Document:

6th Amendment to 3rd Amended and Restated Underwriting and Indemnity Agreement

 Exhibit 10.2 
 SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED 

UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 
 THIS SIXTH AMENDMENT TO THIRD AMENDED AND RESTATED UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT, dated as of January 24, 2011 (this “Amendment”), is entered into by and among
(i) GREAT LAKES DREDGE & DOCK CORPORATION, a Delaware corporation (“HOLDINGS”), and the SUBSIDIARIES of HOLDINGS signatories hereto (collectively with HOLDINGS, the “INDEMNITORS”), (ii) TRAVELERS
CASUALTY AND SURETY COMPANY, a Connecticut corporation (“TCASC”), and (iii) TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, a Connecticut corporation (“TRAVELERS AMERICA” and together with TCASC,
“TRAVELERS”). 
 W I T N E S S E T H: 

WHEREAS, the INDEMNITORS and TRAVELERS are parties to a certain Third Amended and Restated Underwriting and Continuing Indemnity
Agreement dated as of December 22, 2003, as amended, supplemented or otherwise modified from time to time (including, for the avoidance of doubt, that certain Rider Concerning Additional Bonds dated December 31, 2010) (as so amended,
supplemented and modified, the “Agreement”); 
 WHEREAS, the INDEMNITORS have requested TRAVELERS to amend the
Agreement; and 
 WHEREAS, TRAVELERS is willing to amend the Agreement as provided herein, subject to the terms and conditions
set forth herein; 
 NOW, THEREFORE, in consideration of the premises, and intending to be legally bound hereby, the INDEMNITORS
and TRAVELERS hereby agree as follows: 
 SECTION 1. DEFINED TERMS. 

Capitalized terms used herein shall, unless otherwise defined herein, have the meanings provided in the Agreement. 

SECTION 2. AMENDMENTS TO AGREEMENT. 
 Subject to satisfaction of the conditions set forth in Section 3 of this Amendment, the Agreement is hereby amended as follows: 

(a) Section 1.1 of the Agreement is hereby amended by amending and restating the definitions of “DEBT
INDENTURE”, “NOTE INDENTURE OBLIGATIONS”, “PAYMENT BLOCKAGE NOTICE” and “SUBORDINATED DEBT” in their entirety to read as follows: 

“DEBT INDENTURE” means that certain Indenture dated as of December 22, 2003, by and among HOLDINGS,
certain of the SUBSIDIARIES of HOLDINGS, and The Bank of New York, as Trustee, governing the issuance by HOLDINGS of $175,000,000 in original principal amount of its
7- 3/4% Senior Subordinated Notes due 2013, as
amended, restated, supplemented or otherwise modified from time to time in accordance with Section 6.21. 

  
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SIXTH AMENDMENT TO 
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 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 “NOTE INDENTURE OBLIGATIONS” means all of
(a) HOLDINGS’ obligations under and with respect to the DEBT INDENTURE, including, without limitation, all obligations to pay principal in an aggregate principal amount not to exceed $175,000,000 under its 7- 3/4% Senior Subordinated Notes due 2013, and all interest, premium,
fees, charges, expenses and indemnities with respect thereto, and all obligations to effect redemptions, repurchases and prepayments with respect thereto, in any case, whether fixed, contingent, matured or unmatured, and (b) HOLDINGS’
obligations under and with respect to such other unsecured DEBT the net proceeds of which are, in whole or in part, designated to be used, and are used reasonably promptly after the incurrence thereof, to refinance in whole or in part the then
existing NOTE INDENTURE OBLIGATIONS (including any subsequent refinancing thereof from time to time which constitutes a PERMITTED NOTE REFINANCING); provided, that (i) the aggregate principal amount of such refinancing DEBT and any
remaining DEBT under the DEBT INDENTURE (and any PERMITED NOTE REFINANCING thereof) does not exceed $250,000,000; (ii) such refinancing DEBT has a final maturity more than 180 days after the Revolving Commitment Termination Date under and as
defined in the BANK LOAN FACILITY (or other comparable definition relating to the termination date for the revolving credit facility in the BANK LOAN FACILITY) and requires no scheduled payment of principal in cash prior to such date and
(iii) includes (A) subordination provisions reasonably acceptable to TRAVELERS and (B) covenants, events of default and other terms and provisions (including quantities thereof) that are no more restrictive, when taken as a whole to
HOLDINGS and its SUBSIDIARIES than are (x) in the case of any public issuance (including through a 144A or other similar issuance) of DEBT by HOLDINGS, customary at the time of such refinancing of such type for issuers with a debt rating
similar to that of HOLDINGS and (y) in the case of any private issuance of DEBT by HOLDINGS, as set forth in the DEBT INDENTURE (any such refinancing as described in this clause (b), a “PERMITTED NOTE REFINANCING”).

