Document:

International Business Associates, Ltd. Ordinary Share Purchase Warrant

 Exhibit 10.2 
  
 EXHIBIT A 
  
 THIS WARRANT IS ISSUED PURSUANT TO THAT CERTAIN SERIES A REEDEMABLE PREFERRED STOCK SUBSCRIPTION AGREEMENT DATED SEPTEMBER 10, 2004, BETWEEN THE INITIAL HOLDER OF THIS
WARRANT (THE “REGISTERED HOLDER”) AND INTERNATIONAL BUSINESS ASSOCIATES LTD., AN EXEMPT LIMITED LIABILITY COMPANY ORGANIZED UNDER THE LAWS OF THE TURKS AND CAICOS ISLANDS, BWI. 
  
 Number of Shares: 24 
 (subject to adjustment) 
  
 Date of Issuance: September 10, 2004

  
 INTERNATIONAL BUSINESS ASSOCIATES LTD. 
  
 ORDINARY SHARES PURCHASE WARRANT 
  
 (Void after September 15, 2007) 
  
 International Business Associates Ltd., an exempt limited liability company
organized under the laws of the Turks and Caicos Islands, BWI (the “Company”), for value received, hereby certifies that International Business Associates Holding Co., Ltd. or its registered assigns (the “Registered Holder”), is
entitled, subject to the terms and conditions set forth below, to purchase from the Company, at any time or from time to time on or after the date of issuance and on or before 5:00 p.m. (Eastern time) on September 15, 2007, Twenty-Four (24) ordinary
shares, par value US$0.01 per share, of the Company (“Common Stock”), at a purchase price of US$1.00 per share. The shares purchasable upon exercise of this Warrant, and the purchase price per share, are hereinafter referred to as the
“Warrant Shares” and the “Purchase Price,” respectively. 
  

	 	1.	Exercise. 

  
 (a) Exercise for Cash. The Registered Holder may, at its option, elect to exercise this Warrant, in whole only and not in part, and at any time, by
surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of the Company in the Turks and Caicos Islands, BWI, or at such other office or
agency as the Company may designate, accompanied by payment in full, in lawful money of the United States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. If the initial Registered Holder is not
the person in whose name any share certificate may be issued to evidence Warrant Shares upon exercise of this Warrant, such person shall have executed and delivered to the Company, with such purchase form, a document whereby such person becomes a
party to the Stockholders Agreement dated September     , 2004 (the “Stockholders Agreement”), to which the initial Registered Holder is a party. 

 (b) Exercise Date. Each exercise of this Warrant shall be deemed to have been effected immediately
prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) above (the “Exercise Date”). At such time, the person or persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such exercise as provided in subsection 1(c) below shall be deemed to have become the holder or holders of record of the Warrant Shares represented by such certificates. 
  
 (c) Issuance of Certificates. As soon as practicable after the
exercise of this Warrant in whole, and in any event within 10 business days thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as the Registered Holder (upon payment by the
Registered Holder of any applicable transfer taxes) may direct one or more certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise plus, in lieu of any fractional share to
which the Registered Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof. 
  
 2. Investment Representations. The initial Registered Holder represents and warrants to the Company as follows: 
  
 (a) Investment. It is acquiring the Warrant, and (if and when it
exercises this Warrant) it will acquire the Warrant Shares, for its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling the same; and
the Registered Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition thereof. 
  
 (b) Accredited Investor. The Registered Holder is an “accredited investor” as defined in Rule 501(a) under
the Securities Act of 1933, as amended (the “Act”). 
  
 (c) Experience. The Registered Holder has made such inquiry concerning the Company and its business and personnel as it has deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business
that it is capable of evaluating the risks and merits of its investment in the Company. 
  
 In addition, by exercise of this Warrant, the person in whose name any share certificate may be issued to evidence Warrant Shares upon exercise of this Warrant represents and warrants to the Company as follows:

  
 (d) Investment. It is acquiring the Warrant Shares for
its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling the same; and such person has no present or contemplated agreement,
undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition thereof. 
  
 (e) Accredited Investor. Such person is an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended
(the “Act”). 
  

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 (f) Experience. Such Person has made such inquiry concerning the Company and its business and
personnel as it has deemed appropriate; and such has sufficient knowledge and experience in finance and business that it is capable of evaluating the risks and merits of its investment in the Company. 
  
 3. Transfers, etc. 
  
 (a) Prior to the Transfer Permitted Date (as such term is used in the
Stockholders Agreement), the Registered Holder shall not transfer this Warrant other than to an Affiliate, as such term is defined in the Stockholders Agreement. If the Stockholders Agreement shall then be in effect, the Warrant Shares shall not be
sold or transferred other than in accordance with the Stockholders Agreement. If the Stockholders Agreement is not then in effect, the holder of the Warrant Shares shall not transfer any of the Warrant Shares unless (i) they first shall have been
registered under the Act, or (ii) such transfer is by a Registered Holder which is an entity and is to an affiliate of such entity, including a transfer by a Registered Holder which is a partnership to a partner of such partnership or a retired
partner of such partnership or to the estate of any such partner or retired partner, or a transfer by a Registered Holder which is a limited liability company to a member of such limited liability company or a retired member or to the estate of any
such member or retired member, provided that the transferee in each case agrees in writing to be subject to the terms of this Section 3 or (iii) such transfer is a transfer made in accordance with Rule 144 under the Act. 
  
 (b) Each certificate representing Warrant Shares shall bear a legend
substantially in the following form: 
  
 “The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be offered, sold or otherwise transferred, pledged or hypothecated unless and until such securities are registered under such Act or
an opinion of counsel satisfactory to the Company is obtained to the effect that such registration is not required.” 
  
 The foregoing legend shall be removed from the certificates representing any Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Act. 
  
 (c) The Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder may change its address as shown on the warrant register by written notice to the Company requesting
such change. 
  
