Document:

exv10w1

 

Exhibit 10.1     

NASHUA CORPORATION

Restricted Stock Agreement

Granted Under

2007 Value Creation Incentive Plan

     This Restricted Stock Agreement (this “Agreement”) is made this [    ] day of [            ], 20[    ]
(the “Grant Date”), between Nashua Corporation, a Massachusetts corporation (the “Company”), and [            ] (the “Participant”).

     For valuable consideration, receipt of which is acknowledged, the parties hereto agree as
follows:

     1.     Grant and Issuance of Shares.

     The Company shall issue to the Participant, and the Participant shall acquire and accept from
the Company, subject to the terms and conditions set forth in this Agreement and in the Company’s
2007 Value Creation Incentive Plan (the “Plan”), [    ] shares (the “Shares”) of common stock, par
value $1.00 per share, of the Company (“Common Stock”). The Company shall issue to the Participant
one or more certificates in the name of the Participant for that number of Shares issued to the
Participant. The Participant agrees that the Shares shall be subject to (without limitation) the
forfeiture provisions set forth in Section 2 of this Agreement and the restrictions on transfer set
forth in Section 4 of this Agreement. The Participant agrees to the provisions set forth herein
and acknowledges that each such provision is a material condition to the Company’s agreement to
grant the Shares to the Participant.

     2.     Forfeiture of Unvested Shares.

             (a)     Notwithstanding any other provision of this Agreement, upon the earlier of (i) the
termination of the Participant’s employment with the Company for any reason or no reason, with or
without cause, or upon death or disability, and (ii) the third anniversary of the Grant Date, all
Unvested Shares (as defined below) shall, without further action of any kind by the Company, be
forfeited to the Company as of the date of such termination of employment or the third anniversary
of the Grant Date, as the case may be.

     “Unvested Shares” at any time means the total number of Shares multiplied by the Applicable
Percentage at such time. The “Applicable Percentage” shall, at any time, be 100% less the
following applicable percentage, if any:

     (i) 33% if the average of the last reported sales price per share of the Common Stock on the
NASDAQ Global Market (or other national securities exchange or nationally recognized trading
system) for a 40 consecutive trading day period ending on the third anniversary of the Grant Date
(the “40-Day Average Closing Price”) is equal to or greater than $11.00 and less than $12.00;

     (ii) 66% if the 40-Day Average Closing Price is equal to or greater than $12.00 and less than
$13.00; and

     (iii) 100% if the 40-Day Average Closing Price is equal to or greater than $13.00;

 

 

provided, however, that in the event the Participant’s employment with the Company is terminated by
the Company without “Cause” during the one-year period beginning on the second anniversary of the
Grant Date and ending on the third anniversary of the Grant Date, then in the event one of the
40-Day Average Closing Price targets is thereafter met as of the third anniversary of the Grant
Date, the Participant’s Shares shall vest as to a percentage of such Shares equal to the number of
days during such one-year period that the Participant was employed by the Company divided by 365,
provided that in no such event shall the number of Shares to so vest exceed the number that would
have otherwise vested had the Participant been employed as of such third anniversary of the Grant
Date.

             (b)     Notwithstanding any other provision of this Agreement, if, on the first anniversary of the
Grant Date, the Participant is not in compliance with any portion of the “Front-End Ownership
Requirement” set forth in the Company’s Executive Stock Ownership Guidelines as in effect as of the
Grant Date, a copy of which are attached to this Agreement as Exhibit A, then all of the
Shares shall, without further action of any kind by the Company, be forfeited to the Company as of
the first anniversary of the Grant Date and thereafter all calculations in this Agreement based on
the defined term “Shares” shall be based on the number of such Shares as reduced by this provision.
If the Participant achieves a portion, but not all, of the Front-End Ownership Requirement on the
first anniversary of the Grant Date, a pro rata portion of the Shares, equal to the pro rata
portion of the Front-End Ownership Requirement that is not achieved, shall, without further action
of any kind by the Company, automatically be forfeited to the Company as of the first anniversary
of the Grant Date and thereafter all calculations in this Agreement based on the defined term
“Shares” shall be based on the number of such Shares as reduced by this provision.

