Document:

Exhibit 10.1

 

Apollo Management VII, L.P.
 9 West 57th Street
 New York, NY 10019

 

October 25, 2012

 

STRICTLY  CONFIDENTIAL

 

Prospect Global Resources Inc.
 1621 18th Street, Suite 260
 Denver, Colorado 80202

 

Dear Mr. Avery:

 

We have been in discussions with you, Prospect Global Resources Inc., a Nevada corporation (together with its subsidiaries, “Prospect Global”), regarding the potential purchase (the “Transaction”) of (i) $100 million in principal amount of 10% second lien convertible notes of Prospect Global (with an initial conversion price of $3.00 per share) and (ii) an option to acquire 16.7 million shares of the common stock of Prospect Global at $3.00 (which option would expire co-terminus with the closing of the Securities Purchase Agreement referenced below), by an affiliate or affiliates of Apollo Management VII, L.P. and/or Apollo Natural Resource Partners, L.P. (“Apollo”).  We believe that the Transaction presents a compelling opportunity for both Prospect Global and Apollo, and are willing to proceed with finalizing the terms of the Transaction.

 

Prior to the date of this letter, we and our advisors have delivered to you and your advisors draft documentation for the Transaction, consisting of a draft Securities Purchase Agreement (delivered to you and your advisors on October 23, 2012), and a draft Investor Rights Agreement (delivered to you and your advisors on October 19, 2012) (together, the “Draft Documentation”).  You have indicated that (a) you have reviewed such Draft Documentation and the summary term sheet attached hereto as Annex A (the “Term Sheet”) and (b) you acknowledge that the Draft Documentation, together with and as supplemented by the Term Sheet, is materially consistent with your understanding of the terms being contemplated by you and us for the Transaction, subject to the conversation concerning the Draft Documentation between our attorneys yesterday and good faith negotiation of the final terms by Apollo and Prospect Global.

 

Prospect Global hereby acknowledges that Apollo has already incurred substantial time, effort and expense to date in connection with its evaluation of the potential Transaction (including with respect to due diligence, preparation and negotiation of definitive documentation and arrangement of co-investment financing) and expects to incur further expenses to complete such work.  In consideration of such work and in order to induce Apollo to continue to its evaluation of the Transaction and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), Prospect Global hereby agrees that:

 

 

(a) from the date hereof until November 19, 2012 (the “Exclusivity Period”), neither Prospect Global nor any representative (including directors, officers, employees, shareholders, partners, agents, advisors, representatives or any others persons acting under the direction of any of them or any of their affiliates) (the “Representatives”) thereof, will, in connection with an extraordinary transaction (as defined below): (x) solicit, negotiate or otherwise discuss (including continuing any current discussions or negotiations) with any person or entity other than Apollo and its affiliates and advisors, (i) the sale, directly or indirectly, of any interest in Prospect Global (including any equity or equity linked securities, other than (I) ordinary course issuances of equity to employees, directors and consultants or (II) pursuant to a Permitted Underwritten Public Offering (as defined below)) or a significant portion of its assets, (ii) any merger or consolidation involving Prospect Global, or (iii) any recapitalization or restructuring involving Prospect Global (any such transaction described in clauses (i) through (iii) being referred to as an “extraordinary transaction”); (y) furnish any non-public information concerning Prospect Global to any person or entity, other than Apollo and its affiliates and advisors, for the purpose of an extraordinary transaction; or (z) enter into any agreement with respect to an extraordinary transaction with any person or entity other than Apollo or its affiliates.  In addition, Prospect Global and its Representatives will (a) immediately terminate all discussions and/or negotiations with any party other than Apollo which may reasonably be expected to lead to an extraordinary transaction and (b) immediately cease any and all work (and not engage in any such work during the Exclusivity Period) with respect to any extraordinary transaction.  For the avoidance of doubt, the foregoing is not intended to prevent Prospect Global or its Representatives from its ordinary course efforts as a public company to develop its public profile and conduct customary investor relations efforts. Notwithstanding anything to the contrary in the foregoing, during the Exclusivity Period, Prospect Global and its Representatives shall be permitted to solicit, negotiate with, discuss with and provide non-public information to, (a) any bank or other potential lender in connection with project finance debt funding or debt sufficient to enable Prospect Global to repay its promissory note issued to The Karlsson Group, (b) one or more lease counterparties in connection with capital leases in respect of equipment for Prospect Global’s operations, (c) Buffalo Management LLC and Grandhaven Energy, LLC in connection with termination of certain rights under their respective agreements with Prospect Global, (d) one or more potential Off-Take customers and (e) potential underwriters and investors in connection with an underwritten public offering of common stock of Prospect Global, that may close during the Exclusivity Period, provided that such investors shall not receive any governance rights or any additional economic value (other than such shares of Prospect Global common stock) and that such offering will be a broad based distribution (the potential financing described in this clause (e) being the “Permitted Underwritten Public Offering”) (the potential financings described in such clauses (a) through (e) being the “Permitted Financing”); provided, however, that, during the Exclusivity Period, Prospect Global shall in good faith continue to consult with Apollo, and keep Apollo reasonably informed, with respect to any such discussions or negotiations;

