Document:

Exhibit 4.6

 

FORM OF

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of                      , 2016 and is made by and between First Western Financial, Inc., a Colorado corporation (the “Company”), and the investor named on the signature page hereto (the “Investor”).

 

WHEREAS, the Company has offered to certain accredited investors as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) up to $15,000,000 aggregate principal amount of the Company’s 7.25% Fixed-to-Floating Rate Subordinated Notes due December 31, 2026 (which may be increased by the Company to up to $25,000,000 aggregate principal amount if the offering is oversubscribed) (the “Subordinated Notes”) pursuant to a Confidential Private Placement Memorandum dated September 14, 2016 (the “PPM”);

 

WHEREAS, the Subordinated Notes are intended to qualify as Tier 2 Capital of the Company; and

 

WHEREAS, Investor desires to purchase the principal amount of Subordinated Notes set forth herein in accordance with the terms, subject to the conditions, and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein.

 

NOW THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                                      Purchase and Sale of Subordinated Notes. Subject to the terms and conditions set forth in this Section 1 and elsewhere in this Agreement, Investor has agreed to purchase from the Company, and the Company has agreed to sell to such Investor, at the Closing (as defined below) the principal amount of Subordinated Note subscribed for by the Investor set forth on the signature page hereto.

 

(a)                                 Interest. The Subordinated Notes shall bear interest commencing on the date hereof until but excluding January 1, 2022, at the rate of seven and one quarter percent (7.25%) per annum. From and including January 1, 2022, through maturity or an early redemption date, the Subordinated Notes shall bear a floating interest rate, set on the first day of each calendar quarter from January 1, 2022 until December 31, 2026 (the “Maturity Date”), or such earlier date as the Subordinated Notes are paid in full, calculated as the then current 90 day London Interbank Offering Rate (“LIBOR”) plus 587 basis points. The unpaid principal balance of the Subordinated Notes plus all accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of acceleration in accordance with the terms of this Agreement.

 

(b)                                 Computation and Payment of Interest. The Subordinated Notes will bear interest at the rates set forth above from and including each Interest Payment Date to, but excluding, the next succeeding Interest Payment Date, or in the case of the

 

3

 

final Interest Payment Date, the Maturity Date. Interest on the Subordinated Notes shall be paid in arrears on each Interest Payment Date to holders of record on the Applicable Record Date. The initial Interest Payment Date shall be December 31, 2016. Other than the initial Interest Payment Date, “Interest Payment Date” shall mean March 31, June 30, September 30 and December 31 of each year through December 31, 2026. “Applicable Record Date” shall mean March 15 with respect to any Interest Payment Date on March 31, June 15 with respect to any Interest Payment Date on June 30, September 15 with respect to any Interest Payment Date on September 30 and December 15 with respect to any Interest Payment Date on December 31. Interest shall be computed on the basis of a 360-day year and the number of days actually elapsed during the payment period.

 

(c)                                  Ranking. The Subordinated Notes shall be unsecured, subordinated obligations of the Company, subordinated in right of payment to all existing and future senior indebtedness of the Company and pari passu in right of payment to all existing and future subordinated indebtedness of the Company.

 

(d)                                 Maturity. The Subordinated Notes shall mature on the Maturity Date, and all principal with respect to the Subordinated Notes shall be paid to the holders of record as of such date on January 1, 2027.

 

(e)                                  Redemption. The Subordinated Notes shall be redeemable in whole or in part at the option of the Company at any time on or after January 1, 2022, at a redemption price equal to 100% of the principal amount being redeemed (plus accrued and unpaid interest to, but excluding, the date of redemption). Prior to January 1, 2022, the Subordinated Notes shall not be redeemable except following the occurrence of a “Capital Treatment Event” or a “Tax Event” (each as defined below) or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (the “1940 Act”), in which case the notes shall be redeemable in whole or in part at the option of the Company at any time following the occurrence of such Capital Treatment Event, Tax Event or registration requirement. For purposes hereof:

 

i.                                          “Capital Treatment Event” means the reasonable determination by the Company, upon advice of legal counsel, that as a result of: (A) any amendment to, or change (including any announced prospective change) in, the laws (or any rules or regulations thereunder) of the United States, or any rules, guidelines or policies of an applicable regulatory authority for the Company; or (B) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Subordinated Notes, the Subordinated Notes do not constitute, or within 180 days of the date of such opinion will not constitute, “Tier 2 Capital” (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction

 

4

 

over bank holding companies) (the “Federal Reserve”), as then in effect and applicable to the Company.

 

ii.                                       “Tax Event” means the reasonable determination by the Company, upon advice of legal counsel, that as a result of any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Subordinated Notes, there exists a more than substantial risk that interest payable by the Company on the Subordinated Note is not, or within 180 days after the date of such determination will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.

