Document:

exhibit4.htm

    

      Exhibit
4

      

      

      UBS
Reference No. _______________

      

      

      

      

      

      

      

      

      

      STOCK
PURCHASE AGREEMENT

      

      

      

      dated as
of

      

      

      

      March 15,
2010

      

      

      

      

      

      Between

      

      

      

      

      

      Starr
International Company, Inc.

      

      

      

      and

      

      

      

      UBS
SECURITIES LLC

      

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            TABLE OF
CONTENTS

          

        

      

      

      
        
          	
                   

                  ARTICLE
      1  Definitions

                	 
      
	
                	
                
	
                  Section
      1.1.  Definitions

                	
                  .................................................1

                
	
                	
                
	
                   

                  ARTICLE
      2  Sale and Purchase

                	 
      
	
                	
                
	
                  Section
      2.1.  Sale and
      Purchase

                	
                  .................................................4

                
	
                	
                
	
                  Section
      2.2.  Payment
      and Terms

                	
                  .................................................4

                
	
                	
                
	
                  Section
      2.3.  Cash
      Settlement Option

                	
                  .................................................6

                
	
                	
                
	
                  Section
      2.4.  Early
      Termination

                	
                  .................................................6

                
	
                	
                
	
                  Section
      2.5.  Transactions Involving Common
      Stock

                	
                  .................................................6

                
	
                	
                
	
                  Section
      2.6.  Related
      Compensation

                	
                  .................................................6

                
	
                	
                
	
                   

                  ARTICLE
      3  Representations and Warranties of Seller

                	 
      
	
                	
                
	
                  Section
      3.1.  Representations and Warranties
      of Seller

                	
                  ................................................6

                
	
                	
                
	
                   

                  ARTICLE
      4  Representations and Warranties of Buyer

                	 
      
	
                	
                
	
                  Section
      4.1.  Representations and Warranties
      of Buyer

                	
                  ................................................7

                
	
                	
                
	
                   

                  ARTICLE
      5 Conditions to Buyer’s Obligations

                	 
      
	
                	
                
	
                  Section
      5.1.  Conditions

                	
                  ................................................8

                
	
                	
                
	
                   

                  ARTICLE
      6  Covenants

                	 
      
	
                	
                
	
                  Section
      6.1.  Taxes

                	
                  ................................................8

                
	
                	
                
	
                  Section
      6.2.  Forward
      Contract

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.3.  Notices

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.4.  Further
      Assurances

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.5.  Intentionally
      Omitted

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.6.  No Sales
      of Common Stock

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.7.  Securities
      Contract

                	
                  ................................................9

                
	
                	
                
	
                  Section
      6.8.  SEC
      Filings

                	
                  ................................................9

                
	
                	
                
	
                  Section 6.9.  Material Non-public
      Information

                	
                  ................................................9

                
	
                	
                
	
                   

                  ARTICLE
      7  Adjustments

                	 
      
	
                	
                
	
                  Section
      7.1.  Dilution
      Adjustments

                	
                  ................................................10

                
	
                	
                
	
                  Section
      7.2.  Merger
      Events, Tender Offer Events Nationalization, or
      Insolvency

                	
                  ................................................10

                
	
                	
                
	
                  Section
      7.3.  Payments
      on Termination

                	
                  ................................................11

                
	
                	
                
	
                  Section 7.4. Cash
      Dividends

                	
                  ................................................11

                
	
                	
                
	
                  Section
      7.5.  Spin-offs

                	
                  ................................................12

                
	
                	
                
	
                  Section 7.6. Miscellaneous

                	
                  ................................................12

                
	
                	
                
	
                   

                  ARTICLE
      8  Acceleration

                	 
      
	
                	
                
	
                  Section
      8.1.  Acceleration

                	
                  ................................................13

                
	
                	
                
	
                   

                  ARTICLE
      9  Miscellaneous

                	 
      
	
                	
                
	
                  Section
      9.1.  Notices

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.2.  Governing Law; Severability;
      Submission to Jurisdiction; Waiver of Jury Trial

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.3.  Service
      of Process

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.4.  Entire
      Agreement

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.5.  Amendments,
      Waivers

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.6.  No Third
      Party Rights, Successors and Assigns

                	
                  ................................................14

                
	
                	
                
	
                  Section
      9.7.  Assignment

                	
                  ................................................15

                
	
                	
                
	
                  Section
      9.8.  Counterparts

                	
                  ................................................15

                
	
                	
                

        

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      STOCK
PURCHASE AGREEMENT

      

      

      THIS
AGREEMENT is made as of March 15, 2010 between the Seller (as defined herein)
and UBS SECURITIES LLC, a Delaware limited liability company (“Buyer”).

      

      WHEREAS,
Seller owns shares of common stock (the “Common Stock”) of the Company
(as defined herein), or security entitlements in respect thereof;

      

      WHEREAS,
Seller has agreed, pursuant to the Pledge Agreement (as defined herein) to grant
Buyer a security interest in certain Common Stock to secure the obligations of
Seller hereunder;

      

      WHEREAS,
Seller and Buyer are willing to sell and purchase such shares of Common Stock,
or security entitlements in respect thereof at the time and on the terms set
forth herein;

      

      NOW,
THEREFORE, in consideration of their mutual covenants herein contained, the
parties hereto, intending to be legally bound, hereby mutually covenant and
agree as follows:

      

      ARTICLE
1

      Definitions

      

      Section 1.1. Definitions. .As used herein,
the following words and phrases shall have the following meanings:

      

      “Acceleration Amount” has the
meaning provided in Section 8.1.

      

      “Acceleration Amount Notice”
has the meaning provided in Section 8.1.

      

      “Acceleration Date” has the
meaning provided in Section 8.1.

      

      “Acceleration Value” has the
meaning provided in Section 8.1.

      

      “Bankruptcy Code” has the
meaning provided in Section 6.7.

      

      “Base Amount” means the maximum
number of shares of Common Stock that Seller agrees to sell, and Buyer agrees to
purchase, pursuant to this Agreement, and shall equal the number of shares of
Common Stock sold in Initial Short Sales pursuant to Section 2.2(b). The Base
Amount shall be subject to adjustment in connection with Potential Adjustment
Events and Merger Events as provided in Article 7.

      

      “Bloomberg Screen Volume at Price
Page” shall mean the display designated as page “AIG Equity AQR” on the
Bloomberg Financial Service or such page as may replace the Volume at Price page
on that service for the purpose of displaying daily volume and volume-weighted
trading prices of equity securities during the normal trading hours of 9:30 a.m.
to 4:00 p.m., New York Time or, if such service does not then publish daily
volume and volume-weighted trading prices of the Common Stock, such other page
and services selected by the Buyer that reports daily volume and weighted
trading prices of the Common Stock.

      

      “Business Day” means any day on
which commercial banks are open for business in New York City and the New York
Stock Exchange is not closed.

      

      “Cap Level” has the meaning
provided in Section 2.2(d). The Cap Level shall be subject to adjustment in
connection with Potential Adjustment Events and Merger Events as provided in
Article 7.

      

      “Cash Dividend” means any cash
dividend paid in respect of shares of Common Stock by the Company.

      

      “Cash Settlement Amount” means
an amount of cash equal to the product of the Settlement Price and the number of
shares of Common Stock (or security entitlements in respect thereof) required to
be delivered (but for Section 2.3) pursuant to Section 2.2(e) on the Settlement
Date.

      

      “Closing Price” means, for any
security for any Trading Day (the “Reference Date”), (i) the last reported
executed trade price (regular way) of such security on the principal trading
market for such security on the Reference Date; (ii) if no regular way executed
trade price for such security is reported on the principal trading market for
such security on the Reference Date, the average of the closing bid and offered
prices for such security as reported by the principal trading market for such
security on the Reference Date; (iii) if no regular way executed trade price or
closing bid and offered prices

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      for such
security are reported on the principal trading market for such security on the
Reference Date, the Closing Price (as determined in accordance with clause (i)
or (ii)) for the next succeeding Trading Day (if any) within the two scheduled
Trading Days immediately succeeding the Reference Date on which the Closing
Price may be so determined; or (iv) if the Closing Price may not be determined
in accordance with clause (i) or (ii) on either of such two immediately
succeeding Trading Days, the price determined in good faith by Buyer to be the
fair market price of such security as of the close of business on the Reference
Date; provided that if such security is no longer listed or admitted to trading
on any exchange or in the over-the-counter market on the Reference Date, the
Closing Price shall be the average of the closing bid and offered prices for the
Reference Date as furnished by a member firm of the most recent principal
trading market for such security. The Closing Price shall be subject to
adjustment in certain events as provided in Article 7.

      

      “Collateral” has the meaning
provided in the Pledge Agreement.

      

      “Collateral Agent” has the
meaning provided in the Pledge Agreement.

      

      “Company” means American
International Group, Inc., a Delaware corporation.

      

      “Dividend Interest Period”
means:

       

      
        	
                 
      

              	
                (a)

              	
                For
      a Cash Dividend that is paid on or prior to
      the Maturity Date, the period from, and including, the date that such Cash
      Dividend is paid to holders of Common Stock generally to, but excluding,
      the Maturity Date; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                For
      a Cash Dividend that is scheduled to be paid after the Maturity Date, the
      period from, and including, the Maturity Date to, but excluding, the
      scheduled payment date for such Cash
Dividend.

              

      

      

      “Dividend Period” means the
period after the Trade Date and on or before the Maturity Date.

      

      “Event of Default” has the
meaning provided in Section 8.1.

      

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

      

      “Floor Level” has the meaning
provided in Section 2.2(d). The Floor Level shall be subject to adjustment in
connection with Potential Adjustment Events and Merger Events as provided in
Article 7.

      

      “Hedging Period” has the
meaning provided in Section 2.2(b).

      

      “Initial Share Price” has the
meaning provided in Section 2.2(d).

      

      “Initial Short Position” has
the meaning provided in Section 2.2(d).

      

      "Initial Short Sales" has the
meaning provided in Section 2.2(b).

      

      “Initial Stock Loan Rate” means
zero (0) basis points.

      

                    
 “Interpretive
Letter” means the interpretive letter from the SEC to Goldman, Sachs
& Co. dated December 20, 1999.

      

      “Insolvency” has the meaning
provided in Section 7.2(c).

      

      “Lien” means any lien,
mortgage, security interest, pledge, charge or encumbrance of any
kind.

      

      “Market Value” means, as of any
date with respect to any share of Common Stock, the Closing Price per share of
Common Stock for the Trading Day prior to such date.

      

      “Maturity Date” has the meaning
provided in Section 2.2(d).

      

      “Merger Date” has the meaning
provided in Section 7.2.

      

      “Merger Event” has the meaning
provided in Section 7.2.

      

      “Nationalization” has the
meaning provided in Section 7.2(c).

      

      “Net Future Value”
means:

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

       

      
        	
                 
      

              	
                (a)

              	
                with
      respect to a Cash Dividend that is paid on or prior to
      the Maturity Date, a number determined as
  follows:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Multiply the
      Relevant Rate by a fraction, the numerator of which is the actual number
      of days during the Dividend Interest Period and the denominator of which
      is 360;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Add the product
      from clause (i) to the number 1 (e.g., if the
      product from clause (i) were 0.50, the result in this clause (ii) would be
      1.50); and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                Multiply the
      Cash Dividend per share of Common Stock by the amount determined in clause
      (ii);

              

      

       

      
        	
                 
      

              	
                (b)

              	
                with
      respect to a Cash Dividend that is scheduled to be paid after the
      Maturity Date, a number determined by performing the same two calculations
      as in clauses (a)(i) and (ii) but then dividing
      (rather than multiplying) the Cash Dividend per share of Common Stock by
      the amount so determined.

              

      

      

      “Notice Date” has the meaning
provided in Section 2.2(c).

      

      “Payment Date” has the meaning
provided in Section 2.2(d).

      

      “Person” means an individual, a
corporation, a partnership, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or
instrumentality thereof.

      

      “Pledge Agreement” means the
Pledge Agreement dated as of the date hereof among Seller, Buyer, the Securities
Intermediary and the Collateral Agent, as amended from time to
time.

      

      “Potential Adjustment Event”
has the meaning provided in Section 7.1.

      

      “Pricing Schedule” has the
meaning provided in Section 2.2(c).

      

      “Relevant Rate” means the zero
coupon rate with a maturity equal to the actual number of days during the
Dividend Interest Period as determined by Buyer in a commercially reasonable
manner from the mid-market U.S. Dollar swap curve.

      

      “Rule 144” means Rule 144 under
the Securities Act.

      

      “SEC” means the Securities and
Exchange Commission.

      

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

      

      “Securities Intermediary” has
the meaning provided in the Pledge Agreement.

      

      “Seller” means Starr
International Company, Inc., a Panamanian corporation.

      

      “Settlement Date” means the
third Business Day immediately following the Maturity Date.

      

      “Settlement Price” means the
arithmetic mean of the daily volume weighted average price per share of Common
Stock over the five (5) Business Day period ending on, and including, the
Maturity Date, determined by Buyer with reference to the Bloomberg Screen Volume
at Price Page.

      

      “Settlement Ratio” has the
meaning provided in Section 2.2(f).

      

      “Spin-off” means a distribution
to holders of the Common Stock of ordinary or common shares of a subsidiary of
the Company that are, or that as of the ex-dividend date of such distribution
are scheduled promptly to be, (a) publicly quoted, traded, or listed on an
exchange or quotation system in the United States and (b) not subject to any
currency exchange controls, trading restrictions or other trading
limitations.

      

      “Spin-off Share” means a share
distributed as part of a Spin-off.

      

      “Stock Basket” has the meaning
provided in Section 7.5.

      

      “Tender Offer Date” has the
meaning provided in Section 7.2.

       

      “Tender Offer Event” has the
meaning provided in Section 7.2.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      “Termination Amount” has the
meaning provided in Section 7.3.

      

      “Termination Amount Notice” has
the meaning provided in Section 7.3.

      

      “Termination Date” has the
meaning provided in Section 7.3.

      

      “Terms of Sale” has the meaning
provided in Section 2.2(b).

      

      “Trading Day” means, with
respect to any security, a day on which the principal trading market for such
security is open for trading or quotation.

