Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 Dated as of
July 27, 2015 
 First Supplemental Indenture 

among 
 The Kansas City
Southern Railway Company 
 as Issuer 

Each of the Guarantors Party Hereto 

and 
 U.S. Bank National
Association, 
 as Trustee 

4.950% Senior Notes due 2045 

 FIRST SUPPLEMENTAL INDENTURE (the “First Supplemental Indenture”), dated as of July 27,
2015, among THE KANSAS CITY SOUTHERN RAILWAY COMPANY, a Missouri corporation (the “Issuer”), the guarantors party hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly incorporated and existing under the
laws of the United States of America, as Trustee (together with its successors and assigns, in such capacity, the “Trustee”). 

W I T N E S S E T H : 

WHEREAS, the Issuer, the guarantors party hereto and the Trustee have heretofore executed and delivered an Indenture, dated as of
July 27, 2015 (the “Original Indenture” and, as hereby supplemented, the “Indenture”), providing for the issuance from time to time of one or more series of the Issuer’s Securities; 

WHEREAS, pursuant to the terms of the Indenture, the Issuer desires to provide for the establishment of a series of Securities to be
designated as the “4.950% Senior Notes due 2045” (herein referred to as the “2045 Notes”), the form and substance of the 2045 Notes and the terms, provisions and conditions thereof to be set forth as provided in the
Original Indenture and this First Supplemental Indenture; 
 WHEREAS, Section 11.01(h) of the Original Indenture provides that the
Issuer and the Trustee may provide for the issuance of additional Securities in accordance with the Original Indenture; 
 WHEREAS,
Section 2.03 of the Original Indenture provides that various matters with respect to any series of Securities issued under the Indenture may be established in a supplemental indenture to the Original Indenture; and 

WHEREAS, all acts and things necessary to make this First Supplemental Indenture, when duly executed and delivered, a valid and binding
instrument in accordance with its terms and for the purposes herein expressed, have been done and performed; and the execution and delivery of this First Supplemental Indenture have been in all respects duly authorized. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained and intending to be legally bound, the parties to this
First Supplemental Indenture hereby agree as follows: 
 ARTICLE I 

RELATION TO INDENTURE; ADDITIONAL DEFINITIONS 

Section 1.01 Relation to Indenture. This First Supplemental Indenture constitutes an integral part of the Indenture. 

Section 1.02 Additional Definitions. For all purposes of this First Supplemental Indenture, capitalized terms used herein shall
have the respective meanings specified below or, if not specified below, shall have the meaning specified in the Original Indenture. 

“2045 Notes” has the meaning set forth in the second paragraph of the Recitals hereof. 

  
 First Supplemental
Indenture 

 “Below Investment Grade Ratings Event” means, on any day within the 60-day
period (which period shall be extended so long as the rating of the 2045 Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control or
(2) public notice by the Issuer or Parent of the occurrence of a Change of Control or Parent’s intention to effect a Change of Control, that the 2045 Notes are rated below Investment Grade by two of the three Rating Agencies.
Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at the Issuer’s or Parent’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the ratings event). 

“Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York and on which
banking institutions and trust companies are open for business in New York, New York. 
 “Change of Control” means the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than
Parent and its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the total Voting Stock of Parent or other Voting Stock
into which Parent’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares. 

“Change of Control Payment Date” has the meaning assigned to it in Section 4.07(c) hereof. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings
Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term (as measured from the date of redemption) (“Remaining Life”) of the 2045 Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2045 Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer
Quotations for such redemption date. 
 “Consolidated Net Assets” means total assets after deducting therefrom all current
liabilities as set forth on the most recent publicly filed balance sheet of Parent and its consolidated subsidiaries and computed in accordance with generally accepted accounting principles. 

“Global Note” means a Security evidencing all or part of the 2045 Notes, substantially in the form attached as Exhibit
A. 
 “Guarantors” means Parent and the subsidiaries of Parent that execute a Note Guarantee, and their respective
successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of the Indenture. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 

  
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 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P), a rating of BBB- or better by Fitch (or its equivalent under any successor
rating categories of Fitch) and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Issuer. 

“Interest Payment Dates” means February 15 and August 15 of each year, or if any such day is not a Business Day,
the next succeeding Business Day, until maturity, beginning on February 15, 2016. 
 “Issue Date” means July 27,
2015. 
 “Maturity Date” has the meaning set forth in Section 2.03 hereof. 

“Note Guarantee” means each Guarantee of the obligations with respect to the 2045 Notes issued by a Person pursuant to the
terms of the Indenture. 
 “Original Indenture” has the meaning set forth in the first paragraph of the Recitals hereof.

 “Rating Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the 2045 Notes or fails to make a rating of the 2045 Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Issuer (as certified by a resolution of the Issuer’s board of directors) as a replacement agency for Moody’s, S&P or Fitch, or all of them, as the case may be. 

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. LLC (or their respective affiliates that are primary Government Securities dealers) and their respective successors; provided, however, that if any Reference Treasury Dealer is not at the
applicable time a primary Government Securities dealer (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer selected by it. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the 2045 Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 5:00 p.m. New York City time on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, on any Redemption Date, (i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to such Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum
equal to the semiannual equivalent yield to maturity of the related Comparable Treasury Issue, calculated using a price for that Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

  
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 All references herein to Articles, Sections or Exhibits, unless otherwise specified, refer
to the corresponding Articles, Sections or Exhibits of this First Supplemental Indenture. The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this First Supplemental
Indenture. 
 ARTICLE II 

THE SERIES OF NOTES 

Section 2.01 Title of the Notes. The 2045 Notes shall be designated as the “4.950% Senior Notes due 2045.” 

Section 2.02 No Limitation on Aggregate Principal Amount. There shall be no limitation on the aggregate principal amount of 2045
Notes that may be outstanding. 
 Section 2.03 Stated Maturity. The Stated Maturity of the 2045 Notes shall be August 15,
2045 (the “Maturity Date”). 
 Section 2.04 Interest and Interest Rate. (a) The 2045 Notes shall bear
interest at the rate of 4.950% per annum, and interest will accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from and including the Issue Date. Such interest shall be payable
semiannually in arrears, on the Interest Payment Dates. Interest on the 2045 Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. Interest accrued on the 2045 Notes from the last Interest Payment Date before the
Maturity Date shall be payable on the Maturity Date. 
 (b) The interest so payable on any Interest Payment Date shall be paid to the
Persons in whose names the 2045 Notes are registered at the close of business on the record date for such Interest Payment Date, being the immediately preceding February 1 and August 1, as the case may be. 

Section 2.05 Place of Payment. The place or places where the principal of and interest on the 2045 Notes shall be payable
is the office or agency of the Issuer maintained for such purpose, which shall initially be the Corporate Trust Office of the Trustee, and any other place or places designated by the Issuer pursuant to the Indenture; provided that while the
2045 Notes are represented by one or more Registered Global Securities registered in the name of the Depositary, or its nominee, the Issuer will cause payments of principal and interest on such Registered Global Securities to be made to the
Depositary or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by agreements with, or regulations or procedures prescribed from time to time by the Depositary or its nominee, and otherwise in
accordance with such agreements, regulations or procedures. 
 Section 2.06 Place of Registration or Exchange. The place where
the Holders of the 2045 Notes may present the 2045 Notes for registration of transfer or exchange and may make notices and demands to or upon the Issuer in respect of the 2045 Notes shall be the Corporate Trust Office of the Trustee. 

