Document:

Exhibit 10.2

 

Execution Version

 

PROMISSORY NOTE

 

	$195,820,075.29	March 5, 2020

 

FOR VALUE RECEIVED,
this promissory note (this “Note”) is made by Equitrans Midstream Corporation, a Pennsylvania corporation
(the “Borrower”), in favor of EQT Corporation, a Pennsylvania corporation (together with its successors
and permitted assigns who become registered holders of this Note, the “Lender”). The Borrower and the
Lender are referred to herein collectively as the “Parties” and each, individually, as a “Party.”

 

THIS NOTE HAS
BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED). UPON WRITTEN REQUEST, THE BORROWER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION:
(1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY
OF THE NOTE.

 

Section 1.              
Amount, Maturity, Payment and Interest

 

1.01         
Amount. This Note is in the aggregate principal amount of one hundred ninety-five million, eight hundred
twenty thousand, seventy-five dollars and twenty-nine cents ($195,820,075.29) (the “Loan”).

 

1.02         
Maturity Date. On or prior to February 29, 2024 (the “Maturity Date”), the
Borrower agrees and promises to pay the Lender the unpaid principal balance of the Loan and all other amounts outstanding hereunder,
together with interest until such sums are repaid in full, at the Rate set forth in Section 1.04 below.

 

1.03         
Prepayment. The Borrower may prepay to the Lender, without premium or penalty, all or a portion of
the Loan hereunder at any time prior to the Maturity Date by providing two (2) business days’ advanced written notice to
the Lender. Such prepayment shall be accompanied by prepayment of all accrued but unpaid interest on the principal amount prepaid.
Any portion of the Loan that is repaid may not be re-borrowed.

 

1.04         
Interest. The Loan hereunder shall accrue interest at a rate (expressed as a per annum percentage and
calculated based upon a year of 360 days for the actual number of days elapsed) equal to 7.0% per annum (the “Rate”)
(plus, during the continuance of an Event of Default, an additional 2.0% per annum on the amount of the Loan outstanding), commencing
on the date hereof; provided, however, that if the interest rate payable hereunder is limited by applicable law,
the Rate shall be the lesser of: (a) the rate described above and (b) the maximum interest rate permitted by applicable law. The
Borrower promises to pay interest at the Rate on the unpaid principal balance of the Loan from time to time outstanding semi-annually
on the last business day of each of March and September of each year (each, an “Interest Payment Date”),
commencing on the earlier of (a) March 31, 2022 and (b) the MVP In-Service Date (as defined in that certain Gas Gathering and Compression
Agreement, dated as of the date hereof, by and among the Lender and EQM Midstream Partners, LP and/or one or more of their respective
affiliates).

 

     

     

    

 

Section 2.              
Notes Register

 

2.01         
Notes Register. The Borrower shall maintain a register for the Note (the “Notes Register”),
which includes identifying information (including at least name and address) of the Lender, as well as the outstanding principal
amount of the Loan owing to the Lender from time to time. Subject to Section 2.02, the entries in the Notes Register shall
be conclusive, and the Borrower shall treat each person or entity whose name is recorded in the Notes Register pursuant to the
terms hereof as the Lender hereunder for all purposes of the Note. The Notes Register shall be available for inspection by the
Lender, at any reasonable time and from time to time upon reasonable prior notice. No assignment, transfer or other disposition
of the Note (or any portion thereof) shall be effective unless it has been recorded in the Notes Register. The Parties hereto shall
take all actions reasonably necessary from time to time to establish that this Note and the amounts owing hereunder are in registered
form under Section 5f.103-1(c) of the Treasury Regulations.

 

2.02         
Entries. The entries made in the Notes Register shall, to the extent permitted by applicable law and
absent manifest error, be conclusive evidence of the existence and amounts of the obligations recorded therein; provided,
however, that the failure of the Borrower to maintain such Notes Register or any error therein shall not in any manner affect
the obligations of the Borrower to repay the Note in accordance with its terms. No changes to the Note Register (other than to
evidence an assignment or transfer pursuant to Section 4.02 or a change of address pursuant to Section 4.04) shall
be effective without the written consent of the Lender.