      

      “Transfer Restriction” means,
with respect to any share of Common Stock (or security entitlements in respect
thereof) or other item of collateral pledged under the Pledge Agreement, any
condition to or restriction on the ability of the holder thereof to sell, assign
or otherwise transfer such share of Common Stock (or security entitlements in
respect thereof) or other item of collateral or to enforce the provisions
thereof or of any document related thereto whether set forth in such item of
Collateral itself or in any document related thereto, including, without
limitation, (i) any requirement that any sale, assignment or other transfer or
enforcement of such share of Common Stock (or security entitlements in respect
thereof) or other item of collateral be consented to or approved by any Person,
including, without limitation, the issuer thereof or any other obligor thereon,
(ii) any limitations on the type or status, financial or otherwise, of any
buyer, pledgee, assignee or transferee of such share of Common Stock (or
security entitlements in respect thereof) or other item of collateral, (iii) any
requirement of the delivery of any certificate, consent, agreement, opinion of
counsel, notice or any other document of any Person to the issuer of, any other
obligor on or any registrar or transfer agent for, such share of Common Stock
(or security entitlements in respect thereof) or other item of collateral, prior
to the sale, pledge, assignment or other transfer or enforcement of such share
of Common Stock (or security entitlements in respect thereof) or other item of
collateral and (iv) any registration or qualification requirement or prospectus
delivery requirement for such share of Common Stock (or security entitlements in
respect thereof) or other item of collateral pursuant to any federal, state or
foreign securities law (including, without limitation, any such requirement
arising as a result of Rule 144 or Rule 145 under the Securities Act); provided
that the required delivery of any assignment, instruction or entitlement order
from the seller, pledgor, assignor or transferor of such share of Common Stock
(or security entitlements in respect thereof) or other item of collateral,
together with any evidence of the corporate or other authority of such Person,
shall not constitute a “Transfer
Restriction”.

      

      “Unrestricted Stock” means
Common Stock (or security entitlements in respect thereof) that is not subject
to any Transfer Restriction in the hands of Seller immediately prior to delivery
to Buyer (other than any Transfer Restriction referred to in clause (iv) of the
definition of Transfer Restriction arising as a result of the fact that Seller
may be considered an affiliate (as such term is defined in Rule 144) of the
Company or that the Common Stock may be considered restricted securities (as
such term is defined in Rule 144)) and would not be subject to any Transfer
Restriction in the hands of Buyer upon delivery to Buyer.

      

      “Upfront Proceeds” has the
meaning provided in Section 2.2(d).

      

      ARTICLE
2

      Sale
and Purchase

      

      Section 2.1. Sale and Purchase. Upon the
terms and subject to the conditions of this Agreement, Seller agrees to sell to
Buyer, and Buyer agrees to purchase and acquire from Seller, the number of
shares of Common Stock (or security entitlements in respect thereof) equal to
the product of the Base Amount and the Settlement Ratio.

      

      Section 2.2. Payment
and Terms of Sale.

      

      (a) Payment.
Upon the terms and subject to the conditions of this Agreement, Buyer shall
deliver to Seller the Upfront Proceeds on the Payment Date at the offices of
Buyer, 677 Washington Blvd., Stamford, CT 06901, or at such other place as shall
be agreed upon by Buyer and Seller, paid by certified or official bank check or
checks duly endorsed to, or payable to the order of, Seller, or by wire transfer
to an account designated by Seller, in New York Clearing House
Funds.

      

      (b) Establishing the
Terms of Sale.
Buyer shall determine the Upfront Proceeds, the Payment Date, the Base
Amount, the Initial Share Price, the Floor Level, the Cap Level and the Maturity
Date (collectively, the “Terms
of Sale”) based on the amounts and prices at which and dates on which it
effects short sales (the “Initial Short Sales”) of
shares of Common
Stock in establishing Buyer’s Initial Short Position (the dates on which such
short sales are effected being collectively referred to as the “Hedging Period”) and otherwise
in accordance with the respective formulas for such Terms of Sale set forth
below; provided that,
if at any time after the date hereof Seller becomes aware of any material
non-public 

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      information
regarding the Company, Seller shall immediately notify Buyer that it cannot make
the representation and warranty set forth in Section 3.1(k) and shall direct
Buyer immediately to cease effecting any further hedging activities related to
the Common Stock including, without limitation, the Initial Short
Sales.

      

      (c) Pricing
Schedule. Within two Business Days after the Initial Short Position has
been established, Buyer shall deliver to Seller the pricing schedule (the “Pricing Schedule”),
substantially in the form attached hereto as Exhibit A, setting forth the Terms
of Sale. The date of delivery of the Pricing Schedule shall be referred to as
the “Notice
Date”.

      

      (d) Related
Definitions. As used herein, the following words and phrases have the
following meanings:

      

      (i)
“Upfront Proceeds”
means, as set forth in the Pricing Schedule, an amount equal to the product of
(i) the Base Amount, (ii) the Initial Share Price and (iii) 80.23% (rounded
upward or downward to the nearest cent or, if there is not a nearest cent, to
the next lower cent).

      

      (ii)
“Payment Date” means, as
set forth in the Pricing Schedule, the third Business Day following the Notice
Date.

      

      (iii)
“Initial Share Price”
means, as set forth in the Pricing Schedule, the volume weighted average of the
per share prices (rounded upward or downward to the nearest 1/10,000th or, if
there is not a nearest 1/10,000th, to the next lower 1/10,000th) at which Buyer
sells short shares of Common Stock in establishing Buyer’s Initial Short
Position.

      

      (iv)
“Initial Short Position”
means the number of shares of Common Stock that Buyer sells short on or after
the date hereof but prior to March 16, 2010 to establish its initial hedge of
the price and market risk undertaken by Buyer under this Agreement, provided
that the Initial Short Position shall not exceed 2,500,000 shares of Common
Stock.

      

      (v)
“Floor Level” means, as
set forth in the related Pricing Schedule, the Initial Share Price multiplied by
90% (rounded upward or downward to the nearest 1/10,000th or, if there is not a
nearest 1/10,000th, to the next lower 1/10,000th), as adjusted in accordance
with the provisions of Article 7.

      

      (vi)
“Cap Level” means the
Initial Share Price multiplied by 135% (rounded upward or
downward to the nearest 1/10,000th or, if there is not a nearest 1/10,000th, to
the next lower 1/10,000th), as adjusted in accordance with the provisions of
Article 7.

      

      (vii)
“Maturity Date” means
the date designated as the Maturity Date in the Pricing Schedule, which shall be
a date falling on approximately the 36.5 month anniversary of the Payment
Date.

      

      (e) Delivery on
Settlement Date. Seller agrees, subject to Section 2.3, to deliver to
Buyer on the Settlement Date a number of shares of Unrestricted Stock equal to
the product of (A) the Base Amount and (B) the Settlement Ratio, rounded down to
the nearest whole number, and cash in an amount equal to the value (based on the
Settlement Price) of any fractional share not delivered as a result of such
rounding plus any amounts that Buyer is obligated to pay as a result of
physically settling a derivative contract pursuant to Section 31 of the Exchange
Act. If (x) by 10:00 A.M., New York City time on the Settlement Date, Seller has
not otherwise effected such delivery of Common Stock (or security entitlements
in respect thereof) or delivered cash in lieu thereof pursuant to Section 2.3
and (y) the Common Stock and security entitlements in respect thereof then held
by the Securities Intermediary as collateral under the Pledge Agreement is
Unrestricted Stock, then (i) Seller shall be deemed not to have elected to
deliver cash in lieu of shares of Unrestricted Stock pursuant to Section 2.3
(notwithstanding any notice by Seller to the contrary) and (ii) the delivery
provided by this Section 2.2(e) shall be effected by delivery by the Securities
Intermediary to Buyer of a number of shares of Unrestricted Stock then held by
the Securities Intermediary as collateral under the Pledge Agreement equal to
the number thereof required to be delivered by Seller to Buyer pursuant to this
Section 2.2(e); provided that, notwithstanding the foregoing and without
limiting the generality of Section 8.1, if Seller gives notice of its election
to deliver cash in lieu of shares of Unrestricted Stock on the Settlement Date
pursuant to Section 2.3 and fails to deliver the Cash Settlement Amount on the
Settlement Date as provided in Section 2.3, Seller shall be in breach of this
Agreement and shall be liable to Buyer for any losses incurred by Buyer or such
holder as a result of such breach, including without limitation losses incurred
in connection with any decrease in the Closing Price of the Common Stock
subsequent to the Maturity Date.

      

      (f) Settlement Ratio.
The “Settlement
Ratio” shall be determined in accordance with the following formula and
is subject to adjustment as a result of certain events as provided in Article 7:
(i) if the Settlement Price is less than the Cap Level but
greater than the Floor Level, the Settlement Ratio shall be a ratio

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (rounded
upward or downward to the nearest 1/10,000th or, if there is not a nearest
1/10,000th, to the next lower 1/10,000th) equal to the Floor Level divided by
the Settlement Price, (ii) if the Settlement Price is equal to or greater than
the Cap Level, the Settlement Ratio shall be a ratio (rounded upward or downward
to the nearest 1/10,000th or, if there is not a nearest 1/10,000th, to the next
lower 1/10,000th) equal to a fraction with a numerator equal to the sum of (A)
the Floor Level and (B) the excess, if any, of the Settlement Price over the Cap
Level, and a denominator equal to the Settlement Price, and (iii) if the
Settlement Price is equal to or less than the Floor Level, the Settlement Ratio
shall be one (1).

      

      (g) Interpretive
Letter.  Seller and Buyer intend that, upon the execution of
this Agreement, this Agreement shall constitute a “Preliminary Agreement” within
the meaning of the Interpretive Letter and that, upon the execution of the
Pricing Schedule, this Agreement shall constitute a “Final Agreement” within the
meaning of the Interpretive Letter.

      

      Section 2.3. Cash Settlement Option.
Seller may, upon written notice delivered to Buyer at least 10 Trading Days
prior to the Maturity Date, elect to deliver the Cash Settlement Amount to Buyer
on the Settlement Date by wire transfer of immediately available funds to an
account designated by Buyer, in lieu of the shares of Common Stock (or security
entitlements in respect thereof) to be delivered on the Settlement Date pursuant
to Section 2.2(e).

      

      Section 2.4. Early Termination. With the
prior written consent of Buyer, Seller may terminate this Agreement in whole or
in part at any time prior to the Settlement Date upon such terms as Buyer and
Seller may agree in writing.

      

      Section 2.5. Transactions Involving Common
Stock. To hedge its exposure to the Common Stock under this Agreement,
Buyer or an affiliate thereof may from time to time effect purchases, long sales
or short sales (including without limitation the Initial Short Sales) of shares
of Common Stock or options or other derivatives in respect thereof (or
combinations of such transactions). Except as set forth in Section 2.2(b) and
(d), all such hedging transactions shall be effected by Buyer or any of its
affiliates solely for their benefit and Seller shall not have any financial
interest in, or any right to direct the timing or amount of, any such
transactions.

      

      Section
2.6.  Related
Compensation.  In connection with this Agreement, Buyer has
paid a commission to UBS Financial Services, Inc.

      

      ARTICLE
3

      Representations
and Warranties of Seller

      

      Section 3.1. Representations and Warranties of
Seller. Seller represents and warrants to Buyer and the Agent
that:

      

      (a) Seller
has been duly incorporated and is validly existing as a corporation in good
standing under the laws of its jurisdiction of incorporation.

      

      (b) Each
of this Agreement, the Pledge Agreement and each other document relating hereto
or thereto to which Seller is a party or that Seller is required to deliver is
within its corporate powers, has been duly authorized, executed and delivered by
or on behalf of Seller and is a valid and binding agreement of Seller,
enforceable against Seller in accordance with its terms, subject to applicable
bankruptcy, insolvency or similar laws affecting creditors’ rights generally and
equitable principles of general applicability.

      

      (c) The
execution and delivery by Seller of, and the performance by Seller of its
obligations under, this Agreement and the Pledge Agreement (i) will not
contravene or constitute a default under any provision of applicable law or
regulation, the applicable constitutive documents of Seller, any agreement or
other instrument binding upon Seller or any of its subsidiaries (if any) or
assets or any judgment, order or decree of any governmental body, agency,
official or court having jurisdiction over Seller, whether foreign or domestic,
and (ii) do not require any consent, approval, authorization or order of, or
filing or qualification with, any governmental body, agency, official,
self-regulatory organization or court or other tribunal, whether foreign or
domestic other than (A) those that are required from time to time to create or
perfect liens in the Collateral and (B) those that may be required under Rule
144 of the Securities Act or Section 13 or 16 of the Exchange Act.

      

      (d)
Seller is acting for its own account and has made its own independent decisions
to enter into this Agreement and the Pledge Agreement and as to whether this
Agreement or the Pledge Agreement is appropriate or proper for Seller based upon
its own judgment and upon advice from such advisers as Seller has deemed
necessary.  Seller is not relying on any communication (written or
oral) of Buyer, or any of its affiliates, officers or employees as investment
advice or as a recommendation to enter into this Agreement or the Pledge
Agreement, it being understood that information and explanations related to the
terms and conditions of this Agreement or the Pledge Agreement shall not be
considered investment advice or a recommendation to enter into this Agreement or
the Pledge Agreement. No communication (written or oral)
received from Buyer or any of its affiliates, officers or employees shall be
deemed to be an assurance or guarantee as to the expected results of this
Agreement.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (e)
Seller is capable of assessing the merits of and understanding (on its own
behalf or through independent professional advice), and understands and accepts,
the terms, conditions and risks of this Agreement and the Pledge
Agreement.

      

      (f)
Seller understands that Buyer, its affiliates, officers or employees are not
acting as a fiduciary for or an adviser to Seller in respect of this Agreement
or the Pledge Agreement.

      

      (g)
Seller has not, without the written consent of Buyer, sold any shares of Common
Stock (or security entitlements in respect thereof) or hedged (through swaps,
options, short sales or otherwise) any long position in the Common Stock (or
security entitlements in respect thereof) at any time during the period
beginning on the date three months prior to the date hereof and ending on the
date hereof except as disclosed in that Form 4 filed with the SEC by Seller on
January 5, 2010, and that Form 4 filed with the SEC on February 24, 2010. For
purposes of this Section, Section 2(n) and Section 6.6, Common Stock shall be
deemed to include securities convertible into or exchangeable or exercisable for
Common Stock.

      

      (h)
Seller does not know or have any reason to believe that the Company has not
complied with the reporting requirements contained in Rule 144(c)(1) under the
Securities Act.

      

      (i)
Delivery of shares of Common Stock (or security entitlements in respect thereof)
by Seller pursuant to this Agreement will pass to Buyer title to such shares (or
security entitlements) free and clear of any Liens, except for those created
pursuant to the Pledge Agreement.

      

      (j)
Seller has a valid business purpose for entering into this Agreement, and the
transaction contemplated hereby is consistent with Seller’s overall investment
strategy.

      

      (k)
Seller is not, on the date hereof, in possession or aware of any material
non-public information regarding the Company.

      

      (l)
Seller acknowledges and agrees that Buyer and its affiliates may engage in
proprietary trading for their own accounts and the accounts of their affiliates
in the shares of Common Stock or in securities that are convertible, exercisable
or exchangeable into or for shares of Common Stock (including such trading as
Buyer or its affiliates deem appropriate in their sole discretion to hedge its
or their market risk in any transaction, whether between Buyer and Seller or
with other third parties) and that such trading may affect the value of the
shares of Common Stock.

      

      (m)
Seller has not solicited or arranged for the solicitation of, and will not
solicit or arrange for the solicitation of, orders to buy shares of Common Stock
in anticipation of or in connection with any short sales of shares of Common
Stock which Buyer or an affiliate of Buyer effects, for the account of Buyer, in
establishing Buyer’s Initial Short Position.

