Document:

Non-Qualified Stock Option Agreement

 Exhibit 10.4 
 Form of Director 1-Year Vesting 
 NON-QUALIFIED
STOCK OPTION AGREEMENT 
 This NON-QUALIFIED STOCK OPTION AGREEMENT (this
“Option Agreement”), dated as of <<Grant Date>> (the “Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), and <<Name>> (the
“Participant”), relating to a non-qualified stock option granted under the 2006 Zebra Technologies Corporation Incentive Compensation Plan (the “Plan”). Capitalized terms used in this Option Agreement without definition shall
have the meanings ascribed to such terms in the Plan. 
  

	1.	Grant of Option. 

  

	 	(a)	Grant. Subject to the provisions of this Option Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the Grant Date
a Non-Qualified Stock Option (the “Option”) to purchase <<Number>> shares (the “Option Shares”) of the Company’s Class A Common Stock, $.01 par value per share (the “Stock”), at a price of
<<Strike Price>> per share (the “Option Price”). 

  

	 	 (b)
	 Term of the Option. Unless the Option terminates earlier pursuant to other provisions of the Option
Agreement, the Option shall expire on the tenth (10th) anniversary of the Grant Date (the “Expiration Date”).

  

	 	(c)	Nontransferability. The Option shall be non-transferable, except by will or the laws of descent and distribution, or as otherwise permitted under the Plan.

  

	2.	Vesting of Option. 

  

	 	(a)	General Vesting Rule. Prior to the Expiration Date, 100% of the Option shall become and be exercisable on or after the first anniversary of the Grant Date provided,
however, except as otherwise provided for under this Option Agreement, the Participant must remain a member of the Board of Directors of the Company (the “Board”) continuously through the applicable vesting date. 

  

	 	(b)	Death or Disability. Notwithstanding the provisions of Section 2(a) hereof, in the event the Participant’s service on the Board is terminated due to the
Participant’s death or Disability, any unvested portion of the Option as of the date of such termination of service shall immediately become fully vested and exercisable and, along with any unexercised, vested portion of the Option, shall
remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of service on the Board due to the Participant’s death or Disability. 

 In the event of the Participant’s death, the Participant’s beneficiary or estate may exercise the vested portion of the Option. 
  

	 	(c)	Retirement. In the event the Participant’s service on the Board is terminated due to Retirement, any unexercised, vested portion of the Option as of the date of
the Participant’s termination of service on the Board shall remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of service on the Board due to Retirement. 

 For purposes of this Option Agreement, “Retirement” means the Participant’s voluntary termination of service on the Board after attaining
either: 
  

	 	•	 	 age fifty-five (55) with ten (10) or more complete years of service with the Company and/or any Subsidiary; or 

  

	 	•	 	 age sixty-five (65). 

  

	 	(d)	 Other Termination of Service on the Board. In the event the Participant’s service on the Board is 

	 	 
terminated for any reason other than as provided in Section 2(b) or (c) hereof, any portion of the Option that is unexercised and vested as of the
date of such termination shall remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	ninety (90) days after the date of the Participant’s termination of service on the Board. 

  

	 	(e)	Change in Control Vesting. Subject to the provisions of Section 15 of the Plan, if a Change in Control occurs, 100% of the remaining unvested portion of the
Option shall be immediately vested and exercisable upon such Change in Control and, along with any unexercised, vested portion of the Option, shall remain exercisable through the Expiration Date. 

  

	3.	Exercise of Option. 

  

	 	(a)	Manner of Exercise. The vested portion of the Option may be exercised, in whole or in part, by delivering written notice to the Company in accordance with of
Section 7(k) hereof and in such form as the Committee may require from time to time. Such notice of exercise shall: 

  

	 	(i)	specify the number of Option Shares to be purchased; 

  

	 	(ii)	specify the aggregate Option Price for such Option Shares; and 

  

	 	(iii)	be accompanied by payment in full of such aggregate Option Price. 

  

	 	(b)	Payment Upon Exercise. The Option Price upon exercise of any portion of the Option shall be payable to the Company in full either: 

  

	 	(i)	in cash or its equivalent; 

  

	 	(ii)	by tendering previously acquired Stock that has been held for at least six months (or such longer period necessary to avoid a charge to the Company’s earnings for financial
reporting purposes) and having an aggregate Fair Market Value at the time of exercise equal to the aggregate Option Price, or 

  

	 	(iii)	a combination of Sections 3(b)(i) and (ii) hereof. 

 In addition, payment of the Option Price may be payable by one or more of the following methods either upon written consent from the Committee or if one or more of the following methods will not result in a charge to the Company’s
earnings for financial reporting purposes: 
  

	 	(iv)	by withholding Stock that otherwise would be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to the aggregate Option Price,

  

	 	(v)	by tendering other Awards payable under the Plan, or 

  

	 	(vi)	by cashless exercise through delivery of irrevocable instructions to a broker to promptly deliver to the Company the amount of proceeds from a sale of shares having a Fair Market
Value equal to the purchase price. 

  

	 	(vii)	Any combination of Sections 3(b)(i)-(vi) upon written consent of the Committee. 

  

	 	(c)	Compliance with Federal and State Law. The Company reserves the right to delay a Participant’s exercise of the Option if the Company’s issuance of Stock upon
such exercise would violate any applicable federal or state securities laws or any other applicable laws or regulations. The Participant may not sell or otherwise dispose of Option Shares in violation of any applicable law. The Company may postpone
issuing and delivering any Option Shares for so long as the Company reasonably determines to be necessary to satisfy the following: 

  

	 	(i)	its completing or amending any securities registration or qualification of the Option Shares, or it or the Participant satisfying any exemption from registration under any federal
or state law, rule, or regulation; 

  

	 	(ii)	its receiving proof it considers satisfactory that a person seeking to exercise the Option after the Participant’s death is entitled to do so; 

	 	(iii)	the Participant complying with any requests for representations under the Plan; 

  

	 	(iv)	the Participant complying with any federal, state, or local tax withholding obligations; 

  

	 	(v)	its deferring payment of any amount that it reasonably determines would not be deductible under Code Section 162(m) until the earlier of: 

  

	 	•	 	 the earliest date on which the Company reasonably determines that the deductibility of the payment will not be limited; or 

  

	 	•	 	 the year following the Participant’s termination of service on the Board; and 

  

	 	(vi)	its compliance with the provisions of Code Section 409A to the extent applicable, including any final regulations issued pursuant thereto, including the Committee’s right
to amend any provision of this Option Agreement, to the extent necessary to help ensure that amounts due hereunder are not subject to adverse tax consequences under Code Section 409A, which right is hereby consented to by the Participant
(notwithstanding Section 16 of the Plan). 

