Document:

Exhibit 10.5

 

Greencity Acquisition Corporation

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

February 21, 2019

 

Cynthia Management Corporation

Craigmuir Chambers

Road Town

Tortola

British Virgin Islands

 

RE:         Securities
Subscription Agreement

 

Ladies and Gentlemen:

 

Greencity Acquisition Corporation,
a Cayman Islands exempted company (the “Company”), is pleased to accept the offer Cynthia Management Corporation,
a British Virgin Islands business company (the “Subscriber” or “you”), has made to subscribe
for and purchase 1,150,000 ordinary shares (the “Shares”), $0.0001 par value per share (the “Ordinary
Shares”), up to 150,000 of which are subject to complete or partial forfeiture by you if the underwriters of the Company’s
initial public offering (“IPO”) of units (“Units”) do not fully exercise their over-allotment
option (the “Over-allotment Option”).  The terms (this “Agreement”) on which the Company
is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are
as follows:

 

1.             Purchase
of Shares.

 

For the sum of $25,000 (the “Purchase
Price”), which the Company acknowledges as having previously been received by it, in cash, the Company hereby sells and
issues the Shares to the Subscriber, and the Subscriber hereby subscribes for and purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement.  Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the Shares (the “Original Certificate”) or effect such delivery in book-entry form. 
All references in this Agreement to shares of the Company being forfeited shall take effect as surrenders for no consideration
of such shares as a matter of Cayman Islands law.

 

2.             Representations,
Warranties and Agreements.

 

2.1          Subscriber’s
Representations, Warranties and Agreements.  To induce the Company to issue the Shares to the Subscriber, the Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       No
Government Recommendation or Approval.  The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Shares.

 

2.1.2       No
Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber
is subject.

 

    1

     

    

 

2.1.3       Organization
and Authority.  The Subscriber is a British Virgin Islands business company, validly existing and in good standing under
the laws of the British Virgin Islands and possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.  Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement
of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and
subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4       Experience,
Financial Capability and Suitability.  Subscriber is:  (i) sophisticated in financial matters and is able to
evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment
in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined
below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available.  Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its own interests.  Subscriber must bear the economic risk of this investment until the Shares are sold pursuant
to:  (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available
with respect to such sale.  Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete
loss of Subscriber’s investment in the Shares.

 

2.1.5       Access
to Information; Independent Investigation.  Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained.  In determining whether to make this investment, Subscriber has relied solely
on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence
investigation and the information furnished pursuant to this paragraph.  Subscriber understands that no person has been authorized
to give any information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber
has not relied on any other representations or information in making its investment decision, whether written or oral, relating
to the Company, its operations and/or its prospects.

 

2.1.6       Private
Offering.  The Subscriber represents that it is (a) an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or (b) not a “U.S.
Person” as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. Subscriber acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within
the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law or to a non-U.S. Person
under Regulation S. Accordingly, the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, and therefore may not be offered, pledged or sold by Subscriber, directly or indirectly, in the United States
without registration under United States federal and state securities laws or an exemption therefrom and Subscriber understands
the certificates representing the Shares will contain a legend in respect of such restrictions. The Subscriber did not decide to
enter into the Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the
Securities Act or as a result of any “directed selling efforts” within the meaning of Rule 902 under Regulation S.

 

2.1.7       Investment
Purposes.  The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. 
The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 under the Securities Act.

 

2.1.8       Restrictions
on Transfer; Shell Company.  The Subscriber understands the Shares are being offered in a transaction not involving a
public offering within the meaning of the Securities Act. The Shares have not been registered under the Securities Act, and, if
in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold,
pledged or otherwise transferred only (A) in accordance with the provisions of Regulation S (Rule 901 through 905), (B) pursuant
to a registration under the Securities Act, or (C) pursuant to an available exemption from registration. Subscriber agrees that
if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company and
Rule 144 may not be available to the Subscriber for the resale of the Shares until one year following the consummation of a business
combination despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

    2

     

    

 

2.1.9       No
Governmental Consents.  No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2          Company’s
Representations, Warranties and Agreements.  To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1       Organization
and Corporate Power.  The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company.  The Company possesses all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement.

