Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

    

    Exhibit 10.1

    SEPARATION AGREEMENT

    THIS SEPARATION AGREEMENT (this "Agreement") is made on the 30th day of  October 2020

    BY AND BETWEEN:

    (1) Net 1 UEPS Technologies Inc., a company incorporated under the laws of Florida with IRS Employer Identification number 98-0171860, of 4th Floor, President Place, Cnr Jan Smuts Avenue and Bolton Road, Rosebank, Johannesburg 2196, South Africa (the "Company"); and

    (2) Philippus Stefanus Meyer, being the holder of the passport of the Republic of South Africa carrying the number XXX and of XXX ("Philip Meyer");

    (collectively hereinafter referred to as the "Parties").

    WHEREAS:

    A. The Company is the owner of a number of companies worldwide which are collectively known as the Ceevo Group. Philip Meyer has been engaged as a director of, and/or has performed an executive or consultancy role in, several such Ceevo Group companies. A list of those Ceevo Group companies of which Philip Meyer is a director and/or in which he has performed an executive role is at Appendix A to this Agreement.

    B. In or about September 2020, the Company decided to close the Ceevo Group's businesses, including those Ceevo Group companies in Appendix A.  Following discussions, the Company and Philip Meyer have agreed that Philip Meyer will resign as a director of those Ceevo Group companies of which he is a director, and that his engagement in an executive role in any Ceevo Group company or any consultancy role, whether directly, or through another entity shall be terminated, on the terms and conditions contained in this Agreement.

    

    NOW IT IS HEREBY AGREED AS FOLLOWS:

    1. Resignation as director and termination of engagement

    1.1 Philip Meyer will resign from his directorships and other offices he holds (if any) in the following Ceevo Group companies (of which he is not the sole director) with effect from the date of this Agreement:

    (i) Net1 Malta Holdings Limited (Malta)

    (ii) Ceevo Financial Services (Malta) Ltd. (Malta)

    (iii) Transact 24 (Mauritius) Limited (Mauritius)

    (iv) Ceevo Pty Limited (Australia)

    (v) Ceevo Pte Limited (Singapore)

    (vi) Transact 24 (UK) Limited (UK)

    (vii) Ceevo Blockchain Ventures Limited (Liechtenstein)

     At the same time as he executes this Agreement, Philip Meyer will sign resignation letters addressed to the above companies in the form attached at Appendix B hereto.  Philip Meyer will also take such further action and execute such further documents and/or instruments as may be necessary to give effect to such resignations as director of the above companies.  All documents to give effect to such resignations will be provided to Philip Meyer in a complete format by the Company and all instructions in relation to said further action and resignations will be given in written form and by a person authorized by the Company.

    1.2 Philip Meyer will remain as a director of each of the following Ceevo Group companies (of which he is the sole director) until he is instructed to resign as a director by the Company.  Such instruction will be given in written form and by a person authorized by the Company.

    (i) Transact24 Limited (Hong Kong)

    (ii) Transact24 Inc (Saipan)

    (iii) Transact24 LLC (USA)

    
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    (iv) Tin 16 Datenverarbeitungs - AG (Austria)

    (v) Ceevo Financial Services (UK) Limited (UK)

    (vi) Ceevo Limited (Hong Kong)

    (vii) Masterpayment GmbH (Germany)

    (viii) Summit Payment Services AG (Liechtenstein)

    (ix) Masterpayment Limited (UK)

    Philip Meyer will cooperate and act in accordance with all reasonable instructions of the Company and when so instructed by the Company, he will resign from his directorships and other offices he holds (if any) in those companies.  At the same time as he executes resignation letters under clause 1.1, Philip Meyer will sign undated resignation letters addressed to the above companies in the form attached at Appendix B hereto.  Philip Meyer will take such further action and execute such further documents and/or instruments as may be necessary to give effect to his obligations under this clause. All documents to give effect to his obligations under this clause will be provided to Philip Meyer in a complete format by the Company and all instructions in relation to said further action and resignation will be given in written form and by a person authorized by the Company.

