Document:

Exhibit 10.13

 

THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE
TO THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD
PURSUANT TO RULE 144 UNDER SAID ACT.

 

THE
TRANSFER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS SUBJECT TO THE
CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT, DATED AS OF NOVEMBER 22,
2005, AMONG THE COMPANY AND THE OTHER PARTIES REFERRED TO THEREIN, AS AMENDED
AND MODIFIED FROM TIME TO TIME, AND THE COMPANY RESERVES THE RIGHT TO REFUSE
THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH
RESPECT TO SUCH TRANSFER.  A COPY OF SUCH
CONDITIONS SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER
HEREOF UPON WRITTEN REQUEST.

 

NAVTECH, INC.

 

STOCK PURCHASE WARRANT

 

	
  Date of
  Issuance: November 22, 2005

  	
   

  	
  Certificate No. W-4

  

 

FOR VALUE RECEIVED, Navtech, Inc., a Delaware
corporation (the “Company”), hereby grants to ABRY INVESTMENT
PARTNERSHIP, L.P. or its registered assigns (the “Registered Holder”)
the right to purchase from the Company 1,385 shares of Warrant Stock (as
defined herein) at a price per share of $0.01 (as adjusted from time to time
hereunder, the “Exercise Price”). 
This Warrant is one of several warrants (collectively, and including any
warrant issued pursuant to the terms hereof or of any other warrant, and all
warrants that may be issued, directly or indirectly, as a replacement for any
such warrant, in whole or in part, the “Warrants”) issued pursuant to
the terms of the Warrant Agreement, dated as of November 22, 2005 (as in
effect from time to time, the “Purchase Agreement”), by and among the
Company and the Purchasers.  Certain
capitalized terms used herein are defined in Section 4.  The amount and kind of securities obtainable
pursuant to the rights granted hereunder and the 

 

 

purchase price for such securities are subject to adjustment pursuant
to the provisions contained in this Warrant.

 

This Warrant is subject to the following provisions:

 

Section 1.                                            Exercise
of Warrant.

 

1A.                             Exercise
Period.  

 

The Registered Holder may
exercise, in whole or in part (but not as to a fractional share of Warrant
Stock, unless such exercise is in full), the purchase rights represented by
this Warrant at any time and from time to time after the Date of Issuance to and
including the tenth anniversary of the Date of Issuance (the “Exercise
Period”).  The Company shall give the
Registered Holder written notice of the expiration of the Exercise Period at
least 10 days but not more than 60 days prior to the end of the Exercise
Period.

 

1B.                               Exercise
Procedure.  

 

(i)                                     This
Warrant shall be deemed to have been exercised when the Company has received
all of the following items (the “Exercise Time”):

 

(a)                                  a
completed Exercise Agreement, as described in Section 1C below,
executed by the Person exercising all or part of the purchase rights
represented by this Warrant (the “Purchaser”);

 

(b)                                 this
Warrant;

 

(c)                                  if
this Warrant is not registered in the name of the Purchaser, an Assignment or
Assignments in the form set forth in Exhibit II hereto evidencing
the assignment of this Warrant to the Purchaser, in which case the Registered
Holder shall have complied with the provisions set forth in Section 6
hereof; and

 

(d)                                 either
(1) a check payable to the Company in an amount equal to the product of
the Exercise Price multiplied by the number of shares of Warrant Stock being
purchased upon such exercise (the “Aggregate Exercise Price”), or (2) a
written notice to the Company that the Purchaser is exercising the Warrant (or
a portion thereof) by authorizing the Company to withhold from issuance a
number of shares of Warrant Stock issuable upon such exercise of the Warrant
which, when multiplied by the Market Price of the Warrant Stock, is equal to
the Aggregate Exercise Price (and such withheld shares shall no longer be
issuable under this Warrant).

 

(ii)                                  Certificates
for shares of Warrant Stock purchased upon exercise of this Warrant shall be
delivered by the Company to the Purchaser within five Business Days after the
date of the Exercise Time.  Unless this
Warrant has expired or all of the purchase rights represented hereby have been
exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the rights formerly represented by this Warrant which have
not

 

2

 

expired or been exercised and shall, within such five-day period,
deliver such new Warrant to the Person designated for delivery in the Exercise
Agreement.

 

(iii)                               The
Warrant Stock issuable upon the exercise of this Warrant shall be deemed to
have been issued to the Purchaser at the Exercise Time, and the Purchaser shall
be deemed for all purposes to have become the record holder of such Warrant
Stock at the Exercise Time.

 

(iv)                              The
issuance of certificates for shares of Warrant Stock upon exercise of this
Warrant shall be made without charge to the Registered Holder or the Purchaser
for any issuance tax in respect thereof or other cost incurred by the Company
in connection with such exercise and the related issuance of shares of Warrant
Stock.  Each share of Warrant Stock
issuable upon exercise of this Warrant shall, upon payment of the Exercise
Price therefor, be fully paid and nonassessable and free from all liens, taxes
and charges with respect to the issuance thereof.

