Document:

Exhibit 10.52

 

	
  

  	
  @Road 

  	
  47200 Bayside Parkway

  Fremont, CA 94538
Tel:  510.668.1638
Fax: 510.353.6021

  

 

June 14, 2005

 

Mr. Michael Martini

 

Re:                               @Road Employment

 

Dear Mike:

 

@Road is pleased to offer
you the position of Senior Vice President of Finance and Chief Financial
Officer. This position reports directly to me. The annual salary is $225,000 plus
an annual bonus potential of $l00,000, paid on a quarterly basis. The annual
bonus is based on company performance.

 

Should you accept this
position, you will be invited to participate in a 4-year option to purchase
250,000 shares of common stock. All stock options are pursuant to our standard
stock option plan and subject to board approval.

 

Mike, as a member of our
highly-motivated senior management team at this early stage public company, you
will have a great
opportunity to experience interesting and challenging work, and you will enjoy
the sense of accomplishment of watching the company that you’ve worked with
performing in the market place. As @Road grows, you will have ample career
growth opportunities with us.

 

@Road offers a fully-paid
employee medical benefit package, a dental plan, vision plan, short term and
long term disability, voluntary life insurance and a self-directed 401K plan
effective on the first day of the month following your start date.

 

The company will establish a
“double trigger” change of control agreement for you. This agreement would
provide for limited acceleration of vesting (two years if employed with the
Company for at least one year prior to a change of control, and one year if
such employment is less than one year) if, within one year after a change of
control, you are terminated without cause or not offered a comparable position.
Change of control refers to an acquisition of the Company by a third party.

 

Your employment with the
Company is at will and may be terminated by you or by the Company at any time,
with or without cause. Cause shall mean 1) willful and repeated failure to
comply with the lawful written directions of the Company’s Board of Directors;
2) gross negligence or willful misconduct in the performance of the duties
of the Company; 3) commission of any act of fraud; or 4) conviction of a
felony involving

 

 

moral
turpitude causing material harm to the representation of the Company in each
case as determined in good faith by the Company’s Board of Directors.

 

For the
purpose of compliance with federal immigration law, you will be required to
provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. This documentation must be provided to the
Company within three (3) business days of your hire date or your
employment relationship will be terminated. In addition, as a condition of your
employment you will be required to sign our standard proprietary information
agreement.

 

To indicate
your acceptance of the Company’s offer, please sign and date this letter below
and return it to me. Please retain the duplicate original for your records.
This letter and the proprietary information agreement set forth the terms of
your employment with the Company and supercede any prior representation or
agreement, whether written or oral. This letter may not be modified or amended
except by written agreement signed by an authorized representative of the
Company and by you.

 

You may
indicate your acceptance of this letter by signing and returning a copy of this
letter by 5:00 p.m. on Thursday, June 16, 2004, at which time the
offer will expire. Please fax the executed acceptance to 510.870.1201. We are
all very excited about your joining @Road and look forward to building a great
company together.

 

	
  We look forward to receiving a favorable
  answer from you.

  
	
   

  
	
  Sincerely,

  
	
   

  
	
   

  
	
  Krish Panu

  
	
  Chairman and Chief Executive Officer

  

 

 

	
   

  	
  o     I
  accept this offer

  	
  Start date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  o     I
  decline this offer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
  Michael Martini

  	
   

  
							

 

2Exhibit 4.2

 

 

HSBC FINANCE
CORPORATION

 

HSBC BANK USA,
N.A., As Depositary

 

AND

 

THE HOLDERS FROM
TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

 

Deposit Agreement

 

 

TABLE OF CONTENTS

 

	
  PARTIES

  	
   

  
	
  RECITALS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 1

  
	
   

  
	
  Definitions

  
	
   

  	
   

  
	
  Certificate

  	
   

  
	
  Company

  	
   

  
	
  Deposit
  Agreement

  	
   

  
	
  Depositary

  	
   

  
	
  Depositary
  Shares

  	
   

  
	
  Depositary’s Agent

  	
   

  
	
  Depositary’s Office

  	
   

  
	
  Receipt

  	
   

  
	
  Record Holder

  	
   

  
	
  Registrar

  	
   

  
	
  Stock

  	
   

  
	
  Transfer
  Agent

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  
	
   

  
	
  Form of
  Receipts, Deposit of Stock, Execution and Delivery,

  Transfer, Surrender and Redemption of Receipts

  
	
   

  
	
  SECTION 2.
  01.

  	
  Form and
  Transfer of Receipts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  02.

  	
  Deposit
  of Stock; Execution and Delivery of Receipts in Respect Thereof

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  03.

  	
  Redemption
  of Stock

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  04.

  	
  Registration
  of Transfer of Receipts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  05.

  	
  Split-ups
  and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  06.

  	
  Limitations
  on Execution and Delivery, Transfer, Surrender and Exchange of Receipts

  	
   

  

 

2

 

	
  SECTION 2.
  07.

  	
  Lost
  Receipts, etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.
  08.

  	
  Cancellation
  and Destruction of Surrendered Receipts

  	
   

  
	
   

  
	
  ARTICLE III

  
	
   

  
	
  Certain
  Obligations of Holders

  of Receipts and the Company

  
	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.
  01.

  	
  Filing
  Proofs, Certificates and Other Information

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.
  02.

  	
  Payment
  of Taxes or Other Governmental Charges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.
  03.

  	
  Warranty
  as to Stock

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  
	
  The Deposited
  Securities; Notices

  
	
   

  
	
  SECTION 4.
  01.

  	
  Cash
  Distributions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  02.

  	
  Distributions
  Other Than Cash, Rights, Preferences or Privileges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  03.

  	
  Subscription
  Rights, Preferences or Privileges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  04.

  	
  Notice of
  Dividends; Fixing of Record Date for Holders of Receipt

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  05.

  	
  Voting
  Rights

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  06.

  	
  Changes
  Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  07.

  	
  Inspection
  of Reports

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.
  08.

  	
  Lists of
  Receipt Holders

  	
   

  

 

3

 

	
  ARTICLE V

  
	
   

  
	
  The
  Depositary, the Depositary’s Agents,

  the Registrar and the Company

  
	
   

  
	
  SECTION 5.
  01.

