Document:

Exhibit 4.4

 

Certificate Of Designation of

Series B Convertible Preferred Stock of Naturade, Inc., as Amended
through May 15, 2003

 

Dated December 20,
2001

 

As amended on May 15,
2003.

 

NATURADE,
INC., a Delaware corporation (the “Corporation”), pursuant to Section 151
of the General Corporation Law of the State of Delaware, does hereby make this
Certificate of Designation and does hereby state and certify that pursuant to
the authority expressly vested in the Board of Directors of the Corporation by
the Certificate of Incorporation of the Corporation, the Board duly adopted the
following resolutions:

 

WHEREAS, the
Board of Directors of the Corporation is authorized, within the limitations and
restrictions stated in the Certificate of Incorporation, to fix by resolution
or resolutions the designation of each series of Preferred Stock, par value
$.0001 per share (the “Preferred Stock”), and the rights, preferences,
privileges and restrictions thereof, including, without limiting the generality
of the foregoing, such provisions as may be desired concerning voting,
dividends, conversion, dissolution or the distribution of assets, and such
other subjects or matters as may be fixed by resolution or resolutions of the
Board of Directors under the Delaware General Corporation Law; and

 

WHEREAS, it is
the desire of the Board of Directors of the Corporation, pursuant to its
authority as aforesaid, to authorize and fix the terms of a series of Preferred
Stock and the number of shares constituting the series;

 

NOW, THEREFORE,
BE IT RESOLVED, that a series of Preferred Stock is hereby created and
authorized to be issued in the number and series, and on the terms and with the
provisions, set forth below:

 

A.            Designation of Series and Number
of Shares.  The designation of the
series of Preferred Stock authorized by this resolution shall be
“Series B  Convertible Preferred
Stock” (the “Series B Preferred Stock”). 
The total number of shares of Series B Preferred Stock authorized
hereby shall be 48,000,000.

 

B.            Voting.

 

1.             Each holder of shares of
Series B Preferred Stock shall be entitled to notice of any and all
meetings of the holders of the Common Stock and notice of any actions taken by
the holders of the Common Stock by written consent and shall be entitled to
vote on all matters (including the election of directors by the holders of
Common Stock) presented to the holders of Common Stock on which such holders
vote, voting together with the holders of the Common Stock as a single class,
and shall be entitled to the number of votes equal to the largest number of
full shares of Common Stock into which the shares of Series B Preferred
Stock could be converted at the record date for the determination of the
stockholders entitled to vote on such

 

 

matters or, if no record date is
established, at the date such vote is taken or any written consent of
stockholders is solicited.

 

2.             In addition to the voting rights
conferred pursuant to Section B(1) above, the Corporation shall not, by
merger or otherwise, without obtaining the prior written consent or affirmative
vote of the holders of at least a majority of the shares of Series B
Preferred Stock then outstanding, voting together as a single class and given
by written consent in lieu of a meeting or by votes at a special meeting called
for such purpose (for which written notice shall have been given to all holders
of Series B Preferred Stock in the manner provided in the By-laws of the
Corporation) (i) amend, alter or repeal any provision of the By-laws of
the Corporation if such amendment, alteration or repeal would adversely affect
the holders of the Series B Preferred Stock; (ii) create, authorize
or issue any class of stock ranking senior to, or on a parity with, the
Series B Preferred Stock (including additional shares of Series B
Preferred Stock) with respect to dividends or upon liquidation, dissolution,
winding up or otherwise, or increase the authorized number of shares of any
such class or series, or reclassify any authorized stock of the Corporation
into any such senior or parity shares or create, authorize or issue any
obligation or security convertible into or evidencing the right to purchase any
such senior or parity shares or alter, amend or repeal any of the terms of any
of the foregoing; (iii) merge, consolidate, sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of the assets, property
or business of the Corporation in one or more related transactions;
(iv) amend (by merger or otherwise) the Certificate of Incorporation of
the Corporation; (v) issue or sell any Additional Shares of Common Stock (as
defined below) or Excluded Securities (as defined below) or debt or equity
securities convertible into or evidencing the right to purchase any shares of
Common Stock, (vi) acquire, or permit any subsidiary to acquire, any interest
in any company or business (whether by a purchase of assets, purchase of stock,
merger or otherwise), or enter into any joint venture or other business
combination; (vii) create, incur, assume or suffer to exist, or permit any
subsidiary to create, incur, assume or suffer to exist, Indebtedness (as
defined below); and (viii) liquidate, dissolve or wind up the Corporation.

 

3.             In addition to the voting rights of
the Series B Preferred Stock pursuant to Section B(1) above, at any
meeting held for the purpose of electing directors (or in a written consent in
lieu thereof), the presence in person or by proxy (or the written consent) of
the holders of a majority of the shares of Series B Preferred Stock then
outstanding shall constitute a quorum of the Series B Preferred Stock for the
election of two directors who shall be elected solely by the holders of the
Series B Preferred Stock.  A
vacancy in any directorship elected by the holders of the Series B
Preferred Stock as provided in this Section B(3) shall be filled only by
the vote or written consent of the holders of the Series B Preferred
Stock.  If the original purchasers of
the Series B Preferred Stock and their Affiliates and their Associates (as
defined below) hold, in the aggregate, less than 50% of the shares of
Series B Preferred Stock issued on the Original Issuance Date, then this
Section B(3) shall terminate.

 

C.            Liquidation.  In the event the Corporation shall be
Liquidated (as defined below) whether voluntarily or involuntarily, after there
shall have been paid or set aside for the holders of any shares of Preferred
Stock which are senior in rights of liquidation to the Series B Preferred
Stock the full preferential amounts to which such holders are entitled under
the terms of such Preferred Stock, the holders of Series B Preferred Stock
shall be entitled to receive, prior to and in preference to any distribution to
the holders of Common Stock and holders of any

 

