Document:

RTN-3.30.2013-Exhibit 10.2

EXHIBIT 10.2

RAYTHEON 2010 STOCK PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT
(NON U.S. PERSONS)

This Restricted Stock Unit Award Agreement, dated as of <Award Date> (the “Award Date”) is between Raytheon Company (the “Company”), and <First Name, Middle Initial, Last Name>, an employee of the Company or one of its Affiliates (“you”).

		
	1.
	Award of Units

The Company hereby awards you the number of restricted stock units (“Units”) set forth below, with respect to its common stock, par value $0.01 per share (the “Stock”), subject to the terms and conditions of the Raytheon 2010 Stock Plan (the “Plan”) and the vesting and other provisions of this Agreement.  Subject to the provisions hereof, each Unit represents the right to receive one share of Stock (a “Share”) plus additional cash payments in lieu of dividends as described in Section 5 below.

	
		
	Total Number of Restricted Units 
(the “Award”): 
	Vesting Date/ # Units

	Vesting Schedule: 
(Each period from the Award Date until the Vesting Date is a “Restriction Period”.)
	•    Vesting Date 1:  (# Units)
•    Vesting Date 2:  (# Units)
•    Vesting  Date 3: (# Units)

		
	2.
	 Acceptance of Award

This Award is not effective or enforceable until you properly acknowledge your acceptance of the Award by completing the electronic acceptance or returning an executed copy of this Award Agreement to _______________ as instructed below no later than _______, 20__. If you do not properly acknowledge your acceptance of this Award Agreement on or before _________, 20__, this Award will be forfeited. 

Acceptance of this Award Agreement must be made only by you personally or by a person acting pursuant to a power of attorney in the event of your inability to acknowledge your acceptance due to your disability or deployment in the Armed Forces (and not by your estate, your spouse or any other person). If you desire to accept this Award, you must acknowledge your acceptance and receipt of this Award Agreement, either electronically or by signing and returning a copy of it as follows:  

		
	(a)
	 Electronic Acceptance: Go to _________________________

		
	(b)
	 By Mail:  ____________________________

Assuming prompt and proper acknowledgement of your acceptance of this Award Agreement as described above, this Award will be effective as of the Award Date. Acceptance of this Award Agreement constitutes your consent to any action taken under the Plan consistent with its terms with respect to this Award and your agreement to be bound by the restrictions contained in Exhibit A attached hereto (“Post-Employment Conduct”).

		
	3.
	Vesting of Units on Continued Service

Subject to Sections 4, 5, and 8F below, if you are continuously employed by the Company or an Affiliate from the Award Date until the Vesting Date noted above, the Units associated with that Vesting Date shall vest and the restrictions on those Units shall lapse.

		
	4.
	Effect of Termination of Employment

Notwithstanding anything herein to the contrary, if (i) on the Award Date you have attained at least the age of sixty (60) and have completed at least ten (10) years of service and (ii) you cease to be an employee of the Company or an Affiliate for any reason, other than for Cause, after the Award Date but prior to the end of the Restriction Period, you will continue to vest in your Units and dividend equivalents (as provided in Section 6 below) per the Vesting Schedule, as if you remained employed by the Company or an Affiliate until the end of the Restriction Period. 

		
	5.
	Effect of Death, Medical Leave of Absence, Disability or Change in Control.

Notwithstanding anything above to the contrary, the Units shall vest and restrictions on the Units shall lapse as follows:

		
	a)
	immediately upon your death; 

		
	b)
	in accordance with the Vesting Schedule in the event of (i) a Medical Leave of Absence of at least one year or (ii) Disability; or

		
	c)
	immediately upon a Change in Control.

6.    Payment; Dividend Equivalents
The Company shall deliver to you evidence of ownership of the net number of Shares equal to the number of vested Units reduced by the number of Shares previously accelerated to pay taxes, if any, and the number of Shares necessary to satisfy tax withholding obligations, both as described in Section 8F below as soon as practicable after the Vesting Date applicable to the Units or, if earlier, on your death or on any Change in Control which is a change of ownership or effective control of the Company or a change of ownership of a substantial portion of its assets, in each case, for purposes of Section 409A of the Code.  For the avoidance of doubt, after a Change in Control occurs, such Units shall be considered vested and not subject to forfeiture hereunder.  At any time delivery of Shares in respect of Units is required under the preceding sentences, you also shall be entitled to receive a cash payment in lieu of dividends on the number of Shares those Units represent, if and to the extent that the Board has approved a dividend for all Company shareholders during the Restriction Period applicable to such Units (or portion of the Restriction Period preceding the Company’s delivery to you of the Shares).  The dividend equivalent amount shall be a cash payment based upon the number of Units vesting hereunder multiplied by each quarterly per share dividend approved by the Board during the Restriction Period applicable to such Units (or portion of the Restriction Period preceding the Company’s delivery to you of the Shares). You will not be entitled to any cash payment in lieu of dividends relating to Units covered by this Award which are forfeited prior to vesting.   

7.    Post-Employment Conduct
Except where prohibited by law, by accepting this Award, you agree to the Post-Employment Conduct restrictions contained in Exhibit A to this Award Agreement. 