Section 2.07 Global Notes. (a) The 2045 Notes shall be issuable in whole or in part in the form of one or more Global Notes
in definitive, fully registered, book-entry form, without interest coupons. The Global Note shall be deposited on the Issue Date with, or on behalf of, the Depositary. 

(b) The Depository Trust Company shall initially serve as Depositary with respect to the Global Note. Such Global Note shall bear the legend
set forth in the form attached as Exhibit A. 

  
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 Section 2.08 Form of Securities. The Global Note shall be substantially in the form
attached as Exhibit A. 
 Section 2.09 Additional 2045 Notes. The Issuer may issue additional 2045 Notes
under the Indenture. Each of the 2045 Notes issued on the Issue Date and any additional 2045 Notes subsequently issued shall each be treated as a single class for all purposes under the Indenture, unless otherwise provided in the Indenture;
provided, however, that any additional 2045 Notes that are not fungible with existing 2045 Notes for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number from the
existing 2045 Notes. Unless the context otherwise requires, for all purposes of the Indenture, references to the 2045 Notes include any additional 2045 Notes actually issued. 

ARTICLE III 
 REDEMPTION
OF THE 2045 NOTES 
 Section 3.01 Optional Redemption. (a) Prior to February 15, 2045 (the date that is six
months prior to the Maturity Date), the 2045 Notes will be redeemable in whole or in part at any time and from time to time, at the Issuer’s option, at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the 2045 Notes to be redeemed and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2045 Notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the then-current Treasury Rate, plus 30 basis points, plus
accrued interest to but excluding the redemption date. 
 (b) On or after February 15, 2045 (the date that is six months prior to the
Maturity Date), the 2045 Notes will be redeemable in whole or in part at any time and from time to time, at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the 2045 Notes to be redeemed plus accrued interest
to but excluding the redemption date. 
 (c) Any redemption pursuant to this Section 3.01 shall be made pursuant to the
provisions of Sections 3.01 through 3.07 of the Original Indenture; provided, however, that if less than all of the 2045 Notes are to be redeemed at any time, the Trustee (or Registrar if other than the Trustee) will select 2045 Notes
for redemption in compliance with the requirements of the principal national securities exchange, if any, on which the 2045 Notes are listed, or if the 2045 Notes are not listed on a national securities exchange, on a pro rata basis, by lot
or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate; provided, that no 2045 Note of $2,000 in principal amount or less shall be redeemed in part. 

Section 3.02 Mandatory Redemption; Sinking Fund Obligations. The Issuer shall have no obligation to redeem or purchase any 2045
Notes pursuant to any Mandatory Sinking Fund Payment. 
 ARTICLE IV 

COVENANTS 

Additional Covenants. Article IV of the Original Indenture shall be amended by adding the following new Sections thereto as set
forth below for the benefit of the Holders of the 2045 Notes but no other series of Securities under the Original Indenture, whether now or hereafter issued and outstanding (except as may be provided in a future supplemental indenture to the
Original Indenture): 

  
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 Section 4.06 Limitation on Liens. If the Issuer, Parent or any of Parent’s
Significant Subsidiaries that is a Guarantor create or permit any lien of any kind upon any stock or indebtedness, whether owned on the Issue Date or thereafter acquired, of the Issuer or any of Parent’s Significant Subsidiaries that is a
Guarantor to secure any Debt (other than the 2045 Notes) of the Issuer, Parent, any of Parent’s Subsidiaries (other than the Issuer) or any other person, the Issuer will cause the outstanding 2045 Notes to be secured equally and ratably with
that Debt, unless the aggregate principal amount of all such secured Debt then outstanding would not exceed 10.0% of Parent’s Consolidated Net Assets. This Section 4.06 does not (i) restrict any other property of Parent or its
Subsidiaries or (ii) prohibit the sale by Parent or any of its Subsidiaries of any stock or indebtedness of any Subsidiary, including any Significant Subsidiary. 

Section 4.07 Offer to Repurchase Upon Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs, the Issuer will be required to make an offer to each Holder of the 2045 Notes to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s 2045 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2045 Notes repurchased plus
accrued interest, if any, to but excluding the date of repurchase. Within 30 days following a Change of Control Repurchase Event or, at the Issuer’s option, prior to a Change of Control, but after the public announcement of such Change of
Control, the Issuer shall mail to each Holder of the 2045 Notes, with a copy to the Trustee, a notice: 
 (i) describing the transaction or
transactions that constitute or may constitute the Change of Control Repurchase Event; 
 (ii) offering to repurchase the 2045 Notes; 

(iii) setting forth the payment date for the repurchase of the 2045 Notes, which date will be no earlier than 30 days and no later than 60
days from the date such notice is mailed; 
 (iv) if mailed prior to the date of consummation of the Change of Control, stating that the
offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice; 

(v) stating that any 2045 Note not tendered will continue to accrue interest; 

(vi) stating that, unless the Issuer defaults in the payment of the repurchase price, all 2045 Notes accepted for payment pursuant to the
repurchase offer will cease to accrue interest after the payment date specified in the notice; and 
 (vii) specifying the procedure for
tendering 2045 Notes. 
 (b) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2045 Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Section 4.07, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of such
conflict. 
 (c) On the repurchase date following a Change of Control Repurchase Event (the “Change of Control Payment
Date”), the Issuer will, to the extent lawful: 
 (i) accept for payment all 2045 Notes or portions of 2045 Notes properly
tendered pursuant to the Issuer’s offer; 

  
 6 

 (ii) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of
all 2045 Notes or portions of 2045 Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the 2045 Notes
properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 2045 Notes being purchased by the Issuer. 

(d) The Paying Agent will promptly mail to each Holder of 2045 Notes properly tendered the purchase price for the 2045 Notes, and the Trustee
will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder of 2045 Notes a new 2045 Note equal in principal amount to any unpurchased portion of any 2045 Notes surrendered; provided that each new 2045 Note will be
in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (e) The Issuer will not be required to make an
offer to repurchase the 2045 Notes upon a Change of Control Repurchase Event if (i) a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer set forth in the
Indenture and such third party purchases all 2045 Notes properly tendered and not withdrawn under its offer or (ii) a notice of redemption for all outstanding 2045 Notes has been given pursuant to Section 3.03 of the Original Indenture.

 Section 4.08 Additional Guarantors. Parent shall cause each Domestic Subsidiary that guarantees the Credit Agreement or any
other Debt of the Issuer, Parent or any of Parent’s Significant Subsidiaries that is a Guarantor to become a Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel satisfactory to the Trustee within 30 days of becoming
a guarantor of such Debt; provided that, for avoidance of doubt, none of KCSM or any of its Subsidiaries shall be required to become a Guarantor. 

