Document:

exv10w2

 

EXHIBIT 10.2

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES LAWS
AND MAY NOT BE SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION
FROM REGISTRATION, UNDER SAID ACT AND LAWS.

AMENDED AND RESTATED WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

ZILA, INC.

Expires March 24, 2011

No. 3

September 25, 2006

          FOR VALUE RECEIVED, subject to the provisions hereinafter set forth, the undersigned, Zila,
Inc., a Delaware corporation (together with its successors and assigns, the “Issuer”),
hereby certifies that

BDC FINANCE, L.L.C.

or its registered assigns is entitled to subscribe for and purchase at an initial exercise price of
$2.22 per share, during the Term (as defined below), 1,200,000 shares of the duly authorized,
validly issued, fully paid and non-assessable Common Stock all subject to adjustment and upon the
terms and conditions as hereinafter provided. Capitalized terms used in this Warrant and not
otherwise defined herein shall have the respective meanings specified in Section 7 hereof. This
Warrant amends and restates that certain amended and restated warrant to purchase 1,200,000 shares
of Common Stock issued to BDC Finance, L.L.C. on May 31, 2006.

          1. Term. The right to subscribe for and purchase shares of Warrant Stock represented
hereby shall commence on the date hereof and shall expire at 5:00 P.M., Eastern Time, on March 24,
2011 (such period being the “Term”).

 

 

          2. Method of Exercise; Payment; Issuance of New Warrant; Transfer and Exchange.

               (a) Time of Exercise. The purchase rights represented by this Warrant may be
exercised in whole or in part at any time and from time to time during the Term.

               (b) Method of Exercise. The Holder hereof may exercise this Warrant, in whole or in
part, by the surrender of this Warrant (with the exercise form attached hereto duly executed) at
the principal office of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price in effect on the date of such exercise multiplied by the number
of shares of Warrant Stock with respect to which this Warrant is then being exercised, payable at
such Holder’s election (i) by certified or official bank check or wire transfer of immediately
available funds or (ii) by surrender to the Issuer for cancellation of a portion of this Warrant
representing that number of unissued shares of Warrant Stock which is equal to the quotient
obtained by dividing (A) the product obtained by multiplying the Warrant Price by the number of
shares of Warrant Stock being purchased upon such exercise by (B) the difference obtained by
subtracting the Warrant Price from the Current Market Price per share of Warrant Stock as of the
date of such exercise, or (iii) by a combination of the foregoing methods of payment selected by
the Holder of this Warrant. In any case where the consideration payable upon such exercise is
being paid in whole or in part pursuant to the provisions of clause (ii), such exercise shall be
accompanied by written notice from the Holder of this Warrant specifying the manner of payment
thereof and containing a calculation showing the number of shares of Warrant Stock with respect to
which rights are being surrendered thereunder and the net number of shares to be issued after
giving effect to such surrender.

               (c) Issuance of Stock Certificates. In the event of any exercise of the rights
represented by this Warrant in accordance with and subject to the terms and conditions hereof, (i)
certificates for the shares of Warrant Stock so purchased shall be dated the date of such exercise
and delivered to the Holder hereof within a reasonable time, not exceeding five Business Days after
such exercise, and the Holder hereof shall be deemed for all purposes to be the Holder of the
shares of Warrant Stock so purchased as of the date of such exercise, and (ii) unless this Warrant
has expired, a new Warrant representing the number of shares of Warrant Stock, if any, with respect
to which this Warrant shall not then have been exercised including any portion which is not then
exercisable pursuant to Section 5 (less any amount thereof which shall have been cancelled in
payment or partial payment of the Warrant Price as hereinabove provided) shall also be issued to
the Holder hereof within such time.

               (d) Transferability of Warrant; Warrant Stock. Subject to the provisions of Section
2(e) hereof, this Warrant may be transferred on the books of the Issuer by the Holder hereof in
person or by duly authorized attorney, upon surrender of this Warrant at the principal office of
the Issuer, properly endorsed (by the Holder executing an assignment in the form attached hereto)
and upon payment of any necessary transfer tax or other governmental charge imposed upon such
transfer. This Warrant is exchangeable at the principal office of the Issuer for Warrants for the
purchase of the same aggregate number of shares of Warrant Stock, each new Warrant to represent the
right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate at
the time of such exchange. All Warrants issued on transfers

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or exchanges shall be dated the date hereof and shall be identical to this Warrant except as
to the number of shares of Warrant Stock issuable pursuant hereto.

               (e) Compliance with Securities Laws.

                    (i) The Holder of this Warrant, by acceptance hereof, acknowledges and agrees that the Holder
will not offer, sell or otherwise dispose of this Warrant or any shares of Warrant Stock to be
issued upon exercise hereof except pursuant to an effective registration statement, or an exemption
from registration, under the Securities Act and any applicable state securities laws.

                    (ii) This Warrant and all certificates representing shares of Warrant Stock issued upon
exercise hereof shall be stamped or imprinted with a legend in substantially the following form:

“THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF MAY NOT
BE SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION FROM
REGISTRATION, UNDER SAID ACT AND LAWS.”

               (f) Continuing Rights of Holder. The Issuer will, at the time of or at any time after
each exercise of this Warrant, upon the request of the Holder hereof or of any shares of Warrant
Stock issued upon such exercise, acknowledge in writing the extent, if any, of its continuing
obligation to afford to such Holder all rights to which such Holder shall continue to be entitled
after such exercise in accordance with the terms of this Warrant, provided that if any such
Holder shall fail to make any such request, the failure shall not affect the continuing obligation
of the Issuer to afford such rights to such Holder.

               (g) Recapitalization, Reorganization, Reclassification, Consolidation, Merger or Sale.

                    (i) Without limiting any other provision hereof, in case the Issuer after the Closing Date
shall do any of the following (each a “Triggering Event”) (a) consolidate with or merge
into any other Person and the Issuer shall not be the continuing or surviving corporation of such
consolidation or merger, or (b) permit any other Person to consolidate with or merge into the
Issuer and the Issuer shall be the continuing or surviving Person but, in connection with such
consolidation or merger, any Capital Stock of the Issuer shall be changed into or exchanged for
securities of any other Person or cash or any other property, or (c) transfer all or substantially
all of its properties or assets to any other Person, or (d) effect a capital reorganization or
reclassification of its Capital Stock, or (e) enter into any other transaction similar to any of
the foregoing, then, and in the case of each such Triggering Event, proper provision shall be made
so that, upon the basis and the terms and in the manner provided in this Warrant, the Holder of
this Warrant shall be entitled upon the exercise hereof at any time after the consummation of such
Triggering Event, to the extent this Warrant is not exercised prior to such Triggering Event, or is
not redeemed in connection with such Triggering Event, to receive at the Warrant Price in effect at
the time immediately prior to the consummation of such Triggering Event, in lieu of the Common
Stock issuable upon such

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exercise of this Warrant prior to such Triggering Event, the securities, cash and property to
which such Holder would have been entitled upon the consummation of such Triggering Event if such
Holder had exercised the rights represented by this Warrant immediately prior thereto, subject to
adjustments (subsequent to such corporate action) as nearly equivalent as possible to the
adjustments provided for in Section 4 hereof. The Issuer shall give reasonable prior notice (but
no less than 5 Business Days’ prior notice) of any Triggering Event to the Holder of this Warrant
in accordance with Section 11 hereof.

                    (ii) Notwithstanding anything contained in this Warrant to the contrary, the Issuer will not
effect any Triggering Event unless, prior to the consummation thereof, each Person (other than the
Issuer) which may be required to deliver any securities, cash or property upon the exercise of this
Warrant as provided herein shall assume, by written instrument delivered to, and reasonably
satisfactory to, the Holder, (a) the obligations of the Issuer under this Warrant (and if the
Issuer shall survive the consummation of such Triggering Event, such assumption shall be in
addition to, and shall not release the Issuer from, any continuing obligations of the Issuer under
this Warrant) and (b) the obligation to deliver to such Holder such securities, cash or property
as, in accordance with the foregoing provisions of this Section 2(g), such Holder shall be entitled
to receive, and such Person shall have similarly delivered to such Holder an opinion of counsel for
such Person (which may be in-house counsel), which opinion of counsel shall be reasonably
satisfactory to such Holder, stating that this Warrant shall thereafter continue in full force and
effect and the terms hereof (including, without limitation, all of the provisions of this Section
2(g)) shall be applicable to the securities, cash or property which such Person may be required to
deliver upon any exercise of this Warrant or the exercise of any rights pursuant hereto.