8.    Other Provisions
		
	A.
	Employer’s National Insurance Contributions – UK Recipients Only.  The Company has granted this Award on the terms that vesting is, if you are a resident of the United Kingdom, conditional upon the Recipient agreeing to pay for any secondary Class 1 National Insurance contributions arising in respect of the Units awarded hereunder, by executing this Agreement or (if the Company so determines) by completing and delivering to the Company prior to vesting a joint election in respect of the same in a form approved by HM Revenue & Customs.

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	B.
	No Guaranty of Future Awards.  This Award does not guarantee you the right to or expectation of future Awards under the Plan or any future plan adopted by the Company.

		
	C.
	No Rights as Shareholder.  You shall not be considered a shareholder of the Company with respect to the Units until Shares are issued to you in payment of the Units.  Therefore, you have no right to vote the Units or to receive dividends with respect to such Units except as provided in Section 6 above.

		
	D.
	No Rights to Continued Employment; Recipient Obligations.  This Award shall not be deemed to create a contract or other promise of continued employment with the Company or an Affiliate and shall not in any way prohibit or restrict the ability of the Company or an Affiliate to terminate your employment at any time for any reason.  This Award Agreement provides for certain obligations on your part following the cessation of your employment with the Company or an Affiliate and shall not, by implication or otherwise, affect in any way your obligations to the Company or an Affiliate during the term of your employment by the Company or an Affiliate, whether pursuant to written agreements between the Company and you, the provisions of applicable Company policies that may be adopted from time to time or applicable law or regulation.

		
	E.
	Restrictions on Transfer of Units.  Until the vesting of, and lapse of the restrictions applicable to, any Units and the delivery of Shares in payment therefor, Units may not be sold, transferred, pledged, exchanged, hypothecated or disposed of by you and shall not be subject to execution, attachment or similar process.

		
	F.
	Taxes.  Taxes may be assessed and/or withheld as required by law at applicable United States federal, state and/or other tax rates (under the laws of the jurisdictions in which you reside or that may otherwise be applicable to you) with respect to Units, issuance of Shares and cash in lieu of dividends.  The Company, in its sole discretion, may accelerate the vesting and payment of Units to pay your Federal Insurance Contributions Act (FICA) tax on Units, the income tax withholding that results from payment of your FICA tax, and your additional FICA tax and income tax withholding attributable to the pyramiding of FICA tax and income tax withholding due to the foregoing payments.  Alternatively, the Company may offset any other obligation of the Company to you (including but not limited to offset by deduction from your salary) by, or require you (or your beneficiary) to pay the Company, an amount sufficient to satisfy the withholding taxes imposed on the Company on your behalf.

		
	G.
	Clawback. If you are an elected officer, in addition to any other remedies available to the Company (but subject to applicable law), if the Board determines that it is appropriate, the Company may recover (in whole or in part) any payment made pursuant to this Award where: (1) the payment was predicated upon achieving certain financial results that were subsequently the subject of a  restatement of Company financial statements filed with the Securities and Exchange Commission; (2) the Board determines that you engaged in knowing or intentional fraudulent or illegal conduct that caused or substantially caused the need for the restatement; and (3) a lower payment would have been made to you pursuant to the Award based upon the restated financial results.  In any such instance, the Company will, to the extent practicable, seek to recover from you the amount by which the payment pursuant to the Award for the relevant period exceeded the lower payment that would have been made based on the restated financial results. The Company’s right of recovery applies to both the vested and unvested portion of the Award.  

		
	H.
	Compliance with Section 409A of the Code.  Notwithstanding anything in this Agreement to the contrary, to the extent that this Agreement constitutes a nonqualified deferred compensation plan to which Code Section 409A applies, the administration of this Award (including time and manner of payments under it) shall comply with Section 409A.

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	I.
	Plan.  All terms and conditions of the Plan are incorporated herein by reference and constitute an integral part hereof.  Any capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan.  

		
	J.
	Notices.  Notices required or permitted hereunder shall be in writing and shall be delivered personally or by mail, postage prepaid, addressed to Raytheon Company, 870 Winter Street, Waltham, Massachusetts 02451, Attention: Senior Vice President, Human Resources, and to you at your address as shown on the Company's payroll records.

		
	K.
	Entire Agreement; Successors and Assigns.  The Plan and this Award Agreement constitute the entire agreement governing the terms of the Award to you.  The Award Agreement shall inure to the benefit of the Company’s successors and assigns and may be assigned by the Company without your consent.

		
	L.
	Governing Law.  This Award Agreement shall be governed by the law of the Commonwealth of Massachusetts, without regard to its provisions governing conflicts of law.

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Your acceptance of this Award constitutes your agreement to the terms of this Restricted Stock Unit Award Agreement.

RAYTHEON COMPANY

_________________________
Thomas A. Kennedy
Chief Executive Officer

(Please complete, sign and return by mail.) 