 (d) Subject to the provisions of Section 3
hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company in the Turks and
Caicos Islands, BWI (or, if another office or agency has been designated by the Company for such purpose, then at such other office or agency). 
  

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 4. No Impairment. The Company will not, by amendment of its charter or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be reasonably necessary or appropriate in order to protect the rights of the Registered Holder against impairment. 
  
 5. Notices of Record Date, etc. If: 
  
 (a) the Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of
stock of any class or any other securities, or to receive any other right; or 
  
 (b) of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the surviving entity and its Common Stock is not converted into or exchanged for any other securities or property), or any transfer of all or substantially all of the assets of the Company; or 
  
 (c) of the voluntary or involuntary dissolution, liquidation or winding-up of
the Company, then, and in each such case, the Company will send or cause to be sent to the Registered Holder a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such
dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or
other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least 10 days prior to the record date or effective date for the event
specified in such notice. 
  
 6. Reservation of Stock. The
Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon the
exercise of this Warrant. 
  
 7. Exchange or Replacement of
Warrants. 
  
 (a) Upon the surrender by the Registered
Holder, properly endorsed, to the Company at the principal office of the Company in the Turks and Caicos Islands, BWI, the Company will, subject to the provisions of Section 3 hereof, issue and deliver to or upon the order of the Registered Holder,
at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant. 
  

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 (b) Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
  
 8. Notices. All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed by certified or
registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, to the address last furnished to the Company in writing by the Registered Holder. All notices and other
communications from the Registered Holder to the Company in connection herewith shall be mailed by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery,
to the Company at the Company, c/o Caribbean Management Services, Ltd., P.O.Box 127, Richmond House, Leeward Highway, Providenciales, Turks and Caicos Islands, BWI, Attention: Clayton Greene, Esq., with a copy to 40 Mountain Top Road, Bernardsville,
N.J. 07924, U.S.A., Attention: President, or at such other address as may have been furnished in writing by the Company to the other parties hereto, with a copy to Connell Foley LLP, 85 Livingston Avenue, Roseland, NJ 07086 Attention: John P. Lacey,
Esq. If the Company should at any time change the location of its principal office to a place other than as set forth below, it shall give prompt written notice to the Registered Holder and thereafter all references in this Warrant to the location
of its principal office at the particular time shall be as so specified in such notice. All such notices and communications shall be deemed delivered (i) two business days after being sent by certified or registered mail, return receipt requested,
postage prepaid, or (ii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery. 
  
 9. No Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights by virtue hereof as a
stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of the Common Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of the date of the
distribution of the dividend (rather than as of the record date for such dividend), and (ii) the Registered Holder exercises this Warrant between the record date and the distribution date for such stock dividend, the Registered Holder shall be
entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date
for such stock dividend. 
  
 10. Amendment or Waiver. Any
term of this Warrant may be amended or waived only by an instrument in writing signed by the party against which enforcement of the change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
  

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 11. Registration Rights. 
  
 (a) Whenever the Company proposes to file a Registration Statement (as defined below) covering shares of Common Stock at any
time and from time to time, it will, prior to such filing, give written notice to the Registered Holder of its intention to do so. Upon the written request of a Registered Holder given within 20 days after the Company provides such notice (which
request shall state the intended method of disposition of such Common Stock), the Company shall use its best efforts to cause all Warrant Shares which the Company has been requested by such Registered Holder to register to be registered under the
Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Registered Holder; provided that the Company shall have the right to postpone or withdraw
any registration effected pursuant to this Section 11(a) without obligation to any Registered Holder. As used in this Section 11, “Registration Statement” means a registration statement filed by the Company with the U.S. Securities and
Exchange Commission, or any other federal agency at the time administering the Act (the “Commission”), for a public offering and sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their
successors, or any other form for a similar limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 
  
 (b) If the registration for which the Company gives notice pursuant to
Section 11(a) is a registered public offering involving an underwriting, the Company shall so advise the Registered Holders as a part of the written notice given pursuant to Section 11(a). In such event, (i) the right of any Registered Holder to
include its Warrant Shares in such registration pursuant to this Section 11 shall be conditioned upon such Registered Holder’s participation in such underwriting on the terms set forth herein and (ii) all Registered Holders including Warrant
Shares in such registration shall enter into an underwriting warrant upon customary terms with the underwriter or underwriters selected for the underwriting by the Company. If any Registered Holder who has requested inclusion of its Warrant Shares
in such registration as provided above disapproves of the terms of the underwriting, such Registered Holder may elect, by written notice to the Company, to withdraw its shares from such Registration Statement and underwriting. If the managing
underwriter advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the shares held by holders other than Registered Holders shall be excluded from such Registration Statement and
underwriting to the extent deemed advisable by the managing underwriter, and, if a further reduction of the number of shares is required, the number of shares that may be included in such Registration Statement and underwriting shall be allocated
among all Registered Holders and other holders requesting registration in proportion, as nearly as practicable, to the respective number of shares of Common Stock (on an as-converted basis) held by them on the date the Company gives the notice
specified in Section 11(a); provided that the number of Warrant Shares permitted to be included therein shall in any event be at least 48% of the securities included therein (based on aggregate market values). If any Registered Holder or other
holder would thus be entitled to include more shares than such holder requested to be registered, the excess shall be allocated among other requesting Registered Holders and other holders pro rata in the manner described in the preceding sentence.
As used in this Section 11, “other holders” means holders of securities of the Company (other than a Registered Holder) who are entitled, by contract with the Company, to have securities included in a Registration Statement. 
  

