Document:

Document

Exhibit 4.1 
 
			
	 

GAMBLING.COM GROUP LIMITED
as Company 
AND 
[                                ]
as Trustee 
 
			
	 

INDENTURE 
Dated [                     ] 
 
			
	 

 
			
	 

TABLE OF CONTENTS 
 
																																				
							
	 	  	Page	 
		
	Article I Definitions and Incorporation by Reference	  	 	1	 
	Section 1.01	 	Definitions	  	 	1	 
	Section 1.02	 	Other Definitions	  	 	4	 
	Section 1.03	 	Incorporation of Trust Indenture Act by Reference	  	 	4	 
	Section 1.04	 	Rules of Construction	  	 	4	 
		
	Article II The Securities	  	 	5	 
	Section 2.01	 	Form and Dating	  	 	5	 
	Section 2.02	 	Execution and Authentication	  	 	5	 
	Section 2.03	 	Amount Unlimited; Issuable in Series	  	 	6	 
	Section 2.04	 	Denomination and Date of Securities; Payments of Interest	  	 	7	 
	Section 2.05	 	Registrar and Paying Agent; Agents Generally	  	 	8	 

																																				
	Section 2.06	 	Paying Agent to Hold Money in Trust	  	 	8	 
	Section 2.07	 	Transfer and Exchange	  	 	8	 
	Section 2.08	 	Replacement Securities	  	 	10	 
	Section 2.09	 	Outstanding Securities	  	 	10	 
	Section 2.10	 	Temporary Securities	  	 	11	 
	Section 2.11	 	Cancellation	  	 	11	 
	Section 2.12	 	CUSIP Numbers	  	 	11	 
	Section 2.13	 	Defaulted Interest	  	 	11	 
	Section 2.14	 	Series May Include Tranches	  	 	11	 
		
	Article III Redemption	  	 	11	 
	Section 3.01	 	Applicability of Article	  	 	11	 
	Section 3.02	 	Notice of Redemption; Partial Redemptions	  	 	11	 
	Section 3.03	 	Payment of Securities Called for Redemption	  	 	12	 
	Section 3.04	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	 	13	 
	Section 3.05	 	Mandatory and Optional Sinking Funds	  	 	13	 
		
	Article IV Covenants	  	 	13	 
	Section 4.01	 	Payment of Securities	  	 	13	 
	Section 4.02	 	Maintenance of Office or Agency	  	 	14	 
	Section 4.03	 	Securityholders’ Lists	  	 	14	 
	Section 4.04	 	Certificate to Trustee	  	 	14	 
		
	Article V Successor Corporation	  	 	14	 
	Section 5.01	 	When Company May Merge, Etc	  	 	14	 
	Section 5.02	 	Successor Substituted	  	 	15	 
		
	Article VI Default and Remedies	  	 	15	 
	Section 6.01	 	Events of Default	  	 	15	 
	Section 6.02	 	Acceleration	  	 	15	 
	Section 6.03	 	Other Remedies	  	 	16	 

																																				
	Section 6.04	 	Waiver of Past Defaults	  	 	16	 
	Section 6.05	 	Control by Majority	  	 	16	 
	Section 6.06	 	Limitation on Suits	  	 	17	 
	Section 6.07	 	Rights of Holders to Receive Payment	  	 	17	 
	Section 6.08	 	Collection Suit by Trustee	  	 	17	 
	Section 6.09	 	Trustee May File Proofs of Claim	  	 	17	 
	Section 6.10	 	Application of Proceeds	  	 	17	 
	Section 6.11	 	Restoration of Rights and Remedies	  	 	18	 
	Section 6.12	 	Undertaking for Costs	  	 	18	 
	Section 6.13	 	Rights and Remedies Cumulative	  	 	18	 
	Section 6.14	 	Delay or Omission not Waiver	  	 	18	 
		
	Article VII Trustee	  	 	18	 
	Section 7.01	 	General	  	 	18	 
	Section 7.02	 	Certain Rights of Trustee	  	 	18	 
	Section 7.03	 	Individual Rights of Trustee	  	 	18	 
	Section 7.04	 	Trustee’s Disclaimer	  	 	19	 
	Section 7.05	 	Notice of Default	  	 	20	 
	Section 7.06	 	Reports by Trustee to Holders	  	 	20	 
	Section 7.07	 	Compensation and Indemnity	  	 	20	 
	Section 7.08	 	Replacement of Trustee	  	 	20	 
	Section 7.09	 	Acceptance of Appointment by Successor	  	 	21	 
	Section 7.10	 	Successor Trustee By Merger, Etc	  	 	21	 
	Section 7.11	 	Eligibility	  	 	22	 
	Section 7.12	 	Money Held in Trust	  	 	22	 
		
	Article VIII Satisfaction and Discharge of Indenture; Unclaimed Moneys	  	 	22	 
	Section 8.01	 	Satisfaction and Discharge of Indenture	  	 	22	 
	Section 8.02	 	Application by Trustee of Funds Deposited for Payment of Securities	  	 	23	 

																																				
	Section 8.03	 	Repayment of Moneys Held by Paying Agent	  	 	23	 
	Section 8.04	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	 	23	 
	Section 8.05	 	Defeasance and Discharge of Indenture	  	 	23	 
	Section 8.06	 	Defeasance of Certain Obligations	  	 	23	 
	Section 8.07	 	Reinstatement	  	 	24	 
	Section 8.08	 	Indemnity	  	 	25	 
	Section 8.09	 	Excess Funds	  	 	25	 
	Section 8.10	 	Qualifying Trustee	  	 	25	 
		
	Article IX Amendments, Supplements and Waivers	  	 	25	 
	Section 9.01	 	Without Consent of Holders	  	 	25	 
	Section 9.02	 	With Consent of Holders	  	 	26	 
	Section 9.03	 	Revocation and Effect of Consent	  	 	26	 
	Section 9.04	 	Notation on or Exchange of Securities	  	 	26	 
	Section 9.05	 	Trustee to Sign Amendments, Etc	  	 	27	 
	Section 9.06	 	Conformity with Trust Indenture Act	  	 	27	 
	Section 9.07	 	Conflict with Trust Indenture Act	  	 	27	 
		
	Article X Miscellaneous	  	 	27	 
	Section 10.01	 	Trust Indenture Act of 1939	  	 	27	 
	Section 10.02	 	Notices	  	 	27	 
	Section 10.03	 	Certificate and Opinion as to Conditions Precedent	  	 	28	 
	Section 10.04	 	Statements Required in Certificate or Opinion	  	 	28	 
	Section 10.05	 	Forms of Documents Delivered to Trustee	  	 	28	 
	Section 10.06	 	Evidence of Ownership	  	 	28	 
	Section 10.07	 	Rules by Trustee, Paying Agent or Registrar	  	 	28	 
	Section 10.08	 	Payment Date Other Than a Business Day	  	 	29	 
	Section 10.09	 	Governing Law	  	 	29	 
	 						
	Section 10.10	 	No Adverse Interpretation of Other Agreements	  	 	29	 

																																				
	Section 10.11	 	Successors	  	 	29	 
	Section 10.12	 	Duplicate Originals	  	 	29	 
	Section 10.13	 	Separability	  	 	29	 
	Section 10.14	 	Table of Contents, Headings, Etc.	  	 	29	 
	Section 10.15	 	Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	  	 	29	 
	Section 10.16	 	Force Majeure	  	 	29	 
	Section 10.17	 	Waiver of Jury Trial	  	 	29	 
	Section 10.18	 	Jurisdiction	  	 	29	 
	Section 10.19	 	Withholding Taxes	  	 	30	 

 

INDENTURE, dated as of [            ], 20[    ], between Gambling.com Group Limited., a public limited liability company incorporated in the Channel Island of Jersey, as the Company, and [                        ], as Trustee. 
RECITALS OF THE COMPANY 
WHEREAS, the Company has duly authorized the issue from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Company has duly authorized the execution and delivery of this Indenture; and 
WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 
NOW, THEREFORE:
In consideration of the premises and the purchases of the Securities by the holders thereof, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 
ARTICLE I 
DEFINITIONS AND INCORPORATION BY REFERENCE 
Section 1.01 Definitions. 
“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.
“Agent” means any Registrar, Paying Agent, transfer agent, Authenticating Agent or any other agent appointed hereunder.
“Board Resolution” means one or more resolutions of the board of directors of the Company or any authorized committee thereof, certified by the secretary or an assistant secretary to have been duly adopted and to be in full force and effect on the date of certification, and delivered to the Trustee. 
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New York, with respect to any Security the interest on which is based on the offered quotations in the interbank Eurodollar market for dollar deposits, in London, or with respect to Securities denominated in a specified currency other than United States dollars, in the place of payment established in accordance with Section 2.03(e). 
“Capital Lease” means, with respect to any Person, any lease of any property which, in conformity with IFRS, is required to be capitalized on the balance sheet of such Person. 
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to Article V of this Indenture and thereafter means the successor. 
“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date of this Indenture, located at [                   ]. 
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“Currency Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values to or under which such Person or any of its Subsidiaries is a party or a beneficiary on the date hereof or becomes a party or a beneficiary thereafter. 
“Debt” means, with respect to any Person at any date of determination (without duplication), (i) all indebtedness of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of letters of credit or bankers’ acceptance or other similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations of such Person to pay the deferred purchase price of property or services, except Trade Payables, (v) all obligations of such Person as lessee under Capital Leases, (vi) all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person; provided that, for purposes of determining the amount of any Debt of the type described in this clause, if recourse with respect to such Debt is limited to such asset, the amount of such Debt shall be limited to the lesser of the fair market value of such asset or the amount of such Debt, (vii) all Debt of others Guaranteed by such Person to the extent such Debt is Guaranteed by such Person, (viii) all redeemable stock valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends and (ix) to the extent not otherwise included in this definition, all obligations of such Person under Currency Agreements and Interest Rate Agreements. 
“Default” means any event that is, or after notice or passage of time or both would be, an Event of Default. 
“Depositary” means, with respect to the Securities of any series issuable or issued in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall mean the Depositary with respect to the Global Securities of that series. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Global Security” means a Security evidencing all or a part of a series of Securities, issued to the Depositary or its nominee for such series in accordance with Section 2.02, and bearing the legend prescribed in Section 2.02. 
 
“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keepwell, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
“Holder” or “Securityholder” means the Person shown in the Security Register kept by the Registrar as the registered holder of any Security. 

“IFRS” means International Financial Reporting Standards as issued by the International Accounting Standards Board (or any successor agency), as in effect from time to time.
“Indenture” means this Indenture as originally executed and delivered or as it may be amended or supplemented from time to time by one or more indentures supplemental to this Indenture entered into pursuant to the applicable provisions of this Indenture and shall include the forms and terms of the Securities of each series established as contemplated pursuant to Section 2.01 and 2.03. 
“Interest Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates to or under which such Person or any of its Subsidiaries is a party or a beneficiary on the date hereof or becomes a party or a beneficiary thereafter. 
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“Lien” means, with respect to any property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such property. For purposes of this Indenture, the Company shall be deemed to own subject to a Lien any property which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other title retention agreement relating to such property. 
“Officer” means, with respect to the Company, the chairman of the board of directors, the president or chief executive officer, the chief financial officer, the chief operating officer, any vice president, he treasurer or any assistant treasurer, or the secretary or any assistant secretary. 
“Officers’ Certificate” means a certificate signed in the name of the Company (i) by the chairman of the board of directors, the president or chief executive officer, the chief operating officer or any vice president and (ii) by the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, and delivered to the Trustee. Each such certificate shall include (except as otherwise expressly provided in this Indenture) the statements provided in Section 10.04, if applicable. 
“Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, which is satisfactory in form and substance to the Trustee. Each such opinion shall include the statements provided in Section 10.04, if and to the extent required thereby. 
“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
“Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities. 
 
“Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
“Principal” of a Security means the principal amount of, and, unless the context indicates otherwise, includes any premium payable on, the Security. 
“Responsible Officer” when used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
“Securities” means any of the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under this Indenture. 
“Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which a majority of the capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 
“Trade Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services. 
“Trustee” means the party named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of Article VII and thereafter shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it may be amended from time to time. 
“U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of an agency or 
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instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
“Yield to Maturity” means, as the context may require, the yield to maturity (i) on a series of Securities or (ii) if the Securities of a series are issuable from time to time, on a Security of such series, calculated at the time of issuance of such series in the case of clause (i) or at the time of issuance of such Security of such series in the case of clause (ii), or, if applicable, at the most recent redetermination of interest on such series or on such Security, and calculated in accordance with the constant interest method or such other accepted financial practice as is specified in the terms of such Security. 
 
Section 1.02 Other Definitions. Each of the following terms is defined in the section set forth opposite such term: 
 
															
					
	Term	  	Section	 
	Authenticating Agent
	  	 	2.02	 
	cash transaction
	  	 	7.03	 
	Event of Default
	  	 	6.01	 
	mandatory sinking fund payment
	  	 	3.05	 
	optional sinking fund payment
	  	 	3.05	 
	Paying Agent
	  	 	2.05	 
	record date
	  	 	2.04	 
	Registrar
	  	 	2.05	 
	Security Register
	  	 	2.05	 
	self-liquidating paper
	  	 	7.03	 
	sinking fund payment date
	  	 	3.05	 
	tranche
	  	 	2.14	 

Section 1.03 Incorporation of Trust Indenture Act by Reference. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. The following terms used in this Indenture that are defined by the Trust Indenture Act have the following meanings: 
“indenture securities” means the Securities; 
“indenture security holder” means a Holder or a Securityholder; 
“indenture to be qualified” means this Indenture; 
“indenture trustee” or “institutional trustee” means the Trustee; and 
“obligor” on the indenture securities means the Company or any other obligor on the Securities. 
All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by reference in the Trust Indenture Act to another statute or defined by a rule of the Commission and not otherwise defined herein have the meanings assigned to them therein. 
Section 1.04 Rules of Construction. Unless the context otherwise requires: 
(a) an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS; 
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(b) words in the singular include the plural, and words in the plural include the singular; 
(c) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
(d) all references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated; and 
 
(e) use of masculine, feminine or neuter pronouns should not be deemed a limitation, and the use of any such pronouns should be construed to include, where appropriate, the other pronouns. 
ARTICLE II 
THE SECURITIES 
Section 2.01 Form and Dating. The Securities of each series shall be substantially in such form or forms (not inconsistent with this Indenture) as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law, or with any rules of any securities exchange or usage, all as may be determined by the Officers executing such Securities as evidenced by their execution of the Securities. 
Section 2.02 Execution and Authentication. Two Officers shall execute the Securities for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
The Trustee, at the expense of the Company, may appoint an authenticating agent (the “Authenticating Agent”) to authenticate Securities. The Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent. 
A Security shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on the Security by an authorized signatory. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order of the Company. In authenticating any Securities of a series, the Trustee shall be entitled to receive prior to the authentication of any Securities of such series, and (subject to Article VII) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked: 
(a) any Board Resolution and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and terms of the Securities of that series were established; 
(b) an Officers’ Certificate stating that the form or forms and terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein, established in compliance with this Indenture; and 
(c) an Opinion of Counsel substantially to the effect that the form or forms and terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein, established in compliance with this Indenture and that the supplemental indenture, to the extent applicable, and Securities have been duly authorized and, if authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by the purchasers thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting creditors’ rights generally, general principles of equity, and covering such other matters as shall be specified therein and as shall be reasonably requested by the Trustee. 
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The Trustee shall not be required to authenticate such Securities if the Trustee reasonably determines that the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture in any material respect or may not be lawfully taken. 
Notwithstanding the provisions of Sections 2.01 and 2.02, if, in connection with a Periodic Offering, all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Board Resolution otherwise required pursuant to Section 2.01 or the written order of the Company, Officers’ Certificate and Opinion of Counsel otherwise required pursuant to Section 2.02 at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.01 and 2.02, as applicable, in connection with the first authentication of Securities of such series. 
If the Company shall establish pursuant to Section 2.03 that the Securities of a series or a portion thereof are to be issued in the form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate Principal amount of all of the Securities of such series issued in such form and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.” 
Section 2.03 Amount Unlimited; Issuable in Series. The aggregate Principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, prior to the initial issuance of Securities of any series, subject to the last sentence of this Section 2.03: 
(a) the designation of the Securities of the series, which shall distinguish the Securities of the series from the Securities of all other series; 
(b) any limit upon the aggregate Principal amount of the Securities of the series that may be authenticated and delivered under this Indenture and any limitation on the ability of the Company to increase such aggregate Principal amount after the initial issuance of the Securities of that series (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, or upon redemption of, other Securities of the series pursuant hereto); 
 
(c) the date or dates on which the Principal of the Securities of the series is payable (which date or dates may be fixed or extendible); 
(d) the rate or rates (which may be fixed or variable) per annum at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable and on which a record shall be taken for the determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 
(e) if other than as provided in Section 4.02, the place or places where the Principal of and any interest on Securities of the series shall be payable, any Securities of the series may be surrendered for exchange, and notices, demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 
(f) the right, if any, of the Company to redeem Securities of the series, in whole or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant to any sinking fund or otherwise; 
(g) the obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and any of the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
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(h) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable; 
(i) if other than the Principal amount thereof, the portion of the Principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof; 
(j) if other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which payment of the Principal of or interest on the Securities of the series shall be payable or if the amount of payments of Principal of and/or interest on the Securities of the series may be determined with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined; 
(k) if other than the currency of the United States of America, the currency or currencies, including composite currencies, in which payment of the Principal of and interest on the Securities of the series shall be payable, and the manner in which any such currencies shall be valued against other currencies in which any other Securities shall be payable; 
(l) whether the Securities of the series or any portion thereof will be issuable as Global Securities; 
(m) whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a Person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem such Securities rather than pay such additional amounts; 
 
(n) if the Securities of the series are to be issuable in definitive, non-global form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 
(o) any trustees, depositaries, authenticating or paying agents, transfer agents or the registrar or any other agents with respect to the Securities of the series; 
(p) provisions, if any, for the defeasance of the Securities of the series (including provisions permitting defeasance of less than all Securities of the series), which provisions may be in addition to, in substitution for, or in modification of (or any combination of the foregoing) the provisions of Article VIII; 
(q) if the Securities of the series are issuable in whole or in part as one or more Global Securities, the identity of the Depositary or common Depositary for such Global Securities; 
(r) any other Events of Default or covenants with respect to the Securities of the series; and 
(s) any other terms of the Securities of the series. 
All Securities of any one series shall be substantially identical, except as to date and denomination, except in the case of any Periodic Offering and except as may otherwise be provided by or pursuant to the Board Resolution referred to above or as set forth in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution or in any such indenture supplemental hereto and any forms and terms of Securities to be issued from time to time may be completed and established from time to time prior to the issuance thereof by procedures described in such Board Resolution or supplemental indenture. 
Unless otherwise expressly provided with respect to a series of Securities, the aggregate Principal amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate Principal amount authorized with respect to such series as increased. 
Section 2.04 Denomination and Date of Securities; Payments of Interest. The Securities of each series shall be issuable in denominations established as contemplated by Section 2.03 or, if not so established with respect to Securities of any series, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the Officers of the Company executing the same may determine, as evidenced by their execution thereof. 
Unless otherwise specified with respect to a series of Securities, each Security shall be dated the date of its authentication. The Securities of each series shall bear interest, if any, from the date, and such interest shall be payable on the dates, established as contemplated by Section 2.03. 
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The Person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except a date for payment of defaulted interest. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such series established as contemplated by Section 2.03, or, if no such date is so established, the fifteenth day next preceding such interest payment date, whether or not such record date is a Business Day. 
 