Acknowledged by:

_________________________            _________________________
Signature                        Date

_________________________            _________________________
Print Name                        Employee ID

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Exhibit A
Post-Employment Conduct
The Post Employment Conduct Restrictions (the “Restrictions”) attached as Exhibit A to the Restricted Stock Unit Award Agreement (the “Award Agreement”) with an Award Date of <Award Date> are agreed to in consideration of, among other things, the grant of restricted stock units to <First Name, Middle Initial, Last Name> (“you”), under the Award Agreement pursuant to the Raytheon 2010 Stock Plan (the “Plan”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Award Agreement or the Plan. The following terms as used herein shall mean:
Authorized Company Representative means [_________________];
Restricted Activity means any activity (A) in which you contribute your knowledge, directly or indirectly, in whole or in part, as an employee, consultant, agent or director or any other similar capacity that, in any such case, involves or relates to products, services or solutions of a Restricted Business that, directly or indirectly, compete with those of the Company; or (B) that may require or involve disclosure of trade secrets, proprietary or confidential information; and
Restricted Business means any company that operates in one or more of the same markets as the Company including, but not limited to, the following: [____________________________________].
By accepting the Award, you agree as follows: 
1. Consideration and Acknowledgement. You acknowledge and agree that the benefits and compensation opportunities being made available to you under the Award Agreement are in addition to the benefits and compensation opportunities that otherwise are or would be available to you in connection with your employment by the Company or an Affiliate and that the continued vesting of the Award under Sections 4 and 5 of the Award Agreement is expressly made contingent upon your agreements with the Company set forth in these Restrictions. You acknowledge that the scope and duration of the Restrictions are necessary to be effective and are fair and reasonable in light of the value of the benefits and compensation opportunities being made available to you under the Award Agreement. You further acknowledge and agree that as a result of the positions you hold with the Company and the access to and extensive knowledge of the Company’s confidential or proprietary information, employees, suppliers and customers, the Restrictions are reasonably required for the protection of the Company’s legitimate business interests.
2. Restrictions. 
(a)    Covenant Not To Compete – Without the prior written consent of as Authorized Company Representative, you agree that following cessation of employment you will not engage in any Restricted Activity for any: (i) Restricted Business; (ii) entity directly or indirectly controlling, controlled by, or under common control with a Restricted Business; and (iii) successor to all or part of the business of any Restricted Business as a result of a merger, reorganization, consolidation, spin-off, split-up, acquisition, divestiture, or similar transaction.
(b)    Non-Solicit – Without the prior written consent of an Authorized Company Representative, you agree that following cessation of employment you will not (i) interfere with any contractual relationship between the Company or an Affiliate and any customer of, supplier or distributor to, or manufacturer for the Company or an Affiliate to the detriment of the Company or an Affiliate or (ii) induce or attempt to induce any person who is an employee of the Company or an Affiliate to perform work or services for any entity other than the Company or an Affiliate. 
(c)    Protection of Confidential and Proprietary Information – You agree to keep all confidential and proprietary information of the Company and its Affiliates, including joint venture partners, strictly confidential 

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except to the extent disclosure is required by law or court order, and except to the extent that such confidential and proprietary information has become public through no fault of your own.

 (d)    Cooperation in Litigation and Investigations – Following the date on which you cease to be an employee of the Company or an Affiliate, you agree, to the extent reasonably requested, to cooperate with the Company in any pending or future litigation (including alternative dispute resolution proceedings) or investigations in which the Company or Affiliates is a party or is required or requested to provide testimony and regarding which, as a result of your employment with the Company or an Affiliate, you reasonably could be expected to have knowledge or information relevant to the litigation or investigation. Notwithstanding any other provision of these Restrictions, nothing in these Restrictions shall affect your obligation to cooperate with any governmental inquiry or investigation or to give truthful testimony in court. 

3. Annual Validation of Compliance. You acknowledge and agree that you shall confirm in writing to the Company, prior to each annual vesting date provided in Section 1 of the Award Agreement, your compliance with the restrictions set forth in Section 2 hereof.  Failure to provide such annual written confirmation may result in the forfeiture of any unvested Units.

4. Result of Breach of Section 2 or Section 3.  In the event that you breach any of the covenants or agreements in Section 2 or Section 3 hereof, to the extent your Units have not fully vested, all of your remaining rights, title or interest in the Award and any accrued dividend equivalents with respect thereto, shall cease.  

5. Invalidity; Unenforceability. It is the desire and intent of the parties that the provisions of these Restrictions shall be enforced to the fullest extent permissible. Accordingly, if any particular provision of these Restrictions is adjudicated to be invalid or unenforceable, the Award Agreement shall be deemed amended to delete the portion adjudicated to be invalid or unenforceable, such deletion to apply only with respect to the operation of this provision in the particular jurisdiction in which such adjudication is made. 
These Restrictions are effective as of the acceptance by you of the Award of Units under this Award Agreement and is not contingent on the vesting of your Units. 

7Exhibit 10.8

 

FORM OF SEVENTH AMENDMENT TO

AGREEMENT OF LIMITED PARTNERSHIP OF

AMERICAN HOMES 4 RENT, L.P.

 

DESIGNATION OF [        ]% SERIES C PARTICIPATING PREFERRED UNITS

 

April [·], 2014

 

Pursuant to Section 4.2 and Section 14.1.B of the Agreement of Limited Partnership of American Homes 4 Rent, L.P., as amended by the First Amendment, dated as of December 31, 2012, the Second Amendment, dated as of February 28, 2013, the Third Amendment, dated as of June 10, 2013, the Fourth Amendment, dated as of June 10, 2013, the Fifth Amendment, dated as of October 24, 2013, and the Sixth Amendment, dated as of  December 27, 2013 (collectively, the “Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection with the issuance to American Homes 4 Rent (“AH4R”) of [        ]% Series C Participating Preferred Units (as defined below) of American Homes 4 Rent, L.P. (the “Partnership”) in exchange for the contribution by AH4R of the net proceeds from the public offering of [        ]% Series C Participating Preferred Shares of beneficial interest, par value $0.01 per share, of AH4R (the “[        ]% Series C Participating Preferred Shares”):

 

1.             Designation and Number.  A series of Preferred Units (as defined below), designated the “[        ]% Series C Participating Preferred Units,” is hereby established.  The number of [        ]% Series C Participating Preferred Units shall be [·].  The [        ]% Series C Participating Preferred Units are being issued to AH4R in connection with the issuance by AH4R of [        ]% Series C Participating Preferred Shares.  The designations, preferences and other rights of the [        ]% Series C Participating Preferred Units contained in this Seventh Amendment are intended to be substantially similar to the designations, preferences and other rights (except voting rights) contained in the Articles Supplementary for the [        ]% Series C Participating Preferred Shares, and AH4R shall interpret this Seventh Amendment in a manner to consistent with such intent.

