Document:

sing_ex101.htm

EXHIBIT 10.1
  
 NOTE SETTLEMENT AGREEMENT
  
 This Note Settlement Agreement (this “Agreement”) is entered into as of January 27, 2021 (the “Effective Date”) by and among Iliad Research and Trading, L.P., a Utah limited partnership (“Iliad”), UAHC Ventures LLC, a Nevada limited liability company (“UAHC Ventures”, and together with Iliad, “Lender”), and SinglePoint Inc., a Nevada corporation (“Borrower”). Capitalized terms used in this Agreement without definition shall have the meanings given to them in the respective Notes (defined below). Each of Borrower and Lender is sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
  
 A. Borrower previously sold and issued to UAHC Ventures that certain Secured Convertible Promissory Note dated October 6, 2017 in the original principal amount of $670,000.00 (the “UAHC Ventures Note”) pursuant to that certain Securities Purchase Agreement dated October 6, 2017 by and between UAHC Ventures and Borrower (the “UAHC Ventures Purchase Agreement”, and together with the Note and all other documents entered into in conjunction therewith, the “UAHC Ventures Transaction Documents”).
  
 B. Borrower previously sold and issued to Iliad that certain Secured Convertible Promissory Note dated November 5, 2018 in the original principal amount of $5,520,000.00 (the “Iliad Note”, and together with the UAHC Ventures Note, the “Notes”) pursuant to that certain Securities Purchase Agreement dated November 5, 2018 by and between Iliad and Borrower (the “Iliad Purchase Agreement”, and together with the UAHC Ventures Purchase Agreement, the “Purchase Agreements”), and the Iliad Purchase Agreement together with the Note and all other documents entered into in conjunction therewith, the “Iliad Transaction Documents”, and the Iliad Transaction Documents together with the UAHC Ventures Transaction Documents, the “Transaction Documents”).
  
 C. Lender and Borrower now desire to settle the Notes on the terms and conditions set forth herein.
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  
 1. Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement. 
  
 	 
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 2. UAHC Ventures Note Redemption. Together with its execution of this Agreement, UAHC Ventures has delivered to Borrower a Redemption Notice pursuant to the terms of the UAHC Ventures Note, a copy of which is attached hereto as Exhibit A (the “Redemption Notice”). By its execution below, Borrower acknowledges its receipt of the Redemption Notice as of the date of this Agreement. Pursuant to the Redemption Notice, Borrower is required, and hereby agrees, to issue to UAHC Ventures 30,000,000 Redemption Conversion Shares in accordance with and in the manner and within the timeframes prescribed in Sections 8 and 10 of the UAHC Ventures Note (the “Redemption Shares”). For the avoidance of doubt, in order for the Redemption Shares to be deemed to have been delivered to UAHC Ventures, (a) the Shares or certificate(s) representing the Redemption Shares must have been cleared and approved for public resale by the compliance departments of UAHC Ventures’ brokerage firm and the clearing firm servicing such brokerage, and (b) the Redemption Shares must be held in the name of the clearing firm servicing UAHC Ventures’ brokerage firm and must have been deposited into such clearing firm’s account for the benefit of UAHC Ventures. 
  
 3. Iliad Note Conversion. Together with its execution of this Agreement, Iliad has delivered to Borrower a Conversion Notice pursuant to the terms of the Iliad Note, a copy of which is attached hereto as Exhibit B (the “Conversion Notice”). By its execution below, Borrower acknowledges its receipt of the Conversion Notice as of the date of this Agreement. Pursuant to the Conversion Notice, Borrower is required, and hereby agrees, to issue to Iliad 100,000,000 Conversion Shares in accordance with and in the manner and within the timeframes prescribed in Section 3 of the Iliad Note (the “Conversion Shares”, and together with the Redemption Shares, the “Shares”). For the avoidance of doubt, in order for the Conversion Shares to be deemed to have been delivered to Iliad, (a) the Conversion Shares or certificate(s) representing the Conversion Shares must have been cleared and approved for public resale by the compliance departments of Iliad’s brokerage firm and the clearing firm servicing such brokerage, and (b) the Conversion Shares must be held in the name of the clearing firm servicing Iliad’s brokerage firm and must have been deposited into such clearing firm’s account for the benefit of Iliad. 
  