 

(v)                                 The
Company shall not close its books against the transfer of this Warrant or of
any share of Warrant Stock issued or issuable upon the exercise of this Warrant
in any manner which interferes with the timely exercise of this Warrant.  The Company shall from time to time take all
such action as may be necessary to assure that the par value per share of the
unissued Warrant Stock acquirable upon exercise of this Warrant is at all times
equal to or less than the Exercise Price then in effect.

 

(vi)                              The
Company shall assist and cooperate with any Registered Holder or Purchaser
required to make any governmental filings or obtain any governmental approvals
prior to or in connection with any exercise of this Warrant (including making
any filings required to be made by the Company).

 

(vii)                           Notwithstanding
any other provision hereof, if an exercise of this Warrant is to be made in
connection with a registered public offering, the sale of the Company or any
other transaction, such exercise may, at the election of the holder hereof, be
conditioned upon the consummation of the public offering, the sale of the
Company or other transaction, in which case such exercise shall not be deemed
to be effective until the consummation of such transaction.

 

(viii)                        The
Company shall at all times reserve and keep available out of its authorized but
unissued shares of Warrant Stock solely for the purpose of issuance upon the
exercise of the Warrants, such number of shares of Warrant Stock issuable upon
the exercise of all outstanding Warrants. 
The Company shall take all such actions as may be necessary to assure
that all such shares of Warrant Stock may be so issued without violation of any
applicable law or governmental regulation or any requirements of any domestic
securities exchange upon which shares of Warrant Stock may be listed (except
for official notice of issuance which shall be immediately delivered by the
Company upon each such issuance).  The
Company shall not take any action which would cause the number of authorized
but unissued shares of Warrant Stock to be less than the number of such shares
required to be reserved hereunder for issuance upon exercise of the Warrants.

 

3

 

1C.                               Exercise
Agreement.  Upon any exercise of this
Warrant, the Exercise Agreement shall be substantially in the form set forth in
Exhibit I hereto, except that if the shares of Warrant Stock are not to be
issued in the name of the Person in whose name this Warrant is registered, the
Exercise Agreement shall also state the name of the Person to whom the
certificates for the shares of Warrant Stock are to be issued, and if the
number of shares of Warrant Stock to be issued does not include all the shares
of Warrant Stock purchasable hereunder, it shall also state the name of the
Person to whom a new Warrant for the unexercised portion of the rights
hereunder is to be delivered.  Such
Exercise Agreement shall be dated the actual date of execution thereof.

 

1D.                              Fractional
Shares.  If a fractional share of Warrant
Stock would, but for the provisions of Section 1A, be issuable upon
exercise of the rights represented by this Warrant, the Company shall, within
five Business Days after the date of the Exercise Time, deliver to the
Purchaser a check payable to the Purchaser (or, at the Purchaser’s option,
cash, by wire transfer of immediately available funds to the account specified
by the Purchaser) in lieu of such fractional share in an amount equal to the
difference between the Market Price of such fractional share as of the date of
the Exercise Time and the Exercise Price of such fractional share.

 

Section 2.                                            Adjustment
of Exercise Price and Number of Shares. 
In order to prevent dilution of the rights granted under this Warrant,
the Exercise Price and the number of shares of Warrant Stock obtainable upon
exercise of this Warrant shall be subject to adjustment from time to time as
provided in this Section 2.

 

2A.                             Adjustment
of Exercise Price and Number of Shares upon Issuance of Common Stock.

 

(i)                                     Except
for (a) any shares of Common Stock issued as a dividend or distribution on
the Common Stock to which Section 2C applies, (b) any
securities issued by the Company upon the exercise, conversion or exchange in
accordance with their respective terms of Options or Common Stock Equivalents
outstanding on the date hereof, including, without limitation, the Cambridge
Information Group Preferred Stock (as defined in the Purchase Agreement) issued
on or before the Closing Date or (c) Common Stock and Options to acquire
Common Stock pursuant to options, incentive or compensation plans approved by
the Board of Directors of the Company to employees, directors and independent
contractors in an aggregate amount after the date hereof that does not exceed (i) 1,050,000
shares of Common Stock, whether issued as shares of Common Stock or as Options
to acquire Common Stock, and (ii) 431,000 shares of Common Stock issuable
upon exercise of Options outstanding on the Closing Date (in each case, as
adjusted to reflect any stock split, reverse stock split, stock dividend or
similar event consummated after the date hereof), if and whenever after the
date of the Purchase Agreement the Company issues or sells, or in accordance
with Section 2B is deemed to have issued or sold, any shares of its
Common Stock for a consideration per share less than the Market Price of the
Common Stock determined as of the date of such issue or sale, then immediately
upon such issue or sale the Exercise Price shall be reduced to the Exercise Price
determined by multiplying the Exercise Price in effect immediately prior to
such issue or sale by a fraction, the numerator of which shall be the sum of (1) the
number of shares of Common Stock Deemed Outstanding immediately prior to such
issue or sale multiplied by the Market Price of the

 

4

 

Common Stock determined as of the date of such issuance or sale, plus (2) the
consideration, if any, received by the Company upon such issue or sale, and the
denominator of which shall be the product derived by multiplying such Market
Price of the Common Stock by the
number of shares of Common Stock Deemed Outstanding immediately after such
issue or sale.

