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EXHIBIT 4.1  

 
 

SOUTHERN COPPER CORPORATION
  
    $400,000,000 7.500% Notes Due 2035
  
    Registration Rights Agreement    
    

May
9, 2006 

Citigroup
Global Markets Inc.

As Representative of the Initial Purchasers

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013 

Ladies
and Gentlemen: 

        Southern
Copper Corporation, a corporation organized under the laws of the State of Delaware (the "Company"), proposes to issue and sell to certain purchasers (the "Initial Purchasers"),
for whom you (the "Representative") are acting as representative, $400,000,000 principal amount of its 7.500% Notes due 2035 (the "Securities") upon the terms set forth in the purchase agreement
between the Company and the Representative dated May 4, 2006 (the "Purchase Agreement"), relating to the initial placement (the "Initial Placement") of the Securities. To induce the Initial Purchasers
to enter into the Purchase Agreement and to satisfy a condition to your obligations thereunder, the Company agrees with you for your benefit and the benefit of the holders from time to time of the
Securities (including the Initial Purchasers) (each a "Holder" and, collectively, the "Holders"), as follows: 

        1.    Definitions.    Capitalized terms used herein without definition shall have the respective meanings set forth in
the Purchase Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

        "Act"
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Affiliate"
of any specified Person shall mean any other Person that, directly or indirectly, is in control of, is controlled by, or is under direct or indirect common control with, such
specified Person. For purposes of this definition, control of a Person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether
through the ownership of voting Securities, by contract or otherwise; and the terms "controlling" and "controlled" shall have meanings correlative to the foregoing. 

        "Broker-Dealer"
shall mean any broker or dealer registered as such under the Exchange Act. 

        "Business
Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New York. 

        "Closing
Date" shall mean the date of the first issuance of the Securities. 

        "Commission"
shall mean the Securities and Exchange Commission. 

        "Deferral
Period" shall have the meaning indicated in Section 4(k)(ii) hereof. 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Exchange
Offer Registration Period" shall mean the one-year period following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall
be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

        "Exchange
Offer Registration Statement" shall mean a registration statement of the Company on an appropriate form under the Act with respect to the Registered Exchange Offer, all
amendments and 

 

supplements
to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein. 

        "Exchanging
Dealer" shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for
its own account as a result of market-making activities or other trading activities (but not directly from the Company or any Affiliate of the Company) for New Securities. 

        "Existing
Restricted Securities" shall mean the Company's 7.500% Notes due 2035 issued on July 27, 2005, which were not exchanged for Existing Unrestricted Securities. 

        "Existing
Unrestricted Securities" shall mean the Company's 7.500% Notes due 2035 previously issued pursuant to an exchange offer for the Company's 7.500% Notes due 2035 issued on July
27, 2005. 

        "Final
Memorandum" shall mean the offering memorandum, dated May 4, 2006, relating to the Securities, including any and all exhibits thereto and any information incorporated by reference
therein as of such date. 

        "Holder"
shall have the meaning set forth in the preamble hereto. 

        "Indenture"
shall mean the Indenture relating to the Securities dated as of July 27, 2005, between the Company and The Bank of New York, as trustee, as the same may be amended from time
to time in accordance with the terms thereof. 

        "Initial
Placement" shall have the meaning set forth in the preamble hereto. 

        "Initial
Purchaser" shall have the meaning set forth in the preamble hereto. 

        "Losses"
shall have the meaning set forth in Section 6(d) hereof. 

        "Majority
Holders" shall mean, on any date, Holders of a majority of the aggregate principal amount of Securities registered under a Registration Statement. 

        "Managing
Underwriters" shall mean the investment banker or investment bankers and manager or managers that administer an underwritten offering, if any, under a Registration Statement. 

        "NASD
Rules" shall mean the Conduct Rules and the By-Laws of the National Association of Securities Dealers, Inc. 

        "New
Securities" shall mean debt securities of the Company identical in all material respects to the Securities (except that the transfer restrictions with respect to each security shall
be modified or eliminated, as appropriate, and the provisions regarding Special Interest in paragraph 1(b) of the form of each Note shall be eliminated) to be issued under the relevant New Securities
Indenture. 

        "New
Securities Indenture" shall mean the indenture between the Company and the New Securities Trustee, identical in all material respects to the Indenture (except that the transfer
restrictions with respect to each security shall be modified or eliminated, as appropriate, and the provisions regarding Special Interest in paragraph 1(b) of the form of each Note shall be
eliminated), which may be the Indenture if in the terms thereof appropriate provision is made for the New Securities. 

        "New
Securities Trustee" shall mean a bank or trust company reasonably satisfactory to the Initial Purchasers, as trustee with respect to the New Securities under the New Securities
Indenture. 

        "Person"
shall mean any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government
or other entity. 

2

 

        "Prospectus"
shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A, Rule 430B or Rule 430C under the Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto, including any and all exhibits thereto
and any information incorporated by reference therein. 

        "Purchase
Agreement" shall have the meaning set forth in the preamble hereto. 

        "Registered
Exchange Offer" shall mean the proposed offer of the Company to issue and deliver to the Holders of the Securities that are not prohibited by any law or policy of the
Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 

        "Registrable
Securities" shall mean (i) Securities other than those that have been (A) registered under a Registration Statement and disposed of in accordance therewith or (B)
distributed to the public pursuant to Rule 144 under the Act or any successor rule or regulation thereto that may be adopted by the Commission and (ii) any New Securities resale of which by the Holder
thereof requires compliance with the prospectus delivery requirements of the Act. 

        "Registration
Default Damages" shall have the meaning set forth in Section 8 hereof. 

        "Registration
Statement" shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities or the New Securities pursuant to the
provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein), all exhibits
thereto and all material incorporated by reference therein. 

        "Securities"
shall have the meaning set forth in the preamble hereto. 

        "Shelf
Registration" shall mean a registration effected pursuant to Section 3 hereof. 

        "Shelf
Registration Period" has the meaning set forth in Section 3(b) hereof. 

        "Shelf
Registration Statement" shall mean a "shelf" registration statement of the Company pursuant to the provisions of Section 3 hereof which covers some or all of the Securities or New
Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

        "Trustee"
shall mean the trustee with respect to the Securities under the Indenture. 

        "Trust
Indenture Act" shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "underwriter"
shall mean any underwriter of Securities in connection with an offering thereof under a Shelf Registration Statement. 

        2.    Registered Exchange Offer.    (a) The Company shall prepare and, not later than 120 days following the Closing
Date, shall file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Company shall use commercially reasonable efforts to cause the
Exchange Offer Registration Statement to become effective under the Act within 180 days of the Closing Date. 

