Document:

premierbevexh10_7.htm

Exhibit 10.6

 

 

SECURITY AGREEMENT

SECURITY AGREEMENT (this “Agreement”), dated as of December 9, 2011, between PREMIER BEVERAGE GROUP CORP., a Nevada corporation with an address at 501 Madison Avenue, Suite 501, New York, New York 10022 (the “Company”) and [               ], a [                       ] limited liability company with an address at [                                   ] (the “Secured Party”), as a holder of the Company’s Senior Secured Promissory Note (the “Note”).

INTRODUCTION

WHEREAS, the Secured Party has extended credit or will extend credit to the Company represented by the Note in the principal amount of $100,000 dated December 7, 2011 which has been executed by the Company in favor of the Secured Party; and

WHEREAS, in consideration of, and as a condition to, the extension of credit under the Note, the Company wishes to grant a security interest in certain collateral to the Secured Party.

NOW, THEREFORE, the parties hereby agree as follows:

1.             Grant of a Security Interest.  To secure the prompt payment, observance and performance in full of each and every obligation (collectively, the “Obligations”) of the Company under the Note, the Company hereby grants to the Secured Party a continuing priority security interest in, and lien upon, the Collateral (as defined in Section 3), subject to no prior lien, encumbrance, charge, or security interest.

2.             Definitions and Construction.

(a)           All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Uniform Commercial Code as in effect in the State of New York (the “UCC”).

(b)            Unless the context of this Agreement requires otherwise: (a) references in this Agreement to sections, schedules and exhibits are to sections of, and schedules and exhibits to, this Agreement; (b) words in the singular include the plural and in the plural include the singular; (c) the word “or” connotes both the disjunctive and conjunctive of the terms affected, unless otherwise expressly stated; (d) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (e) the terms “include”, “includes” “including” and derivative or similar words shall be deemed to include the phrase “without limitation”; (f) the phrase “ordinary course of business” and “ordinary course of business consistent with past practice” refer to the business and practice of the Company; and (g) words of any gender include each other gender.  As used in this 

 

 

 

 

  

  

  

  

 

 

Agreement, any reference to any event, change or effect being “material” or “materially adverse” or having a “material adverse effect” on or with respect to any entity (or group of entities taken as a whole) means such event, change or effect is material or materially adverse, as the case may be, to the business, condition (financial or otherwise), properties, assets (including intangible assets), liabilities (including contingent liabilities), prospects or results of operations of such entity (or, if with respect thereto, of such group of entities taken as a whole).  Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are specified.

3.             Collateral.          (a)           The collateral covered by this Agreement (the “Collateral”) consists of the following:

(i) The following property:

(A)           Accounts Receivable. All Accounts, Chattel Paper, contracts, contract rights, Accounts Receivable, tax refunds, notes receivable, documents, other choses in action and general intangibles, including, but not limited to, proceeds of inventory and returned goods and proceeds from the sale of goods and services, and all rights, liens, securities, guaranties, remedies and privileges related thereto, including the right of stoppage in transit and rights and property of any kind forming the subject matter of any of the foregoing; and

(B)           Deposit Accounts. All time, savings, demand, certificate of deposit or other accounts in the name of the Company or in which the Company has any right, title or interest, including but not limited to all sums now or at any time hereafter on deposit, and any renewals, extensions or replacements of and all other property which may from time to time be acquired directly or indirectly using the proceeds of any of the foregoing; and

(C)           Inventory and Equipment. All inventory and equipment of every type or description wherever located, including, but not limited to, the beverage products produced by or on behalf of the Company in production runs, and all raw materials, parts, containers, work in process, finished goods, goods in transit, wares, merchandise furniture, fixtures, hardware, machinery, tools, parts, supplies, automobiles, trucks, other intangible personalty of whatever kind and wherever located associated with the Company’s business, tools and goods returned for credit, repossessed, reclaimed or otherwise reacquired by the Company; and

(D)           Documents of Title. All documents of title and other property from time to time received, receivable or otherwise distributed in respect of, exchange or substitution for or addition to any of the foregoing, including, but not limited to, any documents of title; and

 

 

 

 

 

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(E)           Other Property.

(I)          All other intangible property; and

(II)         All proceeds (including but not limited to insurance proceeds) and products of and accessions and annexations to any of the foregoing; and

(III)        All assets of any type or description that may at any time be assigned or delivered to, or come into possession of, the Company or as to which the Company may have any right, title, interest or power, and property in the possession or custody of or in transit to anyone for the account of the Company, as well as all proceeds and products thereof and accessions and annexations thereto; and

(IV)        All know-how, information, permits, patents, copyrights, goodwill, trade marks, trade names, licenses and approvals held by the Company in its subsidiaries and affiliates; and

(V)         All of the books, records and documents pertaining to any of the foregoing.

(b)           Any and all Collateral described or referred to in this Agreement

which is hereafter acquired shall, and without any further conveyance, assignment or act on the part of the Company or the Secured Party, become and be subject to the security interest created hereby as fully and completely as though specifically described herein.

4.             Company’s Representations and Warranties.  The Company represents, warrants, and agrees that:

(a)           The Company owns the Collateral free and clear of any lien.

(b)           The Company has all necessary corporate power and authority and has taken all corporate action necessary to execute, deliver and perform this Agreement and the Note and to encumber and grant a security interest in the Collateral.