  	
  Maintenance
  of Offices, Agencies and Transfer Books By the Depositary; Registrar

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  02.

  	
  Prevention
  of or Delay in Performance by the Depositary, the Depositary’s Agents, the
  Registrar or the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  03.

  	
  Obligations
  of the Depositary, the Depositary’s Agents, The Registrar and the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  04.

  	
  Resignation
  and Removal of the Depositary; Appointment of Successor Depositary

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  05.

  	
  Corporate
  Notices and Reports

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  06.

  	
  Indemnification
  by the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.
  07.

  	
  Charges
  and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  
	
  Amendment and Termination

  
	
   

  	
   

  	
   

  
	
  SECTION 6.
  01.

  	
  Amendment

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.
  02.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  
	
  Miscellaneous

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  01.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  02.

  	
  Exclusive
  Benefit of Parties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  03.

  	
  Invalidity
  of Provisions

  	
   

  

 

4

 

	
  SECTION 7.
  04.

  	
  Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  05.

  	
  Depositary’s
  Agents

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  06.

  	
  Holders
  of Receipts Are Parties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  07.

  	
  Governing
  Law

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  08.

  	
  Inspection
  of Deposit Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  09.

  	
  Headings

  	
   

  

 

5

 

DEPOSIT
AGREEMENT dated as of June 23, 2005 among HSBC FINANCE CORPORATION, a
Delaware corporation, HSBC BANK USA, N.A., a national banking association, and
the holders from time to time of the Receipts described herein.

 

WHEREAS
it is desired to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of shares of 6.36% Non-Cumulative Preferred Stock, Series B,
of HSBC Finance Corporation with the Depositary for the purposes set forth in
this Deposit Agreement and for the issuance hereunder of Receipts evidencing
Depositary Shares in respect of the Stock so deposited; and

 

WHEREAS
the Receipts are to be substantially in the form of Exhibit A annexed
hereto, with appropriate insertions, modifications and omissions, as
hereinafter provided in this Deposit Agreement;

 

NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as
follows:

 

ARTICLE I

 

Definitions

 

The
following definitions shall for all purposes, unless otherwise indicated, apply
to the respective terms used in this Deposit Agreement:

 

“Certificate” shall
mean the certificate of designation filed with the Secretary of State of
Delaware establishing the Stock as a series of preferred stock of the Company.

 

“Company” shall mean HSBC
Finance Corporation, a Delaware corporation, and its successors.

 

“Deposit Agreement”
shall mean this Deposit Agreement, as amended or supplemented from time to
time.

 

“Depositary” shall
mean HSBC Bank USA, N.A., and any successor as Depositary hereunder.

 

“Depositary Shares”
shall mean Depositary Shares, each representing one-fortieth of a share of
Stock and evidenced by a Receipt.

 

“Depositary’s Agent”
shall mean an agent appointed by the Depositary pursuant to Section 7.05.

 

6

 

“Depositary’s
Office” shall mean the principal office of the Depositary in New York, New
York, at which at any particular time its depositary receipt business shall be
administered.

 

“Receipt” shall mean one
of the Depositary Receipts (each evidencing one Depositary Share) issued
hereunder, whether in definitive or temporary form.

 

“Record Holder” as
applied to a Receipt shall mean the person in whose name a Receipt is
registered on the books of the Depositary maintained for such purpose.

 

“Registrar” shall mean
any entity, which shall be appointed to register ownership and transfers of
Receipts as herein provided.

 

“Stock” shall mean shares
of the Company’s 6.36% Non-Cumulative
Preferred Stock, Series B.

 

“Transfer Agent”
shall mean any entity, which shall be appointed to serve as transfer agent for
the Depositary Shares.

 

ARTICLE II

 

Form of Receipts,
Deposit of Stock, Execution and

Delivery, Transfer, Surrender and Redemption of Receipts

 

SECTION 2. 01.              Form and
Transfer of Receipts. Definitive Receipts shall be engraved or printed or
lithographed on steel-engraved borders and shall be substantially in the form
set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided.  Pending the preparation of definitive
Receipts, the Depositary, upon the written order of the Company or any holder
of Stock, as the case may be, delivered in compliance with Section 2.02,
shall execute and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such
Receipts.  If temporary Receipts are issued,
the Company will cause definitive Receipts to be prepared without unreasonable
delay.  After the preparation of
definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at an office
described in the last paragraph of Section 2.02, without charge to the
holder.  Upon surrender for cancellation
of any one or more temporary Receipts, the Depositary shall execute and deliver
in exchange therefor definitive Receipts representing the same number of
Depositary Shares as represented by the surrendered temporary Receipt or
Receipts.  Such exchange shall be made at
the Company’s expense and without any charge therefor.  Until so exchanged, the temporary Receipts
shall in all respects be entitled to the same benefits under this Agreement,
and with respect to the Stock, as definitive Receipts.

 

7

 

Receipts shall be executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary; provided, that
such signature may be a facsimile if a Registrar for the Receipts shall have
been appointed and such Receipts are countersigned by manual signature of a
duly authorized officer of the Registrar. 
No Receipt shall be entitled to any benefits under this Deposit
Agreement or be valid or obligatory for any purpose unless it shall have been
executed manually by a duly authorized officer of the Depositary or, if a
Registrar for the Receipts shall have been appointed, by manual or facsimile
signature of a duly authorized officer of the Depositary and countersigned
manually by a duly authorized officer of such Registrar.  The Depositary or the Registrar, as
applicable, shall record on its books each Receipt so signed and delivered as
hereinafter provided.

 

Receipts may be endorsed with or have incorporated in
the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Company or the
Depositary or required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange
upon which the Stock, the Depositary Shares or the Receipts may be listed or to
conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed, or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case
of a negotiable instrument; provided, however, that until transfer of a Receipt
shall be registered on the books of the Depositary as provided in Section 2.04,
the Depositary shall, notwithstanding any notice to the contrary, treat the
record holder thereof at such time as the absolute owner thereof for the
purpose of determining the person entitled to distributions of dividends or
other distributions or to any notice provided for in this Deposit Agreement and
for all other purposes.

