Document:

Agreement, dated as of April 15, 2010

 Exhibit 10.3 

EXECUTION VERSION 

AGREEMENT 
 This
Agreement, dated as of April 15, 2010, is by and among Alloy, Inc., a Delaware corporation (the “Company”), and Jeffrey Jacobowitz, an individual resident of New York (“Jacobowitz”), and the individuals and entities
signatories hereto (collectively with Jacobowitz, the “Simcoe Group”). 
 WHEREAS, the Company and the Simcoe Group have determined
that the interests of the Company and its stockholders would be best served by adding Jacobowitz to the Company’s Board of Directors on the terms and conditions set forth in this Agreement; 

NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants, agreements and conditions
hereinafter set forth, and intending to be legally bound hereby, the parties hereby agree as follows: 

1. Representations and Warranties of the Company. The Company represents and warrants as follows as of the date hereof:

 (a) The Company has the corporate power and authority to execute, deliver and carry out the terms and provisions of this
Agreement and to consummate the transactions contemplated hereby. 
 (b) This Agreement has been duly and validly
authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles. 

(c) The execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with
any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or
result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party
or by which it is bound. 

 2. Representations and Warranties of the Simcoe Group. Each of the members of
the Simcoe Group severally, and not jointly, represent and warrant with respect to himself or itself as follows as of the date hereof: 

(a) Such party has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to
consummate the transactions contemplated hereby. Such party, if an entity, has the limited partnership or limited liability company power and authority, as applicable, to execute, deliver and carry out the terms and provisions of this Agreement and
to consummate the transactions contemplated hereby. 
 (b) This Agreement has been duly and validly authorized, executed,
and delivered by such member of the Simcoe Group, constitutes a valid and binding obligation and agreement of such party, and is enforceable against such party in accordance with its terms, except as enforcement thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles. 

(c) Such party is the “beneficial owner” of a number of shares of Common Stock as set forth on the cover page relating to
such member in the Schedule 13D filed by the members of the Simcoe Group with the Securities and Exchange Commission (the “SEC”) on February 4, 2010 (the “Schedule 13D”). Except for those Affiliates and Associates
of such member with respect to whom a cover page is included in the Schedule 13D, no other Affiliate or Associate of such member beneficially owns any shares of Common Stock. 

(d) The execution, delivery and performance of this Agreement by each member of the Simcoe Group does not and will not
(i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to him or it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could
become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
arrangement to which he or it is a party or by which he or it is bound. 
 3. Definitions. For purposes of this
Agreement: 
 (a) The terms “Affiliate” and “Associate” have the respective meanings set forth in
Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provided that neither “Affiliate” nor “Associate” shall include (i) any person that is a publicly
held concern and is otherwise an Affiliate or Associate by reason of the fact that a principal of any member of the Simcoe Group serves as a member of the board of directors or similar governing body of such concern, (ii) such member of the
board of directors or other similar governing body of such concern or (iii) any entity which is an Associate solely by reason of clause (1) of the definition of Associate in Rule 12b-2;

  

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the terms “beneficial owner” and “beneficial ownership” shall have the respective meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; and
the terms “person” or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity
of any kind or nature. 
 (b) “Board” means the Board of Directors of the Company. 

(c) “Common Stock” means the Common Stock of the Company, $0.01 par value. 

(d) “Corporate Governance and Nominating Committee” means the Corporate Governance and Nominating Committee of the Board.

 (e) “Standstill Period” means the period from the date of this Agreement until the earlier of: 

(i) the date on which the Corporate Governance and Nominating Committee notifies Jacobowitz pursuant to Section 4(e) below that
it has not resolved to nominate Jacobowitz for election to the Board at the 2012 Annual Meeting of Stockholders; 
 (ii) the
date of the 2012 Annual Meeting of Stockholders; and 
 (iii) such date, if any, as the Company has materially breached any
of its commitments or obligations set forth in Sections 1, 4(a), 4(b) and 4(g) of this Agreement (the “Principal Obligations”). 

