Document:

EX-4.1

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (“SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B)
AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
AND APPLICABLE STATE SECURITIES LAWS.

CASTLE BRANDS INC.

5% SUBORDINATED CONVERTIBLE NOTE DUE 2018

(this “Note”)

	 	 	 
	     , 2013
	 	New York, New York

$[      ]

FOR VALUE RECEIVED, the undersigned, Castle Brands Inc., a Florida corporation (the
“Company”), promises to pay to the order of [      ] (the “Holder”), the principal
sum of $[      ] plus interest to the extent and at the rate specified in Section 1 below
from and after the date hereof. This Note is issued pursuant to the terms of that certain 5%
Subordinated Convertible Notes Purchase Agreement, made as of October 21, 2013, by and among the
Company and each person or entity named on the Schedule of Purchasers thereto (the
“Agreement”).

1. Payments; Subordination.

a) The unpaid principal balance of this Note, and all accrued but unpaid interest earned
hereon, shall be due and payable, without demand or notice, on December 15, 2018 (the “Maturity
Date”). The Company will pay interest quarterly on the unpaid balance of this Note in arrears
on December 15, March 15, June 15 and September 15 of each year, or if any such day is not a
business day, on the next succeeding business day. Interest on this Note will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that the first interest payment date shall be December 15, 2013. Interest shall
be due and payable, without demand or notice, on such dates, at a rate of five percent (5.00%) per
annum, (computed on the basis of a 360-day year of twelve (12) thirty (30)-day months) from the
date hereof until paid in full.

b) All payments (including payments) of principal or interest made by the Company hereunder
shall be made without set off, deduction, or counterclaim on the due date thereof by wire transfer
of immediately available funds to the Holder at such account as shall be specified in writing by
the Holder to the Company. If payment hereunder becomes due and payable on a day that is not a
business day, the payment due date shall be extended to the next succeeding business day.

c) Optional Prepayment. This Note may be prepaid by the Company, in whole or in part,
without penalty, at any time.

d) Subordination. All claims of the Holder to principal, interest and any other
amounts owed under this Note are hereby subordinated in right of payment to all indebtedness of the
Company existing as of the date hereof.

2. Conversion.

a) Conversion by Holder. This Note and any accrued but unpaid interest thereon shall
be convertible, in whole or in part, at the option of the Holder at any time prior to the Maturity
Date, into the number (rounded to the nearest whole) of fully paid shares of Common Stock of the
Company (the “Common Stock”) equal to (i) the aggregate principal amount of this Note and
any accrued but unpaid interest thereon being converted through the Date of Conversion (as defined
below), divided by (ii) $0.90 (the “Conversion Price”). If the Company, at any time while
this Note is outstanding: (i) pays a stock dividend or otherwise makes a distribution payable in
shares of Common Stock on all shares or to all holders of Common Stock, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of a
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv)
issues, in the event of a reclassification of shares of the Common Stock, any shares of capital
stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding any treasury shares of the
Company) outstanding immediately before such event, and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event. Any adjustment made
pursuant to this ýSection 2(a) shall become effective immediately after the record date for the
determination of shareholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or
reclassification.

b) Conversion Procedures. In order to convert this Note and/or accrued but unpaid
interest thereon, or a portion thereof, into Common Stock, the Holder shall deliver prior to 5:00
p.m., New York time, on any business day, a copy of the fully executed notice of conversion in the
form attached hereto as Exhibit A (the “Notice of Conversion”) to the Company at
its principal office, which notice shall specify the principal amount of this Note and/or accrued
but unpaid interest thereon to be converted on the date the Notice of Conversion is delivered to
the Company (the “Date of Conversion”), duly completed as appropriate.

c) Share Issuance. The Company shall issue and deliver, within ten (10) business days
after delivery to the Company of the Notice of Conversion, to the Holder or to the nominee of such
Holder, at the address of the Holder on the books of the Company or as otherwise directed by such
Holder on the Notice of Conversion, a certificate evidencing the shares of Common Stock to which
the Holder shall be entitled. The person or persons entitled to receive the shares of Common Stock
issuable upon such conversion shall be treated for all purposes as the record holder of such Common
Stock on the Date of Conversion. The Company shall not be obligated to issue certificates
evidencing the shares of Common Stock issuable upon conversion unless this Note is delivered to the
Company or the Holder notifies the Company that this Note has been lost, stolen or destroyed and
executes an agreement satisfactory to the Company to indemnify the Company from any loss incurred
by it in connection with this Note. The Company shall, within ten (10) business days after such
delivery, or such agreement and indemnification, issue and deliver a certificate representing the
number of fully paid shares of Common Stock into which the Note converts in accordance with the
provisions herein.

d) Adjustment of Principal and Accrued Interest Upon Conversion. Following any
conversion, the principal amount of this Note and accrued but unpaid interest thereon shall be
reduced in an amount equal to the portion of the principal amount of this Note and accrued but
unpaid interest thereon so converted. Within ten (10) business days after delivery to the Company
of the Notice of Conversion and this Note, the Company shall issue and deliver to the Holder or to
the nominee of such Holder, at the address of the Holder on the books of the Company or as
otherwise directed by such Holder, a replacement note otherwise identical to this Note evidencing
the principal amount of this Note and accrued but unpaid interest thereon that has not been
converted.