 

(ii)                                  Upon
each such adjustment of the Exercise Price hereunder, the number of shares of
Warrant Stock acquirable upon exercise of this Warrant shall be adjusted to the
number of shares determined by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of shares of Warrant Stock acquirable
upon exercise of this Warrant immediately prior to such adjustment and dividing
the product thereof by the Exercise Price resulting from such adjustment.

 

2B.                               Effect
on Exercise Price of Certain Events. 
For purposes of determining the adjusted Exercise Price under Section 2A,
the following shall be applicable:

 

(i)                                     Issuance
of Rights or Options.  If the Company
in any manner grants or sells any Options and the price per share for which
Common Stock is issuable upon the exercise of such Options, or upon conversion
or exchange of any Common Stock Equivalents issuable upon exercise of such
Options, is less than the Market Price of the Common Stock determined as of
such time, then the total maximum number of shares of Common Stock issuable
upon the exercise of such Options or upon conversion or exchange of the total
maximum amount of such Common Stock Equivalents issuable upon the exercise of
such Options shall be deemed to be outstanding and to have been issued and sold
by the Company at the time of the granting or sale of such Options for such
price per share.  For purposes of this
paragraph, the “price per share for which Common Stock is issuable” shall be
determined by dividing (A) the total amount, if any, received or
receivable by the Company as consideration for the granting or sale of such
Options, plus the minimum aggregate amount of additional consideration payable
to the Company upon exercise of all such Options, plus in the case of such
Options which relate to Common Stock Equivalents, the minimum aggregate amount
of additional consideration, if any, payable to the Company upon the issuance
or sale of such Common Stock Equivalents and the conversion or exchange
thereof, by (B) the total maximum number of shares of Common Stock
issuable upon the exercise of such Options or upon the conversion or exchange
of all such Common Stock Equivalents issuable upon the exercise of such
Options.  No further adjustment of the
Exercise Price shall be made when Common Stock Equivalents are actually issued
upon the exercise of such Options or when shares of Common Stock are actually
issued upon the exercise of such Options or the conversion or exchange of such
Common Stock Equivalents.

 

(ii)                                  Issuance
of Common Stock Equivalents.  If the
Company in any manner issues or sells any Common Stock Equivalents and the
price per share for which Common Stock is issuable upon conversion or exchange
thereof is less than the Market Price of the Common Stock determined as of such
time, then the maximum number of shares of Common Stock issuable upon
conversion or exchange of such Common Stock Equivalents shall be deemed to be
outstanding and to have been issued and sold by the Company at the time of the
issuance or sale of such Common Stock Equivalents for such price per share.  For the purposes of this paragraph, the “price
per share for which Common Stock is issuable” shall be determined by dividing (A) the
total amount received or receivable by the Company as consideration for the
issue or sale of 

 

5

 

such Common Stock Equivalents, plus the minimum aggregate amount of
additional consideration, if any, payable to the Company upon the conversion or
exchange thereof, by (B) the total maximum number of shares of Common
Stock as applicable, issuable upon the conversion or exchange of all such
Common Stock Equivalents.  No further
adjustment of the Exercise Price shall be made when shares of Common Stock are
actually issued upon the conversion or exchange of such Common Stock
Equivalents, and if any such issue or sale of such Common Stock Equivalents is
made upon exercise of any Options for which adjustments of the Exercise Price
had been or are to be made pursuant to other provisions of this Section 2B,
no further adjustment of the Exercise Price shall be made by reason of such
issue or sale.

 

(iii)                               Change
in Option Price or Conversion Rate. 
If the purchase price provided for in any Options, the additional
consideration, if any, payable upon the conversion or exchange of any Common
Stock Equivalents or the rate at which any Common Stock Equivalents are
convertible into or exchangeable for Common
Stock changes at any time (in each case, other than as a result of
antidilution provisions applicable to such Options or such Common Stock Equivalents),
the applicable Exercise Price in effect at the time of such change shall be
immediately adjusted to such Exercise Price which would have been in effect at
such time had such Options or Common Stock Equivalents still outstanding
provided for such changed purchase price, additional consideration or
conversion rate, as the case may be, at the time initially granted, issued or
sold and the number of shares of Warrant Stock shall be correspondingly
adjusted.  For purposes of this Section 2B,
if the terms of any Option or Convertible Security which was outstanding as of
the Date of Issuance of this Warrant are changed in the manner described in the
immediately preceding sentence, then such Option or Convertible Security and
the Common Stock deemed issuable upon exercise, conversion or exchange thereof
shall be deemed to have been issued as of the date of such change.