 

SECTION 2. 02.              Deposit of Stock;
Execution and Delivery of Receipts in Respect Thereof.  Subject to the terms and conditions of this
Deposit Agreement, the Company or any holder of Stock may from time to time
deposit shares of the Stock under this Deposit Agreement by delivery to the
Depositary of a certificate or certificates for the Stock to be deposited,
properly endorsed or accompanied, if required by the Depositary, by a duly
executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company or such holder, as the case may
be, directing the Depositary to execute and deliver to, or upon the written
order of, the person or persons stated in such order a Receipt or Receipts for
the number of Depositary Shares representing such deposited Stock.

 

Deposited Stock shall be held by the Depositary at the
Depositary’s Office or at such other place or places as the Depositary shall
determine.

 

Upon receipt by the Depositary of a certificate or
certificates for Stock deposited in accordance with the provisions of this
Section, together with the other documents

 

8

 

required
as above specified, and upon proper registration of the Stock on the books of
the Company in the name of the Depositary or its nominee, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall execute
and deliver, to or upon the order of the person or persons named in the first
paragraph of this Section, a Receipt or Receipts for the number of Depositary
Shares representing the Stock so deposited and registered in such name or names
as may be requested by such person or persons. 
The Depositary shall execute and deliver such Receipt or Receipts at the
Depositary’s Office or such other offices, if any, as the Depositary may
designate.  Delivery at other offices
shall be at the risk and expense of the person requesting such delivery.

 

Other than in the case of splits, combinations or
other reclassifications affecting the Stock, or in the case of dividends or
other distributions of stock, if any, there shall be deposited hereunder not
more than 575,000 shares of Stock.

 

SECTION 2. 03.              Redemption of
Stock.  Whenever the Company shall
elect to redeem shares of Stock in accordance with the provisions of the
Certificate, it shall (unless otherwise agreed in writing with the Depositary)
give the Depositary not less than 46 nor more than 91 days’ notice of the date
of such proposed redemption of Stock and of the number of shares held by the
Depositary to be so redeemed, which notice shall be accompanied by a
certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Certificate.  Such notice, if given more than 90 days prior
to the redemption date, shall be in addition to the notice required to be given
for redemption pursuant to the Certificate. 
On the date of such redemption, provided that the Company shall then
have paid in full to the Depositary the redemption price of the Stock to be
redeemed, plus any accrued and unpaid dividends thereon, the Depositary shall
redeem the number of Depositary Shares representing such Stock.  The Depositary shall mail notice of such
redemption and the proposed simultaneous redemption of the number of Depositary
Shares representing the Stock to be redeemed, first-class postage prepaid, not
less than 45 and not more than 90 days prior to the date fixed for redemption
of such Stock and Depositary Shares (the “Redemption Date”) to the record
holders of the Receipts evidencing the Depositary Shares to be so redeemed, at
the addresses of such holders as they appear on the records of the Depositary;
but neither failure to mail any such notice to one or more such holders nor any
defect in any notice to one or more such holders shall affect the sufficiency
of the proceedings for redemption as to other others.  Each such notice shall state: (i) the
Redemption Date; (ii) the number of Depositary Shares to be redeemed and,
if less than all the Depositary Shares held by any such holder are to be
redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; (iii) the redemption price; (iv) the place or places where
Receipts evidencing Depositary Shares are to be surrendered for payment of the
redemption price; and (v) that dividends in respect of the Stock
represented by the Depositary Shares to be redeemed will cease to accumulate on
such Redemption Date.  In case less than
all the outstanding Depositary Shares are to be redeemed, the Depositary Shares
to be so redeemed shall be selected by lot or pro rata as may be determined by
the Depositary to be equitable.

 

Notice having been mailed by the Depositary as
aforesaid, from and after the Redemption Date (unless the Company shall have
failed to redeem the shares of Stock to be redeemed by it as set forth in the
Company’s notice provided for in the preceding paragraph) all

 

9

 

dividends
in respect of the shares of Stock so called for redemption shall cease to
accumulate, the Depositary Shares being redeemed from such proceeds shall be
deemed no longer to be outstanding, all rights of the holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption
price) shall, to the extent of such Depositary Shares, cease and terminate and,
upon surrender in accordance with such notice of the Receipts evidencing any
such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed by the
Depositary at a redemption price per Depositary Share equal to one-fortieth of the redemption price per share paid in
respect of the shares of Stock plus all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the
Company in respect of dividends which on the Redemption Date have accumulated
on the shares of Stock to be so redeemed and have not theretofore been paid.

 

If less than all the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the holder of
such Receipt upon its surrender to the Depositary, together with the redemption
payment, a new Receipt evidencing the Depositary Shares evidenced by such prior
Receipt and not called for redemption.

 

SECTION 2. 04.              Registration of
Transfer of Receipts.  Subject to the
terms and conditions of this Deposit Agreement, the Depositary shall register
on its books from time to time transfers of Receipts upon any surrender thereof
by the holder in person or by duly authorized attorney, properly endorsed or
accompanied by a properly executed instrument of transfer.  Thereupon the Depositary shall execute a new
Receipt or Receipts evidencing the same aggregate number of Depositary Shares
as those evidenced by the Receipt or Receipts surrendered and deliver such new
Receipt or Receipts to or upon the order of the person entitled thereto.

