Document:

exhibit4119911204deposit

AGRICULTURAL MINERALS COMPANY, L.P., UNITED STATES TRUST COMPANY OF NEW YORK AND THE HOLDERS FROM TIME TO TIME OF UNITS AND DEPOSITARY RECEIPTS DESCRIBED HEREIN DEPOSIT AGREEMENT Dated as of December 4, 1991 TERRA NITROGEN COMPANY, L.P. Exhibit 4.1

 

ARTICLE I ARTICLE II Section Section Section Section Section Section ARTICLE III Section Section Section Section Section Section Section Section Section Section Section Section ARTICLE IV LX 1 03/2850F TABLE OF CONTENTS DEFINITIONS . ..................... I I • ' • I •• I • DEPOSIT OF CERTIFICATES; DEPOSIT ACCOUNT............................ 6 2.1 2.2 2.3 2.4 2.5 2.6 Deposit of Certificates............. 6 Documents Accompanying Deposit...... 6 Deposit Account..................... 6 Representations and Warranties of Each Depositor................. 6 Representations and Warranties of the Partnership................ 7 Representations and Warranties of the Depositary................. 7 DEPOSITARY RECEIPTS ....................... . 8 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3 .'12 Issuance............................ 8 Effect of Acceptance................ 8 Form; Denominations; Execution......................... 8 Numbering and Registration.......... 10 Combinations and Split-ups.......... 10 Lost Depositary Receipts ............ 11 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange............ 11 Cancellation and Return of Surrendered Depositary Receipts. . . . . . . . . . . . . . . . . . . . . . . . . . 12 Supply of Depositary Receipts....... 12 Filing Proofs, Certificates and Other Information............. 12 Refusal of Deposit, Transfer, etc. . . . . . . . . . . . . . . . . . . . 12 Registrar; Transfer Agent........... 13 TRAN"SFER. 'I • I.' •••• I •••••• I •• I •• I • I •••• I • I I 13 Section 4.1 Section 4.2 Section 4.3 Transferability ..................... 13 Registration of Transfer............ 14 Effect of Execution of Transfer Application by Transferee. . . . . . . . . . . . . . . . . . . . . 14 

 

Section 4.4 Section 4.5 ii Status of Transferee Prior to Admission as Limited Partner ................ 15 Filing Notice of Transfers with General Partner .............. 15 ARTICLE V CONVERSION .... I. I I I •• I ••••• I I •• I I I. I •• I. I.. 15 Section 5.1 Section 5.2 Section 5.3 Section 5.4 Conversion Privilege................ 15 Conversion Procedure ................ 15 Redemption or Purchase of Units................. 16 Redemption or Purchase Procedures ............... 16 ARTICLE VI WITHDRAWAL OF UNITS........................ 16 Section 6.1 Withdrawal of Units ................. 17 Section 6.2 Redeposit. . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ARTICLE VII DUTIES OF DEPOSITARY....................... 18 Section 7.1 Section 7.2 Section 7.3 Section 7.4 section 7.5 Reports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Lists of Record Holders............. 19 Maintenance of Offices, Agencies and Transfer Books....... 19 Other Obligations................... 20 Depositary's Agents ................. 20 ARTICLE VIII INFORMATION; DISTRIBUTIONS; Section 8.1 Section 8.2 Section 8.3 VOTING RIGHTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Duty to Furnish and Transmit Certain Information. . . . . . . . . . . . . . . . . . . . . . . 20 Distributions....................... 20 Voting......... . . . . . . . . . . . . . . . . . . . . . 21 ARTICLE IX STATUS AND OTHER ACTIVITIES OF DEPOSITARY; FORCE MAJEURE; , IMMUNITIES; INDEMNIFICATION.............. 22 ! Section 9.1 Depositary Not a Trustee, Issuer, etc. . . . . . . . . . . . . . . . . . . . . . 22 Section 9.2 Other Activities of Depositary. . . . . . . . . . . . . . . . . . . . . 22 Section 9.3 Force Majeure ........... ~ ........... 22 

 

Section 9.4 Section 9.5 Section 9.6 iii Irrununi ties. . . . . . . . . . . . . . . . . . . . . . . . . . 23 Indemnification..................... 24 Tax Matters... . . . . . . . . . . . . . . . . . . . . . . 25 ARTICLE X CHARGES; FEES; EXPENSES.................... 26 Section Section Section Section Section 10.1 10.2 10.3 10.4 10.5 General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Responsibility for Expenses and Charges.............. 26 Governmental Charges................ 26 Special Charges..................... 26 Notice Requirement.................. 26 ARTICLE XI RESIGNATION; REMOVAL; AMENDMENT; TERMINATION................... 27 Section 11.1 Section 11.2 Section 11.3 Resignation and Removal of Depositary; Appointment of Successor Depositary.............. 27 Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 7 Termination. . . . . . . . . . . . . . . . . . . . . . . . . 28 ARTICLE XII GENERAL PROVISIONS......................... 29 Section 12.1 Section 12.2 Section 12.3 Section 12.4 Section 12.5 Section 12.6 Section 12.7 Section 12.8 Section 12.9 Section 12.10 Section 12.11 Section 12.12 EXHIBIT A EXHIBIT B Counterparts........................ 29 Exclusive Benefit of Parties. . . . . . . . . . . . . . . . . . . . . . . . 29 Invalidity of Provisions............. 29 Notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Holders to Be Parties............... 30 P 1 ur a 1 s .................. : .. : . . . . . . . 3 0 Applicable Law...................... 30 Captions ............................ 30 Partnership Assets.................. 31 Further Action...................... 31 Binding Effect...................... 31 Waiver.............................. 31 

 

10312850F DEPOSIT AGREEMENT This Agreement, entered into as of the 4th day of December, 1991, by and among Agricultural Minerals Company, L.P., a Delaware limited partnership, United States Trust Company of New York, as depositary, and Agricultural Minerals Corporation, a Delaware corporation, as attorney-in-fact for the holders from time to time of Units and Depositary Receipts. W I T N E S S E T H: WHEREAS, the Partnership is a Delaware limited partnership; and WHEREAS, the Partnership has a class of limited partner interests designated as Senior Preference Units (the "Senior Preference Units"); WHEREAS, upon the Senior Conversion Date (as described in the Partnership Agreement) the Senior Preference Units become convertible for a certain period into limited partner interests designated as Common Units (the "Common Units"); WHEREAS, the holders of Senior Preference Units of the Partnership desire to deposit their Units in a single convenient depositary institution for the purposes set forth in this Agreement and for the issuance under this Agreement of Depositary Receipts evidencing deposited Senior Preference Units; WHEREAS, the holders of the Senior Preference Units may from time to time wish to transfer their Senior Preference Units, and such transfers would be facilitated by having one institution act as depositary for such Senior Preference Units; WHEREAS, upon conversion of the Senior Preference Units, the hold-ers of Common Units may desire to deposit their Common Units for the issuance under this Agreement of Depositary Receipts representing Common Units; NOW, THEREFORE, in consideration of the premises and the promises hereinafter contained, it is agreed by and among the parties hereto as follows: 

 

ARTICLE I Definitions Unless otherwise clearly indicated to the contrary, the following definitions shall be applied for all purposes to the terms used herein. "Affiliate" shall mean, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with, the Person in question. As used herein, "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. "Agreement" shall mean this Deposit Agreement, as it may be amended or restated from time to time. "Assignee" shall mean a Person to whom one or more Units have been transferred, by assignment of a Depositary Receipt or otherwise in a manner permitted under this Agreement or the Partnership Agreement, and who has executed and delivered a Transfer Application, and who thereby owns a partnership interest equivalent to that of a Limited Partner but (a) limited to the rights and obligations appurtenant to a Unit to share in the allocations and distributions, including liquidating distributions, of the Partnership and (b) otherwise subject to the limitations under the Partnership Agreement on the rights of an assignee who has not become a Substituted Limited Partner. "Business Day" shall mean Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States or the State of New York shall not be regarded as a Business Day. "Certificate" shall mean a non-negotiable certificate (except to the extent that it is transferable to the Partnership or the General Partner) issued by the Partnership representing a partnership interest as a Limited Partner, including, without limitation, certificates representing Units. "Closing Price" of a Unit of any class for any day means the last sale price on such day, regular way, or, in 2 

 

case no such sale takes place on such day, the average of the closing bid and asked prices on such day, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Units of a class are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal National Securities Exchange on which Units of such class are listed or admitted to trading or, if the Units of a class are not listed or admitted to trading on any National Securities Exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or such other system then in use, or, if on any such day the Units of a class are not quoted by any such organization, the average of the closing bid and asked prices on such day as furnished by a professional market maker making a market in the Units of such class selected by the Board of Directors of the General Partner, or, if on any such day no market maker is making a market in the Units of such class, the fair value of such Units on such day as determined reasonably and in good faith by the Board of Directors of the General Partner using any reasonable method of valuation. "Corporate Office" shall mean the corporate office of the Depositary or any other office it shall designate in New York, or for the purposes so designated, which on the date hereof is 770 Broadway, 7th Floor, Corporate Trust and Agency Services, New York, New York 10003. "Current Market Price" of a Unit as of any date shall mean the average of the daily Closing Prices per Unit for the twenty consecutive Trading Days immediately prior to, but not including, such date. ;'Delaware Act" shall mean the Delaware Revised Uniform Limited Partnership Act, as it may be amended and in effect from time to time, and any successor to such statute. "Departing Partner" means a former General Partner, as of the effective date of any withdrawal or removal of such former General Partner pursuant to the provisions of the Partnership Agreement. "Deposit Account" shall mean an account established by the Depositary pursuant to Section 2.3 hereof. 3 !'51 

 

"Depositary" shall mean United States Trust Company of New York or any successor to it as depositary hereunder. "Depositary Receipt" shall mean a receipt, substantially in the form of Exhibit A or Exhibit B to this Agreement, issued by the Depositary or a Depositary Agent in accordance with this Agreement, evidencing ownership of one or more Certificates. "Depositary's Agent" shall mean an agent appointed by the Depositary pursuant to Section 7.5 hereof. "Depositor" shall mean a Limited Partner who deposits a Certificate hereunder. "General Partner" shall mean Agricultural Minerals Corporation, a corporation having its principal office at 5100 East Skelly Drive, Suite 800, Tulsa, Oklahoma 74135, or any successor to it under the Partnership Agreement. "Limited Partner" shall mean a limited partner of the Partnership as determined pursuant to the Partnership Agreement. "Partnership" shall mean Agricultural Minerals Company, L.P., a Delaware limited partnership, having its principal office at 5100 East Skelly Drive, Suite 800, Tulsa, Oklahoma 74135. "Partnership Agreement" shall mean the Agreement of Limited Partnership of the Partnership, as it may be further amended or restated from time to time. A copy of the Partnership Agreement as in effect on the date hereof is attached as Exhibit c hereto and made a part hereof for all purposes. "Person" shall mean an individual, corporation, partnership, trust, unincorporated organization, association or other entity. "Record Date" shall mean the date established by the General Partner for determining the identity of (a) the Limited Partner~ and Assignees entitled to receive notice of or vote at any meeting of Limited Partners or entitled to vote by ballot or to exercise rights in respect of any other lawful action of Limited Partners or (b) the Record Holders entitled to receive any report or distribution. 

 

"Record Holder" shall mean the Person in whose name the Depositary Receipt evidencing a Unit is issued, and in whose name such Unit is registered on the books of the Depositary as of the close of business on the date of determination. "Registrar" shall mean the Depositary or any bank, trust company or other Person appointed by the Partnership to register the Certificates and Depositary Receipts pursuant to Section 3.12 hereof. "Registration Statement" shall mean the Registration Statement on Form S-1 (Registration No. 33-43007) as it has been or may be amended or supplemented from time to time, filed by the Partnership with the Securities and Exchange Commission under the Securities Act of 1933 to register the offering and sale of Senior Preference Units. "Subsidiary" means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. "Substituted Limited Partner" shall mean a Person who is admitted as a Limited Partner pursuant to the Partnership Agreement in place of and with all the rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the Partnership. "Trading Day" shall mean a day on which the principal national securities exchange on which the Units of any class are listed or admitted to trading is open for the transaction of business or, if the Units of a class are not listed or admitted to trading on any National Securities Exchange, a day on which banking institutions in New York City generally are open. "Transfer Agent" shall mean the Depositary or any bank, trust company or other Person appointed by the Partnership to act as transfer agent for the Depositary Receipts pursuant to Section 3.12 hereof. ' "Tran~fer Application" shall mean an application and agreement for transfer of Units in the form set forth on the back of the Depositary Receipts or in a form substantially to the same effect in a separate instrument. 5 1'5'1 

 

"Unit" shall mean (i) with respect to a partnership interest as a Limited Partner not on deposit with the Depositary pursuant hereto, a partnership interest as a Limited Partner evidenced by a Certificate and (ii) with respect to a partnership interest as a Limited Partner on deposit with the Depositary pursuant hereto, a Certificate evidenced by a Depositary Receipt, and shall include Common Units and Senior Preference Units. Capitalized terms used herein not otherwise defined herein shall have the meaning ascribed to them in the Partnership Agreement. ARTICLE II Deposit of Certificates; Deposit Account Section 2.1 Deposit of Certificates. Subject to the terms and conditions hereof, any Certificate may be deposited in the Deposit Account established by the Depositary pursuant to Section 2.3 hereof. Section 2.2 Documents Accompanying Deposit. A deposit of a Certificate shall be made by delivering such Certificate to the Depositary at its Corporate Office. Any Person presenting a Certificate for deposit shall file such information and execute such certifications as the Depositary may reasonably request. Section 2.3 Deposit Account. The Depositary may establish, at its Corporate Office, or at any other office or agency the Depositary may designate for such-purpose, an account or accounts, in a form and manner satisfactory to the Partnership, in which deposited Units, evidenced by Certificates, will be held. Section 2.4 Representations and Warranties of Each Depositor. Each Person depositing a Certificate hereunder represents and warrants that (a) such person is, or is duly authorized to act for, a Limited Partner and (b) such person is the owner of such Certificate, or is duly authorized by the owner thereof to make the deposit. The Depositary shall not be liable to the General Partner, the Partnership, any Limited Partner1 or any other Person for any expense or damage reasonably incurred as a result of any breach by a Depositor of these representations and warranties, which shall survive the deposit of a Certificate and the issuance of a Depositary Receipt. 6 l (.,. 0 

 

