Document:

Exhibit 4.1

 

THE PRICELINE GROUP INC.

OFFICERS’ CERTIFICATE PURSUANT TO

SECTIONS 2.02 AND 10.04 OF THE INDENTURE

 

March 13, 2015

 

Daniel J. Finnegan and Peter J. Millones do hereby certify that they are the Chief Financial Officer, and the Executive Vice President, General Counsel and Secretary, respectively, of The Priceline Group Inc., a Delaware corporation (the “Company”), and do further certify, pursuant to resolutions of the Board of Directors of the Company adopted on February 5, 2015 and the pricing committee of the Company on March 9, 2015 (together, the “Resolutions”), and in accordance with Sections 2.02 and 10.04 of the Indenture (the “Indenture”) dated as of September 23, 2014 between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as follows:

 

1. Attached hereto as Annex A is a true and correct copy of a specimen note (the “Form of Note”) representing the Company’s 3.650% Senior Notes Due 2025 (the “Notes”). The Notes are a separate Series of Securities under the Indenture.

 

The Company is initially issuing $500,000,000 in aggregate principal amount of the Notes. The Company may, without the consent of the holders, issue additional notes under the Indenture in the future with the same terms and with the same CUSIP number as the Notes in an unlimited aggregate principal amount; provided that if any such additional notes are not fungible with the Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number.

 

2. The Form of Note sets forth certain of the terms required to be set forth in this certificate pursuant to Section 2.02 of the Indenture, and said terms are incorporated herein by reference. The Notes were offered at an initial public offering price of 99.742% of the principal amount thereof.

 

3. Deutsche Bank Trust Company Americas shall be the Trustee under the Indenture, Paying Agent for the Notes, the authenticating agent, Registrar and transfer agent for the Notes.

 

4. For purposes of determining compliance with the payment provisions included in Sections 3.05 and 4.01 of the Indenture, the Company shall deposit money sufficient to pay principal, interest, redemption prices and accrued interest prior to 11:00 a.m. (New York City time) on the day prior to such payment.

 

5. In addition to the covenants set forth in Article IV of the Indenture, the Notes shall include the following additional covenants, and such additional covenants and the additional Event of Default referred to in Section 7 below shall be subject to covenant defeasance pursuant to Section 8.04 of the Indenture:

 

“Section 4.06 Limitation on Liens.

 

The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur or permit to exist any Lien securing Indebtedness (the “Initial Lien”) on any of its properties or assets whether owned at the Issue Date or thereafter acquired, other than Permitted Liens, without effectively providing that the notes (together with, at the option of the Company, any other Indebtedness of the Company or any of its Subsidiaries ranking equally in right of payment with the notes) are secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured.

 

Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may create, assume, incur or guarantee Indebtedness secured by a Lien without equally and ratably securing the notes; provided that at the time of such creation, assumption, incurrence or guarantee, after giving effect thereto and to the retirement of any Indebtedness that is being retired substantially concurrently with any such creation, assumption, incurrence or guarantee, the sum of (a) the aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries secured by Liens other than Permitted Liens and (b) the Attributable Debt associated with all Sale/Leaseback Transactions of the Company and its Restricted Subsidiaries permitted by the last paragraph under Section 4.07 of this Indenture, does not at such time exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of incurrence of the Lien and (ii) $1.4 billion.

 

Any such Lien thereby created in favor of the notes will be automatically and unconditionally released and discharged upon (i) the release and discharge of each Initial Lien to which it relates, or (ii) any sale, exchange or transfer to any Person not an affiliate of the Company of the property or assets secured by such Initial Lien.

 

 

Section 4.07 Limitation on Sale and Leaseback Transactions.

 

The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any property unless:

 

(a) the Company or such Restricted Subsidiary would be entitled to create a Lien on such property securing the Attributable Debt associated with such Sale/Leaseback Transaction without equally and ratably securing the notes pursuant to Section 4.06;

 

(b) the net proceeds of the sale of the property to be leased are at least equal to such property’s fair market value, as determined by the Company’s board of directors, and the proceeds are applied within 365 days of the effective date of the Sale/Leaseback Transaction to the purchase, construction, development or acquisition of assets or to the repayment of any Indebtedness of the Company that ranks equally with the notes or any Indebtedness of one or more Restricted Subsidiaries; provided that the amount required to be applied to the repayment of any such Indebtedness pursuant to this clause (b) shall be reduced by the principal amount of any notes delivered within 365 days after such sale to the Trustee for retirement and cancellation;

 

(c) such transaction was entered into prior to the date of the initial issuance of the notes under the Indenture;

 

(d) such transaction involves a lease for not more than three years (or which may be terminated by the Company or a Restricted Subsidiary within a period of not more than three years);

 

(e) such transaction was for the sale and lease between only the Company and a Subsidiary of the Company or only between Subsidiaries of the Company; or

 

(f) such transaction involves a sale and lease of property executed by the time of, or within 18 months after the latest of, the acquisition, the completion of construction or improvement, or the commencement of commercial operation of the property.

 

Notwithstanding the restrictions outlined in the preceding paragraphs, the Company and its Restricted Subsidiaries will be permitted to enter into Sale/Leaseback Transactions, without complying with the requirements of the preceding paragraph, if, after giving effect thereto, the aggregate amount of all Attributable Debt associated with Sale/Leaseback Transactions not otherwise permitted by the preceding paragraph that is outstanding at such time, together with the aggregate amount of all outstanding Indebtedness secured by Liens permitted under the second paragraph of Section 4.06, does not exceed the greater of (i) 20% of the Consolidated Net Tangible Assets of the Company measured at the date of the Sale/Leaseback Transaction and (ii) $1.4 billion.