 

SECTION 2. 05.              Split-ups and
Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.  Upon surrender of a Receipt or Receipts at
the Depositary’s Office or at such other offices as it may designate for the
purpose of effecting a split-up or combination of such Receipt or Receipts, and
subject to the terms and conditions of this Deposit Agreement, the Depositary
shall execute and deliver a new Receipt requested, evidencing the aggregate
number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

Any holder of a Receipt or Receipts representing any
number of whole shares of Stock may withdraw the Stock and all money and other
property, if any, represented thereby by surrendering such Receipt or Receipts,
at the Depositary’s Office or at such other offices as the Depositary may
designate for such withdrawals. 
Thereafter, without unreasonable delay, the Depositary shall deliver to
such holder, or to the person or persons designated by such holder as
hereinafter provided, the number of whole shares of Stock and all money and
other property, if any, represented by the Receipt or Receipts for such whole
shares of stock so surrendered for withdrawal, but holders of such whole shares
of Stock will not thereafter be entitled to deposit such Stock hereunder or to
receive Depositary Shares therefor.  If a
Receipt delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the

 

10

 

number
of whole shares of Stock to be so withdrawn, the Depositary shall at the same
time, in addition to such number of whole shares of Stock and such money and
other property, if any, to be so withdrawn, deliver to such holder, or (subject
to Section 2.03) upon his order, a new Receipt evidencing such excess
number of Depositary Shares.  Delivery of
the Stock and money and other property being withdrawn may be made by the
delivery of such certificates, documents of title and other instruments as the
Depositary may deem appropriate.

 

If the Stock and the money and other property being
withdrawn are to be delivered to a person or persons other than the record
holder of the Receipt or Receipts being surrendered for withdrawal of Stock,
such holder shall execute and deliver to the Depositary a written order so
directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Stock be
properly endorsed in blank or accompanied by a properly executed instrument of
transfer.

 

Delivery of the Stock and the money and other
property, if any, represented by Receipts surrendered for withdrawal shall be
made by the Depositary at the Depositary’s Office, except that, at the request,
risk and expense of the holder surrendering such Receipt or Receipts and for
the account of the holder thereof, such delivery may be made at such other
place as may be designed by such holder.

 

SECTION 2. 06.              Limitations on
Execution and Delivery, Transfer, Surrender and Exchange of Receipts.  As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the
Company may require payment to it of a sum sufficient for the payment (or, in
the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any charges or expenses payable by the holder of a
Receipt pursuant to Section 5.07, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Deposit Agreement.

 

The deposit of Stock may be refused, the delivery of
Receipts against Stock may be suspended, the registration of transfer of
Receipts may be refused and the registration of transfer, surrender or exchange
of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Company is closed or (ii) if any such
action is deemed necessary or advisable by the Depositary, any of the
Depositary’s Agents or the Company at any time or from time to time because of
any requirement of law or of any government or governmental body or commission
or under any provision of this Deposit Agreement.  Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement
any shares of Stock which are required to be registered under the Securities
Act of 1933, unless a registration statement under such Act is in effect as to
such shares of stock.

 

SECTION 2. 07.              Lost Receipts,
etc.  In case any Receipt shall be
mutilated, destroyed, lost or stolen, the Depositary in its discretion may
execute and deliver a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt, or in lieu

 

11

 

of and
in substitution for such destroyed, lost or stolen Receipt, upon (i) the
filing by the holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof and (ii) the
furnishing of the Depositary with reasonable indemnification satisfactory to
it.

 

SECTION 2. 08.              Cancellation and
Destruction of Surrendered Receipts. 
All Receipts surrendered to the Depositary or any Depositary’s Agent
shall be canceled by the Depositary. 
Except as prohibited by applicable law or regulation, the Depositary is
authorized to destroy all Receipts so canceled.

 

ARTICLE III

 

Certain Obligations of
Holders

of Receipts and the Company

 

SECTION 3. 01.              Filing Proofs,
Certificates and Other Information. 
Any holder of a Receipt may be required from time to time to file such
proof of residence, or other matters or other information, to execute such
certificates and to make such representations and warranties as the Depositary
or the Company may reasonably deem necessary or proper.  The Depositary or the Company may withhold
the delivery, or delay the registration of transfer, redemption or exchange, of
any Receipt or the withdrawal of the Stock represented by the Depositary Shares
evidenced by any Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof until such
proof or other information is filed or such certificates are executed or such
representations and warranties are made.

 

SECTION 3. 02.              Payment of Taxes
or Other Governmental Charges. 
Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.
07.  Registration of transfer of any
Receipt or any withdrawal of Stock and all money or other property, if any,
represented by the Depositary Shares evidenced by such Receipt may be refused
until any such payment due is made, and any dividends, interest payments or
other distributions may be withheld or any part of or all the Stock or other
property represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder prior to such sale), and
such dividends, interest payments or other distributions or the proceeds of any
such sale may be applied to any payment of such charges or expenses, the holder
of such Receipt remaining liable for any deficiency.

 

SECTION 3. 03.              Warranty as to
Stock.  The Company hereby represents
and warrants that the Stock, when issued, will be validly issued, fully paid
and nonassessable.  Such representation
and warranty shall survive the deposit of the Stock and the issuance of
Receipts.

 

12

 

ARTICLE IV

 

The Deposited Securities; Notices

 

SECTION 4. 01.              Cash
Distributions.  Whenever the
Depositary shall receive any cash dividend or other cash distribution on Stock,
the Depositary shall, subject to Sections 3. 01 and 3. 02, distribute to record
holders of Receipts pursuant to Section 4. 04 such amounts of such
dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that in case the Company or the Depositary shall be
required to withhold and does withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes, the amount
made available for distribution or distributed in respect of Depositary Shares
shall be reduced accordingly.  The
Depositary shall not be required to attribute to any holder of Depositary
Shares a fraction of one cent, and any amounts held by the Depositary in such
event will be distributed to holders of Receipts in such reasonable manner as
the Company and the Depositary determine.

 

SECTION 4. 02                 Distributions Other Than Cash,
Rights, Preferences or Privileges. 
Whenever the Depositary shall receive any distribution other than cash,
rights, preferences or privileges upon Stock, the Depositary shall, subject to
Sections 3. 01 and 3. 02, distribute to record holders of Receipts pursuant to Section 4.
04 such amounts of the securities or property received by it as are, as nearly
as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution.  If in the opinion of the
Depositary such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes) the Depositary deems,
after consultation with the Company, such distribution not to be feasible, the
Depositary may, with the approval of the Company, adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property
thus received, or any part thereof, at such place or places and upon such terms
as it may deem proper.  The net proceeds
of any such sale shall, subject to Sections 3. 01 and 3. 02, be distributed or
made available for distribution, as the case may be, by the Depositary to
record holders of Receipts as provided by Section 4. 01 in the case of a
distribution received in cash.  The
Company shall not make any distribution of such securities unless the Company
shall have provided an opinion of counsel stating that such securities have
been registered under the Securities Act of 1933 or do not need to be
registered.