        (b)   Upon
the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange 

3

 

Offer
to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder is not an Affiliate of the Company, acquires the New Securities in the ordinary course of such
Holder's business, has no arrangements with any person to participate in the distribution of the New Securities and is not prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such New Securities from and after their receipt without any limitations or restrictions under the Act and without material restrictions under the securities laws
of a substantial proportion of the several states of the United States. 

        (c)   In
connection with the Registered Exchange Offer, the Company shall: 

        (i)    mail
to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related
documents; 

        (ii)   keep
the Registered Exchange Offer open for not less than 30 Business Days or longer if required by applicable law, and not more than 45 Business Days after the date
notice thereof is mailed to the Holders; 

        (iii)  use
commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required, under
the Act to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 

        (iv)  utilize
the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee, the New
Securities Trustee or an Affiliate of either of them; 

        (v)   permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer
is open, provided such withdrawal is made in accordance with the terms of the Exchange Offer Registration Statement and letter of transmittal and related documents; 

        (vi)  prior
to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that the Company is conducting the
Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988),  Morgan Stanley and Co.,
Inc. (pub. avail. June 5, 1991); and (B) including a representation that the Company has not entered into any arrangement or
understanding with any person to distribute the New Securities to be received in the Registered Exchange Offer and that, to the best of the Company's information and belief, each Holder participating
in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the
New Securities; and 

        (vii) comply
in all respects with all applicable laws. 

        (d)   As
soon as practicable after the close of the Registered Exchange Offer, the Company shall: 

        (i)    accept
for exchange all Securities validly tendered and not validly withdrawn pursuant to the Registered Exchange Offer in accordance with the terms of the Exchange
Offer Registration Statement and letter of transmittal and related documents; 

        (ii)   deliver
to the Trustee for cancellation in accordance with Section 4(s) all Securities so accepted for exchange; and 

        (iii)  cause
the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of New Securities equal to the principal amount
of the Securities of such Holder so accepted for exchange. 

4

 

        (e)   Each
Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the New
Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the
Commission's letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery requirements of the Act in connection
with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of
Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for Securities acquired by such Holder directly from the Company or one of its Affiliates.
Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that, at the time of the commencement of the Registered Exchange Offer: 

        (i)    any
New Securities received by such Holder will be acquired in the ordinary course of business; 

        (ii)   such
Holder has no arrangement or understanding with any person to participate in the distribution of the New Securities within the meaning of the Act; and 

        (iii)  such
Holder is not an Affiliate of the Company. 

        (f)    If
any Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any
portion of an unsold allotment, at the request of such Initial Purchaser, the Company shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Company shall use commercially
reasonable efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 

        3.    Shelf Registration.    (a) If (i) due to any change in law or applicable interpretations thereof by the
Commission's staff, the Company determines upon advice of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; or (ii) for any
other reason the Exchange Offer Registration Statement is not declared effective within 180 days of the Closing Date or the Registered Exchange Offer is not consummated within 225 days of the Closing
Date; (iii) any Initial Purchaser so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it following
consummation of the Registered Exchange Offer; or (iv) upon the Company receiving notice in writing from any Holder (other than an Initial Purchaser) that such Holder is not eligible to participate in
the Registered Exchange Offer or does not receive freely tradable New Securities in the Registered Exchange Offer other than by reason of such Holder being an Affiliate of the Company (it being
understood that the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities shall not result in such New Securities being not "freely tradable"), the
Company shall effect a Shelf Registration Statement in accordance with subsection (b) below. 

        (b)   (i)
The Company shall, as promptly as practicable, file with the Commission and shall use commercially reasonable efforts to cause to be declared effective under the Act
(x) if the Exchange Offer Registration Statement is not declared effective by the Commission within 180 days of the Closing Date, within 180 days of the Closing Date, (y) if the Registered Exchange
Offer is not consummated within 225 days of the Closing Date, within 225 days of the Closing Date or (z) in any other circumstance in which a Shelf Registration Statement is required to be filed,
within 120 days after so required or requested, or, if permitted by Rule 430B under the Act, otherwise designate an existing registration statement filed with the Commission as, a Shelf Registration
Statement relating to the offer 

5

 

and
sale of the Securities or the New Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such
Shelf Registration Statement; provided, however, that no Holder (other than an Initial Purchaser) shall
be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to
such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any
portion of an unsold allotment, the Company may, if permitted by current interpretations by the Commission's staff, file a post-effective amendment to the Exchange Offer Registration Statement
containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of its obligations under this subsection with respect thereto, and any such Exchange Offer
Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. Unless the Shelf Registration Statement is
an automatic shelf registration statement (as defined in Rule 405 under the Act), the Company shall include the information required by Rule 430B(b)(2)(iii) under the Act. 

        (ii)   The
Company shall use its best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the Act, in order to
permit the Prospectus forming part thereof to be usable by Holders for a period the "Shelf Registration Period") from the date the Shelf Registration Statement becomes effective or is designated as
such until the earlier of (A) the second anniversary thereof or (B) the date upon which all the Securities or New Securities, as
applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement. The Company shall be deemed not to have used its best efforts to keep the Shelf
Registration Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell
such Securities at any time during the Shelf Registration Period, unless such action is (x) required by applicable law or otherwise undertaken by the Company in good faith and for valid business
reasons (not including avoidance of the Company's obligations hereunder), including the acquisition or divestiture of assets, and (y) permitted pursuant to Section 4(k)(ii) hereof. 

        (iii)  The
Company shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf
Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable requirements of the Act; and (B) not to contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which
they were made) not misleading. 

        4.    Additional Registration Procedures.    In connection with any Shelf Registration Statement and, to the extent
applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 

        (a)   The
Company shall: 

        (i)    furnish
to the Representative and to counsel for the Holders, not less than five Business Days prior to the filing or designation thereof with the Commission, a copy of
any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein (including all
documents incorporated by reference therein after the initial filing) and shall use commercially reasonable efforts to reflect in each such document, when so filed or designated with the Commission,
such comments as the Representative reasonably propose; 

6

  

        (ii)   include
the information substantially in the form as set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in
the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the
Prospectus contained in the Exchange Offer Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 

        (iii)  if
requested by an Initial Purchaser, include the information required by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus contained in the Exchange
Offer Registration Statement; and 

        (iv)  in
the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling
security holders to the extent provided by such Holders to the Company. 