 

(b) if Prospect Global and Apollo and certain related parties have not entered into definitive agreements providing for the Transaction (as contemplated by the Term Sheet, and including ancillary agreements with Prospect Global and/or its affiliates and shareholders referenced 

 

 

in the Draft Documentation) (the “Definitive Transaction Documentation”) on or prior to November 19, 2012 (the “Signing Deadline”), Prospect Global shall promptly pay to Apollo (and in no event later than on November 20, 2012) an amount in cash equal to $7.5 million (the “Delay Fee”), provided that Prospect Global shall not be obligated to pay the Delay Fee in the event that (i) Apollo has not indicated in writing to Prospect Global (on or prior to the Signing Deadline) that it is willing to execute the Definitive Transaction Documentation (in a form provided by Apollo to Prospect Global on or prior to the Signing Deadline and that is materially consistent with the Draft Documentation and the Term Sheet, with such modifications thereto as Apollo reasonably determines are appropriate in connection with the finalization of such agreements and after its final evaluation of the Transaction) or (ii) Apollo has not negotiated the Definitive Transaction Documentation in good faith; and

 

(c) upon the earlier (if any) of (i) the Signing Deadline, if Prospect Global and Apollo and certain related parties have not entered into Definitive Transaction Documentation by such date or (ii) such earlier date as Prospect Global ceases negotiations with Apollo with respect to the Transaction, Prospect Global shall promptly reimburse Apollo (in any event, within ten days of a request for reimbursement by Apollo accompanied by an invoice) for 50% of the fees of SRK Consulting and McKinsey (such 50% fee obligation capped at $637,500) and 50% of the out-of-pocket expenses of SRK Consulting and McKinsey (in each case with respect to the services provided by such entity in connection with Apollo’s evaluation of the Transaction) (provided that Prospect Global shall be an addressee of any report generated by SRK Consulting and McKinsey and shall share ownership of such reports with Apollo whether or not Definitive Transaction Documentation with respect to the Transaction is signed or closed) (such reimbursable amounts being the “Reimbursable Consultant Costs Amount”).

 

Apollo hereby acknowledges and agrees that this letter agreement (including the content thereof, including the Term Sheet) will be publicly disclosed by Prospect Global, including but not limited to by press release and in filings with the Securities and Exchange Commission; provided, that Prospect Global agrees that until such time as the parties enter into the Definitive Transaction Documentation or the parties’ discussions with respect to a Transaction terminate, any such disclosures by Prospect Global or its Representatives shall be consistent with (and shall disclose no more than) the disclosures in the draft press release, draft Form 8-K and draft prospectus supplement for a public offering of common stock approved by Apollo prior to the execution of this letter agreement.

 

Apollo and Prospect Global hereby agree that, simultaneously with the execution and delivery of this letter agreement by the parties hereto, the letter agreement by and between Apollo and Prospect Global dated September 6, 2012 shall terminate and be of no further force or effect.

 

Apollo, on the one hand, and Prospect Global, on the other hand, further agree that in the event of any breach of this letter agreement, the other party would be irreparably harmed and could not be made whole solely by monetary damages.  Each party accordingly agrees that: (a) the 

 

 

remedy of specific performance of this letter agreement is appropriate in any action in court, in addition to any other remedy to which the other party may be entitled, without proof of special damages; and (b) either party shall be entitled to seek an injunction or injunctions to prevent breaches of this letter agreement by the other.

 

This letter agreement is not intended to and shall not confer upon any person other than the parties hereto any rights or remedies hereunder.