 4. Restrictions on Sales of Shares.
  
 4.1. Volume Limitation. Lender agrees that, with respect to the Shares, in any given calendar week its Net Sales (as defined below) of such Shares shall not exceed five percent (5%) of Borrower’s weekly dollar trading volume in such week (which, for purposes hereof, means the number of shares of Borrower’s common stock traded during such calendar week multiplied by the volume weighted average price per share for such week) (the “Volume Limitation”). For purposes of this Agreement, the term “Net Sales” means the gross proceeds from sales of the Shares sold in a calendar week minus any trading commissions associated with selling such Shares. 
  
 5. Final Settlement; Payment in Full. Final settlement of this Agreement (“Final Settlement”) (and thereby, the Notes) shall occur once the Shares have been received by Lender. Upon Final Settlement, Borrower shall be deemed to have paid the entire Outstanding Balances of each of the Notes in full, Borrower shall have no further obligations under the Notes, the Notes will terminate and be deemed to be of no further force or effect, and the Parties shall be released from all obligations, definitions, representations and commitments therein. 
    
 	 
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 6. Failure to Comply. Should Borrower fail to comply with any of the conditions set forth herein, including without limitation failing to deliver the Shares when due, all accommodations given herein shall immediately and automatically be deemed withdrawn and Lender shall be entitled to all remedies available to it at law, in equity or as otherwise set forth in this Agreement.
  
 7. Representations, Warranties and Agreements. In order to induce Lender to enter into this Agreement, Borrower, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:
  
 7.1. Authority. Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations of Borrower hereunder.
  
 7.2. No Waiver. Any Event of Default which may have occurred under the Notes has not been, is not hereby, and shall not be deemed to be waived by Lender, expressly, impliedly, through course of conduct or otherwise except upon full satisfaction of Borrower’s obligations under this Agreement. The agreement of Lender to refrain and forbear from exercising any rights and remedies by reason of any existing default or any future default shall not constitute a waiver of, consent to, or condoning of, any other existing or future default.
  
 7.3. Accurate Representations. All understandings, representations, warranties and recitals contained or expressed in this Agreement are true, accurate, complete, and correct in all respects; and no such understanding, representation, warranty, or recital fails or omits to state or otherwise disclose any material fact or information necessary to prevent such understanding, representation, warranty, or recital from being misleading. Borrower acknowledges and agrees that Lender has been induced in part to enter into this Agreement based upon Lender’s justifiable reliance on the truth, accuracy, and completeness of all understandings, representations, warranties, and recitals contained in this Agreement. There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the date hereof which would or could materially and adversely affect the understandings of Lender expressed in this Agreement or any representation, warranty, or recital contained in this Agreement.
  
 7.4. No Defenses. Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior to the execution of this Agreement and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees that the execution of this Agreement by Lender shall not constitute an acknowledgment of or admission by Lender of the existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.
  
 	 
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 7.5. Voluntary Agreement. Borrower hereby acknowledges that it has freely and voluntarily entered into this Agreement after an adequate opportunity and sufficient period of time to review, analyze, and discuss (i) all terms and conditions of this Agreement, (ii) any and all other documents executed and delivered in connection with the transactions contemplated by this Agreement, and (iii) all factual and legal matters relevant to this Agreement and/or any and all such other documents, with counsel freely and independently selected by Borrower (or had the opportunity to be represented by counsel). Borrower further acknowledges and agrees that it has actively and with full understanding participated in the negotiation of this Agreement and all other documents executed and delivered in connection with this Agreement after consultation and review with its counsel (or had the opportunity to be represented by counsel), that all of the terms and conditions of this Agreement and the other documents executed and delivered in connection with this Agreement have been negotiated at arm’s-length, and that this Agreement and all such other documents have been negotiated, prepared, and executed without fraud, duress, undue influence, or coercion of any kind or nature whatsoever having been exerted by or imposed upon any party by any other party. No provision of this Agreement or such other documents shall be construed against or interpreted to the disadvantage of any party by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured, dictated, or drafted such provision.
  
 7.6. No Proceedings. There are no proceedings or investigations pending or threatened before any court or arbitrator or before or by, any governmental, administrative, or judicial authority or agency, or arbitrator, against Borrower.
  
 7.7. No Statutes. There is no statute, regulation, rule, order or judgment and no provision of any mortgage, indenture, contract or other agreement binding on Borrower, which would prohibit or cause a default under or in any way prevent the execution, delivery, performance, compliance or observance of any of the terms and conditions of this Agreement and/or any of the other documents executed and delivered in connection with this Agreement.
  
 7.8. Solvent. Borrower is solvent as of the date of this Agreement, and none of the terms or provisions of this Agreement shall have the effect of rendering Borrower insolvent. The terms and provisions of this Agreement and all other instruments and agreements entered into in connection herewith are being given for full and fair consideration and exchange of value.
  