             (c)     For purposes of this Agreement, employment with the Company shall include employment with
a parent or subsidiary of the Company.

             (d)     For the purposes hereof, “Cause” shall mean (i) the Participant’s continued failure to
perform his reasonably assigned duties (other than any such failure resulting from incapacity due
to physical or mental illness), which failure is not cured within 60 days after written notice for
substantial performance is received by the Participant from the Board which identifies the manner
in which the Board believes the Participant has not substantially performed the Participant’s
duties, (ii) the Participant being convicted of a felony, or (iii) the Participant’s engagement in
illegal conduct or gross misconduct injurious to the Company.

     3.     Forfeiture Procedures.

             (a)     In the event any Shares are forfeited by the Participant pursuant to Section 2(a) or (b)
above, the Participant (or the Participant’s estate) shall, pursuant to the provisions of the Joint
Escrow Instructions referred to in Section 5 below, tender to the Company at its principal offices
the certificate or certificates representing the Shares so forfeited, duly endorsed in blank or
with duly endorsed stock powers attached thereto, all in form suitable for the transfer of such
Shares to the Company.

             (b)     After the time at which any Shares are required to be delivered to the Company for
transfer to the Company pursuant to Section 3(a) above, the Company shall not pay

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any dividend to the Participant on account of such Shares or permit the Participant to
exercise any of the privileges or rights of a stockholder with respect to such Shares, but shall,
in so far as permitted by law, treat the Company as the owner of such Shares.

     4.     Restrictions on Transfer. The Participant shall not sell, assign, transfer,
pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively
“transfer”) any Shares, or any interest therein, that are subject to the forfeiture provisions
under Sections 2 and 3 above, except that the Participant may transfer such Shares (i) to or for
the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other
relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust
established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the
restrictions on transfer set forth in this Section 4 and the forfeiture provisions set forth in
Sections 2 and 3 above) and such permitted transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all
of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially
all of the shares of capital stock of the Company (including pursuant to a merger or
consolidation), provided that, in accordance with the Plan, the securities or other
property received by the Participant in connection with such transaction shall remain subject to
this Agreement.

     5.     Escrow.

     The Participant shall, upon the execution of this Agreement, execute Joint Escrow Instructions
in the form attached to this Agreement as Exhibit B. The Joint Escrow Instructions shall
be delivered to the Clerk/Secretary of the Company, as escrow agent thereunder. The Participant
shall deliver to such escrow agent a stock assignment duly endorsed in blank, in the form attached
to this Agreement as Exhibit C, and hereby instructs the Company to deliver to such escrow
agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder.
Such materials shall be held by such escrow agent pursuant to the terms of such Joint Escrow
Instructions.

     6.     Restrictive Legends.

     All certificates representing Shares shall have affixed thereto legends in substantially the
following form, in addition to any other legends that may be required under federal or state
securities laws:

“The shares of stock represented by this certificate are subject to
restrictions on transfer and an option to purchase set forth in a
certain Restricted Stock Agreement between the corporation and the
registered owner of these shares (or owner’s predecessor in
interest), and such Agreement is available for inspection without
charge at the office of the Clerk/Secretary of the corporation.”

     7.     Provisions of the Plan.

             (a)     This Agreement is subject to the provisions of the Plan, a copy of which is furnished to
the Participant with this Agreement.

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             (b)     As provided in the Plan, upon the occurrence of a Reorganization Event (as defined in the
Plan), the repurchase and other rights of the Company hereunder shall inure to the benefit of the
Company’s successor and shall apply to the cash, securities or other property which the Shares were
converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the
same extent as they applied to the Shares under this Agreement. If, in connection with a
Reorganization Event, a portion of the cash, securities and/or other property received upon the
conversion or exchange of the Shares is to be placed into escrow to secure indemnification or
similar obligations, the mix between the vested and unvested portion of such cash, securities
and/or other property that is placed into escrow shall be the same as the mix between the vested
and unvested portion of such cash, securities and/or other property that is not subject to escrow.