        (b)   The
Company shall ensure that: 

        (i)    any
Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects
with the Act; and 

        (ii)   any
Registration Statement and any amendment thereto does not, when it becomes effective (or, in the case of a previously filed registration statement that is effective
at the time it is designated as a Shelf Registration Statement, when it is so designated), contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. 

        (c)   The
Company shall advise the Representative, the Holders of Securities covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer
Registration Statement that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by the Representative or any such Holder or Exchanging
Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Company
shall have remedied the basis for such suspension): 

        (i)    when
a Registration Statement and any amendment thereto (not including any documents incorporated by reference therein) has been filed (or, in the case of a previously
filed registration statement designated as a Shelf Registration Statement, when it is so designated) with the Commission and when the Registration Statement or any post-effective amendment thereto has
become effective (or, in the case of a previously filed registration statement that is effective at the time it is designated as a Shelf Registration Statement, when it is so designated); 

        (ii)   of
any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution of any proceeding for that purpose or
receipt by the Company of written communications from the Commission threatening any such proceeding; 

        (iv)  of
the receipt by the Company of any notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or
the institution of any proceeding for such purpose or receipt by the Company of written communications from the Commission threatening any such proceeding; and 

        (v)   of
the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, they (A) do not contain any untrue
statement of a material 

7

 

fact
and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under
which they were made) not misleading. 

        (d)   The
Company shall use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the
qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible the withdrawal thereof. 

        (e)   The
Company shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration
Statement and any post-effective amendment thereto, and, if a Holder so requests in writing, to such Holder all materials incorporated by reference therein and all exhibits thereto (including exhibits
incorporated by reference therein). 

        (f)    The
Company shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration Statement, without charge, as many copies
of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Company
consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the
Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

        (g)   The
Company shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, and, if an Exchanging Dealer so requests in writing, to such Exchanging Dealer all materials incorporated by reference therein and all exhibits thereto (including
exhibits incorporated by reference therein). 

        (h)   The
Company shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer
Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may reasonably
request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to
deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included
in the Exchange Offer Registration Statement. 

        (i)    Prior
to the Registered Exchange Offer or any other offering of Securities pursuant to any Registration Statement, the Company shall arrange, if necessary, for the
qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Initial Purchaser or the Majority Holders shall reasonably request and shall maintain such
qualification in effect so long as required; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction
where it is not then so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or
any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject. 

        (j)    The
Company shall cooperate with the Holders of Securities to facilitate the timely preparation and delivery of certificates representing New Securities or Securities to
be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations (consistent with the provisions of the Indenture) and registered in such names as
Holders may request. 

        (k)   (i)
Upon the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Company shall promptly (or within the time period provided for by clause
(ii) hereof, if applicable) 

8

 

prepare
a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered
to the Initial Purchasers of the securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer
Registration Statement provided for in Section 2 shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) to and including
the date when the Initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section. 

        (ii)   Upon
the occurrence or existence of any pending corporate development or any other material event that, in the reasonable judgment of the Company, makes it appropriate
to suspend the availability of a Shelf Registration Statement and the related Prospectus, the Company shall give notice (without notice of the nature or details of such events) to the Holders that the
availability of the Shelf Registration is suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such
Holder's receipt of copies of the supplemented or amended Prospectus provided for in Section 3(i) hereof, or until it is advised in writing by the Company that the Prospectus may be used, and has
received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which the availability of the Shelf
Registration and any Prospectus is suspended (the "Deferral Period") shall not exceed 45 days in any three-month period or 90 days in any twelve-month period. 

        (l)    Not
later than the effective date (or the designation date, in the case of a previously filed registration statement that is effective at the time it is designated as a
Shelf Registration Statement) of any Registration Statement, the Company shall use its commercially reasonable efforts to provide a CUSIP number for the Securities or the New Securities, as the case
may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust
Company. So long as any of the Existing Unrestricted Securities is eligible to trade on the Euro MTF Market of the Luxembourg Stock Exchange, the Company shall use its best efforts to cause the New
Securities to be eligible to trade on the Euro MTF Market of the Luxembourg Stock Exchange on a fungible basis with the Existing Unrestricted Securities. 

        (m)  The
Company shall comply with all applicable rules and regulations of the Commission and shall make generally available to its security holders an earnings statement
satisfying the provisions of Section 11(a) of the Act as soon as reasonably practicable after the effective date (or the designation date, in the case of a previously filed registration statement that
is effective at the time it is designated as a Shelf Registration Statement) of the applicable Registration Statement. 

        (n)   The
Company shall cause the New Securities Indenture to be qualified under the Trust Indenture Act in a timely manner. 

        (o)   As
a condition to such Holder's participation in the Shelf Registration, each Holder of securities to be sold pursuant to any Shelf Registration Statement must furnish
to the Company such information regarding the Holder and the distribution of such securities as the Company may from time to time reasonably require for inclusion in such Registration Statement. The
Company may exclude from such Shelf Registration Statement the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. Each
Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder and included in such Shelf Registration Statement not materially misleading. 

9

 

Each
Holder further agrees that, neither such Holder nor any underwriter participating in any disposition pursuant to any Shelf Registration Statement on such Holder's behalf, will make any offer
relating to the securities to be sold pursuant to such Shelf Registration Statement that would constitute an issuer free writing prospectus (as defined in Rule 433 under the Act) or that would
otherwise constitute a "free writing prospectus" (as defined in Rule 405 under the Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Act,
unless it has obtained the prior written consent of the Company (and except as otherwise provided in any underwriting agreement entered into by the Company and any such underwriter). 

        (p)   In
the case of any Shelf Registration Statement, the Company shall use commercially reasonable efforts to enter into customary agreements (including, if requested, an
underwriting agreement in customary form) and take all other reasonably appropriate actions in order to expedite or facilitate the registration or the disposition of the Securities, and in connection
therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof. 

        (q)   In
the case of any Shelf Registration Statement, the Company shall: 

        (i)    make
reasonably available for inspection by the Holders of Securities to be registered thereunder, any underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records and pertinent corporate documents of the
Company and its subsidiaries that they may reasonably request; provided, however, that any information
that is designated in writing by the Company, in good faith, as confidential at the time of inspection of such information shall be kept confidential by the Holders or any such attorney, accountant or
agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an
accompanying obligation of confidentiality; 

        (ii)   cause
the Company's officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders or any such
underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations;  provided, however, that any information that is designated in writing by the Company, in good faith, as
confidential at the time of inspection of such information shall be kept confidential by the Holders or any such attorney, accountant or agent, unless such disclosure is made in connection with a
court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

        (iii)  make
such representations and warranties to the Holders of Securities registered thereunder and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 

        (iv)  cause
to be provided opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory
to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such Holders and underwriters; 

        (v)   cause
to be provided "comfort" letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the 

10

 

Registration
Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily covered in
"comfort" letters in connection with primary underwritten offerings; and 

        (vi)  deliver
such documents and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters, if any, including those to evidence
compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

The
actions set forth in clauses (iii), (iv), (v) and (vi) of this paragraph (q) shall be performed at (A) the effectiveness (or the designation date, in the case of a previously filed registration
statement that is effective at the time it is designated as a Shelf Registration Statement) of such Registration Statement and each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder. 