 

2.2.2       No
Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Memorandum and Articles of Association
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3       Title
to Shares.  Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration on the register
of members of the Company, the Shares will be duly and validly issued, fully paid and nonassessable.  Upon issuance in accordance
with, and payment pursuant to, the terms hereof the Subscriber will have or receive good title to the Shares, free and clear of
all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements
to which the Shares may be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4       No
Adverse Actions.  There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which:  (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

3.             Forfeiture
of Shares.

 

3.1          Partial
or No Exercise of the Over-allotment Option.  In the event the Over-allotment Option granted to the underwriters of the
IPO is not exercised in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 150,000 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and any such transferees)
will own an aggregate number of Shares (not including Ordinary Shares underlying the private placement units to be issued to the
Subscriber or Ordinary Shares issuable upon exercise of any warrants or any securities purchased by Subscriber in the IPO or in
the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following the IPO.

 

3.2          Termination
of Rights as Shareholder.  If any of the Shares are forfeited in accordance with this Section 3, then after such
time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company
shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3          Share
Certificates.  In the event an adjustment to the Original Certificate, if any, is required pursuant to this Section 3,
then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its
receipt of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. 
The New Certificate, if any, shall be returned to the Subscriber as soon as practicable.  Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.

 

    3

     

    

 

4.             Waiver
of Liquidation Distributions; Redemption Rights.

 

In connection with the Shares purchased
pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public shareholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a
liquidation of the Company upon the Company’s failure to timely complete an initial business combination.  For purposes
of clarity, in the event the Subscriber purchases securities in the IPO or in the aftermarket, any Ordinary Shares so purchased
shall be eligible to receive any liquidating distributions by the Company.  However, in no event will the Subscriber have
the right to redeem any Ordinary Shares held by it into funds held in the Trust Account upon the successful completion of an initial
business combination.

 

5.             Restrictions
on Transfer.

 

5.1          Securities
Law Restrictions.  In addition to any restrictions to be contained in that certain letter agreement (commonly known as
an “Insider Letter”) dated on or prior to the closing of the IPO by and between Subscriber and the Company,
Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws
with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from
counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from
registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with
all applicable state securities laws.

 

5.2          Lock-up. 
Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the
Insider Letter.  Pursuant to the Insider Letter, Subscriber will agree (subject to certain exceptions) not to sell, transfer,
pledge, hypothecate or otherwise dispose of (i) 50% of the Shares until the earlier to occur of:  (A) six months after
the completion of the Company’s initial business combination or (B) the date on which the last sale price of the Ordinary
Shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
business combination and (ii) the remaining 50% of the Shares until six months after the completion of the Company’s initial
business combination.  Notwithstanding the foregoing, the aforesaid restrictions shall lapse if, subsequent to the consummation
of the Company’s initial business combination, the Company consummates a subsequent liquidation, merger, stock exchange or
other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property.

 

5.3          Restrictive
Legends.  All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THESE SECURITIES (i) HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER
THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER THE SECURITIES ACT,
(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO
ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM
OF THE LOCKUP.”

 

    4

     

    

 

5.4          Additional
Shares or Substituted Securities.  In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3.  Appropriate adjustments to reflect the distribution of such securities or property shall be made to the
number of Ordinary Shares subject to this Section 5 and Section 3.

 

5.5          Registration
Rights.  Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights
Agreement”).

 

6.             Other
Agreements.

 

6.1          Further
Assurances.  Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2          Notices. 
All notices, statements or other documents which are required or contemplated by this Agreement shall be:  (i) in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or
such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party.  Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3          Entire
Agreement.  This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company
and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement,
embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.