          3. Stock Fully Paid; Reservation and Listing of Shares; Covenants.

               (a) The Issuer represents, warrants, covenants and agrees that all shares of Warrant Stock
which may be issued upon the exercise of this Warrant, will, upon issuance, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by
or through the Issuer with respect to issuance (other than restrictions under federal and state
securities laws). The Issuer further covenants and agrees that during the period within which this
Warrant may be exercised, the Issuer will at all times have authorized and reserved a sufficient
number of shares of Common Stock to provide for the exercise of this Warrant.

               (b) If any shares of the Common Stock required to be reserved for issuance upon exercise of
this Warrant or as otherwise provided hereunder require registration or qualification with any
governmental authority under any federal or state law before such shares may be so issued, the
Issuer will in good faith use its best efforts as expeditiously as possible at its expense to cause
such shares to be duly registered or qualified. To the extent permissible under the applicable
securities exchange rules, if the Issuer shall list any shares of Common Stock on any securities
exchange it will, at its expense, list thereon, maintain and increase when necessary such listing
of, all shares of Warrant Stock from time to time issued upon exercise of this Warrant or as
otherwise provided hereunder and unissued shares of Warrant Stock which are at any time issuable
hereunder, so long as any shares of Common Stock shall be so listed. The Issuer will also so list
on each securities exchange, and will maintain such listing of, any other

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securities which the Holder of this Warrant shall be entitled to receive upon the exercise of
this Warrant if at the time any securities of the same class shall be listed on such securities
exchange by the Issuer.

               (c) The Issuer shall not by any action including, without limitation, amending its Certificate
of Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of the Holder hereof against impairment. Without limiting the
generality of the foregoing, without the consent of the Requisite Holders, the Issuer will (i) not
permit the par value, if any, of its Common Stock to exceed the then effective Warrant Price, (ii)
not amend or modify any provision of the Certificate of Incorporation or by-laws of the Issuer in
any manner that would adversely affect in any way the powers, preferences or relative
participating, optional or other special rights of the Holders of the Warrants disproportionately
in relation to the holders of the Common Stock, (iii) take all such action as may be reasonably
necessary in order that the Issuer may validly and legally issue fully paid and nonassessable
shares of Common Stock, free and clear of any liens, claims, encumbrances and restrictions (other
than as provided herein and restrictions under federal and state securities laws) created by or
through Issuer with respect to such issuance upon the exercise of this Warrant, and (iv) use its
reasonable best efforts to obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the Issuer to perform its
obligations under this Warrant.

               (d) The Issuer agrees that neither it nor its Affiliates will in the future issue any press
releases or other public disclosure, including any prospectus, proxy statement or other materials
filed with any governmental authority relating to a public offering of the stock of the Issuer or
any of its Subsidiaries, using the name of the Holder or its Affiliates without at least two (2)
Business Days prior notice to the Holder and without the prior written consent of the Holder unless
(and only to the extent that) the Issuer or its Affiliate is required to do so under law and then,
in any event, the Issuer or such Affiliate will consult with the Holder before issuing such press
release or other public disclosure.

          4. Adjustment of Warrant Price and Warrant Share Number. The Warrant Share Number
and the Warrant Price shall be subject to adjustment from time to time upon the happening of
certain events, and the Holder hereof shall have additional rights, as follows:

               (a) Subdivision or Combination of Shares. If the Issuer, at any time while this
Warrant is outstanding, shall subdivide or combine any shares of Common Stock, (i) in case of
subdivision of shares, the Warrant Share Number shall be proportionately increased (as at the
effective date of such subdivision) to reflect the increase in the total number of shares of Common
Stock outstanding as a result of such subdivision, or (ii) in the case of a combination of shares,
the Warrant Share Number shall be proportionately reduced (as at the effective date of such
combination) to reflect the reduction in the total number of shares of Common Stock outstanding as
a result of such combination.

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               (b) Certain Dividends and Distributions. If the Issuer, at any time while this
Warrant is outstanding, shall:

                    (i) Stock Dividends. Pay a dividend in, or make any other distribution to its
stockholders (without consideration therefor) of, shares of Common Stock or any Common Stock
Equivalent, the Warrant Share Number shall be adjusted, as at the date of such payment or other
distribution), to that number determined by multiplying the Warrant Share Number in effect
immediately prior to such payment or other distribution, by a fraction (1) the numerator of which
shall be the total number of shares of Common Stock outstanding immediately after such dividend or
distribution (plus in the event that the Issuer paid cash for fractional shares, the number of
additional shares which would have been outstanding had the Issuer issued fractional shares in
connection with said dividends), and (2) the denominator of which shall be the total number of
shares of Common Stock outstanding immediately prior to such dividend or distribution; or

                    (ii) Liquidating Dividends, etc. Make a distribution of its property to the holders
of its Common Stock as a dividend in liquidation or partial liquidation or by way of return of
capital other than as a dividend payable out of funds legally available for dividends under the
laws of the State of Delaware, the Issuer shall concurrently make a cash payment to the Holder of
this Warrant equal to the fair market value of such property as would have been payable to such
Holder had such Holder been the Holder of record of the number of shares of Warrant Stock issuable
upon exercise of this Warrant on the record date for such distribution or if no such record is
taken, on the date of such distribution; and appropriate provision therefor shall be made a part of
any such distribution; or

               (c) Other Action Affecting Common Stock. In case after the Closing Date, the Issuer
shall take any action affecting its Common Stock, other than an action described in any of the
foregoing Sections 4(a) through 4(b), inclusive, and the failure to make any adjustment would not
fairly protect the purchase rights represented by this Warrant in accordance with the essential
intent and principle of this Section 4, then the Warrant Share Number shall be adjusted in such
manner and at such time as the Board may in good faith determine to be equitable in the
circumstances.

               (d) Adjustment of Warrant Price. Upon each adjustment in the Warrant Share Number
pursuant to any of the foregoing provisions of this Section 4, the Warrant Price shall be adjusted,
to the nearest ten thousandth of one cent, to the product obtained by multiplying the Warrant Price
immediately prior to such adjustment in the Warrant Share Number by a fraction, the numerator of
which shall be the Warrant Share Number immediately before giving effect to such adjustment and the
denominator of which shall be the Warrant Share Number immediately after giving effect to such
adjustment; provided, however, that if at any time, as a result of any adjustments
hereunder, the Warrant Price shall be less than the par value per share of Warrant Stock, then the
price payable per share of Warrant Stock by the Holder hereunder in the event of an exercise of
this Warrant at such time in whole or in part shall be an amount equal to the par value per share
of such Warrant Stock.

          5. Notice of Adjustments. Whenever the Warrant Price or Warrant Share Number shall
be adjusted pursuant to Section 4 hereof (for purposes of this Section 5, an

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“adjustment”), the Issuer shall cause its Chief Financial Officer to prepare and execute a
certificate setting forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated (including a description of the
basis on which the Board made any determination hereunder), and the Warrant Price and Warrant Share
Number after giving effect to such adjustment, and shall cause copies of such certificate to be
delivered to the Holder of this Warrant promptly after each adjustment. Any dispute between the
Issuer and the Holder of this Warrant with respect to the matters set forth in such certificate may
at the option of the Requisite Holders of this Warrant be submitted to an independent accounting
firm not then regularly engaged by the Issuer chosen by the Issuer and reasonably acceptable to the
Requisite Holders, which firm shall deliver a written opinion as to such matters to the Issuer and
the Holders within thirty days after submission to it of such dispute. Such opinion shall be final
and binding on the parties hereto. The fees and expenses of such accounting firm shall be paid by
the Issuer.

          6. Fractional Shares. No fractional shares of Warrant Stock will be issued in
connection with any exercise hereof, but in lieu of such fractional shares, the Issuer shall make a
cash payment therefor equal in amount to the fair market value of such fractional shares.

          7. Definitions. For the purposes of this Warrant, the following terms have the
following meanings:

          “Affiliate” means, with respect to any Person, (a) each Person that, directly or
indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary,
5% or more of the Voting Stock of such Person, (b) each Person that controls, is controlled by or
is under common control with such Person, (c) each of such Person’s officers, directors, joint
venturers and partners and (d) in the case of the Issuer, the immediate family members, spouses and
lineal descendants of individuals who are Affiliates of the Issuer. For the purposes of this
definition, “control” of a Person shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of its management or policies, whether through the ownership of
voting securities, by contract or otherwise.

          “Board” shall mean the Board of Directors of the Issuer.

          “Business Day” means any day except a Saturday, a Sunday or a legal holiday in New
York City.

          “Capital Stock” means and includes (i) any and all shares, interests, participations
or other equivalents of or interests in (however designated) corporate stock, including, without
limitation, shares of preferred or preference stock, (ii) all partnership interests (whether
general or limited) in any Person which is a partnership, (iii) all membership interests or limited
liability company interests in any limited liability company, and (iv) all equity or ownership
interests in any Person of any other type.