 “PAYMENT BLOCKAGE NOTICE” has the meaning assigned thereto in the DEBT INDENTURE or in any indenture
governing NOTE INDENTURE OBLIGATIONS. 
 “SUBORDINATED DEBT” means all DEBT of HOLDINGS issued pursuant to the
DEBT INDENTURE and any NOTE INDENTURE OBLIGATIONS. 

  
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 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 (b) Section 1.1 of the Agreement is hereby further amended by amending and
restating clauses (b) and (h) appearing in the definition of “EVENT OF DEFAULT” in their entirety to read as follows: 
 (b) Failure by the INDEMNITORS, or any of them, to comply with or to perform their respective obligations under Sections 3.3, 6.7, 6.14, 6.16, 6.19, 6.20,
6.21 or 6.24 of this Agreement, and, in the case of Section 6.16, such failure shall continue for ten (10) days; 
 (h) Any INDEMNITOR shall (i) fail to pay any DEBT or CONTINGENT OBLIGATION of such INDEMNITOR in an aggregate principal amount in excess of $5,000,000, or any interest or premium thereon, when due
whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise (subject to any applicable grace periods), or (ii) fail to perform or observe any term, covenant, or condition on its part to be performed or observed under
any agreement or instrument relating to any DEBT or CONTINGENT OBLIGATION of such INDEMNITOR in an aggregate principal amount in excess of $5,000,000 (subject to any applicable grace periods), if the result of such failure to perform or observe is
(A) in the case of the BANK LOAN FACILITY, either to accelerate the maturity of such DEBT or to cause a PAYMENT BLOCKAGE NOTICE to be delivered to the applicable trustee or agent for the NOTE INDENTURE OBLIGATIONS, (B) in the case of the
NOTE INDENTURE OBLIGATIONS, to accelerate or permit the acceleration of the maturity of such DEBT or (C) in the case of any other DEBT or CONTINGENT OBLIGATION, to accelerate the maturity of such DEBT or CONTINGENT OBLIGATION; 

(c) Section 1.1 of the Agreement is hereby further amended by inserting the following new definition in alphabetical order:

 “PERMITTED NOTE REFINANCING” has the meaning set forth in the definition of “NOTE INDENTURE
OBLIGATIONS”. 
 (d) Section 6.21(b) of the Agreement is hereby amended and restated in its entirety to
read as follows: 
 (b) HOLDINGS shall promptly give notice in writing to TRAVELERS of the receipt by the applicable trustee
or agent for the NOTE INDENTURE OBLIGATIONS of any PAYMENT BLOCKAGE NOTICE. 
 (e) Article VI of the Agreement is
hereby further amended by inserting a new Section 6.24 at the end thereof to read as follows: 
 SECTION 6.24
ADDITIONAL COLLATERAL. In the event that the aggregate amount of “Revolving Extensions of Credit” under and as defined in the BANK LOAN FACILITY (or other comparable definition relating to the aggregate amount of outstanding credit
exposure under the BANK LOAN FACILITY) 