Section 2.5 Representations and Warranties of the Partnership. The Partnership hereby represents and warrants that (a) it is a limited partnership duly formed and validly existing under the laws of the State of Delaware, with full power and authority to engage in its business and has the necessary power and authority to execute, deliver and perform this Agreement, (b) the Partnership will not at any time deposit or cause to be deposited any Senior Preference Units or Common Units unless such Senior Preference Units or Common Units were issued pursuant to an effective registration statement under the Securities Act of 1933, as amended, or in a transaction not requiring registration under such Act and (c) all of the Partnership Interests (as defined in the Partnership Agreement) represented by the Units are, and future issuances of such interests if issued in accordance with the terms of the Partnership Agreement will be, duly authorized, validly issued and, subject to the qualifications set forth in the following sentence, fully paid and non-assessable limited partner interests in the Partnership. Assuming that the Limited Partners, as Limited Partners, do not take part in the control of the business of the Partnership (within the meaning of the Delaware Act) and that they do no more than exercise their rights as Limited Partners, the Limited Partners, other than any Departing Partner, will have no liability in excess of their obligations to make contributions to the Partnership, their obligations to make other payments provided for in the Partnership Agreement and their share of the Partnership's assets and undistributed profits (subject to the obligation of a Limited Partner to repay to the Partnership, to the extent provided under the Delaware Act for a period of three years after the date of distribution, any funds wrongfully returned or distributed to it if the Limited Partner knew at the time of such distribution that the distribution was in violation of the Delaware Act). The Depositary shall not be liable to any Person for any expense or damage incurred as a result of any breach by the Partnership of these representations and warranties, which shall survive the deposit of Units and the issuance of Depositary Receipts. Section 2.6 Representations and Warranties of the Depositary. The Depositary hereby represents and warrants that it is a New York corporation duly organized and validly existing under the laws of the State of New York, with full power and authority to engage in its business and has the necessary power and authority to execute, deliver and perform this Agreement. The Partnership, the General Partner, any Limited Partner and any Assignee shall not be liable to any 7 i/o I 

 

Person for any expense or damage incurred as a result of any breach by the Depositary of such representation and warranty, which shall survive the deposit of Units and the issuance of Depositary Receipts. ARTICLE III Depositary Receipts Section 3.1 Issuance. {a) Upon the deposit of a Certificate, accompanied by such other documents, if any, as required by the Depositary pursuant to Section 2.2 hereof, the payment of any tax or other governmental charge in respect of the deposit of a Certificate and the payment of any fee of the Depositary provided for in Article X hereof, the Depositary shall issue to the Depositor thereof one or more Depositary Receipts and shall deliver such Depositary Receipts to such Depositor or, subject to the requirements of Section 3.l(b) hereof, to a Person designated by such Depositor. One Depositary Receipt shall be issued in a denomination evidencing all of such Depositor's Units unless such Depositor elects to have depositary Receipts issued in smaller denominations, subject to Section 3.3(b) hereof. {b) If a Depositor wishes to have any of such Depositor's Units registered in the name of, and the Depositary Receipt therefor issued to, another Person designated by such Depositor, the transaction shall be treated as a transfer and shall be governed by the provisions of Article IV hereof, and such Depositor and such Person shall comply with such requirements as the Depositary or the Partnership may impose, including the requirement that such Person execute a Transfer Application. Section 3.2 Effect of Acceptance. By acceptance of a Depositary Receipt, a Depositor becomes a party to this Agreement, assents to all of its provisions and becomes bound by the terms and conditions of this Agreement and the Depositary Receipt. The effect of acceptance of a Depositary Receipt upon a Person designated by such Depositor pursuant to Section 3.l(b) hereof shall be as provided in Section 4.3 hereof in respect of a transferee. I Sectidn 3.3 Form; Denominations; Execution. (a) Definitive Depositary Receipts shall be engraved, printed or lithographed on steel-engraved borders and shall be substantially in the form of Exhibit A hereto with respect to Senior Preference Units and Exhibit B hereto with respect 

 

to Common Units, with appropriate insertions, modifications and omissions as approved by the Partnership and the Depositary, as conclusively evidenced by the issuance thereof. Pending the preparation of definitive Depositary Receipts, the Depositary, upon the order of the Partnership, shall execute and deliver temporary Depositary Receipts that are printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Depositary Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as approved by the Partnership or the Depositary, as evidenced by the issuance of such Depositary Receipts. If temporary Depositary Receipts are issued, the Partnership and the Depositary will cause definitive Depositary Receipts to be prepared without unreasonable delay. After the preparation of definitive Depositary Receipts, the temporary Depositary Receipts shall be exchangeable for definitive Depositary Receipts upon surrender of the temporary Depositary Receipts at the Corporate Office, without charge to the holder. Upon surrender for cancellation of any one or more temporary Depositary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Depositary Receipts evidencing the same number of Depositary Shares as are evidenced by the surrendered temporary Depositary Receipt or Depositary Receipts. Such exchange shall be made at the Partnership's expense and without any charge therefor. Until so exchanged, the temporary Depositary Receipts shall in all respects be entitled to the same benefits under this Agreement and with respect to the Units as definitive Depositary Receipts. (b) The Partnership may authorize the exchange of Depositary Receipts for other Depositary Receipts printed or engraved in such other manner as it shall determine. The Depositary Receipts shall conform to the requirements of any securities exchange upon which the Units are or may be listed or admitted to trading. (c) Depositary Receipts may be issued in denominations of any number of Units, except that no Depositary Receipt shall repr~sent a fraction of a Unit. (d) D·epositary Receipts may be endorsed with, or have incorporated in the text thereof, such legends or recitals not inconsistent with the provisions hereof as may be required to comply with the provisions of this Agreement or the Partnership Agreement, any applicable law or 

 

regulation or the rules and regulations of any securities exchange upon which the Units are or may be listed or admitted to trading, to conform with any usage with respect thereto, to indicate any special limitation or restriction to which a Unit may be subject or for any other reason. (e) Each Depositary Receipt shall be signed on behalf of the Depositary by the manual signature of a duly authorized employee of the Depositary, except that such signature may be a facsimile if a Registrar who is a Person other than the Depositary has been appointed pursuant to Section 3.12 hereof and the Depositary Receipt is countersigned by the manual signature of a duly authorized employee of the Registrar. No Depositary Receipt shall be entitled to any benefits hereunder or shall be valid or obligatory for any purpose, unless it has been so signed or countersigned. Depositary Receipts bearing the facsimile signature of a Person who was at any time duly authorized to sign Depositary Receipts on behalf of the Depositary shall bind the Depositary, notwithstanding that such Person has ceased to be an employee prior to the manual signature by the Registrar and delivery of such Depositary Receipts or was not an employee at the date of issuance of such Depositary Receipts or the execution hereof. Section 3.4 Numbering and Registration. (a) All Depositary Receipts representing Senior Preference Units and Common Units issued by the Depositary shall be numbered consecutively within their respective classes. Each Record Holder shall be registered on the books of the Depositary and any Registrar or Transfer Agent in a manner permitting identification by Persons authorized to have access to the books of all Record Holders, their Depositary Receipts and the Units evidenced thereby. (b) The Depositary shall keep records to prepare -accurately such lists as the Partnership may request from time to time, including the list specified in Section 4.5 hereof, lists of the Record Holders of Common Units and Senior Preference Units subject to any special limitations or restrictions by, or stop transfer orders from, the Partnership and a list of the Record Holders of Common Units and Senior Preference Units listed or admitted to trading on a securities exchange. Section 3.5 Combinations and Sp~it-ups. Up?~ surrender of a Depositary Receipt tor spllt-up or como1nation of the Units evidenced thereby at the Corporate Office, and 10 lb~ 

 

subject to the terms and conditions hereof, the Depositary shall execute and deliver new Depositary Receipts bearing previously unassigned numbers, in authorized denominations evidencing the same aggregate number of Common Units or Senior Preference Units, as the case may be, as evidenced by the Depositary Receipt surrendered. Upon the request of the Partnership, the Depositary shall execute and deliver new Depositary Receipts bearing previously unassigned numbers in authorized denominations and shall take such other appropriate action as may be necessary if the outstanding Common Units or Senior Preference Units shall be divided into a greater number of Common Units or Senior Preference Units or shall be cancelled to be combined into a smaller number of Common Units or Senior Preference Units. Section 3.6 Lost Depositary Receipts. If any Depositary Receipt is mutilated, destroyed, lost or stolen, the Depositary shall execute and, upon its request, the Transfer Agent shall countersign and deliver, a Depositary Receipt bearing a previously unassigned number of like form and tenor in exchange and substitution for the mutilated, destroyed, lost or stolen Depositary Receipt; provided that the Depositary shall require the Record Holder of the Units evidenced by such Depositary Receipt to (a) furnish to the Depositary, in a form and manner satisfactory to the Depositary, proof by affidavit of the mutilation, destruction, loss or theft, and of such Record Holder's ownership of the Units, and (b) furnish reasonable indemnification (including the posting of an indemnity bond for the benefit of the Depositary, the Partnership and the General Partner) satisfactory to the Depositary and as may be required by the General Partner pursuant to the Partnership Agreement. Section 3.7 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Unit or Depositary Receipt, the Depositary, any Transfer Agent or any Depositary's Agent may require (a) payment.of a sum sufficient for reimbursement of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to Certificates or Units being deposited or withdrawn), (b) proof satisfactory to it as to the identity and genuineness of any signature or as to the due authorization of the action and (c) compliance with such regulations consistent herewith as the Depositary may reasonably establish. 11 tbS 

 

Section 3.8 Cancellation and Return of Surrendered Depositary Receipts. All Depositary Receipts surrendered to the Depositary or any Depositary's Agent shall be cancelled. The Depositary shall return to the Partnership cancelled Depositary Receipts and shall retain or return to the Partnership other instruments, documents and records in accordance with the reasonable policies and regulations of the Depositary, any applicable law or regulation and the rules and regulations of any securities exchange upon which any class of Units is or may be listed or admitted to trading. Section 3.9 Supply of Depositary Receipts. The Partnership shall deliver to the Depositary from time to time such quantities of Depositary Receipts as the Depositary may request to enable the Depositary to perform its obligations hereunder. Section 3.10 Filing Proofs, Certificates and Other Information. Any Person presenting a Certificate for deposit or any Record Holder may be required from time to time to execute such certificates and make such representations and warranties as the Depositary may reasonably request in order to carry out the purposes hereof. The Depositary may withhold the delivery, transfer or exchange of any Depositary Receipt or any distribution in respect thereof until such certificates are executed or such representations and warranties are made. Section 3.11 Refusal of Deposit, Transfer, etc. (a) The deposit of Certificates and the transfer of Units Ula..r be refused, and the delivery, surrender or exchange of Depositary Receipts may be suspended, during any period when any register of Record Holders is closed, or if such action is reasonably deemed necessary or advisable by.the Depositary, any Depositary's Agent or the Partnership at any time or from time to time because of any applicable law or regulation, the rules and regulations of any securities exchange upon which the Units are listed or admitted to trading, any government or governmental body or commission or any provision hereof. Without limitation of the foregoing, the Depositary shall not knowingly issue or deliver Depositary Receipts in connection with a registration of transfer of Units, if to the knowledge of the Depositary (i) such transfer i's required to be registered under the Securities Act of 1933, as amended, or applicable securities laws of any state and (ii) such registration requirements have not been met . · 12 \ (.,b 

 

(b) The Partnership may give written instructions to the Depositary to place an appropriate legend on any Depositary Receipts pursuant to Section 3.3(c) hereof. The Partnership may deliver a stop transfer order to the Depositary in writing, specifying the name of the Record Holder and the number of Common Units or Senior Preference Units so restricted. The Depositary may rely upon such legend or stop transfer order until instructed in writing by the Partnership to remove such legend or to lift such stop transfer order. Section 3.12 Registrar; Transfer Agent. (a) The Partnership may, and to the extent required by any applicable law or regulations of any securities exchange on whica any class of Units is listed or admitted to trading shall, appoint one or more Registrars and one or more Transfer Agents for the Units. The Depositary is hereby initially appointed as Registrar and as Transfer Agent with respect to the Senior Preference Units and the Common Units. A Registrar or Transfer Agent may be removed and a substitute appointed by the Partnership. (b) The Depositary shall, at the request of the Partnership, arrange for such facilities for the delivery, transfer, surrender and exchange of the Units and Depositary Receipts as may be required by any applicable law or regulation or the rules and regulations of any securities exchange upon which any class of Units is or may be listed or admitted to trading. ARTICLE IV Transfer Section 4.1 Transferability. Units are investment - securities and are transferable in accordance with the laws governing transfers of investment securities. In addition to the other rights acquired upon transfer, the transferor shall give a transferee who executes and delivers a Transfer Application pursuant to Section 4.2 hereof the right to request admission as a Limited Partner in respect of the transferred Units. A Record Holder shall have the authority to convey to a ,transferee who does not properly execute and deliver a Transfer Application only (a) the right to assign the Units to a purchaser or other transferee and (b) the right to transfer the right to request admission as a Limited Partner with respect to such Units. A transferee, by acceptance of a Depositary Receipt, (x) becomes a party to 13 tbr 

 

this Agreement, thereby assenting to all of its provisions, (y) agrees to be bound by the terms and conditions of this Agreement and the Depositary Receipt and (z) agrees that such transferor's duty to provide such transferee with any requisite information necessary to obtain registration of the transfer of the units shall exclude any duty by the transferor to deliver an executed Transfer Application. It is a condition of the Depositary Receipt, and every successive holder thereof by acceptance of a Depositary Receipt consents and agrees, that, until a Unit has been transferred on the books of the Depositary or a Transfer Agent pursuant to Section 4.2 hereof, the Depositary, any Transfer Agent and the Partnership, notwithstanding any notice to the contrary or any notation or other writing on the Depositary Receipt, may treat the Record Holder at such time as the absolute owner of the Unit for all purposes. Section 4.2 Registration of Transfer. Subject to the terms and conditions hereof, the Depositary shall transfer Units on its books, from time to time, upon surrender of the Depositary Receipt evidencing such Units by the Record Holder, in person or by duly authorized attorney, to the Depositary at the Corporate Office. Such Depositary Receipt shall be properly endorsed or accompanied by an executed instrument of transfer and accompanied by an executed Transfer Application. The Depositary shall then issue or cause to be issued a new Depositary Receipt evidencing the same aggregate number of Common or Senior Preference Units, as the case may be, as evidenced by the Depositary Receipt surrendered and shall deliver the new Depositary Receipt to or upon the order of the Person entitled thereto. A Transfer Application may be executed on behalf of a transferee by (i) an attorney, executor, administrator, personal representative, trustee, attorney-in-fact or guardian, and, if so executed, the person executing said transfer application must give his or her full title in such capacity, and proper evidence of authority to act in such capacity or (ii) a member of the National Association of Securities Dealers, Inc. who is registered with a national securities exchange and who has obtained from the transferee authority to act in such capacity. In the case of (ii) above the agent will not be required to obtain evidence of the, signatory's authority to execute the Transfer Application on behalf of the transferee. Section 4.3 Effect of Execution of Transfer Application by Transferee. The Depositary shall not register the transfer of Units unless the transferee has delivered an 