 

Section 3.              
Events of Default

 

3.01         
Event of Default. It shall be an “Event of Default” for the purposes of this
Note if (a) the Borrower defaults in the payment on or prior to the Maturity Date of any principal or interest when due under this
Note and, with respect to any default prior to the Maturity Date, such default continues unremedied for a period of fifteen (15)
days after notice thereof to the Borrower; (b) the Borrower shall commence a proceeding under any applicable bankruptcy or insolvency
laws as now or hereafter in effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment
of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to the Borrower; (c) there is commenced against the Borrower any such bankruptcy, insolvency or other proceeding
that remains undismissed for a period of sixty (60) days; (d) the Borrower is adjudicated insolvent or bankrupt, or any order of
relief or other order approving any such case or proceeding is entered; (e) the Borrower suffers any appointment of any custodian,
private or court appointed receiver or the like for it or any substantial part of its property (taken as a whole) which continues
undischarged or unstayed for a period of sixty (60) days; (f) the Borrower makes a general assignment for the benefit of creditors;
(g) the Borrower shall fail to pay, or shall admit in writing that it is unable to pay, or shall be unable to pay, its debts generally
as they become due; (h) the Borrower shall by any act or failure to act expressly indicate in writing (or in a filed answer in
respect of a proceeding) its consent to, approval of or acquiescence in any of the foregoing; or (i) this Note shall for any reason
be asserted in writing by the Borrower not to be a legal, valid and binding obligation of the Borrower.

 

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3.02         
Consequences of an Event of Default. During the existence of any Event of Default, the Lender may declare
by written notice to the Borrower the outstanding principal balance of the Loan outstanding, all accrued but unpaid interest thereon,
and all other amounts payable by the Borrower under this Note to be immediately due and payable, whereupon the same shall become
immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of actual acceleration
or further notice of any kind, all of which are hereby expressly waived by the Borrower. During the existence of any Event of Default,
the Lender may exercise all of its rights under this Note and all other rights at law or in equity. During the existence of any
Event of Default, all payments and collections received by the Lender shall be applied in the order determined by the Lender.

 

3.03         
General Offset. In addition to any other rights or remedies available to the Lender (including other
rights of set-off), the Lender reserves the right, during the continuance of an Event of Default, to apply any amounts otherwise
owing to the Borrower (whether such amounts constitute indebtedness owed by the Lender, distributions on equity interests of the
Lender or otherwise) as an offset of amounts owed to the Lender under this Note, including as an offset against any outstanding
principal or interest on this Note. The Lender agrees to promptly notify the Borrower after any such offset and/or application
made by the Lender; provided, however, that the failure to give such notice shall not affect the validity of such
offset and/or application.

 

Section 4.              
Miscellaneous

 

4.01         
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State
of Delaware without giving effect to the principles of conflict of laws thereof. EACH OF THE PARTIES HERETO AGREES THAT THIS NOTE
INVOLVES AT LEAST U.S. $100,000.00 AND THAT THIS NOTE HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. The
parties hereby irrevocably and unconditionally (a) consent to submit to the personal jurisdiction of the courts of the State of
Delaware in the event any legal action, suit or proceeding arises in connection with this Note, (b) agree that they will not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) consent to the service
of process in any legal action, suit or proceeding arising out of or relating to this Note, on behalf of themselves or their property,
including, without limitation, service of process effected in accordance with Section 4.04 hereof, and (d) agree that they
will not bring any legal action, suit or proceeding relating to this Note in any court other than the courts of the State of Delaware.
The Parties agree that a final trial court judgment in any such legal action, suit or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however,
that nothing in the foregoing shall restrict either Party’s rights to seek any post-judgment relief regarding, or any appeal
from, such final trial court judgment.

 

4.02          Successors
and Assigns. No Party may assign or transfer this Note without the prior written consent of the other Party (and any
attempted assignment or transfer without such consent shall be null and void); provided, however, that the
Borrower hereby consents to the assignment of this Note to EQM Midstream Partners, LP, a Delaware limited partnership
(“EQM”), or any wholly owned subsidiary of EQM. Upon a permitted assignment or other permitted
transfer of this Note, (a) the Borrower shall update the Notes Register to account for such assignment or transfer and (b)
the assignee or transferee may request that the Borrower reissue a promissory note for the assigned or transferred amount in
the name of the assignee or transferee and the Borrower shall promptly take steps to accommodate such request. Subject to the
foregoing, the obligations of the Borrower and the Lender under this Note shall be binding upon, and inure to the benefit of,
and be enforceable by, the Borrower and the Lender, and their respective successors and permitted assigns, whether or not so
expressed. Notwithstanding the foregoing, this Note may be pledged by the Lender to third party creditors, as security for
the Lender’s obligations, if any, under applicable financing documents to which the Lender is a party.