4. Election of Jacobowitz; Related Matters. 

(a) As soon as reasonably practicable, but in any event within five business days from the date first listed above (the “Appointment
Date”): 
 (i) In accordance with the Company’s amended certificate of incorporation and amended and restated bylaws,
the Board shall, if required to meet its obligations pursuant to this Agreement, adopt a resolution increasing the size of the Board by one director, to a total of nine directors, effective as of the Appointment Date; 

(ii) In accordance with the Company’s amended certificate of incorporation and amended and restated bylaws, the Board shall elect
Jacobowitz as a director of the Company, effective as of the Appointment Date, to serve as a member of the class of directors scheduled to be next elected at the 2012 Annual Meeting of Stockholders; 

 

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 (iii) The Board shall adopt a resolution appointing Jacobowitz to serve as a member of the
Audit Committee, effective as of the Appointment Date, and Jacobowitz shall continue to serve on such Committees so long as he continues to be a member of the Board. 

(b) After giving effect to Section 4(a) and a readjustment of the class years of certain directors, as of the Appointment Date, the
Board shall consist of the following members (or their respective successors duly nominated in accordance with the Company’s amended certificate, amended and restated bylaws and Corporate and Governance Committee charter and procedures, and
duly elected by the Company’s stockholders): 
  

					
	 Class of 2010
	  	 Class of 2011
	  	 Class of 2012

	Anthony Fiore	  	Matthew C. Diamond	  	Matthew A. Drapkin
	Samuel A. Gradess	  	Peter M. Graham	  	Jeffrey Jacobowitz
	James K. Johnson, Jr.	  	Richard Perlman	  	Edward Monnier

 (c) The members of the
Simcoe Group who filed the Schedule 13D shall promptly file an amendment to the Schedule 13D reporting the entry into this agreement, amending applicable items to conform to their respective obligations hereunder and appending or
incorporating by reference this Agreement as an exhibit thereto. Such members of the Simcoe Group shall provide to the Company a reasonable opportunity to review and comment on such amendment in advance of filing, and shall consider in good faith
the reasonable comments of the Company. The Company and Jacobowitz shall discuss in good faith whether or not the Company shall issue a press release with respect to the execution and delivery of this Agreement by the parties hereto and the material
provisions hereof, which press release, if issued, will be subject to the mutual agreement of the parties; if the Company files a Form 8-K in lieu of a press release, the Company shall provide to Jacobowitz a reasonable opportunity to review and
comment on such Form 8-K in advance of its filing, and shall consider in good faith the reasonable comments of Jacobowitz. 
 (d)
So long as the Company has complied and is complying with the Principal Obligations, each member of the Simcoe Group shall cause all shares of Common Stock owned of record and shall instruct the record owner, in case of all shares of Common Stock
beneficially owned but not of record by it and their respective Affiliates, as of the record date for the 2010 Annual Meeting of Stockholders or the 2011 Annual Meeting of Stockholders, as the case may be, to be present for quorum purposes and to

  

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be voted, and shall cause all shares of Common Stock held by their respective Associates to be present for quorum purposes and to be voted, in favor of all directors nominated by the Board for
election at the Company’s 2010 and 2011 Annual Meetings of Stockholders. 
 (e) At least 15 days prior to the first date
upon which a notice to the Secretary of the Company of nominations of persons for election to the Board or the proposal of business at the 2012 Annual Meeting of Stockholders would be considered timely under the bylaws of the Company, the Corporate
Governance and Nominating Committee will notify Jacobowitz whether it has resolved to recommend Jacobowitz for re-election to the Board at the 2012 Annual Meeting of Stockholders. 

5. Standstill. 

Each of the members of the Simcoe Group agrees that, during the Standstill Period and provided that the Company has complied and is
complying with the Principal Obligations, he or it will not, and he or it will cause each of such person’s Affiliates or agents or other persons acting on his or its behalf not to, and will cause his or its respective Associates not to:

 (a) submit any stockholder proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or
otherwise) or any notice of nomination or other business for consideration, or nominate any candidate for election to the Board, other than as expressly permitted by this Agreement; 