 

(iv)                              Calculation
of Consideration Received.  If any Common Stock, Option or Convertible
Security is issued or sold or deemed to have been issued or sold for cash, the
consideration received therefor shall be deemed to be the amount received by
the Company therefor.  If any Common Stock, Option or Convertible
Security is issued or sold for a consideration other than cash, the amount of
the consideration other than cash received by the Company shall be the fair
value of such consideration, except where such consideration consists of
securities, in which case the amount of consideration received by the Company
shall be the Market Price thereof as of the date of receipt.  If any Common Stock, Option or Convertible Security is issued to the
owners of the non-surviving entity in connection with any merger in which the
Company is the surviving corporation, the amount of consideration therefor
shall be deemed to be the fair value of the portion of the net assets of the
non-surviving entity that is attributable to such Common Stock, Option or Convertible Security, as the case may
be.  The fair value of any consideration
or net assets other than cash and securities (and, if applicable, the portions
thereof attributable to any such stock or securities) shall be determined
jointly by the Company and the Majority Holders.  If such parties are unable to reach agreement
within a reasonable period of time, the fair value of such consideration shall
be determined by an independent appraiser experienced in valuing such type of
consideration jointly selected by the Company and the Majority Holders.  The determination of such appraiser shall be
final and binding upon the parties, and the fees and expenses of such appraiser
shall be borne by the Company.  If any
Option is issued in connection with the issue or sale of other securities of
the

 

6

 

Company, together comprising one integrated transaction, the Option
shall be deemed to have been issued for no consideration, unless otherwise
specified in the documentation for such transaction.

 

(v)                                 Treasury
Shares.  The number of shares of Common Stock outstanding at any given
time shall not include shares owned or held by or for the account of the
Company or any Subsidiary, and the disposition of any shares or other Equity
Security of the Company so owned or held shall be considered an issue or sale
of such shares or Equity Security.

 

(vi)                              Record
Date.  If the Company takes a record
of the holders of Common Stock
for the purpose of entitling them (a) to receive a dividend or other
distribution payable in Common Stock,
Options or in Common Stock Equivalents or (b) to subscribe for or purchase
Common Stock, Options or Common
Stock Equivalents, then such record date shall be deemed to be the date of the
issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such
dividend or upon the making of such other distribution or the date of the
granting of such right of subscription or purchase, as the case may be.  If after taking such record the Company shall
have legally abandoned its plan to make or do any of the foregoing (without
having made such issuance), then any adjustment made to any Exercise Price
hereunder as a result of securities having been deemed issued on the date of
such record, shall be recomputed as if such record had not been taken.

 

2C.                               Subdivision
or Combination of Capital Stock.  If
the Company, at any time subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of
shares, the applicable Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced (and any other appropriate actions
shall be taken by the Company) and the number of shares of Warrant Stock
obtainable upon exercise of this Warrant shall be proportionately increased.(1)  If the Company at any time combines (by
reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of
shares, the applicable Exercise Price in effect immediately prior to such
combination shall be proportionately increased (and any other appropriate
actions shall be taken by the Company) and the number of shares of Warrant
Stock obtainable upon exercise of this Warrant shall be proportionately
decreased.

 

2D.                              Reorganization,
Reclassification, Consolidation, Merger or Sale.  Any recapitalization, reorganization,
reclassification, consolidation, merger, sale of all or substantially all of
the Company’s assets or other transaction, in each case which is effected in
such a manner that the holders of Warrant Stock are entitled to receive (either
directly or upon subsequent liquidation) stock, securities or assets with
respect to or in exchange for Warrant Stock is referred to herein as an “Organic
Change”.  Prior to the consummation of
any Organic Change, the Company shall make appropriate provision (in form and
substance reasonably acceptable to the

 

(1)                                  For
the avoidance of doubt, if the Company engages in a 2-for-1 stock split, the
Exercise Price for the Warrant Stock will be reduced to one-half of the
Exercise Price in effect immediately prior to such stock split, and the
aggregate number of shares of Warrant Stock issuable upon exercise of this
Warrant will be increased to two times the number of shares of Warrant Stock
issuable upon exercise of this Warrant immediately prior to such stock split.

 

7

 

Majority Holders) to insure that each of the Registered Holders of
Warrants shall thereafter have the right to acquire and receive, in lieu of or
in addition to (as the case may be) the shares of Warrant Stock immediately
theretofore acquirable and receivable upon the exercise of such holder’s
Warrant, such shares of stock, securities or assets as such holder would have
been issued or payable in such Organic Change (if such holder had exercised its
Warrant immediately prior to such Organic Change) with respect to or in
exchange for the number of shares of Warrant Stock immediately theretofore
acquirable and receivable upon exercise of such holder’s Warrant had such
Organic Change not taken place.  In each
such case, the Company shall also make appropriate provisions (in form and
substance reasonably acceptable to the Majority Holders) to insure that the
provisions of this Section 2 and Section 3 hereof shall
thereafter be applicable to the Warrants. 
The Company shall not effect any such consolidation, merger or sale,
unless prior to the consummation thereof, the successor entity (if other than
the Company) resulting from consolidation or merger or the entity purchasing
such assets assumes by written instrument (in form and substance reasonably
acceptable to the Majority Holders) the obligation to deliver to each such
holder such shares of stock, securities or assets as, in accordance with the
foregoing provisions, such holder may be entitled to acquire. 

 

2E.                                Notices.

 

(i)                                     Immediately
upon any adjustment of the Exercise Price, the Company shall give written
notice thereof to all Registered Holders of Warrants, setting forth in
reasonable detail and certifying the calculation of such adjustment.