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 (c) If and whenever the Company is required by the provisions of this Warrant to use its best efforts to
effect the registration of any Warrant Shares under the Act, the Company shall: 
  
 (i) file with the Commission a Registration Statement with respect to such Warrant Shares and use its best efforts to cause that Registration Statement to become effective as soon as possible; 
  
 (ii) as expeditiously as possible prepare and file with the Commission any
amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to comply with the provisions of the Act (including the anti-fraud provisions thereof) and to keep the
Registration Statement effective for 12 months from the effective date or such lesser period until all such Warrant Shares are sold; 
  
 (iii) as expeditiously as possible furnish to each Registered Holder owning Warrant Shares included in a Registration Statement (a “Selling
Stockholder”) such reasonable numbers of copies of the Prospectus (as defined below), including any preliminary Prospectus, in conformity with the requirements of the Act, and such other documents as such Selling Stockholder may reasonably
request in order to facilitate the public sale or other disposition of the Warrant Shares owned by such Selling Stockholder. As used herein, “Prospectus” means the prospectus included in any Registration Statement, as amended or
supplemented by an amendment or prospectus supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus; 
  
 (iv) as expeditiously as possible use its best efforts to register or
qualify the Warrant Shares covered by the Registration Statement under the securities or Blue Sky laws of such states as the Selling Stockholders shall reasonably request, and do any and all other acts and things that may be necessary or desirable
to enable the Selling Stockholders to consummate the public sale or other disposition in such states of the Warrant Shares owned by the Selling Stockholders; provided, however, that the Company shall not be required in connection with this
Subsection 11(c)(iv) to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; 
  
 (v) as expeditiously as possible, cause all such Warrant Shares to be listed on each securities exchange or automated quotation system on which similar
securities issued by the Company are then listed; 
  
 (vi)
promptly provide a transfer agent and registrar for all such Warrant Shares not later than the effective date of such registration statement; 
  
 (vii) promptly make available for inspection by the Selling Stockholders, any managing underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Selling Stockholders, all financial and other records, pertinent corporate documents and properties of the Company and cause
the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement; 

 

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 (viii) as expeditiously as possible, notify each Selling Stockholder, promptly after it shall receive
notice thereof, of the time when such Registration Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; and 
  
 (ix) as expeditiously as possible following the effectiveness of such Registration Statement, notify each seller of such
Warrant Shares of any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus. 
  
 (d) If the Company has delivered a Prospectus to the Selling Stockholders and after having done so the Prospectus is amended to comply with the
requirements of the Act, the Company shall promptly notify the Selling Stockholders and, if requested, the Selling Stockholders shall immediately cease making offers of Warrant Shares and return all Prospectuses to the Company. The Company shall
promptly provide the Selling Stockholders with revised Prospectuses and, following receipt of the revised Prospectuses, the Selling Stockholders shall be free to resume making offers of the Warrant Shares. 
  
 (e) In the event that, in the judgment of the Company, it is advisable to
suspend use of a Prospectus included in a Registration Statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the Company believes public disclosure would be detrimental to the
Company, the Company shall notify all Selling Stockholders to such effect, and, upon receipt of such notice, each such Selling Stockholder shall immediately discontinue any sales of Warrant Shares pursuant to such Registration Statement until such
Selling Stockholder has received copies of a supplemented or amended Prospectus or until such Selling Stockholder is advised in writing by the Company that the then current Prospectus may be used and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary herein, the Company shall not exercise its rights under this Section 11(e) to suspend sales of Warrant Shares
for a period in excess of 180 days consecutively or 180 days in any 365-day period. 
  
 (f) The Company will pay all Registration Expenses for all registrations under this Warrant. As used in this Section 11, “Registration Expenses” means all expenses incurred by the Company in complying with
the provisions of this Section 11, including, without limitation, all registration and filing fees, exchange listing fees, printing expenses, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by any such
registration, but excluding underwriting discounts, selling commissions and the fees and expenses of Selling Stockholders’ own counsel. 
  
 (g) In the event of any registration of any of the Warrant Shares under the Act pursuant to this Warrant, the Company will indemnify and hold harmless
each Selling Stockholder, each underwriter of such Warrant Shares, and each other person, if any, who controls such Selling Stockholder or underwriter within the meaning of the Act or the Exchange Act of 1934, as amended (the “Exchange
Act”) against any losses, claims, damages or liabilities, joint or several, to which such Selling Stockholder, underwriter or controlling person may become subject under the Act, the Exchange Act, state securities or Blue Sky laws or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact 
  

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 contained in any Registration Statement under which such Warrant Shares were registered under the Act, any preliminary
prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, (ii) the omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Act, the Exchange Act or any state securities
law in connection with the Registration Statement or the offering contemplated thereby; and the Company will reimburse such Selling Stockholder, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by
such Selling Stockholder, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that
any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus or prospectus, or any such amendment or supplement, in reliance upon and in
conformity with information furnished to the Company, in writing, by or on behalf of such Selling Stockholder, underwriter or controlling person specifically for use in the preparation thereof. 
  
 (h) In the event of any registration of any of the Warrant Shares under the
Act pursuant to this Warrant, each Selling Stockholder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the Company or
any such underwriter within the meaning of the Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling person may become subject
under the Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement under which such Warrant Shares were registered under the Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if and to the extent (and only to the extent) that the statement or
omission was made in reliance upon and in conformity with information relating to such Selling Stockholder furnished in writing to the Company by such Selling Stockholder specifically for use in connection with the preparation of such Registration
Statement, prospectus, amendment or supplement; provided, however, that the obligations of a Selling Stockholder hereunder shall be limited to an amount equal to the net proceeds to such Selling Stockholder of Warrant Shares sold in connection with
such registration. 
  
 (i) Each indemnified party shall give
notice to the indemnifying party promptly after such indemnified party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the indemnifying party to assume the defense of any such claim or any litigation resulting
therefrom; provided, that counsel for the indemnifying party, who shall conduct the defense of such claim or litigation, shall be approved by the indemnified party (whose approval shall not be unreasonably withheld, conditioned or delayed); and,
provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 11 except to the extent that the indemnifying party is adversely affected
by such failure. The indemnified party may 
  

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 participate in such defense at such party’s expense; provided, however, that the indemnifying party shall pay such
expense if the indemnified party reasonably concludes that representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between the indemnified party
and any other party represented by such counsel in such proceeding; provided further that in no event shall the indemnifying party be required to pay the expenses of more than one law firm as counsel for the indemnified party. The indemnifying party
also shall be responsible for the expenses of such defense if the indemnifying party does not elect to assume such defense. No indemnifying party, in the defense of any such claim or litigation shall, except with the consent of each indemnified
party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim
or litigation, and no indemnified party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the indemnifying party, which consent shall not be unreasonably withheld, conditioned or delayed.