          “Certificate of Incorporation” means the Certificate of Incorporation of the Issuer as
in effect on the Closing Date, and as hereafter from time to time amended, modified, supplemented
or restated in accordance with its terms and pursuant to applicable law.

          “Closing Date” means March 24, 2006.

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          “Common Stock” means the Common Stock of the Issuer, par value $.001 per share, and
any other Capital Stock into which such stock may hereafter be changed.

          “Credit Agreement” means that certain credit agreement, dated as of the Closing Date
by and among the Issuer, the Investor and the other borrowers and lenders party thereto.

          “Current Market Price” as in effect on any day, means the average of the daily market
prices of the Common Stock on the the Nasdaq Stock Markets National Market System (“NMS”) for the
period of 30 consecutive trading days ending three trading days preceding such date or, if the
Common Stock is not listed on the NMS, then the last sale price on such day on the principal
domestic stock exchange on which such Common Stock is then listed or admitted to trading, or, if no
sale takes place on such day on such exchange, the average of the closing bid and asked prices on
such day as officially quoted on such exchange, or, if the Common Stock is not then listed or
admitted to trading on any domestic stock exchange, then the Current Market Price for each such
trading day shall be the average of the reported closing bid and asked price quotations on such day
in the over-the-counter market, as reported by NASDAQ, or, if not so reported, as furnished by the
National Quotation Bureau, Inc., or if such firm at the time is not engaged in the business of
reporting such prices, as furnished by any similar firm then engaged in such business as selected
by the Issuer, or if there is no such firm, as furnished by any member of the National Association
of Securities Dealers, Inc. selected by the Issuer with the written approval of the Requisite
Holders (which approval shall not be unreasonably withheld). If at any time such Common Stock is
not listed on any domestic exchange or quoted in the domestic over-the-counter market, the Current
Market Price shall be deemed to be the fair market value per share of such Common Stock as
determined in good faith by the Board (by determination of its disinterested members) by notice to
the Holder. If within twenty days after receipt of such notice the Holder notifies the Board in
writing to its disagreement as to such fair market value as determined by the Board, the Current
Market Price shall be the fair market value per share of such Common Stock as determined by an
Independent Appraiser mutually selected by the Issuer and the Holder, which selection shall be made
by the Issuer and the Holder within seven days of receipt of such objection by the Issuer. The
determination of fair market value by such Independent Appraiser shall be made within 30 days of
such appraiser’s engagement by Issuer. The fees and expenses of such Independent Appraiser shall
be paid by the Issuer if such fair market value as so determined is more than 5% greater (if the
Holder’s objection was that such determination was too low) or 5% lower (if the Requisite Holder’s
objection was that such determination was too high), in each case, than the amount thereof as
determined by the Board, but shall otherwise be paid by the Holder. The determination of fair
market value by such Independent Appraiser shall be based upon the fair market value of the Issuer
determined on a going concern basis as between a willing buyer and a willing seller and taking into
account all relevant factors determinative of value (but without taking into account any discount
for minority or non-control ownership positions), and shall be final and binding on all parties.
In determining the fair market value of any shares of Common Stock, no consideration shall be given
to any restrictions on transfer of the Common Stock imposed by agreement or by federal or state
securities laws, or to the existence or absence of, or any limitations on, voting rights, or to
minority or non-control ownership positions.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar
federal statute at the time in effect.

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          “Holders” mean the Persons who shall from time to time own any Warrant. The term
“Holder” means one of the Holders.

          “Independent Appraiser” means a nationally recognized investment banking firm or other
nationally recognized firm, in each case, that is regularly engaged in the business of appraising
the Capital Stock or assets of corporations or other entities as going concerns, and which is not
affiliated with either the Issuer or the Holder.

          “Issuer” has the meaning specified in the first paragraph hereof.

          “Person” means an individual, a corporation, a partnership, a trust, a limited
liability company, an unincorporated organization or a government organization or an agency or
political subdivision thereof.

          “Requisite Holders” means at any time the Holders of Warrants (other than the Issuer
or any Subsidiary thereof) exercisable for a majority of the shares of Warrant Stock issuable under
the Warrants at the time outstanding.

          “Securities” means any debt or equity securities of the Issuer, whether now or
hereafter authorized, any instrument convertible into or exchangeable for Securities or a Security,
and any option, warrant or other right to purchase or acquire any Security. “Security” means one of
the Securities.

          “Securities Act” means the Securities Act of 1933, as amended, or any similar federal
statute then in effect.

          “Subsidiary” means any corporation at least 50% of whose outstanding Voting Stock
shall at the time be owned directly or indirectly by the Issuer or by one or more of its
Subsidiaries, or by the Issuer and one or more of its Subsidiaries.

          “Voting Stock”, any class or classes (however designated) of capital stock having
ordinary voting power for the election of a majority of the members of the Board (or other
governing body) of the corporation, other than Capital Stock having such power only by reason of
the happening of a contingency.

          “Warrants” means this Warrant and any other warrants of like tenor issued in
substitution or exchange for any thereof pursuant to the provisions of Section 2(c) or 2(d) hereof
or of any of such other Warrants.

          “Warrant Price” means the exercise price per share of Common Stock specified in the
first paragraph of this Warrant and such other exercise prices as shall result from the adjustments
specified in Section 4 hereof.

          “Warrant Share Number” means at any time the aggregate number of shares of Warrant
Stock which may at such time be purchased upon exercise of this Warrant, after giving effect to all
prior adjustments to such number made or required to be made under the terms hereof.

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          “Warrant Stock” means Common Stock issuable upon exercise of any Warrant or Warrants
or otherwise issuable pursuant to any Warrant or Warrants.

          8. Information. The Issuer shall deliver to the Holder hereof a copy of the Issuer’s
annual report and any other information mailed to stockholders as if the Holder were a stockholder.

          9. Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant
may be amended, or compliance therewith may be waived (either generally or in a particular instance
and either retroactively or prospectively), by a written instrument or written instruments executed
by the Issuer and the Requisite Holders; provided, however, that no such amendment
or waiver shall reduce the Warrant Share Number, increase the Warrant Price, shorten the period
during which this Warrant may be exercised, change the manner of payment of the Warrant Price or
modify any provision of this Section 9 without the consent of the Holder of this Warrant.

          10. Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.

          11. Notices. All notices and other communications provided for hereunder shall be in
writing and delivered by hand or sent by first class registered mail, return receipt requested, or
sent by telecopy (with such telecopy to be confirmed promptly in writing sent by first class
registered mail, return receipt requested), and if to the Holder of this Warrant or of Warrant
Stock issued pursuant hereto, addressed to such Holder at its last known address or telecopy number
appearing on the books of the Issuer maintained for such purposes, and if to the Issuer, addressed
to:

Zila, Inc.

5227 North 7th Street

Phoenix, AZ 85014-2800

or to such other address or addresses or telecopy number or numbers as any such party may most
recently have designated in writing to the other parties hereto by such notice. All such
communications shall be deemed to have been given or made when so delivered by hand, upon actual
receipt if sent by telecopy, or three business days after being so mailed.

          12. Remedies. The Issuer stipulates that the remedies at law of the Holder of this
Warrant in the event of any default or threatened default by the Issuer in the performance of or
compliance with any of the terms of this Warrant are not and will not be adequate and that, to the
fullest extent permitted by law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise. Time is of the essence in this Warrant.

          13. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure
to the benefit of and be binding upon the successors and assigns of the Issuer, the Holder hereof
and (to the extent provided herein) the Holders of Warrant Stock issued pursuant hereto, and shall
be enforceable by any such Holder or Holder of Warrant Stock.

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          14. No Voting Rights. This Warrant does not confer upon the Holder any right to vote
on, consent to or otherwise participate with respect to matters to a vote of the stockholders of
the Issuer or to receive notice as a stockholder of the Issuer, as such, in respect of any matters
whatsoever, nor any other rights or liabilities as a stockholder, prior to the exercise hereof;
this Warrant does, however, require certain notices to the Holder as set forth herein.

          15. Modification and Severability. If, in any action before any court or agency
legally empowered to enforce any provision contained herein, any provision hereof is found to be
unenforceable, then such provision shall be deemed modified to the extent necessary to make it
enforceable by such court or agency. If any such provision is not enforceable as set forth in the
preceding sentence, the unenforceability of such provision shall not affect the other provisions of
this Warrant, but this Warrant shall be construed as if such unenforceable provision had never been
contained herein.

          16. Integration. This Warrant replaces all prior agreements, supersedes all prior
negotiations and constitutes the entire agreement of the parties with respect to the transactions
contemplated herein.