        (r)   In
the case of any Exchange Offer Registration Statement, the Company shall, if requested by an Initial Purchaser, or by a broker dealer that holds Securities that were
acquired as a result of market making or other trading activities: 

        (i)    make
reasonably available for inspection by the requesting party, and any attorney, accountant or other agent retained by the requesting party, all relevant financial
and other records, pertinent corporate documents and properties of the Company and its subsidiaries that they may reasonably request; provided,  however,
that any information that is designated in writing by the Company, in good faith, as confidential at the time of inspection of such information
shall be kept confidential by the Holders or any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information
becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

        (ii)   cause
the Company's officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the requesting party or any such
attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided,  however,
that any information that is designated in writing by the Company, in good faith, as confidential at the time of inspection of such information
shall be kept confidential by the Holders or any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information
becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

        (iii)  make
such representations and warranties to the requesting party, in form, substance and scope as are customarily made by issuers to underwriters in primary
underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 

        (iv)  cause
to be provided opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory
to the requesting party and its counsel, addressed to the requesting party, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as
may be reasonably requested by the requesting party or its counsel; 

        (v)   cause
to be provided "comfort" letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the
Registration Statement), addressed to the requesting party, in customary form and covering matters of the type customarily covered in "comfort" letters in connection with primary 

11

 

underwritten
offerings, or if requested by the requesting party or its counsel in lieu of a "comfort" letter, an agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering
matters requested by the requesting party or its counsel; and 

        (vi)  deliver
such documents and certificates as may be reasonably requested by the requesting party or its counsel, including those to evidence compliance with Section 4(k)
and with conditions customarily contained in underwriting agreements. 

The
foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this Section shall be performed at the close of the Registered Exchange Offer and the effective date of any post-effective
amendment to the Exchange Offer Registration Statement. 

        (s)   If
a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Company (or to such other person as directed by the Company) in
exchange for the New Securities, the Company shall mark, or caused to be marked, on the Securities so exchanged that such Securities are being cancelled in exchange for the New Securities. In no event
shall the Securities be marked as paid or otherwise satisfied. 

        (t)    The
Company shall use commercially reasonable efforts if the Securities have been rated prior to the initial sale of such Securities, to confirm such ratings will apply
to the Securities or the New Securities, as the case may be, covered by a Registration Statement. 

        (u)   In
the event that any Broker-Dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or "assist in the
distribution" (within the meaning of the NASD Rules) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Company shall assist such Broker-Dealer in complying with the NASD Rules. 

        (v)   The
Company shall use commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities or the New Securities, as the case
may be, covered by a Registration Statement. 

        5.    Registration Expenses.    The Company shall bear all expenses incurred in connection with the performance of its
obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (which
shall initially be Cravath, Swaine & Moore LLP, but which may be another nationally recognized law firm experienced in securities matters designated by the Majority Holders) to act as counsel for the
Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel acting in
connection therewith. 

        6.    Indemnification and Contribution.    (a) The Company agrees to indemnify and hold harmless each Holder of
Securities or New Securities, as the case may be, covered by any Registration Statement, each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof,
each Exchanging Dealer, the directors, officers, employees, Affiliates and agents of each such Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial
Purchaser or Exchanging Dealer within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may
become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any
amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or in any issuer free writing prospectus approved for use by the Company, or
arise out of or are based upon the omission or alleged omission to state therein a material fact 

12

 

required
to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made)
not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification specifically for inclusion therein. This indemnity agreement
shall be in addition to any liability that the Company may otherwise have. 

        The
Company also agrees to indemnify as provided in this Section 6(a) or contribute as provided in Section 6(d) hereof to Losses of each underwriter, if any, of Securities or New
Securities, as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees, Affiliates or agents and each person who controls such underwriter on
substantially the same basis as that of the indemnification of the Initial Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof. 

13

  

        (b)   Each
Holder of securities covered by a Registration Statement (including each Initial Purchaser that is a Holder, in such capacity) severally and not jointly agrees to
indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each person who controls the Company within the meaning of either the Act
or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to written information relating to such Holder furnished to the Company
by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability that any such Holder
may otherwise have. 

        (c)   Promptly
after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation
provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party's choice at the indemnifying party's expense to
represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate
counsel retained by the indemnified party or parties except as set forth below); provided, however, that
such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party's election to appoint counsel (including local counsel) to represent the indemnified
party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonably incurred fees, costs and
expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual
or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be
legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 

        (d)   In
the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or insufficient to hold harmless an indemnified party for any reason,
then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending any loss, claim, liability, damage or action) (collectively "Losses") to which such indemnified party may be subject in such proportion as is
appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration 

14

 

Statement
which resulted in such Losses; provided, however, that in no case shall any Initial Purchaser
be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that was
exchangeable into such New Security, as set forth in the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to
the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any
reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum.
Benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions as set forth in the Purchase Agreement, and benefits received by any other
Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to
the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be
determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of
this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of
such Holder shall have the same rights to contribution as such Holder, and each person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company
who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions
of this paragraph (d). 

        (e)   The
provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the
indemnified persons referred to in this Section 6, and will survive the sale by a Holder of securities covered by a Registration Statement. 

