Document:

exv10w59

Exhibit 10.59

Directors Compensation Program

Effective May 4, 2005

(As Amended February 10, 2011)

SECTION 1. PURPOSE

     (a) The purpose of the Program is to attract and retain well-qualified persons for service as
nonemployee directors of the Company and to promote identity of interest between directors and
stockholders of the Company. The Program is designed and intended to comply with Rule 16b-3 under
the Securities Exchange Act of 1934, as amended, as such Rule may be amended from time to time, and
shall be interpreted in a manner consistent with the requirements thereof, as now or hereafter
construed, interpreted and applied by regulations, rulings and cases.

     (b) The Program is also intended to comply in form and operation with the requirements of
Section 409A of the Code, or an exception thereto.

SECTION 2. DEFINITIONS

     The following words and phrases have the meaning indicated below, unless the context clearly
indicates otherwise.

     (a) “Affiliate” means any entity that, together with the Company, is treated as a single
employer under Code section 414(b) or (c). For purposes of determining whether a Termination of
Employment has occurred, the term Affiliate will be determined by applying Code section
1563(a)((1), (2) and (3) for purposes of determining a controlled group of corporations under Code
section 414(b) and in applying Treas. Reg. Section 1.414(c)-2 for purposes of determining trades or
businesses that are under common control for purposes of Code section 414(c), the phrase “at least
50 percent” will be used instead of “at least 80 percent” each place it appears.

     (b) “Accounting Date” means the first business day following the annual meeting of
stockholders of the Company, or, if no annual meeting is held during a calendar year, it means
December 31.

     (c) “Basic Fee” means the annual retainer payable to an Eligible Director at the annual rate
in effect on the Accounting Date for such Eligible Director’s services on the Board (exclusive of
any Chairperson Fee, Non-Executive Chairman Fee or Meeting Fees.)

     (d) “Board” means the Board of Directors of the Company.

     (e) “Chairperson Fee” means the annual retainer payable to an Eligible Director at the annual
rate in effect on the Accounting Date for such Eligible Director’s services as the chairperson of
any committee of the Board.

     (f) “Change in Control” has the meaning given it in Section 8(b) to the extent it is
consistent with and satisfies the definition of “Change of Control” under Code section 409A.

     (g) “Change in Control Price” of the Common Stock shall equal the higher of (i) if applicable,
the price paid for the Common Stock in the transaction constituting a Change in Control and (ii)
the Fair Market Value of the Common Stock as of the last trading day preceding the date of the
Change in Control.

     (h) “Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations
or binding rules promulgated thereunder.

     (i) “Committee” means the Compensation Committee of the Board.

     (j) “Common Stock” means the common stock, par value $.01 per share, of the Company.

     (k) “Company” means Imation Corp.

     (l) “Dividend Equivalent Credit” has the meaning given it in Section 7(b).

 

 

     (m) “Election Form” means the Election Form attached as Exhibit B hereto or such other form as
may be deemed acceptable by the Secretary of the Company from time to time.

     (n) “Eligible Director” means each member of the Board who is not at the time of reference an
employee of the Company or any of its subsidiaries.

     (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (p) “Fair Market Value” as of any date means, the fair market value as defined under the Stock
Plan.

     (q) “Meeting Fees” means the amounts payable to an Eligible Director in arrears on any
Quarterly Payment Date for attendance at meetings or participation in teleconferences of the Board
or any committee of the Board (exclusive of any Basic Fee, Chairperson Fee or Non-Executive
Chairman Fee).

     (r) “Non-Executive Chairman Fee” means the annual retainer payable to the Eligible Director
who is selected to be the Non-Executive Chairman at the annual rate in effect on the Accounting
Date for such Eligible Director’s services as the Non-Executive Chairman.

     (s) “Program” means the Company’s Directors Compensation Program, as amended from time to
time.

     (t) “Proration Fraction” means a fraction, the numerator of which is the number of days from
the date an Eligible Director first becomes an Eligible Director to the date of the next succeeding
annual meeting of stockholders and the denominator of which is 365.

     (u) “Quarterly Payment Date” means the date established by the Company from time to time for
payment, in arrears, of all Meeting Fees earned by Eligible Directors during the preceding calendar
quarter, provided such date shall not be later than the fifteenth day of the third month following
the end of such calendar quarter.

     (v) “Restricted Stock Unit” means a right to receive payment of one share of Common Stock in
accordance with the conditions set forth in Section 7 hereof or conditions established by the
Committee.

     (w) “Rule 16b-3” means Rule 16b-3 under the Exchange Act, as such Rule may be amended from
time to time.

     (x) “Separation from Service” means the individual has ceased to be a member of the Board and
has ceased to provide services as an independent contractor (including as a member of any board of
directors) of the Company and all Affiliates, or such other change in status that constitutes a
“separation from service” under Code section 409A.

     (x) “Stock Plan” means the then current stock incentive plan of the Company used to grant
stock based awards to Eligible Directors.

SECTION 3. ADMINISTRATION

     (a) The Program shall be administered by the Committee.

     (b) In administering the Program, it will be necessary to follow various laws and regulations.
It may be necessary from time to time to change or waive requirements of the Program to conform
with the law, to meet special circumstances not anticipated or covered in the Program, or to carry
on successful operation of the Program, and in connection therewith, the Committee shall have the
full power and authority to:

     (i) Prescribe, amend, and rescind rules and regulations relating to the Program,
establish procedures deemed appropriate for its administration, interpret the provisions of
the Program, remedy ambiguities, and make any and all other determinations not herein
specifically authorized which may be necessary or advisable for its effective
administration;

 

 

     (ii) Make any amendments to or modifications of the Program which may be required or
necessary to make the Program set forth herein comply with the provisions of any laws,
federal or state, or any regulations issued thereunder, and to cause the Company at its
expense to take any action related to the Program which may be required under such laws or
regulations;

     (iii) Contest on behalf of the Eligible Directors or the Company, at the sole
discretion of the Committee and at the expense of the Company, any ruling or decision on any
issue related to the Program, and conduct any such contest and any resulting litigation to a
final determination, ruling, or decision; and

     (iv) Grant stock-based awards under the Program, as provided in Section 5 hereof.