 

(f)                                   Subsequent Issuance of Substantially Identical Notes. If, within 210 days after the consummation of the offering of Subordinated Notes, the Company consummates another offering of subordinated notes (such date of consummation, the “Subsequent Closing Date”) on terms substantially identical to those of the Subordinated Notes, except that the fixed interest rate payable on the subsequently issued subordinated notes is higher than 7.25% (such rate, the “Subsequent Interest Rate”), interest payable on the Subordinated Notes shall, as of the Subsequent Closing Date and continuing until but excluding January 1, 2022, accrue at the Subsequent Interest Rate. In addition, if the subsequently offered notes are, except with respect to a Capital Treatment Event, Tax Event or requirement of the Company to register as an investment company pursuant to the 1940 Act, not redeemable by the Company for more than five years (the “Longer No Redemption Period”) from the date of issuance of the subsequently issued subordinated notes, the Subordinated Notes shall be entitled to the Longer No Redemption Period, with such period running from the date of the Subordinated Notes’ issuance. For purposes of this Section 1(f), the determination of whether subordinated note terms are “substantially identical” shall be in the Company’s sole discretion.

 

(g)                                  Non-Business Days. Whenever any payment to be made by the Company hereunder shall be stated to be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day without change in any computation of interest with respect to such payment (or any succeeding payment). “Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in Denver, Colorado are permitted or required by any applicable law or executive order to close.

 

2.                                      Closing; Deliveries. Subject to the satisfaction of the initial closing conditions (as set forth below), the initial closing (the “Initial Closing”) of the purchase and sale of the Subordinated Notes shall take place on the date hereof. At one or more subsequent closings (each, a “Subsequent Closing,” and together with the Initial Closing, the “Closing”), and

 

5

 

subject to the satisfaction of the Subsequent Closing conditions (as set forth below), the Company may sell additional Subordinated Notes to additional investors provided that the Company does not issue Subordinated Notes evidencing more than an aggregate original principal amount of $25,000,000.

 

(a)                                 Initial Closing. At the Initial Closing, (i) Investor shall deliver or shall have previously delivered to the Company cash, wire transfer or a certified check in an amount equal to 100% of the principal amount subscribed for by such Investor, together with an executed signature page to this Agreement, and (ii) the Company shall issue and deliver to Investor an executed Subordinated Note in the principal amount purchased by Investor in substantially the form set forth at Exhibit A hereto.

 

(b)                                 Subsequent Closings. At each Subsequent Closing, (i) Investor shall deliver or shall have previously delivered to the Company (x) cash, wire transfer or a certified check in an amount equal to 100% of the principal amount subscribed for by such Investor, together with an executed signature page to this Agreement, and (y) cash or a certified check in the amount of Unearned Interest with respect the Subordinated Notes purchase by such Investor, and (ii) the Company shall issue and deliver to Investor an executed Subordinated Note in the principal amount purchased by Investor in substantially the form set forth at Exhibit A hereto.

 

(c)                                  Closing Location. Each Closing shall take place at the principal executive offices of the Company or at such other place or time as the Company may specify.

 

3.                                      Representations, Warranties and Covenants of Company. The Company represents and warrants to Investor that as of the date hereof:

 

(a)                                 Corporate Existence and Power. (i) The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Colorado; (ii) the Company has the power and authority to conduct its business in the manner in which it is currently being conducted; (c) the Company has the power and authority to execute, deliver and perform this Agreement and the Subordinated Notes (collectively, the “Transaction Documents”) and to sell and issue the Subordinated Notes hereunder (in each case up to an aggregate principal amount of Subordinated Notes not exceeding $25,000,000); and (d) each subsidiary of the Company is validly existing and in good standing under the laws of its jurisdiction or organization, and each Subsidiary has all requisite power and authority, corporate or otherwise, and possesses all material licenses necessary, to conduct its business in the manner in which it is currently being conducted and to own its properties.

 

(b)                                 Valid and Binding Agreement. The execution, delivery and performance of each Transaction Document have been duly authorized by all requisite action of the Company, and each Transaction Document constitutes a valid and binding

 

6

 

obligation of the Company, enforceable against the Company in accordance with its terms. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company does not and, to the knowledge of the Company will not: (i) conflict with, or violate any provision of, statute, law, rule, regulation, order, judgment, injunction, decree or award of any arbitrator or governmental authority having applicability to the Company or its business, assets, or properties, or any provision of its certificate of incorporation, bylaws or similar governing instruments; or (ii) conflict with, violate, or result in any breach of, or constitute a default under, any agreement or instrument to which the Company is now a party or by which the Company or any of its properties or assets may be bound or affected.

 

(c)                                  Financial Statements. The Company has in the PPM provided Investor audited consolidated financial statements for the years ended December 31, 2015 and December 31, 2014 and summarized unaudited consolidated interim financial information for the six months ended June 30, 2016 (collectively, the “Financial Statements”). The Financial Statements are true and correct in all material respects and fairly present the financial condition of the Company as of the dates, and the results of operation for the fiscal periods reflected therein. Company has no material contingent obligations, liabilities for taxes, long-term leases or unusual forward or long-term commitments except as disclosed or reserved against in the financial statements or as otherwise set forth in the PPM.

 

(d)                                 Financial Condition. Except as described in the PPM, there has been no material adverse change in the business, properties or condition (financial or otherwise) of the Company since June 30, 2016.