     8.     Withholding Taxes; Section 83(b) Election.

             (a)     The Participant acknowledges and agrees that the Company has the right to deduct from
payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind
required by law to be withheld with respect to the issuance of the Shares to the Participant or the
lapse of the forfeiture provisions provided for herein.

             (b)     The Participant has reviewed with the Participant’s own tax advisors the federal, state,
local and foreign tax consequences of this investment and the transactions contemplated by this
Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own tax liability that
may arise as a result of this investment or the transactions contemplated by this Agreement. The
Participant understands that the Participant may elect to be taxed at the time the Shares are
acquired rather than when and as the forfeiture provisions provided for herein expire by filing an
election under Section 83(b) of the Code with the I.R.S. within 30 days from the date of purchase.

             THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE
COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE
COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF.

     9.     Miscellaneous.

             (a)     No Rights to Employment. The Participant acknowledges and agrees that the vesting
of the Shares under this Agreement is earned only by continuing service as an employee at the will
of the Company (not through the act of being hired or being issued Shares hereunder). The
Participant further acknowledges and agrees that the transactions contemplated hereunder and the
vesting schedule set forth herein do not constitute an express or implied promise of continued
engagement as an employee or consultant for the vesting period, for any period, or at all.

-4-

 

             (b)     Assignment. The Company shall have the right to assign this Agreement, or any
portions thereof, including its rights with respect to the forfeiture of Shares pursuant to
Sections 2 and 3 above, to any person or persons.

             (c)     Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

             (d)     Waiver. Any provision for the benefit of the Company contained in this Agreement
may be waived, either generally or in any particular instance, by the Board of Directors of the
Company.

             (e)     Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and the Participant and their respective heirs, executors, administrators, legal
representatives, successors and assigns, subject to the restrictions on transfer set forth in
Section 4 of this Agreement.

             (f)     Notice. All notices required or permitted hereunder shall be in writing and
deemed effectively given upon personal delivery or five days after deposit in the United States
Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto
at the address shown beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance with this Section
9(f).

             (g)     Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural, and vice versa.

             (h)     Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersedes all prior agreements and understandings, relating to the
subject matter of this Agreement.

             (i)     Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Participant.

             (j)     Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the Commonwealth of Massachusetts without regard to any
applicable conflicts of laws.

             (k)     Participant’s Acknowledgments. The Participant acknowledges that he or she: (i)
has read this Agreement; (ii) has been represented in the execution of this Agreement by legal
counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii)
understands the terms and consequences of this Agreement; and (iv) is fully aware of the legal and
binding effect of this Agreement.

-5-

 

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

	 	 	 	 	 
	 	NASHUA CORPORATION

 	 
	 	By:  	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

	 	 	 	 	 
	 

	 	Address:
	 	11 Trafalgar Square, Second Floor

Nashua, NH 03063

	 	 	 	 	 
	 	PARTICIPANT

 	 
	 	 	 
	 	Name:  	 	 
	 	Address 	 
	 

-6-EXHIBIT 4-1
	 

	 
		FORM OF 6.85%
		EXCHANGE CERTIFICATE
	 

	 
		                                Unless this Certificate is
		presented by an authorized representative of DTC to the Pass Through Trustee or
		its agent for registration of transfer, exchange or payment, and any
		Certificate issued is registered in the name of Cede & Co., or in such
		other name as is requested by an authorized representative of DTC (and any
		payment is made to Cede & Co., or to such other entity as is requested by
		an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
		FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
		registered owner hereof, Cede & Co., has an interest herein. 
	 

