Document:

Exhibit 10.6

 

2005 STOCK INCENTIVE PLAN

 

OF

 

PEOPLE'S LIBERATION, INC.

 

As Amended and Restated effective June
13, 2008

 

 

 

SECTION 1: GENERAL PURPOSE OF PLAN

 

The name of this plan
is the 2005 Stock Incentive Plan (the "PLAN"). The purpose of the Plan is to enable Century Pacific Financial Corporation,
a Delaware corporation (the “COMPANY"), and any Parent or any Subsidiary to obtain and retain the services of the types
of Employees, Consultants and Directors who will contribute to the Company's long range success and to provide incentives which
are linked directly to increases in share value which will inure to the benefit of all shareholders of the Company.

 

SECTION 2: DEFINITIONS

 

For purposes of the
Plan, the following terms shall be defined as set forth below:

 

"ADMINISTRATOR"
shall have the meaning as set forth in SECTION 3, hereof.

 

"BOARD" means
the Board of Directors of the Company.

 

"CAUSE" means
(i) failure by an Eligible Person to substantially perform his or her duties and obligations to the Company (other than any such
failure resulting from his or her incapacity due to physical or mental illness); (ii) engaging in misconduct or a fiduciary breach
which is or potentially is materially injurious to the Company or its shareholders; (iii) commission of a felony; (iv) the commission
of a crime against the Company which is or potentially is materially injurious to the Company; or (v) as otherwise provided in
the Stock Option Agreement or Stock Purchase Agreement. For purposes of this Plan, the existence of Cause shall be determined by
the Administrator in its sole discretion.

 

"CHANGE IN CONTROL"
shall mean:

 

a) The consummation
of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if more than 80%
of the combined voting power (which voting power shall be calculated by assuming the conversion of all equity securities convertible
(immediately or at some future time) into shares entitled to vote, but not assuming the exercise of any warrant or right to subscribe
to or purchase those shares) of the continuing or Surviving Entity's securities outstanding immediately after such merger, consolidation
or other reorganization is owned, directly or indirectly, by persons who were not shareholders of the Company immediately prior
to such merger, consolidation or other reorganization; PROVIDED, HOWEVER, that in making the determination of ownership by the
shareholders of the Company, immediately after the reorganization, equity securities which persons own immediately before the reorganization
as shareholders of another party to the transaction shall be disregarded; or

 

     

     

    

 

b) The sale, transfer
or other disposition of all or substantially all of the Company's assets.

 

A transaction shall not constitute a Change
in Control if its sole purpose is to change the state of the Company's incorporation or 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.

 

"CODE" means
the Internal Revenue Code of 1986, as amended from time to time.

 

"COMMITTEE"
means a committee of the Board designated by the Board to administer the Plan.

 

"COMPANY"
means People's Liberation, Inc., a corporation organized under the laws of the State of Delaware (or any successor corporation).

 

"CONSULTANT"
means a consultant or advisor who is a natural person and who provides bona fide services to the Company, a Parent or a Subsidiary;
provided such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly
or indirectly promote or maintain a market for the Company's securities.

 

"DATE OF GRANT"
means the date on which the Administrator adopts a resolution expressly granting a Right to a Participant or, if a different date
is set forth in such resolution as the Date of Grant, then such date as is set forth in such resolution.

 

"DIRECTOR"
means a member of the Board.

 

"DISABILITY"
means that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment; provided, however, for purposes of determining the term of an ISO pursuant to SECTION 6.6 hereof, the term
Disability shall have the meaning ascribed to it under Code Section 22(e)(3). The determination of whether an individual has a
Disability shall be determined under procedures established by the Plan Administrator.

 

"ELIGIBLE PERSON"
means an Employee, Consultant or Director of the Company, any Parent or any Subsidiary.

 

"EMPLOYEE"
shall mean any individual who is a common-law employee (including officers) of the Company, a Parent or a Subsidiary.

 

"EXERCISE PRICE"
shall have the meaning set forth in SECTION 6.3 hereof.

 

"EXCHANGE ACT"
means the Securities Exchange Act of 1934, as amended.

 

     

     

    

 

"FAIR MARKET VALUE"
shall mean the fair market value of a Share, determined as follows: (i) if the Stock is listed on any established stock exchange
or a national market system, including without limitation the Nasdaq National Market, the Fair Market Value of a share of Stock
shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such system or exchange
(or the exchange with the greatest volume of trading in the Stock) on the last market trading day prior to the day of determination,
as reported in the WALL STREET JOURNAL or such other source as the Administrator deems reliable; (ii) if the Stock is quoted on
the Nasdaq System (but not on the Nasdaq National Market) or any similar system whereby the stock is regularly quoted by a recognized
securities dealer but closing sale prices are not reported, the Fair Market Value of a share of Stock shall be the mean between
the bid and asked prices for the Stock on the last market trading day prior to the day of determination, as reported in the WALL
STREET JOURNAL or such other source as the Administrator deems reliable; or (iii) in the absence of an established market for the
Stock, the Fair Market Value shall be determined in good faith by the Administrator and such determination shall be conclusive
and binding on all persons.

 

"ISO" means
a Stock Option intended to qualify as an "incentive stock option" as that term is defined in Section 422(b) of the Code.

 

"NON-EMPLOYEE
DIRECTOR" means a member of the Board who is not an Employee of the Company, a Parent or Subsidiary, who satisfies the requirements
of such term as defined in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission.

 

"NON-QUALIFIED
STOCK OPTION" means a Stock Option not described in Section 422(b) of the Code.

 

"OFFEREE"
means a Participant who is granted a Purchase Right pursuant to the Plan.

 

"OPTIONEE"
means a Participant who is granted a Stock Option pursuant to the Plan.

 

"OUTSIDE DIRECTOR"
means a member of the Board who is not an Employee of the Company, a Parent or Subsidiary, who satisfies the requirements of such
term as defined in Treasury Regulations (26 Code of Federal Regulation Section 1.162-27(e)(3)).

 

"PARENT"
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall
be considered a Parent commencing as of such date.

 

"PARTICIPANT"
means any Eligible Person selected by the Administrator, pursuant to the Administrator's authority in SECTION 3, to receive grants
of Rights.

 

"PLAN" means
this 2005 Stock Incentive Plan, as the same may be amended or supplemented from time to time.

 

"PURCHASE PRICE"
shall have the meaning set forth in SECTION 7.3.

 

"PURCHASE RIGHT"
means the right to purchase Stock granted pursuant to SECTION 7.

 

"RIGHTS"
means Stock Options and Purchase Rights.

 

     

     

    

 

"REPURCHASE RIGHT"
shall have the meaning set forth in SECTION 8.7 of the Plan.

 

"SERVICE"
shall mean service as an Employee, Director or Consultant.

 

"STOCK" means
Common Stock, par value $0.001 per share, of the Company.

 

"STOCK OPTION"
or "OPTION" means an option to purchase shares of Stock granted pursuant to SECTION 6.

