Document:

Class A(2005-10) Terms Document dated as of November 15, 2005

 Exhibit 4.1 
  

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as
Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2005-10) TERMS DOCUMENT 
  
 dated as of November 15, 2005 
  
 to 
  
 CARD SERIES INDENTURE SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
	 	  	Definitions and Other Provisions of General Application	  	 
			
	 Section 1.01.
	  	Definitions	  	1
			
	 Section 1.02.
	  	Governing Law	  	7
			
	 Section 1.03.
	  	Counterparts	  	7
			
	 Section 1.04.
	  	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	  	ARTICLE II	  	 
	 	  	The Class A(2005-10) Notes	  	 
			
	 Section 2.01.
	  	Creation and Designation	  	8
			
	 Section 2.02.
	  	Adjustments to Required Subordinated Percentages	  	8
			
	 Section 2.03.
	  	Interest Payment	  	8
			
	 Section 2.04.
	  	Calculation Agent; Determination of LIBOR.	  	9
			
	 Section 2.05.
	  	Payments of Interest and Principal	  	9
			
	 Section 2.06.
	  	Form of Delivery of Class A(2005-10) Notes; Depository; Denominations	  	10
			
	 Section 2.07.
	  	Delivery and Payment for the Class A(2005-10) Notes	  	10
			
	 Section 2.08.
	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	 Section 2.09.
	  	[Reserved]	  	10

  

 -i- 

 THIS CLASS A(2005-10) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, DE 19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of November 15, 2005. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of
Class A Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General
Application 
  
 Section 1.01. Definitions. For all
purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2005-10) Notes and no other Tranche of Notes issued by the Issuer; and 

  

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  

 1 

 “Accumulation Period Amount” means $41,666,666.67; provided, however, if
the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of
“Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period
(x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of
the Class A(2005-10) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the October 2010 Distribution Date for which the Quarterly
Excess Spread Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made
into the Principal Funding sub-Account for the Class A(2005-10) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the April 2011
Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-10) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date
following and including the June 2011 Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the
first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-10) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of
business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2005-10) Notes and (ii) the date on which the Class A(2005-10) Notes are paid in full. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement
dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the
weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest
applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche
of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  

 2 

 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion
(converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such
Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting
of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series
Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the
rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to
such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following
Monthly Period; and 
  
 (iv) in the case of a
tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2005-10) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption
Event with respect to the Class A(2005-10) Notes or (b) an Event of Default and acceleration of the Class A(2005-10) Notes. 
  
 “Class A(2005-10) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2005-10) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-10) Noteholder” means a Person in whose name a Class A(2005-10) Note is registered in the Note Register. 
  
 “Class A(2005-10) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-10) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied
pursuant to Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means November 15, 2012. 
  
 “Initial Dollar Principal Amount” means $500,000,000.

  
 “Indenture” means the Indenture dated as of
October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by and between the Issuer and the
Indenture Trustee, as amended and supplemented from time to time. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing in December 2005, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means November 15, 2005. 
  
 “Legal Maturity Date” means September 15, 2015.

  
 “LIBOR” means, for any Interest Period, the
London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means November 10, 2005 for
the period from and including the Issuance Date to but excluding December 15, 2005 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which
dealings in deposits in United States Dollars are transacted in the London interbank market. 
  
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2005-10) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar
Principal Amount of the Class A(2005-10) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is 81.25. 
  
 “Note Interest Rate” means a rate per annum equal to 0.08%
in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  
 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction: 
  
 (a) the numerator of which is equal to the sum of: 
  
 (i) the aggregate amount of Finance Charge Amounts allocated
to the Card Series with respect to such Monthly Period; plus 
  

 4 

 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of
Card Series Notes for such Monthly Period; plus 
  
 (iii) any amounts to be treated as Card Series Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 
  
 (iv) the excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA
Accumulation Earnings Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement
plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period; minus 
  
 (v) the Card Series Default Amount for such Monthly Period;
and 
  
 (b) the denominator of which is the numerator used in the
calculation of the Card Series Floating Allocation Percentage for such Monthly Period. 
  
 “Quarterly Excess Spread Percentage” means, with respect to the October 2010 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is
the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London
interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the
Class A(2005-10) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note
Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2005-10) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2005-10) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-10) Notes on such date of
determination; provided, however, that such an amount shall not exceed the 

  

 5 

 
Maximum Subordination Amount of Class B Notes for the Class A(2005-10) Notes; provided further, however, that for any date of
determination on or after the occurrence and during the continuation of a Class A(2005-10) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2005-10) Notes will be the greater of (x) the amount determined above
for such date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-10) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2005-10) Notes for any date of
determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2005-10) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class
A(2005-10) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero
or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2005-10) Notes will not be
less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2005-10) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2005-10) Notes; provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-10) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2005-10) Notes will be the greater of
(x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-10) Adverse Event shall have occurred and (z) unless (i) the
Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of
Card Series Notes, the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2005-10) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of
Class D Notes for such Class A(2005-10) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-10) Notes on such date of determination; provided, however, that for any
date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such
date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2005-10) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class
A(2005-10) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-10) Adverse Event, the Required Subordinated Amount of Class D Notes for
the Class A(2005-10) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-10) Adverse Event
shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
  

 6 

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2005-10)
Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2005-10) Notes, 8.9231%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2005-10) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to
be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the
Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and
this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class A(2005-10) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued pursuant to the
Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2005-10) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated
Percentage of Class C Notes, in each case for the Class A(2005-10) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordination
Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-10) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage
of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-10) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class
A(2005-10) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
  
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each
case for the Class A(2005-10) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the
Required Subordinated Amount of Class D Notes, in each case, for the Class A(2005-10) Notes after giving effect to such change is less than the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of
Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2005-10) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class A(2005-10) Notes
and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2005-10) Notes shall be an amount equal to the product of
(i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period
times (ii) the Outstanding Dollar Principal Amount of the Class A(2005-10) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class A(2005-10) Notes will be calculated on the basis of the
actual number of days in the related Interest Period and a 360-day year. 
  

 8 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the
Indenture Trustee shall deposit into the Class A(2005-10) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2005-10) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2005-10) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes
of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of such quotations. If fewer than two quotations are
provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or
such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Issuer, the Beneficiary
and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2005-10) Note which is punctually paid or duly provided for by the Issuer and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2005-10) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s 

  

 9 

 
account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third
Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2005-10) Noteholders to receive payments from
the Issuer will terminate on the first Business Day following the Class A(2005-10) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2005-10) Notes; Depository; Denominations. 
  