  

	 	(d)	No Fractions of Stock. The Company shall not be required to issue any fractional shares of Stock. 

  

	4.	Payment of Taxes. 

  

	 	(a)	General Rule. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of an Option, the Participant shall be
required to pay such amount to the Company, as provided under Section 17 of the Plan. The Participant acknowledges and agrees that the Participant is responsible for the tax consequences associated with the grant of the Option and its exercise.

  

	5.	Changes in Company’s Capital Structure. 

  

	 	(a)	Adjustment in Authorized Stock. As may be determined to be appropriate and equitable by the Committee, in its complete and sole discretion, to prevent dilution or
enlargement of rights, the Committee shall make or authorize to be made an adjustment in the number and class of Option and/or the Option Price to prevent dilution or enlargement of rights, as a result of the following: 

  

	 	(i)	any adjustment, recapitalization, reorganization or other changes in the Company’s capital structure or its business; 

  

	 	(ii)	any merger or consolidation of the Company; 

  

	 	(iii)	any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Company’s Common Stock or the rights thereof; 

  

	 	(iv)	the dissolution or liquidation of the Company; 

  

	 	(v)	any sale or transfer of all or any part of the Company’s assets or business; or 

  

	 	(vi)	any other corporate act or proceeding, whether of a similar character or otherwise. 

  

	6.	Confidentiality, Non-Solicitation and Non-Compete. The Participant agrees to, understands and acknowledges the following: 

  

	 	(a)	Confidential Information. The Participant will be furnished, use or otherwise have access to certain Confidential Information of the Company. For purposes of this
Option Agreement, “Confidential Information” means any and all financial, technical, commercial or other information concerning the business and affairs of the Company that is confidential and proprietary to the Company, including without
limitation, 

  

	 	(i)	information relating to the Company’s past and existing customers and vendors and development of prospective customers and vendors, including specific customer product
requirements, pricing arrangements, payments terms, customer lists and other similar information; 

  

	 	(ii)	inventions, designs, methods, discoveries, works of authorship, creations, improvements or ideas developed or otherwise produced, acquired or used by the Company;

  

	 	(iii)	 the Company’s proprietary programs, processes or software, consisting of but not limited to, 

	 	 
computer programs in source or object code and all related documentation and training materials, including all upgrades, updates, improvements, derivatives
and modifications thereof and including programs and documentation in incomplete stages of design or research and development; 

  

	 	(iv)	the subject matter of the Company’s patents, design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress, manuals, operating instructions,
training materials, and other industrial property, including such information in incomplete stages of design or research and development; and 

  

	 	(v)	other confidential and proprietary information or documents relating to the Company’s products, business and marketing plans and techniques, sales and distribution networks and
any other information or documents which the Company reasonably regards as being confidential. 

 The Company devotes
significant financial, human and other resources to the development of its products, its customer base and the general goodwill associated with its business, and the Company diligently maintains the secrecy and confidentiality of its Confidential
Information. Each and every component of the Confidential Information is sufficiently secret to derive economic value from its not being generally known to other persons. While serving on the Board and thereafter, the Participant will hold in the
strictest confidence and not use in any manner which is detrimental to the Company or disclose to any individual or entity any Confidential Information, except as may be required by the Company in connection with the Participant’s service on
the Board. 
 All Company Materials are and will be the sole property of the Company. The Participant agrees that during and after his or her
service on the Board, the Participant will not remove any Company Materials from the business premises of the Company or deliver any Company Materials to any person or entity outside the Company, except as the Participant is required to do so in
connection with performing the duties as a member of the Board. The Participant further agrees that, immediately upon the termination of his or her service on the Board for any reason, or during the Participant’s tenure as a member of the Board
if so requested by the Company, the Participant will return all Company Materials and other physical property, and any reproduction thereof, excepting only the Participant’s copy of this Agreement. For purposes of this Option Agreement,
“Company Materials” means documents or other media or tangible items that contain or embody Confidential Information or any other information concerning the business, operations or future/strategic plans of the Company, whether such
documents have been prepared by the Participant or by others. 
  

	 	(b)	Non-Solicitation and Non-Compete. For the period beginning on the date hereof and ending twelve (12) months following the Participant’s termination of
service on the Board, the Participant will not directly or indirectly: 

  

	 	(i)	employ, recruit or solicit for employment any person who is (or was within the six (6) months prior to the date the Participant’s service on the Board terminated) an
employee of the Company; 

  

	 	(ii)	accept employment, serve on the board of directors of, or engage in a competing business which may require contact, solicitation, interference or diverting of any of the
Company’s customers, or that may result in the disclosure, divulging, or other use, of Confidential Information or Company Materials acquired during the Participant’s service on the Board; or 

  

	 	(iii)	solicit or encourage any customer, vendor or potential customer or vendor of the Company with whom the Participant had contact while serving on the Board to terminate or otherwise
alter his, her or its relationship with the Company. The Participant understands that any person or entity that the Participant contacted during the twelve (12) months prior to the date of the Participant’s termination of service on the
Board for the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of the Company to whom the Company has a protectible proprietary interest. 

  

	 	(c)	Remedies for Violation.  