 

SECTION 4. 03.              Subscription
Rights, Preferences or Privileges. 
If the Company shall at any time offer or cause to be offered to the
persons in whose names Stock is recorded on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such
rights, preferences or privileges shall in each such instance be made available
by the Depositary to the record holders of Receipts in such manner as the
Depositary may determine, either by the issue to such record holders of
warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Depositary in its discretion with the approval
of the Company; provided, however, that (i) if at the time of issue or
offer of any such rights,

 

13

 

preferences or privileges
the Depositary determines that it is not lawful or (after consultation with the
Company) not feasible to make such rights, preferences or privileges available
to holders of Receipts by the issue of warrants or otherwise, or (ii) if
and to the extent so instructed by holders of Receipts who do not desire to
exercise such rights, preferences or privileges, then the Depositary, in its
discretion (with the approval of the Company, in any case where the Depositary
has determined that it is not feasible to make such rights, preferences or
privileges available), may, if applicable laws or the terms of such rights,
preferences or privileges permit such transfer, sell such rights, preferences
or privileges at public or private sale, at such place or places and upon such
terms as it may deem proper.  The net
proceeds of any such sale shall, subject to Sections 3. 01 and 3. 02, be
distributed by the Depositary to the record holders of Receipts entitled
thereto as provided by Section 4. 01 in the case of a distribution
received in cash.  The Company shall not
make any distribution of any such rights, preferences or privileges unless the
Company shall have provided an opinion of counsel stating that such rights,
preferences or privileges have been registered under the Securities Act of 1933
or do not need to be registered.

 

If in
order for holders of Receipts to be offered or sold the securities to which any
rights, preferences or privileges relate, registration under the Securities Act
of 1933 of the securities to which such rights, preferences or privileges
relate is required, the Company will promptly file a registration statement
pursuant to such Act with respect to such rights, preferences or privileges and
securities and use its best efforts and take all steps available to it to cause
such registration statement to become effective sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such holders to
exercise such rights, preferences or privileges.  In no event shall the Depositary make
available to the holders of Receipts any right, preference or privilege to
subscribe for or to purchase any securities unless and until such a
registration statement shall have become effective, or unless the offering and
registration under the provisions of such Act.

 

If any
other action under the laws of any jurisdiction or any governmental or
administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to holders of Receipts,
the Company will use its best efforts to take such action or obtain such
authorization, consent or permit sufficiently in advance of the expiration of
such rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges.

 

SECTION 4. 04.              Notice of
Dividends; Fixing of Record Date for Holders of Receipts.  Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be
made, or if rights, preferences or privileges shall at any time be offered,
with respect to Stock, or whenever the Depositary shall receive notice of any
meeting of which holders of Stock are entitled to vote or any meeting of which
holders of Stock are entitled to notice, or whenever the Depositary and the
Company shall decide it is appropriate, the Depositary shall in each such instance
fix a record date (which shall be the same date as the record date fixed by the
Company with respect to the Stock) for the determination of the holders of
Receipts who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give

 

14

 

instructions for the
exercise of voting rights at any such meeting, or who shall be entitled to
notice of such meeting or for any other appropriate reason.

 

SECTION 4. 05.              Voting Rights.  Upon receipt of notice of any meeting at
which the holders of Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the record holders of Receipts a notice
which shall contain (i) such information as is contained in such notice of
meeting and (ii) a statement that the holders may, subject to any
applicable restrictions, instruct the Depositary as to the exercise of the
voting rights pertaining to the amount of Stock represented by their respective
Depositary Shares (including an express indication that instructions may be
given to the Depositary to give a discretionary proxy to a person designated by
the Company) and a brief statement as to the manner in which such instructions
may be given.  Upon the written request
of the holders of Receipts on the relevant record date, the Depositary shall
endeavor insofar as practicable to vote or cause to be voted, in accordance
with the instructions set forth in such requests, the maximum number of whole
shares of Stock represented by the Depositary Shares evidenced by all Receipts
as to which any particular voting instructions are received.  The company hereby agrees to take all action,
which may be deemed necessary by the Depositary in order to enable the
Depositary to vote such Stock or cause such Stock to be voted.  In the absence of specific instructions from
the holder of a Receipt, the Depositary will abstain from voting (but, at its
discretion, not from appearing at any meeting with respect to such Stock unless
directed to the contrary by the holders of all the Receipts) to the extent of
the Stock represented by the Depositary Shares evidenced by such Receipt.

 

SECTION 4. 06                 Changes Affecting Deposited
Securities and Reclassifications, Recapitalizations, etc.  Upon any change in par or stated value,
split-up, combination or any other reclassification of the Stock, or upon any
recapitaliztion, reorganization, merger, amalgamation or consolidation
affecting the Company or to which it is a party, the Depositary may in its
discretion with the approval of, and shall upon the instructions of, the
Company, and (in either case) in such manner as the Depositary may deem
equitable, (i) make such adjustments as are certified by the Company in
(x) the fraction of an interest represented by one Depositary Share in one
share of stock and (y) the ratio of the redemption price per Depositary Share
to the redemption price of a share of Stock, in each case as may be necessary
fully to reflect the effects of such change in par or stated value, split-up,
combination or other reclassification of Stock, or of such recapitalization,
reorganization, merger, amalgamation or consolidation and (ii) treat any
securities which shall be received by the Depositary in exchange for or upon
conversion of or in respect of the Stock as new deposited securities under this
Deposit Agreement, and Receipts then outstanding shall thenceforth represent
the new deposited securities so received in exchange for or upon conversion or
in respect of such Stock.  In any such
case the Depositary may in its discretion, with the approval of the Company,
execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing
such new deposited securities.  Anything
to the contrary herein notwithstanding, holders of Receipts shall have the
right from and after the effective date of any such change in par or stated value,
split-up, combination or other reclassification of the Stock or any such
recapitalization, reorganization, merger, amalgamation or consolidation to
surrender such Receipts to the Depositary with instructions to convert,
exchange or surrender the Stock represented thereby only into or for, as

 

15

 

the case may be, the kind
and amount of shares of stock and other securities and property and cash into
which the Stock represented by such Receipts might have been converted or for
which such Stock might have been exchanged or surrendered immediately prior to
the effective date of such transaction.