 (a) The Class A(2005-10) Notes shall be delivered in the form of a global
Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class A(2005-10) Notes shall be The Depository Trust Company, and the Class A(2005-10) Notes shall initially be registered in
the name of Cede & Co., its nominee. 
  
 (c) The Class
A(2005-10) Notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
  
 Section 2.07. Delivery and Payment for the Class A(2005-10) Notes. The Issuer shall execute and deliver the Class A(2005-10) Notes to the
Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-10) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
  
 Section 2.08. Targeted Deposits to the Accumulation Reserve
Account. 
  
 The deposit targeted to be made to the
Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. [Reserved]. 
  
 [END OF ARTICLE II] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST, by DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the
Trust
		
	By:	 	 /s/ Michele H.Y. Voon

	Name:	 	 Michele H.Y. Voon

	Title:	 	 Attorney-In-Fact

	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /s/ Scott J. Tepper

	Name:	 	 Scott J. Tepper

	Title:	 	 Vice President

  
 [Signature Page
to the Class A(2005-10) Terms Document]Exhibit 4.1

 EXHIBIT 4.1 
  

ARTICLES OF AMENDMENT 
 TO THE

 SECOND AMENDED AND 
 RESTATED ARTICLES OF INCORPORATION 
 OF 
 SUPERTEL HOSPITALITY, INC. 
 DESIGNATING THE 
 SERIES A CONVERTIBLE PREFERRED STOCK 
  
 The undersigned corporation pursuant to Title 13.1, Chapter 9, Article 11 of the Code of Virginia, hereby executes the following Articles of Amendment and
sets forth: 
  

	 	1.	The name of the corporation (which is hereinafter referred to as the “Corporation”) is Supertel Hospitality, Inc. 

  

	 	2.	The amendment adds Article X (attached hereto) to the Corporation’s Second Amended and Restated Articles of Incorporation and thereby creates a series of Preferred Stock (the
“Series A Convertible Preferred Stock”), states the designation and number of shares in the series and fixes the preferences, limitations and relative rights thereof. 

  

	 	3.	At a meeting held on the          day of
                , 2005, the Board of Directors of the Corporation duly adopted the amendment to the Corporation’s Second Amended and Restated Articles of
Incorporation. Shareholder approval is not required. 

  

									
	 Dated:         , 2005
	 	 	 	 Supertel Hospitality, Inc.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 Paul J. Schulte

	 	 	 	 	 	 	 Title:
	 	 President and Chief Executive Officer

 X. 
  

	A.	Terms of the Series A Convertible Preferred Stock. 

  

	 	1.	Designation and Number. A series of Preferred Stock, designated the “Series A Convertible Preferred Stock”, is hereby established. The number of authorized shares
of Series A Convertible Preferred Stock shall be                     . 

  

	 	2.	Maturity. The Series A Convertible Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. 

  

	 	3.	Rank. The Series A Convertible Preferred Stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Corporation, rank
(a) prior or senior to the Common Stock issued by the Corporation; (b) prior or senior to all classes or series of Preferred Stock issued by the Corporation, the terms of which specifically provide that such shares rank junior to the
Series A Convertible Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation, (c) on a parity with all classes or series of shares of Preferred Stock issued by the Corporation,
the terms of which specifically provide that such shares rank on a parity with the Series A Convertible Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation (the “Parity
Shares”) and (d) junior to all existing and future indebtedness of the Corporation. 

  

	 	4.	Dividends. 

  
 (a) Holders of Series A Convertible Preferred Stock shall be entitled to receive, when and as authorized by the Board of Directors of the
Corporation, or a duly authorized committee thereof, and declared by the Corporation out of funds of the Corporation legally available for payment, preferential cumulative cash dividends at the rate of     % per annum of
the Liquidation Preference (as defined below) per share (equivalent to a fixed annual amount of $             per share). Such dividends shall be cumulative from the date of original
issue and shall be payable quarterly on or before the          day of         ,
            ,              and              of
each year (or, if not a Business Day (as defined below), the next succeeding Business Day, each a “Dividend Payment Date”) for the period ending on such Dividend Payment Date, commencing on the date of issue. “Business Day” shall
mean any day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required to close. The first dividend will be paid on
                , 2005 with respect to the period beginning on the date of issue and ending on
                , 2005. Any quarterly dividend payable on the Series A Convertible Preferred Stock for any partial dividend period will be computed on the basis
of twelve 30-day months and a 360-day year. Dividends will be payable in arrears to holders of record as they appear on the share records of the Corporation at the close of business on the applicable record date, which shall be the fifth day of the
calendar month in which the Dividend Payment Date occurs or such other date designated by the Board of Directors of the Corporation for the payment of dividends that is not more than 30 nor less than 10 days prior to such Dividend Payment Date
(each, a “Dividend Record Date”). 
  
 (b) No dividends on Series A Convertible Preferred Stock shall be authorized by the Board of Directors of the Corporation or declared or paid or set apart for payment by the Corporation at such time as the terms and provisions of any
agreement of the Corporation, including any agreement relating to its indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment 

  

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would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 
  
 (c) Notwithstanding the foregoing, dividends on the Series A
Convertible Preferred Stock will accrue whether or not the Corporation has earnings, whether or not there are funds legally available for the payment of such dividends, whether or not such dividends are declared and whether or not such dividends are
prohibited by agreement. Accrued but unpaid dividends on the Series A Convertible Preferred Stock will accumulate and earn additional dividends at ___%, compounded quarterly. Except as set forth in the next sentence, no dividends will be declared or
paid or set apart for payment on any other class or series of Preferred Stock ranking, as to dividends, on a parity with or junior to the Series A Convertible Preferred Stock (other than a dividend payable in capital stock of the Corporation ranking
junior to the Series A Convertible Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is
set apart for such payment on the Series A Convertible Preferred Stock for all past dividend periods and the then current dividend period. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the
Series A Convertible Preferred Stock and the shares of any other class or series of Preferred Stock ranking on a parity as to dividends with the Series A Convertible Preferred Stock, all dividends declared upon the Series A Convertible Preferred
Stock and any other class or series of Preferred Stock ranking on a parity as to dividends with the Series A Convertible Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series A Convertible Preferred
Stock and such other class or series of Preferred Stock, shall in all cases bear to each other the same ratio that accrued dividends per share on the Series A Convertible Preferred Stock and such other class or series of Preferred Stock (which shall
not include any accrual in respect of unpaid dividends for prior dividend periods if such Preferred Stock does not have a cumulative dividend) bear to each other. 
  