  

	 	(i)	 Injunctive Action. The Participant acknowledges that if he or she violates the terms of this Section 6, the injury that would be suffered by the
Company as a result of a breach of the provisions of this Option Agreement (including any provision of Section 6 (a) or (b) hereof) would 

	 	 
be irreparable and that an award of monetary damages to the Company for such a breach would be an inadequate remedy. Consequently, the Company will have the
right, in addition to any other rights it may have, to obtain injunctive relief to restrain any breach or threatened breach or otherwise to specifically enforce any provision of this Option Agreement, and the Company will not be obligated to post
bond or other security in seeking such relief. Without limiting the Company’s rights under this Section 6(c) (or Sections 6(a) or (b) hereof) or any other remedies of the Company, if the Participant breaches any of the provisions of
Sections 6(a) or (b) hereof, the Company will have the right to cease making any payments otherwise due to the Participant under this Option Agreement. 

  

	 	(ii)	Forfeiture of the Option and Repayment. In addition to the rights available to the Company under Section 6(c)(i) hereof, if the Participant violates the terms of
this Section 6 at any time, the Participant, without any further action by the Company or the Participant, shall forfeit, as of the first day of any such violation, all right, title and interest to this Option, any Option Shares then owned by
the Participant and any net proceeds received by the Participant pursuant to any sales or transfer of any Option Shares prior to, on or after such date, and the Company shall have the right to issue a stop transfer order and other appropriate
instructions to its transfer agent with respect to this Option and the Option Shares, and the Company further shall be entitled to reimbursement from the Participant of any fees and expenses (including attorneys’ fees) incurred by or on behalf
of the Company in enforcing the Company’s rights under this Section 6. By accepting this Option, the Participant hereby consents to a deduction from any amounts the Company owes to the Participant from time to time, to the extent of any
amounts that the Participant owes the Company under this Section 6. In addition to any injunctive relief sought under Section 6(c)(i) hereof and whether or not the Company elects to make any set-off in whole or in part, if the Company does
not recover by means of set-off the full amount the Participant owes to the Company, calculated as set forth in this Section 6(c)(ii), the Participant agrees to immediately pay the unpaid balance to the Company. 

  

	 	(d)	Enforceability of Restrictive Covenants. The scope and duration of the restrictive covenants contained in this Option Agreement are reasonable and necessary to protect
a legitimate, protectible interest of the Company. However, if one or more provisions of this Option Agreement are held to be unenforceable under applicable law to any extent, such provision(s) shall, to that extent, be excluded from this Option
Agreement and the balance of the Option Agreement shall be interpreted as if such provision(s) were so excluded to that extent and shall be enforceable in accordance with its terms. 

  

	 	(e)	Written Acknowledgement by the Participant. The Committee, in its sole discretion, may require the Participant, as a condition to the exercise of this Option, to
acknowledge in writing that he or she has not engaged, and is not in the process of engaging, in any of the activities described in this Section 6. 

  

	7.	Miscellaneous Provisions. 

  

	 	(a)	No Service or Employment Rights. No provision of this Option Agreement or of the Option granted hereunder shall give the Participant any right to continue to serve on
the Board or in the service or employ of the Company or any Subsidiary, create any inference as to the length of employment or service of the Participant, affect the right of the Company or any Subsidiary to terminate the employment or service of
the Participant, with or without Cause, or give the Participant any right to participate in any employee welfare or benefit plan or other program (other than the Plan) of the Company or any Subsidiary. 

  

	 	(b)	Stockholder Rights. Until the Option shall have been duly exercised to purchase Option Shares and such shares have been officially recorded as issued on the
Company’s official stockholder records, no person or entity shall be entitled to vote, receive dividends or be deemed for any purpose the holder of such Option Shares, and adjustments for dividends or otherwise shall be made only if the record
date therefor is subsequent to the date such shares are recorded and after the date of exercise and without duplication of any adjustment. 

  

	 	(c)	 Plan Document Governs. The Option is granted pursuant to the Plan, and the Option and this Option Agreement are in all respects governed by the Plan
and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Option Agreement by reference or are expressly cited. Capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the 

	 	 
Plan. Any inconsistency between the Option Agreement and the Plan shall be resolved in favor of the Plan. The Participant hereby acknowledges receipt of a
copy of the Plan. 

  

	 	(d)	Investment Representation and Agreement. The Committee may require the Participant to furnish to the Company, prior to the issuance of any Option Shares upon the
exercise of all or any part of this Option, an agreement (in such form as the Committee may specify) in which the Participant represents that the Option Shares acquired by him or her upon exercise are being acquired for investment and not with a
view to the sale or distribution thereof. 

  

	 	(e)	Beneficiary Designation. The Participant may, from time to time, in accordance with procedures set forth by the Committee, name any beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under this Option Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by
the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, benefits remaining
unpaid at the Participant’s death shall be paid to the Participant’s estate or exercised by the Participant’s estate. 

  

	 	(f)	Administration. This Option Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended
from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this Option Agreement, all of which shall be binding upon the Participant.  

  

	 	(g)	No Vested Right In Future Awards. The Participant acknowledges and agrees (by executing this Option Agreement) that the granting of Options under this Option Agreement
are made on a fully discretionary basis by the Company and that this Option Agreement does not lead to a vested right to further Awards in the future. 

  

	 	(h)	Use Of Personal Data. By executing this Option Agreement, the Participant acknowledges and agrees to the collection, use, processing and transfer of certain personal
data, including his or her name, compensation, nationality, job title, position, and details of all past Awards and current Awards outstanding under the Plan (“Data”), for the purpose of managing and administering the Plan. The Participant
is not obliged to consent to such collection, use, processing and transfer of personal data, but a refusal to provide such consent may affect his or her ability to participate in the Plan. The Company, or its Subsidiaries, may transfer Data among
themselves or to third parties as necessary for the purpose of implementation, administration and management of the Plan. These various recipients of Data may be located elsewhere throughout the world. The Participant authorizes these various
recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan. The Participant may, at any time, review Data with respect to the
Participant and require any necessary amendments to such Data. The Participant may withdraw his or her consent to use Data herein by notifying the Company in writing; however, the Participant understands that by withdrawing his or her consent to use
Data, the Participant may affect his or her ability to participate in the Plan.  

