Document:

Amendment No.1 to Founder Warrant Agreement

 Exhibit 4.1 

Execution Copy 

AMENDMENT NO. 1 TO 

FOUNDER WARRANT AGREEMENT 

THIS AMENDMENT NO. 1 TO THE FOUNDER WARRANT AGREEMENT is dated as of August 30, 2010 (this
“Amendment”), and is between Westway Group, Inc., a Delaware corporation with offices at 365 Canal Street, Suite 2900, New Orleans, Louisiana 70130 (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). 

WHEREAS, the Company and the Warrant Agent entered into the Founder Warrant Agreement dated as of May 30, 2007, between the
Company and the Warrant Agent (the “Agreement”); and 
 WHEREAS, the Company and the Warrant Agent wish
to amend the Agreement (A) to modify the duration of the Founder Warrants and (B) to provide for the exercise on a cashless basis of the purchase rights represented by the Founder Warrants; 

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

1. Definitions. Each capitalized term used but not otherwise defined herein has the meaning given to it in
the Agreement. 
 2. Amendments to the Agreement. The Agreement is hereby amended as follows:

 (a) By deleting the last sentence of section 3.1 of the Agreement entitled, “Warrant Price,” in its entirety
and replacing it instead with the following new sentence: “The Company in its sole discretion may lower the Warrant Price for outstanding Founder Warrants at any time prior to their expiration so long as the Warrant Price is not less than the
“Warrant Price” under and as defined in the Unit Warrant Agreement.” 
 (b) By deleting section 3.2 of the
Agreement entitled, “Duration of Founder Warrants,” in its entirety and replacing it instead with the following new section 3.2: 

3.2. Duration of Founder Warrants. Subject to any applicable restriction in the Warrant Certificate, a Founder
Warrant may be exercised only during the period (“Exercise Period”) commencing on May 28, 2009 and terminating at 5:00 p.m., New York City time on the earlier to occur of (x) such Founder Warrant’s Expiration Date (as
defined below) and (y) the date fixed for redemption of the Founder Warrants as provided in Section 6 of this Agreement. Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each
Founder Warrant not exercised on or before its Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time on such Expiration Date. The Company in
its sole discretion may extend the duration of the Founder Warrants by delaying their respective Expiration Dates. 

As used herein, the term “Expiration Date” shall mean 5:00 p.m., New York City time on
(a) May 24, 2012 with respect to one-third of the aggregate number of Founder Warrants held by a registered holder immediately prior to 9:00 a.m. on August 30, 2010 (the “Effective Time”); (b) May 24, 2013 with
respect to one-third of the aggregate number of Founder Warrants held by such registered holder immediately prior to the Effective Time; and (c) May 24, 2014 with respect to one-third of the aggregate number of Founder Warrants held by
such registered holder immediately prior to the Effective Time. 
 (c) By deleting the second paragraph of section 3.3.1 of the
Agreement entitled, “Payment,” in its entirety and replacing it instead with the following new paragraph: 

 Notwithstanding any provisions of this Agreement and the Founder Warrant
Purchase Agreement to the contrary, but subject to any applicable restriction in the Warrant Certificate, a Founder Warrant may also be exercised by the registered holder thereof, in whole or in part, at any time and from time to time on a cashless
basis (which, for the avoidance of doubt, means that such registered holder shall be entitled to receive a number of Shares equal to the quotient obtained by dividing (x) the product of the number of Shares underlying the Founder Warrants
exercised by such registered holder, multiplied by the difference between the Fair Market Value or Liquid Public Market Value, as applicable, per Share and the Warrant Price by (y) the Fair Market Value or Liquid Public Market Value, as
applicable, per Share). In addition, if the Company calls the outstanding Warrants and the Founder Warrants for redemption as provided in Section 6 hereof, the registered holder of Founder Warrants may exercise such Founder Warrants on a
cashless basis. In either such case, any Shares issued on the exercise of the Founder Warrants and transferred to the Company as payment of the Warrant Price shall be valued according to each such Share’s Fair Market Value or, if the Shares are
then publicly traded in a Liquid Public Market, the average of the closing prices for the last five (5) days during which any Shares traded immediately preceding the date of exercise of such Founder Warrants (the “Liquid Public Market
Value”). 
 (d) By deleting the last paragraph of section 3.3.1 of the Agreement entitled, “Payment,”
in its entirety and replacing it instead with the following new paragraph: 
 As used herein, the term
“Liquid Public Market” shall mean that the shares of Common Stock are listed on the New York Stock Exchange, The American Stock Exchange, The NASDAQ National Market System or the Over-The-Counter Bulletin Board. 

(e) By deleting section 7.4 of the Agreement entitled, “Registration of Common Stock,” in its entirety and replacing it
instead with the following new section 7.4: 
 7.4. Registration of Common Stock. It is acknowledged that
the Company has filed with the Securities and Exchange Commission a post-effective amendment to the Registration Statement for the registration under the Act of, and it shall take such further action as is necessary to qualify for sale in those
states in which the Founder Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Founder Warrants, and that such registration statement has become effective. In addition, the Company will use its best
efforts to maintain the effectiveness of such registration statement until the expiration of the Founder Warrants in accordance with the provisions of this Agreement. 

(f) By adding after section 9.7 of the Agreement entitled, “Effect of Headings,” the following new section 9.8:

 9.8. Amendments. All modifications and amendments, including any amendment to increase the Warrant
Price or shorten the Exercise Period, shall require the written consent of the registered holders of a majority of the then outstanding Founder Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration
of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. 
 (g) By
deleting exhibit A of the Agreement in its entirety and replacing it instead with the new exhibits A, B and C attached to this Amendment as Exhibits A, B and C, respectively. Notwithstanding any provisions of the Warrant Certificate, this Agreement
and the Founder Warrant Purchase Agreement to the contrary, the outstanding Founder Warrants held by each registered holder immediately prior to the Effective Time (1) shall be canceled and reissued in registered form only, (2) shall be
reissued in substantially the form of such new exhibits A, B and C such that each one-third of the aggregate number of Founder Warrants held by such registered holder immediately prior to the Effective Time shall, effective at the Effective Time, be
in substantially the form of Exhibits A, B and C, respectively, the provisions of which are hereby incorporated into the Agreement and (3) shall be signed by, or bear the facsimile signature of, the Chairman of the Board, the Chief Executive
Officer, the Chief Operating Officer or President and Secretary or Assistant Secretary of the Company and shall bear a facsimile of the 

 

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Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant Certificate shall have ceased to serve in the capacity in which such person signed the
Warrant Certificate before such Warrant Certificate is reissued, it may be reissued with the same effect as if he or she had not ceased to be such at the date of reissuance. 

3. Miscellaneous.  

(a) In the event of any inconsistency between the provisions of the Agreement and this Amendment, the provisions of this Amendment will
govern and control. 
 (b) Except as otherwise set forth in this Amendment, the Agreement remains in full force and effect
without change or modification. 
 (c) This Amendment shall bind and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 (d) This Amendment shall be deemed severable, and the invalidity or unenforceability of
any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

(e) The headings used in this Amendment are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Amendment. 
 (f) This Amendment may be executed in two or more counterparts, each of which shall be deemed an original
instrument, and all such counterparts shall together constitute for all purposes one and the same instrument. 
 [SIGNATURE PAGE
FOLLOWS] 
  

 3 

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

					
	WESTWAY GROUP, INC.
		