 (d) Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the
Series A Convertible Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods and the then current dividend period, no
dividends (other than a dividend payable in capital stock of the Corporation ranking junior to the Series A Convertible Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment nor shall any other
distribution be declared or made upon the Common Stock, or any other class or series of capital stock of the Corporation ranking junior to or on a parity with the Series A Convertible Preferred Stock as to dividends or upon liquidation, nor shall
the Common Stock, or any other class or series of capital stock of the Corporation ranking junior to or on a parity with the Series A Convertible Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwise acquired for
any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Corporation (except by conversion into or exchange for any other class or series of capital stock of the Corporation
ranking junior to the Series A Convertible Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving the Corporation’s qualification as a real estate investment trust under the Internal Revenue Code of
1986, as amended (the “Code”)). Holders of Series A Convertible Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends on the Series A Convertible Preferred
Stock as provided above. Any dividend payment made on the Series A Convertible Preferred Stock shall first be credited against the earliest accrued but unpaid dividend due with respect to such shares which remains payable. 
  

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 (e) If, for any taxable year, the Corporation elects to designate as “capital gain
dividends” (as defined in Section 857 of the Code) any portion (the “Capital Gains Amount”) of the dividends (as determined for federal income tax purposes) paid or made available for the year to holders of all classes of shares
(the “Total Dividends”), then the portion of the Capital Gains Amount that shall be allocable to the holders of Series A Convertible Preferred Stock shall be the amount that the total dividends (as determined for federal income tax
purposes) paid or made available to the holders of the Series A Convertible Preferred Stock for the year bears to the Total Dividends. The Corporation may elect to retain and pay income tax on its net long-term capital gains. In such a case, the
holders of Series A Convertible Preferred Stock would include in income their appropriate share of the Corporation’s undistributed long-term capital gains, as designated by the Corporation. 
  

	 	5.	Liquidation Preference. 

  
 (a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, the holders of the Series
A Convertible Preferred Stock are entitled to be paid out of the assets of the Corporation legally available for distribution to its shareholders a liquidation preference of $10.00 per share (the “Liquidation Preference”) in cash or
property at its fair market value as determined by the Board of Directors of the Corporation, plus an amount equal to any accrued and unpaid dividends to the date of payment, but without interest, before any distribution of assets is made to holders
of the Corporation’s Common Stock or any other class or series of capital stock of the Corporation that ranks junior to the Series A Convertible Preferred Stock as to liquidation rights. The Corporation will promptly provide to the holders of
the Series A Convertible Preferred Stock written notice of any event triggering the right to receive such Liquidation Preference. After payment of the full amount of the Liquidation Preference, plus any accrued and unpaid dividends to which they are
entitled, the holders of the Series A Convertible Preferred Stock will have no right or claim to any of the remaining assets of the Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or entity or of
any other corporation, trust or entity with or into the Corporation, the sale, lease or conveyance of all or substantially all of the property or business of the Corporation or a statutory share exchange, shall not be deemed to constitute a
liquidation, dissolution or winding up of the Corporation, unless a liquidation, dissolution or winding up of the Corporation is effected in connection with, or as a step in a series of transactions by which, a consolidation or merger of the
Corporation is effected. 
  
 In determining
whether a distribution (other than upon voluntary or involuntary liquidation) by dividend, redemption or other acquisition of shares of capital stock of the Corporation or otherwise is permitted under Virginia law, no effect shall be given to
amounts that would be needed, if the Corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon distribution of holders of shares of capital stock of the Corporation whose preferential rights upon
distribution are superior to those receiving the distribution. 
  
 (b) If upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation, or proceeds thereof, distributable among the holders of Series A Convertible Preferred Stock shall be
insufficient to pay in full the above described preferential amount and liquidating payments on any other class or series of Parity Shares, then such assets, or the proceeds thereof, shall be distributed among the holders of Series A Convertible
Preferred Stock and any such other Parity Shares ratably in the same proportion as the respective amounts that would be payable on such Series A Convertible Preferred Stock and any such other Parity Shares if all amounts payable thereon were paid in
full. 
  

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 (c) Upon any liquidation, dissolution or winding up of the Corporation, after payment
shall have been made in full to the holders of Series A Convertible Preferred Stock and any Parity Shares, the holders of Common Stock shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series
A Convertible Preferred Stock and any Parity Shares shall not be entitled to share therein. 
  

	 	6.	Redemption. 

  
 (a) The Series A Convertible Preferred Stock is not redeemable prior to ________, 2008 subject, however, to the provisions of Article IX
hereof. In the event a Conversion Cancellation Notice (as defined below) is issued by the Corporation, on and after _______, 2008, the Corporation may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the
Series A Convertible Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to the Liquidation Preference per share, plus all accrued and unpaid dividends thereon to the date fixed for redemption
(the “Redemption Date”), without interest. Otherwise, the Corporation may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series A Convertible Preferred Stock, in whole or in part, at any time
or from time to time, for cash at a redemption price equal to (i) 108% of the Liquidation Preference per share on or after ______, 2008, (ii) 104% of the Liquidation Preference per share on or after ________, 2009 and (iii) the
Liquidation Preference per share on or after ______, 2010, plus, in each case, all accrued and unpaid dividends thereon to the Redemption Date, without interest. No Series A Convertible Preferred Stock may be redeemed except with assets legally
available for the payment of the redemption price. 
  
 Holders of Series A Convertible Preferred Stock to be redeemed shall surrender such Series A Convertible Preferred Stock at the place designated in such notice and shall be entitled to the redemption price and any accrued and unpaid
dividends payable upon such redemption following such surrender. If notice of redemption of any of the Series A Convertible Preferred Stock has been given and if the funds necessary for such redemption have been set aside, separate and apart from
other funds, by the Corporation in trust for the pro rata benefit of the holders of any Series A Convertible Preferred Stock so called for redemption, then from and after the Redemption Date dividends will cease to accrue on such Series A
Convertible Preferred Stock, such Series A Convertible Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price. If less than all of the
outstanding Series A Convertible Preferred Stock is to be redeemed, the Series A Convertible Preferred Stock to be redeemed shall be selected pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable
method determined by the Corporation. 
  
 (b)
Unless full cumulative dividends on all Series A Convertible Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods and
the then current dividend period, no Series A Convertible Preferred Stock shall be redeemed unless all outstanding Series A Convertible Preferred Stock is simultaneously redeemed and the Corporation shall not purchase or otherwise acquire, directly
or indirectly, any Series A Convertible Preferred Stock (except by exchange for any other class or series of capital stock of the Corporation ranking junior to the Series A Convertible Preferred Stock as to dividends and upon liquidation); provided,
however, that the foregoing shall not prevent the purchase by the Corporation of any Series A Convertible Preferred Stock in accordance with Article IX hereof, or the purchase or acquisition of Series A Convertible Preferred Stock pursuant to a
purchase or exchange offer made on the same terms to holders of all outstanding Series A Convertible 

  

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Preferred Stock. So long as no dividends are in arrears, the Corporation shall be entitled at any time and from time to time to repurchase any Series A
Convertible Preferred Stock in open-market transactions duly authorized by the Board of Directors of the Corporation and effected in compliance with applicable laws. 
  