  
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 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 
exceeds $25,000,000, HOLDINGS shall (i) so notify TRAVELERS promptly, but in no event later than five (5) calendar days, in writin, and (ii) within fifteen (15) calendar days
following TRAVELERS written request for additional collateral, provide to TRAVELERS either (A) a cash deposit in the amount of $20,000,000 to be held by TRAVELERS (the “Cash Collateral”) as collateral, or (B) an
Irrevocable Letter of Credit (“ILOC”) drawable by TRAVELERS in the amount of $20,000,000, in form and substance and from an issuer acceptable to TRAVELERS in its sole discretion, as additional collateral, in each case for clauses
(A) and (B) above, pursuant to documentation acceptable to TRAVELERS and granting a first priority security interest to TRAVELERS in the Cash Collateral or ILOC in accordance with the terms and conditions of the INTERCREDITOR AGREEMENT.
HOLDINGS shall have the right, in its sole discretion, to specify which of these forms of additional collateral will be provided. 
 SECTION 3. CONDITIONS PRECEDENT. 
 The provisions of this Amendment shall be
effective upon receipt by TRAVELERS of the documents listed below: 
 this Amendment duly executed by all parties hereto.

 SECTION 4. REPRESENTATIONS AND WARRANTIES. 
 To induce TRAVELERS to enter into this Amendment, the INDEMNITORS represent and warrant to TRAVELERS as of the date hereof and after giving effect to this Amendment that: 

(a) The representations and warranties contained in Article V of the Agreement, in Section 4 of each
SECURITY AGREEMENT (A/R), in Section 4 of each SECURITY AGREEMENT (EQUIPMENT), in Section 4 of the PLEDGE AGREEMENT and in Article I of each of the VESSEL MORTGAGES, are correct in all material respects on and as of the date
hereof as though made on and as of such date except to the extent stated to relate to an earlier date, in which case such representation and warranty shall be correct as of such earlier date. 

(b) No EVENT OF DEFAULT has occurred and is continuing. 

SECTION 5. GENERAL. 
 (a) As hereby modified, the Agreement shall remain in full force and effect and is hereby ratified, approved and confirmed in all respects. 

(b) This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. 

  
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SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED

 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 (c) This Amendment may be executed in any number of counterparts and by the different
parties on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. 

(d) HOLDINGS acknowledges and agrees that any expense incurred by TRAVELERS in connection herewith and any other documents referenced
herein (if any) and the transactions contemplated hereby, including reasonable legal fees and out-of-pocket costs and expenses of outside counsel, shall be fully paid or reimbursed by HOLDINGS. 

[Signature Pages Follow] 

  
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SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED

 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 IN WITNESS WHEREOF, this Amendment has been duly executed by the parties as of the date
first written above. 
  

					
	 GREAT LAKES DREDGE & DOCK CORPORATION

		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	President, Chief Financial Officer and Treasurer
	
	 GREAT LAKES DREDGE & DOCK COMPANY, LLC

		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	 President, Chief Financial Officer
 and Treasurer

	
	 LYDON DREDGING & CONSTRUCTION COMPANY, LTD.

		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	Executive Vice President and Chief Operating Officer
	
	 FIFTY-THREE DREDGING CORPORATION

		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	Treasurer
	
	 DAWSON MARINE SERVICES COMPANY

		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  
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SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED

 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 
					
	GREAT LAKES CARIBBEAN DREDGING, INC.
		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	 Senior Vice President, Chief Financial
 Officer and Treasurer

	
	NASDI, LLC
		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	Vice President and Treasurer
	
	NASDI HOLDINGS CORPORATION
		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	 Vice President, Chief Financial
 Officer and Treasurer

	
	YANKEE ENVIRONMENTAL SERVICES, LLC
		
	By:	 	 /s/ Bruce J. Biemeck

		 	Name:	 	Bruce J. Biemeck
		 	Title:	 	 Vice President, Chief Financial Officer
 and Treasurer

  
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SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED

 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

 
					
