Document:

Unassociated Document

    
      
 

      CONSULTING
AGREEMENT

      

      This
Consulting Agreement, entered into as of March 1, 2010, by and between Dustin
Shindo, an individual, (hereinafter called “Consultant”),
and Hoku Scientific, Inc., a corporation organized and existing under the laws
of the State of Delaware, and having an office and place of business at 1288 Ala
Moana Blvd., Suite 220, Honolulu, Hawaii 96814 (hereinafter called (“Hoku”).

      

      Recitals

      

      WHEREAS,
Hoku’s business relates to clean energy technology research, development and
commercialization, including photovoltaic systems and polysilicon;
and

       

      WHEREAS,
the Consultant is a founder and the Chairman of the Board, President, and Chief
Executive Officer of Hoku, and has extensive business contacts and relationships
that may benefit Hoku’s business; and

       

      WHEREAS,
the Consultant has tendered his resignation from all current positions with Hoku
and its affiliates, effective at the close of business on March 31,
2010;

       

      WHEREAS,
Hoku desires to utilize Consultant’s services in connection with Hoku’s business
after March 31, 2010, upon the conditions hereinafter set forth:

       

      NOW
THEREFORE, in consideration of the value exchanged and terms as stated herein,
the parties hereto mutually agree as follows:

       

      Agreement

      

      1.  Engagement.  Hoku agrees to engage
Consultant on the compensation basis indicated below to perform the services
stated herein, and Consultant hereby accepts this engagement by
Hoku.

      

      2.  Independent
Contractor.  The
parties intend and agree that Consultant is acting and will act as an
independent contractor and not as an employee of Hoku in the performance of
services required under this Agreement.

      

      3.  Services.  Consultant
agrees to work on certain special projects that may from time to time be
requested by Hoku and agreed to by Consultant.  Examples of such
projects could include business development in Japan and involvement in various
financing activities.

      

      4.  Compensation
Basis.  As compensation for Consultant’s services, Consultant
will receive the following:  (A) during each of the first six months
of Consultant’s continuous service under this Agreement, a monthly retainer
equal to $40,000 + Hawaii GET; (B) during each of the seventh through twelfth
month of Consultant’s continuous services under this Agreement, a monthly
retainer equal to $10,000 + Hawaii GET; and (C) all restricted stock awards
previously granted to Consultant during the term of his continuous service as an
employee of Hoku, which remained outstanding as of March 31, 2010 (“Consultant’s
Stock Awards”), shall continue to vest in accordance with their terms as
long as Consultant continues to provide services to Hoku pursuant to this
Agreement.  All monthly retainers shall be due and payable on the
first business day of each calendar month.  In addition, Hoku shall
reimburse Consultant for up to $2,000 per month in out-of -pocket travel and
other expenses incurred by Consultant in performing the Services.  Any
amount in excess of $2,000 shall require the preapproval of the
CEO.  Airline tickets, as required, shall be approved by the CEO, and
purchased directly by Hoku.

       

       

      
        
          	
                  Hoku
      Initials /s/SP
      3/1/2010

                	
                  Consultant
      Initials /s/DS
      3/1/2010

                

        

      

      
        
          
          

        

        
          page 1 of
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      5.  Duty to Report: Control
Group.  Consultant shall report to Scott Paul, president and
CEO of Hoku in the performance of services.  Only Scott Paul shall be
authorized to request services of Consultant or to receive services from
Consultant.

      

      6.  Confidentiality.  Consultant
understands that Hoku continually obtains and develops valuable proprietary and
confidential information concerning its business, business relationships and
financial affairs (the “Confidential
Information”) which may become known to Consultant in connection with
Consultant’s involvement with Hoku.  By way of illustration, but not
limitation, Confidential Information may include Inventions (as hereafter
defined), trade secrets, technical information, know-how, research and
development activities of Hoku, product and marketing plans, customer and
supplier information and information disclosed to Hoku or to Consultant by third
parties of a proprietary or confidential nature or under an obligation of
confidence.  Confidential Information is contained in various media,
including without limitation, patent applications, computer programs in object
and/or source code, flow charts and other program documentation, manuals, plans,
drawings, designs, technical specifications, laboratory notebooks, supplier and
customer lists, internal financial data and other documents and records of
Hoku.  Confidential Information also includes any knowledge of
developments and business methods, which may in themselves be generally known
but whose use by Hoku is not generally known.

      

      Consultant
acknowledges that all Confidential Information, whether or not in writing and
whether or not labeled or identified as confidential or proprietary, is and
shall remain the exclusive property of Hoku or the third party providing such
information to Consultant or Hoku.  Consultant agrees that Consultant
shall use, publish and disclose Confidential Information only in the performance
of Consultant’s duties for Hoku and in accordance with Hoku’s policy with
respect to the protection of Confidential Information.  Consultant
agrees not to use or disclose such Confidential Information for Consultant’s own
benefit or for the benefit of any other person or business
entity.  The obligations assumed under this provision shall last
during the term of this Agreement and shall survive indefinitely after the
termination of this Agreement.

      

      Consultant
agrees to protect the confidentiality of Confidential Information in
Consultant’s possession.  Upon the termination this Agreement or at
any time upon Hoku’s request, Consultant shall return immediately to Hoku any
and all materials containing any Confidential Information then in Consultant’s
possession or under Consultant’s control.

      

      Confidential
Information shall not include information which (a) is or becomes generally
known within Hoku’s industry through no fault of Consultant; (b) was known to
Consultant at the time it was disclosed as evidenced by Consultant’s written
records at the time of disclosure, except where such knowledge was gained during
Consultant’s previous employment with Hoku; (c) is lawfully and in good faith
made available to Consultant by a third party who did not derive it from Hoku
and who imposes no obligation of confidence on Consultant’s; or (d) is required
to be disclosed by a governmental authority or by order of a court of competent
jurisdiction, provided that such disclosure is subject to all applicable
governmental or judicial protection available for like material and minimum of
30 days advance notice is given to Hoku.