 (c) Notice of redemption of the Series A Convertible Preferred Stock shall be given by publication in a
newspaper of general circulation in the City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the Redemption Date. A similar notice shall be mailed by the
Corporation by first class mail, postage prepaid, not less than 30 nor more than 60 days prior to the Redemption Date, addressed to each holder of record of the Series A Convertible Preferred Stock to be redeemed at such holder’s address as the
same appears on the share records of the Corporation. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series A Convertible Preferred Stock except
as to the holder to whom notice was defective or not given. Each notice shall state: (i) the Redemption Date; (ii) the redemption price; (iii) the number of shares of Series A Convertible Preferred Stock to be redeemed; and
(iv) the place or places where the Series A Convertible Preferred Stock is to be surrendered for payment of the redemption price. 
  
 (d) Immediately prior to any redemption of Series A Convertible Preferred Stock, the Corporation shall pay, in cash, any accumulated and
unpaid dividends through the Redemption Date, unless a Redemption Date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series A Convertible Preferred Stock at the close of
business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares before such Dividend Payment Date. 
  
 (e) The Series A Convertible Preferred Stock has no stated
maturity and will not be subject to any sinking fund or mandatory redemption provisions, except as provided under Article IX hereof. 
  
 (f) Subject to applicable law and the limitation on purchases when dividends on the Series A Convertible Preferred Stock are in arrears,
the Corporation may, at any time and from time to time, purchase any Series A Convertible Preferred Stock in the open market, by tender or by private agreement. 
  
 (g) All Series A Convertible Preferred Stock redeemed, purchased or otherwise acquired by the Corporation in
any manner whatsoever shall be retired and reclassified as authorized but unissued Preferred Stock, without designation as to class or series, and may thereafter be reissued as any class or series of Preferred Stock in accordance with the applicable
provisions of these Articles of Incorporation. 
  

	 	7.	Voting Rights. 

  
 (a) Holders of the Series A Convertible Preferred Stock will not have any voting rights, except as set forth below. 
  
 (b) Whenever dividends on any Series A Convertible Preferred
Stock shall be in arrears for two consecutive quarters or three quarters, whether or not consecutive, in any twelve month period (a “Preferred Dividend Default”), the number of directors then constituting the Board of Directors of the
Corporation shall increase by two (if not already increased by reason of 

  

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a similar arrearage with respect to any Parity Preferred (as hereinafter defined)). The holders of such Series A Convertible Preferred Stock (voting
separately as a class with all other classes or series of Preferred Stock ranking on a parity with the Series A Convertible Preferred Stock as to dividends or upon liquidation and upon which like voting rights have been conferred and are exercisable
(“Parity Preferred”)) will be entitled to vote separately as a class, in order to fill the vacancies thereby created, for the election of a total of two additional directors of the Corporation (the “Preferred Stock Directors”) at
a special meeting called by the holders of record of at least 20% of the Series A Convertible Preferred Stock or the holders of record of at least 20% of any series of Parity Preferred so in arrears (unless such request is received less than 90 days
before the date fixed for the next annual or special meeting of the shareholders) or at the next annual meeting of shareholders, and at each subsequent annual meeting at which a Preferred Stock Director is to be elected until up to twelve months
after all dividends accumulated on such Series A Convertible Preferred Stock and Parity Preferred for the past dividend periods and the dividend for the then current dividend period shall have been fully paid or declared and a sum sufficient for the
payment thereof set aside for payment. In the event the directors of the Corporation are divided into classes, each such vacancy shall be apportioned among the classes of directors to prevent stacking in any one class and to ensure that the number
of directors in each of the classes of directors are as equal as possible. Within twelve months after all accumulated dividends and the dividend for the then current dividend period on the Series A Convertible Preferred Stock shall have been paid in
full or declared and set aside for payment in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every Preferred Dividend Default) and, if all accumulated dividends and the
dividend for the then current dividend period have been paid in full or set aside for payment in full on the Series A Convertible Preferred Stock and all series of Parity Preferred upon which like voting rights have been conferred and are
exercisable, the term of office of each Preferred Stock Director so elected shall terminate within twelve months thereafter and the number of directors then constituting the Board of Directors of the Corporation shall decrease accordingly. Any
Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding Series A Convertible Preferred Stock when they have the
voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall continue, any vacancy in the office
of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Series A Convertible
Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). The Preferred Stock Directors shall each be
entitled to one vote per director on any matter. 
  
 (c) So long as any shares of Series A Convertible Preferred Stock remain outstanding, the Corporation will not, without the affirmative vote or consent of the holders of Series A Convertible Preferred Stock entitled to cast a majority of
the votes entitled to be cast by the holders of the Series A Convertible Preferred Stock, given in person or by proxy, either in writing or at a meeting (voting separately as a class): 
  
 (i) amend, alter or repeal the provisions of these Articles of Incorporation, whether by merger,
consolidation or otherwise (an “Event”), so as to materially and adversely affect any right, preference, privilege or voting power of the Series A Convertible Preferred Stock or the holders thereof; or 
  

 -6- 

 (ii) authorize, create or issue, or increase the authorized or issued amount of, any
class or series of capital stock or rights to subscribe to or acquire any class or series of capital stock or any class or series of capital stock convertible into any class or series of capital stock, in each case ranking senior to the Series A
Convertible Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, or reclassify any shares of capital stock into any such shares; 
  
 provided, however, that with respect to the occurrence of any Event set
forth above, so long as the Series A Convertible Preferred Stock (or any equivalent class or series of stock or shares issued by the surviving corporation, trust or other entity in any merger or consolidation to which the Corporation became a party)
remains outstanding with the terms thereof materially unchanged, the occurrence of any such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders of the Series A Convertible
Preferred Stock; and provided, further, that (i) any increase in the amount of the authorized Preferred Stock or the creation or issuance of any other class or series of Preferred Stock, (ii) any increase in the amount of the authorized
shares of such series, in each case ranking on a parity with or junior to the Series A Convertible Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up or (iii) any
merger or consolidation in which the Corporation is not the surviving entity if, as a result of the merger or consolidation, the holders of Series A Convertible Preferred Stock receive cash in the amount of the Liquidation Preference in exchange for
each of their shares of Series A Convertible Preferred Stock, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. 
  