          17. Headings. The headings of the Sections of this Warrant are for convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

[SIGNATURE PAGE FOLLOWS]

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     In witness whereof, this Warrant has been duly executed as of the date of this Warrant
hereinabove set forth.

	 	 	 	 	 
	 	 	ZILA, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Andrew A. Stevens
	 

	 	 	 	 
	 

	 	Name:
	 	Andrew A. Stevens
	 

	 	Title:
	 	VP and CFO

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EXERCISE FORM

[                                         ]

     The undersigned hereby irrevocably elects to exercise the right to purchase represented by the
attached Warrant for, and to purchase thereunder,
                     shares of Common
Stock, par value $.001 per share (the “Common Stock”), of Zila, Inc. (the “Issuer”), as provided
for therein, and tenders herewith payment of the Warrant Price in full in accordance with the terms
of the attached Warrant.

     Please issue a certificate or certificates for such shares of Common Stock in the following
name or names and denominations:

     If said number of shares of Common Stock shall not be all the shares of Common Stock issuable
upon exercise of the attached Warrant, a new Warrant is to be issued in the name of the undersigned
for the balance remaining of such shares of Common Stock less any fraction of a share of Common
Stock paid in cash.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

13

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and
transfers unto _____ the within Warrant and all rights evidenced thereby and does
irrevocably constitute and appoint _____, attorney, to transfer the said Warrant on the
books of the within named corporation.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and
transfers unto _____ the right to purchase ____shares of the Common Stock issuable
upon exercise of the attached Warrant, and does irrevocably constitute and appoint
_____, attorney, to transfer that part of the said Warrant on the books of the within
named corporation.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

FOR USE BY THE ISSUER ONLY:

This
Warrant No. W-___ cancelled (or transferred or
exchanged) this ___ day of ____, 20__,
shares of Common Stock issued therefor in the name of ____, Warrant No. W-___
issued for ___ shares of Common Stock in the name of________________

14Unassociated Document

    Exhibit
      4.6

     

    EXECUTION
      COPY

    
      

    

    
 

    STOCK
      PURCHASE AGREEMENT

     

    dated
      as of

     

    May
      5, 2006

     

    among

     

    MIH
      (UBC) HOLDINGS BV

     

    ROBERTO
      CIVITA,

     

    GIANCARLO
      FRANCESCO CIVITA,

     

    VICTOR
      CIVITA

     

    and

     

    ROBERTA
      ANAMARIA CIVITA

    

    

    

    
      
        

      

    

    
      
        
           

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    STOCK
      PURCHASE AGREEMENT

     

    STOCK
      PURCHASE AGREEMENT
      (this
“Agreement”)
      dated
      May 5, 2006 between, on one side, MIH
      (UBC) Holdings BV,
      a
      company organized under the laws of the Netherlands, with head offices at 13-15
      Jupiterstraat, HC 2132 Hoofddorp, the Netherlands, herein represented in
      accordance with its corporate documents (“MIH”
or
      the
“Buyer”),
      and,
      in the other side, Mr.
      Roberto Civita,
      Brazilian citizen, married, publisher, bearer of the Identity Card RG No.
      1.666.785, enrolled with the Individual Taxpayers’ Registry (CPF/MF) under No.
      006.890.178-04, resident and domiciled in the City of São Paulo, State of São
      Paulo, with offices at Av. das Nações Unidas, 7221, 24th
      floor,
Mr.
      Giancarlo Francesco Civita,
      Brazilian citizen, married, bachelor in social communication, bearer of the
      Identity Card RG No. 6.167.806-5, enrolled with the Individual Taxpayers’
Registry (CPF/MF) under No. 040.666.108-11, resident and domiciled in the City
      of São Paulo, State of São Paulo, with offices at Av. das Nações Unidas, 7221,
      24th
      floor,
Mr.
      Victor Civita,
      Brazilian citizen, married, producer, bearer of the Identity Card RG No.
      6.166.935-0, enrolled with the Individual Taxpayers’ Registry (CPF/MF) under No.
      040.666.138-37, resident and domiciled in the City of São Paulo, State of São
      Paulo, with offices at Av. das Nações Unidas, 7221, 24th
      floor
      and Mrs.
      Roberta Anamaria Civita,
      Brazilian citizen, married, psychologist, bearer of the Identity Card RG No.
      6.167.088, enrolled with the Individual Taxpayers’ Registry (CPF/MF) under No.
      040.666.168-52, resident and domiciled in the City of São Paulo, State of São
      Paulo, with offices at Av. das Nações Unidas, 7221, 24th
      floor
      (Mr. Roberto Civita, Mr. Giancarlo F. Civita, Mr. Victor Civita, and Mrs.
      Roberta A. Civita shall be jointly referred as “Sellers").

    

    W
      I T N E
      S S E T H :

    

    WHEREAS,
      the Sellers are the legal holder and registered owner of shares of common stock
      and shares of preferred stock of Abril
      S.A.,
      a
      company (sociedade
      por ações)
      organized under the laws of the Federative Republic of Brazil, with head offices
      in the City of São Paulo, State of São Paulo, at Av. das Nações Unidas, 7221,
      25th
      floor,
      Sector A, enrolled with the Legal Entities Taxpayers’ Registry (CNPJ/MF) under
      No. 03.788.716/0001-93 (the “Company”);

    

    WHEREAS,
      MIH desires to acquire an equity stake of 30% of the Company’s total capital
      stock, through a combination of subscription of newly issued shares of common
      stock and shares of preferred stock and the purchase of shares of common stock
      and shares of preferred stock from the Sellers and Capital International (as
      defined below), as a result of which MIH will hold 30% and 30% of the total
      issued and outstanding shares of common stock and preferred stock of the
      Company, respectively;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    WHEREAS,
      on the date hereof, MIH and the Company are entering into a subscription
      agreement for the subscription, by MIH, of shares of common stock and shares
      of
      preferred stock of the Company on the date hereof;

    

    WHEREAS,
      on the date hereof, MIH and Capital International are entering into a stock
      purchase agreement for the purchase and sale 1,533,134 of shares of common
      stock
      and 1,533,133 shares of preferred stock of the Company on the date hereof,
      held
      by Capital International, representing 13.80% and 13.80% of the total issued
      and
      outstanding shares of common stock and preferred stock, respectively;
      and

    

    WHEREAS,
      MIH hereby agrees to purchase from the Sellers and the Sellers agree to sell
      and
      transfer to MIH, on the date hereof, 1,316,246 shares of preferred stock of
      the
      Company, representing 11.80% of the total issued and outstanding shares of
      preferred stock, respectively, on a fully diluted basis, for the aggregate
      purchase price set forth below and upon other terms and conditions set forth
      herein;

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements set forth herein, the parties hereto agree as follows:

    

    ARTICLE
      1

    

    DEFINITIONS

    

    SECTION
      1.01.
Definitions.
      (a) The
      following terms, as used herein, have the following meanings:

    

    “Affiliate”
means,
      with respect to any Person, any other Person directly or indirectly Controlling,
      Controlled by, or under common Control with such Person;

    

    “Agreement”
means
      this Stock Purchase Agreement and the Schedules and Exhibits attached
      hereto;

    

    “Brazilian
      Corporation Law”
means
      Law No. 6,404/76, as amended;

    

    “Brazilian
      GAAP”
means
      generally accepted accounting principles in Brazil;

    

    “Business
      Day”
means
      any day other than a Saturday, Sunday, or other day on which commercial banks
      in
      the City of São Paulo, State of São Paulo are authorized or required by law to
      close;

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    

    “Buyer”
means
      MIH (UBC) Holdings BV;

    

    “Capital
      International”
means
      Brazil April LLC and Brazil May LLC;

    

    “CI
      Acquisition Shares”
means
      1,533,134 shares of common stock and 1,533,133 shares of preferred stock of
      the
      Company, representing 13.80% and 13.80% of the total issued and outstanding
      shares of common stock and preferred stock, respectively, owned by Capital
      International;

    

    “CIESP”
means
      Centro das Indústrias do Estado de São Paulo - CIESP;

    

    “CI
      Stock Purchase Agreement”
means
      the stock purchase agreement, dated the date hereof, between MIH and Capital
      International, for the purchase, by MIH, of the CI Acquisition
      Shares;

    

    “Claim”
has
      the
      meaning set forth in Section 8.04 of this Agreement;

    

    “Closing”
has
      the
      meaning set forth in Section 7.01 of this Agreement;

    

    “Closing Date”
has
      the
      meaning set forth in Section 7.01 of this Agreement;

    

    “Company”
means
      Abril S.A.;

    

    “Confidential Information”
has
      the
      meaning set forth in Section 5.03 of this Agreement;

    