      

      6.1.  Insider
Trading.  Consultant understands that he will have access to
material non-public information regarding Hoku, and agrees to be bound by the
terms of Hoku’s Insider Trading Policy attached hereto as Exhibit
A, and Hoku’s Policy Regarding Stock Trading by Directors, Officers and
Other Designated Insiders attached hereto as Exhibit
B.

      

      7.  Other
Agreements.  Consultant hereby represents to Hoku that, except
as may be identified on Exhibit
C, Consultant is not bound by any agreement or any other previous or
existing business relationship which conflicts with or prevents the full
performance of Consultant’s duties and obligations to Hoku (including
Consultant’s duties and obligations under this or any other agreement with Hoku)
during the term of this Agreement.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          
          

        

        
          page 2 of
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      Consultant
understands that Hoku does not desire to acquire from Consultant any trade
secrets, know-how or confidential business information Consultant may have
acquired from others.  Therefore, Consultant agrees that during the
term of this Agreement, Consultant will not improperly use or disclose any
proprietary information or trade secrets of any former or concurrent employer,
or any other person or entity with whom Consultant has an agreement or to whom
Consultant owes a duty to keep such information in confidence.  Those
persons or entities with whom Consultant has such agreements or to whom
Consultant owes such a duty are identified on Exhibit
C.  If there is no Exhibit
C attached, or if there is nothing listed on it, Consultant represents
that there are no such agreements or person or entities.

      

      8.  Non-solicitation. Consultant agrees during
the term of this Agreement, and for a period of three years after the
termination or cessation of this engagement, for any reason, Consultant shall
not directly or indirectly recruit, solicit or hire any employee of Hoku, or
induce or attempt to induce any employee of Hoku to discontinue his or her
employment relationship with Hoku.  The foregoing restriction shall
not be applicable to Consultant’s brother, Ryan Shindo.

      

      9.  State and Federal
Laws.  Consultant and Hoku are each responsible for making
their own tax payments with respect to the funds credited or allocated to
it.  Each party will comply fully with all applicable Federal, State,
and Local Laws, ordinances, rules and regulations.  Each party’s
obligations under this paragraph will survive termination of this
Agreement.

      

      10.  Term &
Termination.  This Agreement shall take effect on April 1, 2010
(the “Effective
Date”), and shall terminate on the one-year anniversary of the Effective
Date.  This Agreement and its related terms may be extended upon
mutual consent by both parties.

      

      10.1.  This
Agreement may be terminated at any time during the term hereof by notice in
writing to the other party in which case termination shall be effective fifteen
(15) calendar days after receipt of such notice by the other party or at such
later date as may be mutually agreed to by the parties.

      

      10.2.  This
Agreement may be terminated immediately by Hoku if Consultant violates Hoku’s
Insider Trading Policy attached hereto as Exhibit
A, or Hoku’s Policy Regarding Stock Trading by Directors, Officers and
Other Designated Insiders attached hereto as Exhibit
B.

      

      10.3.  It
is expressly agreed that upon termination of this Agreement all rights and
obligations of the parties hereunder shall cease and terminate except for
responsibilities with respect to confidentiality, non-solicitation, the payment
of Consultant’s pre-approved expenses.  It is further acknowledged and
understood by Consultant that the vesting of Consultant’s Stock Awards shall
cease immediately upon the expiration or earlier termination of this
Agreement.  Notwithstanding anything to the contrary herein, following
the expiration or termination of this Agreement, Consultant shall not trade in
the securities of Hoku until any Confidential Information which is material is
publicly disseminated by Hoku or otherwise becomes clearly and objectively
immaterial to an investor’s decision to trade in such
securities.

      

      10.4.  Notwithstanding
the foregoing, in the event that this Agreement is terminated by the Company for
any reason other than Consultant’s material breach of any material term of this
Agreement, or pursuant to Section 10.2 above, then Consultant shall immediately
upon such termination receive all compensation that would have been due pursuant
to Section 4 above through the end of the one-year term of this Agreement, and
all unvested restricted stock awards that otherwise would have vested during the
one-year term of this Agreement shall immediately vest.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          
          

        

        
          page 3 of
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      11.  Modification.  This
Agreement shall not be modified except by agreement, in writing, signed by a
duly authorized officer of Hoku and by Consultant.

      

      12. Arbitration.  Consultant
and Hoku agree that any dispute or claim arising out of this Agreement shall be
subject to final and binding arbitration, pursuant to Chapter 658A, Hawaii
Revised Statutes. The arbitration shall be conducted by one arbitrator who is a
member of Dispute Prevention & Resolution "DPR"). The
arbitration shall be held in Honolulu, Hawaii. The arbitrator shall have
authority to determine the arbitrability of any claim and enter a final and
binding judgment at the conclusion of any proceedings in respect of the
arbitration. The arbitrator shall apply Hawaii substantive law in all respects.
In the event no Hawaii law exists on a particular issue, the arbitrator shall
apply California law.

      

      13.  Non-assignability.  This
Agreement shall be interpreted under the laws of the State of
Hawaii.  This agreement constitutes the entire agreement of the
parties and may not be assigned by Consultant and shall be binding on or inure
to the benefit of the parties hereto.

      

      14.  General.

      

      14.1.  In
the event that any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other
provisions of this Agreement, and all other provisions shall remain in full
force and effect.  If any of the provisions of this Agreement is held
to be excessively broad, it shall be reformed and construed by limiting and
reducing it so as to be enforceable to the maximum extent permitted by
law.