	 TRAVELERS CASUALTY AND SURETY COMPANY

		
	By:	 	 /s/ Robert Raney

		 	Name:	 	Robert Raney
		 	Title:	 	Chief Underwriting Officer
	
	 TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA

		
	By:	 	 /s/ Robert Raney

		 	Name:	 	Robert Raney
		 	Title:	 	Chief Underwriting Officer

  
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SIXTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED

 UNDERWRITING AND CONTINUING INDEMNITY AGREEMENTPrivate Placement Subscription Agreement

 Exhibit 4.1 
 THIS SUBSCRIPTION IS EXECUTED IN RELIANCE UPON THE EXEMPTION PROVIDED BY SECTION 4(2) AND REGULATION D, RULE 506 FOR TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”). THIS OFFERING IS BEING MADE ONLY TO ACCREDITED INVESTORS. NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND,
UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION D UNDER THE SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES
MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE SECURITIES ACT. 
 CONFIDENTIAL 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 
  

			
	 TO:
	  	FNDS3000 Corp (the “Company”)
		  	4651 Salisbury Road, Suite 533
		  	Jacksonville, FL 32256
		  	United States of America

 Purchase of
Securities 
 1. Subscription  
  

	1.1	The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase (i) 3,246,754 shares of the common stock of the
Company (the “Shares”); and (ii) 3,246,754 common stock purchase warrants with an exercise price of USD $0.308 (the “Warrants”) (such subscription and agreement to purchase being the
“Subscription”), for an aggregate purchase price of USD $500,000 (the “Subscription Proceeds”). Each Warrant will entitle the holder to purchase one additional Share (the “Underlying Shares”) for a
period of 24 months from the Closing Date (as defined below). The Shares, Warrants and Underlying Shares together referred to herein as the “Securities.” 

 

	1.2	On the basis of the representations and warranties and subject to the terms and conditions set forth herein, the Company hereby irrevocably agrees to sell the Shares,
Warrants and Underlying Shares to the Subscriber. 

  

	1.3	Subject to the terms hereof, the Subscription will be effective upon its acceptance by the Company. 

 

	1.4	The form of Warrant is attached hereto as Exhibit A. 

  

	1.5	Upon consummation of the transaction contemplated herein, the Company and the Subscriber both acknowledge and agree that the obligations of Subscriber as set forth in
the Commitment Agreement (the “Commitment Agreement”) dated October 19, 2010 by and between Subscriber and Company, as such obligations relate to Tranche 2 (as defined in the Commitment Agreement), have been satisfied in full.

  
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 2. Payment  
  

	2.1	The Subscription Proceeds must accompany this Subscription and shall be paid by certified check or bank draft drawn on a United States chartered bank, and made payable
and delivered to the Company. Alternatively, the Subscription Proceeds may be wired to the Company pursuant to wiring instructions that will be provided to the Subscriber upon request. 

 

	2.2	The Subscriber acknowledges and agrees that this Agreement, the Subscription Proceeds and any other documents delivered in connection herewith will be held on behalf of
the Company. In the event that this Agreement is not accepted by the Company for whatever reason, which the Company expressly reserves the right to do, within 30 days of the delivery of an executed Agreement by the Subscriber, this Agreement, the
Subscription Proceeds (without interest thereon) and any other documents delivered in connection herewith will be returned to the Subscriber at the address of the Subscriber as set forth in this Agreement. 

 

	2.3	Where the Subscription Proceeds are paid to the Company, the Company is entitled to treat such Subscription Proceeds as an interest-free loan to the Company until such
time as the Subscription is accepted and the certificates representing the Shares have been issued to the Subscriber. 

 3.
Documents Required from Subscriber  
  

	3.1	The Subscriber must complete, sign and return to the Company an executed copy of this Agreement. 

 

	3.2	The Subscriber shall complete, sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices and undertakings as
may be required by regulatory authorities, and applicable law. 

  

	4.	Closing. Closing of the purchase of the Securities (the “Closing”) shall occur on or before February 10, 2010 or on such other date as may
be determined by the Company (the “Closing Date”). 

