Document:

Exhibit 10.1

 

Execution Copy

 

 TERM LOAN AND COLLAR AGREEMENT

 

                                                This TERM LOAN AND COLLAR AGREEMENT, dated as of May 21, 2013 (this “Agreement”), by and between TIMIOS NATIONAL CORPORATION, a Delaware corporation (“Lender” or “TNC”), and YA GLOBAL INVESTMENTS, L.P., a Cayman Islands exempt limited partnership (“Borrower” or “YA”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower desires to borrow from Lender, and Lender desires to lend to Borrower, an amount equal to Five Hundred Thousand Dollars and 00/100 ($500,000), pursuant to the terms and conditions herein;

 

WHEREAS, the Borrower and the Lender desire to enter into a collar agreement pursuant to which the parties allocate the risk associated with the value of the collateral that will secure the obligations of the Borrower under this Agreement; and

 

WHEREAS, the Borrower and the Lender desire to net the obligations under this Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Defined Terms

 

1.                                      The following terms shall have the following meanings:

 

“Accelerated Maturity Date” means the earlier to occur of (i) the date that is thirty (30) calendar days after receipt by the Borrower of an Acceleration Notice and (ii) the date on which the Maturity Date is accelerated pursuant to Section 8 of this Agreement.

 

“Acceleration Notice” means a written notice by the Lender to the Borrower electing to accelerate the Maturity Date.

 

“Actionable Event of Default” means an Event of Default that has occurred and is continuing under Section 8(b) of this Agreement.

 

“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions are authorized or required by law or other government action to close.

 

“Collateral Shares” means 253,434 shares of Series J Preferred Stock owned by the Borrower and evidenced by Certificate No. PJ013 issued by TNC to YA.

 

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“Common Stock” means the common stock, par value $0.001, of the Lender.

 

“Conversion Shares” means shares of Common Stock that would be issued to the Borrower if the Borrower elected to convert shares of Series J Preferred Stock into shares of Common Stock in accordance with the Series J Preferred Stock Certificate of Designations.

 

“Going Private Event” means, at any time, the Common Stock ceases to be quoted for trading or listed for trading on any national securities exchange that is registered with the Securities Exchange Commission or with the Nasdaq OTC Bulletin Board.

 

“Governmental Authority” means any United States, state or local governmental entity or municipality or subdivision thereof or any authority, department, commission, board, bureau, agency, court or instrumentality thereof.

 

“Law” means any statute, rule, regulation or ordinance of any Governmental Authority.

 

“Loan” means a term loan by the Lender to the Borrower denominated in US dollars in the original principal amount of Five Hundred Thousand and 00/100 Dollars ($500,000) pursuant to the terms and conditions set forth in this Agreement.

 

“Loan Documents” means, collectively, this Agreement, the Stock Pledge Agreement and all documents, instruments and agreements executed in connection herewith or related hereto.

 

“Maturity Date” means the earlier of (i) May 21, 2017 or (ii) the Accelerated Maturity Date.

 

“Put Option” is defined in Section 10 of this Agreement.

 

“Put Option Notice” means a written notice by the Borrower to the Lender advising the Lender that the Borrower has elected to sell to the Lender all Collateral Shares in accordance with Section 10 of this Agreement.

 

“Securities Purchase Agreement” means a Securities Purchase Agreement, substantially similar to the Securities Purchase Agreement attached hereto as Exhibit A.

 

“Series J Preferred Stock” means the Series J Preferred Stock, par value $0.01, issued pursuant to the Series J Preferred Stock Certificate of Designations.

 

“Series J Preferred Stock Certificate of Designations” means that certain Certificate of Designations, Preferences and Rights of Series J Preferred Stock filed with the Secretary of State of the State of Delaware on August 28, 2012.

 

“Settlement Date” means the earlier to occur of (i) the date on which all of the Collateral Shares have been sold or otherwise disposed and (ii) the date that is 120 days after the Maturity Date, provided, however, if the Settlement Date occurs during a period in which the Borrower is prohibited from selling Collateral Shares, including, without limitation, pursuant to any law, rule, regulation, court order or other legal proceeding, then the Settlement Date shall be the first Business Day after such prohibition ends.

 

“Stock Pledge Agreement” means a Stock Pledge Agreement mutually acceptable to the Lender and the Borrower.

 

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“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement, other than a stamp, registration, documentation or similar tax.

 

“YA Non-Recourse Note” means that certain Second Amended and Restated Non-Recourse Promissory Note in the original principal amount of Five Hundred Fifty Thousand and 00/100 Dollars ($550,000) issued by TNC to YA.

 

“YA Recourse Note” means that certain Second Amended and Restated Promissory Note in the original principal amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000) issued by TNC to YA.