 

SECTION 4. 07.              Inspection of
Reports.  The Depositary shall make
available for inspection by holders of Receipts at the Depositary’s Office, and
at such other places as it may from time to time deem advisable, any reports
and communications received from the Company which are received by the
Depositary as the holder of Stock.

 

SECTION 4. 08.              Lists of Receipt
Holders.  Promptly upon request from
time to time by the Company, the Depositary shall furnish to it a list, as of a
recent date, of the names, addresses and holdings of Depositary Shares of all
persons in whose names Receipts are registered on the books of the Depositary.

 

ARTICLE V

 

The Depositary, the Depositary’s
Agents,

the Registrar and the Company

 

SECTION 5. 01.              Maintenance of
Offices, Agencies and Transfer Books by the Depositary; Registrar.  Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary’s Office, or at the Registrar’s
office, at which the Depositary shall have complete access to all books and
records maintained on the Company’s behalf, facilities for the execution and
delivery, registration and registration of transfer, surrender an exchange of
Receipts, and at the offices of the Depositary’s Agents, if any, facilities for
the delivery, registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement.

 

The
Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times shall
be open for inspection by the record holders of Receipts; provided, that any
such holder requesting to exercise such right shall certify to the Depositary
that such inspection shall be for a proper purpose reasonably related to such
person’s interest as an owner Depositary Shares evidenced by the Receipts.

 

The
Depositary may close such books, at any time or from time to time, when deemed expedient
by it in connection with the performance of its duties hereunder.

 

The
Depositary may, with the approval of the Company, appoint a Registrar for
registration of the Receipts or the Depositary Shares evidenced thereby.  If the Receipts or the Depositary Shares
evidenced thereby or the Stock represented by such Depositary Shares shall be
listed on the New York Stock Exchange, the Depositary will appoint a Registrar
(acceptable to the Company) for registration of such Receipts or Depositary
Shares in accordance with any requirements of such Exchange.  Such Registrar (which may be the Depositary
if so permitted by the requirements of such Exchange) may be removed and a

 

16

 

substitute registrar
appointed by the Depositary upon the request or with the approval of the
Company.  If the Receipts, such
Depositary Shares or such Stock are listed on one or more other stock
exchanges, the Depositary will, at the request of the Company, arrange such
facilities for the delivery, registration, registration of transfer, surrender
and exchange of such Receipts, such Depositary Shares or such Stock as may be
required by law or applicable stock exchange regulation.

 

SECTION 5. 02.              Prevention of or
Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar
or the Company.  Neither the
Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall
incur any liability to any holder of any Receipt if by reason of any provision
of any present or future law, or regulation thereunder, of the United States of
America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any
provision, present or future, of the Company’s Certificate of Incorporation
(including the Certificate) or by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositary, the
Depositary’s Agent, the Registrar or the Company shall be prevented or
forbidden from, or subject to any penalty on account of, doing or performing
any act or thing which the terms of this Deposit Agreement provide shall be
done or performed; nor shall the Depositary, any Depositary’s Agent, any
Registrar or the Company incur any liability to any holder of a Receipt (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance
of any act or thing which the terms of this Deposit Agreement provide shall or
may be done or performed, or (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement except, in
case of any such exercise or failure to exercise discretion not caused as
aforesaid, if caused by the negligence or willful misconduct of the party
charged with such exercise or failure to exercise.

 

SECTION 5. 03.              Obligations of
the Depositary, the Depositary’s Agents, the Registrar and the Company.  Neither the Depositary nor its affiliates nor
any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Company
assumes any obligation or shall be subject to any liability under this Deposit
Agreement to holders of Receipts other than for its negligence or willful
misconduct.  Under no circumstances shall
the Depositary or its affiliates or agents be liable for any special, punitive,
indirect, incidental, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if they have
been advised of the possibility of such loss or damage.

 

Neither
the Depositary nor its affiliates nor any Depositary’s Agent nor any Registrar
nor any Transfer Agent nor the Company shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of the
Stock, the Depositary Shares or the Receipts which in its opinion may involve
it in expense or liability unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required.

 

Neither
the Depositary nor its affiliates nor any Depositary’s Agent nor any Registrar
nor any Transfer Agent nor the Company shall be liable for any action or any
failure to act by it in reliance upon the written advice of legal counsel or
accountants, or information from any person presenting Stock for deposit, any
holder of a Receipt or any other

 

17

 

person believed by it in
good faith to be competent to give such information.  The Depositary, any Depositary’s Agent, any
Registrar and the Company may each rely and shall each be protected in acting
upon any written notice, request, direction or other document believed by it to
be genuine and to have been signed or presented by the proper party or parties.

 

The
Depositary shall not be responsible for any failure to carry out any
instruction to vote any of the shares of Stock or for the manner or effect of
any such vote made, as long as any such action or non-action is in good faith.

 

The Depositary
undertakes, and any Registrar shall be required to undertake, to perform such duties
and only such duties as are specifically set forth in this Agreement and no
implied covenants or obligations shall be read into this Agreement against the
Depositary or any Registrar.

 

The
Depositary will indemnify the Company against any liability which may directly
arise out of acts performed or omitted by the Depositary or its agents due to
its or their negligence or bad faith.

 

The
Depositary, its affiliates, the Depositary’s Agents, and any Registrar or
Transfer Agent may own and deal in any class of securities of the Company and
its affiliates and in Receipts.  The
Depositary or its affiliates may also act as transfer agent or registrar of any
of the securities of the Company and its affiliates.

 

SECTION 5. 04.              Resignation and
Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as
Depositary hereunder by having notice of its election to do so delivered to the
Company, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment as hereinafter provided.