    1.3 Without prejudice to his obligation under clause 1.2 to remain temporarily as a director of certain Ceevo Group companies, with effect from the date of this Agreement, Philip Meyer will cease to perform any executive or consultancy role in or with any Ceevo Group company, whether directly or through another entity, and Philip Meyer shall:

    (i) terminate any agreement between himself and any Ceevo Group company under which he performs any executive or consultancy role;

    (ii) procure any entity through which he performs any executive or consultancy role in or with any Ceevo Group company to terminate such agreements(s); and

    (iii) procure his wife and/or associates to terminate any agreement between any of them and any Ceevo Group company.

    1.4 Pursuant to clause 1.3 above, the agreements which Philip Meyer agrees to terminate and/or procure the termination of, include but are not limited to, the Regulation of Operations Agreement dated 2 January 2008 between himself and Transact24 Limited (the "Regulation of Operations Agreement"), and the Operations Agreement dated September 2006 between Transact24 Limited and Redfieldlane Consulting Limited (the "Operations Agreement").  In this regard, Philip Meyer agrees to:

    
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    (i) terminate the Regulation of Operations Agreement, and as director of Transact24 Limited to procure it to terminate the Regulation of Operations Agreement, by signing, at the same time as he executes this Agreement, the termination letter addressed to him by Transact24 Limited in the form attached at Appendix C hereto; and

    (ii) procure Redfieldlane Consulting Limited and Transact24 Limited to terminate the Operations Agreement, by signing, at the same time as he executes this Agreement, the termination letter addressed to him by Transact24 Limited in the form attached at Appendix D hereto. 

    1.5 Philip Meyer and the Company mutually waive any rights either of them may have to receive notice or payment in lieu of notice in respect of the termination of Philip Meyer's executive or consultancy role in any Ceevo Group company as required under any instrument or applicable laws.

    2. Final Payment

    2.1 Within 7 days after the date of this Agreement, the Company will pay Philip Meyer, by remitting to an account designated by him, an ex gratia payment in the sum of HK$150,000, which payment is subject to the terms and conditions as set out hereunder.

    2.2 Philip Meyer shall be solely responsible for the filing of tax returns and the payment of all taxes, whether in Hong Kong or overseas, in relation to the said payment of HK$150,000, and agrees to indemnify and keep the Company indemnified on a continuing basis against any claim or demand which is made against the Company in respect of any liability of the Company to deduct an amount of tax or any amount in respect of tax from the said payment of HK$150,000, including any interest or penalties imposed in connection therewith.

    
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    3. Transfer of ownership of car by Transact24 Limited to Philip Meyer

    3.1 Within 7 days after the date of this Agreement, the Company will procure Transact24 Limited to transfer to Philip Meyer at nil consideration the ownership of the Porsche Macan motor car with registration mark XXX (the "Car"), as more particularly described in a copy of the Vehicle Registration Document annexed at Appendix E to this Agreement. 

    3.2 The Car shall be transferred to Philip Meyer in 'as-is' condition and Philip Meyer shall prepare the paperwork necessary to effect the transfer of ownership and bear any costs associated with the transfer of the ownership.

    3.3 For the avoidance of doubt, Philip Meyer acknowledges and agrees that from the date of signature of this agreement, neither the Company nor Transact24 Limited will be responsible for any liability, claim, loss, damage or expense of any kind or nature caused directly or indirectly by the Car or its use.

    3.4 If Philip Meyer fails to take the steps necessary to effect the transfer of ownership of the Car, such that the ownership of the Car is not transferred from Transact24 Limited to Philip Meyer by no later than 20 February 2021, Transact24 Limited shall retain the ownership of the Car, and the Company shall be released from its obligation under this clause to procure Transact24 Limited to transfer the ownership of the Car to Philip Meyer.