 

executed Transfer Application as required by Section 4.2 hereof. Section 4.4 Status of Transferee Prior to Admission as Limited Partner. The Record Holder of a Unit, unless and until admitted as a Limited Partner pursuant to the Partnership Agreement, has the rights of an Assignee in respect of such Unit as set forth in the Partnership Agreement. The rights of such Record Holder as an Assignee or a Limited Partner are subject to and shall be governed by the Partnership Agreement. Section 4.5 Filing Notice of Transfers with General Partner. The Depositary shall prepare, as of the close of business on the last Business Day of each month, a list or other appropriate evidence, in such form as may be requested by the General Partner, setting forth transfers of Depositary Units registered by all Transfer Agents since the last Business Day of the preceding month and the Business Day on which each Limited Partner was admitted to the Partnership. As promptly as practicable after the last Business Day of each month, the Depositary shall submit such transfer record to the General Partner. ARTICLE V Conversion Section 5.1 Conversion Privilege. Subject to the conditions and in accordance with the procedures set forth in the Partnership Agreement, a Record Holder of a Senior Preference Unit may convert any and all of such Record Holder's Senior Preference Units into Common Units. Section 5.2 Conversion Procedure. (a) To convert a Senior Preference Unit, a Record Holder must (i) complete and sign the conversion notice on the reverse side of the Depositary Receipt representing such Senior Preference Unit or Units;· ( i i) surrender the Depositary Receipt or Certificate to the Depositary; (iii) furnish a Transfer Application, if required; and (iv) pay any tax which is due because the Common Units are issued in a name other than the Record Holder's,; provided that all such actions must be satisfied within 90 days after the mailing of notice of the Senior Conversion Date. (b) Effective prior to the close of business on the Senior Conversion Date, the Record Holders of Senior 15 lb'1 

 

Preference Units with respect to which the conversion notice has been sent shall cease to be Record Holders with respect to the converted Senior Preference Units and the Person or Persons entitled to receive the Common Units upon conversion shall be treated for all purposes as having become the Record Holders of such Common Units as of the close of business on the Senior Conversion Date, except for the purpose of determining the Senior Preference Units entitled to receive distributions with respect to periods ending on or prior to the Senior Conversion Date. Section 5.3 Redemption or Purchase of Units. Subject to the conditions and in accordance with the terms and procedures set forth in the Partnership Agreement, the Partnership may (a) at any time on or after the Senior Conversion Date redeem Senior Preference Units and (b) at any time not more than 25% of the total outstanding Units of any class are held by Persons other than the General Partner and its Affiliates, may call or assign to the General Partner or its Affiliates the right to acquire all of such Units. Section 5.4 Redemption or Purchase Procedures. If, on or before the redemption or purchase date specified by the General Partner, as the case may be, all funds necessary for such redemption or purchase have been deposited with the Transfer Agent for the benefit of the holders of the Units to be redeemed or purchased, so as to be and continue to be available therefor, and the holders of such Units do not surrender such Units for redemption or purchase, as the case may be, all as provided for in the Partnership Agreement, then upon and after the date of redemption or purchase, as the case may be, such holders of Units to whom notice has been given in accordance with the Partnership Agreement shall cease to be Partners with respect to such Units and shall have no interest in, or right in or claim against the Partnership by virtue thereof, and shall have no voting -~ights or other rights with respect to such Units except as set forth in the following sentence. At any time from and after the date of redemption or purchase, as the case may be, such holders of outstanding Units subject to redemption or purchase as provided in the Partnership Agreement may surrender their Depositary Receipts or Certificates evidencing such Units to the Transfer Agent in exchange for payment of the iredemption or purchase price, as the case may be, therefor without interest thereon, as provided in the Partnership Agreement. 16 110 

 

ARTICLE VI Withdrawal of Units Section 6.1 Withdrawal of Units. (a) A Record Holder may not withdraw Units from deposit unless such Record Holder is a Limited Partner. Subject to terms and conditions of this Agreement and the Partnership Agreement, at the written request of a Limited Partner for withdrawal of Units from deposit hereunder, and upon surrender of the Depositary Receipt evidencing such Common Units or Senior Preference Units to the Depositary at the Corporate Office, accompanied by proof satisfactory to the Depositary and the Partnership that the Person surrendering the Depositary Receipt is such Record Holder or a Person duly authorized to act for such Record Holder, the Depositary shall deliver a Certificate to and in the name of such Record Holder or shall forward it to such place as may be specified by such Record Holder, at the risk and expense of such Record Holder. In satisfying its obligation to deliver a Certificate, subject to Sections 3.7 hereof and 3.11 hereof, Article X hereof and the other terms and conditions hereof, (i) if the Depositary has on deposit a Certificate in the appropriate denomination in the name of such Record Holder, the Depositary shall deliver such Certificate to such Record Holder, and (ii) if the Depositary has no such Certificate on deposit, the Depositary shall surrender to the Partnership a Certificate representing an adequate number of Common Units or Senior Preference Units and shall request the Partnership to issue and deliver at the Corporate Office, (A) a Certificate in the appropriate denomination in the name of such Record Holder and (B) if necessary, a Certificate in the appropriate denomination in the name of the Depositary or the Depositary's Agent, representing the difference between the denomination of the Certificate surrendered to the Partnership and the denomination of the Certificate issued in the name of such Record Holder pursuant to clause (A). The Depositary shall give notice of any withdrawal pursuant to this Section 6.1 to the Partnership, any Registrar or Transfer Agent other than the Depositary and any securities exchange upon which the units are or may be listed or admitted to trading. Units withdrawn from deposit shall not be transferable, except to the Partnership or the General Partner, or by death or operation of law. i (b) The Depositary may require that a Depositary Receipt surrendered pursuant to Section 6.1(a) hereof be 17 111 

 

properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank, and that a Record Holder execute and deliver to the Depositary a written order directing the Depositary to cause the Certificate evidencing the Units being withdrawn to be delivered to or upon the written order of such Record Holder. (c) If a Record Holder withdrawing Units pursuant to Section 6.1(a} hereof desires to have any of such Units registered in the name of, and the Certificate therefor issued to, another Person designated by such Record Holder, he and such other Person shall comply with such requirements as the Partnership or the Depositary may impose, treating the transaction as a request for a transfer subject to the provisions of Article IV hereof. Section 6.2 Redeposit. (a} Units withdrawn from deposit may be redeposited pursuant to the terms hereof. Redeposit of Certificates evidencing Units that have been withdrawn shall be subject to receipt by the Depositary of 60 days' written notice and to such other conditions as may be prescribed in the Partnership Agreement, except that the Partnership and its Affiliates need not give any notice of redeposit. The Depositary shall promptly notify the Partnership of any redeposit of Certificates. (b) Upon each delivery to the Depositary of a Certificate to be redeposited, the Depositary shall, as soon as transfer and recordation can be accomplished, present such Certificate to the Partnership for transfer and recordation of the Units being deposited in the name of the Depositary or the Depositary's Agent. (c) Upon receipt from the Partnership of a Certificate in the name of a Depositor, the Depositary shall issue and deliver at its Corporate Office, to or upon the order of the Persons designated by such Depositor, a Depositary Receipt registered in the name and representing the number of Units requested, all at the risk and expense of such Depositor. ARTICLE VII Duties of Depositary Section 7.1 Reports. (a} The Depositary shall make available for inspection during normal business hours by Record Holders at its Corporate Office (and shall, upon the 18 l '1 1---

 

request of the Partnership and as required by applicable law or the rules and regulations of the Securities and Exchange Commission, furnish to the Securities and Exchange Commission) any report, financial statement or communication of or from the Partnership that is both received by the Depositary in its capacity as depositary and made generally available to Record Holders. (b) The Depositary shall keep all required records and, upon the request and at the expense of the Partnership, shall promptly furnish to or file with the Securities and Exchange Commission all materials or reports required by applicable law or the rules and regulations of the Securities and Exchange Commission to be filed or provided there~o under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, by virtue of the Depositary's agreement to act as depositary, Registrar and T~ansfer Agent hereunder. A copy of any material or report filed with the Securities and Exchange Commission shall be mailed to the Partnership within two Business Days after its filing. To the extent that such material or report requires inform~tion from the Partnership, such information shall be furnished to the Depositary by the Partnership in sufficient quantity and sufficient time in advance of the date on which the material or report is required to be filed to enable the Depositary to comply with the filing requirement. Section 7.2 Lists of Record Holders. As promptly as practicable upon request by the Partnership, the Depositary shall furnish to the Partnership a list of the names and addresses of all Record Holders and the number of Common or Senior Preference Units held by them as of the date requested by the Partnership. A Record Holder shall have the right with the consent of the General Partner and upon notifying the Depositary of a proper purpose related to such - Record Holder's interest in the Partnership, to have furnished to such Record Holder at such Record Holder's expense a list of the name and addresses of all Record Holders. Section 7.3 Maintenance of Offices, Agencies and Transfer Books. (a) The Depositary shall maintain at its Corporate Offic,e and at any other office the Depositary may designate, or as may be required by any securities exchange upon which any class of Units is or may be listed or admitted to trading, facilities for the execution and delivery, transfer, surrender and exchange of Common or Senior Preference Units and Depositary Receipts. 19 11? 

 

(b) The Depositary shall keep books at its Corporate Office for the transfer of Units. Such books shall be open at all reasonable times for inspection by Record Holders with the consent of the General Partner; provided that such inspection shall not be for the purpose of communicating with Record Holders in the interest of a business or object other than the business of the Partnership or a matter related to this Agreement or the Units. Section 7.4 Other Obligations. In performing the services set forth herein, the Depositary shall comply with any additional requirements that may be imposed by virtue of its being deemed a transfer agent for Units or Depositary Receipts by any securities exchange upon which any class of Units are or may be listed or admitted to trading. Section 7.5 Depositary's Agents. The Depositary may from time to time, with the prior written consent of the Partnership, appoint agents that may include the General Partner, the Partnership and its Affiliates for the purposes hereof and may vary or terminate the appointment of such agents. ARTICLE VIII Information; Distributions; Voting Rights Section ·8.1 Duty to Furnish and Transmit Certain Information. The General Partner is required by the Partnership Agreement to furnish to Record Holders and Assignees certain reports and notices. If the Partnership elects to have the Depositary deliver such reports or notices, the General Partner shall furnish to the Depositary a sufficient quantity of each such report or notice for transmittal to the Record Holders. Upon receipt of any such report or notice from the General Partner, the Depositary shall mail such report or notice within five Business Days to the Record Holders as of the close of business on the last Business Day of the month preceding the month in which such report or notice is received by the Depositary, or as of such other date as the General Partner may specify. Section 8.2 Distributions. (a) To facilitate cash or other distr~butions made by the Partnership to Limited Partners and Record Holders, the Depositary shall, at the General Partner's request, furnish or cause to be furnished to the General Partner as promptly as practicable a list of the Record Holders and the number of Common or Senior 20 I '14 

 

Preference Units held by them, as recorded on the books of the Depositary as of the close of business on the last Business Day of the month preceding the month in which such request is made, or as of such other date as the General Partner may specify as the Record Date. (b) The General Partner may request the Depositary to act as paying agent with respect to a cash or other distribution made by the Partnership. A request to serve in such capacity shall be made by the General Partner by giving notice of a proposed distribution, and a calculation of the amount of the proposed distribution to be allocated in respect of each Common or Senior Preference Unit, to the Depositary at least ten Business Days before the distribution is to be made. If cash is to be distributed, the General Partner shall deposit with the Depositary, on or before the date on which the distribution is to be made, funds sufficient to pay the distribution. The Depositary shall calculate the amount of the distribution to which each Record Holder and Assignee is entitled based upon the number of Common or Senior Preference Units registered in such Record Holder's or Assignee's name. On the date set by the General Partner for the distribution, the Depositary shall distribute the funds received from the General Partner to the Record Holders as of the Record Date selected by the General Partner. Such distributions shall be made to such Record Holders notwithstanding the length of time any such Record Holder has held any Common or Senior Preference Unit. (c) The Partnership may appoint a co-paying agent for purposes of this Section 8.2, including, without limitation, the General Partner or an Affiliate of the Partnership. (d) Any funds deposited with the Depositary by the General Partner for the payment of distributions shall remain subject .at all times to the instructions of the General Partner. Any.funds so deposited which have remained unclaimed· for a period of at least two years from the payment date set by the General Partner for a distribution shall be repaid to the Partnership by the Depositary. Such repayments, if any, shall be made annually on the last day of March of each year. Thereafter, any Person entitled to payment of such distribution shall look only to the Partnership for payment thereof. Section 8.3 Voting. Upon receipt from the Partnership of notice of any meeting at which Limited 21 11? 

 

Partners are entitled to vote or of which they are entitled to notice, the Depositary shall, at the request of the Partnership, mail to each Limited Partner and Assignee who directs the General Partner how to vote as of the Record Date specified in the notice of the meeting a copy of such notice. The Partnership shall furnish sufficient copies of such notice to accomplish the foregoing. The right of a Limited Partner or an Assignee to vote on any matter concerning the Partnership shall be governed solely by the terms of the Partnership Agreement and applicable law. ARTICLE IX Status and Other Activities of Depositary; Force Majeure; Immunities; Indemnification Section 9.1 Depositary Not a Trustee, Issuer, etc. Neither the Depositary nor any Depositary's Agent shall be deemed a trustee. Neither the Depositary nor any Depositary's Agent shall have any legal or equitable title to the Units deposited hereunder. The Depositary shall have no right or power to sell, invest in, pledge, mortgage or borrow against any Units deposited hereunder (except for a possessory lien that may be imposed by the Depositary upon books, records, documents or other properties for nonpayment of fees or expenses hereunder). Neither the Depositary nor any Depositary's Agent shall have any right by virtue hereof to vote in meetings of, receive distributions from or have any interest in, the Partnership. Neither the Depositary nor any Depositary's Agent shall be liable for assessments by the Partnership. It is the intention of the parties hereto that neither the Depositary nor any Depositary's Agent shall be deemed to be an "issuer" of securities under the federal securities laws or applicable state securities laws, and the parties hereto expressly agree hereby that the Depositary and the Depositary's Agents are acting hereunder only in a -ministerial capacity as depositary for the Units. Section 9.2 Other Activities of Depositary. The Depositary and any Depositary's Agent may own and deal in, and may act as registrar or transfer agent for, any class of securities of the General Partner, their Affiliates or the Partnership, including the Corrmon or Senior Preference Units and Depositary 'Receipts. Section 9.3 Force Maieure. None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership shall 22 Ilk> 

 

incur any liability to any holder of a Common or Senior Preference Unit or Depositary Receipt if, by reason of any present or future law or regulation thereunder of the federal government or any other governmental authority (or, in the case of the Depositary or any Depositary's Agent, by reason of any provision, present or future, of the Partnership Agreement), or by reason of any act of God, war or other circumstances beyond its control, the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership is prevented or forbidden from doing or performing any act or thing required by the terms hereof to be done or performed; nor shall the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership incur any liability to any holder of a Unit or Depositary Receipt by reason of any nonperformance or delay caused as aforesaid in the performance of any act or thing required by the terms hereof to be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for herein. Section 9.4 Immunities. (a) None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership assumes hereby any obligation or shall be subject to any liability hereunder to any holder of a Unit or Depositary Receipt other than a duty to use its best judgment and good faith in the performance of such duties as are expressly set forth herein. (b) None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Units or Depositary Receipts that in its opinion may involve expense or liability, unless indemnity, in addition to that provided pursuant to Section 9.5 hereof, satisfactory to it against such expense and liability has been furnished. (c) None of the Depositary, any Depositary's Agent,. the General Partner (or its shareholders, directors or · officers) or the Partnership shall be liable for any action or nonaction bj it in reasonable reliance upon the advice of or information received from legal counsel, accountants, any Depositor, any holder of a Unit or Depositary Receipt or any other Person believed by it to be competent to give such advice or information. The Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or 23 111 

