Document:

EX-4.2

 Exhibit 4.2 
 THIS NOTE IS AN UNSECURED DEBT OBLIGATION OF THE COMPANY. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
OR INSTRUMENTALITY. 
 THIS NOTE IS A SECURITY IN GLOBAL FORM (“GLOBAL SECURITY”) WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY OR A SUCESSOR DEPOSITORY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL
PURPOSES. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DTC OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF
THIS NOTE AS A WHOLE BY THE DTC TO A NOMINEE OF THE DTC OR BY A NOMINEE OF THE DTC TO THE DTC OR ANOTHER NOMINEE OF THE DTC) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO HUNTINGTON BANCSHARES INCORPORATED, AS ISSUER, THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 1 

 HUNTINGTON BANCSHARES INCORPORATED 

2.60% SENIOR NOTES DUE 2018 
  

			
	Registered	 	
	No. 1	 	U.S.$ 400,000,000

 CUSIP NO. 446150AH7. 
 ISIN NO. US446150AH79. 
 HUNTINGTON BANCSHARES INCORPORATED, a Maryland
corporation (herein called the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of four hundred million United States dollars on August 2, 2018 and all accrued and unpaid interest thereon on August 2, 2018, or if such day is not a Business Day, the following Business Day. The Company further promises to
pay interest on said principal sum from and including August 2, 2013, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in arrears on February 2 and
August 2 in each year (each an “Interest Payment Date”), commencing February 2, 2014 at the rate of 2.60% per annum, computed for any full semiannual period on the basis of a 360-day year of twelve 30-day months and computed
for any partial semiannual period on the actual days elapsed during such period, until the principal hereof is due, and at the rate of 2.60% per annum on any overdue principal amounts, and, to the extent permitted by law, on any overdue
interest. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date (defined below) for such interest, which shall be the January 18th or
July 18th, as the case may be, of each year (whether or not a Business Day) (each such date, a “Regular Record Date”). Interest on the Outstanding Notes payable at maturity will be payable to the persons to whom principal is payable
next preceding such Interest Payment Date. In any case where such Interest Payment Date shall not be a Business Day, then (notwithstanding any other provision of the Indenture) payment of such interest need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and, if such payment is so made, no interest shall accrue on such payment for the period from and after such Interest Payment Date. Except
as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof shall be given to Holders of Notes not less than 10 days prior to
the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any automated quotation system or securities exchange on which the Notes may be quoted or listed, and upon such notice as may be
required by such system or exchange, all as more fully provided in the Indenture. 
 All terms used in this Security which are
defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
 Payment
of principal and interest shall be made at the Corporate Trust Office of the Trustee, or at such other office or agency of the Company as may be designated by the Company for such purpose in the Borough of Manhattan, The City of New York , in such
coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts, by Dollar check drawn on, or transfer to, a Dollar account. Payments of interest on this Note may be made by
Dollar check, drawn on a Dollar account, mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or, upon written application by the Holder to the Security Registrar setting forth wire instructions
not later than the relevant Record Date, by transfer to a Dollar account. 
 Except as specifically provided herein and in the
Indenture, the Company shall not be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

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

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof or an Authenticating Agent by the manual signature of one of their respective authorized signatories, this Note shall not be entitled to any benefit under the Indenture or the First Supplemental Indenture or be valid or
obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed and delivered under its
corporate seal. 
 [Signature Page Follows] 

  
 2 

 
			
	 HUNTINGTON BANCSHARES INCORPORATED

		
	By:	 	/s/ David Anderson
	Name:	 	David Anderson
	Title:	 	Executive Vice President, Interim Chief Financial Officer and Controller (Principal Financial Officer)

 [Corporate Seal] 

					
	Attest:	 	/s/ Richard A. Cheap
		 	Name:	 	Richard A. Cheap
		 	Title:	 	Secretary
	Dated:	 	August 2, 2013

 (Trustee’s Certificate of Authentication) 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

									
		 		 		 	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

					
	Dated:	 	August 2, 2013	 		 	By:	 	/s/ Melonee Young
		 		 		 		 	Authorized Signatory

  
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 [FORM OF REVERSE SIDE OF THE NOTE] 

This Note is one of a duly authorized issue of senior debt securities of the Company designated as its “2.60% Senior Notes due
2018” (the “Notes”), initially limited in aggregate principal amount to U.S. $400,000,000 issued and to be issued under an Indenture, dated as of December 29, 2005 (herein called the “Base Indenture”), between the
Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”, which term includes any successor trustee under the Base Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of
August 2, 2013 between the Company and the Trustee (the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by the Supplemental Indenture, the “Indenture”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and
are to be, authenticated and delivered. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denominations as requested by the
Holder surrendering the same upon surrender of the Note or Notes to be exchanged, at the Corporate Trust Office of the Trustee. The Trustee upon such surrender by the Holder will issue the new Notes in the requested denominations. 