 

6.4          Modifications
and Amendments.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed
by all parties hereto.

 

6.5          Waivers
and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent
shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

    5

     

    

 

6.6          Assignment. 
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7          Benefit. 
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8          Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of the State of New York applicable to contracts wholly performed within the borders of such state, without
giving effect to the conflict of law principles thereof.

 

6.9          Severability. 
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.  In the event
that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10        No
Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or
remedy of such party.  No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder.  The election of any remedy by
a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.  No notice to
or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.11        Survival
of Representations and Warranties.  All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12        No
Broker or Finder.  Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other.  Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13        Headings
and Captions.  The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14        Counterparts. 
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an
original thereof.

 

    6

     

    

 

6.15        Construction. 
The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. 
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.”  Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires.  The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited.  The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance.  If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to
the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16        Mutual
Drafting.  This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.             Voting
and Tender of Shares.

 

Subscriber agrees to vote the Shares
in favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders
and shall not seek redemption with respect to any of the Shares.  Additionally, the Subscriber agrees not to tender any Shares
in connection with a tender offer presented to the Company’s shareholders in connection with an initial business combination
negotiated by the Company.

 

8.             Indemnification.

 

Each party shall indemnify the other
against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s
breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    7

     

    

 

If the foregoing accurately sets
forth our understanding and agreement, please sign the enclosed copy of the Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	Greencity Acquisition Corporation
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name: Yanming Liu
	 	 	Title: Chief Executive Officer

 

	 	Accepted and agreed, February 21, 2019
	 	 
	 	Cynthia Management Corporation
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name: Yanming Liu
	 	 	Title: Director

 

[Signature page to Subscription
Agreement]

 

    8lksd-ex41_33.htm

Execution Version

 

 Exhibit 4.1

 

THIS INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this “Instrument”), dated as of June 16, 2020 (“Effective Date”), is by and among LSC Communications, Inc., a Delaware corporation having its principal office at 191 N. Wacker Drive, Chicago, Illinois 60606 (the “Company”), the Subsidiary Guarantors party hereto, Wilmington Trust, National Association, a national banking association, having offices at 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402 (the “Successor Trustee”), and Wells Fargo Bank, National Association, a national banking association duly organized and existing under the laws of the United States of America having a corporate trust office at 150 East 42nd Street, 40th Floor, New York, NY 10017 (the “Resigning Trustee”).  Capitalized terms used but not otherwise defined herein shall have the same meaning ascribed to such terms in the Indenture (as defined below).

 

RECITALS

 

WHEREAS, pursuant to an Indenture dated as of September 30, 2016, (as may be supplemented and amended from time to time, the “Indenture”), entered into by the Company, the Subsidiary Guarantors from time to time party thereto and the Resigning Trustee, the Company issued $450,000,000.00 aggregate principal amount of its 8.750% Senior Secured Notes due 2023 (the “Notes”);

 

WHEREAS, the Company appointed the Resigning Trustee as the Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture;

 

WHEREAS, there is presently issued and outstanding $450,000,000.00 in aggregate principal amount of Notes;

 

WHEREAS, pursuant to the direction and authorization granted by Holders to the Resigning Trustee under section 7.15 of the Indenture, the Resigning Trustee is party to that certain Intercreditor and Collateral Agency Agreement, dated as of September 30, 2016, among the Company, the other Grantors (as defined therein), the Resigning Trustee, as the Notes Collateral Agent, Bank of America, N.A., as the Credit Agreement Collateral Agent (as defined therein), and each additional collateral agent from time to time party thereto (the “Intercreditor Agreement”);

 

WHEREAS, the Resigning Trustee acts as Collateral Agent under the Notes Security Documents, which include the material Notes Security Documents listed on Exhibit A hereto (the “Material Security Documents”);

 

WHEREAS, on April 13, 2020 (the “Petition Date”), the Company and certain of its affiliates, including the Subsidiary Guarantors, filed voluntary petitions for relief under chapter 11 of title 11 of the Bankruptcy Code (the “Bankruptcy Filing”), 11 U.S.C. § 101 et seq., in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”);

 

 

 