 

The
Depositary may at any time be removed by the Company by notice of such removal
delivered to the Depositary, such removal to take effect upon the appointment
of a successor Depositary and its acceptance of such appointment as hereinafter
provided.

 

In
case at any time the Depositary acting hereunder shall resign or be removed,
the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the
United States of America and having a combined capital and surplus of at least
$50,000,000.  If no successor Depositary
shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depositary may petition any
court of competent jurisdiction for the appointment of a successor
Depositary.  Every successor Depositary
shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor
Depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such
predecessor, upon payment of all sums due it and on the written request of the
Company, shall execute and deliver

 

18

 

an instrument
transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and
interest in the Stock and any moneys or property held hereunder to such
successor, and shall deliver to such successor a list of the record holders of
all outstanding Receipts.  Any successor
Depositary shall promptly mail notice of its appointment to the record holders
of Receipts.

 

Any
corporation into or with which the Depositary may be merged, consolidated or
converted shall be the successor of such Depositary without the execution or
filing of any document or any further act, and notice thereof shall not be
required hereunder.  Such successor Depositary
may authenticate the Receipts in the name of the predecessor Depositary or in
the name of the successor Depositary.

 

SECTION 5. 05.              Corporate Notices
and Reports.  The Company agrees that
it will transmit to the record holders of Receipts, in each case at the
addresses furnished to it pursuant to Section 4. 08, all notices and
reports (including without limitation financial statements) required by law, by
the rules of any national securities exchange upon which the Stock, the
Depositary Shares or the Receipts are listed or by the Company’s Certificate of
Incorporation (including the Certificate) to be furnished by the Company to
holders of Stock.  Such transmission will
be at the Company’s expense.

 

SECTION 5. 06                 Indemnification by the Company.  The Company shall indemnify the Depositary,
its affiliates, any of Depositary’s Agents and any Registrar or Transfer Agent
against, and hold each of them harmless from, any loss, liability, damage or
expense (including the reasonable costs and expenses of defending itself) which
may arise out of (a) acts performed or omitted in connection with this
Agreement and the Receipts (i) by the Depositary, any Registrar or
Transfer Agent or any of their respective agents (including any Depositary’s
Agent), except for any liability arising out of the gross negligence or bad
faith on the respective parts of any such person or persons, or (ii) by
the Company or any of its agents, or (b) the offer, sale or registration
of the Receipts, Depositary Shares or the Stock pursuant to the provisions
hereof.  The obligations of the Company
set forth in this Section 5. 06 shall survive any succession of any
Depositary, Registrar or Depositary’s Agent.

 

SECTION 5. 07.              Charges and
Expenses.  The Company shall pay all
transfer and other taxes and governmental charges arising solely from the
existence of the depositary arrangements. 
The Company shall pay all charges of the Depositary in connection with
the initial deposit of the Stock and the initial issuance of the Depositary
Shares, redemption of the Stock at the option of the Company and all
withdrawals of shares of the Stock by owners of Depositary Shares.  All other transfer and other taxes and
governmental charges shall be at the expense of holders of Depositary Shares.  If, at the request of a holder of Receipts,
the Depositary incurs charges or expenses for which it is not otherwise liable
hereunder, such holder will be liable for such charges and expenses.  All other charges and expenses of the
Depositary and any Depositary’s Agent hereunder and of any Registrar (including,
in each case, fees and expenses of counsel) incident to the performance of
their respective obligations hereunder will be paid upon consultation and
agreement between the Depositary and the Company as to the amount and nature of
such charges and expenses.  The
Depositary shall present its statement for

 

19

 

charges and expenses to
the Company once every three months or at such other intervals as the Company
and the Depositary may agree.

 

ARTICLE VI

 

Amendment and
Termination

 

SECTION 6. 01.              Amendment.  The form of the Receipts and any provisions
of this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment (other
than any change in the fees of any Depositary or Registrar, which shall go into
effect not sooner than three months after notice thereof to the holders of the
Receipts) which shall materially and adversely alter the rights of the holders
of Receipts shall be effective unless such amendment shall have been approved
by the holders of at least a majority of the Depositary Shares then
outstanding.  Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby.

 

SECTION 6. 02.              Termination.  This agreement may be terminated by the
Company or the Depositary only after (i) all outstanding Depositary Shares
shall have been redeemed pursuant to Section 2. 03 or (ii) there
shall have been made a final distribution in respect of the Stock in connection
with any liquidation, dissolution or winding up of the Company and such
distribution shall have been distributed to the holders of Depositary Shares
pursuant to Section 4. 01 or 4. 02, as applicable.

 

Upon
the termination of this Deposit Agreement, the Company shall be discharged from
all obligations under this Deposit Agreement except for its obligations to the
Depositary, any Depositary’s Agent and any Registrar under Sections 5. 06 and
5. 07.

 

ARTICLE VII

 

Miscellaneous

 

SECTION 7. 01.              Counterparts.  This Deposit Agreement may be executed in any
number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument.

 

SECTION 7. 02.              Exclusive Benefit
of Parties.  This Deposit Agreement
is for the exclusive benefit of the parties hereto, and their respective
successors hereunder, and shall not be deemed to give any legal or equitable
right, remedy or claim to any other person whatsoever.

 

20

 

SECTION 7. 03.              Invalidity of
Provisions.  In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7. 04.              Notices.  Any and all notices to be given to the
Company hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail or overnight
mail or facsimile confirmed by letter, addressed to the Company at 2700 Sanders
Road, Prospect Heights, Illinois 60070, to the attention of the Secretary, or
at any other address of which the Company shall have notified the Depositary in
writing.

 

Any
and all notices to be given to the Depositary hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail or overnight mail or by facsimile confirmed by
letter, addressed to the Depositary at the Depositary’s Office, at HSBC Bank
USA, N.A., Corporate Trust, Two Hanson Place, 14th Floor, Brooklyn,
NY 11217-1409 or at any other address of which the Depositary shall have
notified the Company in writing.

 

Any
and all notices to be given to any record holder of a Receipt hereunder or
under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail or by overnight mail or facsimile
confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder
shall have filed with the Depositary a written request that notices intended
for such holder be mailed to some other address, at the address designated in
such request.