Section 2.05 Registrar and Paying Agent; Agents Generally. The Company shall maintain an office or agency where Securities may be presented for registration, registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Company shall cause the Registrar to keep a register of the Securities and of their registration, transfer and exchange (the “Security Register”). The Company may have one or more additional Paying Agents or transfer agents with respect to any series. 
The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agent agreement shall implement the provisions of this Indenture and the Trust Indenture Act that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any Agent and any change in the name or address of an Agent. If the Company fails to maintain at least one Registrar or Paying Agent, the Trustee shall act as such. The Company may remove any Agent upon written notice to such Agent and the Trustee and any Agent may resign upon written notice to the Company and the Trustee. The Company or any Affiliate of the Company may act as Paying Agent or Registrar; provided that neither the Company nor an Affiliate of the Company shall act as Paying Agent in connection with the defeasance of the Securities or the discharge of this Indenture under Article VIII. 
The Company initially appoints the Trustee as Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee is not the Registrar, the Registrar shall make available to the Trustee [    ] days prior to each interest payment date and at such other times as the Trustee may reasonably request the names and addresses of the Holders as they appeared in the Security Register on the record date for such interest payment date. 
Section 2.06 Paying Agent to Hold Money in Trust. Not later than 10:00 a.m. New York City time on the due date of any Principal or interest on any Securities, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such Principal or interest. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall (i) hold in trust for the benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent for the payment of Principal of and interest on such Securities, (ii) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (iii) shall promptly notify the Trustee of any default by the Company (or any other obligor upon the Securities of that series) in timely making any such payment. The Company at any time may, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Paying Agent. Upon doing so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or any Affiliate of the Company acts as Paying Agent, it will, in accordance with the times set forth above, segregate and hold in a separate trust fund for the benefit of the Holders thereof a sum of money sufficient to pay such Principal or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly notify the Trustee of its action or failure to act as required by this Section. 
Section 2.07 Transfer and Exchange. At the option of the Holder thereof, Securities of any series (other than a Global Security, except as set forth below) may be exchanged for a Security or Securities of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of such Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
Upon surrender for registration of transfer of any Security of a series at the agency of the Company that shall be maintained for that purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate Principal amount. 
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All Securities presented for registration of transfer, exchange, redemption or payment shall be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder or his attorney duly authorized in writing. 
The Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
Notwithstanding any other provision of this Section 2.07, unless and until it is exchanged in whole or in part for Securities in definitive registered form, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
None of the Trustee or any Agent shall: (i) have any duty to monitor compliance with or with respect to any securities or tax laws (including but not limited to any U.S. federal or state or other securities or tax laws) or (ii) except as specifically provided herein, have any duty to obtain documentation on any transfers or exchanges of the Securities. 
If at any time the Depositary for any Global Securities of any series notifies the Company that it is unwilling or unable to continue as Depositary for such Global Securities or if at any time the Depositary for such Global Securities shall no longer be eligible under applicable law, the Company shall appoint a successor Depositary eligible under applicable law with respect to such Global Securities. If a successor Depositary eligible under applicable law for such Global Securities is not appointed by the Company within [     ] days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive non-global Securities of such series and tenor, will authenticate and deliver definitive non-global Securities of such series and tenor, in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Global Securities, in exchange for such Global Securities. 
The Company may at any time and in its sole discretion and subject to the procedures of the Depositary determine that any Global Securities of any series shall no longer be maintained in global form. In such event the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive non-global Securities of such series and tenor, will authenticate and deliver, definitive non global Securities of such series and tenor in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Global Securities, in exchange for such Global Securities. 
 
Any time the Securities of any series are not in the form of Global Securities pursuant to the preceding two paragraphs, the Company agrees to supply the Trustee with a reasonable supply of definitive non-global Securities without the legend required by Section 2.02 and the Trustee agrees to hold such Securities in safekeeping until authenticated and delivered pursuant to the terms of this Indenture. 
If established by the Company pursuant to Section 2.03 with respect to any Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and tenor in definitive registered form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge: 
(a) to the Person specified by such Depositary new definitive non-global Securities of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate Principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 
(b) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the Principal amount of the surrendered Global Security and the aggregate Principal amount of definitive non-global Securities authenticated and delivered pursuant to paragraph (a) above. 
Definitive non-global Securities issued in exchange for a Global Security pursuant to this Section 2.07 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security shall instruct pursuant to written instructions from its direct or indirect participants to the Trustee. The Trustee shall deliver such Securities to or as directed in writing by the Persons in whose names such Securities are so registered. 
All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.
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The Registrar shall not be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series for a period of [    ] days before a selection of such Securities to be redeemed or (ii) to register the transfer of or exchange any Security selected for redemption in whole or in part. 
None of the Company, the Trustee nor any Agent will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial interests in any Global Securities or for maintaining, supervising or reviewing any records relating to such beneficial interests. 
Section 2.08 Replacement Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver, in exchange for such mutilated Security, a new Security of the same series and of like tenor and Principal amount and bearing a number not contemporaneously outstanding. 
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and Principal amount and bearing a number not contemporaneously outstanding. 
 
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee and any agent of them of the destruction, loss or theft of such Security and the ownership thereof. 
Upon the issuance of any new Security under this Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security or in exchange for any mutilated Security, shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
The provisions of this Section are exclusive and shall preclude (to the extent lawful) any other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
Section 2.09 Outstanding Securities. Securities outstanding at any time are all Securities that have been authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those described in this Section as not outstanding and those that have been defeased pursuant to Section 8.05. 
If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser. 
If the Paying Agent (other than the Company or an Affiliate of the Company) holds on the maturity date or any redemption date or date for repurchase of the Securities money sufficient to pay Securities payable or to be redeemed or repurchased on that date, then on and after that date such Securities cease to be outstanding and interest on them shall cease to accrue. 
A Security does not cease to be outstanding because the Company or one of its Affiliates holds such Security, provided, however, that, in determining whether the Holders of the requisite Principal amount of the outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities as to which a Responsible Officer of the Trustee has received written notice to be so owned shall be so disregarded. Any Securities so owned which are pledged by the Company, or by any Affiliate of the Company, as security for loans or other obligations, otherwise than to another such Affiliate of the Company, shall be deemed to be outstanding, if the pledgee is entitled pursuant to the terms of its pledge agreement and is free to exercise in its or his discretion the right to vote such securities, uncontrolled by the Company or by any such Affiliate. 
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Section 2.10 Temporary Securities. Until definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially in the form of definitive Securities of such series but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities. If temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities of any series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series and tenor upon surrender of such temporary Securities at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like Principal amount of definitive Securities of such series and tenor and authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series. 
Section 2.11 Cancellation. The Company at any time may deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold. The Registrar, any transfer agent and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee shall cancel and dispose of in accordance with its customary procedures all Securities surrendered for transfer, exchange, payment or cancellation and shall deliver a certificate of disposition to the Company. The Company may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee for cancellation. 
Section 2.12 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” and/or “CINS” numbers (if then generally in use), and the Trustee shall use CUSIP numbers, ISIN numbers or CINS numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption or exchange. 
Section 2.13 Defaulted Interest. If the Company defaults in a payment of interest on the Securities, it shall pay, or shall deposit with the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest plus (to the extent lawful) any interest payable on the defaulted interest (as may be specified in the terms thereof, established pursuant to Section 2.03) to the Persons who are Holders on a subsequent special record date, which shall mean the [   ]th day next preceding the date fixed by the Company for the payment of defaulted interest, whether or not such day is a Business Day. At least [    ] days before such special record date, the Company shall mail to each Holder of such Securities and to the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
Section 2.14 Series May Include Tranches. A series of Securities may include one or more tranches (each a “tranche”) of Securities, including Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different terms, including authentication dates and public offering prices, but all the Securities within each such tranche shall have identical terms, including authentication date and public offering price. Notwithstanding any other provision of this Indenture, with respect to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof), 2.03, 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05, 4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and Section 10.08, if any series of Securities includes more than one tranche, all provisions of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities in the same manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections which provide for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and permit such action to be taken instead only with respect to Securities of one or more tranches within that series (and such provisions shall be deemed satisfied thereby), even if no comparable action is taken with respect to Securities in the remaining tranches of that series. 
 
ARTICLE III 
REDEMPTION 
Section 3.01 Applicability of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 
Section 3.02 Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first class mail, postage prepaid or electronic delivery, at least [    ] days and not more than 
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[     ] days prior to the date fixed for redemption (except that a redemption notice may be mailed or electronically delivered more than [      ] days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities of such series or a satisfaction and discharge of this Indenture for such series) to such Holders of Securities of such series at their last addresses as they shall appear upon the Security Register. Any redemption notice may, in the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. If such redemption is subject to the satisfaction of one of more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), such redemption may not occur and such notice may be rescinded in the event that any or all of such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date so delayed. Any notice which is sent in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail or electronic delivery, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such series. 
The notice of redemption to each such Holder shall specify the Principal amount of each Security of such series held by such Holder to be redeemed, the CUSIP numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the manner of calculation thereof, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, and, in the case of Securities with coupons attached thereto, of all coupons appertaining thereto maturing after the date fixed for redemption, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to, but excluding, the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue and that such Securities subject to such redemption shall cease to be outstanding and the Holders thereof shall have no rights with respect thereto other than the right to receive the redemption price upon presentment and surrender. In case any Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the Principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series and tenor in Principal amount equal to the unredeemed portion thereof will be issued. 
The notice of redemption of Securities of any series to be redeemed at the option of the Company shall be given by the Company or, at the Company’s written request made at least [   ] Business Days (or such shorter period as agreed by the Trustee) prior to the date on which notice is to be given, by the Trustee in the name and at the expense of the Company. 
 
On or before 10:00 a.m. New York City time on the redemption date specified in the notice of redemption given as provided in this Section, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.06) an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to, but excluding, the date fixed for redemption. 
If less than all the Securities of a series are to be redeemed, (i) if the Securities are held by a Depositary, the applicable operational procedures of the Depositary for selection of Securities for redemption will apply and (ii) if the Securities are not held by a Depositary, the Trustee shall select, pro rata, by lot or in such manner as it shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in Principal amounts equal to authorized denominations for Securities of such series. The Trustee shall promptly notify the Company and Paying Agent in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the Principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the Principal amount of such Security which has been or is to be redeemed. 
Section 3.03 Payment of Securities Called for Redemption. Subject to Section 3.02, if notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption, and on and after such date (unless the Company shall default in the payment of such Securities or portions thereof at the redemption price, together with interest accrued to, but excluding, such date) any interest on the Securities or portions of Securities so called for redemption shall cease to accrue, the unmatured coupons, if any, appertaining thereto shall be void and, except as provided in Sections 7.12 and 8.02, such Securities shall be deemed not to be outstanding and shall cease from and after the date fixed for redemption to be entitled to any benefit under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, 
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together with all coupons, if any, appertaining thereto maturing after the dated fixed for redemption, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to, but excluding, the date fixed for redemption; provided that payment of interest becoming due on or prior to the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.04 hereof. 
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the Principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 
Upon presentation and surrender of any Security of any series redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities of such series and tenor (with any unmatured coupons attached), of authorized denominations, in Principal amount equal to the unredeemed portion of the Security so presented. 
Section 3.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized Officer of the Company and delivered to the Trustee at least [     ] days prior to the last date on which notice of redemption may be given as being owned of record or beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an Affiliate of the Company.
			
	

Section 3.05 Mandatory and Optional Sinking Funds. The provisions of this Section shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified in the Officers’ Certificate or indenture supplemental hereto for such Securities. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an “optional sinking fund payment.” The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date.” 
In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Company may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except through a mandatory sinking fund payment) by the Company or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Company and delivered to the Trustee for cancellation pursuant to Section 2.11, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Company at the option of the Company pursuant to the terms of such Securities or through any optional sinking fund payment. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities and the amount of such sinking fund payment shall be reduced accordingly. 
On or before the sixtieth day next preceding each sinking fund payment date for any series, or such shorter period as shall be acceptable to the Trustee, the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities and (b) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of specified Securities of such series and the basis for such credit. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.11 to the Trustee with such Officers’ Certificate (or reasonably promptly thereafter if acceptable to the Trustee). 
ARTICLE IV 
COVENANTS 
Section 4.01 Payment of Securities. The Company shall pay the Principal of and interest on the Securities on the dates and in the manner provided in the Securities and this Indenture. The interest on Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to the Holders thereof (subject to Section 2.04) and at the option of the Company may be paid by mailing checks for such interest payable 
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to or upon the written order of such Holders at their last addresses as they appear on the Security Register of the Company. 
Notwithstanding any provisions of this Indenture and the Securities of any series to the contrary, if the Company and a Holder of any Security so agree, payments of interest on, and any portion of the Principal of, such Holder’s Security (other than interest payable at maturity or on any redemption or repayment date or the final payment of Principal on such Security) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by [     ] A.M., New York City time on the payment date (or such other time as may be agreed to between the Company and the Paying Agent), directly to the Holder of at least $500,000 in aggregate Principal amount of Securities (by Federal funds wire transfer or otherwise) if such Holder has delivered written instructions to the Trustee [   ] days prior to such payment date requesting that such payment be so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal, surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same Principal amount as the unredeemed Principal amount of the Securities surrendered. The Trustee shall be entitled to rely on the last instruction delivered by the Holder pursuant to this Section 4.01 unless a new instruction is delivered [    ] days prior to a payment date. 
The Company shall pay interest on overdue Principal, and interest on overdue installments of interest, to the extent lawful, at the rate per annum specified in the Securities. 
Section 4.02 Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York an office or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company hereby initially designates the Corporate Trust Office of the Trustee, located in New York, New York, as such office or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 10.02. 
The Company may also from time to time designate one or more other offices or agencies where the Securities of any series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
Section 4.03 Securityholders’ Lists. The Company will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the holders of the Securities pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than [   ] days after each record date for the payment of semi-annual interest on the Securities, as hereinabove specified, as of such record date, and (b) at such other times as the Trustee may request in writing, within [    ] days after receipt by the Company of any such request as of a date not more than [    ] days prior to the time such information is furnished. 
Section 4.04 Certificate to Trustee. The Company will furnish to the Trustee annually, on or before a date not more than four months after the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not contain the statements required by Section 10.04) from its principal executive, financial or accounting officer as to his or her knowledge of the compliance of the Company with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture) which certificate shall comply with the requirements of the Trust Indenture Act. 
 
