Document:

newg_ex101.htm

EXHIBIT 10.1

 

Date of Grant: February 23, 2017

 

NEWGEN BIOPHARMA CORP.

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made effective as of February 23, 2017, by and between NewGen BioPharma Corp., a Nevada corporation (the “Company”) and Navdeep Jaikaria (“Director”).

 

RECITALS

 

WHEREAS, on January 10, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NewGen BioPharma Corporation, a New Jersey corporation (“NewGen New Jersey”), and NewGen Merger Sub Inc., a New Jersey corporation and wholly owned subsidiary of the Company, pursuant to which the Company agreed to issue forty million (40,000,000) shares of its common stock to the shareholders of NewGen New Jersey in exchange for the Company’s acquisition of all the issued and outstanding stock of NewGen New Jersey (the “Merger”); 

 

WHEREAS, Director is the Founder, Chairman, President and CEO and approximately thirty eight percent (38%) owner of NewGen New Jersey;

 

WHEREAS, in connection with and in furtherance of the Merger, Director agreed to serve as a member of the board of directors of the Company (the “Board”) prior to the closing of the Merger as contemplated under the terms of the Merger Agreement (the “Closing”), and was elected by the Board to serve as a director effective January 26, 2017; 

 

WHEREAS, as a good faith gesture for Director’s willingness to serve on the Board prior to the Closing, and for Director’s services rendered for and on behalf of the Company, the Company wishes to advance to Director substantially all of the restricted shares of common stock issuable to Director upon the Closing; 

 

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Award of Restricted Stock. As an advance against shares of the Company’s common stock issuable to Director upon the Closing, the Company hereby awards and issues to Director, in the manner and subject to the conditions hereinafter provided, eleven million (11,000,000) shares of the Company’s common stock, par value $0.001 per share (the “Restricted Stock”). As used in this Agreement, the term “Restricted Stock” refers to the stock granted under this Agreement and includes all securities received (a) in replacement of the Restricted Stock, (b) as a result of stock dividends or stock splits in respect of the Restricted Stock, and (c) in replacement of the Restricted Stock in a recapitalization, merger, reorganization or the like. 

 

The award and issuance of the Restricted Stock is specifically conditioned upon Director’s compliance with the terms and conditions set forth herein.

 

2. Vesting of Restricted Stock; Delivery of Certificates.

 

2.1 Vesting. Director’s right to unrestricted ownership in the Restricted Stock under this Agreement shall vest upon the Closing. In the event the Closing does not occur, the Restricted Stock shall be forfeited in its entirety, and Director shall have no ownership interest with respect thereto. 

 

	 
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2.2 Deliveries by the Company. A certificate evidencing the Restricted Stock shall be issued by the Company in Director’s name, pursuant to which Director shall have no voting rights until the Restricted Stock vests. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares under this Agreement may be postponed for such period as may be required to comply with applicable requirements of any national securities exchange or any requirements under any federal or state securities law or regulation. The Company shall not be obligated to (a) issue or deliver any Restricted Stock if the issuance or delivery thereof shall constitute a violation of any provision of any law or regulation of any governmental authority or any national securities exchange, (b) qualify the issuance of the Restricted Stock in any jurisdiction, or (c) register the shares of Restricted Stock with the Securities and Exchange Commission.

 

3. Advance Against Merger Consideration Issuable to Director. The issuance of the Restricted Stock hereunder shall constitute an advance against the shares of common stock of the Company issuable to Director upon the Closing under the Merger Agreement. Upon the Closing, the number of shares of common stock of the Company issuable to Director pursuant to the terms of the Merger Agreement shall be reduced by the number of shares of Restricted Stock granted pursuant to this Agreement. 

 

4. Adjustments. Should any change be made to the common stock of the Company by reason of any stock split, reverse stock split, stock dividend, combination of shares, exchange of shares or other change affecting the outstanding common stock as a class without the Company’s receipt of consideration, the Company shall make appropriate adjustments to the number and/or class of securities in effect under this Agreement in order to prevent the dilution or enlargement of benefits thereunder; provided, however, that the number of shares subject to this Agreement shall always be a whole number, and the Company shall make such adjustments as are necessary to insure that the Restricted Stock awarded by this Agreement is set as whole shares.