 5. Acknowledgements of Subscriber 

  

	5.1	The Subscriber acknowledges and agrees that: 

  

	 	(a)	none of the Securities have been registered under the 1933 Act, or under any state securities or “blue sky” laws of any state of the United States, and,
unless so registered, may not be offered or sold in the United States or, directly or indirectly, except in accordance with the provisions of, and pursuant to an effective registration statement under, the 1933 Act, or pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the 1933 Act, and in each case in accordance with applicable state securities laws; 

  

	 	(b)	the decision to execute this Agreement and acquire the Securities hereunder has not been based upon any oral or written representation as to fact or otherwise made by
or on behalf of the Company; 

  

	 	(c)	neither the Securities and Exchange Commission nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the
Securities; 

  
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	 	(d)	there is no government or other insurance covering any of the Securities; 

  

	 	(e)	there are risks associated with an investment in the Securities; 

  

	 	(f)	the Subscriber has not acquired the Securities as a result of, and will not itself engage in, any “directed selling efforts” (as defined under the 1933 Act)
in the United States in respect of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the
Securities; provided, however, that the Subscriber may sell or otherwise dispose of the Securities pursuant to registration thereof under the 1933 Act and any applicable state securities laws or under an exemption from such registration
requirements; 

  

	 	(g)	the Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company in connection with the
distribution of the Securities hereunder, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort or expense, necessary to verify the accuracy of information about the Company;

  

	 	(h)	the books and records of the Company were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the Subscriber during
reasonable business hours at its principal place of business, and all documents, records and books in connection with the distribution of the Securities hereunder have been made available for inspection by the Subscriber, the Subscriber’s
lawyer and/or advisor(s); 

  

	 	(i)	the Subscriber will indemnify and hold harmless the Company and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and
against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit,
administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any representation or warranty of the Subscriber contained herein or in any document furnished by the Subscriber to the Company in connection
herewith being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber to the Company in connection therewith; 

 

	 	(j)	the Company will refuse to register any transfer of the Securities not made in accordance with, or pursuant to an effective registration statement under, the 1933 Act
or pursuant to an available exemption from the registration requirements of the 1933 Act and in accordance with applicable state securities laws; 

  

	 	(k)	the Subscriber has been advised to consult the Subscriber’s own legal, tax and other advisors with respect to the merits and risks of an investment in the
Securities and with respect to applicable resale restrictions, and it is solely responsible (and the Company is not in any way responsible) for compliance with: 

 

	 	(i)	any applicable laws of the jurisdiction in which the Subscriber is resident in connection with the distribution of the Securities hereunder, and

  

	 	(ii)	applicable resale restrictions; 

  
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	 	(l)	this Agreement is not enforceable by the Subscriber unless it has been accepted by the Company, and the Subscriber acknowledges and agrees that the Company reserves the
right to reject any subscription for any reason. 

 6. Representations, Warranties and Covenants of the Subscriber.
The Subscriber hereby represents and warrants to and covenants with the Company (which representations, warranties and covenants shall survive the Closing Date) that: 
  

	 	(a)	the Subscriber has the legal capacity and competence to enter into and execute this Agreement and to take all actions required pursuant hereto and, if the Subscriber is
a corporation or other legal entity, it is duly incorporated or organized and validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and all necessary approvals by its directors, shareholders,
members, managers, owners and others have been obtained to authorize execution and performance of this Agreement on behalf of the Subscriber; 

  

	 	(b)	the entering into of this Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to
the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound; 

  

	 	(c)	the Subscriber has duly executed and delivered this Agreement, and it constitutes a valid and binding agreement of the Subscriber enforceable against the Subscriber in
accordance with its terms; 

  

	 	(d)	the Subscriber is acquiring the Securities as principal for the Subscriber’s own account, and not with a view to, or for, resale, distribution or fractionalization
thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Securities; 

  