ARTICLE V 
SUCCESSOR CORPORATION 
Section 5.01 When Company May Merge, Etc. The Company shall not consolidate with, merge with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (in one transaction or a series of related transactions) to, any Person unless either (x) the Company shall be the continuing Person or (y) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or to which properties and assets of the Company shall be sold, assigned, conveyed, transferred or leased shall be a corporation, partnership or limited liability company organized and validly existing under the laws of the United States of America or any jurisdiction thereof and shall assume all of the obligations of the Company on all of 
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the Securities and under this Indenture pursuant to documents in such form as are reasonably satisfactory to the Trustee, provided that if the Person is a partnership or limited liability company, then a corporation wholly-owned by such Person organized or existing under the laws of the United States or any jurisdiction thereof that does not and will not have any material assets or operations shall become a co-issuer of the Securities pursuant to a supplemental indenture duly executed by the Trustee; and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing. 
This Section 5.01 will not apply to: 
(a) a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction or forming a direct holding company of the Company; and 
(b) any sale, transfer, assignment, conveyance, lease or other disposition of assets between or among the Company and its Subsidiaries, including by way of merger or consolidation. 
Section 5.02 Successor Substituted. Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and thereafter the predecessor Person, except in the case of a lease, shall be relieved of all obligations and covenants under this Indenture and the Securities. 
ARTICLE VI 
DEFAULT AND REMEDIES 
Section 6.01 Events of Default. An “Event of Default” shall occur with respect to the Securities of any series if: 
(a) the Company defaults in the payment of the Principal of the Securities of such series when the same becomes due and payable; 
(b) the Company defaults in the payment of interest on the Securities of such series when the same becomes due and payable, and such default continues for a period of 30 days; 
(c) the Company defaults in the performance of or breaches any other covenant or agreement of the Company in this Indenture with respect to the Securities of such series and such default or breach continues for a period of [   ] consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of [    ]% or more in aggregate Principal amount of the Securities of all series affected thereby specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 
(d) a court having jurisdiction in the premises shall enter a decree or order for relief against the Company in an involuntary case under any applicable bankruptcy law now or hereafter in effect, or appointing a custodian of the Company or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of [   ] consecutive days; 
(e) the Company (i) commences a voluntary case under any applicable bankruptcy law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of a custodian of it or for all or substantially all of the property and assets of the Company or (iii) effects any general assignment for the benefit of creditors; or 
(f) any other Event of Default established pursuant to Section 2.03 with respect to the Securities of such series occurs.
Section 6.02 Acceleration. (a) If an Event of Default other than as described in paragraphs (d) or (e) of Section 6.01 with respect to the Securities of any series then outstanding occurs and is continuing, then, and in each such case, except for any series of Securities the Principal of which shall have already become due and payable, either the Trustee or the Holders of not less than [    ]% in aggregate Principal amount of the Securities of any such series then outstanding hereunder (each such series treated as a separate class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire Principal (or, if the Securities of any such series are Original Issue Discount Securities, such portion of the Principal amount as may be specified in the terms 
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of such series established pursuant to Section 2.03) of all Securities of such series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable.
(b) If an Event of Default described in paragraph (d) or (e) of Section 6.01 occurs and is continuing, then the Principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the Principal as may be specified in the terms thereof established pursuant to Section 2.03) of all the Securities then outstanding and interest accrued thereon, if any, shall be and become immediately due and payable, without any notice or other action by any Holder or the Trustee. 
The foregoing provisions, however, are subject to the condition that if, at any time after the Principal (or, if the Securities are Original Issue Discount Securities, such portion of the Principal as may be specified in the terms thereof established pursuant to Section 2.03) of the Securities of any series (or of all the Securities, as the case may be) shall have been so declared or become due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained by the Trustee as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all overdue installments of interest upon all the Securities of each such series (or of all the Securities, as the case may be) and the Principal of any and all Securities of each such series (or of all the Securities, as the case may be) which shall have become due otherwise than by such declaration and acceleration (with interest upon such Principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of each such series to the date of such payment or deposit) and such amount as shall be sufficient to cover all amounts owing the Trustee under Section 7.07, and if any and all Events of Default under the Indenture, other than the non-payment of the Principal of Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate Principal amount of all the then outstanding Securities of all such series that have been accelerated (voting as a single class), by written notice to the Company and to the Trustee, may waive all defaults with respect to all such series (or with respect to all the Securities, as the case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon. 
For all purposes under this Indenture, if a portion of the Principal of any Original Issue Discount Securities shall have been accelerated and declared or become due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the Principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the Principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the Principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
Section 6.03 Other Remedies. If a payment default or an Event of Default with respect to the Securities of any series occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of Principal of and interest on the Securities of such series or to enforce the performance of any provision of the Securities of such series or this Indenture. 
The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. 
Section 6.04 Waiver of Past Defaults. Subject to Sections 6.02, 6.07 and 9.02, the Holders of at least a majority in Principal amount (or, if the Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02) of the outstanding Securities of all series affected (voting as a single class), by notice to the Trustee, may, on behalf of the Holders of all of the Securities of such series, waive an existing Default or Event of Default with respect to the Securities of such series and its consequences, except a Default in the payment of Principal of or interest on any Security as specified in paragraph (a) or (b) of Section 6.01 or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default with respect to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of this Indenture and the Company, Trustee and Holders restored to their former position and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
Section 6.05 Control by Majority. Subject to Sections 7.01 and 7.02(e), the Holders of at least a majority in aggregate Principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02) of the outstanding Securities of all series affected (voting as a single class) 
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may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided, that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction; and provided further, that the Trustee may take any other action it deems proper that is not inconsistent with any directions received from Holders of Securities pursuant to this Section 6.05. 
 
Section 6.06 Limitation on Suits. No Holder of any Security of any series may institute any proceeding, judicial or otherwise, in equity or at law, with respect to this Indenture or the Securities of such series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
(a) such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Securities of such series; 
(b) the Holders of at least [   ]% in aggregate Principal amount of outstanding Securities of all such series affected shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
(c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request; 
(d) the Trustee for [    ] days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
(e) during such [   ]-day period, the Holders of a majority in aggregate Principal amount of the outstanding Securities of all such affected series have not given the Trustee a direction that is inconsistent with such written request.
A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 
Section 6.07 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of Principal of or interest, if any, on such Holder’s Security on or after the respective due dates expressed on such Security, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
Section 6.08 Collection Suit by Trustee. If an Event of Default with respect to the Securities of any series in payment of Principal or interest specified in paragraph (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount (or such portion thereof as specified in the terms established pursuant to Section 2.03 of Original Issue Discount Securities) of Principal of, and accrued interest remaining unpaid on, together with interest on overdue Principal specified in such Securities, and such further amount as shall be sufficient to cover all amounts owing the Trustee under Section 7.07, except for such amounts arising out of the Trustee’s negligence or bad faith. 
Section 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for amounts due the Trustee under Section 7.07) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled and empowered to collect and receive any moneys, securities or other property payable or deliverable upon conversion or exchange of the Securities or upon any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it under Section 7.07, except for such amounts arising out of the Trustee’s negligence or bad faith. Nothing herein contained shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 
Section 6.10 Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of the Securities of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of Principal or interest, upon presentation of the several Securities in respect of which moneys have been collected and noting thereon the payment, or issuing Securities of such series and tenor in reduced Principal amounts in exchange for the presented Securities of such series and tenor if only partially paid, or upon surrender thereof if fully paid: 
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FIRST: To the payment of all amounts due the Trustee under Section 7.07 applicable to the Securities of such series in respect of which moneys have been collected; 
SECOND: To Holders of Securities of the applicable series for amounts due and unpaid on such Securities for Principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities of such series for Principal and interest, respectively; and 
THIRD: To the payment of the remainder, if any, to the Company or any other party as a court of competent jurisdiction shall direct. 
Section 6.11 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and the Holders shall continue as though no such proceeding had been instituted. 
Section 6.12 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, in either case in respect to the Securities of any series, a court may require any party litigant in such suit to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit by a Holder pursuant to Section 6.07, a suit instituted by the Trustee or a suit by Holders of more than [    ]% in Principal amount of the outstanding Securities of such series. 
Section 6.13 Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
Section 6.14 Delay or Omission not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Subject to Section 6.06, every right and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 
ARTICLE VII 
TRUSTEE 
Section 7.01 General. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act and as set forth herein. Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in this Indenture and any applicable supplemental indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. In case an Event of Default has occurred and is continuing with respect to a series of Securities, the Trustee shall exercise those rights and powers vested in it by this Indenture and any applicable supplemental indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article VII. 
Section 7.02 Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d): 
(a) the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, Officers’ Certificate, Opinion of Counsel, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper 
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person or persons. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit; 
(b) before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel, which shall conform to Section 10.04 and shall cover such other matters as the Trustee may reasonably request. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. Subject to Sections 7.01 and 7.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee; 
(c) the Trustee may act through its attorneys and agents not regularly in its employ and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care; 
(d) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Company; 
(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it in its sole discretion against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction; 
 
(f) the Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers under this Indenture; provided that the Trustee’s conduct does not constitute negligence or bad faith; 
(g) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
(h) prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate, Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate Principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity satisfactory to it against such expenses or liabilities as a condition to proceeding; 
(i) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the specimen signatures and the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture; 
(j) in no event shall the Trustee be responsible or liable for special, indirect, consequential or punitive loss or damage of any kind whatsoever (including, but not limited to, loss of profit); and 
(k) delivery of such information, documents or reports to the Trustee pursuant to this Article 7 is for informational purposes only and the Trustee’s receipt thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including, in the case of Section 7.02(d), the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 
Section 7.03 Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall mean: 
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(a) “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 
(b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
Section 7.04 Trustee’s Disclaimer. The recitals contained herein and in the Securities (except the Trustee’s certificate of authentication) shall be taken as statements of the Company and not of the Trustee and the Trustee assumes no responsibility for the correctness of the same. Neither the Trustee nor any of its agents (a) makes any representation as to the validity or adequacy of this Indenture, the Securities or any offering materials and (b) shall be accountable for the Company’s use or application of the proceeds from the Securities.
Section 7.05 Notice of Default. If any Default with respect to the Securities of any series occurs and is continuing and if such Default is known to the actual knowledge of a Responsible Officer with the Corporate Trust Office of the Trustee, the Trustee shall give to each Holder of Securities of such series notice of such Default within [    ] days after it occurs to all Holders of Securities of such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless such Default shall have been cured or waived before the mailing of such notice; provided, however, that, except in the case of a Default in the payment of the Principal of or interest on any Security, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
Section 7.06 Reports by Trustee to Holders. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within [   ] days after each [        ] following the date of this Indenture, deliver to Holders a brief report, dated as of such [        ], which complies with the provisions of such Section 313(a). 
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee in writing when any Securities are listed on any stock exchange. 
Section 7.07 Compensation and Indemnity. The Company shall pay to the Trustee such compensation as shall be agreed upon in writing from time to time for its services. The compensation of the Trustee shall not be limited by any law on compensation of a Trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, except for any such expense, disbursement or advance as may arise from its negligence or bad faith. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
Subject to the satisfaction of the Trustee in its sole discretion, the Company shall indemnify the Trustee for, and hold it harmless against, any loss, liability, damage, claim or expense incurred by it without negligence, bad faith or willful misconduct on its part arising out of or in connection with the acceptance or administration of this Indenture and the Securities or the issuance of the Securities or any series or tranches thereof or the trusts hereunder and the performance of duties or the exercise of its rights under this Indenture and the Securities; provided that the Company need not pay for any settlement made without its consent. 
 
To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay Principal of, and interest on particular Securities. 
The obligations of the Company under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture or the rejection or termination of this Indenture under bankruptcy law and/or the resignation or removal of the Trustee and/or the payment of Securities. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and the Securities are hereby subordinated to such senior claim. Without prejudice to any other rights available to the Trustee under applicable law, if the Trustee renders services 
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and incurs expenses following an Event of Default under Section 6.01(d) or Section 6.01(e) hereof, the parties hereto and the holders by their acceptance of the Securities hereby agree that such expenses are intended to constitute expenses of administration under any bankruptcy law. 
Section 7.08 Replacement of Trustee. A resignation or removal of the Trustee as Trustee with respect to the Securities of any series and appointment of a successor Trustee as Trustee with respect to the Securities of any series shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
The Trustee may resign as Trustee with respect to the Securities of any series at any time by so notifying the Company in writing no less than [   ] days in advance. The Holders of a majority in Principal amount of the outstanding Securities of any series may remove the Trustee as Trustee with respect to the Securities of such series by so notifying the Trustee in writing and may appoint a successor Trustee with respect thereto with the consent of the Company. The Company may remove the Trustee as Trustee with respect to the Securities of any series, upon [   ] days’ written notice, if: (i) the Trustee is no longer eligible under Section 7.11 of this Indenture; (ii) the Trustee is adjudged a bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. 
If the Trustee resigns or is removed as Trustee with respect to the Securities of any series, or if a vacancy exists in the office of Trustee with respect to the Securities of any series for any reason, the Company shall promptly appoint a successor Trustee with respect thereto. Within one year after the successor Trustee takes office, the Holders of a majority in Principal amount of the outstanding Securities of such series may appoint a successor Trustee in respect of such Securities to replace the successor Trustee appointed by the Company. If the successor Trustee with respect to the Securities of any series does not deliver its written acceptance required by Section 7.09 within [   ] days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in Principal amount of the outstanding Securities of such series may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect thereto. 
The Company shall give notice of any resignation and any removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee in respect of the Securities of such series to all Holders of Securities of such series. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 
Notwithstanding replacement of the Trustee with respect to the Securities of any series pursuant to this Section 7.08 and Section 7.09, the Company’s obligations under Section 7.07 shall survive and continue for the benefit of the retiring Trustee. 
 
Section 7.09 Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to the lien provided for in Section 7.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, 
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trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be eligible under this Article and qualified under Section 310(b) of the Trust Indenture Act. 
Section 7.10 Successor Trustee By Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business (including this transaction) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein. 
Section 7.11 Eligibility. This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Section 310(a). The Trustee shall have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 
 
Section 7.12 Money Held in Trust. The Trustee shall not be liable for the investment of or the payment of any interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article VIII of this Indenture. 
ARTICLE VIII 
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 
Section 8.01 Satisfaction and Discharge of Indenture. If at any time (a) the Company shall have paid or caused to be paid the Principal of and interest on all the Securities of any series outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.08) as and when the same shall have become due and payable, or (b) the Company shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.08) or (c) (i) all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any Paying Agent to the Company in accordance with Section 8.04) or U.S. Government Obligations, maturing as to Principal and interest in such amounts and at such times as will insure (without consideration of the reinvestment of such interest) the availability of cash, or a combination thereof, sufficient to pay at maturity or upon redemption all Securities of such series (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.08) not theretofore delivered to the Trustee for cancellation, including Principal and interest due or to become due on or prior to such date of maturity or redemption as the case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange of securities of such series, and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders to receive payments of Principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, protections, indemnities and immunities of the Trustee and each Agent hereunder and (v) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on written demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided, that the rights of Holders of the Securities to receive amounts in respect of Principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules 
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or policies of any securities exchange upon which the Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such series. 
Section 8.02 Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 8.04, all moneys (including U.S. Government Obligations and the proceeds thereof) deposited with the Trustee pursuant to Section 8.01, Section 8.05 or Section 8.06 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for Principal and interest; but such money need not be segregated from other funds except to the extent required by law. 
Section 8.03 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to such series of Securities shall, upon written demand of the Company, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
Section 8.04 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the Principal of or interest on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such Principal or interest shall have become due and payable, shall, upon the written request of the Company and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company by the Trustee for such series or such Paying Agent, or (if then held by the Company) shall be discharged from such trust; and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter, as an unsecured general creditor, look only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys, and all liability of the Company as trustee thereof (if applicable), shall thereupon cease. 
Section 8.05 Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any and all obligations in respect of the Securities of any series, on the date the conditions set forth below are satisfied, and the provisions of this Indenture shall no longer be in effect with respect to the Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights of registration of transfer and exchange, and the Company’s right of optional redemption, (b) substitution of apparently mutilated, defaced, destroyed, lost or stolen Securities, (c) rights of Holders to receive payments of Principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration), (d) the rights, obligations and immunities of the Trustee hereunder and (e) the rights of the Security holders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them; provided that the following conditions shall have been satisfied: 
(a) with reference to this provision the Company has deposited or caused to be irrevocably deposited with the Trustee (or another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount, or (B) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause (i) money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the Principal of, premium, if any, and each installment of interest on the outstanding Securities of such series on the due dates thereof and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of Securities of such series and the Indenture with respect to the Securities of such series; 
 
(b) the Company has delivered to the Trustee either (x) an Opinion of Counsel to the effect that Holders of Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.05 and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred, which Opinion of Counsel must be based upon a ruling of the Internal Revenue Service to the same effect or a change in applicable federal 
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income tax law or related treasury regulations after the date of this Indenture or (y) a ruling directed to the Trustee received from the Internal Revenue Service to the same effect as the aforementioned Opinion of Counsel; 
(c) no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit), and such deposit shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the Company is bound; 
(d) if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and discharge; 
(e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge under this Section have been complied with; and 
(f) if the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made. 
Section 8.06 Defeasance of Certain Obligations. The Company may, at any time, omit to comply with and shall have no liability in respect of any term, provision or condition set forth in, and this Indenture will no longer be in effect with respect to, any covenant established pursuant to Section 2.03(r) and paragraph (c) (with respect to any covenants established pursuant to Section 2.03(r)) and paragraph (f) of Section 6.01 shall be deemed not to be an Event of Default, if: 
(a) with reference to this Section 8.06, the Company has deposited or caused to be irrevocably deposited with the Trustee (or another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series and the Indenture with respect to the Securities of such series, (i) money in an amount or (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due dates thereof or earlier redemption (irrevocably provided for under agreements satisfactory to the Trustee), as the case may be, of any payment referred to in subclause (x) or (y) of this clause (a) money in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the Principal of, premium, if any, and each installment of interest on the outstanding Securities on the due date thereof or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be, and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series and the Indenture with respect to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of the Indenture and of Securities of such series and the Indenture with respect to the Securities of such series; 
(b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that Holders of Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.06 and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
(c) no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit), and such deposit shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the Company is bound; 
(d) if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and discharge; and 
(e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance under this Section have been complied with. 
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Section 8.07 Reinstatement. If the Trustee or Paying Agent is unable to apply any monies or U.S. Government Obligations in accordance with Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article until such time as the Trustee or Paying Agent is permitted to apply all such monies or U.S. Government Obligations in accordance with Article VIII; provided, however, that if the Company has made any payment of Principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the monies or U.S. Government Obligations held by the Trustee or Paying Agent. 
Section 8.08 Indemnity. The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.08 and Section 8.02, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01, 8.05 or 8.06 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Securities. 
Section 8.09 Excess Funds. Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon written request of the Company, any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 8.01, 8.05 or 8.06 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a discharge or defeasance, as applicable, in accordance with this Article VIII. 
 
Section 8.10 Qualifying Trustee. Any trustee appointed pursuant to Section 8.05 or 8.06 (other than the Trustee) for the purpose of holding money or U.S. Government Obligations deposited pursuant to such Sections shall be appointed under an agreement in form acceptable to the Trustee and shall provide to the Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent provided for herein to the related defeasance have been complied with. In no event shall the Trustee be liable for any acts or omissions of said trustee 
ARTICLE IX 
AMENDMENTS, SUPPLEMENTS AND WAIVERS 
Section 9.01 Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities of any series without notice to or the consent of any Holder: 
(a) to cure any ambiguity, defect or inconsistency in this Indenture; provided that such amendments or supplements shall not materially adversely affect the interests of the Holders; 
(b) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
(c) to comply with Article V; 
(d) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; 
(e) to evidence and provide for the acceptance of appointment hereunder with respect to the Securities of any or all series by a successor Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.09; 
(f) to conform the text of the Indenture or the Securities of any series to any provision of a description of such Securities in the prospectus or prospectus supplement or other document relating to the offering of such Securities to the extent that such provision was intended to be a verbatim or substantially verbatim recitation of a provision of the Indenture or the Securities of such series; 
(g) to establish the form or forms or terms of Securities of any series as permitted by Section 2.03; 
(h) to make any change that would provide any additional rights or benefits to the Holders of Securities of such series or that does not materially adversely affect the legal rights under the Indenture of any such Holder; and 
(i) to provide for the issuance of additional Securities in accordance with the limitations set forth in the Indenture. 
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Section 9.02 With Consent of Holders. Subject to Sections 6.04 and 6.07, without prior notice to any Holders, the Company and the Trustee may amend this Indenture and the Securities of any series with the written consent of the Holders of a majority in Principal amount of the outstanding Securities of all series affected by such amendment (all such series voting as a separate class), and the Holders of a majority in principal amount of the outstanding Securities of all series affected thereby (all such series voting as a separate class) by written notice to the Trustee may waive future compliance by the Company with any provision of this Indenture or the Securities of such series (including, without limitation, consents obtained in connection with a purchase of, or exchange offer for, Securities). 
 