    “Control”
      (including the terms “Controls”,
      “Controlled
      by”
and
      “under
      common Control with”)
      means,
      with respect to any Person or group of Persons (the “Controlling
      Person(s)”),
      (i) the
      holding of shares representing more than 50% (fifty percent) of all the voting
      shares of another Person or (ii) the ability to appoint the majority of the
      members of the board of directors or other governing body of such other
      Person;

    

    “Governmental
      Authority”
means
      any government, governmental entity, regulatory authority, department,
      commission, board, agency or instrumentality, any recognized stock exchange
      and
      any court, arbitrator, tribunal, whether foreign or domestic, with jurisdiction
      over the Parties;

    

    “Indemnified Parties”
has
      the
      meaning set forth in Section 8.01 of this Agreement;

    

    “Lien”
means
      any mortgage, lien, pledge, charge, security interest, encumbrance, objections,
      rights of first refusal, options or other restriction of any kind, or any other
      right in favour of or claims by, any third party of whatsoever
      nature;

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    “Losses”
has
      the
      meaning set forth in Section 8.01 of this Agreement;

    

    “MIH”
means
      MIH (UBC) Holdings BV;

    

    “Parties”
means
      MIH and the Sellers; and “Party”
means
      any of them;

    

    “Person”
means
      an individual, corporation, partnership, limited liability company, association,
      trust or other entity or organization, including a government or political
      subdivision or an agency or instrumentality thereof;

    

    “Purchase
      Price”
has
      the
      meaning set forth in Section 2.02 of this Agreement;

    

    “R$”
or
      “Reais”
means
      Brazilian Reais.

    

    “Sellers”
means
      the Mr. Roberto Civita, Mr. Giancarlo Francesco Civita, Mr. Victor Civita and
      Mrs. Roberta Anamaria Civita;

    

    “Sellers’
      Bank Accounts”
has
      the
      meaning set forth in Section 2.03 of this Agreement;

    

    “Shares”
means
      the 1,316,246 shares of preferred stock of the Company, representing 11.80%
      of
      the total issued and outstanding shares of preferred stock owned by the Sellers
      and the subject of the purchase and sale contemplated in this
      Agreement;

    

    “Shareholders’
      Agreement”
means
      the Shareholders’ Agreement of the Company, entered on the date hereof, between
      the Company, MIH, MIH Brazil Participações Ltda. and the Sellers;

    

    “Subscription
      Agreement”
means
      the subscription agreement, dated the date hereof, between MIH, Mr. Roberto
      Civita and Mr. Giancarlo Francesco Civita and the Company, for the subscription,
      by MIH, of the Subscription Shares;

    

    “Subscription
      Shares”
means
      the shares of common stock and shares of preferred stock of the Company, to
      be
      issued by the Company and subscribed by MIH on the Closing Date;

    

    “Subsidiaries”
means
      any Person of which securities or other ownership interests are directly or
      indirectly owned by another Person; and

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    “Transaction Documents”
means
      this Agreement, the CI Stock Purchase Agreement, the Subscription Agreement,
      the
      Shareholders’ Agreement and the Registration Rights Agreement.

    ARTICLE
      2

    

    PURCHASE
      AND SALE

    

    SECTION
      2.01.
Purchase
      and Sale.
      Upon
      the terms and subject to the conditions of this Agreement, and upon the basis
      of
      the representations and warranties contained herein, the Buyer agrees to
      purchase from the Sellers and the Sellers agree to sell and transfer to the
      Buyer, on the date hereof 1,316,246 shares of preferred stock (the “Shares”)
      of the
      Company, representing 11.80% of the total issued and outstanding shares of
      preferred stock, on a fully diluted basis, for the Purchase Price set forth
      in
      Section 2.02 below.

     

    SECTION
      2.02.
Purchase
      Price.
      (a) As
      consideration for the Shares, the Buyer agrees to pay the aggregate amount
      in
      Reais equivalent to US$84,200,000.00 (the “Purchase
      Price”),
      distributed among each of the Sellers as indicated in Exhibit 2.02 attached
      hereto.

    

    SECTION
      2.03.
Payment.
      The
      Purchase Price shall be paid by the Buyer to the Sellers, by international
      wire
      transfer, in immediately available funds, to the bank accounts in Brazil
      indicated in Exhibit 2.03 hereto attached (the “Sellers’
      Bank Accounts”),
      as
      follows: (a) Reais equivalent to US$70,200,000.00 on the date hereof, and (b)
      the Reais equivalent to US$14,000,000.00, to be paid within 72 hours after
      the
      date on which the Sellers notify the Buyer, in writing accompanied by evidence
      thereof, that the sale of Novo Continente to the Company has been
      completed.

    

    SECTION
      2.04.
Waiver
      of Preemptive Rights.
      Each of
      the Sellers expressly waives any preemptive right it may be entitled in relation
      to the purchase and sale of the Shares and to the purchase and sale of the
      CI
      Acquisition Shares.

    

    SECTION
      2.05.
Taxes.
      The
      Parties agree that the Sellers shall be solely liable for the payment of their
      any Sellers Imposto
      de Renda sobre Ganho de Capital (capital
      gain income tax) payable in Brazil. 

    

    ARTICLE
      3

     

    REPRESENTATIONS
      AND WARRANTIES OF THE SELLERS

    

    Each
      of
      the Sellers jointly and severally represents and warrants to the Buyer that
      each
      of the following representations and warranties is, as of the date hereof,
      true
      and correct and in full force and effect, subject to the qualifications and
      exceptions contained in the Schedules hereto attached. In this regard, any
      fact,
      act, item, contract, agreement, document or information listed, described,
      contained or disclosed in any of the Schedules hereto attached shall be deemed
      (a) listed, descried, contained and disclosed in all other Schedules hereto
      attached even though not expressly set forth in such other Schedule and (b)
      to
      qualify and except such other representation and warranties contained in this
      Article 3, whether or not a specific reference to the Schedule is made in such
      other representation or warranty.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    SECTION 3.01.
      Authorization,
      Binding Effect.
      The
      execution, delivery and performance by each of the Sellers of this Agreement
      and
      the consummation of the transactions contemplated hereby are within such
      Sellers’ powers. The Sellers’ are competent to execute, deliver, perform and
      consummate the transactions contemplated in this Agreement. This Agreement
      constitutes a valid and binding agreement upon each of the Sellers and is
      enforceable against each such Seller in accordance with its terms.

     

    SECTION 3.02.
      Governmental
      Authorization.
      The
      execution, delivery and performance by each of the Sellers of this Agreement
      and
      the consummation of the transactions contemplated hereby require no action,
      approval, consent or declaration by or in respect of, notice or filing with,
      any
      Governmental Authority, agency or official other than the filing with
Conselho
      Administrativo de Defesa Econômica
      - CADE
      and the notice to the Agência
      Nacional de Telecomunicações
      -
      ANATEL.

    

    SECTION 3.03.
      Noncontravention.
      The
      execution, delivery and performance by each of the Sellers of this Agreement
      and
      the consummation of the transactions contemplated hereby do not (i) assuming
      any
      filing required by the antitrust and telecommunications authorities properly
      made, violate any material applicable law, rule, regulation, judgment,
      injunction, order or decree, (ii) except as set forth in Section 3.02 above,
      require any consent or other action by any Person, constitute a default, or
      give
      rise to any right of termination, cancellation, vesting or acceleration of
      any
      right or obligation of any of the Sellers, or (iiii) except for any Lien created
      by the Transaction Documents, result in the creation or imposition of any Lien
      on any asset of the Company.

    

    SECTION 3.04.
      Ownership
      of the Shares.
      With
      respect to its own Shares only, each Seller is the sole record and beneficial
      owner of the Shares as set forth opposite its name in Schedule 3.04 hereto
      attached. The Shares have been duly authorized and validly issued and are fully
      paid and non assessable, free and clear of any Lien and any other limitation
      or
      restriction (including any restriction on the right to vote, sell or otherwise
      dispose of the Shares).

     

    SECTION 3.05.
      Litigation.
      There
      is no claim, action, suit, litigation or proceeding outstanding, pending or
      threatened against any of the Sellers that seeks to prevent the Sellers from
      entering into or implementing the transactions contemplated in this
      Agreement.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    SECTION
      3.06.
Capital
      International transaction documents.
      Immediately prior to the transfer of the Shares to the Buyer hereunder, each
      and
      every contract, agreement, document, instrument, obligation, reimbursement
      agreement, security agreement, pledge agreement, guaranty, commitment and
      arrangement, in each case as amended, supplemented or otherwise modified,
      entered into, on one hand, by the Company, any of its Subsidiaries and/or any
      Seller, and on the other hand, Capital International, any fund managed by or
      on
      behalf of Capital International, Capital International, Inc. or any Subsidiaries
      thereof will have been terminated and have no further force and effect, and
      any
      and all parties thereto will have been expressly released from any and all
      obligations or liabilities that may have arisen in the past, or that could
      arise
      in the future, therefrom.

