date of severance and/or other benefit payments.  The Bank, MB and Employee further acknowledge and agree that if, in the judgment of the Bank and MB, with the advice of its independent accounting firm or other tax advisors, amendment of this Agreement is necessary to comply with Section 409A, the Bank, MB and Employee will negotiate reasonably and in good faith to amend the terms of this Agreement to the extent necessary and possible for it to comply (with the most limited possible economic effect on the Bank, MB and Employee) with Section 409A.  In the event there is a dispute among the parties regarding the amendment of the terms of this Agreement to the extent necessary and possible for it to comply (with the most limited possible economic effect on the Bank, MB and Employee) with Section 409A, such dispute will be settled in accordance with Section 17 below; and no such disputed payment shall be made until the dispute is settled.

 

Notwithstanding anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charges under Section 409A of the Internal Revenue Code, if any of the Company’s stock is publicly traded and Employee is deemed to be a “specified employee” as determined by the Company for purposes of Section 409A(a)(2)(B) of the Internal Revenue Code, Employee agrees that any non-qualified deferred compensation payments due to him under this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum at the beginning of the seventh (7th) month following Employee’s termination of employment.

 

10.           Regulatory Provisions

 

Notwithstanding anything contained herein to the contrary, in no event shall the total compensation paid out upon the departure of Employee be in excess of that considered by the FDIC or the Office of the Comptroller of the Currency to be safe and sound at the time of such payment, taking into consideration all applicable laws, regulations, or other regulatory guidance.  Any payments made to Employee, pursuant to this Agreement or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

 

11.           Ownership of Confidential Proprietary Information

 

All records of the accounts of customers, and any other records and books relating in any manner whatsoever to the customers of the Company, and all other files, books and records and other materials owned by the Company or used by it in connection with the conduct of its business, whether prepared by Employee or otherwise coming into his possession, shall be the exclusive property of the Company regardless of who actually prepared the original material, book or record. All such books and records and other materials, and any copies thereof, shall be immediately returned to the Company by Employee on any termination of his employment.

 

12.           Trade Secrets

 

During the Term, Employee will have access to and become acquainted with what Employee and the Company acknowledge are trade secrets, including the names of customers and clients of the Company, their financial condition and financial needs, financial information

 

7

 

regarding the Company and other information relating to the Company’s products, services and methods of doing business. Employee agrees not to disclose any of the Company’s trade secrets, directly or indirectly, or use them in any way, either during the term of employment (except as required in the course of employment with the Bank) or after the termination of this Agreement. Employee will not, for eighteen months following the termination of Employee’s employment with the Bank, solicit for employment elsewhere individuals who are  employees of the Bank as of the termination date of Employee’s employment with the Bank; provided that Employee agrees that he will not use any confidential proprietary information of the Company at any time to solicit for employment employees of the Bank who were not employed at the time  Employee separates from the Bank.

 

13.           Indemnification

 

To the extent permitted by and consistent with Section 317 of the California Corporations Code (“Section 317”), the Articles of Incorporation and the Bylaws of the Company, and applicable federal law and regulations, including 12 U.S.C. Section 1828(k), the Company shall indemnify Employee for expenses, judgments, fines, settlements and other amounts actually incurred by Employee in connection with any proceeding to which Employee is a party by reason of the fact that Employee is or was an agent of the Company (as defined in Section 317) if the proceeding arose from acts or omissions in the course and scope of Employee’s employment other than willful misconduct or acts not covered by any indemnification agreement between the Company and Employee. The Company shall advance on behalf of Employee all costs, including attorneys’ fees, as necessary with respect to any such proceeding. In the event any applicable law shall require the issuance of an undertaking by Employee, such shall be acceptable without bond, collateral or any other security being given by Employee in connection therewith. This provision shall survive the termination of this Agreement for any reason.

 

14.           Assignment and Modification

 

Except as required by the surviving entity in a change of control, this Agreement and the rights and duties hereunder may not be assigned by any party hereto without the prior written consent of the other, and the parties expressly agree that any attempt to assign the rights of any party hereunder without such consent will be null and void. Any modification of this Agreement shall be made in a writing executed by both parties.

 

15.           Further Assurance

 

From time to time each party will execute and deliver such further instruments and will take such other action as the other party reasonably may request in order to discharge and perform the obligations and agreements hereunder.

 

16.           Notices

 

All notices required or permitted hereunder shall be in writing and shall be delivered in person or sent by certified or registered mail, return receipt requested, postage prepaid as follows:

 

8

 

	
To Bank:
    	
President &   CEO
    
	
 
    	
Bank of   Manhattan, N.A.
    