 

Term Loan

 

2.                                      Term Loan.  The Lender shall, on the date hereof, make the Loan to the Borrower.  On the Settlement Date, the Borrower shall pay to the Lender the outstanding principal balance of the Loan, together with all accrued and unpaid interest thereon.  Once repaid the Loan may not be reborrowed.  Prior to the Settlement Date, the Borrower shall not be obligated to make any payments to reduce its obligations hereunder, including, without limitation, any payments to reduce the outstanding principal amount or accrued and unpaid interest thereon.

 

3.                                      Evidence of Term Loan.  The Loan and all payments thereon shall be evidenced by the Lender’s loan accounts and records, provided, however, upon request of the Lender, the Loan may be evidenced by a promissory note.  Such loan accounts, records and promissory note shall be conclusive absent manifest error of the amount of the Loan and payment thereon.  Any failure to record the Loan or any error in doing so shall not limit or otherwise affect the obligation of the Borrower to pay any amount owing with respect to the Loan.

 

4.                                      Interest.  Interest shall accrue on the principal balance of the Loan at an annually compounded rate equal to One and Nine One Hundredths Percent (1.09%).  Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed.

 

5.                                      Optional Prepayment.  The Borrower may elect to prepay amounts outstanding under this Agreement, in whole or in part, without payment or penalty.

 

6.                                      Reserved.

 

7.                                      Pledge of Series J Preferred Stock.  The Borrower’s obligations under this Agreement shall be secured by the Collateral Shares in accordance with and pursuant to the Stock Pledge Agreement.

 

Events of Default

 

8.                                      Each of the following shall constitute an event of default (“Event of Default”) under this Agreement.

 

a.                                      The Borrower shall fail to pay when due principal or interest and such default shall have continued for a period of fifteen (15) Business days;

 

b.                                      Any representation or warranty made by or on behalf of the Borrower in this Agreement or in any other Loan Document is false, misleading or incomplete in any material

 

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respect when made or, if such representation or warranty is made expressly as of an earlier date, as of such earlier date;

 

c.                                       The Borrower shall commence, or there shall be commenced against the Borrower under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Borrower commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower or there is commenced against the Borrower any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Borrower is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Borrower suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty one (61) days; or the Borrower makes a general assignment for the benefit of creditors; or the Borrower shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Borrower shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Borrower shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Borrower for the purpose of effecting any of the foregoing; or

 

d.                                      Borrower breaches or fails or neglects to perform, keep or observe any covenant set forth in this Agreement or any other Loan Document, other than Borrower’s obligation to make all payments when due, and the same has not been cured within ten (10) Business Days after Borrower receives notice thereof from Lender.

 

During the time that any portion of the Loan is outstanding, if any Event of Default has occurred and is continuing, other than an Event of Default under Section 8(c), the Lender may elect to accelerate the Maturity Date to a date not more than ten (10) Business Days after the occurrence of such Event of Default; it being understood the Settlement Date cannot be accelerated.  During the time that any portion of the Loan is outstanding, if any Event of Default arising under Section 8(c) has occurred and is continuing, the Maturity Date shall immediately, without any further action of any party, be accelerated to the date such Event of Default occurred, it being understood the Settlement Date cannot be accelerated.  The Lender need not provide and the Borrower hereby waives any presentment, demand, protest or other notice of any kind, and, except as expressly set forth herein and in the other Loan Documents, the Lender may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law.  Such declaration may be rescinded and annulled by the Lender at any time prior to payment hereunder.  No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Disposition of Collateral Shares at Maturity Date

 

9.                                      Selection of Broker.  Within ten (10) calendar days after the Maturity Date, the Borrower shall retain a broker (a “Broker”) mutually acceptable to both the Lender and the Borrower.  All fees and expenses of the Broker shall be paid by the Lender.  If the Lender and the Borrower cannot agree upon a Broker within ten (10) calendar days after the Maturity Date, the Borrower may retain a Broker satisfactory to the Borrower, in the Borrower’s sole and exclusive discretion, and the Borrower shall be responsible for all fees and expenses of such Broker.  If the Borrower fails to retain a Broker within twenty (20) calendar days after the Maturity Date, the Lender may retain a Broker, satisfactory to the Lender, in the Lender’s sole and exclusive discretion, and the Lender shall be responsible for all fees and expenses of such Broker.  The Broker shall be retained to sell all, but not less than all, Collateral Shares

 

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not previously sold prior to the Maturity Date, pursuant to a single transaction or series of related transactions, for a purchase price to be paid solely in good and collected funds.

