Document:

Lithium Exploration Group, Inc.:  Exhibit 4.2 - Filed by newsfilecorp.com

LITHIUM EXPLORATION GROUP, INC. 

NOTICE OF 2013 STOCK PLAN GRANT 

NON-QUALIFIED RESTRICTED SHARES

Capitalized but otherwise undefined terms in this Notice of
Grant and the attached Subscription Agreement shall have the same defined
meanings as in the 2013 Stock Plan. 

Name:____________________________________        
 Address:________________________________

You (the “Subscriber”) have been granted Restricted
Shares of the Corporation, subject to the terms and conditions of the Plan and
the attached Restricted Share Agreement, as follows:

	Original Date of Grant: 	 ________________________________________  
	 	 
	Price per Share: 	$________________________________________

	 	 
	Total Number of Shares 	  
	Granted: 	  ________________________________________
    
	 	 
	Aggregate Share Price: 	  
	  	$________________________________________

	Consideration for Shares 	  
	(Cash or Cash 	  
	Equivalent) : 	  ________________________________________
    
	  	  
	Payment Schedule : 	  ________________________________________
    
	  	  
	Citizenship of Subscriber 	  ________________________________________
    
	 	 
	Legal Residence(s) of 	  
	Subscriber 	  ________________________________________
    

Description of Restriction Period (the “Restricted Period”,
Lapse of Restriction (the “Lapse Date(s)”), and Conditions
to Release of Restricted Shares (Please refer to Section 9 of the Plan):

LITHIUM EXPLORATION GROUP, INC.

2013 STOCK PLAN

RESTRICTED SHARE SUBSCRIPTION AGREEMENT

     This SUBSCRIPTION AGREEMENT
(“Agreement”), dated as of the _________th day of ________________, 2013 is
made by and between LITHIUM EXPLORATION GROUP, INC., a Nevada corporation (the
“Corporation”), and _________________________ (the
“Subscriber,” which term as used herein shall be deemed to include any
successor to the Subscriber by will or by the laws of descent and distribution,
unless the context shall otherwise require).

BACKGROUND

     Pursuant to the Corporation’s
2013 Stock Plan (the “Plan”), the Corporation, acting through the
Committee of the Board of Directors (if a committee has been formed to
administer the Plan) or its entire Board of Directors (if no such committee has
been formed) responsible for administering the Plan (in either case, referred to
herein as the “Committee”), approved the issuance to the Subscriber of
__________________restricted common shares of the Corporation (the
“Restricted Shares”) at $______________per share (the “Share
Price”), effective as of the date set forth above, at the price and subject
to the terms, restrictions and conditions set out in the attached Notice of
Grant (which is expressly incorporated herein and made a part hereof, the
“Notice of Grant”), the Plan (which is incorporated by reference herein
and which in all cases shall control in the event of any conflict with the
terms, definitions and provisions of this Agreement)., and upon the terms and
conditions hereinafter set forth. The Restricted Shares are sometimes referred
to in this Agreement as the “Securities”.

     NOW, THEREFORE, in
consideration of the mutual premises and undertakings hereinafter set forth, the
parties hereto agree as follows:

1. Share Price. On behalf of the Corporation and
in consideration of the Share Price, the Committee hereby grants to the
Subscriber the number of Restricted Shares designated in the Notice of Grant,
the whole subject to the restrictions, terms and conditions provided in this
Agreement, in the Plan, and in the Notice of Grant. The Restricted Shares are
not intended to qualify for Federal income tax purposes as a qualified purchase
of stock under Section 423 of the Code. A copy of the Plan as in effect on the
date hereof has been supplied to the Subscriber, and the Subscriber hereby
acknowledges receipt thereof.

2. Waiver of Restrictions. The Corporation
may, in its discretion, shorten or terminate the Restricted Period or waive any
conditions for the lapse or termination of restrictions with respect to all or
any portion of the Restricted Shares at any time after the date the award is
made.

3. . Certificates. Upon an award of
Restricted Shares, a stock certificate representing the number of Restricted
Shares awarded to the Subscriber shall be registered in the Subscriber’s name
and, at the discretion of the Board of Directors, will be either delivered to
the Subscriber with an appropriate legend or held in custody by the Corporation
or a bank for the Subscriber’s account. The Subscriber shall generally have
the rights and privileges of a stockholder as to such Restricted Shares,
including the right to vote such Restricted Shares, except that the following
restrictions shall apply: (i) with respect to each Restricted Share, the
Subscriber shall not be entitled to delivery of an unlegended certificate
(provided that applicable legends shall remain) until the expiration or
termination of the Restricted Period, and the satisfaction of any other
conditions prescribed by the Board of Directors, relating to such Restricted
Shares; 

4. Restrictions on Transfer. The Subscriber shall
not sell, transfer, assign, pledge, or otherwise encumber or dispose of the
Restricted Shares until the expiration of the Restricted Period, and the
satisfaction of any other conditions prescribed by the Board of Directors,
relating to such Restricted Shares (except, subject to the provisions of the
participant’s stock restriction agreement, by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by
the Code or Title I of ERISA or the rules promulgated thereunder) and all of the
Restricted Shares as to which restrictions have not at the time lapsed shall be
forfeited and all rights of the participant to such Restricted Shares shall
terminate without further obligation on the part of the Corporation unless the
participant has remained in a Business Relationship with the Corporation or any
of its subsidiaries until the expiration or termination of the Restricted Period
and the satisfaction of any other conditions prescribed by the Board of
Directors applicable to such Restricted Shares. “Business Relationship” means
that a person is serving the Corporation, its parent, if applicable, or any of
its subsidiaries, if applicable, in the capacity of an employee, officer,
director, advisor or consultant. Upon the forfeiture of any Restricted Shares,
such forfeited shares shall be transferred to the Corporation without further
action by the participant. At the discretion of the Board of Directors, cash and
stock dividends with respect to the Restricted Shares may be either currently
paid or withheld by the Corporation for the participant’s account, and interest
may be paid on the amount of cash dividends withheld at a rate and subject to
such terms as determined by the Board of Directors. The participant shall have
the same rights and privileges, and be subject to the same restrictions, with
respect to any shares received pursuant to Section 16 of the Plan.