    4. Transfer of ownership of boat by Transact24 Limited to Philip Meyer

    4.1 Within 7 days after the date of this Agreement, the Company will procure Transact24 Limited to transfer to Philip Meyer at nil consideration the ownership of the Mercruiser motor boat, with the name "Graceaholic" and Licence No. XXX (the "Boat"), further details of which are contained at Appendix F to this Agreement. 

    4.2 The Boat shall be transferred to Philip Meyer in 'as-is' condition and Philip Meyer shall prepare the paperwork necessary to effect the transfer of ownership and bear any costs associated with the transfer of the ownership.

    
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    4.3 From the date of this Agreement, Philip Meyer shall be responsible for any cost of mooring or berthing the Boat. 

    4.4 For the avoidance of doubt, Philip Meyer acknowledges and agrees that from the date of signature of this agreement, neither the Company nor Transact24 Limited will be responsible for any liability, claim, loss, damage or expense of any kind or nature caused directly or indirectly by the Boat or its use.

    4.5 If Philip Meyer fails to take the steps necessary to effect the transfer of ownership of the Boat, such that the ownership of the Boat is not transferred from Transact24 Limited to Philip Meyer by no later than 20 February 2021, Transact24 Limited shall retain the ownership of the Boat, and the Company shall be released from its obligation under this clause to procure Transact24 Limited to transfer the ownership of the Boat to Philip Meyer.

    5. Full and final settlement of claims and continuing obligations

    5.1 Philip Meyer and the Company agree that the ex gratia payment provided under clause 2.1 herein is made to him by the Company in full and final settlement of all claims of whatever nature, whether contractual or otherwise, known or unknown, which Philip Meyer has or may have, whether directly or through another entity, now or in the future, in any jurisdiction worldwide, against the Company or any of its associated or related companies (including but not limited to the Ceevo Group companies), or each of their respective officers, directors, employees, servants or agents, arising out of or in connection with Philip Meyer's engagement as a director of, or in an executive or consultancy or any other role in or with, any Ceevo Group company (including but not limited to those companies listed in Appendix A hereto), whether directly or through another entity, or the termination or cessation of such engagement or otherwise (collectively referred to as the "Claims"). 

    5.2 Philip Meyer agrees that upon receipt of the ex gratia payment provided under clause 2.1 herein, he shall immediately release and discharge the Company, and all its associated or related companies, and each of their respective officers, directors, employees, servants and agents (together the "Releasees") from any or all Claims.  In this regard, Philip Meyer represents and warrants that there are no obligations which any of the Releasees have to any other person or entity owned or controlled by Philip Meyer or any of his associates or relatives.  Philip Meyer also agrees to expressly waive his rights to file any action, charge or complaint in respect of the Claims, and confirms that he has not filed, has not caused to be filed and is not presently a party to any such action, charge or complaint in any forum or form. 

    
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    5.3 For the avoidance of doubt, the release and waiver of claims set out above do not extend to the duties and obligations of the Parties under this Agreement, and nothing herein shall be construed to limit or preclude any claim or right of action of either Party in respect of the enforcement of the terms of this Agreement.

    5.4 Without prejudice to clauses 3 and 4 herein, Philip Meyer shall, within 7 days after the date of this Agreement, return all the property of the Company, and all its associated or related entities (including but not limited to those Ceevo Group companies listed in Appendix A hereto), including but not limited to all documents, equipment, keys, samples, staff card, keys, laptop computers and other electronic devices such as mobile phones, manuals, records, reports, materials and documents relating to the practice, the business affairs, dealings, and customers and suppliers of the Company or any of its associated or related entities, and any intangible property, which are in Philip Meyer's possession, control or custody.  The Company will provide a repository into which all relevant electronically stored documents will be uploaded by Philip Meyer.