 

officers) and the Partnership may rely and shall be protected in acting upon any written notice, request, direction or other document believed by them to be genuine and to have been signed or presented by the proper Person. (d) None of the Depositary (or its officers, directors, employees or agents) nor the Depositary's Agent makes hereby any representation or shall have any responsibility as to the validity of the Units, the Partnership Agreement, any registration statement filed under the Securities Act of 1933, as amended, related to such Units or any instruments referred to herein or therein, or as to the correctness of any statements made herein or therein; provided that the Depositary shall be responsible for (i) its representations in this Agreement and (ii) the validity of any action taken or required to be taken by the Depositary in connection herewith. Section 9.5 Indemnification. (a) The Depositary shall indemnify the General Partner (and its shareholders, directors, officers, employees, partners and agents) and the Partnership (and its Partners, Assignees and agents) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses (including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of acts performed or omitted in respect hereof by the Depositary or any Depositary's Agent {other than an Affiliate of the Partnership) due to the gross negligence, bad faith or intentional misconduct of the Depositary or such Depositary's agent. {b) The Partnership shall indemnify the Depositary and any Depositary's Agent (other than an Affiliate of the Partnership) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses {including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of {i) acts performed or omitted in respect hereof by the Depositary or any such Depositary's Agent, except for any such claim, liability, loss, damage, judgment, fine, settlement, cost or expense due to the negligence, gross negligence, bad faith or-intentional misconduct of the Depositary or such Depositary's Agent or (ii) the breach by the Partnership of its representations, warranties and covenants set forth herein. 24 l '7~ 

 

{c) In case any proceeding shall be instituted involving any person in respect of which indemnity may be sought pursuant to any of Sections 9.5{a) and {b), such person {hereinafter called the "indemnified party") shall promptly notify the person against whom such indemnity may be sought {hereinafter called the "indemnifying party") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any other parties the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless {i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding {including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. In the case of the retention of any such separate counsel for the indemnified party, such counsel shall be designated in writing by the indemnified party. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. Section 9.6 Tax Matters. The Depositary shall have no duty, obligation or liability with respect to {a) the allocation of federal tax benefits related to federal tax matters with respect to the Partnership, the General Partner, the Limited Partners or the Assignees or (b) any income or other tax reporting obligations imposed upon the Partnership, the General Partners or any Limited Partner by the Internal Revenue Service or any other federal, state or local taxing authority. 25 1'1~ 

 

ARTICLE X Charges; Fees; Expenses Section 10.1 General. The charges, fees or reimbursements for services provided hereunder shall be determined by mutual agreement of the Depositary and the Partnership. Section 10.2 Responsibility for Expenses and Charges. The Partnership shall pay all charges, fees and reimbursements of the Depositary, other than those expressly provided herein to be paid by other Persons. Section 10.3 Governmental Charges. If any tax or other governmental charge becomes payable with respect to a Certificate, Unit or Depositary Receipt, or with respect to the deposit, transfer or withdrawal of any of the foregoing, such tax or governmental charge shall be payable by the holder of such Certificate, Unit or Depositary Receipt or by the transferee in the case of a transfer. Transfer or withdrawal of Units may be refused until such payment is made, and any cash or other distribution may be withheld and applied to payment of such tax or other governmental charge, with such holder or transferee to remain liable for any deficiency. Section 10.4 Special Charges. If at the request of the holder or transferee of a Certificate, Unit or Depositary Receipt, any delivery or communication from the Depositary is made by telegram, telex or similar record telecommunication mode, or if the Depositary incurs any charge or expense for which it is not otherwise liable hereunder, such holder or transferee shall be liable for such charge or expense. Section 10.5 Notice Requirement. The Depositary shall give notice of the imposition of any charge or fee, other than the charges described in Sections 10.3 hereof and 10.4 hereof, upon holders or transferees of Certificates, Units or Depositary Receipts, or any change therein, to any securities exchange upon which any class of Units is or may be listed or a~~itted to trading, or in the absence of such listing by publication in a newspaper of general circulation in the Borough ·of Manhattan, New York, and shall also give notice thereof 1in writing to all Record Holders. The imposition of or a change in any such charge or fee shall not become effective until 90 days after the date of such notice, unless it becomes effective in the form of an amendment pursuant to Section 11.2 hereof. 26 ~~~ 

 

ARTICLE XI Resignation; Removal; Amendment; Termination Section 11.1 Resignation and Removal of Depositary; Appointment of Successor Depositary. (a) The Depositary may at any time resign as depositary hereunder by written notice delivered to the Partnership. Such resignation shall be effective upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. (b) The Depositary may at any time be removed as depositary hereunder by the Partnership by written notice delivered to the Depositary. Such removal shall be effective upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. (c) If the Depositary resigns or is removed, the Partnership shall, within 30 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company having a combined capital and surplus of at least $50,000,000. If within 30 days after the delivery of such notice of resignation or removal, as the case may be, no successor depositary has been appointed, the General Partner shall act as the depositary until the Partnership appoints a successor depositary. Any successor depositary shall execute and deliver to its predecessor and the Partnership an instrument in writing accepting its appointment, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor, upon payment of all sums due it and upon the written request of the Partnership, shall execute and deliver an instrument transferring to the successor depositary all of its rights and powers hereunder, shall duly transfer all Certificates on deposit to the successor depositary and shall deliver to the successor depositary a list of all Record Holders and all other records and materials. Any successor depositary shall promptly mail notice of its appointment to all Record Holders. (d) Any corporation-into or with which the Depositary may be merged or consolidated or to which the Depositary shall transfer all or substantially all of its shareholder services business shall be the successor of the Depositary without the execution or filing of any document or any further act. Section 11.2 Amendment. (a) Any provision hereof, including the form of Depositary Receipt and the Transfer Application, may at any time and from time to time be amended by agreement between the Partnership and the Depositary in 27 I&\ 

 

any respect deemed necessary or desirable by them and in a manner consistent with the fiduciary standards set forth in the Partnership Agreement. A Record Holder at the time any such amendment hereof becomes effective shall be deemed; by continuing to hold Units, to consent to the amendment and to agree to be bound by this Agreement as amended thereby. (b) The Depositary shall give notice of any material amendment hereof to any securities exchange upon which the Units are or may be listed or admitted to trading, or in the absence of such listing by publication in a newspaper of general circulation in the Borough of Manhattan, New York, and shall also give notice thereof in writing to all Record Holders and Assignees. In the discretion of the Depositary, the text or substance of any amendment may be incorporated into the Depositary Receipts issued after its adoption. (c) No amendment hereof shall impair the right of a Limited Partner to withdraw any or all of his Units pursuant to Section 6.1 hereof. Notwithstanding anything herein to the contrary, no amendment hereto shall override or supersede the terms and provisions of the Partnership Agreement. Section 11.3 Termination. (a) Whenever directed by the Partnership, the Depositary shall terminate this Agreement by mailing notice of termination to the Record Holders at least 30 days before the date fixed in such notice for termination. (b) Upon termination hereof, the Depositary shall discontinue the transfer of Units, shall suspend the distribution of reports, notices and disbursements to Record Holders and shall not give any further notices (other than notice of such termination) or perform any further acts hereunder, except that the Depositary shall continue to _deliver Certificates, together with any distributions received with respect thereto, pursuant to Section 6.1. Upon request of the Partnership, the Depositary shall deliver all books, records, Certificates, Depositary Receipts and other documents respecting the subject matter hereof to the Partnership. I (c) Upon termination hereof, the Partnership and the holders of Units and Depositary Receipts shall be discharged from all obligations hereunder, except for the obligations of the Partnership pursuant to Section 9.5 hereof and Article X hereof. 28 I e,-z._ 

 

ARTICLE XII General Provisions Section 12.1 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. Copies hereof shall be filed with the Depositary and any Depositary's Agent and shall be open to inspection during business hours at the Corporate Office by any Record Holder. Section 12.2 Exclusive Benefit of Parties. This Agreement is for the exclusive benefit of the parties hereto and their respective successors and assigns and shall not be deemed to give any legal or equitable right, remedy or claim to any other person. Section 12.3 Invalidity of Provisions. If any provision of this Agreement or the Depositary Receipts is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall not be affected thereby. Section 12.4 Notices. (a) Any notice to be given to the parties hereto shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or telex confirmed by letter, addressed to each of the parties in the manner and at the address shown below, or at such address as each of the parties has specified in a notice given in accordance with this Section 12.4. To the Partnership: Agricultural Minerals Company, L.P. 5100 East Skelly Drive, Suite 800 Tulsa, Oklahoma 74135 Attn: John A. Molenaar To the Depositary: United States Trust Company of New York 7;70 Broadway, 7th Floor New York, New York 10003 Attn: Corporate Trust and Agency Services 

 

To the General Partner: Agricultural Minerals Corporation 5100 East Skelly Drive, Suite 800 Tulsa, Oklahoma 74135 Attn: John A. Molenaar (b) Any notice to be given to any Record Holder shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or telex confirmed by letter, addressed to such Record Holder at such Record Holder's address as it appears on the books of the Depositary, or, if he has filed with the Depositary a written request that notices intended for such Record Holder be mailed to some other address, at the address designated in such request. (c) Delivery of a notice sent by mail or by telegraph or telex shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a telegram or telex) is deposited, postage prepaid, in a post office letter box. The Depositary and the Partnership may, however, act upon any telegram or telex received by them from any of the parties hereto. Section 12.5 Holders to Be Parties. The holders from time to time of Units and Depositary Receipts shall be parties hereto and shall be bound by all of the terms and conditions of this Agreement and the Depositary Receipts by acceptance thereof. Section 12.6 Plurals. Whenever the context may require, the singular form of nouns, pronouns and·verbs shall include the plural and vice versa. Section 12.7 Applicable Law. This Agreement and the rights, duties, obligations and immunities of the Depositary hereunder or in respect of the Depositary Receipts shall be governed by and construed in accordance with the laws of the State of New York. -Section 12.8 Captions. The headings of articles and sections in' this Agreement and in the forms of Depositary Receipt set forth as Exhibit A and Exhibit B hereto have been inserted for convenience only and shall not be regarded as a part of this Agreement or the Depositary Receipt or to have any bearing upon the meaning or interpretation of any provision contained in this Agreement or the Depositary Receipt. 30 I P; . ..} 

 

Section 12.9 Partnership Assets. Liability for the obligations of the Partnership hereunder shall be without recourse to the assets of the General Partner (or its shareholders, directors or officers) other than its partnership interest in the Partnership, whether or not distributed. Section 12.10 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking all action as may be necessary or advisable to achieve the purposes hereof. Section 12.11 Binding Effect. Subject to the provisions hereof, each and all of the covenants, terms, provisions and agreements herein contained shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto. Section 12.12 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition hereof or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. IN WITNESS WHEREOF, the Partnership, the Depositary and the General Partner, as attorney-in-fact of the holders from time to time of Units and Depositary Receipts, have duly executed this Agreement as of the day and year first above set forth. AGRICULTURAL MINERALS COMPANY, L.P. By: Agricultural Minerals Co~~ion, General Partner By: ~i Name: John A. Molenaar Title: Senior Vice President UNITED STATES TRUST COMPANY OF NEW YORK By: 1 . ' . ( . iYf_ r.,-'-- '---::-' C--/~ (,., .1 'L. Name:,_'C·/'--T·f-.-· ~-:-~/! .'--:._, Tit 1 e : .- .: .-__ ~_ __: .-. --"' ~ . ·... 1 ~ • 

 

Exhibit A to Deposit Agreement TRANSFER OF FULL RIGHTS OF OWNERSHIP OF DEPOSITARY UNITS EVIDENCED BY THIS DEPOSITARY RECEIPT MAY BE MADE ONLY TO PERSONS WHO PROPERLY EXECUTE A TRANSFER APPLICATION. SEE PARAGRAPHS 3 AND 6 HEREOF AND THE TRANSFER APPLICATION ON THE REVERSE SIDE. DEPOSITARY RECEIPT evidencing SENIOR PREFERENCE UNITS REPRESENTING LIMITED PARTNER INTERESTS in AGRICULTURAL MINERALS COMPANY, L.P. {a limited partnership under the laws of Delaware) This Depositary Receipt is Transferable in New York, New York No. Senior Preference Units 1. United States Trust Company of New York as Depositary hereby certifies that is the registered owner of Depositary Units, consisting of Senior Preference Units representing limited partner interests in Agricultural Minerals Company, L.P., a Delaware limited partnership ("Senior Preference Units"}, on deposit with the Depositary pursuant to the Deposit Agreement {the "Deposit Agreement") dated as of December 4, 1991, among the Partnership, the Depositary and Agricultural Minerals Corporation, as attorney-in-fact for the holders from time to time of Senior Preference Units and Depositary Receipts. 2. Depositary Receipts, Deposit Agreement. Depositary Receipts, of which this Depositary Receipt is one, are issued upon the terms and conditions set forth in the Deposit Agreement. The Deposit Agreement and the Partnership Agreement under which the Partnership was formed and is existing, copies of which are on file at the Depositary's Corporate Office, set forth the rights of holders of Senior Preference Units and Depositary Receipts, each of whom becomes a party to the Deposit Agreement by acceptance of a Depositary Receipt, and the rights and duties of the Depositary in respect of the Senior Preference Units and all other property and cash from time to time held pursuant to the Deposit Agreement. The statements made on the face and the reverse of this Depositary Receipt are summaries of 

 

certain prov1s1ons of the Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made for all purposes. 3. Transfers, Split-ups, Combinations. The Senior Preference Units evidenced by this Depositary Receipt are transferable on the books of the Depositary or a Transfer Agent upon surrender of this Depositary Receipt by the Record Holder hereof, in person or by such Record Holder's duly authorized attorney, to the Depositary at its Corporate Office. This Depositary Receipt shall be properly endorsed or accompanied by a properly executed instrument of transfer and accompanied by a properly executed Transfer Application. Upon such transfer the Depositary shall issue or cause to be issued and shall deliver a new Depositary Receipt to or upon the order of the Person entitled thereto, subject to the provisions of the Deposit Agreement and the Partnership Agreement. This Depositary Receipt may be split into other Depositary Receipts, or combined with other Depositary Receipts into one Depositary Receipt, in each case evidencing the same aggregate number of Senior Preference Units as the Depositary Receipt(s) surrendered. 4. Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of this Depositary Receipt or the Senior Preference Units evidenced hereby, the Depositary, any Transfer Agent or any Depositary's Agent may require (a) payment of a sum sufficient for reimbursement of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to Certificates or Senior Preference Units being deposited or withdrawn), (b) proof satisfactory as to the identity and genuineness of any signature or as to the due authorization to execute the appropriate documents and (c) compliance with such regulations as it may reasonably establish pursuant to the Deposit Agreement. Any Depositor or any Record Holder may be required to execute such certificates, and to make such representations and warranties, as the Depositary may request. 5. Refusal of Deposit, Transfer, etc. The deposit of Certificates or the transfer of Senior Preference Units may be refused, and the delivery, surrender or exchange of this Depositary Receipt may be suspended, during any period when any register of Record Holders is closed, or if such 2 1~1 