No sinking fund is provided with respect to the Notes. The Notes are not subject to redemption at the option of the Company at any time
prior to July 2, 2018. The Notes are subject to redemption at the option of the Company, in whole or in part, at any time or from time to time, on or after July 2, 2018 at an aggregate Redemption Price equal to 100% of the principal amount
of the Notes being redeemed and any accrued and unpaid interest to the Redemption Date (subject to the rights of holders of record on the relevant Regular Record Date that is on or prior to the Redemption Date to receive interest due on the relevant
Interest Payment Date). The Notes will not be subject to redemption or repayment at the option of any Holder at any time prior to the Stated Maturity. 
 The Notes are unsecured and rank equally with all of the Company’s other unsecured and unsubordinated indebtedness. 
 The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The Company may, without consent of the holders of the Notes, increase the principal amount of the Notes by issuing additional securities
in the future on the same terms and conditions as the Notes, except for any difference in the issue price and interest accrued prior to the date of issuance of the additional securities, and with the same CUSIP number as the Notes. The Notes and any
additional Notes issued by the Company would rank equally and ratably and would be treated as a single series for all purposes under the Indenture. 
 In any case where the due date for the payment of the principal of or interest on any Note at any Place of Payment, as the case may be, is not a Business Day, then payment of principal or interest need
not be made on or by such date at such place but may be made on or by the next succeeding Business Day, with the same force and effect as if made on the date for such payment, and no interest shall accrue on the amount so payable for the period
after such date. 
 If an Event of Default shall occur and be continuing, the principal of all the Notes, together with accrued
interest to the date of declaration, may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under
the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in exchange herefor or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note or such other Note. 

 As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default, the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity satisfactory to it and the Trustee shall not have received from the Holders of a majority in principal amount of the Outstanding Notes a direction inconsistent with such request, and shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by any Holder of this Note for the enforcement of any payment of principal of or interest on this Note or after the respective
due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

The Notes will be subject to defeasance and covenant defeasance pursuant to Sections 13.2 and 13.3 of the Base Indenture. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable on the
Security Register upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Trustee or at such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The
City of New York (which shall initially be an office or agency of the Trustee), or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees by the Security Registrar. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to recover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentation of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered, as the owner thereof for all purposes, whether or not such Note be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary. 
 No recourse for the payment of the principal of or interest on this Note and no
recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of consideration for the issue hereof, expressly waived and released.

 THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

All capitalized terms used in this Note which are defined in the Indenture, and not otherwise defined herein, shall have the meanings
assigned to them in the Indenture. 

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  
  

	
	[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)
	
	  

	[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]
	
	the within Book-Entry Security, and all rights thereunder, hereby irrevocably constituting and appointing
	
	  

	attorney to transfer such security on the books of the Company, with full power of substitution in the premises.

  

			
	Dated:	 	 

  

			
	NOTICE:	  	The signature to this assignment must correspond with the name as written upon the face of the within Book-Entry Security in every particular without alteration or enlargement or
any change whatsoever.ex10_1.htm

Exhibit 10.1

 

SETTLEMENT AGREEMENT AND RELEASE

 

This Settlement Agreement and Release (this “Settlement Agreement”) is made and entered into as of this 2nd day of August, 2013, by and between CohnReznick LLP, f/k/a J.H. Cohn, LLP, in its capacity as Plan Administrator (the “Plan Administrator”) under the Joint Second Amended Chapter 11 Plan of Liquidation of the Debtors and Official Committee of Unsecured Creditors (the “Plan”), and Wright Investors’ Service Holdings, Inc., f/k/a National Patent Development Corp. (“National Patent”).  The Plan Administrator and National Patent are collectively referred to as the “Parties” and each is referred to as a “Party.”