      

      (n)
Except as provided herein, Seller has not made, will not make, and has not
arranged for, any payment to any person in connection with the short sales of
shares of Common Stock which Buyer or an affiliate of Buyer effects, for the
account of Buyer, in establishing Buyer’s Initial Short Position.

      

      ARTICLE
4

      Representations
and Warranties of Buyer

      

      Section 4.1. Representations and Warranties of
Buyer. Buyer represents and warrants to Seller as follows:

      

      (a) This
Agreement has been duly authorized, executed and delivered by Buyer and is a
valid and binding agreement of Buyer, enforceable against Buyer in accordance
with its terms, subject to applicable bankruptcy, insolvency or similar laws
affecting creditors’ rights generally and equitable principles of general
applicability.

      

      (b) The
execution and delivery by Buyer of, and the performance by Buyer of its
obligations under, this Agreement (i) will not contravene or constitute a
default under any provision of applicable law or regulation or any constitutive
document of Buyer or any agreement or other instrument binding upon Buyer or any
of its assets or any judgment, order or decree of any governmental body, agency,
official or court having jurisdiction over Buyer, whether foreign or domestic,
and (ii) do not require any consent, approval, authorization order of or
qualification with any governmental body, agency, official, self-regulatory
organization or court or other tribunal, whether foreign or
domestic.

       

      (c) Buyer
has a valid business purpose for entering into this Agreement, and the
transaction contemplated hereby is consistent with Buyer’s overall investment
strategy.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (d) Buyer
will conduct the Initial Short Sales as described in Section 2.2(b) in
accordance with the Interpretive Letter, it being understood that Buyer will
introduce into the public market a quantity of securities of the same class
equal to the maximum number of shares deliverable on settlement of this
Agreement in a manner consistent with the manner-of-sale conditions described in
Rule 144(f) and (g) under the Securities Act.

      

      (e)  Buyer
is registered as a broker and a dealer with the SEC and is a “market maker” or a
“block positioner”, as such terms are used in Rule 144 under the Securities Act,
with respect to the Common Stock.

      

      (f)  Buyer
has not solicited or arranged for the solicitation of, and will not solicit or
arrange for the solicitation of, orders to buy shares of Common Stock in
anticipation of or in connection with any short sales of shares of Common Stock
which Buyer or an affiliate of Buyer effects, for the account of Buyer, in
establishing Buyer’s Initial Short Position except as permitted under Rule
144(g) under the Securities Act.

      

      (g)  In
its capacity as broker in connection with this Agreement in the manner
contemplated by this Agreement and the Interpretive Letter, Buyer has received
no more than the usual and customary broker’s commission.

      

      (h)  Buyer
does not know or have any reason to believe that the Company has not complied
with the reporting requirements contained in Rule 144(c)(1) under the Securities
Act.

      

      (i)  Buyer
is not an “affiliate” of the Company for purposes of Section 2(a)(11) of the
Securities Act.

      

      (j)  Buyer
is acting for its own account and has made its own independent decisions to
enter into this Agreement and the Pledge Agreement and as to whether this
Agreement and the Pledge Agreement is appropriate or proper for Buyer based upon
its own judgment and upon advice from such advisers as Buyer has deemed
necessary.  Buyer is not relying on any communication (written or
oral) of Seller, or any of its affiliates, officers or employees as investment
advice or as a recommendation to enter into this Agreement or the Pledge
Agreement; it being understood that information and explanation related to the
terms and conditions of this Agreement or the Pledge Agreement shall not be
considered investment advice or a recommendation to enter into this Agreement or
the Pledge Agreement.  No communication (written or oral) received
from Seller or any of its affiliates, officers or employees shall be deemed to
be an assurance or guarantee as to the expected results of this
Agreement.

      

      (k)  Buyer
is capable of assessing the merits of and understanding (on its own behalf or
through independent professional advice), and understands and accepts, the
terms, conditions and risks of this Agreement and the Pledge
Agreement.

      

      (l)  Buyer
is an “accredited investor” as defined in Section 2(a)(15)(ii) of the Securities
Act.

      

      ARTICLE
5

      Conditions
to Buyer’s Obligations

      

      Section 5.1. Conditions. The obligation of
Buyer to deliver the Upfront Proceeds on the Payment Date is subject to the
satisfaction of the following conditions:

      

      (a) The
representations and warranties of Seller contained in Article 3 and in the
Pledge Agreement shall be true and correct as if made as of the Payment
Date.

      

      (b) The
Pledge Agreement shall have been executed by the parties thereto, and Seller
shall have delivered to the Securities Intermediary in accordance therewith the
collateral required to be delivered pursuant to Section 1(b)
thereof.

      

      (c)
Seller shall have performed all of the covenants and obligations to be performed
by it hereunder and under the Pledge Agreement on or prior to the Payment
Date.

      

      (d)
Seller shall have filed, or shall have caused to be filed, in the manner
contemplated by Rule 144(h) under the Securities Act, a notice on Form 144
relating to the transactions contemplated hereby in form and substance
acceptable to Buyer.

       

      ARTICLE
6

      Covenants

      

      Section 6.1. Taxes. Seller shall pay any
and all documentary, stamp, transfer or similar taxes and charges that may be
payable in respect of the entry into this Agreement and the transfer and
delivery of any Common Stock (or security entitlements in respect thereof)
pursuant hereto. Seller further agrees to make all payments in respect of this
Agreement free and clear of, and without withholding or deduction for or on
account of, any present or future taxes, duties, fines, penalties, assessments
or other governmental charges of whatsoever nature (or interest on any taxes,
duties, fines, penalties, 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      assessments
or other governmental charges of whatsoever nature) imposed, levied, collected,
withheld or assessed by, within or on behalf of (a) the United States or any
political subdivision or governmental authority thereof or therein having power
to tax or (b) any jurisdiction from or through which payment on the Agreement is
made by Seller, or any political subdivision or governmental authority thereof
or therein having power to tax. In the event such withholding or deduction is
imposed, Seller agrees to indemnify Buyer for the full amount of such
withholding or deduction, as well as any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto.

      

      Section 6.2. Forward Contract. Seller
hereby agrees that for U.S. federal income tax purposes (if applicable): (i) it
will not treat this Agreement, any portion of this Agreement, or any obligation
hereunder as giving rise to any interest income or other inclusions of ordinary
income; (ii) it will not treat the delivery of any portion of the shares of
Common Stock (or security entitlements in respect thereof) or cash to be
delivered pursuant to this Agreement as the payment of interest or ordinary
income; (iii) it will treat this Agreement in its entirety as a forward contract
for the delivery of such shares of Common Stock (or security entitlements in
respect thereof) or cash; and (iv) it will not take any action (including filing
any tax return or form or taking any position in any tax proceeding) that is
inconsistent with the obligations contained in (i) through (iii).
Notwithstanding the preceding sentence, Seller may take any action or position
required by law, provided that Seller delivers to Buyer an unqualified opinion
of counsel, nationally recognized as expert in Federal tax matters and
acceptable to Buyer, to the effect that such action or position is required by a
statutory change or a Treasury regulation or applicable court decision published
after the date of this Agreement.

      

      Section 6.3. Notices.

      

      (a)
Immediately upon the occurrence of any Event of Default hereunder or under the
Pledge Agreement (or any event that with the giving of notice, the lapse of time
or both would constitute an Event of Default hereunder or under the Pledge
Agreement) Seller will cause to be delivered to Buyer notice thereof;
and

      

      (b) In
case at any time prior to the Settlement Date either party hereto receives
notice, or obtains knowledge, that any event requiring that an adjustment be
calculated pursuant to Section 7.1 or 7.2 hereof or any Merger Event,
Nationalization or Insolvency shall have occurred then such party shall promptly
cause to be delivered to the other party a notice identifying such event and
stating, if known to such party, the date on which such event occurred and, if
applicable, the record date relating to such event. Such party shall cause
further notices to be delivered to the other party if such party shall
subsequently receive notice, or shall obtain knowledge, of any further or
revised information regarding the terms or timing of such event or any record
date relating thereto.

      

      Section 6.4. Further Assurances. From time
to time from and after the date hereof through the Settlement Date, each of the
parties hereto shall use its reasonable best efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper
and advisable to consummate and make effective as promptly as practicable the
transactions contemplated by this Agreement in accordance with the terms and
conditions hereof, including (i) using reasonable best efforts to remove any
legal impediment to the consummation of such transactions and (ii) the execution
and delivery of all such deeds, agreements, assignments and further instruments
of transfer and conveyance necessary, proper or advisable to consummate and make
effective the transactions contemplated by this Agreement in accordance with the
terms and conditions hereof.

      

      Section 6.5.
Intentionally Omitted

      

      Section 6.6. No Sales of Common Stock.
Seller shall not, without the prior written consent of Buyer, sell any shares of
Common Stock or hedge (through swaps, options, short sales or otherwise) any
long position in the Common Stock (i) from the date hereof until the Notice
Date, and (ii) until three months after the Notice Date, in each case that
would, at the time of such sale or hedge, if added to the Base Amount, exceed
the number of shares of Common Stock that Seller would be permitted to sell
pursuant to Rule 144(e)(1) under the Securities Act.

      

      Section 6.7. Securities Contract. The
parties hereto agree and acknowledge that (a) Buyer is a “financial institution”
as such term is defined in Section 101(22) of Title 11 of the United States Code
(the “Bankruptcy Code”)
and (b) this Agreement is a “securities contract” as such term is defined in
Section 741(7) of the Bankruptcy Code, and the parties hereto are entitled to
the protections afforded by, among other Sections, sections 362(b)(6) and 555 of
the Bankruptcy Code.

       

      Section 6.8. SEC Filings. On the date
hereof, Seller shall file, or shall cause to be filed, in the manner
contemplated by Rule 144(h) under the Securities Act, a notice on Form 144
relating to the transactions contemplated hereby in form and substance
acceptable to Buyer.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      Section 6.9. Material Non-public
Information. If at any time prior to the delivery of the Pricing Schedule
to Seller, Seller (or any Authorized Officer of Seller, if any) shall come into
possession or become aware of any material non-public information regarding the
Company, Seller shall immediately direct Buyer to cease its hedging activities
pursuant to Section 2.2(b) and (d).

      

      ARTICLE
7

      Adjustments

      

      Section
7.1.  Dilution
Adjustments.  Following the declaration by the Company of the
terms of any Potential Adjustment Event, (a) Buyer will determine whether such
Potential Adjustment Event would have a dilutive or concentrative effect on the
theoretical value of the Common Stock and, if so, Buyer will (i) calculate the
corresponding adjustment, if any, to be made to any one or more of the Base
Amount, the Cap Level and the Floor Level, any Closing Price and any other
variable relevant to the settlement terms of this Agreement (including, without
limitation, the amount or type of property to be delivered hereunder) as Buyer
determines appropriate to account for that dilutive or concentrative effect
provided that no changes will be made to account solely for changes in
volatility, expected dividends or liquidity relative to the Common Stock;
provided, further, that the foregoing proviso shall not apply to any obligations
in respect of any Merger Event or Tender Offer Event pursuant to Section 7.2, or
in respect of any Spin-Off pursuant to Section 7.5 and (ii) determine the
effective date of that adjustment.  Buyer may (but need not) determine
the appropriate adjustment by reference to the adjustment in respect of such
Potential Adjustment Event made by an options exchange to options on the Common
Stock traded on that options exchange.  Before finalizing any such
determination, Buyer shall provide Seller with the basis for such determination
in reasonable detail, including any calculations, and allow Seller the
opportunity, and a reasonable amount of time, to review such basis and consult
with Buyer thereon.

      

      For these
purposes, “Potential Adjustment
Event” means the declaration by the Company of the terms of any of the
following:

      

      (a)   a
subdivision, consolidation or reclassification of shares of Common Stock (other
than a Merger Event), or a free distribution or dividend of any shares of Common
Stock to existing holders of Common Stock by way of bonus, capitalization or
similar issue;

      

      (b)  a
distribution or dividend to existing holders of Common Stock of (i) shares of
Common Stock; or (ii) other share capital or securities granting the right to
payment of dividends and/or the proceeds of liquidation of the Company equally
or proportionately with such payments to holders of Common Stock; or (iii) any
rights or warrants to purchase securities described in (i) or (ii) of this
paragraph (b) for payment (cash or other) at less than the prevailing market
price as determined by Buyer;

      

      (c)  a
dividend or distribution to existing holders of Common Stock consisting of any
property except
for (y) securities of a type described in paragraph (b) of this Section
7.1, or (z) cash dividends and distributions on shares of Common
Stock.  However, cash dividends and distributions on shares of Common
Stock that are either (A) Cash Dividends, (B) Spin-off Shares or (C)
consideration in connection with a Merger Event are subject to special treatment
as described below.  For purposes of clarification:

      

      
        	
                 
      

              	
                (i)

              	
                A
      Cash Dividend is not a Potential Adjustment Event, and will be treated in
      the manner provided in Section 7.4;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                A
      dividend of Spin-off Shares shall be treated in accordance with Section
      7.5 rather than pursuant to this Section 7.1;
  and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                Cash
      distributions on shares of Common Stock as consideration in connection
      with a Merger Event shall be treated in accordance with Section 7.2 rather
      than pursuant to this Section 7.1.

              

      

       

      

      (d)  a
call in respect of shares of Common Stock that are not fully paid;

      

      (e)  a
repurchase by the Company of shares of Common Stock, whether out of profits or
capital and whether the consideration for such repurchase is cash, securities or
otherwise; or

       

      (f)  any
other similar event that may have a dilutive or concentrative effect on the
theoretical value of the Common Stock.

      

      Section 7.2. Merger Events, Tender Offer Events,
Nationalization, or Insolvency.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      (a)  If
any Merger Event shall occur prior to the Settlement Date, and the consideration
shall be:

      

      
        	
                 
      

              	
                (i)

              	
                ordinary
      or common shares, whether of an entity or person (other than the Company)
      involved in the Merger Event that are, or that as of the Merger Date are
      promptly scheduled to be, (x) publicly quoted, traded or listed on an
      exchange or quotation system located in the United States and (y) not
      subject to any currency exchange controls, trading restrictions or other
      trading limitations, then, except in respect
      of a reverse merger, on or after the relevant Merger Date, the ordinary or
      common shares distributed as consideration (as subsequently modified in
      accordance with any relevant terms and including the proceeds of any
      redemption, if applicable) and their issuer shall be deemed the “Common
      Stock” and the “Company”, respectively, the amount of new Common Stock
      that would be distributed upon the consummation of the Merger Event to a
      holder of the Base Amount immediately prior to the Merger Event shall be
      deemed the “Base Amount” and, if necessary, the Buyer will adjust any
      relevant terms, provided, however, that any such adjustments shall be of
      the types, and subject to the restrictions, described in Section
      7.1;

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                any
      consideration other than that described in Section 7.2(a)(i), then this Agreement
      shall be terminated as of the Merger Date, and Seller shall make a payment
      to Buyer as provided in Section 7.3;
or

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                a
      combination of consideration described in Section 7.2(a)(i) and (ii),
      then the
      consequences specified in Section 7.1(a)(i) shall apply to that portion of
      the consideration that is of the type described therein, and the
      consequences specified in Section 7.1(a)(ii) shall apply to that portion
      of the consideration that is of the type described
  therein.