 

2.             Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Partnership Agreement. The following defined terms used in this Seventh Amendment to the Partnership Agreement shall have the meanings specified below:

 

“Absence of Suitable Indices Event” shall have the meaning provided in the Articles Supplementary (as defined below).

 

“Absence of Suitable Indices Redemption Right” shall have the meaning provided in Section 7(e)(i).

 

“Adjusted Value” shall have the meaning provided in Section 7(c)(ii).

 

“Articles Supplementary” means the Articles Supplementary dated [·], 2014 to the Articles of Amendment and Restatement of Declaration of Trust of AH4R designating the [        ]% Series C Participating Preferred Shares.

 

“Change of Control” shall have the meaning provided in the Articles Supplementary.

 

“Change of Control Conversion Date” shall have the meaning provided in the Articles Supplementary.

 

“Change of Control Conversion Right” shall have the meaning provided in Section 9(d)(i).

 

“Class A Shares” means the Class A Shares of AH4R.

 

“Class A Share Price” shall have the meaning provided in the Articles Supplementary.

 

“Conversion Date” shall have the meaning provided in Section 9(c)(ii).

 

 

“Distribution Record Date” shall have the meaning provided in Section 5(a).

 

“Final Liquidation Preference” shall have the meaning provided in Section 6(a).

 

“HPA Amount” shall have the meaning provided in the Articles Supplementary.

 

“Initial Liquidation Preference” means $25.00 per [        ]% Series C Participating Preferred Unit.

 

“Junior Preferred Units” shall have the meaning provided in Section 4.

 

“NYSE” shall have the meaning provided in the Articles Supplementary.

 

“Original Issue Date” means [·], 2014, the first date of issue of any [        ]% Series C Participating Preferred Units.

 

“Parity Preferred Units” shall have the meaning provided in Section 4.

 

“Preferred Return” shall have the meaning provided in Section 5(a).

 

“Preferred Unit Distribution Payment Date” shall have the meaning provided in Section 5(a).

 

“Preferred Units” means all Partnership Interests designated as preferred units by the General Partner from time to time in accordance with Section 4.2 of the Partnership Agreement.

 

“Redemption Date” shall have the meaning provided in section 7(c)(i).

 

“Regular Redemption Right” shall have the meaning provided in Section 7(c)(i).

 

“Senior Preferred Units” shall have the meaning provided in Section 4.

 

“Share Cap” shall have the meaning provided in the Articles Supplementary.

 

“Special Redemption Price” shall have the meaning provided in Section 7(d)(i).

 

“Special Redemption Right” shall have the meaning provided in Section 7(d)(i).

 

“VWAP” shall have the meaning provided in the Articles Supplementary.

 

3.             Maturity.  The [        ]% Series C Participating Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption except as provided in Sections 7(e) and 9(e).

 

4.             Rank.  The [        ]% Series C Participating Preferred Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership, rank (a) senior to all Class A Units, Class B Units, LTIP Units, and any class or series of Partnership Units expressly designated as ranking junior to the [        ]% Series C Participating Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (collectively, the “Junior Preferred Units”); (b) on a parity with any class or series of Partnership Units issued by the Partnership expressly designated as ranking on a parity with the [        ]% Series C Participating Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Parity Preferred Units”); and (c) junior to any class or series of Partnership Units issued by the Partnership expressly designated as ranking senior to the [        ]% Series C Participating Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Senior Preferred Units”).  The term “Partnership Units” does not include convertible or exchangeable debt securities of the Partnership, which will rank senior to the [        ]% Series C Participating Preferred Units prior to conversion or exchange.  The [        ]% Series C Participating Preferred Units will also rank junior in right of payment to the Partnership’s existing and future indebtedness.

 

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5.             Distributions.

 

(a)           Subject to the preferential rights of holders of any class or series of Senior Preferred Units of the Partnership, the holders of [        ]% Series C Participating Preferred Units shall be entitled to receive, when, as and if authorized by the General Partner and declared by the Partnership, out of funds of the Partnership legally available for payment of distributions, cumulative cash distributions at the applicable annual rate (the “Preferred Return”):

 

	
 
    	
 
    	
Original Issue Date to but excluding Mar-
   31, 2021
    	
 
    	
On and after Mar-31, 2021
    
	
Distribution Rate:
    	
 
    	
[        ]%   per annum on the Initial Liquidation Preference
    	
 
    	
10.000% per annum on the sum of: the Initial   Liquidation Preference plus the HPA Amount (as calculated with respect to the   period ended Dec-31, 2020) (if the HPA Amount for such period is a positive   number) per [        ]% Series C   Participating Preferred Unit
    

 