5. Delivery of Unrestricted Shares.
Upon the expiration or termination of the Restricted Period and the satisfaction
of any other conditions prescribed by the Board of Directors, the restrictions
applicable to the Restricted Shares shall lapse and a stock certificate for the
number of Restricted Shares with respect to which the restrictions have lapsed
shall be delivered, free of all such restrictions, except any that may be
imposed by law including without limitation securities laws, to the Subscriber
or the Subscriber’s beneficiary or estate, as the case may be. The Corporation
shall not be required to deliver any fractional share of common stock but will
pay, in lieu thereof, the fair market value (determined as of the date the
restrictions lapse) of such fractional share to the participant or the
participant’s beneficiary or estate, as the case may be.

6. Adjustments. The Plan contains
provisions covering the treatment of Securities in a number of contingencies
such as stock splits and mergers. Provisions in the Plan for adjustment with
respect to Restricted Shares and the related provisions with respect to
successors to the business of the Corporation are hereby made applicable
hereunder and are incorporated herein by reference. In general, the Subscriber
should not assume that Restricted Shares still subject to restrictions would
survive the acquisition of the Corporation.

7. No Evidence of Employment or Service.
Nothing contained in the Plan or this Agreement shall confer upon the Subscriber
any right to continue in a Business Relationship with the Corporation, its
parent or any of its subsidiaries or interfere in any way with the right of the
Corporation, its parent or its subsidiaries (subject to the terms of any
separate agreement to the contrary) to terminate the Subscriber’s Business
Relationship or to increase or decrease the Subscriber’s compensation at any
time.

8. Specific Performance. Subscriber expressly
agrees that the Corporation will be irreparably damaged if the provisions of
this Agreement and the Plan are not specifically enforced. Upon a breach or
threatened breach of the terms, covenants and/or conditions of this Agreement or
the Plan by the Subscriber, the Corporation shall, in addition to all other
remedies, be entitled to a temporary or permanent injunction, without showing
any actual damage, and/or decree for specific performance, in accordance with
the provisions hereof and thereof. The Board of Directors shall have the power
to determine what constitutes a breach or threatened breach of this Agreement or
the Plan. Any such determinations shall be final and conclusive and binding upon
the Subscriber.

9. Subscriber’s Representations, Warranties and
Covenants. The Subscriber represents and warrants and covenants to the
Corporation, which representations, warranties and covenants shall survive the
termination of this Agreement, that, as at the date of this Agreement:

     (a) no agency, governmental
authority, regulatory body, stock exchange or other entity has made any finding
or determination as to the merit for investment of, nor have any such agencies
or governmental authorities, regulatory bodies, stock exchanges or other
entities made any recommendation or endorsement with respect to, the
Securities;

     (b) the sale and delivery of the
Securities is conditional upon such sale being exempt from the prospectus filing
and registration requirements, and being exempt from the requirement to deliver
an offering memorandum in connection with the distribution of the Securities
under the applicable securities laws or upon the issuance of such orders,
consents or approvals as may be required to permit such sale without the
requirement of filing a prospectus or registration statement;

     (c) none of the Securities have
been or will be registered under the 1933 Act or the securities laws of any
state and the Securities may not be offered or sold, directly or indirectly, in
the United States to, or for the account or benefit of, a U.S. Person or a
person in the United States unless registered under the 1933 Act and the
securities laws of all applicable states or unless an exemption from such
registration requirements is available, and the Corporation has no obligation or
present intention of filing a registration statement under the U.S. Securities
Act in respect of any of the Securities ;

     (d) the acquisition of the
Securities has not been made through or as a result of any “general solicitation
or general advertising” (as such terms are used in Rule 502(c) of Regulation D) the distribution of the Securities has not been
accompanied by any advertisement, including, without limitation, in printed
public media, radio, television or telecommunications, including electronic
display, or as part of a general solicitation;

     (e) the Corporation is relying on
an exemption from the requirements to provide the Subscriber with a prospectus
or registration statement and to sell securities through a person or company
registered to sell securities under the securities laws or other applicable
securities legislation and, as a consequence of acquiring Securities pursuant to
this exemption, certain protections, rights and remedies provided by the
securities laws or other applicable securities legislation including statutory
rights of rescission or damages, will not be available to the Subscriber; 

     (f) there is no government or
other insurance covering the Securities ;

     (g) there are risks associated
with the purchase of the Securities, including the entire loss of Subscriber’s
investment; 

     (h) no person has made to the
Subscriber any written or oral representations:

(i) that any person will resell or
repurchase the Securities ;

(ii) that any person will refund the
purchase price of the Securities ; or

(iii) as to the future price or value
of any of the Securities .

     (i) there are restrictions on the
Subscriber’s ability to re-sell the Securities and it is the responsibility of
the Purchaser to find out what those restrictions are and to comply with them
before selling the Securities;

     (j) if required by applicable
Securities laws or any other applicable law, the Subscriber will execute,
deliver, file and otherwise assist the Corporation in filing such reports,
undertakings and other documents with respect to the issuance of the Securities
as may be required.