Section 4.09 Reports. Whether or not Parent is required to file reports with the Commission, Parent shall file with the
Commission all such reports and other information when and as Parent would be required to file with the Commission by Sections 13(a) or 15(d) under the Exchange Act if Parent were subject thereto, unless the Commission does not permit such filings,
in which case Parent shall provide such reports and other information to the Trustee (within the same time periods that would be applicable if Parent were required and permitted to file reports with the Commission) and instruct the Trustee to mail
such reports and other information to Holders at their addresses set forth on the Security Register. Parent shall supply the Trustee and each Holder of 2045 Notes or shall supply to the Trustee for forwarding to each such Holder, without cost to
such Holder, copies of such reports and other information. Notwithstanding the foregoing sentence, the Trustee and each Holder of 2045 Notes shall be deemed to have been supplied the foregoing reports and other information at the time the Trustee or
such Holder may electronically access such reports and other information by means of the Commission’s homepage on the internet or at Parent’s homepage on the internet. 

Delivery of the reports and other information described in this Section 4.09 to the Trustee is for informational purposes only and
the Trustee’s receipt of such reports or other information shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.01 Effect of Covenant Defeasance. Upon the Issuer’s exercise under Section 8.01 of the Original
Indenture of Covenant Defeasance, the Issuer and each of the Guarantors shall, subject to  

  
 7 

 
the satisfaction of the conditions set forth in Section 8.04 thereof, be released from their obligations under Sections 4.06 and 4.07 hereof with respect to the outstanding
2045 Notes on and after the date the conditions set forth in Section 8.04 thereof are satisfied, and the 2045 Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that 2045 Notes will not be deemed outstanding for
accounting purposes). 
 Section 5.02 Counterpart Originals. The Original Indenture, as supplemented by this First
Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument. 
 Section 5.03 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
GOVERN AND BE USED TO CONSTRUE THIS FIRST SUPPLEMENTAL INDENTURE AND THE 2045 NOTES. 
 Section 5.04 TIA Controls.
If any provision in this First Supplemental Indenture limits, qualifies or conflicts with another provision hereof that is required to be included herein by any provisions of the TIA, such required provision shall control. 

Section 5.05 Severability. In case any provision in this First Supplemental Indenture or the 2045 Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.06 Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Issuer, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute and
deliver this First Supplemental Indenture and perform its obligations hereunder. 

*    *    *

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	THE KANSAS CITY SOUTHERN RAILWAY COMPANY, as the Issuer
		
	By:	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President & Treasurer
	
	KANSAS CITY SOUTHERN, as Guarantor and Parent
		
	By	 	 /s/ Michael W. Upchurch

		 	Name: Michael W. Upchurch
		 	Title: Executive Vice President and Chief Financial Officer
	
	GATEWAY EASTERN RAILWAY COMPANY, as Guarantor
		
	By	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President and Treasurer
	
	SOUTHERN DEVELOPMENT COMPANY, as Guarantor
		
	By	 	 /s/ Michael W. Upchurch

		 	Name: Michael W. Upchurch
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	THE KANSAS CITY NORTHERN RAILWAY COMPANY, as Guarantor
		
	By	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President and Treasurer

  
 9 

 
			
	TRANS-SERVE, INC., as Guarantor
		
	By	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President and Treasurer
	
	KCS HOLDINGS I, INC., as Guarantor
		
	By	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President and Treasurer
	
	KCS VENTURES I, INC., as Guarantor
		
	By	 	 /s/ Michael W. Cline

		 	Name: Michael W. Cline
		 	Title: Vice President and Treasurer
	
	SOUTHERN INDUSTRIAL SERVICES, INC., as Guarantor
		
	By	 	 /s/ Michael W. Upchurch

		 	Name: Michael W. Upchurch
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	VEALS, INC., as Guarantor
		
	By	 	 /s/ Michael W. Upchurch

		 	Name: Michael W. Upchurch
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	PABTEX, INC., as Guarantor
		
	By	 	 /s/ Michael W. Upchurch

		 	Name: Michael W. Upchurch
		 	Title: Vice President, Chief Financial Officer and Treasurer

  
 10 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Crystal Maston

		 	Name: Crystal Maston
		 	Title: Vice President

  
 11 

 Exhibit A 

 EXHIBIT A 

to 
 [Face of Note] 

CUSIP No.              

ISIN No.              

4.950% Senior Notes due 2045 
  

			
	No.         	  	$            

 THE KANSAS CITY SOUTHERN RAILWAY COMPANY 

promises to pay to
                                         
                                         
   or registered assigns, 
 the principal sum of
                                         
                                         
                           dollars on August 15, 2045. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

  
 A-2 

			
	THE KANSAS CITY SOUTHERN RAILWAY COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	This is one of the Securities referred to
in the within-mentioned Indenture:
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
	Date:	 	                    ,             

  
 A-3 

 [REVERSE SIDE OF NOTE] 

4.950% Senior Notes due 2045 
 THIS SECURITY IS A
REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

 

	1.	Principal and Interest. 

 The Issuer will pay the principal of this note on
August 15, 2045. 
 The Issuer promises to pay interest on the principal amount of this note on each Interest Payment Date at the rate
of 4.950% per annum. 
 Interest will be payable semi-annually (to the holders of record of the 2045 Notes at the close of business on
February 1 or August 1immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing [February 15, 2016]*. 

Interest on the 2045 Notes will accrue from the most recent date on which interest has been paid or, if no interest has been paid, from and
including July 27, 2015; provided that, if there is no existing default in the payment of interest and this note is authenticated between a regular record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

The Issuer shall pay interest on overdue principal and premium, if any, and interest on overdue installments of interest, to the extent
lawful, at the rate per annum borne by the 2045 Notes to the extent lawful and in accordance with the terms of the Indenture. 
  

	2.	Method of Payment. 

 The Issuer will pay principal as provided above and interest (except
defaulted interest) on the principal amount of the 2045 Notes as provided above on each Interest Payment Date to the Persons who are Holders (as reflected in the Security Register at the close of business on February 1 and August 1
immediately preceding the Interest Payment Date), in each case, even if the 2045 Note is cancelled on registration of transfer or registration of exchange after such record date; provided that, with respect to the payment of principal, the
Issuer will not make payment to the Holder unless this note is surrendered to a Paying Agent. 
  

	*	With respect to 2045 Notes issued on the Issue Date. 

  
 A-4 

 The Issuer will pay principal, premium, if any, and, as provided above, interest in money of the
United States that at the time of payment is legal tender for payment of public and private debts. However, subject to the requirements of any Depositary which is the Holder of this note, the Issuer may pay principal, premium, if any, and interest
by its check payable in such money. The Issuer may mail an interest check to a Holder’s registered address (as reflected in the Security Register). If a payment date is a date other than a Business Day at a place of payment, payment may be made
at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period. 
  

	3.	Paying Agent and Registrar. 

 Initially, the Trustee will act as Authenticating Agent,
Paying Agent and Registrar. The Issuer may appoint or change any Authenticating Agent, Paying Agent or Registrar without notice. The Issuer, any Subsidiary or any Affiliate of any of them may act as Paying Agent, Registrar or co-Registrar. 

 

	4.	Indenture. 

 The Issuer issued the 2045 Notes under an Indenture dated as of
July 27, 2015 (as supplemented by the First Supplemental Indenture dated as of July 27, 2015, the “Indenture”), among the Issuer, the guarantors party thereto and U.S. Bank National Association, as trustee (in such
capacity, the “Trustee”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the 2045 Notes include those stated in the Indenture and those made part of the Indenture by reference
to the TIA. The 2045 Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this
note and the terms of the Indenture, the terms of the Indenture shall control. The 2045 Notes are general unsecured obligations of the Issuer. 
  