 

"STOCK OPTION
AGREEMENT" shall have the meaning set forth in SECTION

 

6.1.

 

"STOCK PURCHASE
AGREEMENT" shall have the meaning set forth in SECTION

 

7.1.

 

"SUBSIDIARY"
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary
on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

"SURVIVING ENTITY"
means the Company if immediately following any merger, consolidation or similar transaction, the holders of outstanding voting
securities of the Company immediately prior to the merger or consolidation own equity securities possessing more than 50% of the
voting power of the corporation existing following the merger, consolidation or similar transaction. In all other cases, the other
entity to the transaction and not the Company shall be the Surviving Entity. In making the determination of ownership by the shareholders
of an entity immediately after the merger, consolidation or similar transaction, equity securities which the shareholders owned
immediately before the merger, consolidation or similar transaction as shareholders of another party to the transaction shall be
disregarded. Further, outstanding voting securities of an entity shall be calculated by assuming the conversion of all equity securities
convertible (immediately or at some future time) into shares entitled to vote.

 

"TEN PERCENT SHAREHOLDER"
means a person who on the Date of Grant owns, either directly or through attribution as provided in Section 424 of the Code, Stock
constituting more than 10% of the total combined voting power of all classes of stock of his or her employer corporation or of
any Parent or Subsidiary.

 

SECTION 3: ADMINISTRATION

 

3.1. ADMINISTRATOR.
The Plan shall be administered by either (i) the Board or (ii) the Committee (the group that administers the Plan is referred to
as the "ADMINISTRATOR").

 

3.2. POWERS IN GENERAL.
The Administrator shall have the power and authority to grant to Eligible Persons, pursuant to the terms of the Plan, (i) Stock
Options, (ii) Purchase Rights or (iii) any combination of the foregoing.

 

     

     

    

 

3.3. SPECIFIC POWERS.
In particular, the Administrator shall have the authority: (i) to construe and interpret the Plan and apply its provisions; (ii)
to promulgate, amend and rescind rules and regulations relating to the administration of the Plan; (iii) to authorize any person
to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; (iv) to determine when Rights
are to be granted under the Plan; (v) from time to time to select, subject to the limitations set forth in this Plan, those Eligible
Persons to whom Rights shall be granted; (vi) to determine the number of shares of Stock to be made subject to each Right; (vii)
to determine whether each Stock Option is to be an ISO or a Non-Qualified Stock Option; (viii) to prescribe the terms and conditions
of each Stock Option and Purchase Right, including, without limitation, the Exercise Price, Purchase Price and medium of payment,
vesting provisions and repurchase provisions, and to specify the provisions of the Stock Option Agreement or Stock Purchase Agreement
relating to such grant or sale; (ix) to amend any outstanding Rights for the purpose of modifying the time or manner of vesting,
the Purchase Price or Exercise Price, as the case may be, subject to applicable legal restrictions and to the consent of the other
party to such agreement; (x) to determine the duration and purpose of leaves of absences which may be granted to a Participant
without constituting termination of their employment for purposes of the Plan; (xi) to make decisions with respect to outstanding
Stock Options that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments;
(xii) to the extent permitted by law, by resolution adopted by the Board, to authorize one or more officers of the Company to do
one or both of the following: (a) designate eligible officers and employees of the Company or any of its subsidiaries to be recipients
of Awards and (b) determine the number of such Awards to be received by such officers and employees, provided that the resolution
so authorizing such officer or officers shall specify the total number of Awards such officer or officers may award; and (xiii)
to make any and all other determinations which it determines to be necessary or advisable for administration of the Plan.

 

3.4. DECISIONS FINAL.
All decisions made by the Administrator pursuant to the provisions of the Plan shall be final and binding on the Company and the
Participants.

 

3.5. THE COMMITTEE.
The Board may, in its sole and absolute discretion, from time to time, and at any period of time during which the Company's Stock
is registered pursuant to Section 12 of the Exchange Act shall, delegate any or all of its duties and authority with respect to
the Plan to the Committee whose members are to be appointed by and to serve at the pleasure of the Board. From time to time, the
Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from,
appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant
to a vote of the majority of its members or, in the case of a committee comprised of only two members, the unanimous consent of
its members, whether present or not, or by the unanimous written consent of the majority of its members and minutes shall be kept
of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and
the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine
to be advisable. During any period of time during which the Company's Stock is registered pursuant to Section 12 of the Exchange
Act, all members of the Committee shall be Non-Employee Directors and Outside Directors.

 

     

     

    

 

3.6. INDEMNIFICATION.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent
allowed by applicable law, the Administrator and each of the Administrator's consultants shall be indemnified by the Company against
the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection
with any appeal therein, to which the Administrator or any of its consultants may be party by reason of any action taken or failure
to act under or in connection with the Plan or any option granted under the Plan, and against all amounts paid by the Administrator
or any of its consultants in settlement thereof (provided that the settlement has been approved by the Company, which approval
shall not be unreasonably withheld) or paid by the Administrator or any of its consultants in satisfaction of a judgment in any
such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding
that such Administrator or any of its consultants did not act in good faith and in a manner which such person reasonably believed
to be in the best interests of the Company, and in the case of a criminal proceeding, had no reason to believe that the conduct
complained of was unlawful; PROVIDED, HOWEVER, that within 60 days after institution of any such action, suit or proceeding, such
Administrator or any of its consultants shall, in writing, offer the Company the opportunity at its own expense to handle and defend
such action, suit or proceeding.

 

SECTION 4: STOCK SUBJECT TO THE PLAN

 

4.1. STOCK SUBJECT
TO THE PLAN. Subject to adjustment as provided in SECTION 9, 5,500,000 shares of Common Stock shall be reserved and available for
issuance under the Plan. Stock reserved hereunder may consist, in whole or in part, of authorized and unissued shares or treasury
shares.

 

4.2. BASIC LIMITATION.
The maximum number of shares with respect to which Options, awards or sales of Stock may be granted under the Plan to any Participant
in any one calendar year shall be 1,000,000 shares. The number of shares that are subject to Rights under the Plan shall not exceed
the number of shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at
all times reserve and keep available a sufficient number of shares to satisfy the requirements of the Plan.

 

4.3. ADDITIONAL SHARES.
In the event that any outstanding Option or other right for any reason expires or is canceled or otherwise terminated, the shares
allocable to the unexercised portion of such Option or other right shall again be available for the purposes of the Plan. In the
event that shares issued under the Plan are reacquired by the Company pursuant to the terms of any forfeiture provision or right
of repurchase, such shares shall again be available for the purposes of the Plan.

 

     

     

    

 

SECTION 5: ELIGIBILITY

 

Eligible Persons who
are selected by the Administrator shall be eligible to be granted Rights hereunder subject to limitations set forth in this Plan;
PROVIDED, HOWEVER, that only Employees shall be eligible to be granted ISOs hereunder.