 

5. Reservation of Shares. The Company agrees that prior to the issuance of the Restricted Stock represented by this Agreement, there shall be reserved for issuance such number of the Company’s authorized and unissued shares as shall be necessary to satisfy the terms and conditions of this Agreement.

 

6. Director Representations.

 

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

 

6.2 Information and Sophistication. Director hereby: (i) acknowledges that he has received all the information he has requested from the Company and that he considers necessary or appropriate for deciding whether to acquire the Restricted Stock, (ii) represents that he has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Restricted Stock, and to obtain any additional information necessary to verify the accuracy of such information, and (iii) further represents that he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risk of this investment.

 

6.3 Ability to Bear Economic Risk. Director acknowledges that his investment in the Restricted Stock involves a high degree of risk, and represents that he is able, without materially impairing his financial condition, to hold the Restricted Stock for an indefinite period of time, and to suffer a complete loss of his investment.

 

6.4 Further Assurances. Director agrees and covenants that at any time and from time to time, he will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in order to carry out the full intent and purpose of this Agreement and to comply with state or federal Restricted Stock laws or other regulatory approvals.

 

	 
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7. Securities Law and Other Regulatory Compliance. The Company shall not be obligated to issue any Restricted Stock with respect to this Agreement unless such shares are at that time effectively registered or exempt from registration under the federal securities laws, and the offer, sale and issuance of the shares are otherwise in compliance with all applicable securities laws. Director may be required to furnish representations or undertakings deemed appropriate by the Company to enable the offer, sale and issuance of the shares or subsequent transfers of any interest therein to comply with applicable securities laws. Evidences of ownership of shares acquired with respect to this Agreement shall bear any legend required by, or useful for purposes of compliance with, applicable securities laws or the provisions of this Agreement.

 

8. Restricted Securities. Director understands that the shares of Restricted Stock are characterized as “restricted securities” under the Securities Act of 1933, as amended (the “Securities Act”), inasmuch as they are being acquired from the Company in a transaction not involving a public offering, and that under the Securities Act and applicable regulations thereunder, such securities may be resold without registration under the Securities Act only in certain limited circumstances. Accordingly, the Restricted Stock, absent an effective registration statement, can only be sold pursuant to an exemption from registration, such as Rule 701 or Rule 144 of the Securities Act. Director understands that the Company is under no obligation to register any of the securities issued hereunder.

 

9. Restrictive Legends and Stop-Transfer Orders.

 

9.1 Legends. Director understands and agrees that the Company will place the legends set forth below, or similar legends, on any stock certificate(s) evidencing the Restricted Stock, together with any other legends which may be required by applicable state or federal securities laws, the Company’s Articles of Incorporation or Bylaws, any other agreement between Director and the Company, or any agreement between Director and any third party:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT.

 

9.2 Stop-Transfer Instructions. Director agrees that, in order to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

9.3 Refusal to Transfer. The Company will not be required to (i) transfer on its books any Restricted Stock that has been sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) treat as the owner of such Restricted Stock, or accord the right to vote or pay dividends to, any purchaser or other transferee to whom such Restricted Stock has been so transferred in violation of this Agreement.

 

10. Attorneys’ Fees. In the event of any litigation, arbitration, or other proceeding arising out of this Agreement, the prevailing party shall be entitled to an award of costs, including an award of reasonable attorneys’ fees. Any judgment, order, or award entered in any such proceeding shall designate a specific sum as an award of attorneys’ fees and costs incurred. This attorneys’ fee provision is intended to be severable from the other provisions of this Agreement, shall survive any judgment or order entered in any proceeding arising hereunder, and shall not be deemed merged into any such judgment or order, so that such further fees and costs as may be incurred in the enforcement of an award or judgment or in defending it on appeal shall likewise be recoverable by further order of a court or panel or in a separate action, as may be appropriate.

 

	 
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11. Miscellaneous Provisions.

 

13.1 Notice. All notices to be given by either party to the other shall be in writing and may be transmitted by personal delivery, facsimile transmission, overnight courier or mail, registered or certified, postage prepaid with return receipt requested; provided, however, that notices of change of address or telephone or facsimile number shall be effective only upon actual receipt by the other party. Notices shall be delivered at the following addresses, unless changed as provided for herein.