Distributions on the [        ]% Series C Participating Preferred Units shall accrue and be cumulative from (and including) the Original Issue Date and shall be payable quarterly, in equal amounts, in arrears, on the last day of each March, June, September and December of each year (each, a “Preferred Unit Distribution Payment Date”); provided, however, if any Preferred Unit Distribution Payment Date is not a business day, then the distribution which would otherwise have been payable on such Preferred Unit Distribution Payment Date may be paid on the next succeeding business day with the same force and effect as if paid on such Preferred Unit Distribution Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Preferred Unit Distribution Payment Date to such next succeeding business day.  “Business day” shall mean any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions in New York, New York are authorized or required to close.  A “distribution period” shall mean the period commencing from, and including, the Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Preferred Unit Distribution Payment Date.  The initial distribution period shall be the period from, and including, the Original Issue Date to, but excluding, June 30, 2014 to holders of record of the [        ]% Series C Participating Preferred Units as of June 15, 2014.  The amount of any distribution payable on the [        ]% Series C Participating Preferred Units for any partial distribution period will be prorated and computed on the basis of twelve 30-day months and a 360-day year.  Distributions will be payable in arrears to holders of record of the [        ]% Series C Participating Preferred Units as they appear on the records of the Partnership at 5:00 P.M., New York time, on the applicable record date, which shall be the March 15, June 15, September 15, or December 15 immediately preceding the Preferred Unit Distribution Payment Date.  If such record date is not a Business Day, the record date shall be the immediately preceding Business Day (each, a “Distribution Record Date”).

 

(b)           No distributions on the [        ]% Series C Participating Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the General Partner or the Partnership, including any agreement relating to the indebtedness of any of them, prohibits such authorization, declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law.

 

(c)           Notwithstanding anything to the contrary contained herein, distributions on the [        ]% Series C Participating Preferred Units will accrue whether or not the restrictions referred to in Section 5(b) exist, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized or declared.  For the avoidance of doubt, no distributions on the [        ]% Series C Participating Preferred Units shall accrue on any HPA Amount prior to March 31, 2021.

 

(d)           Except as provided in Section 5(e) below, no distributions shall be declared and paid or set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any Class A Units, Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred Units of the Partnership (other than a distribution paid in units of, or options, warrants or rights to subscribe for or purchase

 

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units of, Class A Units, Class B Units, LTIP Units or Junior Preferred Units) for any period, nor shall Class A Units, Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred Units be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of any such units by the Partnership, directly or indirectly (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for, Class A Units, Class B Units, LTIP Units or Junior Preferred Units, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to all holders of [        ]% Series C Participating Preferred Units and all holders of Parity Preferred Units), unless full cumulative distributions on the [        ]% Series C Participating Preferred Units for all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment.

 

(e)           When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the [        ]% Series C Participating Preferred Units and any Parity Preferred Units, all distributions declared on the [        ]% Series C Participating Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount of distributions declared per [        ]% Series C Participating Preferred Unit and such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per [        ]% Series C Participating Preferred Unit and such Parity Preferred Units (which shall not include any accrual in respect of unpaid distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other.  No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on [        ]% Series C Participating Preferred Units which may be in arrears.

 

(f)            Holders of [        ]% Series C Participating Preferred Units shall not be entitled to any distribution, whether payable in cash, property or units of the Partnership, in excess of full cumulative distributions on the [        ]% Series C Participating Preferred Units as provided above.  Any distribution made on the [        ]% Series C Participating Preferred Units shall first be credited against the earliest accrued but unpaid distributions due with respect to such units which remains payable.  Accrued but unpaid distributions on [        ]% Series C Participating Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable or on the date of redemption, as the case may be.

 

(g)           For the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation), redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution.

 

6.             Liquidation Preference.

 

(a)           Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before any distribution or payment shall be made to the holders of any Class A Units, Class B Units, LTIP Units, or Junior Preferred Units, the holders of the [        ]% Series C Participating Preferred Units then outstanding shall be entitled to be paid, or have the Partnership declare and set apart for payment, out of the assets of the Partnership legally available for distribution to its Partners after payment or provision for payment of all debts and other liabilities of the Partnership and any liquidation preference owing in respect of any Senior Preferred Units, a liquidation preference in cash or property at fair market value, as determined by the General Partner, the sum of: (i) the Initial Liquidation Preference, (ii) the HPA Amount (if positive), and (iii) an amount per unit equal to any accrued and unpaid distributions to, but excluding, the date of payment or the date the amount for payment is set apart for payment (the “Final Liquidation Preference”).

 

(b)           If upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available assets of the Partnership are insufficient to pay the full amount of the Final Liquidation Preference on all outstanding [        ]% Series C Participating Preferred Units and the corresponding amounts payable on all outstanding Parity Preferred Units, then the holders of [        ]% Series C Participating Preferred Units and Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full amount of the Final Liquidation Preference to which they would otherwise be respectively entitled.

 

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(c)           Until March 31, 2021, the HPA Amount payable upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, shall be subject to a cap as provided in Section 6(e) of the Articles Supplementary.

 

(d)           Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full to the holders of the [        ]% Series C Participating Preferred Units and any Parity Preferred Units, any other series or class or classes of Junior Preferred Units shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the [        ]% Series C Participating Preferred Units and any Parity Preferred Units shall not be entitled to share therein.

 

(e)           After payment of the full amount of the Final Liquidation Preference to which they are entitled, holders of [        ]% Series C Participating Preferred Units will have no right or claim to any of the remaining assets of the Partnership.