 

SECTION 6: TERMS AND CONDITIONS OF OPTIONS

 

6.1. STOCK OPTION AGREEMENT.
Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company (the
"STOCK OPTION AGREEMENT"). Such Option shall be subject to all applicable terms and conditions of the Plan and may be
subject to any other terms and conditions which are not inconsistent with the Plan and which the Administrator deems appropriate
for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need
not be identical.

 

6.2. NUMBER OF SHARES.
Each Stock Option Agreement shall specify the number of shares of Stock that are subject to the Option and shall provide for the
adjustment of such number in accordance with SECTION 9, hereof. The Stock Option Agreement shall also specify whether the Option
is an ISO or a Non-Qualified Stock Option.

 

6.3. EXERCISE PRICE.

 

6.3.1 IN GENERAL. Each
Stock Option Agreement shall state the price at which shares subject to the Stock Option may be purchased (the "EXERCISE PRICE"),
which shall be not less than 100% of the Fair Market Value of the Stock on the Date of Grant.

 

6.3.2 TEN PERCENT SHAREHOLDER.
A Ten Percent Shareholder shall not be eligible for designation as an Optionee or Purchaser, unless (i) the Exercise Price of a
Non-Qualified Stock Option is at least 110% of the Fair Market Value of a Share on the Date of Grant, or (ii) in the case of an
ISO, the Exercise Price is at least 110% of the Fair Market Value of a Share on the Date of Grant and such ISO by its terms is
not exercisable after the expiration of five years from the Date of Grant.

 

6.3.3 NON-APPLICABILITY.
The Exercise Price restriction applicable to Non-Qualified Stock Options required by SECTIONS 6.3.1 and 6.3.2(I) shall be inoperative
if a determination is made by counsel for the Company that such Exercise Price restrictions are not required in the circumstances
under applicable federal or state securities laws.

 

6.3.4 PAYMENT. The
Exercise Price shall be payable in a form described in SECTION 8 hereof.

 

6.4. WITHHOLDING TAXES.
As a condition to the exercise of an Option, the Optionee shall make such arrangements as the Board may require for the satisfaction
of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise or with the
disposition of shares acquired by exercising an Option.

 

     

     

    

 

6.5. EXERCISABILITY.
Each Stock Option Agreement shall specify the date when all or any installment of the Option becomes exercisable. In the case of
an Optionee who is not an officer of the Company, a Director or a Consultant, an Option shall become exercisable at least as rapidly
as 20% per year over the five-year period commencing on the Date of Grant. Subject to the preceding sentence, the exercise provisions
of any Stock Option Agreement shall be determined by the Administrator, in its sole discretion.

 

6.6. TERM. The Stock
Option Agreement shall specify the term of the Option. No Option shall be exercised after the expiration of ten years after the
date the Option is granted. In the case of an ISO granted to a Ten Percent Shareholder, the ISO shall not be exercised after the
expiration of five years after the date the ISO is granted. Unless otherwise provided in the Stock Option Agreement, no Option
may be exercised (i) three months after the date the Optionee's Service with the Company, its Parent or its Subsidiaries terminates
if such termination is for any reason other than death, Disability or Cause, (ii) one year after the date the Optionee's Service
with the Company and its subsidiaries terminates if such termination is a result of death or Disability, and (iii) if the Optionee's
Service with the Company and its Subsidiaries terminates for Cause, all outstanding Options granted to such Optionee shall expire
as of the commencement of business on the date of such termination. The Administrator may, in its sole discretion, waive the accelerated
expiration provided for in (i) or (ii). Outstanding Options that are not vested at the time of termination of employment for any
reason shall expire at the close of business on the date of such termination.

 

6.7. LEAVES OF ABSENCE.
For purposes of SECTION 6.6 above, to the extent required by applicable law, Service shall be deemed to continue while the Optionee
is on a bona fide leave of absence. To the extent applicable law does not require such a leave to be deemed to continue while the
Optionee is on a bona fide leave of absence, such leave shall be deemed to continue if, and only if, expressly provided in writing
by the Administrator or a duly authorized officer of the Company, Parent or Subsidiary for whom Optionee provides his or her services.

 

6.8. MODIFICATION,
EXTENSION AND ASSUMPTION OF OPTIONS. Within the limitations of the Plan, the Administrator may modify, extend or assume outstanding
Options (whether granted by the Company or another issuer) or may accept the cancellation of outstanding Options (whether granted
by the Company or another issuer) in return for the grant of new Options for the same or a different number of shares and at the
same or a different Exercise Price. Without limiting the foregoing, the Administrator may amend a previously granted Option to
fully accelerate the exercise schedule of such Option (including without limitation, in connection with a Change in Control). The
foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee's rights
or increase the Optionee's obligations under such Option. However, a termination of the Option in which the Optionee receives a
cash payment equal to the difference between the Fair Market Value and the Exercise Price for all shares subject to exercise under
any outstanding Option shall not be deemed to impair any rights of the Optionee or increase the Optionee's obligations under such
Option.

 

     

     

    

 

SECTION 7: TERMS AND CONDITIONS OF AWARDS
OR SALES

 

7.1. STOCK PURCHASE
AGREEMENT. Each award or sale of share of Stock under the Plan (other than upon exercise of an Option) shall be evidenced by a
Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and
conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which
the Board deems appropriate for inclusion in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements
entered into under the Plan need not be identical.

 

7.2. DURATION OF OFFERS.
Unless otherwise provided in the Stock Purchase Agreement, any right to acquire shares of Stock under the Plan (other than an Option)
shall automatically expire if not exercised by the Purchaser within 30 days after the grant of such right was communicated to the
Purchaser by the Company.

 

7.3. PURCHASE PRICE.

 

7.3.1 IN GENERAL. Each
Stock Purchase Agreement shall state the price at which the Stock subject to such Stock Purchase Agreement may be purchased (the
"PURCHASE PRICE"), which, with respect to Stock Purchase Rights, shall be determined in the sole discretion of the Administrator;
PROVIDED, HOWEVER, that the Purchase Price shall be no less than 100% of the Fair Market Value of the shares of Stock on either
the Date of Grant or the date of purchase of the Purchase Right.

 

7.3.2 TEN PERCENT STOCKHOLDERS.
A Ten Percent Stockholder shall not be eligible for designation as a Purchaser unless the Purchase Price (if any) is at least 100%
of the Fair Market Value of a Share.

 

7.3.3 NON APPLICABILITY.
The Purchase Price restrictions required by SECTIONS 7.3.1 and 7.3.2 shall be inoperative if a determination is made by counsel
for the Company that such Purchase Price restrictions are not required in the circumstances under applicable federal or state securities
laws.

 

7.3.4 PAYMENT OF PURCHASE
PRICE. The Purchase Price shall be payable in a form described in SECTION 8.

 

7.4. WITHHOLDING TAXES.
As a condition to the purchase of shares, the Purchaser shall make such arrangements as the Board may require for the satisfaction
of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase.