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Preferred Stock junior to the
Series B Preferred Stock, an amount per share equal to the applicable Per Share
Liquidation Amount (as defined below) payable with respect to the shares of
Series B Preferred Stock.  As used
herein, the amount of the “Per Share Liquidation Amount” for a share of Series
B Preferred Stock shall be determined as follows:  (1) if the share of Series B Preferred Stock is an Original
Issuance Share (as defined below), then the Per Share Liquidation Amount for
such share shall equal the Original Issuance Price (as defined below)(as
adjusted for any stock splits, stock dividends, reorganizations or the like
after the Original Issuance Date (as defined below)) plus the amount of all
accrued but unpaid dividends on the Series B Preferred Stock accumulated
on such share of Series B Preferred Stock from the Original Issuance Date
through the date of distribution (whether or not such dividends shall have
theretofore been declared by the Board of Directors of the Corporation), and
(2) if the share of Series B Preferred Stock is not an Original Issuance Share,
then the Per Share Liquidation Amount for such share shall equal the price at
which such share was issued on its Issuance Date (as defined below) (as
adjusted for any stock splits, stock dividends, reorganizations or the like
after its Issuance Date) plus the amount of all accrued but unpaid dividends on
the Series B Preferred Stock accumulated on such share of Series B
Preferred Stock from its Issuance Date through the date of the distribution
(whether or not such dividends shall have theretofore been declared by the
Board of Directors of the Corporation). 
If the Corporation is Liquidated and the Available Funds and Assets
shall be insufficient to permit the payment to all holders of the Series B
Preferred Stock of their full preferential amount described in this Section C,
then all of the remaining Available Funds and Assets shall be distributed among
the holders of the then outstanding shares of Series B Preferred Stock pro rata,
according to the number of outstanding shares of Series B Preferred Stock then
held by each holder thereof.  The
Corporation shall be deemed to have been “Liquidated” upon the occurrence of
(i) any liquidation, dissolution or winding up of the Corporation; (ii)
any sale by the Corporation of all or substantially all its assets; or (iii)
the acquisition of the Corporation by another entity by means of a merger,
consolidation or reorganization of the Corporation resulting in the exchange of
the outstanding shares of the Corporation for securities issued, or caused to
be issued, by the acquiring corporation or its subsidiary where less than 50%
of the successor corporation’s voting rights, immediately after the
transaction, are held by the persons who held the Corporation’s voting rights
immediately prior to the transaction. 
Other than as set forth in clauses (ii) and (iii) above, no sale of
assets, merger, consolidation or reorganization shall be considered a
Liquidation.

 

D.            Dividends.  Preferential dividends on each share of
Series B Preferred Stock shall be cumulative and accrue (whether or not there
are profits or capital or surplus available therefor) at the rate of ten
percent (10%) per annum on the Accrued Value thereof (computed on a semi-annual
basis based upon a 360-day year of twelve 30-day months and pro rated as
necessary in the event that dividends shall be paid on other than a semi-annual
basis) from the Issuance Date of such share. 
The term “Accrued Value” shall mean, with respect to each share of Series
B Preferred Stock, the sum of (i) $0.1477, plus (ii) all cash dividends that
have been accrued and that have not been paid (as adjusted for any stock
splits, stock dividends, recapitalizations or the like).

 

E.             Omitted.

 

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F.             Optional
Conversion.

 

1.             Each holder of any shares of Series
B Preferred Stock shall have the right, at such holder’s option, at any time or
from time to time, to convert any of such shares into Common Stock, on the
basis hereinafter provided.  Each share
of Series B Preferred Stock may be converted into such number (which may be a
fraction) of fully paid and non-assessable shares of Common Stock as is equal
to the sum of (i) the quotient obtained by dividing (A) the Original Issuance
Price (as defined in Section I below) by (B) the Series B Conversion Price (as
defined in Section I below) (the “Series B Conversion Ratio”) PLUS (ii) any
Antidilution Shares (as defined in Section I below).  Upon conversion of a share of Series B Preferred Stock
pursuant to this Section F, all accrued but unpaid dividends with respect to
such share of Series B Preferred Stock will be canceled.

 

2.             The holder of any shares of
Series B Preferred Stock may exercise the conversion right pursuant to
Section F.1 above as to any part thereof by delivering to the Corporation
during regular business hours, at the office of the Corporation or any transfer
agent of the Corporation for the Series B Preferred Stock as may be
designated by the Corporation, the certificate or certificates for the shares
to be converted, duly endorsed or assigned in blank or to the Corporation (if
required by it), accompanied by written notice stating that the holder elects
to convert such shares and stating the name or names (with address) in which
the certificate or certificates for the shares of Common Stock are to be
issued.  Conversions shall be deemed to
have been effected on the date when such delivery is made (the “Conversion
Date”) and the person entitled to receive the Common Stock issuable upon such
conversion shall be deemed for all purposes as the record holder of such Common
Stock as of such date.  As promptly as
practicable thereafter the Corporation shall issue and deliver to or upon the
written order of such holder, to the place designated by such holder, a
certificate to which such holder is entitled and a check or cash in respect of
any fractional interest in a share of Common Stock as provided in Section F.3
below.  The person in whose name the
certificate or certificates for Common Stock are to be issued shall be deemed
to have become a Common Stock holder of record on the Conversion Date.  Upon conversion of only a portion of the
number of shares covered by a certificate representing shares of Series B
Preferred Stock surrendered for conversion, the Corporation shall issue and
deliver to or upon the written order of the holder of the certificate so
surrendered for conversion, at the expense of the Corporation, a new
certificate covering the number of shares of Series B Preferred Stock
representing the unconverted portion of the certificate so surrendered, which
new certificate shall entitle the holder thereof to dividends on the shares of
Series B Preferred Stock represented thereby to the same extent as if the
portion of the certificate theretofore covering such unconverted shares had not
been surrendered for conversion.

 

3.             No fractional shares of Common
Stock or scrip shall be issued upon conversion of shares of Series B
Preferred Stock.  Instead of any
fractional shares of Common Stock which would otherwise be issuable upon
conversion of Series B Preferred Stock, the Corporation shall pay a cash
adjustment in respect of such fractional interest in an amount equal to the
then current market price (as determined in accordance with Section F(4)(f)
below) of a share of Common Stock multiplied by such fractional interest.  Fractional interests shall not be entitled
to dividends, and the holders of fractional interests shall not be entitled to
any rights as stockholders of the Corporation in respect of such fractional
interest.  For purposes of calculating

 

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the number of shares of Common
Stock to be issued on conversion of Series B Preferred Stock, or for purposes
of calculating voting or dividend rights based on the number of shares issuable
on conversion of Series B Preferred Stock, all fractional shares of Common
Stock of a holder resulting from, or that would result from, the conversion of
Series B Preferred Stock, shall be aggregated and combined into the
largest resulting whole number, so that the total number of shares of Common
Stock for which any holder receives settlement in cash as fractional shares, or
which the holder is not entitled to vote or receive dividends upon as
fractional shares, will be less than one.