WHEREAS, on April 15, 2020, the Bankruptcy Court ordered the bankruptcy cases to be jointly administered at Case No. 20-10950-SHL;

 

WHEREAS, Section 7.10(b) of the Indenture provides that the Trustee may at any time resign by giving 30 days’ written notice of such resignation to the Company, and the Company has agreed to waive and dispense with such notice requirement;

 

WHEREAS, Section 9.03 of the Intercreditor Agreement provides that any successor collateral agent appointed pursuant to the Indenture shall without further act succeed as Notes Collateral Agent (as defined therein) under the Intercreditor Agreement;

 

WHEREAS, the Resigning Trustee desires to resign as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture, and in its related roles under the other Notes Documents, and the Company desires to appoint the Successor Trustee to succeed the Resigning Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture, and in its related roles under the other Notes Documents;

 

WHEREAS, the Successor Trustee is willing to accept the appointment as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture, and the related roles under the other Notes Documents, as applicable;

 

WHEREAS, all parties hereto confirm that (i) the Indenture requires the Company to pay the Resigning Trustee for all services rendered by it under the Indenture and in connection with the Notes and to indemnify the Resigning Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties thereunder and the Indenture grants the Resigning Trustee liens prior to the Notes as security for the performance of the obligations of the Company under Section 7.07 of the Indenture (each a “Prior Lien”) and (ii) all of the rights and interests of the Resigning Trustee under Section 7.07 of the Indenture are continuing and shall survive the resignation of the Resigning Trustee;

 

WHEREAS, the Successor Trustee agrees that it will exercise its Prior Liens for the benefit of the Resigning Trustee to pay any and all amounts owed to the Resigning Trustee (in any and all capacities) under the Indenture and related documents and that all of the Resigning Trustee’s fees and expenses (in any and all capacities) arising out of or in connection with the Indenture and the Notes shall be paid pari passu with the Successor Trustee (in any and all capacities), in connection with any and all funds it receives or any distribution that it makes under the Indenture;

 

NOW, THEREFORE, in consideration of the covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

2

 

 

1.Acceptance of Resignation of Resigning Trustee; Appointment of Successor Trustee.  The Resigning Trustee hereby resigns as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and in its related roles under the other Notes Documents.  The Company and the Subsidiary Guarantors hereby accept the resignation of the Resigning Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and in its related roles under the other Notes Documents.  The Company and the Subsidiary Guarantors hereby appoint the Successor Trustee to succeed the Resigning Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and in its related roles under the other Notes Documents.  The Company and the Subsidiary Guarantors hereby acknowledge that, as of the Effective Date, the Successor Trustee shall hold all rights, powers, trusts, duties and obligations which the Resigning Trustee now holds under and by virtue of the Indenture and the other Notes Documents as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent and in its related roles thereunder.  The Company and the Subsidiary Guarantors shall execute and deliver such further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest in and confirm to the Successor Trustee all the rights, powers, trusts, duties and obligations hereby assigned, transferred, delivered and confirmed to the Successor Trustee. 

 

2.Company’s and Subsidiary Guarantors’ Representations, Warranties and Covenants.  Each of the Company and the Subsidiary Guarantors represents, warrants and covenants to the Successor Trustee as of the Effective Date that:

 

	
 
	
a.
	
It is duly organized and validly existing under the laws of the jurisdiction in which it is incorporated.

 

	
 
	
b.
	
As debtor in possession in chapter 11 bankruptcy proceedings pending in the Southern District of New York, it has full power, authority, and right to execute, deliver and perform this Instrument and this Instrument constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

	
 
	
c.
	
The Notes Documents were validly and lawfully executed and delivered by the Company and the Subsidiary Guarantors and are in full force and effect.

 

	
 
	
d.
	
The current outstanding aggregate principal amount of the Notes is $450,000,000.00.

 

	
 
	
e.
	