	5.	Optional Redemption. 

 Prior to February 15, 2045, the 2045 Notes will be redeemable
in whole or in part at any time and from time to time, at the Issuer’s option, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2045 Notes to be redeemed and (ii) the sum of the present values of
the remaining scheduled payments of principal and interest on the 2045 Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at then-current Treasury Rate, plus 30 basis points, plus accrued interest to but excluding the Redemption Date. 
 On
or after February 15, 2045, the 2045 Notes will be redeemable in whole or in part at any time and from time to time, at the Issuer’s option, at a Redemption Price equal to 100% of the principal amount of the 2045 Notes to be redeemed plus
accrued interest to but excluding the Redemption Date. 
  

	6.	Partial Redemption. 

 If less than all of the 2045 Notes are to be redeemed at any time,
the Trustee shall select the 2045 Notes to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the 2045 Notes are listed, or if the 2045 Notes are not listed on a national securities
exchange, on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate; provided that no 2045 Note of $2,000 in principal amount or less shall be redeemed in part. 

  
 A-5 

	7.	Notice of Redemption. 

 Notice of any redemption pursuant to Section 5 hereof
will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of 2045 Notes to be redeemed at his or her last address as it appears in the Security Register. Any 2045 Notes in original denominations larger than
$2,000 may be redeemed in part. On and after the Redemption Date, interest ceases to accrue and the principal amount shall remain constant (using the principal amount as of the Redemption Date) on 2045 Notes or portions of 2045 Notes called for
redemption, unless the Issuer defaults in the payment of the Redemption Price. 
  

	8.	Repurchase upon Change of Control Repurchase Event. 

 Upon the occurrence of any Change
of Control Repurchase Event, each Holder shall have the right to require the repurchase of its 2045 Notes by the Issuer in cash pursuant to the offer described in the Indenture at a purchase price equal to 101% of the principal amount thereof on the
date of repurchase plus accrued interest, if any, to, but excluding, the date of repurchase. 
 A notice of such Change of Control
Repurchase Event will be mailed within 30 days after any Change of Control Repurchase Event occurs or, at the Issuer’s option, prior to the Change of Control, but after public announcement of such Change of Control, to each Holder of the 2045
Notes with a copy to the Trustee. Any 2045 Notes in original denominations larger than $2,000 may be sold to the Issuer in part. On and after the Change of Control Payment Date, interest ceases to accrue on 2045 Notes or portions of 2045 Notes
surrendered for purchase by the Issuer, unless the Issuer defaults in the payment of the repurchase price. 
  

	9.	Denominations; Transfer; Exchange. 

 The 2045 Notes are in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of 2045 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer or exchange of any 2045 Notes selected for redemption, except the
unredeemed portion of any 2045 Notes being redeemed in part. Also, it need not register the transfer or exchange of any 2045 Notes for a period of 15 days before a selection of 2045 Notes to be redeemed is made, or between a record date and the next
succeeding Interest Payment Date. 
  

	10.	Persons Deemed Owners. 

 A Holder shall be treated as the owner of a 2045 Note for all
purposes. 
  

	11.	Unclaimed Money. 

 If money for the payment of principal, premium, if any, or interest
remains unclaimed for two years, then, subject to applicable escheat law, the Trustee and the Paying Agent will pay the money back to the Issuer at its request. After that, Holders entitled to the money must look to the Issuer for payment, unless an
abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

  
 A-6 

	12.	Discharge Prior to Redemption or Maturity. 

 The Issuer’s and the Guarantors’
obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment of all the 2045 Notes or upon the irrevocable deposit with the Trustee of
U.S. dollars or Government Securities sufficient to pay when due principal of and interest on the 2045 Notes to maturity or redemption, as the case may be. 
  

	13.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture, the 2045
Notes and the Note Guarantees may be amended or supplemented with the consent of the Holders of a majority in principal amount of the 2045 Notes then outstanding, and any existing default or compliance with any provision may be waived with the
consent of the Holders of a majority in principal amount of the 2045 Notes then outstanding. Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture, the 2045 Notes and the Note Guarantees to, among
other things, cure any ambiguity, omission, mistake, defect or inconsistency and make any change that does not adversely affect the legal rights of any Holder. 
  

	14.	Restrictive Covenants. 

 The Indenture imposes certain limitations on the ability of the
Issuer and the Guarantors, among other things, to create or permit any lien or merge, consolidate or transfer substantially all of their assets. Within 90 days after the end of each fiscal year, the Issuer must report to the Trustee on compliance
with such limitations. 
  

	15.	Successor Persons. 

 When a successor person or other entity assumes all the obligations
of its predecessor under the 2045 Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations. 
  

	16.	Defaults and Remedies. 

 The following events constitute “Events of Default”
under the Indenture: (a) default in the payment of principal of (or premium, if any, on) any 2045 Note when the same becomes due at maturity, upon acceleration, redemption or otherwise; (b) default in the payment of interest on any
2045 Note when due and such default continues for a period of 30 days; (c) the Issuer or a Guarantor defaults in the performance of any covenant of the Issuer or a Guarantor in the Indenture or under this note (other than a default specified in
clause (a) or (b) above), and such default continues for a period of 90 days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the 2045 Notes; (d) a court having jurisdiction in the
premises enters a decree or order for (i) relief in respect of the Issuer or a Guarantor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for the Issuer or a Guarantor or for all or substantially all of the property and assets of the Issuer or a Guarantor or (iii) the winding-up or liquidation of the
affairs of the Issuer or a Guarantor and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; (e) the Issuer or a Guarantor (i) commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law; (ii) consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for the 

  
 A-7 

 
Issuer or a Guarantor or for all or substantially all of the property and assets of the Issuer or a Guarantor or (iii) effects any general assignment for the benefit of creditors; or
(f) any Note Guarantee ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or any Guarantor or Person acting on behalf of such Guarantor denies or disaffirms such Guarantor’s obligations under the
Indenture or any Note Guarantee and such default continues for a period of 10 days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the 2045 Notes. 

If an Event of Default occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount
of the 2045 Notes then outstanding, by written notice to the Issuer (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued
interest on the 2045 Notes to be immediately due and payable. 
 Holders may not enforce the Indenture or the 2045 Notes except as provided
in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the 2045 Notes. Subject to certain limitations, Holders of a majority in principal amount of the 2045 Notes then outstanding may direct the
Trustee in its exercise of any trust or power. 
  

	17.	Trustee Dealings with Issuer. 

 The Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from and perform services for the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

 

	18.	No Personal Liability of Incorporators, Stockholders, Officers, Directors, or Employees. 

No recourse for the payment of the principal of, premium, if any, or interest on any of the 2045 Notes issued under the Indenture or for any
claim based on the Indenture or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or any Guarantor in the Indenture, or in any of the 2045 Notes or the Note Guarantees or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuer, any Guarantor or of any successor Person thereof. Each Holder, by accepting the
2045 Notes, waives and releases all such liability. 
  

	19.	Authentication. 

 This note shall not be valid until the Trustee or Authenticating Agent
signs the certificate of authentication on the other side of this note. 
  