 

10.                               Put Option.

 

a.                                      If the Broker fails to sell all Collateral Shares not previously sold prior to the Maturity Date within ninety (90) calendar days after the Maturity Date, the Borrower may offer (the “Put Option”) to sell to the Lender such Collateral Shares.  Within ten (10) calendar days of the Borrower having delivered to the Lender the Put Option Notice, the Lender shall purchase from the Borrower all Collateral Shares not previously sold prior to the Maturity Date pursuant to the Securities Purchase Agreement for a purchase price equal to the product of (a) the Common Stock Valuation (as hereinafter defined) and (b) the number of shares of Common Stock TNC would issue to YA if YA elected to convert into Common Stock all such Collateral Shares.  The term “Common Stock Valuation” shall mean the price per share of Common Stock as determined by a third party valuation company, or other valuation methodology, in each case, mutually acceptable to both the Lender and the Borrower, provided, however, if there is a Going Private Event (as hereinafter defined), the Common Stock Valuation shall be $0.78 per share of Common Stock.  To the extent that the Lender and the Borrower agree upon a valuation company to determine the Common Stock Valuation, the Lender and the Borrower will split equally all fees and expenses incurred by such valuation company.

 

b.                                      If, within five (5) calendar days of the Borrower having delivered to the Lender the Put Notice, the Lender and the Borrower cannot agree upon the Common Stock Valuation or upon a third party valuation company to determine the Common Stock Valuation, then the Lender and the Borrower shall each retain a nationally or regionally recognized valuation firm (together, the “Valuation Firms” and each, an “Valuation Firm”).  The Common Stock Valuation shall be equal to the average of Common Stock Valuations as determined by the Valuation Firms.  The Lender and the Borrower shall be responsible for the fees and expenses of the Valuation Firm it retains.

 

11.                               No Payment Prior to Settlement Date.  The Borrower shall not be obligated to pay any portion of the Loan or any other amount due hereunder, including, without limitation, the outstanding principal balance of the Loan or accrued and unpaid interest thereon, prior to the Settlement Date.

 

Collar Agreements; Netting; Setoff

 

12.                               Reserved.

 

13.                               Netting of Obligations Under This Agreement on the Settlement Date.  If, on the Settlement Date, amounts would otherwise be payable under this Agreement by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged, and, if the aggregate amount that would have otherwise been payable by one party exceeds the aggregate amount that would have otherwise been payable to the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.  By way of example, if the aggregate amount owed by the Lender to the Borrower under this Agreement, including, without limitation, pursuant to Section 16 hereof, if applicable (the “Example Lender Obligations”), exceeds the aggregate amount the Borrower owes to the Lender under this Agreement, including, without limitation, outstanding principal under the Loan, accrued and unpaid interest thereon and, if applicable, any amounts owed by Borrower to Lender under Section 16 hereof (collectively, the “Example Borrower Obligations”), then Lender shall pay to Borrower the difference between the Example Lender Obligations

 

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and the Example Borrower Obligations.  On the Settlement Date, after giving effect to the netting of payment obligations hereunder, any deficiency shall be paid in good and collected funds.

 

14.                               No Netting or Setoff off for Obligations Not Under This Agreement.  The Lender and the Borrower hereby elect that a net amount and payment obligation will be determined solely in respect of the obligations under this Agreement.  Each of the Lender and the Borrower hereby agrees that the Lender shall not be entitled to net or otherwise setoff against obligations of the Lender to the Borrower under the YA Recourse Note, YA Non-Recourse Note or any of the documents, instruments and agreements executed in connection therewith or related thereto, any obligations of the Borrower to the Lender under this Agreement or the other Loan Documents.

 

15.                               No Deduction or Withholding for Tax.  All payments under this Agreement will be made without any deduction or withholding for or an account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant government authority, then in effect.  If a party is required to deduct or withhold, then that party (“X”) will:

 

a.              Promptly notify the other party (“Y”) of such requirement;

 

b.              Pay to the relevant authorities the full amount required to be withheld or deducted promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

 

c.               Promptly forward to Y an official receipt (or a certified copy) or other documentation reasonably acceptable to Y, evidencing such payment to such authorities.

 

16.                               Collar Agreement

 

a.                                      If (i) a Going Private Event shall not have occurred, (ii) Collateral Shares are sold or otherwise disposed of and (iii) the price per Conversion Share is $0.60 or less, then the Lender shall pay to the Borrower an amount equal to the product of (A) the difference between $0.60 and the price per Conversion Share and (B) the number of Conversion Shares.

 

b.                                      If (i) a Going Private Event shall have occurred, (ii) Collateral Shares are sold or otherwise disposed of and (iii) the price per Conversion Share is $0.78 or less, then the Lender shall pay to the Borrower an amount equal to the product of (A) the difference between $0.78 and the price per Conversion Share and (B) the number of Conversion Shares.