    

    SECTION 3.07. No
      Other Representations and Warranties.
      Except
      for the representations and warranties contained in this Article 3 and for
      the
      representation and warranties contained in Article 4 of the Subscription
      Agreement, the Sellers do not make any representation or warranty, express
      or
      implied, to the Buyer, as to any matter.

    

    ARTICLE
      4

    

    REPRESENTATIONS
      AND WARRANTIES OF THE BUYER

    

    The
      Buyer
      represents and warrants to the Sellers that each of the following
      representations and warranties is, as of the date hereof, and will be, on the
      Closing Date, true and correct and in full force and effect.

    

    SECTION 4.01.
      Existence.
      The
      Buyer is duly organized, validly existing and in good standing under the laws
      of
      the Netherlands and has all corporate powers, governmental licenses,
      authorizations, permits, consents and approvals required to own its properties
      and to carry on its business as presently conducted. 

    

    SECTION 4.02.
      Authorization,
      Binding Effect.
      The
      Buyer has been duly authorized by all necessary corporate action to execute,
      deliver, perform and consummate the transactions contemplated in this Agreement.
      This Agreement constitutes a valid and binding agreement upon the Buyer and
      is
      enforceable against the Buyer in accordance with its terms.

    

    SECTION 4.03.
      Governmental
      Authorization.
      The
      execution, delivery and performance by the Buyer of this Agreement and the
      consummation of the transactions contemplated hereby require no action,
      approval, consent or declaration by or in respect of, notice or filing with,
      any
      Governmental Authority, agency or official other than the filing with
Conselho
      Administrativo de Defesa Econômica
      - CADE,
      the notice to the Agência
      Nacional de Telecomunicações
      - ANATEL
      and the approval of the investment by the South African Reserve
      Bank.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
 

    SECTION 4.04.
      Noncontravention.
      The
      execution, delivery and performance by the Buyer of this Agreement and the
      consummation of the transactions contemplated hereby do not and will not (i)
      violate the organizational documents or bylaws of MIH or its Controlling
      shareholder, (ii) assuming any filing required by the antitrust, the
      telecommunications and the South African Reserve Bank authorities properly
      made,
      violate any applicable material law, rule, regulation, judgment, injunction,
      order or decree, or (iii) except as set forth in Section 4.03 above, require
      any
      consent or other action by any Person, constitute a default, or give rise to
      any
      right of termination, cancellation, vesting or acceleration of any right or
      obligation of any of MIH.

    

    SECTION 4.05.
      Litigation.
      There
      is no claim, action, suit, litigation or proceeding outstanding, pending or
      threatened against MIH that seeks to prevent the Buyer from entering into or
      implementing the transaction contemplated in this Agreement.

    

    SECTION 4.06.
      Due
      Diligence.
      In
      entering into this Agreement and the other Transaction Documents, MIH
      acknowledges that (a) it has conducted an independent due diligence
      investigation, review and analysis of the business, assets, liabilities, results
      of operations, financial condition and prospects of the Company and its
      Subsidiaries, and (b) except for the specific representations and warranties
      contained herein, MIH has relied solely upon the aforementioned investigation,
      review and analysis and not on any factual representations and warranties of
      the
      Sellers (and of their respective representatives and advisors).

    

    SECTION 4.07.
      Financial
      Capacity. MIH
      has
      the financial capacity whether through its own resources or through credit
      facilities from reputable financial institutions to fulfil all of its
      obligations under this Agreement. 

    

    SECTION 4.08.
      Ability
      to Evaluate the Risk.
      MIH has
      knowledge and experience in financial and business matters such that it was
      capable of evaluating the risks of the investment in the Shares.

    

    SECTION 4.09.
      Brokers
      and Finders.
      MIH has
      engaged Citigroup as its financial adviser in connection with the transaction
      contemplated in this Agreement. MIH shall bear all the expenses, including
      any
      commission or fee, to be paid to such financial adviser in connection with
      this
      Agreement.

    

    SECTION 4.10.
      Purchase
      Price.
      Each
      Seller is receiving the same Purchase Price per Share as the members of Capital
      International, and there is no other consideration directly or indirectly being
      paid by the Buyer.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    ARTICLE
      5

    

    COVENANTS
      OF ALL PARTIES

    

    SECTION 5.01.
      CADE
      Submission.
      (a) MIH
      agrees to make appropriate filings pursuant to applicable antitrust laws to
      obtain CADE’s approval of the transactions contemplated by this Agreement and
      the other Transaction Documents within 15 (fifteen) Business Days following
      the
      execution of this Agreement. MIH and the Sellers agree to respond, and to cause
      the Company to respond, as promptly as practicable to any inquiries received
      from the notified authorities and agree to supply, promptly, any additional
      information and documentary material that may be requested by such notified
      authorities.

    

    (b)
      The
      Sellers shall cooperate in obtaining any information required for the CADE
      filing and to supply any information requested by any of the antitrust
      authorities.

    

    SECTION 5.02.
      Other
      Filings.
      The
      Parties agree to cooperate with one another in any other filing, notice or
      communication to any other Governmental Authority, including furnishing
      information required in connection therewith and seeking timely to make any
      such
      filing, notice or communication.

    

    SECTION 5.03. Confidentiality.
      (a) The
      Parties ratify the terms and conditions of the Confidentiality Agreement, dated
      February 7, 2006, and agree to comply with the obligations provided therein.
      In
      addition to the foregoing, from and after the date hereof, the Parties agree
      jointly and severally to hold, and to cause their Affiliates and respective
      officers, directors, employees, accountants, counsel, consultants, advisors
      and
      agents to hold, in confidence, all confidential documents and information
      concerning the Company, the Business and/or the Parties, including without
      limitation, certain non-public information about the proposed or potential
      business strategy, operations, financial matters and other matters relating
      to
      the Company (the “Confidential
      Information”),
      except to the extent that such information can be shown to have been (i) in
      the
      public domain through no fault of any of the Parties or (ii) later lawfully
      acquired by any of the Parties from other sources without any breach of any
      law,
      regulation, order or confidentiality obligation. Confidential Information may
      only be disclosed in the event that any of the Parties is compelled to disclose
      such Confidential Information by law, rule, regulation, order or decree enacted
      by a Governmental Authority to which such Party is subject or as a result of
      judicial or administrative process in connection with any action, suit,
      proceeding or investigation. In any event Confidential Information is disclosed,
      the disclosing Party shall take all such steps as may be reasonable in the
      circumstances to agree the contents of such disclosure with the other Party
      before making such disclosure.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    

    (b)
      From
      and after the date hereof, the Parties agree to hold, and cause their Affiliates
      and respective officers, directors, employees, accountants, counsel,
      consultants, advisors and agents to hold, in confidence, any and all information
      regarding the terms and conditions of this Agreement. The terms and conditions
      of this Agreement may only be disclosed in the event that any of the Parties
      is
      compelled to disclose such information by law, rule, regulation, order or decree
      enacted by a Governmental Authority to which the Party is subject or as a result
      of judicial or administrative process in connection with any action, suit,
      proceeding or investigation. In any event the terms and conditions of this
      Agreement are disclosed, the Party concerned shall take all such steps as may
      be
      reasonable in the circumstances to agree the contents of such disclosure with
      the other Party before making such disclosure.

    

    SECTION 5.04.
      Public
      Announcements.
      The
      Parties agree to consult with each other before issuing any press release or
      making any public statement with respect to this Agreement or the transactions
      contemplated hereby and, except for any press releases and public statements
      the
      making of which may be required by applicable law or any listing requirement
      of
      any national securities exchange, will not issue any such press release or
      make
      any such public statement prior to such consultation.

    

    ARTICLE
      6

    

    CONDITIONS
      TO CLOSING

    

    SECTION 6.01.
      Conditions
      to Obligations of the Parties. The
      obligation of each Party to carry out its respective actions at Closing is
      subject to the fulfilment of the following conditions:

    

    (i)
      Closing
      of the Purchase of the CI Acquisition Shares.
      The
      Parties to the CI Stock Purchase Agreement shall have executed the CI Stock
      Purchase Agreement and shall be in a position to close the purchase of the
      CI
      Acquisition Shares simultaneously with the transaction contemplated in this
      Agreement.

    

    (ii)
      Closing
      of the Subscription of the Subscription Shares.
      The
      Parties to the Subscription Agreement shall have executed the Subscription
      Agreement and shall be in a position to close the subscription of the
      Subscription Shares simultaneously with the transaction contemplated in this
      Agreement.