	20.	Abbreviations. 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).

 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Kansas
City Southern, 427 West 12th Street, Kansas City, MO 64105, Attention: Treasurer. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this note, fill in the form below: 
 (I) or (we)
assign and transfer this note to:
                                         
                                         
                                         
                  
 (Insert assignee’s soc. sec.
or tax I.D. no.) 
  
  

(Insert assignee’s legal name) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 

                          
                                         
                                         
                                         
                                         
                                         
       
 to transfer this note on the books of the Issuer. The agent may substitute another to act for him. 

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this note)

			
		
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this note purchased by the Issuer pursuant to Section 4.07 of the First Supplemental Indenture, check
the box below: 
  ̈  Section 4.07 

If you want to elect to have only part of the 2045 Note purchased by the Issuer pursuant to Section 4.07 of the First Supplemental
Indenture, state the amount you elect to have purchased: 
 $             

Date:                      

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this note)

			
		
	Tax Identification No.:	 	  

			
		
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGISTERED GLOBAL SECURITY 

The following exchanges of a part of this Registered Global Security for an interest in another Registered Global Security or for an
Unregistered Security, or exchanges of a part of another Registered Global Security or Unregistered Security for an interest in this Registered Global Security, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Registered
Global Security	  	Amount of
increase in
Principal Amount
of this Registered
Global Security	  	Principal Amount
of this Registered
Global Security
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-11ex44.htm

Exhibit 4.4

 

BOSTON OMAHA CORPORATION

A Delaware corporation

 

__________________________

COMMON STOCK

SUBSCRIPTION AGREEMENT

__________________________

  

  

  

INSTRUCTIONS TO SUBSCRIBERS

BOSTON OMAHA CORPORATION

a Delaware corporation

Persons wishing to subscribe for shares of Common Stock, $0.001 par value (“Shares”) of BOSTON OMAHA CORPORATION, a Delaware corporation (the “Company”) are required to complete the documents listed below in this Subscription Booklet.  PLEASE DO NOT REMOVE ANY OF THE DOCUMENTS.

1.           Subscription Agreement.  Each subscriber must complete the Subscription Agreement in the following manner:

(a)           Please read Section A carefully; it contains representations and warranties to be made by the subscriber on which the Company will rely.

(b)           Please read Sections B, C, and D carefully; they contain important terms and conditions concerning your purchase and ownership of the Shares.

(c)           Complete Sections E and F by inserting the amount of your subscription and/or other information called for in those sections.

(d)           Complete and sign the attached signature page.

2.           Purchaser Questionnaire.  Each subscriber must read carefully, complete and sign the Purchaser Questionnaire attached as Exhibit A.  For purposes of this offering, you must demonstrate that you meet the investor suitability standards set forth below:

Investor Suitability Standards

Investment in the Company involves certain risks and is suitable only for persons of adequate financial means who have no need for liquidity with respect to this investment and who can afford the risk of a complete loss of their investment.

Each investor must be, and must represent and warrant to the Company, that such investor is an Accredited Investor as defined in the Securities Act of 1933, as amended (the “Securities Act”).  “Accredited investors” as defined in the Securities Act are those who, at the time of sale of the Shares, fall within certain categories enumerated in Rule 501(a) of Regulation D promulgated under the Securities Act, including any of the following:

	
  

	
(a)

	
Any individual who had an individual income in excess of $200,000 (or joint income with his or her spouse of $300,000) in the last two years and who reasonably expects an individual income in excess of $200,000 (or such joint income in excess of $300,000) in the current year.  For purposes of this offering, individual and joint income shall equal adjusted gross income, as

  

  

  

	
  

	
reported in the investor’s federal tax return (less, for individual income only, any income attributed to a spouse or to property owned by a spouse) and increased by the following amounts (but not, for individual income only, any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any tax exempt interest received, (ii) the amount of losses claimed as a limited partner in a limited partnership, (iii) any deduction claimed for depletion, (iv) amounts contributed to an IRA or Keogh retirement plan, (v) alimony paid, and (vi) any amount by which income for long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code of 1986, as amended (the “Code”); or

	
  

	
(b)

	
Any individual whose individual net worth, or joint net worth with that individual’s spouse, exceeds $1,000,000 (excluding the value of their primary residence); or

	
  

	
(c)

	
Any partnership, limited liability company, corporation, employee benefit plan or trust that was not formed for the purpose of acquiring Shares and that has total assets of over $5,000,000, and with regard to a trust, the person making the investment decision has such experience in financial and business matters that the trustee is capable of evaluating the risks and merits of the investment in the Company, a corporation or partnership where all the beneficial owners are accredited investors or if an employee benefit plan, it is administered by a bank, savings and loan association, insurance company or registered investment adviser, or if a self-directed plan, the investment decision is being made by only accredited investors; or

 

	
  

	
(d)

	
Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); any insurance company as defined in Section 2(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of the Securities Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended; any employee benefit plan within the meaning of Title 1 of the Employee Retirement Income Security Act of 1974 (“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either a bank, savings and loan association, insurance company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; or

  

-2-

  

 

	
  

	
(e)

	
Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940; or

 

	
  

	
(f)

	
Any organization described in Section 501(c)(3) of the Code, a business trust, or partnership with assets in excess of $5,000,000 not specifically formed for the purpose of investing in the Company; or

 

	
  

	
(g)

	
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of the Securities Act; or

 

	
  

	
(h)

	
Any entity, all of whose equity owners are accredited investors.

	
Each investor must also make certain additional representations to the general effect that such investor:

	
  

	
(a)

	
does not have an overall commitment to investments that are not readily marketable that is disproportionate to his or her net worth, and that his or her investment in the Company will not cause such overall commitment to become excessive;

	
  

	
(b)

	
has adequate net worth and means of providing for his or her current needs and personal contingencies to sustain a complete loss of his or her investment in the Company at the time of investment, and has no need for liquidity in his or her investment in the Company;

	
  

	
(c)

	
is acquiring Shares for his or her own account, for investment only and not with a view toward resale or distribution; and

	
  

	
(d)

	
is aware that he or she may not be able to liquidate his or her investment in the event of emergency or for any other reason because the transferability of Shares will be subject to restrictions on resales imposed by the Securities Act and the securities laws of certain states.

In addition, an investment in the Company must not exceed ten percent (10%) of an investor’s net worth.

The Company reserves the right to reject subscriptions from those who meet the suitability requirements or to accept subscriptions from subscribers who do not meet all of the above suitability standards but who are otherwise qualified to purchase Shares.

___________________________________

 

Please follow the instructions to the Purchaser Questionnaire. If you have questions concerning any of the information called for, you may ask your lawyer, accountant or the Company for assistance.

  

-3-

  

3.           Wire Transfer.  Please wire transfer the funds to the following account:

	
Bank Name

	  
	
Routing Instructions

	  
	
Account Information

	  
	
Reference Information

	  

  

-4-

  

SUBSCRIPTION AGREEMENT

__________________

BOSTON OMAHA CORPORATION

Boston Omaha Corporation

c/o Boulderado Group, LLC

292 Newbury Street, Suite 333

Boston, Massachusetts  02115

Ladies and Gentlemen:

The undersigned hereby applies to acquire Common Stock (the “Shares”) in BOSTON OMAHA CORPORATION (the “Company”), a Delaware corporation, in accordance with the terms of this Subscription Agreement with respect to the offering of up to 1,450,000 shares of Common Stock at a price of $10.00 per share for a total aggregate offering of up to $14,500,000.