  
 (j) In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in this Section 11 is due in accordance with its terms but for any reason is held to be unavailable to an indemnified party in respect to any losses, claims, damages and liabilities referred to
herein, then the indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities to which such party may be
subject in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Selling Stockholders on the other in connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Selling Stockholders shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material
fact related to information supplied by the Company or the Selling Stockholders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Selling
Stockholders agree that it would not be just and equitable if contribution pursuant to this subsection (j) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this subsection 11(j), (i) in no case shall any one Selling Stockholder be liable or responsible for any amount in excess of the net proceeds received by such Selling Stockholder from the offering
of Warrant Shares and (ii) the Company shall be liable and responsible for any amount in excess of such proceeds; provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in
respect of which a claim for contribution may be made against another party or parties under this subsection 11(j), notify such party or parties from whom contribution may be sought, but the omission so to notify such party or parties from whom
contribution may be sought shall not relieve such party from any other obligation it or they may have thereunder or otherwise under this subsection 11(j). No party shall be liable for contribution with respect to any action, suit, proceeding or
claim settled without its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. 
  

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 (k) The rights and obligations of the Company and the Selling Stockholders under Section 12 shall survive
the termination of this Warrant. 
  
 12. Section Headings.
The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. 
  
 13. Governing Law. This Warrant will be governed by and construed in accordance with the internal laws of the Turks
and Caicos Islands, BWI (without reference to the conflicts of law provisions thereof). 
  
 14. Facsimile Signatures. This Warrant may be executed by facsimile signature. 
  
 [Signature Page to Warrant Follows] 
  

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 THIS WARRANT IS EXECUTED as of the Date of Issuance indicated above. 
  

			
	INTERNATIONAL BUSINESS ASSOCIATES LTD.
		
	 By:
	 	  

	 Its:
	 	  

  

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 EXHIBIT I 
  
 PURCHASE FORM 
  

			
	To:                                    	 	Dated:                    

  
 The undersigned,
pursuant to the provisions set forth in the attached Warrant, hereby elects to purchase all of the ordinary shares of International Business Associates Ltd. covered by such Warrant. The undersigned hereby affirms the representations and warranties
set forth in Section 2 of the attached Warrant as of the date of this Form. 
  
 The undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant. 
  

			
	Signature:	 	  

	 Address:
	 	  

	 	 	  

  

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 EXHIBIT II 
  
 ASSIGNMENT FORM 
  
 FOR VALUE RECEIVED,
                                        
             hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant with respect to the number of ordinary shares of International Business
Associates Ltd. covered thereby set forth below, unto the following affiliate of the Registered Holder: 
  

					
	Name of Assignee	 	Address	 	No. of Shares

  
  

					
	Dated:                                     
         	 	Signature: _______________________
			
	 Signature Guaranteed:
	 	 	 	 
			
	 By:
                                        
          
	 	 	 	 

  
 The signature should be guaranteed by
an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

  

 - 14 -Stockholders' Agreement

 Exhibit 10.3 
  
 Execution Copy 
  
 STOCKHOLDERS’ AGREEMENT 
  
 This Stockholders Agreement (this “Agreement”) is entered into this 10th day of September, 2004 (the “Effective Date”) by and among
International Business Associates Ltd. an exempted limited liability company organized under the laws of the Turks and Caicos Islands, BWI (the “Company”), John Kean, Jr., and Stanley J. Brownell, (each individually a “Founder”
and collectively, the “Founders”), and International Business Associates Holding Co., Ltd., a British Virgin Islands company (the “Purchaser”). The Company, each of the Founders, and the Purchaser are individually referred to
herein as a “Party”, and collectively, the “Parties.” The Founders and the Purchaser are collectively referred to herein as the “Stockholders.” 
  
 Unless otherwise defined in this Agreement, terms appearing in initial capital form shall have the meaning set forth in that
certain Series A Redeemable Preferred Stock Subscription Agreement among the Parties dated as of the date hereof (the “Stock Subscription Agreement”). 
  

In consideration of the premises and the mutual agreements and covenants hereinafter set forth, the Company, each of the Founders, and the Purchaser
hereby agree as follows: 
  
 1. Organizational Matters of the Company.

  
 1.1 Ownership. As a result of the purchase by
Purchaser of the Warrant, the initial beneficial ownership of the Company’s ordinary shares is fifty-two percent (52%) in favor of the Founders and forty-eight percent (48%) in favor of the Purchaser. The Parties contemplate that, whenever the
Company requires additional working capital prior to the redemption of all of the Series A Preferred, as determined by the Board of Directors of the Company acting unanimously, the Purchaser shall have the right, but not the obligation, to purchase
additional shares of Series A Preferred and warrants on terms and conditions no less favorable to those offered by the Company to the Purchaser in the Stock Subscription Agreement. Without the consent of the Purchaser, the Founders shall not
acquire, by purchase or otherwise, ownership of capital stock representing more than fifty-two percent (52%) of the outstanding shares of capital stock of the Company, on a Fully Diluted Basis, except in accordance with this Agreement. Without the
consent of the Founders, the Purchaser shall not acquire, by purchase or otherwise, ownership of capital stock representing more than forty-eight percent (48%) of the outstanding shares of capital stock of the Company, on a Fully Diluted Basis,
except in accordance with this Agreement. As used in this Agreement, “Fully Diluted Basis” means, as the context requires, either (a) the aggregate number of Common Stock issued and outstanding at the relevant time, after giving effect to
all then outstanding options, warrants, convertible securities or other rights to acquire Common Stock (whether or not then exercisable or exercisable at a price below the then market value of the Common Stock) of all shareowners, including the
Warrant, and/or (b) the number of Common Stock owned by a particular shareholder at the relevant time, after giving effect to all then outstanding options, warrants, convertible securities or other rights to acquire Common Stock (whether or not then
exercisable or exercisable at a price below the then market value of the Common Stock) held by such shareholder, including, in the case of the Purchaser, the Warrant. 