    

    ARTICLE
      7

    

    CLOSING

    

    SECTION 7.01. Closing.
      The
      purchase and sale of the Shares and payment of the Purchase Price shall take
      place at the head-offices of the Company, at Av. das Nações Unidas, 7221,
      25th
      floor,
      in the City of São Paulo, State of São Paulo (“Closing”),
      on
      the date hereof (the “Closing
      Date”).
      For
      all purposes all of the transactions contemplated by this Article 7 shall be
      deemed to have occurred simultaneously.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    SECTION 7.02. Actions
      by the Sellers at Closing.
      On the
      Closing Date, each of the Sellers shall take the following actions:

    

    (i)
      Execute and deliver this Agreement;

    

    (ii)
      Execute the term for transfer of the Shares in the Company’s Share Transfer
      Registry Book;

    

    (iii)
      Execute and deliver the Subscription Agreement; 

    

    (iv)
      Execute and deliver the Registration Rights Agreement;

    

    (v)
      Execute and deliver the Shareholders Agreement; and

    

    (vi)
      Deliver to the Buyer an opinion of counsel to the Sellers and the Company
      confirming the enforceability and validity of the Transaction
      Documents.

    

    SECTION 7.03. Actions
      by the Buyer at Closing.
      On the
      Closing Date, the Buyer shall take the following actions:

    

    (i)
      Execute and deliver this Agreement;

    

    (ii)
      Pay
      the Purchase Price;

    

    (iii)
      Execute the term for transfer of the Shares in the Company’s Share Transfer
      Registry Book;

    

    (iv)
      Execute and deliver the Subscription Agreement;

    

    (v)
      Execute and deliver the Registration Rights Agreement; and

    

    (vi)
      Execute and deliver the Shareholders Agreement.

    

    SECTION 7.04.
      Simultaneous
      transactions at Closing.
      All of
      the transactions to occur at the Closing shall be deemed to occur
      simultaneously. The Parties shall have no obligation to consummate any of the
      transactions referred to in Section 7.02 and 7.03 unless all shall have been
      consummated.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      8

    

    INDEMNIFICATION

    

    SECTION 8.01. Indemnification.
      Each
      Seller joint and severally agrees to indemnify and hold the Buyer and its
      shareholders, officers, directors and employees (the “Indemnified
      Parties”),
      harmless from any and all liability, loss, damage, claims, awards, judgments,
      costs and expenses (including reasonable fees and expenses of attorneys)
      (“Losses”)
      incurred or suffered by any of the Indemnified Parties exclusively and directly
      in connection with, relating to or as a result of (i) any breach of any of
      representations and warranties given by the Sellers in Article 3 hereof; and/or
      (ii) any breach by the Sellers of any covenant or agreement contained in this
      Agreement. The applicable Seller shall not be liable to any Indemnified Party
      for any Losses arising from a breach of any of its representations and
      warranties to the extent that the act or fact (including the amount of the
      potential Loss) that gave rise to such Loss was disclosed in any of the
      Schedules attached hereto as an exception to any of the representations and
      warranties (it being agreed and understood that the disclosure of any act of
      fact as an exception to one of the representations and warranties shall be
      extended to and considered an exception of all of the other representations
      and
      warranties regardless of any repetition of additional disclosure thereof).
      The
      disclosures contained in the Schedules as well as any qualifications,
      limitations or exceptions contained in the representations and warranties
      hereunder shall not be disregarded for any purpose or effect and shall not
      entail, in any way, an obligation to indemnify pursuant to this
      Agreement.

    

    SECTION 8.02. Survival
      of Indemnification Obligations.
      The
      indemnification obligation of the Sellers provided for in this Article 8 shall
      remain in full force and effect for 5 (five) years from the date hereof.

    

    SECTION 8.03. Only
      Recourse, Limit on Indemnification.
      (a) The
      indemnification provided in this Article 8 shall be the sole and exclusive
      remedy of any Indemnified Party (and any of their Affiliates) against the
      Sellers with respect to any inaccuracy or breach of any representation, warranty
      or covenant of the Sellers in this Agreement and the sale of Shares contemplated
      hereby, except in respect of any available injunctive or other similar
      non-monetary relief or remedies. MIH hereby acknowledges that it has relied
      solely on the representations, warranties and covenants of the Sellers pursuant
      to this Agreement and on no other statements, reports or other information
      furnished by or on behalf of the Sellers.

    

    (b)
      The
      Parties agree that any indemnification to be paid by each Seller shall be
      limited to a maximum amount equivalent to 100% the actual amount of the Purchase
      Price received by the applicable Seller.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    SECTION 8.04. Indemnification
      Procedures.
      In the
      event that any action, suit, proceeding, demand, assessment or other notice
      of
      claim (“Claim”)
      is
      filed against or made upon any Indemnified Party during the 5 (five) year
      period, for which indemnification may be due from the Sellers pursuant to
      Section 8.01 above, such Indemnified Party shall notify the applicable Seller,
      in writing, as soon as reasonably practical, but in no event later than 1/3
      of
      the legal term to present a defence for the respective Claim, which notice
      shall
      contain, in reasonable detail, a description of the amounts being claimed and
      the basis thereto. The Sellers may either decide to present a defence or
      counterclaim or pay the amount sought under the Claim (including to post a
      bond
      for such a defence, if so required). The Sellers shall bear any and all costs
      incurred, including reasonable attorney’s fees and court fees, guarantees, as
      well as expenses incurred by them in relation to the defence of the Claim and
      during the course of the Claim. In the event that the Sellers do not present
      a
      defence, counterclaim or pay the amount sought under the Claim within the 2/3
      of
      the period available for the presentation of the relevant defence, the
      Indemnified Party shall assume the defence of the Claim. The Sellers shall
      promptly and immediately reimburse MIH for any and all expenses incurred in
      relation to said Claim, whether during an administrative or judicial proceeding,
      including, but not limited to attorneys’ expenses, court fees, administrative
      fees and penalties. If MIH assumes the defence of any Claim in accordance with
      the terms of the preceding sentence, MIH shall not be entitled to agree to
      any
      settlement, agreement or compromise with respect thereto without the prior
      written consent of the Sellers, which consent shall not be unreasonably
      withheld. The Sellers shall not be required to any settlement, agreement or
      compromise that (i) does not contain a full release with respect to the
      respective Claim, or (ii) provides for any injunctive or other non-monetary
      relief.

    

    SECTION 8.05.
      Payment
      of Losses.
      The
      Sellers shall pay the amount of the Loss to the relevant Indemnified Party
      within 10 (ten) Business Days counted as of the receipt, by the Sellers, of
      written notification from the Indemnified Party in this regard containing a
      copy
      of a final and non-appealable decision rendered with respect thereto. All
      transfers to the Indemnified Party shall be in immediately available funds
      and
      free and clear of PIS and/or COFINS, if applicable, and any indemnification
      payment relating to a non-deductible expense of the Indemnified Party (including
      direct tax and social contribution) must be grossed up to cover any and all
      taxes payable by the Indemnified Party on account of such payment.

    

    SECTION 8.06.
      MIH
      Indemnification.
      MIH and
      its shareholders shall defend, indemnify and hold the Sellers and its
      shareholders, officers, directors and employees harmless from and against and
      in
      respect of any and all Losses incurred or suffered by any of the foregoing
      in
      connection with, relating to or as a result of (i) any breach of any
      representations and warranties given by MIH in Article 4 hereof; and/or (ii)
      any
      breach by MIH of any covenant or agreement contained in this Agreement. The
      procedures set forth in Section 8.04 shall apply equally to any indemnification
      obligation of MIH, mutatis
      mutandis,
      interchanging “Sellers” for “MIH” where such terms appear in Section
      8.04.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      9

    

    TERMINATION

    

    SECTION 9.01.
      Right
      to Terminate.
      This
      Agreement may not be terminated except by the mutual written consent of the
      Parties.

    

    SECTION 9.02.
      Remedies.
      After
      the Closing has taken place, the indemnification rights provided for in Article
      8 of this Agreement shall be the sole and exclusive remedy available to the
      Parties with respect to any breach of the representations and warranties of
      the
      Parties in this Agreement, and/or any breach of any covenant or other term
      in
      this Agreement.

    

    ARTICLE
      10

    

    DISPUTE
      RESOLUTION

    

    SECTION 10.01.
      Arbitration.
      (a) Any
      dispute arising between the Parties in connection with this Agreement, its
      interpretation, validity, performance, enforceability, breach or termination,
      shall be settled in an amicable way by the Parties by direct negotiations held
      in good faith for a term not exceeding 30 (thirty) calendar days.