Notwithstanding the provisions of this Section 9.02, without the consent of each Holder affected thereby, an amendment or waiver, including a waiver pursuant to Section 6.04, may not: 
(a) change the stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s Security, 
(b) reduce the Principal amount thereof, premium, if any, or the rate of interest thereon (including any amount in respect of original issue discount); and 
(c) reduce the above stated percentage of outstanding Securities the consent of whose Holders is necessary to modify or amend the Indenture with respect to the Securities of the relevant series or waive compliance with certain provisions of this Indenture or certain Defaults with respect to such series. 
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of Holders of Securities of such series with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
It shall not be necessary for the consent of any Holder under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 
Section 9.03 Revocation and Effect of Consent. Until an amendment or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the Security of the consenting Holder, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of its Security. Such revocation shall be effective only if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver shall become effective with respect to any Securities affected thereby on receipt by the Trustee of written consents from the requisite Holders of outstanding Securities affected thereby. 
The Company may, but shall not be obligated to, fix a record date (which may be not less than [    ] nor more than [   ] days prior to the solicitation of consents) for the purpose of determining the Holders of the Securities of any series affected entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the immediately preceding paragraph, those Persons who were such Holders at such record date (or their duly designated proxies) and only those Persons shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be such Holders after such record date. No such consent shall be valid or effective for more than [    ] days after such record date.
After an amendment, supplement or waiver becomes effective with respect to the Securities of any series affected thereby, it shall bind every Holder of such Securities unless it is of the type described in any of paragraphs (a) through (c) of Section 9.02. In case of an amendment or waiver of the type described in paragraphs (a) through (c) of Section 9.02, the amendment or waiver shall bind each such Holder who has consented to it and every subsequent Holder of a Security that evidences the same indebtedness as the Security of the consenting Holder. 
Section 9.04 Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of any Security, the Trustee may require the Holder thereof to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder and the Trustee may 
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place an appropriate notation on any Security of such series thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security of the same series and tenor that reflects the changed terms. 
Section 9.05 Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article IX is authorized or permitted by this Indenture, stating that all requisite consents have been obtained or that no consents are required and stating that such supplemental indenture constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Section 9.06 Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect. 
Section 9.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
ARTICLE X 
MISCELLANEOUS 
Section 10.01 Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 
Section 10.02 Notices. Any notice or communication shall be given in writing and delivered (a) in person, (b) by first class mail or (c) by overnight courier, in each case addressed as follows: 
if to the Company: 

Gambling.com Group Limited. 
22 Grenville Street, St. Helier
Channel Island of Jersey JE4 8PX
Attention: [                          ]
  
if to the Trustee: 
[                                ]
[             ]
[            ]
The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. Notice and communications to the Trustee and the Company shall be deemed sufficiently given upon actual receipt thereof; provided that notices and communications delivered by facsimile transmission shall be deemed sufficiently given only upon receipt by the delivering party of written confirmation of such actual receipt. 
Any notice or communication shall be sufficiently given to Holders of Securities by mailing to such Holders at their addresses as they shall appear on the Security Register or otherwise delivered in accordance with the appropriate procedures of the depository. Notice mailed shall be sufficiently given if so mailed within the time prescribed. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee and each Agent at the same time. 
Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. Except as otherwise provided in this Indenture, if a notice or communication to a Holder is given in the manner provided in this Section 10.02, it is duly given, whether or not the Holder receives it. 
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Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
In case it shall be impracticable to give notice as herein contemplated, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
Section 10.03 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
(a) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
Section 10.04 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificate required by Section 4.04) shall include: 
(a) a statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
(b) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; 
 
(c) a statement that, in the opinion of each such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
(d) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with; provided, however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
Section 10.05 Forms of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company. 
Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
Section 10.06 Evidence of Ownership. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the Principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. 
Section 10.07 Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable rules for its functions. 
28

Section 10.08 Payment Date Other Than a Business Day. Except as otherwise provided with respect to a series of Securities, if any date for payment of Principal or interest on any Security shall not be a Business Day at any place of payment, then payment of Principal of or interest on such Security, as the case may be, need not be made on such date, but may be made on the next succeeding Business Day at any place of payment with the same force and effect as if made on such date and no interest shall accrue in respect of such payment for the period from and after such date. 
Section 10.09 Governing Law. The laws of the State of New York shall govern this Indenture and the Securities, without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 
Section 10.10 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company. Any such indenture or agreement may not be used to interpret this Indenture. 
 
Section 10.11 Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
Section 10.12 Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
Section 10.13 Separability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
Section 10.14 Table of Contents, Headings, Etc. The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof. 
Section 10.15 Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities. 
Section 10.16 Force Majeure. In no event shall the Trustee be responsible or liable, nor shall the Company be responsible or liable to the Trustee, for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, natural catastrophes, riot, loss or malfunctions of utilities, or government action; it being understood that the Trustee or the Company, as the case may be, shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances. 
Section 10.17 Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS (BY PURCHASE OF THEIR SECURITIES AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONCEMPLATED HEREBY. 
Section 10.18 Jurisdiction. The Company agrees that any suit, action, or proceeding against the Company brought by any holder of Securities or the Trustee arising out of or based upon this Indenture or the Securities may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and the Company irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Indenture, or any Security, including such actions, suits, or proceedings in relation to the securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action, or proceeding has been brought in an inconvenient forum. The Company agrees that final judgment in any such suit, action, or proceeding brought in such court shall be conclusive or binding upon the Company and may be enforced in any court to the jurisdiction of which the Company is subject by suit upon such judgment. 
29

Section 10.19 Withholding Taxes. The Trustee or Paying Agent, as applicable, shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with the withholding requirements described in Section 1471(b) of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations thereof. 
 

30

SIGNATURES 
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the date first written above. 
 
			
	
	GAMBLING. COM GROUP LIMITED
as the Company

	
	 
	By:
	Name:
	Title:
	
	[                                                  ]
as the Trustee

	
	 
	By:
	Name:
	Title:Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.1

Execution Version

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”), dated effective as of September
14, 2022, is entered into by and among I-Minerals Inc., a Canadian corporation
(“Seller”), BV Lending, LLC, an
Idaho limited liability company (“Buyer”),
and i-minerals USA, inc., an Idaho corporation and wholly owned subsidiary of
Seller (the “Company”). Capitalized
terms used in this Agreement have the meanings given to such terms below, as
such definitions are identified by the cross-references set forth in Exhibit
A to this Agreement.

 

RECITALS

 

A.                 
Seller owns all the issued and outstanding shares of capital stock (the “Shares”) of the Company.  Seller desires to sell the Shares to Buyer,
and Buyer desires to accept the Shares from Seller (the “Transaction”), subject to the terms and conditions set forth
herein.

 

B.                 
Pursuant to the Loan Agreements dated June 1, 2016, September 11, 2018, and October
25, 2019, each among Buyer, Seller and the Company (as amended to date, collectively the “Loan Agreements”), Buyer
agreed to advance certain funds to Seller to develop that certain mining
project referred to as the Bovill Project and located in Latah County, Idaho,
U.S.A (the “Project”). 

 

C.                 
As of the date hereof, the aggregate amount of
principal and interest outstanding and owed by Seller to Buyer under the Loan
Agreements is equal to $35,400,000 (the “Seller
Debt”).

 

D.                 
Pursuant to advances made by Seller to the Company
prior to the date hereof (together with any advances between the date hereof
and Closing, collectively, the “Company
Loan”), the Company owes Seller an aggregate amount of principal and
interest outstanding equal to $25,700,000 (as such debt exists on the Closing
Date, the “Company Debt”).

 

E.                  
Pursuant to that certain contribution agreement to be
entered into on or before the Closing between Seller and the Company (the “Contribution Agreement”), Seller will contribute
and assign all of Seller’s right, title and interest in and to the right to receive
payment of the Company Debt to the Company as a capital contribution to the
Company, and the Company Debt will thereby be cancelled in its entirety.

 

F.                  
Buyer
and Seller have agreed the fair market value of the Shares, after giving effect
to the Contribution Agreement, is $3,000,000 (the “Share Value”).

 

G.                
The Shares constitute all or substantially all of the
property of Seller and, as such, the shareholders of Seller (“Seller
Shareholders”) must approve the Transaction in accordance with Section
189(3) of the Canada Business Corporations Act and Section 5.6 of Multilateral Instrument – 61-101 (the “Seller Shareholder Resolution”).

 

H.                 
Seller has received the opinion of RwE Growth Partners,
Inc. (the “Financial Advisor”) to the effect that, as of the date of such
opinion and based upon and subject to the qualifications set forth therein, the
consideration to be received by Seller pursuant to Section 1.1 of this Agreement is fair, from a financial
point of view, to the Seller Shareholders (the “Fairness Opinion”).

 

I.                   
The special committee of independent directors (the
“Special Committee”) established by the board
of directors of Seller (the “Seller
Board”) in connection with the
transactions contemplated 

 

	

	 
	 

	115439161.13 0074720-00001
	 
	 

by this Agreement and the Seller Board have, after
consultation with their financial and legal advisors and reviewing the Fairness
Opinion, each unanimously (a) determined that this Agreement and the transactions
contemplated hereunder are fair to and in the best interests of Seller and its shareholders,
(b) declared it advisable for Seller to enter into this Agreement, (c) approved
the execution, delivery and performance of this Agreement by Seller and the
consummation by Seller of the transactions contemplated hereunder, and (d)
resolved to recommend that Seller Shareholders approve this Agreement and the
consummation by Seller of the transactions contemplated hereunder (the “Board Recommendation”).

 

J.                   
Buyer has entered into voting and support agreements
dated the date hereof with each director and officer of Seller that owns
securities of Seller (the “Supporting Seller
Shareholders”), pursuant to which such Supporting Seller Shareholders have
agreed, among other things, to vote the common shares in the Seller (the “Seller Shares”) beneficially owned by
them in favour of the Seller Shareholder Resolution in accordance with the
terms of such agreements.

 

The parties agree as follows: 

 

AGREEMENT

 

1.                  
Purchase
and Sale.  

 

1.1              
Purchase and
Sale.  Subject to the terms and conditions set forth herein, at
the Closing, Seller shall sell to Buyer, and Buyer shall purchase from Seller,
the Shares, free and clear of any mortgage, pledge, lien, charge, security interest,
claim, community property interest, option, equitable interest, restriction of
any kind (including any restriction on use, voting, transfer, receipt of
income, or exercise of any other ownership attribute), or other encumbrance
(each, an “Encumbrance”), for a
purchase price equal to the Share Value payable in the consideration specified in Section 1.2.

 

1.2              
Consideration.  As full consideration for the Shares, Buyer and Seller agree that (a) the Buyer’s obligation to
pay the purchase price in an amount equal to the Share Value, and (b) the
Seller’s obligation to pay an amount of principal owing under the Loan
Agreements equal to the Share Value shall be set-off against each other,
dollar-for-dollar, immediately following which the Buyer shall transfer and
assign to Seller all of Buyer’s right, title and interest in and to the
right to receive payment of the remainder of the outstanding Seller Debt
together with any additional interest thereon and any additional amounts loaned
to the Seller from Buyer  from the date
hereof until the Closing Date (exclusive of any amounts loaned pursuant to the
FIRPTA Note) and any interest thereon, the balance of which shall be deemed written off and forgiven as of the Closing. As of the Closing Date, (i) the Loan
Agreements, (ii) that certain General Security Agreement dated December 5,
2019, as amended, (iii) that certain Continuing and Unconditional Guaranty
dated December 6, 2019, by the Company in favor of Buyer, as amended, and (iv)
that certain Mortgage and Security Agreement dated December 5, 2019, by the
Company in favor of Buyer, as amended, shall automatically without any action
on the part of any party be terminated and no longer effective.  

 

1.3              
FIRPTA Withholding. The parties agree that Section 1445 of the Internal Revenue Code of 1986,
as amended (the “Code”), will apply to the transfer of the Shares
pursuant to this Agreement and Seller is obligated to pay, and Buyer is
obligated to withhold and pay over to the Internal Revenue Service (the “IRS”),
an amount equal to fifteen percent (15%) of the Share Value (such amount, the “FIRPTA Withholding”). Buyer shall timely after the Closing remit the
FIRPTA Withholding, and such agreements, certificates, instruments and
other documentation in connection therewith, to the IRS as required under
applicable law.  The FIRPTA Withholding
shall be funded from the following sources of 

	STOCK PURCHASE AGREEMENT - 2
	 
	 

	115439161.13 0074720-00001
	 
	 

funds and in the following
priority: (i) first, from the proceeds of the Seller Debt, if any, on hand with
Seller as of the Closing Date, and (ii) second, from the proceeds of a
promissory note delivered by Seller in favor of Buyer, dated as of the Closing
Date, in such principal amount as necessary to fund the balance of the FIRPTA
Withholding and in such form and substance as mutually acceptable to the
parties (the “FIRPTA Note”).  Within
three business days after receiving any refund of all or any portion of the
FIRPTA Withholding from the IRS (the “Refunded Amount”), Seller shall
remit the Refunded Amount to Buyer by wire transfer of immediately available
funds to an account designated in writing by Buyer, and promptly after receipt
of such remittance, the outstanding principal of the FIRPTA Note, if
applicable, shall be deemed paid and reduced in an amount equal to the Refunded
Amount. For the avoidance of doubt, the FIRPTA Note shall be deemed separate
from the Seller Debt and shall not be forgiven pursuant to Section 1.2 above. After
the date hereof, Seller shall provide Buyer with such assistance as may
reasonably be requested by Buyer in connection with (i) the determination of
Buyer’s withholding obligations under Section 1445 of the Code and the regulations promulgated
thereunder, (ii) the preparation and submission of any documents or materials
related to Buyer’s withholding obligations under Section 1445 of the Code and the regulations promulgated
thereunder, including, without limitation, any request for a refund of the FIRPTA
Withholding, and (iii) Buyer’s compliance with Section 1445 of the Code and the
regulations promulgated thereunder. Such assistance shall include, but not be
limited to, providing Buyer copies of relevant tax returns and supporting
materials, providing Buyer with any records or information that may be relevant
to the FIRPTA Withholding, and delivering such powers of attorney and other
documents as may be reasonably necessary to carry out the intent of this
Section 1.3.

 

1.4              
Cancellation
of the Company Debt.  The
consummation of the Contribution Agreement shall occur immediately prior to the
consummation of any other transaction under this Agreement on the Closing Date.

 

2.                  
Seller Meeting. 

 

2.1              
Holding
of Meeting.
Subject to the terms and conditions of this Agreement, the Seller will take all
action necessary in accordance with all applicable Laws to:

 

(a)               
duly call, give notice of, convene and hold a
special meeting of Seller Shareholders (including any adjournment or
postponement of such special meeting in accordance with the terms of this
Agreement, the “Seller Meeting”) to
consider the Seller Shareholder Resolution as promptly as practicable, and in
any event not later than the date that is 45 days after the date a
definitive Proxy Statement (as defined below) is first mailed to the Seller
Shareholders;

 

(b)              
not adjourn, postpone or cancel (or propose the
adjournment, postponement or cancellation of) the Seller Meeting without the
prior written consent of Buyer, except (i) as
required for quorum purposes (in which case the Seller Meeting shall be
adjourned and not cancelled) or by applicable law; or
(ii) if this Agreement is terminated as required or permitted under Section 10;

 

(c)               
subject to the terms of this Agreement, solicit
proxies in favour of the approval of the Seller Shareholder Resolution and
against any resolution submitted by any Seller Shareholder that is inconsistent
with the Seller Shareholder Resolution and the completion of any of the transactions
contemplated by this Agreement, and, if requested by Buyer and at the expense
of Buyer, engage a dealer and proxy solicitation agent for such purpose (such
dealer and/or agent to be selected by Seller after consultation with Buyer),
and cooperate with any such agent or other Persons engaged by Buyer to solicit
proxies in favour of the approval of the Seller Shareholder Resolution;

	STOCK PURCHASE AGREEMENT - 3
	 
	 

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(d)              
provide Buyer with copies of or access to
information regarding the Seller Meeting generated by any dealer or proxy solicitation
services firm, as requested from time to time by Buyer;

 

(e)              
consult with Buyer in fixing the record date for
the Seller Meeting and the date of the Seller Meeting, give notice to Buyer of
the Seller Meeting and allow Buyer’s representatives and legal counsel to
attend the Seller Meeting;

 

(f)                
promptly advise Buyer, at such times as Buyer
may reasonably request and at least on a daily basis on each of the last
10 Business Days prior to the date of the Seller Meeting, as to the
aggregate tally of the proxies received by Seller in respect of the Seller
Shareholder Resolution;

 

(g)               
promptly advise Buyer of any communication
(written or oral) from any Seller Shareholder in opposition to the Transaction,
written notice of dissent, purported exercise or withdrawal of dissent
rights, and written communications sent by or on behalf of Seller to any
Seller Shareholder exercising or purporting to exercise dissent
rights;

 

(h)              
not make any payment or settlement offer, or
agree to any payment or settlement prior to the Effective Time with respect to dissent
rights without the prior written consent of Buyer;

 

(i)                 
not, without Buyer’s consent, change the record
date for the Seller Shareholders entitled to vote at the Seller Meeting in connection
with any adjournment or postponement of the Seller Meeting unless required by
Law;

 

(j)                
ensure that the Seller Shareholder Resolution
will be the first substantive matter on the agenda for the Seller Meeting,
unless otherwise previously agreed to in writing by Buyer; and

 

(k)               
at the request of Buyer from time to time,
provide Buyer with a list (in both written and electronic form) of (i) the
Seller Shareholders,
together with their addresses and respective holdings of Seller Shares,
(ii) the names, addresses and holdings of all Persons having rights issued
by Seller to acquire Seller Shares (including holders of options to purchase
Seller Shares) and (iii) participants and book‐based nominee registrants
such as CDS & Co., CEDE & Co. and Depository Trust Company, and non‐objecting
beneficial owners of Seller Shares, together with their addresses and
respective holdings of Seller Shares (the “Seller Shareholder Details”).
 The Buyer shall only use the Seller
Shareholder Details in accordance with applicable securities laws in Canada and
the United States.  The Seller shall from
time to time require that its registrar and transfer agent furnish Buyer with
such additional information, including updated or additional lists of Seller Shareholders,
and lists of securities positions and other assistance as Buyer may reasonably
request in order to be able to communicate with respect to the Transaction with
the Seller Shareholders and with such other Persons as are entitled to vote on
the Seller Shareholder Resolution. 