 

     

     

    

 

SECTION 8: PAYMENT; RESTRICTIONS

 

8.1. GENERAL RULE.
The entire Purchase Price or Exercise Price of shares issued under the Plan shall be payable in full by, as applicable, cash or
check for an amount equal to the aggregate Purchase Price or Exercise Price for the number of shares being purchased, or in the
discretion of the Administrator, upon such terms as the Administrator shall approve, (i) in the case of an Option, by a copy of
instructions to a broker directing such broker to sell the Stock for which such Option is exercised, and to remit to the Company
the aggregate Exercise Price of such Options (a "CASHLESS EXERCISE"), (ii) in the case of an Option or a sale of Stock,
by paying all or a portion of the Exercise Price or Purchase Price for the number of shares being purchased by tendering Stock
owned by the Optionee, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the
aggregate Purchase Price of the Stock with respect to which such Option or portion thereof is thereby exercised or Stock acquired
(a "STOCK-FOR-STOCK EXERCISE") or (iii) by a stock-for-stock exercise by means of attestation whereby the Optionee identifies
for delivery specific shares of Stock already owned by Optionee and receives a number of shares of Stock equal to the difference
between the Option shares thereby exercised and the identified attestation shares of Stock (an "ATTESTATION EXERCISE").

 

8.2. WITHHOLDING PAYMENT.
The Purchase Price or Exercise Price shall include payment of the amount of all federal, state, local or other income, excise or
employment taxes subject to withholding (if any) by the Company or any parent or subsidiary corporation as a result of the exercise
of a Stock Option. The Optionee may pay all or a portion of the tax withholding by cash or check payable to the Company, or, at
the discretion of the Administrator, upon such terms as the Administrator shall approve, by (i) cashless exercise or attestation
exercise; (ii) stock-for-stock exercise; (iii) in the case of an Option, by paying all or a portion of the tax withholding for
the number of shares being purchased by withholding shares from any transfer or payment to the Optionee ("STOCK WITHHOLDING");
or (iv) a combination of one or more of the foregoing payment methods. Any shares issued pursuant to the exercise of an Option
and transferred by the Optionee to the Company for the purpose of satisfying any withholding obligation shall not again be available
for purposes of the Plan. The Fair Market Value of the number of shares subject to Stock Withholding shall not exceed an amount
equal to the applicable minimum required tax withholding rates.

 

8.3. SERVICES RENDERED.
At the discretion of the Administrator, shares of Stock may be awarded under the Plan in consideration of services rendered to
the Company, a Parent or a Subsidiary prior to the award.

 

8.4. PROMISSORY NOTE.
To the extent that a Stock Option Agreement or Stock Purchase Agreement so provides, in the discretion of the Administrator, upon
such terms as the Administrator shall approve, all or a portion of the Exercise Price or Purchase Price (as the case may be) of
shares issued under the Plan may be paid with a full-recourse promissory note; PROVIDED, HOWEVER, that payment of any portion of
the Exercise Price by promissory note shall not be permitted where such loan would be prohibited by applicable laws, regulations
and rules of the Securities and Exchange Commission and any other governmental agency having jurisdiction. However, in the event
there is a stated par value of the shares and applicable law requires, the par value of the shares, if newly issued, shall be paid
in cash or cash equivalents. The shares shall be pledged as security for payment of the principal amount of the promissory note
and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate
(if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Administrator (at
its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note.
Unless the Administrator determines otherwise, shares of Stock having a Fair Market Value at least equal to the principal amount
of the loan shall be pledged by the holder to the Company as security for payment of the unpaid balance of the loan and such pledge
shall be evidenced by a pledge agreement, the terms of which shall be determined by the Administrator, in its discretion; PROVIDED,
HOWEVER, that each loan shall comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve
System and any other governmental agency having jurisdiction.

 

     

     

    

 

8.5. EXERCISE/PLEDGE.
To the extent that a Stock Option Agreement or Stock Purchase Agreement so allows, in the discretion of the Administrator, upon
such terms as the Administrator shall approve, payment may be made all or in part by the delivery (on a form prescribed by the
Administrator) of an irrevocable direction to pledge shares to a securities broker or lender approved by the Company, as security
for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and
any withholding taxes.

 

8.6. WRITTEN NOTICE.
The purchaser shall deliver a written notice to the Administrator requesting that the Company direct the transfer agent to issue
to the purchaser (or to his designee) a certificate for the number of shares of Common Stock being exercised or purchased or, in
the case of a cashless exercise or share withholding exercise, for any shares that were not sold in the cashless exercise or withheld.

 

8.7. REPURCHASE RIGHTS.
Each Stock Purchase Agreement may provide that the Company may repurchase the Participant's Rights as provided in this SECTION
8.7 (the "REPURCHASE RIGHT").

 

a. REPURCHASE PRICE.
The Repurchase Right shall be exercisable at a price equal to the Purchase Price.

 

b. EXERCISE OF REPURCHASE
RIGHT. A Repurchase Right may be exercised only within 90 days after the termination of the Participant's Service for cash or for
cancellation of indebtedness incurred in purchasing the shares; PROVIDED, HOWEVER, the Repurchase Right shall lapse at least as
rapidly as to 20% of the Restricted Stock purchased hereunder each year over a period of five years from the date the Restricted
Stock is purchased.

 

8.8. TERMINATION OF
REPURCHASE RIGHT. Each Stock Purchase Agreement shall provide that the Repurchase Rights shall have no effect with respect to,
or shall lapse and cease to have effect when a determination is made by counsel for the Company that such Repurchase Rights are
not permitted under applicable federal or state securities laws.

 

8.9. NO TRANSFERABILITY.
Except as provided herein, a Participant may not assign, sell or transfer Rights, in whole or in part, other than by will or by
operation of the laws of descent and distribution.

 

     

     

    

 

8.9.1. PERMITTED TRANSFER
OF NON-QUALIFIED OPTION. The Administrator, in its sole discretion may permit the transfer of a Non-Qualified Option (but not an
ISO or Stock Purchase Right) as follows: (i) by gift to a member of the Participant's immediate family or (ii) by transfer by instrument
to a trust providing that the Option is to be passed to beneficiaries upon death of the trustor (either or both (i) or (ii) referred
to as a "PERMITTED TRANSFEREE"). For purposes of this SECTION 8.9.1, "IMMEDIATE FAMILY" shall mean the Optionee's
spouse (including a former spouse subject to terms of a domestic relations order); child, stepchild, grandchild, child-in-law;
parent, stepparent, grandparent, parent-in-law; sibling and sibling-in-law, and shall include adoptive relationships.

 

8.9.2. CONDITIONS OF
PERMITTED TRANSFER. A transfer permitted under this Section 8.9 hereof may be made only upon written notice to and approval thereof
by Administrator. A Permitted Transferee may not further assign, sell or transfer the transferred Option, in whole or in part,
other than by will or by operation of the laws of descent and distribution. A Permitted Transferee shall agree in writing to be
bound by the provisions of this Plan.