(b) form, join in or in any other way participate in a “partnership, limited partnership, syndicate or other group” within
the meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting agreement or pooling
arrangement, other than solely with other members of the Simcoe Group or one or more Affiliates of a member of the Simcoe Group with respect to the Common Stock currently owned as set forth in Section 2(c) of this Agreement or to the extent
such a group may be deemed to result with the Company or any of its Affiliates as a result of this Agreement; 
 (c) solicit
proxies or written consents of stockholders, or otherwise conduct any nonbinding referendum with respect to Common Stock, or make, or in any way participate in, any “solicitation” of any “proxy” within the meaning of
Rule 14a-1 promulgated by the SEC under the Exchange Act to vote, or advise, encourage or influence any person with respect to voting, any shares of Common Stock with respect to any matter, or become a “participant” in any contested
“solicitation” for the election of directors 
  

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with respect to the Company (as such terms are defined or used under the Exchange Act and the rules promulgated by the SEC thereunder), other than a “solicitation” or acting as a
“participant” in support of all of the nominees of the Board at the 2010 and 2011 Annual Meetings of Stockholders. 

(d) seek, in any capacity other than as a member of the Board, to call, or to request the call of, a special meeting of the
stockholders of the Company, or seek to make, or make, a stockholder proposal at any meeting of the stockholders of the Company or make a request for a list of the Company’s stockholders (or otherwise induce, encourage or assist any other
person to initiate or pursue such a proposal or request) or otherwise acting alone, or in concert with others, seek to control or influence the governance or policies of the Company, except as expressly permitted by this Agreement; 

(e) effect or seek to effect, in any capacity other than as a member of the Board (including, without limitation, by entering into
any discussions, negotiations, agreements or understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer
or propose (whether publicly or otherwise) to effect or cause or participate in (i) any acquisition of any material assets or businesses of the Company or any of its subsidiaries, (ii) any tender offer or exchange offer, merger,
acquisition or other business combination involving the Company or any of its subsidiaries, or (iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its
subsidiaries; 
 (f) publicly disclose, or cause or facilitate the public disclosure (including without limitation the
filing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any
amendment of, any of the provisions of Section 4(d) or this Section 5, or otherwise seek (in any manner that would require public disclosure by any of the members of the Simcoe Group or their Affiliates or Associates) to obtain any waiver,
consent under, or amendment of, any provision of this Agreement; 
 (g) publicly disparage any member of the Board or
management of the Company; 
 (h) enter into any arrangements, understandings or agreements (whether written or oral) with,
or advise, finance, assist or encourage, any other person that engages, or offers or proposes to engage, in any of the foregoing; or 
  

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 (i) take or cause or induce or assist others to take any action inconsistent with any
of the foregoing. 
 It is understood and agreed that this Agreement shall not be deemed to prohibit Jacobowitz from engaging in any lawful act
in his capacity as a director of the Company. 
 6. Codes of Business Conduct and Ethics and Insider Trading Policy.
Jacobowitz has reviewed the Company’s Codes of Business Conduct and Ethics and Insider Trading Policy and agrees to abide by the provisions thereof during his service as a director of the Company. The members of the Simcoe Group acknowledge
that they are aware that the United States securities laws prohibit any person who has material non-public information about a company from purchasing or selling such securities of such company, or from communicating such information to any
other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 

7. Questionnaires. Jacobowitz has accurately completed the form of questionnaire provided by the Company for its use in
connection with the preparation of the Company’s proxy statement. 
 8. Compensation. Jacobowitz shall be
compensated for his service as a director and shall be reimbursed for his expenses on the same basis as all other non-employee directors of the Company are compensated and shall be eligible to be granted equity-based compensation on the same basis
as all other non-employee directors of the Company. 
 9. Indemnification and Insurance. Jacobowitz shall be entitled
to the same rights of indemnification as the other directors of the Company as such rights may exist from time to time. The Company shall, promptly after their election, take such action, if any, as may be necessary to add Jacobowitz to the
Company’s directors and officers’ liability insurance policy as an Insured Person. 

10. Non-Disparagement. During the Standstill Period and for a period of one year thereafter the Company shall not publicly
disparage any member of the Simcoe Group or any member of the management of the Simcoe Group. 
 11. Specific
Performance. Each party hereto acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that the parties will be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof in any state or federal court in the State of Delaware, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond
with such remedy are hereby waived. 
  