 

4.             The Series B Conversion Price shall
be subject to adjustment at any time and from time to time as follows:

 

a.             If the Corporation shall at any
time or from time to time after the Original Issuance Date issue any Additional
Shares of Common Stock  without
consideration or for a consideration per share less than the Series B
Conversion Price in effect immediately prior to such issuance, the
Series B Conversion Price in effect immediately prior to such issuance
shall forthwith (except as otherwise provided in this Section F(4)(a)) be
adjusted to a price determined by multiplying such Series B Conversion
Price by a fraction, the numerator of which shall be the number of shares of
Common Stock outstanding immediately prior to such issuance (including shares
of Common Stock deemed to be issued pursuant to Section F(4)(a)(iv)(A) or
(B)) plus the number of shares of Common Stock that the aggregate consideration
received by the Corporation for such issuance would purchase at such
Series B Conversion Price; and the denominator of which shall be the
number of shares of Common Stock outstanding immediately prior to such issuance
(including shares of Common Stock deemed to be issued pursuant to
Section F(4)(a)(iv)(A) or (B)) plus the number of shares of such
Additional Shares of Common Stock.

 

For the
purposes of any adjustment of the Series B Conversion Price pursuant to
this Section F(4)(a), the following provisions shall be applicable:

 

(i)            In
the case of the issuance of Common Stock for cash, the consideration shall be
deemed to be the amount of cash paid therefor after deducting therefrom any
discounts and commissions, but not legal fees or other expenses of the Company,
paid or incurred by the Corporation for any underwriting or otherwise in
connection with the issuance and sale thereof;

 

(ii)           In
the case of the issuance of Common Stock for a consideration in whole or in
part other than cash, the consideration other than cash shall be deemed to be
the fair market value thereof as determined in good faith by the Board of
Directors of the Corporation; provided, however, that the aggregate fair market
value of such non-cash and cash consideration shall not exceed the current
market price of the shares of Common Stock being issued;

 

(iii)          In
the case of the issuance of Common Stock without consideration, the
consideration shall be deemed to be $.0001 per share; and

 

5

 

(iv)          In
the case of the issuance of (x) options to purchase or rights to subscribe
for Common Stock, (y) securities by their terms convertible into or
exchangeable for Common Stock or (z) options to purchase or rights to
subscribe for such convertible or exchangeable securities:

 

(A)          the
aggregate maximum number of shares of Common Stock deliverable upon exercise of
such options to purchase or rights to subscribe for Common Stock shall be
deemed to have been issued at the time such options or rights were issued and
for a consideration equal to the consideration (determined in the manner
provided in subdivisions (i), (ii) and (iii) above), if any, received by the
Corporation upon the issuance of such options or rights plus the minimum
purchase price provided in such options or rights for the Common Stock covered thereby;

 

(B)           the
aggregate maximum number of shares of Common Stock deliverable upon conversion
of or in exchange for any such convertible or exchangeable securities or upon
the exercise of options to purchase or rights to subscribe for such convertible
or exchangeable securities and subsequent conversion or exchange thereof shall
be deemed to have been issued at the time such securities were issued or such
options or rights were issued and for a consideration equal to the
consideration received by the Corporation for any such securities and related
options or rights (excluding any cash received on account of accrued interest
or accrued dividends), plus the additional consideration, if any, to be
received by the Corporation upon the conversion or exchange of such securities
or the exercise of any related options or rights (the consideration in each
case to be determined in the manner provided in subdivisions (i), (ii) and
(iii) above);

 

(C)           on
any change in the exercise price of Common Stock deliverable upon exercise of
any such options or rights or conversions of or exchanges for such securities,
other than a change resulting from the antidilution provision thereof, the
applicable Series B Conversion Price shall forthwith be readjusted to such
Series B Conversion Price as would have resulted had the adjustment made
upon the issuance of such options, rights or securities not converted prior to
such change (or options or rights related to such securities not converted
prior to such change) been made upon the basis of such change; and

 

(D)          on
the expiration of any such options or rights, the termination of any such
rights to convert or exchange or the expiration of any options or rights
related to such convertible or exchangeable securities, the Series B
Conversion Price shall forthwith be readjusted to such Series B Conversion
Price as would have been obtained had the adjustment made upon the issuance of
such options, rights or securities been made upon the basis of the issuance of
only the number of shares of Common Stock actually issued upon exercise of such
options or rights, upon the conversion or exchange of such securities or upon
the exercise of the options or rights related to such securities and subsequent
conversion or exchange thereof.

 

b.             If, at any time after the Original
Issuance Date, the number of shares of Common Stock outstanding is increased by
a stock dividend payable in shares of

 

6

 

Common Stock or by a
subdivision or split-up of shares of Common Stock, then, as of the record date
fixed for the determination of holders of Common Stock entitled to receive such
stock dividend, subdivision or split-up, the Series B Conversion Price
shall be appropriately decreased and the number of shares of Common Stock
issuable on conversion of a share of Series B Preferred Stock shall be
appropriately increased, in each case, in proportion to such increase in
outstanding shares.

 

c.             If, at any time after the Original
Issuance Date, the number of shares of Common Stock outstanding is decreased by
a combination of the outstanding shares of Common Stock, then, as of the record
date for such combination, the Series B Conversion Price shall be
appropriately increased and the number of shares of Common Stock issuable on conversion
of each share of Series B Preferred Stock shall be appropriately
decreased, in each, in proportion to such decrease in outstanding shares.