	By:	 	 /s/ Thomas A. Masilla, Jr.

		 	Name:	 	Thomas A. Masilla, Jr.
		 	Title:	 	Chief Financial Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/ John W. Comer

		 	Name:	 	John W. Comer
		 	Title:	 	Vice President

 [AMENDMENT NO. 1 TO
FOUNDER WARRANT AGREEMENT] 

 ACKNOWLEDGED AND AGREED TO BY: 

 

									
	 /s/ Francis P. Jenkins, Jr.

	Francis P. Jenkins, Jr., in his own capacity
	
	FRANCIS P. JENKINS, JR. IRA
		
	By:	 	 /s/ Francis P. Jenkins, Jr.

		 	Name:	 	Francis P. Jenkins, Jr.
		 	Title:	 	Account Holder
		
	By:	 	New Trust Company, as Account Custodian
			
		 	By:	 	 /s/ Valerie Stevens

		 		 	Name:	 	Valerie Stevens
		 		 	Title:	 	Financial Processor
	
	 TR U / INDENTURE JOHN E TOFFOLON

DTD 5/5/70 F/B/O JOHN E TOFFOLON JR.

		
	By:	 	 /s/ John E. Toffolon, Jr.

		 	Name:	 	 John E. Toffolon, Jr., on behalf of

Barbara L. Toffolon

		 	Title:	 	Co-Trustee
		
	By:	 	BNY Mellon, N.A., as Co-Trustee
			
		 	By:	 	 /s/ Rosa M. Dolce

		 		 	Name:	 	Rosa M. Dolce
		 		 	Title:	 	Vice President
	
	JOHN E. TOFFOLON, JR. IRA
		
	By:	 	 /s/ John E. Toffolon, Jr.

		 	Name:	 	John E. Toffolon, Jr.
		 	Title:	 	Account Holder
	
	W.B. FARMS LLC
		
	By:	 	 /s/ Francis P. Jenkins, III

		 	Name:	 	Francis P. Jenkins, III
		 	Title:	 	Manager

 [AMENDMENT NO. 1 TO
FOUNDER WARRANT AGREEMENT] 

 Exhibit A 

FOUNDER WARRANT CERTIFICATE 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT 

AGENT AS PROVIDED HEREIN. 

Warrant Certificate evidencing 

Warrants to Purchase Class A Common Stock, par value $.0001, as described herein. 

Westway Group, Inc. 
 No.
[            ] 
 VOID AFTER 5:00 P.M., NEW YORK
CITY TIME, 
 ON MAY 24, 2012, OR UPON EARLIER REDEMPTION 

This certifies that
[                        ], or its registered assigns, is the registered holder of
[                        ] warrants to purchase certain securities (each a “Warrant”). Each
Warrant entitles the holder thereof, subject to the provisions contained herein and in the Warrant Agreement (as defined below), to purchase from Westway Group, Inc., a Delaware corporation (the “Company”), one share of the
Company’s Class A Common Stock (each a “Share”), at the Exercise Price set forth below. The exercise price of each Warrant (the “Exercise Price”) shall be $5.00 initially, subject to adjustments as set
forth in the Warrant Agreement (as defined below). 
 Subject to the terms of the Warrant Agreement, each Warrant evidenced
hereby may be exercised in whole, but not in part, at any time, as specified herein, on any Business Day (as defined below) occurring during the period (the “Exercise Period”) commencing on May 28, 2009 and ending at 5:00 p.m.,
New York City time, on May 24, 2012 (the “Expiration Date”). Each Warrant remaining unexercised after 5:00 P.M., New York City time on the Expiration Date shall become void, and all rights of the holder of this Warrant
Certificate evidencing such Warrant shall cease. 
 The holder of the Warrants represented by this Warrant Certificate may
exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City time, on any Business Day during the Exercise Period (the “Exercise Date”) to Continental Stock Transfer & Trust Company (the
“Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at 17 Battery Place, New York, NY 10004, (i) this Warrant Certificate and the
Warrants to be exercised (the “Book-Entry Warrants”) free on the records of The Depository Trust Company (the “Depository”) to an account of the Warrant Agent at the Depository designated for such purpose in writing
by the Warrant Agent to the Depository, (ii) an election to purchase (“Election to Purchase”), properly executed (A) by the holder hereof on the reverse of this Warrant Certificate or (B) properly executed by the
institution in whose account the Warrant is recorded on the records of the Depository (the “Participant”) substantially in the form included on the reverse of hereof, as applicable and (iii) if the exercise is not on a cashless
basis, the Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds. If the holder of this Warrant Certificate elects
to exercise any of the Warrants represented hereby on a cashless basis, any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant Certificate shall be valued according to
each such Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the closing prices for the last five
(5) days during which any Shares traded immediately preceding the date of exercise of such Warrants. 
 If any of
(a) this Warrant Certificate or the Book-Entry Warrants, (b) the Election to Purchase, or (c) if the exercise is not on a cashless basis, the Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York City
time, the Warrants will be deemed to be received and exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the date such items are received is not a Business
Day, the Warrants will be deemed to be received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise Date. If the Warrants to be exercised are received or deemed to be received after the Expiration
Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no event will interest accrue 

 
on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will be determined by the Warrant Agent in its sole
discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the Company shall have any obligation to inform a holder of Warrants of the invalidity of any exercise of
Warrants. 
 As used herein, the term “Business Day” means any day that is not a Saturday or Sunday and is not
a United States federal holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in New York City. 

Warrants may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be issued upon the exercise of
any Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the
number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder of this Warrant Certificate at the address specified
on the books of the Warrant Agent or as otherwise specified by such registered holder. 
 This Warrant Certificate is issued
under and in accordance with the Founder Warrant Agreement, dated as of May 30, 2007, as amended (the “Warrant Agreement”), between the Company and the Warrant Agent and the Founder Warrant Purchase Agreement, dated as of
May 23, 2007, as amended (the “Founder Warrant Purchase Agreement”), between the Company and Shermen WSC Holding LLC, and is subject to the terms and provisions contained in the Warrant Agreement and the Founder Warrant
Purchase Agreement, to all of which terms and provisions the holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement and the
Founder Warrant Purchase Agreement are on file and can be inspected at the above-mentioned office of the Warrant Agent and at the office of the Company at 365 Canal Street, Suite 2900, New Orleans, Louisiana 70130. 

At any time during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon
giving notice in accordance with the terms of the Warrant Agreement (the “Redemption Notice”), at the price of $0.01 per Warrant (the “Redemption Price”); provided, that the last sales price of the Shares has
been at least $8.50 per Share for any twenty (20) trading days within a thirty (30) consecutive trading day period ending on the third Business Day prior to the date on which the Redemption Notice is given. In the event the Company shall
elect to redeem all of the then outstanding Warrants, the Company shall fix a date for such redemption (the “Redemption Date”); provided, that such date shall occur prior to the expiration of the Exercise Period. The Warrants
may be exercised in accordance with the terms of this Agreement at any time after a Redemption Notice shall have been given by the Company; provided, however, that no Warrants may be exercised subsequent to the expiration of the
Exercise Period; provided, further, that all rights whatsoever with respect to the Warrants shall cease on the Redemption Date, other than to the right to receive the Redemption Price. In addition, if the Company calls the outstanding
Warrants for redemption as provided above, the holder of the Warrants may exercise the Warrants on a cashless basis. Any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant
Certificate shall be valued according to each such Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the
closing prices for the last five (5) days during which any Shares traded immediately preceding the date of exercise of such Warrants. 

The accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally
applicable to such Shares. From and after the issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other holders of Shares and such former holder’s right to receive
payments of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to such Shares. 

The Exercise Price and the number of Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided
pursuant to Section 4 of the Warrant Agreement. 
 Upon due presentment for registration of transfer or exchange of this
Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute, and the Warrant Agent shall countersign and 

 

 2 

 
deliver, as provided in Section 5 of the Warrant Agreement, in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the
aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement. 
 Neither this
Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the rights of a holder of the Shares, including, without limitation, the right to receive dividends, if any, or payments upon the liquidation,
dissolution or winding up of the Company or to exercise voting rights, if any. 
 The Warrant Agreement and this Warrant
Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby. 

THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD
REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 This Warrant Certificate shall not be entitled to
any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. 

[SIGNATURE PAGE FOLLOWS] 
  

 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. Dated
as of August 30, 2010. 
  

			
	Westway Group, Inc.
		
	By:	 	  

		 	 Name: James B. Jenkins
 Title:
Chief Executive Officer

		
	By:	 	  

		 	 Name: Thomas A. Masilla, Jr.

Title: Chief Financial Officer and Secretary

Continental Stock Transfer & Trust Company, 

as Warrant Agent 
  

			
	By:	 	  

		 	Authorized Officer

  

 4 

 INSTRUCTIONS FOR EXERCISE OF WARRANT 

To exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise
Date, deliver to the Warrant Agent at its stock transfer division, a certified or official bank check or a wire transfer in immediately available funds, in each case payable to the Warrant Agent at Account No. 530-061686, in an amount equal to
the Exercise Price in full for the Warrants exercised or inform the Warrant Agent that it is exercising the Warrants on a cashless basis. In addition, the Warrant holder or Participant must provide the information required below and deliver this
Warrant Certificate to the Warrant Agent at the address set forth below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant Certificate and this Election to Purchase must be
received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 
 ELECTION TO PURCHASE TO BE EXECUTED
IF WARRANT HOLDER DESIRES TO EXERCISE THE WARRANTS EVIDENCED HEREBY 
 The undersigned hereby irrevocably elects to exercise, on
                    ,              (the “Exercise Date”),
                                        
Warrants, evidenced by this Warrant Certificate, to purchase,
                                         of the
shares of Class A Common Stock (each a “Share”) of Westway Group, Inc., a Delaware corporation (the “Company”), and represents that, on or before the Exercise Date, such holder has tendered payment for such
Shares by certified or official bank check or bank wire transfer in immediately available funds to the order of the Company c/o Continental Stock Transfer & Trust Company, 17 Battery Place, New York, New York 10004, in the amount of
$             or has informed the Warrant Agent that it is exercising the Warrants on a cashless basis in accordance with the terms hereof. The undersigned requests that said number of
Shares be in fully registered form, registered in such names and delivered, all as specified in accordance with the instructions set forth below. 

If said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
evidencing the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

 ̈ Check Box if Exercising on Cashless Basis 

Dated:                     ,
             

 

			
	  

	(Insert Social Security or Other Identifying Number of Holder)
		
	Signature	 	  

 

			
	Name	 	  

		 	(Please Print)
		
	Address	 	
 

  
 This Warrant may only
be exercised by presentation to the Warrant Agent at one of the following locations: 
 By hand at: Continental Stock
Transfer & Trust Company, 17 Battery Place, NY, NY 10004 
 By mail at: Continental Stock Transfer & Trust
Company, 17 Battery Place, NY, NY 10004 
 The method of delivery of this Warrant Certificate is at the option and risk of the
exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In
all cases, sufficient time should be allowed to assure timely delivery. 
 (Instructions as to form and delivery of Shares and/or
Warrant Certificates) 

 

	
	Name in which Shares are to be registered if other than in the name of the registered holder of this Warrant Certificate:
	
	  

	  
 Name in which Warrant Certificate evidencing unexercised Warrants,
if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:

	
	  

	Dated:                     ,
20        

 

							
	Address to which Shares are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:

	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	  

	
	Address to which certificate representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant
Certificate as shown on the books of the Warrant Agent:
	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	
 

  
 SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate
evidencing unexercised Warrants, are to be issued in a name other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature
must be guaranteed by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  
 ASSIGNMENT (FORM OF
ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 
 FOR VALUE RECEIVED,
                                         
            HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S) UNTO 
  

					
	  

	(Please Print Name and Address Including Zip Code of Assignee)
	  

	(Please Insert Social Security or Other Identifying Number of Assignee)
	the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
	  
	 	Attorney
	to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the
premises.

 Dated:
                    , 20         

SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by an
Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  

 5 

 Exhibit B 

FOUNDER WARRANT CERTIFICATE 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT 

AGENT AS PROVIDED HEREIN. 

Warrant Certificate evidencing 

Warrants to Purchase Class A Common Stock, par value $.0001, as described herein. 

Westway Group, Inc. 
 No.
[            ] 
 VOID AFTER 5:00 P.M., NEW YORK
CITY TIME, 
 ON MAY 24, 2013, OR UPON EARLIER REDEMPTION 

This certifies that
[                    ], or its registered assigns, is the registered holder of
[                    ] warrants to purchase certain securities (each a “Warrant”). Each Warrant entitles the holder
thereof, subject to the provisions contained herein and in the Warrant Agreement (as defined below), to purchase from Westway Group, Inc., a Delaware corporation (the “Company”), one share of the Company’s Class A Common
Stock (each a “Share”), at the Exercise Price set forth below. The exercise price of each Warrant (the “Exercise Price”) shall be $5.00 initially, subject to adjustments as set forth in the Warrant Agreement (as
defined below). 
 Subject to the terms of the Warrant Agreement, each Warrant evidenced hereby may be exercised in whole, but
not in part, at any time, as specified herein, on any Business Day (as defined below) occurring during the period (the “Exercise Period”) commencing on May 28, 2009 and ending at 5:00 p.m., New York City time, on May 24,
2013 (the “Expiration Date”), provided, however, that if at any time on or prior to May 24, 2011, [name of applicable director] (the “Director”) ceases to be a director of the Company for
any reason other than (i) the Director’s death, (ii) a Change of Control (as defined herein), (iii) the Director’s ill-health as reasonably determined by the Director, his legal guardian or the board of directors of the
Company (the “Board”) or (iv) extraordinary or undue hardship, as reasonably determined by the Board, the Warrants evidenced hereby may not be exercised until May 24, 2012 unless the Company gives a Redemption Notice as
set forth below. “Change of Control” means (i) any sale, assignment, transfer, lease, conveyance or other disposition, liquidation, dissolution or otherwise, in one transaction or a series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any person (as such term is used in Sections 13(d) the Securities Exchange Act of 1934 (the “Exchange Act”)); (ii) the consummation of
any transaction or series of related transactions, the result of which is that any person (other than Westway Holdings Corporation or its affiliates) becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 and
Rule 13d-5 promulgated under the Exchange Act) of more than 25% of the voting power of the Company; (iii) a consolidation or merger of the Company pursuant to which the holders of the Company’s voting shares immediately prior to such
consolidation or merger would not be the holders, directly or indirectly, immediately after such consolidation or merger of more than 50% of the voting power of the Company or (iv) any other event constituting a change in control required to be
reported in response to item 6(e) of Schedule 14A of Regulation 14A under the Exchange Act. Each Warrant remaining unexercised after 5:00 P.M., New York City time on the Expiration Date shall become void, and all rights of the holder of this Warrant
Certificate evidencing such Warrant shall cease. 
 The holder of the Warrants represented by this Warrant Certificate may
exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City time, on any Business Day during the Exercise Period (the “Exercise Date”) to Continental Stock Transfer & Trust Company (the
“Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at 17 Battery Place, New York, NY 10004, (i) this Warrant Certificate and the
Warrants to be exercised (the “Book-Entry Warrants”) free on the records of The Depository Trust Company (the “Depository”) to an account of the Warrant Agent at the Depository designated for such purpose in writing
by the Warrant Agent to the Depository, (ii) an election to purchase (“Election to Purchase”), properly executed (A) by the holder hereof on the reverse of this Warrant Certificate or (B) properly executed by the
institution in whose account the Warrant is recorded on the records of the Depository (the “Participant”) substantially in the form included on the reverse of hereof, as applicable and (iii) if the exercise is not on a cashless
basis, the Exercise Price for each Warrant to be exercised in 