 

action is reasonably deemed necessary or advisable by the Depositary, any Depositary's Agent or the Partnership at any time or from time to time because of any applicable law or regulation, the rules and regulations of any securities exchange upon which the Senior Preference Units are listed or admitted to trading, any government or governmental body or commission or any provision of the Deposit Agreement. 6. Effect of Acceptance and Transfer of Depositary Receipts. A Record Holder shall have the authority to convey to a transferee who does not properly execute and deliver a Transfer Application only (a) the right to assign the Senior Preference Units to a purchaser or other transferee and (b) the right to transfer the right to request admission as a Limited Partner in respect of such Senior Preference Units. A transferee, by acceptance of this Depositary Receipt, (x) becomes a party to the Deposit Agreement, thereby assenting to all of its provisions, (y) agrees to be bound by the terms and conditions of the Deposit Agreement and of this Depositary Receipt and (z) agrees that his transferor's duty to provide him with any requisite information necessary to obtain registration of the transfer of the Senior Preference Units shall exclude any duty by the transferor to deliver an executed Transfer Application. A transferee who properly executes a Transfer Application (i) requests admission to the Partnership as a Limited Partner, (ii) agrees to comply with and be bound by the terms and conditions of, and executes, the Deposit Agreement and the Partnership Agreement, (iii) represents that such transferee has authority to enter into the Deposit Agreement and the Partnership Agreement, (iv) grants a power of attorney to the General Partner and, if a liquidator shall be appointed, the liquidator of the Partnership and (v) makes the consents and waivers contained in the Partnership Agreement and the Deposit Agreement. 1. Status of Record Holder. The Record Holder of a Senior Preference Unit, unless and until admitted as a Limited Partner pursuant to the Partnership Agreement, has the rights of an Assignee in respect of such Senior Preference Unit. 8. Requirements of Execution. This Depositary Receipt shall not be entitled to any benefits under the Deposit Agreement and shall not be valid or obligatory for any purpose, unless it has been signed on behalf of the 

 

Depositary by the manual signature of a duly authorized employee of the Depositary, except that such signature may be a facsimile if a Registrar who is a person other than the Depositary has been appointed and this Depositary Receipt is countersigned by the manual signature of a duly authorized employee of the Registrar. Dated: UNITED STATES TRUST COMPANY OF NEW YORK Depositary, Transfer Agent and Registrar By: Authorized Signature Further Conditions and Agreement Forming Part of this Depositary Receipt Appear on the Reverse Side 

 

REVERSE SIDE Further Conditions and Agreements Forming Part of this Depositary Receipt 9. Surrender of Depositary Receipts and Withdrawal of Senior Preference Units. Upon surrender of this Depositary Receipt to the Depositary at its Corporate Office and subject to the terms and conditions of the Deposit Agreement and the Partnership Agreement, a Record Holder of this Depositary Receipt who is a Limited Partner is entitled to delivery of a nontransferable Certificate evidencing the Senior Preference Units evidenced hereby. 10. Governmental Charges. If any tax or other governmental charge becomes payable with respect to this Depositary Receipt or the Senior Preference Units evidenced hereby, such tax or governmental charge shall be payable by the holder of this Depositary Receipt or by the transferee hereof in the case of a transfer. Transfer or withdrawal of the Senior Preference Units evidenced hereby may be refused until such payment is made, and any cash or other distribution may be withheld and applied to payment of such tax or other governmental charge, with the holder or transferee hereof to remain liable for any deficiency. 11. Representations and Warranties of Depositor. Each Person depositing a Certificate under the Deposit Agreement shall be deemed thereby to represent and warrant that (a) such Person is, or is duly authorized to act for, a Limited Partner and (b) such Person is the owner of such Certificates, or is duly authorized by the owner thereof to make the deposit. 12. Amendment. Any provision of the Deposit Agreement, including the form of Depositary Receipt and the Transfer Application, may at any time and from time to time be amended by agreement between the Partnership and the Depositary in any respect deemed necessary or desirable by them, subject to the fiduciary responsibility of the General Partner as set forth in the Partnership Agreement. A Record Holder at the time any amendment to the Deposit Agreement becomes effective shall be deemed, by continuing to hold Senior Preference Units, to consent to the amendment and to agree to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, no arnen~"ent shall impair the right of a Limited Partner described in Paragraph 9. The Depositary will give written notice of any material amendment to the Deposit Agreement to all Record Holders and Assignees. l &:! 0 

 

13. Charges of Depositary. The Partnership shall pay all charges, fees and reimbursements of the Depositary, except for (a) taxes and other governmental charges and (b) such telegram, telex, delivery and other charges as are expressly provided in the Deposit Agreement to be paid by other Persons. 14. Title to Depositary Receipts. The Senior Preference Units evidenced hereby are transferable in accordance with the laws governing transfers of investment securities. It is a condition of this Depositary Receipt, and every successive holder hereof by acceptance hereof consents and agrees, that, until a Senior Preference Unit has been transferred on the books of the Depositary or a Transfer Agent pursuant to the Deposit Agreement, the Depositary, any Transfer Agent and the Partnership, notwithstanding any notice to the contrary or any notation or other writing on the Depositary Receipt, may treat the Record Holder at such time as the absolute owner of the Senior Preference Unit for all purposes. 15. Distributions. Whenever the Depositary receives from the Partnership any cash distributable to Record Holders, the Depositary shall, subject to the provisions of the Deposit Agreement, make such distribution to the Record Holders on the Record Date based upon the number of Senior Preference Units registered in such Record Holder's name; provided that the amounts distributed may be reduced by any amount required to be withheld by the Partnership or the Depositary on account of taxes. 16. Reports. The Depositary shall make available for inspection by Record Holders at its Corporate Office during normal business hours any report, financial statement or communication of or from the Partnership that is both received by the Depositary in its capacity as depositary and made generally available to Limited Partners or Record Holders. 17. Transfer Books. The Depositary shall keep books at its Corporate Office for the transfer of Senior Preference Units. Such books shall be open at all reasonable times for inspection by the Record Holders with the consent of the General Partner; provided that such inspection shall not be for the purpose of communicating with Record Holders in the interest of a business or object other than the business of the Partnership or a matter related to the Deposit Agreement or the Senior Preference Units. With the 2 I"! \ 

 

consent of the General Partner, a Record Holder shall have the right, upon notifying the Depositary of a proper purpose related to such Record Holder's interest in the Partnership, to have furnished to such Record Holder at such Record Holder's expense a list of names and addresses of all Record Holders. 18. Liability of Depositary, Depositary's Agents, General Partner and Partnership. None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership shall incur any liability to any holder of this Depositary Receipt if, by reason of any present or future law or regulation thereunder of the federal government or any other governmental authority (or, in the case of the Depositary or any Depositary's Agent, by reason of any provision, present or future, of the Partnership Agreement), or by reason of any act of God, war or other circumstance beyond its control, if the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership is prevented or forbidden from doing or performing any act or thing required by the terms of the Deposit Agreement to be done or performed; nor shall the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership incur any liability to the holder of this Depositary Receipt by reason of any nonperformance or delay caused as aforesaid in the performance of any act or thing required by the terms of the Deposit Agreement to be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. 19. Immunities of Depositary, Depositary's Agents, General Partner and Partnership. None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership (a) assumes any obligation or shall be subject to any liability under the Deposit Agreement to any holder of this Depositary Receipt other than a duty to use its best judgment and good faith in the performance of such duties as are expressly set forth in the Deposit Agreement, (b) shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of this Depositary Receipt that in its opinion may involve expense or liability, unless indemnity satisfactory to it against such expense or liability has been furnished, or (c) shall be liable for any action or nonaction by it in reasonable reliance upon the advice of or information from legal counsel, accountants, any Depositor, any holder of this Depositary Receipt or any other Person 

 

believed by it to be competent to give such advice or information. The Depositary, any Depositary's Agent, the General Partner (and its shareholders, directors or officers) and the Partnership may rely and shall be protected in acting upon any written notice, request, direction or other document believed by them to be genuine and to have been signed or presented by the proper Person. 20. Indemnification. Subject to the provisions of the Deposit Agreement, the Depositary shall indemnify the General Partner (and its shareholders, directors, officers, employees, partners and agents) and the Partnership (and its Partners, Assignees and agents) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses (including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of acts performed or omitted in respect of the Deposit Agreement by the Depositary or any Depositary's Agent (other than an Affiliate of the Partnership) due to the gross negligence, bad faith or intentional misconduct of the Depositary or such Depositary's Agent. Subject to the provisions of the Deposit Agreement, the Partnership shall indemnify the Depositary and any Depositary's Agent (other than an Affiliate of the Partnership) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses (including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of (a) acts performed or omitted in respect of the Deposit Agreement by the Depositary or any such Depositary's Agent, except for any such claim, liability, loss, damage, judgment, fine, settlement, cost or expense due to the negligence, gross negligence, bad faith or intentional misconduct of the Depositary or such Depositary's Agent, or (b) the breach by the Partnership of its representations, warranties and covenants set forth in the Deposit Agreement. 21. Registration and Removal of Depositary. The Depositary may at any time (a) resign as depositary under the Deposit Agreement by written notice delivered to the Partnership, effective upon the appointment of a successor depositary and its acceptance of such appointment, or (b) be removed as depositary under the Deposit Agreement by the Partnership, effective upon the appointment of a successor depositary and its acceptance of such appointment. 

 

22. Termination of Deposit Agreement. Whenever directed by the Partnership, the Depositary shall terminate the Deposit Agreement by mailing notice of termination to the Record Holders at least 30 days before the date fixed in such notice for termination. The Depositary shall then discontinue all functions and be discharged from all obligations with respect to the Deposit Agreement, except as specifically provided therein. Upon termination of the Deposit Agreement, the Partnership shall be discharged from all obligations thereunder, except for its obligations to the Depositary with respect to indemnification, charges and expenses. 23. Applicable Law. The Deposit Agreement, and the rights, duties, obligations and immunities of the Depositary thereunder or in respect of the Depositary Receipts, shall be governed by and construed in accordance with the laws of the State of New York. 24. Defined Terms. Any capitalized term not defined herein shall have the meaning assigned it in the Deposit Agreement. The following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be construed as follows according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT - Custodian (Cust) (Minor) under Uniform Gifts to Minors Act Additional abbreviations may also be used, though not in the above list. FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and tr;ansfers unto Social Security or other identifying number of Assignee Print or type Name and Address of Assignee 

 

the within Depositary Receipt and all rights and interest represented thereby, and irrevocably constitutes and appoints ~~--~~~~~ his attorney, to transfer the same on the books of the Depositary, with full power of substitution in the premises. Dated: Signature: Signature guaranteed: Note: The signature to any endorsement hereon must correspond with the name as written upon the face of the Depositary Receipt, in every particular, without alteration or enlargement or any change whatever. If the endorsement is executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his full title in such capacity, and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Depositary Receipt. The signature must be guaranteed by an authorized employee of a bank, trust company or member of a national securities exchange. 

 

Exhibit 1 No transfer of the Senior Preference Units evidenced by this Depositary Receipt will be registered on the books of the Depositary or of the Partnership unless an Application for Transfer of Units has been executed by a transferee either (a) on the form set forth below or (b) on a separate application that the Depositary or the Partnership will furnish on request without charge. A transferor of the Senior Preference Units evidenced by this Depositary Receipt has no duty to a transferee to deliver an executed transfer application in order for such transferee to obtain registration of the transfer of such Senior Preference Units evidenced by this Depositary Receipt. APPLICATION FOR TRANSFER OF UNITS The undersigned ("Assignee") hereby applies for transfer to the name of the Assignee of the Senior Preference Units evidenced by this Depositary Receipt. The Assignee (a} agrees to comply with and be bound by the terms and conditions of, and hereby executes, the Deposit Agreement, (b) requests admission as a Substituted Limited Partner and agrees to comply with and be bound by the terms and conditions of, and hereby executes, the Agreement of Limited Partnership of Agricultural Minerals Company, L.P. (the "Partnership"), as amended or restated to the date hereof (the "Partnership Agreement"), (c) represents and warrants that the Assignee has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement and the Deposit Agreement, (d) appoints the General Partner and, if a liquidator shall be appointed, the liquidator of the Partnership, his attorney to execute, swear to, acknowledge and file any document, including the Partnership Agreement, any amendment to the Partnership Agreement and the Certificate of Limited __ Partnership of the Partnership, necessary or appropriate for the Assignee's admission as a Substituted Limited Partner and as a party to the Partnership Agreement and the Deposit Agreement, (e) gives the powers of attorney provided for in the Partnership Agreement and the Deposit Agreement and (f) makes the consents and waivers and gives the approvals contained in the Partnership Agreement and the Deposit Agreement. Capitalized terms not defined herein have the meaning assigned to such terms in the Partnership Agreement. 

 

The Assignee has acquired an interest in the Partnership, whose taxpayer identification number is 73-1389684. On behalf of the Partnership, Agricultural Minerals Corporation has applied to the Internal Revenue Service for a tax shelter registration number. The Internal Revenue Service has issued the Partnership the following tax shelter registration number If there is no number in the blank in the preceding sentence, the number will be furnished to the Assignee when it is received. The Assignee must report this registration number to the Internal Revenue Service if the Assignee claims any deduction, loss, credit or other tax benefit or reports any income by reason of the Assignee's investment in the Partnership. The Assignee must report the registration number (as well as the name and taxpayer identification number of the Partnership) on Form 8271. FORM 8271 MUST BE ATTACHED TO THE RETURN ON WHICH THE ASSIGNEE CLAIMS THE DEDUCTION, LOSS, CREDIT OR OTHER TAX BENEFIT OR REPORTS ANY INCOME. ISSUANCE OF A REGISTRATION NUMBER DOES NOT INDICATE THAT THIS INVESTMENT OR THE CLAIMED TAX BENEFITS HAVE BEEN REVIEWED, EXAMINED OR APPROVED BY THE INTERNAL REVENUE SERVICE. Dated: Social Security or other identifying number of Assignee Purchase Price (including commissions, if any) Type of Entity (Check One): Individual __ Partnership __ Corporation Nationality (Check One): Signature of Assignee Print or Type Name and Address of Assignee Trust Other (specify): __ u.s. Citizen, Resident or Domestic Entity Foreign Corporation, or __ Non-resident alien 2 !'11 

 

If the u.s. Citizen, Resident or Domestic Entity box is checked, the following certification must be completed. Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the "Code"), the Partnership must withhold tax with respect to certain transfers of property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required with respect to the undersigned interest-holder's interest in it, the undersigned hereby certifies the following (or, if applicable, certifies the following on behalf of the interest-holder). Complete Either A or B: A. Individual Interest-Holder 1. I am not a non-resident alien for purposes of u.s. income taxation. 2. My U.S. taxpayer identifying number (Social Security Number) is 3. My home address is B. Partnership, Corporate or Other Interest-Holder 1. is not a foreign (Name of Interest-Holder) corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Code and Treasury Regulations). 2. The interest-holder's U.S. employer identification number is 3. The interest-holder's office address and place of incorporation (if applicable) is The interest-holder agrees to notify the_Partnership within sixty ( 6.0) days of the date the interest-holder becomes a foreign person. 

