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Exhibit 4.4 

AMERIPATH GROUP HOLDINGS, INC.

2006 STOCK OPTION AND RESTRICTED STOCK PURCHASE PLAN 

     Section 1. PURPOSE. The purpose
of the AmeriPath Group Holdings, Inc. 2006 Stock Option
and Restricted Stock Purchase Plan (the “PLAN”) is to promote the interests
of AmeriPath Group Holdings, Inc.,  a Delaware corporation (the “COMPANY”),
and its Subsidiaries and the interests of the Company’s stockholders by
providing an opportunity to selected employees and other persons providing services
for the Company or any Subsidiary  thereof as of the date of the adoption of
the Plan or at any time thereafter to purchase Common Stock of the Company. By
encouraging such stock ownership, the Company seeks to attract, retain and motivate
such employees and other persons and to  encourage such employees and other persons
to devote their best efforts to the business and financial success of the Company
and its Subsidiaries. It is intended that this purpose will be effected by the
granting of “non-qualified stock
options” and/or “incentive stock options” to acquire the Common
Stock of the Company and/or by the granting of rights to purchase the Common
Stock of the Company on a “restricted stock” basis. Under the Plan,
the  Administrator (as hereinafter defined) shall have the authority (in its
sole discretion) to grant “incentive stock options” within the meaning
of Section 422(b) of the Code (as hereinafter defined), “non-qualified options” as
 described in Treasury Regulation Section 1.83-7 or any successor regulation
thereto, or “restricted stock” awards. 

     Section 2. DEFINITIONS. For purposes of the Plan, the following terms used herein shall have the following meanings, unless a different meaning is clearly required by the context: 

     2.1. “ADMINISTRATOR” or “COMMITTEE” shall mean the committee or committees of the Board of Directors referred to in Section 5 hereof; PROVIDED, that if no such committee or
committees are appointed by the Board of Directors, the Administrator and the Committee shall be the Board of Directors and the Board of Directors shall have all of the authority and obligations of the Administrator and Committee under the Plan.

     2.2. “AWARD” shall mean an award of the right to purchase Common Stock granted under the provisions of Section 7 of the Plan. 

     2.3. “BOARD OF DIRECTORS” shall mean the Board of Directors of the Company. 

     2.4. “CODE” shall mean the Internal Revenue Code of 1986, as amended. 

     2.5. “COMMON STOCK” shall mean the Common Stock, $.001 par value, of the Company.

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     2.6. “EMPLOYEE” shall mean (i) with respect to an ISO, any person, including, without limitation, an officer of the Company, who, at the time an ISO is granted to such person hereunder, is
employed by the Company or any Parent or Subsidiary of the Company, and (ii) with respect to a Non-Qualified Option and/or an Award, any person employed by, or performing services for, the Company or any Parent or Subsidiary of the Company,
including, without limitation, officers, directors and consultants. 

     2.7. “ISO” shall mean an Option granted to a Participant pursuant to the Plan that constitutes and shall be treated as an “incentive stock option” as defined in Section 422(b) of
the Code. 

     2.8. “NON QUALIFIED OPTION” shall
mean an option granted to a Participant pursuant to the Plan that is intended
to be, and qualified as, a “non-qualified stock option” as described
 in Treasury Regulation Section 1.83-7 or any successor regulation thereto and
that shall not constitute or be treated as an ISO. 

     2.9. “OPTION” shall mean any ISO or Non-Qualified Option granted to a Participant pursuant to the Plan. 

     2.10. “PARTICIPANT” shall mean any Employee to whom an Award and/or an Option is granted under the Plan. 

     2.11. “PARENT” of the Company shall have the meaning set forth in Section 424(e) of the Code. 

     2.12. “SUBSIDIARY” of the Company shall have the meaning set forth in Section 424(f) of the Code. 

     Section 3. ELIGIBILITY. Awards and/or Options may be granted to any Employee. The Administrator shall have the sole authority to select the persons to whom Awards and/or Options are to be granted
hereunder, and to determine whether a person is to be granted a Non-Qualified Option, an ISO or an Award or any combination thereof. No person shall have any right to participate in the Plan. Any person selected by the Administrator for
participation during any one period will not by virtue of such participation have the right to be selected as a Participant for any other period. 

     Section 4. COMMON STOCK SUBJECT TO THE PLAN 

     4.1. NUMBER OF SHARES. The total number of shares of Common Stock for which Options and/or Awards may be granted under the Plan shall not exceed in the aggregate 11,697,146 shares of Common Stock
(subject to adjustment as provided in Section 8 hereof). The Company, during the term of this Plan, will at all times reserve and keep available such number of shares of Common Stock as shall be sufficient to satisfy the requirements of the Plan.

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     4.2. REISSUANCE. The shares of Common Stock that may be subject to Options and/or Awards granted under the Plan may be either authorized and unissued shares or shares reacquired at any time and now or
hereafter held as treasury stock as the Administrator may determine. In the event that any outstanding Option expires or is terminated for any reason, the shares allocable to the unexercised portion of such Option may again be subject to an Option
and/or Award granted under the Plan, subject, in the case of ISO’s, to any limitation required by the Code. If any shares of Common Stock issued or sold pursuant to an Award or the exercise of an Option shall have been repurchased by the
Company, then such shares may again be subject to an Option and/or Award granted under the Plan. 

     4.3. SPECIAL ISO LIMITATIONS. 

     (a) The aggregate fair market value (determined as of the date an ISO is granted) of the shares of Common Stock with respect to which ISOs are exercisable for the first time by an Employee during any calendar year (under all
incentive stock option plans of the Company or any Parent or Subsidiary of the Company) shall not exceed $100,000. 

     (b) No ISO shall be granted to an Employee who, at the time the ISO is granted, owns (actually or constructively under the provisions of Section 424 (d) of the Code) stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company or any Parent or Subsidiary of the Company, unless (i) the option price is at least 110% of the fair market value (determined as of the time the ISO is granted) of the shares of Common Stock subject to
the ISO and (ii) the ISO by its terms is not exercisable more than five years from the date it is granted. 

     4.4. LIMITATIONS NOT APPLICABLE TO NON-QUALIFIED OPTIONS OR AWARDS. Notwithstanding any other provision of the Plan, the provisions of Sections 4.3 (a) and (b) shall not apply, nor shall be construed to apply, to any
Non-Qualified Option or Award granted under the plan. 

     Section 5. ADMINISTRATION OF THE PLAN

     5.1. ADMINISTRATION.

     (a) Subject to the proviso in
Section 2.1 hereof, the Plan may be administered by one or more committees of
the Board of Directors each consisting of no less than two persons. To the extent
that the  Board of Directors determines it desirable to qualify transactions
hereunder as exempt under Rule 16b-3 of the Securities Exchange Act of 1934,
as amended (the “EXCHANGE ACT”), each member of the Administrator administering
the Plan as to  such transactions shall be a “Non-Employee Director” within
the meaning of Rule 16b-3 promulgated under the Exchange Act. To the extent that
the Board of Directors determines it desirable to qualify Options granted hereunder
as
“performance-based compensation” within the meaning of Section 162(m)
of the Code, each member of the Administrator administering the Plan as to such
Options shall be an “outside director” within the meaning of Treasury
 Regulation Section 1.162-27 (e) (3).

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The Administrator shall be appointed from time to time by, and shall serve at the pleasure of, the Board of Directors. 

     (b) No member of the Board of Directors or the Administrator shall be liable for any action, omission or determination relating to the Plan, and the Company shall indemnify (to the extent permitted
under Delaware law and the bylaws of the Company) and hold harmless each member of the Board of Directors, the Administrator and each other employee of the Company to whom any duty or power relating to the administration or interpretation of the
Plan has been delegated against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Board of Directors or the Administrator) arising out of any action, omission or
determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such director or employee in bad faith or without reasonable belief that it was in the best interests of the Company. 