 

(ii)                                  The
Company shall also give written notice to all Registered Holders of Warrants at
least twenty (20) days prior to the date on which any Organic Change or Change
of Control shall take place.

 

Section 3.                                            Dividends.  If the Company declares or pays a dividend or
other distribution upon any share of Common Stock, except for a stock dividend
payable in shares of Common Stock (a “Dividend”), then the amount of
such dividend or distribution for such share of Common Stock  that would have been payable on each Warrant
Share issuable upon exercise of this Warrant had such Warrant Share been
outstanding at such time shall instead accrue (without interest) and shall be
paid by the Company to the Registered Holder only upon exercise of this Warrant
for such share of Common Stock.

 

Section 4.               Definitions.  The following terms have meanings set forth
below:

 

“Business Day”
means any day other than a Saturday, Sunday, or any day on which banks in State
of New York, the State of California or the Commonwealth of Massachusetts are
authorized or obligated by applicable law to close.

 

“Closing” has the
meaning set forth in the Purchase Agreement.

 

“Common Stock Deemed
Outstanding” means, at any given time, the number of shares of Common Stock
actually outstanding at such time, plus the number of shares of Common Stock
issuable upon the exercise, conversion or exchange of Options or Common

 

8

 

Stock Equivalents (excluding Options or Common Stock Equivalents that
are not then at or in the money).

 

“Common Stock Equivalents” means any stock or
securities (directly or indirectly) convertible into or exchangeable for Common Stock.

 

“Majority Holders” means holders of Warrants
representing a majority of the Warrant Stock purchasable upon exercise of all
Warrants then outstanding.

 

“Market Price” means as to any security the
average of the closing prices of such security’s sales on all securities
exchanges on which such security may at the time be listed, or, if there have
been no sales on any such exchange on any day, the average of the highest bid
and lowest asked prices on all such exchanges at the end of such day, or, if on
any day such security is not so listed, the average of the representative bid
and asked prices quoted in the NASDAQ System as of 4:00 P.M., New York
time, on such day, or, if on any day such security is not quoted in the NASDAQ
System, the average of the highest bid and lowest asked prices on such day in
the domestic over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization, in each such case (i) averaged
over a period of 20 days consisting of the day as of which “Market Price” is
being determined and the 19 consecutive Business Days prior to such day, and (ii) averaged
on a volume-weighted basis based on the trading volume for each such Business
Day.  If at any time such security is not
listed on any securities exchange or quoted in the NASDAQ System or the
over-the-counter market, the “Market Price” shall be the fair value
thereof determined in good faith by the Board of Directors.

 

“Options” means any rights or options to
subscribe for or purchase Common Stock
or Common Stock Equivalents.

 

“Warrant Stock” means Common Stock; provided that if there is a change such that the
securities issuable upon exercise of the Warrants are issued by an entity other
than the Company or there is a change in the type or class of securities so
issuable, then the term “Warrant Stock” shall mean one share of the security
issuable upon exercise of the Warrants if such security is issuable in shares,
or shall mean the smallest unit in which such security is issuable if such
security is not issuable in shares.

 

Other capitalized terms used in this Warrant but not
defined herein shall have the meanings set forth in the Purchase Agreement.

 

Section 5.                                            No
Voting Rights; Limitations of Liability. 
This Warrant shall not entitle the holder hereof to any voting rights or
other rights as a stockholder of the Company. 
No provision hereof, in the absence of affirmative action by the
Registered Holder to purchase Warrant Stock, and no enumeration herein of the
rights or privileges of the Registered Holder shall give rise to any liability
of such holder for the Exercise Price of Warrant Stock acquirable by exercise
hereof or as a stockholder of the Company.

 

Section 6.                                            Warrant
Transferable.  Subject to the
transfer conditions referred to in the legend endorsed hereon, this Warrant and
all rights hereunder are transferable, in whole or

 

9

 

in part, without charge to the Registered Holder, upon surrender of
this Warrant with a properly executed Assignment (in the form of Exhibit II
hereto) at the principal office of the Company.

 

Section 7.                                            Warrant
Exchangeable for Different Denominations. 
This Warrant is exchangeable, upon the surrender hereof by the
Registered Holder at the principal office of the Company, for new Warrants of
like tenor representing in the aggregate the purchase rights hereunder, and
each of such new Warrants shall represent such portion of such rights as is
designated by the Registered Holder at the time of such surrender.  The date the Company initially issues this
Warrant shall be deemed to be the “Date of Issuance” hereof regardless of the number
of times new certificates representing the unexpired and unexercised rights
formerly represented by this Warrant shall be issued.  All Warrants representing portions of the
rights hereunder are referred to herein as the “Warrants.”

 

Section 8.                                            Replacement.  Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss,
theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Company (which shall be unsecured for the Registered Holder and its Affiliates
and all institutional Purchasers), or, in the case of any such mutilation upon
surrender of such certificate, the Company shall (at its expense) execute and
deliver in lieu of such certificate a new certificate of like kind representing
the same rights represented by such lost, stolen, destroyed or mutilated
certificate and dated the date of such lost, stolen, destroyed or mutilated
certificate.