Subject to the terms and conditions of this Subscription Agreement, the undersigned (i) hereby subscribes for the Shares indicated on the signature page hereof for the dollar amount indicated thereon; and (ii) hereby tenders an executed Subscription Agreement together with the undersigned’s completed Purchaser Questionnaire attached hereto as Exhibit A.

This subscription is irrevocable (except as may otherwise be provided herein) but may be rejected by the Company in its sole discretion.

INSTRUCTIONS

Please complete the Subscription Agreement in the following manner:

1.           Complete Sections E and F by inserting the amount of your subscription and/or other information called for in those sections.

2.           Complete and sign the signature page.

_________________

A.           Representations and Warranties of the Investor. The undersigned investor acknowledges, represents, warrants and agrees as follows:

1.           The undersigned has relied only on the information provided to him, her or it in writing regarding a purchase of the Shares.  The undersigned acknowledges that all documents, records and books pertaining to this investment have been made available for inspection by the undersigned, his, her or its attorney and/or his, her or its accountant.  The undersigned and/or his, her or its advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company or a person or persons acting on its behalf, concerning the terms and conditions of the offering, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort or expense. All such questions have been answered to the full satisfaction of the undersigned. No oral representations have been made or oral information furnished to the undersigned or his, her or its advisor(s) upon which the undersigned has relied in connection with the offering.

  

  

  

 

2.           The undersigned (a) has adequate means of providing for his, her or its current needs and possible personal contingencies, (b) has no need for liquidity in this investment, (c) is able to bear the substantial economic risks of an investment in the Company for an indefinite period, (d) at the present time, can afford a complete loss of such investment, and (e) does not have an overall commitment to investments that are not readily marketable that is disproportionate to the undersigned’s net worth, and the undersigned’s investment in the Company will not cause such overall commitment to become excessive.

3.           The undersigned is an “accredited investor” (as set forth in the Purchaser Questionnaire accompanying this Subscription Agreement) and the undersigned’s total investment in the Company does not exceed ten percent (10%) of the undersigned’s net worth or joint net worth with the undersigned’s spouse.

4.           The undersigned recognizes that the investment in the Company involves significant risks.

5.           The undersigned understands that the Shares have not been registered with or reviewed by the United States Securities and Exchange Commission (“SEC”) and have not been filed with or reviewed by any state securities administrators because of the private or limited nature of the offering.

6.           The undersigned understands that neither the offering nor the sale of the Shares has been registered under the Securities Act in reliance upon an exemption therefrom.  The undersigned understands that the Shares must be held indefinitely unless the sale or other transfer thereof is subsequently registered under the Securities Act or an exemption from such registration is available.  The undersigned further understands that the Company is under no obligation to register the Shares on his or her behalf or to assist him, her or it in complying with any exemption from registration.

6.           The Shares are being purchased solely for the undersigned’s own account for investment purposes only and not for the account of any other person and not for distribution, assignment or resale to others, and no other person has a direct or indirect beneficial interest in such Shares.

7.           All information that the undersigned has provided to the Company in the Purchaser Questionnaire or otherwise concerning himself or herself, his, her or its residency, his, her or its investor status, financial position and knowledge and experience in financial, tax and business matters is correct and complete as of the date set forth at the end hereof, and if there should be any adverse change in such information prior to acceptance of his or her subscription, the undersigned will immediately provide the Company with such information.

  

-2-

  

8.           The undersigned, if a corporation, partnership, limited liability company, trust or other entity, is authorized and otherwise duly qualified to purchase and hold the Shares; such entity has its principal place of business as set forth on the signature page hereof; and, such entity has not been formed for the specific purpose of acquiring Shares.

B.           Representations and Warranties of the Company.

1.           The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite corporate power and authority to own and operate its properties and assets, to carry on its business as presently conducted, to execute and deliver the Agreements, to issue and sell the Shares and to perform its obligations pursuant to this Agreement and the Company’s Certificate of Incorporation. The Company is presently qualified to do business as a foreign corporation in each jurisdiction where the failure to be so qualified could reasonably be expected to have a material adverse effect on the Company’s financial condition or business as now conducted (a “Material Adverse Effect”).

2.           The Shares, when issued and delivered and paid for in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable.  The Shares will be free of any liens or encumbrances, other than any liens or encumbrances created by or imposed upon the Investors; provided, however, that the Shares are subject to restrictions on transfer under U.S. state and/or federal securities laws and as set forth herein.

3.           All corporate action on the part of the Company and its directors, officers and stockholders necessary for the authorization, execution and delivery of the Agreements by the Company, the authorization, sale, issuance and delivery of the Shares, and the performance of all of the Company’s obligations under the Agreements has been taken or will be taken prior to the issuance of the Shares. This Agreement, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except (i) as limited by laws of general application relating to bankruptcy, insolvency and the relief of debtors and (ii) as limited by rules of law governing specific performance, injunctive relief or other equitable remedies and by general principles of equity.

4.           The Company has good and marketable title to its properties and assets, and has good title to all its leasehold interests, in each case subject to no material mortgage, pledge, lien, lease, encumbrance or charge, other than (i) liens for current taxes not yet due and payable, (ii) liens imposed by law and incurred in the ordinary course of business for obligations not past due, (iii) liens in respect of pledges or deposits under workers’ compensation laws or similar legislation, and (iv) liens, encumbrances and defects in title which do not in any case materially detract from the value of the property subject thereto or have a Material Adverse Effect, and which have not arisen otherwise than in the ordinary course of business.

5.           The Company is not in violation of any material term of its Certificate of Incorporation or Bylaws, each as amended to date, or, to the Company’s knowledge, in any material respect of any term or provision of any material indebtedness, contract or agreement to which it is party which would have a Material Adverse Effect. To the

  

-3-

  

Company’s knowledge, the Company is not in violation of any federal or state statute, rule or regulation applicable to the Company the violation of which would have a Material Adverse Effect. The execution and delivery of this Agreement by the Company, the performance by the Company of its obligations pursuant to this Agreement, and the issuance of the Shares, will not result in any material violation of, or materially conflict with, or constitute a material default under, the Company’s Certificate of Incorporation or Bylaws, each as may be amended to date.

The foregoing representations and warranties are true and accurate as of the date hereof and shall be true and accurate as of the date of the Company’s execution of the signature page hereof.  If those representations and warranties shall not be true and accurate in all material respects prior to the Company’s execution of the signature page hereof, the Company shall immediately give written note to the undersigned specifying which representation and warranties are not so true and accurate in all material respects and the reason therefor.

C.           Restrictions on Transfer and Additional Agreements.

1.           Securities Laws.  The Shares have not been registered under the Securities Act nor under any state securities laws and unless so registered may not be transferred, sold, pledged, hypothecated or otherwise disposed of unless an exemption from such registration is available. Such transfer may be made only, if requested by the Company, upon receipt by the Company of an opinion of counsel to the undersigned, reasonably acceptable to the Company, to the effect that the proposed transfer will not violate the provisions of the Securities Act, or the rules and regulations promulgated under such act.