 

6. In addition to the Events of Default set forth in Section 6.01 of the Indenture, the Notes shall include the following additional Event of Default, which shall be deemed an Event of Default under Section 6.01(7) of the Indenture:

 

“default by the Company or any majority owned subsidiary in the payment of the principal or interest on any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced any debt for money borrowed in excess of $75 million in the aggregate of the Company and/or any subsidiary, whether such debt now exists or shall hereafter be created, which default results in such debt becoming or being declared due and payable, and such acceleration shall not have been rescinded or annulled within 30 days after written notice of such acceleration has been received by the Company or such subsidiary.”

 

7. For purposes of this series, the first paragraph of Section 9.02 of the Indenture shall be amended and restated as follows:

 

“Subject to certain exceptions, the indenture or the notes may be amended with the consent of the holders of at least a majority in principal amount of the notes of all series under the indenture then outstanding and affected by such amendment, voting as a single class (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes). Without the consent of each holder of an outstanding note affected, however, no amendment may, among other things:”

 

 

8. For purposes of determining the principal amount of a security denominated in a currency other than U.S. dollars, such principal amount shall be the U.S. dollar equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable transfers for such currency, as such rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of such security, of the principal amount (or, in the case of an original issue discount security, the U.S. dollar equivalent, as determined by the Company by reference to the Exchange Rate on the date of original issuance of such security, of the amount determined as provided above), of such security.

 

9.  Section 8.04(4) of the Indenture shall be amended to include the following condition to Legal or Covenant Defeasance of the Notes:

 

“(c) at any time period ending on the 123rd day after the date of such deposit (other than a default or event of default with respect to the notes resulting from the borrowing of funds to be applied to such deposit);”

 

10.  For purposes of determining compliance with the conditions to Legal or Covenant Defeasance of the Notes, Section 8.04(6) of the Indenture shall be amended and restated to replace the reference to the “91st day” with the “123rd day”.

 

11. In addition to the definitions set forth in Article I of the Indenture, the Notes shall include the following additional definitions, which, in the event of a conflict with the definition of terms in the Indenture, shall control:

 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Attributable Debt” in respect of a Sale/Leaseback Transaction means, as of the time of determination, the present value (discounted at the implicit interest factor determined in accordance with GAAP) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended), other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, water rates and other items that do not constitute payments for property rights.  In the case of any lease which is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of:

 

(1) the Attributable Debt determined assuming termination upon the first date such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated); and

 

(2) the Attributable Debt determined assuming no such termination.

 

“Capital Stock” of any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity.

 

“Comparable Treasury Issue” means, with respect to the notes of a series, the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the notes of such series being redeemed (assuming the notes matured on December 15, 2024) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes of such series (assuming the notes matured on December 15, 2024).

 

“Comparable Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for such redemption date.

 

“Consolidated Net Tangible Assets” means, as of the time of determination, the aggregate amount of the assets of the Company and the assets of its Subsidiaries, determined on a consolidated basis, after deducting (1) all goodwill, trade names, trademarks, service marks, patents, unamortized debt discount and expense and other intangible assets and (2) all current liabilities, in each case as reflected on the most recent consolidated balance sheet prepared by the Company in accordance with

 

 

GAAP contained in an annual report on Form 10-K or a quarterly report on Form 10-Q filed or any amendment thereto pursuant to the Exchange Act by the Company prior to the time as of which “Consolidated Net Tangible Assets” is being determined or, if the Company is not required to so file, as reflected on its most recent consolidated balance sheet prepared by the Company in accordance with GAAP.

 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time, including those set forth in:

 

(a) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants;

 

(b) statements and pronouncements of the Financial Accounting Standards Board;

 

(c) such other statements by such other entity as approved by a significant segment of the accounting profession; and

 

(d) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.

 

“Hedging Obligations” means:

 

(a) interest rate swap agreements and other agreements designed to hedge or reduce the risk of interest rate fluctuations; and

 

(b) agreements or arrangements designed to hedge or reduce the risk of fluctuations in currency exchange rates or commodity prices.

 

“Indebtedness” means, with respect to any Person on any date of determination: the principal in respect of (A) indebtedness of such Person for money borrowed, including, without limitation, indebtedness for money borrowed evidenced by notes, debentures, bonds or other similar instruments and (B) all guarantees in respect of such indebtedness of another Person (it being understood, however, that indebtedness for money borrowed shall in no event include any amounts payable or other liabilities to trade creditors (including undrawn letters of credit) arising in the ordinary course of business). For the avoidance of doubt, Hedging Obligations are not Indebtedness.

 

“Issue Date” means the date on which the notes are originally issued.

 

“Lien” any mortgage or deed of trust, charge, pledge, lien, privilege, security interest, assignment, easement, hypothecation, claim, preference, priority or other similar encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease or other title retention agreement); provided, however, that in no event shall an operating lease be deemed to constitute a Lien.