              

      

      

      

      “Merger Event” means any (A)
reclassification, change or other offer of or for the Common Stock that results
in a transfer of or an irrevocable commitment to transfer all of the outstanding
shares of Common Stock to another entity or person or (B) consolidation,
amalgamation or merger of the Company with or into another entity (other than a
consolidation, amalgamation or merger in which the Company is the continuing
entity and which does not result in reclassification or change of all such
Common Stock outstanding).

      

      “Merger Date” means, in respect
of any Merger Event, the  closing date of such Merger
Event.

      

      “Tender Offer Event” means a
takeover, tender offer, exchange offer, solicitation, proposal or other event by
any entity or person that results in such entity or person purchasing, or
otherwise obtaining or having the right to obtain, by conversion or other means,
greater than 20% and less than 100% of the outstanding voting shares of the
Company, as determined by the Buyer, based upon the making of filings with
governmental or self-regulatory agencies or such other information as the Buyer
deems relevant.

      

      “Tender Offer Date” means the
date on which such tender offer is publicly announced.

      

      (b) If
any Tender Offer Event shall occur prior to the Settlement Date, then on the
Tender Offer Date Buyer shall determine whether such Tender Offer Event would
have a dilutive or concentrative effect on the theoretical value of the Common
Stock, and, if so, will adjust any relevant terms of this Agreement to account
for the economic effect of such Tender Offer Event; provided that any such
adjustments shall be of the types, and subject to the limitations, of Section
7.1.

      

      (c) If,
prior to the Settlement Date, (i) all the outstanding shares of Common Stock or
all the assets or substantially all the assets of the Company are nationalized,
expropriated or are otherwise required to be transferred to any governmental
agency, authority or entity (a “Nationalization”); or (ii) by
reason of the voluntary or involuntary liquidation, bankruptcy or insolvency of
or any analogous proceeding affecting the Company (an “Insolvency”): (A) all of the
outstanding shares of Common Stock are required to be transferred to a trustee,
liquidator or other similar official; or (B) holders of shares of Common Stock
become legally prohibited from transferring them, then, in any such event, Buyer
shall have the right, upon the public announcement of such event, to notify
Seller of such event and terminate this Agreement as of a date set forth in such
notice, following which Seller shall make a payment to Buyer as provided in
Section 7.3.

      

      Section 7.3. Payments on Termination.
Following termination of this Agreement as a result of any Merger Event,
Nationalization
or Insolvency as provided in Section 7.2, Seller and Buyer shall agree as to the
amount (the “Termination
Amount”) of the cash payment to be made by Seller to Buyer in settlement
of this Agreement. If Seller and Buyer shall not so agree prior to 5:00 P.M.,
New York City time, on the Business Day following the termination of this
Agreement, the Termination Amount shall equal the Acceleration Value
(calculated, for purposes of this Section 7.3, as if the Termination Date were
the Acceleration Date, calculated on the basis of, in addition to the factors
indicated in Section 8.1, a value ascribed to the Common Stock equal to the
consideration, if any, paid in respect of the Common Stock at the time of the
Merger
Event, Nationalization or Insolvency). As promptly as reasonably practicable
after reaching agreement with Seller 

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      as to the
Termination Amount or after calculation of the Acceleration Value, as the case
may be, Buyer shall deliver to Seller a notice (the “Termination Amount Notice”)
specifying the Termination Amount. Not later than three Business Days following
delivery of a Termination Amount Notice by Buyer, Seller shall make a cash
payment, by wire transfer of immediately available funds to an account
designated by Buyer, to Buyer in an amount equal to the Termination
Amount.

      

      “Termination Date” means (i) in
respect of a Nationalization or Insolvency, the date on which this Agreement
terminates pursuant to Section 7.2(c) and (ii) in the case of a Merger Event,
the Merger Date.

      

      Section 7.4. Cash Dividends. If a Cash
Dividend with an ex-dividend date occurring during the Dividend Period is paid
on the Common Stock:

      

      
        	
                 
      

              	
                (a)

              	
                If
      the Net Future Value of the Cash Dividend is less than or equal
      to the Floor Level:

              

      

       

      
        	
                 
      

              	
                (x)

              	
                Effective
      as of the ex-dividend date of such Cash Dividend, Buyer shall reduce both
      the Cap Level and the Floor Level by the Net Future Value of the Cash
      Dividend; and

              

      

       

      
        	
                 
      

              	
                (y)

              	
                Seller
      shall pay to Buyer an amount in cash equal to the per share amount of the
      Cash Dividend multiplied by the Base Amount.  Seller shall make
      such payment promptly (but in any case within seven days) following the
      date on which such Cash Dividend is paid to holders of Common Stock
      generally.

              

      

       

      (b)           If
the Net Future Value of the Cash Dividend is greater than the
Floor Level but less
than or equal to the Cap Level:

       

      
        	
                 
      

              	
                (x)

              	
                Effective
      as of the ex-dividend date of such Cash Dividend, Buyer shall reduce the
      Floor Level to zero (such reduction amount, the “Actual Downside Reduction
      Amount”);

              

      

       

      
        	
                 
      

              	
                (y)

              	
                Effective
      as of the ex-dividend date of such Cash Dividend, Buyer shall reduce the
      Cap Level by the Net Future Value of the Cash Dividend;
  and

              

      

       

      
        	
                 
      

              	
                (z)

              	
                Seller
      shall pay to Buyer an amount in cash equal to (1) the per share amount of
      the Cash Dividend multiplied by the Base Amount multiplied by (2) a
      fraction, the numerator of which is the Actual Downside Reduction Amount
      and the denominator of which is the Net Future Value of the Cash
      Dividend.  Seller shall make such payment promptly (but in any
      case within seven days) following the date on which such Cash Dividend is
      paid to holders of Common Stock
generally.

              

      

       

      (c)           If
the Net Future Value of the Cash Dividend is greater than the Cap
Level:

       

      
        	
                 
      

              	
                (x)

              	
                Effective
      as of the ex-dividend date of such Cash Dividend, Buyer shall reduce the
      Floor Level to zero (such reduction amount, the “Actual Downside Reduction
      Amount”);

              

      

       

      
        	
                 
      

              	
                (y)

              	
                Effective
      as of the ex-dividend date of such Cash Dividend, Buyer shall reduce the
      Cap Level to zero (such reduction amount, the “Actual Threshold Reduction
      Amount”); and

              

      

       

      
        	
                 
      

              	
                (z)

              	
                Seller
      shall pay to Buyer an amount in cash equal
to:

              

      

       

      (1)           the
per share amount of the Cash Dividend multiplied by the Base Amount multiplied
by (2) a fraction, the numerator of which is the Actual Downside Reduction
Amount and the denominator of which is the Net Future Value of the Cash
Dividend, plus

       

      (3)           the
per share amount of the Cash Dividend multiplied by the Base Amount multiplied
by (4) a fraction, the numerator of which is the excess of the Net Future Value
of the Cash Dividend over the Actual Threshold Reduction Amount and the
denominator of which is the Net Future Value of the Cash Dividend.

       

      Seller
shall make such payment promptly (but in any case within seven days) following
the date on which such Cash Dividend is paid to holders of Common Stock
generally.

       

      Section
7.5. Spin-offs.  As of
the ex-dividend date of a Spin-off, (a) “Stock Basket” shall mean a
basket consisting of one share of Common Stock and the number of Spin-off Shares
that a holder of one share of Common Stock would have been entitled to receive
in such Spin-off, (b) the Base Amount shall be expressed as a number of Stock
Baskets equal to the number of shares of Common Stock it previously equaled, (c)
all ongoing provisions of this Agreement and the Pledge Agreement with respect
to Common Stock shall instead apply to Stock Baskets, mutatis mutandis, except
where the context clearly requires otherwise, and (d) the Buyer shall make
adjustments of the types, and subject to the limitations, provided in Section
7.1 as it determines appropriate to account for the economic effect of such
Spin-off.  Before finalizing any such determination, Buyer shall
provide Seller with the basis for such determination in reasonable detail,
including any calculations,
and allow the Seller opportunity, and a reasonable amount of time, to review
such basis and consult with 

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      Buyer
thereon.  As of the ex-dividend date of any subsequent Spin-off, the
Buyer shall make adjustments to the composition of the Stock Basket and other
terms in accordance with the immediately preceding two sentences.

      

      Section 7.6. Miscellaneous. For the
avoidance of doubt, for the purposes of this Section, Article 7 generally and
Section 8.1(f), without limitation as to applicability to any other provision of
this Agreement or the Pledge Agreement, unless the context otherwise requires,
(i) any reference to Common Stock shall be deemed to apply severally to any
class of securities, cash or other property which shall have been distributed
with respect to the Common Stock or into which Common Stock shall have been
converted or otherwise exchanged (whether as a result of a Potential Adjustment
Event, a Merger Event or otherwise) and any such other class of securities, cash
or other property resulting from the successive application of this sentence and
(ii) should any reference to the Common Stock be deemed to apply under clause
(i) to other property, any reference to the Company shall be deemed to apply
accordingly to the issuer(s) (as applicable) of such Common Stock.

      

      ARTICLE
8

      Acceleration

      

      Section 8.1. Acceleration. If one or more
of the following events (each an “Event of Default”) shall
occur:

      

      (a)
failure by Seller to make, when due, any payment or delivery under this
Agreement, including Seller’s obligations to deliver shares of Common Stock (or
security entitlements in respect thereof) or cash on the Settlement Date, if
such failure is not remedied on or before the third Business Day after notice of
such failure is given to Seller;

      

      (b)
Seller makes an assignment for the benefit of creditors, files a petition in
bankruptcy, is adjudicated insolvent or bankrupt, petitions or applies to any
tribunal for any receiver of or any trustee for Seller or any substantial part
of Seller’s property, commences any proceeding relating to Seller under any
reorganization, arrangement, readjustment of debt, dissolution or liquidation
law or statute of any jurisdiction, whether now or hereafter in effect, or there
is commenced against or with respect to Seller or any substantial portion of its
property any such proceeding and an order for relief is issued or such
proceeding remains undismissed for a period of 30 days;

      

      (c) at
any time, any representation made or repeated or deemed to have been made or
repeated by Seller under this Agreement or the Pledge Agreement or any
certificate delivered pursuant hereto or thereto would be incorrect or
misleading in any material respect if made or repeated as of such
time;

      

      (d)
Seller fails to fulfill or discharge when due any of its obligations, covenants
or agreements under or relating to this Agreement or the Pledge Agreement (other
than such failures covered by Section 8.1(a)) and such failure remains
unremedied for 30 days following notice thereof to Seller;

      

      (e) due
to the adoption of, or any change in, any applicable law after the date hereof,
or due to the promulgation of, or any change in, the interpretation by any
court, tribunal or regulatory authority with competent jurisdiction of any
applicable law after the date hereof, it becomes unlawful for Seller to perform
any absolute or contingent obligation to make payment or delivery hereunder or
to comply with any other material provision of this Agreement or the Pledge
Agreement;

      

      (f) in
the reasonable judgment of Buyer, it becomes impracticable to freely trade (long
or short) in the market for the Common Stock or any other securities deliverable
hereunder as a result of the application of Article 7 or borrow, at a rate less
than or equal to the Initial Stock Loan Rate, the Common Stock or any other
securities deliverable hereunder as a result of the application of Article 7;
provided, however, if Buyer is unable
to borrow the Common Stock at a rate less than or equal to the Initial Stock
Loan Rate, Buyer shall give prompt notice to Seller that (i) its stock borrow
costs have increased and (ii) Seller may pay to Buyer an amount determined by
Buyer that corresponds to such increased cost.  Seller shall, within
two (2) Business Days of receipt of such notice, notify Buyer that it elects
either (A) to pay to Buyer such amount as Buyer has determined, in which case an
Event of Default with respect to an increased cost of stock borrow
shall  be
deemed not to have occurred, or (B) terminate this Agreement, in which case an
Event of Default will be deemed to have occurred, and the provisions of this
Section 8.1 shall apply. If such notice is not given by Seller to Buyer by the
end of that second Business Day, then an Event of Default shall be deemed to
have occurred and the provisions of this Section 8.1 shall apply.

      

      (g) a
Collateral Event of Default within the meaning of the Pledge Agreement shall
occur; or

      

      (h) if
Seller is dissolved, liquidated, terminated or takes any action to effect its
dissolution, liquidation or termination,

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      then,
upon notice to Seller from Buyer at any time following an Event of Default, an
“Acceleration Date”
shall occur, and Seller shall become obligated to deliver immediately upon
receipt of the Acceleration Amount Notice (as defined below) a number of shares
of Unrestricted Stock equal to the Acceleration Amount; provided that if the
Collateral Agent proceeds to realize upon any collateral pledged under the
Pledge Agreement and to apply the proceeds of such realization as provided in
paragraph second of Section 10(d) thereof, then, to the extent of such
application of proceeds, Seller’s obligation to deliver Unrestricted Stock
pursuant to this paragraph shall be deemed to be an obligation to deliver an
amount of cash equal to the aggregate Market Value of such Unrestricted Stock on
the Acceleration Date. The “Acceleration Amount” means the
quotient obtained by dividing: (i) the Acceleration Value, as defined below, by
(ii) the Market Value per share of the Common Stock on the Acceleration
Date.

      

      The
“Acceleration Value”
means an amount determined by Buyer representing the fair value to Buyer of an
agreement with terms that would preserve for Buyer the economic equivalent of
the payments and deliveries that Buyer would, but for the occurrence of the
Acceleration Date, have been entitled to receive after the Acceleration Date
under Article 2 (taking into account any adjustments pursuant to Section 7.1
that may have been calculated on or prior to the Acceleration
Date).  Buyer shall calculate such amount based on the following
factors (and such other factors as it deems appropriate): (i) the volatility of
the Common Stock, (ii) dividends on the Common Stock and (iii) prevailing
interest rates, but in no event shall the Acceleration Value exceed the product
of (x) the Base Amount and (y) the Market Value per share of the Common Stock on
the Acceleration Date.

      

      Before
finalizing the determination of the Acceleration Value, Buyer shall provide
Seller with the basis for such determination in reasonable detail, including any
calculations, and allow Seller the opportunity, and a reasonable amount of time,
to review such basis and consult with Buyer thereon. As promptly as reasonably
practicable after final determination of the Acceleration Value, Buyer shall
deliver to Seller a notice (the “Acceleration Amount Notice”)
specifying the Acceleration Amount of shares of Common Stock (or security
entitlements in respect thereof) required to be delivered by
Seller.