 

c.                                       If Collateral Shares are sold or otherwise disposed of and the price per Conversion Share is more than $0.78, then the Borrower shall pay to the Lender an amount equal to the product of (i) the difference between the price per Conversion Share and $0.78 and (ii) the number of Conversion Shares.

 

Closing Conditions

 

17.                               As a condition precedent to the effectiveness of this Agreement, the Lender must receive from the Borrower executed counterparts of this Agreement and the Stock Pledge Agreement.

 

18.                               As a condition precedent to the effectiveness of this Agreement, the Borrower must receive from the Lender (a) copies, certified by a duly authorized officer of the Lender to be true and complete as of the date hereof, of each of (i) the governing documents of the Lender as in effect on the date hereof, including, without limitation, the Articles of Incorporation and the By-laws and any and all

 

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amendments thereto, (ii) the resolutions of the Lender authorizing the execution and delivery of this Agreement and the other Loan Documents and the Lender’s performance of all of the transactions contemplated hereby and thereby, and (iii) an incumbency certificate giving the name and bearing a specimen signature of each individual who shall be so authorized; and (b) such other evidence reasonably satisfactory to the Borrower that all such actions on the part of the Lender have been duly and effectively taken.

 

19.                               As a condition precedent to the effectiveness of this Agreement, on the date on which all conditions precedent have been met or waived, the price per share of Common Stock shall be at least $0.60, but not more than $.078.

 

Representations and Warranties

 

20.                               The Borrower represents and warrants to Seller that:

 

a.                                      Borrower is a Cayman Islands exempt limited partnership, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization with full authority to execute and deliver this Agreement and the other Loan Documents, to consummate the transactions contemplated hereby and thereby and to perform all of its obligations hereunder and thereunder.

 

b.                                      This Agreement has been, and when executed by Borrower each of the other Loan Documents will be, duly and validly executed and delivered by Borrower.  This Agreement constitutes, and when executed by Borrower each of the other Loan Documents will constitute, the valid and binding agreement of the Borrower enforceable against the Borrower in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other Laws relating to creditors’ rights generally and by principles of equity.

 

c.                                       The execution, delivery and performance of this Agreement and the Loan Documents by Borrower do not, and the fulfillment by Borrower of its obligations under this Agreement and the Loan Documents will not, conflict with, violate or result in the breach of any term of the Borrower’s organizational documents.  The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower will not violate any Law.  Borrower’s execution, delivery and performance of this Agreement and the other Loan Documents do not require authorization or approval of, or filing with, any Governmental Authority.

 

d.                                      There are no actions, suits, proceedings, claims, arbitrations or, to Borrower’s knowledge, investigations, either at law or in equity, of any kind now pending, or to Borrower’s knowledge threatened, against Borrower (i) that question the validity of any of the Loan Documents or the transactions contemplated thereby; or (ii) that seek to delay, prohibit or restrict in any manner any actions taken or contemplated to be taken by Borrower under the Loan Documents

 

e.                                       (i) the Borrower is the legal and beneficial owner of the Collateral Shares, (ii) the Collateral Shares are free and clear of any security interest, lien, mortgage, deed of trust, pledge, encumbrance, claim, lease, option, charge or similar restriction, other than pursuant to the Stock Pledge Agreement, (iii) no options, warrants or other rights for the purchase of the Collateral Shares have been authorized or agreed to be issued or are outstanding, other than as set forth in this Agreement and the other Loan Documents and (iv) there are no stock owner agreements,

 

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pooling agreements, voting trusts or other similar agreements with respect to the ownership or voting of any portion of the Collateral Shares.

 

21.                               The Lender represents and warrants to the Borrower that:

 

a.                                      The Lender is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware with full authority to execute and deliver this agreement and the other Loan Documents, to consummate the transactions contemplated hereby and thereby and to perform all of its obligations hereunder and thereunder.

 

b.                                      This Agreement has been, and when executed by Lender each of the other Loan Documents will be, duly and validly executed and delivered by Lender.  This Agreement constitutes, and when executed by Lender each of the other Loan Documents will constitute, the valid and binding agreement of the Lender enforceable against the Lender in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other Laws relating to creditors’ rights generally and by principles of equity.

 

c.                                       The execution, delivery and performance of this Agreement and the Loan Documents by Lender do not, and the fulfillment by Lender of its obligations under this Agreement and the Loan Documents will not, conflict with, violate or result in the breach of any term of the Lender’s organizational documents.  The execution, delivery and performance of this Agreement and the other Loan Documents by Lender will not violate any Law.  Lender’s execution, delivery and performance of this Agreement and the other Loan Documents do not require authorization or approval of, or filing with, any Governmental Authority.