 

The interest-holder understands that this certification may be disclosed to the Internal Revenue Service by the Partnership and that any false statement contained herein could be punishable by fine, imprisonment or both. Under penalties of perjury, I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete and, if applicable, I further declare that I have authority to sign this document on behalf of (Name of Interest-Holder) Signature and Date Title (if applicable) Note: If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the foregoing, and is holding for the account of any other Person, this application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative who is a member of a registered national securities exchange or a member of the National Association of Securities Dealers, Inc., or, in the case of any other nominee holder, a Person performing a similar function. If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the foregoing, the above certification as to any Person for whom the Assignee will hold the Senior Preference Units shall be made to the best of the Assignee's knowledge. Note: This Transfer Application may be executed on behalf of a transferee by an attorney, executor, administrator, personal representative, trustee, attorney-in-fact or guardian, and, if so executed, the person executing this Transfer Application must give his or her full title in such capacity, and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt. 

 

Exhibit B to Deposit Agreement TRANSFER OF FULL RIGHTS OF OWNERSHIP OF DEPOSITARY UNITS EVIDENCED BY THIS DEPOSITARY RECEIPT MAY BE MADE ONLY TO PERSONS WHO PROPERLY EXECUTE A TRANSFER APPLICATION. SEE PARAGRAPHS 3 AND 6 HEREOF AND THE TRANSFER APPLICATION ON THE REVERSE SIDE. DEPOSITARY RECEIPT evidencing COMMON UNITS REPRESENTING LIMITED PARTNER INTERESTS in AGRICULTURAL MINERALS COMPANY, L.P. (a limited partnership under the laws of Delaware) This Depositary Receipt is Transferable in New York, New York No. Common Units 1. United States Trust Company as Depositary hereby certifies that is the registered owner of Depositary Units, which represent Common Units consisting of limited partner interests in Agricultural Minerals Company, L.P., a Delaware limited partnership ("Common Units"), on deposit with the Depositary pursuant to the Deposit Agreement (the "Deposit Agreement") dated as of December 4, 1991, among the Partnership, the Depositary and Agricultural Minerals Corporation, as attorney-in-fact for the holders from time to time of Common Units and Depositary Receipts. 2. Depositary Receipts, Deposit Agreement. Depositary Receipts, of which this Depositary Receipt is one, are issued upon the terms and conditions set forth in the Deposit Agreement. The Deposit Agreement and the Partnership Agreement under which the Partnership was formed and is existing, copies of which are on file at the Depositary's Corporate Office, set forth the rights of holders of Common Units and Depositary Receipts, each of whom becomes a party to the Deposit Agreement by acceptance of a Depositary Receipt, and the rights and duties of the Depositary in respect of the Common Units and all other property and cash from time to time held pursuant to the Deposit Agreement. The statements made on the face and the reverse of this Depositary Receipt are summaries of certain provisions of the 

 

Deposit Agreement and are subject to the detailed prov~s~ons thereof, to which reference is hereby made for all purposes. 3. Transfers, Split-ups, Combinations. The Common Units evidenced by this Depositary Receipt are transferable on the books of the Depositary or a Transfer Agent upon surrender of this Depositary Receipt by the Record Holder hereof, in person or by such Record Holder's duly authorized attorney, to the Depositary at its Corporate Office. This Depositary Receipt shall be properly endorsed or accompanied by a properly executed instrument of transfer and accompanied by a properly executed Transfer Application. Upon such transfer the Depositary shall issue or cause to be issued and shall deliver a new Depositary Receipt to or upon the order of the Person entitled thereto, subject to the provisions of the Deposit Agreement and the Partnership Agreement. This Depositary Receipt may be split into other Depositary Receipts, or combined with other Depositary Receipts into one Depositary Receipt, in each case evidencing the same aggregate number of Common Units as the Depositary Receipt(s) surrendered. 4. Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of this Depositary Receipt or the Common Units evidenced hereby, the Depositary, any Transfer Agent or any Depositary's Agent may require (a) payment of a sum sufficient for reimbursement of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to Certificates or Common Units being deposited or withdrawn), (b) proof satisfactory as to the identity and genuineness of any signature or as to the due authorization to execute the appropriate documents and (c) compliance with such regulations as it may reasonably establish pursuant to the Deposit Agree~ent. Any Depositor or any Record Holder may be required to execute such certificates, and to make such representations and warranties, as the Depositary may request. 5. Refusal of Deposit, Transfer, etc. The deposit of Certificates. or the transfer of Common Units may be refused, and the delivery, surrender or exchange of this Depositary Receipt may be suspended, during any period when any register of Record Holders is closed, or if such action is reasonably deemed necessary or advisable by the Depositary, any Depositary's Agent or the Partnership at any 2 

 

time or from time to time because of any applicable law or regulation, the rules and regulations of any securities exchange upon which the Common Units are listed or admitted to trading, any government or governmental body or commission or any provision of the Deposit Agreement. 6. Effect of Acceptance and Transfer of Depositary Receipts. A Record Holder shall have the authority to convey to a transferee who does not properly execute and deliver a Transfer Application only (a) the right to assign the Common Units to a purchaser or other transferee and (b) the right to transfer the right to request admission as a Limited Partner in respect of such Common Units. A transferee, by acceptance of this Depositary Receipt, (x) becomes a party to the Deposit Agreement, thereby assenting to all of its provisions, (y) agrees to be bound by the terms and conditions of the Deposit Agreement and of this Depositary Receipt and (z) agrees that his transferor's duty to provide him with any requisite information necessary to obtain registration of the transfer of the Common Units shall exclude any duty by the transferor to deliver an executed Transfer Application. A transferee who properly executes a Transfer Application (i) requests admission to the Partnership as a Limited Partner, (ii) agrees to comply with and be bound by the terms and conditions of, and executes, the Deposit Agreement and the Partnership Agreement, (iii) represents that such transferee has authority to enter into the Deposit Agreement and the Partnership Agreement, (iv) grants a power of attorney to the General Partner and, if a liquidator shall be appointed, the liquidator of the Partnership and (v) makes the consents and waivers contained in the Partnership Agreement and the Deposit Agreement. 7. Status of Record Holder. The Record Holder of a Common Unit, unless and until admitted as a Limited Partner pursuant to the Partnership Agreement, has the rights of an Assignee in respect of such Common Unit. 8. Requirements of Execution. This Depositary Receipt shall not be entitled to any benefits under the Deposit Agreement and shall not be valid or obligatory for any purpose, unless it has been signed on behalf of the Depositary by the manual signature of a duly authorized employee of the Depositary, except that such signature may be 

 

a facsimile if a Registrar who is a person other than the Depositary has been appointed and this Depositary Receipt is countersigned by the manual signature of a duly authorized employee of the Registrar. Dated: UNITED STATES TRUST COMPANY OF NEW YORK Depositary, Transfer Agent and Registrar By: Authorized Signature Further Conditions and Agreement Forming Part of this Depositary Receipt Appear on the Reverse Side 

 

REVERSE SIDE Further Conditions and Agreements Forming Part of this Depositary Receipt 9. Surrender of Depositary Receipts and Withdrawal of Common Units. Upon surrender of this Depositary Receipt to the Depositary at its Corporate Office and subject to the terms and conditions of the Deposit Agreement and the Partnership Agreement, a Record Holder of this Depositary Receipt who is a Limited Partner is entitled to delivery of a nontransferable Certificate evidencing the Common Units evidenced hereby. 10. Governmental Charges. If any tax or other governmental charge becomes payable with respect to this Depositary Receipt or the Common Units evidenced hereby, such tax or governmental charge shall be payable by the holder of this Depositary Receipt or by the transferee hereof in the case of a transfer. Transfer or withdrawal of the Common Units evidenced hereby may be refused until such payment is made, and any cash or other distribution may be withheld and applied to payment of such tax or other governmental charge, with the holder or transferee hereof to remain liable for any deficiency. 11. Representations and Warranties of Depositor. Each Person depositing a Certificate under the Deposit Agreement shall be deemed thereby to represent and warrant that (a) such Person is, or is duly authorized to act for, a Limited Partner and (b) such Person is the owner of such Certificates, or is duly authorized by the owner thereof to make the deposit. · · 12. Amendment. Any provision of the Deposit Agreement, including the form of Depositary Receipt and the Transfer Application, may at any time and from time to time be amended by agreement between the Partnership and the Depositary in any respect deemed necessary or desirable by them, subject to the fiduciary responsibility of the General Partner as set forth in the Partnership Agreement. A Record Holder at the time any amendment to the Deposit Agreement becomes effective shall be deemed, by continuing to hold Common Units, to consent to the amendment and to agree to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, no amendment shall impair the right of a Limited Partner described in Paragraph 9. The Depositary will give written notice of any material amendment to the Deposit Agreement to all Record Holders and Assignees. 

 

13. Charges of Depositary. The Partnership shall pay all charges, fees and reimbursements of the Depositary, except for (a) taxes and other governmental charges and (b) such telegram, telex, delivery and other charges as are expressly provided in the Deposit Agreement to be paid by other Persons. 14. Title to Depositary Receipts. The Common Units evidenced hereby are transferable in accordance with the laws governing transfers of investment securities. It is a condition of this Depositary Receipt, and every successive holder hereof by acceptance hereof consents and agrees, that, until a Common Unit has been transferred on the books-of the Depositary or a Transfer Agent pursuant to the Deposit Agreement, the Depositary, any Transfer Agent and the Partnership, notwithstanding any notice to the contrary or any notation or other writing on the Depositary Receipt, may treat the Record Holder at such time as the absolute owner of the Common Unit for all purposes. 15. Distributions. Whenever the Depositary receives from the Partnership any cash distributable to Record Holders, the Depositary shall, subject to the provisions of the Deposit Agreement, make such distribution to the Record Holders on the Record Date based upon the number of Common Units registered in such Record Holder's name; provided that the amounts distributed may be reduced by any amount required to be withheld by the Partnership or the Depositary on account of taxes. 16. Reports. The Depositary shall make available for inspection by Record Holders at its Corporate Office during normal business hours any report, financial statement or communication of or from the Partnership that is both received by the Depositary in its capacity as depositary and made generally available to Limited Partners or Record Holders. 17. Transfer Books. The Depositary shall keep books at its Corporate Office for the transfer of Common Units. Such books shall be open at all reasonable times for inspection by the Record Holders with the consent of the General Partner; provided that such inspection shall not be for the purpose of communicating with Record Holders in the interest of a business or object other than the business of the Partnership or a matter related to the Deposit Agreement or the Common Units. With the consent of the General Partner, a Record Holder shall have the right, upon notifying 

 

the Depositary of a proper purpose related to such Record Holder's interest in the Partnership, to have furnished to such Record Holder at such Record Holder's expense a list of names and addresses of all Record Holders. 18. Liability of Depositary, Depositary's Agents, General Partner and Partnership. None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership shall incur any liability to any holder of this Depositary Receipt if, by reason of any present or future law or regulation thereunder of the federal government or any other governmental authority (or, in the case of the Depositary or any Depositary's Agent, by reason of any provision, present or future, of the Partnership Agreement), or by reason of any act of God, war or other circumstance beyond its control, if the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership is prevented or forbidden from doing or performing any act or thing required by the terms of the Deposit Agreement to be done or performed; nor shall the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership incur any liability to the holder of this Depositary Receipt by reason of any nonperformance or delay caused as aforesaid in the performance of any act or thing required by the terms of the Deposit Agreement to be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. 19. Immunities of Depositary, Depositary's Agents, General Partner and Partnership. None of the Depositary, any Depositary's Agent, the General Partner (or its shareholders, directors or officers) or the Partnership (a) assumes any obligation or shall be subject to any liability under the Deposit Agreement to any holder of this Depositary Receipt other than a duty to use its best judgment and good faith in the performance of such duties as are expressly set forth in the Deposit Agreement, (b) shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of this Depositary Receipt that in its opinion may involve expense or liability, unless indemnity satisfactory td it against such expense and liability has been furnished, or (c) shall be liable for any action or nonaction by it in reasonable reliance upon the advice of or information from legal counsel, accountants, any Depositor, any holder of this Depositary Receipt or any other Person 3 'Z,..ob 

 

believed by it to be competent to give such advice or information. The Depositary, any Depositary's Agent, the General Partner (and its shareholders, directors or officers) and the Partnership may rely and shall be protected in acting upon any written notice, request, direction or other document believed by them to be genuine and to have been signed or presented by the proper Person. 20. Indemnification. Subject to the prov1s1ons of the Deposit Agreement, the Depositary shall indemnify the General Partner (and its shareholders, directors, officers, employees, partners and agents) and the Partnership (and its Partners, Assignees and agents) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses (including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of acts performed or omitted in respect of the Deposit Agreement by the Depositary or any Depositary's Agent (other than an Affiliate of the Partnership) due to the gross negligence, bad faith or intentional misconduct of the Depositary or such Depositary's Agent. Subject to the provisions of the Deposit Agreement, the Partnership shall indemnify the Depositary and any Depositary's Agent (other than an Affiliate of the Partnership) against, and hold each of them harmless from, all claims, liabilities, losses, damages, judgments, fines, settlements, costs and expenses (including all reasonable legal costs and expenses relating thereto, including reasonable attorneys' fees) arising out of (a) acts performed or omitted in respect of the Deposit Agreement by the Depositary or any such Depositary's Agent, except for any such claim, liability, loss, damage, judgment, fine, settlement, cost or expense due to the negligence, gross negligence, bad faith or intentional misconduct of the Depositary or such Depositary's Agent, or (b) the breach by the Partnership of its representations, warranties and covenants set~forth in the Deposit Agreement. 21. Registration and Removal of Depositary. The Depositary may at any time (a) resign as depositary under the Deposit Agreement by written notice delivered to the Partnership, ef,fective upon the appointment of a successor depositary and iits acceptance of such appointment, or (b) be removed as depositary under the Deposit Agreement by the Partnership, effective upon the appointment of a successor depositary and its acceptance of such appointment. 4 ~or 

 

22. Termination of Deposit Agreement. Whenever directed by the Partnership, the Depositary shall terminate the Deposit Agreement by mailing notice of termination to the Record Holders at least 30 days before the date fixed in such notice for termination. The Depositary shall then discontinue all functions and be discharged from all obligations with respect to the Deposit Agreement, except as specifically provided therein. Upon termination of the Deposit Agreement, the Partnership shall be discharged from all obligations thereunder, except for its obligations to the Depositary with respect to indemnification, charges and expenses. 23. Applicable Law. The Deposit Agreement, and the rights, duties, obligations and immunities of the Depositary thereunder or in respect of the Depositary Receipts, shall be governed by and construed in accordance with the laws of the State of New York. 24. Defined Terms. Any capitalized term not defined herein shall have the meaning assigned it in the Deposit Agreement. The following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be construed as follows according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT - Custodian (Cust) (Minor) under Uniform Gifts to Minors Act Additional abbreviations may also be used, though not in the above list. FOR VALUE RECEIVED, the undersigned hereby sells, assigns and trahsfers unto Social Security or other identifying number of Assignee Print or type Name and Address of Assignee 

 

the within Depositary Receipt and all rights and interest represented thereby, and irrevocably constitutes and appoints his attorney, to transfer the same on the books of the Depositary, with full power of substitution in the premises. Dated: Signature: Signature guaranteed: Note: The signature to any endorsement hereon must correspond with the name as written upon the face of the Depositary Receipt, in every particular, without alteration or enlargement or any change whatever. If the endorsement is executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his full title in such capacity, and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Depositary Receipt. The signature must be guaranteed by an authorized employee of a bank, trust company or member of a national securities exchange. 