 

Section 9.                                            Notices.  Except as otherwise expressly provided
herein, all notices referred to in this Warrant shall be in writing and shall
be delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered, sent
or deposited in the United States Mail (i) to the Company, at its
principal executive offices and (ii) to the Registered Holder of this
Warrant, at the following address:

 

c/o ABRY Partners, LLC

111 Huntington Avenue

30th Floor

Boston, MA 02199

Telecopy No.: (617) 859-8797

Attention:  John
Hunt

 

with a copy of any
such notice to (which shall not constitute notice to the Registered Holder):

 

10

 

Kirkland & Ellis LLP

Citigroup Center

153 East 53rd Street

New York, NY 10022-4675

Telecopy No.: (212) 446-6460

Attention:       John L.
Kuehn, Esq.

 

or at such other
address as such Registered Holder has specified by prior written notice to the
Company.  A copy of all notices hereunder
are to be delivered as provided in Section 10H of the Purchase Agreement.

 

Section 10.                                      Amendment
and Waiver.  Except as otherwise
provided herein, the provisions of the Warrants may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company has obtained the written
consent of the Majority Holders.

 

Section 11.                                      Descriptive
Headings; Governing Law.  The
descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this
Warrant.  The corporation laws of the
State of Delaware shall govern all issues concerning the relative rights of the
Company and its stockholders.  All other
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by the internal law of the Commonwealth of
Massachusetts, without giving effect to any choice of law or conflict of law
provision or rule (whether of the Commonwealth of Massachusetts or any
other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the Commonwealth of Massachusetts.

 

*    *    *    *

 

11

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be signed and attested by its duly authorized officers under its corporate
seal and to be dated the Date of Issuance hereof.

 

	
   

  	
  NAVTECH,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
					

 

 

EXHIBIT I

 

EXERCISE
AGREEMENT

 

	
  To:

  	
   

  	
  Dated:

  

 

The undersigned, pursuant to the provisions set forth
in the attached Warrant (Certificate No. W-        ),
hereby agrees to subscribe for the purchase of             
shares of the Warrant Stock covered by such Warrant and makes payment herewith
in full therefor at the price per share provided by such Warrant.

 

	
   

  	
  Signature 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address 

  	
   

  	
   

  

 

 

EXHIBIT II

 

ASSIGNMENT

 

FOR VALUE RECEIVED,                                                                   
hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (Certificate No. W-          )
with respect to the number of shares of the Warrant Stock covered thereby set
forth below, unto:

 

	
  Names of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  Dated:

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WitnessCUSIP
NO. 52517PC90

 

	
  REGISTERED

  	
   

  	
  PRINCIPAL
  AMOUNT: $8,670,000

  
	
  No. R-1

  	
   

  	
   

  

 

LEHMAN BROTHERS HOLDINGS INC.

 

MEDIUM-TERM NOTE, SERIES H

 

PRINCIPAL PROTECTED GLOBAL GROWTH BASKET
FX-LINKED NOTE
DUE NOVEMBER 26, 2007

 

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN CERTIFICATED FORM (A “CERTIFICATED NOTE”), THIS GLOBAL SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE
OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

 

LEHMAN BROTHERS HOLDINGS INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called
the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to CEDE & Co., or registered assigns, on the Stated
Maturity Date, an amount equal to the Repayment Amount.  The Notes do not bear interest. No payments
on the Notes will be made until the Stated Maturity Date.

 

The “Stated Maturity Date” is November 26, 2007,
or if such day is not a Business Day, on the next following Business Day,
provided that if the Valuation Date for any Basket Currency is postponed as
described below, then the Maturity Date will be two Business Days following the
latest postponed Valuation Date.

 

The Repayment Amount, for each $1 principal amount of
the Notes represented hereby, is the amount equal to the sum of (a) $1 plus (b) the Additional Amount.

 

The “Additional Amount”, for each $1 principal amount
of the Notes represented hereby, equals 450% times the greater of (i) zero
and (ii) the Basket Value.

 

The “Basket Currencies” are
the Australian Dollar (AUD), Canadian Dollar (CAD), Swedish Kroner (SEK),
Norwegian Kroner (NOK), Euro (EUR) and Swiss Franc (CHF).

 

The “Basket Value” equals
the sum of:

 

(i) a quotient, the numerator of which
is 0.342607 and the denominator
of which is the Final Currency Value for AUD plus

 

(ii) a quotient, the numerator of which
is 0.298175 and the denominator of which is the Final
Currency Value for CAD plus

 

(iii) a quotient, the numerator of which
is 2.060950 and the denominator
of which is the Final Currency Value for SEK plus

 

(iv) a quotient, the numerator of which
is 1.672775 and the denominator of which is the Final
Currency Value for NOK plus

 

(v) a quotient, the numerator of which
is -0.428706  and
the denominator of which is the Final Currency Value for EUR plus

 

(vi) a quotient, the numerator of which
is -0.663350 and the denominator of which is the Final
Currency Value for CHF.