 

“Permitted Liens” means, with respect to any Person:

 

(a) Liens securing Indebtedness incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such Person or any of its Subsidiaries at the time the Lien is incurred (other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by the Lien may not be incurred more than 18 months after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien;

 

(b) Liens existing on the Issue Date;

 

 

(c) Liens on assets (including shares of Capital Stock) of another Person at the time such other Person becomes a Subsidiary of such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Subsidiary); provided, however, that the Liens may not extend to any other categories of assets owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant thereto);

 

(d) Liens on assets at the time such Person or any of its Subsidiaries acquires the assets, including any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person or any of its Subsidiaries acquired such assets); provided, however, that the Liens may not extend to any other categories of assets owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant thereto);

 

(e) Liens securing Indebtedness or other obligations of a Restricted Subsidiary of such Person owing to such Person or to another Restricted Subsidiary of such Person;

 

(f) Liens on securities deemed to exist under repurchase agreements and reverse repurchase agreements entered into by the Company or any Restricted Subsidiary in the ordinary course of business;

 

(g) Liens Incurred to secure cash management services in the ordinary course of business or on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(h) Liens created to secure the notes and Liens in favor of the Trustee granted in accordance with the Indenture;

 

(i) Liens to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, including Liens or trade letters of credit in favor of any governmental entity, including the United States or any state, territory or possession thereof (or the District of Columbia), or any department, agency, instrumentality or political subdivision of any such entity, to secure partial, progress, advance or other payments pursuant to any contract or statute;

 

(j) Liens on the Capital Stock of a Subsidiary that is not a Restricted Subsidiary;

 

(k) purported Liens evidenced by the filing of precautionary UCC financing statements; and

 

(l) any extensions, renewals or replacements of any Lien referred to in clauses (1) through (11) without increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees, premiums or other costs associated with any such extension, renewal or replacement); provided, however, that any Liens permitted by any of clauses (1) through (11) shall not extend to or cover any property of the Company or any of its Restricted Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property.

 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.

 

“Quotation Agent” means the Reference Treasury Dealer appointed as such agent by us.

 

“Reference Treasury Dealer Quotations” means, with respect to any Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that redemption date.

 

“Reference Treasury Dealers” means each of (i) J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC and their respective successors, unless any such entity ceases to be a primary

 

 

U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case we shall substitute another Primary Treasury Dealer; and (ii) any two other Primary Treasury Dealers selected by us.

 

“Sale/Leaseback Transaction” means an arrangement relating to property owned by the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Subsidiary leases it from such Person.

 

“Restricted Subsidiary” means any Subsidiary other than:

 

(a) any Subsidiary primarily engaged in financing receivables or in the finance business; or

 

(b) any Subsidiary that is not a “significant subsidiary” within the meaning of Rule 1-02 of Regulation S-X.

 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by:

 

(a) such Person;

 

(b) such Person and one or more Subsidiaries of such Person; or

 

(c) one or more Subsidiaries of such Person.

 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

12. Each of the undersigned is authorized to approve the form, terms and conditions of the Notes pursuant to the Resolutions.

 

13. Attached hereto as Annex B is a true and correct copy of each of the Resolutions, which are in full force and effect on the date hereof.

 

14. The Notes shall be issued as registered Global Securities (subject to exchange for definitive certificated Notes under the circumstances provided in the Indenture) and The Depository Trust Company and its participants, including Euroclear Bank SA/NV and Clearstream Banking, societe anonyme, shall be Depository for the Notes.

 

15. Attached hereto as Annex C is a true and correct copy of the letter addressed to the Trustee entitling the Trustee to rely on certain paragraphs of the Opinion of Counsel attached thereto, which Opinion relates to the Notes and is delivered in compliance with Section 10.04(b) of the Indenture.

 

16. Each of the undersigned has reviewed the provisions of the Indenture, including the covenants and conditions precedent pertaining to the authentication and issuance of the Notes.

 

17. In connection with this certificate each of the undersigned has examined documents, corporate records and certificates and has spoken with other officers of the Company.

 

18. I, Daniel J. Finnegan and I, Peter J. Millones, have made such examination and investigation as is necessary to enable me to express an informed opinion as to whether or not such covenants and conditions precedent of the Indenture pertaining to the authentication and issuance of the Notes have been satisfied.

 

19. In each of our respective opinions all of the covenants and conditions precedent provided for in the Indenture for the authentication and issuance of the Notes have been satisfied.

 

Terms used herein that are not otherwise defined but that are defined in the Indenture or the Notes shall have the meanings ascribed thereto in the Indenture or the Notes, as the case may be.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, each of the undersigned officers has executed this certificate as of the date first written above.

 

	
 
    	
THE   PRICELINE GROUP INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Daniel J. Finnegan
    
	
 
    	
Daniel   J. Finnegan
    
	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Peter J. Millones
    
	
 
    	
Peter   J. Millones
    
	
 
    	
Executive   Vice President, General Counsel and SecretaryEmployment Agreement

 EXHIBIT 10.34 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”) dated as of the 1st day
of April, 2010 between QUALITY DISTRIBUTION, INC., a Florida corporation (the “Company”), and Melissa M. Ernst (the “Employee”). 

The Employee and the Company wish to enter into an employment relationship on the terms and conditions set forth in this Agreement. 

Accordingly, the Company and the Employee hereby agree as follows: 
  

	 	1.	Employment, Duties and Acceptance. 

 1.1 Employment. The
Company hereby agrees to employ the Employee for the Term (as defined in Section 2), to render exclusive and full-time services to the Company, in the capacity of Vice President – Human Resources of the Company and to perform such other
duties consistent with such position (including service as a director or officer of any affiliate of the Company if elected) as may be assigned by the Company. It is agreed and understood that, if applicable, the Employee shall resign as an officer
of the Company or any subsidiary immediately upon termination of his or her employment hereunder for any reason. 