e) Reserved Shares. The Company shall at all times keep authorized and approved under
its Articles of Incorporation, as amended, solely for the purpose of effecting the conversion, the
number of shares of Common Stock issuable upon the conversion of the outstanding principal amount
of this Note and accrued but unpaid interest thereon and shall take all such action as may be
required from time to time in order that it may, subject to the surrender of this Note, validly and
legally issue shares of Common Stock upon such conversion.

f) Adjustment for Reorganizations. If, prior to the Maturity Date or the conversion
of the entire principal amount of this Note and accrued but unpaid interest thereon, there shall be
any merger, consolidation, share exchange, business combination, issuance of securities, direct or
indirect acquisition of securities, recapitalization, tender offer, exchange offer, sale of all or
substantially all of the Company’s assets or other similar transaction as a result of which the
shares of Common Stock shall be changed into the same or a different amount of equity interests,
shares of a class or classes of stock or securities of the Company or another entity, or other
property, then the Holder shall thereafter have the right to purchase and receive upon conversion
of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the
shares of Common Stock immediately theretofore issuable upon conversion, such equity interests,
shares of stock, securities and/or other property as may be issued or payable with respect to or in
exchange for the shares of Common Stock immediately theretofore purchasable and receivable upon the
conversion of this Note held by such Holder had such merger, consolidation, share exchange,
business combination, issuance of securities, direct or indirect acquisition of securities,
recapitalization, tender offer, exchange offer, sale of all or substantially all of the Company’s
assets or other similar transaction not taken place, and in any such case appropriate provisions
shall be made with respect to the rights and interests of the Holder to the end that the provisions
hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the
number of shares issuable upon conversion of this Note) shall thereafter be applicable, as nearly
as may be practicable in relation to any shares of stock or securities thereafter deliverable upon
the exercise hereof.

g) Legend. All certificates representing shares of Common Stock issued hereunder
shall bear on the face thereof a legend substantially in the form set forth below:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAW. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A)
AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS.

h) Forced Conversion. Notwithstanding anything herein to the contrary, if (a) the
average daily volume of the Common Stock (as reported on the principal market or exchange on which
the Common Stock is listed or quoted for trading (the “Principal Trading Market”) exceeds
$50,000 per Trading Day and (b) the volume weighted average price of the Common Stock for at least
twenty (20) Trading Days during any thirty (30) consecutive Trading Day period exceeds 250% of the
then-current Conversion Price, the Company may, within five (5) Trading Days after the end of any
such thirty (30) consecutive Trading Day period, deliver a written notice to holders of all notes
issued pursuant to the Agreement (a “Forced Conversion Notice” and the date such notice is
delivered to all such holders, the “Forced Conversion Notice Date”) to cause each holder to
convert all or part of such holder’s notes (as specified in such Forced Conversion Notice) plus all
accrued but unpaid interest thereon, it being agreed that the “Conversion Date” shall be
deemed to occur on the third Trading Day following the Forced Conversion Notice Date (such third
Trading Day, the “Forced Conversion Date”). Any Forced Conversion Notices shall be applied
ratably to the holders of all notes issued pursuant to the Agreement based on each holder’s
then-current note holdings. For purposes hereof, “Trading Day” shall mean a day on which
the Principal Trading Market is open for trading.

3. Representations and Warranties. The Company represents and warrants to the Holder
that:

a) It is duly organized, validly existing and in good standing under the laws of the State of
Florida;

b) It has full power and legal right to execute and deliver this Note and to perform its
obligations hereunder, and its execution and delivery of this Note, and the performance by it of
its obligations hereunder, have been duly authorized by all necessary corporate action and do not
conflict with any law or contractual restriction binding upon or affecting it or any of its
property or assets, except where such conflict, individually or in the aggregate, could not
reasonably be expected to result in a material adverse effect;

c) This Note constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as the enforcement hereof may be limited
by bankruptcy, insolvency, or other laws affecting the enforcement of creditors’ rights generally
and subject to the applicability of general principles of equity;

d) No consent, approval or authorization of, or registration, declaration or filing with, any
governmental authority or other person or entity is required as a condition to or in connection
with the due and valid execution, delivery and performance by the Company of this Note that has not
been received or made, as applicable; and

e) There are currently no material judgments entered against the Company, and the Company is
not in default with respect to any judgment, writ, injunction, order, decree or consent of any
court or other judicial authority.

4. Events of Default.

a) The occurrence of any of the following events shall constitute an “Event of
Default” under this Note:

i) Failure by the Company to pay when due an installment of principal, interest or other
amount owing under this Note on or before the date such payment is due, and such failure continues
for five (5) days following written notice of such default to the Company;

ii) The Company fails to comply with or perform any other term, obligation, covenant or
condition contained in this Note and which failure shall continue for five (5) consecutive days
following written notice of such default to the Company;

iii) The Company or Castle Brands (USA) Corp., a Delaware corporation and wholly-owned
subsidiary of the Company (“CBUSA”), shall (a) commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect; (b) consent to
the entry of an order for such relief in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; (c) consent to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official for either the Company or CBUSA, or for all or substantially all of the assets of
the Company or CBUSA; or (d) make any general assignment for the benefit of creditors;

iv) There shall have occurred a default by the Company or CBUSA in the payment of principal or
interest on any obligation in excess of $50,000 for borrowed money beyond the period of grace, if
any, provided with respect thereto or default in the performance or observance of any other term,
condition or agreement contained in any such obligation or in any agreement relating thereto, if
the effect thereof is to cause, or permit the holder or holders of such obligation (or a trustee on
behalf of such holder or holders) to cause such obligation to become due prior to its stated
maturity and such default remains unremedied for a period of 10 days;

v) A final judgment for the payment of money in excess of $50,000 shall be rendered against
the Company or CBUSA and the same shall remain undischarged for a period of thirty (30) days during
which execution of such judgment shall not be effectively stayed; or

vi) The non-payment, for any reason, of any check tendered to Holder by the Company.