 

Recitals

 

R-1.           On May 17, 2011 (the “Petition Date”), voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of South Carolina (the “Bankruptcy Court”) were filed by The Merit Group, Inc., n/k/a TMG Liquidation Company, Merit Transportation, Inc., n/k/a MTrans Liquidation Company, Merit Sundries, LLC, n/k/a MP Sundries Liquidation Company, Merit Supply Company, LLC, n/k/a MSupply Liquidation Company, Merit Pro Finishing Tools, LLC, n/k/a MPFT Liquidation Company, Five Star Products, Inc., n/k/a FSP Liquidation Company, and Five Star Group, Inc., n/k/a FSG Liquidation Company (collectively, the “Debtors”).  The Chapter 11 cases were designated as Complex Chapter 11 Cases pursuant to Local Rule 2081-2 and jointly administered under Lead Case No. 11-03216-hb (the “Bankruptcy Cases”).

 

R-2.           On May 23, 2011, the Official Committee of Unsecured Creditors (the “Committee”) was appointed in the Bankruptcy Cases.

 

R-3.           On December 14, 2011, a Complaint to Avoid Fraudulent Transfers and for Breach of Fiduciary Duty (the “Complaint”) was filed by the Committee against National Patent and certain individual defendants, thereby initiating Adversary Proceeding No. 11-80212 in the Bankruptcy Court (the “Adversary Proceeding” or “Adv. Proc.”).  Count One of the Complaint consisted of a claim against National Patent to avoid and recover an allegedly fraudulent transfer relating to the purchase price that was paid by the Debtors for the stock of National Patent’s wholly-owned subsidiary, Five Star Products, Inc., the holding company and sole stockholder of Five Star Group, Inc. (collectively, “Five Star”) (i.e., the “2009 Five Star Transaction”).

 

  

  

  

 

R-4.           On December 16, 2011, an Order was entered by the Bankruptcy Court confirming the Plan.  Pursuant to Article IV of the Plan, the Plan has been administered by the Plan Administrator who, as of the Effective Date (as defined in the Plan), was vested with all rights and powers of the Debtors (as defined in the Plan), the Post-Confirmation Debtors (as defined in the Plan), and the Estates (as defined in the Plan).  The appointment of the Plan Administrator was approved by the Bankruptcy Court on December 16, 2011.  Pursuant to Articles IV(B) and IX(C) of the Plan, upon occurrence of the Effective Date, all Causes of Action (as defined in the Plan) of any of the Debtors or the Estates, including those relating to the 2009 Five Star Transaction, were retained for enforcement by the Post-Confirmation Debtors and the Estates, with the Plan Administrator vested with the exclusive power to prosecute, settle, and/or release the Causes of Action subject to certain required approvals (where applicable).  The Plan became effective on December 22, 2011.

 

R-5.           On July 26, 2012, an Order was entered by the Bankruptcy Court substituting the Plan Administrator for the Committee as the plaintiff in the Adversary Proceeding (Adv. Proc., Docket No. 83).

 

R-6.           On January 23, 2013, a second complaint against National Patent was filed by the Plan Administrator in the Bankruptcy Court (Adv. Proc. No. 13-80009) (the “Indemnity Complaint” and together with the Complaint, the “Complaints” and/or the “Adversary Proceedings”) for breach of the Stock Purchase Agreement dated November 24, 2009 (the “SPA”), alleging that National Patent had failed to indemnify the Plan Administrator for certain tax obligations that had accrued prior to the SPA’s January 15, 2010 closing.

 

  

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R-7.           At various points during the pendency of the Adversary Proceedings, the Parties   engaged in settlement discussions but were unable to reach an agreement.  On May 30, 2013, the Joint Motion for Mediation (Adv. Proc., Docket No. 187) was filed requesting that the Bankruptcy Court, inter alia, permit the Parties to enter into non-binding mediation under the supervision of Hon. John E. Waites.  The Consent Mediation Order was entered on June 5, 2013 (Adv. Proc., Docket No. 196), and amended on June 17, 2013 (Adv. Proc., Docket No. 208).  On July 23, 2013, the mediation took place and a settlement was reached by the Parties with Judge Waites’s approval.

 

R-8.           National Patent denies any liability to the Plan Administrator, denies that it is subject to any valid claim relating to the 2009 Five Star Transaction, and has vigorously defended, and/or absent a settlement would intend to vigorously defend, against the Complaints.

 

R-9.           While the Parties strongly disagree as to the merits of the claims asserted in the Complaints, they both wish to avoid the costs and uncertainties of continued litigation.  Indeed, a central premise of the settlement is the avoidance of such costs and uncertainties and the resolution of all claims, known or unknown, relating to the 2009 Five Star Transaction.