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 12. Jurisdiction. Each party hereto agrees, on behalf of itself and its
Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in any state or federal court in the State of Delaware (and the parties
agree on behalf of themselves and their respective Affiliates not to commence any action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail
to the respective addresses set forth in Section 16 of this Agreement will be effective service of process for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates,
irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the state or federal courts in the State of Delaware, and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum. 

13. Applicable Law. This Agreement shall be governed in all respects, including validity, interpretation and effect, by the
laws of the State of Delaware applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state. 

14. Counterparts. This Agreement may be executed in two or more counterparts which together shall constitute a single
agreement. 
 15. Entire Agreement; Amendment and Waiver; Successors and Assigns. This Agreement contains the entire
understanding of the parties hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the parties
other than those expressly set forth herein. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective successors or assigns. No failure on the part of any party to exercise, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties
hereto and their respective successors, heirs, executors, legal representatives, and assigns. 
 16. Notices. All
notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by telecopy, when such
telecopy is transmitted to the telecopy number set forth below, or to such other telecopy number as is provided by a party to this Agreement to the other 

 

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parties pursuant to notice given in accordance with the provisions of this Section, and the appropriate confirmation is received, or (b) if given by any other means, when actually received
during normal business hours at the address specified in this Section, or at such other address as is provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section: 

if to the Company: 

Alloy, Inc. 

151 West
26th Street 

11th
 Floor 
 New York, NY 10001 

Facsimile: (212) 244-4311 

Attention: Chief Executive Officer 

with a copy to: 

Kramer Levin Naftalis & Frankel LLP 

1177 Avenue of the Americas 

New York, NY 10036 

Facsimile: (212) 715-8000 

Attention: Richard H. Gilden 

if to the Simcoe Group or any member thereof: 

Jeffrey Jacobowitz 

110 East
42nd Street 

Suite 1100 
 New
York, NY 10017 
 Facsimile: (212) 401-4756 

Olshan Grundman Frome Rosenzweig & Wolosky LLP 

Park Avenue Tower 

65 East 55th Street 

New York, New York 10022 

Attention: Steven Wolosky 

Telephone: (212) 451-2300 

Facsimile: (212) 451-2222 

17. No Third-Party Beneficiaries. Nothing in this Agreement is intended to confer on any person other than the parties hereto
or their respective successors and assigns, and their respective Affiliates to the extent provided herein, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

[Signature page follows.] 
  

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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories
of the parties as of the date first written above. 
  

					
	SIMCOE PARTNERS, L.P.
	
	By: Simcoe Management Company, LLC, its general partner
		
	By:	 	/s/ Jeffrey Jacobowitz
		 	Name:	 	Jeffrey Jacobowitz
		 	Title:	 	Manager
	
	SIMCOE OPPORTUNITY PARTNERS, L.P.
		
	By:	 	/s/ Jeffrey Jacobowitz
		 	Name:	 	Jeffrey Jacobowitz
		 	Title:	 	Manager
	
	SIMCOE SERVICE COMPANY, LLC
		
	By:	 	/s/ Jeffrey Jacobowitz
		 	Name:	 	Jeffrey Jacobowitz
		 	Title:	 	Manager
	
	SIMCOE MANAGEMENT COMPANY, LLC
		
	By:	 	/s/ Jeffrey Jacobowitz
		 	Name:	 	Jeffrey Jacobowitz
		 	Title:	 	Manager
	
	Jeffrey Jacobowitz
	
	/s/ Jeffrey Jacobowitz

			
	ALLOY, INC.
		
	By:	 	/s/ Matthew Diamond
		 	Matthew Diamond
		 	Chief Executive OfficerForm of Certificate of Common Stock

 Exhibit 4.1 

 

 

 EXCEL TRUST, INC. 