     (k) The Subscriber understands
that notwithstanding the lapse or termination of any restrictions imposed by the
Notice of Grant or the Plan, the Securities are restricted securities (as
defined in Rule 144 under the 1933 Act) and agrees that if it decides to offer,
sell or otherwise transfer the Securities, it will not offer, sell or otherwise
transfer any of such securities directly or indirectly, unless:

(i) the transfer is to the
Corporation;

(ii) The transfer is outside the United
States in a transaction meeting the requirements of Rule 904 of Regulation S
under the 1933 Act (“Regulation S”) and in compliance with applicable local laws
and regulations of the jurisdiction(s) in which such sale is made;

(iii) the transfer is made pursuant to
the exemption from the registration requirements under the 1933 Act provided by
Rule 144 thereunder, if available, and in accordance with applicable state
securities laws; or

(iv) the Securities are transferred in
a transaction that does not require registration under the 1933 Act or any
applicable state or provincial securities laws, and the Subscriber has prior to
such sale furnished to the Corporation an opinion of counsel of recognized
standing or other evidence of exemption, in either case reasonably satisfactory
to the Issuer; 

     (l) the Subscriber understands
and acknowledges that upon the issuance thereof, and until such time as the same
is no longer required under the applicable requirements of the 1933 Act or
applicable U.S. state securities laws and regulations, the certificates
representing the Securities, and all securities issued in exchange therefore or
in substitution thereof, will bear a legend in substantially the following
form:

“THE SECURITIES REPRESENTED HEREBY (and if a warrant, the
legend shall include the following: AND THE SECURITIES ISSUABLE UPON EXERCISE
HEREOF) HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “1933 ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE 1933 ACT OR: (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE
WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE
144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) WITH THE PRIOR CONSENT OF THE ISSUER, IN A TRANSACTION T HAT DOES
NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES
LAWS, AND THE HOLDER HAS FURNISHED TO THE ISSUER AN OPINION TO SUCH EFFECT FROM
COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE ISSUER PRIOR TO
SUCH OFFER, SALE, PLEDGE OR TRANSFER.”

     (m) The Subscriber is aware of
the Corporation’s business affairs and financial condition and has acquired
sufficient information about the Corporation to reach an informed and
knowledgeable decision to acquire the Securities. The Subscriber is acquiring
these Securities for investment for the Subscriber’s own account only and not
with a view to, or for resale in connection with, a “distribution” thereof
within the meaning of the Securities Act of 1933, as amended; and

     (n) the Subscriber is not an
underwriter of, or dealer in, the Securities of the Corporation, nor is the
Subscriber participating, pursuant to a contractual agreement or otherwise, in
the distribution of the Securities.

10. Notices. All notices or other
communications which are required or permitted hereunder shall be in writing and
sufficient if (i) personally delivered or sent by telecopy, (ii) sent by
nationally-recognized overnight courier or (iii) sent by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows:

     (a) if to the Subscriber, to the
address (or facsimile number) set forth on the Notice of Grant; and

     (b) if to the Corporation, to its
principal executive office as specified in any report filed by the Corporation
with the Securities and Exchange Commission, to such address as the Corporation
may have specified to the Subscriber in writing, Attention: Corporate Secretary,
or to such other address as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith. Any such
communication shall be deemed to have been given (i) when delivered, if
personally delivered, (ii) or upon receipt of electronic confirmation, if
delivered by facsimile , (iii) on the first Business Day (as hereinafter
defined) after dispatch, if sent by nationally-recognized overnight courier and
(iv) on the third Business Day following the date on which the piece of mail
containing such communication is posted, if sent by mail. As used herein,
“Business Day” means a day that is not a Saturday, Sunday or a day on which
banking institutions in the city to which the notice or communication is to be
sent are not required to be open.

11. No Waiver. No waiver of any breach or
condition of this Agreement shall be deemed to be a waiver of any other or
subsequent breach or condition, whether of like or different nature.

12. Subscriber Undertaking. The Subscriber
hereby agrees to take whatever additional actions and execute whatever
additional documents the Corporation may in its reasonable judgment deem
necessary or advisable in order to carry out or effect one or more of the
obligations or restrictions imposed on the Subscriber pursuant to the express
provisions of this Agreement.

13. Modification of Rights. The rights of
the Subscriber are subject to modification and termination in certain events as
provided in this Agreement and the Plan.

14. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Nevada
applicable to contracts made and to be wholly performed therein, without giving
effect to its conflicts of laws principles.

15. Counterparts; Facsimile Execution.
This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument. Facsimile execution and delivery of this Agreement
is legal, valid and binding execution and delivery for all purposes.

16. Entire Agreement. This Agreement
(including the Notice of Grant) and the Plan, and, upon execution, the Notice
and Investment Representation Statement, constitute the entire agreement between
the parties with respect to the subject matter hereof, and supersede all previously written or oral negotiations, commitments,
representations and agreements with respect thereto.

17. Severability. In the event one or more
of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Agreement, and
this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 

18. WAIVER OF JURY TRIAL. THE SUBSCRIBER
HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM
THEREIN.

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

	 	LITHIUM EXPLORATION GROUP, INC. 
	 	  
	 	  
	 	By: _________________________________
	 	     Name: 
	 	     Title: 
	 	  
	 	  
	 	  
	 	  
	 	SUBSCRIBER: 
	 	  
	 	________________________________ 
	 	Signature 
	 	 
	 	________________________________
	 	Print NameExhibit 10.1

 

EXECUTION VERSION

 

WARRANT PURCHASE AGREEMENT

 

THIS WARRANT PURCHASE AGREEMENT (this “Agreement”), dated as of January 28, 2013 (the “Signing Date”), by and among General Growth Properties, Inc., a Delaware corporation (“GGP”), General Growth Properties Limited Partnership, a Delaware limited partnership (“GGPLP” or the “Purchaser”), and Fairholme Funds, Inc., a Maryland corporation, on behalf of each of The Fairholme Fund (“FAIRX”) and The Fairholme Focused Income Fund (“FOCIX”)(each, a “Seller” and collectively, the “Sellers”).