 

This letter agreement does not constitute an agreement to negotiate or an agreement to enter into the Transaction (or to enter into the Definitive Transaction Documentation), and there will be no contract or agreement of any kind in relation to the Transaction (other than (x) Prospect Global’s agreements in the third paragraph of this letter agreement (including the exclusivity obligations therein and the obligation to pay the Delay Fee and Reimbursable Consultant Costs Amount), (y) the parties’ agreement with respect to disclosures in the fourth paragraph of this letter agreement and (z) the parties’ agreement in the fifth paragraph of this letter agreement to terminate the previous letter agreement) by and among Prospect Global and Apollo (or any of their respective affiliates) unless and until the Definitive Transaction Documentation is complete and executed by such parties.  This letter agreement, and any non-contractual obligations arising out of or in connection with it, shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State without regard to the conflict of laws provisions thereof and may be amended, modified or waived only by a separate writing executed by each of the parties hereto.  This letter agreement may be executed in counterparts, which together shall constitute one and the same original.

 

The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the City of Wilmington in the State of Delaware for any actions, suits or proceedings arising out of or relating to this letter agreement and the transactions contemplated hereby.

 

 

	
 
    	
 
    	
Very truly   yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Apollo   Management VII, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: AIF VII   Management, LLC,
    
	
 
    	
 
    	
its general   partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Gareth   Turner
    
	
 
    	
 
    	
 
    	
Name:  Gareth Turner
    
	
 
    	
 
    	
 
    	
Title:  Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Accepted   and Acknowledged
    	
 
    	
 
    	
 
    
	
on   October 25, 2012
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Prospect   Global Resources Inc.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Patrick Avery
    	
 
    	
 
    	
 
    
	
Name: Patrick   Avery
    	
 
    	
 
    	
 
    
	
Title: Chief   Executive Officer
    	
 
    	
 
    	
 
    
					

 

 

Annex A

 

Summary Term Sheet

 

See attached.

 

 

SUMMARY OF POTENTIAL PROSPECT GLOBAL INVESTMENT

 

	
Deal   Overview
    	
 
    	
Prospect   Global Resources Inc. (“Prospect”) will sell and issue to Apollo and   its co-investors (the “Investors”)(1) (i) an aggregate of $100 million   in principal amount of Prospect’s convertible springing second-lien notes   (the “Notes”), (ii) an option to acquire 16.7 million shares of   Prospect common stock, (iii) shares of Prospect common stock (issuable under   certain circumstances described in “Additional Common Stock   Issuances” below), and (iv) a royalty interest, for an aggregate   consideration of $100 million.

 

Closing   of the investment (the “Closing”) is anticipated to occur in the first   half of 2013, subject to the conditions described below in “Closing Conditions” and in the Securities Purchase   Agreement (the “SPA”) to be entered into by the parties.
    
	
 
    	
 
    	
 
    
	
Terms   of the Notes
    	
 
    	
Interest. 10% per   annum, compounded semi-annually and payable semi-annually, of which (i) 4%   per annum will be payable in cash and (ii) 6% per annum will be payable in   kind in additional Notes.

 

Conversion   Price. $3.00, subject to the anti-dilution adjustments contained in the   SPA (including for issuances below the Conversion Price). Anti-dilution   protection to begin from the date of signing of the SPA.

 

Maturity. 7th years after Closing. However, if the maturity   date of Prospect’s project financing is later than 6 1⁄2 years after Closing,   then the maturity date for the Notes will be extended to the date that is six   months after the maturity date for the project financing.

 

Ranking. Upon   repayment of the note issued by Prospect to the Karlsson Group (the “Karlsson   Note”), the Note will become senior second lien obligations of the   obligors, ranking at least pari passu   with all existing and future indebtedness of the obligors, but junior to the   project financing.

 

Security. Upon   repayment of the Karlsson Note, security to consist of same collateral   package as the project financing.

 

Conversion. Convertible   by Investors at any time. Convertible by Prospect from and after reaching the   “Conversion Milestone,” which occurs when (1) Project Completion   occurs and (2) thereafter, Prospect’s common stock trades at 2.0x above the   conversion price for 20 consecutive trading days.

 

Voting. Votes with   the common stock on an as-converted basis. Investors will also have a separate   voting right to elect/appoint the number of Board designees described below   in “Governance Rights”.

 

Put   Rights. Putable at the option of the holders at a price   of 101% of par upon change of control transactions or from insurance proceeds   in the event of a 
    

 

(1)  Contracting purchaser entities will be acquisition vehicles formed by Apollo and its co-investors, supported by equity commitment letters from Apollo and its co-investors, which equity commitments are assignable among the investor group and their affiliates prior to closing.

 

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casualty   event, or proceeds of a condemnation award, subject to prior prepayment in   full of the project financing and to customary reinvestment rights.

 

Covenants   and Events of Default. Covenant package and events of default as   described in the SPA.
    