      

      14.2.  No
delay or omission by Hoku in exercising any right under this Agreement will
operate as a waiver of that or any other right.  No waiver or consent
given by Hoku on any occasion will be construed as a bar to or continuing waiver
of any right on any other occasion.

      

      14.3.  Consultant
acknowledges that the restrictions contained in this Agreement are necessary for
the protection of the business and goodwill of Hoku and are reasonable for such
purpose.  Consultant agrees that any breach of this Agreement by
Consultant will cause irreparable damage to Hoku and that in the event of such
breach, Hoku shall be entitled, in addition to monetary damages and to any other
remedies available to Hoku under this Agreement and at law, to equitable relief,
including injunctive relief.

      

      14.4.  This
Agreement may be executed in one or more counterparts with each copy being
deemed an original and all of which shall constitute one and the same
instrument.

      

      14.5.  This
Agreement shall be construed as a sealed instrument and shall in all events and
for all purposes be governed by, and construed in accordance with, the laws of
the State of Hawaii without regard to any choice of law principle that would
dictate the application of the laws of another jurisdiction.

      

      (Signature
Page Immediately Follows)

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          
          

        

        
          page 4 of
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      IN
WITNESS WHEREOF, the parties hereto have duly executed this Consulting Agreement
in duplicate the day and year first above written.

       

       

      
        	
                “HOKU”

              	 
      	
                “CONSULTANT”

              
	 
      	 
      	 
      	 
      	 
      
	
                HOKU
      SCIENTIFIC, INC.

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/Scott Paul

              	 
      	
                /s/ Dustin Shindo

              	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Scott
      Paul

              	 
      	
                Dustin
      Shindo

              	 
      
	
                Chief
      Operating Officer

              	 
      	 
      	 
      

      

    

    
       

      
        
          
          

        

        
          page 5 of
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      Exhibit
A

      

      HOKU
SCIENTIFIC, INC.

      POLICY
AGAINST TRADING ON THE BASIS

      OF
INSIDE INFORMATION

      

      During
the course of your employment with Hoku Scientific, Inc. (the “Company”),
you may receive important information that is not yet publicly available, i.e.,
not disclosed to the public in a press release or SEC filing (“inside
information”), about the Company or about other publicly-traded companies
with which the Company has business dealings.  Because of your access
to this information, you may be in a position to profit financially by buying or
selling or in some other way dealing in the Company’s stock or stock of another
publicly-traded company, or to disclose such information to a third party who
does so (a “tippee”).

      

      For
anyone to use such information to gain personal benefit, or to pass on, or
“tip,” the information to someone who does so, is illegal.  There is
no “de minimis” test.  Use of inside information to gain personal
benefit and tipping are as illegal with respect to a few shares of stock as they
are with respect to a large number of shares.  You can be held liable
both for your own transactions and for transactions effected by a tippee, or
even a tippee of a tippee.  Even the appearance of insider trading in
stock must be avoided to preserve the Company’s reputation of adhering to the
highest standards of conduct.

      

      As a
practical matter, it is sometimes difficult to determine whether you possess
inside information.  The key to determining whether nonpublic
information you possess about a public company is “inside information” is
whether dissemination of the information would be likely to affect the market
price of the company’s stock or would be likely to be considered important by
investors who are considering trading in that company’s
stock.  Certainly, if the information makes you want to trade, it
would probably have the same effect on others.  Both positive and
negative information can be material.  If you possess “inside
information,” you must refrain from trading in a company’s stock, advising
anyone else to do so or communicating the information to anyone else until you
know that the information has been disseminated to the
public.  “Trading” includes engaging in short sales, transactions in
put or call options, hedging transactions and other inherently speculative
transactions.

      

      Additionally,
you may not discuss material, non-public information about the Company with
anyone outside the Company.  This prohibition covers spouses, family
members, friends, business associates, or persons with whom we are doing
business (except to the extent that such persons are covered by a non-disclosure
agreement and the discussion is necessary to accomplish a business purpose of
the Company).  You may not participate in “chat rooms” or other
electronic discussion groups on the Internet concerning the activities of the
Company or other companies with which the Company does business, even if you do
so anonymously.  You may never recommend to another person that he or
she buy or sell our stock.

      

      Although
by no means an all-inclusive list, information about the following items may be
considered to be “inside information” until it is publicly
disseminated:

      

      
        	
                 
      

              	
                1.

              	
                financial
      results or forecasts;

              

      

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
A

        

        
          page 6 of
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                2.

              	
                major
      new products or processes;

              

      

      

      
        	
                 
      

              	
                3.

              	
                acquisitions
      or dispositions;

              

      

      

      
        	
                 
      

              	
                4.

              	
                pending
      public or private sales of debt or equity securities or declaration of a
      stock split;

              

      

      

      
        	
                 
      

              	
                5.

              	
                major
      contract awards or cancellations;

              

      

      

      
        	
                 
      

              	
                6.

              	
                scientific
      results;

              

      

      

      
        	
                 
      

              	
                7.

              	
                top
      management or control changes;

              

      

      

      
        	
                 
      

              	
                8.

              	
                possible
      tender offers;

              

      

      

      
        	
                 
      

              	
                9.

              	
                significant
      write-offs;

              

      

      

      
        	
                 
      

              	
                10.

              	
                significant
      litigation;

              

      

      

      
        	
                 
      

              	
                11.

              	
                impending
      bankruptcy;

              

      

      

      
        	
                 
      

              	
                12.

              	
                gain
      or loss of a significant customer or
supplier;

              

      

      

      
        	
                 
      

              	
                13.

              	
                pricing
      changes or discount policies;

              

      

      

      
        	
                 
      

              	
                14.