 

2.2              
Proxy Statement;
Schedule 13e-3. 

	STOCK PURCHASE AGREEMENT - 4
	 
	 

	115439161.13 0074720-00001
	 
	 

(a)               
Subject to Buyer’s compliance with Section 2.2(e), Seller shall promptly, and no later than 15
days after the date of this Agreement, (i) prepare and complete, in
consultation with Buyer, the notice of the Seller Meeting and the accompanying management
information circular, including all schedules, appendices and exhibits to, and
information incorporated by reference in, such management information circular,
to be sent to the Seller Shareholders in
connection with the Seller Meeting, as amended, supplemented or otherwise
modified from time to time in accordance with the terms of this Agreement (the
“Proxy Statement”), together with any other documents required by Law in
connection with the Seller Meeting and the Transaction and (ii) submit the Proxy
Statement and any other required documents for review and approval by the TSX
Venture Exchange.

 

(b)              
Within five (5) business days following approval
of the Proxy Statement by the TSX Venture Exchange, Seller shall file the Proxy
Statement and any other required documents with the United States Securities
and Exchange Commission (“SEC”). Buyer
and Seller shall cooperate to, concurrently with the preparation and filing of
the Proxy Statement, jointly prepare and file with the SEC an SEC Rule 13e-3 transaction
statement on Schedule 13e-3 (such transaction statement, including any
amendment or supplement thereto, the “Schedule 13e-3”) relating to the
transactions contemplated by this Agreement.

 

(c)               
As promptly as practicable after the occurrence
of the SEC Clearance Event (as defined below), Seller
shall cause the Proxy Statement, the Schedule 13e-3 and such other documents to
be filed with applicable Canadian securities regulatory authorities and sent to
each Seller Shareholder and other Person as required by Law. For the purposes of
this section, “SEC Clearance Event”
means the occurrence of the following (i) the passing of 10 calendar days
following the initial filing with the SEC of the Proxy Statement without notification
from SEC staff being received indicating that
the SEC will review the Proxy Statement, or (ii) notification from SEC staff
that the SEC has completed its review of the Proxy Statement.

 

(d)              
Seller shall ensure that the Proxy Statement and
the Schedule 13e-3 comply in all material respects with Law, including without
limitation the requirements of the Exchange Act and the rules and regulations
promulgated thereunder, do not contain any untrue statement of a material fact
or an omission to state a material fact that is required to be stated or that
is necessary to make a statement not misleading in light of the circumstances
in which it was made (a “Misrepresentation”)
(except that Seller shall not be responsible for any information included in
the Proxy Statement and the Schedule 13e-3 related to Buyer or its respective
affiliates or managers that was furnished by Buyer for inclusion in the Proxy
Statement and the Schedule 13e-3) and provides the Seller Shareholders with
sufficient information to permit them to form a reasoned judgement concerning
the matters to be placed before the Seller Meeting. Without limiting the
generality of the foregoing, the Proxy Statement must include: (i) a copy
of the Fairness Opinion, (ii) a statement that the Special Committee has
received the Fairness Opinion, and has, after receiving legal and financial
advice, unanimously recommended that the Seller Board approve this Agreement
and that the Seller Shareholders vote in favour of the Seller Shareholder Resolution
and (iii) a statement that the Seller Board has received the Fairness
Opinion, and has unanimously, after receiving legal and financial advice and
the recommendation of the Special Committee, determined that the Seller
Shareholder Resolution is in the best interests of Seller and recommends that the
Seller Shareholders vote in favour of the Seller Shareholder Resolution.

 

(e)              
Seller, Buyer and the Company will cooperate and
consult with each other in the preparation of the Proxy Statement and the
Schedule 13e-3. Seller shall give Buyer and its legal counsel a reasonable
opportunity to review and comment on drafts of the Proxy Statement and the
Schedule 

	STOCK PURCHASE AGREEMENT - 5
	 
	 

	115439161.13 0074720-00001
	 
	 

13e-3 and other related documents, and shall give reasonable
consideration to any comments made by Buyer and its counsel, and agrees that
all information relating solely to Buyer included in the Proxy Statement and
the Schedule 13e-3 must be in a form and substance satisfactory to Buyer,
acting reasonably. Seller shall as soon as reasonably practicable: (i)
notify Buyer of the receipt of any comments from the SEC with respect to the
Proxy Statement or the Schedule 13e-3 and any request by the SEC for any
amendment to the Proxy Statement or the Schedule 13e-3 or for additional
information; and (ii) provide Buyer with copies of all written correspondence
between Seller and its Representatives, on the one hand, and the SEC, on the
other hand, with respect to the Proxy Statement and the Schedule 13e-3. Seller shall use its
reasonable best efforts to resolve, and each party agrees to consult and cooperate
with the other party in resolving, all SEC comments with respect to the Proxy
Statement and the Schedule 13e-3 as promptly as practicable after receipt
thereof and to cause the Proxy Statement in definitive form to be cleared by
the SEC as promptly as reasonably practicable. Seller shall consult with Buyer
prior to responding to SEC comments with respect to the preliminary Proxy
Statement and the Schedule 13e-3.

 

(f)                
Buyer shall promptly provide all necessary
information concerning Buyer that is required by Law to be included by Seller in
the Proxy Statement and the Schedule 13e-3 or other related documents to Seller
in writing, and shall ensure that such information does not contain any
Misrepresentation.

 

(g)               
Each Party shall promptly notify the other parties
if it becomes aware that the Proxy Statement or the Schedule 13e-3 contains a
Misrepresentation, or otherwise requires an amendment or supplement. The parties
shall co‐operate in the preparation of any such amendment or supplement as
required or appropriate, and Seller shall promptly mail, file or otherwise
publicly disseminate, as required or appropriate,
any such amendment or supplement to the Seller Shareholders and, if required by
law, file the same with the any applicable securities authorities or any other Governmental
Authority, as required.

 

3.                  
Closing.
The closing of the transactions
contemplated by this Agreement (the “Closing”)
shall take place remotely by email exchange of documents and signatures (or
their electronic counterparts) as may be appropriate within three (3) business
days following approval of the Seller Shareholder Resolution (the date upon
which the Closing takes place referred to herein as the “Closing Date”).  The Closing
shall be deemed effective at 12:01 a.m. Mountain Time on the Closing Date,
immediately following the execution and consummation of the Contribution Agreement.

 

4.                  
Representations
and Warranties of Seller.  Seller represents and warrants to Buyer that the statements
contained in this Section 4 are true and correct as of the date hereof.  For purposes of this Section 4, “Seller's
knowledge,” “knowledge of Seller,”
and any similar phrases shall mean the actual knowledge of any director or
officer of Seller, after due and diligent inquiry. For purposes of
this Agreement, the term “Disclosure
Schedules” means the disclosure schedules delivered by Seller concurrently
with the execution and delivery of this Agreement.

 

4.1              
Organization
and Authority of Seller.  Seller
is a corporation duly organized, validly existing, and in good standing under
the Laws of Canada. Seller has full corporate power and authority to enter into
this Agreement and the other Transaction Documents to which Seller is a party,
to carry out Seller’s obligations hereunder and thereunder, and, subject to approval
of the Seller Shareholder Resolution, to consummate the transactions
contemplated hereby and thereby. Subject to approval of the Seller Shareholder
Resolution, the execution and delivery by Seller of this Agreement and any
other 

	STOCK PURCHASE AGREEMENT - 6
	 
	 

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Transaction Document to which Seller is a party, the performance by
Seller of its obligations hereunder and thereunder, and the consummation by
Seller of the transactions contemplated hereby and thereby have been duly
authorized by all requisite corporate action on the part of Seller. The Seller
Shareholder Resolution is the only vote or consent of the holders of any class
or series of Seller’s capital stock necessary to approve and adopt this
Agreement and consummate the transactions contemplated hereby. This Agreement
and each Transaction Document to which Seller is a party constitute legal,
valid, and binding obligations of Seller enforceable against Seller in
accordance with their respective terms, except as the enforcement thereof may
be limited by bankruptcy, insolvency and other applicable Laws affecting the
enforcement of creditors’ rights generally and subject to the qualification
that equitable remedies may be granted only in the discretion of a court of
competent jurisdiction.

 

4.2              
Organization,
Authority, and Qualification of the Company. 
The Company is a corporation
duly organized, validly existing, and in good standing under the Laws of the
state of Idaho and has full corporate power and authority to own, operate, or
lease the properties and assets now owned, operated, or leased by it and to
carry on its business as it has been and is currently conducted.  Section 4.2 of the Disclosure Schedules sets forth each
jurisdiction in which the Company is licensed or qualified to do business, and
the Company is duly licensed or qualified to do business and is in good
standing in each jurisdiction in which the properties owned or leased by it or
the operation of its business as currently conducted makes such licensing or
qualification necessary.

 

4.3              
Capitalization.  

 

(a)               
The authorized shares of the Company consist of 10,000
shares of common stock, of which 100 shares are issued and outstanding and
constitute the Shares.  All the Shares
have been duly authorized, are validly issued, fully paid and non-assessable,
and are owned of record and beneficially by Seller, free and clear of all
Encumbrances.  Upon the transfer,
assignment, and delivery of the Shares and payment therefor in accordance with
the terms of this Agreement, Buyer shall own all of the Shares, free and clear
of all Encumbrances.

 

(b)              
All the Shares were issued in compliance with
applicable Laws.  None of the Shares were
issued in violation of any agreement or commitment to which Seller or the
Company is a party or is subject to or in violation of any preemptive or
similar rights of any individual, corporation, partnership, joint venture,
limited liability company, Governmental Authority, unincorporated organization,
trust, association, or other entity (each, a “Person”).  For purposes of this Agreement, “Governmental
Authority” means any federal, state, local
or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any
self-regulated organization or other non-governmental regulatory authority or
quasi-governmental authority (to the extent that the rules, regulations or
orders of such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

(c)               
There are no outstanding or authorized options,
warrants, convertible securities, stock appreciation, phantom stock, profit
participation, or other rights, agreements, or commitments relating to the
shares of capital stock of the Company or obligating Seller or the Company to
issue or sell any shares of capital stock of, or any other interest in, the
Company.  There are no voting trusts,
shareholder agreements, proxies, or other agreements in effect with respect to
the voting or transfer of any of the Shares.

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4.4              
No Subsidiaries.  The
Company does not have, or have the right to acquire, an ownership interest in
any other Person.

 

4.5              
No Conflicts or
Consents.  Subject to approval
of the Seller Shareholder Resolution, the execution, delivery, and performance by Seller of this
Agreement and the other Transaction Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby, do not and
will not: (a) violate or conflict with any provision of the articles of incorporation,
bylaws, or other governing documents of Seller or the Company; (b) violate or
conflict with any provision of any statute, law, ordinance, regulation, rule,
code, treaty, or other requirement of any Governmental Authority (collectively,
“Law”) or any order, writ, judgment,
injunction, decree, determination, penalty, or award entered by or with any
Governmental Authority (“Governmental
Order”) applicable to Seller or the Company; (c) require the consent,
notice, or filing with or other action by any Person or require any Permit (as
defined in Section 4.16(b)), license, or Governmental Order; (d) violate or
conflict with, result in the acceleration of, or create in any party the right
to accelerate, terminate, or modify any contract, lease, deed, mortgage,
license, instrument, note, indenture, joint venture, or any other agreement,
commitment, or legally binding arrangement, whether written or oral
(collectively, “Contracts”), to
which Seller or the Company is a party or by which Seller or the Company is
bound or to which any of their respective properties and assets are subject; or
(e) result in the creation or imposition of any Encumbrance on any properties
or assets of the Company.

 

4.6              
Financial
Statements.  True and complete copies of the following financial
statements (the “Financial Statements”)
have been delivered to Buyer:

 

(a)               
The unaudited balance sheet of the Company as of
April 30 in each of the years 2020, 2021, and 2022 (such balance sheet as of
April 30, 2022 is referred to herein as the “Balance Sheet” and the date of April 30, 2022 as the “Balance Sheet Date”) and the related
statements of income and retained earnings for the years then ended.

The Financial Statements have been prepared in
accordance with generally accepted accounting principles in effect in the
United States from time to time (“GAAP”),
applied on a consistent basis throughout the period involved.  The Financial Statements are based on the
books and records of the Company and fairly present in all material respects
the financial condition of the Company as of the respective dates they were
prepared and the results of the operations of the Company for the periods
indicated.  The Company maintains a
standard system of accounting established and administered in accordance with
GAAP.

 

4.7              
Undisclosed
Liabilities.  The Company has no liabilities, obligations, or commitments
of any nature whatsoever, whether asserted, known, absolute, accrued, matured,
or otherwise (collectively, “Liabilities”),
except: (a) those which are adequately reflected or reserved against in the
Balance Sheet as of the Balance Sheet Date; and (b) those which have been
incurred in the ordinary course of business consistent with past practice since
the Balance Sheet Date and which do not, individually or in the aggregate, exceed
$10,000.

 

4.8              
Cancellation
of the Company Debt.  The
consummation of the Contribution Agreement as of the Closing Date immediately
prior to the consummation of this Agreement shall effectively (i) transfer from
Seller to the Company all of Seller’s right, title and interest in and to the
right to receive payment of the Company Debt, (ii) cancel and forgive in its
entirety the Company Debt, and (iii) release the Company from any and all
obligations under the Company Loan and with respect to the Company Debt.  As of the Closing Date and after giving
effect to the closing of the Contribution Agreement, the Company shall have no
debts, liabilities or other obligations of any kind to Seller.

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4.9              
Absence of
Certain Changes, Events, and Conditions. 
Since the Balance Sheet Date,
there has not been, with respect to the Company, any change, event, condition,
or development that is, or could reasonably be expected to be, individually or
in the aggregate, materially adverse to the business, results of operations,
condition (financial or otherwise), or assets of the Company and the Company has
operated its businesses only consistent with the past practices of the Company
and has taken action in the ordinary course of the normal day to day operations
of the business of the Company.  Since
the Balance Sheet Date, the Company has not transferred, assigned, sold or
otherwise disposed of any material assets shown or reflected in its Financial
Statements or cancelled any material debts or entitlements, has not declared or
paid any dividends or declared or made any other payments or distribution on or
in respect of any of its shares or authorized, agreed or otherwise become
committed to do any of the foregoing.

 

4.10           
Fairness
Opinion.  As of the date hereof:

 

(a)               
the Fairness Opinion has been delivered to the
Special Committee;

 

(b)              
the Fairness Opinion has been delivered to the Seller
Board; and

 

(c)               
the Company has been authorized by the Financial
Advisor to permit inclusion of the Fairness Opinion and reference thereto in
the Proxy Statement.

 

4.11           
Material
Contracts.  

 

(a)               
Section 4.11(a) of the Disclosure Schedules lists each Contract that
is material to the Company (such Contracts, together with all Contracts
concerning the occupancy, management, or operation of any Real Property (as
defined in Section 4.12(a)), being “Material
Contracts”), including the following:

 

(a)               
each Contract of the Company involving aggregate
consideration to be paid or received by the Company in excess of $10,000 and
which, in each case, cannot be cancelled by the Company without penalty or
without more than 90 days’ notice;

 

(b)              
all Contracts that provide for the
indemnification by the Company of any Person or the assumption of any Tax (as
defined in Section 4.20(a)), environmental, or other Liability of any Person;

 

(c)               
all Contracts relating to Intellectual Property
(as defined in Section 4.13(a)), including all licenses, sublicenses, settlements,
coexistence agreements, covenants not to sue, and permissions;

 

(d)              
except for Contracts relating to trade
receivables, all Contracts relating to indebtedness (including, without
limitation, guarantees) of the Company;

 

(e)              
all Contracts that limit or purport to limit the
ability of the Company to compete in any line of business or with any Person or
in any geographic area or during any period of time;

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(f)                
all Contracts relating to any joint venture,
partnership, limited liability company or other similar Contract relating to
the formation, creation, operation, management, sharing of profit or losses or
control of any partnership, strategic alliance or joint venture;

 

(g)               
all Contracts relating to the acquisition or
disposition of any assets, business or real property (whether by merger, sale
of stock, sale of assets or otherwise) that are material to the Company, taken
as a whole, and with respect to which the Company has material obligations
remaining to be performed or material liabilities continuing after the date of
this Agreement;

 

(h)              
all Contracts with a Governmental Authority or
with any other Person that is a subcontract relating to a Contract between such
Person and a Governmental Authority;

 

(i)                 
all employment
agreements and Contracts with independent contractors or consultants (or
similar arrangements) to which the Company is a party; and

 

(j)                
any other Contract
that is material to the Company and not required to be disclosed pursuant to
the foregoing clauses (i) through (ix).

 

(b)              
Each Material Contract is valid and binding on
the Company in accordance with its terms and is in full force and effect,
except as enforceability may be limited by general equitable principles.  None of the Company or, to the best of
Seller’s knowledge any other party thereto, is in breach of or default under
(or is alleged to be in breach of or default under), any Material
Contract.  None of Seller, the Company, or
any other party to any Material Contract has provided or received any notice of
any intention to terminate any Material Contract.  Complete and correct copies of each Material
Contract (including all modifications, amendments, and supplements thereto and
waivers thereunder) have been made available to Buyer.