 

2

 

The “Final
Currency Value” of each Basket Currency equals the spot exchange rate
between the applicable Basket Currency and the U.S. Dollar expressed as the
amount of Basket Currency per U.S. Dollar for customary settlement in the
interbank market for each Basket Currency on the Valuation Date, as reported by
Reuters on the applicable page, or any substitute page, and at the approximate
time set forth in the following table:

 

	
  Basket

  Currency

  	
   

  	
  Reuters Page

  	
   

  	
  Rate

  	
   

  	
  Applicable

  Currency

  Business Day

  	
   

  
	
  AUD

  	
   

  	
  1FEE

  	
   

  	
  Quotient, the
  numerator of which is 1 and the denominator of which is the daily spot rate
  reported under the heading “AUD” at 12:00 p.m. New York Time

  	
   

  	
  New York

  	
   

  
	
  CAD

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “CAD” at 10:00 a.m. New York Time

  	
   

  	
  New York

  	
   

  
	
  SEK

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “SEK” at 10:00 a.m. New York Time

  	
   

  	
  New York

  	
   

  
	
  NOK

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “NOK” at 10:00 a.m. New York Time

  	
   

  	
  New York

  	
   

  
	
  EUR

  	
   

  	
  1FED

  	
   

  	
  Quotient, the
  numerator of which is 1 and the denominator of which is the daily spot rate
  reported under the heading “EUR” at 10:00 a.m. New York Time

  	
   

  	
  New York

  	
   

  
	
  CHF

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “CHF” at 10:00 a.m. New York Time

  	
   

  	
  New York

  	
   

  

 

The “Valuation
Date” is, with respect to any Basket Currency, the latest Currency Business Day
for that Basket Currency that is at least two Business Days prior to November 26,
2007, subject to postponement in the event of a Market Disruption Event.

 

A “Currency Business Day” is, with
respect to any Basket Currency, any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close
(including for dealings in foreign exchange in accordance with the practice of
the foreign exchange market) in the city listed above under “Applicable
Currency Business Day” for that Basket Currency.

 

A “Business Day”, notwithstanding any provision in
the Indenture, is any day that is not is not a Saturday or Sunday and that is
not a day on which banking institutions in New York City generally are
authorized or obligated by law or executive order to be closed.

 

If no spot quotation
is available for a Basket Currency from the applicable Reuters page described
under “Final Currency Value” above or there occurs an event that generally
makes it impossible to convert any of the Basket Currencies into U.S. dollars
through customary legal channels, or to obtain a firm quote of any of the
exchange rates between the Basket Currencies and the U.S. dollar on the
Valuation Date, that, in the good faith determination of the Calculation Agent,
affects the valuation of the Final Basket Value or the Company’s ability or any
similarly situated party to hedge its exposure or to unwind all or a material
portion of a hedge with respect to this Note (“Market Disruption Event”), then
the Valuation Date for that Basket Currency will be postponed to the next
succeeding Currency Business Day for that Basket Currency; provided, that if the Final Currency Value
for any Basket Currency is not capable of calculation as of the next succeeding
Currency Business Day because of an occurring or

 

3

 

continuing Market Disruption
Event, the Calculation Agent will determine the Final Currency Value for that
Basket Currency taking into consideration all available information that in
good faith it deems relevant.

 

Except
as provided below, the Repayment Amount may, at the option of the Company, be
made by check mailed to the person entitled thereto at such person’s address as
it appears on the registry books of the Company.

 

Payment
of the Repayment Amount will be made in immediately available funds upon
surrender of this Note at the corporate trust office or agency of the Trustee
(or any duly appointed Paying Agent) maintained for that purpose in the Borough
of Manhattan, New York City (the “Corporate Trust Office”), provided that this
Note is presented to the Trustee (or any such Paying Agent) in time for the
Trustee (or any such Paying Agent) to make such payments in such funds in
accordance with its normal procedures.

 

The
Company will pay any administrative costs imposed by banks in making payments
in immediately available funds, but any tax, assessment or governmental charge
imposed upon payments hereunder, including, without limitation, any withholding
tax, will be borne by the Holder hereof.

 

References
herein to “U.S. dollars” or “U.S.$” or “$” are to the coin or currency of the
United States as at the time of payment is legal tender for the payment of
public and private debts.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF.  SUCH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee
under the Indenture.

 

4

 

IN
WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be
signed by its Chairman of the Board, its President, its Vice Chairman, its
Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual
or facsimile signature under its corporate seal, attested by its Secretary or
one of its Assistant Secretaries by manual or facsimile signature.

 

Dated:  November 25, 2005

 

	
  [SEAL]

  	
  LEHMAN BROTHERS
  HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Securities of the series designated herein referred to in the within-mentioned
Indenture.

 

	
  CITIBANK, N.A.

  	
   

  
	
   as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  
				

 

5

 

[REVERSE OF NOTE]

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTES, SERIES H

PRINCIPAL PROTECTED GLOBAL GROWTH BASKET
FX-LINKED NOTE
DUE NOVEMBER 26, 2007

 

 

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series H,
Principal Protected Global Growth Basket FX-Linked Note (herein called the “Notes”).  The
Notes are one of an indefinite number of series of debt securities of the
Company (collectively, the “Securities”) issued or issuable under and pursuant
to an indenture dated as of September 1, 1987, as amended and supplemented
(the “Indenture”), duly executed and delivered by the Company and Citibank,
N.A., as Trustee (herein called the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the holders of the Securities.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repurchase rights (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to
different covenants and Events of Default and may otherwise vary as in the
Indenture provided.