	 

	 
	 

	 

	 
		[ERISA
		Legend]
	 

	 
		                                BY ITS ACQUISITION OF ANY
		CERTIFICATE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND
		WARRANTED, ON EACH DAY FROM THE DATE ON WHICH THE HOLDER ACQUIRES THE
		CERTIFICATE THROUGH AND INCLUDING THE DATE ON WHICH THE HOLDER DISPOSES OF ITS
		INTEREST IN SUCH CERTIFICATE, EITHER THAT (A) ON EACH DAY FROM THE DATE OF
		PURCHASE THROUGH THE DATE OF DISPOSITION OF A CERTIFICATE OR ANY INTEREST
		THEREIN, NO PORTION OF THE ASSETS USED BY IT FOR PURCHASING AND HOLDING A
		CERTIFICATE OR ANY INTEREST THEREIN CONSTITUTES ASSETS OF A PLAN SUBJECT TO THE
		EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
		(“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT
		SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
		“CODE”), ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE THE ASSETS
		OF ANY PLAN SUBJECT TO ERISA OR OTHER PLAN, OR A GOVERNMENTAL PLAN WHICH IS
		SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE
		PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (EACH, A
		“PLAN”), (B) ALL OR A PORTION OF THE ASSETS USED BY IT FOR PURCHASING
		OR HOLDING A CERTIFICATE OR ANY INTEREST THEREIN 
	 

	 

	 
	 

	 

	 
		CONSTITUTE ASSETS
		OF A PLAN (“PLAN ASSETS”), PROVIDED (I) THE HOLDER IS AN ENTITY WHOSE
		UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE PLAN ASSETS SOLELY BECAUSE OF
		INVESTMENTS IN THE HOLDER BY BENEFIT PLAN INVESTORS AND NOT BECAUSE IT IS A
		PLAN; (II) LESS THAN 25% OF ITS ASSETS ARE PLAN ASSETS; AND (III) THE
		ACQUISITION AND HOLDING OF SUCH CERTIFICATE OR INTEREST THEREIN DOES NOT
		CONSTITUTE A TRANSACTION PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF
		THE CODE OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR
		FEDERAL, STATE OR LOCAL LAW (“PROHIBITED TRANSACTION”) OR DOES
		CONSTITUTE A PROHIBITED TRANSACTION BUT AN EXEMPTION IS AVAILABLE WITH RESPECT
		TO SUCH TRANSACTION, AND THE CONDITIONS OF SUCH EXEMPTION HAVE AT ALL RELEVANT
		TIMES BEEN SATISFIED.
	 

	 

	 
	 

	 

	 	 	
			 
				Bruce Mansfield
				Unit 1 2007 Pass Through Trust
			 

		  
	 	 
	 	
			 
				6.85%
				Exchange
Certificate due 2034
			 

		  
	 	 
	 	
			 
				CUSIP:
			 

		  
	 	 
	 	
			 
				Final
				Distribution Date:  June 1, 2034
			 

		  
	 	 
	 	evidencing a fractional undivided interest in a trust, 
 the
			 property of which includes certain notes secured 
 by certain separate
			 property leased to the Bruce 
 Mansfield Unit 1 2007 Pass Through
			 Trust
	 	 
	Certificate No.	 $                
			 Fractional Undivided Interest

	 
		                                THIS CERTIFIES THAT CEDE &
		CO. or its registered assigns, for value received, is the registered owner of a
		$                  
		Fractional Undivided Interest in the Bruce Mansfield Unit 1 2007 Pass Through
		Trust (the “Pass Through Trust”) created pursuant to a Pass
		Through Trust Agreement, dated as of June 26, 2007 (the
		“Agreement”) among FirstEnergy Generation Corp., an Ohio
		corporation (the “Lessee”), FirstEnergy Solutions Corp., an
		Ohio corporation (the “Guarantor”), and The Bank of New York
		Trust Company, N.A., as trustee (the “Pass Through Trustee”),
		a summary of certain of the pertinent provisions of which is set forth below.
		To the extent not otherwise defined herein, the capitalized terms used herein
		have the meanings assigned to them in the Agreement. This Certificate is one of
		the duly authorized Certificates designated as “6.85% Exchange
		Certificates due 2034” (herein called the
		“Certificates”). This Certificate is issued under and is
		subject to the terms, provisions and conditions of the Agreement, to which
		Agreement the Holder of this Certificate by virtue of the acceptance hereof
		assents and by which such Holder is bound. The property of the Pass Through
		Trust includes certain Lessor Notes (the “Trust Property”).
		Each Lessor Note is secured by a security interest in the Undivided Interest
		subject to the Lease relating to the Indenture under which such Lessor Note was
		issued and certain other related property described in such Indenture, and
		liability thereunder is limited to the income and proceeds of such
		security.
	 