 1.2 Governance; Voting. The management of the Company and the preparation and adoption of the
Company’s business plan will be vested in the Board of Directors and such officers as the Board may designate from time to time. Subject to the management guidelines attached hereto as Exhibit A and the other terms of this Agreement, the
day-to-day management of the Company will be at the direction of the Board of Directors. The Board and the members appointed thereto (each a “Director”) shall be proposed by and shall serve at the direction of the Stockholders as provided
for herein and in the Memorandum of Association and Articles of Association. 
  
 (a) The Board of Directors shall be comprised of five (5) Directors or such other number of directors as may be established in accordance with the Company’s organizational documents from time to time. So long as
the Series A Preferred shall remain outstanding, the Purchaser shall be entitled to nominate three (3) candidates for membership on the Board of Directors of the Company, and the Founders shall be entitled to nominate two (2) directors for
membership on the Board of Directors of the Company. From and after the retirement of the Series A Preferred, so long as the Founders hold a majority of the outstanding Common Stock, the Purchaser (if the Purchaser then holds shares of Common Stock)
shall be entitled to nominate two (2) candidates for membership on the Board of Directors of the Company, and the Founders shall be entitled to nominate three (3) directors for membership on the Board of Directors of the Company. The Purchaser and
the Founders agree to vote for the nominees of each of them. If a Founder is unable to serve or has transferred his shares of Common Stock in the manner permitted by Section 3.3(a), then the Founder’s successor in interest as holder of his
Shares or his legal representative shall be entitled to nominate directors in the same manner and to the same extent as if the Founder were himself acting. 
  
 (b) Subject to the Company’s Memorandum of Association and Articles of Association (as in effect on the date hereof and from time to time thereafter)
and the terms and conditions of this Agreement, the Board will have the authority on behalf and in the name of the Company to perform all acts necessary and desirable to the objects and purposes of the Company and to comply, as deemed necessary in
the Board’s sole discretion, with any and all applicable laws, regulations, orders or decrees including without limitation, such laws and regulations applicable to Purchaser’s parent company, Harken Energy Corporation, without a vote of
the Stockholders (including but not limited to opening bank or other accounts and negotiating, effecting and authorizing the purchase and sale of Shares); provided, that those matters which, under the terms of Exhibit A, are within the
scope of powers and authority of the Company’s management shall remain with Company’s management unless otherwise modified by the Board as deemed necessary in its sole discretion to comply with any laws, regulations, orders or decrees as
set forth in this Subsection (b). The Purchaser and the Founders agree to instruct their Board of Directors nominees to elect John Kean Jr. as the Chairperson of the Board, so long as he is able to serve and remains a Stockholder. He shall preside
over all Board meetings. As used in this Agreement, “Shares” means and includes any and all shares of Common Stock and/or shares of capital stock of the Company, by whatever name called, which carry voting rights and shall include any such
shares now owned or subsequently acquired by a Stockholder, however acquired, including without limitation stock splits and stock dividends. 
  

 2 

 (c) All certificates representing Shares owned or hereafter acquired by the Stockholders or any
transferee of the Stockholders bound by this Agreement shall have affixed thereto a legend substantially in the following form: 
  
 “The shares of stock represented by this certificate are subject to certain voting agreements as set forth in a Stockholders’ Agreement, as
amended from time to time, by and among the registered owner of this certificate, the Company and certain other stockholders of the Company, a copy of which is available for inspection at the offices of the Secretary of the Company.”

  
 2. Actions Requiring Special Unanimous Approval of the Board of
Directors. 
  
 2.1 Notwithstanding anything in this Agreement
to the contrary (including any provision of Exhibit A) and to the extent permitted by the law of the Turks and Caicos Islands, BWI, the Parties acknowledge that the matters set forth below will require the unanimous approval of the Company’s
Board of Directors (so long as any shares of Series A Preferred remain outstanding): 
  
 (a) any amendment of the Memorandum of Association, Articles of Association or other organizational documents of the Company; 
  
 (b) a consolidation or merger of the Company, whether by merger, reverse merger, share exchange, sale of stock or otherwise, with or into any other
Person, or a sale, whether for cash, shares of stock, securities or properties, of all or substantially all or any part of the assets of the Company, or any share exchange pursuant to which shares of capital stock of the Company are converted into
other securities, cash or property of another Person, or any other change of control transaction; 
  
 (c) the voluntary dissolution or voluntary liquidation of the Company; 
  
 (d) the Company’s entering into or amending any contract with any Stockholder or any affiliate thereof if the payment
or consideration involved in such contract or series of related contracts would, regardless of amount, exceed the fair market value for the goods or services provided to the Company thereunder, provided that such contract shall have first been
approved by a majority of the directors of the Board; 
  
 (e) any
issuance of shares, or securities convertible into, or options or warrants to acquire, any such shares, and any redemption, change, cancellation, modification or alteration of Shares, or securities convertible into, or options or warrants to
acquire, any such shares, or any increase or decrease in the capital of the Company; 
  
 (f) any change in the Company’s name; and 
  

 3 

 (g) allocation of public company costs incurred by Harken Energy Corporation and allocated to the
Company. 
  