	 	(e)	the Subscriber is not an underwriter of, or dealer in, the common shares of the Company, nor is the Subscriber participating, pursuant to a contractual agreement or
otherwise, in the distribution of the Securities; 

  

	 	(f)	the Subscriber (i) is able to determine for him/her/itself the propriety of the Subscription; (ii) has such knowledge and experience in business matters as to
be capable of evaluating the merits and risks of its prospective investment in the Securities; and (iii) has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment;

  

	 	(g)	the Subscriber acknowledges that the Subscriber has not acquired the Securities as a result of, and will not itself engage in, any “directed selling efforts”
(as defined under the 1933 Act) in the United States in respect of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of the Securities pursuant to registration of the Securities pursuant to the 1933 Act and any applicable state securities laws or under an
exemption from such registration requirements and as otherwise provided herein; 

  
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 (h) The Subscriber understands that the offer and sale of the Securities is not being
registered under the 1933 Act based on the exemption from registration provided by Rule 506 promulgated under Section 4(2) of the Securities Act and that the Company is relying on such exemption. 

 

	 	(i)	the Subscriber understands and agrees not to engage in any hedging transactions involving any of the Securities unless such transactions are in compliance with the
provisions of the 1933 Act and in each case only in accordance with applicable state securities laws; 

  

	 	(j)	the Subscriber understands and agrees that the Company will refuse to register any transfer of the Securities not made in accordance with, and pursuant to an effective
registration statement under, the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act; 

  

	 	(k)	the Subscriber is not aware of any advertisement of any of the Securities and is not acquiring the Securities as a result of any form of general solicitation or general
advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general
solicitation or general advertising; 

  

	 	(l)	the Subscriber has completed the Accredited Investor Questionnaire attached hereto as Exhibit B in a complete and accurate fashion; and 

 

	 	(m)	no person has made to the Subscriber any written or oral representations: 

  

	 	(i)	that any person will resell or repurchase any of the Securities, 

  

	 	(ii)	that any person will refund the purchase price of any of the Securities, or 

 

	 	(iii)	as to the future price or value of any of the Securities. 

  

	 	(n)	The Subscriber has reviewed the Company’s filings with the Securities and Exchange Commission, understands the business of the Company and has been afforded an
opportunity to ask questions of management. 

  

	 	(o)	The Subscriber has carefully read the Company’s filings with the Securities and Exchange Commission. The Subscriber has been given the opportunity to ask questions
of, and receive answers from, the Company concerning the terms and conditions of this offering and to obtain such additional information, to the extent the Company possesses such information or can acquire it without unreasonable effort or expense,
necessary to verify the accuracy of same as the undersigned reasonably desires in order to evaluate the investment. The Subscriber has had the opportunity to discuss any questions regarding any of the disclosure in Company’s filings with his
counsel or other advisor. The Subscriber does not desire to receive any further information. 

  

	 	(p)	The Subscriber is aware that the purchase of the Securities is a speculative investment involving a high degree of risk, that there is no guarantee that the undersigned
will realize any gain from this investment, and that the undersigned could lose the total amount of this investment. 

  
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	 	(q)	The Subscriber represents that if an individual, he or she has adequate means of providing for his or her current needs and personal and family contingencies and has no
need for liquidity in this investment in the Securities. The Subscriber has no reason to anticipate any material change in his or her personal financial condition for the foreseeable future. 

 

	 	(r)	The Subscriber is financially able to bear the economic risk of this investment, including the ability to hold the Securities indefinitely, or to afford a complete loss
of the investment in the Securities. 