        7.    Underwritten Registrations.    (a) If any of the Securities or New Securities, as the case may be, covered by
any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 

        (b)   No
person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such person's Securities or
New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and
executes all 

15

 

questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

        8.    Registration Defaults.    If any of the following events shall occur, then the Company shall pay liquidated
damages (the "Registration Default Damages") to the Holders of Securities in respect of the Securities as follows: 

        (a)   if
any Registration Statement required by this Agreement is not filed (or designated as so, in the case of a previously filed registration statement designated as a
Shelf Registration Statement) with the Commission on or prior to the date specified for such filing in this Agreement, then Registration Default Damages shall accrue on the Registrable Securities at a
rate of .25% per annum for the first 120 days from and including such specified date and will increase by .25% per annum at the end of such 120-day period, provided that the maximum aggregate increase
in interest rate will in no event exceed .50% per annum; or 

        (b)   if
any Registration Statement required by this Agreement is not declared effective (or designated as so, in the case of a previously filed registration statement that is
effective at the time it is designated as a Shelf Registration Statement) by the Commission on or prior to the date by which commercially reasonable efforts are to be used to cause such effectiveness
under this Agreement, then Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum for the first 120 days from and including such specified date and will
increase by .25% per annum at the end of such 120-day period, provided that the maximum aggregate increase in interest rate will in no event exceed .50% per annum; or 

        (c)   if
any Registration Statement required by this Agreement has been declared effective (or, in the case of a previously filed registration statement that is effective at
the time it is designated as a Shelf Registration Statement, has been so designated) but ceases to be effective at any time at which it is required to be effective under this Agreement, then
commencing on the day the Registration Statement ceases to be effective, Registration Default Damages shall accrue on the Registrable Securities at a rate
of .25% per annum for the first 120 days from and including such date on which the Registration Statement ceases to be effective and will increase by .25% per annum at the end of such 120-day period,
provided that the maximum aggregate increase in interest rate will in no event exceed .50% per annum; or 

        (d)   if
the Registered Exchange Offer has not been consummated within 225 days of the Closing Date, then Registration Default Damages shall accrue on the Registrable
Securities at a rate of .25% per annum for the first 120 days from and including such specified date and will increase by .25% per annum at the end of such 120-day period, provided that the maximum
aggregate increase in interest rate will in no event exceed .50% per annum; 

provided, however, that (1) upon the filing (or designation) of the Registration Statement (in the case
of paragraph (a) above), (2) upon the effectiveness (or designation) of the Registration Statement (in the case of paragraph (b) above), (3) upon the effectiveness (or designation) of the Registration
Statement which had ceased to remain effective (in the case of paragraph (c) above), or (4) upon the consummation of the Registered Exchange Offer (in the case of paragraph (d) above) Registration
Default Damages shall cease to accrue. 

        9.    No Inconsistent Agreements.    The Company has not entered into, and agrees not to enter into, any agreement
with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 

        10.    Amendments and Waivers.    The provisions of this Agreement may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of a majority of the aggregate
principal amount of the Registrable Securities outstanding; provided that, with respect to any 

16

 

matter
that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser against which such amendment,
qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment,
qualification, supplement, waiver or consent with respect to Section 8 hereof shall be effective as against any Holder of Registered Securities unless consented to in writing by such Holder; and  provided, further, that the provisions of this Article 10 may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Initial Purchasers and each Holder.
Notwithstanding the foregoing (except the foregoing provisos), a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders
whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by
the Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement. 

        11.    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 

        (a)   if
to a Holder, at the most current address given by such holder to the Company in accordance with the provisions of this Section 11, which address initially is, with
respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture; 

        (b)   if
to the Representative, initially at the address set forth in the Purchase Agreement; and 

        (c)   if
to the Company, initially at its address set forth in the Purchase Agreement. 

        All
such notices and communications shall be deemed to have been duly given when received. 

        The
Initial Purchasers or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 

        12.    Remedies.    Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the
Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Company
agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for
specific performance the defense that a remedy at law would be adequate. 

        13.    Successors.    This Agreement shall inure to the benefit of and be binding upon the parties hereto, their
respective successors and assigns, including, without the need for an express assignment or any consent by the Company thereto, subsequent Holders of Securities and the New Securities, and the
indemnified persons referred to in Section 6 hereof. The Company hereby agrees to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may
specifically enforce the provisions of this Agreement as if an original party hereto. 

        14.    Counterparts.    This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement. 

        15.    Headings.    The section headings used herein are for convenience only and shall not affect the construction
hereof. 

        16.    Applicable Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed in the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising
out of or relating to this Agreement. 

17

 

        17.    Severability.    In the event that any one of more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent
permitted by law. 

        18.    Securities Held by the Company, etc.    Whenever the consent or approval of Holders of a specified percentage
of principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by the Company or its Affiliates (other than subsequent Holders of
Securities or New Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage. 

18

 

        If
the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement between the Company and the Initial Purchasers. 

	 
	 	 
	 	 

	 	 	Very truly yours,
	

 	
 	

Southern Copper Corporation
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Name:

Title:

The
foregoing Agreement is hereby confirmed and accepted as of the date first above written. 

Citigroup
Global Markets Inc. 

	 
	 	 
	 	 

	By:	 	 	 	 
	 	 	
	 	 
	 	 	Name:

Title:	 	 

For
itself and the Initial Purchasers named in Schedule I to the Purchase Agreement. 

19

  

 
 

ANNEX A    
    

        Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities
received in exchange for securities where such securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, starting
on the expiration date and ending on the close of business one year after the expiration date, it will make this prospectus available to any broker-dealer for use in connection with any such resale.
See "Plan of Distribution". 

A-1

  

 
 

ANNEX B    
    

        Each broker-dealer that receives new securities for its own account in exchange for securities, where such securities were acquired by such broker-dealer as a
result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such new securities. See "Plan of Distribution". 

B-1

  

 
 

ANNEX C
  
    PLAN OF DISTRIBUTION    
    

        Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities
received in exchange for securities where such securities were acquired as a result of market-making activities or other trading activities. The company has agreed that, starting on the expiration
date and ending on the close of business one year after the expiration date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any
such resale. In addition, until                        ,        , all dealers effecting
transactions in the new securities may be required to deliver a prospectus. 

        The
company will not receive any proceeds from any sale of new securities by brokers-dealers. New securities received by broker-dealers for their own account pursuant to the Exchange
Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the new securities or a combination of
such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers
or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such new securities. Any
broker-dealer that resells new securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such new
securities may be deemed to be an "underwriter" within the meaning of the Act and any profit of any such resale of new securities and any commissions or concessions received by any such persons may be
deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to
admit that it is an "underwriter" within the meaning of the Act. 

        For
a period of one year after the expiration date, the company will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any
broker-dealer that requests such documents in the Letter of Transmittal. The company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the holder
of the securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the securities (including any broker-dealers) against certain liabilities,
including liabilities under the Act. 

        [If
applicable, add information required by Regulation S-K Items 507 and/or 508.] 