 

Exhibit 1 No transfer of the Common Units evidenced by this Depositary Receipt will be registered on the books of the Depositary or of the Partnership unless an Application for Transfer of Units has been executed by a transferee either (a) on the form set forth below or (b) on a separate application that the Depositary or the Partnership will furnish on request without charge. A transferor of the Common Units evidenced by this Depositary Receipt has no duty to a transferee to deliver an executed transfer application in order for such transferee to obtain registration of the transfer of such Common Units evidenced by this Depositary Receipt. APPLICATION FOR TRANSFER OF UNITS The undersigned ("Assignee") hereby applies for transfer to the name of the Assignee of the Common Units evidenced by this Depositary Receipt. The Assignee (a) agrees to comply with and be bound by the terms and conditions of, and hereby executes, the Deposit Agreement, (b) requests admission as a Substituted Limited Partner and agrees to comply with and be bound by the terms and conditions of, and hereby executes, the Agreement of Limited Partnership of Agricultural Minerals Company, L.P. (the "Partnership"), as amended or restated to the date hereof (the "Partnership Agreement"), (c) represents and warrants that the Assignee has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement and the Deposit Agreement, (d) appoints the General Partner and, if a liquidator shall be appointed, the liquidator of the Partnership as his attorney to execute, swear to, acknowledge and file any document, including the Partnership Agreement, any amendment to the Partnership Agreement and the Certificate of Limited Partnership of the Partnership, necessary or appropriate for the Assignee's admission as a Substituted Limited Partner and as a party to the Partnership Agreement and the Deposit Agreement, (e) gives the powers of attorney provided for in the Partnership Agreement and the Deposit Agreement and (f) makes the consents and waivers and gives the approvals contained in the Partnership Agreement and the Deposit Agreement. Capitalized terms not defined herein have the meaning assign~ to such terms in the Partnership Agreement. The Assignee has acquired an interest in the Partnership, whose taxpayer identification number is i3-l389684. On behalf of the Partnership, Agricultural Minerals Corporation has applied to the Internal Revenue Service for a tax shelter registration number. The Internal Zto 

 

Revenue Service has issued the Partnership the following tax shelter registration number . If there is no number in the blank in the preceding sentence, the number will be furnished to the Assignee when it is received. The Assignee must report this registration number to the Internal Revenue Service if the Assignee claims any deduction, loss, credit or other tax benefit or reports any income by reason of the Assignee's investment in the Partnership. The Assignee must report the registration number (as well as the name and taxpayer identification number of the Partnership) on Form 8271. FORM 8271 MUST BE ATTACHED TO THE RETURN ON WHICH THE ASSIGNEE CLAIMS THE DEDUCTION, LOSS, CREDIT OR OTHER TAX BENEFIT OR REPORTS ANY INCOME. ISSUANCE OF A REGISTRATION NUMBER DOES NOT INDICATE THAT THIS INVESTMENT OR THE CLAIMED TAX BENEFITS HAVE BEEN REVIEWED, EXAMINED OR APPROVED BY THE INTERNAL REVENUE SERVICE. Dated: Social Security or other identifying number of Assignee Purchase Price (including commissions, if any) Type of Entity (Check One): Signature of Assignee Print or Type Name and Address of Assignee Individual __ Partnership __ Corporation __ Trust Other (specify): __ Nationality (Check One): I u.s. Citizen, Resident or Domestic Entity __ Foreign Corporation, or __ Non-resident alien 2 '2- I I 

 

If the u.s. Citizen, Resident or Domestic Entity box is checked, the following certification must be completed. Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the "Code"), the Partnership must withhold tax with respect to certain transfers of property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required with respect to the undersigned interest-holder's interest in it, the undersigned hereby certifies the following (or, if applicable, certifies the following on behalf of the interest-holder). Complete Either A or B: A. Individual Interest-Holder 1. I am not a non-resident alien for purposes of u.s. income taxation. 2. My U.S. taxpayer identifying number (Social Security Number) is 3. My home address is B. Partnership, Corporate or Other Interest-Holder 1. is not a foreign (Name of Interest-Holder) corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Code and Treasury Regulations). 2. The interest-holder's U.S. employer identification number is 3. The interest-holder's office address and place of incorporation (if applicable) is The in:terest-holder agrees to notify the Partnership within sixty (60) days of the date the interest-holder becomes a foreign person. The interest-holder understands that this certification may be disclosed to the Internal Revenue 3 '2-I'Z.. 

 

Service by the Partnership and that any false statement contained herein could be punishable by fine, imprisonment or both. Under penalties of perjury, I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete and, if applicable, I further declare that I have authority to sign this document on behalf of (Name of Interest-Holder) Signature and Date Title (if applicable) Note: If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the foregoing, and is holding for the account of any other Person, this application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative who is a member of a registered national securities exchange or a member of the National Association of Securities Dealers, Inc., or, in the case of any other nominee holder, a Person performing a similar function. If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the foregoing, the above certification as to any Person for whom the Assignee will hold the Common U~its shall be made to the best of the Assignee's knowledge. Note: This Transfer Application may be executed on behalf of a transferee by an atturney, executor, administrator, persona~ representative, trustee, attorney-in-fact or guardian, and, if so executed, the person executing this Transfer Application must give his or her full title in such capacity, and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.Exhibit

Exhibit 10.3
MULESOFT, INC.
2017 EMPLOYEE STOCK PURCHASE PLAN
(as amended October 7, 2017)
1.Purpose.  The purpose of the Plan is to provide employees of the Company and its Designated Companies with an opportunity to purchase Common Stock through accumulated Contributions.  The Company intends for the Plan to have two components: a Code Section 423 Component (“423 Component”) and a non-Code Section 423 Component (“Non-423 Component”).  The Company’s intention is to have the 423 Component of the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code.  The provisions of the 423 Component, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code.  In addition, this Plan authorizes the grant of an option to purchase shares of Common Stock under the Non-423 Component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code; such an option will be granted pursuant to rules, procedures or sub-plans adopted by the Administrator designed to achieve tax, securities laws or other objectives for Eligible Employees and the Company.  Except as otherwise provided herein, the Non-423 Component will operate and be administered in the same manner as the 423 Component.
2.    Definitions.
(a)    “Administrator” means the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14.
(b)    “Affiliate” means any entity, other than a Subsidiary, in which the Company has an equity or other ownership interest.
(c)    “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where options are, or will be, granted under the Plan.
(d)    “Board” means the Board of Directors of the Company.
(e)    “Change in Control” means the occurrence of any of the following events:
(i)    A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control.  Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company, such event shall not be considered a Change in Control under this subsection (i).  For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

    

(ii)    A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election.  For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or  
(iii)    A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection, the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3).  For purposes of this subsection, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final U.S. Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(f)    “Code” means the U.S. Internal Revenue Code of 1986, as amended.  Reference to a specific section of the Code or U.S. Treasury Regulation thereunder will include such section or regulation, any valid regulation or other official applicable guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(g)    “Committee” means a committee of the Board appointed in accordance with Section 14 hereof.
(h)    “Common Stock” means the Class A common stock of the Company.
(i)        “Company” means MuleSoft, Inc., a Delaware corporation, or any successor thereto. 
(j)    “Compensation” means an Eligible Employee’s base straight time gross earnings, but exclusive of payments for incentive compensation, bonuses, payments for overtime and shift premium, equity compensation income and other similar compensation.  The Administrator, in its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of Compensation for a subsequent Offering Period.

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(k)    “Contributions” means the payroll deductions and other additional payments that the Company may permit to be made by a Participant to fund the exercise of options granted pursuant to the Plan. 
(l)    “Designated Company” means any Subsidiary or Affiliate that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan.  For purposes of the 423 Component, only the Company and its Subsidiaries may be Designated Companies, provided, however that at any given time, a Subsidiary that is a Designated Company under the 423 Component will not be a Designated Company under the Non-423 Component.
(m)    “Director” means a member of the Board.
(n)    “Eligible Employee” means any individual who is a common law employee providing services to the Company or a Designated Company.  For purposes of the Plan, the employment relationship will be treated as continuing intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws.  Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave.  The Administrator, in its discretion, from time to time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (on a uniform and nondiscriminatory basis or as otherwise permitted by Treasury Regulation Section 1.423‐2) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (ii) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion), (iii) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined by the Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (v) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied with respect to each Offering in an identical manner to all highly compensated individuals of the Employer whose Employees are participating in that Offering.  Each exclusion will be applied with respect to an Offering in a manner complying with U.S. Treasury Regulation Section 1.423‐2(e)(2)(ii).
(o)    “Employer” means the employer of the applicable Eligible Employee(s).
(p)    “Enrollment Date” means the first Trading Day of each Offering Period.
(q)    “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder. 
(r)    “Exercise Date” means the first Trading Day on or after May 10 and November 10 of each Purchase Period.  Notwithstanding the foregoing, the first Exercise Date under the Plan will be November 10, 2017.
(s)    “Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows:
(i)    If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market of The NASDAQ Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the last Trading Day prior to the date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

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(ii)    If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value will be the mean between the high bid and low asked prices for the Common Stock on the date prior to the date of determination (or if no bids and asks were reported on that date, as applicable, on the last Trading Day prior to the date of determination on which such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
(iii)    In the absence of an established market for the Common Stock, the Fair Market Value thereof will be determined in good faith by the Administrator; or
(iv)    For purposes of the Enrollment Date of the first Offering Period under the Plan, the Fair Market Value will be the initial price to the public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the initial public offering of the Common Stock (the “Registration Statement”).
(t)    “Fiscal Year” means the fiscal year of the Company.
(u)    “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress.
(v)    “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further described in Section 4.  For purposes of the Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Employers will participate, even if the dates of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.  To the extent permitted by U.S. Treasury Regulation Section 1.423‐2(a)(1), the terms of each Offering need not be identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation Section 1.423‐2(a)(2) and (a)(3).  
(w)    “Offering Periods” means the consecutive, overlapping periods of approximately twenty-four (24) months during which an option granted pursuant to the Plan may be exercised, (i) commencing on the first Trading Day on or after May 10 and November 10 of each year and terminating on the first Trading Day on or after May 10 and November 10, approximately twenty-four (24) months later; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares the Company’s Registration Statement effective and will end on the first Trading Day on or after May 10, 2019, and provided, further, that the second Offering Period under the Plan will commence on the first Trading Day on or after November 10, 2017.  The duration and timing of Offering Periods may be changed pursuant to Sections 4 and 20. 
(x)    “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
(y)    “Participant” means an Eligible Employee that participates in the Plan.  
(z)    “Plan” means this MuleSoft, Inc. 2017 Employee Stock Purchase Plan.  
(aa)    “Purchase Period” means each period during an Offering Period during which shares of Common Stock may be purchased on a Participant’s behalf in accordance with the terms of the Plan.  Unless the Administrator determines otherwise, “Purchase Periods” will be the approximately six (6) month period commencing after one Exercise Date and ending with the next Exercise Date, except that the first Purchase Period of any Offering Period will commence on the Enrollment Date and end with the next Exercise Date.  
(bb)    “Purchase Price” means an amount equal to eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be determined for subsequent Offering Periods by the Administrator subject to 

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compliance with Section 423 of the Code (or any successor rule or provision or any other Applicable Law, regulation or stock exchange rule) or pursuant to Section 20.
(cc)    “Registration Date” means the effective date of the first registration statement that is filed by the Company and declared effective pursuant to Section 12(b) of the Exchange Act, with respect to any class of the Company’s securities.
(dd)    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
(ee)    “Trading Day” means a day on which the national stock exchange upon which the Common Stock is listed is open for trading.
(ff)    “U.S. Treasury Regulations” means the Treasury regulations of the Code.  Reference to a specific Treasury Regulation or Section of the Code will include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation.
3.    Eligibility.
(a)    First Offering Period.  Any individual who is an Eligible Employee immediately prior to the first Offering Period will be automatically enrolled in the first Offering Period.
(b)    Subsequent Offering Periods.  Any Eligible Employee on a given Enrollment Date subsequent to the first Offering Period will be eligible to participate in the Plan, subject to the requirements of Section 5.  
(c)    Non-U.S. Employees.  Eligible Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether they also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code.  In the case of the Non-423 Component, Eligible Employees may be excluded from participation in the Plan or an Offering if the Administrator has determined that participation of such Eligible Employees is not advisable or practicable.
(d)    Limitations.  Any provisions of the Plan to the contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate, which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder.
4.    Offering Periods.  The Plan will be implemented by consecutive, overlapping Offering Periods with a new Offering Period commencing on the first Trading Day on or after May 10 and November 10 each year, or on such other date as the Administrator will determine; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date upon which the Company’s Registration Statement is declared effective by the Securities and Exchange Commission and end on the first Trading Day on or after May 10, 2019, and provided, further, that the second Offering Period under the Plan will commence on the first Trading Day 

5

on or after November 10, 2017.  The Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future Offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter; provided, however, that no Offering Period may last more than twenty-seven (27) months.
5.    Participation.  
(a)    First Offering Period.  An Eligible Employee will be entitled to continue to participate in the first Offering Period pursuant to Section 3(a) only if such individual submits a subscription agreement authorizing Contributions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) to the Company’s designated plan administrator (i) no earlier than the effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this Plan and (ii) no later than ten (10) business days following the effective date of such S-8 registration statement or such other period of time as the Administrator may determine (the “Enrollment Window”).  An Eligible Employee’s failure to submit the subscription agreement during the Enrollment Window will result in the automatic termination of such individual’s participation in the first Offering Period.
(b)    Subsequent Offering Periods.  An Eligible Employee may participate in the Plan pursuant to Section 3(b) by (i) submitting to the Company’s stock administration office (or its designee), on or before a date determined by the Administrator prior to an applicable Enrollment Date, a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose, or (ii) following an electronic or other enrollment procedure determined by the Administrator. 
6.    Contributions.
(a)    At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have Contributions (in the form of payroll deductions or otherwise, to the extent permitted by the Administrator) made on each pay day during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation, which he or she receives on each pay day during the Offering Period (for illustrative purposes, should a pay day occur on an Exercise Date, a Participant will have any payroll deductions made on such day applied to his or her account under the then-current Purchase Period or Offering Period).  The Administrator, in its sole discretion, may permit all Participants in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise Date of each Purchase Period.  A Participant’s subscription agreement will remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.
(b)    In the event Contributions are made in the form of payroll deductions, such payroll deductions for a Participant will commence on the first pay day following the Enrollment Date and will end on the last pay day prior to the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10 hereof; provided, however, that for the first Offering Period, payroll deductions will commence on the first pay day on or following the end of the Enrollment Window.
(c)    All Contributions made for a Participant will be credited to his or her account under the Plan and Contributions will be made in whole percentages only.  A Participant may not make any additional payments into such account.
(d)    A Participant may discontinue his or her participation in the Plan as provided in Section 10.  Unless otherwise determined by the Administrator in its sole discretion, a Participant may decrease, but not increase, the rate of his or her Contributions during an Offering Period and may only decrease the rate of his or her Contributions one (1) time during any Offering Period, except that, during any open enrollment period designated by the Company’s stock administration office, a Participant may increase or decrease the rate of his or her Contributions for the Offering Period in which he or she is currently enrolled, with such change to the rate of his or her Contributions to become effective for any remaining Purchase Periods in the applicable Offering Period (unless the Participant’s participation 