     (c) Unless otherwise expressly provided in the Program, all designations, determinations,
interpretations and other decisions under or with respect to the Program or any award shall be
within the sole discretion of the Committee, may be made at any time and shall be final, conclusive
and binding upon any Eligible Director or beneficiary, and any employee of the Company.

SECTION 4. FEES/EXPENSES

     (a) Each Eligible Director who is first elected to the Board at, or who continues to serve on
the Board immediately following an annual meeting of stockholders, is entitled to receive a Basic
Fee and a Chairperson Fee for serving as chairperson of a committee of the Board (as applicable).

     (b) Any Eligible Director who is designated as the Non-Executive Chairman is entitled to
receive a Non-Executive Chairman Fee for services as the Non-Executive Chairman.

     (c) Each Eligible Director who joins the Board or becomes a chairperson of a committee of the
Board or Non-Executive Chairman after the annual meeting of stockholders is entitled to receive a
Basic Fee, Chairperson Fee or Non-Executive Chairman Fee (as applicable) multiplied by the
Proration Fraction, as of the date such Eligible Director first becomes an Eligible Director,
chairperson of a committee of the Board or Non-Executive Chairman.

     (d) Each Eligible Director is entitled to receive a Meeting Fee for attendance at a meeting of
the Board or a Committee of the Board or participation in a teleconference in lieu of such meeting.
The Meeting Fees are payable in arrears on the Quarterly Payment Date. Any member of the Board who
interviews a Board candidate shall be entitled to receive compensation in an amount equal to the
Meeting Fee for an in person Board meeting for each such interview.

     (e) The current rate of the Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and Meeting
Fees are set forth on the attached Exhibit A, and may be amended from time to time by the Board or
any committee given responsibility for determining Board of Director compensation.

     (f) Each Eligible Director is entitled to reimbursement for reasonable travel costs of
attending Board and committee meetings and interviews of Board candidates. Such reimbursement shall
be payable in cash after receipt of documentation by the Company from such Eligible Director,
provided reimbursement is made no later than the end of the calendar year following the calendar
year in which the expense was incurred.

SECTION 5. ANNUAL GRANT OF STOCK BASED AWARD

     (a) Each Eligible Director who is first elected to the Board at, continues to serve on the
Board or is serving as the Non-Executive Chairman of the Board immediately following an annual
meeting of stockholders shall be granted a stock based award (i.e., options, restricted stock,
etc.) as of the date of such meeting in type, proportion and amount to be determined by the
Committee and under, and in accordance with, the terms of the Stock Plan.

     (b) Each Eligible Director who joins the Board after an annual meeting of stockholders, shall
be granted a stock based award pursuant to this Section 5 as of the date such Eligible Director
first becomes an Eligible Director based on the dollar value of the grant made at the time of the
immediately preceding annual meeting of stockholders (“Grant”), multiplied by the Proration
Fraction and allocated in the same manner as the Grant. An Eligible Director who is appointed the
Non-Executive Chairman of the Board after an annual meeting of stockholders, shall be granted a
stock based award pursuant to this Section 5 as of the date such Eligible Director first becomes
the Non-Executive Chairman

 

 

of the Board based on dollar value of the grant made at the time of the
immediately preceding annual meeting of stockholders (Non-Executive Grant”), multiplied by the
Proration Fraction and allocated in the same manner as the Non-Executive Grant.

     (c) Terms and conditions of stock based awards (such as grant price, vesting schedule, etc.)
shall be as determined by the Committee and under, and in accordance with, the terms of the Stock
Plan.

     (d) The amount and composition of the current annual stock based award are set forth on the
attached Exhibit A, which may be amended from time to time by the Board or any committee given
responsibility for determining Board of Director compensation.

SECTION 6. MATCHING GIFT PROGRAM

     Each Eligible Director is entitled to a matching gift from the Company of up to $15,000 per
calendar year to qualifying charitable institutions, prorated for any calendar year that Eligible
Director joins the Board. Each Eligible Director must submit evidence of such gift to the Company
and the Company will send the matching contribution directly to the qualifying charitable
institution on behalf of the Eligible Director.

SECTION 7. ELECTIONS TO RECEIVE COMMON STOCK OR RESTRICTED STOCK UNITS

     (a) Elections.

     (i) Common Stock. Each Eligible Director who is not covered by clause (iii)
below, may elect to receive, in lieu of a cash payment for his or her Basic Fee, Chairperson
Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof, as elected by the
Eligible Director), a number of shares of Common Stock (excluding fractional shares, which
shall be paid in cash (or carried over to the next payment if an Eligible Director elects to
be paid all in Common Stock)), which is calculated by dividing his or her Basic Fee,
Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof), by
the Fair Market Value of one share of Common Stock on the Accounting Date or Quarterly
Payment Date, as applicable. To be effective, any such election shall be made by submitting
a completed and executed Election Form to the Secretary of the Company prior to the relevant
Accounting Date or Quarterly Payment Date, as applicable.