 

d.             In case, at any time after the
Original Issuance Date, of any capital reorganization, or any reclassification
of the stock of the Corporation (other than a change in par value or from par
value to no par value or from no par value to par value or as a result of a
stock dividend or subdivision, split-up or combination of shares), or the
consolidation or merger of the Corporation with or into another person, other
than a Liquidation (as defined in Section C above) and other than a
consolidation or merger in which the Corporation is the continuing corporation
and which does not result in any change in the Common Stock, each share of
Series B Preferred Stock after such reorganization, reclassification,
consolidation, merger, exchange or sale or other disposition shall be
convertible into the kind and number of shares of stock or other securities of
the Corporation or of the corporation resulting from such consolidation or
surviving such merger or to which such properties and assets or stock shall
have been sold or otherwise disposed to which the holder of the number of
shares of Common Stock deliverable upon conversion of such shares of
Series B Preferred Stock would have been entitled upon such
reorganization, reclassification, consolidation, merger, exchange or sales or
other disposition had they been converted into Common Stock immediately prior
to the time of such reorganization, reclassification, consolidation, merger,
exchange or sale or other disposition. 
The provisions of this Section F(4)(d) shall similarly apply to
successive reorganizations, reclassifications, consolidations, mergers,
exchanges or sales or other dispositions. 
In the event that any of the transactions described in this
Section F(4)(d) constitutes a transaction pursuant to which the
Corporation shall be Liquidated (as defined in Section C above), the
provisions of Section C above shall be applied instead of the provisions
of this Section F(4)(d).

 

e.             All calculations under this Section
F(4) shall be made to the nearest one tenth (1/10) of a share, as the case may
be.

 

f.              For the purpose of any computation
pursuant to Section F(3) above or this Section F(4), the current market price
at any date of one share of Common Stock shall be determined as follows:

 

(i)                                     If traded on a
securities exchange, the value shall be deemed to be the average of the closing
prices of the securities on such exchange over the 20-day period ending three
days prior to the date of determination;

 

7

 

(ii)                                  If actively traded
over-the-counter, the value shall be deemed to be the average of the closing
bid prices over the 20-day period ending three days prior to the date of
determination; or

 

(iii)                               If there is no active
public market, then in good faith by the Board of Directors of the Corporation,
or if such determination cannot be made, by a nationally-recognized independent
investment banking firm selected mutually by the holders of at least a majority
by voting power of the Series B Preferred Stock then outstanding and the
Corporation (or, if such selection cannot be made, by a nationally recognized
independent investment banking firm selected by the American Arbitration
Association in accordance with its rules).

 

5.             In any case in which the provisions
of Section F(4) shall require that an adjustment shall become effective
immediately after a record date for an event, the Corporation may defer until
the occurrence of such event (A) issuing to the holder of any shares of
Series B Preferred Stock converted after such record date and before the
occurrence of such event the additional shares of capital stock issuable upon
such conversion by reason of the adjustment required by such event over and
above the shares of capital stock issuable upon such conversion before giving
effect to such adjustment and (B) paying to such holder any amount in cash
in lieu of a fractional share of capital stock pursuant to Section F(3)
above; provided, however, that the Corporation shall deliver to such holder a
due bill or other appropriate instrument evidencing such holder’s right to
receive such additional shares, and such cash, upon the occurrence of the event
requiring such adjustment.

 

6.             Whenever the Series B
Conversion Price shall be adjusted as provided in Section F(4) above, the
Corporation shall forthwith file, at the office of the Corporation or any
transfer agent designated by the Corporation for the Series B Preferred
Stock, a statement, signed by its chief financial officer, showing in detail
the facts requiring such adjustment and the adjusted Series B Conversion
Price.  The Corporation shall also cause
a copy of such statement to be sent by first-class certified mail, return
receipt requested, postage prepaid, to each holder of shares of Series B
Preferred Stock at his or its address appearing on the Corporation’s
records.  Where appropriate, such copy
may be given in advance and may be included as part of a notice required to be
mailed under the provisions of Section F(7).

 

7.             In the event the Corporation shall
propose to take any action of the types described in Sections F(4)(a), (b), (c)
or (d), or to commence a transaction in which the Corporation shall be
Liquidated, the Corporation shall give notice to each holder of shares of
Series B Preferred Stock in the manner set forth in this
Section F(7), which notice shall specify the record date, if any, with
respect to any such action and the date on which such action is to take
place.  Such notice shall also set forth
such facts with respect thereto as shall be reasonably necessary to indicate
the effect of such action (to the extent such effect may be known at the date
of such notice) on the Series B Conversion Price then in effect and the
number, kind or class of shares or other securities or property which shall be
deliverable or purchasable upon the occurrence of such action or deliverable
upon conversion of shares of Series B Preferred Stock.  In the case of any action which would
require the fixing of a record date, such notice shall be

 

8

 

given at least 20 days prior to
the date so fixed, and in case of all other action, such notice shall be given
at least 30 days prior to the taking of such proposed action.  Failure to give such notice, or any defect
therein, shall not affect the legality or validity of any such action.

 

8.             The Corporation shall pay all
documentary, stamp or other transactional taxes attributable to the issuance or
delivery of shares of capital stock of the Corporation upon conversion of any
shares of Series B Preferred Stock.

 

9.             The Corporation shall reserve, free
from preemptive rights, out of its authorized but unissued shares of Common
Stock solely for the purpose of effecting the conversion of the shares of
Series B Preferred Stock sufficient shares to provide for the conversion
of all outstanding shares of Series B Preferred Stock.

 

10.           All shares of Common Stock which may
be issued in connection with the conversion provisions set forth herein will,
upon issuance by the Corporation, be validly issued, fully paid and
nonassessable, with no personal liability attaching to the ownership thereof,
and free from all taxes, liens or charges with respect thereto.

 

11.           The Corporation will not, by
amendment of the Certificate of Incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the
Corporation, but will at all times in good faith assist in the carrying out of
all the provisions of this Section F and in the taking of all such action
as may be necessary or appropriate in order to protect the conversion rights of
the holders of the Series B Preferred Stock against impairment.

 

G.            Redemption.

 

1.             Mandatory Redemption. On the
seventh anniversary of its Issuance Date (the “Mandatory Redemption Date”), the
Corporation shall redeem each outstanding share of Series B Preferred
Stock for a redemption price equal to the applicable Per Share Redemption Price
(as defined below) payable with respect to such share of Series B Preferred
Stock.  As used herein, the amount of
the “Per Share Redemption Price” for a share of Series B Preferred Stock shall
be determined as follows:  (1) if the
share of Series B Preferred Stock is an Original Issuance Share, then the Per
Share Redemption Price for such share shall equal the Original Issuance Price
(as adjusted for any stock splits, stock dividends, reorganizations or the like
after the date hereof) plus the amount of all accrued but unpaid dividends on
the Series B Preferred Stock accumulated on such share of Series B
Preferred Stock from the Original Issuance Date through the date that such
share of Series B Preferred Stock shall be redeemed by the Corporation (whether
or not such dividends shall have theretofore been declared by the Board of
Directors of the Corporation), and (2) if the share of Series B Preferred Stock
is not an Original Issuance Share, then the Per Share Redemption Price for such
share shall equal the price at which such share was issued on its Issuance Date
(as adjusted for any stock splits, stock dividends, reorganizations or the like
after its Issuance Date) plus the amount of all accrued but unpaid dividends on
the Series B Preferred Stock accumulated on such share of Series B
Preferred Stock from its Issuance Date through the date that such share of
Series B Preferred Stock shall be redeemed by the Corporation (whether or not
such dividends shall have