 	 
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 8. Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be given by Lender to Borrower in connection with this Agreement.
  
 9. Miscellaneous.
  
 9.1. Further Assurances. At any time or from time to time after the Effective Date, at the request of a Party, and without further consideration, each of the Parties shall execute and deliver, or shall cause its respective affiliate(s) to execute and deliver, such other agreements, instruments, certifications or other documents as may be necessary or desirable to effectuate the transactions and fulfill its obligations under this Agreement.
  
 9.2. Arbitration. By its execution of this Agreement, each Party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreements) set forth as exhibits to the Purchase Agreements and the parties agree to submit all Claims (as defined in the Purchase Agreement) arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding arbitration pursuant to the Arbitration Provisions.
  
 9.3. Governing Law; Venue. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Utah without regard to the principles of conflict of laws. Each Party consents to and expressly agrees that the exclusive venue for arbitration of any dispute arising out of or relating to this Agreement or any Transaction Document or the relationship of the Parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the Parties obligations to resolve disputes hereunder or under any Transaction Document pursuant to the Arbitration Provisions, each Party hereto submits to the exclusive jurisdiction of any state or federal court sitting in Salt Lake County, Utah in any proceeding arising out of or relating to this Agreement and agrees that all Claims in respect of the proceeding may only be heard and determined in any such court and hereby expressly submits to the exclusive personal jurisdiction and venue of such court for the purposes hereof and expressly waives any claim of improper venue and any claim that such courts are an inconvenient forum. Each Party hereto hereby irrevocably consents to the service of process of any of the aforementioned courts in any such proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to its address as set forth in the Purchase Agreement, such service to become effective ten (10) days after such mailing. BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
  
 	 
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 9.4. Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective of the Parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.
  
 9.5. Successors. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign this Agreement or any of its obligations herein without the prior written consent of Lender.
  
 9.6. Entire Agreement. This Agreement, together with all other documents referred to herein, supersedes all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the Parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters. 
  
 9.7. Amendments; Waiver. This Agreement may be amended, modified, or supplemented only by written agreement of the Parties. No provision of this Agreement may be waived except in writing signed by the Party against whom such waiver is sought to be enforced.
  
 9.8. Attorneys’ Fees. In the event of any action at law or in equity to enforce or interpret the terms of this Agreement, the Parties agree that the Party who is awarded the most money (without regard to any fines, penalties, or charges imposed by any governmental or regulatory authority) shall be deemed the prevailing Party for all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid by such prevailing Party in connection with the dispute without reduction or apportionment based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading. 
  
 9.9. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective execution and delivery of this Agreement as to the Parties and may be used in lieu of the original Agreement for all purposes. Signatures of the Parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed to be their original signatures for all purposes.
  
 	 
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 9.10. Acknowledgement. By executing this Agreement, each of the Parties evidences that it carefully read and fully understands all of the provisions of this Agreement. 
  
 9.11. No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives, officers, directors, stockholders, or employees except as expressly set forth in this Agreement and, in making its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty, covenant or promise of Lender or its officers, directors, members, managers, agents or representatives other than as set forth in this Agreement.
  
 9.12. Conflict Between Documents. This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender and Borrower. If there is any conflict between the terms of this Agreement, on the one hand, and the Notes or any other Transaction Document, on the other hand, the terms of this Agreement shall prevail.
  
 9.13. Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement.
  
 9.14. Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.
  
  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the Effective Date.
  
 	 	LENDER:	
	  
	  
	  

	  
	 ILIAD RESEARCH AND TRADING, L.P.
	  

	  
	  
	  

	  
	 By: Iliad Management, LLC, its General Partner
	  

	  
	  
	  

	  
	 By: Fife Trading, Inc., 
 its Manager 
	  

	 	 	 	 
		By:		
	  
	  
	John M. Fife, President	 
	 	 		 
	 	UAHC VENTURES LLC	 
	  
	  
	  
	  

	  
	 By: United American Healthcare Corporation, 
	  

	  
	  
	 its Manager
	  

	  
	  
	  
	  

	  
	 By: 
	  
	  

	  
	  
	 John M. Fife, President
	  

    
 	 
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 	 	BORROWER:	
	  
	    
	  

	  
	 SINGLEPOINT INC.
	  