C-1

  

 
 

ANNEX D    
    

Rider A 

        PLEASE
FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 

	Name:	 	 	 	 
	 	 	
	 	 
	Address:	 	 	 	 
	 	 	
	 	 
	

 	
 	

	
 	

 

Rider B 

        If
the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not engaged in, and does not
intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New Securities. If the undersigned is a
Broker-Dealer that will receive New Securities for its own account in exchange for Securities, it represents that the Securities to be exchange for New Securities were acquired by it as a result of
market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an "underwriter" within the meaning of the Act. 

D-1

QuickLinks

SOUTHERN COPPER CORPORATION $400,000,000 7.500% Notes Due 2035 Registration Rights Agreement

ANNEX A

ANNEX B

ANNEX C PLAN OF DISTRIBUTION

ANNEX DFiled by Automated Filing Services Inc. (604) 609-0244 - Searchlight Minerals  Corp. - Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the "Agreement") is made
and entered into effective as of the 14th day of June, 2006 (the "Effective
Date"), between SEARCHLIGHT MINERALS CORP., a Nevada corporation, (the
"Company") and MELVIN L. WILLIAMS (the “Executive”).

WHEREAS:

A. The Company is engaged in the business of acquiring and
exploring mineral properties.

B. The Company desires to retain the Executive to act as Chief
Financial Officer of the Company and to provide his services to the Company as
an employee on the terms and subject to the conditions of this Agreement.

C. The Executive has agreed to act as Chief Financial Officer
of the Company and to provide his services to the Company on the terms and
subject to the conditions of this Agreement.

THIS AGREEMENT WITNESSES THAT in consideration of the
premises and mutual covenants contained in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound hereby, agree as
follows:

1. DEFINITIONS

1.1 The following terms used in this Agreement shall have the
meaning specified below unless the context clearly indicates the contrary:

	 	(a) 	
      "Salary" shall mean the annual salary payable to
      the Executive at the rate set forth in Section 4.

	 	 	 
	 	(b) 	
      "Board" shall mean the Board of Directors of the
      Company,

	 	 	 
	 	(c) 	
      "Cause" shall mean the Executive's (i) commission
      of an act of fraud, theft or embezzlement or other similar willful
      misconduct; (ii) conviction of (or pleas of nolo contendere with respect
      to) a felony or other crime involving moral turpitude; (iii) a serious
      neglect of his material duties or failure to perform his material
      obligations under this Agreement, or (iv) refusal to follow lawful
      directives of the Board, provided however, that the Company shall give the
      Executive written notice specifying any actions alleged to constitute
      Cause under clauses (iii) or (iv), and the Executive shall have two weeks
      from the date of receipt of the Company's written notice in which to cure
      any such alleged Cause.

	 	 	 
	 	(d) 	
      "Employment Term" shall mean the period beginning
      on the Effective Date and ending on the close of business on the effective
      date of the Executive's termination of employment with the
  Company.

	 	 	 
	 	(e) 	
      "Termination of Employment" shall mean the first
      to occur of the following events:

	 	 	 
	 		(i) 	
      the date of death of the
Executive;

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	 		(ii) 	
      the effective date specified in the Company's written
      notice to the Executive of the Company's termination of his employment
      without Cause, made in accordance with the provisions of Section 7
      hereto;

	 	 	 	 
	 		(iii) 	
      the effective date specified in the Company's written
      notice to the Executive of the Company's termination of his employment for
      Cause, made in accordance with the provisions of Section 7 hereto;
    and

	 	 	 	 
	 	(f) 	
      "Termination without Cause" shall mean a
      termination by the Company of the Executive's employment without
    Cause.

2. EMPLOYMENT

2.1 Term. The Executive's Employment Term shall
become effective and begin as of the Effective Date, and shall continue until
terminated pursuant to a Termination of Employment. The Executive will serve the
Company subject to the general supervision, advice and direction of the Board
and upon the terms and conditions set forth in this Agreement.

3. TITLE AND DUTIES

3.1 Duties. The Executive's job title shall be as
Chief Financial Officer of the Company. During the Employment Term, the
Executive shall perform such services and duties as the Board may from time to
time designate consistent with such position, including:

	 	(a) 	
      exercising general management, direction and supervision
      over the financial affairs of the Company;

	 	 	 
	 	(b) 	
      providing overall direction to the management of the
      Company;

	 	 	 
	 	(c) 	
      overseeing the preparation of the Company’s financial
      statements;

	 	 	 
	 	(d) 	
      overseeing the company’s internal control over financial
      reporting and evaluating the effectiveness of the Company’s disclosure
      controls and procedures;

	 	 	 
	 	(e) 	
      overseeing the filing, preparation and executing
      certifications in connection with the filing of, the Company’s annual and
      quarterly reports pursuant to the Securities Exchange Act of
  1934;

	 	 	 
	 	(c) 	
      reporting directly to board of directors of Company;
      and

	 	 	 
	 	(d) 	
      performing such other duties and observing such
      instructions as may be reasonably assigned from time to time by or on
      behalf of the Board in the Executive’s capacity as Chief Financial
      Officer, provided such duties are within the scope of the Company’s
      business and implementation of the Company’s business
  plan.

4. COMPENSATION AND BENEFITS

4.1 Salary. During the Employment Term, the
Company shall pay the Executive, in installments according to the Company's
regular payroll practice, a Salary at the annual rate of $5,000 US per month
based on 300 – 400 hours per year.

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4.2 Bonus. Upon the execution of this Agreement
the Executive will be entitled to receive: (i) 50,000 restricted shares of the
Company’s common stock; and (ii) an option to purchase 100,000 restricted shares
of the Company’s common stock at a price of $2.06 per share, exercisable for a
period of five years until June 14, 2011, with the options vesting 50% on the
first anniversary of the execution of this agreement and the remainder on the
second anniversary of the execution of this agreement. The Executive will also
be eligible for a discretionary bonus to be determined based on factors
considered relevant by the board of directors of the Company.

4.3 Benefit Plans. During the Employment Term,
the Executive shall be entitled to participate in any employee benefit plans
adopted by the Company for its employees, with respect to which the Executive's
position and tenure make him eligible to participate, provided such benefits are
provided to other executive officers of the Company. Nothing in this Section 4.3
shall be construed to require the Company to maintain any particular employee
benefit plans for its employees.

5. REIMBURSEMENT OF EXPENSES

5.1 Reimbursement of Expenses. In addition to the
compensation provided for under Section 4 hereof, upon submission of proper
vouchers in accordance with the Company's expense reimbursement policies and
procedures as may exist from time to time, the Company will reimburse the
Executive for all normal and reasonable travel, medical benefits,
telecommunications costs and other expenses incurred by the Executive during the
Employment Term in performance of the Executive's responsibilities to the
Company.