              	
                corporate
      partner relationships; and

              

      

      

      
        	
                 
      

              	
                15.

              	
                notice
      of issuance of patents.

              

      

      

      This policy continues to apply to your
transactions in the Company’s stock even after you have terminated
employment.  If you are in possession of material nonpublic
information when your employment terminates, you may not trade in the Company’s
stock until the information has become public or is no longer
material.

      

      Anyone
who effects transactions in the Company’s stock or the stock of other public
companies engaged in business transactions with the Company (or provides
information to enable others to do so) on the basis of inside information is
subject to both civil liability and criminal penalties, as well as disciplinary
action, including possibly the immediate termination of employment, by the
Company.  An employee who has questions about these matters should
speak with his or her own attorney or to the Company’s General
Counsel, at (808) 682-7800.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
A

        

        
          page 7 of
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      Exhibit
B

      

      HOKU
SCIENTIFIC, INC.

      POLICY
REGARDING STOCK TRADING BY DIRECTORS, OFFICERS

      AND
OTHER DESIGNATED INSIDERS

      

      The Board
of Directors of Hoku Scientific, Inc. (the “Company”)
believes that officers, directors and employees of the Company should have a
meaningful investment in the Company.  As stockholders themselves,
officers, directors and employees are more likely to represent the interests of
other stockholders.  Likewise, officers and employees may perform more
effectively with the incentive of stock options or stock ownership.

      

      However,
from time to time, officers, directors, persons who are “observers” at meetings
of the Board of Directors of the Company and employees will be aware of
information that could be material to a stockholder’s investment decision, but
which in the best interests of the Company should not be disclosed until some
later time.  Hindsight can be remarkably acute, and an accusation can
always be made that at any particular time a purchase or sale of securities by
an insider was motivated by undisclosed favorable or unfavorable
information.  In such circumstances, the appearance of impropriety can
be as problematic as an actual abuse, both to the Company and to the insider
involved.

      

      The Board
of Directors has therefore determined that it would be useful to establish this
policy for securities transactions by officers, directors, persons who have been
designated by the Company as “observers” at meetings of the Board of Directors
of the Company (“Observers”)
and all employees.

      

      A.  Window
Period.
Generally, except as set forth in this policy, officers, directors,
Observers and employees may buy or sell securities of the Company only during a
“window period.”  Window periods shall generally commence on the
second business day after general public release of material information about
the Company, such as customer contracts and annual and quarterly
revenues.  The “window” generally closes on the first day of the last
month of the quarter, and may be closed early or may not open if, in the
judgment of the Company’s Chief Executive Officer, or his or her designee, there
exists undisclosed information that would make trades by members of the
Company’s officers, directors, Observers and employees
inappropriate.  An officer, director, Observer or employee who
believes that special circumstances require him or her to trade outside the
window period should consult with the Company’s General
Counsel.  Permission to trade outside the “window” will be granted
only where the circumstances are extenuating and there appears to be no
significant risk that the trade may subsequently be
questioned.  Trading by an officer or employee that is outside of the
permitted “window period,” or trading without pre-clearance (described in
further detail in paragraph B below) constitutes cause for termination of
employment.

      

      1.  Exception
to Window Period.

      

      a.  Option
Exercises.  Directors, Observers, officers and other employees
may exercise options granted under the Company’s stock option plans without
restriction to any particular period.  However, the subsequent sale of
the stock acquired upon the exercise of options is subject to all provisions of
this policy.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
B

        

        
          page 8 of
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      b.  10b5-1 Automatic
Trading Programs.  In addition, purchases or sales of the
Company’s securities made pursuant to, and in compliance with, a written plan
established by a director, Observer, officer or employee that meets the
requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”) (a “Plan”) may
be made without restriction to any particular period provided that (i) the Plan
was established in good faith, in compliance with the requirements of Rule
10b5-1, at the time when such individual was not in possession of material
nonpublic information about the Company and the Company had not imposed any
trading blackout period, (ii) the Plan was reviewed by the Company prior to
establishment, solely to confirm compliance with this policy and the securities
laws, and (iii) the Plan allows for the cancellation of a transaction and/or
suspension of such Plan upon notice and request by the Company to the individual
if any proposed trade (a) fails to comply with applicable laws (i.e., exceeding the number of
shares that may be sold under Rule 144) or (b) would create material adverse
consequences for the Company.  The Company shall be notified of any
amendments to the Plan or the termination of the Plan.

      

      B.  Pre-Clearance
or Advance Notice of Transactions.  In addition to the
requirements of paragraph A above, officers, directors, Observers and
employees may not
engage in any transaction in the Company’s securities, including any purchase or
sale in the open market, loan, pledge, or other
transfer of beneficial ownership, without first obtaining pre-clearance of the
transaction from the Company’s Chief Executive Officer, or his or her designee,
at least two (2) trading days in advance of the proposed transaction. The Chief Executive
Officer, or his designee will then determine whether the transaction may proceed
and, if so, will direct a Compliance Officer to assist in complying with the
reporting requirements under Section 16(a) of the Exchange
Act.  Pre-cleared transactions not completed within five (5) business
days shall require new pre-clearance under the provisions of this
paragraph.  The Company may, at its discretion, shorten such period of
time, even after pre-clearance has been granted, if new material information
about the Company arises.  To the extent possible,
advance notice of upcoming transactions effected pursuant to an established
10b5-1 automatic trading plan under paragraph A(1)(b) above shall be given to
the General Counsel. Upon the completion of
any transaction, any officer, director, Observer or employee who is subject to
the Company’s Section 16 Compliance Program must immediately notify the
appropriate persons as set forth in Section 3 of the Company’s
Section 16 Compliance Program so that the Company may assist in the Section
16 reporting obligations.