 

R-10.         The settlement was reached in good faith and the Parties had the benefit of the advice of counsel.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

  

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1.           Recitals.  The recitals to this Settlement Agreement are incorporated into and made a substantive part of this Settlement Agreement.

 

2.           Stay Proceedings.  The Parties shall cooperate as they deem appropriate to stay the Adversary Proceedings pending the settlement contemplated by and set forth in this Settlement Agreement.

 

3.           Approval.  The Plan Administrator shall file a motion to approve this Settlement Agreement pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the “Settlement Motion”), with the appropriate notice, by no later than August 9, 2013.  A proposed order approving the relief to be requested in the Settlement Motion (the “Proposed Order”) shall be filed contemporaneously therewith.  The Proposed Order shall be in a form agreed upon by the Parties in the form attached hereto as Exhibit A.

 

4.           No Admission of Liability.  The Parties acknowledge and agree that National Patent does not, by entering into this Settlement Agreement, admit any liability to the Plan Administrator or to anyone else, and that liability of any kind, either to each other or third parties, is expressly denied.  Neither this Settlement Agreement nor the consideration recited in it may be used as evidence of any liability or admission against National Patent or as an admission by National Patent as to the existence or validity of any claims against National Patent.

 

  

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5.             Payment.  National Patent shall pay to the Plan Administrator, by wire transfer, the sum of Two Million Three Hundred and Seventy-Five Thousand Dollars ($2,375,000.00) (the “Settlement Amount”) in full settlement of, without limitation, the claims asserted in the Complaints as well as any and all other claims relating to the 2009 Five Star Transaction.  The Settlement Amount shall not be subject to any claims of setoff, recoupment, or similar claims by National Patent.  Payment of the Settlement Amount shall be conditioned upon entry of an order approving the Settlement Motion by the Bankruptcy Court that is in a form acceptable to National Patent and in substantially the same form as the Proposed Order (the “Approval Order”).  The Settlement Amount shall be payable in full within fifteen (15) calendar days of the Approval Order becoming a final, non-appealable order (a “Final Order”).  For the purposes of this Settlement Agreement the Approval Order becomes a Final Order when:  (a) the time for appeal under Rule 8002 of the Federal Rules of Bankruptcy Procedure has expired, or (b) if an appeal of the Approval Order is taken to the United States District Court for the District of South Carolina, then the time period to appeal has lapsed under Rule 4 of the Federal Rules of Appellate Procedure, or (c) if an appeal of the Approval Order is taken to the United States Court of Appeals for the Fourth Circuit, the time to request a rehearing, a rehearing en banc, or to file a petition for a writ of certiorari to the United States Supreme Court has expired pursuant to Rules 35, 40, and 41 of the Federal Rules of Appellate Procedure and the Local Rules of the Fourth Circuit, or (d) if an appeal of or petition for a writ of certiorari concerning the Approval Order is taken to the United States Supreme Court, the time to file a petition for rehearing under Rule 44 of the Supreme Court Rules of Procedure has expired.

 

6.             Releases.

 

a.           Release of National Patent by Debtor Parties.  Subject to the provisions hereof, effective upon execution of this Settlement Agreement by the Parties, entry of a Final Order, and receipt of the Settlement Amount by the Plan Administrator, the Debtors, the Post-Confirmation Debtors, the Estates, and the Plan Administrator (collectively, the “Debtor Parties”) do hereby release, acquit, and forever discharge National Patent and National Patent’s affiliates, as well as their respective officers, directors, employees, agents, and professionals (collectively, “National Patent Parties”), from any and all demands, claims, actions, causes of action, rights, debts, liabilities, obligations, contracts, suits, damages, controversies, and expenses of any kind or nature whatsoever, at law or in equity, whether known or unknown, contingent or non-contingent, suspected or unsuspected that any of the Debtors, the Post-Confirmation Debtors, the Estates, the Committee (as the former plaintiff in the Adversary Proceeding and as dissolved in Article IV(C) of the Plan), or the Plan Administrator now have, or ever will have, against any or all of the National Patent Parties from the beginning of time including, but not limited to, (i) the Complaints, (ii) Avoidance Actions (as defined in the Plan), (iii) Causes of Action and other claims addressed in Articles IV and IX of the Plan, and (iv) all other claims asserted, or which could have been asserted, by any of the Debtor Parties or the Committee against the National Patent Parties by the Plan Administrator.