 

d.                                      There are no actions, suits, proceedings, claims, arbitrations or, to Lender’s knowledge, investigations, either at law or in equity, of any kind now pending, or to Lender’s knowledge threatened, against Lender (i) that question the validity of any of the Loan Documents or the transactions contemplated thereby; or (ii) that seek to delay, prohibit or restrict in any manner any actions taken or contemplated to be taken by Lender under the Loan Documents.

 

Negative Covenant

 

22.                               The Borrower shall not (a) sell, assign (by operation of law or otherwise), lease, license, exchange or otherwise transfer or dispose of any of the any Collateral Shares, other than pursuant to this Agreement, without the prior written consent of the Lender, or (b) directly or indirectly make, create, incur, assume or permit to exist any lien, security interest, option or other charge or encumbrance in, to or against any of the Collateral Shares, other than pursuant to the Stock Pledge Agreement.

 

Miscellaneous

 

23.                               Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be sent in writing and will be deemed to have been delivered:  (a) upon receipt, when delivered personally; (b) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (c) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

 

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If to the Lender, to:
    	
 
    	
Timios National Corporation
    
	
 
    	
 
    	
4601 North Fairfax Road, Suite 1200
    
	
 
    	
 
    	
Arlington, VA 22203  
    
	
 
    	
 
    	
Attn: Chief Executive Officer
    
	
 
    	
 
    	
Facsimile: (703) 526-0649
    
	
 
    	
 
    	
Email: tmcmillen@timios.com
    
	
 
    	
 
    	
 
    
	
With a copy to (which shall not constitute notice) to:
    	
 
    	
Mintz,   Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
    
	
 
    	
 
    	
666   Third Avenue
    
	
 
    	
 
    	
New York, NY 10017 
    
	
 
    	
 
    	
Attn: Jeffrey P.   Schultz, Esq.
    
	
 
    	
 
    	
Facsimile: (212) 983-3115
    
	
 
    	
 
    	
Email: jpschultz@mintz.com
    
	
 
    	
 
    	
 
    
	
If   to the Borrower:
    	
 
    	
c/o   Yorkville Advisors, LLC
    
	
 
    	
 
    	
1012 Springfield Avenue
    
	
 
    	
 
    	
Mountainside, NJ 07092
    
	
 
    	
 
    	
Attention:
    	
Legal Department
    
	
 
    	
 
    	
Telephone:
    	
(201) 985-8300 
    
	
 
    	
 
    	
Email: mrosselli@yorkvilleadvisors.com
    

 

 

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party five (5) calendar days prior to the effectiveness of such change.  Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

24.                               Each party has full power, right and authority to enter into and perform its obligations under this Agreement, and this Agreement has been duly executed and delivered by each such party, constitutes the valid and binding obligation of each such party, and is enforceability against each such party in accordance with its terms

 

25.                               Any waiver by the Lender of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement.  The failure of the Lender to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in writing.

 

26.                               Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

 

27.                               This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to conflicts of laws thereof.

 

28.                               This Agreement may be executed in counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

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29.                               This Agreement shall be binding upon and enforceable by, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns.  The rights and obligations of the parties to this Agreement or any interest in this Agreement shall not be assigned, transferred, hypothecated, pledged or otherwise disposed of without the prior written consent of the non-assigning party, which consent may be withheld in such party’s sole discretion.

 

30.                               This Agreement, including all exhibits attached hereto, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and there are no agreements, understandings, warranties or representations between the parties hereto with respect to such subject matter except as set forth or noted herein.

 

31.                               Any determination that any provision or application of this Agreement is invalid, illegal, or unenforceable in any respect, or in any instance, shall not affect the validity, legality, or enforceability of any such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Agreement.

 

 (Remainder of page intentionally left blank.  Signature page(s) to follow.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Term Loan and Collar Agreement as of the date first above written.

 

	
 
    	
YA   GLOBAL INVESTMENTS, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
Yorkville   Advisors, LLC
    
	
 
    	
Its:
    	
Investment   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jerry Eicke
    
	
 
    	
 
    	
Name:
    	
Jerry   Eicke
    
	
 
    	
 
    	
Title:
    	
Managing   member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TIMIOS   NATIONAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   C. Thomas McMillen
    
	
 
    	
 
    	
Name:
    	
C.   Thomas McMillen
    
	
 
    	
 
    	
Title:
    	
President   and CEOExhibit 10.2

 

Execution Copy

 

STOCK PLEDGE AGREEMENT

 

This STOCK PLEDGE AGREEMENT, dated as of May 21, 2013 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this “Agreement”), made by and between YA Global Investments, L.P., a Cayman Islands exempt limited partnership (the “Pledgor”), in favor of Timios National Corporation, (the “Secured Party”).