b) Upon the occurrence of an Event of Default, all amounts due hereunder, including, without
limitation, the unpaid principal balance and accrued and unpaid interest thereon, shall, at the
Holder’s option, become immediately due and payable upon written notice to the Company; provided,
however, that upon the occurrence of an Event of Default described in Section 4.a)iii), all
such amounts shall be immediately due and payable automatically and without written notice or
demand by the Holder. Upon the occurrence of an Event of Default, the Holder may additionally
exercise any of its other rights and remedies granted hereunder or under applicable law. Such
remedies shall be cumulative and concurrent and may be pursued singly, successively or together, at
the Holder’s option, and as often as the occasion therefore arises.

5. Miscellaneous.

a) Governing Law. The validity and interpretation of this Note, and the terms and
conditions set forth herein, shall be governed by and construed in accordance with the laws of the
State of New York, without regard to any choice of law or conflict of law provision or rule that
would cause the application of the laws of any jurisdiction other than the state of New York.

b) Submission to Jurisdiction. THE COMPANY, AND THE HOLDER BY ITS ACCEPTANCE HEREOF
AND AS SET FORTH IN THE AGREEMENT, HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE FEDERAL, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND STATE
COURTS SITTING IN NEW YORK COUNTY, NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS NOTE, THE TRANSACTIONS CONTEMPLATED HEREBY, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PURCHASER AND FOR ANY COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B) ANY OBLIGATION WHICH IT
MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH
COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

c) Costs. The Company agrees to pay all cost of collection, including reasonable
attorney’s fees (including attorney’s fees on appeal) in case the principal of this Note or any
payment on the principal or interest thereon is not paid at the respective maturity thereof,
whether suit be brought or not.

d) Presentment. The Company hereby waives presentment, demand for payment (except as
expressly required herein), protest, notice of protest, notice of dishonor and any and all other
notices or demands in connection with the delivery, acceptance, performance, default or enforcement
of this Note. No delay on the part of the Holder in exercising any right hereunder shall operate
as a waiver of such right or any other right.

e) Lost, Stolen, Destroyed or Mutilated Note. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, the Company
will issue a new Note of like tenor and amount and dated the date to which interest has been paid,
in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the Holder agrees to
indemnify and hold the Company harmless in respect of any such lost, stolen, destroyed or mutilated
Note.

f) Notices. All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given or delivered when delivered personally or sent by
telecopy with confirmation of transmission by the transmitting equipment, four days after being
mailed by registered or certified mail, return receipt requested, or one day after being sent by
private overnight courier, addressed as follows:

	 
	If to the Company:

	Castle Brands Inc.

122 East 42nd Street, Suite 4700

New York, NY 10168

Attention: Alfred J. Small

Facsimile: (646) 356.0222

	 

	with a copy (which shall not constitute notice) to:

	Greenberg Traurig, P.A

333 Avenue of the Americas (333 S.E. Second Ave.)

Miami, Florida 33131

Attn: Robert L. Grossman

Facsimile: (305) 961.5756

	 

If to the Holder: To the address listed in the Purchase Agreement

g) Severability. If any provision of this Note is held to be invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the
validity or enforceability of such provision in any other jurisdiction.

[Remainder of page intentionally left blank.]

1

IN WITNESS WHEREOF, the undersigned has executed and delivered this Note as of the date first
above written.

COMPANY:

CASTLE BRANDS INC.

By:

Name:

Title:

Exhibit A

Notice of Conversion

       (“Holder”) hereby elects to convert $      principal amount
and $      accrued but unpaid interest thereon of the 5% Subordinated Convertible Note due
2018, dated        (the “Note”), issued by Castle Brands Inc., a Florida
corporation (the “Company”), into        shares of        Common Stock of the Company (the
“Shares”) at a Conversion Rate of        according to the conditions set forth in the
Note as of the date written below. No fee will be charged to Holder for any conversion.

Date of Conversion:

Name of Holder:

Signature:

Title:

Address for delivery of stock certificate:

      

      

      

2amtx_ex101.htm

Exhibit 10.1

 

LIMITED WAIVER AND AMENDMENT NO. 6

TO AMENDED AND RESTATED NOTE PURCHASE AGREEMENT

This Limited Waiver and Amendment No. 6 to Amended and Restated Note Purchase Agreement (this “Amendment”), is executed on October 28, 2013 but effective as of September 30, 2013, is made by and among (i) AEMETIS ADVANCED FUELS KEYES, INC. (f/k/a AE Advanced Fuels Keyes, Inc.), a Delaware corporation (“AEAFK”), AEMETIS FACILITY KEYES, INC., a Delaware corporation and successor-in-interest to Keyes Facility Acquisition Corp., a Delaware corporation (“Keyes Facility”, together with AEAFK, the “Borrowers”), AEMETIS, INC. (formerly known as AE Biofuels, Inc.), a Nevada corporation (“Parent”), and (ii) THIRD EYE CAPITAL CORPORATION, an Ontario corporation, as agent for the Noteholders (“Administrative Agent”), THIRD EYE CAPITAL CREDIT OPPORTUNITIES FUND - INSIGHT FUND (“TEC Insight Fund Purchaser”) and SPROTT PC TRUST (“Sprott PC Trust Purchaser”, and together with TEC Insight Fund Purchaser, “Noteholders”).