  

	 	(i)	Severability. In the event that any provision of this Option Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of this Option Agreement, and this Option Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

  

	 	(j)	Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require
performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 

  

	 	(k)	 Notices. Any notice which either party hereto may be required or permitted to give the other shall be in 

	 	 
writing and may be delivered personally or by mail, postage prepaid, addressed to the Secretary of the Company, at its then corporate headquarters, and the
Participant at the Participant’s address (including any electronic mail address) as shown on the Company’s records, or to such other address as the Participant, by notice to the Company, may designate in writing from time to time. The
Participant hereby consents to electronic delivery of any notices that may be made hereunder. 

  

	 	(l)	Counterparts. This Option Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the same
instrument. 

  

	 	(m)	Successors and Assigns. This Option Agreement shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon
the Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors. 

  

	 	(n)	Governing Law. This Option Agreement and the Option granted hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of
Delaware, without giving effect to provisions thereof regarding conflict of laws. 

  

	 	(o)	Entire Agreement. This Option Agreement, together with the Plan, constitute the entire obligation of the parties hereto with respect to the subject matter hereof and
shall supersede any prior expressions of intent or understanding with respect to this transaction. 

  

	 	(p)	Amendment. Any amendment to this Option Agreement shall be in writing and signed by the Company. 

  

	 	(q)	Headings. The headings contained in this Option Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Option Agreement.

 IN WITNESS WHEREOF, the Company has caused this Option Agreement to be duly executed by an officer thereunto duly
authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

									
	ZEBRA TECHNOLOGIES CORPORATION	 		 	Participant
			
	  
	 		 	  

	 <<Officer and Title>>
	 		 	<<Name>>EXHIBIT 10.56

 Exhibit 10.56 
  
 
Execution Copy 
  
 Agreement for Standby Letters of Credit (this “Agreement”) 
 In consideration of the issuance by Citibank,
N.A. (“Citibank”) of irrevocable standby or direct pay letters of credit (collectively, the “Credits” and individually, a “Credit”) substantially in accordance with the terms and conditions provided
by Legg Mason, Inc., a Maryland corporation (“LM”) and The Baltimore Company, a Maryland corporation (“Baltimore”; together with LM, the “Applicants”) on the applications corresponding hereto (the
“Applications”) or as otherwise requested by Applicants in writing, and as the same may be amended from time to time, Applicants unconditionally jointly and severally agree with Citibank as follows: 
  

	1.	Reimbursement. 

 Applicants will, jointly and
severally, reimburse Citibank, on demand, for the amount of each payment Citibank makes against a corresponding demand under each Credit. Reimbursement shall be due on the day on which Citibank makes such payment under each Credit. 
  

	2.	Commissions, Fees, Charges and Expenses. 

 Applicants will, jointly and severally, pay Citibank (a) commissions and fees on each Credit at such rates and times as set forth in the fee letter dated as of the date hereof (as amended from time to time, the “Fee
Letter”) between Applicants and Citibank, and (b) on demand, all reasonable out-of-pocket expenses which Citibank may pay or incur in connection with each Credit. 
  

	3.	Payments; Interest on Past Due Amounts; Computations. 

 All amounts due from Applicants shall be paid to Citibank at 399 Park Avenue, New York, New York 10043 (or such other address notified to Applicants in writing), without defense, set-off, cross-claim or counterclaim of any kind, in U.S.
Dollars and in same day funds, provided that if the amount due is based on Citibank’s payment in a currency other than U.S. Dollars, Applicants will, jointly and severally, pay the equivalent of such amount in U.S. Dollars computed at
Citibank’s market selling rate for cable transfers to the place where, and in the currency in which, Citibank paid such amount, or, at Citibank’s reasonable request in accordance with normal banking procedures, Applicants will, jointly and
severally, pay in such other currency, place, form and manner as Citibank finds reasonably acceptable. Applicants’ obligations to make payments in U.S. Dollars shall not be satisfied by any tender, or any recovery by Citibank pursuant to any
judgment, which is 

 
expressed in or converted into any currency other than U.S. Dollars, except to the extent that Citibank may in accordance with normal banking procedures
convert such currency on the Business Day after such tender or recovery into U.S. Dollars in the full amount of U.S. Dollars payable under this Agreement. Any amount not paid when due shall bear interest until paid in full at a daily fluctuating
interest rate per annum equal to two percent per annum above the rate of interest announced publicly from time to time by Citibank in New York as Citibank’s Base Rate. After an Event of Default shall have occurred and be continuing, each
Applicant authorizes Citibank to charge any account of such Applicant for any amount when due in accordance with Section 17. Unless otherwise agreed in writing as to any Credit and subject to any other provision of this Agreement, all
computations of commissions, fees and interest shall be based on a 360-day year and actual days elapsed. 
  

	4.	Additional Costs. 

 If Citibank determines that the
introduction or effectiveness of, or any change in, any law or regulation or compliance with any guideline or request from any central bank or other government or quasi-government authority (whether or not having the force of law) affects or would
affect the amount of capital or reserves required or expected to be maintained by Citibank or any corporation controlling Citibank and Citibank determines that the amount of such capital or reserve is increased by or based upon the existence of any
Credit, then Applicants shall, jointly and severally, pay Citibank on demand from time to time additional amounts sufficient in Citibank’s judgment to compensate for the increase. Citibank’s certificate as to amounts due shall be
conclusive, in the absence of manifest error. 