 
lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds. If the holder of this Warrant Certificate elects to
exercise any of the Warrants represented hereby on a cashless basis, any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant Certificate shall be valued according to each
such Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the closing prices for the last five (5) days
during which any Shares traded immediately preceding the date of exercise of such Warrants. 
 If any of (a) this Warrant
Certificate or the Book-Entry Warrants, (b) the Election to Purchase, or (c) if the exercise is not on a cashless basis, the Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York City time, the Warrants will
be deemed to be received and exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the date such items are received is not a Business Day, the Warrants will be
deemed to be received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise Date. If the Warrants to be exercised are received or deemed to be received after the Expiration Date, the exercise thereof
will be null and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of
Warrants. The validity of any exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the
Company shall have any obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. 
 As used
herein, the term “Business Day” means any day that is not a Saturday or Sunday and is not a United States federal holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in
New York City. 
 Warrants may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be
issued upon the exercise of any Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new
Warrant Certificate for the number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder of this Warrant
Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such registered holder. 

This Warrant Certificate is issued under and in accordance with the Founder Warrant Agreement, dated as of May 30, 2007, as amended
(the “Warrant Agreement”), between the Company and the Warrant Agent and the Founder Warrant Purchase Agreement, dated as of May 23, 2007, as amended (the “Founder Warrant Purchase Agreement”), between the
Company and Shermen WSC Holding LLC, and is subject to the terms and provisions contained in the Warrant Agreement and the Founder Warrant Purchase Agreement, to all of which terms and provisions the holder of this Warrant Certificate and the
beneficial owners of the Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement and the Founder Warrant Purchase Agreement are on file and can be inspected at the above-mentioned office of the
Warrant Agent and at the office of the Company at 365 Canal Street, Suite 2900, New Orleans, Louisiana 70130. 
 At any time
during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon giving notice in accordance with the terms of the Warrant Agreement (the “Redemption Notice”), at the price
of $0.01 per Warrant (the “Redemption Price”); provided, that the last sales price of the Shares has been at least $8.50 per Share for any twenty (20) trading days within a thirty (30) consecutive trading day period
ending on the third Business Day prior to the date on which the Redemption Notice is given. In the event the Company shall elect to redeem all of the then outstanding Warrants, the Company shall fix a date for such redemption (the
“Redemption Date”); provided, that such date shall occur prior to the expiration of the Exercise Period. Notwithstanding any other restriction in this Warrant Certificate, the Warrants may be exercised in accordance with the
terms of this Agreement at any time after a Redemption Notice shall have been given by the Company; provided, however, that no Warrants may be exercised subsequent to the expiration of the Exercise Period; provided,
further, that all rights whatsoever with respect to the Warrants shall cease on the Redemption Date, other than to the right to receive the Redemption Price. In addition, if the Company calls the outstanding Warrants for redemption as
provided above, the holder of the Warrants may exercise the Warrants on a cashless 
  

 2 

 
basis. Any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant Certificate shall be valued according to each such
Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the closing prices for the last five (5) days during
which any Shares traded immediately preceding the date of exercise of such Warrants. 
 The accrual of dividends, if any, on the
Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to such Shares. From and after the issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits
generally available to other holders of Shares and such former holder’s right to receive payments of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions
generally applicable to such Shares. 
 The Exercise Price and the number of Shares purchasable upon the exercise of each
Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant Agreement. 
 Upon due presentment
for registration of transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant
Agreement, in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement.

 Neither this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the
rights of a holder of the Shares, including, without limitation, the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any. 

The Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain
circumstances described therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby. 

THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD
REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 This Warrant Certificate shall not be entitled to
any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. 

[SIGNATURE PAGE FOLLOWS] 
  

 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. Dated
as of August 30, 2010. 
  

					
	Westway Group, Inc.
		
	By:	 	  

		 	Name:	 	James B. Jenkins
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	Thomas A. Masilla, Jr.
		 	Title:	 	Chief Financial Officer and Secretary

Continental Stock Transfer & Trust Company, 

as Warrant Agent 
  

			
	 By:
	 	  

	Authorized Officer

  

 4 

 INSTRUCTIONS FOR EXERCISE OF WARRANT 

To exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise
Date, deliver to the Warrant Agent at its stock transfer division, a certified or official bank check or a wire transfer in immediately available funds, in each case payable to the Warrant Agent at Account No. 530-061686, in an amount equal to
the Exercise Price in full for the Warrants exercised or inform the Warrant Agent that it is exercising the Warrants on a cashless basis. In addition, the Warrant holder or Participant must provide the information required below and deliver this
Warrant Certificate to the Warrant Agent at the address set forth below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant Certificate and this Election to Purchase must be
received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 
 ELECTION TO PURCHASE TO BE EXECUTED
IF WARRANT HOLDER DESIRES TO EXERCISE THE WARRANTS EVIDENCED HEREBY 
 The undersigned hereby irrevocably elects to exercise, on
                    ,              (the “Exercise Date”),
                                        
Warrants, evidenced by this Warrant Certificate, to purchase,
                                         of the
shares of Class A Common Stock (each a “Share”) of Westway Group, Inc., a Delaware corporation (the “Company”), and represents that, on or before the Exercise Date, such holder has tendered payment for such
Shares by certified or official bank check or bank wire transfer in immediately available funds to the order of the Company c/o Continental Stock Transfer & Trust Company, 17 Battery Place, New York, New York 10004, in the amount of
$             or has informed the Warrant Agent that it is exercising the Warrants on a cashless basis in accordance with the terms hereof. The undersigned requests that said number of
Shares be in fully registered form, registered in such names and delivered, all as specified in accordance with the instructions set forth below. 