	 	 	 	 
		By:		
	  
	 Name:
		 
	 	Title: 		 

  
     
 	9EX-4.1

 Exhibit 4.1 

ROYAL BANK 
 OF CANADA

 BY-LAWS 

Adopted 
 JANUARY 8, 1981

 with revisions to 

April 6, 2016 

							
	 	 	INDEX	  	PAGE	 
		 	BY-LAW ONE	  			
	 1. Directors
	  	 	1	 
	 1.1
	 	 Number, Election and Vacancies
	  			
	 2. Meetings of Directors
	  	 	1	 
	 2.1
	 	 Notice
	  			
	 3. Committees of Directors
	  	 	1	 
	 3.1
	 	 General
	  			
	 4. Officers
	  	 	2	 
	 4.1
	 	 Officers
	  			
	 5. Indemnification of Directors and Officers
	  	 	2	 
	 5.1
	 	 Bank Undertaking
	  			
	 5.2
	 	 Court Approval
	  			
	 5.3
	 	 Indemnity Agreement
	  	 	3	 
	 6. Shareholders’ Meetings
	  	 	3	 
	 6.1
	 	 Annual Meeting
	  			
	 6.2
	 	 Quorum
	  			
	 6.3
	 	 Chairman and Secretary
	  			
	 7. The Bank Seal
	  	 	3	 
	 7.1
	 	 The Bank Seal
	  			
	 8. Interpretation
	  	 	4	 
	 8.1
	 	 Interpretation
	  			
			
		 	BY-LAW TWO	  			
	 1. Remuneration of Directors
	  	 	4	 
	 1.1
	 	 Remuneration
	  			
			
		 	BY-LAW THREE	  			
	 1. Authorized Capital
	  	 	4	 
	 1.1
	 	 Authorized Capital
	  			
	 2. Shares
	  	 	5	 
	 2.1
	 	 First Preferred Shares
	  			
	 2.2
	 	 Second Preferred Shares
	  	 	8	 
	 2.3
	 	 Common Shares
	  	 	11	 

 BY-LAWS 

OF 

ROYAL BANK OF CANADA 

BY-LAW ONE 
  

	1	 DIRECTORS 

  

	1.1	 Number, Election and Vacancies 

The Board of Directors of the Bank shall consist of not less than the minimum number of directors required by the Bank Act and a maximum
of 26 directors. The number of directors to be elected at any annual meeting of the shareholders shall be such number as is fixed by the directors prior to the annual meeting. The directors may, from time to time and in accordance with the laws
governing the Bank, appoint one or more directors. 
  

	2	 MEETINGS OF DIRECTORS 

 

	2.1	 Notice 

Notice of the time and place and, when required by the Bank Act, the purpose of any meeting of the directors shall be given to each
director by delivering, mailing or sending by telecommunications facilities the same to him at his address as shown on the records of the Bank at least 24 hours prior to the time fixed for such meeting. 

 

	3	 COMMITTEES OF DIRECTORS 

 

	3.1	 General 

Subject to the provisions of the Bank Act, the directors may appoint from their number committees and may delegate to such committees
any of the powers of the directors. 

	4	 OFFICERS 

  

	4.1	 Officers 

Subject to the provisions of the Bank Act, the directors may elect, designate or appoint such officers and specify such duties or
delegate such powers to them as the directors may determine. 
  

	5	 INDEMNIFICATION OF DIRECTORS AND OFFICERS 

 

	5.1	 Bank Undertaking 

The Bank undertakes towards each of its directors and officers, each of its former directors and officers and each of the persons who acts or
who has acted at the Bank’s request as a director or officer of an entity of which the Bank is or was a shareholder or creditor, that the Bank will indemnify him and his heirs and legal representatives against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or
officer of the Bank or such entity and including all taxes, duties, imposts or governmental charges whatsoever (“taxes”) levied on amounts paid to so indemnify him against such costs, charges, expenses and taxes, if 

 

	 	(a)	 he acted honestly and in good faith with a view to the best interests of the Bank; and 

 

	 	(b)	 in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he had
reasonable grounds for believing that his conduct was lawful; 

 provided that the foregoing indemnification will not apply in respect of
an action by or on behalf of the Bank to procure a judgment in its favour unless the approval of a court is obtained as required by the Bank Act. 
  

	5.2	 Court Approval 

Where any such indemnification requires or is subject to or conditional upon the approval or consent of any court or of any governmental body
or regulatory authority the Bank undertakes to exercise all reasonable efforts to obtain, or assist in obtaining, such approval or consent. 