  

 (continued) 
  

 1 

  

	5.	Taxes. 

 All payments made to Citibank shall be made
free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges, or withholdings, and all related liabilities, excluding income taxes imposed by the jurisdiction of Citibank’s head office or the
office issuing any Credit (all non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities are called “Taxes”). If any Taxes shall be required by law to be withheld or deducted from or in respect of any
sum payable under this Agreement, (a) the sum payable under this Agreement shall be increased as may be necessary so that after making all required withholding or deductions Citibank receives an amount equal to the sum Citibank would have
received had no such withholding or deductions been required, (b) Applicants shall be jointly and severally responsible for payment of the amount to the relevant taxing authority, (c) Applicants shall jointly and severally indemnify
Citibank on demand for any Taxes paid by Citibank and any liability (including penalties, interest and expenses) arising from such payment or in respect of such Taxes, whether or not such Taxes were correctly or legally asserted, and
(d) Applicants shall provide Citibank with the original or a certified copy of the receipt evidencing each Tax payment within 30 days of the tax payment date. 
  

	6.	Indemnification. 

 Applicants will jointly and
severally indemnify and hold Citibank and its officers, directors, affiliates, employees, attorneys and agents (each, an “Indemnified Party”) harmless from and against any and all claims, liabilities, losses, damages, costs and
expenses, including reasonable attorneys’ fees and disbursements, other dispute resolution expenses (including reasonable fees and expenses in preparation for a defense of any investigation, litigation or proceeding) and costs of collection
that arise out of or in connection with: (a) the issuance of any Credit, (b) any payment or action taken or omitted to be taken in connection with any Credit (including any action or proceeding seeking (i) to restrain any drawing
under any Credit, (ii) to compel or restrain the payment of any amount or the taking of any other action under any Credit, (iii) to compel or restrain the taking of any action under this Agreement, or (iv) to obtain similar relief
(including by way of interpleader, declaratory judgment, attachment or otherwise), regardless of who the prevailing party is in any such action or proceeding) or (c) the enforcement of this Agreement, except in each of (a) through
(c) above, to the extent such claim, liability, loss, damage, 

 
cost or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross
negligence or willful misconduct. Applicants will, jointly and severally, pay on demand from time to time all amounts owing under this section. 
  

	7.	Obligations Absolute. 

 Applicants’ obligations
under this Agreement (the “Obligations”) shall be unqualified, irrevocable and payable in the manner and method provided for under this Agreement irrespective of: (i) any lack of validity or enforceability of this Agreement,
any Credit, or any other agreement, application, amendment, guaranty, document, or instrument relating thereto, (ii) any change in the time, manner or place of payment of or in any other term of all or any of the Obligations of any Applicant or
the obligations of any person or entity that guarantees the Obligations, (iii) the existence of any claim, set-off, defense or other right that any Applicant may have at any time against any beneficiary or any transferee of any Credit (or any
person or entity for whom any such beneficiary or transferee may be acting), Citibank or any other person or entity, whether in connection with any transaction contemplated by this Agreement or any unrelated transaction, or any claim by Citibank or
any Applicant against the beneficiary of any Credit for breach of warranty, (iv) any exchange, release or non-perfection of any collateral or release or amendment or waiver of or consent to departure from the terms of any guarantee or security
agreement, for all or any of the Obligations, (v) any draft, or other document presented under any Credit being forged, fraudulent or invalid or any statement therein being untrue or inaccurate, (vi) any failure by Citibank to issue any
Credit (or any amendment thereto) in the form requested by or agreed with Applicants, unless Citibank receives written notice from Applicants of such failure within three business days after Applicants shall have received a copy of such Credit (or
such amendment) and such failure is material and consequential, (vii) any previous Obligation, whether or not paid, arising from Citibank’s payment against any draft, certificate or other document which appeared on its face to be signed or
presented by the proper party but was in fact signed or presented by a party posing as the proper party, (viii) payment by Citibank under any Credit against presentation of a draft or other document that does not comply with the terms and
conditions of such Credit unless Citibank receives written notice from Applicants 

  

 (continued) 
  

 2 

 
of such discrepancy within five business days following Applicants’ receipt of such draft or other document, and (ix) any action or inaction taken
or suffered by Citibank or any of its affiliates or correspondents in connection with any Credit or any relevant draft, certificate or other document, if taken in Good Faith (as defined in Article 5 of the New York Uniform Commercial Code).

  

	8.	Limitations of Liability. 

 Without limiting any
other provision of this Agreement, Citibank: (i) may rely upon any oral, telephonic, telegraphic, facsimile, electronic, written or other communication believed in Good Faith to have been authorized by any Applicant, whether or not given or
signed by an authorized person, (ii) shall not be responsible for errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document in connection with any Credit, whether transmitted by courier, mail,
telex, any other telecommunication, or otherwise, or for errors in interpretation of technical terms or in translation (and Citibank and its correspondents may transmit Credit terms without translating them), (iii) shall not be responsible for
the identity or authority of any signer or the form, accuracy, genuineness, falsification or legal effect of any draft, certificate or other document presented under any Credit if such draft, certificate or other document on its face appears to
comply with the terms and conditions of such Credit, (iv) shall not be responsible for any acts or omissions by or the solvency of the beneficiary of any Credit, (v) may accept or pay as complying with the terms and conditions of any
Credit any draft, certificate or other document appearing on its face (A) substantially to comply with the terms and conditions of such Credit, (B) to be signed or presented by or issued to any successor of the beneficiary or any other
person in whose name such Credit requires or authorizes that any draft, certificate or other document be signed, presented or issued, including any administrator, executor, personal representative, trustee in bankruptcy, debtor in possession,
liquidator, receiver, or successor by merger or consolidation, or any other person or entity purporting to act as the representative of or in place of any of the foregoing, or (C) to have been signed, presented or issued after a change of name
of any such beneficiary, (vi) may disregard (A) any requirement stated in any Credit that any draft, certificate or other document be presented to it at a particular hour or place and (B) any discrepancies that do not reduce the value
of the relevant beneficiary’s performance to any Applicant in any transaction underlying any Credit, (vii) may 