     (ii) Restricted Stock Units. Each Eligible Director who is not covered by
clause (iii) below, may elect to receive, in lieu of cash payment for his or her Basic Fee,
Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees, Restricted Stock Units
(including fractional Restricted Stock Units) calculated by dividing his or her Basic Fee,
Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof, as
elected by the Eligible Director) for services to be performed in the following the calendar
year by the Fair Market Value of one share of Common Stock on the Accounting Date or
Quarterly Payment Date, as applicable. To be effective, any such election relating to the
Basic Fee, Chairperson Fee, Non-Executive Chairman Fee or Meeting Fees shall be made by
submitting a completed and executed Election Form to the Secretary of the Company prior to
the calendar year in which the Eligible Director wishes the election to be in effect and
such election shall be irrevocable for such calendar year.

     (iii) New Directors. Each Eligible Director who during the preceding
twenty-four (24) months has not participated in any deferred compensation arrangement of the
Company or any Affiliate that would be treated as a single plan with this Plan under Treas.
Reg. Sec. 1.409A-1(c)(2)(i) and who joins the Board between annual meetings of stockholders
may elect prior to first becoming an Eligible Director to receive, in lieu of cash payment
for his or her Basic Fee, Chairperson Fee and/or Non-Executive Chairman Fee, a number of
 shares of Common Stock (excluding fractional shares, which shall be paid in cash (or carried
over to the next payment if an Eligible Director elects to be paid all in Common Stock))
and/or Restricted Stock Units (including fractional Restricted Stock Units) up to the number
which is calculated by (A) multiplying the sum of his or her Basic Fee, Chairperson Fee,
Non-Executive Chairman Fee (or a portion thereof, as elected by the Eligible Director)
payable with respect to the time prior to the next annual meeting of stockholders which the
Eligible Director is first elected to the Board by the Proration Fraction and (B) dividing
the product resulting from clause (A) by the Fair Market Value of one share of Common Stock
on the date that the Eligible Director becomes an Eligible Director. Each Eligible Director
may also elect to receive, in lieu of cash payment for his or her Meeting Fees (or a portion
thereof, as elected by the Eligible Director), Common Stock (excluding

 

 

fractional shares,
which shall be paid in cash (or carried over to the next payment if an Eligible Director
elects to be paid all in Common Stock)) Restricted Stock Units (including fractional
Restricted Stock Units) calculated by dividing his or her Meeting Fees (or portion thereof)
by the Fair Market Value of one share of Common Stock on the Quarterly Payment Date. To be
effective, any such election shall be made by submitting a completed and executed Election
Form to the Secretary of the Company prior to the date that the Eligible Director becomes a
Director, and such Election Form shall be irrevocable on the date he or she first becomes an
Eligible Director for that calendar year with respect to any election (or lack of election)
to receive Restricted Stock Units.

     (b) Restricted Stock Units.

     (i) Account. Upon the grant of Restricted Stock Units to an Eligible Director,
such units shall be credited to an account established for such Eligible Director. A
Restricted Stock Unit shall be treated as granted on the corresponding Accounting Date or
last day of the calendar quarter relating to the fees for which the Restricted Stock Units
are determined. Each Eligible Director shall receive an annual statement showing the number
of Restricted Stock Units that have been credited to the Eligible Director’s account under
the Program.

     (ii) Dividend Equivalent Credits. An Eligible Director’s account shall be
credited with Dividend Equivalent Credits equivalent to the amount of dividends paid by the
Company to holders of outstanding shares of Common Stock based on the number of Restricted
Stock Units credited to the Eligible Director’s account on the dividend record date for
 shares of Common Stock. Such Dividend Equivalent Credit shall be converted into an
equivalent number of Restricted Stock Units (including fractional Restricted Stock Units)
based on the fair market value of one share of Common Stock on the related dividend payment
date and such Restricted Stock Units shall be subject to the same distribution timing as the
underlying Restricted Stock Units to which the Dividend Equivalent Credits related. If a
dividend is paid in cash, each Eligible Director shall be credited, as of each applicable
dividend payment date, in accordance with the following formula:

(A X B) / C

     in which “A” equals the number of Restricted Stock Units held by the Eligible Director
on the dividend record date, “B” equals the cash dividend per share and “C” equals the Fair
Market Value per share of Common Stock on the dividend payment date. If a dividend is paid
in property other than cash, Dividend Equivalent Credits shall be credited, as of the
applicable dividend payment date, in accordance with the formula set forth above, except
that “B” shall equal the fair market value per share of the property that the Eligible
Director would have received in respect of the number of shares of Common Stock equal to the
number of Restricted Stock Units held by the Eligible Director as of the dividend record
date, had such shares been owned by the Eligible Director as of the record date for such
dividend.

     (iii) Time of Payment. All payments in respect of an Eligible Director’s
Restricted Stock Units shall be made as soon as practicable but not more than ninety (90)
days following the earlier of (A) the Eligible Director’s death (B) the occurrence of a
Change in Control, and (C) the specific date (including upon the Eligible Director’s
Separation from Service) the Eligible Director has elected to receive payment pursuant to
the applicable Election Form pursuant to which such Eligible Director elected to receive
such Restricted Stock Units in lieu of cash. If distribution is to be made upon a
Separation from Service and the individual is a “specified employee,” as defined under Code
section 409A, on the date of such Separation from Service, then no distribution will be made
before the date that is six (6) months after the date of the individual’s Separation from
Services, or if earlier, upon his or her death.

     (iv) Form of Payment. Payment in respect of Restricted Stock Units shall be
made in one lump sum payment in the form of shares of Common Stock. For purposes of the
preceding sentence, any payment made upon the occurrence of a Change in Control in full or
partial payment of Restricted Stock Units shall be made in cash in an amount equal the
Change in Control Price multiplied by the number of Restricted Stock Units (including
fractional units).

 

 

 

     (c) Stock Plan.

     All shares of Common Stock and all Restricted Stock Units awarded pursuant to this Section 7
shall be awarded under, and in accordance with, the terms of the Stock Plan. Restricted Stock Units
awarded hereunder shall be considered Other Stock-Based Awards under the Plan.