Other than in connection with the Bankruptcy Filing, there is no action, suit or proceeding pending or, to the best of the Company’s or the Subsidiary Guarantor’s knowledge, threatened against the Company or Subsidiary Guarantors before any court or any governmental authority arising out of any act or omission of the Company or Subsidiary Guarantors under the Indenture or the other Notes Documents.

3

 

 

	
 
	
f.
	
As of the Petition Date, no event had occurred and was continuing which was, or after notice or lapse of time would become, an Event of Default under the Indenture, except for the Bankruptcy Filing.

 

	
 
	
g.
	
The Company has, by a Board Resolution which is in full force and effect on the date hereof, authorized the undersigned officers of the Company to:  (a) accept Resigning Trustee’s resignation as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and in its related roles under the other Notes Documents; (b) appoint Successor Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and the related roles under the other Notes Documents; and (c) execute and deliver such documents, including, without limitation, this Instrument and other instruments as may be necessary or desirable to effectuate the succession of Successor Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and the related roles under the other Notes Documents.

 

	
 
	
h.
	
All conditions precedent relating to the appointment of the Successor Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and the related roles under the other Notes Documents, have been complied with by the Company and Subsidiary Guarantors, and such appointment is permitted by the Indenture and the other Notes Documents.

 

	
 
	
i.
	
The list of Material Security Documents set forth on Exhibit A hereto is a true, correct, and complete list of all material Notes Security Documents, and there are no other material Notes Security Documents except those set forth on Exhibit A hereto.  Except as set forth on Exhibit A hereto, the Material Security Documents have not been amended or supplemented and remain in full force and effect.  The Company and the Subsidiary Guarantors have delivered true and correct copies of all Material Security Documents to the Successor Trustee.

 

	
 
	
j.
	
Reasonably promptly and no later than forty-five (45) calendar days after the Effective Date, (i) the Company and the Subsidiary Guarantors shall take, or cause to be taken, all actions and execute and deliver all such documents necessary to assign the Liens and security interests in and on all of the Collateral created by the Notes Security Documents from the Resigning Trustee to the Successor Trustee and to perfect the Liens and security interests in and on all such Collateral created by the Notes Security Documents (the “Assignment Actions”), and (ii) the Company, on behalf of itself and the Subsidiary Guarantors, shall deliver an executed Officers’ Certificate to the Resigning Trustee and Successor Trustee, in the form attached as Exhibit B hereto or otherwise in form and substance satisfactory 

4

 

	
 
		
to the Resigning Trustee and Successor Trustee, certifying that all Assignment Actions have been completed.  Upon the date that all Assignment Actions have been completed (the “Assignment Completion Date”), the Subsidiary Guarantors hereby authorize the Company to deliver the Officers’ Certificate as set forth in this clause (i).

 

	
 
	
k.
	
The Indenture (as supplemented and/or amended from time to time) remains in full force and effect.

 

3.Resigning Trustee Representations and Warranties.  The Resigning Trustee hereby represents and warrants to the Successor Trustee as of the Effective Date that:

 

	
 
	
a.
	
It has full power, authority, and right to execute, deliver and perform this Instrument and this Instrument constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

	
 
	
b.
	
To the best of the knowledge of the Responsible Officer of the Resigning Trustee, no covenant or condition contained in the Indenture has been waived by the Resigning Trustee or by the holders of the percentage in aggregate principal amount of Notes required by the Indenture to effect any such waiver.

 

	
 
	
c.
	
To the best of the knowledge of the Responsible Officer of the Resigning Trustee, there is no action, suit, or proceeding pending, or threatened, against the Resigning Trustee before any court or governmental authority arising out of any action or omission by the Resigning Trustee as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent or Collateral Agent under the Indenture or any related roles under the other Notes Documents.

 

	
 
	
d.
	
Each person who so authenticated the Notes was duly elected, qualified  and acting as an officer of the Resigning Trustee and empowered to authenticate the Notes at the times of such authentication and the  signature of such  person  or persons appearing on such Notes is each such person’s genuine signature.

 

	
 
	
e.
	