 

4.12           
Real Property;
Title to Assets.  

 

(a)               
The Company does not own any real property. Section
4.12(a) of the Disclosure Schedules lists all real property
in which the Company has a leasehold (or sub-leasehold) interest (together with
all buildings, structures, and improvements located thereon, and all water and
water rights, mineral rights, easements and hereditaments appurtenant thereto, the
“Real Property”), including each
Contract relating to the Company’s leasehold interest in each parcel of Real
Property.  Seller has delivered or made
available to Buyer true, correct, and complete copies of all Contracts, title
insurance policies, and surveys relating to the Real Property.

 

(b)              
The Company has good and valid title to, or a
valid leasehold interest in, all Real Property and personal property and other
assets reflected in the Financial Statements or acquired after the Balance
Sheet Date (other than properties and assets sold or otherwise disposed of in
the ordinary course of business consistent with past practice since the Balance
Sheet Date).  All Real Property and such
personal property and other assets (including leasehold interests) are free and
clear of Encumbrances except for those items set forth in Section 4.12(b) of the Disclosure Schedules. Each lease of Real Property is the legal,
valid, binding and enforceable obligation of the Company and, to Seller’s
knowledge, each other party thereto, and is in full force and effect, and the
Company has complied with the terms of each such lease through and including
the date of this Agreement.

 

(c)               
Each of the Real Properties is in good standing
before all relevant Governmental Authorities with respect to: (i) all
obligations to file, register, or deliver any proof(s) of basic mining

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forms,
mining and environmental bonds, mining permits, reports, responses to any
regulatory enquiries or inspections and assessment works or equivalent carried
out at or in connection with any Real Properties as required by applicable
Laws, (ii) any obligations to pay surface fees royalties, mining duties and/or
Taxes as required by applicable Laws, (iii) any requirements under the
environmental permits and the Environmental Laws, and (iv) all orders of a
Governmental Authority relating to a Real Property. To the knowledge of the
Company, there is no outstanding order from any Governmental Authority
requiring payment or compliance with any obligation related to any Real
Property and the Company has not received any communication in respect thereof.

 

(d)              
To
the knowledge of Seller, the Real Properties are sufficient in duration,
scope, content and effect to permit the Company to conduct all activities
currently contemplated to be conducted by them.

 

(e)              
The Company is not a sublessor or grantor under
any sublease or other instrument granting to any other Person any right to
possess, lease, occupy, or use any leased Real Property.  The use of the Real Property in the conduct
of the Company's business does not violate any Law, covenant, condition,
restriction, easement, license, permit, or Contract and no improvements
constituting a part of the Real Property encroach on real property owned or
leased by a Person other than the Company.

 

(f)                
No Real Properties or assets of the Company has
been taken or appropriated by any Governmental Authority, nor has any notice or
proceeding in respect hereof been given or commenced, nor, to the knowledge of
Seller, is there any intent or proposal to give any such notice or to commence
any such proceeding.

 

4.13           
Intellectual
Property.  

 

(a)               
“Intellectual
Property” means any and all of the following in any jurisdiction throughout
the world: (i) issued patents and patent applications; (ii) trademarks, service
marks, trade names, and other similar indicia of source or origin, together
with the goodwill connected with the use of and symbolized by, and all
registrations, applications for registration, and renewals of, any of the
foregoing; (iii) copyrights, including all applications and registrations; (iv)
trade secrets, know-how, inventions (whether or not patentable), technology,
and other confidential and proprietary information and all rights therein; (v)
internet domain names and social media accounts and pages; and (vi) other
intellectual or industrial property and related proprietary rights, interests,
and protections.

 

(b)              
Section 4.13(b) of the Disclosure Schedules lists all issued patents,
registered trademarks, domain names and copyrights, and pending applications
for any of the foregoing, that are owned by the Company (the “Company IP Registrations”) as well as
all material unregistered Intellectual Property.  The Company owns or has the valid and
enforceable right to use all Intellectual Property used or held for use in or
necessary for the conduct of the Company’s business as currently conducted (the
“Company Intellectual Property”),
free and clear of all Encumbrances.  All
the Company Intellectual Property is valid and enforceable, and all Company IP
Registrations are subsisting and in full force and effect.  The Company has taken all reasonable and
necessary steps to maintain and enforce the Company Intellectual Property.

 

(c)               
The conduct of the Company’s business as
currently and formerly conducted has not infringed, misappropriated, or
otherwise violated the Intellectual Property or other rights of any Person.  To the best of Seller’s knowledge, no Person
has infringed, misappropriated, or otherwise violated any Company Intellectual
Property.

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4.14           
Insurance.  Section
4.14 of the Disclosure Schedules sets forth a true and
complete list of all current policies or binders of insurance maintained by Seller
or the Company relating to the assets, business, operations, employees,
officers, or directors of the Company (collectively, the “Insurance Policies”).  Such
Insurance Policies: (a) are in full force and effect; (b) are valid and binding
in accordance with their terms; (c) are provided by carriers who are
financially solvent; and (d) have not been subject to any lapse in coverage.  Neither the Seller nor the Company has
received any written notice of cancellation of, premium increase with respect
to, or alteration of coverage under, any of such Insurance Policies.  All premiums due on such Insurance Policies
have been paid.  Neither the Seller nor
the Company is in default under, or has otherwise failed to comply with, in any
material respect, any provision contained in any Insurance Policy.  The Insurance Policies are of the type and in
the amounts customarily carried by Persons conducting a business similar to the
Company and are sufficient for compliance with all applicable Laws and
Contracts to which the Company is a party or by which it is bound.   

 

4.15           
Legal
Proceedings; Governmental Orders.  

 

(a)               
There are no claims, actions, causes of action,
demands, lawsuits, arbitrations, inquiries, audits, notices of violation,
proceedings, litigation, citations, summons, subpoenas, or investigations of
any nature, whether at law or in equity (collectively, “Actions”) pending or, to Seller's knowledge, threatened against or
by the Company, Seller, or any Affiliate of Seller: (i) relating to or
affecting the Company or any of the Company's properties or assets; or (ii)
that challenge or seek to prevent, enjoin, or otherwise delay the transactions
contemplated by this Agreement.  To the
best of Seller’s knowledge, no event has occurred or circumstances exist that
may give rise to, or serve as a basis for, any such Action.  For purposes of
this Agreement: (x) “Affiliate” of a
Person means any other Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with,
such Person; and (y) the term “control”
(including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract, or otherwise.

 

(b)              
There are no outstanding Governmental Orders
against, relating to, or affecting the Company or any of its properties or
assets.

 

4.16           
Compliance with
Laws; Permits.  

 

(a)               
The Company has complied, and is now complying,
with all Laws applicable to it or its business, properties, or assets.

 

(b)              
All permits, licenses, franchises, approvals,
registrations, certificates, variances, and similar rights obtained, or
required to be obtained, from Governmental Authorities (collectively, “Permits”) that are required for the
Company to conduct its business as it has been or is
currently conducted, including, without limitation, leasing or operating
any of the Real Property as it has been or is currently operated by the Company,
have been obtained and are valid and in full force and effect.  Section 4.16(b) of the Disclosure Schedules list all current Permits
issued to the Company and no event has occurred that would reasonably be
expected to result in the revocation or lapse of any such Permit.

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4.17           
Environmental
Matters. 

 

(a)               
The Company has complied, and is now complying,
with all applicable Environmental Laws.  Neither
the Company nor Seller has received notice from any Person that the Company,
its business or assets, or any real property currently or formerly owned,
leased, or used by the Company is or may be in violation of any applicable Environmental
Law or any applicable Law regarding Hazardous Substances.

 

(b)              
There has not been any spill, leak, discharge,
injection, escape, leaching, dumping, disposal, or release by Seller, the Company
or any Affiliate of Seller of any kind of any Hazardous Substances in violation
of any Environmental Law: (i) with respect to the business or assets of the
Company; or (ii) at, from, in, adjacent to, or on any real property currently
or formerly owned, leased, or used by the Company. There are no, and have not
been, any Hazardous Substances unlawfully in, on, or about any real property
currently or formerly owned, leased, or used by the Company, during the period
that the Company owned, leased or used the real property or, to Seller’s
knowledge, during any period prior thereto. No real property owned, lease or
used by the Company is or was materially affected in any way by any Hazardous
Substances during the period it was owned, leased or used by the Company or, to
Seller’s knowledge, during any period prior thereto. To Seller’s knowledge,
there are no Hazardous Substances migrating to any real property currently or
formerly owned, leased, or used by the Company. 
Schedule 4.17(b) sets forth the Operations and Reclamations Plan of the
Company.

 

(c)               
As used in this Agreement: (i) “Environmental Laws” means all Laws, now
or hereafter in effect, in each case as amended or supplemented from time to
time, relating to the regulation and protection of human health, safety, the
environment, and natural resources, including any federal, state, or local
transfer of ownership notification or approval statutes; and (ii) “Hazardous Substances” means: (A) “hazardous
materials,” “hazardous wastes,” “hazardous substances,” “industrial wastes,” or
“toxic pollutants,” as such terms are defined under any Environmental Laws; (B)
any other hazardous or radioactive substance, contaminant, or waste; and (C) any
other substance with respect to which any Environmental Law or Governmental
Authority requires environmental investigation, regulation, monitoring, or
remediation.

 

4.18           
Employee
Benefit Matters.  

 

(a)               
Except as set forth in Section 4.18(a) of the Disclosure Schedules, the Company has not
established, maintained, sponsored, or contributed to any “employee benefit
plan” as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974 (as amended, and including the regulations thereunder, “ERISA”), whether or not written and
whether or not subject to ERISA, nor any supplemental retirement, compensation,
employment, consulting, profit-sharing, deferred compensation, incentive,
bonus, equity, change in control, retention, severance, salary continuation, or
other similar agreement, plan, policy, program, practice, or arrangement (each,
a “Benefit Plan”).

 

(b)              
The Company has not incurred, and does not reasonably
expect to incur: (i) any Liability under Title I or Title IV of ERISA, any
related provisions of the Code, or applicable Law
relating to any Benefit Plan; or (ii) any Liability to the Pension Benefit
Guaranty Corporation. 

 

(c)               
Neither the execution of this Agreement nor any
of the transactions contemplated by this Agreement will, either alone or in
combination with any other event: (i) entitle any current or former director,
officer, employee, independent contractor, or consultant of the Company to any
severance pay, increase in severance pay, or other payment, except for those
payments that have or 

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will be disclosed to Buyer; (ii) accelerate the time of
payment, funding, or vesting, or increase the amount of compensation (including
stock-based compensation) due to any such individual; (iii) limit or restrict
the right of the Company to amend or terminate any Benefit Plan; (iv) increase
the amount payable under any Benefit Plan; (v) result in any “excess parachute
payments” within the meaning of Section 280G(b) of the Code; or (vi) require a “gross-up”
or other payment to any “disqualified individual” within the meaning of Section
280G(c) of the Code.

 

4.19           
Employment
Matters.  

 

(a)               
Section 4.19(a) of the Disclosure Schedules lists: (i) all employees,
independent contractors, and consultants of the Company; and (ii) for each
individual described in clause (i), (A) the individual's title or position,
hire date, and compensation, (B) any Contracts entered into between the Company
and such individual, and (C) all fringe benefits provided to each such
individual.  All compensation payable to
all employees, independent contractors, or consultants of the Company for
services performed on or prior to the date hereof have been paid in full.

 

(b)              
The Company is not, and has not been, a party to
or bound by any collective bargaining agreement or other Contract with a union
or similar labor organization (collectively, “Union”), and no Union has represented or purported to represent any
employee of the Company.  There has never
been, nor has there been any threat of, any strike, work stoppage, slowdown,
picketing, or other similar labor disruption or dispute affecting the Company
or any of its employees.

 

(c)               
The Company is and has been in compliance with:
(i) all applicable employment Laws and agreements regarding
hiring, employment, termination of employment, plant closings and mass layoffs,
employment discrimination, harassment, retaliation, and reasonable
accommodation, leaves of absence, terms and conditions of employment, wages and
hours of work, employee classification, employee health and safety, engagement
and classification of independent contractors, payroll taxes, and immigration
with respect to all employees, independent contractors, and contingent workers;
and (ii) all applicable Laws relating to the
relations between it and any labor organization, trade union, work council, or
other body representing employees of the Company.

 

4.20           
Taxes.  

 

(a)               
Except as set forth in Schedule 4.20(a), all
returns, declarations, reports, information returns and statements, and other
documents relating to Taxes (including amended returns and claims for refund)
(collectively, “Tax Returns”)
required to be filed by the Company on or before the Closing Date have been
timely filed.  Except as set forth in
Schedule 4.20(a), such Tax Returns are true, correct, and complete in all respects.  All Taxes due and owing by the Company
(whether or not shown on any Tax Return) have been timely paid.  No extensions or waivers of statutes of
limitations have been given or requested with respect to any Taxes of the
Company.  Seller has delivered to Buyer
copies of all Tax Returns and examination reports of the Company and statements
of deficiencies assessed against, or agreed to by, the Company for all Tax
periods ending on or after December 31, 2017. 
The term “Taxes” means all
federal, state, local, foreign, and other income, gross receipts, sales, use,
production, ad valorem, transfer, franchise, registration, profits, license,
lease, service, service use, withholding, payroll, employment, unemployment,
estimated, excise, severance, environmental, stamp, occupation, premium,
property (real or personal), real property gains, windfall profits, customs,
duties, or other taxes, fees, assessments, or charges of any kind whatsoever,
together with any interest, additions, or penalties with respect thereto. 

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(b)              
The Company has no Liability for Taxes of any Person
(other than the Company) under Treasury Regulations Section 1.1502-6 (or any
corresponding provision of state, local, or foreign Law), as transferee or
successor, by contract, or otherwise.

 

(c)               
There are no liens for Taxes (other than for
current Taxes not yet due and payable) upon the assets of the Company.

 

4.21           
Books and
Records. All the minute books and share records and transfer books of the
Company are correct and complete, are currently maintained in accordance with
applicable Laws and have been made available to Buyer. 

 

4.22           
Anti-Money
Laundering. The activities of the Company are and have been conducted at all
times in compliance with the anti-money
laundering statutes of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency to which they are subject
(collectively, the “Anti-Money Laundering Laws”) and no action, suit or
proceeding by or before any Governmental Authority or any arbitrator involving
the Company with respect to the Anti-Money Laundering Laws is, to the knowledge
of Seller, pending or
threatened.

 

4.23           
Foreign Corrupt
Practices. With respect to the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “FCPA”) or the Corruption
of Foreign Public Officials Act (Canada) (the “CFPOA”):

 

(a)               
the Company or,
to the knowledge of Seller,
any director, officer, agent, employee, affiliate or other person acting on
behalf of the Company, is not aware of or has not taken any action, directly or
indirectly, that would result in a violation by such persons of the FCPA or the
CFPOA, including making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to
any “foreign official” (as such term is defined in the FCPA) or any foreign
political party or official thereof or any candidate for foreign political
office, in contravention of the FCPA or the CFPOA;

 

(b)              
the Company has
instituted and maintains policies and procedures designed to ensure compliance
with the FCPA and the CFPOA; and

 

(c)               
the Company or,
to the knowledge of Seller,
any director, officer, agent, employee, affiliate or other person acting on
behalf of the Company, has not (i) conducted or initiated any review, audit or
internal investigation that concluded that the Company or any of its directors,
officers, agents, employees, affiliates or other persons acting on behalf of
the Company have violated the FCPA or the CFPOA, or (ii) made a voluntary or
involuntary disclosure to any Governmental Authority responsible for enforcing
the FCPA or the CFPOA, in each case with respect to any alleged act or omission
arising under or relating to non compliance with either the FCPA or the CFPOA,
or received any notice, request or citation from any Governmental Authority
alleging non compliance with the FCPA or the CFPOA, other than such actions
which have not had and would not reasonably be expected to, individually or in
the aggregate, have a Material Adverse Effect.

 

4.24           
Material
Adverse Effect.  Seller
does not have knowledge of any material fact or applicable Laws or governmental
position, or any announced, pending or contemplated change thereto or any
announced, pending or contemplated new law or regulation or governmental
position that, in any of these cases, would reasonably be expected to have a
Material Adverse Effect.

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4.25           
Brokers.  No broker, finder, or
investment banker is entitled to any brokerage, finder's, or other fee or
commission in connection with the transactions contemplated by this Agreement
or any other Transaction Document based upon arrangements made by or on behalf
of Seller.

 

4.26           
Full Disclosure.  No
representation or warranty by Seller in this Agreement and no statement
contained in the Disclosure Schedules to this Agreement or any certificate or
other document furnished or to be furnished to Buyer pursuant to this Agreement
contains any untrue statement of a material fact, or omits to state a material
fact necessary to make the statements contained therein, in light of the
circumstances in which they are made, not misleading.

 

5.                  
Representations
and Warranties of Buyer.  Buyer represents and warrants to Seller that the statements
contained in this Section 5 are true and correct as of the date hereof.  For purposes of this Section 5, “Buyer's
knowledge,” “knowledge of Buyer,”
and any similar phrases shall mean the actual knowledge of any director or
officer of Buyer, after due inquiry.

 

5.1              
Organization
and Authority of Buyer.  Buyer is a limited liability company duly organized,
validly existing, and in good standing under the Laws of the state of Idaho.  Buyer has full limited liability company
power and authority to enter into this Agreement and the other Transaction
Documents to which Buyer is a party, to carry out its obligations hereunder and
thereunder, and to consummate the transactions contemplated hereby and thereby.  The execution and delivery by Buyer of this
Agreement and any other Transaction Document to which Buyer is a party, the
performance by Buyer of its obligations hereunder and thereunder, and the
consummation by Buyer of the transactions contemplated hereby and thereby have
been duly authorized by all requisite corporate action on the part of Buyer.  This Agreement and each Transaction Document
to which Buyer is a party constitute legal, valid, and binding obligations of
Buyer enforceable against Buyer in accordance with their respective terms.