SECTION 8. CHANGE IN CONTROL

     (a) For purposes of this Section 8, “Act” shall mean the Securities Exchange Act of 1934.

     (b) For purposes of the Program, a “Change in Control” of the Company shall be deemed to have
occurred if any one of the following events shall occur:

     (i) the consummation of a transaction or series of related transactions during a
12-month period in which a person, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Act) that owns (after application of the attribution rules of Section 318
of the Code) less than 35% of the combined voting power of the Company’s outstanding voting
stock prior to such transaction or the first of such series of related transactions), other
than the Company or a subsidiary of the Company, or any employee benefit plan of the Company
or a subsidiary of the Company, acquires ownership (after application of the attribution
rules of Section 318 of the Code) of 35% or more of the combined voting power of the
Company’s then outstanding voting stock (other than in connection with a Business
Combination in which clauses (1) and (2) of Section 8(b) (iii) apply); or

     (ii) a majority of the members of the Company’s Board of Directors is replaced during
any 12-month period by directors whose appointment or election is not endorsed by a majority
of the members of the Company’s Board of Directors prior to the date of the election or
appointment; or

     (iii) the consummation of a reorganization, merger, statutory share exchange,
consolidation or similar transaction involving the Company, a sale or other disposition in
a transaction or series of related transactions within a 12-month period of all or
substantially all of the Company’s assets or the issuance by the Company of its stock in
connection with the acquisition of assets or stock of another entity (each, a “Business
Combination”) in each case unless, following such Business Combination, (1) all or
substantially all of the individuals and entities that were the owners of the Company’s
outstanding voting stock immediately prior to such Business Combination own (after
application of the attribution rules of Section 318 of the Code) immediately after the
transaction or transactions more than 50% of the combined voting power of the then
outstanding voting stock (or comparable equity interests) of the entity resulting from such
Business Combination (including an entity that, as a result of such transaction, owns the
Company or all or substantially all of the Company’s assets either directly or through one
of more subsidiaries), and (2) no person, entity or group (other than a direct or indirect
parent entity of the Company that, after giving effect to the Business Combination,
beneficially owns 100% of the outstanding voting securities (or comparable equity interests)
of the entity resulting from the Business Combination) has acquired, during a 12-month
period, ownership (after application of the attribution rules of Section 318 of the Code) of
35% or more of the combined voting power of the then outstanding voting stock (or comparable
equity interests) of the entity resulting from such Business Combination.

     Notwithstanding anything herein stated, no Change in Control shall be deemed to occur unless
such event constitutes a change in ownership or effective control, or a change in the ownership of
a substantial portion of the assets, of a business under Code section 409A.

SECTION 9. AMENDMENT; TERMINATION

     The Board may at any time and from time to time alter, amend, suspend, or terminate the
Program in whole or in part; provided, however, that no amendment which requires stockholder
approval in order for the exemptions available under Rule 16b-3 to be applicable to the Program and
the Eligible Directors shall be effective unless the same shall be approved by the stockholders of
the Company entitled to vote thereon.

 

 

SECTION 10. RIGHTS OF ELIGIBLE DIRECTORS

     Nothing contained in the Program or with respect to any grant shall interfere with or limit in
any way the right of the stockholders of the Company to remove any Eligible Director from the Board
pursuant to the bylaws of the Company, nor confer upon any Eligible Director any right to continue
in the service of the Company as a director.

SECTION 11. GENERAL RESTRICTIONS

     (a) Investment Representations. The Company may require any Eligible Director to whom
Common Stock is issued, as a condition of receiving such Common Stock, to give written assurances
in substance and form satisfactory to the Company and its counsel to the effect that such person is
acquiring the Common Stock for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, and to such other effects as the Company
deems necessary or appropriate in order to comply with federal and applicable state securities
laws.

     (b) Compliance with Securities Laws. Each issuance shall be subject to the requirement
that, if at any time counsel to the Company shall determine that the listing, registration or
qualification of the shares upon any securities exchange or under any state or federal law, or the
consent or approval of any governmental or regulatory body, is necessary as a condition of, or in
connection with, the issuance of shares thereunder, such issuance may not be accepted or exercised
in whole or in part unless such listing, registration, qualification, consent or approval shall
have been effected or obtained on conditions acceptable to the Committee. Nothing herein shall be
deemed to require the Company to apply for or to obtain such listing, registration or
qualification.

     (c) Nontransferability. Except as otherwise provided by the Committee, Restricted
Stock Units under this Program shall not be transferable by an Eligible Director other than by the
laws of descent and distribution.

     (d) No Acceleration of Distribution of Restricted Stock Units. The distribution of
Restricted Stock Units may not be accelerated, including upon termination of the Program, if such
acceleration would cause the distribution to become subject to tax under Code Section 409A.

SECTION 12. WITHHOLDING

     The Company may defer making payments or delivering shares of Common Stock under the Program
for up to 30 days to ensure that satisfactory arrangements have been made for the payment of any
federal, state or local income or employment taxes that the Company reasonably determines in its
sole discretion are required to be withheld with respect to such payment or delivery.

SECTION 13. GOVERNING LAW

     The Program and all rights hereunder shall be construed in accordance with and governed by the
internal law, and not the law of conflicts, of the State of Delaware.

SECTION 14. UNFUNDED PROGRAM

     The Program shall be unfunded and shall not create (or be construed to create) a trust or a
separate fund or funds. The Program shall not establish any fiduciary relationship between the
Company and any Eligible Director or other person. To the extent any person holds any rights by
virtue of a grant under the Program, such right shall be no greater than the right of an unsecured
general creditor of the Company.