 3. Transfer of Shares. 
  
 3.1 Certain Definitions. As used in this Section 3, the following
terms have the following meanings: 
  
 (a)
“Affiliate” means any corporation or other entity which is controlled by, or is under common control with a Stockholder. A corporation or other entity is regarded as in control of another corporation or entity if it owns or directly
or indirectly controls more than fifty percent (50%) of the voting stock or other ownership interest of the other corporation or entity, or if it possesses, directly or indirectly, the power to direct or cause the direction of the management and
policies of the corporation or other entity or the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the corporation or other entity. 
  
 (b) “Independent Accounting Firm” means (a) an independent certified public accounting firm in the United
States or England of national recognition (other than a firm which then serves as the independent auditor for Purchaser or the Founders or any of their respective Affiliates) mutually acceptable to Purchaser and the Founders or (b) if the
Stockholders are unable to agree upon such a firm, then an accounting firm meeting such qualifications designated by the President of the American Institute of Certified Public Accountants. 
  
 (c) “IPO” means the initial, firm-commitment, underwritten
public offering of Shares, or equity securities into which such shares are converted or for which such shares are exchanged, pursuant to an effective registration statement under the United States Securities Act of 1933, as amended, or pursuant to
the foreign equivalent thereof, resulting in the Company, or the successor entity to the Company as the case may be, becoming listed on a public securities exchange. 
  
 (d) “Transfer Permitted Date” means the date which is the earlier of (i) an IPO, (ii) the five-year
anniversary of the Effective Date or (iii) termination of this Agreement. 
  
 3.2 Restrictions on Transfer. Any sale, transfer or other disposition, whether voluntarily or by operation of law (“Transfer”) of any of the Shares owned by a Founder (“Founder Shares”),
prior to the Transfer Permitted Date other than according to the terms of this Agreement, shall be void and transfer no right, title, or interest in or to any of such Founder Shares to the purported transferee. Any Transfer of any of the Shares
owned by the Purchaser (“Purchaser Shares”), prior to the Transfer Permitted Date other than according to the terms of this Agreement, shall be void and transfer no right, title, or interest in or to any of such Purchaser Shares to the
purported transferee. 
  
 3.3 Transfers Not Subject to
Restrictions. 
  
 (a) At any time prior to the Transfer
Permitted Date, either Founder may Transfer all or any portion of its Founder Shares (i) to an Affiliate of such Founder, or (ii) with 
  

 4 

 prior written notice to the Board, to a trust or other custodial vehicle for the benefit of a Founder, or a relative of
such Founder. In each such case, the transferee shall have delivered to the Company and the other Stockholders a written instrument agreeing to be bound by the terms of this Agreement as if it were a Founder or the Purchaser, as the case may be.

  
 (b) The provisions of this Section 3 shall not apply to any
pledge of Founder Shares by a Founder which creates a mere security interest, provided that the pledgee provides the Company and the Stockholders with a written agreement to be bound hereby to the same extent as the pledging Founder.

  
 (c) At any time prior to the Transfer Permitted Date, the
Purchaser may Transfer all or any portion of its Shares (i) to an Affiliate of the Purchaser, or (ii) with prior written notice to the Board, to a trust or other custodial vehicle for the benefit of the Purchaser or an Affiliate of the Purchaser. In
each such case, the transferee shall have delivered to the Company and the other Stockholders a written instrument agreeing to be bound by the terms of this Agreement as if it were the Purchaser, as the case may be. 
  
 3.4 Right of First Refusal; Notice of Proposed Sale. If the Purchaser
or any Founder desires to Transfer any of its Shares, or any interest in such Shares, in any transaction other than pursuant to Section 3.3 of this Agreement, such Founder or the Purchaser, as the case may be (the “Selling Party”) shall
first deliver written notice of his or its desire to do so (the “Notice”) to the other Founder(s), the Company and the Purchaser, in the manner prescribed in Section 5.5 of this Agreement. The Notice must specify: (i) the name and address
of the person to which the Selling Party proposes to Transfer the Shares or an interest in the Shares (the “Offeror”), (ii) the number of Shares that the Selling Party proposes to Transfer (the “Offered Shares”), (iii) the
consideration per Share to be delivered to the Selling Party for the proposed Transfer and (iv) all other material terms and conditions of the proposed transaction. The Selling Party shall attach to the Notice a copy of a bona fide written offer
from an unaffiliated third party. 
  
 3.5 Option to
Purchase. 
  
 (a) Subject to Section 3.7, if a Founder is the
Selling Party, the other Founder shall have the first option to purchase all or any part of the Offered Shares for the consideration per share and on the terms and conditions specified in the Notice. The other Founder must exercise such option, no
later than 30 days after such Notice is deemed under Section 5.5 to have been delivered to it, by written notice to the Selling Party Founder. 
  
 (b) Subject to Section 3.7, if the Purchaser is the Selling Party, the Founders shall have the first option to purchase all or any part of the Offered
Shares for the consideration per share and on the terms and conditions specified in the Notice. The Founders must exercise such option, no later than 30 days after such Notice is deemed under Section 5.5 to have been delivered to it, by written
notice to the Selling Party. The Founders shall have the right to purchase the Offered Shares from the Purchaser pro rata in accordance with their respective holdings of the Company’s ordinary shares. In the event of a Purchaser Notice B (as
defined below), one Founder may purchase more shares than the other Founder. 
  

 5 

 (c) Subject to Section 3.7, the Company shall have the option to purchase all or any part of the Offered
Shares for the consideration per share and on the terms and conditions specified in the Notice to the extent that one or both Founders or the Purchaser does not opt to purchase the Offered Shares. The Company must exercise such option, no later than
the end of the thirty-day period for one or both Founders to exercise their options after such Notice is deemed under Section 5.5 to have been delivered. The Company shall exercise such option by written notice to the Selling Party. 
  