     5.2. GRANT OF OPTIONS/AWARDS. 

     (a) OPTIONS. The Administrator shall have the sole authority and discretion under the Plan (i) to select the Employees who are to be granted Options hereunder; (ii) to designate whether any Option to be granted hereunder is to be
an ISO or a Non-Qualified Option; (iii) to establish the number of shares of Common Stock that may be subject to each Option; (iv) to determine the time and the conditions subject to which Options may be exercised in whole or in part; (v) to
determine the amount (not less than the par value per share) and the form of the consideration that may be used to purchase shares of Common Stock upon exercise of any Option (including, without limitation, the circumstances under which issued and
outstanding shares of Common Stock owned by a Participant may be used by the Participant to exercise an Option); (vi) to impose restrictions and/or conditions with respect to shares of Common Stock acquired upon exercise of an Option; (vii) to
determine the circumstances under which shares of Common Stock acquired upon exercise of any Option may be subject to repurchase by the Company; (viii) to determine the circumstances and conditions subject to which shares acquired upon exercise of
an Option may be sold or otherwise transferred, including, without limitation, the circumstances and conditions subject to which shares acquired upon exercise of an Option may be sold or otherwise transferred, including, without limitation, the
circumstances and conditions subject to which a proposed sale of shares of Common Stock acquired upon exercise of an Option may be subject to the Company’s right of first refusal (as well as the terms and conditions of any such right of first
refusal); (ix) to establish a vesting provision for any Option relating to the time when (or the circumstances under which) the Option may be exercised by a Participant, including, without limitation, vesting provisions that may be contingent upon
(A) the Company’s meeting specified financial goals, (B) a change of control of the Company or (C) the occurrence of other specified events; (x) to accelerate the time when outstanding Options may be exercised, PROVIDED, HOWEVER, that any ISOs
shall be deemed “accelerated” within the meaning of Section 424(h) of the Code; and (xi) to establish any other terms, restrictions and/or conditions applicable to any Option not inconsistent with the provisions of the Plan. 

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     (b) AWARDS. The Administrator shall have the sole authority and discretion under the Plan (i) to select the Employees who are to be granted Awards hereunder; (ii) to determine the amount to be paid by a Participant to acquire
shares of Common Stock pursuant to an Award, which amount may be equal to, more than, or less than the fair market value of such shares on the date the Award is granted (but in no event less than the par value of such shares); (iii) to determine the
time or times and the conditions subject to which Awards may be made; (iv) to determine the time or times and the conditions subject to which the shares of Common Stock subject to an Award are to become vested and no longer subject to repurchase by
the Company; (v) to establish transfer restrictions and the terms and conditions on which any such transfer restrictions with respect to shares of Common Stock acquired pursuant to an Award shall lapse; (vi) to establish vesting provisions with
respect to any shares of Common Stock subject to an Award, including, without limitation, vesting provisions which may be contingent upon (A) the Company’s meeting specified financial goals, (B) a change of control of the Company or (C) the
occurrence of other specified events; (vii) to determine the circumstances under which shares of Common Stock acquired pursuant to an Award may be subject to repurchase by the Company; (viii) to determine the circumstances and conditions subject to
which any share of Common Stock acquired pursuant to an Award may be sold or otherwise transferred, including, without limitation, the circumstances and conditions subject to which a proposed sale of shares of Common Stock acquired pursuant to an
Award may be subject to the Company’s right of first refusal (as well as the terms and conditions of any such right of first refusal); (ix) to determine the form of consideration that may be used to purchase shares of Common Stock pursuant to
an Award (including, without limitation, the circumstances under which issued and outstanding shares of Common Stock owned by a Participant may be used by the Participant to purchase the Common Stock subject to an Award); (x) to accelerate the time
at which any or all restrictions imposed with respect to any shares of Common Stock subject to an Award lapse; and (xi) to establish any other terms, restrictions and/or conditions applicable to any Award not inconsistent with the provisions of the
Plan. 

     5.3. INTERPRETATION. The Administrator shall be authorized to interpret the Plan and may, from time to time, adopt such rules and regulations, not inconsistent with the provisions of the Plan, as it
may deem advisable to carry out the purposes of the Plan. 

     5.4. FINALITY. The interpretation and construction by the Administrator of any provision of the Plan, any Option and/or Award granted hereunder or any agreement evidencing any such Option and/or Award
shall be final and conclusive upon all parties.

     5.5. EXPENSES, ETC. All expenses and liabilities incurred by the Administrator in the administration of the Plan shall be borne by the Company. The Administrator may employ attorneys, consultants,
accountants or other persons in connection with the administration of the Plan. The Company, and its officers and directors, shall be entitled to rely upon the advice, opinions or valuations of any such persons. No member of the Administrator shall
be liable for any action, determination or 

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interpretation taken or made in good faith with respect to the Plan or any Option and/or Award granted hereunder. 

     Section 6. TERMS AND CONDITIONS OF OPTIONS. 

     6.1 ISOs. The terms and conditions of each ISO granted under the Plan shall be specified by the Administrator and shall be set forth in an ISO agreement between the Company and the Participant in such form as the Administrator
shall approve. The terms and conditions of each ISO shall be such that each ISO issued hereunder shall constitute and shall be treated as an “incentive stock option” as defined in Section 422 (b) of the Code. The terms and conditions of
any ISO granted hereunder need not be identical to those of any other ISO granted hereunder. 

     The terms and conditions of each ISO shall include the following:

     (a) The option price shall be fixed by the Administrator but shall in no event be less than 100% (or 110% in the case of an Employee referred to in Section 4.3 (b) hereof) of the fair market value of the shares of Common Stock
subject to the ISO on the date the ISO is granted. For purposes of the Plan, the fair market value per share of Common Stock as of any day shall mean the average of the closing prices of sales of shares of Common Stock on all national securities
exchanges on which the Common Stock may at the time be listed or, if there shall have been no sales on any such day, the average of the highest bid and lowest asked prices on all such exchanges at the end of such day, or, if on any day the Common
Stock shall not be so listed, the average of the representative bid and asked price quoted in the NASDAQ system as of 3:30 p.m., New York time, on such day, or, if on any day the Common Stock shall not be quoted in the NASDAQ system, the average of
the high and low bid and asked prices on such day in the over-the-counter market as reported by National Quotation Bureau Incorporated, or any similar successor organization. If at any time the Common Stock is not listed on any national securities
exchange or quoted in the NASDAQ system or the over-the-counter market, the fair market value of the shares of Common Stock subject to an Option on the date the ISO is granted shall be the fair market value thereof determined in good faith by the
Board of Directors. 

     (b) ISOs, by their terms, shall not be transferable otherwise than by will or the laws of descent and distribution, and, during a Participant’s lifetime, an ISO shall be exercisable only by the Participant. 

     (c) The Administrator shall fix the term of all ISOs granted pursuant to the Plan (including, without limitation, the date on which such ISO shall expire and terminate); PROVIDED, HOWEVER, that such term shall in no event exceed
ten (10) years from the date on which such ISO is granted (or, in the case of an ISO granted to an Employee referred to in Section 4.3 (b) hereof, such term shall in no event exceed five (5) years from the date on which such ISO is granted). Each
ISO shall be exercisable in such amount or amounts, under such conditions and at such times or intervals or in such installments as shall be determined by the Administrator in its sole discretion. 

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     (d) To the extent that the Company or any Parent or Subsidiary of the Company is required to withhold any Federal, state or local taxes in respect of any compensation income realized by any Participant as a result of any
“disqualifying disposition” of any shares of Common Stock acquired upon exercise of an ISO granted hereunder, the Company shall deduct from any payments of any kind otherwise due to such Participant the aggregate amount of such Federal,
state or local taxes required to be so withheld or, if such payments are insufficient to satisfy such Federal, state or local taxes, such Participant will be required to pay to the Company, or make other arrangements satisfactory to the Company
regarding payment to the Company of, the aggregate amount of any such taxes. All matters with respect to the total amount of taxes to be withheld in respect of any such compensation income shall be determined by the Board of Directors, in its sole
discretion. 

     (e) The terms and conditions of each ISO may include the following provisions: 

     (i) In the event a Participant’s employment by the Company or any Parent or Subsidiary of the Company shall be terminated for cause, the unexercised portion of any ISO held by such Participant at that time may only be
exercised within one month after the date on which the Participant ceased to be so employed, and only to the extent that the Participant could have otherwise exercised such ISO as of the date on which he ceased to be so employed. 

     (ii) In the event a Participant’s employment by the Company or any Parent or Subsidiary of the Company shall terminate for any reason other than (x) a termination specified in clause (i) above or (y) by reason of the
Participant’s death or “disability” (within the meaning of Section 22 (e) (3) of the Code), the unexercised portion of any ISO held by such Participant at that time may only be exercised within three months after the date on which the
Participant ceased to be so employed, and only to the extent that the Participant could have otherwise exercised such ISO as of the date on which he ceased to be so employed. 

     (iii) In the event a Participant shall cease to be employed by the Company or any Parent or Subsidiary of the Company on a full-time basis by reason of his “disability” (within the meaning
of Section 22 (e) (3) of the Code), the unexercised portion of any ISO held by such Participant at that time may only be exercised within one year after the date on which the Participant ceased to be so employed, and only to the extent that the
Participant could have otherwise exercised such ISO as of the date on which he ceased to be so employed. 