 

9

 

theretofore been declared by
the Board of Directors of the Corporation). 
From and after the Mandatory Redemption Date of any share, unless there
shall have been a default in payment of the aggregate Per Share Redemption
Price to be paid for all shares to be redeemed on such Mandatory Redemption
Date, all rights of the holders as to such shares of Series B Preferred
Stock (the “Redeemable Shares”), except the right to receive the Per Share
Redemption Price immediately upon surrender of their certificate or
certificates, shall cease with respect to such shares, and such shares shall
not thereafter be transferred on the books of this Corporation or be deemed to
be outstanding for any purpose whatsoever. 
If the funds of this Corporation legally available for redemption of shares
of Series B Preferred Stock on the Redemption Date are insufficient to
redeem the total number of Redeemable Shares to be redeemed on such Mandatory
Redemption Date, then those funds that are legally available will be used to
redeem the maximum possible number of such shares ratably among the holders of
such shares to be redeemed based upon the number of shares of Common Stock into
which their holdings of Series B Preferred Stock are convertible as of the
Mandatory Redemption Date; provided that so long as the original purchasers of
the Series B Preferred Stock (in the aggregate with their Affiliates or
Associates) hold 50% or more of the shares originally purchased by them
(including shares of Common Stock into which shares of Series B Preferred Stock
shall have theretofore been converted), the holders shall not be obligated to
redeem less than all of their Redeemable Shares, and may elect to either (i)
redeem their Redeemable Shares up the amount purchasable by the Corporation out
of funds legally available for such purchase, or (ii) retain all of their
Redeemable Shares, in which case the Redeemable Shares held by such original
purchasers (or their Affiliates or Associates) shall cease to be Redeemable
Shares. Until redeemed, Redeemable Shares shall remain outstanding and entitled
to all the rights and preferences provided herein.  At any time Redeemable Shares are outstanding, when additional
funds of the Corporation are legally available for their  redemption, such funds will immediately be
used to redeem the remaining outstanding shares of Series B Preferred
Stock that then constitute Redeemable Shares on a pro rata basis based on the
number of shares of Common Stock into which each holder’s Redeemable Shares may
be converted.  After the Mandatory
Redemption Date, until all outstanding Redeemable Shares have been redeemed,
the Corporation may not declare any dividends or make any other distribution to
its stockholders.  To the extent funds
are legally available therefor, the Corporation shall pay the Redemption Price
immediately upon surrender of the certificates for the Redeemable Shares.

 

2.             Early Redemption.  If the Corporation receives a bona fide
offer from a third party to invest equity capital into the Corporation prior to
December 31, 2004, the Corporation may effect an early redemption of all
of the Series B Preferred Stock on the following terms:

 

a.             The Corporation may elect to pursue
its rights under this Section G(2) by delivering to the holders of
Series B Preferred Stock a notice of the proposed equity investment
describing all of its terms, attaching a copy of the current proposal or
proposals relating to the investment, and setting forth the evidence that the
proposed investor has the financial means to complete the investment (the
“Early Redemption Notice”);

 

b.             Within thirty (30) days of
receipt of the notice, the holders of the Series B Preferred Stock may
deliver a Qualified Counter-Offer to the Corporation; a “Qualified
Counter-Offer” is a counter-offer that satisfies the following requirements:
(i) the offer is in

 

10

 

writing; (ii) the offer is
for an equity investment with proceeds equal to or exceeding the gross proceeds
to the Corporation in the proposed third party investment (but need not exceed
$3,500,000); and (iii) the offer either (A) is accomplished through
the exercise of some or all of the Preferred Stock Warrant or (B) the
offer provides capital on the same or better terms to the Corporation as those
set forth in the Early Redemption Notice, with the determination of the
relative value of such terms to be made by the Corporation in good faith and in
consultation with the holders of the Series B Preferred Stock;

 

c.             If the holders of the Series B
Preferred Stock do not deliver a Qualified Counter-Offer on or before thirty
(30) days after delivery of the Early Redemption Notice, then each share of the
Series B Preferred Stock shall be cancelled on the closing date of the
investment described in the Early Redemption Notice (or another equity
investment by a third party on superior terms to those in the Early Redemption
Notice) and convert into the right to receive on the closing date of the
investment in immediately available funds, upon surrender to the Corporation of
the certificate for the share, the applicable Early Redemption Payment Amount
(as defined below) payable with respect to such share of Series B Preferred
Stock.  As used herein, the “Early
Redemption Payment Amount” for a share of Series B Preferred Stock shall be determined
as follows:  (1) if the share of Series
B Preferred Stock is an Original Issuance Share, then the Early Redemption
Payment Amount for such share shall equal the sum of “X” and “Y,” plus interest
on such sum calculated at 30% per annum from the Original Issuance Date to the
date of redemption, compounded semiannually and calculated on a pro rata basis
for any partial year (and, for these purposes, “X” shall equal the Original
Issuance Price (as adjusted for any stock splits, stock dividends,
recapitalizations or the like after the date hereof) and “Y” shall equal the
product of $500,000 times the fraction resulting from dividing the number of
Warrant Shares remaining unexercised by the number of Warrant Shares originally
purchasable under the Warrant, divided by the total number of Original Issuance
Shares outstanding), and (2) if the share of Series B Preferred Stock is not an
Original Issuance Share, then the Early Redemption Payment Amount for such
share shall equal the price at which such share was issued on its Issuance Date
(as adjusted for any stock splits, stock dividends, recapitalizations or the
like after its Issuance Date), plus interest on such amount calculated at 30%
per annum from the Issuance Date to the date of redemption, compounded
semianually and calculated on a pro rata basis for any partial year.  Upon an early redemption of the
Series B Preferred Stock pursuant to this Section G(2), all accrued but
unpaid dividends with respect to each share of Series B Preferred Stock will be
canceled.  The failure by the holders of
Series B Preferred Stock to make a timely Qualified Counter-Offer shall
also constitute a waiver of all preemptive rights under Section H, unless
the Corporation fails to close the investment described in the Early Redemption
Notice.