 

RECITALS

A. The Borrowers, Administrative Agent and Noteholders entered into the Amended and Restated Note Purchase Agreement dated as of July 6, 2012, as amended by a Limited Waiver and Amendment No.1 to Amended and Restated Note Purchase Agreement dated as of October 18, 2012, as amended by a Limited Waiver and Amendment No. 2 to Amended and Restated Note Purchase Agreement dated as of February 27, 2013, as amended by a Limited Waiver and Amendment No. 3 to Amended and Restated Note Purchase Agreement dated as of April 15, 2013, as amended by an Amendment No. 4 to Amended and Restated Note Purchase Agreement dated as of April 19, 2013, as amended by a Limited Waiver and Amendment No. 5 to Amended and Restated Note Purchase Agreement dated as of July 26, 2013 (as the same may be amended, restated, supplemented, revised or replaced from time to time, the “Agreement”).  Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Agreement.

 

B. The Borrowers have requested, and the Administrative Agent and Noteholders have agreed, to amend the Agreement on the terms and conditions contained herein.

 

AGREEMENT

SECTION 1. Reaffirmation of Indebtedness.  The Borrowers hereby confirm that as of September 30, 2013 and before giving effect to this Amendment, the outstanding principal balance of the Notes and accrued and unpaid interest thereon (excluding any Default or Event of Default interest) is $74,690,293.51.

 

SECTION 2. Limited Waiver.  Subject to the terms, covenants and conditions of this Amendment, Administrative Agent hereby waives the following Events of Default which have occurred:

 

(A) the independent calculation pursuant to Section 6.3(hh) of the Agreement, which shall now be completed as part of the consulting agreement between the Administrative Agent and FTI Consulting Inc. at the sole expense of the Borrowers as described in Section 6.3(hh) of the Agreement (as modified by this Amendment);

 

(B) the requirements set forth in Section 6.3(ii) of the Agreement, which shall now be completed as part of the consulting agreement between the Administrative Agent and FTI Consulting Inc. at the sole expense of the Borrowers as described in Section 6.3(hh) of the Agreement (as modified by this Amendment); and

 

(C) the Borrowers’ sale of certain equipment to Next Level Spirits, Inc. on or about July 30, 2013 and having a value of approximately $631,622.86 in breach of Section 6.4(e) of the Agreement.

 

Except as expressly provided herein, nothing contained herein shall be construed as a waiver by Administrative Agent or Noteholders of any covenant or provision of the Agreement, the other Note Purchase Documents, or of any other contract or instrument among the Borrowers, any Company Party, Noteholders and Administrative Agent, and the failure of Administrative Agent or Noteholders at any time or times hereafter to require strict performance by the Borrowers or any Company Party of any provision thereof shall not waive, affect or diminish any right of Administrative Agent or Noteholders to thereafter demand strict compliance therewith.  Administrative Agent and Noteholders hereby reserve all rights granted under the Agreement, the Note Purchase Documents and any other contract or instrument among the Borrowers, any Company Party, Noteholders and Administrative Agent.

 

  

1

  

SECTION 3. Amendments.  The following sections of the Agreement shall be and hereby are amended as follows:

 

(A) Recitals Part of Agreement.  The foregoing recitals are hereby incorporated into and made a part of the Agreement, including all defined terms referenced therein.

 

(B) Section 1.1 (Definitions).

 

(1) Section 1.1 of the Agreement is hereby amended by substituting and adding the following definitions in lieu of or in addition to the versions of such terms and related definitions contained in the Agreement, as applicable, in the appropriate alphabetical order:

 

“Acquisition Notes Stated Maturity Date” means July 6, 2014; provided that the Acquisition Notes Stated Maturity Date shall be extended for one additional period of six months upon written notice to the Administrative Agent on or after April 6, 2014 but before May 6, 2014 so long as at the time of such extension (a) no Event of Default has occurred and is continuing under any Financing Document and (b) the Borrowers pay the Administrative Agent an extension fee in cash in an amount equal to 3% of the Note Indebtedness in respect of the Acquisition Notes.

 

“Existing Notes Stated Maturity Date” means July 6, 2014; provided that the Existing Notes Stated Maturity Date shall be extended for one additional period of six months upon written notice to the Administrative Agent on or after April 6, 2014 but before May 6, 2014so long as at the time of such extension (a) no Event of Default has occurred and is continuing under any Financing Document and (b) the Borrowers pay the Administrative Agent an extension fee in cash in an amount equal to 3% of the Note Indebtedness in respect of the Existing Notes.