     (iv) In the event a Participant shall die while in the employ of the Company or a Parent or Subsidiary of the Company (or within a period of one year after ceasing to be an Employee by reason of his
“disability” (within the meaning of Section 22 (e) (3) of the Code)), the unexercised portion of any ISO held by such Participant at the time of his death may only be exercised within one year after the date of such Participant’s
death and only to the extent that the Participant could have otherwise exercised such ISO at the time 

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of his death. In such event, the executor or administrator of the Participant’s estate, or any person or persons who shall have acquired the ISO directly from the Participant by bequest or inheritance, may exercise such ISO.

     6.2. NON-QUALIFIED OPTIONS. The terms and conditions of each Non-Qualified Option granted under the Plan shall be specified by the Administrator, in its sole discretion, and shall be set forth in a
written option agreement between the Company and the Participant in such form as the Administrator shall approve. The terms and conditions of each Non-Qualified Option will be such (and each Non-Qualified Option agreement shall expressly so state)
that each Non-Qualified Option issued hereunder shall not constitute nor be treated as an “incentive stock option” as defined in Section 422 (b) of the Code, but will be a “non-qualified stock option” for Federal, state and local
income tax purposes. The terms and conditions of any Non-Qualified Option granted hereunder need not be identical to those of any other Non-Qualified Option granted hereunder. 

     The terms and conditions of each Non-Qualified Option Agreement shall include the following: 

     (a) The option (exercise) price shall be fixed by the Administrator and may be equal to, more than or less than the fair market value of the shares of Common stock subject to the Non-Qualified Option
on the date such Non-Qualified Option is granted as determined in good faith by the Administrator. 

     (b) The Administrator shall fix the term of all Non-Qualified Options granted pursuant to the Plan (including, without limitation, the date on which such Non-Qualified Option shall expire and
terminate). Each Non-Qualified Option shall be exercisable in such amount or amounts, under such conditions (including, without limitation, provisions governing the rights to exercise such Non-Qualified Option), and at such times or intervals or in
such installments as shall be determined by the Administrator in its sole discretion. 

     (c) Non-Qualified Options shall not be transferable otherwise than by will or the laws of descent and distribution, and during a Participant’s lifetime a Non-Qualified Option shall be exercisable only by the Participant.

     (d) The terms and conditions of each Non-Qualified Option may include the following provisions: 

     (i) In the event a Participant’s employment by the Company or any Parent or Subsidiary of the Company shall be terminated for cause, the unexercised portion of any Non-Qualified Option held by such Participant at that time
may only be exercised within one month after the date on which the Participant ceased to be an Employee, and only to the extent that the Participant could have otherwise exercised such Non-Qualified Option as of the date on which he ceased to be an
Employee. 

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     (ii) In the event a Participant’s employment by the Company or any Parent or Subsidiary of the Company shall be terminated by the Participant for any reason other than (x) a termination specified in clause (iii)
below or (y) by reason of the Participant’s death or “disability” (within
the meaning of Section 22 (e) (3) of the Code), the unexercised portion of any
Non-Qualified Option held by such Participant at that time may only be exercised
within three months after the date on which the Participant ceased to be an Employee,
and only to the extent that the Participant could have otherwise exercised such
Non-Qualified Option as of the date on which he ceased to be an Employee. 

     (iii) In the event that a Participant’s employment by the Company or any Parent or Subsidiary of the Company shall be terminated (x) by the Company or any Parent or Subsidiary thereof other than as specified in clause (i)
above and other than by reason of the Participant’s death or “disability” (within the meaning of Section 22 (e) (3) of the Code) or (y) by the Participant for reasons specified in the Non-Qualified Option as constituting “Good
Reason”, the unexercised portion of any Non-Qualified Option held by such Participant at that time may only be exercised within six months after the date on which the Participant ceased to be an Employee, and only to the extent that the
Participant could have otherwise exercised such Non-Qualified Option as of the date on which he ceased to be an Employee. 

     (iv) In the event a Participant shall cease to be an Employee of the Company or any Parent or Subsidiary of the Company by reason of his “disability” (within the meaning of Section 22 (e)
(3) of the Code), the unexercised portion of any Non-Qualified Option held by such Participant at that time may only be exercised within one year after the date on which the Participant ceased to be an Employee, and only to the extent that the
Participant could have otherwise exercised such Non-Qualified Option as of the date on which he ceased to be an Employee. 

     (v) In the event a Participant shall die while an Employee of the Company or a Parent or Subsidiary of the Company (or within a period of one year after ceasing to be an Employee by reason of his
“disability” (within the meaning of Section 22 (e) (3) of the Code)), the unexercised portion of any Non-Qualified Option held by such Participant at the time of his death may only be exercised within one year after the date of such
Participant’s death, and only to the extent that the Participant could have otherwise exercised such Non-Qualified Option at the time of his death. In such event, such Non-Qualified Option may be exercised by the executor or administrator of
the Participant’s estate or by any person or persons who shall have acquired the Non-Qualified Option directly from
the Participant by bequest or inheritance. 

     (e) To the extent that the Company is required to withhold any Federal, state or local taxes in respect of any compensation income realized by any Participant in respect of a Non-Qualified Option
granted hereunder or in respect of any shares of Common Stock acquired upon exercise of a Non-Qualified Option, the Company shall deduct from any payments of any kind otherwise due to such Participant the aggregate amount of such Federal, state or
local taxes required to be so withheld or, if such payment are insufficient 

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to satisfy such Federal, state or local taxes, or if no such payments are due or to become due to such Participant, then, such Participant will be required to pay to the Company, or make other arrangements satisfactory to the
Company regarding payment to the Company of, the aggregate amount of any such taxes. All matters with respect to the total amount of taxes to be withheld in respect of any such compensation income shall be determined by the Administrator, in its
sole discretion. 

      Section 7. TERMS AND CONDITIONS OF AWARDS. The terms and conditions of each Award granted under the Plan shall be specified by the Administrator, in its sole discretion, and shall be set forth in a
written agreement between the Participant and the Company, in such form as the Administrator shall approve. The terms and provisions of any Award granted hereunder need not be identical to those of any other Award granted hereunder. 

     The terms and conditions of each Award may include the following: 

     (a) The amount to be paid by a Participant to acquire the shares of Common Stock pursuant to an Award shall be fixed by the Administrator and may be equal to, more than or less than the fair market value of the shares of Common
Stock, subject to the Award on the date the Award is granted (but in no event less than the par value of such shares). 

     (b) Each Award shall contain such vesting provisions, such transfer restrictions and such other restrictions and conditions as the Administrator, in its sole discretion, may determine, including, without limitation, the
circumstances under which the Company shall have the right and option to repurchase shares of Common Stock acquired pursuant to an Award. 

     (c) Stock certificates representing Common Stock acquired pursuant to an Award shall bear a legend referring to any restrictions imposed on such Stock and such other matters as the Administrator may determine. 

     (d) To the extent that the Company is required to withhold any Federal, state and local taxes in respect of any compensation income realized by the Participant in respect of an Award granted hereunder, in respect of any shares
acquired pursuant to an Award, or in respect of the vesting of any such shares of Common Stock, then the Company shall deduct from any payments of any kind otherwise due to such Participant the aggregate amount of such Federal, state or local taxes
required to be so withheld, or if such payments are insufficient to satisfy such Federal, state or local taxes, or is no such payments are due or to become due to such Participant, then such Participant will be required to pay to the Company, or
make other arrangements satisfactory to the Company regarding payment to the Company of, the aggregate amount of any such taxes. All matters with respect to the total amount of taxes to be withheld in respect of any such compensation income shall be
determined by the Administrator, in its sole discretion. 

 

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      Section 8. ADJUSTMENTS.  

     (a) In the event that, after the adoption of the Plan by the Board of Directors, the outstanding shares of the Company’s Common Stock shall be increased or decreased or changed into or exchanged for a different number or
kind of shares of stock or other securities of the Company or of another entity in each such case through reorganization, merger or consolidation, recapitalization, reclassification, stock split, split-up, combination or exchange of shares or
declaration of any dividends payable in Common Stock, the administrator shall, subject to the provisions of Section 8 (c) below if the circumstances therein specified are applicable, appropriately adjust (i) the number of shares of Common Stock (and
the option price per share) subject to the unexercised portion of any outstanding Option (to the nearest possible full share); PROVIDED, HOWEVER, that the limitations of Section 424 of the Code shall apply with respect to adjustments made to ISOs,
(ii) the number of shares of Common Stock to be acquired pursuant to an Award which have not become vested, (iii) the number of shares of Common Stock for which Options and/or Awards may be granted under the Plan, as set forth in Section 4.1 hereof,
and such adjustments shall be effective and binding for all purposes of the Plan. 