      

      Buyer and
Seller agree that the Acceleration Value is a reasonable pre-estimate of loss
and not a penalty. Such amount is payable for the loss of bargain and, if Seller
delivers the Acceleration Amount in the manner provided above, Buyer will not be
entitled to recover any additional damages as a consequence of loss resulting
from an Event of Default, a Nationalization or an Insolvency.

      

      ARTICLE
9

      Miscellaneous

      

      Section 9.1. Notices. All notices and
other communications hereunder shall be in writing and shall be deemed to have
been duly given if mailed or transmitted by any standard forms of
telecommunication. Notices to Buyer shall be directed to 677 Washington Blvd.,
Stamford, CT 06901, Telecopy No. (203) 719-0680; Attention: Equities Legal with
copies to the attention: High Net Worth Derivatives (Telecopy: 203-326-2756) and
Legal Affairs (Equities) (Telecopy: 203-719-7317); notices to Seller shall be
directed to it at 101 Baarerstrasse, CH6300, Zug, Switzerland V841; Attention:
Stuart Osborne, with copies to the attention of Bertil Lundqvist at C.V Starr
& Co., Inc., 399 Park Avenue, 17th
Floor, New York, NY 10022, and Michael Warantz at C.V Starr & Co., Inc., 399
Park Avenue, 8th
Floor, New York, NY 10022.

      

      Section 9.2. Governing
Law; Severability; Submission to Jurisdiction; Waiver of Jury
Trial.

      

      (a) This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York (without reference to choice of law doctrine).

      

      (b) To
the extent permitted by law, the unenforceability or invalidity of any provision
or provisions of this Agreement shall not render any other provision or
provisions herein contained unenforceable or invalid.

      

      (c)
Each party hereto irrevocably submits to the extent permitted under applicable
law to the non-exclusive jurisdiction of the federal and state courts located in
the Borough of Manhattan, State of New York.

       

      (d)
Each party waives, to the fullest extent permitted by applicable law, any right
it may have to a trial by jury in respect of any suit, action or proceeding
relating to this Agreement or the Pledge Agreement. Each party certifies (i)
that no representative, agent or attorney of the other party has represented,
expressly or otherwise, that such other party would not seek to enforce the
foregoing waiver in the event of any such suit, action or proceeding and (ii)
acknowledges that it and the other party have entered into this Agreement and
the Pledge Agreement, as applicable, in reliance on, among other things, the
mutual waivers and certifications in this Section.

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      Section 9.3. Service of
Process.  The parties irrevocably consent to service of process
given in the manner provided for notices in Section 9.1. Nothing in this
Agreement will affect the right of either party to serve process in any other
manner permitted by law.

      

      Section 9.4. Entire Agreement. Except as
expressly set forth herein, this Agreement constitutes the entire agreement and
understanding among the parties with respect to its subject matter and
supersedes all oral communications and prior writings with respect
thereto.  The parties hereto agree that (i) Seller is not obligated to
keep confidential or otherwise limit the use of any element of description
contained in this Agreement or the Pledge Agreement that is necessary to
understand or support any United Sates federal income tax treatment and (ii)
Buyer does not assert any claim of proprietary ownership in respect of any
description contained herein and therein relating to the use of any entities,
plans or arrangements to give rise to a particular United Sates federal income
tax treatment for Seller.

      

      Section 9.5. Amendments, Waivers. Any
provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by
Buyer and Seller or, in the case of a waiver, by the party against whom the
waiver is to be effective. No failure or delay by either party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

      

      Section 9.6. No Third Party Rights, Successors
and Assigns. This Agreement is not intended and shall not be construed to
create any rights in any Person other than Seller, Buyer and their respective
successors and assigns and no other Person shall assert any rights as a third
party beneficiary hereunder. Whenever any of the parties hereto is referred to,
such reference shall be deemed to include the successors of such party and any
assigns of such party permitted under Section 9.7. All the covenants and
agreements herein contained by or on behalf of Seller and Buyer shall bind, and
inure to the benefit of, their respective successors and assigns whether so
expressed or not, and shall be enforceable by and inure to the benefit of Buyer
and its successors and assigns.

      

      Section 9.7. Assignment.

      

      (a)
Except as expressly provided herein, neither this Agreement nor any interest
herein or obligation hereunder may be transferred by Buyer without the prior
written consent of Seller (other than pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially
all of Buyer’s assets to, another entity) and any purported transfer without
such consent will be void. Notwithstanding the foregoing, Buyer may transfer
this Agreement or any of its interests herein or obligations hereunder to
another of Buyer’s offices, branches or affiliates on one Business Days’ prior
written notice to Seller. In the event of any transfer by Buyer of this
Agreement or any of Buyer’s interests herein or obligations hereunder to any
such entity (an “Assignee”), (i) UBS Securities
LLC shall act as Seller’s “agent” with respect to such transfer and “agent” for
Assignee and Seller within the meaning of Rule 15a-6 under the Exchange Act upon
such assignment, (ii) Assignee shall appoint UBS Securities LLC as process agent
to receive for it and on its behalf service of process in any action, suit or
other proceeding arising out of this Agreement or any transaction contemplated
hereby and (ii) UBS Securities LLC shall act as the United States contact on
behalf of Assignee if Assignee is located outside the United
States.

      

      (b)
Neither this Agreement nor any interest herein or obligation hereunder may be
transferred by Seller without the prior written consent of Buyer and any
purported transfer without such consent will be void.

      

      Section 9.8. Counterparts. This Agreement
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same agreement.

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties have signed this Agreement as of the date and year
first above written.

      

      SELLER:

      

      Starr
International Company, Inc.

      

      

      

      By:       /s/Howard I.
Smith                                                          

      Name:  Howard I.
Smith

      Title:  Attorney-in-Fact

      

      

      

      

      BUYER:

      

      UBS
SECURITIES LLC

      

      

      By:       /s/Paul
Somma                                                          

      Name:  Paul
Somma

      Title:  Executive Director
Equities

      

      

      By:       /s/Nick
Rigby                                                          

      Name:  Nick
Rigby

      Title:  Director
Equities

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      FORM
OF PRICING SCHEDULE

      

      UBS
Securities LLC

      677
Washington Boulevard

      Stamford,
CT 06901

      

      [Notice
Date]

      

      Starr
International Company, Inc.

      [address/fax/attention]

      

      

      Ladies
and Gentlemen:

      

      This
Pricing Schedule is the Pricing Schedule within the meaning of Section 2.2(c) of
the Stock Purchase Agreement dated as of March 15, 2010 (the “Stock Purchase Agreement”)
between Starr International Company, Inc. and UBS Securities LLC. Capitalized
terms used herein have the meanings set forth in the Stock Purchase
Agreement.

      

      For all
purposes under the Stock Purchase Agreement, the Terms of Sale for the Base
Amount of Common Stock shall be as follows:

      

      1. Base Amount:
___________.

      

      2. Upfront Proceeds:
___________.

      

      3. Payment Date: ___________,
being the third Business Day following the Notice Date.

      

      4. Initial Share Price:
____________.

      

      5. Floor Level:
__________.

      

      6. Cap Level:
__________.

      

      7. Maturity Date:
___________.

      

      Very
truly yours,

      

      UBS
SECURITIES LLC

      

      By:    ___________________________   

      Name:

      Title:

      

      By:    ___________________________   

      Name:

      Title:

      Acknowledged
and Confirmed:

      

      Starr
International Company, Inc.

      

      By: ________________________                                                     

           Name:

      

           Title:exhibit10.htm

    
      
        Exhibit
10

         

        UBS Ref
No. _____________

        

        

        

        

        

        

        

        PLEDGE
AGREEMENT

        

        

        

        dated as
of

        

        

        

        March 15,
2010

        

        

        

        

        

        among

        

        

        

        

        

        Starr
International Company, Inc.

        

        

        

        

        UBS
SECURITIES LLC,

        

        

        

        UBS AG,
STAMFORD BRANCH, as Collateral Agent

        

        

        and

        

        the other
parties

        named
herein

        

        
          
             

          

          
             

            
              

            

          

          
             

            
              TABLE OF
CONTENTS

            

          

        

        

        

        

        
          	
                  SECTION
      1.  The Security
      Interests

                	
                  ........................................................................................1

                
	
                  SECTION
      2.  Definitions

                	
                  ........................................................................................2

                
	
                  SECTION
      3.  Representations and
      Warranties of Pledgor

                	
                  ........................................................................................3

                
	
                  SECTION
      4.  Representations, Warranties
      and Agreements of the Collateral Agent

                	
                  ........................................................................................3

                
	
                  SECTION
      5.  Representations, Warranties
      and Agreements of the Securities Intermediary

                	
                  ........................................................................................4

                
	
                  SECTION
      6.  Entitlement
      Orders

                	
                  ........................................................................................5

                
	
                  SECTION
      7.  Certain Covenants of
      Pledgor

                	
                  ........................................................................................5

                
	
                  SECTION
      8.  Administration of the
      Collateral and Valuation of the Securities

                	
                  ........................................................................................5

                
	
                  SECTION
      9.  Income and Voting Rights in
      Collateral

                	
                  ........................................................................................7

                
	
                  SECTION
      10.  Remedies upon Events of
      Default

                	
                  ........................................................................................7

                
	
                  SECTION
      11.  The Collateral
      Agent

                	
                  ........................................................................................9

                
	
                  SECTION
      12.  The Securities
      Intermediary

                	
                  ........................................................................................9

                
	
                  SECTION
      13.  Miscellaneous

                	
                  ........................................................................................10

                
	
                  SECTION
      14.  Assignment

                	
                  ........................................................................................11

                
	
                  SECTION
      15.  Termination of
      Agreement

                	
                  ........................................................................................11

                

        

        

        

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        PLEDGE
AGREEMENT

        

        THIS
AGREEMENT is made as of March 15, 2010, among Starr International Company, Inc.
(the “Pledgor”), UBS AG,
STAMFORD BRANCH, as collateral agent (the “Collateral Agent”) hereunder
for the benefit of UBS SECURITIES LLC (“Secured Party”), and (if a
financial institution shall have executed this Agreement as a Securities
Intermediary as defined in the UCC (as defined below)), such institution in its
capacity as Securities Intermediary (“Securities
Intermediary”).

         

        WHEREAS,
pursuant to the Stock Purchase Agreement dated as of the date hereof between
Pledgor and Secured Party (as amended from time to time, the “Stock Purchase Agreement”),
Pledgor has agreed to sell and Secured Party has agreed to purchase shares of
common stock (the “Common
Stock”), of American International Group, Inc. (the “Company”) (or security
entitlements in respect thereof), or cash in lieu thereof, subject to the terms
and conditions of the Stock Purchase Agreement;

         

        WHEREAS,
it is a condition to the obligations of Secured Party under the Stock Purchase
Agreement that Pledgor, the Securities Intermediary, the Collateral Agent and
Secured Party enter into this Agreement and that Pledgor grant the pledge
provided for herein;

         

        NOW,
THEREFORE, in consideration of their mutual covenants contained herein and to
secure the performance by Pledgor of its obligations under the Stock Purchase
Agreement and the observance and performance of the covenants and agreements
contained herein and in the Stock Purchase Agreement, the parties hereto,
intending to be legally bound, hereby mutually covenant and agree as
follows:

         

        Section 1. The Security Interests. In
order to secure the full and punctual observance and performance of the
covenants and agreements contained herein and in the Stock Purchase
Agreement:

         

        (a)      Pledgor
hereby assigns and pledges to the Collateral Agent, as agent of and for the
benefit of Secured Party, security interests in and to, and a lien upon and
right of set-off against, and transfers to the Collateral Agent, as agent of and
for the benefit of Secured Party, as and by way of a security interest having
priority over all other security interests, with power of sale, all of its
right, title and interest in and to (i) the Pledged Items described in paragraph
(b); (ii) all additions to and substitutions for such Pledged Items (including,
without limitation, any securities, instruments or other property delivered or
pledged pursuant to Section 7(a) or 8(b)); (iii) all income, proceeds and
collections received or to be received, or derived or to be derived, now or any
time hereafter (whether before or after the commencement of any proceeding under
applicable bankruptcy, insolvency or similar law, by or against Pledgor, with
respect to Pledgor) from or in connection with the Pledged Items (including,
without limitation, any shares of capital stock issued by the Company in respect
of any Common Stock (or security entitlements in respect thereof) constituting
Collateral or any cash, securities or other property distributed in respect of
or exchanged for any Common Stock (or security entitlements in respect thereof)
constituting Collateral, or into which any such Common Stock (or security
entitlements in respect thereof) is converted, in connection with any Merger
Event, and any security entitlements in respect of any of the foregoing); and
(iv) all powers and rights now owned or hereafter acquired under or with respect
to the Pledged Items (such Pledged Items, additions, substitutions, proceeds,
collections, powers and rights being herein collectively called the “Collateral”). The Collateral
Agent shall have all of the rights, remedies and recourses with respect to the
Collateral afforded a secured party by the UCC, in addition to, and not in
limitation of, the other rights, remedies and recourses afforded to the
Collateral Agent by this Agreement.

        

        (b)      On
or prior to the date hereof, Pledgor shall deliver to the Collateral Agent in
pledge hereunder a number of shares of Common Stock equal to 2,500,000 (the
“Initial Pledged
Items”), in the manner provided in Section 8(c). As of the Payment Date,
such Initial Pledged Items shall include, as Eligible Collateral, at least the
Base Amount of shares of Common Stock, free of all Transfer Restrictions (other
than any Existing Transfer Restrictions, but with no legends thereon relating to
such Existing Transfer Restrictions).

        

        (c)      In
the event that the Company at any time issues to Pledgor in respect of any
Common Stock (or security entitlements in respect thereof) constituting
Collateral hereunder any additional or substitute shares of capital stock of any
class (or any security entitlements in respect thereof), Pledgor shall
immediately pledge and deliver to the Collateral Agent in accordance with
Section 8(c) all such shares and security entitlements as additional Collateral
hereunder.

        

        (d)      The
Security Interests are granted as security only and shall not subject the
Collateral Agent or Secured Party to, or transfer or in any way affect or
modify, any obligation or liability of Pledgor or the Company with respect to
any of the Collateral or any transaction in connection therewith.

        

        (e)      If any delivery is
required to be made on a day on which the financial institution or clearing
facility through which a delivery is to be effected is not open for business,
such delivery shall instead be required to be made on the first following
Business Day on which such financial institution or clearing facility is open
for business.

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

        

        (f)      The Securities
Intermediary and the other parties hereto expressly agree that all rights,
assets and property held at any time in the Securities Account shall be treated
as financial assets within the meaning of Sections 8-102(a)(9) and 8-103 of the
UCC.

        

        (g)         The
parties hereto hereby agree that (i) the Securities Account is a “securities
account” within the meaning of Section 8-501 of the UCC and (ii) the Securities
Intermediary’s jurisdiction (within the meaning of Section 8-110(e) of the UCC)
in respect of the Securities Account is New York and each such party represents
that it has not and agrees that it will not enter into any agreement to the
contrary.