6

is terminated as provided in Sections 10 or 11).  Any such decrease during an Offering Period or any such increase or decrease during the open enrollment period requires the Participant (i) properly completing and submitting to the Company’s stock administration office (or its designee), on or before a date determined by the Administrator prior to an applicable Exercise Date, a new subscription agreement authorizing the change in Contribution rate in the form provided by the Administrator for such purpose, or (ii) following an electronic or other procedure prescribed by the Administrator.  If a Participant has not followed such procedures to change the rate of Contributions, the rate of his or her Contributions will continue at the most recent properly elected rate throughout the Offering Period and future Offering Periods (unless the Participant’s participation is terminated as provided in Sections 10 or 11).  The Administrator may, in its sole discretion, amend the nature and/or number of Contribution rate changes that may be made by Participants during any Offering Period or any open enrollment period and may establish other conditions or limitations as it deems appropriate for Plan administration.  Any change in Contribution rate made pursuant to this Section 6(d) will be effective as of the first (1st) full payroll period following fifteen (15) calendar days after the date on which the change is made by the Participant (unless the Company, in its sole discretion, elects to process a given change in the Contribution rate more quickly or require more time for it to be effective). 
(e)    Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(d), a Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period.  Subject to Section 423(b)(8) of the Code and Section 3(d) hereof, Contributions will recommence at the rate originally elected by the Participant effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10.
(f)    Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow Eligible Employees to participate in the Plan via cash contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law, (ii) the Administrator determines that cash contributions are permissible under Section 423 of the Code or (iii) for Participants participating in the Non-423 Component.
(g)    At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for the Company’s or Employer’s federal, state, local or any other tax liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock (or any other time that a taxable event related to the Plan occurs).  At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to the sale or early disposition of Common Stock by the Eligible Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate to the extent permitted by U.S. Treasury Regulation Section 1.423‐2(f).  
7.    Grant of Option.  On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of Common Stock determined by dividing such Eligible Employee’s Contributions accumulated prior to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event will an Eligible Employee be permitted to purchase during each Purchase Period more than 5,000 shares of Common Stock (subject to any adjustment pursuant to Section 19) and provided further that such purchase will be subject to the limitations set forth in Sections 3(d) and 13.  The Eligible Employee may accept the grant of such option (i) with respect to the first Offering Period by submitting a properly completed subscription agreement in accordance with the requirements of Section 5 on or before the last day of the Enrollment Window, and (ii) with respect to any subsequent Offering Period under the Plan, by electing to participate in the Plan in accordance with the requirements of Section 5.  The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common 

7

Stock that an Eligible Employee may purchase during each Purchase Period of an Offering Period.  Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10.  The option will expire on the last day of the Offering Period.
8.    Exercise of Option.
(a)    Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her account.  No fractional shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account, which are not sufficient to purchase a full share will be retained in the Participant’s account for the subsequent Purchase Period or Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10.  Any other funds left over in a Participant’s account after the Exercise Date will be returned to the Participant.  During a Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her.
(b)    If the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase Common Stock on such Exercise Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to Section 20.  The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date.
9.    Delivery.  As soon as reasonably practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator.  The Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of share transfer.  The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares.  No Participant will have any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the Participant as provided in this Section 9.
10.    Withdrawal.
(a)    A Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by (i) submitting to the Company’s stock administration office (or its designee) a written notice of withdrawal in the form determined by the Administrator for such purpose (which may be similar to the form attached hereto as Exhibit B), or (ii) following an electronic or other withdrawal procedure determined by the Administrator.  All of the Participant’s Contributions credited to his or her account will be paid to such Participant promptly after receipt of notice of withdrawal and such Participant’s option 

8

for the Offering Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering Period.  If a Participant withdraws from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5.
(b)    A Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws.
11.    Termination of Employment.  Upon a Participant’s ceasing to be an Eligible Employee for any reason, he or she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option will be automatically terminated.  A Participant whose employment transfers between entities through a termination with an immediate rehire (with no break in service) by the Company or a Designated Company will not be treated as terminated under the Plan; however, if a Participant transfers from an Offering under the 423 Component to the Non-423 Component, the exercise of the option will be qualified under the 423 Component only to the extent it complies with Section 423 of the Code.
12.    Interest.  No interest will accrue on the Contributions of a participant in the Plan, except as may be required by Applicable Law, as determined by the Company, and if so required by the laws of a particular jurisdiction, will apply to all Participants in the relevant Offering under the 423 Component, except to the extent otherwise permitted by U.S. Treasury Regulation Section 1.423‐2(f).
13.    Stock.
(a)    Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of Common Stock that will be made available for sale under the Plan will be 2,540,000 shares of Common Stock, plus the number of shares of Common Stock to be added to the Plan pursuant to the next sentence.  The number of shares of Common Stock available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2018 Fiscal Year equal to the least of (i) 5,070,000 shares of Common Stock, (ii) two percent (2%) of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding Fiscal Year, or (iii) an amount determined by the Administrator.
(b)    Until the shares of Common Stock are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), a Participant will have only the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such shares.
(c)    Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the name of the Participant and his or her spouse.
14.    Administration.  The Plan will be administered by the Board or a Committee appointed by the Board, which Committee will be constituted to comply with Applicable Laws.  The Administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to designate separate Offerings under the Plan, to designate Subsidiaries and Affiliates as participating in the 423 Component or Non-423 Component, to determine eligibility, to adjudicate all disputed claims filed under the Plan and to establish such procedures that it deems necessary for the administration of the Plan (including, without limitation, to adopt such procedures and sub-plans as are necessary or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the U.S., the terms of which sub-plans may take precedence over other provisions of this Plan, with the exception of Section 13(a) hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan will govern the operation of such sub-plan).  Unless otherwise determined by the Administrator, the Employees eligible to 

9

participate in each sub-plan will participate in a separate Offering or in the Non-423 Component.  Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates that vary with applicable local requirements.  The Administrator also is authorized to determine that, to the extent permitted by U.S. Treasury Regulation Section 1.423‐2(f), the terms of an option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to employees resident solely in the U.S.  Every finding, decision and determination made by the Administrator will, to the full extent permitted by law, be final and binding upon all parties.  
15.    Designation of Beneficiary.
(a)    If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any shares of Common Stock and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash.  In addition, if permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the option.  If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective.
(b)    Such designation of beneficiary may be changed by the Participant at any time by notice in a form determined by the Administrator.  In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.
(c)    All beneficiary designations will be in such form and manner as the Administrator may designate from time to time.  Notwithstanding Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in non-U.S. jurisdictions to the extent permitted by U.S. Treasury Regulation Section 1.423‐2(f).  
16.    Transferability.  Neither Contributions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the Participant.  Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof.
17.    Use of Funds.  The Company may use all Contributions received or held by it under the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings or for Participants in the Non-423 Component for which Applicable Laws require that Contributions to the Plan by Participants be segregated from the Company’s general corporate funds and/or deposited with an independent third party.  Until shares of Common Stock are issued, Participants will have only the rights of an unsecured creditor with respect to such shares.
18.    Reports.  Individual accounts will be maintained for each Participant in the Plan.  Statements of account will be given to participating Eligible Employees at least annually, which statements will set forth the amounts 

10

of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any.
		
	19.
	Adjustments, Dissolution, Liquidation, Merger or Change in Control.

(a)    Adjustments.  In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the corporate structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, and the numerical limits of Sections 7 and 13.
(b)    Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator.  The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation.  The Administrator will notify each Participant in writing or electronically, prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof.  
(c)    Merger or Change in Control.  In the event of a merger or Change in Control, each outstanding option will be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  In the event that the successor corporation refuses to assume or substitute for the option, the Offering Period with respect to which such option relates will be shortened by setting a New Exercise Date on which such Offering Period will end.  The New Exercise Date will occur before the date of the Company’s proposed merger or Change in Control.  The Administrator will notify each Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof.
20.    Amendment or Termination.
(a)    The Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason.  If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Exercise Date (which may be sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 19).  If the Offering Periods are terminated prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without interest thereon, except as otherwise required under Applicable Laws, as further set forth in Section 12 hereof) as soon as administratively practicable.
(b)    Without stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods or Purchase Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit Contributions in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed Contribution elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with Contribution amounts, 

11

and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable that are consistent with the Plan.
(c)    In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to:
(i)    amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time;
(ii)    altering the Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway at the time of the change in Purchase Price;
(iii)    shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase Period underway at the time of the Administrator action;
(iv)    reducing the maximum percentage of Compensation a Participant may elect to set aside as Contributions; and
(v)    reducing the maximum number of Shares a Participant may purchase during any Offering Period or Purchase Period.
Such modifications or amendments will not require stockholder approval or the consent of any Participants.
21.    Notices.  All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.
22.    Conditions Upon Issuance of Shares.  Shares of Common Stock will not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the U.S. Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance.
As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.
23.    Code Section 409A.  The 423 Component of the Plan is exempt from the application of Code Section 409A and, to the extent not exempt, is intended to comply with Code Section 409A and any ambiguities herein will be interpreted to so be exempt from, or comply with, Code Section 409A.  In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A.  Notwithstanding the foregoing, the Company will have no liability to a Participant or any other party if the option to purchase Common Stock under the Plan that is 

12

intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action taken by the Administrator with respect thereto.  The Company makes no representation that the option to purchase Common Stock under the Plan is compliant with Code Section 409A.
24.    Term of Plan.  The Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company. It will continue in effect for a term of twenty (20) years, unless sooner terminated under Section 20.
25.    Stockholder Approval.  The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board.  Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.
26.        Automatic Transfer to Low Price Offering Period.  Unless the Administrator, in its sole discretion, chooses otherwise prior to an Enrollment Date, and to the extent permitted by Applicable Laws, if the Fair Market Value of the Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering Period, then all Participants in such Offering Period automatically will be withdrawn from such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering Period as of the first day thereof and the preceding Offering Period will terminate.
27.    Governing Law.  The Plan will be governed by, and construed in accordance with, the laws of the State of California (except its choice-of-law provisions).
28.    No Right to Employment.  Participation in the Plan by a Participant will not be construed as giving a Participant the right to be retained as an employee of the Company or a Subsidiary or Affiliate, as applicable.  Furthermore, the Company or a Subsidiary or Affiliate may dismiss a Participant from employment at any time, free from any liability or any claim under the Plan.
29.    Severability.  If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as to such jurisdiction or Participant as if the invalid, illegal or unenforceable provision had not been included.
30.    Compliance with Applicable Laws.  The terms of this Plan are intended to comply with all Applicable Laws and will be construed accordingly.

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EXHIBIT A

MULESOFT, INC.
2017 EMPLOYEE STOCK PURCHASE PLAN
SUBSCRIPTION AGREEMENT
_____ Original Application                Offering Date:                 
_____ Change in Payroll Deduction Rate

1.    ____________________ hereby elects to participate in the MuleSoft, Inc. 2017 Employee Stock Purchase Plan (the “Plan”) and subscribes to purchase shares of the Company’s Common Stock in accordance with this agreement, including any appendices attached hereto (the “Subscription Agreement”) and the Plan.

2.    I hereby authorize payroll deductions from each paycheck in the amount of ____% of my Compensation on each payday (from 1% to 15%) during the Offering Period in accordance with the Plan.  (Please note that no fractional percentages are permitted.)

3.    I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan.  I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under the Plan.

4.    I have received a copy of the complete Plan and its accompanying prospectus.  I understand that my participation in the Plan is in all respects subject to the terms of the Plan.

5.    Shares of Common Stock purchased for me under the Plan should be issued in the name(s) of _____________ (Eligible Employee or Eligible Employee and Spouse only).

6.    Unless the Company permits otherwise, shares of Common Stock purchased for me under the Plan will be issued to my brokerage account at Charles Schwab (or other brokerage service designated by the Company from time to time) and will be held therein until I dispose of the shares in a manner that would be considered a “disposition” for purposes of Code Section 424.  By participating in the Plan, I agree to provide to the Company, through access to information under my brokerage account or otherwise, all applicable information necessary for the Company to maintain accurate records of any “disqualifying dispositions” of my shares of Common Stock for tax purposes and to enable the Company to satisfy any of its obligations relating to my participation in the Plan.  I understand that if I dispose of any shares received by me pursuant to the Plan within two (2) years after the Offering Date (the first day of the Offering Period during which I purchased such shares) or one (1) year after the Exercise Date, I will be treated for U.S. federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal 

14

to the excess of the fair market value of the shares at the time such shares were purchased by me over the price that I paid for the shares.  To the extent that the Company does not require the use of a designated broker as described above, I hereby agree to notify the Company in writing within thirty (30) days after the date of any disposition of my shares and I will make adequate provision for federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock.  The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me.  If I dispose of such shares at any time after the expiration of the two (2) year and one (1) year holding periods, I understand that I will be treated for U.S. federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (a) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (b) 15% of the fair market value of the shares on the first day of the Offering Period.  The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain.

7.    The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  I hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

8.    If I reside in a country outside of the United States or I am otherwise subject to the laws of a country other than the United States, the option and the shares of Common Stock purchased under the Plan shall be subject to the additional terms and conditions set forth in Appendix A to this Subscription Agreement and to any special terms and provisions set forth in in Appendix B for my country.  Moreover, if I relocate to one of the countries included in Appendix B attached hereto, the terms and conditions for such country will apply to me, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. 

9.    The Company reserves the right to impose other requirements on my participation in the Plan, the option and on any shares of Common Stock purchased under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

10.    The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the Plan, or my purchase or sale of shares of Common Stock.  I understand and agree that I should consult with my own personal tax, legal and financial advisors regarding my participation in the Plan before taking any action related to the Plan.

11.    This Subscription Agreement, the option and any shares of Common Stock purchased under the Plan are governed by the internal substantive laws, but not the choice of law rules, of California.  For purposes of litigating any dispute that arises due to my participation in the Plan or this Subscription Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts where this option is made and/or to be performed.

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12.    I acknowledge that a waiver by the Company of breach of any provision of this Subscription Agreement shall not operate or be construed as a waiver of any other provision of this Subscription Agreement, or of any subsequent breach by me or any other Participant. 

13.    The provisions of this Subscription Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

14.    I hereby agree to be bound by the terms of the Plan.  The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan.

***

Employee’s [Social Security Number]:        
Employee’s Address:                

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.
Dated: 

Signature of Employee: 

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EXHIBIT B
MULESOFT, INC.
2017 EMPLOYEE STOCK PURCHASE PLAN
NOTICE OF WITHDRAWAL
The undersigned Participant in the Offering Period of the MuleSoft, Inc. 2017 Employee Stock Purchase Plan that began on ____________, ______ (the “Offering Date”) hereby notifies the Company that he or she hereby withdraws from the Offering Period.  He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period.  The undersigned understands and agrees that his or her option for such Offering Period will be terminated automatically.  The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned will be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement.

Name and Address of Participant:

Signature:

Date: 

 

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