 

RECITALS

 

WHEREAS, GGP was organized in July 2010 and is a self-administered and self-managed real estate investment trust;

 

WHEREAS, GGP and American Stock Transfer & Trust Company, LLC, a New York limited liability company, are party to the Warrant Agreement, dated November 9, 2010 (the “Warrant Agreement”);

 

WHEREAS, pursuant to the Warrant Agreement GGP issued 120,000,000 warrants (the “Warrants”), each warrant entitling the holder thereof to purchase one share of common stock of GGP, par value $0.01, terms of the Warrants to be adjusted as set forth in the Warrant Agreement (each, a “Share”);

 

WHEREAS, each Seller is a series of Fairholme Funds, Inc., a Maryland corporation;

 

WHEREAS, FAIRX holds 40,634,357 Warrants (the “FAIRX Warrants”), and FOCIX holds 437,072 Warrants (the “FOCIX Warrants” and, together with the FAIRX Warrants, collectively, the “Seller Warrants”);

 

WHEREAS, each Seller desires to sell, and Purchaser desires to purchase, all of the Seller Warrants on the terms and subject to the conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,  in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows:

 

ARTICLE I

 

CERTAIN DEFINITIONS AND CONSTRUCTION

 

Section 1.1                                    Certain Definitions.  As used in this Agreement, the following terms have the meanings set forth below:

 

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such particular Person.  For the purposes of this

 

 

definition, “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, Contract or otherwise

 

“Business Day” means any day, other than a Saturday or Sunday, on which commercial banks are not required or authorized to close in Chicago, Illinois.

 

“Contract” means any agreement, obligation, contract, license, understanding, commitment, indenture or instrument, whether written or oral.

 

“Encumbrance” means any lien, pledge, charge, encumbrance, security interest, option, mortgage, easement, restriction (including restrictive covenants or deed restrictions in connection with environmental or remedial obligations), lease, sublease, right of way, right of refusal or offer, claim, restriction on transfer, restriction on voting or other similar restriction, including any voting agreement or proxy.

 

“Governmental Entity” means any federal, state, local or foreign government or any court, administrative body, agency or commission or other governmental or quasi-governmental entity, authority or instrumentality, domestic or foreign, with competent jurisdiction.

 

“Law” means any law, statute, ordinance, rule, regulation, directive, code or Order enacted, issued, promulgated, enforced or entered by any Governmental Entity.

 

“Person” means an individual, a corporation, a general or limited partnership, an association, a limited liability company, a Governmental Entity, a trust or other entity or organization.

 

“Proceeding” means any suit, action, proceeding, arbitration, mediation, audit, hearing, inquiry or, to the knowledge of the Person in question, investigation (in each case, whether civil, criminal, administrative, investigative, formal or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Entity.

 

Section 1.2                                    Additional Definitions.

 

	
Agreement
    	
 
    	
Preamble
    
	
Bankruptcy   and Equity Limitation
    	
 
    	
Section 3.1(c)
    
	
Chosen   Courts
    	
 
    	
Section 6.5
    
	
Closing
    	
 
    	
Section 2.2
    
	
Closing   Date
    	
 
    	
Section 2.2
    
	
Company
    	
 
    	
3.1(a)
    
	
Company   Board
    	
 
    	
Recitals
    
	
FAIRX   Warrants
    	
 
    	
Recitals
    
	
FOCIX   Warrants
    	
 
    	
Recitals
    
	
GGP
    	
 
    	
Preamble
    
	
GGP   Parties
    	
 
    	
Section 3.1(j)(ii)
    
	
Order
    	
 
    	
Section 5.1(a)
    
	
Purchase   Price
    	
 
    	
Section 2.1
    
	
Purchaser
    	
 
    	
Preamble
    

 

2

 

	
Seller
    	
 
    	
Preamble
    
	
Seller   Warrants
    	
 
    	
Recitals
    
	
Share
    	
 
    	
Recitals
    
	
Signing   Date
    	
 
    	
Preamble
    
	
Transaction
    	
 
    	
Section 2.1
    
	
Warrant   Agreement
    	
 
    	
Recitals
    
	
Warrants
    	
 
    	
Recitals
    

 

Section 1.3                                    Headings.  The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

Section 1.4                                    Construction.  Unless the context otherwise requires, as used in this Agreement: (i) “or” is not exclusive; (ii) “including” and its variants mean “including, without limitation” and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to “written” or “in writing” include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; (vi) the term “Section” refers to the specified Section of this Agreement; (vii) the terms “Dollars” and “$” mean United States Dollars; and (viii) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if”.

 

Section 1.5                                    Joint Drafting.  The parties hereto have been represented by counsel in the negotiations and preparation of this Agreement; therefore, this Agreement will be deemed to be drafted by each of the parties hereto, and no rule of construction will be invoked respecting the authorship of this Agreement.

 

ARTICLE II

 

THE TRANSACTION; THE CLOSING

 

Section 2.1                                    The Transaction.  On the terms and subject to the conditions set forth herein, each Seller agrees to sell, and the Purchaser agrees to purchase, for an aggregate cash purchase price of $564,506,255 (the “Purchase Price”) all of the FAIRX Warrants and FOCIX Warrants (the “Transaction”), which Purchase Price shall be allocated among the Sellers in the manner contemplated by Schedule 2.1.

 

Section 2.2                                    The Closing.  Unless otherwise mutually agreed in writing among the Purchaser and the Sellers, the closing of the Transaction (the “Closing”) shall take place at the offices of the Purchaser, 110 North Wacker Drive, Chicago, Illinois, or at such other place or through such other means as the parties may agree, on the second Business Day following the date hereof, subject to the continued satisfaction of Section 5.1 hereof (the “Closing Date”).