	
 
    	
 
    	
 
    
	
Options
    	
 
    	
Investors   will receive at signing options to purchase up to 16.7 million shares of   Prospect common stock, at an exercise price of $3.00, subject to customary   anti-dilution adjustments. The options will be exercisable at any time up to   the Closing.
    
	
 
    	
 
    	
 
    
	
Additional   Common Stock Issuance
    	
 
    	
If   the definitive feasibility study (“DFS”) indicates that the estimated   total capital costs (the “DFS Estimate”) for the Holbrook project   exceeds $1.568250 billion (i.e., more   than 2.5% higher than the currently estimated $1.53 billion of capital   costs), then Prospect will issue to Investors at Closing:

 

·              if the DFS Estimate is   greater than $1.568250 billion but less than or equal to $1.6065 billion (i.e., between 2.5% and 5.0% higher), 2.0 million shares of   common stock (representing 3.6% of the common stock then-outstanding, subject   to certain anti-dilution adjustments); or

 

·               if the DFS   Estimate is greater than $1.6065 billion but less than or equal to $1.683   billion (i.e., between 5.0% and 10.0% higher),   3.5 million shares of common stock (representing 6.3% of the common stock   then-outstanding, subject to certain anti-dilution adjustments).
    
	
 
    	
 
    	
 
    
	
Royalties
    	
 
    	
Upon   Closing, Investors and Buffalo Management LLC (“Buffalo”) will each   receive a 1% royalty on the annual gross revenues of Prospect. The current   management fee arrangement with Buffalo, which currently provides for a 2%   royalty interest payable to Buffalo, will be terminated.
    
	
 
    	
 
    	
 
    
	
Preemptive   Rights
    	
 
    	
From   signing until Investors hold less than 10% of the outstanding voting power,   if Prospect issues additional shares of common shares or other equity-based   securities, Investors will have preemptive rights on such issuances to   maintain their then-existing ownership percentage.
    
	
 
    	
 
    	
 
    
	
Governance   Rights
    	
 
    	
Board   Rights. At Closing, Investors will have the following   board designation rights:

 

·              Four out of   nine seats while Investors hold more than 20% of the outstanding voting   power; and

 

·              At below 20%,   a number proportionate to Investors’ voting power, until their voting power   would entitle them to designate less than one director, at which time   Investors lose their board rights and may appoint an observer.

 

Investors   will also have proportionate rights on board committees and subsidiary   boards. In addition, at signing of the SPA, Investors will have one Board   seat and one observer.

 

Consent   Rights. Investors will have a set of consent rights   while they hold more than 20% of the outstanding voting power, as detailed in   the Investor Rights Agreement (the “IRA”) to be entered into by the   parties. Certain of the consent
    

 

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rights   will fall away upon a Conversion Milestone.
    
	
 
    	
 
    	
 
    
	
Default   Protection
    	
 
    	
If   Prospect is defaulting (or likely to default) on its payment obligations on   the Karlsson Note, Investors have the option to purchase Prospect common   stock at the lower of the conversion price of the Notes or the   then-applicable market price (calculated on a 10 day VWAP average) in an   aggregate amount sufficient to (at Investors’ option) either (x) pay off the   Karlsson Note in full or (y) pay off such lesser amount as would be necessary   to avoid or cure the default or anticipated default. Investors may also elect   to purchase notes (with a one-year maturity and on other terms specified in   the SPA) in lieu of common stock.
    
	
 
    	
 
    	
 
    
	
Standstill
    	
 
    	
Investors   may not purchase or acquire any outstanding equity of Prospect for a period   of one year from Closing without Prospect’s consent.
    
	
 
    	
 
    	
 
    
	
Registration   Rights
    	
 
    	
Investors   will have demand and piggy-back registration rights for the common stock   receivable upon conversion of the Notes (or otherwise held by the Investors).
    
	
 
    	
 
    	
 
    
	
Fees   and Expenses
    	
 
    	
Investors   will receive a funding fee of 2% and a reimbursement of expenses from the   Company.
    
	
 
    	
 
    	
 
    
	
Shareholder   Approval
    	
 
    	
Transaction   is subject to Prospect shareholder approval. Certain shareholders of Prospect   will be asked to enter into support agreements in support of the transaction.

 

If   the deal is terminated for a failure to receive shareholder approval or a   breach by Prospect, Investors will receive a $5 million termination fee plus   reimbursement for expenses.
    
