Document:

exhibit102.htm

 

 

December 30, 2011

 

 

Re:         Lock-Up Agreement

 

Reference is made to the proposed share exchange (the “Exchange”) between the holders of the common stock of Nuvel, Inc., a Delaware corporation (the “Company”) and Harmony Metals, Inc. (“Harmony”), a Florida corporation, by which the common stock of Harmony, par value $.001 per share (the “Common Stock”) will be issued to such holders in exchange for shares of the Company pursuant to the Share Exchange Agreement dated as of December 30, 2011 (the “Exchange Agreement”).

 

The undersigned, upon the consummation of the Exchange, will hold shares of Common Stock, or securities convertible into or exchangeable or exercisable for, shares of Common Stock (collectively, the "Securities"). The undersigned agrees that, during the period commencing on the date of the Exchange through the date ending 180 days following the repayment in full of all principal and interest on, and other obligations pursuant to, the Secured Promissory Note issued by the Company in favor of Paragon Capital Offshore LP, dated December 30, 2011, (such period, the “Restricted Period”), the undersigned will not directly or indirectly offer, sell, offer to sell, contract to sell, grant any option, right or
warrant to purchase or sell, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at anytime in the future) any Securities of the Company, including any shares of Common Stock underlying any Securities, beneficially owned by such person or entity.

 

The undersigned hereby authorizes the Company during the Restricted Period to cause any transfer agent for the Common Stock  to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, the Common Stock for which the undersigned is the record holder and, in the case of Common Stock  for which the undersigned is the beneficial but not the record holder, agrees during the Restricted Period to cause the record holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, such Common Stock.

 

Notwithstanding the foregoing, the undersigned may during the Restricted Period:  (i) transfer any amount of the Securities either during the undersigned’s lifetime or on death by will or intestacy to such person’s family member or affiliate, or to a trust the beneficiaries of which are exclusively the undersigned and/or a member or members of the undersigned’s family member; or (ii) make a bona fide gift of any amount of the Securities to any person; provided, however, that in the case of any such transfer or gift, it shall be a condition to such transfer or gift that the transferee or donee execute an agreement (an original copy of which shall be provided to the Company)
stating that the transferee or donee is receiving and holding such transferred or donated shares subject to the provisions of this letter agreement, and there shall be no further transfer of such transferred or donated shares except in accordance with this letter agreement.  For purposes of this letter agreement: “affiliate” means, as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person or is a director or officer of such person; “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person includes, without limitation, the possession, direct or indirect, of the power to vote 10% or more of the voting interests of such person or to direct or cause the direction of the management and policies of
such person, whether through the ownership of voting interests, by contract or otherwise; “family member” means with respect to any individual, such individual’s spouse, any descendants (whether natural or adopted), any trust all of the beneficial interests of which are owned by any of such individuals or by any of such individuals together with any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual, and any corporation, association, partnership or limited liability company all of the equity interests of which are owned by those above described individuals, trusts or organizations and with respect to any trust, the owners of the beneficial interests of such trust; and “person” means an individual, partnership, corporation (including a business trust), limited liability company,
joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

 

 

 

  

- 1 -

  

 

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this letter agreement.  This letter agreement is irrevocable and all authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and any obligations of the undersigned shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

Very truly yours,

 

Signature: /s/   Jay
Elliot                                                                                                                                  

 

Printed Name:  Jay Elliot

 

(Indicate capacity of person signing if signing as custodian or trustee or on behalf of an entity)

 

Address:

 

__________________________________________________________________________

 

__________________________________________________________________________

 

__________________________________________________________________________

 

 

Accepted as of the date

 

first set forth above:

 

NUVEL INC.

 

 

 

By:  /s/ Jay Elliot                                                          

 

Name:   Jay Elliot

 

Title:     Chief Executive Officer

 

 

 

 

 

 

 

  

- 2 -This Note is a Global Security
within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository named below or a nominee
of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its
nominee except in the limited circumstances described herein and in the Indenture, and no transfer of this Note (other than a transfer
of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or
another nominee of the Depository) may be registered except in the limited circumstances described herein.