SECTION 15. HEADINGS

     The headings of sections and subsections herein are included solely for convenience of
reference and shall not affect the meaning of any of the provisions of the Program.

 

 

EXHIBIT A

FEES

(as of May 5, 2010)

	 	 	 

	Basic Fee

	 	$50,000 
	 
	 	 
	Non-Executive Chairman

	 	1.2 times the Basic Fee provided to each
Eligible Director, in addition to the Basic
Fee for service as a member of the Board of
Directors.
	 
	 	 
	Committee Chair

	 	Audit &  Finance: $10,000

Compensation: $10,000

Nominating & Governance: $7,500
	 
	 	 
	Board Meetings/Teleconferences

	 	$1,500/$1,000 
	 
	 	 
	Audit & Finance
Meetings/Teleconferences

	 	$1,500/$1,000 
	 
	 	 
	Compensation Committee 

Meetings/Teleconferences

	 	$1,500/$1,000 
	 
	 	 
	Nomination & Governance 

Meetings/Teleconferences

	 	$1,500/$1,000 
	 
	 	 
	Annual Stock Based Grants

	 	All Eligible Directors: Dollar value
$175,000 in options and restricted stock,
with 50% as options and 50% as restricted
stock (calculated using modified
Black-Scholes model) 

Non-Executive Chairman: 1.2 times the
Annual Stock Based Grant provided to each
Eligible Director, with the same division
as between options and restricted stock, in
addition to the Annual Stock Based Grant
for service as a member of the Board of
Directors

 

 

EXHIBIT B

IMATION CORP.

DIRECTORS COMPENSATION PROGRAM

ELECTION FORM

     THIS ELECTION is made by _________ (the “Eligible Director”), effective as of the ___ day of
___, 200_.

     WHEREAS, Imation Corp., a Delaware corporation (the “Company”) has a director compensation
program (the “Program”);

     WHEREAS, the Eligible Director has the option under the Program to receive Common Stock and/or
Restricted Stock Units in lieu of payment of certain cash compensation for service as a director of
the Company;

     NOW, THEREFORE, in accordance with the terms and conditions of the Program, the Eligible
Director hereby agrees as follows:

The Program

     This Election is entered into pursuant to the Program, which is incorporated herein by
reference and made a part hereof. The Eligible Director hereby acknowledges receipt of a copy of
the Program. All capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Program.

Basic Fee, Chairperson Fee and Non-Executive Chairman Fee (“Annual Grant”)

     The Basic Fee, Chairperson Fee and Lee Director Fee is payable (and prorated) on the date
first elected to the Board of Directors (if other than at an annual meeting of stockholders).
Thereafter, the Basic Fee, Chairperson Fee and Non-Executive Chairman Fee is payable on each
Accounting Date following the Annual Meeting of Stockholders.

** Special Tax Rules Relating to Election to Receive Restricted Stock Units

     Due to Internal Revenue Code Section 409A relating to the taxation of deferred compensation,
an election to receive Restricted Stock Units under the Program can only be made for services
performed and payments to be received following the calendar year in which the election is made
(e.g., an election made in 2007 is not effective until January 1, 2008). Also, the election must
remain in effect for the ENTIRE calendar year. Any change in or termination of the election can
only be made the year before it is to go in effect (e.g., a change for 2008 must be made before the
end of 2007.)

     Subject to the terms and conditions of the Program, the Eligible Director hereby elects to
receive the Basic Fee, the Chairperson and Non-Executive Chairman Fee, if applicable, in the
following manner:

BASIC FEE

	 	 	 

	 

	 	 ___ % Election to receive Common Stock in lieu of Cash
	 
	 	 
	 

	 	 ___ % Election to receive Restricted Stock Units in lieu of Cash**
	 
	 	 
	 

	 	 ___ % Election to receive Cash
	 
	 	 
	Total:

	 	 100 %

CHAIRPERSON FEE: (if applicable)

	 	 	 	 	 

	 

	 	 	 	 ___ % Election to receive Common Stock in lieu of Cash

 

 

	 	 	 

	 

	 	 ___ % Election to receive Restricted Stock Units in lieu of Cash**
	 
	 	 
	 

	 	 ___ % Election to receive Cash
	 
	 	 
	Total:

	 	 100 %

MEETING FEES:

     Subject to the terms and conditions of the Program, the Eligible Director elects to receive
Meeting Fees compensation in the following manner, with such fees payable on each Quarterly Payment
Date:

	 	 	 

	 

	 	 ___ % Election to receive Common Stock in lieu of Cash
	 
	 	 
	 

	 	 ___ % Election to receive Restricted Stock Units in lieu of Cash**
	 
	 	 
	 

	 	 ___ % Election to receive Cash
	 
	 	 
	Total:

	 	 100 %

NON-EXECUTIVE CHAIRMAN FEE: (if applicable)

	 	 	 

	 

	 	 ___ % Election to receive Common Stock in lieu of Cash
	 
	 

	 	 ___ % Election to receive Restricted Stock Units in lieu of Cash**
	 
	 

	 	 ___ % Election to receive Cash
	 
	Total:

	 	 100 %

DISTRIBUTION ELECTION FOR RESTRICTED STOCK UNITS: (Must be completed if Eligible Director
has made an Election to Receive Restricted Stock Units.)

     The Eligible Director hereby elects to receive payment of his or her Restricted Stock Units on
the earlier to occur of a Change in Control, his or her death or the following date:

	 	___	 	___-year anniversary of the grant date (please specify)
	 
	 	___	 	The date the Eligible Director incurs a “separation from service” with
Company (within the meaning of Section 409A of the Internal Revenue
Code).
	 