      

      C.  Prohibition
of Speculative Trading.  No officer,
director, Observer or employee may engage in short sales, transactions in put or
call options, certain hedging transactions or other inherently speculative
transactions with respect to the Company’s stock at any time.

      

      D.  Covered
Insiders.  The provisions
outlined in this policy apply to all officers, directors, Observers and
employees of the Company.  Generally, any entities or family members
whose trading activities are controlled or influenced by any of such persons
should be considered to be subject to the same restrictions.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
B

        

        
          page 9 of
11

          
            

          

        

        
          
          

        

      

       

      E.  Short-Swing
Trading/Section 16 Reports.  Officers and directors
subject to the reporting obligations under Section 16 of the Exchange Act should
take care not to violate the prohibition on short-swing trading (Section 16(b)
of the Exchange Act) and the restrictions on sales by control persons
(Rule 144), and should file all appropriate Section 16(a) reports
(Forms 3, 4 and 5), all of which have been enumerated and described in a
separate Section 16 Compliance Memorandum.  In accordance with
Regulation BTR under the Exchange Act, no director or executive officer of the
Company shall, directly or indirectly, purchase, sell or otherwise acquire or
transfer any equity security of the Company (other than an exempt security)
during any “blackout period’’ (as defined in Regulation BTR) with respect to
such equity security, if such director or executive officer acquires or
previously acquired such equity security in connection with his or her service
or employment as a director or executive officer. This prohibition shall not
apply to any transactions that are specifically exempted from Section 306(a)(l)
of the Sarbanes-Oxley Act of 2002 (as set forth in Regulation BTR), including
but not limited to, purchases or sales of the Company’s securities made pursuant
to, and in compliance with, a written plan established by a director or
executive officer that meets the requirements of Rule 10b5-1 under the Exchange
Act; compensatory grants or awards of equity securities pursuant to a plan that,
by its terns, permits executive officers and directors to receive automatic
grants or awards and specifies the terms of the grants and awards; or
acquisitions or dispositions of equity securities involving a bona fide gift or
by will or the laws of descent or pursuant to a domestic relations order. The
Company shall timely notify each director and executive officer of any blackout
periods in accordance with the provisions of Regulation BTR.

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
B

        

        
          page 10
of 11

          
            

          

        

        
          
          

        

      

      

      Exhibit
C

      

      Prior
Agreements

      

      

      

      [Initial
One]

      

      

      

      /DS/       No
prior agreements

      

      

      

      _____ 
The following is a complete list of all prior agreements to which I am bound
that conflict with or prevent the full performance of my duties and obligations
to Hoku during the term of this Agreement:

       

       

      
        	
                Hoku
      Initials /s/SP
      3/1/2010

              	
                Consultant
      Initials /s/DS
      3/1/2010

              

      

      
        
          Exhibit
C

        

        
          page 11
of 11a6204766ex10_1.htm

    Exhibit
10.1

     

    
      SECOND
AMENDMENT TO LOAN AND SECURITY AGREEMENT

       

      This
SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT, dated to be effective as of
February __, 2010 (this “Amendment”) is made
among CONN’S, INC., a Delaware corporation (the “Parent”), CONN
APPLIANCES, INC., a Texas corporation (“CAI”), CONN CREDIT I,
LP, a Texas limited partnership (“CCI”), CONN CREDIT
CORPORATION, INC., a Texas corporation (“CCCI”, together with
CAI and CCI, collectively, “Borrowers”), BANK OF
AMERICA, N.A., a national banking association, individually as a Lender (“BOA”) and as the
administrative agent for the Lenders party to the Loan Agreement (as defined
below) (in such latter capacity, together with any other Person who becomes
Administrative Agent pursuant to Section 12.8 thereof,
the “Agent”)
and the banks and other financial institutions listed on the signature pages
hereof under the caption “Lenders” (together
with BOA, collectively, the “Lenders”).

       

      Background

       

      A.          
The Parent, the Borrowers, the Agent and the Lenders have entered into a Loan
and Security Agreement, dated as of August 14, 2008, (as amended, modified or
supplemented from time to time, the “Loan
Agreement”).  All capitalized terms used and not otherwise
defined in this Amendment are used as defined in the Loan
Agreement.

       

      B.            The
parties hereto wish to amend the certain terms of the Loan
Agreement.

       

      NOW
THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties herein set forth and for other good and valuable
consideration, the Parent, the Borrowers, the Agent and the Lenders hereto
hereby agree as follows:

       

      Agreement

       

      1.            
Amendment to the Loan
Agreement.

       

      (a)          
The
following Definitions are added to Section 1.1 of the Loan Agreement in
alphabetical order:

       

      Adjusted Tangible
Assets: all assets of Parent and Borrowers together with assets under the
Existing Securitization Facility, on a consolidated basis, except
(a)  patents, copyrights, trademarks, trade names, franchises,
goodwill, and other similar intangibles; (b) assets constituting intercompany
Accounts; (c) assets located and notes and receivables due from obligors
domiciled outside the United States of America or Canada; and (d) fixed assets
to the extent of any write-up in the book value thereof.

       

      Increased Reporting
Period:  any time (i) a Default or Event of Default exists, or
(ii) average Availability during any month (as reflected in the Loan Account) is
less than 20% of the amount of aggregate outstanding Revolver Loans and stated
amount of Letters of Credit.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      Tangible Net Worth:
at any date means an amount equal to: (i) the net book value (after deducting
related depreciation, obsolescence, amortization, valuation and other proper
reserves) at which the Adjusted Tangible Assets of a Person would be shown on a
balance sheet at such date in accordance with GAAP, less (ii) the amount at
which such Person’s liabilities would be shown on such balance sheet in
accordance with GAAP (together with the outstanding obligations under the
Existing Securitization Facility and to the extent such obligations are not
included on the balance sheets, a pro forma calculation thereof), and including
as liabilities all reserves for contingencies and other potential
liabilities.