 (d) If a Founder is the Selling Party and neither the other Founder nor the
Company exercises its option with respect to all of the Offered Shares within the periods for such exercise specified in this Section 3.4, the Company shall, by the last day of such period, give written notice of that fact to the Purchaser (the
“Purchaser Notice A”). The Purchaser Notice A shall specify the number of Offered Shares not purchased by the other Founder or the Company (the “Remaining Founder Shares”). If the Purchaser is the Selling Party and neither the
Founders nor the Company exercises their options with respect to all of the Offered Shares within the periods for such exercise specified in this Section 3.4, the Company shall, by the last day of such period, give written notice of that fact to the
Founders (the “Purchaser Notice B”). The Purchaser Notice B shall specify the number of Offered Shares not purchased by the Founders or the Company (the “Remaining Purchaser Shares”). 
  
 (e) If the Founders or the Company duly exercises its option to purchase all
or part of the Offered Shares, the closing of such purchase shall take place at the offices of the Company on the later of (i) the date fifteen (15) days after the expiration of the periods for exercise specified in this Section 3.4 or (ii) the date
that the Purchaser consummates its purchase of Remaining Shares under Section 3.6(c). 
  
 (f) To the extent that the consideration proposed to be paid by the Offeror for the Offered Shares consists of property other than cash or a promissory note, the consideration required to be paid by the Founder, the
Company and/or the Purchaser exercising their respective options under Sections 3.5 and 3.6 may consist of cash equal to the value of such property, as determined in good faith by agreement of the Selling Founder and the Company and/or the Purchaser
acquiring such Offered Shares. To the extent that the consideration proposed to be paid by the Offeror for the Offered Shares consists of Offeror’s promissory note, a comparable promissory note of which a Founder, the Company or the Purchaser
shall be deemed equivalent to Offeror’s promissory note. If the Selling Founder and the Company and/or the Purchaser are unable to agree on the appropriate value of such property, a determination as to value shall be derived by an Independent
Accounting Firm. 
  
 (g) Notwithstanding anything to the contrary
herein, none of the Founders, the Company or the Purchaser shall have any right to purchase any of the Offered Shares under Sections 3.4 and 3.5 of this Agreement unless the Founder(s), the Company and/or the Purchaser exercise their option or
options to purchase all of the Offered Shares. 
  

 6 

 3.6 Purchaser’s Option to Purchase. 
  
 (a) Subject to Section 3.7, the Purchaser shall have an option, exercisable
for a period of 15 days from the date of delivery of the Purchaser Notice A, to purchase the Remaining Founder Shares for the consideration per share and on the terms and conditions set forth in the Notice. Such option shall be exercised by delivery
by the Purchaser of written notice to the Secretary of the Company. Alternatively, the Purchaser may within the same 15-day period, notify the Secretary of the Company of its desire to participate in the sale of the shares on the terms set forth in
the Notice, and the number of shares it wishes to sell. 
  
 (b)
Subject to Section 3.7, either or both of the Founders shall have an option, exercisable for a period of 15 days from the date of delivery of the Purchaser Notice B, to purchase the Remaining Purchaser Shares for the consideration per share and on
the terms and conditions set forth in the Notice. Such option shall be exercised by delivery by a Founder of written notice to the Secretary of the Company. Alternatively, a Founder may within the same 15-day period, notify the Secretary of the
Company of its desire to participate in the sale of the shares on the terms set forth in the Notice, and the number of shares it wishes to sell. 
  
 3.7 Failure to Fully Exercise Options; Co-Sale. 
  
 (a) If the Founders, the Company and the Purchaser do not exercise their options to purchase all of the Offered Shares within the periods described in
this Agreement (the “Option Period”), then all options of the Company and the Purchaser to purchase the Offered Shares, whether exercised or not, shall terminate. If either or both of the Founders or the Purchaser has, pursuant to Section
3.6, expressed a desire to sell shares in the transaction, then it shall be entitled to do so pursuant to this Section 3.7. 
  
 (b) Promptly, on expiration of the Option Period, the Party wishing to participate shall notify the Selling Party of the aggregate number of shares the
participating Party wishes to sell. The Selling Party shall use his best efforts to cause the Offeror to purchase the shares the participating Party wishes to sell. If the Offeror does not wish to purchase all of the shares made available by the
Selling Party and the participating Party, then the participating Party and the Selling Party shall be entitled to sell, at the price and on the terms and conditions set forth in the Notice (provided that the price set forth in the Offer with
respect to Common Stock shall be appropriately adjusted, if necessary, based on the conversion ratio of any preferred shares to be sold), a portion of the shares being sold to the Offeror, in the same proportion as participating Party’s and the
Selling Party’s ownership of shares bears to the aggregate number of shares owned by the participating Party and the Selling Party. The transaction contemplated by the Notice shall be consummated not later than 60 days after the expiration of
the Option Period. 
  
 3.8 Termination of Transfer
Restrictions. The restrictions on the transfer of Shares set forth in this Section 3 shall terminate upon the earlier of the following events: 
  
 (a) The sale of all or substantially all of the assets or business of the Company, by merger, sale of assets or otherwise (except a merger or
consolidation in which the holders of share capital of the Company immediately prior to such merger or consolidation continue to hold immediately following such merger or consolidation at least 80% by voting power of the share capital of the
surviving corporation); or 
  

 7 

 (b) The closing of the Company’s IPO. 
  
 4. Term and Termination. This Agreement shall commence on the date first set forth above and shall continue until the first to occur
of (a) the date of an IPO or (b) the date on which neither the Purchaser nor any of its Affiliates holds any of the shares of the Company’s capital stock or any warrant for the purchase of shares of the Company’s capital stock. 

 
 5. Miscellaneous. 
  
 5.1 Successors and Assigns. In accordance with the terms and conditions of Section 3, this Agreement, and the rights
and obligations of the Purchaser hereunder, may be assigned by Purchaser to any to any Affiliate (such as a partner, member, stockholder or subsidiary of the Purchaser), and, in each case, such transferee shall be deemed a “Purchaser” for
purposes of this Agreement; provided that such assignment of rights shall be contingent upon the transferee providing a written instrument to the Company notifying the Company of such transfer and assignment and agreeing in writing to be bound by
the terms of this Agreement. Neither the Company nor the Founders may assign their rights under this Agreement, other than in accordance with Section 3. 
  