 

WHEREAS, the Pledgor desires to borrow from the Secured Party, and the Secured Party desires to lend to Pledgor, an amount equal to Five Hundred Thousand Dollars and 00/100 ($500,000) (the “Loan”), pursuant to the terms and conditions of a Term Loan and Collar Agreement (the “Loan and Collar Agreement”) dated the date hereof;

 

WHEREAS, this Agreement is given by the Pledgor in favor of the Secured Party to secure the payment and performance of all Secured Obligations; and

 

WHEREAS, it is a condition to the Loan and Collar Agreement and the obligations of the Secured Party to make the Loan that the Pledgor execute and deliver this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.                                      Definitions.

 

(a)                                 Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.

 

(b)                                 Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9.

 

(c)                                  For purposes of this Agreement, capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Loan and Collar Agreement and the following terms shall have the following meanings:

 

“Actionable Event of Default” has the meaning set forth in the Loan and Collar Agreement.

 

“Collateral” has the meaning set forth in Section 2.

 

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“Event of Default” has the meaning set forth in the Loan and Collar Agreement.

 

“Pledged Shares” means 253,434 shares of Series J Preferred Stock, par value $0.01, of the Secured Party evidenced by Certificate No. PJ013, and the certificates, instruments and agreements representing the Pledged Shares and includes any securities or other interests, howsoever evidenced or denominated, received by the Pledgor in exchange for or as a dividend or distribution on or otherwise received in respect of the Pledged Shares.

 

“Proceeds” means “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event, shall include, without limitation, all dividends or other income from the Pledged Shares, collections thereon or distributions with respect thereto.

 

“Secured Obligations” has the meaning set forth in Section 3.

 

“Settlement Date” has the meaning set forth in the Loan and Collar Agreement.

 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New Jersey or, when the laws of any other state govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial Code as in effect from time to time in such state.

 

2.                                      Pledge. The Pledgor hereby pledges, assigns and grants to the Secured Party, and hereby creates a continuing lien and security interest in favor of the Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):

 

(a)                                 the Pledged Shares; and

 

(b)                                 all Proceeds and products of the foregoing, all supporting obligations related thereto, and all accessions to, substitutions and replacements for, and profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor from time to time with respect to any of the foregoing.

 

3.                                      Secured Obligations.  The Collateral secures the payment and performance of:

 

(a)                                 the obligations of the Pledgor from time to time arising under the Loan and Collar Agreement or otherwise with respect to the due and punctual payment of (i) the principal of and premium, if any, and interest on the Loan (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations of the Pledgor under the Loan and Collar Agreement and this Agreement, including fees, costs, attorneys’ fees and disbursements, reimbursement obligations, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy,

 

2

 

insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), in each case, if applicable; and

 

(b)                                 all other agreements, duties, indebtedness, obligations and liabilities of any kind of the Pledgor under the Loan and Collar Agreement or this Agreement, in each case whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several (all such obligations, liabilities, sums and expenses set forth in Section 3 being herein collectively called the “Secured Obligations”).

 

4.                                      Perfection of Pledge.

 

(a)                                 At the Secured Party’s sole cost and expense, the Pledgor shall, from time to time, as may be reasonably required by the Secured Party with respect to all Collateral, take all actions as may be requested by the Secured Party to perfect the security interest of the Secured Party in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 of the UCC, the Pledgor shall, at the Secured Party’s sole cost and expense, take all actions as may be reasonably requested from time to time by the Secured Party so that control of such Collateral is obtained and at all times held by the Secured Party.

 

(b)                                 The Pledgor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, without the signature of the Pledgor where permitted by law.  The Pledgor agrees to provide all information required by the Secured Party pursuant to this Section promptly to the Secured Party upon request.

 

5.                                      Representations and Warranties. The Pledgor represents and warrants as follows:

 

(a)                                 The Pledged Shares are not subject to options to purchase or similar rights.

 

(b)                                 At the time the Collateral becomes subject to the lien and security interest created by this Agreement, the Pledgor will be the sole, direct, legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option or right of others except for the security interest created by this Agreement.

 

(c)                                  Pledgor has full power, authority and legal right to borrow the Loan and pledge the Collateral pursuant to this Agreement.

 

(d)                                 Each of this Agreement and the Loan and Collar Agreement has been duly authorized, executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,

 

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reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law).