 
accept as a “draft” any written or electronic demand or other request for payment under any Credit, even if such demand or other request is not in
the form of a negotiable instrument, (viii) shall not be responsible for the effectiveness or suitability of any Credit for any Applicant’s purpose, or be regarded as the drafter of such Credit regardless of any assistance that Citibank
may, in its discretion, provide to any Applicant in preparing the text of such Credit or amendments thereto, (ix) shall not be liable to any Applicant for any consequential or special damages, or for any damages resulting from any change in the
value of any foreign currency, services or goods or other property covered by any Credit, (x) may assert or waive application of any UCP or ISP (in each case, as defined below) article primarily benefiting bank issuers, (xi) may honor a
previously dishonored presentation under any Credit, whether pursuant to court order, to settle or compromise any claim that it wrongfully dishonored or otherwise and shall be entitled to reimbursement to the same extent as if it had initially
honored plus reimbursement of any interest paid by it and (xii) is authorized (but shall not be required) to disregard any non-documentary conditions stated in any Credit. None of the circumstances described in this section shall place Citibank
or any of its affiliates or correspondents under any resulting liability to any Applicant. 
  

	9.	Independence. 

 Applicants acknowledge that the
rights and obligations of Citibank under each Credit are independent of the existence, performance or nonperformance of any contract or arrangement underlying such Credit, including contracts or arrangements between Citibank and Applicants and
between Applicants and the beneficiary of any Credit. Citibank shall have no duty to notify Applicants of its receipt of a demand presented under any Credit or of its decision to honor such demand. Citibank may, without incurring any liability to
Applicants or impairing its entitlement to reimbursement under this Agreement, honor any Credit despite notice from Applicants of, and without any duty to inquire into, any defense to payment or any adverse claims or other rights against the
beneficiary of such Credit or any other person. Citibank shall have no duty to request or require the presentation of any document, including any default certificate, not required under the terms and conditions of any Credit. Citibank shall have no
duty to seek any waiver of discrepancies from Applicants, nor any duty to grant any waiver of discrepancies that any 

  

 (continued) 
  

 3 

 
Applicant approves or requests. Citibank shall have no duty to extend the expiration date or term of any Credit or to issue any replacement letter of credit
on or before the expiration date of such Credit or the end of such term. 
  

	10.	Transfers. 

 If, at Applicants’ request, any
Credit is issued in transferable form, Citibank shall have no duty to determine the proper identity of anyone appearing in any transfer request, draft, or other document as transferor or transferee, nor shall Citibank be responsible for the validity
or correctness of any transfer. 
  

	11.	Extensions and Modifications of any Credit. 

 This
Agreement shall be binding upon Applicants with respect to any extension or modification of any Credit made at any Applicant’s request or with any Applicant’s written consent. Applicants’ Obligations shall not be reduced or impaired
in any way by any agreement by Citibank and the beneficiary of any Credit extending Citibank’s time to honor or to give notice of discrepancies. 
  

	12.	Collateral. 

 The parties hereto acknowledge that
under (i) a certain pledge agreement dated as of the date hereof (as amended from time to time, the “Pledge Agreement”) between Citibank and Baltimore, certain collateral has been pledged to Citibank as security for the
Obligations and (ii) a certain control agreement dated as of the date hereof (as amended from time to time, the “Control Agreement”; together with this Agreement, the Fee Letter and the Pledge Agreement, the “Loan
Documents”) among Citibank, Baltimore and Citigroup Global Markets Inc., control over a certain securities account has been granted to Citibank. Baltimore agrees to comply with all the terms and covenants under the Pledge Agreement and the
Control Agreement. 
  

	13.	Covenants of Applicants. 

 Applicants will
(a) comply with all U.S. and non-U.S. laws, regulations and rules (including foreign exchange control regulations) now or later applicable to each Credit, transactions related to such Credit, or Applicants’ execution, delivery and
performance under this Agreement, and deliver to Citibank, upon reasonable request, reasonably satisfactory evidence of such compliance, (b) deliver to Citibank, upon reasonable request, independently audited financial statements of LM and
other information concerning LM’s 

 
financial condition and business operations, (c) permit Citibank to inspect their books and records on reasonable notice and (d) inform Citibank
immediately upon any Applicant becoming aware of the occurrence of an Event of Default (as defined below). 
  

	14.	Representations and Warranties of Applicants. 

 Each
Applicant represents and warrants that (a) it is validly existing and in good standing under the laws of the jurisdiction in which it is organized, (b) the execution, delivery and performance by the Applicants of this Agreement and the
other Loan Documents are within its respective powers, have been duly authorized, do not contravene any contract binding on or affecting it or any of its respective properties, do not violate any applicable law or regulation, and do not require any
notice, filing or other action to or by any governmental authority, (c) this Agreement is valid and binding upon Applicants, (d) the financial statements most recently received by Citibank from LM fairly present LM’s financial
condition in accordance with generally accepted accounting principles, and there has been no material adverse change in the business, financial condition or operations of LM and its subsidiaries, taken as a whole, since the date of such financial
statements; and (e) there is no pending or threatened action which may materially adversely affect its financial condition or business or which purports to affect the validity or enforceability of this Agreement, any Credit or any transaction
related to any Credit. Each request by any Applicant for any Credit or any amendment thereto shall constitute its representation and warranty that the foregoing statements are true and correct as if made on the date of such request. 
  