5.2 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. 
  
 5.3 Specific
Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, Purchaser shall be entitled to specific performance of the agreements and obligations of the Company hereunder and
to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction. 
  
 5.4 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the Turks and Caicos Islands, BWI
(without reference to the conflicts of law provisions thereof). To the extent that any conflict may arise between the terms and conditions of this Agreement and the terms and conditions of the Company’s Memorandum of Association or Articles of
Association or any other organizational document, the terms and conditions of this Agreement shall prevail. 
  
 5.5 Notices. All notices, requests, consents, and other communications under this Agreement shall be given in accordance with the provisions of the
Stock Subscription Agreement. 
  
 5.6 Amendments and
Waivers. This Agreement may be amended or terminated and the observance of any term of this Agreement may be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Parties. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any
such term, condition or provision. 
  

 8 

 5.7 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which shall constitute one and the same document. This Agreement may be executed by facsimile signatures. 
  
 5.8 Section Headings and References. The section headings are for the convenience of the parties and in no way alter,
modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall refer to a section or subsection of this Agreement, unless specified otherwise. 
  
 Executed as of the date first written above. 
  

			
	 COMPANY:

	
	 INTERNATIONAL BUSINESS ASSOCIATES LTD.

		
	 By:
	 	  

	
	 FOUNDERS:

	
	  

	 John Kean, Jr.

	 Address:

	 40 Mountain Top Road

	 Bernardsville, NJ 07924

	
	  

	 Stanley J. Brownell

	 Address:

	 P.O. Box 314

	 18 Old Turnpike Road

	 Oldwich, NJ 08858

	
	 PURCHASER:

	
	 INTERNATIONAL BUSINESS ASSOCIATES
 HOLDING CO., LTD.

	
	  

	 Mikel D. Faulkner

	 President and Chief Executive Officer

  

 9 

 Exhibit A 
  

Management Guidelines 
  
 The purpose of this document is to set forth the scope of powers and authority granted to the President and the Chief Operating Officer of the Company named in the
foregoing agreement (hereinafter “IBA” or the “Company”). This list may be amended from time to time by the Company’s Board of Directors. The above referenced officers of the Company are hereby charged and empowered with the
responsibility to: 
  

	 	(a)	hire the employees of the Company, establish their salaries, duties and obligations, and generally exercise employer’s rights over the employees of the Company subject to Board
adopted employment policies; allocate shares of the bonus pool among employees as compensation; 

  

	 	(b)	carry out the management of the Company’s affairs in accordance with applicable laws and generally represent the Company in its ordinary course of business affairs;

  

	 	(c)	prepare and submit the annual budgets for the Company to the Board of Directors for approval; 

  

	 	(d)	prepare and submit, on a monthly basis, financial reports and any other written reports for review by the Board of Directors in respect of the activities of the Company;

  

	 	(e)	prepare and maintain the secretarial records and books of account for the Company; 

  

	 	(f)	create a system of financial controls that produces financial statements in accordance with U.S. GAAP and that is auditable under generally accepted auditing standards;

  

	 	(g)	manage the daily operations of the Company’s bank account(s), issuance of letters of credit and interactions with financial institutions; 

  

	 	(h)	determine, the timing and amounts of preferred stock to be redeemed subject to Board approval; and 

  

	 	(i)	any other responsibilities that may be granted from time to time following an affirmative vote of a majority of the Board of Directors and the above referenced approval by
shareholders. 

  
 In exercising their duties, the President and
Chief Operating Officer shall require all formal and binding documents to either contain the signature of both the President and the COO or, in the absence of either the President or COO, either the signature of the President or COO with the written
approval of the Board of Directors. 
  

 10 

 The powers of the President and Chief Operating Officer in the day-to-day management and administration of the Company
shall be restricted in that they shall not, without the prior approval of a majority of the Board of Directors of the Company: 
  

	 	(a)	borrow any money in excess of $500,000 in respect of a single transaction or a series of transactions not necessarily related to each other but in no event shall the collective
borrowings exceed $1 million without Board approval, provided, however, that this limitation shall not apply to borrowings approved in the Company’s Annual Budget; 

  

	 	(b)	incur capital expenditures in any single transaction or related series of transactions in noncompliance with the Company’s Annual Capital Budget in excess of $250,000, provided
however that the such capital expenditures shall in the aggregate not exceed $500,000 without Board approval; 

  

	 	(c)	issue or grant any suretyship, indemnity or guarantee for or on behalf of the Company in excess of $750,000, provided however that the aggregate sureties, indemnities and guarantees
granted by the President and COO shall not exceed $1.5 million without Board approval; 

  

	 	(d)	enter into any agreement under the terms of which all or a major part of the business of the Company is sold, encumbered or subcontracted to a third party in any manner;

  

	 	(e)	encumber any capital assets of the Company; 

  

	 	(f)	acquire or dispose of any immovable property or any intellectual property rights in excess of $250,000; 

  

	 	(g)	conclude any joint venture, partnership, or similar arrangement with any third party; 

  

	 	(h)	commit the Company to long term (over twelve months) commitments outside of the Company’s Approved Annual Budget in excess of $500,000, except transactions concerning
gas trade (acquisition, sale, nomination, transfer, storage and distribution of gas); 

  

	 	(i)	enter into any agreement or contract, or a series of agreements or contracts not necessarily related to each other, which would result in obligations for the Company exceeding
$500,000, except transactions concerning gas trade (acquisition, sale, nomination, transfer, storage and distribution of gas); and 

  

	 	(j)	with respect to (g) and (h) above, the aggregate obligations of all gas trade obligations shall not exceed a VaR (Value at Risk) of $750,000 and such limit shall be incorporated
into the Company’s risk management policy. 

  

 11

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