If said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
evidencing the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

 ̈ Check Box if Exercising on Cashless Basis 

Dated:                     ,
             

 

			
	  

	(Insert Social Security or Other Identifying Number of Holder)
		
	Signature	 	  

 

			
	Name	 	  

		 	(Please Print)
		
	Address	 	
 

  
 This Warrant may only
be exercised by presentation to the Warrant Agent at one of the following locations: 
 By hand at: Continental Stock
Transfer & Trust Company, 17 Battery Place, NY, NY 10004 
 By mail at: Continental Stock Transfer & Trust
Company, 17 Battery Place, NY, NY 10004 
 The method of delivery of this Warrant Certificate is at the option and risk of the
exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In
all cases, sufficient time should be allowed to assure timely delivery. 
 (Instructions as to form and delivery of Shares and/or
Warrant Certificates) 

 

	
	Name in which Shares are to be registered if other than in the name of the registered holder of this Warrant Certificate:
	
	  

	  
 Name in which Warrant Certificate evidencing unexercised Warrants,
if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:

	
	  

	Dated:                     ,
20        

 

							
	Address to which Shares are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:

	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	  

	
	Address to which certificate representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant
Certificate as shown on the books of the Warrant Agent:
	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	
 

  
 SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate
evidencing unexercised Warrants, are to be issued in a name other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature
must be guaranteed by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  
 ASSIGNMENT (FORM OF
ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 
 FOR VALUE RECEIVED,
                                         
            HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S) UNTO 
  

					
	  

	(Please Print Name and Address Including Zip Code of Assignee)
	  

	(Please Insert Social Security or Other Identifying Number of Assignee)
	the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
	  
	 	Attorney
	to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the
premises.

 Dated:
                    , 20         

SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by an
Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  

 5 

 Exhibit C 

FOUNDER WARRANT CERTIFICATE 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT 

AGENT AS PROVIDED HEREIN. 

Warrant Certificate evidencing 

Warrants to Purchase Class A Common Stock, par value $.0001, as described herein. 

Westway Group, Inc. 
 No.
[            ] 
 VOID AFTER 5:00 P.M., NEW YORK
CITY TIME, 
 ON MAY 24, 2014, OR UPON EARLIER REDEMPTION 

This certifies that
[                    ], or its registered assigns, is the registered holder of
[                    ] warrants to purchase certain securities (each a “Warrant”). Each Warrant entitles the holder
thereof, subject to the provisions contained herein and in the Warrant Agreement (as defined below), to purchase from Westway Group, Inc., a Delaware corporation (the “Company”), one share of the Company’s Class A Common
Stock (each a “Share”), at the Exercise Price set forth below. The exercise price of each Warrant (the “Exercise Price”) shall be $5.00 initially, subject to adjustments as set forth in the Warrant Agreement (as
defined below). 
 Subject to the terms of the Warrant Agreement, each Warrant evidenced hereby may be exercised in
whole, but not in part, at any time, as specified herein, on any Business Day (as defined below) occurring during the period (the “Exercise Period”) commencing on May 28, 2009 and ending at 5:00 p.m., New York City time, on
May 24, 2014 (the “Expiration Date”), provided, however, that if at any time on or prior to May 24, 2012, [name of applicable director] (the “Director”) ceases to be a
director of the Company for any reason other than (i) the Director’s death, (ii) a Change of Control (as defined herein), (iii) the Director’s ill-health as reasonably determined by the Director, his legal guardian or the
board of directors of the Company (the “Board”) or (iv) extraordinary or undue hardship, as reasonably determined by the Board, the Warrants evidenced hereby may not be exercised until May 24, 2013 unless the Company gives
a Redemption Notice as set forth below. “Change of Control” means (i) any sale, assignment, transfer, lease, conveyance or other disposition, liquidation, dissolution or otherwise, in one transaction or a series of related
transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any person (as such term is used in Sections 13(d) the Securities Exchange Act of 1934 (the “Exchange Act”));
(ii) the consummation of any transaction or series of related transactions, the result of which is that any person (other than Westway Holdings Corporation or its affiliates) becomes, directly or indirectly, the “beneficial owner” (as
defined in Rule 13d-3 and Rule 13d-5 promulgated under the Exchange Act) of more than 25% of the voting power of the Company; (iii) a consolidation or merger of the Company pursuant to which the holders of the Company’s voting shares
immediately prior to such consolidation or merger would not be the holders, directly or indirectly, immediately after such consolidation or merger of more than 50% of the voting power of the Company or (iv) any other event constituting a change
in control required to be reported in response to item 6(e) of Schedule 14A of Regulation 14A under the Exchange Act. Each Warrant remaining unexercised after 5:00 P.M., New York City time on the Expiration Date shall become void, and all rights of
the holder of this Warrant Certificate evidencing such Warrant shall cease. 
 The holder of the Warrants represented by
this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City time, on any Business Day during the Exercise Period (the “Exercise Date”) to Continental Stock
Transfer & Trust Company (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at 17 Battery Place, New York, NY 10004,
(i) this Warrant Certificate and the Warrants to be exercised (the “Book-Entry Warrants”) free on the records of The Depository Trust Company (the “Depository”) to an account of the Warrant Agent at the
Depository designated for such purpose in writing by the Warrant Agent to the Depository, (ii) an election to purchase (“Election to Purchase”), properly executed (A) by the holder hereof on the reverse of this Warrant
Certificate or (B) properly executed by the institution in whose account the Warrant is recorded on the records of the Depository (the “Participant”) substantially in the form included on the reverse of hereof, as applicable
and (iii) if the exercise is not on a cashless basis, the Exercise Price for each Warrant to be exercised in 

 
lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds. If the holder of this Warrant Certificate elects to
exercise any of the Warrants represented hereby on a cashless basis, any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant Certificate shall be valued according to each
such Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the closing prices for the last five (5) days
during which any Shares traded immediately preceding the date of exercise of such Warrants. 
 If any of (a) this Warrant
Certificate or the Book-Entry Warrants, (b) the Election to Purchase, or (c) if the exercise is not on a cashless basis, the Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York City time, the Warrants will
be deemed to be received and exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the date such items are received is not a Business Day, the Warrants will be
deemed to be received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise Date. If the Warrants to be exercised are received or deemed to be received after the Expiration Date, the exercise thereof
will be null and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of
Warrants. The validity of any exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the
Company shall have any obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. 
 As used
herein, the term “Business Day” means any day that is not a Saturday or Sunday and is not a United States federal holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in
New York City. 
 Warrants may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be
issued upon the exercise of any Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new
Warrant Certificate for the number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder of this Warrant
Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such registered holder. 