 

“Financing” means, collectively, (i) the issuance and sale by the Borrowers of $7,184,573.64 aggregate original principal amount of Existing Notes pursuant to this Agreement, (ii) the issuance and sale by the Borrowers of $15,000,000 aggregate original principal amount of Acquisition Notes pursuant to this Agreement, (iii) the issuance and sale by the Borrowers of up to $36,585,432.85 aggregate original principal amount of Revolving Notes (plus any PIK Amount added to the outstanding principal amount of the Revolving Notes pursuant to Section 2.11(1)), pursuant to this Agreement and (iv) the issuance and sale by the Borrowers of $10,000,000 aggregate original principal amount of Revenue Participation Notes pursuant to this Agreement and (iv) the entry into by the parties thereto of the other transactions contemplated by the Financing Documents.

 

“Non-Revolving Portion” means, the Special Advances, the First Amendment and Waiver Fee Advances, the Second Amendment and Waiver Fee Advance, the Third Amendment Waiver and Fee Advance, the Fifth Amendment and Waiver Fee Advance and the Sixth Amendment Waiver and Fee Advance in the aggregate principal amount of $17,188,410.40.

 

“Principal Waterfall” means the order in which payments are applied to the principal outstanding under the Notes, as follows: (i) first, to the February 2013 Special Advance in the original principal amount of $3,188,410.40, (ii) second, to the April 2013 Special Advance in the original principal amount of $2,000,000, (iii) third, to the other components of the Non-Revolving Portion of the Revolving Notes (comprised of (A) the portion of the Revolving Notes issued on September 28, 2012 and October 1, 2012 in the original principal amount of $1,000,000 in the aggregate, (B) the portion of the Revolving Notes issued after October 1, 2012 and prior to February 1, 2013 in the original principal amount of $1,000,000, (C) the portion of the Revolving Notes issued in respect of the First Amendment and Waiver Fee Advances in the original aggregate principal amount of $4,000,000 (issued in increments of $1,000,000 on October 1, 2012, January 1, 2013, April 1, 2013 and July 1, 2013), (D) the portion of the Revolving Notes issued in respect of the Second Amendment and Waiver Fee Advance in the original principal amount of $1,500,000, (E) the portion of the Revolving Notes issued in respect of the Third Amendment and Waiver Fee Advance in the original principal amount of $500,000, (F) the portion of the Revolving Notes issued in respect of the Fifth Amendment and Waiver Fee Advance in the original principal amount of $4,500,000, (G) the portion of the Revolving Notes issued in respect of the Sixth Amendment and Waiver Fee Advance in the original principal amount of $500,000 and (H) any PIK Amounts added to the principal amount of the Revolving Notes in accordance with Section 2.11(1) of the Agreement, including, without limitation, the sum of $1,397,022.45 (representing the accrued and unpaid interest for the period from April 1, 2013 through and including June 30, 2013 multiplied by 1.02)), (iv) fourth, up to $5,000,000 of the Revolving Portion of the Revolving Notes (which amount may be re-borrowed in accordance with the terms of the Agreement), (v) fifth, to the Existing Notes, (vi) sixth, to the Acquisition Notes, (vii) seventh, to the Revenue Participation Notes and (viii) eighth, to the Revolving Portion of Revolving Notes.

 

“Revenue Participation Stated Notes Maturity Date” means July 6, 2014; provided that the Revenue Participation Notes Stated Maturity Date shall be extended for one additional period of six months upon written notice to the Administrative Agent on or after April 6, 2014 but before May 6, 2014 so long as at the time of such extension (a) no Event of Default has occurred and is continuing under any Financing Document and (b) the Borrowers pay the Administrative Agent an extension fee in cash in an amount equal to 3% of the Note Indebtedness in respect of the Revenue Participation Notes.

 

  

2

  

“Revolving Notes Stated Maturity Date” means July 6, 2014; provided that the Revolving Notes Stated Maturity Date shall be extended for one additional period of six months upon written notice to the Administrative Agent on or after April 6, 2014 but before May 6, 2014 so long as at the time of such extension (a) no Event of Default has occurred and is continuing under any Financing Document and (b) the Borrowers pay the Administrative Agent an extension fee in cash in an amount equal to 3% of the Note Indebtedness in respect of the Revolving Notes.

 

“Subsequent Closing” means, at the option of the Borrowers, one or more Closings for the purchase and sale of Revolving Notes following the First Closing, in each case as contemplated herein, provided that no more than $36,585,432.85 principal amount of Revolving Notes (plus any PIK Amount added to the outstanding principal amount of the Revolving Notes pursuant to Section 2.11(1)), shall be issued and outstanding at any time.

 

(2) Section 1.1 of the Agreement is hereby amended by deleting the term “Keyes Plant Orderly Liquidation Value” from such Section.

 

(C) Section 2.3 (Creation and Issuance of the  Notes). Section 2.3 of the Agreement is deleted in its entirety and replaced with the following:

 

“2.3 Creation and Issuance of the Notes. The Borrowers hereby create and authorize the Notes for issuance in the aggregate original principal amount of up to $68,770,006.49 (plus any PIK Amount added to the outstanding principal amount of the Revolving Notes pursuant to Section 2.11(1)). The Notes shall be dated as of their applicable Issue Date (including all replacement certificates issued in accordance with this Agreement) and will become due and payable, together with all accrued and unpaid interest thereon, on the Maturity Date.  Other than the Revolving Portion of the Revolving Notes, which may be re-issued once redeemed, neither the Non-Revolving Portion of the Revolving Notes nor any other Notes, may be re-issued once redeemed.”