     (b) If any capital reorganization or reclassification of the capital stock of the Company or any consolidation or merger of the Company with another entity, or the sale of all or substantially all its assets to another entity,
shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets with respect to or in exchange for Common Stock, then, subject to the provisions of Section 8 (c) below if the circumstances
therein specified are applicable, each holder of an Option shall thereafter have the right to purchase, upon the exercise of the Option in accordance with the terms and conditions specified in the option agreement governing such Options and in lieu
of the shares of Common Stock immediately theretofore receivable upon the exercise of such Option, such shares of stock, securities or assets (including, without limitation, cash) as may be issued or payable with respect to or in exchange for a
number of outstanding shares of such Common Stock equal to the number of shares of such Common Stock immediately theretofore so receivable had such reorganization, reclassification, consolidation, merger or sale not taken place. 

     (c) Notwithstanding Sections 8 (a) and 8 (b) hereof, in the event of (i) any offer to holders of the Company’s Common Stock generally relating to the acquisition of all or substantially all of
their shares, including, without limitation, through purchase, merger or otherwise, or (ii) any proposed transaction generally relating to the acquisition of substantially all of the assets or business of the Company (herein sometimes referred to as
in “Acquisition”), the Board of Directors may, in its sole discretion, cancel any outstanding Options (PROVIDED, HOWEVER, that the limitations of Section 424 of the Code shall apply with respect to adjustments made to ISOs) and pay or
deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board of Directors acting in good faith) equal to the product of (A) the number of shares of Common Stock (the
“Option Shares”) that, as of the date of the consummation of such Acquisition, the holder of such Option had become entitled to purchase (and had not purchased) multiplied by (B) the amount, if any, by which (1) 

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the formula or fixed price per share paid to holder of shares of Common Stock pursuant to such Acquisition exceeds (2) the option price applicable to such Option Shares. 

     Section 9. EFFECT OF THE PLAN
ON EMPLOYMENT RELATIONSHIP. Neither the Plan nor any Option and/or Award granted
hereunder to a Participant shall be construed as conferring upon such Participant
any  right to continue in the employ of (or otherwise provide services to) the
Company or any Subsidiary or Parent thereof, or limit in any respect to the right
of the Company or any Subsidiary or Parent thereof to terminate such Participant’s
 employment or other relationship with the Company or any Subsidiary or Parent,
as the case may be, at any time. 

     Section 10. AMENDMENT OF THE PLAN. The Board of Directors may amend the Plan from time to time as it deems desirable; PROVIDED, HOWEVER, that, without the approval of the holders of a majority of the
outstanding voting capital stock of the Company entitled to vote thereon or consent thereto, the Board of Directors may not amend the Plan (i) to increase (except for increases due to adjustments in accordance with Section 8 hereof) the aggregate
number of shares of Common Stock for which Options and/or Awards may be granted hereunder, (ii) to decrease the minimum exercise price specified by the Plan in respect of ISOs or (iii) to change the class of employees eligible to receive ISOs under
the Plan. 

     Section 11. TERMINATION OF THE PLAN. The Board of Directors may terminate the Plan at any time. Unless the Plan shall theretofore have been terminated by the Board of Directors, the Plan shall
terminate ten years after the date of its initial adoption by the Board of Directors. No Option and/or Award may be granted hereunder after termination of the Plan. The termination or amendment of the Plan shall not alter or impair any rights or
obligations under any Option and/or Award theretofore granted under the Plan. 

     Section 12. EFFECTIVE DATE OF THE PLAN. The Plan shall be effective as of March 27, 2003, the date on which the Plan was adopted by the Board of Directors and approved by the requisite holders of
outstanding Common Stock of the Company. 

     Section 13. GOVERNING LAW. The provisions of the Plan shall be governed by and interpreted in accordance with the laws of the State of New York. 

 12Exhibit
      4A.5

    SERVICE
      PARTICIPANT OPERATING CONTRACT

    FOR
      THE
“CAMARA DE COMPENSACION DE PAGOS

    DE
      ALTO
      VALOR” (HIGH VALUE PAYMENTS

    CLEARING
      HOUSE)

    

    

    This
      Service
      Participant Operating Contract of the High Value Payments Clearing House is
      signed in Santiago de Chile on August 9, 2005, by and between the Sociedad
      Operadora de la Cámara de Compensación de Pagos de Alto Valor, S.A., hereinafter
“COMBANC”, represented herein by its President, Segismundo
      Schulin-Zeuthen Serrano and its General Manager, Felipe Ledermann Bernal, both
      domiciled at Calle Huérfanos No. 770, 16th floor, suite
      1601,
      in the city of Santiago, party of the first part, and the Banco
      Santander-Chile, a banking institution, hereinafter the
“Participant”, represented herein by its General Manager, Oscar
      von Chrismar Carvajal, both domiciled at Calle Bandera 140 in the city of
      Santiago, party of the second part.

    

    Based
      on the above,
      the parties stipulate and agree as follows:

    

    
      	1.	GENERAL
              BACKGROUND

      	 	 

      	
              1.1

            	
              ComBanc
                is a corporation organized and existing under the laws of the Republic
                of
                Chile as a banking support institution, whose line of business is
                providing payment clearance and remittance services and the undertaking
                of
                activities allied with or supplementary to the banking support
                business.

            

    

    

    
      	
              1.2

            	
              The
                company is
                governed by Chapter III.H.5 of the Compendium of Financial Rules
&
                Regulations of the Banco Central de Chile, and by the corresponding
                regulations of the Office of the Superintendent of Banks and Financial
                Institutions.

            

    

    

    
      	
              1.3

            	
              On
                June 2,
                2005, it was authorized to operate a Cámara de Compensación de Pagos
                de Alto Valor (High Value Payments Clearing House), and to provide
                the service which is the subject of this
                agreement.

            

    

    

    
      	
              1.4

            	
              ComBanc
                has developed, and is the holder of a usage license for, a high value
                payment clearance and remittance system, which among other functionalities
                provides the Participants with a safe, secure and
                expeditious electronic medium for making those payments, which on
                their
                own behalf or that of third parties, must be made to the other
                Participants, and to pay and otherwise settle the
                remittance in the Real Time Gross Payment System of the Banco Central
                de
                Chile (the “RTGP System”).

            

    

    
      
              

                  Service
            Participant
            Operating Contract for the High Value Payments Clearing House

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              1.5

            	
              The
                Participant, for its part, declares that it has the
                technological capability, the infrastructure and the staff necessary
                for
                receiving the ComBanc services, in accordance with what
                is set forth in the present
                agreement.

            

    

    

    

    
      	
              2.

            	
              ADHERENCE
                TO THE OPERATING RULES OF THE HIGH VALUE PAYMENTS CLEARING
                HOUSE

            

    

    

    
      	
              2.1

            	
              The
                Participant hereby expressly declares that it shall abide
                by the “Operating Rules and Regulations of the Sociedad Operadora de la
                Cámara de Compensación de Pagos de Alto Valor, S.A.” (the “Regulations”),
                adhering to the laws governing it and any amendments that may be
                made to
                such laws. Consequently, the Participant declares that
                any and all operations conducted through the Clearing House operated
                by
                ComBanc shall be governed fully by said
                Regulations.

            

    

    

    
      	
              2.2

            	
              ComBanc
                herein delivers to the Participant one copy of the
                Regulations, and the latter declares that it has received these
                Regulations, that it is fully knowledgeable of the contents thereof,
                and
                that they are within the scope of its
                operations.

            

    

    

    

    3. 
                 DEFINITIONS

    

    
      	
              3.1

            	
              For
                purposes
                of this agreement, the parties agree to apply the definitions given
                in
                Appendix 9, Glossary, of the
                Regulations.

            

    

    

    

    4.             PURPOSE
      OF THE CONTRACT

    

    
      	
              4.1

            	
              This
                instrument sets forth the terms, conditions, rights, obligations
                and
                responsibilities that will govern the reciprocal relations of the
                parties,
                so that ComBanc can provide the subject high value
                payment clearance and remittance
                service.

            

    

    

    

    
      	
              5.