 

d.             If the holders of the Series B
Preferred Stock do not make a timely Qualified Counter-Proposal, but the
Corporation does not close the investment described in the Early Redemption
Notice (or another third party equity investment on terms no more favorable, in
the aggregate, to the investors or less favorable to the Corporation than those
set forth in the Early Redemption Notice) by the earlier of sixty (60)
days after delivery of the Early Redemption Notice or December 31, 2004,
then the Corporation may not redeem the Series B Preferred Stock unless
the Corporation delivers a new Early Redemption Notice for an equity investment
to be completed before December 31, 2004 and the holders of the
Series B Preferred

 

11

 

Stock do not make Qualified
Counter-Proposal within thirty (30) days of the new Early Redemption
Notice.

 

e.             If the holders of the Series B
Preferred Stock make a Qualified Counter-Proposal but fail to close the equity
investment described therein within forty-five (45) days of delivery of the
Early Redemption Notice, and such failure to close is due to a breach by the
holders of the Series B Preferred Stock of the terms of the Qualified
Counter-Proposal, then the Corporation may redeem the Series B Preferred Stock
at any time thereafter.

 

H.            Preemptive Rights.

 

1.             General.  Except in a transaction covered by the Early
Redemption procedures set forth in Section G(2), the Corporation shall not
issue, sell or exchange, agree to issue, sell or exchange, or reserve or set
aside for issuance, sale or exchange any equity securities, including debt
securities convertible into equity securities, unless in each case the
Corporation shall have first made an offer (the “Preemptive Offer”) to sell
such Stock (the “Offered Securities”) to each holder of Series B Preferred
Stock by delivery of written notice of such offer stating the Corporation
proposes to sell such Offered Securities, the number or amount of the Offered
Securities proposed to be sold, the proposed purchase price therefor and any
other terms and conditions of such offer. 
The Preemptive Offer shall by its terms remain open and irrevocable for
a period of twenty (20) days from the date it is delivered by the Corporation
(the “Preemptive Offer Period”).

 

2.             Offer Mechanics.  Each holder of Series B Preferred Stock
shall have the option, exercisable at any time during the Preemptive Offer
Period by delivering written notice to the Corporation (a “Preemptive Offer
Acceptance Notice”), to subscribe for (i) a percentage of the Offered
Securities equal to the percentage of the Corporation’s issued and outstanding
Common Stock (on a fully converted basis) represented by the holder’s
Series B Preferred Stock (on a fully converted basis) (the “Proportionate
Percentage”) and (ii) up to its Proportionate Percentage of the Offered
Securities not subscribed for by other holders of Series B Preferred Stock
as specified in a holder’s Preemptive Offer Acceptance Notice.  Any Offered Securities not subscribed for by
a holder shall be deemed to be re-offered to the holders exercising their
options specified in clause (ii) of the immediately preceding sentence with
respect to the lesser of (A) the amount specified in their respective
Preemptive Offer Acceptance Notices and (B) an amount equal to their respective
Proportionate Percentages with respect to such deemed offer.  Such deemed offer and acceptance procedures
described in the immediately preceding sentence shall be deemed to be repeated
until either (x) all of the Offered Securities are accepted by the holders or
(y) the maximum amount of securities specified in each Preemptive Offer
Acceptance Notice has been satisfied. 
The Corporation shall notify each holder within five (5) days following
the expiration of the Preemptive Offer Period of the number or amount of
Offered Securities which such Stockholder has subscribed to purchase.

 

3.             Sales By Corporation.  If Preemptive Offer Acceptance Notices are
not given by the Stockholders for all the Offered Securities, the Corporation
making such Preemptive Offer shall have 120 days from the expiration of the
Preemptive Offer Period to sell all or any part of such Offered Securities as
to which Preemptive Offer Acceptances Notices have not been given by the
Stockholders (the “Refused Securities”) to any other Persons, but

 

12

 

only upon terms and conditions
in all respects, including price, which are no more favorable, in the
aggregate, to such other Persons or less favorable to the Corporation than those
set forth in the Preemptive Offer.  Upon
the closing, which shall include full payment to the Corporation, of the sale
to such other Persons of all the Refused Securities, the Stockholders shall
purchase from the Corporation, and the Corporation shall sell to such
Stockholders, the Offered Securities with respect to which Preemptive Offer
Acceptance Notices were delivered by each Stockholder, at the terms specified
in the Preemptive Offer.

 

I.              Definitions.

 

“Additional
Shares of Common Stock” means all shares of Common Stock issued (or, pursuant
to clauses (A) or (B) of Subparagraph (iv) of Section F(4)(a) above,
deemed to be issued) by the Corporation after the Original Issue Date, other
than Excluded Securities

 

“Affiliate”
has the meaning provided therefor in Rule 405 promulgated under the Securities
Act of 1933, as such Rule is en effect as of the Original Issuance Date.

 

“Antidilution
Shares” shall mean, on any date on which such calculation is required (a
“Calculation Date”), the number of shares resulting from (A) the excess over
537,242 in the number of shares of Common Stock issued and issuable on
conversion of the Convertible Notes (based, as to issuable shares, on the
conversion price of the Convertible Notes on such Calculation Date), multiplied
by (B) 1.041, then divided by 47,182,301.

 

“Associate”
has the meaning provided therefor in Rule 405 promulgated under the Securities
Act of 1933, as such Rule is en effect as of the Original Issuance Date.

 

“Available
Funds and Assets” means the funds and assets of the Corporation that may be
legally distributed to the Corporation’s stockholders.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Corporation.

 

“Convertible
Notes” means (i) the Convertible Secured Promissory Note dated October 31,
2000, payable (with accrued interest) to Howard Shao, in the original principal
amount of $100,000, (ii) the Convertible Secured Promissory Note dated November
30, 2000, payable (with accrued interest) to Howard Shao, in the original principal
amount of $100,000, and (iii) the Convertible Secured Promissory Note dated
September 12, 2001, in the principal amount of $50,000, payable to David Weil.