(c)           There is no effective financing statement or other instrument similar in effect covering all or any part of the Collateral on file in any recording office, except as may have been filed in favor of the Secured Party.

 

 

 

 

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(d)           This Agreement creates a valid first priority security interest of the Secured Party in the Collateral securing payment of the Obligations.  Upon the filing of the financing statements and the other instruments similar in effect in accordance with Sections 5(b) and 5(c), the Secured Party will have a valid and perfected first priority lien on, and security interest in the Collateral.

(e)           No consent, authorization, approval or other action by, and no notice to or filing with, any governmental authority, regulatory body, lessor, franchiser or other person or entity is required for the grant by the Company of the security interest granted hereby or for the execution, delivery or performance of this Agreement by the Company or for the perfection or exercise by the Secured Party of its rights and remedies hereunder, except filings of financing documents in accordance with Sections 5(b) and 5(c).

(f)           The Company does not transact any part of its business under any trade names, division names, assumed names or other name, except for its name set forth in the preamble hereto, “OSO” or “OSO ENERGY”; the Company’s principal business address and chief executive office is as set forth in the preamble hereto; and the Company’s records concerning the Collateral are kept as such address.

(g)           To the best of the Company’s knowledge, each Account, General Intangible and Chattel Paper constituting Collateral is genuine and enforceable in accordance with its terms against the party obligated to pay it (the “Account Debtor”), and, to the best of the Company’s knowledge, no Account Debtor has any defense, setoff, claim or counterclaim against the Company which can be asserted against the Secured Party, whether in any proceeding to enforce the Collateral or otherwise.

(h)           The Company will deliver to the Secured Party at the request of the Secured Party a schedule of all Accounts, General Intangibles and Chattel Paper from time to time as the Secured Party may reasonably request, but no more often than once per quarter.  The amounts represented on such schedules by the Company to the Secured Party as owing by each Account Debtor or by all Account Debtors are and will be, to the best of the Company’s knowledge, the correct amounts actually and unconditionally owing by the Company’s Account Debtors individually and in the aggregate, except for normal cash discounts where applicable.

(i)           Each Instrument and each Document constituting Collateral is genuine and in all material respects what it purports to be.

(j)           All tangible Collateral and all records relating to intangible Collateral are located at the Company’s address listed in the preamble hereto or are otherwise under its control. The Company shall not remove any such Collateral or records from said locations without five days’ prior written notice to the Secured Party.

 

 

 

 

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5.             Company’s Covenants.  The Company agrees and covenants that:

(a)            The Collateral will be used solely for business purposes of the Company and will remain in the possession or under the control of the Company (sale or replacement in the ordinary course excepted) and will not be used for any unlawful purpose.  The Collateral will not be misused, abused, wasted, or allowed to deteriorate (ordinary wear and tear excepted).  The Company will keep the Collateral, as appropriate and applicable, in good condition and repair (ordinary wear and tear excepted), and will clean, shelter, and otherwise deal with the Collateral in such ways as are considered good practice by owners of like property.

(b)           The Company has executed and will promptly file with the appropriate

governmental authorities, or deliver to the Secured Party for filing, UCC-1 Financing Statements with respect to the Collateral.  The Company shall, at no cost to the Secured Party, execute, acknowledge and deliver all such other documents and instruments as the Secured Party reasonably deems necessary to create, perfect and continue the security interest in the Collateral contemplated hereby.  The Company will pay all costs of title searches and filing of financing statements, assignments or other documents in all public offices reasonably requested by the Secured Party, and will not, without the prior written consent of the Secured Party, which consent will not be unreasonably withheld, file or authorize or permit to be filed in any public office any financing statement, assignment or other document naming the Company as debtor and not naming the Secured Party as the Secured Party.

(c)           The Company shall, upon request of the Secured Party, deliver to the Secured Party all other documents, instruments and other items as may be reasonably necessary for the Secured Party to perfect its security interest in the Company’s intellectual property, if any.  The Company represents and warrants to the Secured Party that the execution, delivery and performance of this Agreement by the Company will not violate or cause a default under any agreement relating to the patents, licenses and trademarks described therein.

(d)           The Company will use its best reasonable efforts to defend the Collateral against the claims and demands of all other parties, will keep the Collateral free from all security interests or other encumbrances other than liens listed on Exhibit A hereto; and will not sell, transfer, lease, assign, deliver or otherwise dispose of any Collateral or any interest therein without the prior written consent of the Secured Party, which consent will not be unreasonably withheld, except that the Company may sell or lease Inventory in the ordinary course of the Company’s business.

(e)           The Company will, at the Secured Party’s request, mark any and all books and records to indicate the security interest created hereby.

 

 

 

 

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(f)           The Company will notify the Secured Party promptly in writing of any change in the Company’s business address or chief executive office, any change in the address at which records concerning the Collateral are kept and any change in the Company’s name, identity, or organizational or other structure.

(g)           The Company will prevent the Collateral or any part thereof from being or becoming an accession to other goods not covered by this Agreement.

(h)           The Company shall pay all reasonable expenses, including attorneys’ fees and costs, incurred by the Secured Party in the preservation, realization, enforcement or exercise of any of the Secured Party’s rights under this Agreement.