This Warrant Certificate is issued under and in accordance with the Founder Warrant Agreement, dated as of May 30, 2007, as amended
(the “Warrant Agreement”), between the Company and the Warrant Agent and the Founder Warrant Purchase Agreement, dated as of May 23, 2007, as amended (the “Founder Warrant Purchase Agreement”), between the
Company and Shermen WSC Holding LLC, and is subject to the terms and provisions contained in the Warrant Agreement and the Founder Warrant Purchase Agreement, to all of which terms and provisions the holder of this Warrant Certificate and the
beneficial owners of the Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement and the Founder Warrant Purchase Agreement are on file and can be inspected at the above-mentioned office of the
Warrant Agent and at the office of the Company at 365 Canal Street, Suite 2900, New Orleans, Louisiana 70130. 
 At any time
during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon giving notice in accordance with the terms of the Warrant Agreement (the “Redemption Notice”), at the price
of $0.01 per Warrant (the “Redemption Price”); provided, that the last sales price of the Shares has been at least $8.50 per Share for any twenty (20) trading days within a thirty (30) consecutive trading day period
ending on the third Business Day prior to the date on which the Redemption Notice is given. In the event the Company shall elect to redeem all of the then outstanding Warrants, the Company shall fix a date for such redemption (the
“Redemption Date”); provided, that such date shall occur prior to the expiration of the Exercise Period. Notwithstanding any other restriction in this Warrant Certificate, the Warrants may be exercised in accordance with the
terms of this Agreement at any time after a Redemption Notice shall have been given by the Company; provided, however, that no Warrants may be exercised subsequent to the expiration of the Exercise Period; provided,
further, that all rights whatsoever with respect to the Warrants shall cease on the Redemption Date, other than to the right to receive the Redemption Price. In addition, if the Company calls the outstanding Warrants for redemption as
provided above, the holder of the Warrants may exercise the Warrants on a cashless 
  

 2 

 
basis. Any Shares issued on the exercise of the Warrants and transferred to the Company as payment of the exercise price under this Warrant Certificate shall be valued according to each such
Share’s Fair Market Value (as defined in the Warrant Agreement) or, if the Shares are then publicly traded in a Liquid Public Market (as defined in the Warrant Agreement), the average of the closing prices for the last five (5) days during
which any Shares traded immediately preceding the date of exercise of such Warrants. 
 The accrual of dividends, if any, on the
Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to such Shares. From and after the issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits
generally available to other holders of Shares and such former holder’s right to receive payments of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions
generally applicable to such Shares. 
 The Exercise Price and the number of Shares purchasable upon the exercise of each
Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant Agreement. 
 Upon due presentment
for registration of transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant
Agreement, in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement.

 Neither this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the
rights of a holder of the Shares, including, without limitation, the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any. 

The Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain
circumstances described therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby. 

THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD
REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 This Warrant Certificate shall not be entitled to
any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. 

[SIGNATURE PAGE FOLLOWS] 
  

 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. Dated
as of August 30, 2010. 
  

			
	Westway Group, Inc.
		
	By:	 	  

		 	 Name: James B. Jenkins

Title: Chief Executive Officer

		
	By:	 	  

		 	 Name: Thomas A. Masilla, Jr.

Title: Chief Financial Officer and Secretary

  

			
	 Continental Stock Transfer & Trust Company,
as Warrant Agent

		
	By:	 	  

		 	Authorized Officer

  

 4 

 INSTRUCTIONS FOR EXERCISE OF WARRANT 

To exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise
Date, deliver to the Warrant Agent at its stock transfer division, a certified or official bank check or a wire transfer in immediately available funds, in each case payable to the Warrant Agent at Account No. 530-061686, in an amount equal to
the Exercise Price in full for the Warrants exercised or inform the Warrant Agent that it is exercising the Warrants on a cashless basis. In addition, the Warrant holder or Participant must provide the information required below and deliver this
Warrant Certificate to the Warrant Agent at the address set forth below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant Certificate and this Election to Purchase must be
received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 
 ELECTION TO PURCHASE TO BE EXECUTED
IF WARRANT HOLDER DESIRES TO EXERCISE THE WARRANTS EVIDENCED HEREBY 
 The undersigned hereby irrevocably elects to exercise, on
                    ,              (the “Exercise Date”),
                                        
Warrants, evidenced by this Warrant Certificate, to purchase,
                                         of the
shares of Class A Common Stock (each a “Share”) of Westway Group, Inc., a Delaware corporation (the “Company”), and represents that, on or before the Exercise Date, such holder has tendered payment for such
Shares by certified or official bank check or bank wire transfer in immediately available funds to the order of the Company c/o Continental Stock Transfer & Trust Company, 17 Battery Place, New York, New York 10004, in the amount of
$             or has informed the Warrant Agent that it is exercising the Warrants on a cashless basis in accordance with the terms hereof. The undersigned requests that said number of
Shares be in fully registered form, registered in such names and delivered, all as specified in accordance with the instructions set forth below. 

If said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
evidencing the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

 ̈ Check Box if Exercising on Cashless Basis 

Dated:                     ,
             

 

			
	  

	(Insert Social Security or Other Identifying Number of Holder)
		
	Signature	 	  

 

			
	Name	 	  

		 	(Please Print)
		
	Address	 	
 

  
 This Warrant may only
be exercised by presentation to the Warrant Agent at one of the following locations: 
 By hand at: Continental Stock
Transfer & Trust Company, 17 Battery Place, NY, NY 10004 
 By mail at: Continental Stock Transfer & Trust
Company, 17 Battery Place, NY, NY 10004 
 The method of delivery of this Warrant Certificate is at the option and risk of the
exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In
all cases, sufficient time should be allowed to assure timely delivery. 
 (Instructions as to form and delivery of Shares and/or
Warrant Certificates) 

 

	
	Name in which Shares are to be registered if other than in the name of the registered holder of this Warrant Certificate:
	
	  

	  
 Name in which Warrant Certificate evidencing unexercised Warrants,
if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:

	
	  

	Dated:                     ,
20        

 

							
	Address to which Shares are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:

	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	  

	
	Address to which certificate representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant
Certificate as shown on the books of the Warrant Agent:
	(Street Address)	 	  

	(City and State)	 	  
	 	(Zip Code)	  	
 

  
 SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate
evidencing unexercised Warrants, are to be issued in a name other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature
must be guaranteed by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  
 ASSIGNMENT (FORM OF
ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 
 FOR VALUE RECEIVED,
                                         
            HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S) UNTO 
  

					
	  

	(Please Print Name and Address Including Zip Code of Assignee)
	  

	(Please Insert Social Security or Other Identifying Number of Assignee)
	the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
	  
	 	Attorney
	to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the
premises.

 Dated:
                    , 20         

SIGNATURE GUARANTEE 

 

			
	Name of Firm	 	  

			
	Address	 	  

			
	Area Code and Number	 	  

			
	Authorized Signature	 	  

			
	Signature	 	  

			
	Name	 	  

			
	Title	 	  

Dated:                     ,
20         

			
	Signature	  	  

	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by an
Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

  

 5China Interactive Education, Inc.: Exhibit 10.1- Filed by newsfilecorp.com

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”), dated as of August 31, 2010, is entered into between China Interactive Education, Inc., a company established in the United States with its principal office
located at MenQ Technology Group Limited, Block C, Zhennan Road, South District , Zhongshan City, Guangdong Province, People’s Republic of China (“Company”), and Mr. Hon Wan Chan (the “Executive”).

WHEREAS, the Company desires to engage the Executive as, and the Executive agrees to serve as, Chief Financial Officer of the Company, upon the terms and conditions contained herein. 

NOW THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged by the parties, the parties hereto hereby agree as follows: 

	
1. 		
EFFECTIVENESS OF AGREEMENT AND EFFECTIVE DATE 

	
	 	 
	
This Agreement will become effective as of the date hereof. For the purpose of this Agreement, the term “Effective
Date” means September 1, 2010. 