	15.	Default. 

 Each of the following shall be an
“Event of Default” under this Agreement: (a) any Applicant’s failure to pay when due any obligation owing to Citibank under Section 1 or, within five Business days after the same becomes due, any other obligation
owing to Citibank or its subsidiaries or affiliates (under this Agreement or any other Loan Document), (b) (i) any Applicant’s failure to perform or observe Section 13(d) or any covenant or obligation contained in the Fee Letter
or Section 5 of the Pledge Agreement and (ii) any Applicant’s failure to perform or observe any other term or covenant of this Agreement or any other Loan Document and such failure has continued for 30 days after notice thereof by

  

 (continued) 
  

 4 

 
Citibank to such Applicant, (c) any Applicant’s breach of any representation or warranty made in this Agreement, any other Loan Document or any
other document delivered by it in connection with this Agreement, (d) any Applicant’s dissolution or termination, (e) institution by any Applicant of any proceeding under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors or seeking the appointment of a receiver, trustee, or other similar official for such Applicant or for any substantial part of its property, or institution of any similar proceeding against any Applicant without such
Applicant’s consent, which continues undismissed or unstayed for sixty (60) calendar days, (f) any actual or threatened seizure, vesting or intervention by or under authority of a government by which any Applicant’s management is
displaced or its authority or control of its business is curtailed, (g) attachment or restraint of any funds or other property which may be in, or come into, the possession or control of Citibank or of any third party acting on Citibank’s
behalf, for the account or benefit of any Applicant, or the issuance of any order of any court or other legal process against the same, (h) the occurrence of any of the above events with respect to any person or entity which has heretofore or
hereafter guaranteed or provided any collateral security for any of the Obligations, or (i) if at 5:00 p.m. New York time on December 28, 2007, or at any time thereafter, the aggregate face amount of all outstanding Credits at such time
(less any amounts drawn thereunder for which Citibank has been reimbursed pursuant to this Agreement) exceeds the aggregate outstanding principal amount of all cash and U.S. Securities (as defined below) credited to the Account (as defined in the
Control Agreement) at such time. As used above, “U.S. Securities” means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency
thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof. 
  

	16.	Remedies. 

 If any Event of Default shall have
occurred and be continuing, the amount of each Credit as well as any or all Obligations, whether or not matured or contingent, shall, at Citibank’s option, become due and payable immediately without presentment, demand, protest or notice of any
kind, all of which are hereby expressly waived by Applicants; provided, however, that in the event of an actual or deemed 

 
entry of an order for relief with respect to any Applicant under applicable bankruptcy law, the amount of each Credit and all Obligations shall automatically
become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Applicants. 
  

	17.	Set-off. 

 If any Event of Default shall occur and
be continuing, Citibank may set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Citibank or any of its affiliates to or for the credit or the
account of any Applicant (“Deposits”) against any and all of the Obligations, irrespective of whether or not Citibank shall have made any demand under this Agreement and although such Deposits or Obligations may be unmatured or
contingent. Citibank’s rights under this section are in addition to other rights and remedies (including other rights of set-off) that Citibank may have under this Agreement or applicable law. 
  

	18.	Waiver of Immunity. 

 Each Applicant acknowledges
that this Agreement is, and each Credit will be, entered into for commercial purposes and, to the extent that any Applicant now or later acquires any immunity from jurisdiction of any court or from any legal process with respect to itself or its
property, each Applicant now irrevocably waives its immunity with respect to the Obligations. 

  
  

 (continued) 
  

 5 

  

	19.	Notices; Co-Applicants; Interpretation; Severability. 

 Notices shall be effective, if to any Applicant, when sent to its address indicated below the signature line and, if to Citibank, when received at 399 Park Avenue, New York, New York 10043, with a copy to Citicorp North America, Inc., 3800
Citibank Center, Tampa FL 33610, or as to either party, such other address as either may notify the other in writing. Notices to the beneficiary of each Credit shall be effective when sent to the address maintained in Citibank’s letter of
credit records for such beneficiary, and Applicants agree, jointly and severally, to hold Citibank harmless with respect to any claim by the beneficiary of any Credit of non-receipt of such a notice. Each Applicant shall be jointly and severally
liable for all Obligations and waives any defense that might otherwise be available to a guarantor of such Obligations. Each Applicant, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a
co-debtor, joint and several liability with the other Applicant, with respect to the payment and performance of all of the Obligations. Notices from Citibank in connection with this Agreement or any Credit to any Applicant and notices from, or the
consent of, any Applicant in connection with this Agreement or any Credit shall be sufficient to bind all Applicants. Headings are included only for convenience. The term “including” means “including without limitation.” If any
provision of this Agreement is held illegal or unenforceable, the validity of the remaining provisions shall not be affected. 
  

	20.	Successors and Assigns. 

 This Agreement shall be
binding upon each Applicant and its successors and permitted assigns, and shall inure to the benefit of and be enforceable by Citibank, its successors and assigns. No Applicant shall voluntarily transfer or otherwise assign any of its obligations
under this Agreement. Citibank may transfer or otherwise assign its rights and obligations under this Agreement, in whole or in part, and shall be forever relieved from any liability with respect to the portion of Citibank’s rights or
obligations transferred or assigned. Each Applicant acknowledges that information pertaining to such Applicant as it relates to this Agreement or any Credit may be disclosed to (actual or potential) transferees, assignees, affiliates, contractors
or, if required by law, court order or mandate, government authorities. This Agreement shall not be construed to confer any right or benefit upon any person or entity other than Applicants and Citibank and their respective successors and permitted
assigns. 
  

	21.	Modification; No Waiver. 

 None of the terms of this
Agreement may be waived or amended except in a writing signed by the party against whose interest the term is waived or amended. Forbearance, failure or delay by Citibank in the exercise of a remedy shall not constitute a waiver, nor shall any
exercise or partial exercise of any remedy preclude any further exercise of that or any other remedy. Any waiver or consent by Citibank shall be effective only in the specific instance and for the specific purpose for which it is given and shall not
be deemed, regardless of frequency given, to be a further or continuing waiver or consent. 
  

	22.	Multiple Role Disclosure. 

 Citibank and its
affiliates offer a wide range of financial services, including back-office letter of credit processing services on behalf of financial institutions and letter of credit beneficiaries. Such services are provided internationally to a wide range of
customers, some of whom may be Applicants’ counterparties or competitors. Each Applicant acknowledges and accepts that Citibank may perform more than one role in relation to a particular Credit, including to advise each Credit notwithstanding
the selection by such Applicant of an additional or alternative advising bank. 
  