1.2 Duties and Authority. During the Term (as defined in Section 2), the Employee shall serve as the Vice
President – Human Resources and shall have the normal duties, responsibilities, functions and authority of the position but subject to the power and authority of the Chief Executive Officer and/or the Company’s Board of Directors (the
“Board”) to expand or limit such duties, responsibilities, functions and authority, consistent with the foregoing, and to overrule the actions of employees and officers of the Company. During the Term, the Employee shall report to
the Company’s Chief Executive Officer or his designee. 
 1.3 Acceptance. The Employee hereby accepts such
employment and agrees to render the services described above. During the Term, and consistent with the above, the Employee agrees to serve the Company faithfully and to the best of the Employee’s ability, to devote the Employee’s entire
business time, energy and skill to such employment, and to use the Employee’s best efforts, skill and ability to promote the Company’s interests. It is understood that, during the Term (as defined in Section 2), subject to any conflict-of-interest policies of the Company and Section 5, the Employee may (x) serve in any capacity with any civic, charitable, educational or professional
organization provided that such service does not interfere with his or her duties hereunder, (y) make and manage investments of his or her choice, and (z) with the prior written consent of the Chief Executive Officer, serve on the board of
directors of up to one non-competing for-profit organization provided that such board service does not interfere with his or her duties hereunder. 

 1.4 Location. The duties to be performed by the Employee hereunder
shall be performed primarily at the location(s) specified by the Company, subject to reasonable travel requirements consistent with the nature of the Employee’s duties from time to time on behalf of the Company. 

1.5 Fiduciary Relationship. The Employee acknowledges and fully understands that, by entering into this
Agreement, he or she undertakes a fiduciary relationship with the Company, and, as a fiduciary, has the obligation to use due care and act in the best interests of the Company at all times. Employee shall be candid in all reports and responses to
inquiries and shall include in any report or response all information known or then available to the Employee, even if not specifically requested, which Employee reasonably believes is material, relevant and reasonably required for the understanding
of the matter in question sufficient to inform the person to whom such report or response is provided. Failure of the Employee to fulfill all fiduciary obligations ordinarily imposed by law on similarly situated employees in a fiduciary relationship
will be deemed a material breach of this Agreement by the Employee. 
  

	 	2.	Term of Employment. 

 The term of the Employee’s employment under this Agreement
(the “Term”) shall commence on April 1, 2010 (the “Effective Date”), and shall end on the date on which the Term is terminated pursuant to Section 4. 

 

	 	3.	Compensation; Benefits. 

 3.1 Salary. As compensation for
all services to be rendered pursuant to this Agreement, the Company agrees to pay to the Employee during the Term a base salary, payable bi-weekly, at the initial annual rate of $135,000 (the “Base Salary”). On each anniversary of
the Effective Date, or such other appropriate date during each year of the Term when the salaries of the Company’s employees are normally reviewed, the Company and/or the Board shall review the recommendation of the Company regarding the
Employee’s Base Salary and determine if, and by how much, the Base Salary should be increased. The Company shall have sole discretion in determining whether or not to increase Employee’s base salary. 

3.2 Bonus. The Employee may be eligible to receive an annual cash bonus for the achievement of the Company’s
Board-approved business plan. The annual cash bonus target opportunity shall be 20% of Base Salary, with an opportunity to receive such cash bonus (or lesser or greater amount) based upon Employee’s extraordinary individual performance as
determined at the sole discretion of the Board. The Employee’s annual cash bonus, if any, shall be paid in a single lump sum cash payment at the same time as annual bonuses are normally paid to similarly situated employees of the Company. 

3.3 Business Expenses. The Company shall pay or reimburse the Employee for all reasonable expenses actually
incurred or paid by the Employee during the Term in the performance of the Employee’s services under this Agreement, subject to and in accordance with applicable expense-reimbursement and related policies
and procedures as in effect from time to time. 

  
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 3.4 Paid Time Off. During the Term, the Employee shall be entitled
to twenty (20) days of paid time off per fiscal year, with a carryover of up to ten (10) days each fiscal year, but at no time an aggregate of more than ten (10) days’ carryover. Days carried over may only be used for the purpose
of Family Medical Leave or Short Term Disability. Paid time off shall be prorated for the fiscal year in accordance with the published Paid Time Off policy. 

3.5 Benefits and Perquisites. During the Term, the Employee shall be eligible to participate in those defined
contribution, salary deferral, group insurance, medical, dental, disability and other benefit plans and such perquisites of the Company as from time to time in effect and on a basis no less favorable than any other similarly situated employee of the
Company. 
  

	 	4.	Termination. 

 4.1 Termination Events. 

4.1.1 Employee’s employment and the Term shall terminate immediately upon the occurrence of any of the following: 

(i) the death of the Employee; 

(ii) the physical or mental disability of the Employee, whether totally or partially, such that, with or without reasonable accommodation,
the Employee is unable to perform the Employee’s essential functions of his or her job, for a period equal to the greater of three months or the eligibility waiting period under the Company’s
long-term disability insurance policy; or 
 (iii) notice of termination for
“Cause.” As used herein, “Cause” means: 
 (a) Employee’s inability or incapacity to satisfactorily
perform the essential functions of his or her job in a manner satisfactory to Company; 
 (b) Employee’s commission of any crime
involving dishonesty or moral turpitude; 
 (c) Misconduct, including but not limited to, insubordinate behavior, by Employee in the
performance of his or her job duties and responsibilities; 
 (d) Any conduct by Employee of a nature that reflects negatively upon the
Company or that would prevent Employee from being able to adequately perform his or her job duties and responsibilities; 