 

Section 2.3                                    Deliveries by the Purchaser.  At the Closing, the Purchaser shall deliver, or cause to be delivered, to the applicable Seller, that portion of the Purchase Price applicable to such Seller in immediately available funds by wire transfer to one or more bank accounts designated by such Seller.

 

3

 

Section 2.4                                    Deliveries by each Seller.  At or prior to the Closing, each Seller (severally and not jointly) shall deliver, or cause to be delivered, to the Purchaser warrant certificates representing all of such Seller’s Warrants, accompanied by an assignment substantially in the form set forth in Exhibit B of the Warrant Agreement, duly endorsed and with the required signature guarantee in proper form for transfer to the Purchaser, with appropriate transfer stamps, if any, affixed.  In addition, on the Closing Date either (x) each Seller (severally and not jointly) shall deliver a certificate of non-foreign status, dated as of the Closing Date, that complies with Section 1445 of the Code, executed by such Seller, or (y) to the extent that a Seller does not deliver a certificate pursuant to clause (x), the Purchaser may withhold amounts from the portion of the Purchase Price applicable to such Seller to the extent required pursuant to Sections 897 and 1445 of the Code.  In addition, each Seller shall provide an executed counterpart to the Letter of Indemnification Supplemental to a Medallion Signature Guarantee attached hereto as Exhibit A.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

Section 3.1                                    Representations and Warranties of each Seller.  Each Seller (severally and not jointly) represents and warrants to the Purchaser:

 

(a)                                 Organization.  Such Seller is a series of Fairholme Funds, Inc. (the “Company”), which Company (i) is duly organized and is validly existing and in good standing under the Laws of its jurisdiction of organization, (ii) has been duly qualified as a foreign corporation or other form of entity for the transaction of business, and (iii) where applicable, is in good standing under the Laws of each other jurisdiction in which it operates so as to require such qualification, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have or be reasonably expected to materially delay or prevent the consummation of the Transaction.

 

(b)                                 Power and Authority.  Such Seller has the requisite power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary action required for the due authorization, execution, delivery and performance by it of this Agreement.

 

(c)                                  Execution and Delivery.  This Agreement has been duly and validly executed and delivered by such Seller and constitutes its valid and binding obligation, enforceable against such Seller in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or affecting generally the enforcement of creditors’ interests and (ii) the availability of equitable remedies (whether in a Proceeding in equity or at Law) (collectively, the “Bankruptcy and Equity Limitation”).

 

(d)                                 Ownership of Warrants.  Schedule 3.1(d) sets forth a complete and correct schedule of the record and beneficial ownership of such Seller’s Seller Warrants as of the date of this Agreement.  Such Seller holds and has good and valid title to such Seller’s Seller Warrants to be purchased by the Purchaser from such Seller and the certificates representing such Seller’s

 

4

 

Seller Warrants, free and clear of all Encumbrances.  Assuming Purchaser (i) has the requisite power and authority to be the lawful owner of such Seller’s Seller Warrants and (ii) is not subject to any Encumbrance or Contract prior to the Closing that would restrict or prohibit such Purchaser from taking good and valid title to such Seller’s Seller Warrants free and clear of all Encumbrances, upon delivery to such Purchaser at the Closing of certificates representing such Seller’s Seller Warrants, duly endorsed by the applicable Seller for transfer to Purchaser, and upon Purchaser’s payment of the Purchase Price payable in respect of such Seller’s Seller Warrants, good and valid title to such Seller’s Seller Warrants will pass to Purchaser, free and clear of all Encumbrances.

 

(e)                                  No Conflict.  The execution and delivery of this Agreement and the performance by such Seller of its obligations hereunder and compliance by such Seller with all of the provisions hereof and the consummation of the Transaction (i) shall not conflict with, or result in a breach or violation of, any of the terms or provisions of, or constitute a default under, or result in the acceleration of, or the creation of any Encumbrance under, or give rise to any termination right under, any material Contract to which such Seller is a party, (ii) shall not result in any violation or breach of any provisions of the organizational documents of Company and (iii) shall not conflict with or result in any violation of, or any termination or material impairment of any rights under, any statute or any license, authorization, Order, rule or regulation of any Governmental Entity having jurisdiction over such Seller or any of such Seller’s properties or assets, except with respect to each of (i), (ii) and (iii), such conflicts, violations or defaults as would not be reasonably expected to have a material adverse effect on the ability of Seller to consummate the Transaction.

 

(f)                                   Contracts.  There is no existing option, warrant, call, right or Contract of any character to which such Seller is a party requiring, and there are no securities outstanding which upon conversion or exchange would require, the sale or transfer of (or the making of an offer to sell or transfer of) such Seller’s Seller Warrants.  Such Seller is not a party to any Contract with respect to the voting, redemption, sale, transfer or other disposition of such Seller’s Seller Warrants, except for this Agreement.

 

(g)                                  Consents and Approvals.  No consent, approval, Order, authorization, registration or qualification of or with any Governmental Entity having jurisdiction over such Seller is required in connection with the execution and delivery by such Seller of this Agreement or the consummation of the Transaction, except such consents, approvals, Orders, authorizations, registration or qualification as would not reasonably be expected to materially and adversely affect the ability of such Seller to perform its obligations under this Agreement.

 

(h)                                 Legal Proceedings.  As of the Signing Date, there are no legal, governmental or regulatory Proceedings pending or, to the knowledge of such Seller, threatened against such Seller which, individually or in the aggregate, if determined adversely to such Seller, would materially and adversely affect the ability of such Seller to perform its obligations under this Agreement.