	23.	Entire Agreement; Remedies Cumulative; Delivery by Facsimile. 

 This Agreement, together with the other Loan Documents, constitute the entire agreement between the parties concerning Citibank’s issuance of the Credits for Applicants’ account and supersede all prior or
simultaneous agreements, written or oral. All rights and remedies of Citibank under this Agreement and other documents delivered in connection with this Agreement are cumulative and in addition to any other right or remedy under this Agreement, each
Credit or applicable law. Applicants may submit an executed Application for any Credit in original form or it may do so by fax or via a Citibank electronic banking platform such as “CitiDirect,” and Applicants will be bound by any
instructions so given. Delivery of a signed signature page to this Agreement by facsimile transmission shall be effective as, and shall constitute physical delivery of, a signed original counterpart of this Agreement. 
  

	24.	Termination; Surviving Provisions. 

 This Agreement
shall be terminated only upon payment in full to Citibank of all Obligations hereunder. Restrictive provisions in this Agreement, such as 

  

 (continued) 
  

 6 

  
 
indemnity, tax, immunity and jurisdiction provisions shall survive termination of this Agreement. If any Credit is issued in favor of any bank, Citibank
branch or other entity in support of an undertaking issued by such bank, branch or entity on behalf of Applicants or Citibank, Applicants shall remain liable under this Agreement (even after expiry of such Credit) for amounts paid and reasonable
expenses incurred by Citibank with respect to such Credit or such undertaking until such time as Citibank or such other bank, branch or entity shall have no further liability, under applicable law, in connection with such undertaking. 
 25.    Governing Law; Governing Rules. 
 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF ANY APPLICANT AND CITIBANK HEREUNDER SHALL BE GOVERNED BY AND SUBJECT TO THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE U.S. FEDERAL LAWS. 
 (b) Applicants agree that Citibank may issue any Credit subject to the Uniform Customs and Practice for Documentary Credits, International Chamber of
Commerce (“ICC”) Publication Nos. 500 or 600 (the “UCP”) or the 

 
International Standby Practices, ICC Publication No. 590 (the “ISP”) or, at Citibank’s option, such later revision thereof or
other ICC rules in effect at the time of issuance of any Credit. Citibank’s privileges, rights and remedies under ICC rules shall be in addition to, and not in limitation of, its privileges, rights and remedies expressly provided for herein.
The UCP and the ISP (or such later revision of either), shall serve, in the absence of proof to the contrary, as evidence of general banking usage with respect to the subject matter thereof. (c) Applicants agree that for matters not addressed
by the UCP or the ISP, each Credit shall be subject to and governed by the laws of the State of New York and applicable U.S. Federal laws. If, at Applicant’s request, any Credit expressly chooses a state or country law other than New York State
law, or is silent with respect to UCP, ISP or governing law, Citibank shall not be liable for any payment, cost, expense or loss resulting from any action or inaction taken by Citibank if such action or inaction is or would be justified under UCP,
ISP, New York law, applicable U.S. Federal law or the law governing each Credit. 

  

	26.	Jurisdiction; Service of Process. 

 Each Applicant
now irrevocably submits to the non-exclusive jurisdiction of any state or federal court sitting in New York, New York, for itself, and in respect of any of its property and, if a law other than New York State law has been chosen to govern each
Credit, each Applicant also now irrevocably submits to the non-exclusive jurisdiction of any court sitting in such jurisdiction. Each Applicant agrees not to bring any action or proceeding against Citibank in any jurisdiction not described in the
immediately preceding sentence. Each Applicant irrevocably waives any objection to venue or any claim of inconvenience. Each Applicant agrees that any service of process or other notice of legal process may be served upon it by mail or hand delivery
if sent to: 
                                       
                                        
                                        
                                        
                                        
                                        
           
 at:                                     
                                        
                                        
                                        
                                        
                     
 which each
Applicant now designates its authorized agent for service of process in relation to each Credit and this Agreement. (If no authorized agent is designated in the space provided above, each Applicant agrees that process shall be deemed served if sent
to its address given for notices under this Agreement.) Each Applicant agrees that nothing in this Agreement shall affect Citibank’s right to serve process in any other manner permitted by law or to commence legal proceedings or otherwise
proceed against such Applicant in any other jurisdiction. Each Applicant agrees that final judgment against it in any action or proceeding shall be enforceable in any other jurisdiction within or outside the United States of America by suit on the
judgment, a certified copy of which shall be conclusive evidence of the judgment. 
 Global Transaction Services 
 www.transactionservices.citigroup.com 
 ©2007 Citibank, N.A. All rights reserved. Citi and Arc Design and CitiDirect are service marks of Citigroup Inc., used and registered throughout the world.

 183208 GTS04196 6/07 
  

 (continued) 
  

 7 

  

	27.	JURY TRIAL WAIVER. APPLICANT AND CITIBANK EACH IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM, COUNTERCLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, ANY CREDIT, OR ANY DEALINGS WITH ONE ANOTHER RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. 

 Applicants:

  
  

			
		 	  
   THE BALTIMORE COMPANY

		
		 	  
   By:  /s/ Charles J. Daley, Jr.

		 	  
   Print Name  Charles J. Daley, Jr.

		 	  
   Title  President and Treasurer

		 	  
   Address: 100 Light Street, Baltimore, MD 21202

		
		 	  
   Date:
  November 2, 2007

		 	  
   LEGG MASON, INC.

		
		 	  
   By:  /s/ Raymond A. Mason

		 	  
   Print Name  Raymond A. Mason

		 	  
   Title  Chairman, President and CEO

		 	  
   Address: 100 Light Street, Baltimore, MD 21202

		
		 	  
  
   Date  November 2, 2007

		
		 	  
   Date  November 2, 2007
   (For Citibank Use Only)

		 	  
   Approvals to Issue

		
		 	   /s/ Fred C. Arida, AVP

		 	  
 Relationship Manager (Signature & Stamp)

		
		 	   /s/ Matthew Nicholls, MD

		 	  
 Other required Signature & Stamp

  

  

 8

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