 

Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (the “Depository”),
to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as is requested by an authorized representative of the Depository (and any payment
is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
& Co., has an interest herein.

 

 

CITIGROUP INC.

5.875% Notes due January 30, 2042

	REGISTERED	REGISTERED

 

	CUSIP: 172967FX4
	ISIN: US172967FX46
	Common Code: 073790930

 

	No. R-_______	$___________

 

CITIGROUP INC., a Delaware
corporation (the “Company”, which term includes any successor Person under the Indenture), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of $_____________ on January 30, 2042
and to pay interest thereon from and including January 26, 2012 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually, on January 30 and July 30 of each year, commencing July 30, 2012 at the rate
of 5.875% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the Record Date for such interest, which shall be the January 15 and July 15
(whether or not a Business Day) immediately preceding such Interest Payment Date.

 

    	1 

    	 

    

 

Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either be paid
to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record
Date to be not less than five days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders
of Notes of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Interest hereon will be calculated
on the basis of a 360-day year comprised of twelve 30-day months.

 

If either an Interest Payment
Date or the Maturity of the Notes falls on a day that is not a Business Day, such Interest Payment Date or Maturity will be the
next succeeding Business Day. If a date for payment of interest or principal on the Notes falls on a day that is not a business
day in the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made
on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for
payment of such principal or interest.

 

For these purposes, “Business
Day” means any day which is a day on which commercial banks settle payments and are open for general business in The City
of New York.

 

Payment of the principal
of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in The City of New
York.

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	2

    	 

    
 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.

 

Dated: January 26, 2012

 

	CITIGROUP INC.
	 	 
	By:	 
	Title:  Treasurer

 

	ATTEST:
	 	 
	By:	 
	Title:  Assistant Secretary

 

    	3

    	 

    
  

This is one of the Notes of the series issued
under the within-mentioned Indenture.

 

Dated: January 26, 2012

 

	THE BANK OF NEW YORK MELLON,
	as Trustee
	 	 
	By:	 
	 	Name:
	 	Title:
	 	 
	-or-	 
	 	 
	CITIBANK, N.A.,
	as Authenticating Agent
	 	 
	By:	 
	 	Name:
	 	Title:

 

    	4

    	 

    

 

This Note is one of a duly
authorized issue of Securities of the Company (the “Notes”), issued and to be issued in one or more series under the
Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the “Indenture”), between the Company and
The Bank of New York Mellon, formerly known as The Bank of New York,
as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and
are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate
principal to $1,000,000,000.

 

If an event of default
(as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of
this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions
set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this Note.

 

The
Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to
establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures,
and, with the consent of the holders of not less than 66 2/3% in aggregate principal amount of Securities at the time outstanding
which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of
such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the
rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce
the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities
are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without
the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the
consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such
series then outstanding, or (iii) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee.

 

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

 

This Note is a Global Security
registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the name of a person other
than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in
whole or in part for definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository
to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository.

 

    	R-1

    	 

    
 

The Notes represented by
this Global Security are exchangeable for definitive Notes in certificated form of like tenor as such Notes in denominations of
$1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling
or unable to continue as Depository for the Notes or (ii) the Depository ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive
Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated
Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the
register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive Note for registration
of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the registrar duly executed by, the holder thereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except
for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository
or its nominee.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United
States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax,
than the amount then due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or
a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other
governmental charge of the United States. These Additional Amounts will constitute additional interest on the Note.

 

The
Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items (1) through (13)
below.

 

    	R-2

    	 

    

 

	 	(1)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:
	 	 	 	 
	 	 	(a)	having a relationship with the United States as a citizen, resident or otherwise;
	 	 	(b)	having had such a relationship in the past or
	 	 	(c)	being considered as having had such a relationship.
	 	 	 	 