 (d) With respect to the exercise of the above described voting rights, each share of Series A Convertible
Preferred Stock shall have one vote per share, except that when any other class or series of capital stock shall have the right to vote with the Series A Convertible Preferred Stock as a single class, then the Series A Convertible Preferred Stock
and such other class or series of capital stock shall each have one vote per $10.00 of liquidation preference. 
  
 (e) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would
otherwise be required shall be effected, all outstanding Series A Convertible Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption.

  
 (f) Except as expressly stated in this
Article X, the Series A Convertible Preferred Stock shall not have any relative, participating, optional or other special voting rights and powers, and the consent of the holders thereof shall not be required for the taking of any corporate action,
including but not limited to, any merger or consolidation involving the Corporation or a sale of all or substantially all of the assets of the Corporation, irrespective of the effect that such merger, consolidation or sale may have upon the rights,
preferences or voting power of the holders of the Series A Convertible Preferred Stock. 
  

	 	8.	Conversion. 

  
 (a) Subject to and upon compliance with the provisions of this subsection 8, a holder of Series A Convertible Preferred Stock shall have
the right, at the holder’s option, at any time to convert such shares, in whole or in part, into the number of authorized but previously unissued shares of Common Stock obtained by dividing the aggregate Liquidation Preference of such shares by
$            , the conversion price per share of Common Stock at which the Series A 

  

 -7- 

 
Convertible Preferred Stock is convertible into shares of Common Stock, as such price may be adjusted pursuant to paragraph (d) of this subsection 8
(the “Conversion Price”) (as in effect at the time and on the date provided for in the last paragraph of paragraph (b) of this subsection 8) by delivering such shares to be converted, such delivery to be made in the manner provided in
paragraph (b) of this subsection 8; provided, however, that the right to convert shares called for redemption pursuant to subsection 6 of this Section A shall terminate at the close of business on the Business Day prior to the Redemption
Date, unless the Corporation shall default in making payment of any amounts payable upon such redemption under subsection 6 of this Section A. 
  
 The conversion rights of the holders of the Series A Convertible Preferred Stock are subject to cancellation by the Corporation on or
after             , 2008 if, for at least 20 Trading Days (as defined below) within any period of 30 consecutive Trading Days, the Current Market Price (as defined below) of the
Common Stock of the Corporation exceeds the Conversion Price by more than 30% (a “Conversion Cancellation Event”). Following the occurrence of a Conversion Cancellation Event, the Corporation may, at its option, provide notice to the
respective holders of record of the Series A Convertible Preferred Stock at their respective addresses as they appear on the share transfer records of the Corporation, via first class mail, specifying a date upon which each such holder’s
conversion rights will be deemed cancelled (a “Conversion Cancellation Notice”). The cancellation date specified in the Conversion Cancellation Notice will be more than 30 days, but less than 60 days, after the Conversion Cancellation
Notice is mailed. The right to convert Series A Convertible Preferred Stock for which any Conversion Cancellation Notice has been issued will terminate at the close of business on the Business Day prior to the cancellation date specified in the
Conversion Cancellation Notice. “Trading Day” shall mean any day on which the securities in question are traded on the NYSE, or if such securities are not listed or admitted for trading on the NYSE, on the principal national securities
exchange on which such securities are listed or admitted, or if not listed or admitted for trading on any national securities exchange, on the Nasdaq National Market, or if such securities are not quoted on the Nasdaq National Market, in the
applicable securities market in which the securities are traded. “Current Market Price” of the Common Stock of the Corporation for any day shall mean the last reported sales price, regular way, on such day or, if no sale takes place on
such day, the average of the reported closing bid and asked prices on such day, regular way, in either case as reported on the New York Stock Exchange (“NYSE”) or, if such security is not listed or admitted for trading on the NYSE, on the
principal national securities exchange on which such security is listed or admitted for trading or, if not listed or admitted for trading on any national securities exchange, on the Nasdaq National Market or, if such security is not quoted on the
Nasdaq National Market, the average of the closing bid and asked prices on such day in the over-the-counter market as reported by Nasdaq or, if bid and asked prices for such security on such day shall not have been reported through Nasdaq, the
average of the bid and asked prices on such day as furnished by any NYSE member firm regularly making a market in such security and selected for such purpose by the Chief Executive Officer of the Corporation or the Board of Directors of the
Corporation or, if such security is not so listed or quoted, as determined in good faith at the sole discretion of the Chief Executive Officer of the Corporation or the Board of Directors of the Corporation, which determination shall be final,
conclusive and binding. 
  
 (b) In order to
exercise the conversion right, the holder of the Series A Convertible Preferred Stock to be converted shall deliver the certificate evidencing such shares, duly endorsed or assigned to the Corporation or in blank, to the office of the transfer agent
of the Corporation, accompanied by written notice to the Corporation that the holder thereof elects to convert such shares of Series A Convertible Preferred Stock. Unless the shares issuable on conversion are to be issued in the same name as the
name in which such shares of Series A Convertible Preferred 

  

 -8- 

 
Stock are registered, each share surrendered for conversion shall be accompanied by instruments of transfer, in form satisfactory to the Corporation, duly
executed by the holder or such holder’s duly authorized agent and an amount sufficient to pay any transfer or similar tax (or evidence reasonably satisfactory to the Corporation demonstrating that such taxes have been paid). 
  
 Holders of Series A Convertible Preferred Stock exercising
their conversion rights will not be entitled to, nor will the Conversion Price be adjusted for, any accumulated and unpaid dividends, whether or not in arrears, or for dividends on the Common Stock issued upon conversion. Holders of Series A
Convertible Preferred Stock at the close of business on a Dividend Record Date will be entitled to receive the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the conversion of such shares following such
Dividend Record Date and prior to such Dividend Payment Date. However, Series A Convertible Preferred Stock surrendered for conversion during the period between the close of business on any Dividend Record Date and ending with the opening of
business on the corresponding Dividend Payment Date (except shares converted after the issuance of a notice of redemption with respect to a Redemption Date during such period or coinciding with such Dividend Payment Date, which will be entitled to
such dividend on the Dividend Payment Date) must be accompanied by payment of an amount equal to the dividend payable on such shares on such Dividend Payment Date. A holder of Series A Convertible Preferred Stock on a Dividend Record Date who (or
whose transferee) tenders any such shares for conversion into Common Stock on such Dividend Payment Date will receive the dividend payable by the Corporation on such Series A Convertible Preferred Stock on such date, and the converting holder need
not include payment of the amount of such dividend upon surrender of Series A Convertible Preferred Stock for conversion. 
  