 

4.                                      Representations and Warranties of Investor.

 

(a)                                 Purchase for Own Account. Investor represents that he or she is acquiring the Subordinated Notes solely for his or her own account and beneficial interest for investment and not for sale or with a view to distribution of the Subordinated Notes or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

 

(b)                                 Status, Information and Sophistication. Investor represents that he or she is an “accredited investor” as such term is defined in Rule 501(a) under the Securities Act. Investor represents that he or she has received all the information he or she has requested from the Company and that he or she considers necessary or appropriate for deciding whether to purchase the Subordinated Notes. Investor represents that he or she has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Subordinated Notes and to obtain any additional information necessary to verify the accuracy of the information given to Investor. Investor further represents that he or she has such knowledge and experience in financial and

 

7

 

business matters that it is capable of evaluating the merits and risk of this investment.

 

(c)                                  Ability to Bear Economic Risk. Investor acknowledges that Investor’s investment in the Subordinated Notes involves a high degree of risk, and represents that Investor is able, without materially impairing Investor’s financial condition, to hold the Subordinated Notes for an indefinite period of time, including through maturity, and to suffer a complete loss of Investor’s investment in the Subordinated Notes.

 

5.                                      Limitations on Disposition. Without in any way limiting the representations set forth above, Investor agrees not to make any disposition of all or any portion of the applicable Subordinated Notes unless and until: (a) there is then in effect an effective registration statement under the Securities Act, covering such proposed disposition and such disposition is made in accordance with such registration statement; or (b) an exemption to registration under the Securities Act and applicable state securities laws is available. Investor further understands and agrees that, until so registered or transferred pursuant to the provisions of Rule 144 under the Securities Act, the Subordinated Notes, whether upon initial issuance or upon any transfer thereof, shall bear a legend, prominently stamped or printed thereon, reading substantially as follows:

 

“THIS SECURITY HAS NOT BEEN REGISTERED, AND THE ISSUER HEREOF DOES NOT INTEND TO REGISTER THIS SECURITY, UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES OR BLUE SKY LAWS OF ANY STATE AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS AND, IF REQUESTED BY THE ISSUER HEREOF, UPON DELIVERY TO THE ISSUER HEREOF OF AN OPINION OF COUNSEL (SATISFACTORY TO THE ISSUER HEREOF) TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER (OR OTHERWISE IN COMPLIANCE WITH) THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW.

 

THE ISSUER OF THIS SECURITY IS NOT OBLIGATED TO RECOGNIZE ANY SALE OR OTHER TRANSFER OF THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN MADE OTHER THAN IN ACCORDANCE WITH THE PREVIOUS PARAGRAPH. IF A SALE OR TRANSFER OF THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN IS MADE IN CONTRAVENTION OF THE PRECEDING PARAGRAPH, THE ISSUER OF THIS SECURITY MAY REQUIRE SUCH TRANSFEREE TO TRANSFER THIS SECURITY OR THE APPLICABLE BENEFICIAL INTEREST HEREIN TO A PERSON THAT WOULD HAVE BEEN A PERMITTED TRANSFEREE OF SUCH TRANSFEREE’S TRANSFEROR. IF THE OBLIGATION TO TRANSFER DESCRIBED IN THE PRECEDING SENTENCE IS NOT MET, THE ISSUER HEREOF IS IRREVOCABLY AUTHORIZED, WITHOUT ANY OBLIGATION, TO TRANSFER THIS SECURITY OR THE APPLICABLE

 

8

 

BENEFICIAL INTEREST HEREIN IN A MANNER CONSISTENT WITH THE RESTRICTIONS SET FORTH IN THIS PARAGRAPH AND, IF THIS SECURITY OR SUCH BENEFICIAL INTEREST HEREIN IS SOLD, THE ISSUER HEREOF SHALL DISTRIBUTE THE NET PROCEEDS OF SUCH SALE TO THE ENTITLED PERSON.

 

THIS SECURITY IS NOT A DEPOSIT, BANK ACCOUNT OR OBLIGATION OF ANY BANK. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER AGENCY, AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.”

 

6.                                      Denomination; Transfer. The Company, or its agent, shall maintain a register of each holder of a Subordinated Note. The Company shall be entitled to treat each person in its register as the beneficial owner of the Subordinated Note. Subordinated Notes will be issued in certificated form only in minimum denominations of $100,000 and integral multiples of $100,000 in excess thereof. Subject to such denominations and the restrictions on transfer of the Subordinated Notes set forth herein, Subordinated Notes may be transferred in whole or in part by the registered holder thereof in person, by his or her attorney duly authorized in writing, at the principal offices of the Company, accompanied by due endorsement or written instrument of transfer and an opinion of counsel reasonably satisfactory to the Company with respect to the compliance with, or exemptions from, federal and state securities laws applicable to such transfer. Upon such surrender and presentment, the Company shall issue one or more Subordinated Notes, each in a minimum denomination of $100,000 or an integral multiple of $100,000 in excess thereof, which has or have an aggregate principal amount equal to the aggregate principal amount of such Subordinated Notes surrendered and is or are registered in such name or names requested by the holder of record, and shall update its register accordingly. Such transferee shall be solely responsible for delivering to the Company a mailing address or other information necessary for the Company to deliver notices and payments to such transferee.