	 	___	 	Other (please specify date only): ___________________________

Term of Election 

     This Election will remain in effect until terminated or changed by the Eligible Director
pursuant to written notice to the Secretary of the Company or filing of a new Election Form. Note:
A change or termination of an Election to receive Restricted Stock Units will not become effective
until January 1 of the calendar year following the calendar year the change or termination is filed
with the Secretary of the Company.

 

 

     IN WITNESS WHEREOF, the Eligible Director has entered into this Election on the day and year
first above written, and the Company has accepted this Election as of such day and year.

	 	 	 	 	 	 	 

	 	 	ELIGIBLE DIRECTOR	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature	 	 
	 
	 	 	 	 	 	 
	 	 	Accepted and Agreed to by IMATION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:ex101.htm

Exhibit 10.1

 

THIS SUBSCRIPTION IS EXECUTED IN RELIANCE UPON THE EXEMPTION PROVIDED BY SECTION 4(2) AND RULE 506 PROMULGATED UNDER REGULATION D THEREUNDER FOR TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS OFFERING IS BEING MADE ONLY TO ACCREDITED INVESTORS.  NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION  D UNDER THE SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE SECURITIES ACT.

_________________________

SUBSCRIPTION AGREEMENT

_________________________

THIS SUBSCRIPTION AGREEMENT (the “Agreement” or the “Subscription”) has been executed by the undersigned in connection with purchase of 779,221 shares of common stock, $0.001 par value (the “Common Stock”), issued by Changda International Holdings, Inc., a corporation organized under the laws of the State of Nevada (hereinafter referred to as the “Company”) at a purchase price of $0.77 per share (“Per Share Purchase Price”).  The shares of Common Stock being subscribed for pursuant to this Subscription have not been registered under the Securities Act.  The offer of the Common Stock and, if this Subscription is accepted by the Company, the sale of Common Stock, is being made in reliance upon Section 4(2) of the Securities Act.  All dollar amounts in this Subscription are expressed in U.S. Dollars.

The undersigned Purchaser:

NAME:                      Allhomely International Limited

ADDRESS:                ___________________________________________________________

___________________________________________________________

if applicable, a [Corporate][Partnership][Trust] organized under the laws of _Marshall Islands, (hereinafter referred to as the “Purchaser”) hereby represents and warrants to, and agrees with the Company as follows:

 

 

 

  

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ARTICLE 1

SUBSCRIPTION

	
  

	
Subscription

1.1           The undersigned Purchaser, as principal, hereby irrevocably subscribes to purchase 779,221 shares of Common Stock (the “Subscription Shares”), for an aggregate purchase price of $600,000, which funds have been received by the Company on or prior to February 25, 2011 (the “Subscription Funds”).

	
  

	
Minimum Subscription

1.2           A minimum of $600,000 of Common Stock must be purchased by the Purchaser.

	
  

	
Method of Payment

1.3           The Purchaser shall pay the Subscription Funds by delivering good funds in United States Dollars by way of wire transfer of funds to the Company.

	
  

	
ARTICLE 2

	
  

	
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

	
  

	
Representations and Warranties

2.1           The Purchaser represents and warrants in all material respects to the Company, with the intent that the Company will rely thereon in accepting this Subscription, that either:

	
(a)  

	
Accredited Investor.  The Purchaser is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act by virtue of being (initial all applicable responses)

	_______	
A small business investment company licensed by the U.S. Small Business Administration under the Small Business Investment Company Act of 1958,

	_______	
A business development company as defined in the Investment Company Act of 1940,

	_______	
A national or state-chartered commercial bank, whether acting in an individual or fiduciary capacity,

	_______	
An insurance company as defined in Section 2(13) of the Securities Act,

	_______	
An investment company registered under the Investment Company Act of 1940,

	_______	
An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, where the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment advisor, or an employee benefit plan which has total assets in excess of $5,000,000,

	_______	
A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940,

	_______	
An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation or a partnership with total assets in excess of $5,000,000,

 

 

 

  

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	_______	
A natural person (as opposed to a corporation, partnership, trust or other legal entity) whose net worth, or joint net worth together with his/her spouse, exceeds $1,000,000,

	_______	
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 506(b)(2)(ii) of Regulation D,

	_______	
A natural person (as opposed to a corporation, partnership, trust or other legal entity) whose individual income was in excess of $200,000 in each of the two most recent years (or whose joint income with such person's spouse was at least $300,000 during such years) and who reasonably expects an income in excess of such amount in the current year, or

	
___X___

	
A corporation, partnership, trust or other legal entity (as opposed to a natural person) and all of such entity's equity owners fall into one or more of the categories enumerated above;

	
(b)  

	
Experience.  The Purchaser is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks of its investments, and to make an informed decision relating thereto, and to protect its own interests in connection with the purchase of the Common Stock;

	
(c)  

	
Own Account.  The Purchaser is purchasing the shares of Common Stock as principal for its own account.  The Purchaser is purchasing the Common Stock for investment purposes only and not with an intent or view towards further sale or distribution (as such term is used in Section 2(11) of the Securities Act) thereof, and has not pre-arranged any sale with any other purchaser;

	
(d)  

	
Exemption.  The Purchaser understands that the offer and sale of the Common Stock is not being registered under the Securities Act based on the exemption from registration provided by either (i) in the case of U.S. person, Rule 506 promulgated under Section 4(2) of the Securities Act or (ii) in the case of a Non-U.S. Person, Rule 903 of Regulation S promulgated under Regulation S of the Securities Act and that the Company is relying on such exemption.