  
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 (e) Employee’s material failure to adequately perform his or her duties and
responsibilities as such duties and responsibilities are, from time to time, in the Company’s absolute discretion, determined not cured to the reasonable satisfaction of the Chief Executive Officer within thirty days after written notice to the
Employee by the Chief Executive Officer; or 
 (f) Employee’s material breach of any of Company’s established operating policies
and procedures as determined in the Company’s absolute discretion. 
 4.1.2 The Employee may immediately resign the Employee’s
position for Good Reason, and, in such event, the Term shall terminate. As used herein, “Good Reason” means without the Employee’s consent (i) material breach of this Agreement by the Company not cured to the
Employee’s reasonable satisfaction within thirty days after written notice to the Chief Executive Officer by the Employee. 
 4.1.3
The Company may terminate the Employee’s employment following notice of termination without Cause given by the Company and, in such event, the Term shall terminate. 

4.1.4 The Employee may voluntarily resign the Employee’s position following notice to the Company of The Employee’s intent to
voluntarily resign without Good Reason and, in such event, the Term shall terminate. 
 4.1.5 The date upon which Employee’s
employment and the Term terminate pursuant to this Section 4.1 shall be the Employee’s “Termination Date” for all purposes of this Agreement. 

4.2 Payments Upon a Termination Event. 

4.2.1 Following any termination of the Employee’s employment, the Company shall pay or provide to the Employee, or the Employee’s
estate or beneficiary, as the case may be: (i) Base Salary earned through the Termination Date; (ii) the balance of any awarded but as yet unpaid, annual cash bonus or other incentive awards for any fiscal year prior to the fiscal year
during which the Employee’s Termination Date occurs; (iii) any vested, but not forfeited benefits on the Termination Date, under the Company’s employee benefit plans in accordance with the terms of such plans; and (iv) benefit
continuation and conversion rights to which the Employee is entitled under the Company’s employee benefit plans. 
 4.2.2 Following
termination of Employee’s employment and the Term by reason of Section 4.1.1(i) or (ii), for the fiscal year during which the Termination Date shall occur, the Employee, or his or her estate or representative, as applicable, shall receive
in addition to the payments in Section 4.2.1 above, an annual cash bonus at target as set forth in Section 3.2, prorated from the first day of such fiscal year through the Termination Date. Such annual cash bonus shall be paid at the same
time such annual cash bonuses are normally paid to similarly situated employees of the Company. 

  
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 4.2.3 Following a termination by the Company without Cause or by the Employee for Good Reason,
the Company shall pay or provide to the Employee in addition to the payments in Section 4.2.1 above, (i) an annual cash bonus at target as set forth in Section 3.2, prorated from the first day of such fiscal year through the
Termination Date, which shall be paid at the same time as annual cash bonuses are normally paid to similarly situated Employees of the Company; (ii) Base Salary payable in accordance with the normal payroll cycles of the Company for fifty-two
weeks following the Termination Date; and (iii) if participating in the Company’s medical benefits at the time of termination, Company provided medical benefits for the Employee (and his or her eligible dependents) at active employee
contribution rates for fifty-two weeks following the Termination Date. COBRA coverage eligibility will be reduced during the period of severance coverage. If, and only if, required by law, the Company shall not commence payment of the amount
described in Section 4.2.3(ii) above until six months after the Termination Date. 
 4.2.4 Following a termination by the Employee
without Good Reason, the Company shall only be responsible to pay or provide to the Employee the payments in Section 4.2.1 above. Employee will not be eligible to receive any bonus payment upon termination without Good Reason. The Company will
issue Employee a COBRA notice in which he or she may continue his or her insurance coverage for a period of time allowed by law. 

4.3 General Release. 

4.3.1 The receipt of any payment as set forth in Section 4.2.3 shall be contingent upon the Employee’s execution of a general
release agreement reasonably acceptable to the Company that (i) waives any rights the Employee may otherwise have against the Company and its Affiliates, and its and their directors, officers, employees and agents, and (ii) releases the
Company and its Affiliates from actions, suits, claims, proceedings and demands related to the period of Employee’s employment and/or the termination of Employee’s employment. For purposes of this Agreement, “Affiliates”
means any individual, corporation, partnership, association, joint-stock company, trust, unincorporated association or other entity (other than the Company) that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with the Company. Notwithstanding the foregoing, said general release agreement shall exclude Employee’s right to enforce this Agreement, and Employee’s vested benefits and benefit continuation/conversion rights
under the Company’s employee benefit plans, and Employee’s right to indemnification under Section 6 of this Agreement. 
  

	 	5.	Restrictive Covenants. 

 Employee agrees to be bound by the Restrictive Covenants set
forth in Annex A, which is attached hereto and herein incorporated by reference. 

  
 5 

	 	6.	Indemnification. 

 The Company shall indemnify, defend, and hold harmless Employee in
accordance with the provisions of Article VI of the Company’s By-Laws. 
  

	 	7.	No Duty to Mitigate. 

 The Employee shall have no duty to mitigate any amounts payable to
him or her hereunder, and such amounts shall not be subject to reduction for any compensation received by Employee from employment in any capacity or other source following the termination of Employee’s employment with the Company and its
subsidiaries. 
  

	 	8.	Entire Agreement; Prior Agreements; Amendments; No Waiver. 

 This Agreement contains the
entire understanding between the parties hereto with respect to the subject matter hereof. This Agreement may not be changed or modified orally, but only by an instrument in writing signed by Employee and the Chief Executive Officer (or his
designee) of the Company. No failure on the part of either party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any partial exercise of any right hereunder preclude any further exercise
thereof. Without limiting the generality of the first sentence of this Section 8 any and all prior agreements or purported agreements between the Company and Employee are hereby terminated on and as of the Effective Date. In the event of any
difference between this Agreement and any other document referred to in this Agreement, this Agreement shall control. 
  