 

7.                                      Events of Default and Investor’s Remedies.

 

(a)                                 Events of Default. An “Event of Default” shall occur under this Agreement only if, pursuant to any reorganization, insolvency, dissolution, liquidation or similar law or statute of the federal government or any state government that, by its express terms, is applicable to the Company: (i) any proceedings involving the Company are commenced by or against the Company; or (ii) a trustee of any substantial part of the assets of the Company is applied for or appointed, and the Company by any action or failure to act indicates its approval of, consent to or acquiescence in any of the foregoing, or an order shall be entered approving the petition in such proceedings, or approving the application for or appointment of such trustee, and within 120 days after the entry of such order or such appointment, such order or appointment is not vacated, discharged or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect.

 

(b)                                 Remedies. Upon the occurrence of an Event of Default, Investors holding at least 51% of the outstanding principal amount of Subordinated Notes, acting jointly, shall have the right, if such Event of Default shall then be continuing, to

 

9

 

declare, by written notice to the Company, the Subordinated Notes to be immediately due and payable, subject to any required regulatory approval. Investor acknowledges and agrees that there is no right of acceleration in the case of a default in the payment of principal or interest on the Subordinated Notes or the performance of any other obligation of the Company under the Subordinated Notes or this Agreement, and that no repayment by acceleration may be made without receipt of applicable regulatory approval.

 

8.              Miscellaneous.

 

(a)                                 Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)                                 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Colorado without regard to conflict of laws principles.

 

(c)                                  Counterparts; Facsimile Signatures. This Agreement is intended to be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterpart signature page to this Agreement may be delivered by facsimile or electronic transmission.

 

(d)                                 Notices. Unless otherwise provided, any notice, request, or other communication shall in writing and shall be given by personal delivery, by national overnight courier, by certified or registered United States mail, postage prepaid to the addresses or to the email address set forth on the signature page hereof. In case of service by mail, notices shall be deemed complete at the expiration of the second Business Day after mailing.

 

(e)                                  Amendments and Waivers. Except as otherwise provided herein, any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of at least 51% of the outstanding principal amount due under the Subordinated Notes; provided, however, that no amendment or waiver which uniquely or adversely affects any Investor shall be binding upon such Investor without his or her prior written consent; and provided further, that this Agreement and the Subordinated Notes may be amended by the Company without the consent of any holders of Subordinated Notes to make any change to the terms hereof and thereof that: (i) is or becomes necessary for the Subordinated Notes to qualify as “Tier 2 Capital” of the Company for purposes of the capital adequacy

 

10

 

guidelines of the Federal Reserve; and (ii) does not adversely affect the interests of the holders of Subordinated Notes. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding, each future holder of all such securities, and the Company.

 

(f)                                   Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

(g)                                  Exculpation Among Investors. Investor acknowledges that Investor is not relying upon any person, firm or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Investor agrees that no other Investor, nor the respective controlling persons, officers, directors, partners, agents or employees of any other Investor shall be liable for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with sale, issuance and enforcement of the Subordinated Notes.

 

(h)                                 Headings. Section headings and captions contained in this Agreement in no way define, limit or extend the scope or intent of their respective provisions.

 

(i)                                     Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranty, representation, or covenant except as specifically set forth herein.

 

[Signature page follows.]

 

11

 

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

 

	
FIRST WESTERN FINANCIAL, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name: Scott C. Wylie
    	
 
    
	
Title: Chairman, CEO & President
    	
 
    
	
 
    	
 
    
	
INVESTOR:
    	
 
    
	
 
    	
 
    
	
Individual:
    	
 
    
	
 
    	
 
    
	
Print Name:
    	
 
    
	
Entity:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
(name of entity)
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    
	
Email address:
    
	
Principal Amount of Subordinated Notes: $
    	
 
    
			

 

To elect to receive payments of interest and principal under the Notes by check, please check here: o

 

Address Where Payment Should Be Sent (if different than permanent address for notice):

 

 

To elect to receive payments of interest and principal under the Notes by wire transfer, please check here: o

 

Wire Transfer Instructions:                                                            

ABA Routing Number:                                                                   

Bank Name:                                                                                     

Account:                                                                                            

Account Name:                                                                                

 

12

 

EXHIBIT A TO SUBORDINATED NOTE PURCHASE AGREEMENT

FORM OF SUBORDINATED NOTE

 

[Form of Note]

 

FIRST WESTERN FINANCIAL, INC.

 

THIS SECURITY HAS NOT BEEN REGISTERED, AND THE ISSUER HEREOF DOES NOT INTEND TO REGISTER THIS SECURITY, UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES OR BLUE SKY LAWS OF ANY STATE AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS AND, IF REQUESTED BY THE ISSUER HEREOF, UPON DELIVERY TO THE ISSUER HEREOF OF AN OPINION OF COUNSEL (SATISFACTORY TO THE ISSUER HEREOF) TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER (OR OTHERWISE IN COMPLIANCE WITH) THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW.