As of the Effective Date, the Resigning Trustee shall hold no money or property with respect to the Notes under the Indenture.

 

	
 
	
f.
	
To the best of the knowledge of the Resigning Trustee’s Responsible Officers, the Resigning Trustee has lawfully discharged its duties as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent or Collateral Agent under the Indenture and in its related roles under the other Notes Documents.

 

5

 

	
 
	
g.
	
The Resigning Trustee shall deliver to Successor Trustee, on or immediately after the Effective Date, (i) all of the items listed on Exhibit C hereto, and (ii) all possessory Collateral listed on Exhibit D hereto.

 

	
 
	
h.
	
The Resigning Trustee certifies that $450,000,000.00 in principal amount of Notes is outstanding and interest due on the Notes has been paid to October 15, 2019.

 

	
 
	
i.
	
The Indenture and the other Notes Documents to which the Resigning Trustee are a party were validly and lawfully executed and delivered by the Resigning Trustee and the Indenture (as supplemented and/or amended from time to time) remains in full force and effect. 

 

4.Successor Trustee Representations, Warranties and Covenants.  The Successor Trustee represents, warrants and covenants to the Resigning Trustee and the Company as of the Effective Date that:

 

	
 
	
a.
	
The Successor Trustee is eligible to serve as Trustee under Section 7.09 of the Indenture.

 

	
 
	
b.
	
It has full power, authority, and right to execute, deliver and perform this Instrument and this Instrument constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

	
 
	
c.
	
Successor Trustee hereby agrees that it will exercise its Prior Liens for the benefit of the Resigning Trustee to pay any and all amounts owed to the Resigning Trustee (in any and all capacities) under the Indenture and related documents and that all of the Resigning Trustee’s fees and expenses (in any and all capacities) arising out of or in connection with the Indenture and the Notes shall be paid pari passu with the Successor Trustee (in any and all capacities), in connection with any and all funds it receives or any distribution that it makes under the Indenture.

 

5.Assignment by Resigning Trustee.  

 

a.Effective on the Effective Date, the Resigning Trustee hereby confirms, assigns, transfers, delivers and conveys to the Successor Trustee, as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture, and each of its related roles under the other Notes Documents, all rights, powers, trusts, duties and obligations which the Resigning Trustee now holds under and by virtue of the Notes Documents and effective as of such date does hereby pay over to the Successor Trustee any and all property and moneys held by the Resigning Trustee under and by virtue of the Notes Documents. 

 

b.Effective as of the Effective Date, the Resigning Trustee hereby assigns to the Successor Trustee, each of the Liens and security interests granted to the Resigning 

6

 

Trustee under the Notes Security Documents (together with any claims, awards, and judgments, if any, in favor of the Resigning Trustee in connection with the Notes Security Documents) and the Successor Trustee hereby assumes all such Liens and security interests, for its benefit and for the ratable benefit of all other Secured Parties under the Notes Security Documents.  The Resigning Trustee, the Company and the Subsidiary Guarantors hereby authorize the Company and the Subsidiary Guarantors (and to the extent required, the Successor Trustee) to file and/or record assignments and/or amendments with respect to UCC financing statements, mortgages and deeds of trust, filings in the United States Patent and Trademark Office, the United States Copyright Office and similar offices in other jurisdictions, and other filings in respect of the Collateral as may be necessary or as the Successor Trustee, the Company or the Subsidiary Guarantors may in their reasonable judgment deem necessary to evidence the Successor Trustee’s succession as “Collateral Agent” or “Collateral Trustee” under the Notes Documents.  

 

c.In the event that, after the Effective Date, the Resigning Trustee receives any principal, interest or other amount explicitly owing to any Holder or the Successor Trustee under the Indenture or any other Notes Documents, the Resigning Trustee agrees that such amounts shall be held in trust for such Holders or the Successor Trustee, as applicable, and the Resigning Trustee shall promptly return without setoff or counterclaim such payment (other than as provided under the Indenture) to the Successor Trustee for payment to the Person entitled thereto.