 

  

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b.           Release of Debtor Parties by National Patent.  Subject to the provisions hereof, effective upon execution of this Settlement Agreement, entry of a Final Order, and receipt of the Settlement Amount by the Plan Administrator, National Patent, on behalf of itself and each of the National Patent Parties, does hereby release, acquit, and forever discharge the Debtor Parties from any and all demands, claims, actions, causes of action, rights, debts, liabilities, obligations, contracts, suits, damages, controversies, and expenses of any kind or nature whatsoever, at law or in equity, whether known or unknown, contingent or non-contingent, suspected or unsuspected that National Patent or any of the National Patent Parties now have, or ever will have, against any or all of the Debtor Parties including, but not limited to, (i) any claims arising out of or in connection with the Complaints and (ii) all other claims asserted, or which could have been asserted, by the National Patent Parties.

 

c.           Breach.  The above releases shall not prevent any claim for breach of this Settlement Agreement.

 

  

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7.           Dismissal of the Complaints.  Upon Bankruptcy Court approval of this Settlement Agreement by entry of a Final Order, and after receipt of the Settlement Amount, the Plan Administrator and National Patent, through their respective counsel, shall execute and the Plan Administrator shall file joint stipulations dismissing the Complaints with prejudice pursuant to Rule 7041(a)(1)(A)(i) of the Federal Rules of Bankruptcy Procedure, in the forms attached to this Settlement Agreement as Exhibits B and C.  These stipulations of dismissal shall be filed by no later than ten (10) days after the Plan Administrator’s receipt of the Settlement Amount.  Each of the Parties shall bear its own respective legal fees and expenses in connection with this Settlement Agreement and the dismissal of the Complaints.

 

8.           Jurisdiction.  Any challenge to, claim arising out of or respecting, or action for breach of this Settlement Agreement shall be brought only in the Bankruptcy Court, which shall retain jurisdiction to enforce this Settlement Agreement, and the Debtors, Plan Administrator, and National Patent submit to the jurisdiction of the Bankruptcy Court for such purpose.

 

9.           Counterparts.  This Settlement Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Facsimile signatures shall be treated in all manner and respects as a binding and original document, and the signature of any Party shall be considered for these purposes as an original signature.

 

10.          Authority.  The signatories to this Settlement Agreement represent and warrant that they have the power and express authority to bind and sign on behalf of the Parties for which they have signed, provided that the Plan Administrator’s authority is subject to the approval of the Bankruptcy Court.

 

  

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11.           Entire Agreement.  This Settlement Agreement constitutes the entire agreement among the Parties hereto with respect to its subject matter and supersedes and replaces all prior negotiations, proposed agreement or agreements, written or oral, relative thereto.

 

12.           Applicable Law.  This Settlement Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina.

 

13.           Amendment.  This Settlement Agreement may not be amended, altered, modified or otherwise changed except in a writing executed by all Parties hereto and expressly stating that it is an amendment to this Settlement Agreement.

 

14.           Bankruptcy Court Approval.  The Parties expressly acknowledge that this Settlement Agreement is subject to Bankruptcy Court approval.  If the Bankruptcy Court does not enter an Order approving this Settlement Agreement within sixty (60) days of the date of this Settlement Agreement, then this Settlement Agreement shall be null and void and of no legal effect and the Parties shall be returned to their positions immediately prior to executing this Settlement Agreement, with all rights, defenses, and arguments of the Parties preserved to the fullest extent.

 

15.           Binding Agreement.  This Settlement Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Parties.

 

  

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WHEREAS, the Parties hereby execute this Settlement Agreement as of the date first written above.

 

 

	Witness:	 	CohnReznick LLP, as Plan Administrator	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Jenna Voss	 	 By:	/s/ Clifford A. Zucker	 
	Name: Jenna Voss	 	 	 Name: Clifford A. Zucker	 
	 	 	 	 Title: Partner	 
	 	 	 	 	 
	 Witness:	 	Wright Investors’ Service Holdings, Inc., 	 
	 	 	f/k/a National Patent Development Corp.	 
	 	 	 	 	 