	

	
 	
 
	
2. 		
EMPLOYMENT AND DUTIES

	
	 	 
		
2.1. General. The Executive will perform such duties and services for the Company as may be
designated from time to time by the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company. The Executive agrees to serve the Company faithfully and to the best of his ability under the
direction of the Board and the Chief Executive Officer of the Company and to carry out the functions typically performed by a Chief Financial Officer, including but not limited to responsibility for (i) all financial management and accounting for
the Company, (ii) compliance with local GAAP principles (and in a form that can be converted into US GAAP) and all applicable regulatory authorities, and (iii) supervising the Company’s compliance with its SEC reporting obligations, its
internal controls and other corporate governance obligations, the Sarbanes-Oxley Act and other applicable securities laws. 

	

2.2. Term of Employment. The Executive’s employment under this Agreement will commence as of the date hereof and will terminate on the third year of the Effective Date; provided,
however, that the term of the Executive’s employment will be automatically extended without further action of either party for additional one (1) year periods unless written notice of either party’s intention not to extend has been
given to the other party hereto at least thirty (30) days prior to the expiration of the then effective term (the initial term and any extensions thereof, the “Term of Employment”). Notwithstanding the foregoing, the
Executive’s employment may be terminated during the Term of Employment as provided in Section 5 below. 

2.3. Reimbursement of Expenses. Unless otherwise agreed to by the Executive and the Company, the Company will reimburse the Executive for reasonable travel and other business expenses incurred by
him to fulfill his duties hereunder upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices consistently applied. 

	
3. 		
COMPENSATION

	
	 	 
		
3.1. Base Salary. From the Effective Date, the Executive will be entitled to receive a base salary
(“Base Salary“) at a rate of HKD 50,000 (approximately $6,443) per month, payable in accordance with the Company’s payroll practices and applicable law. If the rate of the monthly Base Salary paid to Executive
is increased during the Term of Employment, such increased rate will thereafter constitute the Base Salary for all purposes of this Agreement, provided, however, that the Base Salary will not be decreased during the Term of Employment without the
mutual consent of Executive and the Company. 

	

3.2. Annual Review. The Executive’s Base Salary will be reviewed by the Board, based upon the Executive’s performance not less than annually. 

3.3. Bonus Compensation.  In addition to his Base Salary, Executive may receive an annual performance bonus (the “Bonus”) for each calendar year during the Term of Employment as may be
awarded to the Executive from time to time by the Board, in the sole and absolute discretion of the Board. 

3.4. Additional Compensation. Subject to approval by the Board of Directors (or an appropriate Committee appointed by such Board of Directors), Executive will be granted an option (the
“Option”) to purchase 180,000 shares of the Company’s common stock (the “Shares”) under an equity incentive plan to be established by the Company within the next six months (the “Plan”).  The Initial Option will be
evidenced by a stock option agreement to be contemplated by the Plan, both of which will govern the Option, notwithstanding any other provision of this Agreement.  The per share exercise price of the Option shall be the fair market value of the
Company’s common stock as of the date of the grant. The Option will vest will vest on a monthly basis, over a 12-month period, commencing on the date of such grant. Executive will be eligible to participate in any other employment compensation
plan established by the Company under the same terms as other Company executives and at levels recommended by the CEO of the Company and approved by the Board of Directors. 

3.5. Taxes. The Company shall be responsible for the employer’s share of taxes as required by United States laws and regulations and the Executive shall be responsible for payment of any
personal income or other taxes in the PRC and the United States; provided, however, that if the Company requires the Executive to travel within the United States for more than thirty-five (35) days during any period of twelve (12) consecutive months
and, as a result solely of such required travel within the United States, the Executive is unable to claim the foreign earned income exclusion on his United States tax return, the Company shall reimburse the Executive, on a fully grossed-up basis,
for any such net United States income taxes, in excess of foreign tax credits, that Executive is required to pay. 

	
4. 		
EMPLOYEE BENEFITS

	
	 	 
		
4.1. Leave. The Executive will be entitled to accrue 15 working days paid annual leave each
calendar year (which will not be carried over in the event that they are not used by the Executive). All annual leave days will be taken at times mutually agreed by the Executive and the Company and will be subject to the business needs of the
Company.  If, however, in any calendar year during the Term of Employment, the Executive is unable to take any annual leave due to the business needs of the Company, the Company, in its discretion, shall either pay the Executive the equivalent of 15
working days, or permit the Executive to carry such leave over into the following calendar year. 

	

4.2. Medical Coverage. The Company will either (a) purchase and provide Executive and his spouse with reasonable medical health insurance that provides coverage both within and outside the PRC or
(b) reimburse the Executive for the premiums he incurs for purchasing such medical health insurance for himself and his spouse. 

4.3. Other Programs.  The Executive will, during his employment under this Agreement, be included to the extent eligible thereunder in all employee benefit plans, programs or arrangements
(including, without limitation, any plans, programs or arrangements providing for retirement benefits,
incentive compensation, profit sharing, bonuses, disability benefits, health and life insurance, or vacation and paid holiday) which may be established by the Company for, or made available to, its executives generally. 

	
 	
 
	
5. 		
TERMINATION OF EMPLOYMENT

	
	 	 	 
		
5.1. 		
Termination Events.

	
	 	 	 
			
5.1.1. By the Company. The Company may terminate the Executive’s employment
immediately with Cause, without Cause upon thirty (30) days’ notice to the Executive, or upon the Executive’s death or Permanent Disability (as hereinafter defined). 

	

5.1.2. By the Executive. The Executive may terminate his employment at any time for any reason upon thirty (30) days’ written notice to the Company. 

5.2. Termination by Company With Cause. If the Executive’s employment is terminated by the Company with Cause, the Company shall pay to the Executive all compensation to which the Executive is
entitled through the date of termination, and thereafter, all of the Company’s obligations under this Agreement shall cease. 

5.3. Termination by Company Without Cause.  Except in situations where the Executive’s employment is terminated for Cause, by death or by Permanent Disability, in the event that the Company
terminates Executive’s employment at any time without Cause, Executive shall continue to receive his Base Salary through the last day of the thirty (30) day notice period, payable in the form of salary continuation. In addition, the Company
shall reimburse Executive for actual relocation expenses incurred by Executive relocating from the PRC to the United States or, if Executive so chooses, to another location in the PRC, upon presentation by the Executive of an itemized account of
such expenditures, in accordance with Company practices consistently applied. 

5.4. Voluntary Resignation. If the Executive terminates his employment voluntarily, then the Executive shall not be entitled to receive payment of any severance benefits. The Company further shall
have the option, in its sole discretion, to make Executive’s termination effective at any time prior to the end of notice period required under Section 5.1.2 as long as the Company provides Executive with all compensation to which he
would be entitled for continuing employment through the last day of the notice period. Thereafter, all obligations of the Company under this Agreement shall cease. 

5.5. Cause. Termination for “Cause” means termination of the Executive’s employment by the Company because of: (i) any act or omission that constitutes a breach by the
Executive of any of his obligations under this Agreement or any Company policy or procedure and failure to cure such breach after notice of, and a reasonable opportunity to cure, such breach; (ii) the continued willful failure or refusal of the
Executive to substantially perform the duties reasonably required of him as an employee of the Company; (iii) an alleged act (with credible substantiated evidence) of moral turpitude, dishonesty, fraud or violation of law (whether or not connected
to the Company or its Affiliates (as defined in Section 8.1)) by, or criminal conviction of, the Executive which in the determination of the Board (in its sole discretion) would render his continued employment by the Company damaging or
detrimental to the Company or its Affiliates in any way; or (iv) any misappropriation of Company property by the Executive. 