	 
		                                Subject to and in accordance with
		the terms of the Agreement, from funds then available to the Pass Through
		Trustee, there will be distributed on each June 1 and December 1 (a
		“Distribution Date”), commencing on December 1, 2007, to
		the person in whose name this Certificate is registered at the close of
		business on the day of the month which is fifteen days preceding the
		Distribution Date, an amount in respect of the Scheduled Payments on the Lessor
		Notes due on such Distribution Date, the receipt of which has been confirmed by
		the Pass Through Trustee, equal to the product of the percentage interest in
		the Pass Through Trust evidenced by this Certificate and an amount equal to the
		sum of such Scheduled Payments. Subject to and in accordance with the terms of
		the Agreement, in the event that Special Payments on the Lessor Notes are
		received by the Pass Through Trustee, from funds then available to the Pass
		Through Trustee, there shall be distributed on the applicable Special
		Distribution Date, to the Person in whose name this Certificate is registered
		at the close of business on the day of the month which is fifteen days
		preceding the Special Distribution Date, an amount in respect of 
	 

	 

	 
	 

	 

	 
		such Special Payments
		on the Lessor Notes, the receipt of which has been confirmed by the Pass
		Through Trustee, equal to the product of the percentage interest in the Pass
		Through Trust evidenced by this Certificate and an amount equal to the sum of
		such Special Payments so received. The Special Distribution Date shall be
		determined as provided in the Agreement. If a Distribution Date or Special
		Distribution Date is not a Business Day, distribution shall be made on the
		immediately following Business Day. The Pass Through Trustee shall mail notice
		of each Special Payment and the Special Distribution Date therefor to the
		Holders of the Certificates.
	 

	 
		                                Distributions on this Certificate
		will be made by the Pass Through Trustee (i) if (A) The Depository Trust
		Company (“DTC”) is the Certificateholder of record of this
		Certificate, or (B) a Certificateholder holds a Certificate or Certificates in
		an aggregate amount greater than $10,000,000, or (C) a Certificateholder holds
		a Certificate or Certificates in an aggregate amount greater than $1,000,000
		and so requests to the Pass Through Trustee, by wire transfer in immediately
		available funds to an account maintained by such Certificateholder with a bank,
		or (ii) if none of the above apply, by check mailed to such Certificateholder
		at the address appearing in the Register, without the presentation or surrender
		of this Certificate or the making of any notation hereon. Except as otherwise
		provided in the Agreement and notwithstanding the above, the final distribution
		on this Certificate will be made after notice mailed by the Pass Through
		Trustee of the pendency of such distribution and only upon presentation and
		surrender of this Certificate at the office or agency of the Pass Through
		Trustee specified in such notice.
	 

	 
		                                This Certificate shall be
		governed by and construed in accordance with the law of the State of New
		York.
	 

	 
		                                Reference is hereby made to the
		further provisions of this Certificate set forth on the reverse hereof, which
		further provisions shall for all purposes have the same effect as if set forth
		at this place.
	 

	 
		                                Unless the certificate of
		authentication hereon has been executed by the Pass Through Trustee, by manual
		signature, this Certificate shall not be entitled to any benefit under the
		Agreement or be valid for any purpose.
	 

	 

	 
	 

	 

	 
		                                IN WITNESS WHEREOF, the Bruce
		Mansfield Unit 1 2007 Pass Through Trust has caused this Certificate to be duly
		executed.
	 