 

(e)                                  No authorization, approval, or other action by, and no notice to or filing with, any governmental authority, regulatory body or any other entity is required for the borrowing of the Loan and the pledge by the Pledgor of the Collateral pursuant to this Agreement or for the execution and delivery of the Loan and Collar Agreement and this Agreement by the Pledgor or the performance by the Pledgor of its obligations hereunder or thereunder.

 

(f)                                   The execution and delivery of the Loan and Collar Agreement and this Agreement by the Pledgor and the performance by the Pledgor of its obligations hereunder and thereunder, will not violate any provision of any applicable law or regulation or any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, applicable to the Pledgor or any of its property, or the organizational or governing documents of the Pledgor or any agreement or instrument to which the Pledgor is party or by which it or its property is bound.

 

(g)                                  The certificate evidencing the Pledged Shares has been delivered to the Secured Party in suitable form for transfer by delivery or accompanied by duly executed instrument of transfer or assignment in blank.

 

6.                                      Dividends and Voting Rights.

 

(a)                                 The Secured Party agrees that, until the earlier to occur of an Actionable Event of Default and the Settlement Date, the Pledgor may, to the extent the Pledgor has such right as a holder of the Pledged Shares, vote and give consents, ratifications and waivers with respect thereto, except to the extent that any such vote, consent, ratification or waiver would violate any provision of the Loan and Collar Agreement or this Agreement, and from time to time, upon request from the Pledgor, the Secured Party shall deliver to the Pledgor suitable proxies so that the Pledgor may cast such votes, consents, ratifications and waivers.

 

(b)                                 The Secured Party agrees that the Pledgor may, until the earlier to occur of an Actionable Event of Default and the Settlement Date, receive and retain all dividends and other distributions with respect to the Pledged Shares.

 

7.                                      Further Assurances.

 

(a)                                 The Pledgor shall, at its sole cost and expense, defend title to the Collateral and the lien and security interest of the Secured Party therein against the claim of any person claiming against or through the Pledgor and shall maintain and preserve such security interest for so long as this Agreement shall remain in effect.

 

(b)                                 The Pledgor agrees that at any time and from time to time, at the sole cost and expense of the Secured Party, the Pledgor will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be reasonably necessary or desirable, or that the Secured Party may reasonably request, in order to perfect and protect

 

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any security interest granted hereby or to enable the Secured Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral.

 

(c)                                  The Pledgor will not, without providing at least thirty (30) days’ prior written notice to the Secured Party, change its legal name, identity, type of organization, jurisdiction of organization, location of its chief executive office or its principal place of business or its organizational identification number. The Pledgor will, prior to any change described in the preceding sentence, take all actions reasonably requested by the Secured Party to maintain the perfection and priority of the Secured Party’s security interest in the Collateral.

 

8.                                      Transfers and Other Liens. The Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except as expressly provided for herein or with the prior written consent of the Secured Party.

 

9.                                      Secured Party Appointed Attorney-in-Fact.  Upon the earlier to occur of an Actionable Event of Default and the Settlement Date, the Pledgor shall appoint the Secured Party the Pledgor’s attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time in the Secured Party’s reasonable discretion to take any action and to execute any instrument which the Secured Party may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same (but the Secured Party shall not be obligated to and shall have no liability to the Pledgor or any third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable.

 

10.                               [Reserved]

 

11.                               Reasonable Care.  The Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable care.  The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property, it being understood that the Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, nor the exercise by the Secured Party of any of the rights and remedies hereunder, shall relieve the Pledgor from the performance of any obligation on the Pledgor’s part to be performed or observed in respect of any of the Collateral.

 

12.                               Remedies.  As of the Settlement Date, or if an Actionable Event of Default shall have occurred:

 

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(a)                                 The Secured Party may, without any other notice to or demand upon the Pledgor, assert all rights and remedies of a secured party under the UCC or other applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral.  If notice prior to disposition of the Collateral or any portion thereof is necessary under applicable law, written notice mailed to the Pledgor at its notice address as provided in Section 16 hereof ten (10) days prior to the date of such disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient.  So long as the sale of the Collateral is made in a commercially reasonable manner, the Secured Party may sell such Collateral on such terms and to such purchaser(s) as the Secured Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable law.  Without precluding any other methods of sale, the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar property.  At any sale of the Collateral, if permitted by applicable law, the Secured Party may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale.  The Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Secured Obligations or otherwise.  At any such sale, unless prohibited by applicable law, the Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption.  Neither the Secured Party nor any custodian shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto.

 

(b)                                 All rights of the Pledgor to (i) exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 6(a) and (ii) receive the dividends and other distributions which it would otherwise be entitled to receive and retain pursuant to Section 6(b), shall immediately cease, and all such rights shall thereupon become vested in the Secured Party, which shall have the sole right to exercise such voting and other consensual rights and receive and hold such dividends and other distributions as Collateral.