 

5.2              
No Conflicts;
Consents.  The execution, delivery, and performance by Buyer of this
Agreement and the other Transaction Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby, do not and
will not: (a) violate or conflict with any provision of the articles of
organization, operating agreement, or other governing documents of Buyer; (b)
violate or conflict with any provision of any Law or Governmental Order
applicable to Buyer; or (c) require the consent, notice, declaration, or filing
with or other action by any Person or require any Permit, license, or
Governmental Order.

 

5.3              
Investment
Purpose.  Buyer is acquiring the Shares solely for its own account
for investment purposes and not with a view to, or for offer or sale in
connection with, any distribution thereof or any other security related thereto
within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).  Buyer acknowledges that Seller has not
registered the offer and sale of the Shares under the Securities Act or any
state securities laws, and that the Shares may not be pledged, transferred,
sold, offered for sale, hypothecated, or otherwise disposed of except pursuant
to the registration provisions of the Securities Act or pursuant to an
applicable exemption therefrom and subject to state securities laws and
regulations, as applicable.

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5.4              
Brokers.  No
broker, finder, or investment banker is entitled to any brokerage, finder's, or
other fee or commission in connection with the transactions contemplated by
this Agreement or any other Transaction Document based upon arrangements made
by or on behalf of Buyer.

 

6.                  
Covenants. 

 

6.1              
Confidentiality.  From
and after the date hereof, Seller shall, and shall cause its Affiliates and its
and their respective directors, officers, employees, consultants, counsel,
accountants, and other agents (collectively, “Representatives”) to, hold in confidence any and all information,
in any form, concerning the Company, except to the extent that Seller can show
that such information: (a) is generally available to and known by the public
through no fault of Seller, any of its Affiliates, or their respective
Representatives; or (b) is lawfully acquired by Seller, any of its Affiliates,
or their respective Representatives from and after the Closing from sources
which are not prohibited from disclosing such information by any obligation.  If Seller or any of its Affiliates or their
respective Representatives are compelled to disclose any information by
Governmental Order or Law, Seller shall promptly notify Buyer in writing and
shall disclose only that portion of such information which is legally required
to be disclosed; provided, that Seller shall use reasonable best
efforts to obtain as promptly as possible an appropriate protective order or
other reasonable assurance that confidential treatment will be accorded such
information.

 

6.2              
Non-Competition;
Non-Solicitation.  

 

(a)               
For a period of five (5) years commencing on the
Closing Date (the “Restricted Period”),
Seller shall not, and shall not permit any of its Affiliates to, directly or
indirectly: (i) own any interest in, manage, control, participate in (whether
as an officer, director, manager, employee, partner, member, agent,
representative or otherwise), consult with, render services for, or in any
other manner engage anywhere in the United States (the “Restricted Territory”) in any business engaged directly or
indirectly in a business substantially similar to, or competitive with, the
business of the Company as it is conducted or is proposed to be conducted as of
the date hereof, including, without limitation, the business of mining,
processing, selling and distributing clay, quartz, mica, feldspar, kaolinite
and halloysite; but excluding all other minerals, or (ii) intentionally
interfere in any material respect with the business relationships (whether
formed prior to or after the date of this Agreement) between the Company and
customers or suppliers of the Company. Seller acknowledges that the
Company’s business has been conducted or is proposed to be conducted as of the
date hereof throughout the Restricted Territory and that the geographic
restrictions set forth above are reasonable and necessary to protect the
goodwill of the Company’s business. 

 

(b)              
During the Restricted Period, Seller shall not,
and shall not permit any of its Affiliates to, directly or indirectly, hire or
solicit any current or former employee of the Company or encourage any employee
to leave the Company’s employment, except pursuant to a general solicitation
which is not directed specifically to any such employees; provided, that nothing in this Section 6.2(b) shall prevent Seller or any of its Affiliates from
hiring: (i) any employee terminated by the Company; or (ii) after one hundred
eighty (180) days from the date of resignation, any employee that has resigned
from the Company.

 

(c)               
Seller acknowledges that a breach or threatened
breach of this Section 6.2 would give rise to irreparable harm to Buyer, for
which monetary damages would not be an adequate remedy, and hereby agrees that
in the event of a breach or a threatened breach by Seller of any such
obligations, Buyer shall, in addition to any and all other rights and remedies
that may be available to it in respect of such breach, be entitled to equitable
relief, including a temporary restraining order, an injunction, or specific
performance (without any requirement to post bond).

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(d)              
Seller acknowledges that the restrictions
contained in this Section 6.2 are reasonable and necessary to protect the
legitimate interests of Buyer and constitute a material inducement to Buyer to
enter into this Agreement and consummate the transactions contemplated by this
Agreement.  In the event that any
covenant contained in this Section 6.2 should ever be adjudicated to exceed the time,
geographic, product or service, or other limitations permitted by applicable
Law in any jurisdiction or any Governmental Order, then any court is expressly
empowered to reform such covenant, and such covenant shall be deemed reformed,
in such jurisdiction to the maximum time, geographic, product or service, or
other limitations permitted by applicable Law or such Governmental Order.  The covenants contained in this Section 6.2 and each provision hereof are severable and distinct
covenants and provisions.  The invalidity
or unenforceability of any such covenant or provision as written shall not
invalidate or render unenforceable the remaining covenants or provisions hereof,
and any such invalidity or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such covenant or provision in any other
jurisdiction.

 

6.3              
Further
Assurances.  Following the Closing, each of the parties hereto shall,
and shall cause their respective Affiliates to, execute and deliver such
additional documents and instruments and take such further actions as may be
reasonably required to carry out the provisions hereof and give effect to the
transactions contemplated by this Agreement and the other Transaction Documents.    

 

7.                  
Tax Matters. 

 

7.1              
Tax Covenants.  

 

(a)               
Without the prior written consent of Buyer, Seller
shall not take any of the following actions on behalf of the Company: (i) make,
change, or rescind any Tax election; (ii) amend any Tax Return; (iii) take any position
on any Tax Return; or (iv) take any action, omit to take any action, or enter
into any other transaction that would have the effect of increasing the Tax
liability or reducing any Tax asset of Buyer or the Company, in respect of any
taxable period that begins after the Closing Date or, in respect of any taxable
period that begins before and ends after the Closing Date (each such period, a “Straddle Period”), the portion of such
Straddle Period beginning after the Closing Date.

 

(b)              
Except for the FIRPTA Withholding, all transfer,
documentary, sales, use, stamp, registration, value added, and other such Taxes
and fees (including any penalties and interest) incurred in connection with
this Agreement and the other Transaction Documents, if any, shall be borne and
paid by Seller when due.  The FIRPTA
Withholding shall be paid as set forth in Section 1.3.  Seller shall,
at its own expense, timely file any Tax Return or other document with respect
to such Taxes or fees (and Buyer shall cooperate with respect thereto as
necessary).

 

(c)               
Buyer shall prepare, or cause to be prepared,
all Tax Returns required to be filed by the Company after the Closing Date with
respect to any taxable period or portion thereof ending on or before the
Closing Date and all Straddle Period Tax Returns.  Any such Tax Return shall be prepared in a
manner consistent with past practice (unless otherwise required by Law) and
without a change of any election or any accounting method.

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7.2              
Straddle Period.  In
the case of Taxes that are payable with respect to a Straddle Period, the
portion of any such Taxes that are allocated to Pre-Closing Tax Periods shall
be: (a) in the case of Taxes (i) based upon, or related to, income, receipts,
profits, wages, capital, or net worth, (ii) imposed in connection with the
sale, transfer, use or assignment of property, or (iii) required to be
withheld, the amount of Taxes which would be payable if the taxable year ended
with the Closing Date; and (b) in the case of other Taxes, the amount of such
Taxes for the entire period multiplied by a fraction, the numerator of which is
the number of days in the period ending on the Closing Date and the denominator
of which is the number of days in the entire period. For purposes of
this Agreement, a “Pre-Closing Tax
Period” means any taxable period ending on or before the Closing Date and,
with respect to any Straddle Period, the portion of such Straddle Period ending
on and including the Closing Date.

 

7.3              
Termination of
Existing Tax Sharing Agreements.  There are no Tax sharing agreements, Tax indemnity
agreements or other similar Contracts with respect to or involving the Company.

 

7.4              
Tax
Indemnification.  Seller shall indemnify the Company, Buyer, and each Buyer
Indemnitee (as defined in Section 9.1) and hold them harmless from and against (a) any
loss, damage, liability, deficiency, Action, judgment, interest, award,
penalty, fine, cost or expense of whatever kind (collectively, including
reasonable attorneys' fees and the cost of enforcing any right to
indemnification under this Agreement, “Losses”)
attributable to any breach of or inaccuracy in any representation or warranty
made in Section 4.20; (b) any Loss attributable to any breach or violation
of, or failure to fully perform, any covenant, agreement, undertaking, or
obligation in this Section 7; (c) all Taxes of the Company or relating to the
business of the Company for all Pre-Closing Tax Periods (as defined above)
except those Taxes set out in the Disclosure Schedule; (d) all Taxes of any
member of an affiliated, consolidated, combined, or unitary group of which the
Company (or any predecessor of the Company) is or was a member on or prior to
the Closing Date by reason of a liability under Treasury Regulation Section
1.1502-6 or any comparable provisions of foreign, state, or local Law; and (e)
any and all Taxes of any Person imposed on the Company arising under the
principles of transferee or successor liability or by contract, relating to an
event or transaction occurring before the Closing Date.  In each of the above cases, together with any
out-of-pocket fees and expenses (including reasonable attorneys' and
accountants' fees) incurred in connection therewith, Seller shall reimburse
Buyer for any Taxes of the Company that are the responsibility of Seller
pursuant to this Section 7.4 within ten business days after payment of such Taxes
by Buyer or the Company and provision of such documentation by Buyer in
connection therewith, provided, however, Seller shall have no liability for any
Taxes paid by Buyer to the extent Seller is prejudiced by Buyer not providing
Seller with a commercially reasonable opportunity to evaluate, defend, dispute,
or otherwise negotiate with respect to such Taxes (it being agreed that thirty
(30) days advance written notice of any claims for Taxes shall be a sufficient,
but not necessarily minimum, notice period).

 

7.5              
Cooperation and
Exchange of Information.  Seller and Buyer shall provide each other with such
cooperation and information as either of them reasonably may request of the
other in filing any Tax Return pursuant to this Section 7 or in connection with any proceeding in respect of
Taxes of the Company, including providing copies of relevant Tax Returns and
accompanying documents.  Each of Seller
and Buyer shall retain all Tax Returns and other documents in its possession
relating to Tax matters of the Company for any Pre-Closing Tax Period
(collectively, “Tax Records”) until
the expiration of the statute of limitations of the taxable periods to which
such Tax Records relate.

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7.6              
Survival.  Notwithstanding anything in
this Agreement to the contrary, the provisions of Section 4.20 and this Section 7 shall survive for the full period of all applicable
statutes of limitations (giving effect to any waiver, mitigation, or extension
thereof) plus 90 days.

 

8.                  
Conditions
to Closing.

 

8.1              
Conditions
to Obligations of All Parties. The respective obligations of each
party to consummate the transactions contemplated by this Agreement shall be
subject to the fulfillment or waiver (if permissible under applicable Law), at
or prior to the Closing, of each of the following conditions:

 

(a)               
The Seller Shareholder Resolution shall have
been approved by the Seller
Shareholders at the Seller Meeting.

 

(b)              
No Governmental Authority shall have enacted,
issued, promulgated, enforced or entered any Governmental Order which is in
effect and has the effect of making the transactions contemplated by this
Agreement illegal, otherwise restraining or prohibiting consummation of such
transactions or causing any of the transactions contemplated hereunder to be
rescinded following completion thereof.

 

8.2              
Conditions
to Obligations of Buyer. The obligations of Buyer to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment
or Buyer's waiver, at or prior to the Closing, of each of the following
conditions:

 

(a)               
The
representations and warranties of Seller contained in this Agreement and the
other Transaction Documents shall be true and correct in all material respects on
and as of the date hereof and on and as of the Closing Date with the same
effect as though made at and as of such date (except those representations and
warranties that address matters only as of a specified date other than the date
hereof, the accuracy of which shall be determined as of that specified date in
all material respects).

 

(b)              
Seller
shall have duly performed and complied in all material respects with all
agreements, covenants and conditions required by this Agreement and the other
Transaction Documents to be performed or complied with by it prior to or on the
Closing Date.

 

(c)               
No
Action shall have been commenced against Buyer, Seller or the Company, which
would prevent the Closing. No injunction or restraining order shall have been
issued by any Governmental Authority, and be in effect, which restrains or
prohibits any transaction contemplated hereby.

 

(d)              
Since
the date of this Agreement, there has not
been, with respect to the Company, any change, event, condition, or development
that is, or could reasonably be expected to be, individually or in the
aggregate, materially adverse to the business, results of operations, condition
(financial or otherwise), or assets of the Company.

 

(e)              
Seller shall have delivered to Buyer a stock
certificate evidencing the Shares, free and clear of all Encumbrances, duly
endorsed in blank or accompanied by stock powers or other instruments of
transfer duly executed in blank.

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(f)                
Seller shall have delivered to Buyer a
certificate of the secretary (or other officer) of Seller certifying: (i) that
attached thereto are true and complete copies of the resolutions of the Seller
Board, the Seller Shareholders, the Company and the shareholder of the Company,
authorizing the execution, delivery, and performance of this Agreement and the
other agreements, instruments, and documents required to be delivered in
connection with this Agreement or at the Closing (collectively, the “Transaction Documents”) to which Seller
is a party and the consummation of the transactions contemplated hereby and thereby,
and that such resolutions are in full force and effect; (ii) the names, titles,
and signatures of the officers of Seller authorized to sign this Agreement and
the other Transaction Documents; and (iii) that attached thereto are true and
complete copies of the governing documents of the Company, including any
amendments or restatements thereof, and that such governing documents are in
full force and effect.

 

(g)               
Seller shall have delivered to Buyer
resignations of the directors and officers of the Company, effective as of the
Closing Date.

 

(h)              
Seller shall have delivered to Buyer a good
standing certificate (or its equivalent) for the Company from the secretary of
state or similar Governmental Authority of the jurisdiction in which the
Company is organized and each jurisdiction where the Company is required to be
qualified, registered, or authorized to do business.

 

(i)                 
Seller shall have delivered to Buyer a copy of
the Contribution Agreement, dated as of the Closing Date, duly executed and
delivered by the parties thereto.

 

(j)                
Any consent, waiver, permit, exemption, review,
order, decision or approval of, or any registration and filing with, any
Governmental Authority, or the expiry, waiver or termination of any waiting
period imposed by Law or a Governmental Authority, in each case in connection
with the Transaction shall have been obtained, including approval of the TSX
Venture Exchange.

 

(k)               
Dissent rights
shall not have been validly exercised (and not withdrawn) with respect to more
than 5% of the issued and outstanding Seller Shares. 

 

(l)                No Material Adverse Effect shall have occurred.
For the purposes of this Agreement, a  “Material Adverse Effect” is any change,
event, occurrence, effect, state of facts or circumstance that, individually or
in the aggregate with other such changes, events, occurrences, effects, states
of facts or circumstances that is or would reasonably be expected to be
material and adverse to the business, operations, results of operations,
assets, properties, capitalization, condition (financial or otherwise) or
liabilities (contingent or otherwise) of the Company, taken as a whole, except
any such change, event, occurrence, effect, or circumstance resulting from or
arising in connection with: (1) any change in general global economic,
business, regulatory, political or market conditions; (2) any change in GAAP or
laws that are of a generally applicable nature; (3) any changes in currency or
exchange rates; (4) any natural disaster, epidemic, pandemic, commencement or
continuation of war, armed hostilities or acts of terrorism; (5) any action
taken (or omitted to be taken) by the Company which is required to be taken (or
omitted to be taken) pursuant to this Agreement; (6) any actions taken (or
omitted to be taken) upon the written request or with the prior written consent
of the Buyer; (7) any change solely attributable
to the announcement of the transactions contemplated hereby; or (8) the failure
of the Company to meet any internal or published projections, forecasts,
guidance or estimates of revenues, earnings or cash flow for any period ending
on or after the date of this Agreement (it being understood that the causes
underlying such failure may be taken into account in determining whether a
Material

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Adverse Effect has occurred); provided, however,
that (i) with respect to the
foregoing clauses
(1) through (4), such matter does not have a disproportionate effect on
the Company, taken as a whole, relative to other companies and entities
operating in the industry in which the Company operates; (ii) notwithstanding
anything to the contrary herein, any termination, suspension, revocation,
material limitation or similar action by any Governmental Authority with
respect to any of the Real Properties shall each be deemed to be a Material
Adverse Effect; and (iii) unless expressly provided in any particular section
of this Agreement, references in certain sections of this Agreement to dollar
amounts are not intended to be, and shall not be deemed to be, illustrative or
interpretive for purposes of determining whether a “Material Adverse Effect”
has occurred.

 

(m)            
Seller
shall have delivered to Buyer a certificate, dated as of the Closing Date and
signed by a duly authorized officer of Seller, certifying that each of the
conditions set forth in Section 8.2(a) and Section 8.2(b) have been satisfied.

 

(n)              
Seller shall have delivered to Buyer all other Transaction Documents to which Seller is a party as otherwise set forth in this Agreement and/or in a
closing checklist agreed upon by the parties in connection with this Agreement,
or as Buyer otherwise reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this Agreement.

 

8.3              
Conditions
to Obligations of Seller. The obligations of Seller to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment
or Seller’s waiver, at or prior to the Closing, of each of the following
conditions:

 

(a)               
The representations and warranties of Buyer
contained in this Agreement and the other Transaction Documents shall be true
and correct in all material respects on and as of the date hereof and on and as
of the Closing Date with the same effect as though made at and as of such date
(except those representations and warranties that address matters only as of a
specified date other than the date hereof, the accuracy of which shall be
determined as of that specified date in all material respects).

 

(b)              
Buyer shall have
duly performed and complied in all material respects with all agreements,
covenants and conditions required by this Agreement and the other Transaction
Documents to be performed or complied with by it prior to or on the Closing
Date.