	/s/ Ira J. Sobotko	 	 By:	/s/ Harvey P. Eisen	 
	 Name: Ira J. Sobotko	 	 	Name: Harvey P. Eisen	 
	 	 	 	
Title: President and CEO

 

	 

 

 

 

 

 

 

  

9

  

 

EXHIBIT A

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF SOUTH CAROLINA

 

 Case Number: 11-03216-hb

Adversary Proceeding Number: 11-80212-hb

Adversary Proceeding Number: 13-80009-hb

ORDER APPROVING SETTLEMENT MOTION

The relief set forth on the following pages, for a total of 3 pages including this page, is hereby ORDERED.

 

 

 

 

 

  

  

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF SOUTH CAROLINA

 

	
In re:

 

TMG Liquidation Company, et al., 1

 

Debtors.

	  	
 

Chapter 11

 

Case No.  11-03216-hb

 

 

	
COHNREZNICK LLP, as Plan 

Administrator, on behalf of the estates of the above-captioned Debtors,

 

Plaintiff,

 

v.

 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.,

 

Defendant.

	  	
 

 

 

 

 

 

Adv. Proc. No.  11-80212-hb

Adv. Proc. No.  13-80009-hb

 

 

 

ORDER GRANTING MOTION OF PLAN ADMINISTRATOR

 FOR APPROVAL OF SETTLEMENT OF CLAIMS AGAINST WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

THIS MATTER, having come before the Court on the Motion of Plan Administrator for Approval of Settlement of Claims against Wright Investors’ Service Holdings, Inc. [Docket No. ____] (the “Motion”),2 and the Court having considered the Motion and any opposition thereto, if any, and it appearing that the relief requested is in the best interests of the Debtors’ estates and their creditors; this Court has jurisdiction over this matter pursuant to 28 U.S.C. § 1334; and this matter is a core proceeding within the meaning of 28 U.S.C. §§ 157(b)(2)(A), (B), and (O); and the Court having further determined that notice of the Motion and the opportunity for a hearing has been provided as required and no other or further notice need be given; and based upon the record of these cases and this proceeding, good and sufficient cause exists for granting the relief requested in the Motion;

 

                                                                

1  The Debtors and the last four digits of their respective tax identification numbers are: TMG Liquidation Company (4224); MTrans Liquidation Company (9048); MP Sundries Liquidation Company, LLC (8882); MSupply Liquidation Company, LLC (5878); MPFT Liquidation Company, LLC (8544); FSP Liquidation Company (9186); and FSG Liquidation Company (3506).

 

2 Capitalized terms not defined herein shall have the meaning ascribed to them in the Motion.

 

  

2

  

 

IT IS HEREBY ORDERED THAT:

 

	 	
1. 

	
The Motion is GRANTED; and

 

2.           The Settlement Agreement attached as Exhibit A to the Motion is hereby approved in its entirety.

 

3.           The Court shall retain jurisdiction to hear and determine any matter that may arise from or relate to implementation of this Order.

 

AND IT IS SO ORDERED.

 

 

 

  

3

  

 

EXHIBIT B

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF SOUTH CAROLINA

 

 

	
 

In re:

 

TMG Liquidation Company, et al., 1

 

Debtors.

	  	
 

 

Chapter 11

 

Case No.  11-03216-hb

 

 

	
COHNREZNICK LLP, as Plan 

Administrator, on behalf of the estates of the above-captioned Debtors,

 

Plaintiff,

 

v.

 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.,

 

Defendants.

	  	
 

 

 

 

 

 

Adv. Proc. No.  11-80212-hb

 

 

 

STIPULATION OF DISMISSAL WITH PREJUDICE

Plaintiff, CohnReznick LLP (f/k/a J.H. Cohn, LLP), as Plan Administrator, on behalf of the estates of the above-captioned debtors, and Defendant, Wright Investors’ Service Holdings, Inc., by and through their respective undersigned counsel, hereby stipulate that the Complaint in this Adversary Proceeding shall be dismissed, with prejudice, pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), made applicable herein by Rule 7041 of the Federal Rules of Bankruptcy Procedure, with each party bearings its own costs.

    

                                                                  

1  The debtors and the last four digits of their respective tax identification numbers are: TMG Liquidation Company (4224); MTrans Liquidation Company (9048); MP Sundries Liquidation Company, LLC (8882); MSupply Liquidation Company, LLC (5878); MPFT Liquidation Company, LLC (8544); FSP Liquidation Company (9186); and FSG Liquidation Company (3506).

 

  

  

  

 

	
Dated:  ___________, 2013

 

 

MCCARTHY LAW FIRM, LLC

 

/s/ Daniel J. Reynolds, Jr.