 

(c)                                  Any Proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by the Secured Party to the payment of expenses incurred by the Secured Party in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral or enforcing the rights of the Secured Party hereunder, including reasonable attorneys’ fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as the Secured Party shall elect.  Any surplus of Proceeds received by the Secured Party and remaining after payment in full of all the Secured Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive such surplus.  The Pledgor shall remain liable for any deficiency if such Proceeds of any sale or

 

6

 

other realization of the Collateral are insufficient to pay the Secured Obligations and the fees and other charges of any attorneys employed by the Secured Party to collect such deficiency.

 

(d)                                 If the Secured Party shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, the Pledgor agrees that, upon the reasonable request of the Secured Party, the Pledgor will, at the sole cost and expense of the Secured Party, do or cause to be done all such acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.

 

13.                               No Waiver and Cumulative Remedies.  The Secured Party shall not by any act (except by a written instrument pursuant to Section 15), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or Event of Default.  All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

 

14.                               [Reserved]

 

15.                               Amendments.  None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Pledgor therefrom shall be effective unless the same shall be in writing and signed by the Secured Party and the Pledgor, and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.

 

16.                               Notices.  Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be sent in writing and will be deemed to have been delivered:  (a) upon receipt, when delivered personally; (b) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (c) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

 

	
If to the Secured Party, to:
    	
 
    	
Timios National Corporation
    
	
 
    	
 
    	
4601 North Fairfax Road, Suite 1200
    
	
 
    	
 
    	
Arlington, VA 22203
    
	
 
    	
 
    	
Attn: Chief Executive Officer
    
	
 
    	
 
    	
Facsimile: (703) 526-0649
    
	
 
    	
 
    	
Email: tmcmillen@timios.com
    
	
 
    	
 
    	
 
    
	
With   a copy to (which shall not constitute notice) to:
    	
 
    	
 
    
	
 
    	
Mintz,   Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
    
	
 
    	
 
    	
666   Third Avenue
    
	
 
    	
 
    	
New York, NY 10017
    
	
 
    	
 
    	
Attn: Jeffrey P.   Schultz, Esq.
    

 

7

 

	
 
    	
 
    	
Facsimile: (212) 983-3115
    
	
 
    	
 
    	
Email: jpschultz@mintz.com
    
	
 
    	
 
    	
 
    
	
If   to the Pledgor:
    	
 
    	
YA   Global Investments, L.P.
    
	
 
    	
 
    	
c/o   Yorkville Advisors, LLC
    
	
 
    	
 
    	
1012 Springfield Avenue
    
	
 
    	
 
    	
Mountainside, NJ 07092
    
	
 
    	
 
    	
Attention:                                         Legal Department
    
	
 
    	
 
    	
Telephone:                                   (201)   985-8300
    
	
 
    	
 
    	
Email: mrosselli@yorkvilleadvisors.com
    

 

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other in accordance with the terms of this Section.  Written confirmation of receipt (1) given by the recipient of such notice, consent, waiver or other communication, (2) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (3) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (1), (2) or (3) above, respectively.

 

17.                               Continuing Security Interest; Further Actions.  This Agreement shall create a continuing lien and security interest in the Collateral and shall (a) subject to Section 18, remain in full force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon the Pledgor, its successors and assigns, and (c) inure to the benefit of the Secured Party and its successors, transferees and assigns; provided that neither the Pledgor nor the Secured Party may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party.

 

18.                               Termination; Release.  On the date on which the Loan and other Secured Obligations have been paid and performed in full, the Secured Party will, at the request and sole expense of the Pledgor, (a) duly assign, transfer and deliver to or at the direction of the Pledgor (without recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party, and (b) execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement.

 

19.                               Governing Law.  This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

20.                               Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.  This

 

8

 

Agreement and the Loan and Collar Agreement constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.

 

(Remainder of page intentionally left blank.  Signature page(s) to follow.)

 

9

 

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

 

	
 
    	
YA   GLOBAL INVESTMENTS, L.P.,
    
	
 
    	
As   Pledgor
    
	
 
    	
 
    
	
 
    	
By:
    	
Yorkville   Advisors, LLC
    
	
 
    	
Its:
    	
Investment   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jerry Eicke
    
	
 
    	
 
    	
Name:
    	
Jerry   Eicke
    
	
 
    	
 
    	
Title:
    	
Managing   member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TIMIOS   NATIONAL CORPORATION,
    
	
 
    	
As   Secured Party
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   C. Thomas McMillen
    
	
 
    	
 
    	
Name:
    	
C.   Thomas McMillen
    
	
 
    	
 
    	
Title:
    	
President   and CEO

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