 

THE ISSUER OF THIS SECURITY IS NOT OBLIGATED TO RECOGNIZE ANY SALE OR OTHER TRANSFER OF THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN MADE OTHER THAN IN ACCORDANCE WITH THE PREVIOUS PARAGRAPH. IF A SALE OR TRANSFER OF THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN IS MADE IN CONTRAVENTION OF THE PRECEDING PARAGRAPH, THE ISSUER OF THIS SECURITY MAY REQUIRE SUCH TRANSFEREE TO TRANSFER THIS SECURITY OR THE APPLICABLE BENEFICIAL INTEREST HEREIN TO A PERSON THAT WOULD HAVE BEEN A PERMITTED TRANSFEREE OF SUCH TRANSFEREE’S TRANSFEROR. IF THE OBLIGATION TO TRANSFER DESCRIBED IN THE PRECEDING SENTENCE IS NOT MET, THE ISSUER HEREOF IS IRREVOCABLY AUTHORIZED, WITHOUT ANY OBLIGATION, TO TRANSFER THIS SECURITY OR THE APPLICABLE BENEFICIAL INTEREST HEREIN IN A MANNER CONSISTENT WITH THE RESTRICTIONS SET FORTH IN THIS PARAGRAPH AND, IF THIS SECURITY OR SUCH BENEFICIAL INTEREST HEREIN IS SOLD, THE ISSUER HEREOF SHALL DISTRIBUTE THE NET PROCEEDS OF SUCH SALE TO THE ENTITLED PERSON.

 

THIS SECURITY IS NOT A DEPOSIT, BANK ACCOUNT OR OBLIGATION OF ANY BANK. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER AGENCY, AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.

 

13

 

FIRST WESTERN FINANCIAL, INC.

 

7.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE DECEMBER 31, 2026

 

Certificate No.:

 

U.S. $ Dated:               , 2016

 

FOR VALUE RECEIVED, the undersigned, FIRST WESTERN FINANCIAL, INC., a Colorado corporation (the “Company), promises to pay to the order of                                                            , or registered assigns (collectively, the “Holder”), the principal amount of $                    , in the lawful currency of the United States of America, or such lesser or greater amount as shall then remain outstanding under this Note, at the times and in the manner provided in that certain Subordinated Note Purchase Agreement dated as of                         , 2016, by and between the Company and the investor named on the signature page thereto, no later than December 31, 2026 (the “Maturity Date”), or such other date upon which this Note shall become due and payable pursuant to the Subordinated Note Purchase Agreement, whether by reason of extension, acceleration or otherwise.

 

Interest on this Note will be payable in arrears on March 31, June 30, September 30 and December 31 of each year, commencing on December 31, 2016, to Holders of record on March 15, June 15, September 15 and December 15 and at maturity.

 

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 forth at this place.

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
FIRST WESTERN FINANCIAL, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
ATTEST:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

14

 

[REVERSE SIDE OF FORM OF NOTE]

 

FIRST WESTERN FINANCIAL, INC. 7.25% Fixed-to-Floating Rate Subordinated Notes due December 31, 2026

 

The Company promises to pay interest on the principal amount of this Note, commencing on the date of the Subordinated Note Purchase Agreement until but excluding January 1, 2022, at the rate of seven and one quarter percent (7.25%) per annum. From and including January 1, 2022, through maturity or an early redemption date, this Note shall bear a floating interest rate, set on the first day of each calendar quarter from January 1, 2022 until December 31, 2026 (the “Maturity Date”), or such earlier date as the Subordinated Notes are paid in full, calculated as the then current 90 day London Interbank Offering Rate (“LIBOR”) plus 587 basis points. The unpaid principal balance of the Note plus all accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of acceleration in accordance with the terms of the Subordinated Note Purchase Agreement, to which reference is made and which is incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Subordinated Note Purchase Agreement.

 

This Note will bear interest at the rate set forth above from and including each Interest Payment Date to, but excluding, the next succeeding Interest Payment Date, or in the case of the final Interest Payment Date, the Maturity Date. Interest on the Subordinated Notes shall be paid in arrears on each Interest Payment Date to holders of record on the Applicable Record Date. The initial Interest Payment Date shall be December 31, 2016. Other than the initial Interest Payment Date, “Interest Payment Date” shall mean March 31, June 30, September 30 and December 31 of each year through December 31, 2026. “Applicable Record Date” shall mean March 15 with respect to any Interest Payment Date on March 31, June 15 with respect to any Interest Payment Date on June 30, September 15 with respect to any Interest Payment Date on September 30 and December 15 with respect to any Interest Payment Date on December 31. Interest shall be computed on the basis of a 360-day year and the number of days actually elapsed during the payment period.