	 	 	BRUCE MANSFIELD UNIT 1 2007 PASS 
 THROUGH TRUST
		  
		 
		By:	THE BANK OF NEW YORK TRUST 
 COMPANY, N.A.,
 as Pass Through
			 Trustee
		 
	 	By:  
 	______________________________________
	 	 	Name:
	 	 	Title: 

 

	 
	 

	 

	 
		[Reverse Of
		Certificate]
	 

	 
		                                This Certificate does not
		represent a direct obligation of, or an obligation guaranteed by, or an
		interest in, the Lessee, the Guarantor, any Owner Lessor, any Owner Participant
		or the Pass Through Trustee or any affiliate thereof. The Certificates are
		limited in right of payment, all as more specifically set forth in the
		Agreement. All payments or distributions made to Certificateholders under the
		Agreement shall be made only from the Trust Property and only to the extent
		that the Pass Through Trustee shall have received sufficient income or proceeds
		from the Trust Property to make such payments in accordance with the terms of
		the Agreement. Each Holder of this Certificate, by its acceptance hereof,
		agrees that it will look solely to the income and proceeds from the Trust
		Property to the extent available for distribution to such Holder as provided in
		the Agreement. This Certificate does not purport to summarize the Agreement and
		reference is made to the Agreement for information with respect to the
		interests, rights, benefits, obligations, proceeds and duties evidenced hereby.
		A copy of the Agreement may be examined during normal business hours at the
		principal office of the Pass Through Trustee, and at such other places, if any,
		designated by the Pass Through Trustee, by any Certificateholder upon
		request.
	 

	 
		                                The Agreement permits, with
		certain exceptions therein provided, the amendment thereof and the modification
		of the rights and obligations of the Lessee and the Guarantor and the rights of
		the Certificateholders under the Agreement at any time by the Lessee, the
		Guarantor and the Pass Through Trustee with the consent of the Holders of
		Certificates evidencing Fractional Undivided Interests aggregating a majority
		in interest of the Fractional Undivided Interests evidenced by all Certificates
		at the time Outstanding (as determined pursuant to the terms of such
		Agreement). Any such consent by the Holder of this Certificate shall be
		conclusive and binding on such Holder and upon all future Holders of this
		Certificate and of any Certificate issued upon the transfer hereof or in
		exchange hereof or in lieu hereof whether or not notation of such consent is
		made upon this Certificate. The Agreement also permits the amendment thereof,
		in certain limited circumstances, without the consent of the Holders of any of
		the Certificates.
	 

	 
		                                As provided in the Agreement and
		subject to certain limitations therein set forth, the transfer of this
		Certificate is registrable in the Register upon surrender of this Certificate
		for registration of transfer at the offices or agencies maintained by the Pass
		Through Trustee in its capacity as Registrar, or by any successor Registrar, in
		the Borough of Manhattan, The City of New York, duly endorsed or accompanied by
		a written instrument of transfer in form satisfactory to the Pass Through
		Trustee and the Registrar duly executed by the Holder hereof or such
		Holder’s attorney duly authorized in writing, and thereupon one or more
		new Certificates of authorized denominations evidencing the same aggregate
		Fractional Undivided Interest in the Pass Through Trust will be issued to the
		designated transferee or transferees.
	 

	 
		                                The Certificates are issuable
		only as registered Certificates without coupons in minimum denominations of
		$2,000 and any integral multiples of $1,000 in excess thereof. As provided in
		the Agreement and subject to certain limitations therein set forth,
		Certificates are exchangeable for new Certificates of authorized denominations
		evidencing the same aggregate Fractional Undivided Interest in the Pass Through
		Trust, as requested by the Holder surrendering the same.
	 

	 

	 
	 

	 

	 
		                                No service charge will be made
		for any such registration of transfer or exchange, but the Pass Through Trustee
		shall require payment of an amount sufficient to cover any tax or charge
		payable in connection therewith.
	 

	 
		                                The Pass Through Trustee, the
		Lessee, the Guarantor, the Owner Lessors, the Registrar and any agent of the
		Pass Through Trustee or the Registrar shall treat the person in whose name this
		Certificate is registered as the owner hereof for all purposes, and none of the
		Pass Through Trustee, the Lessee, the Guarantor, the Owner Lessors, the
		Registrar or any such agent shall be affected by any notice to the
		contrary.
	 

	 
		                                The obligations and
		responsibilities created by the Agreement and the Pass Through Trust created
		thereby shall terminate upon the distribution to Certificateholders of all
		amounts required to be distributed to them pursuant to the Agreement and the
		disposition of all property held as part of the Trust Property.

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