 

d.This Agreement does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant to the Indenture.  The Company acknowledges its obligation set forth in Section 7.07 of the Indenture to indemnify the Resigning Trustee for, and to hold the Resigning Trustee harmless against, any loss, liability or expense incurred without negligence or willful misconduct on the part of the Resigning Trustee and arising out of or in connection with the acceptance or administration of the trust evidenced by the Indenture (which obligation shall survive the execution hereof).

 

6.Acceptance by Successor Trustee.  

a.The Successor Trustee accepts its appointment as Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and the related roles under the other Notes Documents, and shall assume said rights, powers, trusts, duties and obligations upon the terms and conditions set forth in the Notes Documents.  References in the Indenture to the “Corporate Trust Office” or other similar terms shall be deemed to refer to the Corporate Trust Office of the Successor Trustee at 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402 or any other office of the Successor Trustee at which, at any particular time, its corporate trust business shall be administered.  

b.Promptly after the execution and delivery of this Instrument, the Successor Trustee shall cause a notice, the form of which is annexed hereto as Exhibit E, to be sent to the Company and each Holder of the Notes.  

7

 

c.The Successor Trustee shall have no liability or responsibility under or related to the Indenture or the other Notes Documents for any period prior to the Effective Date or for any act or omission of the Resigning Trustee or any of its agents, under or related to the Indenture or the other Notes Documents.  For the avoidance of doubt, nothing herein shall affect the rights, privileges, indemnities, exculpations, immunities, and other protections of the Trustee, Registrar, Custodian, Paying Agent, Transfer Agent and Collateral Agent under the Indenture and the related roles under the other Notes Documents, which shall remain in full force and effect for the benefit of the Successor Trustee.

7.Additional Documentation.  The Resigning Trustee, the Company and the Subsidiary Guarantors, for the purposes of more fully and certainly vesting in and confirming to the Successor Trustee the rights, powers, trusts, duties and obligations hereby assigned, transferred, delivered and conveyed, agree, upon reasonable request of the Successor Trustee, to execute, acknowledge and deliver, at the Company’s expense, such further instruments of conveyance and further assurance, and to do such other things as may reasonably be required by the Successor Trustee to effect or evidence (of public record or otherwise) the succession and the assignment of Liens herein contemplated; provided, that any document, instrument or agreement, including, without limitation, the assignments and/or amendments to the filings in respect of the Collateral referred to in Sections 2 and 5 hereto, to be furnished or executed by, or any other action to be taken by the Resigning Trustee shall be reasonably satisfactory to it. Without limiting the foregoing, the Company and the Subsidiary Guarantors agree to promptly deliver, or cause to be delivered (in accordance with the time period set forth in Section 2), (i) true copies of all title insurance policies and endorsements thereto issued to the Resigning Trustee with respect to each Mortgaged Property; and (ii) insurance certificates and endorsements to the Successor Trustee, naming the Successor Trustee as loss payee or additional insured, as appropriate, in respect of all insurance policies required to be maintained pursuant to the Notes Documents.

 

8.Privileged Information.  It is the intention and understanding of the Resigning Trustee and the Successor Trustee that any exchange of information under this Instrument that is otherwise protected against disclosure by privilege, doctrine or rule of confidentiality (such information, “Privileged Information”), whether before or after the Effective Date (i) shall not waive any applicable privilege, doctrine, or rule of protection from disclosure, (ii) shall not diminish the confidentiality of the Privileged Information and (iii) shall not be asserted as a waiver of any such privilege, doctrine or rule by the Resigning Trustee or the Successor Trustee.

 

9.Choice of Laws.  This Instrument shall be governed by the laws of the State of New York.  

 

10.Amendments.   No amendment shall be made to this Instrument without the written consent of all parties hereto which may be provided in counterparts.

 

11.Counterparts.  This Instrument may be executed in any number of counterparts, each of which, when so executed and delivered, shall be deemed an original, 

8

 

but all counterparts shall constitute but one Instrument.  Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.