 

Delivery
of a notice sent by mail or by overnight mail or facsimile shall be deemed to
be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a facsimile message) is deposited, postage
prepaid, in a post office letter box. 
The Depositary or the Company may, however, act upon any facsimile
message received by it from the other or from any holder of a Receipt,
notwithstanding that such facsimile message shall not subsequently be confirmed
by letter or as aforesaid.

 

SECTION 7. 05.              Depositary’s Agents.  The
Depositary may from time to time appoint, with the prior approval of the
Company, Depositary’s Agents to act in any respect for the Depositary for the
purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s
Agents.

 

SECTION 7. 06.              Holders of
Receipts Are Parties.  The holders of
Receipts from time to time shall be parties to this Deposit Agreement and shall
be bound by all of the terms and conditions hereof and of the Receipts by
acceptance of delivery thereof.

 

21

 

SECTION 7. 07.              Governing Law.  This Deposit Agreement and the Receipts and
all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and constructed in accordance with, the laws of the State of New
York, without reference to choice of law principles.

 

SECTION 7. 08.              Inspection of
Deposit Agreement.  Copies of this
Deposit Agreement shall be filed with the Depositary and the Depositary’s
Agents and shall be open to inspection during business hours at the Depositary’s
Office and the respective offices of the Depositary’s Agents, if any, by any
holder of a Receipt.

 

SECTION 7. 09.              Headings.  The headings or articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A
hereunto have been inserted for convenience only and are not to be regarded as
a part of this Deposit Agreement or the Receipts or to have any bearing upon
the meaning or interpretation of any provision contained herein or in the
Receipts.

 

22

 

IN
WITNESS WHEREOF, the Company and the Depositary have duly executed this
Agreement as of the day end year first above set forth and all holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery
of Receipts issued in accordance with the terms hereof.

 

	
   

  	
  HSBC FINANCE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  William H.
  Kesler

  
	
   

  	
   

  	
  Vice President &
  Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attested by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Michael J. Forde

  	
   

  
	
  Assistant
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HSBC BANK USA,
  N.A., as Depositary

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attested by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

23

 

Exhibt A

 

	
  NUMBER

  	
  001

  	
  DEPOSITARY SHARES

  
	
   

  	
   

  	
  23,000,000

  

 

DEPOSITARY RECEIPT
FOR DEPOSITARY SHARES,

REPRESENTING 6.36%
NON-CUMULATIVE PREFERRED STOCK, SERIES B, $0.01 PAR VALUE

 

HSBC
FINANCE CORPORATION

	
   

  	
  SEE REVERSE SIDE

  
	
   

  	
  FOR ADDITIONAL INFORMATION

  

INCORPORATED UNDER
THE LAWS OF THE STATE OF DELAWARE

THIS DEPOSITARY RECEIPT
IS TRANSFERABLE IN CHICAGO OR IN THE CITY OF NEW YORK

 

CUSIP  40429C 60 7

HSBC BANK USA, N.A., as
Depositary (the “Depositary”), hereby certifies that

 

 

CEDE & CO

 

 

is the registered owner
of

 

TWENTY-THREE MILLION
(23,000,000) DEPOSITARY SHARES

 

(“Depositary Shares”),
each Depositary Share representing one fortieth (1/40) of one share of 6.36%
Non-Cumulative Preferred Stock, Series B, $0.01 par value (stated value
$1,000 per share), of HSBC Finance Corporation, a Delaware corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and
entitled to the benefits of the Deposit Agreement dated as of June 23,
2005  (the “Deposit Agreement”), between
the Corporation and the Depositary.  By
accepting this Depositary Receipt the holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit
Agreement.  This Depositary Receipt shall
not be valid or obligatory for any purpose or entitled to any benefits under
the Deposit Agreement unless it shall have been executed by the Depositary by
the manual signature of a duly authorized officer or, if executed in facsimile
by the Depositary, countersigned by a Registrar in respect of the Depositary
Receipts by the manual signature of a duly authorized officer thereof.

 

 

	
  Dated:

  	
   

  
	
   

  	
  Countersigned and
  Registered:

  
	
  HSBC BANK USA, N.A.

  	
  HSBC BANK USA, N.A.

  
	
  Depositary

  	
  Registrar

  
	
   

  	
   

  
	
  By

  	
  By

  
	
   

  	
   

  
	
   

  	
   

  
	
  Authorized Officer

  	
  Authorized Officer

  

 

 

(Reverse of
Receipt)

 

 

HSBC
FINANCE CORPORATION

 

HSBC FINANCE CORPORATION
WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO RQUESTES A COPY OF THE
DEPOSIT AGREEMENT AND A STATEMENT OR SUMMARY OF THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARITICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OF STOCK OR SERIES THEREOF WHICH THE CORPORATION IS AUTHORIZED
TO ISSUE AND OF THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND/OR RIGHTS.  ANY SUCH
REQUESTS IS TO BE ADDRESSED TO THE OFFICE OF THE SECRETARY OF THE CORPORATION.

 

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws
or regulations.

 

	
  TEN COM 

  	
  - as tenants in common

  	
  UNIF GIFT MIN ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
  - as tenants by the
  entireties

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT TEN

  	
  - as joint tenants with
  right of

  	
   

  	
  under Uniform Gifts to
  Minors Act

  
	
   

  	
      survivorship
  and not as 

  	
   

  	
   

  	
   

  
	
   

  	
      tenants
  in common

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (State)

  

 

Additional
abbreviations may also be used though not in the above list

 

For value received,                                                                                                                            hereby
sell; assign and transfer unto

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER

IDENITYING NUMBER OF
ASSIGNEE

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

                                                                                                                                                                                  Depositary
Shares represented by the within Receipt, and do hereby irrevocably constitute
and appoint

 

 

 

                                                                                                                                                                                  Attorney
to transfer the said Depositary Shares on the books of the within-named
Depositary with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NOTICE: The signature to this assignment must correspond
  with the name as written upon the face of this receipt in every particular,
  without alteration or enlargement or any change whatever.

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