 

(D) Section 2.4 (Subsequent Closings and Revolving Notes).  Section 2.4 of the Agreement is deleted in its entirety and replaced with the following:

 

“2.4 Subsequent Closings and Revolving Notes. Subject to the terms and conditions set forth in Section 2.2, on and after the date of this Agreement and upon written notice by the Borrowers to the Administrative Agent of not less than ten Business Days in substantially the form attached hereto as Exhibit B (each, a “Revolving Loan Request”), the Noteholders, severally, and not jointly, agree to issue Revolving Notes in an aggregate amount not to exceed at any time outstanding the amount identified in the Allocation Notice; provided, however, that (i) after giving effect to any outstanding Revolving Notes, the aggregate principal amount of all outstanding Revolving Notes shall not exceed $36,585,432.85 (plus any PIK Amount added to the outstanding principal amount of the Revolving Notes pursuant to Section 2.11(1)), (ii) $4,000,000 of the Revolving Notes may only be used by the Borrowers to pay the First Amendment and Waiver Fee and for no other purpose (the “First Amendment and Waiver Fee Advances”), (iii) $1,500,000 of the Revolving Notes may only be used by the Borrowers to pay the cash portion of the Second Amendment and Waiver Fee (the “Second Amendment and Waiver Fee Advance”), (iv) $500,000 of the Revolving Notes may only be used by the Borrowers to pay the cash portion of the Third Amendment and Waiver Fee (the “Third Amendment and Waiver Fee Advance”), (v) $4,500,000 of the Revolving Notes may only be used by the Borrowers to pay certain cash portions of the Fifth Amendment and Waiver Fees (the “Fifth Amendment and Waiver Fee Advance”), (vi) $500,000 of the Revolving Notes may only be used by the Borrowers to pay the cash portion of the Sixth Amendment and Waiver Fee (the “Sixth Amendment and Waiver Fee Advance”) and (vii) once the portion of the Revolving Notes representing the Sixth Amendment and Waiver Fee Advance, the Fifth Amendment and Waiver Fee Advance, the Third Amendment and Waiver Fee Advance, the Second Amendment and Waiver Fee Advance, the First Amendment and Waiver Fee Advances and the Special Advances have been redeemed, such amounts shall not be re-issued.  The aggregate principal amount of any new Revolving Notes issued at any Subsequent Closing must be at least $500,000 and in increments of $100,000. At each Subsequent Closing, the Borrowers shall deliver an officer’s certificate to the Administrative Agent and such other evidence reasonably acceptable to the Administrative Agent that the conditions precedent set forth in Section 2.2 have been met.  The proposed use of proceeds in each Revolving Loan Request shall be acceptable to the Administrative Agent in its reasonable discretion.”

 

(E) Section 6.2(a) (Financial Covenants).  Section 6.2(a) of the Agreement is hereby amended and restated as follows:

 

“(a) Free Cash Flow.  Commencing with the Fiscal Quarter ending December 31, 2012, the Parent shall maintain trailing Free Cash Flow, tested as at the last day of each Fiscal Quarter of not less than $1,500,000 per Fiscal Quarter; provided, however, that this Section 6.2(a) shall not apply with respect to the Fiscal Quarters ending June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014.”

 

(F) Section 6.2(c) (Financial Covenants).  Section 6.2(c) of the Agreement is hereby amended and restated as follows:

 

“(c) Ratio of Note Indebtedness to Keyes Plant Values.  The Parent will not permit at any time the ratio of Note Indebtedness to the Keyes Plant Market Value to exceed seventy-five percent (75%), tested semi-annually as of the last day of the first Fiscal Quarter and as of the last day of the third Fiscal Quarter of each Fiscal Year; provided, however, that this Section 6.2(c) shall not apply with respect to the third Fiscal Quarter of the Fiscal Year ending December 31, 2013; and.”

 

  

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(G) Section 6.3(cc) (Affirmative Covenants).  Section 6.3(cc) of the Agreement is hereby amended and restated as follows:

 

“(cc) NYSE/AMEX Listing.  The Common Shares shall be listed for trading either on the New York Stock Exchange or the NYSE MKT, or on a comparable public market that is acceptable to the Administrative Agent in its sole discretion, no later than December 31, 2013.”

 

(H) Section 6.3(hh) (Affirmative Covenants).  Section 6.3(hh) of the Agreement is amended and restated as follows:

 

“(hh) Independent Consultant Review and Analysis of Earnings and Procurement Strategies. The Parent shall cooperate with Administrative Agent and its advisors, which cooperation shall include providing promptly all information reasonably requested by them, in connection with review(s) to be performed by FTI Consulting Inc., or another independent consultant satisfactory to Administrative Agent in its sole and absolute discretion, such review to include a quality of earnings review and an assessment and study of the Borrowers’ procurement strategies and practices.  The extent and timing of the foregoing reviews, and any additional reviews or analyses which Administrative Agent and its advisors may decide to further undertake are all to be done and performed to the satisfaction of the Administrative Agent in its sole and absolute discretion and at the sole expense of the Borrowers.”

 

(I) Section 6.3(ii) (Affirmative Covenants).  Subsection 6.3(ii) of the Agreement is amended and restated as follows:

 

“(ii) Proceeds from Next Level Spirits Transaction. Within two Business Days of receipt, the Borrowers shall wire to Administrative Agent any purchase price proceeds received by them after October 28, 2013 in connection with the sale by the Borrowers of certain equipment to Next Level Spirits, Inc. on or about July 30, 2013 and having a value of approximately $631,622.86.”