	
 
    	
 
    	
 
    
	
Closing   Conditions
    	
 
    	
Transaction   will be subject to (in addition to customary closing conditions contained in   the SPA):

 

·              Receipt of   the DFS for the Holbrook project which satisfies certain minimum conditions;

 

·              Selection of   EPC or EPCM firm(s) reasonably acceptable to Investors;

 

·              No indication   that there will be any delay in obtaining necessary permits in a timely   fashion (generally no later than August 31, 2013);

 

·              The hiring of   a Project Manager reasonably acceptable to Investors; and

 

·              Receipt by   Investors of updated reports from their commercial and technical advisors   which verify in all material respects the conclusions of the DFS and   otherwise generally support the continued commercial and technical viability   of the Holbrook project, and the market opportunity for it.
    

 

9EXHIBIT 4.01

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of September 10, 2012, among FLEXTRONICS INTERNATIONAL LTD., a Singapore corporation (the “Company” or “FIL”) acting, subject to Section 10.20 of the Credit Agreement, through its Bermuda branch, certain Subsidiaries of the Company party to the Credit Agreement pursuant to Section 2.14 thereof (together with the Company, the “Borrowers” and, each a “Borrower”), the Subsidiary Guarantors, the undersigned Lenders, and BANK OF AMERICA, N.A.,  individually and  as Administrative Agent (the “Administrative Agent”).

 

RECITALS

 

A.            The Borrowers, certain financial institutions, the Administrative Agent, and Bank of America, N.A. and Union Bank, N.A. as L/C Issuers, are party to that certain Credit Agreement dated as of October 19, 2011 (the “Credit Agreement”), pursuant to which the Administrative Agent and the Lenders have extended certain credit facilities to the Borrowers.

 

B.            The Company has requested that the Lenders agree to certain amendments to the Credit Agreement, and the undersigned Lenders have agreed to such request, subject to the terms and conditions of this Amendment.

 

NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Defined Terms.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Credit Agreement.  As used herein, “Amendment Documents” means this Amendment, the Credit Agreement (as amended by this Amendment), and each certificate and other document executed and delivered by any Borrower pursuant to Section 5 hereof.

 

2.             Interpretation.  The rules of interpretation set forth in Sections 1.02 of the Credit Agreement shall be applicable to this Amendment and are incorporated herein by this reference.

 

3.             Amendments to Credit Agreement.  Subject to the terms and conditions hereof, and with effect from and after the Effective Date, the Credit Agreement shall be amended as follows:

 

(a)           Section 1.01 of the Credit Agreement is amended by (i) replacing the reference to “Section 2.16(d)” in the definition of Term Increase Effective Date with a reference to “Section 2.16(c)” and (ii) replacing the reference to “Section 2.15(d)” in the definition of Increase Effective Date with a reference to “Section 2.15(c)”.

 

 

(b)           Sections 2.15(a) — (d) of the Credit Agreement are amended in their entirety to read as follows and Sections 2.15(e) and (f) of the Credit Agreement are relettered as Sections 2.15(d) and (e), respectively:

 

(a)           Request for Increase.  Provided there exists no Default, upon notice to the Administrative Agent, the Company may from time to time request an increase in the Aggregate Revolving Credit Commitment by an amount (for all such requests) not exceeding the Maximum Increase Amount; provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, and (ii) the Company may make a maximum of five such requests.

 

(b)           Proposed Lenders.  Any proposed increase in the Aggregate Revolving Credit Commitment may be requested from existing Lenders, new prospective lenders who are Eligible Assignees (and who are approved by the Administrative Agent, the L/C Issuer and the Swing Line Lender, which approvals shall not be unreasonably withheld), or a combination thereof, as selected by, and with such allocations of committed amounts as may be determined by, the lead arranger(s) thereof and/or the Company, provided that any incremental Revolving Credit Commitment provided by an Eligible Assignee shall be in a principal amount of $5,000,000 or an integral multiple of $500,000 in excess thereof. Any Lender approached to provide all or a portion of the incremental Revolving Credit Commitment may elect or decline, in its sole discretion, to provide an incremental Revolving Credit Commitment.