 

SECTION 9: ADJUSTMENTS; MARKET STAND-OFF

 

9.1. EFFECT OF CERTAIN
CHANGES.

 

9.1.1. STOCK DIVIDENDS,
SPLITS, ETC. If there is any change in the number of outstanding shares of Stock by reason of a stock split, reverse stock split,
stock dividend, recapitalization, combination or reclassification, then (i) the number of shares of Stock available for Rights,
(ii) the number of shares of Stock covered by outstanding Rights and (iii) the Exercise Price or Purchase Price of any Stock Option
or Purchase Right, in effect prior to such change, shall be proportionately adjusted by the Administrator to reflect any increase
or decrease in the number of issued shares of Stock; provided, however, that any fractional shares resulting from the adjustment
shall be eliminated.

 

9.1.2. LIQUIDATION,
DISSOLUTION, MERGER OR CONSOLIDATION. In the event of a dissolution or liquidation of the Company, or any corporate separation
or division, including, but not limited to, a split-up, a split-off or a spin-off, or a sale of substantially all of the assets
of the Company; a merger or consolidation in which the Company is not the Surviving Entity; a reverse merger in which the Company
is the Surviving Entity, but the shares of Company stock outstanding immediately preceding the merger are converted by virtue of
the merger into other property, whether in the form of securities, cash or otherwise; or the transfer of more than 80% of the then
outstanding voting stock of the Company to another person or entity, then, the Company, to the extent permitted by applicable law,
but otherwise in its sole discretion may provide for: (i) the continuation of outstanding Rights by the Company (if the Company
is the Surviving Entity); (ii) the assumption of the Plan and such outstanding Rights by the Surviving Entity or its parent; (iii)
the substitution by the Surviving Entity or its parent of Rights with substantially the same terms for such outstanding Rights;
or (iv) the cancellation of such outstanding Rights without payment of any consideration, provided that if such Rights would be
canceled in accordance with the foregoing, the Participant shall have the right, exercisable during later of the ten-day period
ending on the fifth day prior to such merger or consolidation or ten days after the Administrator provides the Rights holder a
notice of cancellation, to exercise the vested of such Rights in whole or in part, or, if provided for by the Administrator using
its sole discretion in a notice of cancellation, to exercise such Rights in whole or in part without regard to any vesting provisions
in the Rights agreement.

 

     

     

    

 

9.1.3. FURTHER ADJUSTMENTS.
Subject to Section 9.1.2, the Administrator shall have the discretion, exercisable at any time before a sale, merger, consolidation,
organization, liquidation or Change in Control, to take such further action as it determines to be necessary or advisable, and
fair and equitable to Participants, with respect to Rights. Such authorized action may include (but shall not be limited to) establishing,
amending or waiving the type, terms, conditions or duration of, or restrictions on, Rights so as to provide for earlier, later,
extended or additional time for exercise and other modifications, and the Administrator may take such actions with respect to all
Participants, to certain categories of Participants or only to individual Participants. The Administrator may take such action
before or after granting Rights to which the action relates and before or after any public announcement with respect to such sale,
merger, consolidation, reorganization, liquidation or Change in Control that is the reason for such action.

 

9.1.4. PAR VALUE CHANGES.
In the event of a change in the Stock of the Company as presently constituted which is limited to a change of all of its authorized
shares with par value, into the same number of shares without par value, or a change in the par value, the shares resulting from
any such change shall be "Stock" within the meaning of the Plan.

 

9.2. DECISION OF ADMINISTRATOR
FINAL. To the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made
by the Administrator, whose determination in that respect shall be final, binding and conclusive; PROVIDED, HOWEVER, that each
ISO granted pursuant to the Plan shall not be adjusted in a manner that causes such Stock Option to fail to continue to qualify
as an ISO without the prior consent of the Optionee thereof.

 

9.3. NO OTHER RIGHTS.
Except as hereinbefore expressly provided in this SECTION 9, no Participant shall have any rights by reason of any subdivision
or consolidation of shares of Company stock or the payment of any dividend or any other increase or decrease in the number of shares
of Company stock of any class or by reason of any of the events described in SECTION 9.1, above, or any other issue by the Company
of shares of stock of any class, or securities convertible into shares of stock of any class; and, except as provided in this SECTION
9, none of the foregoing events shall affect, and no adjustment by reason thereof shall be made with respect to, the number or
price of shares of Stock subject to Rights. The grant of a Right pursuant to the Plan shall not affect in any way the right or
power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structures or
to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets.

 

     

     

    

 

9.4. MARKET STAND-OFF.
Each Stock Option Agreement and Stock Purchase Agreement may provide that, in connection with any underwritten public offering
by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933,
as amended, the Participant shall agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the
repurchase of, or otherwise dispose or transfer for value or otherwise agree to engage in any of the foregoing transactions with
respect to any Stock without the prior written consent of the Company or its underwriters, for such period of time from and after
the effective date of such registration statement as may be requested by the Company or such underwriters (the "MARKET STAND-OFF").

 

SECTION 10: AMENDMENT AND TERMINATION

 

The Board may amend,
suspend or terminate the Plan at any time and for any reason. At the time of such amendment, the Board shall determine, upon advice
from counsel, whether such amendment will be contingent on shareholder approval.

 

SECTION 11: GENERAL PROVISIONS

 

11.1. GENERAL RESTRICTIONS.

 

11.1.1. NO VIEW TO
DISTRIBUTE. The Administrator may require each person acquiring shares of Stock pursuant to the Plan to represent to and agree
with the Company in writing that such person is acquiring the shares without a view towards distribution thereof. The certificates
for such shares may include any legend that the Administrator deems appropriate to reflect any restrictions on transfer.

 

11.1.2. LEGENDS. All
certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Administrator may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission,
any stock exchange upon which the Stock is then listed and any applicable federal or state securities laws, and the Administrator
may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

11.1.3. NO RIGHTS AS
SHAREHOLDER. Except as specifically provided in this Plan, a Participant or a transferee of a Right shall have no rights as a shareholder
with respect to any shares covered by the Rights until the date of the issuance of a Stock certificate to him or her for such shares,
and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions
of other rights for which the record date is prior to the date such Stock certificate is issued, except as provided in Section
9.1, hereof.

 

11.2. OTHER COMPENSATION
ARRANGEMENTS. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements,
subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

     

     

    

 

11.3. DISQUALIFYING
DISPOSITIONS. Any Participant who shall make a "DISPOSITION" (as defined in Section 424 of the Code) of all or any portion
of an ISO within two years from the date of grant of such ISO or within one year after the issuance of the shares of Stock acquired
upon exercise of such ISO shall be required to immediately advise the Company in writing as to the occurrence of the sale and the
price realized upon the sale of such shares of Stock.