            	
              GENERAL
                DESCRIPTION OF THE HIGH VALUE PAYMENT CLEARANCE AND REMITTANCE
                SERVICE

            

    

    

    
      	
              5.1

            	
              The
                detailed
                description of the high value payment clearance and remittance service
                is
                found in the Regulations. Without prejudice thereto, a summary of
                this
                operation is given below:

            

    

    

    
      	
              5.2

            	
              The
                high value
                payment clearance and remittance service is provided within a clearing
                house (the “Clearing House”), which allows for remittance in real time,
                bilaterally and multilaterally, of payment orders issued by the
                Participants.

            

    

    

    
      
              

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              5.3

            	
              The
                Clearing
                House has a risk management model that is composed of the following
                elements.

            

    

    

    
      	
              a.

            	
              Bilateral
                and
                multilateral limits that delimit the Participants’ risk
                exposure;

            

    

    

    
      	
              b.

            	
              The
                availability of DAES funds that back up the Participants’
                obligations within the Clearing House;
                and

            

    

    

    
      	
              c.

            	
              A
                Mandatory
                Financing Agreement, hereinafter the “MFA”, which irrevocably obligates
                the Participants to have the necessary financing to cover
                at least 1.15 times the highest Multilateral Net Debtor
                Position.

            

    

    

    
      	
              5.4

            	
              The
                settlement
                of the results of the Clearing House remittance(s) is made at the
                end of
                the day in the RTGP system operated by the Banco Central de
                Chile.

            

    

    

    

    
      	
              6.

            	
              HIGH
                VALUE PAYMENTS CLEARING HOUSE DEPOSIT ACCOUNT FOR
                EXTRAORDINARY SETTLEMENT
                (“DAES”)

            

    

    

    
      	
              6.1

            	
              In
                order to
                participate in the Clearing House, the Participant agrees
                to apply to the Banco Central de Chile (BCCH) for the opening of
                a High
                Value Payments Clearing House Deposit Account for
                Extraordinary Settlement (“DAES”).

            

    

    

    
      	
              6.2

            	
              The
                funds
                established in the DAES may be used only for the Clearing House’s special
                Settlement Procedure, upon request of ComBanc, who will
                act on behalf and in representation of the
                Participant.

            

    

    

    
      	
              6.3

            	
              The
                procedure
                for the daily establishment of funds in this account, its method
                of
                utilization and restitution, is governed by Chapter 7, “Risk Management
                and Control in Payment and Settlement Processes”, and by Chapter 10,
                “Special or Extraordinary Settlement Procedure”, as well as by Appendix 7,
                “Mandatory Financing Agreement”, of the
                Regulations.

            

    

    

    

    7. 
                 IRREVOCABILITY

    

    
      	
              7.1

            	
              The
                parties
                expressly agree that once payment orders are accepted into the Clearing
                House, they shall be considered

            

    

    

    

    
      
              

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            Operating Contract for the High Value Payments Clearing House

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              final
                and
                irrevocable, and may not under any pretext be modified or invalidated
                by
                the issuing Participant.

            

      	 	 

      	8.	OBLIGATIONS

      	 	 

      	
              8.1

            	
              ComBanc
                must comply strictly with the obligations established in the Regulations,
                in the present agreement and its Appendices, and with any rules,
                regulations and the like issued by the Banco Central de Chile and
                the
                Office of the Superintendent of Banks and Financial
                Institutions.

            

    

    

    8.2           More
      specifically, the obligations of ComBanc are as
      follows:

    

    
      	
              a.

            	
              To
                verify that
                the Participants have established the Bilateral Limits
                corresponding to a Business Cycle;

            

    

    

    
      	
              b.

            	
              To
                calculate
                the Multilateral Limit corresponding to each Participant
                in a Business Cycle;

            

    

    

    
      	
              c.

            	
              To
                verify that
                the Participants have established the corresponding
                Mandatory and Voluntary Deposits;

            

    

    

    
      	
              d.

            	
              To
                comply with
                the participation rules of a Business
                Cycle;

            

    

    

    
      	
              e.

            	
              To
                receive and
                validate the Payment Orders sent by the Participants for
                remittance;

            

    

    

    
      	
              f.

            	
              To
                pay
                bilaterally and multilaterally the Payment Orders issued by the
                Participants, in conformity with Articles 1.655 et seq.
                of the Civil Code, and further in accordance with the regulations
                established by the Banco Central de Chile, to the extent that these
                regulations are in accordance with the limits established in Chapter
                7,
                “Risk Management and Control in Payment and Settlement Processes” of the
                Regulations.

            

    

    

    
      	
              g.

            	
              To
                keep the
                Participants informed with respect to all of their
                positions;

            

    

    

    
      	
              h.

            	
              To
                communicate
                to the Banco Central de Chile the results of the payment for purposes
                of
                settlement within the RTGP system;

            

    

    

    
      	
              i.

            	
              To
                apply the
                Mandatory Financing Agreement in the case set forth in Chapter 10,
                “Special or Extraordinary Settlement Procedure”, and Appendix 7,
                “Mandatory Financing Agreement”, of the
                Regulations.

            

    

    

    
      	
              j.

            	
              To
                assess the
                penalties provided for in the
                Regulations.

            

      	 	 

      	8.3 	Other
              ComBanc obligations:

    

    

    

      
        
                

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              Operating Contract for the High Value Payments Clearing House

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              a.

            	
              To
                offer and
                maintain a proper and adequate infrastructure that will properly
                provide
                the high value payment clearance and remittance
                service;

            

    

    

    
      	
              b.

            	
              To
                have
                available at all times the necessary elements, equipment and staff
                for
                maintaining the continuity and effectiveness of the high value payment
                clearance and remittance services;

            

    

    

    
      	
              8.4

            	
              The
                Participant must comply strictly with the obligations
                established in the Regulations, in the present agreement and its
                Appendices, and in any rules, regulations and the like issued by
                the Banco
                Central de Chile and the Office of the Superintendent of Banks and
                Financial Institutions.

            

      	 	 

      	8.5	 More
              specifically, the obligations of the Participant are as
              follows:

    

             

    
      	
              a.

            	
              To
                make
                available during all hours of operation its systems and a properly
                trained
                staff for correctly performing and completing the tasks associated
                with
                the high value payment clearance and remittance
                services;

            

    

    

    
      	
              b.

            	
              To
                formally
                appoint all Authorized Agents to act before ComBanc. In
                addition, the Participant must advise of any changes in
                such authorized agents in a timely
                fashion.

            

    

    

    
      	
              c.

            	
              To
                designate
                the security managers for those applications provided by
                ComBanc.

            

    

    

    
      	
              d.

            	
              To
                contract
                the communications networks and cover the cost of maintaining
                them.

            

    

    

    
      	
              e.

            	
              To
                pay the
                service fee in accordance with the provisions of Appendix No. 3,
“Fee
                System”.

            

      	 	 

      	9.	RESPONSIBILITIES

    

     

    
      	
              9.1

            	
              Without
                prejudice to the responsibilities set forth in the Regulations, in
                the
                present agreement and its Appendices that are incumbent upon each
                party,
                the parties expressly agree upon the
                following:

            

      	 	 

      	9.2	ComBanc
              shall be solely responsible for:

    

     

    
      	
              a.

            	
              Receiving,
                processing and reporting, as appropriate, each and every one of the
                payment orders that it receives from the Participants,
                and in each case guaranteeing their timely and safe
                processing.

            

    

    

    
      	
              b.

            	
              Ensuring
                the
                integrity and authenticity of every message that is
                sent.

            

    

    

      
        
                

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              Operating Contract for the High Value Payments Clearing House

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              c.

            	
              Complying
                with
                both current and future rules issued by the Banco Central de Chile
                or the
                Office of the Superintendent of Banks and Financial Institutions
                governing
                the operation of clearing houses.

            

      	 	 

      	9.3	The
              Participant shall be solely responsible
              for:

    

            

    
      	
              a.

            	
              Ensuring
                the
                integrity and authenticity of every message that it
                sends;

            

    

    

    
      	
              b.

            	
              Complying
                with
                the provisions established in this agreement, in the Regulations,
                and with
                any current and future rules issued by the Banco Central de Chile
                and the
                Office of the Superintendent of Banks and Financial Institutions
                with
                respect to the high value payment clearance and remittance
                services.

            

    

    

    
      	
              9.4

            	
              Both
                ComBanc and the Participant shall be
                individually and independently liable for any damages and losses
                that
                either of them cause third-parties through the non-performance of
                any the
                obligations that are stipulated in this agreement and its Appendices
                or in
                the Regulations, which derive from its sole negligence or the actions
                or
                omissions of any of its employees, advisors or sub-contractors, or
                which
                are caused by objects or assets or property used by it or under its
                care
                and custody.