 

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4.03         
Costs and Expenses. If this Note is not paid at maturity, whether by acceleration or otherwise, and
is placed in the hands of an attorney for collection, or suit is filed hereon, or proceedings are had in bankruptcy, receivership,
reorganization, arrangement or other legal or judicial proceedings for collection hereof, the Borrower agrees to pay the Lender’s
reasonable costs and expenses, including attorneys’ fees.

 

4.04         
Notice. All notices and other communications hereunder must be in writing and will be deemed duly given
if delivered personally or by email transmission, or mailed through a nationally recognized overnight courier, postage prepaid,
to the Parties at the following addresses (or at such other address for a Party as specified by like notice, provided,
however, that notices of a change of address will be effective only upon confirmation of receipt of notice of such change
by the other Party; provided further, that if the Lender delivers a notice of a change of address to the Borrower, the Borrower
will confirm receipt of such notice and make entry in the Notes Register of such change promptly thereafter):

 

	if to the Borrower: 	Equitrans Midstream Corporation
	 	2200 Energy Drive
	 	Canonsburg, PA 15317
	 	Attn: Kirk R. Oliver (koliver@equitransmidstream.com) and
	 	Stephen M. Moore (smoore@equitransmidstream.com)

 

	with a copy to:	Latham & Watkins LLP
	 	811 Main Street, Suite 3700
	 	Houston, TX 77002,
	 	Attn: Ryan Maierson (ryan.maierson@lw.com) and
	 	Nick Dhesi (nick.dhesi@lw.com),

 

	if to the Lender: 	as recorded on the Notes Register

 

Notices will be deemed
to have been received on the date of receipt (a) if delivered by hand or nationally recognized overnight courier service or (b)
upon receipt of an appropriate confirmation by the recipient when so delivered by email.

 

4.05          Rights
and Remedies. No failure to exercise and no delay in exercising, on the part of the Lender, any right, remedy, power
or privilege under this Note, or provided by law and no course of dealing between any such person or entity and the Borrower,
nor any release or extension of time for payment of this Note, shall imply or otherwise operate as a waiver of any such
right, remedy, power or privilege, nor shall any single or partial exercise of any right, remedy, power or privilege under
this Note preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege or
release, modify, amend, waive, extend, discharge, terminate or limit or otherwise affect the liability of the Borrower, and
its successors and assigns, under this Note. The rights, remedies, powers and privileges under this Note are cumulative and
not exclusive of any rights, remedies, powers and privileges provided by law.

 

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4.06         
Status of Note. The Note is a general unsecured, senior obligation of the Borrower.

 

4.07         
Counterparts. This Note may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and
delivered to the other Party.

 

4.08         
Amendment. This Note may be modified, amended, waived, extended, changed, discharged or terminated
only by an agreement in writing signed by the party against whom enforcement of any such modification, amendment, waiver, extension,
change, discharge or termination is sought.

 

4.09         
Severability. If any provision of this Note is declared or found to be illegal, unenforceable or void,
in whole or in part, then the parties shall be relieved of all obligations arising under such provision, but only to the extent
that it is illegal, unenforceable or void, it being the intent and agreement of the parties that this Note shall be deemed amended
by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is
not possible, by substituting therefor another provision that is legal and enforceable and achieves the same objectives.

 

[Signature page
follows]

 

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IN WITNESS WHEREOF, the Parties have executed
this Note as of the date first written above.