(i)            The Company will procure within 60 days and maintain insurance with responsible insurance companies (and with deductibles) reasonably satisfactory to the Secured Party covering the Company’s Inventory and Equipment in such amounts as is usually carried by companies engaged in similar businesses, and deliver to the Secured Party copies of such insurance policies (and all renewals thereof) together with lender’s loss payable endorsements naming the Secured Party as a secured party executed by the insurer(s), such policies to provide that coverage may not be modified or terminated without prior notice to the Secured Party.

6.             Certain Provisions Concerning Collateral.

(a)           Upon the occurrence of an Event of Default (defined below) and the principal sum under the Note being due and payable by acceleration or otherwise, the Secured Party may notify any or all Account Debtors of the security interest created hereby and may also direct such Account Debtors to make all payments on Collateral to the Secured Party.  In such event, all payments on and from Collateral received by the Secured Party directly or from the Company shall be applied to the Obligations in accordance with Section 8 and the Secured Party may demand of the Company in writing, before or after notification to Account Debtors and without waiving in any manner the security interest created hereby, that any payments on and from the Collateral:

(i)            shall be held by the Company in trust for the Secured Party in the same medium in which received;

(ii)           shall not be commingled with any assets of the Company; and

(iii)          shall be delivered to the Secured Party in the form received, properly indorsed to permit collection, promptly following their receipt; and

the Company shall comply with such demand.  The Company shall also promptly notify the Secured Party of the return to, or repossession by, the Company of Goods underlying any Collateral, and the Company shall hold the same in trust for the Secured Party and shall dispose of the same as the Secured Party directs.

 

 

 

 

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(b)           The Company hereby assigns, transfers, and conveys to the Secured Party, effective upon the occurrence of any Event of Default hereunder, the nonexclusive right and license to use all Intellectual Property owned or used by the Company together with any goodwill associated therewith, all to the extent necessary to enable the Secured Party to realize on the Collateral and any successor or assign to enjoy the benefits of the Collateral.  This right and license shall inure to the benefit of all successors, assigns and transferees of the Secured Party and its successors, assigns and transferees, whether by voluntary conveyance, operation of law, assignment, transfer, foreclosure, deed in lieu of foreclosure or otherwise.

(c)           Until (i) the occurrence of an Event of Default and (ii) the principal sum under the Note shall become due and payable by acceleration or otherwise (an “Acceleration”), the Company reserves the right to receive all income from or interest on the Collateral consisting of Instruments.  Upon such an Event of Default, the Company will not demand or receive any income from or interest on such Collateral other than from Inventory, royalties, licensing fees, milestone payments, research sponsorship payments, joint ventures or loan proceeds and, if the Company receives any such income or interest without any demand by it, the same shall be held by the Company in trust for the Secured Party in the same medium in which received, shall not be commingled with any assets of the Company and shall be delivered to the Secured Party in the form received, properly indorsed to permit collection, promptly following its receipt.  The Secured Party may apply the net cash receipts from such income or interests to payment of the Obligations; provided that the Secured Party shall account for, and pay over to the Company, any such income or interest remaining after payment in full of the Obligations.  Until an Acceleration, notwithstanding any provision of this Agreement to the contrary, the Company may conduct its business in the ordinary course and may use its cash, cash equivalents, royalties, licensing fees, milestone payments, research sponsorship payments, interest, dividends, income, proceeds of loans and sales of securities, sales of inventory and joint venture distributions for general corporate purposes.

(d)           If an Event of Default has occurred, the Company authorizes the Secured Party to:

(i)          receive any increase in or profits on the Collateral and hold the same as part of the Collateral;

(ii)         receive any payment or distribution on the Collateral upon redemption by, or dissolution and liquidation of, the issuer thereof;

(iii)        surrender such Collateral or any part thereof in exchange for cash or securities of equivalent fair market value; and

 

 

 

 

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(iv)        hold the net cash receipts from any such payment or distribution described in clause (ii) above as part of the Collateral.  If the Company receives any such increase, profits, payments, or distributions, the Company will receive and deliver same promptly to the Secured Party on the same terms and conditions set forth in Section 6(c) respecting income or interest, to be held by the Secured Party as part of the Collateral.

(e)           The Company hereby assigns to the Secured Party all sums, including return of premiums, which may become payable under any and all of the Company’s policies of insurance which insure the Collateral, and directs each insurance company issuing any such policy to make payment thereof directly to the Secured Party.

7.             Events of Default.  The occurrence of any “Event of Default” under the Note, or any material breach of this Agreement by the Company, shall constitute an “Event of Default” under this Agreement.

8.             Remedies on Default. Upon the occurrence of an Event of Default, the Secured Party shall have all rights, privileges, powers and remedies provided a secured party under the UCC and any other applicable law and such additional rights, privileges, powers and remedies as are set forth herein.  Without limiting the foregoing, upon the existence or occurrence of any Acceleration:

(a)           The Secured Party may require the Company to assemble the Collateral and make it available to the Secured Party at a place or places designated by the Secured Party, and the Secured Party may use and operate the Collateral.  At any time following the occurrence of an Acceleration and during the continuation thereof, the Secured Party shall have full power, in its own name or that of the Company, to collect, endorse, compromise, settle, sell or otherwise deal with any or all the Collateral or Proceeds thereof in a commercially reasonable manner.