G. William McCarthy, Jr., Dist. ID# 2762

Daniel J. Reynolds, Jr., Dist. ID# 9232

1517 Laurel Street (29201)

P. O. Box 11332

Columbia, SC 29211-1332

(803) 771-8836 Telephone

(803) 753-6960 Facsimile

 

- and -

 

COLE, SCHOTZ, MEISEL,

FORMAN & LEONARD, P.A.

Irving E. Walker, Esq.

G. David Dean, Esq.

300 E. Lombard Street, Suite 2000

Baltimore, MD 21202

(410) 528-2971 Telephone

(410) 230-0667 Facsimile

 

Attorneys for Plaintiff

	
 

 

 

 

/s/  Marilyn E. Gartley

Marilyn E. Gartley, Dist. ID# 9828

P.O. Box 76

Columbia, SC  29202-0076

(803) 252-8600 Telephone

(803) 256-0950 Facsimile

 

/s/  Beattie B. Ashmore

Beattie B. Ashmore, Dist. ID# 5215

650 East Washington Street

Greenville, SC  29601

(864) 467-1001 Telephone

 

/s/  James F. Bendernagel, Jr

James F. Bendernagel, Jr.

Sidley Austin LLP

1501 K Street, N.W.

Washington, DC  20005

(202) 736-8136 Telephone

 

Attorneys for Defendant Wright Investors’

   Service Holdings, Inc.

 

  

2

  

 

EXHIBIT C

 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF SOUTH CAROLINA

 

 

	
 

In re:

 

TMG Liquidation Company, et al., 1

 

Debtors.

	  	
 

 

Chapter 11

 

Case No.  11-03216-hb

 

 

	
COHNREZNICK LLP, as Plan 

Administrator, on behalf of the estates of the above-captioned Debtors,

 

Plaintiff,

 

v.

 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.,

 

Defendants.

	  	
 

 

 

 

 

 

Adv. Proc. No.  13-80009-hb

 

 

 

STIPULATION OF DISMISSAL WITH PREJUDICE

Plaintiff, CohnReznick LLP (f/k/a J.H. Cohn, LLP), as Plan Administrator, on behalf of the estates of the above-captioned debtors, and Defendant, Wright Investors’ Service Holdings, Inc., by and through their respective undersigned counsel, hereby stipulate that the Complaint in this Adversary Proceeding shall be dismissed, with prejudice, pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), made applicable herein by Rule 7041 of the Federal Rules of Bankruptcy Procedure, with each party bearings its own costs.

 

                                                                   

1  The debtors and the last four digits of their respective tax identification numbers are: TMG Liquidation Company (4224); MTrans Liquidation Company (9048); MP Sundries Liquidation Company, LLC (8882); MSupply Liquidation Company, LLC (5878); MPFT Liquidation Company, LLC (8544); FSP Liquidation Company (9186); and FSG Liquidation Company (3506).

 

  

  

  

 

	
Dated:  ___________, 2013

 

 

MCCARTHY LAW FIRM, LLC

 

/s/ Daniel J. Reynolds, Jr.

G. William McCarthy, Jr., Dist. ID# 2762

Daniel J. Reynolds, Jr., Dist. ID# 9232

1517 Laurel Street (29201)

P. O. Box 11332

Columbia, SC 29211-1332

(803) 771-8836 Telephone

(803) 753-6960 Facsimile

 

- and -

 

COLE, SCHOTZ, MEISEL,

FORMAN & LEONARD, P.A.

Irving E. Walker, Esq.

G. David Dean, Esq.

300 E. Lombard Street, Suite 2000

Baltimore, MD 21202

(410) 528-2971 Telephone

(410) 230-0667 Facsimile

 

Attorneys for Plaintiff

	
 

 

 

 

/s/  Marilyn E. Gartley

Marilyn E. Gartley, Dist. ID# 9828

P.O. Box 76

Columbia, SC  29202-0076

(803) 252-8600 Telephone

(803) 256-0950 Facsimile

 

/s/  Beattie B. Ashmore

Beattie B. Ashmore, Dist. ID# 5215

650 East Washington Street

Greenville, SC  29601

(864) 467-1001 Telephone

 

/s/  James F. Bendernagel, Jr

James F. Bendernagel, Jr.

Sidley Austin LLP

1501 K Street, N.W.

Washington, DC  20005

(202) 736-8136 Telephone

 

Attorneys for Defendant Wright Investors’

   Service Holdings, Inc.

 

 

 

2

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