2.           Indemnity.  The undersigned acknowledges that the undersigned understands the meaning and legal consequences of this Section C, and the undersigned hereby agrees to indemnify and hold harmless the Company, its representatives and each officer and director thereof from and against any and all loss, damage or liability (including all attorneys’ fees and costs incurred in enforcing this indemnity provision) due to or arising out of (a) the inaccuracy of any representation or the breach of any warranty of the undersigned contained in, or any other breach of, this Subscription Agreement, (b) any transfer of the Shares in violation of the Securities Act or the securities or “blue sky” laws of any state or other jurisdiction or the rules and regulations promulgated under such act or laws, (c) any transfer of the Shares not in accordance with this Subscription Agreement, or (d) any untrue statement or omission to state any material fact in connection with the investment representations or with respect to the facts and representations supplied by the undersigned to counsel to the Company upon which its opinion as to a proposed transfer shall have been based.

3.           Legend and Stop Transfer Orders.  Unless the Shares have been registered under the Securities Act, upon the issuance of the Shares, the Company shall instruct its transfer agent to enter stop transfer orders with respect to such Shares, and all certificates representing the Shares shall bear on the face thereof substantially the following legend, and any other legend deemed appropriate by counsel to the Company:

“The Shares represented by this certificate have not been registered under the Securities Act of 1933 or under any state law and, except pursuant to an effective

  

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registration statement under such Act and other laws, may not be offered, sold, transferred, or otherwise disposed of without an opinion of counsel, satisfactory to the Company, that such disposition may be made without such registration.”

D.           Miscellaneous.

1.           Each of the undersigned and the Company represents that it neither is nor will be obligated for any finder’s fee or commission in connection with the offering of the Shares.  The undersigned agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this offering (and the costs and expenses of defending against such liability or asserted liability) for which the undersigned or any of its representatives is responsible.  The Company agrees to indemnify and hold harmless the undersigned from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this offering (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

2.           The undersigned agrees not to transfer or assign this Subscription Agreement, or any of the undersigned’s interest herein, and further agrees that the transfer or assignment of the Shares acquired pursuant hereto shall be made only in accordance with the conditions and restrictions contained herein, and in all applicable laws and regulations.

3.           The undersigned agrees that the undersigned may not cancel, terminate or revoke this Subscription Agreement or any agreement of the undersigned made hereunder, except as otherwise specifically provided herein, and that this Subscription Agreement shall survive the death or disability of the undersigned and shall be binding upon the undersigned’s heirs, executors, administrators, successors and assigns.

4.           Any of the representations, warranties, acknowledgments or agreements made herein by the undersigned notwithstanding, the undersigned does not thereby or in any other manner waive any rights granted to the undersigned under federal or state securities laws.

5.           This Subscription Agreement constitutes the entire agreement between the Company and the undersigned with respect to the subject matter hereof and may be amended only by a writing executed by the Company and the undersigned.

6.           This Subscription Agreement shall be enforced, governed and construed in all respects in accordance with the laws of the State of Delaware, without regard to conflict of laws provisions that would require the application of the laws of another jurisdiction, and the securities laws of the United States of America.

7.           Within ten (10) business days after receipt of a written request from the Company, the undersigned agrees to provide such information and to execute and deliver such documents as reasonably may be necessary to comply with any and all laws, rules and regulations to which the Company is subject.

  

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8.           The representations and warranties of the undersigned set forth herein shall survive the sale of the Shares pursuant to this Subscription Agreement.

9.           Any notice or other communication given hereunder shall be in writing and sent (a) by email (receipt confirmed), (b) by a recognized overnight delivery service (charges prepaid), or (c) by messenger, addressed to BOSTON OMAHA CORPORATION, c/o Boulderado Group, LLC, 292 Newbury Street, Suite 333, Boston, MA, 02115, Attention: President, with a copy to Gennari Aronson, LLP, 300 First Avenue, Suite 102 Needham, MA 02494, Attention: Neil H. Aronson, Esq.  Notices shall be deemed given only when received.

10.           This Subscription Agreement may be executed in counterparts.  Upon the execution and delivery of this Subscription Agreement by the undersigned, this Subscription Agreement shall become an irrevocable binding obligation of the undersigned with respect to the purchase of Shares as herein provided, except as may otherwise be provided herein, subject, however, to the right hereby reserved to the Company to enter into the same agreements with other investors.

[Remainder of page intentionally left blank]

  

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E.           Subscription.  The undersigned hereby subscribes for _______ Shares in the Company for a purchase price of $________ ($10.00 per share) in accordance with the terms of the Subscription Agreement.

 

F.           Form of Ownership.  Please indicate the form of ownership you desire.

	
  

	
________

	
Individual or entity or trust (one signature required, unless otherwise required by organization documents)

	
  

	
________

	
Joint Tenants with right of survivorship (both parties must sign)

	
  

	
________

	
Tenants-in-Common (all parties must sign)

  

	
  

	
________

	
Community Property (one signature required if Shares held in one name, i.e., ranging spouse; two signatures required if Shares are held in both names)

______________________________________________________________

Please PRINT here the exact name(s) in which you wish the Shares registered.

 

 

______________________________________________________________

 

ACCEPTED:

BOSTON OMAHA CORPORATION

By: ________________________________

Name: Alex B. Rozek

Title: President

Dated: July ___, 2015

  

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SIGNATURE PAGE

FOR PARTNERSHIP/LIMITED LIABILITY COMPANY INVESTORS

Note:  The partner(s), manager(s) or member(s) authorized to bind the partnership or limited liability company must sign and include a copy of the partnership, limited liability company or operating agreement, including any amendments.  The agreement should include the date of formation of the partnership or limited liability company, a list of all partners or members (and managers, if any), the appropriate language authorizing this type of investment and the power of the general partner(s) or member(s) or manager(s) to sign on behalf of such entity.

______________________________________________________________

Name of Partnership/Limited Liability Company (please print or type)

By: ______________________________________________________________                                                                                     

     (Signature of a General Partner/Manager/Member)

Taxpayer Identification No.:

E-mail Address:

  

	
Principal Business

	  
	
Offices:

	  
	  	
_______________________________________

	  	

_______________________________________

	  	  
	
Mailing Address

	

_______________________________________

	
(if different):

	
_______________________________________

	  	

_______________________________________

	  	

_______________________________________

	
Attention:

	

_______________________________________

 

Executed at _________________, ________________

City                                State

this _______ day of July, 2015.

 

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EXHIBIT A

	
PURCHASER QUESTIONNAIRE

INSTRUCTIONS TO PURCHASER QUESTIONNAIRE

BOSTON OMAHA CORPORATION

This questionnaire must be completed by all investors.

In order to subscribe as an investor for this offering, you must complete this questionnaire.

If you have any questions concerning any of the information called for, or questions concerning whether you qualify as an accredited investor, you may ask your lawyer, accountant or representatives of the Company for assistance.

If this Questionnaire is being completed for married individuals subscribing as joint tenants or tenants-in-common, it must be completed by the person making the investment decision on behalf of the joint tenants or tenants-in-common.  If joint tenants or tenants-in-common are not married or are each making the investment decision if married, a separate questionnaire must be completed for each joint tenant or tenant-in-common.