(b)           The Secured Party may, in a commercially reasonable manner, sell, lease

or otherwise dispose of and deliver any or all Collateral at public or private sale, for cash, upon credit or otherwise, at such prices and upon such terms as the Secured Party deems commercially reasonable.  Any requirement of reasonable notice shall be met if such notice is mailed postage prepaid to the Secured Party at its address set forth herein at least ten days before the time of sale or other disposition.  The Secured Party may be the purchaser at any such sale, if it is public, and in such event the Secured Party shall have all rights of a good faith, bona fide purchaser for value from a secured party after a default.  The proceeds of any sale may be applied (in whatever order and manner the Secured Party elects in its sole discretion) to all costs and expenses of sale, including payment of the Obligations, and any remaining proceeds shall be applied in accordance with Article 9, Part 5, of the UCC.  The Company shall remain liable to the Secured Party for any deficiency.

 

 

 

 

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(c)           Without in any way requiring notice to be given in the following time and manner, the Company agrees that any notice by the Secured Party of sale, disposition or other intended action hereunder or in connection herewith, whether required by the UCC or otherwise, shall constitute reasonable notice to the Company if such notice is mailed by regular or certified mail, postage prepaid, at least ten days prior to such action, to the Company’s address specified above or to any other address which the Company has specified in writing to the Secured Party as the address to which notices hereunder shall be given to the Company.

(d)           After an Acceleration, the Secured Party may demand, collect and sue on any of the Accounts, Chattel Paper, Instruments and General Intangibles (in either the Company’s or the Secured Party’s name at the latter’s option); may enforce, compromise, settle, or discharge such Collateral without discharging the Obligations or any part thereof; and may endorse the Company’s name on any and all checks, commercial paper, and any other Instruments pertaining to or constituting Collateral.

(e)           The Company will deliver to the Secured Party, upon demand, all Documents and all Chattel Paper (duly indorsed to the Secured Party) constituting, representing, or relating to the Collateral or any part thereof, and any schedules, invoices, shipping documents, delivery receipts, purchase orders, contracts, or other documents representing or relating to the Collateral or any part thereof.

9.           Payments After an Event of Default.  All payments received and amounts realized by the Secured Party pursuant to Section 8, including all such payments and amounts received after the entire unpaid principal of, and interest on, the Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by the Secured Party as part of the Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed to the Secured Party in the following order of priority:

(a)           first, to the payment of all reasonable costs and expenses, including reasonable attorneys’ fees and expenses, incurred or made hereunder by the Secured Party, including any such costs and expenses of foreclosure or suit, if any, and of any sale or the exercise of any other remedy under Section 8, and of all taxes, assessments, or liens superior to the lien granted under this Agreement, except any taxes, assessments, or other superior lien subject to which any said sale under Section 8 may have been made; and

(b)           second, to the payment to the Secured Party of the amount then owing or unpaid on the Note, with application on the Note to be made first to the unpaid interest thereon (if any), and second, to the unpaid principal thereof, such application to be made upon presentation of the Note and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid shall be made; and

(c)           third, to the payment of the balance or surplus, if any, to the Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

 

 

 

 

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10.           Power of Attorney.  The Company hereby appoints the Secured Party, the attorney-in-fact of the Company to (i) prepare, sign and file or record, for the Company, in the Company’s name, any financing statement and to take any other action reasonably deemed by the Secured Party necessary or desirable to perfect and continue the security interest of the Secured Party hereunder, and to perform any obligations of the Company hereunder, at the Company’s expense, but without obligation to do so; and (ii) after an Acceleration, to take any and all actions necessary or appropriate to collect, compromise, settle, sell, or otherwise deal with any or all of the Collateral or proceeds thereof and to obtain, adjust, settle, and cancel any policies of insurance referred to herein.  Such power of attorney is coupled with an interest and is irrevocable so long as any of the Obligations remains outstanding.

11.           Secured Party’s Right to Cure; Reimbursement.  If the Company should fail to do any act as herein provided, the Secured Party may, but shall have no obligation to do so, with reasonable notice to the Company, and without releasing the Company from any obligation hereof, make or do the same in such manner and to such extent as the Secured Party may deem necessary to protect the Collateral, including without limitation, the defense of any action purporting to affect the Collateral or the rights or powers of the Secured Party hereunder, at the Company’s expense.  The Company shall reimburse the Secured Party for reasonable expenses incurred under this Section 11.

12.           Miscellaneous.

(a)           This Agreement, together with the covenants and warranties contained in it, shall inure to the benefit of the Secured Party and its permitted successors, assigns, heirs and personal representatives, and shall be binding upon the Companyand its successors and assigns.

(b)           All notices and other communications provided for hereunder shall be in writing and, if to the Company or the Secured Party, mailed or delivered to it, addressed to it at the address specified in the preamble hereto, or as to any party hereto at such other address as shall be designated by such party in a written notice to each other party complying as to delivery with the terms of this Section 12.  All such notices and other communications shall, when mailed, be effective when deposited in the mails, addressed as aforesaid.