 

11.4. REGULATORY MATTERS.
Each Stock Option Agreement and Stock Purchase Agreement shall provide that no shares shall be purchased or sold thereunder unless
and until (i) any then applicable requirements of state or federal laws and regulatory agencies shall have been fully complied
with to the satisfaction of the Company and its counsel and (ii) if required to do so by the Company, the Optionee or Offeree shall
have executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Board
or Committee may require.

 

11.5. RECAPITALIZATIONS.
Each Stock Option Agreement and Stock Purchase Agreement shall contain provisions required to reflect the provisions of SECTION
9.

 

11.6. DELIVERY. Upon
exercise of a Right granted under this Plan, the Company shall issue Stock or pay any amounts due within a reasonable period of
time thereafter. Subject to any statutory obligations the Company may otherwise have, for purposes of this Plan, thirty days shall
be considered a reasonable period of time.

 

11.7. OTHER PROVISIONS.
The Stock Option Agreements and Stock Purchase Agreements authorized under the Plan may contain such other provisions not inconsistent
with this Plan, including, without limitation, restrictions upon the exercise of the Rights, as the Administrator may deem advisable.

 

SECTION 12: INFORMATION TO PARTICIPANTS

 

To the extent necessary
to comply with California law, the Company each year shall furnish to Participants its balance sheet and income statement unless
such Participants are limited to key Employees whose duties with the Company assure them access to equivalent information.

 

SECTION 13: EFFECTIVE DATE OF PLAN

 

The effective date
of this Plan is November 23, 2005. The adoption of the Plan is subject to approval by the Company's shareholders, which approval
must be obtained within 12 months from the date the Plan is adopted by the Board. In the event that the shareholders fail to approve
the Plan within 12 months after its adoption by the Board, any grants of Options or sales or awards of shares that have already
occurred shall be rescinded, and no additional grants, sales or awards shall be made thereafter under the Plan.

 

SECTION 14: TERM OF PLAN

 

The Plan shall terminate
automatically on November 22, 2015, but no later than prior to the 10th anniversary of the effective date. No Right shall be granted
pursuant to the Plan after such date, but Rights theretofore granted may extend beyond that date. The Plan may be terminated on
any earlier date pursuant to SECTION 10 hereof.

 

     

     

    

 

SECTION 15: EXECUTION

 

To record the adoption
of the Plan by the Board, the Company has caused its authorized officer to execute the same as of November 23, 2005.

 

PEOPLE'S LIBERATION, INC.

 

/s/ Darryn Barber

 

-----------------------------

 

By: Darryn Barber

 

Its: Chief Financial OfficerEXHIBIT 4.2

 

[FORM OF] FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of [_____] [__], 201[_] (this “Amendment”), is by and between BANK OF AMERICA, NATIONAL ASSOCIATION (“BANA”) and BA CREDIT CARD FUNDING, LLC (“Funding”).

WHEREAS, prior to October 1, 2014, FIA Card Services, National Association (“FIA”) originated receivables in credit card accounts and contributed and sold receivables arising in a subset of those accounts and certain other related assets to Banc of America Consumer Card Services, LLC (“BACCS”) under that certain Amended and Restated Receivables Contribution and Sale Agreement, dated as of October 20, 2006, as amended by the First Amendment to Amended and Restated Receivables Contribution and Sale Agreement, dated as of November 14, 2006, each by and between FIA and BACCS (as amended, supplemented or otherwise modified, the “Original First Tier Agreement”).

WHEREAS, as of October 1, 2014 (the “Merger Date”), FIA merged with and into BANA (such combination, the “Merger”), with BANA being the surviving entity of such Merger.

WHEREAS, since the Merger Date, BANA (successor by merger to FIA) has originated, and does now continue to originate, receivables in credit card accounts as the successor by merger to FIA’s credit card business.

WHEREAS, as of the Merger Date, BANA and BACCS amended and restated the Original First Tier Agreement by executing the Second Amended and Restated Receivables Contribution and Sale Agreement, dated as of the Merger Date (as amended, supplemented or otherwise modified, the “Second Amended and Restated First Tier Agreement”, together with the Original First Tier Agreement, the “Prior First Tier Agreements”) pursuant to which BANA continued to sell to BACCS credit card receivables arising under the credit card accounts identified in the Prior First Tier Agreements and certain other related assets.

WHEREAS, prior to the Merger Date, BACCS and Funding were each party to that certain Receivables Purchase Agreement, dated as of October 20, 2006 (as amended, supplemented or otherwise modified, the “Original Receivables Purchase Agreement”), pursuant to which BACCS sold to Funding credit card receivables arising under the credit card accounts identified in the Original Receivables Purchase Agreement and certain other related assets.

WHEREAS, as of the Merger Date, BACCS and Funding amended and restated the Original Receivables Purchase Agreement by executing the Amended and Restated Receivables Purchase Agreement, dated as of the Merger Date (as amended, supplemented or otherwise modified, the “Amended and Restated Second Tier Agreement”, together with the Original Receivables Purchase Agreement, the “Prior Second Tier Agreements”) pursuant to

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which BACCS continued to sell to Funding credit card receivables arising under the credit card accounts identified in the Prior Second Tier Agreements and certain other related assets.

As of the close of business on July 17, 2015, BACCS wound up its operations, distributed its assets to its parent, BANA, pursuant to a liquidating distribution, and ceased to exist as an entity.  As of July 8, 2015, BANA, Funding, and BACCS amended and restated the Second Amended and Restated First Tier Agreement and the Amended and Restated Second Tier Agreement into a single, integrated Second Amended and Restated Receivables Purchase Agreement (the “Receivables Purchase Agreement”), by which (i) BACCS assigned all of its right, title and interest in and to and obligations under each of the Prior Second Tier Agreements to BANA and BANA accepted such right, title and interest and assumed such obligations and (ii) BANA has continued to sell to Funding the receivables arising in the Initial Accounts (as defined in the Receivables Purchase Agreement) and other assets identified under the Prior First Tier Agreements that were also identified under the Prior Second Tier Agreements.

WHEREAS, pursuant to Section 9.01 of the Receivables Purchase Agreement, BANA and Funding desire to amend the Receivables Purchase Agreement to include dispute resolution provisions as specified herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01.           Capitalized Terms.  Capitalized terms used in this Amendment and not otherwise defined shall have the meanings ascribed thereto in the Receivables Purchase Agreement.

ARTICLE II

AMENDMENTS

Section 2.01.           Amendments to Section 1.01 of the Receivables Purchase Agreement.

(a)           Section 1.01 of the Receivables Purchase Agreement is hereby amended by deleting the term “Account Owner” in its entirety and replacing it with the following:

“Account Owner” shall mean (i) on and after the Merger Date, BANA, and (ii) prior to the Merger Date, FIA (including any of its predecessors), in each case at the applicable time, as issuer of the credit card relating to an Account pursuant to a Credit Card Agreement.