 

SECTION 3. Conditions to Effectiveness.  This Amendment shall be effective only upon and subject to satisfaction of the following conditions precedent:

 

(A) Administrative Agent shall have received this Amendment duly executed by the parties hereto.

 

(B) Administrative Agent shall have received a waiver and amendment fee consisting of $500,000 that shall be added to the outstanding principal balance of the Revolving Notes on the effective date of this Amendment, and 1,000,000 shares of common stock of the Parent (collectively, the “Sixth Amendment and Waiver Fee”), which Sixth Amendment and Waiver Fee shall be deemed fully earned and nonrefundable and the Borrowers shall deliver stock certificates representing such shares to the Administrative Agent within five Business Days following the execution date of this Amendment.  If the Borrowers are unable to cause the Common Shares to be listed for trading either on the New York Stock Exchange or the NYSE MKT, or on a comparable public market that is acceptable to the Administrative Agent in its sole discretion, by December 31, 2013, the Borrowers shall deliver to the Administrative Agent within five Business Days after December 31, 2013, stock certificates representing an additional 1,000,000 shares of common stock of the Parent (the “Supplemental Sixth Amendment and Waiver Fee”) and such Supplemental Sixth Amendment and Waiver Fee shall be deemed fully earned and nonrefundable.

 

(C) Administrative Agent shall have received a Fifth Amended and Restated Revolving Note for Sprott PC Trust Purchaser duly executed by the Borrowers in the original principal amount of $27,519,738.74.

 

(D) Administrative Agent shall have received a Sixth Amended and Restated Revolving Note for TEC Insight Fund Purchaser duly executed by the Borrowers in the original principal amount of $9,065,694.11.

 

(E) Administrative Agent shall have received a Reaffirmation of Unconditional Personal Guaranty, duly executed by the Chairman.

 

(F) Administrative Agent shall have received a Reaffirmation of Guaranty, duly executed by the Company Parties (other than the Borrowers).

 

(G) Administrative Agent shall have received a Reaffirmation of Guaranty, duly executed by McAfee Capital, LLC.

 

  

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(H) Administrative Agent shall have received a certificate of a Senior Officer of the Parent and each Borrower certifying (1) that no change has occurred to the Organizational Documents of such Person since certified copies thereof were previously delivered to the Administrative Agent and (2) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors of each such Person authorizing the execution, delivery and performance of the Note Purchase Documents to which such Person is a party delivered in connection with this Amendment, and that such resolutions have not been modified, rescinded or amended and are in full force.

 

(I) Administrative Agent shall have performed and complied with all of the covenants and conditions required by this Amendment and the Note Purchase Documents to be performed and complied with upon the Third Amendment Effective Date.

 

(J) Administrative Agent shall have received evidence that the Borrowers have paid by wire transfer the reasonable fees and expenses of Administrative Agent’s outside legal counsel in connection with the preparation of the Amendment, previous amendments and other matters regarding the Agreement.

 

(K) Administrative Agent shall have received all other approvals, opinions, documents, agreements, instruments, certificates, schedules and materials as Administrative Agent may reasonably request.

 

Each Borrower acknowledges and agrees that the failure to perform, or to cause the performance of, the foregoing covenants and agreements will constitute an Event of Default under the Agreement and Administrative Agent and Noteholders shall have the right to demand the immediate repayment in full in cash of all outstanding Indebtedness owing to Administrative Agent and Noteholders under the Agreement, the Notes and the other Note Purchase Documents.  In consideration of the foregoing and the transactions contemplated by this Amendment, each Borrower hereby (a) ratifies and confirms all of the obligations and liabilities of such Borrower owing pursuant to the Agreement and the other Note Purchase Documents, and (b) agrees to pay all costs, fees and expenses of Administrative Agent and Noteholders in connection with this Amendment.

 

SECTION 4. Agreement in Full Force and Effect as Amended.  Except as specifically amended or waived hereby, the Agreement and other Note Purchase Documents shall remain in full force and effect and are hereby ratified and confirmed as so amended.  Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of, or consent to or departure from, any provisions of the Agreement or any other Note Purchase Document or any right, power or remedy of Administrative Agent or Noteholders thereunder, nor constitute a waiver of any provision of the Agreement or any other Note Purchase Document, or any other document, instrument or agreement executed or delivered in connection therewith or of any Default or Event of Default under any of the foregoing, in each case whether arising before or after the execution date of this Amendment or as a result of performance hereunder or thereunder.  This Amendment shall not preclude the future exercise of any right, remedy, power, or privilege available to Administrative Agent or Noteholders whether under the Agreement, the other Note Purchase Documents, at law or otherwise.  All references to the Agreement shall be deemed to mean the Agreement as modified hereby.  This Amendment shall not constitute a novation or satisfaction and accord of the Agreement or any other Note Purchase Documents, but shall constitute an amendment thereof.  The parties hereto agree to be bound by the terms and conditions of the Agreement and Note Purchase Documents as amended by this Amendment, as though such terms and conditions were set forth herein.  Each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Agreement as amended by this Amendment, and each reference herein or in any other Note Purchase Documents to “the Agreement” shall mean and be a reference to the Agreement as amended and modified by this Amendment.