            

    

    

    
      	
              9.5

            	
              The
                Participant and ComBanc shall be
                individually liable for any damages and losses caused their respective
                employees, advisors or sub-contractors through negligence, fraud,
                or
                improper or erroneous use of the high value payment clearance and
                remittance service.

            

    

    

    
      	
              9.6

            	
              In
                no case may
                the parties claim from each other payment of indemnities for losses
                that
                they may experience because of the negligence or fraud of other
                Participants or of any third-party. Without prejudice to
                the foregoing, the parties shall cooperate and put forth their best
                efforts possible to have the party causing the damage or loss to
                be held
                accountable for it.

            

      	 	 

      	10.	EXEMPTION
              FROM LIABILITY

      	 	 

      	10.1	
              ComBanc
                is released from any liability for any losses caused directly or
                indirectly, whether through erroneous, improper or fraudulent use
                of the
                Participant’s identifying codes and its respective access
                keys to the computer system through which the Participant
                accesses the ComBanc systems. This release includes any
                type of loss that might result, whether monetary or
                otherwise.

            

    

     

    
      
              

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              10.2

            	
              In
                the same
                way, the hardware, programs and computer applications administered
                by
                ComBanc are tools for data processing that by their very
                nature are subject to failures, whether because of ordinary functioning,
                maintenance, or development. In view of the foregoing, the
                Participant must take the necessary preventive measures
                that are customary in computing activities in order to avoid any
                failures
                that might result in some type of damage or loss, whether to itself
                or
                others, and shall make available the necessary back-ups and will
                establish
                the appropriate methods and designs for verifying the results thereof;
                ComBanc shall assume no liability for any damages or
                losses stemming from the direct or indirect use or operation of the
                aforementioned hardware, programs and
                applications.

            

    

    

    
      	
              10.3

            	
              Both
                ComBanc and the Participant shall be
                exempt from all liability and released from the performance of their
                respective obligations if the contracted service cannot be maintained
                or
                operated because of reasons of force majeure or acts of God, such
                as
                earthquakes, electric and/or telephone and/or data transmission line
                outages, third-party acts intervening against public and/or private
                networks, acts of terrorism, strikes or other similar labor
                actions.

            

    

    

    
      	
              10.4

            	
              The
                Participant hereby waives any action, claim or legal
                proceeding against ComBanc for damages or losses, whether
                material and/or immaterial, expenses or costs, with respect to what
                is
                indicated in numeral 10.2 above.

            

    

    
       

      
        	11.  	AUTHORIZED
                AGENT

        	 	 

        	
                11.1

              	
                Any
                  instructions sent to ComBanc by the
                  Participant’s Authorized Agent(s) shall be understood for
                  all due and legal purposes as having been formulated and sent by
                  the
                  Participant. In view of the foregoing, the
                  Participant agrees that it is its exclusive obligation to
                  monitor the compliance of its authorized agent(s) with regard to
                  the
                  provisions of this agreement and the
                  Regulations.

              

        	 	 

        	12.	OPERATING
                RULES AND REQUIREMENTS.

        	 	 

        	 	
                Without
                  prejudice to what is indicated in the Appendices to this agreement,
                  the
                  parties undertake to comply with the following rules and requirements
                  necessary for the proper operation of the
                  service:

              

        	 	 

        	12.1	SWIFT
                Messaging: Payment orders issued by the Participant
                and received by ComBanc, as well as messages between both
                parties

      

    

     

    
            

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          Operating Contract for the High Value Payments Clearing House

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              deriving
                from
                the processing of the aforementioned payment orders, shall be transmitted
                via SWIFT messaging, of which the parties declare to be fully
                knowledgeable and declare this is within the scope of its operations.
                The
                technical specifications of this messaging system are given in Appendix
                No. 5, “Message Formats”.

            

      	 	 

      	
              12.2

            	
              Information
                for the Participant:
                ComBanc shall provide real time information on the
                Participant’s transactions, the characteristics and
                definitions of which are found in Appendix 4, “Participant’s Operating
                Instructions”.

            

    

    

    
      	
              12.3

            	
              Systems:
                The equipment of each party through which the subject services are
                this
                agreement are provided, must ensure the continuity of those
                services.

            

    

    

    
      	12.4	Schedules:
              Will be those established in the Regulations.

      	 	 

      	
              12.5

            	
              Security:
                The Participant will gain access to the Clearing House
                systems by using access keys and digital identification codes. Obtaining,
                handling, use and custody of these codes and logins fall under the
                exclusive responsibility of the
                Participant.

            

      	 	 

      	 	 

      	13. 	APPENDICES

      	 	 

      	13.1   	The
              following
              Appendices form part of this agreement:

    

     

    
      	
              ·  

            	
              Appendix
                No.
                1, “Operating Regulations of the Sociedad Operadora de la Cámara de
                Compensación de Pagos de Alto Valor
                S.A.”

            

    

    

    
      	
              ·  

            	
              Appendix
                No.
                2, “Operating Mandate, Deposit Account for Extraordinary or Special
                Settlement and Promissory Note
                Subscription”

            

    

    

    
      	
              ·  

            	
              Appendix
                No.
                3, “Fee System”

            

    

    

    
      	
              ·  

            	
              Appendix
                No.
                4, “Operating Instructions for
                Participants”

            

    

    

    
      	
              ·  

            	
              Appendix
                No.
                5, “Message Format”

            

    

    

    
      	
              13.2

            	
              The
                Appendices
                indicated above form an integral part of this agreement, and the
                parties
                hereto declare that they are fully knowledgeable of the contents
                of those
                Appendices and accept them, and moreover given that they fall within
                their
                operating domains, they undertake to comply in full with the contents
                thereof.

            

    

    

    
      	
              13.3

            	
              The
                parties
                expressly state that Appendices 3, 4 and 5 may be modified by
                ComBanc, who must
                advise

            

    

     

    

            

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              the
                Participant of any such modification at least fifteen
                days in advance of such modification’s
                effectiveness.

            

    

    

    

    14.         STAFF

    

    
      	
              14.1

            	
              The
                staff
                required for operating the high value payment clearance and remittance
                service shall fall under the exclusive responsibility of
                ComBanc insofar as concerns the providing of the services
                offered by it. On its part, the Participant shall be
                exclusively responsible for its staff that is assigned to do what
                is
                necessary for receiving and facilitating the services that will be
                rendered to it by
ComBanc.

            

    

    

    
      	
              14.2

            	
              The
                staff for
                which the Participant will be responsible for and will
                require in order to comply with the functions that relate to the
                high
                value payment clearance and remittance services, shall be subject
                to any
                and all technical specifications and instructions that
                ComBanc may issue. If in ComBanc’s
                judgment, the staff must undergo training provided by ComBanc, such
                training shall not in any way limit the rights and authority of the
                Participant in its capacity as the employer of said staff, a status
                that
                it shall fully maintain.

            

    

    

    
      	
              14.3

            	
              ComBanc
                shall not be liable for the acts or actions of those associated with
                the
                Participant in connection with the performance by such
                employees in work or tasks related to the payment clearance and remittance
                service.

            

    

    

    
      	
              14.4

            	
              The
                Participant shall be liable for any damages or losses
                that may be caused by its employees because of misuse or improper
                use of
                the high value payment clearance and remittance service. Likewise,
                the
                Participant shall be liable for any damages that it or
                its employees might cause because of failure to follow the instructions
                and guidelines given by ComBanc with respect to the
                methods and procedures set forth for the proper and correct operation
                of
                the said high value payment and remittance
                service.

            

    

    

    
      	
              14.5

            	
              The
                Participant shall be subject to
                ComBanc’s instructions and guidelines regarding
                organization, methods and procedures pertaining to said proper and
                correct
                operation of the high value payment clearance and remittance
                service.

            

    

    

    
      	
              14.6

            	
              The
                Participant or ComBanc shall be liable
                for any damages or losses caused by their employees, advisors
                or

            

    

     

    

            

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              sub-contractors
                through negligence, fraud, or improper or erroneous use of the high
                value
                payment clearance and remittance
                service.

            

    

    

    15.         CONTINUITY
      OF THE SERVICES

    

    
      	
              15.1

            	
              ComBanc
                shall operate on all banking days at the times established in the
                Regulations.

            

    

    

    
      	
              15.2

            	
              Notwithstanding
                the foregoing, the services provided by ComBanc may be
                discontinued, suspended or interrupted in whole or in part,
                when:

            

    

    

    
      	
              a.