2

(b)           Section 1.01 of the Receivables Purchase Agreement is hereby amended by deleting the term “Pool Index File” in its entirety and replacing it with the following:

“Pool Index File” shall mean the file on the applicable Account Owner’s computer system or the table in the Total System Services, Inc. TS2 Account Master database that identifies the Accounts.

(c)           Section 1.01 of the Receivables Purchase Agreement is hereby amended by deleting the term “Pooling and Servicing Agreement” in its entirety and replacing it with the following:

“Pooling and Servicing Agreement” shall mean, as applicable, (i) the Original Pooling and Servicing Agreement, (ii) the Amended and Restated Pooling and Servicing Agreement, (iii) the Second Amended and Restated Pooling and Servicing Agreement, (iv) the Third Amended and Restated Pooling and Servicing Agreement, and (v) the Fourth Amended and Restated Pooling and Servicing Agreement.

(d)           Section 1.01 of the Receivables Purchase Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical order:

“AAA” has the meaning specified in subsection 6.03(b)(i).

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“Fourth Amended and Restated Pooling and Servicing Agreement” shall mean the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of [_____] [__], 201[_], among the Servicer, Funding, and the MTII Trustee, as amended, supplemented, otherwise modified or amended and restated from time to time.

“Qualified Dispute Resolution Professional” shall mean an attorney or retired judge that is independent, impartial, knowledgeable about and experienced with the laws of the State of Delaware, specializing in commercial litigation with at least 15 years of experience and whose name is on a list of neutral parties maintained by the AAA.

“Representing Party” has the meaning specified in subsection 6.03(a).

“Requesting Party” has the meaning specified in subsection 6.03(a).

“Rules” has the meaning specified in subsection 6.03(b)(i).

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Section 2.02.           Amendment to Section 2.01 of the Receivables Purchase Agreement.

(a)           Subsection 2.01(d) of the Receivables Purchase Agreement is hereby amended by deleting the fourth sentence therein in its entirety and replacing it with the following:

In connection with such marking of its books, records and computer files, BANA shall also identify all such Accounts in the Pool Index File with the designation of either “1994-MT” or “1994MT”.

Section 2.03.           Amendment to Article VI of the Receivables Purchase Agreement.

Article VI of the Receivables Purchase Agreement is hereby amended by adding the following as Section 6.03:

Section 6.03.           Dispute Resolution.

(a)           If any Receivable is subject to repurchase pursuant to Section 6.01 or Section 6.02 of this Agreement, which repurchase is not resolved in accordance with the terms of this Agreement within 180 days after notice is delivered to BANA as specified in any such Section, the party providing such notice (the “Requesting Party”) will have the right to refer the matter, at its discretion, to either thirdparty mediation (including nonbinding arbitration) or arbitration pursuant to this Section 6.03 and BANA is hereby deemed to consent to the selected resolution method.  At the end of the 180day period described above, the Representing Party (as defined below) may provide notice informing the Requesting Party of the status of its request or, in the absence of any such notice, the Requesting Party may presume that its request remains unresolved.  The Requesting Party will provide written notice of its intention to refer the matter to mediation or arbitration to BANA (in such capacity, the “Representing Party”) within 30 calendar days following such 180th day.  BANA agrees to participate in the resolution method selected by the Requesting Party.

(b)           If the Requesting Party selects mediation as the resolution method, the following provisions will apply:

(i)           The mediation will be administered by the American Arbitration Association (the “AAA”) pursuant to its Commercial Arbitration Rules and Mediation Procedures in effect on the date of this Agreement (the “Rules”); provided, that if any of the Rules are inconsistent with the procedures for the mediation or arbitration stated in this Agreement, the procedures in this Agreement will control.

(ii)           The mediator must be a Qualified Dispute Resolution Professional. Upon being supplied a list, by the AAA, of at least ten potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference. The AAA will

5

select the mediator from the remaining potential mediators on the list respecting the preference choices of the parties to the extent possible.

(iii)           Each of the Requesting Party and the Representing Party will use commercially reasonable efforts to begin the mediation within [__] Business Days of the selection of the mediator and to conclude the mediation within [__] days of the start of the mediation.

(iv)           The fees and expenses of the mediation will be allocated as mutually agreed by the Requesting Party and the Representing Party as part of the mediation.

(v)           A failure by the Requesting Party and the Representing Party to resolve a disputed matter through mediation shall not preclude either party from seeking a resolution of such matter through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to subsection 6.03(d) below.

(c)           If the Requesting Party selects arbitration as the resolution method, the following provisions will apply:

(i)           The arbitration will be held in accordance with the United States Arbitration Act, notwithstanding any choice of law provision in this Agreement, and under the auspices of the AAA and in accordance with the Rules.

(ii)           If the repurchase request specified in subsection 6.03(a) involves the repurchase of an aggregate amount of Receivables of less than $[__________], a single arbitrator will be used.  That arbitrator must be a Qualified Dispute Resolution Professional.  Upon being supplied a list of at least ten potential arbitrators that are each Qualified Dispute Resolutions Professionals by the AAA, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within [__] days and to rank the remaining potential arbitrators in order of preference.  The AAA will select the arbitrator from the remaining potential arbitrators on the list respecting the preference choices of the parties to the extent possible.

(iii)           If the repurchase request specified in subsection 6.03(a) involves the repurchase of an aggregate amount of Receivables equal to or in excess of $[__________], a three-arbitrator panel will be used.  The arbitral panel will consist of three Qualified Dispute Resolution Professionals, (A) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration, (B) one to be appointed by the Representing Party within five Business Days of the Requesting Party’s appointment of an arbitrator, and (C) the third, who will preside over the arbitral panel, to be chosen by the two party-appointed arbitrators within five Business Days of the Representing Party’s appointment.  If any party fails to appoint an arbitrator or the two party-appointed arbitrators fail to appoint the third within the relevant time periods, then the appointments will be made by the AAA pursuant to the Rules.

6

(iv)           Each arbitrator selected for any arbitration will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect as of the date of this Agreement. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

(v)           The Requesting Party and the Representing Party each agree that it is their intention that after consulting with the parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within [__] days after appointment of the arbitrator or arbitral panel, as applicable.  The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with Delaware law then in effect (including prehearing and post hearing motions), and will do so on the motion of any party to the arbitration.  Notwithstanding any other discovery that may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be limited to the following discovery in the arbitration:

(A)           Consistent with the expedited nature of arbitration, the Requesting Party and the Representing Party will, upon the written request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing party may rely in support of or in opposition to the claim or defense.

(B)           At the request of a party, the arbitrator or arbitral panel, as applicable, shall have the discretion to order examination by deposition of witnesses to the extent the arbitrator or arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of three (3) per party and shall be held within thirty (30) calendar days of the making of a request. Additional depositions may be scheduled only with the permission of the arbitrator or arbitral panel, and for good cause shown. Each deposition shall be limited to a maximum of three (3) hours’ duration. All objections are reserved for the arbitration hearing except for objections based on privilege and proprietary or confidential information.