  
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	5.3	 Indemnity Agreement 

The chief executive officer and the chief operating officer, or either of them acting alone, or such other officer or officers as the chief
executive officer or the chief operating officer may appoint in writing, acting alone, is directed and empowered for and on behalf and in the name of the Bank to enter into an indemnity agreement with each of the directors, officers and persons
setting out these undertakings of the Bank towards such directors, officers and persons. 
  

	6	 SHAREHOLDERS’ MEETINGS 

 

	6.1	 Annual Meeting 

The annual meeting of the shareholders of the Bank shall be held within six months of the end of each financial year of the Bank, at such time,
date and place within Canada as shall be determined by or under the authority of the directors. 
  

	6.2	 Quorum 

Ten or more shareholders of the Bank present in person and entitled to vote thereat, shall constitute a quorum at any meeting of the
shareholders of the Bank. However, where the provisions relating to a class or series of shares provide for the quorum for meetings of the holders thereof, such provisions shall apply. 

 

	6.3	 Chairman and Secretary 

The directors shall designate a chairman to preside at meetings of the shareholders of the Bank and a secretary to keep minutes of the
proceedings at such meetings. The chairman at any meeting of the shareholders may appoint one or more persons, who need not be shareholders, to act as scrutineer or scrutineers at the meeting. 

 

	7	 THE BANK SEAL 

 

	7.1	 The Bank Seal 

The Bank shall have a seal and the directors shall determine the custody and use of the seal or any facsimile thereof. 

  
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	8	 INTERPRETATION 

 

	8.1	 Interpretation 

In the by-laws of the Bank, where the context so requires or permits, the singular number shall be read as if the plural were expressed, and
the masculine gender as if the feminine or neuter, as the case may be, were expressed. 
 BY-LAW TWO 

 

	1	 REMUNERATION OF DIRECTORS 

 

	1.1	 Remuneration 

A maximum amount of $6,000,000 from the funds of the Bank may be paid in each fiscal year to the directors of the Bank to remunerate them for
their services as such, in such proportions as the directors may determine. 
 BY-LAW THREE 

 

	1	 AUTHORIZED CAPITAL 

 

	1.1	 Authorized Capital 

The authorized capital of the Bank consists of: 

1.1.1 an unlimited number of Common Shares, without nominal or par value; 

1.1.2 an unlimited number of First Preferred Shares, without nominal or par value, which may be issued for a maximum aggregate consideration
of $20,000,000,000; and 

  
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 1.1.3 an unlimited number of Second Preferred Shares, without nominal or par value, which
may be issued for a maximum aggregate consideration of $5,000,000,000. 
  

	2	 SHARES 

  

	2.1	 First Preferred Shares 

The First Preferred Shares shall as a class carry and be subject to the rights, privileges, restrictions and conditions hereinafter set out.

 2.1.1 Subject to the provisions of the Bank Act, the First Preferred Shares shall be issuable in series as hereinafter provided
and each of the First Preferred Shares shall rank pari passu as to the payment of dividends and return of capital. The directors of the Bank shall have the right, by resolution, but subject to the provisions of the Bank Act and subject
to the provisions herein contained and to any conditions in that regard attaching to any outstanding series of First Preferred Shares, from time to time before issue, to divide the First Preferred Shares into series, any one of which may be made
redeemable, and fix the number of shares in, and to determine the respective designations, rights, privileges, restrictions and conditions of, each series of the First Preferred Shares. 

2.1.2 The holders of any series of the First Preferred Shares shall be entitled to receive in priority to the holders of the Second Preferred
Shares and the Common Shares and of the shares of any other class of the Bank ranking junior to the First Preferred Shares, as and when declared by the directors of the Bank, dividends in the amounts specified or determinable in accordance with the
provisions of such series and such dividends may be cumulative or non-cumulative and payable in cash (including a foreign currency) or by way of a stock dividend or in any other lawful manner provided for. 

The priority, in the case of cumulative dividends, shall cover all prior completed periods in respect of which such dividends are payable plus
such further amounts, if any, in respect of dividends as may be specified in the provisions attaching to the particular series and, in the case of non-cumulative dividends, shall cover all such dividends declared and unpaid. The holders of any
series of First Preferred Shares shall not be entitled to any further or other dividends than those expressly provided for in the rights, privileges, restrictions and conditions attached to the First Preferred Shares of such series. 