	 	9.	Withholding. 

 The Company shall be entitled to withhold from any and all amounts payable
to Employee hereunder such amounts as may, from time to time, be required to be withheld pursuant to applicable tax laws and regulations. 
  

	 	10.	Succession; Assignability; Binding Effect. 

 The Company may assign all of its rights and
obligations hereunder to any successor or successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company; provided, however, that the Company will
require each such successor or successors expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place, and further provided
that nothing contained herein shall act as a release of the Company of its obligations hereunder. This Agreement shall inure to the benefit of and shall be binding upon the Company and its successors and assigns. Employee may not assign, transfer,
pledge, encumber, hypothecate or otherwise dispose of this Agreement or any of his or her rights or obligations hereunder without the prior written consent of the Company, and any such attempted assignment, transfer, pledge, encumbrance,
hypothecation or other disposition without such consent shall be null and void and without effect. Notwithstanding the foregoing, it is expressly understood and agreed that the Employee’s estate shall be entitled to all monies due to Employee
hereunder in the event Employee dies at, or subsequent to, the termination of his or her employment, but prior to the receipt by Employee of monies due him or her pursuant to the terms hereof. 

  
 6 

	 	11.	Headings. 

 The Section and subsection headings contained herein are included solely for
convenience of reference and shall not control or affect the meaning or interpretation of any of the provisions of this Agreement. 
  

	 	12.	Notices. 

 Notice hereunder will be addressed to a party at Employee’s home address
in accordance with the Corporation’s personnel records or its corporate headquarters address. Either party may change its address for notice purposes by written notice to the other party in accordance with this Section 12. 

 

	 	13.	Governing Law. 

 This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida applicable to contracts made and to be performed wholly in that state, without giving effect to the principles thereof relating to conflicts or choice of laws. 

 

	 	14.	Execution in Counterparts. 

 This Agreement may be executed by the parties hereto in
counterparts, each of which shall be deemed to be an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. 

 

	 	15.	Construction. 

 The parties acknowledge that this Agreement is the result of
arm’s-length negotiations between sophisticated parties each afforded the opportunity to utilize representation by legal counsel. Each and every provision of this Agreement shall be construed as though both parties participated equally in the
drafting of same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this Agreement. 
  

	 	16.	Dispute Resolution. 

 (a) General. It is hereby mutually agreed between
Employee and the Company that any and all disputes between them (other than the Company’s enforcement of the provisions described in Annex A, which may be enforced in federal or state court as appropriate), including but not limited to, any
disputes arising out of or relating to the terms of this Agreement, or Employee’s employment or the termination of Employee’s employment, will be subject to resolution only through final and binding individual arbitration in accordance
with the applicable employment arbitration rules and procedures of the American Arbitration Association (“AAA”), as modified by applicable law and the terms of this Agreement. AAA’s employment rules and procedures are available at
http://www.adr.org. Employee expressly waives any right to file suit in court, to intervene or participate in another’s lawsuit or to seek 

  
 7 

 
any remedy against the Company and its Affiliates, and its and their directors, officers, employees, shareholders, and agents other than through arbitration. Employee also knowingly and willingly
agrees to waive any right he may have to a jury trial over any disputes regarding his or her hiring, employment, terms of employment, contractual rights, enforcement of this Agreement or enforcement of Annex A, or the termination of Employee’s
employment. The claims covered by this Agreement include, but are not limited to: contract claims; tort claims; wrongful termination claims of any kind; claims of discrimination, harassment or retaliation; wage claims; and claims for violation of
any public policy, federal, state or other governmental law, statute, regulation or ordinance. Nothing in this Agreement is intended to prohibit Employee from filing a claim or communicating with the United States Equal Employment Opportunity
Commission (“EEOC”) or the Florida Human Rights Commission (“FCHR”). 
 (b) Arbitration Procedure. A
demand for individual arbitration giving notice of any claim sought to be arbitrated must be filed with AAA within the limitations period established by applicable state law, or if the dispute raises issues that would support federal jurisdiction,
by applicable federal law. A neutral arbitrator will conduct the arbitration and will be selected in accordance with the AAA employment arbitration rules and procedures. The arbitration will take place in Tampa, Florida or other location which is
mutually agreeable to the parties. The arbitrator has authority to resolve all or portions of the dispute through a summary judgment motion and related proceeding(s). The arbitrator must allow the parties discovery sufficient to adequately arbitrate
their claims and defenses, even if the AAA rules and procedures are more restrictive. The arbitrator must render a written arbitration decision that reveals the essential findings and conclusions on which the decision is based. A party’s right
to appeal the decision is limited to grounds provided under applicable state law or, if the dispute raises issues that would support federal jurisdiction, under applicable federal law. All arbitrations are for individual claims and class
arbitrations are prohibited. 
 (c) Fees and Costs. In no event will Employee be required to pay administrative fees in excess
of the fees (if any) which would have been incurred by Employee had the dispute(s) arbitrated under this Agreement been litigated in state court or, if the dispute raises issues that would support federal jurisdiction, in federal court. The Company
will be responsible for all administrative fees exceeding such amount. The Company also will be responsible for paying the arbitrator’s hourly fees. The types of costs (as limited herein) for which Employee may be responsible include, without
limitation, filing fees, deposition costs, service of process costs, witness fees and transcript costs. The prevailing party in the arbitration is entitled to recover such actual costs and/or attorney’s fees that the prevailing party would be
entitled to recover in state court or, if the dispute raises issues that would support federal jurisdiction, in federal court. 
 (d)
Remedies and Limitation of Liability. The arbitrator has authority to order all remedies that would be available to the parties if the dispute between them was litigated in state court or, if the dispute raises issues
that would support federal jurisdiction, in federal court. Attorneys’ fees may be recovered by either party when authorized by contract, statute or law. In statutory claims of discrimination, the arbitrator may award reasonable attorneys’
fees (including expert fees) to either party as the prevailing party if it would be entitled to recover such fees in accordance with applicable legal standards in state court or, if the dispute raises issues that would