  

	 	(s)	The Subscriber represents that the undersigned’s overall commitment to investments which are not readily marketable is not disproportionate to the
Subscriber’s net worth, and the Subscriber’s investment in the Securities will not cause such overall commitment to become excessive. The undersigned understands that the statutory basis on which the Securities are being sold to the
undersigned and others would not be available if the undersigned’s present intention were to hold the Securities for a fixed period or until the occurrence of a certain event. The undersigned realizes that in the view of the Securities and
Exchange Commission (the “Commission”), a purchase now with a present intent to resell by reason of a foreseeable specific contingency or any anticipated change in the market value, or in the condition of the Company, or that of the
industry in which the business of the Company is engaged or in connection with a contemplated liquidation, or settlement of any loan obtained by the undersigned for the acquisition of the Subscriber, and for which such Securities may be pledged as
security or as donations to religious or charitable institutions for the purpose of securing a deduction on an income tax return, would, in fact, represent a purchase with an intent inconsistent with the undersigned’s representations to the
Company, and the Commission would then regard such sale as a sale for which the exemption from registration is not available. The undersigned will not pledge, transfer or assign this Subscription Agreement. 

7. Acknowledgement and Waiver. The Subscriber has acknowledged that the decision to purchase the Securities was solely made on the basis of
available information provided to the Subscriber. The Subscriber hereby waives, to the fullest extent permitted by law, any rights of withdrawal, rescission or compensation for damages to which the Subscriber might be entitled in connection with the
distribution of the Securities. 

  
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 8. Representations and Warranties will be Relied Upon by the Company. The Subscriber
acknowledges that the representations and warranties contained herein are made by the undersigned with the intention that they may be relied upon by the Company and its legal counsel in determining the undersigned’s eligibility to acquire the
Securities under relevant legislation. The undersigned further agrees that by accepting delivery of the Securities, the undersigned will be representing and warranting that the foregoing representations and warranties are true and correct as at the
time of delivery of such Securities with the same force and effect as if they had been made by the undersigned at such time, and that they shall survive the completion of the transactions contemplated under this Subscription and remain in full force
and effect thereafter for the benefit of the Company for a period of one year. 
 9. Legend  

 

	9.1	The Subscriber hereby acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and
regulations, the certificates representing the Shares and Underlying Shares will bear a legend in substantially the following form: 

 THESE SECURITIES HAVE BEEN ISSUED PURSUANT TO THE SECTION 4(2) EXEMPTION TO THE REGISTRATION PROVISIONS UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE SECURITIES CANNOT BE TRANSFERRED, OFFERED, OR
SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. 
  

	9.2	Subscriber hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in
order to implement the restrictions on transfer set forth and described in this Agreement. 

 10. Costs. The Company
shall be responsible for, and shall either pay directly or reimburse Subscriber for, one-half (1/2) of Subscriber’s expenses (including any fees and disbursements of any special counsel retained by the Subscriber) incurred in connection
with this Agreement and the transactions contemplated hereby. 
 11. Governing Law. This Agreement is governed by the laws of the
State of Florida. The Subscriber, in its personal or corporate capacity and, if applicable, on behalf of each beneficial purchaser for whom it is acting, irrevocably attorns to the jurisdiction of the courts of the State of Florida. 

12. Survival. This Agreement, including without limitation the representations, warranties and covenants contained herein, shall survive
and continue in full force and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Securities by the Subscriber pursuant hereto. 
 13. Assignment. This Agreement is not transferable or assignable. 
 14.
Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect or limit the validity or enforceability of the remaining provisions of this Agreement. 

15. Entire Agreement. Except as expressly provided in this Agreement and in the agreements, instruments and other documents contemplated or
provided for herein, this Agreement contains the entire agreement between the parties with respect to the sale of the Securities and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else. 

  
 7 

 16. Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Subscriber shall be directed to the address on the signature page of this Agreement and notices to the Company shall be directed to it
at FNDS3000 Corp, 4651 Salisbury Road, Suite 533, Jacksonville, FL 32256, U.S.A., Attention: Joseph F. McGuire, Chief Financial Officer; copy to: Stephen M. Fleming, Fleming PLLC, 49 Front Street, Suite 206, Rockville Centre, New York 11570;
Attention: Stephen M. Fleming, Esq. 
 17. Counterparts and Electronic Means. This Agreement may be executed in any number of
counterparts, each of which, when so executed and delivered, shall constitute an original and all of which together shall constitute one instrument. Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means
of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date hereinafter set forth. 
 18. Currency. Unless otherwise provided, all dollar amounts referred to in this Agreement are in lawful money of the United States of America. 