       

      Total Liabilities to
Tangible Net Worth Ratio: the ratio, determined as of the end of any
Fiscal Quarter for the Parent and its Subsidiaries, on a consolidated basis, of
(a) all items that would be included as liabilities on a balance sheet in
accordance with GAAP (together with the outstanding obligations under the
Existing Securitization Facility and to the extent such obligations are not
included on the balance sheets, a pro forma calculation thereof) as of the last
day of such Fiscal Quarter, to (b) Tangible Net Worth as of the last day of such
Fiscal Quarter.

       

      (b)          
The term
“Applicable Margin” as defined in Section 1.1 of the Loan Agreement is hereby
deleted in its entirety and the following is substituted therefor:

       

      Applicable Margin:
with respect to any Type of Revolver Loan, the margin set forth in the chart
below, as determined by the Fixed Charge Coverage Ratio for
the last Fiscal Quarter, measured on a trailing 12 month basis:

       

      
        	
                Level

                 

              	
                Fixed Charge

                Coverage Ratio

              	
                Base Rate Revolver

                Loans

              	
                LIBOR Revolver

                Loans

              
	 
      	 
      	 
      	 
      
	
                I

              	
                >
      1.75:1.00

              	
                2.25%

              	
                3.25%

              
	
                II

              	
                ≤1.75:1.00
      and ≥
      1.50:1.00

              	
                2.50%

              	
                3.50%

              
	
                III

              	
                <1.50:1.00

              	
                2.75%

              	
                3.75%

              

      

       

      Until
July 1, 2010, margins shall be determined as if Level III were
applicable.  Thereafter, the margins shall be subject to increase or
decrease upon receipt by Agent pursuant to Section 10.1.2 of the
financial statements and corresponding Compliance Certificate for the most
recently ended Fiscal Quarter, which change shall be effective on the first day
of the calendar month following receipt.  If any financial statements
and Compliance Certificate due in the preceding Fiscal Quarter have not been
received on the due dates set forth in Section 10.1.2, then the
margins shall be determined as if Level III were applicable, from such day
until the first day of the calendar month following actual receipt.

       

      (c)          
The term
“Dominion Trigger Period” as defined in Section 1.1 of the Loan Agreement is
hereby deleted in its entirety and the following is substituted
therefor:

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Dominion Trigger
Period: the period (a) commencing on the day that (i) an Event of Default
occurs, or (ii) average Availability during a month (as reflected in the Loan
Account) is less than 15% of the amount of aggregate outstanding Revolver Loans
and stated amount of Letters of Credit; or (iii) Availability is at any time
less than 10% amount of aggregate outstanding Revolver Loans and stated amount
of Letters of Credit, and (b) ending on the day (i) on which, during the
preceding 90 consecutive days, no Event of Default has existed and Availability
has at all times been greater than 10% of the amount of aggregate outstanding
Revolver Loans; provided, that this
clause (b)(i) shall only be applicable to the first commencement of such period
hereunder, and (ii) determined by Agent in its sole discretion for any
subsequent commencement of such period; provided, that with
respect to any subsequent commencement of such period in order for the period to
end the requirements in clause (b)(i) shall be satisfied.

       

      (d)          
The term
“Fixed Charges” as defined in Section 1.1 of the Loan Agreement is hereby
deleted in its entirety and the following is substituted therefor:

       

      Fixed Charges:
without double counting, the sum (together with the applicable charges incurred
under the Existing Securitization Facility) of interest expense (other than
payment-in-kind), scheduled/amortized principal payments made on Borrowed Money,
un-scheduled principal payments made on Borrowed Money (other than payments on
account of the Obligations or any other revolving Debt permitted hereunder or
amortization of Debt under the Existing Securitization Facility), book rent
expense, cash income taxes paid, and Distributions made.

       

      (e)          
The term
“Fixed Charge Coverage Ratio” as defined in Section 1.1 of the Loan Agreement is
hereby deleted in its entirety and the following is substituted
therefor:

       

      Fixed Charge Coverage
Ratio: the ratio, determined on a consolidated basis for Parent and its
Subsidiaries for the most recent four Fiscal Quarters, of (a) EBITDAR (including
the interest expense and amortization expense associated with the Existing
Securitization Facility) minus unfinanced Net
Capital Expenditures, to (b) Fixed Charges.

       

      (f)           
The term
“Leverage Ratio” as defined in Section 1.1 of the Loan Agreement is hereby
deleted in its entirety.

       

      (g)          
The term
“Unused Line Fee Percentage” as defined in Section 1.1 of the Loan Agreement is
hereby deleted in its entirety and the following is substituted
therefor:

       

      Unused Line Fee
Percentage: a percentage equal to (i) 0.75% per annum if the average
daily balance of Revolver Loans and stated amount of Letters of Credit during
the measurement quarter is less than 50% of the Revolver Commitments, and (b)
0.50% per annum if the average daily balance of Revolver Loans and stated amount
of Letters of Credit during the measurement quarter is equal to or greater than
50% of the Revolver Commitments.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (h)          
Section
8.1 of the Loan Agreement is hereby deleted in its entirety and the following is
substituted therefor:

       