            	
              It
                is
                necessary to make repairs and/or do scheduled maintenance on all
                or part
                of the components and equipment that ComBanc uses for
                providing the high value payment clearance and remittance service;
                in such
                event, ComBanc must give notification within a period of
                not less than 24 hours in advance,
                or

            

    

    

    
      	
              b.

            	
              Under
                and
                because of circumstances of force majeure or an act of God. In that
                case,
                no prior communication will be necessary, but the services must be
                restored as soon as possible and with diligent promptness. Understood
                as
                force majeure or act of God for the purpose of this agreement, shall
                be
                what the law defines as such.

            

    

    

    
      	
              15.3

            	
              Under
                the
                circumstances or situations of force majeure or an act of God,
                ComBanc shall not be liable for any damages or losses
                that may be caused to the Participant. In any case,
                ComBanc undertakes to restore the services as soon as
                the
                causes that resulted in their interruption or suspension have
                ceased.

            

    

     

    16.         ARCHIVING
      OF TRANSACTIONS

    

    
      	
              16.1

            	
              The
                Participant shall be obligated and responsible for
                maintaining the archives of all operations conducted through the
                high
                value payment and remittance
                service.

            

    

    

    
      	
              16.2

            	
              ComBanc
                shall maintain an active or on-line archive of only those transactions
                that have taken place in the last thirty (30) days, but shall subsequently
                maintain an archive of them on magnetic media. In the event that
                the
                Participant requests ComBanc to recover
                data, it must reimburse it for all costs
                incurred.

            

    

    

    
      	
              16.3

            	
              The
                ComBanc archives shall constitute sufficient proof in
                the
                event a dispute arises between the
                parties.

            

    

     

    
            

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    17.         CONFIDENTIALITY
      AND SECRECY

    

    
      	
              17.1

            	
              ComBanc
                and the Participant and those associated with it,
                advisors and sub-contractors agree not to disclose in any way or
                by any
                means any of the data or information that they may receive from their
                respective counterpart, or any other information that might
                circumstantially fall into their hands, or to which they may have
                access
                in connection with the providing of the services subject to this
                instrument.

            

    

    

    
      	
              17.2

            	
              ComBanc
                and the Participant undertake to remain expressly
                vigilant regarding this obligation of confidentiality and secrecy
                in any
                contracts or agreements signed with those associated with it, advisors
                and
                sub-contractors, penalizing any infraction with immediate termination
                of
                the respective contract, without prejudice to any other penalties
                and
                fines that might be appropriate under the
                law.

            

    

    

    
      	
              17.3

            	
              Both
                ComBanc and the Participant undertake to
                reciprocally transmit only the information and data that are essential
                for
                the proper rendering of the services and in connection with the services
                subject to this contract.

            

    

    

    
      	
              17.4

            	
              The
                prohibitions referred to in the preceding paragraphs shall not apply
                if
                some legal provision or court ruling exists that obligates either
                of the
                parties to submit matters subject to the aforementioned confidentiality
                and secrecy to courts of justice or institutions or agencies empowered
                by
                law and acting within the scope of their
                authority.

            

    

    

    
      	
              17.5

            	
              In
                other
                cases, when the requested background information falls under
                ComBanc’s or the Participant’s
                confidentiality and secrecy obligation, the parties hereto may not
                deliver
                that information without the prior consent of the
                other.

            

    

    

    
      	
              17.6

            	
              The
                aforementioned confidentiality and secrecy obligations shall remain
                in
                full force even after the expiration of this
                agreement.

            

    

     

    18.        FEES

    

    
      	
              18.1

            	
              The
                Participant undertakes to pay ComBanc
                the fees indicated in Appendix 3, “Fee
                System”.

            

    

     

    19.         BANKING
      CONFIDENTIALITY AND SECRECY

    

    
      	
              19.1

            	
              Both
                the
                Participant and ComBanc with respect to
                the high value payment clearance and remittance service conducted
                through
                ComBanc, shall be subject to
                the

            

    

     

    

            

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              banking
                secrecy and confidentiality referred to in Article 154 of the General
                Banking Law. In addition, they will be subject to all directives,
                rules
                and regulations that may in such respect be issued in the future
                by the
                Office of the Superintendent of Banks & Financial Institutions within
                the scope of the authority vested in that agency by
                law.

            

      	 	 

      	
              19.2

            	
              The
                obligations regarding banking confidentiality and secrecy shall continue
                indefinitely and beyond the life of this
                instrument.

            

    

    

    
      	20.	MEANS
              OF EVIDENCE

      	 	 

      	
              20.1

            	
              The
                digital
                records of ComBanc are considered admissible as means of
                evidence, and shall be kept up-to-date with records showing the times
                of
                sending and receipt, content and sums indicated in messages interchanged
                and stored and/or debits and credits made; these records shall have
                probative value pursuant to the provisions of Articles 4 and 5 of
                Law
                19,799.

            

    

     

    
      	21. 	NEW
              SERVICES

      	 	 

      	
              21.1

            	
              ComBanc
                may offer new services to the Participant. If such new
                services are agreed to by the parties, these services shall be considered
                as having been agreed to by the mere approval of
                ComBanc’s proposal to the Authorized Agent, including
                operating conditions and fees, which shall form an integral part
                of the
                respective current Appendices to the present agreement, as
                applicable.

            

      	 	 

      	21.2	The
              Participant may opt not to accept the new
              services.

      	 	 

      	22.	KNOWLEDGE
              OF THE SYSTEM

    

    

    
      	
              22.1

            	
              The
                parties
                undertake to make each of their customers, in an express and timely
                manner, familiar with the characteristics, potential outcomes and
                inherent
                risks of a high value payment clearance and remittance service, as
                established in this agreement, so that such customers will assume
                in an
                informed and responsible manner the risks and responsibilities of
                signing
                this contract.

            

    

    

    
      	
              22.2

            	
              Consequently,
                the Participant shall have the exclusive obligation of
                making its customers aware of the conditions governing the providing
                of
                the services subject to this agreement, as well as of informing those
                customers of the conditions governing the high value payment clearance
                and
                remittance service. Notwithstanding, in some cases, those agreements
                might
                run counter to the purpose and terms of the present
                service.

            

    

     

    

            

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          Participant
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    23.        LIFE
      OF THE PRESENT AGREEMENT

    

    
      	
              23.1

            	
              The
                term of
                the present agreement shall be indefinite. Without prejudice to the
                foregoing, either party may terminate this agreement by giving notice
                to
                the other via certified mail sent to the address indicated herein
                at least
                one hundred twenty (120) days in advance. For the purpose of the
                present
                agreement, it shall be understood that the parties will maintain
                the
                addresses indicated in the introductory part of this agreement, except
                if
                notice is given by certified mail of a change in address, which must
                indicate the complete new address.

            

    

    

    
      	
              23.2

            	
              Notwithstanding
                the foregoing, providing of the services subject to this agreement
                shall
                terminate in advance in the following
                cases:

            

    

    

    
      	
              a.

            	
              Bankruptcy,
                insolvency, cessation of payments or proposals of payment agreements
                with
                its creditors on the part of ComBanc or the
                Participant;

            

    

    

    
      	
              b.

            	
              Mutual
                agreement by ComBanc and the Participant
                to terminate in advance;

            

    

    

    
      	
              c.

            	
              At
                the request
                of the properly performing party, in the case of gross non-performance
                of
                the contractual obligations, in part or in whole, by
                ComBanc or the Participant, such
                non-performance will be ruled upon by a subsequently appointed
                arbitrator.

            

    

     

    24.        ASSIGNMENT
      OF THE AGREEMENT

    

    
      	
              24.1

            	
              It
                is
                expressly stipulated that neither party may assign or transfer for
                any
                reason whatsoever the rights under this agreement, except with the
                express
                written authorization given in advance by the other
                party.

            

    

     

    25.         NON-EXCLUSIVITY

    

    
      	
              25.1

            	
              The
                present
                agreement does not grant exclusivity to either party, and both may
                request
                and provide similar services to other institutions or companies in
                general.

            

    

     

    26.        PENALTY
      INTEREST

    

    
      	
              26.1

            	
              In
                the event
                that any sums of money owed by the Participant to
                ComBanc are not paid
                within

            

    

     

    

            

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              the
                agreed-upon time, they shall be subject to the maximum rate of interest
                allowed under the law for credit and lending transactions; such interest
                shall be converted to local currency at the rate in effect on the
                day of
                default, and the interest shall run from that date until the actual
                date
                on which the payment obligation is met.