  

	 	EQUITRANS MIDSTREAM CORPORATION,
	 	a Pennsylvania corporation

 

 

	 	By: 	/s/ Kirk R. Oliver
	 	Name:  	Kirk R. Oliver
	 	Title:	Senior Vice President and Chief Financial Officer

 

Signature Page
to Promissory Note

 

     

     

    

 

	 	EQT Corporation,
	 	a Pennsylvania corporation

 

 

	 	By: 	/s/ David M. Khani
	 	Name:  	David M. Khani
	 	Title:	Chief Financial Officer

 

Signature Page to Promissory NoteEx_43

		
			Exhibit 4.3
		

		
			 
		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
		

		
			EXCHANGE ACT OF 1934
		

		
			 
		

		
			AquaVenture Holdings Limited.. (“AquaVenture,” “we,” “our,” or “us”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our ordinary shares.
		

		
			 
		

		
			DESCRIPTION OF CAPITAL STOCK
		

		
			The following summary of the terms of our capital stock is based upon our Amended Memorandum and Articles of Association.  The following description of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by, our Amended Memorandum and Articles of Association which is included as an exhibit to this Annual Report on Form 10-K and are incorporated by our reference herein.
		

		
			Authorized Capital Stock
		

		
			We are a company incorporated in the British Virgin Islands, or BVI, on June 17, 2016, and our affairs are governed by the provisions of our memorandum of association and articles of association, as amended and restated from time to time, and by the provisions of applicable British Virgin Islands law.
		

		
			Our authorized capital stock consists of 250,000,000 ordinary shares of no par value.
		

		
			As of March 2, 2020, we had 31,969,792 ordinary shares outstanding.
		

		
			Listing
		

		
			Our ordinary shares are listed on New York Stock Exchange under the symbol “WAAS.” On March 2, 2020, the last reported sale price for our ordinary shares, as reported on the New York Stock Exchange, was $27.00 per share.
		

		
			Rights Attaching to Shares
		

		
			Voting Rights
		

		
			Holders of our ordinary shares have identical rights, including dividend and liquidation rights. Except as required by any applicable law or as provided for in this prospectus, the holders of ordinary shares will vote together on all matters (including the election of directors) submitted to a vote of shareholders.
		

		
			Under the BVI Business Companies Act 2004 (the “BVI Act”), the ordinary shares are deemed to be issued when the name of the shareholder is entered in our register of members. Our register of members is maintained by our transfer agent, Computershare Trust Company, N.A., which will enter the name of our shareholders in our register of members on the closing of the offering. If (a) information that is required to be entered in the register of shareholders is omitted from the register or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands courts for an order that the register be rectified, and the court may either refuse the application or order the rectification of the register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained.
		

		
			Subject to any rights or restrictions attached to any shares, at any general meeting every shareholder of record who is present in person (or, in the case of a shareholder being a corporation, by its duly authorized representative) or by proxy 

		 

		

			1

		

shall have one vote and on a poll every shareholder present in person (or, in the case of a shareholder being a corporation, by its duly appointed representative) or by proxy shall have one vote for each share which such shareholder is the holder. The chairman at the meeting is responsible for deciding in such manner as he considers appropriate whether any resolution has been carried or not, unless a poll is demanded. A poll may be demanded by shareholders present in person or by proxy if the shareholder disputes the outcome of the vote on a proposed resolution and the chairman shall cause a poll to be taken.
		

		
			No shareholder shall be entitled to vote or be reckoned in a quorum, in respect of any share, unless such shareholder is registered as our shareholder at the applicable record date for that meeting. Shareholders may not pass written resolutions without a meeting unless the action to be effected by written consent has expressly been approved in advance by our board of directors.
		

		
			There is nothing under the laws of the British Virgin Islands which specifically prohibits or restricts the creation of cumulative voting rights for the election of our directors, unlike the requirement under Delaware General Corporation Law where cumulative voting for the election of directors is permitted only if expressly authorized in the certificate of incorporation. We have made provisions in our Amended Memorandum and Articles of Association to prohibit cumulative voting for such elections.
		

		
			Protection of Minority Shareholders
		

		
			Under the laws of the British Virgin Islands, there is limited statutory law for the protection of minority shareholders other than the provisions of the BVI Act dealing with shareholder remedies. The principal protections under statutory law are unfair prejudice relief and an action to enforce the BVI Act or the constituent documents of the corporation, our Amended Memorandum and Articles of Association brought by the shareholders. Shareholders are entitled to have our affairs conducted in accordance with the BVI Act and the Amended Memorandum and Articles of Association.
		