 

(c)           Effective Date and Allocations.  If the Aggregate Revolving Credit Commitment is increased in accordance with this Section, the Administrative Agent and the Company shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of such increase and the Increase Effective Date.  As of the Increase Effective Date, the Credit Agreement shall be amended to reflect the incremental Revolving Credit Commitments of the Lenders or other Persons providing such incremental Revolving Credit Commitments and the joinder to the Credit Agreement of any Eligible Assignees providing such incremental Revolving Credit Commitments.  Such amendment shall be executed and delivered by the Administrative Agent, the Loan Parties and each Lender and Eligible Assignee providing such incremental Revolving Credit Commitments without the consent of any other party.  Such amendment shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

(c)           Section 2.16 of the Credit Agreement is amended in its entirety to read as follows:

 

2.16         Increase in Term A Facility.

 

(a)           Request for Increase.  Provided there exists no Default, upon notice to the Administrative Agent, the Company may from time to time, request an increase in the Term A Loans by an amount (for all such requests) not exceeding the

 

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Maximum Increase Amount; provided that any such request for an increase shall be in a minimum amount of $25,000,000.

 

(b)           Proposed Lenders.  Any proposed increase in the Term A Loans may be requested from existing Lenders, new prospective lenders who are Eligible Assignees (and who are approved by the Administrative Agent, which approval shall not be unreasonably withheld) or a combination thereof, as selected by, and with such allocations of committed amounts as may be determined by, the lead arranger(s) thereof and/or the Company, provided that any incremental Term A Loans made by an Eligible Assignee shall be in a principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof. Any Lender approached to provide all or a portion of the incremental Term A Loans may elect or decline, in its sole discretion, to provide an incremental Term A Loan.

 

(c)           Effective Date and Allocations.  If the Term A Loans are increased in accordance with this Section, the Administrative Agent shall promptly notify the Company and the Lenders of the amount and effective date  (the “Term Increase Effective Date”) of such increase.  As of the Term Increase Effective Date, the Credit Agreement shall be amended to (i) reflect the incremental Term A Loans being made on the Term Increase Effective Date and the joinder to the Credit Agreement of any Eligible Assignees making any such incremental Term A Loans and (ii) increase each then-remaining unpaid installment of principal of the Term A Loans payable pursuant to Section 2.07(a)  prior to the Maturity Date by an amount such that (A) the increase for each such installment equals the product of (x) the percentage of the initial principal amount of the existing Term A Loans payable on each such installment date multiplied by (y) the aggregate amount of such incremental Term A Loans and (B) the aggregate principal payments payable pursuant to Section 2.07(a) (including the proviso thereto) are increased by the aggregate amount of the incremental Term A Loans being made on the Term Increase Effective Date.  Such amendment shall be executed and delivered by the Administrative Agent, the Loan Parties and each Lender and Eligible Assignee making any such incremental Term A Loan without the consent of any other party.  Such amendment shall be in form and substance reasonably satisfactory to the Administrative Agent.  On the Term Increase Effective Date, each incremental Term A Loan made on such date shall be deemed a Term A Loan for all purposes hereof (including without limitation for purposes of the payment and amortization requirements of Section 2.07(a)) and the holder thereof shall be deemed a Term A Lender for all purposes hereof.

 

(d)           Conditions to Effectiveness of Increase. Notwithstanding the foregoing, no increase to the Term A Facility shall become effective under this Section 2.16 unless (i) on the date of such effectiveness, the conditions set forth in Sections 4.02(a) and 4.02(b) shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Company, (ii) after giving effect to such increase, (A) the Company would be in compliance, on a pro forma basis, with the covenants set forth in Section 7.12 and (B) no Default has occurred and is continuing or would result

 

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therefrom, and the Administrative Agent shall have received a certificate to that effect dated the Term Increase Effective Date and executed by a Responsible Officer of the Company, (iii) all reasonable fees and expenses owing to the Administrative Agent and the Term Lenders shall have been paid, (iv) an amendment to this Agreement consistent with Section 2.16(c) and reasonably satisfactory to the Administrative Agent in form and substance shall have been executed and delivered by the applicable parties and (v) the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates reasonably requested by the Administrative Agent and substantially consistent with those delivered on the Closing Date under Section 4.01.

 

(e)           Conflicting Provisions.  This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

(d)           Section 10.07 of the Credit Agreement is amended by replacing the reference to “Section 2.15(c)” with a reference to “Sections 2.15(b), 2.16(b) or 2.17(b)”.

 

4.             Representations and Warranties.  Each Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)           No Default has occurred and is continuing.

 

(b)           The execution, delivery and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable.

 

(c)           This Amendment and the Credit Agreement (as amended hereby) constitute the legal, valid and binding obligations of each Borrower and are enforceable against such Borrower in accordance with their respective terms, without defense, counterclaim or offset.