(C)           Any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrator or arbitral panel, which determination shall be conclusive.

(D)           All discovery shall be completed within sixty (60) calendar days following the appointment of the arbitrator or the arbitral panel, as applicable; provided, that the arbitrator or the arbitral panel, as applicable, will have the ability to grant the parties, or either of them, additional discovery to the

7

extent that the arbitrator or the arbitral panel, as applicable, determines good cause is shown that such additional discovery is reasonable and necessary.

(vi)           The Requesting Party and the Representing Party each agree that it is their intention that the arbitrator or the arbitral panel, as applicable, will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way.  The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive damages or consequential damages in any arbitration conducted.  The Requesting Party and the Representing Party each agree that it is their intention that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator or the arbitral panel, as applicable, in its reasonable discretion.  The determination of the arbitrator or the arbitral panel, as applicable, will be in writing and counterpart copies will be promptly delivered to the parties.  The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as applicable, upon the motion and at the expense of either party.  Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be enforced in, any court of competent jurisdiction.

(vii)           By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

(viii)           No Person may bring a putative or certified class action to arbitration.

(d)           The following provisions will apply to both mediations and arbitrations:

(i)           Any mediation or arbitration will be held in Wilmington, Delaware.

(ii)           Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional or ancillary relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law.

(iii)           The details and/or existence of any unfulfilled repurchase request specified in subsection 6.03(a) above, any informal meetings, mediations or arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; provided, however, that any discovery taken in any arbitration will be admissible in that particular arbitration.  Such 

8

information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise required by law, regulatory requirement or court order.  If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the opportunity to object to the production of its confidential information.  Notwithstanding anything in this Section 6.03 to the contrary, any discovery taken in connection with any arbitration pursuant to subsection 6.03(c) above will be admissible in such arbitration.

Section 2.04.           Amendments to Annex A to the Receivables Purchase Agreement.

(a)           The definition of “Contributed Assets” in Annex A to the Receivables Purchase Agreement is hereby amended by deleting clause (i) therein in its entirety and replacing it with the following:

(i) the Receivables existing as of October 20, 2006, in the Initial Accounts (which Initial Accounts are identified in the Pool Index File with the designation of either “1994-MT” or “1994MT”),

(b)           The definition of “Prior BANA Purchased Assets” in Annex A to the Receivables Purchase Agreement is hereby amended by deleting clause (i) therein in its entirety and replacing it with the following:

(i) the Receivables created from time to time on and after the Merger Date, but prior to and excluding the Closing Date, in each Initial Account (which Initial Accounts are identified in the Pool Index File with the designation of either “1994-MT” or “1994MT”),

(c)           The definition of “Prior FIA Purchased Assets” in Annex A to the Receivables Purchase Agreement is hereby amended by deleting clause (i) therein in its entirety and replacing it with the following:

(i) the Receivables created from time to time after October 20, 2006, but prior to and excluding the Merger Date, in each Initial Account (which Initial Accounts are identified in the Pool Index File with the designation of either “1994-MT” or “1994MT”),

(d)           The definition of “Prior RPA Purchased Assets” in Annex A to the Receivables Purchase Agreement is hereby amended by deleting clause (i) therein in its entirety and replacing it with the following:

(i) the Receivables existing on October 20, 2006, and arising after October 20, 2006, but prior to and excluding the Closing Date, in each Initial Account (including any 

9

related Transferred Account), which Initial Accounts are identified in the Pool Index File with the designation of either “1994-MT” or “1994MT”,

ARTICLE III

MISCELLANEOUS

Section 3.01.           Conditions Precedent.  The amendments provided for by this Amendment shall become effective upon the satisfaction of the following conditions:

(a)           Funding has given prior notice of this Amendment to the MTII Trustee and each Rating Agency currently rating any security issued by MTII;

(b)           Funding has received written confirmation from each Rating Agency currently rating any security issued by MTII that this Amendment will not cause a reduction or withdrawal of any of those ratings; and

(c)           BANA and Funding each shall have received counterparts of this Amendment, duly executed by the parties hereto.

Section 3.02.           Receivables Purchase Agreement in Full Force and Effect as Amended.  Except as specifically amended or waived hereby, all of the terms and conditions of the Receivables Purchase Agreement shall remain in full force and effect.  All references to the Receivables Purchase Agreement in any other document or instrument among the parties hereto shall be deemed to mean such Receivables Purchase Agreement as amended by this Amendment.  This Amendment shall not constitute a novation of the Receivables Purchase Agreement but shall constitute an amendment thereof.  The parties hereto agree to be bound by the terms and obligations of the Receivables Purchase Agreement, as amended by this Amendment, as though the terms and obligations of the Receivables Purchase Agreement were set forth herein.

Section 3.03.           Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute part of this Amendment for any other purpose.

Section 3.04.           Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.  THE PARTIES HERETO DECLARE THAT IT IS THEIR INTENTION THAT THIS AMENDMENT SHALL BE REGARDED AS MADE UNDER THE LAWS OF THE STATE OF DELAWARE AND THAT THE LAWS OF SAID STATE SHALL BE APPLIED IN INTERPRETING ITS PROVISIONS IN ALL CASES WHERE LEGAL INTERPRETATION SHALL BE REQUIRED.  EACH OF THE PARTIES HERETO AGREES (A) THAT THIS AMENDMENT INVOLVES AT LEAST $100,000.00, AND (B) THAT THIS AMENDMENT HAS BEEN ENTERED INTO BY THE PARTIES HERETO IN EXPRESS RELIANCE UPON 6 DEL. C. § 2708. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND 

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UNCONDITIONALLY AGREES (A) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (B)(1) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS, AND (2) THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SERVICE OF PROCESS MAY ALSO BE MADE ON SUCH PARTY BY PREPAID CERTIFIED MAIL WITH A PROOF OF MAILING RECEIPT VALIDATED BY THE UNITED STATES POSTAL SERVICE CONSTITUTING EVIDENCE OF VALID SERVICE, AND THAT SERVICE MADE PURSUANT TO (B)(1) OR (2) ABOVE SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE.

Section 3.05.           Counterparts.  This Amendment may be executed in any number of counterparts and by separate parties hereto on separate counterparts, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written.

 

	 	 BANK OF AMERICA, NATIONAL ASSOCIATION
	 	 	 	 
	
 

	By:	
 

	 
	
 

	
 

	
Name:

	 
	
 

	
 

	
Title:

	 

 

	 	   BA CREDIT CARD FUNDING, LLC
	 	 	 	 
	
 

	By:	
 

	 
	
 

	
 

	
Name:

	 
	
 

	
 

	
Title:

	 

 

[Signature Page to First Amendment to Second Amended and Restated Receivables Purchase Agreement]

 

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