 

SECTION 5. Representations.  Each of the Parent and the Borrowers hereby represents and warrants to Administrative Agent and Noteholders as of the execution date of this Amendment as follows:  (A) it is duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation; (B) the execution, delivery and performance by it of this Amendment and all other Note Purchase Documents executed and delivered in connection herewith are within its powers, have been duly authorized, and do not contravene (i) its articles of incorporation, bylaws or other organizational documents, or (ii) any applicable law; (C) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any Governmental Entity or other Person, is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment or any other Note Purchase Documents executed and delivered in connection herewith by or against it; (D) this Amendment and all other Note Purchase Documents executed and delivered in connection herewith have been duly executed and delivered by it; (E) this Amendment and all other Note Purchase Documents executed and delivered in connection herewith constitute its legal, valid and binding obligation enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; (F) after giving effect to this Amendment, it is not in default under the Agreement or any other Note Purchase Documents and no Event of Default exists, has occurred and is continuing or would result by the execution, delivery or performance of this Amendment; and (G) the representations and warranties contained in the Agreement and the other Note Purchase Documents are true and correct in all material respects as of the execution date of this Amendment as if then made, except for such representations and warranties limited by their terms to a specific date.

 

  

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SECTION 6. Miscellaneous.

 

(A) This Amendment may be executed in any number of counterparts (including by facsimile or email), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.  Each party agrees that it will be bound by its own facsimile or scanned signature and that it accepts the facsimile or scanned signature of each other party.  The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof or thereof.  Whenever the context and construction so require, all words herein in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.  The use of the word “including” in this Amendment shall be by way of example rather than by limitation.  The use of the words “and” or “or” shall not be inclusive or exclusive.

 

(B) This Amendment may not be changed, amended, restated, waived, supplemented, discharged, canceled, terminated or otherwise modified without the written consent of the Borrowers and Administrative Agent.  This Amendment shall be considered part of the Agreement and shall be a Note Purchase Document for all purposes under the Agreement and other Note Purchase Documents.

 

(C) This Amendment, the Agreement and the Note Purchase Documents constitute the final, entire agreement and understanding between the parties with respect to the subject matter hereof and thereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties, and shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto and thereto.  There are no unwritten oral agreements between the parties with respect to the subject matter hereof and thereof.

 

(D) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE AGREEMENT.

 

(E) Neither the Parent nor any Borrower may assign, delegate or transfer this Amendment or any of their rights or obligations hereunder.  No rights are intended to be created under this Amendment for the benefit of any third party donee, creditor or incidental beneficiary of the Borrowers or any Company Party.  Nothing contained in this Amendment shall be construed as a delegation to Administrative Agent or Noteholders of the Borrowers or any Company Party’s duty of performance, including any duties under any account or contract in which Administrative Agent or Noteholders have a security interest or lien.  This Amendment shall be binding upon the Borrowers, the Parent and their respective successors and assigns.

 

(F) All representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment and no investigation by Administrative Agent or Noteholders shall affect such representations or warranties or the right of Administrative Agent or Noteholders to rely upon them.

 

(G) THE BORROWERS AND THE PARENT ACKNOWLEDGE THAT SUCH PERSON’S PAYMENT OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RECISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM ADMINISTRATIVE AGENT OR ANY NOTEHOLDER.  THE BORROWERS AND THE PARENT HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE ADMINISTRATIVE AGENT AND EACH NOTEHOLDER AND THEIR RESPECTIVE PREDECESSORS, ADMINISTRATIVE AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH SUCH PERSON MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY “LOANS”, INCLUDING ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE AGREEMENT OR OTHER NOTE PURCHASE DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

 

{Signatures appear on following pages.}

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of September 30, 2013.

 

BORROWERS:

 

AEMETIS ADVANCED FUELS KEYES, INC.

 

By:       /s/ Eric A. McAfee                                                    

Name:  Eric A. McAfee

 

Title:    Chief Executive Officer

 

 

AEMETIS FACILITY KEYES, INC.

 

By:       /s/ Eric A. McAfee                                                    

Name:  Eric A. McAfee

 

Title:    Chief Executive Officer

 

PARENT:

 

AEMETIS, INC.

 

By:       /s/ Eric A. McAfee                                                    

Name:  Eric A. McAfee

 

Title:    Chief Executive Officer

 

ADMINISTRATIVE AGENT:

THIRD EYE CAPITAL CORPORATION

 

By:             /s/ Arif N. Bhalwani                                                               

Name:        Arif N. Bhalwani

 

Title:           Managing Director

 

By:             /s/ David Alexander                                                               

Name:  David G. Alexander

 

Title:             Managing Director

 

  

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NOTEHOLDERS:

SPROTT ASSET MANAGEMENT GP INC., in its capacity as general partner of SPROTT ASSET MANAGEMENT L.P., in its capacity as Manager of SPROTT PC TRUST

By:             /s/ Steve Rostowsky                                                    

Name:        Steve Rostowsky

 

Title:          CFO

 

THIRD EYE CAPITAL CREDIT OPPORTUNITIES S.ar.l, it its capacity as Managing General Partner of THIRD EYE CAPITAL CREDIT OPPORTUNITIES FUND – INSIGHT FUND

 

By:             /s/ Richard Goddard                                                               

Name:        Richard Goddard

 

Title:           Manager

By:             /s/ Robert L. DeNormandie 

Name:        Robert L. DeNormandie

 

Title:           Manager

 

 

 

8

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