 

This Note shall be redeemable in whole or in part at the option of the Company at any time on or after the fifth anniversary of the date of the Subordinated Note Purchase Agreement at a redemption price equal to 100% of the principal amount being redeemed (plus accrued and unpaid interest to, but excluding, the date of redemption). Prior to the fifth anniversary of the date of the Subordinated Note Purchase Agreement, this Note shall not be redeemable except following the occurrence of a Capital Treatment Event or a Tax Event or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), in which case the notes shall be redeemable in whole or in part at the option of the Company at any time following the occurrence of such Capital Treatment Event, Tax Event or registration requirement.

 

The Company, or its agent, shall maintain a register of each holder of the Notes. The Company shall be entitled to treat each person in its register as the beneficial owner of this Note. Notes will be issued in certificated form only in minimum denominations of $100,000 and integral multiples of $100,000 in excess thereof. Subject to such denominations and the restrictions on

 

15

 

transfer of the this Note set forth in the Subordinated Note Purchase Agreement, this Note may be transferred in whole or in part by the registered holder thereof in person, by his or her attorney duly authorized in writing, at the principal offices of the Company, accompanied by due endorsement or written instrument of transfer and an opinion of counsel reasonably satisfactory to the Company with respect to the compliance with, or exemptions from, federal and state securities laws applicable to such transfer. Upon such surrender and presentment, the Company shall issue one or more Notes, each in a minimum denomination of $100,000 or an integral multiple of $100,000 in excess thereof, which has or have an aggregate principal amount equal to the aggregate principal amount of this Note and is registered in such name or names requested by the holder of record, and shall update its register accordingly. Such transferee shall be solely responsible for delivering to the Company a mailing address or other information necessary for the Company to deliver notices and payments to such transferee.

 

This Note is an unsecured, subordinated obligation of the Company, subordinated in right of payment to all existing and future senior indebtedness of the Company and pari passu in right of payment to all existing and future subordinated indebtedness of the Company.

 

This Note is the Note referred to in the Subordinated Note Purchase Agreement between the Company and the Holder and is entitled to the benefits thereof. In case an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable only in the manner and with the effect provided in the Subordinated Note Purchase Agreement.

 

Any payments made hereunder shall be applied first against costs and expenses of the Holder hereunder; then against interest due hereunder; and then against principal due hereunder.

 

All notices and other communications hereunder shall be in writing and, for purposes of this Note, shall be delivered in accordance with, and effective as provided in, the Subordinated Note Purchase Agreement.

 

In the case of any conflict between the provisions of this Note and the Subordinated Note Purchase Agreement, the provisions of the Subordinated Note Purchase Agreement shall control. This Note shall be construed in accordance with, and be governed by the laws of, the State of Colorado without giving effect to any conflicts of law provisions of such laws.

 

This Note shall be binding upon the Company and inure to the benefit of the Holder and its respective successors and permitted assigns. The Holder may assign all, or any part of, or any interest in, the Holder’s rights and benefits hereunder only to the extent and in the manner permitted in the Subordinated Note Purchase Agreement. To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and conditions of the Subordinated Note Purchase Agreement as it would have had if it were the Holder hereunder.

 

Neither any failure nor any delay on the part of the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any other right, power or privilege.

 

16

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Insert assignee’s Social Security or Tax I.D. Number)

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint                                                    as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 

Your Signature:

 

	
Date:
    	
 
    	
 
    

 

(Sign exactly as your name appears on the other side of this Note)

 

17Exhibit 4.7

 

FORM OF

INVESTOR AGREEMENT

 

This INVESTOR AGREEMENT (this “Agreement”), effective as of                   , 20     (the “Effective Date”), is between First Western Financial, Inc., a Colorado corporation (the “Company”) and each of the investors who is a signatory hereto (each, a “Shareholder” and collectively, the “Shareholders”).

 

WHEREAS, the Shareholders have purchased shares of the Company’s common stock, no par value per share (“Common Stock”) in a private offering (the “Offering”) pursuant to the terms of the Company’s confidential private placement memorandum dated August 18, 2017 at a price of $28.50 per share (the “Purchase Price”); and

 

WHEREAS, pursuant to the terms of the Offering, each Offering Share includes a onetime right pursuant to which the holder of such Offering Share (as defined below) may be issued additional shares of Common Stock upon the occurrence of certain events and subject to certain conditions and limitations, each as set forth herein (the “Make Whole Right”); and

 

WHEREAS, the Shareholders and the Company desire to enter into this Agreement to memorialize in writing the terms of the Make Whole Right.

 

NOW, THEREFORE, in consideration of the respective covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows, intending to be legally bound hereby:

 

1.                                      Definitions. In addition to any other definitions contained in this Agreement, the following words, terms and phrases shall have the following meanings when used in this Agreement.

 

(a)                                 “Change of Control” means any of the following: (i) any person (as such term is defined in Section 13(d) or 14(d) of the Exchange Act) other than a person who is a shareholder of the Company as of the Effective Date that acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Company; or (ii) the Company’s shareholders approve: (A) a merger or consolidation of the Company and the shareholders of the Company immediately before such merger or consolidation do not, immediately after such merger or consolidation, own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the entity surviving or resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the outstanding securities of the Company immediately before such merger or consolidation; or (B) a complete liquidation or dissolution or an agreement for the sale or other disposition of all or substantially all of the assets of the Company.