 

	
 
	
To Director: 
	
Navdeep Jaikaria

210 Jacobs Creek Road

Titusville, New Jersey 08560

Phone: (609) 303-0474

	
 
	
 
	
 

	
 
	
To the Company:
	
NewGen BioPharma Corp.

506 2nd Avenue, Suite 1400

Seattle, Washington 98104

Attn: Bradford Long

Phone: (855) 624-4793

 

13.2 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with regard to the subject matter hereof. The terms of this Agreement shall supersede any and all other agreements, representations or understandings (whether oral or written, and whether express or implied) relating to the subject matter hereof.

 

13.3 Severability; Conflicts. Should any provision of this Agreement be held to be invalid or illegal, such illegality shall not invalidate the entirety of the Agreement, but, rather, the Agreement shall be construed as if it did not contain the invalid or illegal provision, or narrowed to permit its enforcement, and the rights and obligations of the parties shall be construed and enforced accordingly.

 

13.4 Choice of Law; Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, as such laws are applied to contracts entered into and performed in such state. Any action brought in connection with this Agreement shall be subject the exclusive jurisdiction of the state and federal courts sitting in Nevada in any action on a claim arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement.

 

13.5 Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective heirs, executors, and successors.

 

13.6 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which when taken together shall constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank – Signature Page Follows]

 

	 
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IN WITNESS WHEREOF, the parties have executed this Restricted Stock Award Agreement, effective as of the date first written above. 

 

	 	NEWGEN BIOPHARMA CORP.	
	 	 	 	 
		By:	/s/ Bradford Long 	
	
 
	Name: Bradford Long	 
	 	Title: President	 
	 	 	 	 
	
 
	
DIRECTOR:
	
 

	
 
	
 
	
 
	
 

	
 
	
/s/ Navdeep Jaikaria
	
 

	
 
	
Navdeep Jaikaria 
	
 

 

 

	
5EXHIBIT 4. (aa)

 

SECOND SUPPLEMENTAL INDENTURE

BETWEEN

AMERICAN EXPRESS CREDIT CORPORATION

AND

THE BANK OF NEW YORK MELLON,

 formerly known as The Bank of New York

DATED AS OF NOVEMBER 30, 2016

0.625% SENIOR NOTES DUE 2021

	
Table of Contents

	 	 	 	 
	 	 	 	
Page

	 	 	
ARTICLE I

	 
	 	 	
DEFINITIONS

	 
	
Section 1.1

	 	
Definition of Terms

	
2

	 	 	 	 
	 	 	
ARTICLE II

	 
	 	 	
AMENDMENT TO THE FIRST SUPPLEMENTAL INDENTURE

	 
	
Section 2.1

	 	
Optional Redemption by the Company

	
3

	 	 	 	 
	 	 	
ARTICLE III

	 
	 	 	
MISCELLENEOUS

	 
	
Section 3.1

	 	
Ratification of Indenture

	
4

	
Section 3.2

	 	
Multiple Trustees

	
4

	
Section 3.3

	 	
Trustee Not Responsible for Recitals

	
4

	
Section 3.4

	 	
Governing Law

	
4

	
Section 3.5

	 	
Severability

	
4

	
Section 3.6

	 	
Counterparts

	
4

	
Section 3.7

	 	
Successors and Assigns

	
4

	
Section 3.8

	 	
Trustee

	
5

	 	 	 	 
	 	 	
ARTICLE IV

	 
	 	 	
TRUSTEE

	 
	
Section 4.1

	 	
Force Majeure

	
5

	
Section 4.2

	 	
Waiver of Jury Trial

	
5

	
Section 4.3

	 	
Liability

	
5

Table of Contents

 