      8.1           Collateral
Reports.  By the 20th day of each month and at such other times
as Agent may request, Borrowers shall deliver to Agent (and Agent shall promptly
deliver same to Lenders) (i) a Borrowing Base Certificate prepared as of the
close of business of the previous month (provided, that
Borrowing Base Certificates shall be delivered weekly during a Increased
Reporting Period; further provided, that the
calculation of contracts not qualifying as Eligible Contracts, the CAI
Availability Reserve and CCI Availability Reserve shall be provided by Borrower
on a monthly basis at all times), (ii) an aggregate list of the Borrowers’
Contracts, aged in 30 days contractual delinquency intervals and separately
identifying the revolving Contracts; (iii) a calculation of the Past Due
Percent, the Cash Recovery Percent, Collateral Adjustment Percentage, the
Charge-Off Percent; the Eligible Contracts, the Eligible Inventory, the Eligible
Credit Card Accounts; (iv) an Inventory turn report of the Borrowers’
Inventory; (v) a listing of each Borrower’s Inventory by location, specifying
the amount of Inventory at each location; (vi) the summary balances of the
Borrowers’ “primary portfolio” and “secondary portfolio” (as such portfolios are
described in the Parent’s SEC filings) and delinquent balances of each such
portfolio; (vii) such other reports as to the Collateral of the Borrower as the
Agent shall reasonably request from time to time, together with a reconciliation
to the general ledger; and (viii) a certificate of an officer of the
Borrower Agent certifying as to the accuracy and completeness of the
foregoing.  All calculations of Availability in any Borrowing Base
Certificate shall originally be made by Borrowers and certified by a Senior
Officer, provided that Agent may from time to time review and adjust any such
calculation (a) to reflect its reasonable estimate of declines in value of any
Collateral, due to collections received in the Dominion Account or otherwise;
(b) to adjust advance rates to reflect changes in dilution, quality, mix and
other factors affecting Collateral; and (c) to the extent the calculation is not
made in accordance with this Agreement or does not accurately reflect the CAI
Availability Reserve or CCI Availability Reserve.

       

      (i)           
Section
10.1.1(b) of the Loan Agreement is hereby deleted in its entirety and the
following is substituted therefor:

       

      (b)           Reimburse
Agent for all charges, costs and expenses of Agent in connection with (i)
examinations of any Obligor’s books and records or any other financial or
Collateral matters as Agent deems appropriate, up to 2 times per Loan Year; and
(ii) appraisals of Inventory up to 2 times per Loan Year; provided, however, that if an
examination or appraisal is initiated during an Increased Reporting Period, all
charges, costs and expenses therefor shall be reimbursed by Borrowers without
regard to such limits.  Subject to and without limiting the foregoing,
Parent and Borrowers specifically agree to pay Agent’s then standard charges for
each day that an employee of Agent or its Affiliates is engaged in any
examination activities, and shall pay the standard charges of Agent’s internal
appraisal group.  This Section shall not be construed to limit Agent’s
right to conduct examinations or to obtain appraisals at any time in its
discretion, nor to use third parties for such purposes.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (j)           
Section
10.3.1 of the Loan Agreement is hereby deleted in its entirety and the following
is substituted therefor:

       

      10.3.1      Minimum Fixed Charge
Coverage Ratio.  Maintain Fixed Charge Coverage
Ratio  measured quarterly on the last day of  each Fiscal
Quarter on a trailing twelve month basis (i) for the Fiscal Quarter ending
January 31, 2010 and April 30, 2010, at least equal to 1.10:1.00, and (ii)
thereafter at a ratio at least equal to 1.30:1.00.

       

      (k)          
Section
10.3.2 of the Loan Agreement is hereby deleted in its entirety and the following
is substituted therefor:

       

      10.3.2     
Maximum Total
Liabilities to Tangible Net Worth Ratio.  Maintain Total
Liabilities to Tangible Net Worth Ratio not greater than the ratio set forth
below for each Fiscal Quarter, measured as of the last day of each Fiscal
Quarter:

       

      
        	
                Period

              	
                Ratio

              
	 	 
	
                Fiscal
      Quarter ending on or between

                January
      31, 2010 and April 30, 2010

              	
                2.00:1.00

              
	
                Fiscal
      Quarters ending on or between

                July
      31, 2010 and January 31, 2011

              	
                1.75:1.00

              
	
                Fiscal
      Quarter ending April 30, 2011 and

                each
      Fiscal Quarter thereafter

              	
                1.50:1.00

              

      

       

      2.            
CCI Availability
Reserve.  Pursuant to subsection (g) of the definition of CCI
Availability Reserve, the following reserve shall be implemented commencing upon
the effectiveness of this Amendment.  At any time, measured as of the
first day of each month, the Revolving Collateral Adjustment Percent exceeds
15%, an additional Availability Reserve shall be implemented which shall be in
an amount equal to 1% for each whole percentage or fraction that the Revolving
Collateral Adjustment Percent exceeds 15%.   “Revolving
Collateral Adjustment Percent” means the Collateral Adjustment Percentage
relating only to the portfolio of revolving Contracts as reported to Agent
pursuant to Section
8.1.  For the avoidance of doubt, the adjustments to the
advance rates based on the Collateral Adjustment Percentage shall continue as
currently stated in the Loan Agreement.

       

      3.            
Representations and Warranties; No
Default.  Each of the Parent and the Borrowers, hereby
represents and warrants as of the effectiveness of this Amendment
that:

       

      (i)       
no
Default or Event of Default exists; and

       

      (ii)      
its
representations and warranties set forth in Section 9 of the Loan Agreement (as
amended hereby) are true and correct as of the date hereof, as though made on
and as of such date (except to the extent such representations and warranties
relate solely to an earlier date and then as of such earlier date).