 

(b)                                 “Consummation” means: (i) with respect to an IPO, the commencement of trading of shares of Common Stock on a national securities exchange; (ii) with respect to a Subsequent Capital Raise, except as set forth in Section 2(b), the closing of the

 

1

 

private offering and release of subscription funds to the Company; or (iii) with respect to a Change in Control, the closing of the transaction that constitutes a Change in Control.

 

(c)                                  “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(d)                                 “IPO” means an initial offering of Common Stock pursuant to an effective Registration Statement filed under the Securities Act (other than a registration: (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement); (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto); or (iii) in connection with any dividend or distribution reinvestment or similar plan).

 

(e)                                  “Make Whole Share” means a share of Common Stock issued pursuant to the Make Whole Right.

 

(f)                                   “Offering Share” means a share of Common Stock purchased pursuant to the Offering.

 

(g)                                  “Reference Price” means: (i) with respect to an IPO, the 10 day volume weighted average price for the Common Stock commencing on the trading day that is 20 business days following the effective date of the IPO; or (ii) with respect to a Subsequent Capital Raise or a Change of Control, the average net fair value of consideration received for each share of Common Stock sold, as determined by the Company’s board of directors in its sole discretion.

 

(h)                                 “Registration Statement” means any registration statement of the Company, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference in such registration statement.

 

(i)                                     “Securities Act” means the Securities Act of 1933, as amended.

 

(j)                                    “Subsequent Capital Raise” means a private offering or offerings of Common Stock for cash with aggregate total consideration of $10,000,000 or more. For purposes of determining whether a condition set forth in Section 2(a) has been satisfied, the consideration received from each such private offering shall be aggregated. Notwithstanding the foregoing, the issuance of the following shall not be considered to be a Subsequent Capital Raise, nor shall consideration received from the issuance of any of the following be considered for purposes of determining whether a Subsequent Capital Raise has occurred or a condition set forth in Section 2(a) has been satisfied: (i) Offering Shares; (ii) shares of Common Stock issued in connection with any merger, acquisition of some or all of the business or assets of any third party or any similar corporate transaction; (iii) shares of Common Stock issued pursuant to any Company benefit, incentive, stock ownership or similar plan including, but not limited to, pursuant to the exercise of stock options or the vesting of shares of restricted stock; or (iv) any debt of the Company or any equity securities of the Company other than Common Stock.

 

2

 

2.                                      Make Whole Right.

 

(a)                                 Except as otherwise set forth herein, the Company shall issue Make Whole Shares with respect to each Offering Share as set forth below upon the satisfaction of any of the following conditions on or after the Effective Date:

 

i.                                          If on or before December 31, 2018, the Company Consummates: (i) an IPO; (ii) a Subsequent Capital Raise; or (iii) a Change of Control, the Company shall issue with respect to each Offering Share additional shares of Common Stock necessary to achieve a 10% increase from the Purchase Price (the “2018 Make Whole Shares”). The calculation for purposes of determining the number of 2018 Make Whole Shares issuable for each Offering Share shall be as follows: (($31.35 / Reference Price) — 1). In the event that the result of such calculation is zero or a negative number, no Make Whole Shares shall be issued.

 

ii.                                       If between January 1, 2019 and December 31, 2019, the Company Consummates: (i) an IPO; (ii) a Subsequent Capital Raise; or (iii) a Change of Control, the Company shall issue with respect to each Offering Share additional shares of Common Stock necessary to achieve a 20% increase from the Purchase Price (the “2019 Make Whole Shares”). The calculation for purposes of determining the number of 2019 Make Whole Shares issuable for each Offering Share shall be as follows: (($34.20 / Reference Price) — 1). In the event that the result of such calculation is zero or a negative number, no Make Whole Shares shall be issued.

 

iii.                                    If as of December 31, 2019, the Company has not Consummated an IPO, a Subsequent Capital Raise or a Change of Control, the Company shall issue with respect to each Offering Share additional shares of Common Stock equal to a 20% increase in the Purchase Price from $28.50, i.e., 0.2 shares of Common Stock for each Offering Share.

 

(b)                                 If a Subsequent Capital Raise is achieved through the aggregation of the proceeds of multiple private offerings, the Subsequent Capital Raise shall be deemed to have been Consummated on the date of Consummation of the first private offering constituting part of the Subsequent Capital Raise.

 

(c)                                  Each Make Whole Share issued by the Company will be fully paid and non-assessable. The number of Make Whole Shares issued to a Shareholder shall be rounded up or down to the nearest whole share, and no fractional shares will be issued.

 

(d)                                 Notwithstanding anything else provided herein, pursuant to the Make Whole Right, the Company shall not issue more than 0.5 shares of Common Stock per Offering Share. For the avoidance of doubt, the Make Whole Right is a one-time right and in the event that more than one condition set forth in Section 2(a) is satisfied, the Company shall be obligated to issue Make Whole Shares only once, with respect to the first such condition to be satisfied.