        

        Section 2. Definitions. Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to
them in the Stock Purchase Agreement. As used herein, the following words and
phrases shall have the following meanings:

        

        “Authorized Officer” of Pledgor
means any officer as to whom Pledgor shall have delivered notice to the
Collateral Agent that such officer is authorized to act hereunder on behalf of
Pledgor.

        

        “Collateral” has the meaning
provided in Section 1(a).

        

        “Collateral Agent” means the
financial institution identified as such in the preliminary paragraph hereof, or
any successor appointed in accordance with Section 11.

        

        “Collateral Event of Default”
has the meaning provided in Section 8(d).

        

        “Default Settlement Date” has
the meaning provided in Section 10(a).

        

        “Dividend Proceeds” has the
meaning provided in Section 9(a).

        

        “Eligible Collateral” means
Common Stock or security entitlements in respect thereof, provided that Pledgor
has good and marketable title thereto, free of all Liens (other than the
Security Interests) and Transfer Restrictions (other than, on any date on or
prior to the Notice Date, the Existing Transfer Restrictions and that the
Collateral Agent has a valid, first priority perfected security interest
therein, a first lien thereon and control with respect thereto, and provided
further that to the extent the number of shares of Common Stock or security
entitlements in respect thereof pledged hereunder exceeds at any time the
Maximum Deliverable Number thereof, such excess shares shall not be Eligible
Collateral.

        

        “Event of Default” has the
meaning provided in the Stock Purchase Agreement.

        

        “Existing Transfer
Restrictions” means the Transfer Restrictions on the shares of Common
Stock or security entitlements in respect thereof pledged hereunder imposed by
Rule 144 under the Securities Act as a result of such shares of Common Stock
being “control securities” or “restricted securities”, in each case as defined
in Rule 144 under the Securities Act.

        

        “Initial Pledged Items” has the
meaning provided in Section 1(b).

        

        “Location” means, with respect
to any party, the place such party is “deemed located” within the meaning of
Section 9-307(b)(3) of the UCC.

        

        “Maximum Deliverable Number”
means initially the number of shares of Common Stock included in the Initial
Pledged Items, and on any date after the Notice Date, a number of shares of
Common Stock or security entitlements in respect thereof equal to the Base
Amount multiplied successively by each adjustment that shall have been
calculated on or prior to such date pursuant to Article 7 of the Stock Purchase
Agreement.

        

        “Other Securities Intermediary
Liens” has the meaning set forth in Section 5(d).

        

        “Person” means an individual, a
corporation, a partnership, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or
instrumentality thereof.

        

        “Pledged Items” means, as of
any date, any and all securities and instruments delivered by Pledgor to be held
by the Collateral Agent under this Agreement as Collateral.

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        

        “Securities Account” means the
account in the name of Pledgor or the Collateral Agent, as the case may be, at
the Securities Intermediary in or to which certain of the Collateral is to be
deposited or credited in accordance with this agreement.

        

        “Security Interests” means the
security interests in the Collateral created hereby.

        

        “Securities Intermediary” means
the financial institution or clearing facility identified as such in the
preliminary paragraph hereof, or any successor appointed by the Collateral
Agent.

         

        “UCC” means the Uniform
Commercial Code as in effect in the State of New York.

        

        Section 3. Representations and Warranties of
Pledgor.  Pledgor hereby represents and warrants to the
Collateral Agent and Secured Party that:

         

        (a)      Pledgor
(i) acquired and made full payment for all shares of Common Stock pledged
hereunder (or in respect of which security entitlements are pledged hereunder)
on or before the date that is six months prior to the date of this Agreement as
computed in accordance with Rule 144(d), (ii) owns and, at all times prior to
the release of the Collateral pursuant to the terms of this Agreement, will own
the Collateral free and clear of any Liens (other than the Security Interests)
or Transfer Restrictions (other than the Existing Transfer Restrictions) and
(iii) is not and will not become a party to or otherwise bound by any agreement,
other than this Agreement, that (x) restricts in any manner the rights of any
present or future owner of the Collateral with respect thereto or (y) provides
any person other than Pledgor, the Collateral Agent, Secured Party or any
securities intermediary (including the Securities Intermediary) (but, in the
case of any such securities intermediary, only with respect to Collateral held
through it) with control (as defined in Section 8-106 of the UCC) with respect
to any Collateral.

         

        (b)      Other
than financing statements or other similar or equivalent documents or
instruments with respect to the Security Interests, no financing statement,
security agreement or similar or equivalent document or instrument covering all
or any part of the Collateral is on file or of record in any jurisdiction in
which such filing or recording would be effective to perfect a Lien on such
Collateral.

         

        (c)      All
shares of Common Stock at any time pledged hereunder (or in respect of which
security entitlements are pledged hereunder) are and will be issued by an issuer
organized under the laws of the United States, any State thereof or the District
of Columbia and (i) certificated (and the certificate or certificates in respect
of such shares of Common Stock are and will be located in the United States) and
registered in the name of Pledgor or held through a securities intermediary
whose securities intermediary’s jurisdiction (within the meaning of Section
8-110(e) of the UCC) is located in the United States or (ii) uncertificated and
either registered in the name of Pledgor or held through a securities
intermediary whose securities intermediary’s jurisdiction (within the meaning of
Section 8-110(e) of the UCC) is located in the United States.

         

        (d)      Upon
(i) the delivery of certificates evidencing any Common Stock to the Collateral
Agent in accordance with Section 8(c)(A), (ii) in the case of uncertificated
Common Stock, registration of such Common Stock in the name of the Securities
Intermediary or its nominee in accordance with Section 8(c)(B) or (iii) the
crediting of any Common Stock in respect of which the Pledgor has a security
entitlement to a securities account maintained by the Securities Intermediary at
another securities intermediary in accordance with Section 8(c)(C) and in each
case the crediting of any such Common Stock to the Securities Account in
accordance with Section 8(c)(C), the Collateral Agent will have, for the benefit
of Secured Party, a valid and, so long as the Securities Intermediary retains
possession of such certificates or such uncertificated Common Stock remains so
registered and such Common Stock continues to be credited to the Securities
Account, perfected security interest in a securities entitlement in respect
thereof, in respect of which the Collateral Agent will have control subject to
no prior Lien.

         

        (e)      No
registration, recordation or filing with any governmental body, agency or
official is required in connection with the execution and delivery of this
Agreement or necessary for the validity or enforceability hereof or for the
perfection or enforcement of the Security Interests, other than the filing of
financing statements in any appropriate jurisdiction.

         

        (f)      Pledgor
has not performed and will not perform any acts that might prevent the
Collateral Agent from enforcing any of the terms of this Agreement or that might
limit the Collateral Agent in any such enforcement.

         

        (g)      The
Location of Pledgor is the address set forth in Section 13(d), and under the
Uniform Commercial Code as in effect in such Location, no local filing is
required to perfect a security interest in collateral consisting of general
intangibles.

         

        Section 4. Representations, Warranties and
Agreements of the Collateral Agent. The Collateral Agent represents and
warrants to, and agrees with, Pledgor and Secured Party that:

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        

        (a)      The
Collateral Agent is a corporation, duly formed, validly existing and in good
standing under the laws of the jurisdiction of its formation, and has all powers
and all material governmental licenses, authorizations, consents and approvals
required to enter into, and perform its obligations under, this
Agreement.

         

        (b)      The
execution, delivery and performance by the Collateral Agent of this Agreement
have been duly authorized by all necessary action on the part of the Collateral
Agent and do not and will not violate, contravene or constitute a default under
any provision of applicable law or regulation or of the certificate of formation
or by-laws of the Collateral Agent or of any material agreement, judgment,
injunction, order, decree or other instrument binding upon the Collateral
Agent.

         

        (c)      This
Agreement constitutes a valid and binding agreement of the Collateral Agent
enforceable against the Collateral Agent in accordance with its
terms.

         

        (d)      The
Collateral Agent has not and will not enter into any agreement pursuant to which
any person other than Pledgor, the Collateral Agent, Secured Party or any
securities intermediary through whom any Collateral is held (but in the case of
any such securities intermediary only in respect of Collateral held through it)
has or will have control (within the meaning of Section 8-106 of the UCC) with
respect to any Collateral.

         

        (e)      The
Collateral Agent hereby agrees that all liens, pledges and other security
interests of any kind or nature held by it (other than liens, pledges and
security interests arising hereunder) in any of the Collateral securing any
obligation to the Collateral Agent (either in such capacity or in any other
capacity) (collectively, “Other Liens”) shall be subordinate and junior to the
liens, pledges and security interests in the Collateral arising hereunder and
that the Collateral Agent will take no action to enforce any Other Liens so long
as any obligation under the Stock Purchase Agreement or hereunder (whether or
not then due) should remain unsatisfied.

         

        Section
5.  Representations, Warranties and
Agreements of the Securities Intermediary.  The Securities
Intermediary represents and warrants to, and agrees with, each of the Collateral
Agent, Secured Party and Pledgor that:

         

                           (a)the Securities Intermediary is a
corporation, duly incorporated, validly existing and in good standing under the
laws of the jurisdiction of its incorporation, and has all corporate powers and
all material governmental licenses, authorizations, consents and approvals
required to enter into, and perform its obligations under, this
Agreement;

        

                          (b)the execution, delivery and performance
by the Securities Intermediary of this Agreement have been duly authorized by
all necessary corporate action on the part of the Securities Intermediary (no
action by the shareholders of the Securities Intermediary being required) and do
not and will not violate, contravene or constitute a default under any provision
of applicable law or regulation or of the charter or by-laws of the Securities
Intermediary or of any material agreement, judgment, injunction, order, decree
or other instrument binding upon the Securities Intermediary;

        

                           (c)this Agreement constitutes a valid and
binding agreement of the Securities Intermediary enforceable against the
Securities Intermediary in accordance with its terms;

        

                           (d)the Securities Intermediary hereby
agrees that (i) all liens, pledges and other security interests of any kind or
nature held by it in any of the Collateral securing any obligation to the
Securities Intermediary (either in such capacity or in any other capacity),
other than liens securing the obligations of Pledgor to it hereunder
(collectively, “Other
Securities Intermediary Liens”) shall be subordinate and junior to the
liens, pledges and security interest in the Collateral arising hereunder and
that the Securities Intermediary will take no action to enforce any Other
Securities Intermediary Liens so long as any obligation under the Stock Purchase
Agreement or hereunder (whether or not then due) should remain unsatisfied and
(ii) its obligations in respect of any Collateral will not be subject to
deduction, set-off, recoupment, banker’s lien or any other right in respect of
obligations owed by Pledgor or any other person to the Securities
Intermediary;

        

                          (e)the Securities Intermediary is not and
will not become a party to or otherwise bound by any agreement, other than this
Agreement, that provides any person with control (as defined in Section 8-106 of
the UCC) with respect to any of the Collateral; and

        

        (f)       the
Securities Intermediary is a “securities intermediary” within the meaning of
Section 8-102(14) of the UCC and is acting in such capacity in respect of the
Securities Account and all Collateral held therein or credited
thereto.

         

        
          
             

          

          
            4

            
              

            

          

          
             

          

        

        

         

        Section
6.  Entitlement
Orders.

         

        (a)          
The Securities Intermediary agrees that it will comply with entitlement orders
originated by the Collateral Agent in respect of the Securities Account and any
Collateral or other assets or property held therein or credited thereto without
further consent from Pledgor or any other person.  Pledgor hereby
consents to the foregoing agreement.

         

        (b)           The
Securities Intermediary agrees that it will not comply with entitlement orders
originated by the Pledgor or any other Person (other than the Collateral Agent
or Secured Party) in respect of the Securities Account and any Collateral or
other assets or property held therein or credited thereto until it shall have
received written notice from the Collateral Agent that it may comply with such
entitlement orders.

         

        Section 7. Certain Covenants of
Pledgor.  Pledgor agrees that, so long as any of its
obligations under the Stock Purchase Agreement remain outstanding:

         

                      
(a)         Pledgor shall ensure at
all times that a Collateral Event of Default shall not occur, and shall pledge
additional Collateral in the manner described in Sections 8(b) and 8(c) as
necessary to cause such requirement to be met.

         

                      
(b)         Pledgor shall, at the
expense of Pledgor and in such manner and form as Secured Party or the
Collateral Agent may require, give, execute, deliver, file and record any
financing statement, notice, instrument, document, agreement or other documents
as may be necessary or desirable in order to create, preserve, perfect,
substantiate or validate any security interest granted pursuant hereto or to
enable the Collateral Agent to exercise and enforce its rights and the rights of
Secured Party hereunder with respect to such security interest. To the extent
permitted by applicable law, Pledgor hereby authorizes the Collateral Agent to
execute and file, in the name of Pledgor or otherwise, UCC financing or
continuation statements (which may be, or may attach, carbon, photographic,
photostatic or other reproductions of this Agreement or of a financing statement
relating to this Agreement) that the Collateral Agent in its sole discretion may
deem necessary or appropriate to further perfect, or maintain the perfection of,
the Security Interests.

         

                      
(c)         Pledgor shall warrant
and defend its title to the Collateral, subject to the rights of the Collateral
Agent and Secured Party, against the claims and demands of all persons. The
Collateral Agent and Secured Party (or, as they may agree, one of them) may
elect, but without an obligation to do so, to discharge any Lien of any third
party on any of the Collateral.

         

                      
(d)         Pledgor agrees that it
shall not change (1) its name, identity or corporate structure in any manner or
(2) its Location, unless in either case (A) it shall have given the Collateral
Agent not less than 30 days’ prior notice thereof and (B) such change shall not
cause any of the Security Interests to become unperfected or subject any
Collateral to any other Lien.

         

                      
(e)         Pledgor agrees that it
shall not (1) create or permit to exist any Lien (other than the Security
Interests) or any Transfer Restriction (other than, on any date on or prior to
the Notice Date, the Existing Transfer Restrictions) upon or with respect to the
Collateral, (2) sell or otherwise dispose of, or grant any option with respect
to, any of the Collateral or (3) enter into or consent to any agreement pursuant
to which any person other than Pledgor, the Collateral Agent, Secured Party and
any securities intermediary (including the Securities Intermediary) through whom
any of the Collateral is held (but in the case of any such securities
intermediary only in respect of Collateral held through it) has or will have
control (within the meaning of Section 8-106 of the UCC) in respect of any
Collateral.

         

        Section 8. Administration of the Collateral and
Valuation of the Securities.

         

                       (a)        The
Collateral Agent shall determine on each Business Day whether a Collateral Event
of Default shall have occurred.