(signatures on the following page) 

  
 8 

 IN WITNESS WHEREOF the Subscriber has duly executed this Agreement as of the date of acceptance by
the Company. 
  

	
	 SHERINGTON HOLDINGS, LLC

	 (Name of Subscriber – Please type or print)

	
	 /s/ Raymond L. Goldsmith

	 Name:  Raymond L. Goldsmith

	 Title:    Sole Member

	
	
	  

	 (Address of Subscriber)

	
	  

	 (City, State or Province, Postal Code of Subscriber)

	
	  

	 (Country of Subscriber)

	

 ACCEPTANCE 
 The above-mentioned Agreement in respect of the Securities is hereby accepted by FNDS3000 Corp as of the 24th day of January, 2011. 
  

					
	FNDS3000 CORP
		
	Per:	 	 /s/ Joseph F. McGuire

		 	Name:  Joseph F. McGuire
		 	Title:    Chief Financial Officer

  
 9 

 EXHIBIT A 

Form of Warrant 

(attached) 

  
 10 

 EXHIBIT B 

Accredited Investor Questionnaire 
 The Company will rely on the information contained in this Questionnaire. 
 The undersigned
Subscriber covenants, represents and warrants to the Company that: 
  

	 	1.	the Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the Transaction and the
Subscriber is able to bear the economic risk of loss arising from such Transaction; 

  

	 	2.	The Subscriber is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act by virtue of being (initial all
applicable responses) 

  

	 	            	A small business investment company licensed by the U.S. Small Business Administration under the Small Business Investment Company Act of 1958,

  

	 	            	A business development company as defined in the Investment Company Act of 1940, 

 

	 	            	A national or state-chartered commercial bank, whether acting in an individual or fiduciary capacity, 

 

	 	            	An insurance company as defined in Section 2(13) of the Securities Act, 

 

	 	            	An investment company registered under the Investment Company Act of 1940, 

 

	 	            	An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, where the investment decision is made by a plan
fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment advisor, or an employee benefit plan which has total assets in excess of $5,000,000, 

 

	 	            	A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940, 

 

	 	            	An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation or a partnership with total assets in excess of $5,000,000,

  

	 	            	A natural person (as opposed to a corporation, partnership, trust or other legal entity) whose net worth, or joint net worth together with his/her spouse, exceeds
$1,000,000 but only if the net worth threshold can be met without including the value of the person’s primary residence, 

  

	 	            	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a
sophisticated person as described in Section 506(b)(2)(ii) of Regulation D, 

  

	 	            	A natural person (as opposed to a corporation, partnership, trust or other legal entity) whose individual income was in excess of $200,000 in each of the two most
recent years (or whose joint income with such person’s spouse was at least $300,000 during such years) and who reasonably expects an income in excess of such amount in the current year, or 

  
 11 

	 	            	A corporation, partnership, trust or other legal entity (as opposed to a natural person) and all of such entity’s equity owners fall into one or more of the
categories enumerated above; 

 The Subscriber acknowledges and agrees that the Subscriber may be required by the Company to
provide such additional documentation as may be reasonably required by the Company and its legal counsel in determining the Subscriber’s eligibility to acquire the Securities under relevant securities legislation. 

IN WITNESS WHEREOF, the undersigned has executed this Questionnaire as of the
             day of ,
                                        
2011. 
  

							
	If a Corporation, Partnership or Other Entity:	 		 	If an Individual:
			
	 SHERINGTON HOLDINGS, LLC
	 		 	  

	Print or Type Name of Entity	 		 	Signature
				
	By:	 	  
	 		 	  

	Signature of Authorized Signatory	 		 	Print or Type Name
	Name:	 	  
	 		 	
	Title:	 	  
	 		 	
			
	 Florida limited liability company
	 		 	
	Type of Entity	 		 	

  
 12

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