 As promptly as practicable after the surrender of certificates for Series A Convertible Preferred Stock as aforesaid, the Corporation
shall issue and shall deliver at such office to such holder, or on his written order, a certificate or certificates for the number of full shares of Common Stock issuable upon the conversion of such shares in accordance with the provisions of this
subsection 8, and any fractional interest in respect of a share of Common Stock arising upon such conversion shall be settled as provided in paragraph (c) of this subsection 8. Each conversion shall be deemed to have been effected immediately
prior to the close of business on the date on which the certificates for Series A Convertible Preferred Stock shall have been surrendered and such notice (and if applicable, payment of an amount equal to the dividend payable on such shares as
described above) received by the Corporation as aforesaid, and the person or persons in whose name or names any certificate or certificates for Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or holders
of record of the shares represented thereby at such time on such date, and such conversion shall be at the Conversion Price in effect at such time and on such date, unless the share transfer books of the Corporation shall be closed on that date, in
which event such person or persons shall be deemed to have become such holder or holders of record at the opening of business on the next succeeding day on which such share transfer books are open, but such conversion shall be at the Conversion
Price in effect on the date on which such certificates for Series A Convertible Preferred Stock have been surrendered and such notice received by the Corporation. 
  
 (c) No fractional shares or scrip representing fractions of Common Stock shall be issued upon conversion of
the Series A Convertible Preferred Stock. Instead of any fractional interest in a share of Common Stock that would otherwise be deliverable upon the conversion of a share of Series A Convertible Preferred Stock, the Corporation shall pay to the
holder of such share an amount in cash based upon the Current Market Price of Common Stock on the Trading Day immediately preceding the date of conversion. If more than one share of Series A 

  

 -9- 

 
Convertible Preferred Stock shall be surrendered for conversion at one time by the same holder, the number of full shares of Common Stock issuable upon
conversion thereof shall be computed on the basis of the aggregate number of shares of Series A Convertible Preferred Stock so surrendered. 
  
 (d) The Conversion Price shall be adjusted from time to time as follows: 
  
 (i) If the Corporation shall (A) make a payment of dividends or distributions to holders of any class
or series of capital stock of the Corporation in Common Stock, (B) subdivide its outstanding Common Stock into a greater number of shares, (C) combine its outstanding Common Stock into a smaller number of shares or (D) issue any
shares of capital stock by reclassification of its Common Stock, the Conversion Price shall be adjusted so that the holder of any Series A Convertible Preferred Stock thereafter surrendered for conversion shall be entitled to receive the number of
shares of Common Stock that such holder would have owned or have been entitled to receive after the happening of any of the events described above had such shares been converted immediately prior to the record date in the case of a dividend or
distribution or the effective date in the case of a subdivision, combination or reclassification. An adjustment made pursuant to this paragraph (d)(i) shall become effective immediately after the opening of business on the day next following the
record date (except as provided in paragraph (h) of this subsection 8) in the case of a distribution and shall become effective immediately after the opening of business on the day next following the effective date in the case of a subdivision,
combination or reclassification. Such adjustment(s) shall be made successively whenever any of the events listed above shall occur. 
  
 (ii) If the Corporation shall issue rights, options or warrants to all holders of Common Stock entitling them (for a period expiring
within 45 days after the record date fixed for such issuance) to subscribe for or purchase Common Stock (or securities convertible into or exchangeable for Common Stock) at a price per share less than the Fair Market Value (as defined below) per
share of Common Stock on the record date for the determination of shareholders entitled to receive such rights, options or warrants, then the Conversion Price shall be adjusted to equal the price determined by multiplying (A) the Conversion
Price in effect immediately prior to the opening of business on the Business Day next following the date fixed for such determination by (B) a fraction, the numerator of which shall be the sum of (I) the number of shares of Common Stock
outstanding on the close of business on the date fixed for such determination and (II) the number of shares of Common Stock that could be purchased at the Current Market Price on the date fixed for such determination with the aggregate proceeds to
the Corporation from the exercise of such rights, options or warrants, and the denominator of which shall be the sum of (x) the number of shares of Common Stock outstanding on the close of business on the date fixed for such determination and
(y) the number of additional shares of Common Stock offered, for subscription or purchase pursuant to such rights, options or warrants. Such adjustment shall be made successively whenever any such rights, options or warrants are issued, and
shall become effective immediately after the opening of business on the day next following the record date for any such rights, options or warrants issued (except as provided in paragraph (h) of this subsection 8). In determining whether any
rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase Common Stock at less than the Fair Market Value, there shall be taken into account any consideration received by the Corporation upon issuance and upon
exercise of such rights, options or warrants, the value of such consideration, if other than 

  

 -10- 

 
cash, to be determined by the Chief Executive Officer of the Corporation or the Board of Directors of the Corporation whose decision shall be final,
conclusive and binding. Any adjustment(s) made pursuant to this paragraph (d)(ii) shall become effective immediately after the opening of business on the Business Day next following such record date. Such adjustment(s) shall be made successively
whenever any of the events listed above shall occur. “Fair Market Value” shall mean the fair market value as determined in good faith at the sole discretion of the Chief Executive Officer or the Board of Directors of the Corporation, which
determination shall be final, conclusive and binding. 
  
 (iii) If the Corporation shall distribute to all holders of its Common Stock any shares of capital stock of the Corporation (other than Common Stock) or evidence of its indebtedness or assets (including securities, but excluding cash
distributions paid out of the total equity applicable to Common Stock, less the amount of stated capital attributable to Common Stock, determined on the basis of the most recent annual or quarterly consolidated cost basis and current value basis and
consolidated balance sheets of the Corporation and its consolidated subsidiaries available at the time of the declaration of the distribution) or rights or warrants to subscribe for or purchase any of its securities (excluding those rights and
warrants issued to all holders of Common Stock entitling them for a period expiring within 45 days after the record date referred to in paragraph (d)(ii) of this subsection 8 to subscribe for or purchase Common Stock, which rights and warrants are
referred to in and treated under paragraph (d)(ii) of this subsection 8) (any of the foregoing being hereinafter in this paragraph (d)(iii) called the “Securities”), then in each case the Conversion Price shall be adjusted so that it shall
equal the price determined by multiplying (A) the Conversion Price in effect immediately prior to the close of business on the date fixed for the determination of shareholders entitled to receive such distribution by (B) a fraction, the
numerator of which shall be the Current Market Price per share of Common Stock on the record date described in the immediately following paragraph less the then Fair Market Value of the shares of capital stock or assets or evidences of indebtedness
so distributed or of such rights or warrants applicable to one share of Common Stock, and the denominator of which shall be the Current Market Price per share of Common Stock on the record date described in the immediately following paragraph.