         

                      
(b)         Pledgor may pledge
additional Collateral hereunder at any time. Concurrently with the delivery of
any additional Eligible Collateral, Pledgor shall deliver to the Collateral
Agent a certificate of an Authorized Officer of Pledgor substantially in the
form of Exhibit A hereto and dated the date of such delivery, (A) identifying
the additional items of Eligible Collateral being pledged and (B) certifying
that with respect to such items of additional Eligible Collateral the
representations and warranties contained in paragraphs (a), (b), (c), (d) and
(e) of Section 3 are true and correct with respect to such Eligible Collateral
on and as of the date thereof. Pledgor hereby covenants and agrees to take all
actions required under Section 8(c) and any other actions necessary to create
for the benefit of the Collateral Agent a valid, first priority, perfected
security interest in, and a first lien upon, such additional Eligible
Collateral.

         

        (c)         Any
delivery of Common Stock (or security entitlement in respect thereof) as
Collateral to the Collateral Agent by Pledgor shall be effected (A) in the case
of Collateral consisting of certificated Common Stock registered in the

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

        name of
Pledgor, by delivery of certificates representing such Common Stock to the
Securities Intermediary, accompanied by any required transfer tax stamps, and in
suitable form for transfer by delivery or accompanied by duly executed
instruments of transfer or assignment in blank, with signatures appropriately
guaranteed, all in form and substance satisfactory to the Collateral Agent, (B)
in the case of Collateral consisting of uncertificated Common Stock registered
in the name of Pledgor, by transmission by Pledgor of an instruction to the
issuer of such Common Stock instructing such issuer to register such Common
Stock in the name of the Securities Intermediary or its nominee, accompanied by
any required transfer tax stamps, and the issuer’s compliance with such
instructions and the crediting of such Common Stock to the Securities Account or
(C) in the case of Common Stock in respect of which security entitlements are
held by Pledgor through a securities intermediary, by the crediting of such
Common Stock, accompanied by any required transfer tax stamps, to a securities
account of the Securities Intermediary at such securities intermediary or, at
the option of the Collateral Agent and the Securities Intermediary, at another
securities intermediary satisfactory to the Collateral Agent and the Securities
Intermediary and the crediting of such Common Stock to the Securities Account.
Upon delivery of any such Pledged Item under this Agreement, the Securities
Intermediary shall examine such Pledged Item and any certificates delivered
pursuant to Section 8(b) or otherwise pursuant to the terms hereof in connection
therewith to determine that they comply as to form with the requirements for
Eligible Collateral.

         

        (d)         If
on any Business Day the Collateral Agent determines that a Collateral Event of
Default shall have occurred, the Collateral Agent shall promptly notify Pledgor
of such determination by telephone call to an Authorized Officer of Pledgor
followed by a written confirmation of such call. A “Collateral Event of Default”
shall mean, at any time, the occurrence of either of the following: (A) failure
of the Collateral to include, as Eligible Collateral, at least the Maximum
Deliverable Number of shares of Common Stock or (B) failure at any time of the
Security Interests to constitute valid and perfected security interests in all
of the Collateral, subject to no prior or equal Lien, or assertion of such by
Pledgor in writing.

         

        (e)         If
on any Business Day the Collateral Agent determines that no Event of Default or
failure by Pledgor to meet any of its obligations under Sections 7 or 8 hereof
has occurred and is continuing, Pledgor may obtain the release of the Security
Interests with respect to any Collateral upon delivery to the Collateral Agent
of a written notice from an Authorized Officer of Pledgor indicating the items
of Collateral to be released so long as, after such release, no Collateral Event
of Default shall have occurred.

         

        (f)         On
the Settlement Date, unless (i) Pledgor shall have otherwise effected the
deliveries required by Section 2.2(e) of the Stock Purchase Agreement or shall
have delivered the Cash Settlement Amount to Secured Party in lieu of shares of
Common Stock (or security entitlements in respect thereof) in accordance with
Section 2.3 of the Stock Purchase Agreement or (ii) the Common Stock (or
security entitlements in respect thereof) then held by the Collateral Agent
hereunder (whether or not through the Securities Account) is not Unrestricted
Stock, the Collateral Agent shall deliver or instruct the Securities
Intermediary to deliver (and Pledgor hereby irrevocably instructs the Collateral
Agent to deliver or instruct the Securities Intermediary to deliver, in whole or
partial, as the case may be, satisfaction of Pledgor’s obligations to deliver
shares of Common Stock (or security entitlements in respect thereof) to Secured
Party on the Settlement Date pursuant to the Stock Purchase Agreement) to
Secured Party shares of Common Stock (or security entitlements in respect
thereof) then held by it hereunder representing the number of shares of Common
Stock (or security entitlements in respect thereof) required to be delivered
under the Stock Purchase Agreement on the Settlement Date. Upon any such
delivery, Secured Party shall hold such shares of Common Stock (or security
entitlements in respect thereof) absolutely and free from any claim or right
whatsoever (including, without limitation, any claim or right of
Pledgor).

         

        (g)         The
Collateral Agent may at any time or from time to time, in its sole discretion,
cause any or all of the Common Stock pledged hereunder (or in respect of which
security entitlements are pledged hereunder) registered in the name of Pledgor
or held through a securities intermediary in the name of the Pledgor or its
nominee, to be transferred of record into, or held through a securities
intermediary in, the name of the Collateral Agent or its nominee. Pledgor shall
promptly give to the Collateral Agent copies of any notices or other
communications received by Pledgor with respect to the Common Stock (or security
entitlements in respect thereof) pledged hereunder registered, or held through a
securities intermediary, in the name of Pledgor or its nominee and the
Collateral Agent shall promptly give to Pledgor copies of any notices and
communications received by the Collateral Agent with respect to the Common Stock
(or security entitlements in respect thereof) pledged hereunder registered, or
held through a securities intermediary, in the name of the Collateral Agent or
its nominee.

         

        (h)         Pledgor
agrees that it shall forthwith upon demand pay to the Collateral Agent: (i) the
amount of any taxes that the Collateral Agent or Secured Party may have been
required to pay by reason of the Security Interests or to free any of the
Collateral from any Lien thereon, and (ii) the amount of any and all
out-of-pocket expenses, including the fees 

        and
disbursements of counsel and of any other advisors or experts, that the
Collateral Agent or Secured Party may incur in connection with (A) the
enforcement of this Agreement, including such expenses as are incurred to
preserve the value of the Collateral and the validity, perfection, rank and
value of the Security Interests, (B) the collection, sale or other disposition
of any of the Collateral, (C) the exercise by the Collateral Agent of any of the
rights conferred upon it hereunder

         

        
          
            
            

          

          
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         or
(D) any Event of Default. Any such amount not paid on demand shall bear interest
(computed on the basis of a year of 360 days and payable for the actual number
of days elapsed) at a rate per annum equal to 2% plus the rate announced from
time to time by The Chase Manhattan Bank in New York City as its prime
rate.

         

        (i)         Without
limiting the rights and obligations of the parties under this Agreement, the
Collateral Agent shall, notwithstanding Section 9-207 of the UCC, have the right
to sell, lend, pledge, rehypothecate or assign to any party (including without
limitation, any of its affiliates), invest, use, commingle or otherwise dispose
of, or otherwise use in its business, any Collateral it holds, free from any
claim or right of any nature whatsoever of Pledgor, including any equity or
right of redemption by Pledgor.

         

        Section 9. Income and Voting Rights in
Collateral.

         

        (a)         The
Collateral Agent shall have the right to receive and retain as Collateral
hereunder  all proceeds (including Cash Dividends) of the Collateral
and Pledgor shall take all such action as the Collateral Agent shall deem
necessary or appropriate to give effect to such right.  All such
proceeds including, without limitation, all dividends and other payments and
distributions that are received by Pledgor shall be received in trust for the
benefit of the Collateral Agent and Secured Party and, if the Collateral Agent
so directs, shall be segregated from other funds of Pledgor and shall, forthwith
upon demand by the Collateral Agent  be paid over to the Collateral
Agent as Collateral in the same form as received (with any necessary
endorsement). The Collateral Agent is hereby authorized and instructed to
pay to the Secured Party any and all Cash Dividends received by it hereunder as
Collateral to be used by the Secured Party toward satisfaction of Pledgor’s
obligations under Section 7.4 of the Stock Purchase Agreement.

         

        (b)         Unless
an Event of Default shall have occurred and be continuing, Pledgor shall have
the right, from time to time, to vote and to give consents, ratifications and
waivers with respect to the Collateral. If an Event of Default shall have
occurred and be continuing, the Collateral Agent shall have the right, to the
extent permitted by law, and Pledgor shall take all such action as may be
necessary or appropriate to give effect to such right, to vote and to give
consents, ratifications and waivers, and to take any other action with respect
to any or all of the Collateral with the same force and effect as if the
Collateral Agent were the absolute and sole owner thereof.

         

        Section 10. Remedies upon Events of
Default.

        

        (a)           If
any Event of Default shall have occurred and be continuing, the Collateral Agent
may exercise on behalf of Secured Party all the rights of a secured party under
the Uniform Commercial Code (whether or not in effect in the jurisdiction where
such rights are exercised) and, in addition, without being required to give any
notice, except as herein provided or as may be required by mandatory provisions
of law, shall: (i) deliver, or instruct the Securities Intermediary to deliver,
all Collateral consisting of shares of Common Stock (or security entitlements in
respect thereof) (but not in excess of the number thereof deliverable under the
Stock Purchase Agreement at such time) to Secured Party on the date of the
Acceleration Amount Notice relating to such Event of Default (the “Default Settlement Date”) in
satisfaction of Pledgor’s obligations to deliver Common Stock (or security
entitlements in respect thereof) under the Stock Purchase Agreement, whereupon
Secured Party shall hold such shares of Common Stock (or security entitlements
in respect thereof) absolutely free from any Lien, claim or right of any kind,
including any equity or right of redemption of Pledgor that may be waived or any
other right or claim of Pledgor, and Pledgor, to the extent permitted by law,
hereby specifically waives all rights of redemption, stay or appraisal that it
has or may have under any law now existing or hereafter adopted; and (ii) if
such delivery shall be insufficient to satisfy in full all of the obligations of
Pledgor under the Stock Purchase Agreement or hereunder, sell all of the
remaining Collateral, or such lesser portion thereof as may be necessary to
generate proceeds sufficient to satisfy in full all of the obligations of
Pledgor under the Stock Purchase Agreement or hereunder, at public or private
sale or at any broker’s board or on any securities exchange, for cash, upon
credit or for future delivery, and at such price or prices as the Collateral
Agent may deem satisfactory. Pledgor covenants and agrees that it will execute
and deliver such documents and take such other action as the Collateral Agent
deems necessary or advisable in order that any such sale may be made in
compliance with law. Upon any such sale the Collateral Agent shall have the
right to deliver, assign and transfer to the buyer thereof the Collateral so
sold. Each buyer at any such sale shall hold the Collateral so sold absolutely
and free from any Lien, claim or right of any kind, including any equity or
right of redemption of Pledgor that may be waived or any other right or claim of
Pledgor, and Pledgor, to the extent permitted by law, hereby specifically waives
all rights of redemption, stay or appraisal that it has or may have under any
law now existing or hereafter adopted. The notice (if any) of such sale required
by Section 9-504 of the UCC shall (1) in case of a public sale, state the time
and place fixed for such sale, (2) in case of sale at a broker’s board or on a
securities exchange, state the board or exchange at which such sale is to be
made and the day on which the Collateral, or the portion thereof so being sold,
will first be offered for sale at such board or exchange, and (3) in the case of
a private sale, state the day after which such sale may be consummated. Any
such
public sale shall be held at such time or times within ordinary business hours
and at such place or places as the Collateral Agent may fix in the notice of
such sale. At any such sale the Collateral may be sold in one lot as an entirety
or in separate parcels, as the Collateral Agent may determine. The Collateral
Agent shall not be obligated to make any such sale pursuant to any such notice.
The Collateral Agent may, without notice or publication, adjourn any public or
private sale

         

        
          
            
            

          

          
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        or cause
the same to be adjourned from time to time by announcement at the time and place
fixed for the sale, and such sale may be made at any time or place to which the
same may be so adjourned. In case of any sale of all or any part of the
Collateral on credit or for future delivery, the Collateral so sold may be
retained by the Collateral Agent until the selling price is paid by the buyer
thereof, but the Collateral Agent shall not incur any liability in case of the
failure of such buyer to take up and pay for the Collateral so sold and, in case
of any such failure, such Collateral may again be sold upon like notice. The
Collateral Agent, instead of exercising the power of sale herein conferred upon
it, may proceed by a suit or suits at law or in equity to foreclose the Security
Interests and sell the Collateral, or any portion thereof, under a judgment or
decree of a court or courts of competent jurisdiction.

         

        (b)           Pledgor
hereby irrevocably appoints the Collateral Agent its true and lawful attorney,
with full power of substitution, in the name of Pledgor, the Collateral Agent or
Secured Party or otherwise, for the sole use and benefit of the Collateral Agent
and Secured Party, but at the expense of Pledgor, to the extent permitted by
law, to exercise, at any time and from time to time while an Event of Default
has occurred and is continuing, all or any of the following powers with respect
to all or any of the Collateral:

         

        
          	
                   
      

                	
                  (i)

                	
                  to
      demand, sue for, collect, receive and give acquittance for any and all
      monies due or to become due upon or by virtue
  thereof,

                

        

         

        
          	
                   
      

                	
                  (ii)

                	
                  to
      settle, compromise, compound, prosecute or defend any action or proceeding
      with respect thereto,

                

        

         

        
          	
                   
      

                	
                  (iii)

                	
                  to
      sell, transfer, assign or otherwise deal in or with the same or the
      proceeds or avails thereof, as fully and effectually as if the Collateral
      Agent were the absolute owner thereof (including, without limitation, the
      giving of instructions and entitlement orders in respect thereof),
      and

                

        

         

        
          	
                   
      

                	
                  (iv)

                	
                  to
      extend the time of payment of any or all thereof and to make any allowance
      and other adjustments with reference
thereto;

                

        

         

        provided
that the Collateral Agent shall give Pledgor not less than one day’s prior
written notice of the time and place of any sale or other intended disposition
of any of the Collateral, except any Collateral that (A) threatens to decline
speedily in value, including, without limitation, equity securities, or (B) is
of a type customarily sold on a recognized market. The Collateral Agent and
Pledgor agree that such notice (if any is required) constitutes “reasonable
notification” within the meaning of Section 9-504(3) of the UCC.

         

        (c)           Upon
any delivery or sale of all or any part of any Collateral made either under the
power of delivery or sale given hereunder or under judgment or decree in any
judicial proceedings for foreclosure or otherwise for the enforcement of this
Agreement, the Collateral Agent is hereby irrevocably appointed the true and
lawful attorney of Pledgor, in the name and stead of Pledgor, to make all
necessary deeds, bills of sale, instruments of assignment, transfer or
conveyance of the property, and all instructions and entitlement orders in
respect of the property thus delivered or sold. For that purpose the Collateral
Agent may execute all such documents, instruments, instructions and entitlement
orders. This power of attorney shall be deemed coupled with an interest, and
Pledgor hereby ratifies and confirms that which its attorney acting under such
power, or such attorney’s successors or agents, shall lawfully do by virtue of
this Agreement. If so requested by the Collateral Agent, by Secured Party or by
any buyer of the Collateral or a portion thereof, Pledgor shall further ratify
and confirm any such delivery or sale by executing and delivering to the
Collateral Agent, to Secured Party or to such buyer or buyers at the expense of
Pledgor all proper deeds, bills of sale, instruments of assignment, conveyance
or transfer, releases, instructions and entitlement orders as may be designated
in any such request.