SECOND SUPPLEMENTAL INDENTURE, dated as of November 30, 2016 (this “SECOND SUPPLEMENTAL INDENTURE”), between AMERICAN EXPRESS CREDIT CORPORATION, a Delaware corporation (the “COMPANY”), having its principal executive office at 200 Vesey Street, New York, New York 10285, and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York), a New York banking corporation, as trustee (the “TRUSTEE”), having its principal corporate trust office at 101 Barclay Street, New York, New York 10286, supplementing the Indenture, dated as of June 9, 2006, between the Company and the Trustee (the “BASE INDENTURE”) as supplemented by the First Supplemental Indenture, dated as of November 22, 2016 (the “FIRST SUPPLEMENTAL INDENTURE” and, together with the Base Indenture as supplemented by the First Supplemental Indenture and this second Supplemental Indenture and as further amended and supplemented from time to time, the “INDENTURE”)

WHEREAS, the Company executed and delivered the Base Indenture to provide for the issuance from time to time of its notes, debentures, bonds or other evidences of indebtedness (hereinafter generally called the “SECURITIES,” and individually, a “SECURITY”) to be issued in one or more series as may be determined by the Company under the Base Indenture from time to time, in an unlimited aggregate principal amount, which may be authenticated and delivered as provided in the Base Indenture;

WHEREAS, the Company executed and delivered the First Supplemental Indenture, providing for the establishment of a new series of Securities known as the “0.625% Senior Notes due 2021” (the “Notes”);

WHEREAS, the First Supplemental Indenture provides that the Company may, without the consent of any Holder of Notes, amend the First Supplemental Indenture in accordance with the provisions contained in Article Eleven of the Base Indenture;

WHEREAS, Section 11.01(e) of Article Eleven of the Base Indenture provides that without the consent of any Holder of the Notes, the Company, when authorized by or pursuant to the authority granted in a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental thereto, in form satisfactory to the Trustee, to make any provisions with respect to matters or questions arising under the Indenture that shall not adversely affect the interests of the Holders in any material respect;

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture;

WHEREAS, this Second Supplemental Indenture has been authorized by a Board Resolution and will not adversely affect the rights of any Holder in any material respect; and

WHEREAS, all requirements necessary to make this Second Supplemental Indenture a valid instrument in accordance with its terms have been performed, and the execution and delivery of this Second Supplemental Indenture have been duly authorized in all respects.

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:

Page 1 of 6

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ARTICLE I

DEFINITIONS

Section 1.1 Definition of Terms.

Unless the context otherwise requires:

		(a)	
a term not defined herein that is defined in the Base Indenture has the same meaning when used in this Second Supplemental Indenture;

		(b)	
a term not defined herein that is defined in the First Supplemental Indenture has the same meaning when used in this Second Supplemental Indenture;

		(c)	
a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout;

		(d)	
the singular includes the plural and vice versa;

		(e)	
unless otherwise specified, any reference to a Section or Article is to a Section or Article of this Second Supplemental Indenture;

		(f)	
headings are for convenience of reference only and do not affect interpretation; and

		(g)	
the following terms have the following meanings:

“BASE INDENTURE” has the meaning set forth in the Recitals.

“BUSINESS DAY” means each Monday, Tuesday, Wednesday, Thursday or Friday (i) that is not a day on which banking institutions in the City of New York or the City of London are authorized or obligated by law or executive order to close and (ii) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system, or the TARGET2 system, or any successor thereto, operates.

“COMPANY” has the meaning set forth in the Recitals.

“COMPARABLE GOVERNMENT BOND” has the meaning set forth in Section 2.1.

“COMPARABLE GOVERNMENT BOND RATE” has the meaning set forth in Section 2.1.

“FEDERAL REPUBLIC OF GERMANY OBLIGATION” means any security that is (i) a direct obligation of the Federal Republic of Germany for the payment of which the full faith and credit of the Federal Republic of Germany is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the Federal Republic of Germany the payment of which is unconditionally guaranteed as a full faith and credit obligation by the Federal Republic of Germany, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof.

“FIRST SUPPLEMENTAL INDENTURE” has the meaning set forth in the Recitals.

“INDENTURE” has the meaning set forth in the Recitals.

“NOTES” has the meaning set forth in the Recitals.

“REDEMPTION DATE” has the meaning set forth in Section 2.1.

“SECOND SUPPLEMENTAL INDENTURE” has the meaning set forth in the Recitals.

“SECURITIES” or “SECURITY” has the meaning set forth in the Recitals.

“TARGET2 SYSTEM” means the Trans-European Automated Real-time Gross Settlement Express Transfer system or any successor thereto.