            

      	 	 

      	27. 	ARBITRATION

      	 	 

      	
              27.1

            	
              Any
                disagreements, disputes or conflicts arising between the parties
                for any
                reason and under any circumstance that relate directly or indirectly
                to
                this agreement, or to any of its clauses, including but not limited
                to the
                agreement’s effects, term, application, interpretation, performance,
                non-performance, validity or invalidity, nullity or cancellation,
                existence or non-existence, shall be submitted to an arbitrator in
                accordance with the provisions of Chapter 15, “Resolution of Disputes” of
                the Regulations. The arbitrator shall be appointed by mutual agreement
                between the parties, and absent such an agreement, by the Chamber
                of
                Commerce of Santiago A.G. (the “Chamber of Commerce”), upon whom the
                parties confer a special irrevocable mandate for such purposes. The
                mere
                fact that either party appeals to the Chamber of Commerce for naming
                an
                arbitrator shall imply the existence of a disagreement between the
                parties
                respecting the amicable designation of an
                arbitrator.

            

    

    

    
      	
              27.2

            	
              Without
                prejudice to the foregoing, the parties may opt for technical mediation
                conducted by a mutually-agreed-upon expert. This mediation shall
                not pose
                an impediment to the aforementioned
                arbitration.

            

    

     

    28.       GENERAL
      PROVISIONS

    

    
      	
              28.1

            	
              Separation
                of clauses: In the event that any provision embodied in this
                agreement or its Appendices is declared null, legally flawed or
                ineffective, it is hereby stipulated that such determination shall
                affect
                only the provision in question, and the remaining clauses of the
                agreement
                and/or its Appendices shall continue in full force and
                effect.

            

    

    

    
      	
              28.2

            	
              Conflicting
                rules or regulations: In the event of a conflict upon rules
                and/or regulations, the following order of precedence shall
                apply:

            

    

    

    
      	
              a.

            	
              Operating
                rules and regulations of the Sociedad Operadora de la Cámara de
                Compensación de Pagos de Alto Valor
                S.A.

            

    

    

          

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              b.

            	
              Service
                Participant Operating Contract for the High Value Payment Clearance
                and
                Remittance Service

            

    

    

    
      	
              c.

            	
              Appendices
                to
                the present agreement

            

    

    

    
      	
              28.3

            	
              Domicile:
                The present parties elect their domiciles in the city of Santiago
                de
                Chile, and submit to the jurisdiction of the arbitration court indicated
                in Clause 24.

            

    

    

    
      	
              28.4

            	
              Execution
                of this agreement: This agreement is
                executed and signed in two (2) copies with the same content, with
                one (1)
                copy being given to each of the
                parties.

            

    

    

    28.5     Legal
      Status:

    

    
      	
               

            	
              The
                legal
                status of Felipe Ledermann Bernal to act on behalf of the Sociedad
                Operadora de la Cámara de Compensación de Pagos de Alto Valor S.A. is
                embodied in the public instrument dated October 13, 2004, made and
                executed before José Musalem Saffle, Notary in
                Santiago.

            

    

    

    
      	
               

            	
              The
                legal
                status of Oscar von Chrismar Carvajal to act on behalf of the Banco
                Santander-Chile is embodied in the public instrument dated July 23,
                2003,
                made and executed before Nancy de la Fuente Hernández, Notary in
                Santiago.

            

    

    

    

    

    

    /s/
      Segismundo
      Schulin-Zeuthen
      Serrano                                                
   /s/ Oscar von Chrismar Carvajal

                       
      President                                                                                            
Chief Executive
      Officer

    Sociedad
      Operadora de la Cámara
      de                                                             
Banco Santander-Chile

    Compensación
      de Pagos de Alto Valor S.A.

    

    

    

    

    /s/
      Felipe Ledermann Bernal

               
General
      Manager

    Sociedad
      Operadora de la Cámara de

    Compensación
      de Pagos de Alto Valor S.A.

    

    

          

              Service
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    APPENDIX
      No.
      3

    

    Fee
      System

    

    

    Introduction:

    

    The
      fees that will
      apply to participants of the “Servicio Cámara de Compensación de Pago de
      Alto Valor” (High Value Clearing House Payment Service) are based on the
      following concepts:

    

    a)
      Connection:

    

    A
      one-time payment
      is made when signing the contract for services covering connection, testing,
      start-up, training and support provided by
ComBanc.

    

    As
      of August 1,
      2005, there is no charge for connection.

    

    b)
      Operation:

    

    There
      is a monthly
      payment for operation of the High Value Clearing House Payment and
      Delivery-Against-Payment services.

    

    In
      accordance with
      the “Regulations”, the billing allowed by ComBanc for operation, with respect to
      the number of participants, has a fixed component equivalent to 50.9% and a
      variable component equivalent to 49.1%.

    

    The
      Fixed Component
      has an identical quota for all Participants.

    

    The
      Variable
      Component is determined according to the percentage of participation in total
      net exchange sight balances in domestic currency of all the participants,
      determined as of the end of January 2003. A minimum percentage of 0.01% will
      be
      applied to those participants who in January 2003 had no share in the total
      net
      exchange sight balances in domestic currency.

    

    For
      purposes of this
      agreement, 24.81% of the variable component of the projected billing will be
      applied to the Banco Santander-Chile.

    

    Consequently,
      the
      operating fees are:

    

    Fixed
      Component: UF
      243 (Two hundred forty three UFs);

    Variable
      component:
      UF 1,339 (One thousand three hundred thirty-nine UFs)

    

    
      
              

                  Appendix
            3
Page 1 of
            3
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    c)
      SWIFT
      message reimbursement:

    

    The
      Participant must
      reimburse ComBanc for expenses incurred by it on behalf of the
      Participant in regards to sending Transfer-of-Funds Instructions through Swift
      to a Payment System, or for messaging to the DCV and to the banks, that derive
      from payment operations undertaken by the Participant.

    

    d)
      Authorization and power of attorney:

    

    In
      accordance with
      letter c) above, the Participant grants and confers power of attorney to
ComBanc to act on its behalf for receiving and paying invoices
      for messaging services charged by SWIFT and initiated by
      ComBanc for sending messages on behalf of the Participant through the
      Communications Network.

    

    ComBanc,
      acting through its own authorized agents, accepts the power of attorney herein
      conferred, without prejudice to stipulating that this power of attorney will
      be
      exercised only pursuant to authorization given by the Participant.

    

    For
      the proper
      implementation of this power of attorney, the parties stipulate the
      following:

    

    
      	
              a)

            	
              That
                the fees
                to be paid to SWIFT by ComBanc shall be
                disbursed by the latter, subject to reimbursement by the
                Participant;

            

    

    
      	
              b)

            	
              That
                the fees
                to be paid to SWIFT by ComBanc shall not
                be paid by ComBanc’s
                employees;

            

    

    
      	
              c)

            	
              That
                any sums
                paid to SWIFT in exercise of said power of attorney shall
                be recorded in special books, indicating the name of the beneficiary
                so as
                to facilitate reimbursement to ComBanc,
                and

            

    

    
      	
              d)

            	
              That
                in any
                exempt invoices that ComBanc issues to the banks, the
                different items in question will have to be clearly detailed and
                itemized
                so that the banks can proceed with reimbursement, with these supporting
                documents serving as sufficient verification of the reporting obligations
                of the holder of power of attorney.

            

    

    

    e)
      New
      services:

    

    New
      services are any
      services that the Board of Directors of ComBanc may establish,
      and which the Participant decides to use.

    

    
      
              

                  Appendix
            3
Page 2 of
            3
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Billing
      and
      payment

    

    The
      billing and
      payment for the services subject to this Appendix shall be made in national
      currency, in accordance with the value given the UF on the last day of the
      month in which the service is provided.

    

    The
      user must pay
      the amount of this invoice within ten (10) days following its
      receipt.

    

    If
      said invoice is
      not paid when due, payment must be made of the value of the UF that is in effect
      on the actual payment date, for which a supplementary invoice will be issued
      covering the difference.

    

    Any
      and all sums
      that the user owes ComBanc that are not settled on the corresponding due dates,
      shall be subject to the maximum interest rate allowed by law on loan and credit
      transactions, adjusted to local currency in accordance with the rate in effect
      on the day of default.

    

    Commencement
      of Fees

    

    The
      fees shall
      become effective from the first month of operation of the Clearing
      House.

     

     

     

    Appendix
      3

    Page 3 of
      3

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