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      4.           
Effectiveness; Binding Effect;
Ratification.  This Amendment shall become effective, as of the
date first set forth above upon receipt by the Agent of (i) the fees set forth
in the Amendment Fee Letter dated February 4, 2010 from Agent to the Borrowers,
and (ii) executed counterparts hereof from the Borrowers and each of
the  Lenders whose consent is necessary to amend the Loan Agreement as
set forth in this Amendment, and thereafter this Amendment shall be binding on
the Agent, Borrowers and Lenders and their respective successors and
assigns.

       

      (a)         
On and
after the execution and delivery hereof, this Amendment shall be a part of the
Loan Agreement and each reference in the Loan Agreement to “this Loan Agreement”
or “hereof”, “hereunder” or words of like import, and each reference in any
other Loan Document to the Loan Agreement shall mean and be a reference to such
Loan Agreement as amended hereby.

       

      (b)         
Except as
expressly amended hereby, the Loan Agreement shall remain in full force and
effect and is hereby ratified and confirmed by the parties hereto.

       

      5.           
Miscellaneous.  (a)  THIS
AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CALIFORNIA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS.  EACH
OF THE PARTIES TO THIS AMENDMENT AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY
FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER LOS ANGELES COUNTY,
CALIFORNIA IN ANY PROCEEDING OR DISPUTE RELATING IN ANY WAY TO THIS AMENDMENT OR
ANY LOAN DOCUMENT AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT
SOLELY IN ANY SUCH COURT.  EACH OF THE PARTIES HERETO HEREBY WAIVES
ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY
ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO
THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH
COURT.

       

      (b)         
All
reasonable costs and expenses incurred by the Agent in connection with this
Amendment (including reasonable attorneys’ costs) shall be paid by the
Borrowers.

       

      (c)         
Headings
used herein are for convenience of reference only and shall not affect the
meaning of this Amendment.

       

      (d)          This
Amendment may be executed in any number of counterparts, and by the parties
hereto on separate counterparts, each of which shall be an original and all of
which taken together shall constitute one and the same agreement.

       

      [Signature
Page Follows]

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          	 	
                  PARENT:

                	 
	 	 
      	 
      	 
	 	
                  CONN’S,
      INC.,

                	 
	 	
                  a
      Delaware corporation

                	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                  By:

                	
                  /s/
      Michael J. Poppe

                	 
	 	
                  Name:

                	
                  Michael
      J. Poppe

                	 
	 	
                  Title:

                	
                  Chief
      Financial Officer

                	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                  BORROWERS:

                	 
	 	 
      	 
      	 
	 	
                  CONN
      APPLIANCES, INC.,

                	 
	 	
                  a
      Texas corporation

                	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                  By:

                	
                  /s/
      Michael J. Poppe

                	 
	 	
                  Name:

                	
                  Michael
      J. Poppe

                	 
	 	
                  Title:

                	
                  Chief
      Financial Officer

                	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                  CONN
      CREDIT I, LP,

                	 
	 	
                  a
      Texas limited partnership

                	 
	 	 
      	 
      	 
	 	
                  By:

                	
                  Conn
      Credit Corporation, Inc.,

                	 
	 	 
      	
                  a
      Texas corporation,

                	 
	 	 
      	
                  its
      sole general partner

                	 
	 	 	 	 
	 	 
      	 
      	 
	 	
                  By:

                	
                  /s/
      Michael J. Poppe

                	 
	 	
                  Name:

                	
                  Michael
      J. Poppe

                	 
	 	
                  Title:

                	
                  Chief
      Financial Officer

                	 

        

         

         

         

      

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        
          	 	
                  CONN
      CREDIT CORPORATION, INC.,

                	 
	 	
                  a
      Texas corporation

                	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                  By:

                	
                  /s/
      Michael J. Poppe

                	 
	 	
                  Name:

                	
                  Michael
      J. Poppe

                	 
	 	
                  Title:

                	
                  Chief
      Financial Officer

                	 

        

       

       

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	
                AGENT
      AND LENDERS:

              	 
	 	 
      	 
      	 
	 	
                BANK
      OF AMERICA, N.A.,

              	 
	 	
                as
      Agent and Lender

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      John Tolle

              	 
	 	
                Name:

              	
                John
      Tolle

              	 
	 	
                Title:

              	
                Vice
      President

              	 

      

    

     

     

     

     

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                JPMORGAN
      CHASE BANK, NATIONAL

                ASSOCIATION

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      T. C. Wilde

              	 
	 	
                Name:

              	
                T.
      C. Wilde

              	 
	 	
                Title:

              	
                Vice
      President

              	 

      

    

     

     

     

     

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                CAPITAL
      ONE, N.A.

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      Lori S. Mitchell

              	 
	 	
                Name:

              	
                Lori
      S. Mitchell

              	 
	 	
                Title:

              	
                Executive
      Vice President

              	 

      

    

     

     

     

     

     

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                UNION
      BANK OF CALIFORNIA, N.A.

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      Peter Ehlinger

              	 
	 	
                Name:

              	
                Peter
      Ehlinger

              	 
	 	
                Title:

              	
                Vice
      President

              	 

      

    

     

     

     

     

     

    
      
        
        

      

      
        S-6

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                COMPASS
      BANK, successor in interest to

                GUARANTY
      BANK

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      Stuart Murray

              	 
	 	
                Name:

              	
                Stuart
      Murray

              	 
	 	
                Title:

              	
                Sr.
      Vice President

              	 

      

    

     

     

     

     

     

    
      
        
        

      

      
        S-7

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                FIRST
      TENNESSEE BANK NATIONAL

                ASSOCIATION

              	 
	 	 
      	 
      	 
	 	 
      	 
      	 
	 	
                By:

              	
                /s/
      R. Keith Kirby

              	 
	 	
                Name:

              	
                R.
      Keith Kirby

              	 
	 	
                Title:

              	
                Vice
      President

              	 

      

    

     

     

     

     

     

     

    S-8

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