  
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 2.1.3 In the event of the liquidation, dissolution or winding-up of the Bank or other
distribution of property of the Bank among shareholders for the purpose of winding-up its affairs, before any amount shall be paid to or any property distributed among the holders of the Second Preferred Shares, the Common Shares or shares of any
other class of the Bank ranking junior to the First Preferred Shares, the holders of each series of the First Preferred Shares shall be entitled to receive to the extent provided for with respect to each series (i) an amount equal to the price
at which such shares were issued, (ii) such premium, if any, as has been provided for with respect to such series, and (iii) all unpaid cumulative dividends (which for such purpose shall be calculated as if such cumulative dividends were
accruing from day to day for the period from the expiration of the last period for which cumulative dividends have been paid up to and including the date of distribution) and, in the case of non- cumulative First Preferred Shares, all declared and
unpaid non-cumulative dividends. After payment to the holders of the First Preferred Shares of the amounts so payable to them, they shall not be entitled to share in any further distribution of the property or assets of the Bank. 

2.1.4 Subject to the provisions of the Bank Act and except as otherwise herein expressly provided or as provided in the rights,
privileges, restrictions and conditions attaching to the First Preferred Shares of any series, the holders of the First Preferred Shares shall not, as such, have any voting rights for the election of directors of the Bank or for any other purpose,
nor shall they be entitled to receive any notice of or attend shareholders’ meetings. 
 2.1.5 The Bank shall not, without the prior
approval of the holders of the First Preferred Shares as a class given as hereinafter specified (in addition to such approvals as may be required by the Bank Act or any other legal requirement), (i) create or issue any shares ranking in
priority to the First Preferred Shares or (ii) create or issue any additional series of First Preferred Shares or any shares ranking pari passu with the First Preferred Shares unless at the date of such creation or issuance all
cumulative dividends up to and including the dividend payment for the last completed period for which such cumulative dividends shall be payable shall have been declared and paid or set apart for payment in respect of each series of cumulative First
Preferred Shares then issued and outstanding and any declared and unpaid non-cumulative dividends shall have been paid or set apart for payment in respect of each series of non-cumulative First Preferred Shares then issued and outstanding. 

2.1.6 The provisions hereinbefore contained in paragraphs 2.1.1 to 2.1.5, inclusive, and herein contained in this paragraph 2.1.6, may be
deleted, varied, modified, amended or amplified in whole or in part, but only with the approval of the holders of the First Preferred Shares given as hereinafter specified in addition to any other approval as may be required by the Bank Act.

  
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 The approval of the holders of the First Preferred Shares with respect to any and all
matters hereinbefore referred to may be given in writing by the holders of not less than all of the First Preferred Shares for the time being outstanding or by resolution duly passed by not less than two-thirds of the votes cast by or on behalf of
the holders of the First Preferred Shares at a meeting of the holders of the First Preferred Shares duly held for the purpose of considering the subject matter of such resolution and at which meeting the holders of not less than 51% of the
outstanding First Preferred Shares are present in person or represented by proxy; provided, however, that, if at any such meeting, when originally held, the holders of at least 51% of the outstanding First Preferred Shares are not present in person
or so represented by proxy within 30 minutes after the time fixed for the meeting, then the meeting shall be adjourned to such date, being not less than 15 days later, and to such time and place as may be fixed by the chairman of such meeting and,
at such adjourned meeting, the holders of First Preferred Shares present in person or so represented by proxy, whether or not they hold more or less than 51% of all First Preferred Shares then outstanding, may transact the business for which the
meeting was originally called, and a resolution duly passed thereat by not less than two-thirds of the votes cast at such adjourned meeting shall constitute the approval of the holders of the First Preferred Shares hereinbefore mentioned. Notice of
any such original meeting of the holders of the First Preferred Shares shall be given not less than 21 nor more than 50 days prior to the date fixed for such meeting and published as required by the Bank Act and shall state the nature of the
business to be transacted and the text of any special resolution to be submitted to the meeting and, provided that such adjournment is not more than 29 days, notice of any such adjourned meeting shall be given not less than 7 days prior to the date
fixed for such adjourned meeting, but it shall not be necessary to specify in such notice the purpose for which the adjourned meeting is called. If such adjournment is 30 days or more notice of such adjourned meeting shall be given as required by
the Bank Act. The formalities to be observed with respect to the giving of notice of any such original meeting or adjourned meeting and the conduct thereof shall be those from time to time prescribed in the by-laws of the Bank with respect to
meetings of shareholders or in the Bank Act. 
 If the deletion, variation, modification, amendment or amplification of the
provisions hereinbefore contained especially affects the rights of the holders of First Preferred Shares of any series, in a manner different from that in or to which the rights of the holders of First Preferred Shares of any other series are
affected, then such deletion, variation, modification, amendment or amplification shall, in addition to being approved by the holders of the First Preferred Shares as hereinabove set forth, be approved by the holders of the First Preferred Shares of
such series so especially affected, which approval may be given in writing by the holders of not less than all of the First Preferred Shares of such series or by resolution passed by not less than two-thirds of the votes cast at a meeting of the
holders of the First Preferred Shares of such series, and the provisions of this paragraph 2.1.6 shall apply, mutatis mutandis, with respect to the holding of such meeting. 