    5.5 Philip Meyer warrants, covenants and undertakes that he has not, and will not take or make any unauthorized copies of any documents or information of the Company or any of its associated or related entities in whatever form (including electronic form) stored in whatever medium. 

    5.6 Philip Meyer accepts and agrees that his implied duties relating to confidential information and intellectual property rights of the Company or any of its associated or related entities (including but not limited to those Ceevo Group companies listed in Appendix A hereto) should continue after his resignation of directorships of Ceevo Group companies pursuant to this Agreement.

    
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    5.7 The Company will indemnify Philip Meyer against all actions, claims, liabilities, damages and losses suffered or incurred by him as a result of or in connection with actions taken pursuant to, and in strict accordance with, written directions given by the Company to Philip Meyer after the date of this Agreement.  For the avoidance of doubt, the Company will not indemnify Philip Meyer against any actions, claims, liabilities, damages and losses suffered or incurred by him as a result of or in connection with his exercise of, or omission to exercise, any of the rights, powers, authorities or discretions vested in him due to his holding of the office as a director, or in performing an executive or consultancy role for, any of the Ceevo Group companies, whether directly or through another entity, prior to the date of this Agreement.

    5.8 The Parties hereto agree to hold secret and confidential and not to disclose the contents of this Agreement, save to their legal advisors and auditors, or as otherwise required by law or regulation of the United States Securities and Exchange Commission or any securities exchange.

    6. Miscellaneous

    6.1 No amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed by each of the Parties hereto.

    6.2 This Agreement contains the entire understanding between the Parties in relation to the subject matter hereunder and supersedes any prior understanding or agreement (whether written or oral) in relation to the subject matter hereunder.

    6.3 The subject headings of this Agreement are for reference only and shall not form part of this Agreement.

    6.4 If any provision of this Agreement is held to be invalid or unenforceable in whole or in part, the remaining provisions of this Agreement shall not be affected and shall continue to be valid and enforceable to the greatest extent permitted by law.

    6.5 Philip Meyer declares that he has read this entire document and that he understands the nature, effect and extent of this Agreement and signs this Agreement voluntarily. He further confirms that he has sought, or has been given sufficient opportunity to seek (in the case where he has chosen not to do so), his own legal advice.

    
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    6.6 This Agreement shall be governed by the laws of Hong Kong SAR and both Parties agree to submit to the non-exclusive jurisdiction of the courts/tribunals of Hong Kong.

    6.7 The Company and Philip Meyer agree that clause 5.2 of this Agreement confers benefits on the Releasees. The Company and Philip Meyer agree that any party within the meaning of the Releasees is entitled to enforce clause 5.2 of this Agreement directly against Philip Meyer as envisaged by the Contracts (Rights of Third Parties) Ordinance.

    6.8 This Agreement may be signed in any number of counterparts, each of which when executed shall be binding on the party who has executed it and all of which when taken together shall constitute one and the same document.

    --- Signature page to follow ---

    
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    --- Signature page to the Agreement 

    between Net 1 UEPS Technologies Inc. and Philippus Stefanus Meyer ---

    IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written.

    SIGNED by /s/ AMR Smith )

    for and on behalf of )

    NET 1 UEPS TECHNOLOGIES  )

    INC. )

     )

    /s/ PS Meyer

    SIGNED by PHILIPPUS STEFANUS MEYER )

     )

     )

     )

    