(c)           This Agreement shall terminate on the satisfaction in full of all the Obligations for the payment of money under the Note and, on such termination, the Secured Party shall take all steps reasonably requested by the Company to release the security interest granted in the Collateral hereunder;  provided, however, that if after receipt of any payment of any payment of all or any part of the Obligations, the Secured Party is for any reason compelled to surrender such payment to any person or entity, because such payment is determined to be void or voidable as a preference, an impermissible setoff, or a diversion of trust funds or for any other reason relating 

 

 

 

 

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to the Company’s status, this Agreement shall continue in full force notwithstanding any contrary action which may have been taken by the Secured Party in reliance upon such payment, and any such contrary action so taken shall be without prejudice to the Secured Party’s rights under this Agreement and shall be deemed to have been conditioned upon such payment having become final and irrevocable.

(d)           If any provision of this Agreement is invalid, illegal, or unenforceable, the balance of this Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.

(e)           The headings in this Agreement are solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.

(f)           This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(g)           This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of laws.  Unless otherwise defined herein, terms defined in Articles 8 and 9 of the UCC are used herein as therein defined. Any action, suit, or proceeding arising out of, based on, or in connection with this Agreement or the transactions contemplated hereby may be brought in the United States District Court for the Southern District of New York and each party covenants and agrees not to assert, by way of motion, as a defense, or otherwise, in any such action, suit, or proceeding, any claim that it or he is not subject personally to the jurisdiction of such court, that its or his property is exempt or immune from attachment or execution, that the action, suit, or proceeding is brought in an inconvenient forum, that the venue of the action, suit, or proceeding is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

(h)           No course of dealing and no delay or omission on the part of the Secured Party in exercising any right or remedy shall operate as a waiver thereof or otherwise prejudice the Secured Party’s rights, powers, or remedies.  No right, power or remedy conferred by this Agreement upon the Secured Party shall be exclusive of any other right, power or remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise, and all such remedies may be exercised singly or concurrently.

(i)           This Agreement, together with the Note, sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements among them concerning such subject matter and may be modified only by a written instrument duly executed by the party intended to be bound thereby.

 

 

 

 

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(j)           In the absence of willful misconduct taken or omitted in bad faith, gross negligence, or other action which, by clear and convincing evidence, greatly departs from commercially reasonable conduct, the Secured Party shall not be liable to the Company or any other person for any act or omission, any mistake of fact or any error of judgment in exercising any right or remedy granted herein.

(k)           The Secured Party represents and warrants that it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended.

IN WITNESS WHEREOF, the parties have executed this Security Agreement on the date set forth above.

 

	 	PREMIER BEVERAGE GROUP CORP.	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name: Fouad Kallamni	 
	 	 	Title: President	 
	 	 	 	 
	 	 	 	 
	 	[                                                      ]	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

 

 

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Exhibit A

Permitted Liens

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit 10.8

 

 

THE WARRANT EVIDENCED HEREBY, AND THE SECURITIES ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE APPLICABLE STATE SECURITY LAWS.  THE WARRANT AND SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE PROPOSED DISPOSITION IS THE SUBJECT OF A CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SAID ACT AND SUCH STATE SECURITIES LAWS IN CONNECTION WITH SUCH DISPOSITION.

 

PREMIER BEVERAGE GROUP CORP.

 

COMMON STOCK PURCHASE WARRANT

 

Original Issue Date:  December 9, 2011

 

Expiration Date:  December 8, 2014

 

Warrant No. A-1

 

This Warrant is Issued to

 

[                                           ]

 

(hereinafter called the “Holder,” which term shall include its successors and assigns) by Premier Beverage Group Corp., a Nevada corporation (hereinafter referred to as the “Company”).  This Warrant may be transferred by the Holder only in accordance with the provisions of Sections 1.04 and 5 hereof.

 

1.             The Warrant.

 

1.01.         For value received and subject to the terms and conditions hereinafter set forth, the Holder is entitled, upon surrender of this Warrant at any time on or prior to December 9, 2014 (with the subscription form annexed hereto (the “Subscription Form”) duly executed) at the office of the Company at 501 Madison Avenue, Suite 501, New York, NY 10022, or such other office in the United States of which the Company shall notify the Holder hereof in writing, to purchase from the Company, at the purchase price hereinafter specified (as adjusted from time to time, the “Exercise Price”), two hundred thousand (200,000) shares (subject to adjustment as hereinafter set forth) (as so adjusted from time to time, the “Number of Warrant Shares”) of the Common Stock, $0.00015 par value per share, of the Company (including any securities that may be substituted for such Common Stock in accordance with Section 1.06(C) of and any other applicable provisions of this Warrant “Common Stock”).  The initial Exercise Price shall be a $0.20 per share.

 

As promptly as practicable after surrender of this Warrant and receipt of payment of the Exercise Price, the Company shall issue and deliver to the Holder a certificate or certificates for the shares purchased hereunder, in certificates of such denominations and in such names as the Holder may specify, together with any other stock, securities or property which such Holder may be entitled to receive pursuant to Section 1.06 hereof.

 

 

 

 

  

  

  

  

 

 

Payment of the Exercise Price shall be made by check made payable to the order of the Company or wire transfer of funds to a bank account designated by the Company. Alternatively, the Holder may elect to exercise the rights represented by this Warrant in whole or in part (but not as to fractional shares of Common Stock) by the surrender of this Warrant and delivery of an executed Subscription Form specifying that the Warrant shall be exercised, and the Exercise Price paid, by the Company’s issuing to the Holder a number of shares of Common Stock computed using the following formula:

 

	  	
X = Y (A-B)

	  
	  	  A	
 

 

	Where:	

X =

	the number of shares of Common Stock to be issued to the Holder.
	 	