	
(e)  

	
Importance of Representations.  The Purchaser understands that the Common Stock is being offered and sold to it in reliance on an exemption from the registration requirements of the Securities Act, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the applicability of such safe harbor and the suitability of the Purchaser to acquire the Common Stock;

	
(f)  

	
No Registration.  The Common Stock has not been registered under the Securities Act and may not be transferred, sold, assigned, hypothecated or otherwise disposed of unless such transaction is the subject of a registration statement filed with and declared effective by the Securities and Exchange Commission (the “SEC”) or unless an exemption from the registration requirements under the Securities Act, such as Rule 144, is available.  The Purchaser represents and warrants and hereby agrees that all offers and sales of the Common Stock shall be made only pursuant to such registration or to such exemption from registration;

 

 

  

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(g)  

	
Risk.  The Purchaser acknowledges that the purchase of the Common Stock involves a high degree of risk, is aware of the risks and further acknowledges that it can bear the economic risk of the Shares of Common Stock, including the total loss of its investment;

	
(h)  

	
Current Information.  The Purchaser has been furnished with or has acquired copies of all requested information concerning the Company;

	
(i)  

	
Independent Investigation.  The Purchaser, in making the decision to purchase the Common Stock subscribed for, has relied upon independent investigations made by it and its purchaser representatives, if any, and the Purchaser and such representatives, if any, have prior to any sale to it, been given access and the opportunity to examine all material contracts and documents relating to this offering and an opportunity to ask questions of, and to receive answers from, the Company or any person acting on its behalf concerning the terms and conditions of this offering.  The Purchaser and its advisors, if any, have been furnished with access to all materials relating to the business, finances and operation of the Company and materials relating to the offer and sale of the Common Stock which have been requested.  The Purchaser and its advisors, if any, have received complete and satisfactory answers to any such inquiries;

	
(j)  

	
No Recommendation or Endorsement.  The Purchaser understands that no federal, state or provincial agency has passed on or made any recommendation or endorsement of the Common Stock;

	
(k)  

	
The Purchaser.  If the Purchaser is a partnership, corporation or trust, the person executing this Subscription on its behalf represents and warrants that

	
  

	
(i)

	
he or she has made due inquiry to determine the truthfulness of the representations and warranties made pursuant to this Subscription, and

	
  

	
(ii)

	
he or she is duly authorized (and if the undersigned is a trust, by the trust agreement) to make this investment and to enter into and execute this Subscription on behalf of such entity;

	
(l)  

	
Non-Affiliate Status.  The Purchaser is not an affiliate of the Company nor is any affiliate of the Purchaser an affiliate of the Company; and

	
(m)  

	
No Advertisement or General Solicitation.  If the Purchaser is a U.S. Person, such Purchaser acknowledges that the sale of the Common Stock has not been advertised through any article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio; or through any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

Non-Merger and Survival

2.2           The representations and warranties of the Purchaser contained herein will be true at the date of execution of this Subscription by the Purchaser and as of the Closing Date in all material respects as though such representations and warranties were made as of such times and shall survive the Closing Date and the delivery of the Certificates.

 

 

 

  

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Indemnity

2.3           The Purchaser agrees to indemnify and save harmless the Company from and against any and all claims, demands, actions, suits, proceedings, assessments, judgments, damages, costs, losses and expenses, including any payment made in good faith in settlement of any claim (subject to the right of the Purchaser to defend any such claim), resulting from the breach of any representation or warranty of such party under this Subscription.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

3.1           The Company, upon taking up this Subscription,  represents and warrants in all material respects to the Purchaser, with the intent that the Purchaser will rely thereon in making this Subscription, that:

	
(a)  

	
Legality.  The Company has the requisite corporate power and authority to take up and accept this Subscription and to issue, sell and deliver the shares of Common Stock; this Subscription and the issuance, sale and delivery of the shares of Common Stock hereunder and the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action by the Company; this Subscription and the shares of Common Stock have been duly and validly executed and delivered by and on behalf of the Company, and are valid and binding agreements of the Company, enforceable in accordance with their respective terms, except as enforceability may be limited by general equitable principles, bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, or other laws affecting creditors’ rights generally;

	
(b)  

	
Proper Organization.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and is duly qualified as a foreign corporation in all jurisdictions where the failure to be so qualified would have a materially adverse effect on its business, taken as whole;

	
(c)  

	
No Legal Proceedings.  Except as set forth in the Company’s filings with the Securities and Exchange Commission (the “Commission”) or Schedule 3.1(c), there is no action, suit or proceeding before or by any court or any governmental agency or body, domestic or foreign, now pending or to the knowledge of the Company, threatened, against or affecting the Company, or any of its properties or assets, which might result in any material adverse change in the condition (financial or otherwise) or in the earnings, business affairs of business prospects of the Company, or which might materially and adversely affect the properties or assets thereof;

	
(d)  

	
Non-Default.  Except as set forth in the Company’s filings with the Commission or Schedule 3.1(d), the Company is not in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust or other material instrument or agreement to which it is a party or by which it or its property may be bound;

	
(e)  

	
No Misleading Statements.  The information provided by the Company to the Purchaser does not contain any untrue statement of a material fact or omit to state any material fact;

 

 

 

  

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(f)  

	
Absence of Non-Disclosed Facts.  There is no fact known to the Company (other than general economic conditions known to the public generally) that has not been disclosed in writing to the Purchaser that (i) could reasonably be expected to have a material adverse effect on the condition (financial or otherwise) or in the earnings, business affairs, business prospects, properties or assets of the Company; or (ii) could reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations pursuant to this Subscription;

	
(g)  

	
Non-Contravention.  The acceptance of this Subscription and the consummation of the issuance of the Common Stock and the transactions contemplated by this Subscription do not and will not conflict with or result in a breach by the Company of any of the terms or provisions of, or constitute a default under the Certificate of Incorporation or By-laws of the Company, or any indenture, mortgage, deed of trust, or other material agreement or instrument to which the Company is a party or by which it or any of its properties or assets are bound, or any existing applicable decrees, judgment or order of any court, federal, state or provincial regulatory body, administrative agency or other domestic governmental body having jurisdiction over the Company or any of its properties or assets.