 

(i)                                     No Broker’s Fees.  Such Seller is not party to any Contract, agreement or understanding with any Person that would give rise to a valid claim against Purchaser for an

 

5

 

investment banking fee, commission, finder’s fee or like payment in connection with the Transaction.

 

(j)                                    Sophistication of the Sellers.

 

(i)                                     Such Seller has such knowledge, sophistication and experience in financial and business matters that Seller is capable of evaluating the merits and risks of entering into this Agreement and consummating the Transaction.

 

(ii)                                  Such Seller has relied solely on its own independent investigation in valuing such Seller’s Seller Warrants and determining to proceed with the Transaction.  Such Seller has not relied on any assertions made by GGP, GGPLP, any of their Affiliates, or any Person representing or acting on behalf of GGP, GGPLP or any of their Affiliates (collectively, the “GGP Parties”) regarding GGP, GGLP, such Seller’s Seller Warrants or the valuation thereof.  Such Seller understands the disadvantage to which it is subject on account of the disparity of information as between such Seller and the GGP Parties.

 

(iii)                               Such Seller has or has access to all information that it believes to be necessary, sufficient or appropriate in connection with the Transaction.  Such Seller has previously undertaken such independent investigation of the GGP Parties as in its judgment is appropriate to make an informed decision with respect to the Transaction, and such Seller has made its own decision to consummate the Transaction based on its own independent review and consultations with such investment, legal, tax, accounting and other advisers as it has deemed necessary and without reliance on any express or implied representation or warranty of any of the GGP Parties.

 

(iv)                              Such Seller understands that GGP is issuing its fourth quarter 2012 earnings release on February 4, 2013, and the GGP Parties have and may come into possession of material non-public information with respect to GGP not known to such Seller.  Such Seller acknowledges that any such material non-public information not known to such Seller may impact the value of GGP and such Seller’s Seller Warrants or may otherwise be material to such Seller’s decision to enter into this Agreement.  Such Seller acknowledges that it is proceeding with the sale of such Seller’s Seller Warrants to Purchaser knowingly and voluntarily, without access to or the benefit of such information.   Such Seller hereby waives any right to rescind or invalidate the sale of such Seller’s Seller Warrants to Purchaser or to seek any damages or remuneration from Purchaser based on Purchaser’s possession of any information regarding GGP or the lack of possession of any information regarding GGP by such Seller.

 

(v)                                 Such Seller understands and acknowledges that, except as otherwise set forth in Section 3.2, the GGP Parties make no representation or warranty to it, express or implied, with respect to GGP, the applicable Seller Warrants, the Transaction or the accuracy, completeness or adequacy of any publicly available information regarding GGP or its Affiliates, nor shall any of the GGP Parties be liable for any loss or damages of any kind resulting from the use of any information (other than the representations and warranties set forth in Section 3.2) supplied to such Seller.

 

6

 

(vi)                              Such Seller hereby expressly releases the GGP Parties and their respective officers, employees, agents and controlling persons from any and all liabilities arising from or in connection with the disclosure of any information in connection with the Transactions (including, without limitation, with respect to the accuracy of information or the failure to disclose information), and such Seller hereby agrees to make no claim (and it hereby waives and releases all claims that it may otherwise have) against the GGP Parties and their respective officers, employees, agents and controlling persons from or in connection with the disclosure of any information in connection with the Transactions (including, without limitation, with respect to the accuracy of information or the failure to disclose information), whether arising before, in connection with or after the date of this Agreement.  Seller hereby agrees that the release and waiver contained in this paragraph is unconditional and irrevocable.

 

(vii)                           Such Seller acknowledges that GGP is relying on the representations and agreements set forth in Section 3.1 in engaging in the Transaction, and would not engage in the Transaction in the absence of such representations and agreements.

 

(k)                                 No Other Representations or Warranties.  Except for the representations and warranties made by such Seller in this Section 3.1, neither such Seller nor any other Person on behalf of such Seller makes any representation or warranty with respect to such Seller or any of its respective assets, liabilities, condition (financial or otherwise) or prospects.

 

(l)                                     Acknowledgement.  Such Seller acknowledges that (i) neither Purchaser nor any Person on behalf of Purchaser is making any representations or warranties whatsoever, express or implied, beyond those expressly made by Purchaser in Section 3.2 and (ii) such Seller has not been induced by, or relied upon, any representations, warranties or statements (written or oral), whether express or implied, made by any Person, that are not expressly set forth in Section 3.2.

 

Section 3.2                                    Representations and Warranties of the Purchaser.  Purchaser represents and warrants to each Seller:

 

(a)                                 Organization.  Purchaser is duly organized and is validly existing and in good standing under the Laws of its jurisdiction of organization.  Purchaser has been duly qualified as a foreign corporation or other form of entity for the transaction of business and, where applicable, is in good standing under the Laws of each other jurisdiction in which it operates so as to require such qualification, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have or be reasonably expected to materially delay or prevent the consummation of the Transaction.

 

(b)                                 Power and Authority.  Purchaser has the requisite power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary action required for the due authorization, execution, delivery and performance by it of this Agreement.

 

7

 

(c)                                  Execution and Delivery.  This Agreement has been duly and validly executed and delivered by Purchaser and constitutes its valid and binding obligation, enforceable against Purchaser in accordance with its terms, subject to the Bankruptcy and Equity Limitation.