Y =

	the number of shares of Common Stock issuable upon exercise of this Warrant on the date of delivery of the Subscription Form.
	 	

A =

	the current fair market value of one share of Common Stock.
	 	B =	Exercise Price.

 

As used herein, current fair market value of the Common Stock shall mean the numerical average of the fair market value per share of Common Stock over the 10 trading days immediately preceding the day on which the Subscription Form is received by the Company.  If the Common Stock is then traded on a securities exchange or any Nasdaq Market, “fair market value per share” on any given day shall be the closing price of a share of Common Stock on that exchange or Nasdaq Market for that day, or if the Common Stock is then traded in an over-the-counter market, “fair market value per share” on any given day shall be the closing bid price for a share of Common Stock on such market for that day.

 

1.02.         During the period within which the rights represented by this Warrant may be exercised, the Company shall at all times have authorized and reserved for the purpose of issue upon exercise of the rights evidenced hereby, a sufficient number of shares of the class of securities issuable upon exercise of this Warrant to provide for the exercise of such rights.  Upon surrender for exercise, this Warrant shall be canceled and shall not be reissued; provided, however, that upon the partial exercise hereof a substitute Warrant of like tenor and date representing the rights to subscribe for and purchase any such unexercised portion hereof shall be issued.

 

1.03.         This Warrant may be subdivided into one or more Warrants entitling the Holder to purchase shares of the class of securities issuable upon exercise of this Warrant in multiples of one or more whole shares, upon surrender of this Warrant by the Holder for such purpose at the office of the Company.

 

1.04.         The Company shall maintain at its office (or at such other office or agency of the Company as it may from time to time designate in writing to the Holder hereof), a register containing the name and address of the Holder of this Warrant.  The Holder of this Warrant shall be the person or entity in whose name this Warrant is originally issued and registered, unless a subsequent holder shall have presented to the Company this Warrant, duly assigned to such holder, for inspection and a written notice of his acquisition of this Warrant and designating in writing the address of such subsequent holder, in which case such subsequent holder of this Warrant shall become the subsequent Holder.  Any Holder of this Warrant may change his address as shown on such register by written notice to the Company requesting such change.  Any written notice required or permitted to be given to the Holder of this Warrant by the Company or to the Company by the Holder shall be delivered by a nationally recognized air courier service, to the Holder at the address as shown on such register or to the Company at the address shown in Section 1.01 of this Warrant, and shall be deemed to have been given when received.

 

 

 

 

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1.05.         The rights of the Holder shall be subject to the following terms and conditions.  If the Company at any time or from time to time after the issuance of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) the outstanding shares of the class of securities issuable upon exercise hereof into a greater number of shares, the Exercise Price in effect immediately before that subdivision shall be proportionately decreased.  If the Company at any time or from time to time after the issuance of this Warrant combines (by reverse stock split or otherwise) the outstanding shares of the class of securities issuable upon exercise hereof, the Exercise Price in effect immediately before the combination shall be proportionately increased. Any adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

1.06.         Adjustment in the Number of Shares for Subdivisions or Combinations.  Whenever the Exercise Price is adjusted pursuant to Section 1.05, the number of shares of the class of securities issuable upon exercise hereof also shall be adjusted by multiplying the number of shares subject to this Warrant immediately prior to the adjustment of the Exercise Price by a fraction (x) the numerator of which is the Exercise Price immediately prior to the adjustment and (y) the denominator of which is the adjusted Exercise Price.

 

(A)           Adjustments for Certain Dividends and Distributions.  In the event that at any time or from time to time after the Original Issue Date the Company shall make or issue, or fix a record date for the determination of holders of the class of securities issuable upon exercise hereof, or any class or series of securities into which the class of securities issuable upon exercise hereof may be convertible, who are entitled to receive a dividend or other distribution payable in securities of the Company, then and in each such event, unless such dividend or distribution results in an adjustment of the Exercise Price pursuant to Section 1.05, provision shall be made so that the Holder of this Warrant shall receive upon exercise hereof, in addition to the securities receivable hereupon, the amount of securities of the Company that he would have received had this Warrant been exercised on the date of such event and had he thereafter, during the period from the date of such event to and including the exercise date, retained such securities receivable by him as aforesaid during such period, giving application during such period to all adjustments called for herein.

 

(B)           Adjustment for Reclassification, Exchange, or Substitution.  In the event that at any time or from time to time after the Original Issue Date, the class of securities issuable upon the exercise of this Warrant shall be changed into the same or a different number of shares of any class or classes of stock, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares or stock dividend provided for above, or a merger, consolidation, or sale of assets provided for below), then and in each such event the Holder of this Warrant shall have the right thereafter to exercise this Warrant for the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification, or other change, by holders of the number of shares of the class of securities for which such Warrant was exercisable immediately prior to such reorganization, reclassification, or change, all subject to further adjustment as provided herein.

 

(C)           Adjustment for Merger, Consolidation or Sale of Assets.  Subject to Section 1.06(G) below, in the event that at any time or from time to time after the Original Issue Date, the Company shall merge or consolidate with or into another entity or sell all or substantially all of its assets, this Warrant shall thereafter be exercisable for the kind and amount of shares of stock or other securities or property to which a holder of the number of shares of the class of securities of the Company deliverable upon exercise of this Warrant would have been entitled upon such consolidation, merger or sale; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions set forth in this Section 1.06 with respect to the rights and interest thereafter of the Holder of this Warrant, to the end that the provisions set forth in this Section 1.06 including provisions with respect to changes shall thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of this Warrant.