Survival

3.2           The representations and warranties of the Company shall survive the Closing Date and the delivery of the Certificates.

Indemnity

3.3           The Company agrees to indemnify and save harmless the Purchaser from and against any and all claims, demands, actions, suits, proceedings, assessments, judgments, damages, costs, losses and expenses, including any payment made in good faith in settlement of any claim (subject to the right of the Company to defend any such claim), resulting from the breach of any representation, warranty or covenant of such party under this Subscription.

ARTICLE 4

COVENANTS OF THE COMPANY

Covenants of the Company

4.1           The Company covenants and agrees with the Purchaser that:

	
(a)  

	
Filings.  The Company shall make all necessary filings in connection with the sale of the Common Stock as required by the laws and regulations of all appropriate jurisdictions and securities exchanges;

	
(b)  

	
Opinion.  The Company will, upon written request by the Purchaser, take such steps as are necessary to cause its counsel to issue an opinion to the Company’s transfer agent allowing the Purchaser to offer and sell the Common Shares in reliance on the provisions of Rule 144 provided that the holding period and other requirements of such Rule 144 are met.  The costs of obtaining such an opinion shall be borne by the Company;

 

 

 

  

6

  

 

 

Survival

4.2           The covenants set forth in this Article shall survive the Closing for the benefit of the Purchaser.

ARTICLE 5

ISSUANCE OF COMMON STOCK

On or prior to a Closing or on the Effectiveness Date, the Company will prepare and issue the First Closing Shares or the Effectiveness Date Shares registered in such name or names as specified by the Purchaser.  Such Certificate(s) shall bear a legend in substantially one of the following forms:

THESE SECURITIES HAVE BEEN ISSUED PURSUANT TO THE SECTION 4(2) EXEMPTION TO THE REGISTRATION PROVISIONS UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THESE SECURITIES CANNOT BE TRANSFERRED, OFFERED, OR SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.

ARTICLE 6

CLOSING

Closing shall be effected through the delivery of the Subscription Funds to the Company and the delivery of certificates evidencing the Common Stock to the Purchaser (or the Purchaser’s Representative) by the Company, together with a copy of this Subscription and the Escrow Agreement, duly executed.  Upon Closing, all funds shall be held in escrow pursuant to the terms and conditions of the Escrow Agreement.

ARTICLE 7

INDEMNIFICATION

7.1           Indemnification of the Company. Purchaser agrees to indemnify and hold harmless the Company against and in respect of any and all loss, liability, claim, damage, deficiency, and all actions, suits, proceedings, demands, assessments, judgments, costs and expenses whatsoever (including, but not limited to, attorneys' fees reasonably incurred in investigating, preparing, or defending against any litigation commenced or threatened or any claim whatsoever through all appeals) arising out of or based upon any false representation or warranty or breach or failure by Purchaser to comply with any covenant, representation or other provision made by it herein or in any other document furnished by it in connection with this subscription.

7.2           Indemnification of the Purchasers. Company agrees to indemnify and hold harmless the Purchasers against and in respect of any and all loss, liability, claim, damage, deficiency, and all actions, suits, proceedings, demands, assessments, judgments, costs and expenses whatsoever (including, but not limited to, attorneys' fees reasonably incurred in investigating, preparing, or defending against any litigation commenced or threatened or any claim whatsoever through all appeals) arising out of or based upon any false representation or warranty or breach or failure by Company to comply with any covenant, representation or other provision made by it herein or in any other document furnished by it in connection with this subscription.

  

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ARTICLE 8

GENERAL PROVISIONS

Governing Law

8.1           This Subscription shall be governed by and construed under the law of the State of New York without regard to its choice of law provision.  Any disputes arising out of, in connection with, or with respect to this Subscription, the subject matter hereof, the performance or non-performance of any obligation hereunder, or any of the transactions contemplated hereby shall be adjudicated in a court of competent civil jurisdiction sitting in New York, New York and nowhere else.

Successors and Assigns

8.2           This Subscription shall inure to the benefit of and be binding on the respective successors and assigns of the parties hereto.

Execution by Counterparts and Facsimile

8.3           This Subscription may be executed in counterparts and by facsimile, each of which when executed by any party will be deemed to be an original and all of which counterparts will together constitute one and the same Subscription.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

	
  

	
Amendments; Waivers.

8.4           No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least 50% in interest of the shares of Common Stock then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

	
  

	
Entire Agreement.

8.5           This Agreement, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

	
  

	
Notices.

8.6           Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing as set forth on the signature pages attached hereto.

 

 

  

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Independent Legal Advice

8.7           The parties hereto acknowledge that they have each received independent legal advice with respect to the terms of this Subscription and the transactions contemplated herein or have knowingly and willingly elected not to do so.

[Remainder of page intentionally left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

9

  

IN WITNESS WHEROF, the undersigned represents that the foregoing statements are true and that it caused this Agreement to be duly executed effective as of the 28th day of February, 2011.

	 	

Allhomely International Limited

	 
	 	 Printed Name of Purchaser	 
	 	 	 	 
	
 

	
By: 

	/s/ Jan Pannemann	 
	 	 	(Signature of Authorized Person)	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	(Printed Name and Title)	 
	 	 	 	 

Agreed to effective the 28th day of February, 2011.

CHANGDA INTERNATIONAL HOLDINGS, INC.

By: /s/ QingRan Zhu

       Name: QingRan Zhu

       Title: Chief Executive Officer

This is page 10 to the Subscription dated as of the above date between Changda International Holdings, Inc. and the above Purchaser.

 

 

 

10

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