 

(f)            For the avoidance of doubt, the consolidation or merger of the Partnership with or into another entity, the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or substantially all of the assets or business of the Partnership shall not be considered a liquidation, dissolution or winding up of the affairs of the Partnership.

 

(g)           Notice of liquidation, dissolution or winding up of the Partnership shall be consistent with the notice procedures set forth in Section 5(d) of the Articles Supplementary.

 

7.             Redemption.

 

(a)           The [        ]% Series C Participating Preferred Units are not redeemable except as otherwise provided in this Section 7.

 

(b)           Until March 31, 2021, the HPA Amount payable upon any redemption shall be subject to a cap as provided in Section 6(e) of the Articles Supplementary.

 

(c)           Redemption by the Partnership.

 

i.      After March 31, 2018 but prior to March 31, 2021, if and when AH4R exercises its option to redeem [        ]% Series C Participating Preferred Shares as provided in Section 7(a)(i) of the Articles Supplementary, the Partnership will redeem all but not less than all of the [        ]% Series C Participating Preferred Units (no partial redemptions are permitted), for cash, at a redemption price equal to the Final Liquidation Preference to, but excluding, the date fixed for redemption (such date, the “Redemption Date”) (such right, the “Regular Redemption Right”).

 

ii.   At any time on or after March 31, 2021, if and when AH4R exercises its option to redeem [        ]% Series C Participating Preferred Shares as provided in Section 7(a)(ii) of the Articles Supplementary, the Partnership, will redeem all but not less than all of the [        ]% Series C Participating Preferred Units (no partial redemptions are permitted), for cash, at a redemption price equal to the Initial Liquidation Preference, plus the HPA Amount calculated with respect to the period ended December 31, 2020 (if the HPA Amount for such period is a positive number) (the “Adjusted Value”), plus any accrued and unpaid distributions on the [        ]% Series C Participating Preferred Units to, but excluding, the Redemption Date.

 

iii.Unless full cumulative distributions on all [        ]% Series C Participating Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for

 

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the redemption of, any [        ]% Series C Participating Preferred Units (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for Class A Units, Class B Units, LTIP Units or Junior Preferred Units of the Partnership); provided, however, that the foregoing shall not prevent the redemption or purchase of [        ]% Series C Participating Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax purposes, or the purchase or acquisition of [        ]% Series C Participating Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding [        ]% Series C Participating Preferred Units.

 

iv.           Immediately prior to any redemption of [        ]% Series C Participating Preferred Units, the Partnership shall pay, in cash, any accrued and unpaid distributions on the [        ]% Series C Participating Preferred Units to, but excluding, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, in which case each holder of [        ]% Series C Participating Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for prior distribution periods) notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date.  Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on [        ]% Series C Participating Preferred Units for which a notice of redemption has been given.

 

v.              Notice of redemption of the [        ]% Series C Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(a)(iii)(A) of the Articles Supplementary.

 

vi.           Holders of [        ]% Series C Participating Preferred Units to be redeemed shall surrender such [        ]% Series C Participating Preferred Units at the place or places designated in such notice and, upon surrender of the units, such [        ]% Series C Participating Preferred Units shall be redeemed by the Partnership at the redemption price plus any accrued and unpaid distributions payable upon such redemption.  If notice of redemption of any of the [        ]% Series C Participating Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any [        ]% Series C Participating Preferred Units so called for redemption, then, from and after the Redemption Date, distributions will cease to accrue on such [        ]% Series C Participating Preferred Units, such [        ]% Series C Participating Preferred Units shall no longer be deemed outstanding and all rights of the holders of such [        ]% Series C Participating Preferred Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions to, but excluding, the Redemption Date; provided, however, if the Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, each holder of [        ]% Series C Participating Preferred Units so called for redemption at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date.

 

vii.        All [        ]% Series C Participating Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and reclassified as authorized but unissued Preferred Units, without designation as to class or series, and may thereafter be reissued as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement.

 

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(d)           Special Redemption Right upon a Change of Control.

 

i.                  Upon the occurrence of a Change of Control, if and when AH4R exercises its option to redeem [        ]% Series C Participating Preferred Shares as provided in Section 7(b)(i) of the Articles Supplementary, the Partnership will redeem all but not less than all of the [        ]% Series C Participating Preferred Units (no partial redemptions are permitted) at any time within 120 days after the date on which the Change of Control has occurred (the “Special Redemption Right”), for cash equal to the Final Liquidation Preference, to, but excluding, the Redemption Date (the “Special Redemption Price”).  If, prior to the Change of Control Conversion Date, the Partnership exercises its Regular Redemption Right, Special Redemption Right, or Absence of Suitable Indices Redemption Right in connection with a Change of Control, holders of the [        ]% Series C Participating Preferred Units shall not be permitted to exercise their Change of Control Conversion Right (as defined in Section 9(d)(i) below).

 

ii.               Unless full cumulative distributions on all [        ]% Series C Participating Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the redemption of, any [        ]% Series C Participating Preferred Units (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for Class A Units, Class B Units, LTIP Units or Junior Preferred Units of the Partnership); provided, however, that the foregoing shall not prevent the redemption or purchase of [        ]% Series C Participating Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax purposes, or the purchase or acquisition of [        ]% Series C Participating Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding [        ]% Series C Participating Preferred Units.