		
			There are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common law of the British Virgin Islands is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company’s affairs by the majority or the board of directors and that the principal remedy for an aggrieved minority shareholder was presentation of a winding up petition on just and equitable grounds. The BVI Act amplifies this position by providing that a shareholder is not entitled to bring an action or intervene in proceedings in the name of or on behalf of a BVI company. Every shareholder is entitled to have the affairs of the company conducted properly according to British Virgin Islands law and the constituent documents of the company. As such, if those who control the company have persistently disregarded the requirements of company law or the provisions of the company’s Amended Memorandum and Articles of Association, then the courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws of many states in the United States.
		

		
			When we issue ordinary shares under this prospectus, the shares will fully be paid and nonassessable and will not have, or be subject to, any preemptive or similar rights.
		

		
			Pre-Emption Rights
		

		
			British Virgin Islands law does not make a distinction between public and private companies and some of the protections and safeguards (such as statutory pre-emption rights, save to the extent that they are expressly provided for in the Amended Memorandum and Articles of Association) that investors may expect to find in relation to a public company are not provided for under British Virgin Islands law. There are no pre-emption rights applicable to the issuance of new shares under either British Virgin Islands law or our Amended Memorandum and Articles of Association.
		

		
			

		 

		

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			Liquidation Rights
		

		
			As permitted by British Virgin Islands law and our Amended Memorandum and Articles of Association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.
		

		
			Modification of Rights
		

		
			As permitted by British Virgin Islands law, and our Amended Memorandum and Articles of Association, we may vary the rights attached to our ordinary shares only by a resolution passed at a meeting by the holders of at least a majority of the votes cast at a separate meeting of the holders of the ordinary shares.
		

		
			Transfer of Shares
		

		
			Subject to any applicable restrictions set forth in our Amended Memorandum and Articles of Association, any of our shareholders may transfer all or any of his or her shares by a written instrument of transfer in the usual or common form or in any other form which our directors may approve.
		

		
			Our board of directors may, in its absolute discretion, resolve to refuse or delay the registration of any transfer of any share for reasons that shall be specified in a resolution of the directors. If our directors refuse or delay the registration of a transfer they shall, as soon as practicable, send to each of the transferor and the transferee notice of such refusal or delay in the agreed form.
		

		
			Share Repurchase
		

		
			As permitted by the BVI Act and our Amended Memorandum and Articles of Association, shares may be repurchased, redeemed or otherwise acquired and held by us.
		

		
			Forfeiture
		

		
			BVI law does not impose any procedures or timelines whereby the board may make calls on shareholders in terms of outstanding taxes or fees. However, where a par value share is issued by a BVI company and is not fully paid, then section 47(3) of the BVI Act provides that the person to whom the share is issued is liable to pay to the company an amount equal to the difference between the price and the par value.
		

		
			In addition to the position under the BVI Act, article 7 of our Amended Memorandum and Articles of Association sets out certain forfeiture procedures with respect to shares that are not fully paid on issue. Therefore, we may deliver a written call notice requiring payment within 14 days from the date of service of the notice. If the shareholder fails to pay for the shares, at or before the time set out in the notice, the shares may be forfeited.
		

		
			However, notwithstanding the forfeiture provisions in the Amended Memorandum and Articles of Association, our ordinary shares have no par value and the forfeiture provisions will not apply in respect of such shares.
		

		
			Dividends
		

		
			Subject to the BVI Act and our Amended Memorandum and Articles of Association, our directors may, by resolution, authorize a distribution to shareholders at such time and of such an amount as they think fit, if they are satisfied, on reasonable grounds, that, immediately after the distribution, we will satisfy the "solvency test" and a directors’ resolution includes a statement to that effect. A company will satisfy the solvency test if (i) the value of the company’s assets exceeds its liabilities; and (ii) the company is able to pay its debts as they fall due. Where a distribution is made to a shareholder at a time when the company did not, immediately after the distribution, satisfy the solvency test, it may be recovered by the company from the shareholder unless (i) the shareholder received the distribution in good faith and without knowledge of the company’s failure to satisfy the solvency test; (ii) the shareholder has altered his position in reliance on the validity of the distribution; and (iii) it would be unfair to require repayment in full or at all.
		