 

(d)                                 No Conflict.  The execution and delivery of this Agreement and the performance by Purchaser of its obligations hereunder and compliance by Purchaser with all of the provisions hereof and the consummation of the Transaction (i) shall not conflict with, or result in a breach or violation of, any of the terms or provisions of, or constitute a default under, or result in the acceleration of, or the creation of any Encumbrance under, or give rise to any termination right under, any material contract to which Purchaser is a party, (ii) shall not result in any violation or breach of any provisions of the organizational documents of Purchaser and (iii) shall not conflict with or result in any violation of, or any termination or material impairment of any rights under, any statute or any license, authorization, Order, rule or regulation of any Governmental Entity having jurisdiction over Purchaser or Purchaser’s properties or assets, except with respect to each of (i), (ii) and (iii), such conflicts, violations or defaults as would not be reasonably expected to have a material adverse effect on the ability of the Purchaser to consummate the Transaction.

 

(e)                                  Consents and Approvals.  No consent, approval, order, authorization, registration or qualification of or with any Governmental Entity having jurisdiction over the Purchaser is required in connection with the execution and delivery by the Purchaser of this Agreement or the consummation of the Transaction, except such consents, approvals, orders, authorizations, registration or qualification as would not reasonably be expected to materially and adversely affect the ability of the Purchaser to perform its obligations under this Agreement.

 

(f)                                   Legal Proceedings.  As of the Signing Date, there are no legal, governmental or regulatory Proceedings pending or, to the knowledge of the Purchaser, threatened against the Purchaser which, individually or in the aggregate, if determined adversely to the Purchaser, would materially and adversely affect the ability of the Purchaser to perform its obligations under this Agreement.

 

(g)                                  No Broker’s Fees.  No Purchaser is party to any contract, agreement or understanding with any Person that would give rise to a valid claim against any Seller or such Seller’s affiliates for an investment banking fee, commission, finder’s fee or like payment in connection with the Transaction.

 

(h)                                 No Other Representations or Warranties.  Except for the representations and warranties made by Purchaser in this Section 3.2, neither Purchaser nor any other Person on behalf of Purchaser makes any representation or warranty with respect to Purchaser or its assets, liabilities, condition (financial or otherwise) or prospects.

 

(i)                                     Acknowledgement.  Purchaser acknowledges that (i) neither the Company, any of the Sellers nor any Person on behalf of the Company or the Sellers is making any representations or warranties whatsoever, express or implied, beyond those expressly given by the Seller in Section 3.1 of this Agreement and (ii) Purchaser has not been induced by, or relied upon, any representations, warranties or statements (written or oral), whether express or implied, made by any Person, that are not expressly set forth in Section 3.1 of this Agreement.

 

8

 

ARTICLE IV

 

COVENANTS

 

Section 4.1                                    Further Assurances.  The parties agree to use commercially reasonable efforts to execute and deliver, or cause to be executed and delivered, such further instruments or documents or take such other action as may be reasonably necessary (or as reasonably requested by another party) to consummate the Transaction.

 

ARTICLE V

 

CONDITIONS TO CLOSING

 

Section 5.1                                    Conditions to Each Party’s Obligation to Consummate the Transaction.  The respective obligation of each party hereto to consummate the Transaction is subject to the satisfaction or waiver of the following condition:

 

(a)                                 No Injunction.  No judgment, injunction, decree or other legal restraint (each, an “Order”) prohibiting the consummation of the Transaction shall have been issued by any Governmental Entity and be continuing in effect, there shall be no pending Proceeding commenced by a Governmental Entity seeking an Order that would prohibit the Transaction, and the consummation of the Transaction shall not have been prohibited or rendered illegal under any applicable Law.

 

Section 5.2                                    Conditions to each Seller’s Obligation to Consummate the Transaction.  The respective obligations of each Seller to consummate the Transaction are subject to the satisfaction or waiver of each of the following conditions:

 

(a)                                 Representations and Warranties.  The representations and warranties of the Purchaser set forth in Section 3.2 shall be true and correct in all material respects as of the Signing Date and as of the Closing Date as if made on and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).

 

(b)                                 Covenants.  Each of the covenants and agreements of the Purchaser contained in this Agreement that are to be performed at or prior to the Closing shall have been duly performed in all material respects.

 

Section 5.3                                    Conditions to the Purchaser’s Obligation to Consummate the Transaction.  The respective obligation of the Purchaser to consummate the Transaction is subject to the satisfaction or waiver of each of the following conditions:

 

(a)                                 Representations and Warranties.  The representations and warranties of each Seller set forth in Section 3.1 shall be true and correct in all material respects as of the Signing Date and as of the Closing Date as if made on and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).

 

9

 

(b)                                 Covenants.  Each of the covenants and agreements of each Seller contained in this Agreement that are to be performed at or prior to the Closing shall have been duly performed in all material respects.

 

ARTICLE VI

 

MISCELLANEOUS

 

Section 6.1                                    Notices.  All notices and other communications in connection with this Agreement shall be in writing and shall be considered given if given in the manner, and be deemed given at times, as follows:  (x) on the date delivered, if personally delivered; (y) on the day of transmission if sent via facsimile transmission to the facsimile number given below, and telephonic confirmation of receipt is obtained promptly after completion of transmission; or (z) on the next Business Day after being sent by recognized overnight mail service specifying next business day delivery, in each case with delivery charges pre-paid and addressed to the following addresses:

 

(a)                                 If to a Seller, to:

 

c/o Fairholme Capital Management, LLC

4400 Biscayne Boulevard, 9th Floor

Miami, Florida 33137

Attention: President

Facsimile: (305) 358-3000

 

with a copy (which shall not constitute notice) to:

 

Paul M. Miller

Seward & Kissel LLP

901 K Street, NW, Suite 800

Washington, DC 20001

 

(b)                                 If to Purchaser to:

 

c/o General Growth Properties Limited Partnership
 110 North Wacker Drive
 Chicago, Illinois 60606
 U.S.A
 Attention: Marvin J. Levine

Facsimile: (312) 960-5993

 

Section 6.2                                    Assignment; Third Party Beneficiaries.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by any party without the prior written consent of each other party. Notwithstanding the previous sentence, this Agreement, or Purchaser’s rights, interests or obligations hereunder (including, without limitation, the right to receive any of a Seller’s Seller Warrants pursuant to this Agreement), may

 

10

 

be assigned or transferred, in whole or in part, by Purchaser to one or more of its Affiliates; provided that no such assignment shall release Purchaser from its obligations hereunder to be performed by Purchaser on or prior to the Closing Date. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any person other than the parties hereto any rights or remedies under this Agreement.