IMPORTANT NOTICES 

CLASSES OF STOCK 

THE CORPORATION IS AUTHORIZED TO ISSUE CAPITAL STOCK OF MORE THAN ONE CLASS OR SERIES, CONSISTING OF COMMON STOCK AND ONE OR MORE CLASSES
OR SERIES OF PREFERRED STOCK. THE BOARD OF DIRECTORS IS AUTHORIZED TO DETERMINE THE PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF ANY CLASS OR SERIES OF PREFERRED STOCK BEFORE THE ISSUANCE OF SUCH CLASS OR SERIES OF PREFERRED STOCK. THE
CORPORATION WILL FURNISH TO ANY STOCKHOLDER, ON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE INFORMATION REQUIRED BY SECTION 2-211(b) OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE OF THE ANNOTATED CODE OF MARYLAND WITH RESPECT TO THE
DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE
AND, IF THE CORPORATION IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL CLASS IN SERIES, (I) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN SET, AND (II) THE AUTHORITY OF
THE BOARD OF DIRECTORS TO SET RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES. SUCH REQUEST MUST BE MADE TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE OR TO THE TRANSFER AGENT. 

RESTRICTIONS ON OWNERSHIP AND TRANSFER 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE
PURPOSE OF THE CORPORATION’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE
CORPORATION’S CHARTER, (I) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE CORPORATION’S COMMON STOCK IN EXCESS OF 9.8% (IN VALUE OR NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING SHARES OF COMMON
STOCK OF THE CORPORATION UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (II) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK OF THE CORPORATION IN EXCESS OF 9.8% OF
THE VALUE OF THE TOTAL OUTSTANDING SHARES OF CAPITAL STOCK OF THE CORPORATION, UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (III) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN CAPITAL
STOCK THAT WOULD RESULT IN THE CORPORATION BEING “CLOSELY HELD” UNDER SECTION 856(h) OF THE CODE OR OTHERWISE CAUSE THE CORPORATION TO FAIL TO QUALIFY AS A REIT; AND (IV) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK IF SUCH TRANSFER
WOULD RESULT IN THE CAPITAL STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS (AS DETERMINED UNDER THE PRINCIPLES OF SECTION 856(a)(5) OF THE CODE). ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR
CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE CORPORATION. IF ANY OF THE
RESTRICTIONS ON TRANSFER OR OWNERSHIP SET FORTH IN (I) THROUGH (III) ABOVE ARE VIOLATED, THE SHARES OF CAPITAL STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS WILL BE AUTOMATICALLY TRANSFERRED TO A TRUSTEE OF A TRUST FOR THE BENEFIT OF
ONE OR MORE CHARITABLE BENEFICIARIES. IN ADDITION, THE CORPORATION MAY TAKE OTHER ACTIONS, INCLUDING REDEEMING SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS, IN ITS SOLE AND ABSOLUTE DISCRETION IF THE BOARD OF DIRECTORS
DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB INITIO. ALL
CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE CHARTER OF THE CORPORATION, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF
CAPITAL STOCK OF THE CORPORATION ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

									
	TEN COM	 	 –   as tenants in common
	 		 	UNIF GIFT MIN ACT –
                         Custodian
                           	 	
	TE NENT	 	 –   as tenants by the entireties
	 		 	(Cust)                          
    (Minor)        	 	
	JT TEN	 	 –   as joint tenants with right of survivorship and not as tenants in common
	 		 	 under Uniform Gifts to
Minor                    

Act                      
                                       
 

(State)                
	 	
	COM PROP	 	 –   as community property
	 		 	UNIF TRF MIN ACT –              Custodian (until age )
                    )	 	
		 		 		 	(Cust)                          
                                 	 	
		 		 		 	                           
 under Uniform Transfers  	 	
		 		 		 	(Minor)                          
                        	 	
		 		 		 	to Minors Act
                                         
     	 	
		 		 		 	(State)                 	 	

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED,
                                         
                hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	 
	 

 
  

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

 
  
  

 

                         
                                         
                                         
                                         
                                         
            shares of the capital stock represented by within Certificate, and do hereby irrevocably constitute and appoint
                                         
              

                         
                                         
                                         
                                         
                                 attorney-in-fact to transfer the said stock on the
books of the within named Corporation with full power of the substitution in the premises. 
 Dated
                                         
                                        

 

									
	 	 	 	 	X	 	  

				
		 		 	X	 	  

	  
 Signature(s) Guaranteed:
	 		 		 	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER.

  

			
	By	 	  

	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. GUARANTEES BY A NOTARY PUBLIC ARE NOT ACCEPTABLE. SIGNATURE GUARANTEES MUST NOT BE DATED.

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