  
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 At any meeting of the holders of First Preferred Shares, without distinction as to series,
each holder of First Preferred Shares shall be entitled to one vote in respect of each $1.00 of issue price of First Preferred Shares held by him. At any meeting of the holders of First Preferred Shares of any particular series, each holder shall be
entitled to one vote in respect of each First Preferred Share of such series held by him. 
  

	2.2	 Second Preferred Shares 

The Second Preferred Shares shall as a class carry and be subject to the rights, privileges, restrictions and conditions hereinafter set out.

 2.2.1 The Second Preferred Shares as a class will rank junior to the First Preferred Shares with respect to priority in payment of
dividends and in the distribution of property in the event of liquidation, dissolution or winding-up of the Bank, whether voluntary or involuntary, or any other distribution of the property of the Bank among its shareholders for the purpose of
winding-up its affairs and will be subject in all respects to the rights, privileges, restrictions and conditions attaching to the First Preferred Shares as a class and each series of First Preferred Shares. 

2.2.2 Subject to the provisions of the Bank Act, the Second Preferred Shares shall be issuable in series as hereinafter provided and
each of the Second Preferred Shares shall rank pari passu as to the payment of dividends and return of capital. The directors of the Bank shall have the right, by resolution, but subject to the provisions of the Bank Act and subject to
the provisions herein contained and to any conditions in that regard attaching to any outstanding series of Second Preferred Shares, from time to time before issue, to divide the Second Preferred Shares into series, any one of which may be made
redeemable, and fix the number of shares in, and to determine the respective designations, rights, privileges, restrictions and conditions, of each series of the Second Preferred Shares. 

2.2.3 The holders of any series of the Second Preferred Shares shall be entitled to receive in priority to the holders of the Common Shares
and of the shares of any other class of the Bank ranking junior to the Second Preferred Shares, as and when declared by the directors of the Bank, dividends in the amounts specified or determinable in accordance with the provisions of such series
and such dividends may be cumulative or non-cumulative and payable in cash (including a foreign currency) or by way of a stock dividend or in any other lawful manner provided for. 

The priority, in the case of cumulative dividends, shall cover all prior completed periods in respect of which such dividends are payable plus
such further amounts, if any, in respect of dividends as may be specified in the provisions attaching to the particular series and, in the case of non-cumulative dividends, shall cover all such dividends declared and unpaid. The holders of any
series of Second Preferred Shares shall not be entitled to any further or other dividends than those expressly provided for in the rights, privileges, restrictions and conditions attached to the Second Preferred Shares of such series. 

  
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 2.2.4 In the event of the liquidation, dissolution or winding-up of the Bank or other
distribution of property of the Bank among shareholders for the purpose of winding-up its affairs, before any amount shall be paid to or any property distributed among the holders of the Common Shares or shares of any other class of the Bank ranking
junior to the Second Preferred Shares, the holders of each series of the Second Preferred Shares shall be entitled to receive to the extent provided for with respect to each series (i) an amount equal to the price at which such shares were
issued, (ii) such premium, if any, as has been provided for with respect to such series, and (iii) all unpaid cumulative dividends (which for such purpose shall be calculated as if such cumulative dividends were accruing from day to day
for the period from the expiration of the last period for which cumulative dividends have been paid up to and including the date of distribution) and, in the case of non-cumulative Second Preferred Shares, all declared and unpaid non-cumulative
dividends. After payment to the holders of the Second Preferred Shares of the amounts so payable to them, they shall not be entitled to share in any further distribution of the property or assets of the Bank. 