    

    (b)
      If,
      upon expiration of the 30-days period, the Parties have not reached an amicable
      settlement, the dispute must be submitted to the decision of an arbitration
      panel and shall be finally settled under the rules of the Chamber of Mediation
      and Arbitration of São Paulo - Centro
      das Indústrias do Estado de São Paulo - CIESP
      (“CIESP”).

    

    (c)
      The
      arbitrators shall be in the number of 3 (three). MIH shall appoint 1 (one)
      arbitrator and the Sellers shall appoint 1 (one) arbitrator. The Parties
      designated arbitrators shall appoint the third arbitrator, who will be the
      chairman of the arbitration panel.

    

    (d)
      The
      arbitration shall be conducted in accordance with the CIESP rules.

    

    (e)
      The
      arbitration shall take place in the city of São Paulo and shall be conducted in
      the English language.

    

    (f)
      To
      the fullest extent permitted by law, the Parties waive their right to file
      any
      remedies against (including, but not limited to) the arbitration award and
      any
      defences against its enforcement. The arbitration award shall be final and
      binding for the Parties. Specifically for purposes of any injunction procedure,
      whether of preventive, provisional or permanent nature, or even for purposes
      of
      the enforcement of the arbitration award, the Parties hereby elect the
      jurisdiction of the Central Courts of the City of São Paulo, State of São Paulo,
      with the exclusion of any other jurisdictions, no matter how privileged they
      may
      be.

     

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      11

    

    MISCELLANEOUS

    

    SECTION 11.01.
      Binding
      Effect.
      This
      Agreement will be binding and inure to the benefit of the Parties, their
      respective legal successors and permitted assignees.

    

    SECTION 11.02.
      Assignability.
      The
      rights and obligations set forth in this Agreement must not be assigned, except
      with the written consent of the other Parties. Upon completion of the actions
      required to be taken at Closing, MIH shall be entitled to contribute the Shares
      in a capital increase of a wholly-owned Brazilian subsidiary.

    

    SECTION 11.03.
      Severability.
      In case
      any term or provision set forth in this Agreement is considered invalid, illegal
      or not applicable, due to any legal provision or final court decision, all
      the
      other conditions and provisions hereto will remain in full force and effect.
      In
      case any term or provision is considered invalid, illegal or inapplicable,
      the
      Parties will negotiate, in good faith, the amendment of this Agreement, so
      as to
      effect the original intent of the Parties hereto as closely as
      possible.

    

    SECTION 11.04.
      Waiver;
      Amendment.
      (a) No
      failure of delay in exercising any right, power or privilege hereunder will
      be
      considered as a waiver thereof, nor will any single or partial exercise thereof
      prevent the future exercise thereof or the exercise of any other right, power
      or
      privilege. 

    

    (b)
      Any
      provision of this Agreement may only be amended or waived if through written
      form and signed by all the Parties hereto.

    

    SECTION 11.05.
      Notices.
      All
      notices and communications required or allowed pursuant to this Agreement,
      will
      be made in written form, in English, and will be sent by registered mail, by
      fax
      (receipt confirmed) or e-mail (receipt confirmed), to the following
      addresses:

    

    If
      to
      MIH:

    

    MIH
      (UBC)
      Holdings BV

    13-15
      Jupiterstraat

    2132
      Hoofddorp

    The
      Netherlands

    Fax
      No.:
      +31 23 5562-880

    Attn.:
      Messrs. Mark Sorour / André Coetzee

    e-mail:
      msorour@naspers.com / acoetzee@mih.com 

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    with
      copy
      to:

    

    Mattos
      Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

    Al.
      Joaquim Eugênio de Lima, 447

    São
      Paulo
— SP —
      Brazil

    Fax:
      (55
      11) 3147-7770

    Attn.:
      Moacir Zilbovicius

    e-mail:
      moacir@mattosfilho.com.br 

    

    If
      to the
      Seller:

    

    Av.
      das
      Nações Unidas, 7.221, 25o andar, Pinheiros

    05425-902,
      São Paulo, SP, Brasil

    At.:
      Mr.
      Arnaldo Figueiredo Tibyriçá - General Counsel

    Fax:
      (+55
      11) 3037-2115

    

    with
      copy
      to:

    

    Machado,
      Meyer, Sendacz e Opice —
      Advogados

    Rua
      da
      Consolação, 247, 4th floor

    São
      Paulo
— SP — Brazil

    Fax:
      (+55
      11) 3150-7071

    At.:
      Mr.
      José Roberto Opice

    e-mail:
      jro@mmso.com.br

    

    The
      Parties are entitled to amend, by means of written communication, pursuant
      to
      this section 11.05, the addresses above.

    

    SECTION 11.06.
      Expenses.
      All
      costs and expenses incurred in connection with this Agreement and the
      transactions contemplated hereby will be paid by the Party incurring such cost
      or expense.

    

    SECTION 11.07.
      Headings.
      The
      headings of the sections of this Agreement are included for convenience purposes
      and will not in any way affect the meaning or the interpretation of this
      Agreement.

    

    SECTION 11.08.
      Conversion
      Rate.
      Any
      amounts in this Agreement expressed in United States dollars shall be converted
      into Reais
      by the
      average of the purchase and sale rates for United States dollars published
      by
      the Central Bank of Brazil on the Business Days immediately prior to the date
      on
      which any payment is due or conversion is to be made in accordance with the
      terms of this Agreement through the SISBACEN data system under rate PTAX 800,
      option 5 — L — Taxas
      para Contabilidade.

     

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    SECTION 11.09.
      Counterparts;
      Third Party Beneficiaries.
      This
      Agreement may be signed in any number of counterparts, each of which will be
      an
      original, with the same effect as if the signatures thereto and hereto were
      upon
      the same instrument. This Agreement will become effective when each Party hereto
      will have received a counterpart hereof signed by the other Party hereto. No
      provision of this Agreement is intended to confer upon any Person other than
      the
      Parties hereto any rights or remedies hereunder.

    

    SECTION 11.10.
      Entire
      Agreement.
      This
      Agreement (including the Schedules and Exhibits hereto) constitutes the entire
      agreement between the Parties with respect to the subject matter of this
      Agreement and supersedes all prior agreements, understandings and offers, both
      oral and written, between the Parties with respect to the subject matter of
      this
      Agreement.

    

    SECTION 11.12.
      Applicable
      Law.
      This
      Agreement is governed and interpreted in accordance with the laws of the
      Federative Republic of Brazil.

    

    IN
      WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly
      executed by their respective authorized officers, as of the day and year first
      above written, in the presence of the two witnesses named below.

     

     

    
      	 	 	 	 
	
              /s/
                Roberto Civita

            	 	
              /s/
                Giancarlo F. Civita

            	
            
	
              
                
ROBERTO
                CIVITA

            	 	
              
                
GIANCARLO
                F. CIVITA

            	
               

            
	 	 	 	 
	
              /s/
                Victor Civita

            	 	
              /s/
                Roberta A. Civita

            	
               

            
	
              
                
VICTOR
                CIVITA

            	 	
              
                
ROBERTA
                A. CIVITA

            	
               

            
	 	 	 	 
	 	 	 	 
	
              
                
MIH
                (UBC) HOLDINGS BV

            	 	 	 

    

     

    WITNESSES:

     

    
      	 	 	 	 
	1)
	 	 	2)
	
              
                

              

              Name:

              ID:

              
              

            	 	 	
              
                

              

              Name:

              ID:

            

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      2.02

    

    PERCENTAGE
      OF PURCHASE PRICE TO EACH OF THE SELLERS

    

    

    

    
      	
              Roberto
                Civita

            	
              40%

            
	
              Giancarlo
                Francesco Civita

            	
              20%

            
	
              Victor
                Civita

            	
              20%

            
	
              Roberta
                Anamaria Civita

            	
              20%

            

    

    

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      2.03

    

    SELLERS’
      BANK ACCOUNTS

    

    

    ROBERTO
      CIVITA

    

    -
      Account
      number at Citibank Brazil: 3580369

    

    GIANCARLO
      FRANCESCO CIVITA

    

    -
      Account
      number at Citibank Brazil: 6002811

    

    VICTOR
      CIVITA

    

    -
      Account
      number at Citibank Brazil: 6002803

    

    ROBERTA
      ANAMARIA CIVITA

    

    -
      Account
      number at Citibank Brazil: 3580350

    

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      2.03

    

    SHARES

    

    

    
      	
              Roberto
                Civita

            	
              526,499

            
	
              Giancarlo
                Francesco Civita

            	
              263,249

            
	
              Victor
                Civita

            	
              263,249

            
	
              Roberta
                Anamaria Civita

            	
              263,249

            

    

    

    
 

     

     

     

     

     

     

     

     

     

    20

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