  
 8 

 
support federal jurisdiction, in federal court. Under federal discrimination law, any such award against Employee must comply with the legal standards in Christianburg Garment Co. v. E.E.O.C.,
434 U.S. 412 (1978), if applicable. In any claim brought by Employee for enforcement of this Agreement, the Arbitrator cannot award Employee anything other than actual damages. Under no set of circumstances will Employee be entitled to
compensatory, punitive, liquidated or other damages, if Employee were to prevail on a claim for enforcement of this Agreement. 
  

	 	17.	Corporate Opportunity. 

 During the Term, Employee shall submit to the Board all business,
commercial and investment opportunities or offers presented to Employee or of which Employee becomes aware, which relate to the business of the Company at any time during the Term (“Corporate Opportunities”). Unless approved by the
Board in writing after full disclosure, Employee shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Employee’s own behalf. 
  

	 	18.	Insurance. 

 The Company may, at its discretion, apply for and procure in its own name
and for its own benefit life and/or disability insurance on Employee in any amount or amounts considered advisable. Employee agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or
other instruments in writing as may be reasonably necessary to obtain and constitute such insurance. Employee hereby represents that he or she has no reason to believe that his or her life is not insurable at rates now prevailing for a healthy man
or woman of his or her age. 
  

	 	19.	Employee’s Representations. 

 Employee hereby represents and warrants to the Company
that: (i) the execution, delivery and performance of this Agreement by Employee do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Employee is a
party or by which he or she is bound; (ii) Employee is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity except as
disclosed to the Company prior to the date hereof; and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Employee, enforceable in accordance with its terms.
Employee hereby acknowledges and represents that he or she understands his or her rights and obligations under this Agreement and that he or she fully understands the terms and conditions contained herein. 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	 QUALITY DISTRIBUTION, INC.

		
	By:		 /s/ Gary R. Enzor

			Gary R. Enzor
			Chief Executive Officer
	
	 EMPLOYEE:

		
			 /s/ Melissa M. Ernst

			Melissa M. Ernst

  
 10 

 ANNEX A 

RESTRICTIVE COVENANTS 

In consideration of Employee’s employment with the Company, the provision by the Company of trade secrets and confidential information to
Employee, the Company’s introduction to Employee of its clients and customers, and other good and valuable consideration, Employee covenants and agrees to be bound as follows: 

 

	1.	NON-COMPETE 

 During the term of Employee’s employment and for a period of
twelve (12) months following the Separation Date, Employee will not, either on his or her own behalf or on behalf of any other person, firm or entity, individually or collectively, directly or indirectly: (i) engage in the bulk
transportation, transloading, tank cleaning, or container business, or any other business in which Company or any of its subsidiaries are engaged as of the Separation Date (collectively, the “Company Business”) in any geographic area in
which Company or any of its subsidiaries participated in the Company Business during the last twenty-four (24) months prior to the Separation Date; or (ii) compete with Company or any of its subsidiaries, or participate as an agent,
employee, officer, consultant, advisor, representative, stockholder, partner, member, joint venturer, or in any other capacity, or have any direct or indirect financial interest, in any enterprise that has any material operations engaged in the
Company Business in any geographic area in which QDI or any of its subsidiaries participated in the Company Business during the last 24 months prior to the Separation Date; provided, however, that nothing contained herein shall prohibit Employee
from: (i) owning no more than five percent (5%) of the equity of any publicly traded entity with respect to which Employee does not serve as an officer, director, employee, consultant or in any other capacity other than as an investor;
(ii) being employed by an enterprise that engages in the Company Business, but whose principal business is not the Company Business, if Employee’s involvement is limited to those operations that are not the Company Business; or
(iii) engaging in any employment, consulting, advisory, or representative capacity for any enterprise not engaged in the Company Business. 
  

	2.	CONFIDENTIALITY 

 (a) Employee will not use or disclose any Confidential
Information belonging to the Company, including its affiliates and subsidiaries. “Confidential Information” means information or data in written, electronic, or any other form, tangible or intangible, which is not generally known outside
the Company. Confidential Information includes, but is not limited to, 
 (i) business, financial and strategic information,
such as sales and earnings information and trends, material, overhead and other costs, profit margins, accounting information, banking and financing information, pricing policies, capital expenditure/investment plans and budgets, forecasts,
strategies, plans and prospects. 
 (ii) organizational and operational information, such as personnel and salary data,
information concerning the utilization or capabilities of personnel, facilities or equipment, logistics management techniques, methodologies and systems, methods of operation data and facilities plans, and including specifically the same information
with respect to owner/operators and affiliate or Company terminals; 

 (iii) advertising, marketing and sales information, such as marketing and
advertising data, plans, programs, techniques, strategies, results and budgets, pricing and volume strategies, catalog, licensing or other agreements or arrangements, and market research and forecasts and marketing and sales training and development
courses, aids, techniques, instruction and materials. 
 (iv) product and merchandising information, such as information
concerning offered or proposed products or services and the sourcing of the same, product or services specifications, data, drawings, designs, performance characteristics, features, capabilities and plans and development and delivery schedules. 