 

Section 6.3                                    Survival.  The parties agree that all of the representations and warranties contained in Section 3.1 and Section 3.2 shall survive the Closing.

 

Section 6.4                                    Prior Negotiations; Entire Agreement.  This Agreement (including the exhibits hereto and the documents and instruments referred to in this Agreement) constitutes the entire agreement of the parties and supersedes all prior agreements, arrangements or understandings, whether written or oral, between the parties with respect to the subject matter of this Agreement.

 

Section 6.5                                    Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.  Each party hereto agrees that it shall bring any Proceeding in respect of any claim arising out of or related to this Agreement or the Transaction exclusively in the courts of the State of New York and the Federal courts of the United States, in each case, located in the County of New York (the “Chosen Courts”).  Solely in connection with claims arising under this Agreement or the Transaction, each party hereto (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such Proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto and (iv) agrees that service of process upon such party in any such Proceeding shall be effective if notice is given in accordance with Section 6.1 of this Agreement.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION.

 

Section 6.6                                    Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other party (including via facsimile or other electronic transmission), it being understood that each party need not sign the same counterpart.

 

Section 6.7                                    Expenses.  Each party shall bear its own expenses incurred or to be incurred in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the Transaction.

 

Section 6.8                                    Waivers and Amendments.  This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver of 

 

11

 

the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement.  The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at Law or in equity.

 

Section 6.9                                    Certain Remedies.

 

(a)                                 Specific Performance.  The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement or of any other agreement between them with respect to the Transaction were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other applicable remedies at Law or equity, the parties shall be entitled to an injunction or injunctions, without proof of damages, to prevent breaches of this Agreement or of any other agreement between them with respect to the Transaction and to enforce specifically the terms and provisions of this Agreement.

 

(b)                                 No Consequential Damages.  To the fullest extent permitted by applicable Law, the parties shall not assert, and hereby waive, any claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor, against any other party and its respective Affiliates, members, members’ affiliates, officers, directors, partners, trustees, employees, attorneys and agents on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on Contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, or as a result of, this Agreement or of any other agreement between them with respect to the Transaction.

 

[Signature Page Follows]

 

12

 

IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.

 

	
SELLERS:
    	
FAIRHOLME   FUNDS, INC.,  
   on behalf of its series The Fairholme Fund
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRUCE R. BERKOWITZ
    
	
 
    	
 
    	
Name:   Bruce R. Berkowitz
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    	
 
    
	
 
    	
FAIRHOLME   FUNDS, INC.,  
   on behalf of its series The Fairholme Focused Income Fund
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRUCE R. BERKOWITZ
    
	
 
    	
 
    	
Name:   Bruce R. Berkowitz
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PURCHASER:
    	
GENERAL   GROWTH PROPERTIES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MARVIN J. LEVINE
    
	
 
    	
 
    	
Name:   Marvin J. Levine
    
	
 
    	
 
    	
Title:   EVP and Chief Legal Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GENERAL   GROWTH PROPERTIES LIMITED PARTNERSHIP
    
	
 
    	
By:   
    	
GGP, Inc.,   
   its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MARVIN J. LEVINE
    
	
 
    	
 
    	
Name:   Marvin J. Levine
    
	
 
    	
 
    	
Title:   EVP and Chief Legal Officer
    

 

 

SCHEDULE 2.1

 

Allocation of Purchase Price

 

	
To The Fairholme Fund:
    	
 
    	
$
    	
558,498,918.91
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
To The Fairholme Focused Income Fund:
    	
 
    	
$
    	
6,007,336.09
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total:
    	
 
    	
$
    	
564,506,255
    	
 
    

 

 

EXHIBIT A

 

LETTER OF INDEMNIFICATION SUPPLEMENTAL TO A 
 MEDALLION SIGNATURE GUARANTEE

 

January 28, 2013

 

General Growth Properties, Inc.
 110 N. Wacker Dr., 
 Chicago, IL 60606

 

To Whom It May Concern:

 

Each undersigned hereby (severally, and not jointly) agrees to indemnify and hold harmless General Growth Properties, Inc., a Delaware corporation (the “Company”), its affiliates, successors and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as a result of the failure of the representations of such undersigned herein being correct in any material respect in connection with the sale by the undersigned, pursuant to that Warrant Purchase Agreement, dated as of January 28, 2013, of warrants to acquire, as of the date thereof, [          ] shares of the Company’s common stock (the “Transaction”).

 

Each undersigned hereby (severally, and not jointly) represents that the endorsements affixed to the assignment agreements presented with the warrants in connection with the Transaction are genuine, that each endorser in respect of the undersigned is the appropriate person to sign and that each such endorser has the legal capacity to authorize the assignment of the warrants in connection with the Transaction.

 

Each undersigned hereby (severally, and not jointly) agrees that this letter agreement shall be binding upon and inure to the benefit of each of such undersigned’s successors and assigns.

 

[Signature Page Follows]

 

 

	
 
    	
FAIRHOLME   FUNDS, INC.,
    
	
 
    	
on   behalf of its series The Fairholme Fund
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FAIRHOLME   FUNDS, INC.,
    
	
 
    	
on   behalf of its series The Fairholme Focused Income Fund
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   
    
	
 
    	
 
    	
Title:

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