 

3

 

3.                                      Issuance of Make Whole Shares. Upon the issuance by the Company of any Make Whole Shares pursuant to Section 2 of this Agreement, the Company shall deliver within 30 days after the satisfaction of a condition set forth in Section 2, at the Company’s election, either certificates representing such shares to the holder of Offering Shares or notification to such holder that such shares have been issued to the holder in book-entry form. Notwithstanding the foregoing, the Company may make the issuance of Make Whole Shares to a holder of Offering Stock subject to the holder’s execution of such additional documents and certifications, and the Company may place such restrictive legends or endorsements on certificates or entries evidencing the Make Whole Shares, as may be reasonably required for the Company to fulfill its obligations under applicable law.

 

4.                                      Shareholder Representations and Warranties. Each Shareholder hereby represents and warrants to the Company as follows:

 

(a)                                 The Shareholder has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder.

 

(b)                                 No consent, approval or agreement of any individual or entity is required to be obtained by the Shareholder in connection with the execution and performance by the Shareholder of this Agreement or the execution and performance by the Shareholder of any agreements, instruments or other obligations entered into in connection with this Agreement.

 

5.                                      Restrictions on Transferability.

 

(a)                                 Shareholder understands and agrees that, unless registered pursuant to an effective Registration Statement in connection with an IPO, the Make Whole Shares will not be registered under the Securities Act or under the securities laws of any state. The Make Whole Right and the Make Whole Shares cannot be resold, pledged, assigned or otherwise disposed of unless they are registered under the Securities Act and under the applicable securities laws of such states or unless an exemption from such registration is available with respect thereto. As a result, each Shareholder agrees that the Shareholder will not sell, assign, hypothecate or otherwise transfer the Make Whole Right or the Make Whole Shares without registration under the Securities Act or a valid exemption therefrom.

 

(b)                                 Each Shareholder further agrees and understands that the Make Whole Right may not be sold, assigned, hypothecated or otherwise transferred except in connection with the simultaneous sale, assignment, hypothecation or transfer of the Offering Shares pursuant to which the Make Whole Right was granted to the Shareholder. Any such sale, assignment, hypothecation or transfer shall be effective only upon the transferee’s valid execution and delivery to the Company of a counterpart to this Agreement, along with such other documents and certifications as may be reasonably required by the Company.

 

4

 

6.                                      Term and Termination.

 

(a)                                 This Agreement shall continue in effect until terminated as set forth herein. This Agreement shall terminate upon the earliest to occur of: (i) the issuance of Make Whole Shares pursuant to the terms hereof; (ii) the Consummation of an IPO, Subsequent Capital Raise or Change of Control, in each case with a Reference Price of over $31.35 per share of Common Stock on or prior to December 31, 2018, in which case no Make Whole Shares will be issued or (iii) the Consummation of an IPO, Subsequent Capital Raise or Change of Control, in each case with a Reference Price of over $34.20 per share of Common Stock between January 1, 2019 and December 31, 2019, in which case no Make Whole Shares will be issued.

 

(b)                                 Upon the termination of this Agreement for any reason, the Make Whole Right shall immediately cease and shall be of no further force or effect.

 

7.                                      Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

8.                                      No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

9.                                      Amendment. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and the Shareholders holding at least two-thirds of the Offering Shares; provided, however, that any amendment or waiver of any provision of this Agreement that would adversely affect the rights of any Shareholder in a manner that is adverse relative to the treatment of any other Shareholder shall also require the prior written consent of such Shareholder. The Company will promptly deliver a copy of each such amendment to each Shareholder and each such amendment shall be binding upon each party hereto; provided that the failure to deliver a copy of such amendment shall not impair or affect the validity of such amendment.

 

10.                               Notices. All notices or other communications required under this Agreement shall be considered to have been duly given five business days after being sent by certified or registered mail, return receipt requested, to the party at the address indicated on the signature page to this Agreement or to such other address or to the attention of such other person as the recipient Party has specified by prior written notice to the sending Party.

 

11.                               Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the

 

5

 

party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

12.                               No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

13.                               Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

14.                               Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provisions in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision with a valid provision, the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision.

 

15.                               Governing Law; Venue. This Agreement shall be governed by, construed under, and enforced in accordance with the laws of the State of Colorado. Any dispute arising from this Agreement shall be adjudicated in the state or federal courts in Denver County, Colorado.

 

16.                               Survival. The provisions of Sections 4, 5, 7, 10, and 12 through 16 shall survive any termination of this Agreement.

 

17.                               Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

[Signatures pages follow.]

 

6

 

IN WITNESS WHEREOF, the Shareholders and the Company have caused their respective signature pages to this Agreement to be duly executed as of the Effective Date.

 

	
 
    	
COMPANY
    
	
 
    	
 
    
	
 
    	
FIRST WESTERN FINANCIAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
1900 16th Street, Suite 1200
    
	
 
    	
 
    	
Denver, CO 80202
    

 

7

 

IN WITNESS WHEREOF, the Shareholders and the Company have caused their respective signature page to this Agreement to be duly executed as of the Effective Date.

 

	
 
    	
SHAREHOLDER
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Address:
    	
 
    
	
 
    	
 
    
				

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}]]