“TRUSTEE” has the meaning set forth in the Recitals.

 

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ARTICLE II

AMENDMENT TO THE FIRST SUPPLEMENTAL INDENTURE

Section 2.1 Optional Redemption by the Company

Section 2.7(a) of the First Supplemental Indenture is hereby amended and restated in its entirety as follows:

“On or after May 30, 2017 and prior to October 22, 2021, on at least thirty (30) days and no more than sixty (60) days prior written notice, the Notes may be redeemed, in whole or in part, at the option of the Company, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal thereof to be redeemed and interest thereon that would be due after the related date fixed for redemption (any such date fixed pursuant to this Section 2.7, a “REDEMPTION DATE”) but for such redemption (exclusive of interest accrued to the Redemption Date), discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)), at the applicable Comparable Government Bond Rate plus 20 basis points, together, in each case, with any accrued and unpaid interest thereon to, but excluding, the Redemption Date; provided, however, that if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced (solely for the purpose of this calculation) by the amount of interest accrued thereon to such Redemption Date. The Company will calculate the Redemption Price, which calculation will be binding and conclusive absent manifest error. For purposes of this section, the term “COMPARABLE GOVERNMENT BOND RATE” means, with respect to any Redemption Date, the rate per annum equal to the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third Business Day prior to the Redemption Date, of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank selected by the Company, and the term “COMPARABLE GOVERNMENT BOND” means, in relation to any Comparable Government Bond Rate calculation, a bond that is a direct obligation of the Federal Republic of Germany (“German Government Bond”) (Bundesanleihe) selected by an independent investment bank as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed or such other German Government Bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German Government Bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate.”

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ARTICLE III

MISCELLANEOUS

Section 3.1 Ratification of Indenture.

The Base Indenture, as supplemented and amended by the First Supplemental Indenture and this Second Supplemental Indenture, is ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture, as supplemented by the First Supplemental Indenture, with respect to the Notes in the manner and to the extent herein and therein provided.  The amendments to the Base Indenture, as supplemented by the First Supplemental Indenture, set forth in this Second Supplemental Indenture apply solely to the Notes and not to any other series of Securities that may be issued under the Base Indenture.  If any provision of this Second Supplemental Indenture is inconsistent with a provision of the Base Indenture, as supplemented by the First Supplemental Indenture, the terms of this Second Supplemental Indenture shall control.

Section 3.2 Multiple Trustees.

The obligations of the Trustee hereunder are in addition to (and not in lieu of) the obligations under the Base Indenture of the Trustee (as defined therein) thereunder.

Section 3.3 Trustee Not Responsible for Recitals.

The recitals contained herein are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture.

Section 3.4 Governing Law.

This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

Section 3.5 Severability.

In case any one or more of the provisions contained in this Second Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second Supplemental Indenture, but this Second Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein.

Section 3.6 Counterparts.

This Second Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

Section 3.7 Successors and Assigns.

All covenants and agreements in the Indenture by the Company shall bind its successors and assigns, whether expressed or not. The Company will have the right at all times to assign any of its respective rights or obligations under the Indenture to a direct or indirect wholly-owned Subsidiary of the Company; provided that, in the event of any such assignment, the Company will remain liable for all of its respective obligations. Subject to the foregoing, the Indenture will be binding upon and inure to the benefit of the parties thereto and their respective successors and assigns. The Indenture may not otherwise be assigned by the parties thereto.

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Section 3.8 Trustee.

In connection with acting hereunder, the Trustee is entitled to all rights, privileges, protections, immunities, benefits and indemnities provided to the Trustee under the Base Indenture.

ARTICLE IV

TRUSTEE

Section 4.1 Force Majeure.

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 4.2 Waiver of Jury Trial.

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

Section 4.3 Liability.

In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the day and year first above written.

AMERICAN EXPRESS CREDIT CORPORATION

     By:  /s/ Anderson Y. Lee

Name: Anderson Y. Lee

 Title:   Chief Financial Officer

 

 

THE BANK OF NEW YORK MELLON

as Trustee

By: /s/ Lawrence J. O’Brien

Name: Lawrence J. O’Brien

 Title: Vice President

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