 

“Excluded
Securities” shall mean securities issued:

 

(i)                                     to directors,
employees or consultants of the Corporation or any subsidiary thereof as a form
of compensation in accordance with a plan approved by the Board of Directors
and stockholders of the Corporation;

 

(ii)                                  in connection with
any merger with, or acquisition of substantially all of the assets of, or a
controlling interest in, any entity;

 

13

 

(iii)                               to a strategic
(non-financial) investor as part of a collaborative effort to conduct business
in which the Corporation receives other consideration, including by way of
entering into a joint venture or a distribution or licensing arrangement;

 

(iv)                              as warrants in connection
with any debt financing, or on exercise of such warrants;

 

(v)                                 upon conversion of any
convertible securities now outstanding, upon exercise of the Preferred Stock
Warrant, or upon exercise of any options or warrants for which an adjustment to
the conversion price has previously occurred pursuant to Section F(4)(a)
above; or

 

(vi)                              in any actions described
in Subsections (b), (c) or (d) of Section F(4) above.

 

“Indebtedness”
means at a particular time, without duplication, (i) any indebtedness for
borrowed money or issued in substitution for or exchange of indebtedness for
borrowed money, (ii) any indebtedness evidenced by any note, bond, debenture or
other debt security, (iii) any indebtedness for the deferred purchase price of
property or services with respect to which a Person is liable, contingently or
otherwise, as obligor or otherwise (other than trade payables and other current
liabilities incurred in the ordinary course of business), (iv) any commitment
by which a Person assures a creditor against loss (including, without
limitation, contingent reimbursement obligations with respect to letters of
credit), (v) any indebtedness guaranteed in any manner by a Person (including,
without limitation, guarantees in the form of an agreement to repurchase or
reimburse), (vi) any obligations under capitalized leases with respect to which
a Person is liable, contingently or otherwise, as obligor, guarantor or
otherwise, or with respect to which obligations a Person assures a creditor
against loss, and (vii) any indebtedness secured by any mortgage, pledge,
security interest, encumbrance, lien or charge of any kind on a Person’s
assets.

 

“Issuance
Date” means, as to any share of Series B Preferred Stock, the date that share
was first issued by the Corporation.

 

“Original
Issuance Date” means the date of the first issuance of shares of Series B
Preferred Stock.

 

“Original
Issuance Price” means one thousand, four hundred and seventy-seven
ten-thousandth dollars ($0.1477).

 

“Original
Issuance Share” means a share of Series B Preferred Stock that was
originally issued on the Original Issuance Date.

 

“Person” means
an individual, a partnership, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or a
governmental entity (or any department, agency, or political subdivision
thereof).

 

14

 

“Preferred
Stock Warrant” means the Series B Preferred Stock Warrant issued to Westgate
Equity Partners, L.P. (“Westgate”) pursuant to the Securities Purchase
Agreement between the Corporation, Westgate and Health Holdings &
Botanicals, LLC dated as of December 20, 2001.

 

“Series B
Conversion Price” means the Original Issuance Price, subject to adjustment in
accordance with the terms of Section F(4) above.

 

“Warrant
Shares” means the shares of Series B Preferred Stock issuable on exercise of
the Preferred Stock Warrants.

 

 

15Exhibit
10.1

 

CONSULTING AGREEMENT

BETWEEN

D.N. ROSE

AND

QUESTAR REGULATED SERVICES
COMPANY

 

This CONSULTING AGREEMENT is entered into effective as of May 1,
2003,  between Questar Regulated
Services Company, a corporation organized and existing under the laws of the
state of Utah, with its principal place of business at 180 East 100 South, Salt
Lake City, Utah 81111, herein after referred to as the “Company,” and D. N.
Rose of 2884 South Wood Hollow Way, Bountiful Utah, 84010 hereinafter referred
to as “Mr. Rose.”  (As defined, the term
“Company” refers to the Company and its parent, subsidiaries and affiliates on
a consolidated basis.)

 

Recitals

 

(1)  Mr. Rose has retired as an employee of the Company and
no longer serves as an officer of the Company. 
He has substantial knowledge of certain areas of the Company’s business
and operations.

 

(2)  Due to Mr. Rose’s knowledge regarding Company business
and operations, the Company has requested that he perform consulting and
advisory services on an irregular, part-time basis for a one-year period
following his retirement.  Mr. Rose
desires to perform such services subject to the terms and conditions set forth
below.

 

THEREFORE, THE PARTIES AGREE AS FOLLOWS:

 

Section I - Services

 

Mr. Rose will perform consulting and advisory services to the Company
as requested from time to time by Mr. Keith O. Rattie or Mr. Alan K. Allred as
representatives of the Company. 
Specifically, Mr. Rose may be requested to review the Company’s strategies
and plans, to represent the Company in such groups as the American Gas
Association, to assist in presenting the Company’s position on key issues to
legislators, civic leaders, and regulators, and to advise the Company
concerning industry trends and their impact on the Company.  He may also be asked to serve as a witness
in litigation or administrative proceedings involving the Company.  Mr. Rose understands that the Company
respects his intelligence, forthrightness and insightful integration of information
and that the Company expects him to exhibit the same characteristics when
performing services under this Agreement.

 

Section II - Place of Work

 

The Company
will not provide Mr. Rose with a permanent office or other place of work.  However, the Company will permit him to use
an office at the Company’s facilities in Salt Lake City, Utah, and access to
secretarial services for his work on Company affairs.

 

 

Section III - Time Devoted to Work

 

In performing
services under this Agreement, Mr. Rose is generally able to establish his own
work schedule.   He agrees to make
himself available by telephone for periodic discussions on various business
issues, with the frequency of such calls decreasing over time as the Company
adjusts to the transition caused by his retirement.  The Company agrees to give Mr. Rose reasonable advance notice of
meetings in or other travel requirements to Salt Lake City, Utah, or other
locations within the Company’s area of operations.  Mr. Rose agrees to be generally available by telephone,
electronic mail, or fax and shall give reasonable notice to the Company in the
event of vacations or other events that might interfere with normal
availability and communications.

 

Section IV - Payment

 

The Company
agrees to pay Mr. Rose a retainer of $10,000.00 per month, which is payable on
or before the 15th day of each month with the first payment made on or before
May 15, 2003, and with the last payment made on or before April 15,
2004.   The Company will mail or
electronically deposit these monthly retainer checks in accordance with Mr.
Rose’s instructions.  The Company will
also reimburse Mr. Rose for any out-of-pocket expenses he incurs while
performing services under this Agreement. 
Examples of such expenses are the cost of transportation, meals, and
lodging if Mr. Rose is required to perform services outside the area of his
domicile or if sudden transportation is needed to return to Salt Lake City,
Utah.  The Company will reimburse
reasonable mileage expenses if Mr. Rose is required to travel out of town to
perform responsibilities pursuant to the terms of this Agreement.