  

  

  

PURCHASER QUESTIONNAIRE

This Purchaser Questionnaire (this “Questionnaire”) must be completed and delivered to BOSTON OMAHA CORPORATION, a Delaware corporation (the “Company”), by you as a prospective purchaser of shares of Common Stock of the Company (the “Shares”).

The purpose of this Questionnaire is to determine whether you meet the standards imposed by Section 4(2) of, or Regulation D under, the Securities Act of 1933, as amended (the “Securities Act”).  Eligibility is determined, among other things, by the ability of the investor to evaluate the merits and risks of an investment in Shares of the Company based on his or her knowledge and experience in financial and business matters, or by certain financial criteria.  The undersigned understands that the offering of the Shares by the Company has not been, and will not be, registered under the Securities Act, the securities of “blue sky” laws of any state or other jurisdiction, and the Shares involved in this offering are being sold in reliance upon an exemption from the registration requirements thereof.

Please thoroughly complete, sign and date this Questionnaire, and deliver it to:

Gennari Aronson, LLP

300 First Avenue, Suite 102

Needham, MA 02494

Attention: Joseph B. Ramadei

jramadei@galawpartners.com

Please contact Joseph B. Ramadei, counsel to the Company, at (781) 719-9900 if you have any questions with respect to this Questionnaire.  Incomplete answers to questions or questions answered in such a way (either singly or collectively) so as to indicate to the Company that it should ask for more information will delay the Company’s review of the Questionnaire and consideration of the proposed investment by the prospective investor.

Your answers will be relied upon by the Company.  Your answers will be kept confidential, except to the extent disclosure may be required under or in connection with any federal or state laws or if the contents are relevant to an issue in any action, suit or proceeding to which the Company is a party or by which it is or may be bound.  However, each person who agrees to invest in the Company hereby agrees that the Company may present this completed Questionnaire or a copy of this completed Questionnaire to its attorneys or such other parties as it/they, in its/their sole discretion, deem appropriate to ensure that the proposed offer and sale of the Shares of the Company involved in this offering will not result in a violation of the registration provisions of the Securities Act or a violation of the securities or “blue sky” laws of any state or other jurisdiction.  A false statement by you will constitute a violation of your representations and warranties under the Subscription Agreement and may also constitute a violation of law, for which a claim for damages may be made against you.

This Questionnaire does not constitute an offer of Shares by the Company, but is merely a request for information.

  

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Please print or type:

1.           General Information

 

	
Legal Name(s) of Prospective Investor(s):  ________________________________________________

_________________________________________________________________________________

	  
	
Business Address: __________________________________________________________________

	
_________________________________________________________________________________

	
Business Telephone:  ________________________________________________________________

IF PROSPECTIVE INVESTOR IS A NATURAL PERSON:

  

 

	
Home Address: _____________________________________________________________________

	    _________________________________________________________________________________
	 
	
Date of Birth: ________________________   Home Telephone: _______________________________

	 
	
Occupation:__________________________  Citizenship (if not U.S.):  __________________________

	 
	
Spouse’s Name: _____________________________________________________________________

	 
	
Dollar Amount of Shares Proposed To Be Purchased: $__________

	 
	
I would like correspondence sent to address of my:  Business: _____   Home: _____

 

2.           Investor Information

 

IF PROSPECTIVE INVESTOR IS A NATURAL PERSON:

(a)           Are you a natural person whose current net worth1 or joint net worth with your spouse exceeds $1,000,000?

Yes ________  No ________                 

(b)           Are you a natural person who had an individual income2 (excluding any such income of your spouse) in excess of $200,000 in each of the two most recent years or joint

  

1      “Net worth” is equal to total assets minus total liabilities but, for purposes of this calculation: (i) your primary residence should not be included as an asset and (ii) liabilities secured by your primary residence should not be included as liabilities, except to the extent that (x) such liabilities exceed the current estimated fair market value of your primary residence, or (but without duplication) (y) such liabilities have increased over the immediately preceding 60 days (other than an increase that resulted from your acquisition of your primary residence).

  

2      For purposes of this Questionnaire, “income” means adjusted gross income, as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse (unless the investor is including such spouse’s income for the purpose of meeting the “joint income standard”), increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse unless the investor is including such spouse’s income for the purpose of meeting the “joint income standard”): (i) the amount of any interest income received that is tax-exempt under Section 103 of the Internal Revenue Code of 1986 as amended (the “Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Code.

  

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income with your spouse in each of those years in excess of $300,000 and, in either case, who has a reasonable expectation of reaching the same income level in the current year?

Yes ________ No ________            

(c)           Are you a director or executive officer of the Company?

Yes ________ No ________                    

IF PROSPECTIVE INVESTOR IS A CORPORATION, PARTNERSHIP, TRUST OR OTHER ENTITY:

(d)           Are you an organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, a Massachusetts or similar business trust, a limited liability company, or a partnership, in each case that was not formed for the specific purpose of investing in the Company and with total assets in excess of $5,000,000?

Yes ________ No ________                

(e)           Are you a trust (other than a Massachusetts or similar business trust) that was not formed for the specific purpose of investing in the Company, that has total assets in excess of $5,000,000 and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment in the Company?

Yes ________ No ________                  

(f)           If you are an entity, does each equity owner in the entity answer yes to any one or more of questions (a) through (c) of this question 2?

Yes ________ No ________                    

(g)           If you are a corporation, partnership, trust or other entity, were you formed for the specific purpose of investing in the Company?

Yes ________ No ________                

(h)           If you were formed for the specific purpose of investing in the Company, state how many persons are beneficial owners of your equity securities or equity interests?n/a 

(i)           How many of these beneficial owners answer yes to any one of questions 2(a), (b), (c), (d) or (e) of this Questionnaire? _______ _ 

 

including such spouse’s income for the purpose of meeting the “joint income standard”), increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse unless the investor is including such spouse’s income for the purpose of meeting the “joint income standard”): (i) the amount of any interest income received that is tax-exempt under Section 103 of the Internal Revenue Code of 1986 as amended (the “Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Code.

  

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The foregoing statements are true, accurate and complete to the best of the undersigned’s information and belief, and the undersigned hereby agrees promptly to notify and supply corrective information to the Company if, prior to the consummation of the undersigned’s investment in the Company, any of such information becomes inaccurate or incomplete.

FOR EXECUTION BY NATURAL PERSON(S)

	
____________________________

	
__________________________

	  	  
	
____________________________

	
__________________________

	
Signature(s) of Prospective

	
Please Print Name(s)

	
Investor(s)

	  
	  
	
Executed on this  ____________ day of ______________________, 2015.

	 

*************************************************

FOR EXECUTION BY CORPORATIONS, PARTNERSHIPS, LIMITED LIABILITY COMPANIES, TRUSTS OR OTHER ENTITIES

Name of Corporation, Partnership, Limited Liability Company, Trust or other entity, including type of entity and jurisdiction of organization (Please Print)

By: _______________________________________________________ 

                                                                                                                              

Title:   _____________________________________________________

 

__________________________________________________________

Signature of person making the investment decision on behalf of the entity.

Executed on this _______________day of  July, 2015.

  

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