 

 

 

 

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(D)           Effect of Certain Transactions.  If the Company is a party to a merger or reorganization with one or more other corporations or if the Company consolidates with or into one or more other corporations, and as a result of the consolidation, merger or reorganization, the stockholders of the Company hold less than 50% of the equity in the surviving or resulting company, or if the Company is liquidated or sells or otherwise disposes of substantially all its assets to another corporation, or in the event of a sale of all or substantially all of its capital stock (each hereinafter referred to as a “Transaction”), in any case while this Warrant remains outstanding, this Warrant may be canceled by the Board of Directors as of the effective date of such Transaction, provided that notice of such cancellation shall be given to the registered holder and the registered holder shall have the right to exercise this Warrant during the twenty (20) day period preceding the effective date of such Transaction.  In the event that this Warrant is not canceled by the Board of Directors as set forth above, after the effective date of such Transaction, this Warrant shall remain outstanding and shall be exercisable pursuant to the terms of this Warrant.

 

(E)           No Impairment.  The Company shall not, by amendment of its Charter or By-Laws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company but shall at all times in good faith assist in the carrying out of all the provisions of this Section 1.06 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment.

 

(F)           Notice of Adjustment of Number of Shares.  Upon any adjustment, readjustment or other change relating to the number of shares purchasable upon exercise of this Warrant or to the Exercise Price, then, and in each such case, the Company at its expense shall give written notice thereof, delivered by a nationally recognized air courier service, addressed to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the number of shares (or other denominations of securities) purchasable at the Exercise Price upon the exercise of this Warrant setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

 

(G)           Notice.  In case at any time: (1) the Company shall pay any dividend or make any distribution (other than regular cash dividends from earnings or earned surplus paid at an established rate) to the holders of the class of securities issuable upon exercise of this Warrant, or any class or series of securities into which the class of securities issuable upon exercise hereof may be convertible; (2) the Company shall offer for subscription pro rata to the holders of the class of securities issuable upon exercise of this Warrant any additional shares of stock of any class or other rights; (3) there shall be any capital reorganization or reclassification of the capital stock of the Company, or consolidation or merger of the Company with or sale of all or substantially all of its assets to another corporation; or (4) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of such cases, the Company shall give written notice, delivered by a nationally recognized air courier service, addressed to the Holder at the address of such Holder as shown on the books of the Company, of the date on which (a) the books of the Company shall close or a record date shall be fixed for determining the shareholders entitled to such dividend, distribution or subscription rights, or (b) such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up shall take place, as the case may be.  Such notice shall also provide reasonable details of the proposed transaction and specify the date as of which the holders of 

 

 

 

 

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record of the class of securities issuable upon exercise of this Warrant shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their securities for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, as the case may be.  Such written notice shall be given at least 20 days prior to the action in question and not less than 20 days prior to the record date or the date on which the Company’s transfer books are closed in respect thereto.

 

(H)           Voting Rights.  This Warrant shall not entitle the Holder to any voting rights or any other rights as a stockholder of the Company but upon presentation of this Warrant with the Subscription Form annexed duly executed and the tender of payment of the Exercise Price at the office of the Company pursuant to the provisions of this Warrant, the Holder shall forthwith be deemed a stockholder of the Company in respect of the securities for which the Holder has so subscribed and paid.

 

(I)           No Change Necessary.  The form of this Warrant need not be changed because of any adjustment in the Exercise Price or in the number of shares issuable upon its exercise. A Warrant issued after any adjustment on any partial exercise or upon replacement may continue to express the same Exercise Price and the same number of shares (appropriately reduced in the case of partial exercise) as are stated on this Warrant as initially issued, and that Exercise Price and that number of shares shall be considered to have been so changed as of the close of business on the date of adjustment.

 

2.             Covenant of the Company.  All securities which may be issued upon the exercise of the rights represented by this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue thereof.

 

3.             Fractional Shares.  No fractional shares or scrip representing fractional shares shall be issued upon exercise of this Warrant.  If, upon exercise of this Warrant as an entirety, the Holder would be entitled to received a fractional share, then the Company shall pay in cash to such Holder an amount equal to such fractional share multiplied by the fair market value of one share of the class of securities issuable upon exercise of this Warrant (as determined by the Board of Directors of the Company) on the date of such exercise.

 

4.             Substitution.  In the case this Warrant shall be mutilated, lost, stolen or destroyed, the Company will issue a new Warrant of like tenor and denomination and deliver the same (a) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (b) in lieu of any Warrant lost, stolen or destroyed, upon receipt of evidence satisfactory to the Company of the loss, theft, or destruction of such Warrant (including a reasonably detailed affidavit with respect to the circumstances of any loss, theft or destruction), and of indemnity (or, in the case of the initial Holder or any other institutional holder, an indemnity agreement) satisfactory to the Company.

 

5.             Transfer Restrictions.  This Warrant shall not be sold, transferred, pledged or hypothecated unless the proposed disposition is the subject of a currently effective registration statement under the Securities Act of 1933, as amended, or unless the Company has received an opinion of counsel reasonably satisfactory in form and scope to the Company that such registration is not required.