         

        (d)           In
the case of an Event of Default, the Collateral Agent may proceed to realize
upon the security interest in the Collateral against any one or more of the
types of Collateral, at any time, as the Collateral Agent shall determine in its
sole discretion subject to the foregoing provisions of this Section 10. The
proceeds of any sale of, or other realization upon, or other receipt from, any
of the Collateral shall be applied by the Collateral Agent in the following
order of priorities:

         

        first, to the payment
to the Collateral Agent of the expenses of such sale or other realization,
including reasonable compensation to the Collateral Agent and its agents and
counsel, and all expenses, liabilities and advances incurred or made by the
Collateral Agent in connection therewith, including brokerage fees in connection
with the sale by the Collateral Agent of any Collateral;

        second, to the
payment to Secured Party of an amount equal to the aggregate Market Value of a
number of shares of Common Stock equal to (i) the number of shares of Common
Stock (or security entitlements in respect thereof) that would be required to be
delivered under Section 8.1 of the Stock Purchase Agreement on the Default
Settlement Date without giving effect to the proviso therein minus (ii) the
number of shares of Common Stock (or security entitlements in respect thereof)
delivered by the Collateral Agent to Secured Party 

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

        on the
Default Settlement Date as described in Section 10(a) and of an amount equal to
unpaid obligations of Pledgor pursuant to Section 7.4 of the Stock Purchase
Agreement;

         

        finally, if all of
the obligations of Pledgor hereunder and under the Stock Purchase Agreement have
been fully discharged or sufficient funds have been set aside by the Collateral
Agent at the request of Pledgor for the discharge thereof, any remaining
proceeds shall be released to Pledgor.

         

        Section 11. The Collateral
Agent.

         

        (a)           Secured
Party hereby irrevocably appoints and authorizes the Collateral Agent to take
such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Collateral Agent by the terms hereof, together
with all such powers as are reasonably incidental thereto.

         

        (b)           The
obligations of the Collateral Agent hereunder are only those expressly set forth
in this Agreement.

         

        (c)           The
Collateral Agent may consult with legal counsel, independent public accountants
and other experts selected by it and shall not be liable for any action taken or
omitted to be taken by it in good faith in accordance with the advice of such
counsel, accountants or experts.

         

        (d)           Neither
the Collateral Agent nor any of its directors, officers, agents or employees
shall be liable for any action taken or not taken by it in connection with this
Agreement (1) with the consent or at the request of Secured Party or (2) in the
absence of its own gross negligence or willful misconduct. The Collateral Agent
shall not incur any liability by acting in reliance upon any notice, consent,
certificate, statement, or other writing (which may be a bank wire, telex or
similar writing) believed by it to be genuine or to be signed by the proper
party or parties.

         

        (e)           Pledgor
shall indemnify the Collateral Agent against any cost, expense (including
counsel fees and disbursements), claim, demand, action, loss or liability
(except such as result from the Collateral Agent’s gross negligence or willful
misconduct) that the Collateral Agent may suffer or incur in connection with
this Agreement or any action taken or omitted by the Collateral Agent
hereunder.

         

        (f)           Beyond
the exercise of reasonable care in the custody thereof, the Collateral Agent
shall have no duty as to any Collateral in its possession or control or in the
possession or control of any agent, bailee, clearing corporation or securities
intermediary or any income thereon or as to the preservation of rights against
prior parties or any other rights pertaining thereto. The Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of
the Collateral if the Collateral is accorded treatment substantially equal to
that which it accords its own property, and shall not be liable or responsible
for any loss or damage to any of the Collateral, or for any diminution in the
value thereof, by reason of the act or omission of any agent, bailee, clearing
corporation or securities intermediary selected by the Collateral Agent in good
faith (or selected by an agent, bailee, clearing corporation or securities
intermediary so selected by the Collateral Agent or by any agent, bailee,
clearing corporation or securities intermediary selected in accordance with this
parenthetical phrase).

         

        (g)           Any
corporation or association into which the Collateral Agent may be converted or
merged, or with which it may be consolidated, or to which it may sell or
transfer its agency business or assets as a whole or substantially as a whole,
or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which it is a party, shall, subject to the
prior written consent of Secured Party, be and become a successor Collateral
Agent hereunder and vested with all of the title to the Collateral and all of
the powers, discretions, immunities, privileges and other matters as was its
predecessor without, except as provided above, the execution or filing of any
instrument or any further act, deed or conveyance on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.

         

        Section
12.  The
Securities Intermediary.

         

        (a)           Secured
Party hereby irrevocably appoints and authorizes the Securities Intermediary to
take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Securities Intermediary by the terms hereof,
together with all such powers as are reasonably incidental thereto.

         

        (b)           The
obligations of the Securities Intermediary hereunder are only those expressly
set forth in this Agreement.

        
               (c)           The
Securities Intermediary may consult with legal counsel, independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken by it in good faith in accordance with the
advice of such counsel, accountants or experts.

         

        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

         

        (d)           Neither
the Securities Intermediary nor any of its directors, officers, agents or
employees shall be liable for any action taken or not taken by it in connection
with this Agreement (1) with the consent or at the request of Secured Party or
(2) in the absence of its own gross negligence or willful
misconduct.  The Securities Intermediary shall not incur any liability
by acting in reliance upon any notice, consent, certificate, statement, or other
writing (which may be a bank wire, telex or similar writing) believed by it to
be genuine or to be signed by the proper party or parties.

         

        (e)           Pledgor
shall indemnify the Securities Intermediary against any cost, expense (including
counsel fees and disbursements), claim, demand, action, loss or liability
(except such as result from the Securities Intermediary’s gross negligence or
willful misconduct) that the Securities Intermediary may suffer or incur in
connection with this Agreement or any action taken or omitted by the Securities
Intermediary hereunder.

         

        (f)           Beyond
the exercise of reasonable care in the custody thereof, the Securities
Intermediary shall have no duty as to any Collateral in its possession or
control or in the possession or control of any agent, bailee, clearing
corporation or securities intermediary or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.  The Securities Intermediary shall be deemed to have
exercised reasonable care in the custody and preservation of the Collateral if
the Collateral is accorded treatment substantially equal to that which it
accords its own property, and shall not be liable or responsible for any loss or
damage to any of the Collateral, or for any diminution in the value thereof, by
reason of the act or omission of any agent, bailee, clearing corporation or
securities intermediary selected by the Securities Intermediary in good faith
(or selected by an agent, bailee, clearing corporation or securities
intermediary so selected by the Securities Intermediary or by any agent, bailee,
clearing corporation or securities intermediary selected in accordance with this
parenthetical phrase).

         

        (g)           Any
corporation or association into which the Securities Intermediary may be
converted or merged, or with which it may be consolidated, or to which it may
sell or transfer its agency business or assets as a whole or substantially as a
whole, or any corporation or association resulting from any such conversion,
sale, merger, consolidation or transfer to which it is a party, shall, subject
to the prior written consent of Secured Party, be and become a successor
Securities Intermediary hereunder and vested with all of the title to the
Collateral and all of the powers, discretions, immunities, privileges and other
matters as was its predecessor without, except as provided above, the execution
or filing of any instrument or any further act, deed or conveyance on the part
of any of the parties hereto, anything herein to the contrary
notwithstanding.

         

        Section 13. Miscellaneous.

        

        (a)           Whenever
any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns of such party. All the covenants and
agreements herein contained by or on behalf of Pledgor and the Collateral Agent
and the Securities Intermediary shall bind, and inure to the benefit of, their
respective successors and assigns whether so expressed or not, and shall be
enforceable by and inure to the benefit of Secured Party and its successors and
assigns.

         

        (b)           To
the extent permitted by law, the unenforceability or invalidity of any provision
or provisions of this Agreement shall not render any other provision or
provisions herein contained unenforceable or invalid.

         

        (c)           Any
provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by
Pledgor, the Collateral Agent, Secured Party and, if the rights and duties of
the Securities Intermediary are affected thereby, the Securities Intermediary
or, in the case of a waiver, by the party against whom the waiver is to be
effective. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

         

        (d)           All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard forms of
telecommunication. Notices to Pledgor shall be directed to it at 101
Baarerstrasse, CH6300, Zug, Switzerland V841; Attention: Stuart Osborne, with
copies to the attention of Bertil Lundqvist at C.V Starr & Co., Inc., 399
Park Avenue, 17th
Floor, New York, NY 10022, and Michael Warantz at C.V Starr & Co., Inc., 399
Park Avenue, 8th
Floor, New York, NY 10022; notices to the Collateral Agent shall be directed to
it at 677 Washington Blvd., Stamford, CT 06901, Telecopy No. 203-719-0680,
Attention: Equities Legal; notices to Secured Party shall be
directed to 677 Washington Blvd., Stamford, CT 06901, Telecopy No. 203-719-0680,
Attention: Equities Legal, with, in each case a copy at the above address to the
attention of  High Net Worth Derivatives (Telecopy: 203-326-2756)
and  Legal Affairs (Equities) (Telecopy: 203-719-7317); notices to the
Securities Intermediary shall be directed to it at the address last notified to
the Collateral Agent, Secured Party and the Pledgor.

         

        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

        (e)           This
Agreement shall in all respects be construed in accordance with and governed by
the laws of the State of New York (without reference to choice of law doctrine);
provided that as to Pledged Items located in any jurisdiction other than the
State of New York, the Collateral Agent on behalf of Secured Party shall, in
addition to any rights under the laws of the State of New York, have all of the
rights to which a secured party is entitled under the laws of such other
jurisdiction. The parties hereto hereby agree that the Collateral Agent’s
jurisdiction, within the meaning of Section 8-110(e) of the UCC, insofar as it
acts as a securities intermediary hereunder or in respect hereof, is the State
of New York. To the extent permitted by law, the unenforceability or invalidity
of any provision or provisions of this Agreement shall not render any other
provision or provisions herein contained unenforceable or invalid.

         

        (f)           Each
party hereto irrevocably submits, to the extent permitted under applicable law,
to the non-exclusive jurisdiction of the federal and state courts located in the
Borough of Manhattan, State of New York.

         

        (g)           Each
party waives, to the fullest extent permitted by applicable law, any right it
may have to a trial by jury in respect of any suit, action or proceeding
relating to this Agreement or the Stock Purchase Agreement. Each party certifies
(i) that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not seek to
enforce the foregoing waiver in the event of any such suit, action or proceeding
and (ii) acknowledges that it and each other party have entered into this
Agreement and the Stock Purchase Agreement, as applicable, in reliance on, among
other things, the mutual waivers and certifications in this
Section.

         

        (h)           This
Agreement may be executed, acknowledged and delivered in any number of
counterparts and all such counterparts taken together shall be deemed to
constitute one and the same agreement.

         

        Section 14. Assignment. This Pledge
Agreement may not be assigned, nor may any obligation hereunder be delegated, by
Pledgor without the prior written consent of Secured Party, and any purported
assignment, or delegation, without such consent shall be null and void. Secured
Party may and shall transfer its rights and obligations hereunder to any person
to whom Secured Party transfers its interests and obligations under the Stock
Purchase Agreement upon the same terms and conditions applicable to such
assignments therein.

        

        Section 15. Termination of Pledge
Agreement. This Agreement and the rights hereby granted by Pledgor in the
Collateral shall cease, terminate and be void upon fulfillment of all of the
obligations of Pledgor under the Stock Purchase Agreement and hereunder. Upon
written confirmation by Secured Party of such fulfillment by Pledgor, any
Collateral remaining at the time of such termination shall be fully released and
discharged from the Security Interests and delivered to Pledgor by the
Collateral Agent (or by the Securities Intermediary upon the instructions of the
Collateral Agent), all at the request and expense of Pledgor.

        

        

        [signature page
follows]

        
          
             

          

          
            11

            
              

            

          

          
             

          

        

        IN
WITNESS WHEREOF, the parties have signed this Agreement as of the date and year
first above written.

        

        PLEDGOR:

        

        

        Starr
International Company, Inc.

        

        

        By: /s/Howard I.
Smith

        Name:  Howard
I. Smith

        Title:  Attorney-in-Fact

        

        

        

        

        COLLATERAL
AGENT:

        

        UBS AG,
STAMFORD BRANCH,

              as
Collateral Agent

        

        

        By: /s/Hina
Mehta                                                              

        Name:  Hina
Mehta

        Title:  Executive Director
and Counsel, Region Americas Legal

        

        

        By: /s/Cynthia A.
Stevens                                                              

        Name:  Cynthia A.
Stevens

        Title:  Associate Director,
Region Americas Legal, Equities
Section

        

        

        SECURED
PARTY:

        

        UBS
SECURITIES LLC

        

        

        By:  /s/Paul Somma 

        Name:  Paul
Somma

        Title:   Executive
Director Equities

        

        

        By:  /s/Nick Rigby 

        Name:  Nick
Rigby

        Title: Director Equities

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        SECURITIES
INTERMEDIARY:

        

        __________________________,

        as
Securities Intermediary

        

        

        By:  _______________________                                                            

        Name:

        Title:

        

        

        By:  _______________________                                                            

        Name:

        Title:

        

        
          
             

          

          
            13 

            
              

            

          

          
             

          

        

        Exhibit
A

        to

        Pledge
Agreement

        

        

        CERTIFICATE FOR ADDITIONAL
COLLATERAL

        

        

        

        The
undersigned, Starr International Company, Inc. (“Pledgor”), hereby certifies,
pursuant to Section 8(b) of the Pledge Agreement, dated as of March 15, 2010,
among Pledgor, UBS AG, Stamford Branch, as Collateral Agent,
___________________________, as the Securities Intermediary, and Secured Party
(the “Pledge Agreement”;
terms defined in the Pledge Agreement being used herein as defined therein),
that:

        

        1.
Pledgor is delivering, or causing to be delivered in accordance with Section
8(c) of the Pledge Agreement, the following securities (or security entitlements
in respect thereof) to the Collateral Agent to be held by the Collateral Agent
as additional Collateral (the “Additional
Collateral”):

        

        2.
Pledgor hereby represents and warrants to the Collateral Agent that the
Additional Collateral is Eligible Collateral and that the representations and
warranties contained in paragraphs (a), (b), (c), (d), and (e) of Section 3 of
the Pledge Agreement are true and correct with respect to the Additional
Collateral on and as of the date hereof.

        

        This
Certificate may be relied upon by Secured Party as fully and to the same extent
as if this Certificate had been specifically addressed to Secured
Party.

        

        IN
WITNESS WHEREOF, the undersigned has executed this Certificate this ___ day of
__________, 2010.

        

        Starr International Company,
Inc.

        

        

        ____________________________

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