		
			

		 

		

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			Issuance of Additional Ordinary Shares
		

		
			Our Amended Memorandum and Articles of Association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.
		

		
			Our Amended Memorandum and Articles of Association authorize our board of directors from time to time to issue ordinary shares to the extent permitted by the BVI Act.
		

		
			Changes in Authorized Shares
		

		
			We are authorized to issue 250,000,000 ordinary shares. We may by resolution:
		

			
	
			
				 ·
			

			
	
			
			consolidate and divide all or any of our unissued authorized shares into shares of a larger amount than our existing shares;

			
	
			
				 ·
			

			
	
			
			sub-divide our existing ordinary shares, or any of them into shares of smaller amount than is fixed by our Amended Memorandum and Articles of Association, subject nevertheless to the provisions of the BVI Act;

			
	
			
				 ·
			

			
	
			
			cancel any ordinary shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person; or

			
	
			
				 ·
			

			
	
			
			create new classes of shares with preferences to be determined by the board of directors at the time of authorization without prior shareholder approval.

		
			Anti-Takeover Provisions
		

		
			The BVI Act does not prevent companies from adopting a wide range of defensive measures. Our Amended Memorandum and Articles of Association contain the following provisions which may be regarded as defensive measures:
		

			
	
			
				 ·
			

			
	
			
			a requirement of the affirmative vote of two-thirds or more of the shares entitled to vote on special matters such as mergers or acquisitions;

			
	
			
				 ·
			

			
	
			
			the prevention of "business combinations" with "interested shareholders" for a period of three years after the date of the transaction in which the person became an interested shareholder, unless the business combination is approved in accordance with our articles of association by a general meeting of our shareholders or satisfies other requirements specified in our articles of association;

			
	
			
				 ·
			

			
	
			
			directors’ ability, in their absolute discretion, to decline to register any transfer of shares where it reasonably determines that it is in the best interest of our company to do so;

			
	
			
				 ·
			

			
	
			
			our board of directors’ ability to issue, from time to time, one or more classes of preferred shares and, with respect to each such class, to fix the terms thereof by resolution;

			
	
			
				 ·
			

			
	
			
			restrictions on the ability of shareholders to call meetings and bring proposals before meetings;

			
	
			
				 ·
			

			
	
			
			elimination of the ability of shareholders to act by written consent;

			
	
			
				 ·
			

			
	
			
			the requirement of the affirmative vote of two-thirds of the shares entitled to vote to amend certain provisions of our Amended Memorandum and Articles of Association;

		
			

		 

		

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				 ·
			

			
	
			
			a staggered board of directors, consisting of three classes, with each class chosen for three-year terms upon the expiration of their current terms and each year one class of our directors will be elected by our shareholders; and

			
	
			
				 ·
			

			
	
			
			removal of directors only for cause and upon the resolution of our shareholders holding at least 75% of the votes of those shareholders entitled to vote and voting on such resolution.

		
			Shareholders’ Rights under British Virgin Islands Law Generally
		

		
			The BVI Act provides for certain remedies that may be available to shareholders. Where a company incorporated under the BVI Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the BVI Act or the company’s memorandum and articles of association, British Virgin Islands courts can issue a restraining or compliance order. However, shareholders can also bring derivative, personal and representative actions under certain circumstances. The traditional English basis for members’ remedies has also been incorporated into the BVI Act: where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the court for an order based on such conduct. In addition, any shareholder of a company may apply to the courts for the appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that it is just and equitable to do so.
		

		
			The BVI Act also provides that any shareholder of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: (i) a merger, if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (ii) a consolidation, if the company is a constituent company; (iii) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (a) a disposition pursuant to an order of the court having jurisdiction in the matter, (b) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the shareholders in accordance with their respective interest within one year after the date of disposition, or (c) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (iv) a redemption of 10% or fewer of the issued shares of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Act; and (v) an arrangement, if permitted by the court.
		

		
			Generally, any other claims against a company by its shareholders must be based on the general laws of contract or tort applicable in the British Virgin Islands or their individual rights as shareholders as established by a company’s memorandum and articles of association.
		

		 

		

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