(v) information about existing or prospective customers, suppliers, such as customer and supplier lists and contact
information, customer preference data, purchasing habits, authority levels and business methodologies, sales history, pricing and rebate levels, credit information and contracts. 

(vi) technical information, such as information regarding plant and equipment organization, performance and design, information
technology and logistics systems and related designs, integration, capabilities, performance and plans, computer hardware and software, research and development objectives, budgets and results, intellectual property applications, and other design
and performance data. 
 (b) Employee will return to the Company upon termination of employment all property belonging to the Company,
including all Confidential Information in a tangible form. The restriction in this paragraph on using or disclosing Confidential Information extends beyond Employee’s employment with the Company, so long as the Confidential Information is not
generally known outside of the Company. 
  

	3.	NON-SOLICITATION/ NON HIRE 

 During the term of Employee’s employment and for
a period of twelve (12) months after the Separation Date (the “Non-Solicitation Expiration”), Employee will not solicit, hire, or make any other contact with, directly or indirectly, any customer of the Company or any of its
subsidiaries, who or which was a customer at any time during the twenty-four months prior to Employee’s Separation Date, with respect to the provision of any service to any such customer that is the same
or substantially similar to any offered or provided to such customer by the Company or any of its subsidiaries. 
 Employee will not, prior
to the Non-Solicitation Expiration, solicit or make any other contact regarding the Company or any of its subsidiaries with any union or similar organization which has a collective bargaining agreement, union contract or similar agreement with the
Company or any Subsidiary or affiliate or which is seeking to organize employees of the Company or any Subsidiary, with respect to any employee of the Company or such union’s or similar organization’s relationship or arrangements with the
Company or any subsidiary; provided, however, that nothing contained herein shall preclude Employee from having contact 

  
 2 

 
or dealing with any such union or similar organization on behalf of any enterprise that is not engaged in the Company Business, or for any enterprise that engages in the Company Business but
whose principal business is not the Company Business, if Employee’s involvement is limited to those operations that are not the Company Business. 

Employee will not, prior to the Non-Solicitation Expiration, solicit, hire, or make any other contact with, directly or indirectly, any person
who is an employee or independent contractor (including, without limitation, any of the Company’s truck drivers, owner/operators, or affiliate terminal operators, or the employees of fleet owners associated with any affiliate terminal operator)
of the Company or any of its subsidiaries or affiliates as or the Employee’s Separation Date (or any person who was employed by the Company or any of its subsidiaries or affiliates at any time during the three-month period prior to the
Employee’s Separation Date) with respect to any employment services or other business relationship. 
  

	4.	NON-DISPARAGEMENT 

 Employee will make or publish, or cause to be made or
published, any statement or information that disparages or defames the Company or any of its subsidiaries or affiliates, or any employees or representatives thereof. 
  

	5.	REMEDIES 

 Employee acknowledges that irreparable damage would occur in the event
of a breach of any of the provisions of this Annex A. Therefore, in addition to any other remedy to which Company may be entitled at law or in equity, Company shall be entitled to an injunction to prevent any such breach by Employee and to enforce
specifically the terms and provisions of this Annex A. 
  

	6.	SCOPE 

 If the scope of any restriction or requirement contained in this Annex A
is found by any court of competent jurisdiction to be too broad or restrictive to permit enforcement of such restriction or requirement to its full extent, then such restriction or requirement shall be enforced to the maximum extent permitted by
law, and the Employee consents and agrees that the court may modify the scope of such restriction or requirement so as to permit its enforcement. 
  

	
	AGREED:
	
	 /s/ Melissa M. Ernst

	Melissa M. Ernst

 DATE:
                                         
        

  
 3 

 Modification of Terms of Employment for Melissa Ernst 

February 17, 2011 
 Dear Melissa: 

The following will modify your Employment Agreement dated April 1, 2010 (the “Employment Agreement”) with Quality Distribution
Inc. (the “Company”) as follows, effective February 17, 2011: 
 Section 4.1.1 (iii) is replaced in its entirety
with the following: 
 (i) notice of termination for “Cause.” As used herein, “Cause” means (a) a
good faith finding by the Company of the Employee’s failure to satisfactorily perform Employee’s assigned duties for the Company as a result of Employee’s material dishonesty, gross negligence or intentional misconduct (including
intentionally violating any law, rule or regulation or any policy or guideline of the Company); (b) Employee’s conviction of, or the entry of a pleading of guilty or nolo contendere by Employee to, any crime involving moral
turpitude or any felony; or (c) a material breach of this Agreement by the Employee not cured to the reasonable satisfaction of the Chief Executive Officer within thirty days after written notice to the Employee by the Chief Executive Officer.

 The Company requests your signature below and your subsequent delivery of this letter agreement to the Company to evidence confirmation of your
understanding of and agreement to, the above-described changes to the terms of your employment as of February 17, 2011. Except as set forth herein, all other terms and provisions of the Employment Agreement remain unchanged and in full force
and effect. 
  

			
	By:		 /s/ Gary R. Enzor

			Gary R. Enzor
			Chief Executive Officer
		
			 /s/ Melissa Ernst

			Melissa Ernst

  
 4

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