6. STOCK OPTIONS

6.1 Stock Options. The Executive may be granted,
subject to the approval of the Company’s Board, incentive stock options to
purchase shares of the Company’s common stock in such amounts and at such times
as the Board, in its absolute discretion, may from time to time determine. Such
options will be in an amount and of a nature similar to those granted by the
Company to other directors and senior officers of the Company, with adjustment
for the merit and performance of the Executive. All Stock Options will be
subject to the terms and conditions of the Company’s Stock Option Plan, a copy
of which has been delivered to the Executive. The Executive acknowledges and
agrees that (i) the Executive will only sell any shares issued by the Company on
exercise of any Stock Options in accordance with all applicable securities laws,
including the Securities Act of 1933; and (ii) the shares issued upon exercise
of any Stock Options may be subject to restrictions on resale imposed by
applicable securities law; and (iii) the Company may legend all stock
certificates representing the shares issued upon exercise of any Stock Options
with applicable resale restrictions, as reasonably advised by the Company’s
legal counsel; and (iv) the Executive has received and reviewed a copy of the
Stock Option Plan.

7. TERMINATION

7.1 Termination for Cause. The Company may
terminate this Agreement at any time for Cause. In the event of Termination for
Cause, the Company shall, not later than the next regularly scheduled payroll
date, pay to the Executive all Base Salary (and, to the extent the Company's
then current severance policy provides therefor, accrued vacation) earned
through the date of such termination and the Company will have no further
liability or obligation to the Executive.

7.2 Termination without Cause. The Company may
terminate this Agreement without Cause by delivering a notice of termination to
the Executive stating the date of Termination of 

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Employment, which date will be no earlier than 30 days from
delivery of the notice of termination, and paying to the Executive an amount
equal to three month’s Salary in a lump sum as full and final payment of all
amounts payable under this Agreement, including damages for wrongful
termination, within 30 days of delivery of the date of Termination of
Employment. 

7.3 Default Notice. The Executive may terminate
this Agreement at any time in the event of any breach of any material term of
this Agreement by the Company, provided that written notice of default has been
delivered to the Company and the Company has failed to remedy the default within
thirty days of the date of delivery of notice of default, or upon thirty days
written notice of the Company in any other event.

7.4 Survival of Rights and Obligations. On
termination of this Agreement for any reason, all rights and obligations of each
party that are expressly stated to survive termination or continue after
termination will survive termination and continue in full force and effect as
contemplated in this Agreement.

8. PROPRIETARY INFORMATION AND DEVELOPMENTS

8.1 Proprietary Information. The Executive will
not at any time, whether during or after the termination of this Agreement for
any reason, reveal to any person or entity any of the trade secrets or
confidential information concerning the organization, business or finances of
the Company or of any third party which the Company is under an obligation to
keep confidential, except as may be required in the ordinary course of the
Executive’s employment with the Company, and the Executive shall keep secret
such trade secrets and confidential information and shall not use or attempt to
use any such secrets or information in any manner which is designed to injure or
cause loss to the Company. Trade secrets or confidential information shall
include, but not be limited to, the Company's financial statements and
projections, expansion proposals, business plans and details of its mining
operations or business relationships with banks, lenders and other parties not
otherwise publicly available.

8.2 Information Respecting Developments. If at
any time or times during the term of this Agreement, the Executive shall (either
alone or with others) make, conceive, create, discover, invent or reduce to
practice any invention, modification, discovery, design, development,
improvement, process, software program, work of authorship, documentation,
formula, data technique, know-how, trade secret or intellectual property right
whatsoever or any interest therein (whether or not patentable or registrable
under copyright, trademark or similar statutes or subject to analogous
protection) (herein called "Developments") that (i) relates to the business of
the Company or any of the products or services being developed, manufactured or
sold by the Company or which may be used in relation therewith, (ii) results
from tasks assigned to the Executive by the Company or (iii) results from the
use of premises or personal property (whether tangible or intangible) owned,
leased or contracted for by the Company, such Developments and the benefits
thereof are and shall immediately become the sole and absolute property of the
Company and its assigns, as works made for hire or otherwise, and the Executive
shall promptly disclose to the Company (or any persons designated by it) each
such Development and, as may be necessary to ensure the Company's ownership of
such Developments. The Executive hereby assign any rights (including, but not
limited to, any copyrights and trademarks) the Executive may have or acquire in
the Developments and benefits or rights resulting therefrom to the Company and
its assigns without further compensation and shall communicate, without cost or
delay, and without disclosing to others the same, all available information
relating thereto (with all necessary plans and models) to the Company.

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The Executive will, during the term of this Agreement and at
any time thereafter, at the request and cost (including the Executive's
reasonable attorney's fees) of the Company, promptly sign, execute, make and do
all such deeds, documents, acts and things as the Company and, its duly
authorized agents may reasonably require:

	 	(a) 	
      to apply for, obtain, register and vest in the name of
      the Company alone (unless the Company otherwise directs) letters patent,
      copyrights, trademarks or other analogous protection for any Developments
      in any country throughout the world and when so obtained or vested to
      renew and restore the same; and

	 	 	 
	 	(b) 	
      to defend any judicial, opposition or other proceedings
      in respect of such applications and any judicial, opposition or other
      proceedings or petitions or applications for revocation of such letters
      patent, copyright, trademark or other analogous
propose.

In the event the Company is unable, after reasonable effort, to
secure the Executive's signature on any application for letters patent,
copyright or trademark registration or other documents regarding any legal
protection relating to a Development, whether because of the Executive's
physical or mental incapacity or for any other reason whatsoever, the Executive
hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as his respective agent and attorney-in-fact, to act for and
in his behalf and stead to execute and file any such application or applications
or other documents and to do all other lawfully permitted acts to further the
prosecution, and issuance of letters patent, copyright or trademark
registrations or any other legal protection thereon with the same legal force
and effect as if executed by the Executive as applicable.

8.3 Survival of Representations. The obligations
of the Executive set forth in Sections 8.1 and 8.2 will survive termination of
this Agreement.

9. NON-COMPETE; NON-HIRE

9.1 No Competition. The Executive agrees that, in
the event of termination of this Agreement, for a period of one year following
the termination of this Agreement, the Executive will not, without the Company's
consent, directly or alone or as a partner, joint venturer, officer, director
employee, consultant, agent, independent contractor or stockholder or other
owner of any entity or business, engage in any business which is directly
competitive with the business of the Company in any active mineral project in
which the Company is engaged at the date of termination provided, however, that
the ownership by the Executive of not more than five percent (5%) of the shares
of any publicly traded class of stock of any corporation shall not be deemed, in
and of itself, to violate the prohibitions of this Section 9.1.