 

(d)           The representations and warranties of (i) the Borrowers contained in Article V of the Credit Agreement and (ii) each Loan Party contained in each other Loan Document or in any document furnished at any time under or in connection herewith or therewith, are (A) in the case of representations and warranties that are qualified as to materiality, true and correct, and (B) in the case of representations and warranties that are not qualified as to materiality, true and correct in all material respects, in each case on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct or true and correct in all material respects, as the case may be, as of such earlier date; provided that the representations and warranties contained in Section 5.09 of the Credit Agreement shall be deemed to refer to the most recent Financial Statements furnished pursuant to subsections (a) and (b) of Section 6.01 of the Credit Agreement.

 

(e)           Each Borrower is entering into this Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Administrative Agent, the Lenders or any other Person.

 

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5.             Effective Date.

 

(a)           This Amendment will become effective when each of the following conditions precedent has been satisfied (the “Effective Date”):

 

(i)            The Administrative Agent shall have received from the Company, each other Loan Party and the Required Lenders (without respect to whether this Amendment has been executed by all Lenders) a duly executed original (or, if elected by the Administrative Agent, an executed facsimile copy) counterpart to this Amendment.

 

(ii)           The Administrative Agent shall have received from the Company a certificate signed by the secretary or assistant secretary or director of each Borrower, dated the Effective Date, in form and substance satisfactory to the Administrative Agent, and certifying evidence of the authorization of the execution, delivery and performance by such Borrower of this Amendment.

 

(iii)          The Borrowers shall have paid to the Administrative Agent all reasonable costs and expenses of counsel to the Administrative Agent to the extent invoiced prior to the Effective Date.

 

(iv)          The Administrative Agent shall have received, in form and substance satisfactory to it, such additional certificates, opinions, documents and other information as the Administrative Agent shall reasonably request.

 

(b)           From and after the Effective Date, the Credit Agreement is amended as set forth herein.  Except as expressly amended pursuant hereto, the Credit Agreement shall remain unchanged and in full force and effect and is hereby ratified and confirmed in all respects.

 

(c)           The Administrative Agent will notify the Borrowers and the Lenders of the occurrence of the Effective Date.

 

6.             Reservation of Rights.  Each Loan Party acknowledges and agrees that neither the execution nor the delivery by the Administrative Agent or any Lender of this Amendment, shall be deemed to create a course of dealing or otherwise obligate the Administrative Agent or any Lender to execute similar amendments under the same or similar circumstances in the future.

 

7.             Miscellaneous.

 

(a)           This Amendment shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns.  No third party beneficiaries are intended in connection with this Amendment.

 

(b)           THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.14, 10.15 AND 10.16 OF THE CREDIT AGREEMENT RELATING TO GOVERNING LAW, VENUE, WAIVER OF RIGHT TO TRIAL BY JURY AND JUDICIAL REFERENCE, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.

 

5

 

(c)           This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  Transmission of signatures of any party by facsimile shall for all purposes be deemed the delivery of original, executed counterparts thereof and the Administrative Agent is hereby authorized to make sufficient photocopies thereof to assemble complete counterparty documents.

 

(d)           This Amendment, together with the other Amendment Documents and the Credit Agreement, contain the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein and therein.  This Amendment supersedes all prior drafts and communications with respect thereto.  This Amendment may not be amended except in accordance with the provisions of Section 10.01 of the Credit Agreement.

 

(e)           If any term or provision of this Amendment shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without affecting the remaining provisions of this Amendment or the Credit Agreement, respectively.

 

(f)            Each Borrower covenants to pay to or reimburse the Administrative Agent, upon demand, for all costs and expenses incurred in connection with the development, preparation, negotiation, execution and delivery of this Amendment.

 

(g)           This Amendment shall constitute a “Loan Document” under and as defined in the Credit Agreement.

 

(h)           Each Subsidiary Guarantor, by its execution hereof, consents to this Amendment and reaffirms its obligations under the Subsidiary Guaranty.

 

[Remainder of this page intentionally left blank]

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	
 
    	
FLEXTRONICS   INTERNATIONAL LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   INTERNATIONAL USA, INC., as Designated Borrower and Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy Stewart
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Timothy   Stewart
    
	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   INTERNATIONAL ASIA- PACIFIC LTD., as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   MARKETING (L) LTD., as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
FLEXTRONICS   INTERNATIONAL EUROPE B.V., as Subsidiary Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bart van Loon
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Bart   van Loon
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   INTERNATIONAL TERMELÖ ÉS SZOLGÁLTATÓ VÁMSZABADTERÜLETI KORLÁTOLT FELELÖSSEGÜ   TÁRSASAG, as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert McCafferty
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Robert   McCafferty
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Erzsebet Horvath
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Erzsebet   Horvath
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   AMERICA, LLC, as Subsidiary Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Collier
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chris   Collier
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FLEXTRONICS   SALES & MARKETING (A-P) LTD., as Subsidiary Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Director
    