 

6.             Remedies.  Each party stipulates that the remedies at law in the event of any default of threatened default by the other party in the performance or compliance with any of the terms of this Warrant are and will not be adequate, and that such terms may be specifically enforced by a decree for that specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

 

 

 

 

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7.             Piggyback Registration Rights. If the Company, at any time after the Original Issue Date and before the Expiration Date (the “Exercise Period”) registers (the “Registration”) any of its securities under the Securities Act of 1933 (the “Securities Act”), other than by way of Commission Forms S-4 or S-8, or any successor form to either, whether or not for its own account, the Company shall give prompt written notice thereof to the Holder and, if the Holder shall so request in writing within 10 days after receipt of any such notice, the Company shall include in each Registration all Warrant Shares the Holder so requests to be registered thereunder.

 

Notwithstanding the foregoing, the Company shall not be required to include in the Registration any Warrant Shares that are then eligible for sale under Rule 144 promulgated under the Securities Act without regard to any volume or public information limitations.

 

All costs and expenses incident to the Company’s registration of securities under the Securities Act, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other persons retained by the Company, shall, to the extent permitted by applicable federal and state securities laws, rules and regulations, be borne by the Company.

 

If the Registration is an underwritten secondary registration on behalf of holders of the Company’s securities and the managing underwriter advises the Company in writing that, in its opinion, the number of securities requested to be included in the Registration exceeds the number which can be sold in such offering, the Company will include in such Registration only so many of the Holder’s Warrant Shares as the managing underwriter shall permit. Any Warrant Shares not so registered shall be registered in the next Registration.

 

If the Warrant Shares are included in a Registration effected pursuant to the terms hereof, the Company shall indemnify and hold harmless the Holder, to the extent permitted by law, from and against all losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’ fees except as limited hereinafter insofar as such losses, claims, damages, liabilities and expenses arise out of or are based upon any untrue or allegedly untrue statement of a material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by the Holder expressly for use therein or by the Holder’s failure to deliver a copy of the registration statement or prospectus or any amendments thereof or supplements thereto after the Company has furnished the Holder with a sufficient number of copies of the same.  In connection with an underwritten offering, the Company will indemnify each underwriter, its officers and directors and each person who controls such underwriter (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holder.  The indemnifying disbursements required by this paragraph will be made by periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred.

 

If the Warrant Shares are included in a Registration, the Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, the Holder shall indemnify and hold harmless the Company, its directors and officers and each person who controls the Company (within the meaning of the Securities Act), from and against all losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’ fees except as limited in the following paragraph) insofar as such losses, claims, damages, liabilities and 

 

 

 

 

 

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expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by the Holder and, furthermore, that the amount payable in connection with such indemnification shall not exceed the net proceeds received by the Holder for the Warrant Shares owned by him and included in such Registration.

 

Any person entitled to indemnification will (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (b) unless, in such indemnified party’s reasonable judgment, a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld).  An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the reasonable fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless, in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.

 

The indemnification provided for herein will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and will survive the transfer of the Warrant Shares.  The Company also agrees to make such provisions, as are reasonably requested by any indemnified party, for contribution to such party in the event the Company’s indemnification is unavailable for any reason.  If all or any part of the Warrant Shares are included in a Registration covered hereunder, the Holder shall enter into such agreements and shall provide the Company with such information in connection with the Registration as shall be reasonably requested by the Company and as shall be necessary to comply with federal and state securities laws.

 

8.             Governing Law.  This Warrant and its provisions and the rights and obligations of the parties hereunder shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of New York, without regard to its principles of conflicts of laws.

 

9.             Miscellaneous.  This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

PBGC Common Stock Purchase Warrant           Page 7

  

  

  

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its President thereunto duly authorized under seal this 9th day of December 2011.

 

	ATTEST:   	 	PREMIER BEVERAGE GROUP CORP.	 
	
 

	 	 	
 

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	  	 
	Secretary	 	Name:	Fouad Kallamni	 
	 	 	Title: 	President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                              

PBGC Common Stock Purchase Warrant           Page 8

  

  

  

 

 

SUBSCRIPTION FORM

 

The undersigned, the Holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, _____ shares of common stock of Premier Beverage Group Corp.  and herewith (check one) ____ makes payment of $__________ therefor or _______ elects to pay the Exercise Price using the alternative method set forth in Section 1.01 of such Warrant and requests that the certificates representing such shares be issued in the name of and delivered to:______________________ and if such shares shall not include all of the shares issuable under this Warrant, that a new Warrant of like tenor and date be delivered to the undersigned holder for the shares not issued.

 

 

	Dated:	 	 	Signature:   	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PBGC Common Stock Purchase Warrant           Page 9

  

  

  

 

FORM OF ASSIGNMENT

 

For value received the undersigned hereby sells, assigns and transfers unto  _________________ ____________________ whose address is ______________________________, the within Warrant with respect to   shares purchasable thereby, and does hereby irrevocably constitute and appoint   attorney to transfer the within Warrant on the books of the within named corporation with full power of substitution in the premises.

 

Dated:

 

 

In the presence of:

 

	 	 	 	 
	 	 	Signature	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PBGC Common Stock Purchase Warrant           Page 10

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