	
 
    	
2141 Rosecrans   Avenue, Suite 1160
    
	
 
    	
El Segundo, CA   90245
    
	
 
    	
 
    
	
To MB:
    	
President &   CEO
    
	
 
    	
Manhattan   Bancorp
    
	
 
    	
2141 Rosecrans   Avenue, Suite 1160
    
	
 
    	
El Segundo, CA   90245
    
	
 
    	
 
    
	
To Employee:
    	
Brian E. Cote
    
	
 
    	
41 Brookview
    
	
 
    	
Dana Point, CA   92629
    

 

or such other party and/or address as any of such parties may designate in a written notice served upon the other parties in the manner provided herein. All notices required or permitted hereunder shall be deemed duly given and received on the date of delivery if delivered in person or on the second day next succeeding the date of mailing if sent by certified or registered mail.

 

17.           Arbitration

 

Any dispute or controversy arising under or in connection with this Agreement, the inception or termination of Employee’s employment, or any alleged discrimination or statutory or tort claim related to such employment, including issues raised regarding the Agreement’s formation, interpretation or breach, shall be settled exclusively by binding arbitration in Los Angeles, California in accordance with, and under the auspices of  the employment rules of JAMS or other mutually agreeable alternative dispute resolution service. A copy of the employment rules of JAMS are attached hereto as Exhibit A.  The laws of the United States and, to the extent not inconsistent therewith, the laws of the State of California shall govern.  Without limiting the foregoing, the potential claims covered by this Agreement include, but are not limited to, claims for wages, bonuses or other compensation due; claims for breach of any contract or covenant (express or implied) under which Employee believes he would be entitled to compensation or benefits; claims for wrongful termination in violation of public policy, tort claims related to such employment; claims for discrimination and harassment (including, but not limited to, all claims arising under Title VII of the Civil Rights Act of 1969, as amended, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the California Fair Employment and Housing  Act, the California Labor Code and applicable wage orders, the California Family Rights Act, the Federal Family and Medical Leave Act of 1993, the Fair Labor Standards Act, the Consolidated Omnibus budget Reconciliation Act of 1985, and the Employee Retirement Income Security Act; claims for benefits (except where an employee benefit or pension plan specifies that its claims procedure shall culminate in an arbitration or other procedure different from this one); and claims for violation of any public policy, federal, state or other governmental law, statute, regulation or ordinance.  The arbitration shall provide for written discovery and depositions adequate to give the parties access to documents and witnesses that are essential to the dispute.  The arbitrator shall have no authority to add to or to modify this Agreement, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy.  The

 

9

 

arbitrator shall issue a written decision that includes the essential findings and conclusions upon which the decision is based, which shall be signed and dated.  Employee, on the one hand, and the Bank and MB collectively, on the other hand, shall each bear his or their own costs and attorneys’ fees incurred in conducting the arbitration; provided, however, that the Bank and MB shall bear the fees and administrative costs charged by the arbitrator and JAMS (or other alternative dispute resolution service selected).  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  EMPLOYEE HEREBY EXPRESSLY WAIVES ANY RIGHTS TO A JURY TRIAL.

 

18.           Successors

 

This Agreement shall be binding upon, and shall inure to the benefit of, the successors of the parties.

 

19.           Entire Agreement

 

This Agreement constitutes the entire agreement between the parties, and all prior negotiations, representations, or agreements between the parties, whether oral or written, are merged into this Agreement and shall be deemed superseded and canceled.

 

20.           Governing Law

 

This Agreement shall be construed in accordance with the laws of the State of California.

 

21.           Executed Counterparts

 

This Agreement may be executed in one or more counterparts, all of which together shall constitute a single agreement and each of which shall be an original for all purposes.

 

22.           Section Headings

 

The various section headings are inserted for purposes of convenience only and shall not affect the meaning or interpretation of tilts Agreement or any section hereof.

 

23.           Calendar Days/Close of Business

 

Unless the context so requires, all periods terminating on a given day, period of days or date shall terminate on the close of business on that day or date, and references to “days” shall refer to calendar days.

 

24.           Severability

 

In the event that any of the provisions, or portions thereof, of this Agreement are held to be unenforceable or invalid by any court of competent jurisdiction, the validity and enforceability of the remaining provisions or portions thereof shall not be affected thereby.

 

IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.

 

10

 

	
DATED:
    	
5-27-11
    	
 
    	
EMPLOYEE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   Brian E.   Cote
    
	
 
    	
 
    	
Brian E. Cote
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DATED:
    	
5-27-11
    	
 
    	
Bank of   Manhattan, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Terry L.   Robinson
    
	
 
    	
 
    	
Name:
    	
Terry L.   Robinson
    
	
 
    	
 
    	
Its:
    	
President &   Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DATED:
    	
5-27-11
    	
 
    	
Manhattan   Bancorp
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Terry L.   Robinson
    
	
 
    	
 
    	
Name:
    	
Terry L.   Robinson
    
	
 
    	
 
    	
Its:
    	
President &   Chief Executive Officer
    
							

 

11

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