9.2 No hiring of Employees. The Executive agrees
that, in the event of any termination of this Agreement, for a period of one
year following such termination of this Agreement, the Executive will not,
without the Company’s consent, hire or otherwise employ or retain, or knowingly
permit (to the extent reasonably within his control) any other entity or
business which employs the Executive or in which the Executive has any ownership
interest or is otherwise involved to hire or otherwise employ or retain, any
person who was employed or engaged as a Executive or employee by the Company as
of the date of the termination of this Agreement.

9.3 Common Law. The restrictions in this Section
9, to the extent applicable, shall be in addition to any restrictions imposed
upon the Executive by statute or at common law.

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9.4 Enforceability. The parties hereby
acknowledge that the restrictions in this Section 9 have been specifically
negotiated and agreed to by the parties hereto and are limited only to those
restrictions reasonably necessary to protect the Company from unfair
competition. The parties hereby agree that if the scope or enforceability of any
provision, paragraph or subparagraph of this Section 9 is in any way disputed at
any time, and should a court find that such restrictions are overly broad, the
court may modify and enforce the covenant to the extent that it believes to be
reasonable under the circumstances. Each provision, paragraph and subparagraph
of this Section 9 is separable from every other provision, paragraph and
subparagraph and constitutes a separate and distinct covenant.

9.5 Survival of obligations under this Section.
The obligations and agreements of the Executive set forth in Sections 9.1, 9.2,
9.3 and 9.4 will survive termination of this Agreement for the periods specified
in Sections 9.1 and 9.2.

10. RELIEF

10.1 Remedy for Breach. The Executive hereby
expressly acknowledges that any breach or threatened breach by the Executive of
any of the terms set forth in Section 9 or 10 of this Agreement may result in
significant and continuing injury to the Company, the monetary value of which
would be impossible to establish, and any such breach or threatened breach will
provide the Company with any and all rights and remedies to which it may be
entitled under the law, including but not limited to injunctive relief or other
equitable remedies.

11. PARTIES BENEFITED; ASSIGNMENTS

11.1 Assignment. This Agreement shall be binding
upon, and inure to the benefit of, the Executive, his heirs and his personal
representative or representatives, and upon the Company and its successors and
assigns. Neither this Agreement nor any rights or obligations hereunder may be
assigned by the Executive.

12. NOTICES

12.1 Notices. Any notice required or permitted by
this Agreement shall be in writing, sent by registered or certified mail, return
receipt requested, or by overnight courier, addressed to the Board and the
Company at its then principal office, or to the Executive at the address set
forth in the preamble, as the case may be, or to such other address or addresses
as any party hereto may from time to time specify in writing for the purpose in
a notice given to the other parties in compliance with this Section 12. Notices
shall be deemed given when delivered.

13. GOVERNING LAW

13.1 Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Nevada and
each party hereto adjourns to the jurisdiction of the courts of the State of
Nevada. 

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14. REPRESENTATIONS AND WARRANTIES

14.1 Representations and Warranties of Executive.
The Executive represents and warrants to the Company that (a) the Executive is
under no contractual or other restriction which is inconsistent with the
execution of this Agreement, the performance of his duties hereunder or other
rights of Company hereunder, and (b) the Executive is under no physical or
mental disability that would hinder the performance of his duties under this
Agreement.

15. MISCELLANEOUS

15.1 Entire Agreement. This Agreement contains
the entire agreement of the parties relating to the subject matter hereof. 

15.2 Indemnification. In the event Executive is
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action
by the Company against Executive) (an “Action”), by reason of the fact that he
is or was performing services under this Agreement (except where the Executive
exhibited gross, willful and wanton negligence and misconduct or performed
criminal and fraudulent acts in connection with any Action), then the Company
shall indemnify Executive against all expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement, as actually and reasonably
incurred by Executive in connection therewith to the maximum extent permitted by
applicable law. The advancement of expenses shall be mandatory. Further, while
Executive is expected at all times to use his best efforts to faithfully
discharge his duties under this Agreement, the Executive cannot be held liable
to the Company for errors or omissions made in good faith where Executive has
not exhibited gross, willful and wanton negligence and misconduct or performed
criminal and fraudulent acts which materially damage the business of the
Company.

15.3 Final Agreement. This Agreement supersedes
any prior written or oral agreements or understandings between the parties
relating to the subject matter hereof.

15.4 Amendments. No modification or amendment of
this Agreement shall be valid unless in writing and signed by or on behalf of
the parties hereto.

15.5 Waiver. A waiver of the breach of any term
or condition of this Agreement shall not be deemed to constitute a waiver of any
subsequent breach of the same or any other term or condition. 

15.6 Applicable Law. This Agreement is intended
to be performed in accordance with, and only to the extent permitted by, all
applicable laws, ordinances, rules and regulations. If any provision of this
Agreement, or the application thereof to any person or circumstance, shall, for
any reason and to any extent, be held invalid or unenforceable, such invalidity
and unenforceability shall not affect the remaining provisions hereof and the
application of such provisions to other persons or circumstances, all of which
shall be enforced to the greatest extent permitted by law. 

15.7 Headings. The headings in this Agreement are
inserted for convenience of reference only and shall not be a part of or control
or affect the meaning of any provision hereof.

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15.8 Independent Counsel. The Executive
acknowledges and agrees that O'Neill Law Group PLLC has acted solely as legal
counsel for the Company and that the Executive has been recommended to obtain
independent legal advice prior to execution of this Agreement.

IN WITNESS WHEREOF, the parties have duly executed and
delivered this Agreement as of the date first written above.

	SEARCHLIGHT MINERALS CORP. 		  
	by its authorized signatory: 		  
	 		 
	/s/ Ian McNeil		 
	Signature of Authorized Signatory 		  
	 		 
	Ian McNeil		 
	Name of Authorized Signatory 		  
	 		 
	President		 
	Position of Authorized Signatory 		  
	 		 
	SIGNED, SEALED AND DELIVERED 		  
	BY MELVIN L. WILLIAMS 		  
	in the presence of: 		  
	 		 
	/s/ Cammie Warburton		 
	Signature of Witness 		  
	 		 
	348 Mill Street, Reno, NV, 89501		/s/ Melvin L. Williams
	Address of Witness 		MELVIN L. WILLIAMS

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