2.2.5 Subject to the provisions of the Bank Act and except as otherwise herein expressly provided or as provided in the rights,
privileges, restrictions and conditions attaching to the Second Preferred Shares of any series, the holders of the Second Preferred Shares shall not, as such, have any voting rights for the election of directors of the Bank or for any other purpose,
nor shall they be entitled to receive any notice of or attend shareholders’ meetings. 
 2.2.6 The Bank shall not, without the prior
approval of the holders of the Second Preferred Shares as a class given as hereinafter specified (in addition to such approvals as may be required by the Bank Act or any other legal requirement), (i) create or issue any shares ranking in
priority to the Second Preferred Shares or (ii) create or issue any additional series of Second Preferred Shares or any shares ranking pari passu with the Second Preferred Shares unless at the date of such creation or issuance all
cumulative dividends up to and including the dividend payment for the last completed period for which such cumulative dividends shall be payable shall have been declared and paid or set apart for payment in respect of each series of cumulative
Second Preferred Shares then issued and outstanding and any declared and unpaid non-cumulative dividends shall have been paid or set apart for payment in respect of each series of non-cumulative Second Preferred Shares then issued and outstanding.

 2.2.7 The provisions hereinbefore contained in paragraphs 2.2.1 to 2.2.6 inclusive, and herein contained in this paragraph 2.2.7, may be
deleted, varied, modified, amended or amplified in whole or in part, but only with the approval of the holders of the Second Preferred Shares given as hereinafter specified in addition to any other approval as may be required by the Bank Act.

 The approval of the holders of the Second Preferred Shares with respect to any and all matters hereinbefore referred to may be given in
writing by the holders of not less than all of the Second Preferred Shares for the time being outstanding 

  
 9 

 
or by resolution duly passed by not less than two-thirds of the votes cast by or on behalf of the holders of the Second Preferred Shares at a meeting of the holders of the Second Preferred Shares
duly held for the purpose of considering the subject matter of such resolution and at which meeting the holders of not less than 51% of the outstanding Second Preferred Shares are present in person or represented by proxy; provided, however, that,
if at any such meeting, when originally held, the holders of at least 51% of the outstanding Second Preferred Shares are not present in person or so represented by proxy within 30 minutes after the time fixed for the meeting, then the meeting shall
be adjourned to such date, being not less than 15 days later, and to such time and place as may be fixed by the chairman of such meeting and, at such adjourned meeting, the holders of Second Preferred Shares present in person or so represented by
proxy, whether or not they hold more or less than 51% of all Second Preferred Shares then outstanding, may transact the business for which the meeting was originally called, and a resolution duly passed thereat by not less than two-thirds of the
votes cast at such adjourned meeting shall constitute the approval of the holders of the Second Preferred Shares hereinbefore mentioned. Notice of any such original meeting of the holders of the Second Preferred Shares shall be given not less than
21 nor more than 50 days prior to the date fixed for such meeting and published as required by the Bank Act and shall state the nature of the business to be transacted and the text of any special resolution to be submitted to the meeting and,
provided that such adjournment is not more than 29 days, notice of any such adjourned meeting shall be given not less than 7 days prior to the date fixed for such adjourned meeting, but it shall not be necessary to specify in such notice the purpose
for which the adjourned meeting is called. If such adjournment is 30 days or more notice of such adjourned meeting shall be given as required by the Bank Act. The formalities to be observed with respect to the giving of notice of any such
original meeting or adjourned meeting and the conduct thereof shall be those from time to time prescribed in the by-laws of the Bank with respect to the meetings of shareholders or in the Bank Act. 

If the deletion, variation, modification, amendment or amplification of the provisions hereinbefore contained especially affects the rights of
the holders of Second Preferred Shares of any series, in a manner different from that in or to which the rights of the holders of Second Preferred Shares of any other series are affected, then such deletion, variation, modification, amendment or
amplification shall, in addition to being approved by the holders of the Second Preferred Shares as hereinabove set forth, be approved by the holders of the Second Preferred Shares of such series so especially affected, which approval may be given
in writing by the holders of not less than all of the Second Preferred Shares of such series or by resolution passed by not less than two-thirds of the votes cast at a meeting of the holders of the Second Preferred Shares of such series, and the
provisions of this paragraph 2.2.7 shall apply, mutatis mutandis, with respect to the holding of such meeting. 
 At any meeting of
the holders of Second Preferred Shares, without distinction as to series, each holder of Second Preferred Shares shall be entitled to one vote in respect of each $1.00 of issue price of Second Preferred Shares held by him. At any meeting of the
holders of Second Preferred Shares of any particular series, each holder shall be entitled to one vote in respect of each Second Preferred Share of such series held by him. 

  
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	2.3	 Common Shares 

The Common Shares are non-redeemable. The rights of the holders thereof are equal in all respects and include (i) the right to vote at all
meetings of shareholders except where only holders of a specified class of shares are entitled to vote and (ii) the right to receive dividends declared on those shares and (iii) the right to receive the remaining property of the Bank on
dissolution. 

  
 11

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