 

(c)               
Buyer
shall have delivered to Seller a certificate of the Secretary (or other
officer) of the manager of the sole member of Buyer certifying: (i) that
attached thereto are true and complete copies of all resolutions of the sole
member of Buyer authorizing the execution, delivery, and performance of this
Agreement and the Transaction Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby, and that such
resolutions are in full force and effect; and (ii) the names, titles, and
signatures of the officers of the manager of the sole member of Buyer
authorized to sign this Agreement and the other Transaction Documents to which
it is a party.

(d)               Buyer shall have delivered to Seller a certificate, dated as of the Closing Date and signed by a duly authorized officer of Buyer, certifying that each of the conditions set forth in Section 8.3(a) and Section 8.3(b) have been satisfied.

 

(e)               Buyer shall have delivered to Seller all other Transaction Documents to which Buyer is a party as otherwise set forth in this Agreement and/or in a closing checklist agreed upon by the parties in connection with this Agreement, or as Seller otherwise reasonably requests and are reasonably necessary to consummate the transactions contemplated by this Agreement.

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9.                  
Indemnification. 

 

9.1              
Indemnification
by Seller.  Subject to the other terms and conditions of this Section 9, Seller shall indemnify and defend each of Buyer and
its Affiliates (including the Company) and their respective Representatives
(collectively, the “Buyer Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay
and reimburse each of them for, any and all Losses incurred or sustained by, or
imposed upon, the Buyer Indemnitees based upon, arising out of, with respect
to, or by reason of:

 

(a)               
any inaccuracy in or breach of any of the
representations or warranties of Seller contained in this Agreement or the
other Transaction Documents;

 

(b)              
any breach or non-fulfillment of any covenant,
agreement, or obligation to be performed by Seller pursuant to this Agreement
or the other Transaction Documents; or

 

(c)               
any third party claim based upon, resulting from
or arising out of (but only to the extent based upon, resulting from or arising
out of) the business, operations, properties, assets or obligations of the
Company conducted or arising on or prior to the Closing Date.

 

9.2              
Indemnification
by Buyer.  Subject to the other terms and conditions of this Section 9,, Buyer shall indemnify and defend each of Seller and
its Affiliates and their respective Representatives (collectively, the “Seller Indemnitees”) against, and shall
hold each of them harmless from and against, and shall pay and reimburse each
of them for, any and all Losses incurred or sustained by, or imposed upon, the
Seller Indemnitees based upon, arising out of, with respect to, or by reason
of:

 

(a)               
any inaccuracy in or breach of any of the representations
or warranties of Buyer contained in this Agreement or the other Transaction
Documents; or

 

(b)              
any breach or non-fulfillment of any covenant,
agreement, or obligation to be performed by Buyer pursuant to this Agreement or
the other Transaction Documents.

 

9.3              
Indemnification
Procedures.  Whenever any claim shall arise for indemnification
hereunder, the party entitled to indemnification (the “Indemnified Party”) shall promptly provide written notice of such
claim to the other party (the “Indemnifying
Party”).  In connection with any
claim giving rise to indemnity hereunder resulting from or arising out of any
Action by a Person who is not a party to this Agreement, the Indemnifying
Party, at its sole cost and expense and upon written notice to the Indemnified
Party, may assume the defense of any such Action with counsel reasonably
satisfactory to the Indemnified Party. 
The Indemnified Party shall be entitled to participate in the defense of
any such Action, with its counsel and at its own cost and expense.  If the Indemnifying Party does not assume the
defense of any such Action, the Indemnified Party may, but shall not be
obligated to, defend against such Action in such manner as it may deem
appropriate, including settling such Action, after giving notice of such defense
or settlement to the Indemnifying Party, on such terms as the Indemnified Party
may deem appropriate and no action taken by the Indemnified Party in accordance
with such defense and settlement shall relieve the Indemnifying Party of its indemnification
obligations herein provided with respect to any damages resulting
therefrom.  The Indemnifying Party shall
not settle any Action without the Indemnified Party’s prior written consent
(which consent shall not be unreasonably withheld or delayed).

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9.4              
Survival.  Subject
to the limitations and other provisions of this Agreement, all representations
and warranties contained herein and all related rights to indemnification shall
survive the Closing and shall remain in full force and effect until the date
that is two years from the Closing Date; provided,
however, that the representations and warranties in (a) Section 4.1 (Authority of Seller), Section 4.3 (Capitalization), Section 4.21 (Seller Brokers), Section 5.1 (Authority of Buyer), and Section 5.4 (Buyer Brokers) shall survive indefinitely; (b) Section 4.17 (Environmental) shall survive for a period of three years
after the Closing; and (c) Section 4.18 (Employee Benefits) and Section 4.20 (Taxes) shall survive for the full period of all
applicable statutes of limitations (giving effect to any waiver, mitigation, or
extension thereof) plus 90 days.  Subject
to Section 7, all covenants and agreements of the parties
contained herein shall survive the Closing indefinitely unless another period
is explicitly specified herein. 
Notwithstanding the foregoing, any claims which are timely asserted in
good faith with reasonable specificity (to the extent known at such time) and
in writing by notice from the non-breaching party to the breaching party prior
to the expiration date of the applicable survival period shall not thereafter
be barred by the expiration of the relevant representation or warranty and such
claims shall survive until finally resolved.

 

9.5              
Tax
Claims.  Notwithstanding any other provision of this Agreement, the
control of any claim, assertion, event, or proceeding in respect of Taxes of
the Company (including, but not limited to, any such claim in respect of a
breach of the representations and warranties in Section 4.20 hereof or any breach or violation of or failure to fully
perform any covenant, agreement, undertaking, or obligation in Section 7) shall be governed exclusively by Section 7.

 

9.6              
Effect of
Investigation.  The representations, warranties and covenants of the
Indemnifying Party, and the Indemnified Party’s right to indemnification with
respect thereto, shall not be affected or deemed waived by reason of any
investigation made by or on behalf of the Indemnified Party (including by any
of its Representatives) or by reason of the fact that the Indemnified Party or
any of its Representatives knew or should have known that any such representation
or warranty is, was or might be inaccurate.

 

9.7              
Cumulative
Remedies.  The rights and remedies provided for in this Section 9 (and in Section 7) are cumulative and are in addition to and not in
substitution for any other rights and remedies available at Law or in equity or
otherwise.

 

10.              
Termination.

 

10.1           
Termination.
This Agreement may be terminated at any time prior to the Closing:

 

(a)               
by the mutual written consent of the parties
hereto;

 

(b)              
by Buyer by written notice to Seller if:

 

(a)               
Buyer is not then in material breach of any
provision of this Agreement and there has been a breach, inaccuracy in or
failure to perform any representation, warranty, covenant or agreement made by
Seller pursuant to this Agreement that would give rise to the failure of any of
the conditions specified in Section 8 and such breach, inaccuracy or failure has not
been cured by Seller within ten (10) days of Seller's receipt of written notice
of such breach from Buyer;

	STOCK PURCHASE AGREEMENT - 24
	 
	 

	115439161.13 0074720-00001
	 
	 

(b)              
the Seller Board or any committee of the Seller
Board fails to unanimously recommend or withdraws, amends, modifies or
qualifies, publicly proposes or states its intention to do so, or fails to
publicly reaffirm (without qualification) within three Business Days after
having been requested in writing by Buyer, acting reasonably, to do so, the
Board Recommendation, or the Seller Board or any committee of the Seller Board
resolves or proposes to take any of the foregoing actions; or

 

(c)               
any of the conditions set forth in Section 8.1 or Section 8.2 shall not have been, or if it becomes apparent
that any of such conditions will not be, fulfilled by December 31, 2022, unless
such failure shall be due to the failure of Buyer to perform or comply with any
of the covenants, agreements or conditions hereof to be performed or complied
with by it prior to the Closing;

 

(c)               
by Seller by written notice to Buyer if:

 

(a)               
Seller is not then in material breach of any
provision of this Agreement and there has been a breach, inaccuracy in or
failure to perform any representation, warranty, covenant or agreement made by
Buyer pursuant to this Agreement that would give rise to the failure of any of
the conditions specified in Section 8 and such breach, inaccuracy or failure
has not been cured by Buyer within ten (10) days of Buyer's receipt of written
notice of such breach from Seller; or

 

(b)              
any of the conditions set forth in Section 8.1 or Section 8.3 shall not have been, or if it becomes apparent
that any of such conditions will not be, fulfilled by December 31, 2022, unless
such failure shall be due to the failure of Seller to perform or comply with
any of the covenants, agreements or conditions hereof to be performed or
complied with by it prior to the Closing.

 

10.2           
Effect of
Termination. In the event of the termination of this Agreement in
accordance with this Section 9, this Agreement shall forthwith become void and
there shall be no liability on the part of any party hereto except:

 

(a)               
as set forth in this Section 10 and Section 6.1 and Section 11 hereof; and

 

(b)              
that nothing herein shall relieve any party
hereto from liability for any fraud, intentional misrepresentations, or willful
breach of any provision hereof. 

 

11.              
Miscellaneous. 

 

11.1           
Expenses.  All
costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party incurring such
costs and expenses.

 

11.2           
United States Dollars. References
herein to “dollars” or “$” shall mean United States dollars.

 

11.3           
Notices.  All
notices, claims, demands, and other communications hereunder shall be in
writing and shall be deemed to have been given: (a) when delivered by hand
(with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the
date shown on the applicable email when delivered by email transmission,
provided that no “bounce back” or similar error message is received with
respect to such email transmission, if sent during normal business hours of the
recipient, and on the next business day if sent after normal business hours of
the recipient; or (d) on the third day after the date mailed, by certified or
registered mail, return receipt requested, postage prepaid, if sent to the
respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given in accordance with this Section 11.3):

	STOCK PURCHASE AGREEMENT - 25
	 
	 

	115439161.13 0074720-00001
	 
	 

	If to Seller:
	I-Minerals
  Inc.
Suite
  880, 580 Hornby Street
Vancouver,
  BC, V6C 3B6, Canada
Attention:
  John Theobald
Email:

[redacted]
 

	with
  a copy (which shall not constitute notice) to:
	O’Neill
  Law LLP
Suite
  704, 595 Howe Street
  Vancouver, BC V6C 2T5, Canada
Attention:
  Charles Hethey
Email:

[redacted]

	If to Buyer:
	BV
  Lending, LLC
Attention:  Cortney Liddiard
2194 Snake River Parkway, Suite 300
Idaho Falls, Idaho 83402
P.O. Box 51298
Idaho Falls, Idaho 83405
 

	with
  copies (which shall not constitute notice) to:
	BV
  Lending, LLC
Attention:  Thel Casper
2194
  Snake River Parkway, Suite 300
Idaho
  Falls, Idaho 83402
P.O.
  Box 51298
Idaho
  Falls, Idaho 83405
 

	 
	Kris
  Ormseth
Stoel
  Rives LLP
101
  S. Capitol Blvd., Suite 1900
Boise, Idaho
  83702
Email:
[redacted]

 

11.4           
Interpretation; Headings.  This
Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an
instrument or causing any instrument to be drafted.  The headings in this Agreement are for
reference only and shall not affect the interpretation of this Agreement.

 

11.5           
Disclosure
Schedules.  A
qualification or exception set forth in the Disclosure Schedules to any
representation, warranty, or covenant contained in this Agreement shall not be
construed as a qualification or exception to any other representation, warranty,
or covenant contained in this Agreement unless the qualification or exception
expressly refers to the other representation, warranty, or covenant or it is
reasonably apparent on its face that such qualification or exception applies to
the other representation, warranty or covenant.

	STOCK PURCHASE AGREEMENT - 26
	 
	 

	115439161.13 0074720-00001
	 
	 

11.6           
Severability.  If
any term or provision of this Agreement is invalid, illegal, or unenforceable
in any jurisdiction, such invalidity, illegality, or unenforceability shall not
affect any other term or provision of this Agreement.

 

11.7           
Entire
Agreement.  This Agreement and the other Transaction Documents
constitute the sole and entire agreement of the parties to this Agreement with
respect to the subject matter contained herein and therein, and supersede all
prior and contemporaneous understandings and agreements, both written and oral,
with respect to such subject matter. 

 

11.8           
Successors and
Assigns.  This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.  Neither party may assign its
rights or obligations hereunder without the prior written consent of the other
party, which consent shall not be unreasonably withheld or delayed.  No assignment shall relieve the assigning
party of any of its obligations hereunder.

 

11.9           
Amendment and
Modification; Waiver.  This Agreement may only be amended, modified, or
supplemented by an agreement in writing signed by each party hereto.  No waiver by any party of any of the
provisions hereof shall be effective unless explicitly set forth in writing and
signed by the party so waiving.  No
failure to exercise, or delay in exercising, any right or remedy arising from
this Agreement shall operate or be construed as a waiver thereof.  No single or partial exercise of any right or
remedy hereunder shall preclude any other or further exercise thereof or the
exercise of any other right or remedy.

 

11.10       
Governing Law;
Submission to Jurisdiction.  All matters arising out of or relating to this Agreement shall be governed by and
construed in accordance with the internal laws of the State of Idaho without
giving effect to any choice or conflict of law provision or rule (whether of
the State of Idaho or any other jurisdiction).  Any legal suit, action, proceeding, or
dispute arising out of or related to this Agreement, the other Transaction
Documents, or the transactions contemplated hereby or thereby may be instituted
in the federal courts of the United States of America or the courts of the
State of Idaho in each case located in Ada County, Idaho, and each party
irrevocably submits to the exclusive jurisdiction of such courts in any such
suit, action, proceeding, or dispute.

 

11.11       
Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall be deemed to be one and the same
agreement.  A signed copy of this
Agreement delivered by email or other means of electronic transmission shall be
deemed to have the same legal effect as delivery of an original signed copy of
this Agreement.

 

[Signature Page Follows]

	STOCK PURCHASE AGREEMENT - 27
	 
	 

	115439161.13 0074720-00001
	 
	 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly
authorized.

 

	 	SELLER:
 
I-Minerals Inc., 
a Canadian corporation
 
 
By:  "John Theobald"                                      
Name: John Theobald 
Title: CEO, President and Director

 

	

	 SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT
	 

	115439161.13 0074720-00001
	 
	 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly
authorized.

 

	 	BUYER: 
 
BV Lending, LLC, 
an Idaho limited liability company
 
By: Ball Ventures, LLC 
Its: Member
 
By: BV Management Services, Inc. 
Its: Manager
 
 
By:  "Cortney Liddiard”                                                 
Name: Cortney Liddiard 
Title: President

  

	

	SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT
	 

	115439161.13 0074720-00001
	 
	 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly authorized.

 

	 	COMPANY: 
i-minerals USA, inc., 
an Idaho corporation
 
 
By:  "John Theobald"                                      
Name: John Theobald 
Title:
Director

 

	

	SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT
	 

	115439161.13 0074720-00001
	 
	 

EXHIBIT A

 

Definitions Cross-Reference Table

 

The following terms have the
meanings set forth in the location in this Agreement referenced below:

 

	Term
	Section

	Loan Agreements
	Recitals

	Actions
	Section
  4.15(a)

	Affiliate
	Section
  4.14

	Agreement
	Preamble

	Anti-Money
  Laundering Laws
	Section
  4.22

	Balance Sheet
	Section
  4.6

	Balance Sheet Date
	Section
  4.6

	Benefit Plan
	Section
  4.18(a)

	Board Recommendation
	Recitals

	Buyer
	Preamble

	CFPOA
	Section
  4.23

	Closing
	Section
  3

	Closing Date
	Section
  3

	Code
	Section 4.18(b)

	Company
	Preamble

	Company Debt
	Recitals

	Company Loan
	Recitals

	Company Intellectual Property
	Section
  4.13(b)

	Company IP Registrations
	Section
  4.13(b)

	Contracts
	Section
  4.5

	Contribution Agreement
	Recitals

	Control
	Section
  4.15

	Disclosure Schedules
	Section
  4

	Encumbrance
	Section
  1.1

	Environmental Laws
	Section
  4.17(c)

	ERISA
	Section
  4.18(a)

	Fairness Opinion
	Recitals

	FCPA
	Section
  4.23

	Financial Advisor
	Recitals

	Financial Statements
	Section
  4.6

	FIRPTA
  Note
	Section
  1.3

	FIRPTA
  Withholding
	Section
  1.3

	GAAP
	Section
  4.6

	Governmental Authority
	Section 4.3(b)

	Governmental Order
	Section
  4.5

	Hazardous Substances
	Section
  4.17(c)

	Insurance Policies
	Section
  4.14

	Intellectual Property
	Section
  4.13(a)

	IRS
	Section
  1.3

	Law
	Section
  4.5

	Liabilities
	Section
  4.7

	Losses
	Section
  7.4

 

	

	 
	 

	115439161.13 0074720-00001
	 
	 

	Material Adverse Effect
	Section 8.2(l)

	Material Contracts
	Section
  4.11(a)

	Misrepresentation
	Section 2.2(c)

	Permits
	Section
  4.16(b)

	Person
	Section
  4.3(b)

	Pre-Closing Tax Period
	Section
  7.2

	Proxy Statement
	Section 2.2(a)

	Purchase Price
	Section
  1.2

	Real Property
	Section
  4.12(a)

	Refunded
  Amount
	Section
  1.3

	Representatives
	Section
  6.1

	Restricted Period
	Section
  6.2(a)

	Restricted Territory
	Section
  6.2(a)

	SEC
	Section
  2.2(a)

	SEC
  Clearance Event
	Section
  2.2(b)

	Securities Act
	Section
  5.3

	Seller
	Preamble

	Seller Board
	Recitals

	Seller Debt
	Recitals

	Seller Meeting
	Section 2.1(a)

	Seller Shareholders
	Recitals

	Seller Shareholder Resolution
	Recitals

	Seller Shares
	Recitals

	Shares
	Recitals

	Special Committee
	Recitals

	Straddle Period
	Section
  7.1(a)

	Supporting Seller Shareholders
	Recitals

	Taxes
	Section
  4.20(a)

	Tax Records
	Section
  7.5

	Tax Returns
	Section
  4.20(a)

	Transaction
	Recitals

	Transaction Documents
	Section 8.2(f)

	Union
	Section
  4.19(b)

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