 

iii.            Immediately prior to any redemption of [        ]% Series C Participating Preferred Units, the Partnership shall pay, in cash, any accrued and unpaid distributions on the [        ]% Series C Participating Preferred Units to, but excluding, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, in which case each holder of [        ]% Series C Participating Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for prior distribution periods) notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date.  Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on [        ]% Series C Participating Preferred Units for which a notice of redemption has been given.

 

iv.           Notice of redemption of the [        ]% Series C Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(b)(ii)(A) of the Articles Supplementary.

 

v.              Holders of [        ]% Series C Participating Preferred Units to be redeemed shall surrender such [        ]% Series C Participating Preferred Units at the place or places designated in such notice and, upon surrender of the units, such [        ]% Series C Participating Preferred Units shall be redeemed by the Partnership at the redemption price plus any accrued and unpaid distributions payable upon such redemption.  If notice of redemption of any of the [        ]% Series C Participating Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any [        ]% Series C Participating Preferred Units so called for redemption, then, from and after the Redemption Date, distributions will cease to accrue on such [        ]% Series C Participating Preferred Units, such [        ]% Series C Participating Preferred Units shall no longer be deemed outstanding and all rights of the

 

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holders of such [        ]% Series C Participating Preferred Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions to, but excluding, the Redemption Date; provided, however, if the Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, each holder of [        ]% Series C Participating Preferred Units so called for redemption at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date.

 

vi.           All [        ]% Series C Participating Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and reclassified as authorized but unissued Preferred Units, without designation as to class or series, and may thereafter be reissued as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement.

 

(e)           Redemption upon Absence of Suitable Indices Event

 

i.                  If, following an Absence of Suitable Indices Event, AH4R exercises its option to redeem the [        ]% Series C Participating Preferred Shares as provided in Section 7(c) of the Articles Supplementary, the Partnership shall redeem all of the [        ]% Series C Participating Preferred Units for cash at a redemption price equal to the Final Liquidation Preference (the “Absence of Suitable Indices Redemption Right”).

 

ii.               Notice of redemption of the [        ]% Series C Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(c)(ii)(A) of the Articles Supplementary.

 

iii.            Upon any redemption of the [        ]% Series C Participating Preferred Units, the Partnership shall pay any accrued and unpaid distributions in arrears for any distribution period ending on or prior to the redemption date. If a redemption date falls after a Distribution Record Date for a [        ]% Series C Participating Preferred Unit distribution payment and prior to the corresponding Preferred Unit Distribution Payment Date, then each holder of the [        ]% Series C Participating Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such [        ]% Series C Participating Preferred Units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such [        ]% Series C Participating Preferred Units before such Preferred Unit Distribution Payment Date. Except as provided above, the Partnership shall make no payment or allowance for unpaid distributions, whether or not in arrears, on any [        ]% Series C Participating Preferred Units called for redemption.

 

iv.           If full cumulative distributions on the [        ]% Series C Participating Preferred Units and any other series or class or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except as otherwise permitted under the Partnership Agreement, the Partnership may not purchase, redeem or otherwise acquire [        ]% Series C Participating Preferred Units or any Parity Preferred Units other than in exchange for Parity Preferred Units.

 

v.              On and after the date fixed for redemption, distributions shall cease to accrue on the [        ]% Series C Participating Preferred Units called for redemption (except that, in the case of a redemption date after a Distribution Record Date and prior to the related Preferred Unit Distribution Payment Date, holders of [        ]% Series C Participating Preferred Units on the applicable Distribution Record Date will be entitled on such Preferred Unit Distribution Payment Date to receive the distribution payable on such shares on the corresponding Preferred Unit Distribution Payment Date), such shares shall

 

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no longer be deemed to be outstanding and all rights of the holders of such shares as holders of [        ]% Series C Participating Preferred Units shall cease except the right to receive the cash payable upon such redemption, without interest from the date of such redemption.

 

8.             Voting Rights.  Holders of the [        ]% Series C Participating Preferred Units will not have any voting rights.

 

9.             Conversion.

 

(a)           The [        ]% Series C Participating Preferred Units are not convertible or exchangeable for any other property or securities except as otherwise provided in this Section 9.

 

(b)           Until March 31, 2021, the HPA Amount payable upon any conversion shall be subject to a cap as provided in Section 6(e) of the Articles Supplementary.

 

(c)           Conversion by the Partnership.

 

i.                  After March 31, 2018, if and when AH4R exercises its option to convert [        ]% Series C Participating Preferred Shares as provided in Section 11(a) of the Articles Supplementary, the Partnership will convert all (no partial conversions are permitted) of the [        ]% Series C Participating Preferred Units into Class A Units in the Partnership in accordance with this Section 9.

 

ii.               If such one-time conversion occurs after March 31, 2018 but before March 31, 2021, the formula for determining the conversion ratio per [        ]% Series C Participating Preferred Unit shall be equal to: (A) the sum of (1) the Initial Liquidation Preference, (2) the HPA Amount for the relevant period (if positive), and (3) any accrued and unpaid distributions thereon to, but excluding, the 4th business day following the notice of conversion (the “Conversion Date”), divided by (B) the VWAP on the date the notice of conversion is issued.

 

iii.            If such one-time conversion occurs at any time on or after March 31, 2021, the Partnership will convert all but not less than all (no partial redemptions are permitted) of the [        ]% Series C Participating Preferred Units using a conversion formula equal to: (A) the Adjusted Value, plus any accrued and unpaid distributions thereon to, but excluding, the Conversion Date, divided by (B) the VWAP on the date the notice of conversion is issued.