	
 	
 
	
6. 		
DEATH OR DISABILITY

	

In the event of termination of employment by reason of non-work-related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to Base Salary and benefits determined under Sections 3 and 4 through
the date of termination. In the event of termination of employment by reason of work related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to the greater of (i) Base Salary and benefits determined under
Sections 3 and 4 through the date of termination, or (ii) the minimum compensation permitted by applicable law. Other benefits will be determined in accordance with the benefit plans maintained by the Company, and the Company will have
no further obligation hereunder. For purposes of this Agreement, “Permanent Disability” means a physical or mental disability or infirmity of the Executive that prevents the normal performance of substantially all his duties as an
employee of the Company, which disability or infirmity exists for any continuous period of 180 days.

	
7. 		
CONFIDENTIALITY

	
	 	 
		
7.1. Confidentiality. The Executive covenants and agrees with the Company that he will not at
any time during the Term of Employment and thereafter, except in performance of his obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, disclose any secret or confidential information that
he may learn or has learned by reason of his association with the Company or any of its subsidiaries and Affiliates. The term “confidential information” includes information not previously made generally available to the public or to the
trade by the Company’s management, with respect to the Company’s or any of its subsidiaries’ or Affiliates’ products, facilities, applications and methods, trade secrets and other intellectual property, systems, procedures,
manuals, confidential reports, product price lists, customer lists, technical information, financial information (including the revenues, costs or profits associated with any of the Company’s products), business plans, prospects or
opportunities, but will exclude any information which is or becomes generally available to the public or is generally known in the industry or industries in which the Company operates other than as a result of disclosure by the Executive in
violation of his agreements under Section 7.1. The Executive will be released of his obligations under this Section 7.1 to the extent the Executive is required to disclose under any applicable laws, regulations or directives of any
government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law provided that the Executive provides the Company with prompt written notice of such requirement. 

	

7.2. Acknowledgment of Company Assets. The Executive acknowledges that the Company, at the Company’s expense, has acquired, created and maintains, and will continue to acquire, create and
maintain, significant goodwill with its current and prospective customers, vendors and employees, and that such goodwill is valuable property of the Company. The Executive further acknowledges that to the extent such goodwill will be generated
through the Executive’s efforts, such efforts will be funded by the Company and the Executive will be fairly compensated for such efforts. The Executive acknowledges that all goodwill developed by the Executive relative to the Company’s
customers, vendors and employees will be the sole and exclusive property of the Company and will not be personal to the Executive.

7.3. Exclusive Property. The Executive confirms that all confidential information is and will remain the exclusive property of the Company. All business records, papers and documents kept or made by
Executive relating to the business of the Company will be and remain the property of the Company, except for such papers customarily deemed to be the personal copies of the Executive. Upon termination of the Executive’s employment with the
Company for any reason, the Executive will promptly deliver to the Company all of the following that are in the Executive’s possession or under his control: (i) all computers, telecommunication devices and other tangible property of the Company
and its Affiliates, and
(ii) all documents and other materials, in whatever form, which include confidential information or which otherwise relate in whole or in part to the present or prospective business of the Company or its Affiliates, including but not limited to,
drawings, graphs, charts, specifications, notes, reports, memoranda, and computer disks and tapes, and all copies thereof. 

7.4. Communication to Third Parties. The Executive agrees that Company will have the right to communicate the terms of this Section 7 to any third parties, including but not limited to, any
prospective employer of the Executive. The Company waives any right to assert any claim for damages against Company or any officer, employee or agent of Company arising from such disclosure of the terms of this Section 7. 

7.5. Independent Obligations. The provisions of this Section 7 will be independent of any other provision of this Agreement. The existence of any claim or cause of action by the Executive
against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense of the enforcement of this Section 7 by the Company. 

7.6. Non-Exclusivity. The Company’s rights and the Executive’s obligations set forth in this Section 7 are in addition to, and not in lieu of, all rights and obligations provided by
applicable statutory or common law. 

	
8. 		
INDEMNIFICATION

	
	 	 
		
8.1. Indemnification of the Executive. The Company agrees to indemnify Executive (and his
heirs, executors, and administrators), and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and regulations, against any and all expenses and liabilities that Executive reasonably incurs in
connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his service as an Executive of the Company or any of its subsidiaries or Affiliates (whether or not he continues to be an Executive at the
time of incurring any such expenses or liabilities). Covered expenses and liabilities include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action
is brought against Executive in his capacity as an Executive of the Company or any of its subsidiaries or Affiliates. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything
in this Section 8.1 to the contrary, the Company will not be required to provide indemnification prohibited by applicable law or regulation. The obligations of this Section 8.1 will survive the term of this Agreement by a period of six
(6) years. “Affiliate” means, with respect to any person or entity, any other person or entity that is directly, or indirectly through one or more intermediaries, controlled by, controlling or under common control with such person
or entity. 

	

8.2. Indemnification of the Company. The Executive will indemnify and keep the Company fully indemnified at all times from and against all claims, suits, proceedings, fines, punishment, loss,
damage, costs and liabilities whatsoever incurred or sustained by the Company in connection with or arising out of or as a consequence of any breach by the Executive of the confidentiality obligations set forth above. 

	
9.  		
FOREIGN CORRUPT PRACTICES ACT.

	

The Company and the Executive each represent and warrant that it is aware of and familiar with the provisions of the Foreign Corrupt Practices Act of 1977, as amended by the Omnibus Trade and Competitiveness Act of 1988 ("FCPA”), and the rules
and regulations thereunder, and its purpose. Each party agrees that it will take no action and make no payment in violation of, or which might cause the Company or the Executive to be in violation of, the FCPA, including, but not limited to, the
making of
unlawful payments to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds. 

	
 	
 
	
10. 		
MISCELLANEOUS.

	
	 	 
		
10.1. Severability. The parties intend this Agreement to be enforced as written. However, (i) if
any portion or provision of this Agreement is to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so declared illegal or unenforceable, will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law and (ii) if any provision,
or part thereof, is held to be unenforceable because of the duration of such provision, the geographic area covered thereby, or other aspect of the scope of such provision, the court making such determination will have the power to reduce the
duration, geographic area of such provision, or other aspect of the scope of such provision, and/or to delete specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled form, such provision will then be enforceable
and will be enforced. 

	

10.2. Assignment. The rights and obligations of this Agreement will bind and inure to the benefit of any successor of the Company by reorganization, merger or consolidation, or any assignee of all
or substantially all of the Company’s business and properties. Neither this Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by the Executive. 

10.3. Entire Agreement. This Agreement represents the entire agreement of the Company and the Executive and will supersede any and all previous contracts, arrangements or understandings. 

10.4. Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Nevada without giving effect to any choice or conflict of law provision or
rule (whether of the State of Nevada or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Nevada. Any legal action or proceeding with respect to this Agreement shall be brought in the
courts of Nevada, or the United States District Court for the State of Nevada. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive
jurisdiction of the aforesaid courts.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the Executive and the authorized representative of China Interactive Education, Inc., execute and enter into this Agreement as of the date first written above. 

EXECUTIVE

__________________________________

Hon Wan Chan 

PRC ID# : _________________________

CHINA INTERACTIVE EDUCATION, INC.

__________________________________

Chen Ruofei 

Chief Executive Officer

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