    
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Exhibit 10.1

FORM OF
TREMONT MORTGAGE TRUST
Share Award Agreement
This Share Award Agreement (this “Agreement”) is made as of «DATE», 2020, between «NAME» (the “Recipient”) and Tremont Mortgage Trust (the “Company”).
In consideration of the mutual promises and covenants contained in this Agreement, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.    Grant of Shares.  Subject to the terms and conditions hereinafter set forth and the terms and conditions of the Tremont Mortgage Trust 2017 Equity Compensation Plan, as it may be amended from time to time (the “Plan”), the Company hereby grants to the Recipient, effective as of the date of this Agreement, «NUMBER» of its common shares of beneficial interest, par value $0.01 per share (the “Common Shares”).  The shares so granted are hereinafter referred to as the “Shares,” which term shall also include any shares of the Company issued to the Recipient by virtue of his or her ownership of the Shares, by share dividend, share split or combination, recapitalization or otherwise.
2.    Vesting; Forfeiture of Shares.
(a)    Subject to Sections 2(b) and 2(c) hereof, the Shares shall vest one-fifth of the total number of Shares as of the date hereof and as to a further one-fifth of such total number of Shares on each anniversary of the date hereof for the next four calendar years.  Any Shares not vested as of any date are herein referred to as “Unvested Shares.”
(b)    Subject to Section 2(c) hereof, at the option of the Company, in the event the Recipient ceases to render significant services, whether as an employee or otherwise, to (i) the Company, (ii) the entity which is the manager or shared services provider to the Company or an entity controlled by, under common control with or controlling such entity (collectively, the “Manager”), or (iii) an affiliate of the Company (which shall be deemed for such purpose to include any other entity to which the Manager is the manager or shared services provider), all or any portion of the Unvested Shares shall be forfeited by the Recipient on or after the date the Recipient ceases to render all such services, as determined by the Company.  The Company may exercise such option by delivering or mailing to the Recipient (or his or her estate), at any time after the Recipient has ceased to render such services, a written notice of exercise of such option.  Such notice shall specify the number of Unvested Shares to be forfeited.
(c)    Notwithstanding anything in this Agreement to the contrary, immediately upon the occurrence of an Acceleration Event (as defined below), all of the Unvested Shares shall vest and any forfeiture or other rights of the Company described in Section 2(b) shall lapse in their entirety, and such vesting and lapse of forfeiture or other 
{S2661943; 1}    

Company rights shall also immediately apply to each other Common Share previously granted to the Recipient which then remains subject to comparable restrictions and rights.  For purposes of this Section 2(c), an Acceleration Event shall be deemed to occur immediately upon the occurrence of any of the following events: a Change in Control, a Termination Event (as each such term is defined in Exhibit A hereto) or the death of the Recipient.
3.    Legends.  Vested and Unvested Shares granted under this Agreement may bear or contain, as applicable, such legends and notations as may be required by the Plan or the Company’s declaration of trust, any applicable supplement thereto or bylaws, each as in effect from time to time, or as the Company may otherwise determine appropriate.
Promptly following the request of the Recipient with respect to any Shares (or any other Common Shares previously granted to the Recipient), the Company shall take, at its sole cost and expense, all such actions as may be required to permit the Recipient to sell such shares including, as applicable and without limitation, providing to the Company’s transfer agent certificates of officers of the Company, and opinions of counsel and/or filing an appropriate registration statement, and taking all such other actions as may be required to remove the legends set forth above with respect to transfer and vesting restrictions from the certificates evidencing such shares and, if applicable, from the share books and records of the Company.  The Company shall reimburse the Recipient, promptly upon the receipt of a request for payment, for all expenses (including legal expenses) reasonably incurred by the Recipient in connection with the enforcement of the Recipient’s rights under this paragraph.  
4.    Tax Withholding.  To the extent required by law, the Company or the Manager shall withhold or cause to be withheld income and other taxes incurred by the Recipient by reason of a grant of Shares, and the Recipient agrees that he or she shall, upon the request of the Company or the Manager, pay to the Company or to the Manager an amount sufficient to satisfy his or her tax withholding obligations from time to time (including as Shares become vested).
5.    Miscellaneous.
(a)    Amendments.  Neither this Agreement nor any provision hereof may be changed or modified except by an agreement in writing executed by the Recipient and the Company; provided, however, that any change or modification that does not adversely affect the rights hereunder of the Recipient, as they may exist immediately prior to the effective date of such change or modification, may be adopted by the Company without an agreement in writing executed by the Recipient, and the Company shall give the Recipient written notice of such change or modification reasonably promptly following the adoption of such change or modification.
(b)    Binding Effect of the Agreement.  This Agreement shall inure to the benefit of, and be binding upon , the Company, the Recipient and their respective estates, heirs, executors, transferees, successors, assigns and legal representatives.
{S2661943; 1}                    2