	 	(2)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:
	 	 	 	 
	 	 	(a)	being treated as present in or engaged in a trade or business in the United States;
	 	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past or
	 	 	(c)	having or having had a permanent establishment in the United States.
	 	 	 	 
	 	(3)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended):
	 	 	 	 
	 	 	(a)	personal holding company;
	 	 	(b)	foreign personal holding company;
	 	 	(c)	foreign private foundation or other foreign tax-exempt organization;
	 	 	(d)	passive foreign investment company;
	 	 	(e)	controlled foreign corporation or
	 	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax.
	 	 	 	 
	 	(4)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business.

 

For purposes
of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of
the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person
holding a power over an estate or trust administered by a fiduciary holder.

 

    	R-3

    	 

    

 

	 	(5)	Additional Amounts
    will not be payable to any beneficial owner of a Note that is a:
	 	 	 	 
	 	 	(a)	fiduciary;
	 	 	(b)	partnership;
	 	 	(c)	limited liability company or
	 	 	(d)	other fiscally transparent entity
	 	 	 	 
	 	 	or that is not
    the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
    Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or
    member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to
    the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial
    or distributive share of the payment.
	 	 	 	 
	 	(6)	Additional Amounts
    will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that
    is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable
    certification, identification, documentation or other information reporting requirements. This exception to the obligation
    to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation
    of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to exemption
    from such tax, assessment or other governmental charge.
	 	 	 	 
	 	(7)	Additional Amounts
    will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that
    is collected or imposed by any method other than by withholding from a payment on a Note by  the Company or a paying
    agent.
	 	 	 	 
	 	(8)	Additional Amounts
    will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that
    is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes
    effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later.
	 	 	 	 
	 	(9)	Additional Amounts
    will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that
    is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after
    the date on which such payment becomes due or is duly provided for, whichever occurs later.
	 	 	 	 
	 	(10)	Additional Amounts
    will not be payable if a payment on a Note is reduced as a result of any:

 

    	R-4

    	 

    

 

	 	 	(a)	estate tax;
	 	 	(b)	inheritance tax;
	 	 	(c)	gift tax;
	 	 	(d)	sales tax;
	 	 	(e)	excise tax;
	 	 	(f)	transfer tax;
	 	 	(g)	wealth tax;
	 	 	(h)	personal property tax or
	 	 	(i)	any similar tax, assessment, withholding, deduction or other governmental charge.
	 	 	 	 
	 	(11)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent.
	 	 	 
	 	(12)	Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is required to be made pursuant to any European Union directive on the taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive.
	 	 	 
	 	(13)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above.

 

Except
as specifically provided herein, the Company will not be required to make any payment of any tax, assessment or other governmental
charge imposed by any government or a political subdivision or taxing authority of such government.

 

As
used in this Note, “United States person” means:

 

	 	(a)	any individual who is a citizen or resident of the United States;
	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States;
	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income and
	 	(d)	any trust if a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the substantial decisions of the trust.

 

Additionally,
“non-United States person” means a person who is not a United States person, and “United States” means
the states of the United States of America and the District of Columbia, but excluding its territories and its possessions.

 

    	R-5

    	 

    

 

Except
as provided below, the Notes may not be redeemed prior to maturity.

 

	 	(1)	The Company may, at its option, redeem the Notes if:
	 	 	 	 
	 	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above;
	 	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after January 19, 2012 and
	 	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company.

 

	 	(2)	The Company may also redeem the Notes, at its option, if:
	 	 	 	 
	 	 	(a)	any act is taken by a taxing authority of the United States on or after January 19, 2012, whether or not such act is taken in relation to the Company or any affiliate, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above;
	 	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company and
	 	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company will or may be required to pay the Additional Amounts described under above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to their terms.

 

Any redemption
of the Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price
equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders
shall be given not less than 30 days nor more than 60 days prior notice by the Trustee of the date fixed for such redemption.

 

All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the
laws of the State of New York.

 

    	R-6

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