 

Section V - Status

 

This Agreement
provides for the performance of services by Mr. Rose as an independent
contractor.  Mr. Rose will not be
considered an employee or officer of the Company for any purpose and shall not
represent himself as an employee or officer of the Company to third
parties.  He will not be eligible to
participate in any pension or welfare benefit programs or incentive
compensation programs that are provided for employees of the Company other than
benefits available to him as a retired employee.  Mr. Rose understands that he is a retired employee for purposes
of exercising stock options granted by Questar Corporation (“Questar”).  The sole benefits for which Mr. Rose shall
be eligible are benefits available to retirees of Questar.

 

As long as Mr.
Rose is compensated for providing services pursuant to the terms of this
Agreement, he is considered to be an “insider” under federal securities laws
and shall comply with the requirements of such laws.

 

Section VI - Termination

 

Either party
may terminate this Agreement prior to the expiration of April 30, 2004, by
sending written notice to the other party at least 30 days prior to the
proposed termination date.  Termination
of this Agreement prior to April 30, 2004, shall not relieve the Company of its
obligations to reimburse Mr. Rose for any expenses incurred by him to perform
services pursuant to the terms of it nor relieve Mr. Rose of his obligations
pursuant to Sections VII through XI of this Agreement.

 

Section VII - Acknowledgements

 

(a)               Mr. Rose shall
render consulting services on behalf of the Company that are special, unique,
and extraordinary; and 

 

(b)              Mr. Rose shall treat
all Proprietary Information of the Company (as defined below) on a confidential
basis.

 

2

 

(c)               During this
Agreement’s term, Mr. Rose may have access to and become familiar with various
items of the Company’s Proprietary Information.  Mr. Rose acknowledges that such Proprietary Information shall be
owned solely by the Company.

 

Section VIII - Proprietary Information

 

Proprietary
Information shall include, but not be limited to, information, knowledge,
documents and data, subject to the exclusions of Section IX, that pertain to
existing operations and future developments of any aspect of the Company’s
current or prospective businesses known to Mr. Rose as a result of his past
employment or through services rendered pursuant to this Agreement that are
regarded and protected as confidential by the Company, the disclosure of which
to unauthorized persons could have a detrimental consequence to the Company.

 

Section IX - Limitations on Use of Proprietary Information

 

During the
term of this Agreement and for one year after it terminates, Mr. Rose shall not
use the Proprietary Information for any purpose except to further the Company’s
business or divulge this information to any person other than the Company or
persons to whom the Company has given its consent, except to the extent such
information:

 

(a)               was independently
obtained by Mr. Rose in a manner unrelated to his employment with the Company;

 

(b)              was in the public
domain or enters into the public domain through no fault or Mr. Rose, or

 

(c)               is compelled to be
disclosed by government or legal process.

 

Section X - Intellectual and Other Property

 

(a)               All inventions and
other developments or improvements conceived by Mr. Rose alone or in
conjunction with other persons (including notes, drawings, memoranda or other
documents), during the term of his engagement that are within the scope of the
Company’s business operations or that relate to any of the Company’s work or
projects are the exclusive property of the Company, and Mr. Rose agrees to
execute such conveyances or documents required to transfer patents or
copyrights as may be reasonably requested by the Company. 

 

(i)                 engage in, become
employed by, or render services, advice or assistance to any person or business
entity engaged in projects that do or may directly compete with any projects he
has rendered advice concerning or has become aware of the Company’s interest in
by virtue of the services rendered pursuant to this Agreement.

 

(ii)              retain or use in any
way any Proprietary Information or transmit or reveal any of such information
to persons in competition with the Company;

 

(iii)           seek or solicit
business or investment opportunities for or on behalf of any persons in
competition with the Company;

 

(iv)          disparage the Company’s
management or strategic direction when dealing with third parties or employees;
or

 

(v)             influence or attempt
to influence any Company employee to terminate his  employment to work for Mr. Rose directly or any competitor of the
Company.

 

3

 

(b)              The Company is not
interested in having Mr. Rose perform full-time consulting services for it
during the term of this Agreement, but the Company’s consent is necessary for
Mr. Rose to provide consulting services to any customer or competitor of the
Company during the term of this Agreement or the non-compete period following
its termination.  The Company will not
unreasonably withhold such consent.

 

(c)               The period of time
that this non-competition provision shall remain in effect shall be dependent
on the termination of the Agreement.  If
the Agreement remains in effect for the full year, the non-competition
provision shall remain in effect until May 1, 2005.  If the Company terminates the Agreement prior to May 1, 2004, the
non-competition provision shall expire on a date that is determined by adding
the number of months the Agreement was in effect to the termination date.  If Mr. Rose terminates the Agreement prior
to May 1, 2004, the non-competition provision shall expire on May 1, 2005.

 

(d)              The parties have attempted
to limit Mr. Rose’s right to compete only to the extent necessary to protect
the Company from unfair competition. 
Mr. Rose may request and the Company may grant, at its sole discretion,
waivers to the foregoing restrictions on a case-by-case basis where the
applicability of this Section XI may be in question.  Recognizing that reasonable people may differ in making this
determination, the parties agree that, if the scope of enforceability of this
provision is disputed at any time, a court or other trier of fact may modify
and enforce this provision to the extent that it believes to be reasonable
under the circumstances existing at that time.

 

Section XII - Miscellaneous

 

This Agreement is personal in nature and is non-assignable.

 

This Agreement shall be governed by and construed in accordance with
the laws of the state of Utah applicable to agreements made in such state.

 

IN WITNESS WHEREOF, the parties have executed this Agreement effective
May 1, 2003.

 

 

	
   

  	
   

  	
  QUESTAR REGULATED
  SERVICES COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Keith O. Rattie

  	
   

  
	
   

  	
   

  	
  Keith O. Rattie

  
	
   

  	
   

  	
  Vice Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ D. N. Rose

  	
   

  
	
   

  	
   

  	
  D. N. Rose

  
	
   

  	
   

  	
  Consultant

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