 

Section 2.  Principal Amount for Indenture Purposes.  For the purpose of determining whether
Holders of the requisite amount of Notes of this series outstanding under the
Indenture have made a demand, given a notice or waiver or taken any other
action, the principal amount of this Note will be deemed to be the principal
amount of this Note then outstanding.

 

Section 3.  Modification and Waivers.  The Indenture contains provisions permitting
the Company and the Trustee, with the consent of the Holders of not less than 66-2/3%
in aggregate principal amount of each series of the Securities at the time
Outstanding to be affected, evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the
Securities of all such series; provided, however, that no such supplemental
indenture shall, among other things, (i) change the fixed maturity of any
Security, or reduce the Repayment Amount or the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon or reduce any
premium or other amount payable on redemption, or make the Repayment Amount or
the principal amount thereof, premium or other amount payable, if any, or
interest thereon payable in any coin or currency other than that hereinabove
provided, without the consent of the Holder of each Security so affected, or (ii) change
the place of payment on any Security, or impair the right to institute suit for
payment on any Security, or reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental indenture,
without the consent of the holders of each Security so affected.  It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of any series of Securities,

 

 

the holders of a majority
in aggregate principal amount of the Securities of such series Outstanding may
on behalf of the holders of all the Securities of such series waive any past
default or Event of Default under the Indenture with respect to such series and
its consequences, except a default in the payment of interest, if any, on the
Repayment Amount or the principal amount, or premium, if any, on any of the
Securities of such series, or in the payment of any sinking fund installment or
analogous obligation with respect to Securities of such series.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Note and any Notes of this series which may be
issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes of this series.

 

Section 4.  Obligations Unconditional.  No reference herein to the Indenture and no
provisions of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
Repayment Amount or the principal amount on this Note at the place, at the
respective times, at the rate, and in the coin or currency herein prescribed.

 

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

 

Section 6.  Authorized Form and Denominations.  The Notes of this series are issuable in
registered form, without coupons.  Each
Note will be issued initially as either a Global Security or a Certificated
Note, at the option of the Company, in denominations of $10,000 or whole
multiples of $5,000, either at the office or agency to be designated and
maintained by the Company for such purpose in the Borough of Manhattan, New
York City, pursuant to the provisions of the Indenture or at any of such other
offices or agencies as may be designated and maintained by the Company for such
purpose pursuant to the provisions of the Indenture, and in the manner and
subject to the limitations provided in the Indenture, but without the payment
of any service charge, except for any tax or other governmental charges imposed
in connection therewith.  Notes of this
series are exchangeable for a like aggregate principal amount of Notes of this
series of a different authorized denomination, except that Global Securities
will not be exchangeable for Certificated Notes of this series.

 

Section 7.  Registration of Transfer.  As provided in the Indenture and subject to
certain limitations as therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for
registration of transfer, at the Corporate Trust Office or agency in a Place of
Payment for this Note, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar
requiring such written instrument of transfer duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more
new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

 

If at
any time the Depository notifies the Company that it is unwilling or unable to
continue as Depository or if at any time the Depository shall no longer be
eligible under the Indenture, the Company shall appoint a successor
Depository.  If a successor Depository
for the Notes of this series is not appointed by the Company within 90 days
after the Company receives

 

 

such notice or becomes
aware of such ineligibility, the Company will issue, and the Trustee will
authenticate and deliver, Notes of this series in definitive form in an
aggregate principal amount equal to the principal amount of this Note.

 

No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.

 

Prior
to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the person in
whose name this Note is registered as the owner hereof for all purposes, and
neither the Company nor the Trustee nor any agent of the Company or of the Trustee
shall be affected by any notice to the contrary.

 

Section 8.  Events of Default.  If an Event of Default with respect to Notes
of this series shall occur and be continuing, the amount declared due and
payable upon any acceleration of the Notes will be determined by the
Calculation Agent and will equal the Repayment Amount calculated as though the
maturity of the Notes were the date of early repayment in the manner and with
the effect provided in the Indenture. 
The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Repayment Amount calculated as though
the date to which the maturity has been accelerated were the Stated Maturity
Date as determined by the Calculation Agent.

 

Section 9.  No Recourse Against Certain Persons.  No recourse for the payment of the Repayment
Amount or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Company in
the Indenture or any Indenture supplemental thereto or in any Note, or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

 

Section 10.  Tax Treatment.  The Company agrees, and by acceptance of
beneficial ownership interest in the Notes of this series, each Holder of such
Notes will be deemed to have agreed, for United States federal income tax
purposes, (i) to treat the Notes of this series as indebtedness that is
subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and
(ii) to be bound by the Company’s determination of the “comparable yield”
and “projected payment schedule,” within the meaning of the Contingent Payment
Regulations, with respect to the Notes of this series.

 

Section 11.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

 

Section 12.  GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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