(c)    Provisions Separable.  In the event that any of the terms of this Agreement shall be or become or is declared to be illegal or unenforceable by any court or other authority of competent jurisdiction, such terms shall be null and void and shall be deemed deleted from this Agreement, and all the remaining terms of this Agreement shall remain in full force and effect.
(d)    Notices.  Any notice in connection with this Agreement shall be deemed to have been properly delivered if it is in writing and is delivered by hand or by facsimile or sent by registered certified mail, postage prepaid, to the party addressed as follows, unless another address has been substituted by notice so given:
To the Recipient:    To the Recipient’s address as set forth on the signature page hereof.
To the Company:    Tremont Mortgage Trust
Two Newton Place
255 Washington Street, Suite 300
Newton, MA  02458
Attn: Secretary
(e)    Construction.  The headings and subheadings of this Agreement have been inserted for convenience only, and shall not affect the construction of the provisions hereof.  All references to sections of this Agreement shall be deemed to refer as well to all subsections which form a part of such section.
(f)    Employment Agreement.  This Agreement shall not be construed as an agreement by the Company, the Manager or any affiliate of the Company or the Manager to employ the Recipient, nor is the Company, the Manager or any affiliate of the Company or the Manager obligated to continue employing the Recipient by reason of this Agreement or the grant of the Shares to the Recipient hereunder.
(g)    Applicable Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Maryland, without giving effect to the principles of conflicts of law of such state.
(h)    Binding Arbitration.  Any disputes regarding this Agreement, the granting or vesting of any shares of the Company and/or any related matters shall be settled by binding arbitration in accordance with any Mutual Agreement to Resolve Disputes and Arbitrate Claims between the Recipient and the Manager.  In the absence of such an agreement, any such claims or disputes shall be resolved through binding arbitration before one arbitrator conducted under the rules of JAMS in Boston, Massachusetts.

{S2661943; 1}                    3

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or caused this Agreement to be executed under seal, as of the date first above written.

TREMONT MORTGAGE TRUST
By:                         
Name: G. Douglas Lanois
Title: Chief Financial Officer and Treasurer

                        
RECIPIENT:

                        
«NAME»
«ADDRESS»
«CITY», «ST» «ZIP»

{S2661943; 1}                    4

Exhibit A

A “Change in Control” shall be deemed to have occurred if any of the events set forth in any one of the following paragraphs shall have occurred:

(a)    any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of either the then outstanding common shares of beneficial interest of the Company or the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in paragraph (c)(i) below;

(b)    the following individuals cease for any reason to constitute a majority of the number of Trustees then serving: individuals who, on the date of the Agreement, constitute the Board and any new Trustee (other than a Trustee whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of Trustees) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the Trustees then in office who either were Trustees on the date of the Agreement or whose appointment, election or nomination for election was previously so approved or recommended;

(c)    there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other entity, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 

(d)    the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

A “Termination Event” shall occur if Tremont Realty Advisors LLC (or any entity controlled by, under common control with or controlling Tremont Realty Advisors LLC) ceases to be the manager or shared services provider to the Company. 
{S2661943; 1}                    5

For purposes of the definitions set forth on this Exhibit A, the following definitions shall apply, with capitalized terms used but not defined in this Exhibit A having the meaning set forth in the Plan:

“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

“Agreement” shall mean the Share Award Agreement to which this Exhibit A is attached.

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities and (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.

“Trustee” is a member of the Board of Trustees of the Company.
{S2661943; 1}                    6

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