 

2

 

	
 
    	
FLEXTRONICS   INTERNATIONAL USA, INC., as Subsidiary Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy Stewart
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Timothy   Stewart
    
	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   SALES AND MARKETING NORTH ASIA (L) LTD., as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   SALES AND MARKETING CONSUMER DIGITAL LTD., as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Manny Marimuthu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Manny   Marimuthu
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FLEXTRONICS   LOGISTICS USA, INC., as Subsidiary Guarantor
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy Stewart
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Timothy   Stewart
    
	
 
    	
Title:
    	
Vice   President and Secretary
    

 

3

 

	
 
    	
BANK   OF AMERICA, N.A., as Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anthea Del Bianco
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Anthea   Del Bianco
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sugeet Manchanda Madan
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Sugeet   Manchanda Madan
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Citibank,   N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean Klimchalk
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Sean   Klimchalk
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BNP   PARIBAS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott Bruni
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Scott   Bruni
    
	
 
    	
Title:
    	
Vice-President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew Harvey
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Matthew   Harvey
    
	
 
    	
Title:
    	
Managing   Director
    

 

4

 

	
 
    	
HSBC   Bank USA, National Association
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas T. Rogers
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Thomas   T. Rogers
    
	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John G. Kowalczuk
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
John   G. Kowalczuk
    
	
 
    	
Title:
    	
Executive   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
The   Bank of Nova Scotia
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher Usas
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Christopher   Usas
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   ROYAL BANK OF SCOTLAND plc
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Patricia Boussaroque
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Patricia   Boussaroque
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANK   OF CHINA, NEW YORK BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Haifeng Xu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Haifeng   Xu
    
	
 
    	
Title:
    	
Assistant   General Manager
    

 

5

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David W. Kee
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
David   W. Kee
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
UNION   BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Annabella Guo
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Annabella   Guo
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S.   Bank National Association
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeff Benedix
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jeff   Benedix
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Wells   Fargo Bank, N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sid Khanolkar
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Sid   Khanolkar
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DBS   Bank Ltd., Los Angeles Agency
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Aik Lim Kok
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Aik   Lim Kok
    
	
 
    	
Title:
    	
Assistant   General Manager
    

 

6

 

	
 
    	
KBC   Bank N.V., as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kurt O. Pagon
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Kurt   O. Pagon
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas R. Lalli
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Thomas   R. Lalli
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mizuho   Corporate Bank, Ltd.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bertram H. Tang
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Bertram   H. Tang
    
	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Skandinaviska   Enskilda Banken AB (publ)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Krissy Rands
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Krissy   Rands
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Marialaura Aymerich
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Marialaura   Aymerich
    
	
 
    	
Title:
    	
Loan   Distribution
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF TOKYO-MITSUBISHI UFJ, LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas Danielson
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Thomas   Danielson
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

7

 

	
 
    	
UniCredit   Bank Austria AG
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Friedrich Muellner
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Friedrich   Muellner
    
	
 
    	
Title:
    	
MD
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Margarere Stout-Frühwerth
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Margarere   Stout-Frühwerth
    
	
 
    	
Title:
    	
MD
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BARCLAYS   BANK PLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Diane Rolfe
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Diane   Rolfe
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mayport   CLO Ltd.
    
	
 
    	
By:
    	
Pacific   Investment Management Company LLC,
    
	
 
    	
 
    	
as   its Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Arthur Y.D. Ong
    
	
 
    	
 
    	
 
    	
Arthur   Y.D. Ong
    
	
 
    	
 
    	
 
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Fairway   Loan Funding Company
    
	
 
    	
By:
    	
Pacific   Investment Management Company LLC,
    
	
 
    	
 
    	
as   its Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Arthur Y.D. Ong
    
	
 
    	
 
    	
 
    	
Arthur   Y.D. Ong
    
	
 
    	
 
    	
 
    	
Executive   Vice President
    

 

8

 

	
 
    	
Portola   CLO, Ltd
    
	
 
    	
By:
    	
Pacific   Investment Management Company LLC,
    
	
 
    	
 
    	
as   its Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Arthur Y.D. Ong
    
	
 
    	
 
    	
 
    	
Arthur   Y.D. Ong
    
	
 
    	
 
    	
 
    	
Executive   Vice President
    

 

9

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