 

iv.           The foregoing shall not prevent the conversion of [        ]% Series C Participating Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax purposes.

 

v.              No fractional Class A Units shall be issued upon conversion of the [        ]% Series C Participating Preferred Units.  In lieu of fractional units, holders of the [        ]% Series C Participating Preferred Units shall be entitled to receive the cash value of such fractional units based on the applicable per share VWAP.

 

(d)           Conversion Upon a Change of Control.

 

i.                  Upon the occurrence of a Change of Control, each holder of the [        ]% Series C Participating Preferred Units shall have the right (the “Change of Control Conversion Right”), subject to the Special Redemption Right of the Partnership, to convert some or all of the [        ]% Series C Participating Preferred Units held by such holder on the relevant Change of Control Conversion Date into a number of Class A Units per [        ]%

 

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Series C Participating Preferred Unit equal to the lesser of (A) the quotient obtained by dividing (1) the sum of (x) the Initial Liquidation Preference, plus (y) the HPA Amount for the relevant period (if positive), plus (z) any accrued and unpaid distributions thereon to, but excluding, the Change of Control Conversion Date, except if such Change of Control Conversion Date is after a Distribution Record Date for a Preferred Unit Distribution Payment Date for which distributions have been declared and prior to the corresponding Preferred Unit Distribution Payment Date, in which case the amount pursuant to this clause (1)(z) shall equal $0.00 in respect of such distribution payment date to be made on such Preferred Unit Distribution Payment Date and such declared distribution shall instead be paid, on such distribution payment date, to the holder of record of the [        ]% Series C Participating Preferred Units to be converted as of 5:00 P.M. New York time, on such record date), by (2) the Class A Share Price, and (B) the Share Cap.

 

ii.               Notice of occurrence of the Change of Control shall be consistent with the notice procedures set forth in Section 11(b)(ii) of the Articles Supplementary.

 

iii.            Exercise of the Change of Control Conversion Right shall be consistent with the procedures set forth in Sections 11(b)(iv) and (v) of the Articles Supplementary.

 

iv.           No fractional Class A Units shall be issued upon conversion of the [        ]% Series C Participating Preferred Units.  In lieu of fractional units, holders of the [        ]% Series C Participating Preferred Units shall be entitled to receive the cash value of such fractional units based on the Class A Unit Price.

 

v.              The Partnership will deliver all Class A Units (including, without limitation, cash in lieu of fractional Class A Units) and any other property owing upon conversion no later than the 4th business day following the Change of Control Conversion Date.

 

(e)           Conversion upon an Absence of Suitable Indices Event.

 

i.                  If, following an Absence of Suitable Indices Event, AH4R exercises its option to convert the [        ]% Series C Participating Preferred Shares as provided in Section 11(c) of the Articles Supplementary, the Partnership shall convert all but not less than all of the [        ]% Series C Participating Preferred Units into Class A Units in accordance with this Section (9)(e).

 

ii.               The formula for determining the conversion ratio per [        ]% Series C Participating Preferred Unit shall be equal to (A) the Adjusted Value, plus any accrued and unpaid distributions to, but not including, the Conversion Date, divided by (B) the VWAP on the date the notice of conversion is issued.

 

iii.            The Partnership will reserve and keep available at all times, free of any preemptive rights arising by operation of law, under the Partnership Agreement, under any agreement or instrument to which the Partnership or any of its subsidiaries is a party or otherwise, out of its authorized but unissued units a sufficient number of Class A Units issuable upon conversion of the outstanding [        ]% Series C Participating Preferred Units until such time as all of the outstanding [        ]% Series C Participating Preferred Units shall have been converted, repurchased and retired or redeemed and retired. Upon conversion of each [        ]% Series C Participating Preferred Unit, the Partnership shall take all such actions as are necessary in order to ensure that the Class A Units issuable with respect to such conversion shall be validly issued, fully paid and nonassessable, free and clear of all taxes, liens, charges and encumbrances with respect to the issuance thereof, other than those imposed by the holder of such [        ]% Series C Participating Preferred Unit. The Partnership shall not close its books against the transfer of [        ]% Series C Participating Preferred Units or of Class A Units issued or issuable upon conversion of

 

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[        ]% Series C Participating Preferred Units in any manner which interferes with the timely conversion of [        ]% Series C Participating Preferred Units. The Partnership shall assist and cooperate with any holder of [        ]% Series C Participating Preferred Units required to make any governmental filings or obtain any governmental approval prior to or in connection with any conversion of [        ]% Series C Participating Preferred Units hereunder (including, without limitation, making any filings required to be made by the Partnership). All Class A Units which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges.

 

iv.           No fractional Class A Units shall be issued upon conversion of the [        ]% Series C Participating Preferred Units.  In lieu of fractional units, holders of the [        ]% Series C Participating Preferred Units shall be entitled to receive the cash value of such fractional units based on the Class A Unit Price.

 

10.          Allocation of Profit and Loss.  Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among holders of [        ]% Series C Participating Preferred Units in accordance with Article VI of the Partnership Agreement.

 

11.          Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms.

 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

 

	
 
    	
GENERAL   PARTNER:
    
	
 
    	
 
    
	
 
    	
AMERICAN   HOMES 4 RENT
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}]]