  
 Such adjustment shall become effective
immediately at the opening of business on the Business Day next following (except as provided in paragraph (h) of this subsection 8) the record date for the determination of shareholders entitled to receive such distribution. For the purposes
of this paragraph (d)(iii), the distribution of a Security which is distributed not only to the holders of the Common Stock on the date fixed for the determination of shareholders entitled to such distribution of such Security, but also is
distributed with each share of Common Stock delivered to a person converting a share of Series A Convertible Preferred Stock after such determination date, shall not require an adjustment of the Conversion Price pursuant to this paragraph (d)(iii);
provided that on the date, if any, on which a person converting a share of Series A Convertible Preferred Stock would no longer be entitled to receive such Security with a share of Common Stock (other than as a result of the termination of all such
Securities), a distribution of such Securities shall be deemed to have occurred, and the Conversion Price shall be adjusted as provided in this paragraph (d)(iii) (and such day shall be deemed to be “the date fixed for the determination of the
shareholders entitled to receive such distribution” and “the record date” within the meaning of the two preceding sentences). Such adjustment(s) shall be made successively whenever any of the events listed above shall occur.

  

 -11- 

 (iv) No adjustment in the Conversion Price shall be required unless such adjustment would
require a cumulative increase or decrease of at least 1% in such price; provided, however, that any adjustments that by reason of this paragraph (d)(iv) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment until made; and provided, further, that any adjustment shall be required and made in accordance with the provisions of this subsection 8 (other than this paragraph (d)(iv)) not later than such time as may be required in order to preserve
the tax-free nature of a distribution to the holders of Common Stock. Notwithstanding any other provisions of this subsection 8, the Corporation shall not be required to make any adjustment to the Conversion Price (A) upon the issuance of any
Common Stock or options or rights to purchase Common Stock pursuant to any present or future employee, director or consultant incentive or benefit plan or program of the Corporation or any of its subsidiaries; (B) upon the issuance of any
Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on shares of capital stock or indebtedness of the Corporation and the investment of additional optional amounts in Common Stock under
any plan; (C) upon a change in the par value of the Common Stock of the Corporation; or (D) for accumulated and unpaid dividends on shares of capital stock of the Corporation. All calculations under this subsection 8 shall be made to the
nearest cent (with $.005 being rounded upward) or to the nearest one-tenth of a share (with .05 of a share being rounded upward), as the case may be. 
  
 (e) If the Corporation shall be a party to any transaction (including without limitation a merger, consolidation, statutory share
exchange, tender offer for all or substantially all of the Common Stock, sale of all or substantially all of the Corporation’s assets or recapitalization of the Common Stock and excluding any transaction as to which paragraph (d)(i) of this
subsection 8 applies (each of the foregoing being referred to herein as a “Transaction”), in each case as a result of which Common Stock shall be converted into the right to receive shares, stock, securities or other property (including
cash or any combination thereof), each share of Series A Convertible Preferred Stock which is not converted into the right to receive shares, stock, securities or other property in connection with such Transaction shall thereafter be convertible
into the kind and amount of shares, stock, securities and other property receivable (including cash or any combination thereof) upon the consummation of such Transaction by a holder of that number of shares of Common Stock or fraction thereof into
which one share of Series A Convertible Preferred Stock was convertible immediately prior to such Transaction, assuming such holder of Common Stock (i) is not a person with which the Corporation consolidated or into which the Corporation merged
or which merged into the Corporation or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person and (ii) failed to exercise his or her rights of election, if any,
as to the kind or amount of such stock, securities and other property (including cash) receivable upon consummation of such Transaction (each a “Non-Electing Share”) (provided that if the kind or amount of shares, stock, securities and
other property (including cash) receivable upon consummation of such Transaction by each Non-Electing Share is not the same for each Non-Electing Share, then the kind and amount of shares, stock, securities and other property (including cash)
receivable upon consummation of such Transaction for each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-Electing Shares). The Corporation shall not be a party to any Transaction unless
the terms of such Transaction are consistent with the provisions of this paragraph (e), and it shall not consent or agree to the occurrence of any Transaction until the Corporation has entered into an agreement with the successor or purchasing
entity, as the case may be, for the benefit of the holders of the Series A Convertible Preferred Stock, that will require such successor or purchasing entity, as the case may be, to make provision in its certificate or articles of incorporation or
other constituent documents to the end that the 

  

 -12- 

 
provisions of this paragraph (e) shall thereafter correspondingly be made applicable as nearly as may reasonably be, in relation to any shares of stock
or other securities or property thereafter deliverable upon conversion of the Series A Convertible Preferred Stock. The provisions of this paragraph (e) shall similarly apply to successive Transactions. 
  
 (f) If: 
  
 (i) the Corporation shall declare a distribution on the Common Stock other than in cash out of the total
equity applicable to Common Stock, less the amount of stated capital attributable to Common Stock, determined on the basis of the most recent annual or quarterly consolidated cost basis and current value basis and consolidated balance sheets of the
Corporation and its consolidated subsidiaries available at the time of the declaration of the distribution; or 
  
 (ii) the Corporation shall authorize the granting to the holders of the Common Stock of rights or warrants to subscribe for or purchase
any shares of any class or any other rights or warrants; or 
  
 (iii) there shall be any reclassifications of the Common Stock (other than an event to which paragraph (d)(i) of this subsection 8 applied) or any consolidation or merger to which the Corporation is a party and for
which approval of any shareholders of the Corporation is required, or a statutory share exchange involving the conversion or exchange of Common Stock into securities or other property, or a self tender offer by the Corporation for all or
substantially all of its outstanding Common Stock, or the sale or transfer of all or substantially all of the assets of the Corporation as an entity and for which approval of any shareholder of the Corporation is required; or 
  
 (iv) there shall occur the voluntary or involuntary
liquidation, dissolution or winding up of the Corporation; 
  
 then the Corporation shall cause to be filed with the transfer agent of the Corporation and shall cause to be mailed to the holders of the Series A Convertible Preferred Stock at their addresses as shown on the share records of the
Corporation, as promptly as possible, but at least 15 days prior to the applicable date hereinafter specified, a notice stating (A) the record date as of which the holders of Common Stock of record to be entitled to such distribution or grant
of rights or warrants are to be determined, provided, however, that no such notification need be made in respect of a record date for a distribution or grant of rights unless the corresponding adjustment in the Conversion Price would be an increase
or decrease of at least 1%, or (B) the date on which such reclassification, consolidation, merger, statutory share exchange, sale, transfer, liquidation, dissolution or winding up is expected to become effective, and the date as of which it is
expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property, if any, deliverable upon such reclassification, consolidation, merger, statutory share exchange, sale, transfer,
liquidation, dissolution or winding up. Failure to give or receive such notice or any defect therein shall not affect the legality or validity of the proceedings described in subsection 8 of this Section A. 
  