 

12.Patriot Act.The Company and the Subsidiary Guarantors acknowledge that, in accordance with Section 326 of the USA Patriot Act, the Successor Trustee, like all financial institutions, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Successor Trustee.  The Company and the Subsidiary Guarantors agree that they will provide the Successor Trustee with such information as it may reasonably request in order for it to satisfy the requirements of the USA Patriot Act.

 

13.Notices.  All notices, whether faxed or mailed, will be deemed received in accordance with Section 13.01 of the Indenture to the following:

 

TO THE SUCCESSOR TRUSTEE:

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402
Attention: Peter Finkel

Facsimile: (612) 217-5651

E-mail:  PFinkel@WilmingtonTrust.com

 

With a copy to:

 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

Attention: Mark R. Somerstein

Facsimile: (646) 728-1663

Email:  mark.somerstein@ropesgray.com 

 

TO THE RESIGNING TRUSTEE:

 

Wells Fargo Bank, National Association

600 S. 4th Street, 6th Floor

MAC N9300-061

Minneapolis, MN 55479

Attention: Thomas M. Korsman

Facsimile: (866) 680-1777

E-mail:  thomas.m.korsman@wellsfargo.com

 

TO THE COMPANY OR THE SUBSIDIARY GUARANTORS:

 

9

 

c/o LSC Communications, Inc.

191 N. Wacker Drive

Chicago, Illinois 60606

Attention: Suzanne S. Bettman

Facsimile: (312) 326-8594

E-mail:  sue.bettman@lsccom.com

 

With a copy to:

 

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Attention: Robert W. Downes and S. Neal McKnight

Facsimile: (212) 291-9043

E-mail: downesr@sullcrom.com and mcknightn@sullcrom.com 

 

14.Administrative Expense; Reservation of Rights.  The parties hereto acknowledge and agree that nothing in this Instrument shall elevate the status of any claim of the Resigning Trustee or the Successor Trustee as against the Company, the Subsidiary Guarantors or their bankruptcy estates to that of an administrative expense claim or priority claim as a result of the execution and delivery of this Instrument after the Petition Date, and all parties reserve all rights with respect to the allowance and payment of any claims under the Indenture, including the right of the Resigning Trustee or the Successor Trustee, as the case may be, to assert an administrative expense claim for compensation, reimbursement, expenses or indemnity under the Indenture.

 

15.Effectiveness.  This Instrument and the resignation, appointment and acceptance effected hereby shall be effective as of the close of business on the Effective Date, upon the execution and delivery hereof by each of the parties hereto; provided, that the resignation of the Resigning Trustee as Registrar, Custodian, Paying Agent and Transfer Agent and the appointment of Successor Trustee as Registrar, Custodian, Paying Agent and Transfer Agent under the Indenture shall be effective on the earlier to occur of (i) ten (10) Business Days after the Effective Date, and (ii) the date that the Depositary swings the position of Resigning Trustee to Successor Trustee.

 

[remainder of page left intentionally blank]

 

 

10

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Instrument as of the date first set forth above.

 

 

Wells Fargo Bank, National Association, as Resigning Trustee

 

By:  /s/ Ryan Thomas              

Name:Ryan Thomas

   Title:  Vice President

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Instrument as of the date first set forth above.

 

 

Wilmington Trust, National Association, as Successor Trustee

 

By:  /s/ Peter Finkel              

Name:Peter Finkel

   Title:   Vice President 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Instrument as of the date first set forth above.

 

 

LSC Communications, Inc., as Company

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

Courier Communications LLC

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

Courier Kendallville, Inc.

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

Courier New Media, Inc.

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

Dover Publications, Inc.

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

LSC Communications Logistics, LLC

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

LSC Communications MM LLC

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

 

 

LSC Communications US, LLC

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

LSC International Holdings, Inc.

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

National Publishing Company

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

 

Publishers Press, LLC

 

By:  /s/ Suzanne S. Bettman               

Name:Suzanne S. Bettman

   Title:  Secretary

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