 (g) Whenever the Conversion Price is adjusted as herein
provided, the Corporation shall promptly file with the transfer agent of the Corporation an officer’s certificate setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such
adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after delivery of such certificate, the 

  

 -13- 

 
Corporation shall prepare a notice of such adjustment of the Conversion Price, setting forth the adjusted Conversion Price and the effective date on which
such adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Price to the holder of each share of Series A Convertible Preferred Stock at such holder’s last address as shown on the share records of the
Corporation. 
  
 (h) In any case in which
paragraph (d) of subsection 8 of this Section A provides that an adjustment shall become effective on the date next following the record date for an event, the Corporation may defer until the occurrence of such event (I) issuing to the
holder of any Series A Convertible Preferred Stock converted after such record date and before the occurrence of such event the additional Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above
the Common Stock issuable upon such conversion before giving effect to such adjustment and (II) fractionalizing any Series A Convertible Preferred Stock and/or paying to such holder any amount of cash in lieu of any fraction pursuant to paragraph
(c) of this subsection 8. 
  
 (i) There
shall be no adjustment of the Conversion Price in case of the issuance of any shares of capital stock of the Corporation in a reorganization, acquisition or other similar transaction except as specifically set forth in this subsection 8. If any
action or transaction would require adjustment of the Conversion Price pursuant to more than one paragraph of this subsection 8, only one adjustment shall be made, and such adjustment shall be the amount of adjustment that has the highest absolute
value. 
  
 (j) If the Corporation shall take any
action affecting the Common Stock, other than an action described in this subsection 8, that in the opinion of the Board of Directors of the Corporation would materially and adversely affect the conversion rights of the holders of the Series A
Convertible Preferred Stock, the Conversion Price for the Series A Convertible Preferred Stock may be adjusted, to the extent permitted by law, in such manner, if any, and at such time, as the Board of Directors of the Corporation, in its sole
discretion, may determine to be equitable under the circumstances. 
  
 (k) The Corporation covenants that it will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Common Stock, for the purpose of effecting
conversion of the Series A Convertible Preferred Stock, the full number of shares of Common Stock deliverable upon the conversion of all outstanding Series A Convertible Preferred Stock not theretofore converted. For purposes of this paragraph (k),
the number of shares of Common Stock that shall be deliverable upon the conversion of all outstanding Series A Convertible Preferred Stock shall be computed as if at the time of computation all such outstanding shares were held by a single holder.

  
 The Corporation covenants that any Common
Stock issued upon conversion of the Series A Convertible Preferred Stock shall be validly issued, fully paid and nonassessable. Before taking any action that would cause an adjustment reducing the Conversion Price below the then par value of the
Common Stock deliverable upon conversion of the Series A Convertible Preferred Stock, the Corporation will take any action that, in the opinion of its counsel, may be necessary in order that the Corporation may validly and legally issue fully paid
and nonassessable Common Stock at such adjusted Conversion Price. 
  
 The Corporation shall use its reasonable best efforts to list the Common Stock required to be delivered upon conversion of the Series A Convertible Preferred Stock, prior to such delivery, 

  

 -14- 

 
upon each national securities exchange, if any, upon which the outstanding Common Stock is listed at the time of such delivery. 
  
 (l) The Corporation will pay any and all documentary stamp
or similar issue or transfer taxes payable in respect of the issue or delivery of Common Stock or other securities or property on conversion of the Series A Convertible Preferred Stock pursuant hereto; provided, however, that the Corporation shall
not be required to pay any tax that may be payable in respect of any transfer involved in the issue or delivery of Common Stock or other securities or property in a name other than that of the holder of the Series A Convertible Preferred Stock to be
converted, and no such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Corporation the amount of any such tax or has established, to the reasonable satisfaction of the Corporation, that
such tax has been paid. 
  
 In addition to the
foregoing adjustments, the Corporation shall be entitled to make such reductions in the Conversion Price, in addition to those required herein, as it in its discretion considers to be advisable in order that any share distributions, subdivisions of
shares, reclassification or combination of shares, distribution of rights, options, warrants to purchase shares or securities, or a distribution of other assets (other than cash distributions) will not be taxable or, if that is not possible, to
diminish any income taxes that are otherwise payable because of such event. 
  

	 	9.	Articles of Incorporation and Bylaws. The rights of all holders of the Series A Convertible Preferred Stock and the terms of the Series A Convertible Preferred Stock are
subject to the provisions of these Articles of Incorporation and the Bylaws of the Corporation, including, without limitation, the restrictions on transfer and ownership contained in Article IX of these Articles of Incorporation.

  

	B.	Exclusion of Other Rights. 

  
 Except as may otherwise be required by law, the Series A Convertible Preferred Stock shall not have any voting powers, preferences or relative,
participating, optional or other special rights, other than those specifically set forth in Article X of these Articles of Incorporation (as such article may be amended from time to time) and in the other articles of these Articles of Incorporation.
The Series A Convertible Preferred Stock shall have no preemptive or subscription rights. 
  

	C.	Headings of Subdivisions. 

  
 The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions
hereof. 
  

	D.	Severability of Provisions. 

  
 If any voting powers, preferences or relative, participating, optional and other special rights of the Series A Convertible Preferred Stock or
qualifications, limitations or restrictions thereof set forth in Article X of these Articles of Incorporation (as such article may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule of law or
public policy, all other voting powers, preferences and relative, participating, optional and other special rights of Series A Convertible Preferred Stock and qualifications, limitations and restrictions thereof set forth in Article X of these
Articles of Incorporation (as so amended) which can be given effect without the invalid, unlawful or 

  

 -15- 

 
unenforceable voting powers, preferences or relative, participating, optional or other special rights of Series A Convertible Preferred Stock or
qualifications, limitations and restrictions thereof shall be given such effect. None of the voting powers, preferences or relative participating, optional or other special rights of the Series A Convertible Preferred Stock or qualifications,
limitations or restrictions thereof herein set forth shall be deemed dependent upon any other such voting powers, preferences or relative, participating, optional or other special right of Series A Convertible Preferred Stock or qualifications,
limitations or restrictions thereof unless so expressed herein. 
  

 -16-

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