Document:

Exhibit 4.10

 

TRANSACTION
STRUCTURE AGREEMENT

 

This Agreement (the
“Agreement”) dated April 17, 2002, is made by and between

 

a)                                      Preem Petroleum AB
(“Preem”),

b)                                     Hydro Aluminium
Conductor AB, changing its corporate name to Hydro R&M Holding
AB, (“Hydro”), and

c)                                      Skandinaviska
Raffinaderi AB Scanraff (“Scanraff”)

 

WHEREAS Preem owns 1,570,350
shares and Hydro the remaining 429,650 shares of Scanraff,

 

WHEREAS Preem owns 875,000
shares and Hydro the remaining 875,000 shares of Skandinaviska Kracker AB
Scancracker (“Scancracker”),

 

WHEREAS Preem and Hydro have
agreed to combine the operations, assets and liabilities of Scanraff and
Scancracker into a joint refining company with unitised ownership shares and
processing rights being held 75 % by Preem and 25 % by Hydro (the “Ownership
Ratio”),

 

WHEREAS Preem and Hydro have
agreed to use Scanraff as such joint refining company by assigning all shares
of Scancracker to Scanraff in return for the issuance of such number of shares
in Scanraff as is required in order to meet the Ownership Ratio,

 

WHEREAS present share capital
of Scanraff is SEK 200,000,000 represented by 2,000,000 shares and thus the
issuance of 281,400 new shares to be subscribed by Preem and Hydro in equal
parts is required to meet the Ownership Ratio whereupon Preem will hold
1,711.050 shares and Hydro will hold 570,350 shares, and

 

 

WHEREAS the Ownership Ratio
represents split terms for the underlying fixed assets of Scanraff and
Scancracker and shall represent split terms for the net value of other assets
and liabilities as from April 1, 2002 (the “Effective Date “)

 

Now THEREFORE, the parties hereto have agreed as follows.

 

1.                                      Transfer of
Shares

 

1.1                                 Hydro and Preem
hereby undertake to assign all their 1,750,000 shares of Scancracker (“the
Shares”) to Scanraff and in consideration therefore each subscribe for 140,700
shares in Scanraff, each share with a nominal value of SEK 100, to be issued at
a general meeting of Scanraff, held not later than May 7, 2002.

1.2                                 Hydro and Preem
hereby undertake to waive their redemption rights under the Articles of
Association of Scancracker as regards the acquisition by Scanraff from Hydro
and Preem of the Shares.

1.3                                 Hydro and Preem
hereby represent and warrant to each other that each of Hydro and Preem has
full and exclusive title to its respective shares in Scancracker and that all
Shares are free and clear of any restrictions and are freely transferable to
Scanraff subject to the waiver set out in 1.2 above.

 

2.                                      Parties
obligations

 

2.1                                 The
Parties hereby undertake to (i) enter into and sign a shareholders’ agreement, Schedule
1, and a processing agreement, Schedule 2, immediately following the
signing of this agreement, (ii) conduct a general meeting in Scanraff not later
than May 7, 2002, (iii) at such meeting approve of the increase of the share
capital of Scanraff from SEK 200,000,000 to SEK 228,140,000 by issuing 281,400
new shares each with a nominal value 

 

2

 

of SEK 100 in consideration for the acquisition and the receipt of
1,750,000 shares of Scancracker as set out in 1.1 and 1.2 above and approve of
the amended Articles of Association of Scanraff, Schedule 3, (iv) take
appropriate actions immediately following the general meeting set out in (ii)
above in order to secure that Scanraff assumes the liability of all existing
Shareholder loans to Scancracker, if any, and (v) take appropriate actions in
order to merge Scancracker into Scanraff as soon as legally is possible subject
to that such merger can be carried out without material costs for tax,
stamp-duties and alike.

 

2.2                                 The Parties shall as soon as
practically is possible after completion of financial statements for Scanraff
and Scancracker as of March 31, 2002 (the “Financial Statements”) establish the
exact amount for clearing (the “Clearing Amount”) of the net value
(“Net Value”), calculated in accordance with 2.2.1 below, in order to equalise
the equity split with the Ownership Ratio for Scanraff.

 

2.2.1
                     Net Value will be calculated as
the sum of the following items as shown or included in the Financial Statements.

(a)          The total amount shown as
financial fixed assets;

(b)         The total amount shown as
current assets;

(c)          The total amount shown as
liabilities, but with deductions for:

   i.         amounts
included for commissionary debt to owners caused by reversion of untaxed
reserves as per year end 2001;

  ii.         amounts
included for accounts payable or other non interest-bearing liabilities
associated with the Propylene project in Scancracker.

 iii.   Shareholder loans.

 

2.2.2                      Untaxed reserves as
shown in the Financial Statements will be disregarded in calculation of Net
Value as the discounted value of the deferred tax part represents no true
liability to the Shareholders.

 

3

 

2.2.3                        The
Clearing amount will be calculated as the amount that would bring each of the
Party’s respective pre-unitisation share of Net Value in balance with the
Ownership Ratio.

 

2.2.4                        Settlement
of the Clearing Amount will be provided by such Party  (the “Owing Party”), that has to compensate the other Party in
order to make the equity split coincide with the Ownership Ratio, by payment in
the Owing Party’s option of either 1) an unconditional shareholder contribution
(the “Shareholder Contribution”) to Scanraff or 2) cash to the other Party, in
both cases not later than 10 days following agreement of the Clearing Amount.

 

The Shareholder
Contribution will be equal to the Clearing Amount divided by a factor
calculated as the figure one deducted by the owing Party’s post-unitisation
ownership share. Thus, if Hydro is the Owing Party and the compensation to be
paid is 6 MSEK, the Shareholder Contribution to be paid by Hydro is 6: (1-0.25)
= 8 MSEK and if Preem is the Owing Party with the same compensation to be paid
Preem shall pay 6: (1-0.75)=24 MSEK.

 

The compensation in
cash will be equal to the Clearing Amount plus a compensation of the other
Party’s tax cost. For the purpose of this calculation, the tax cost is agreed
to be 28% of the compensation. Thus, if the Clearing Amount is 6 MSEK, the cash
compensation to be paid is 6: (1-0.28)=8.33 MSEK.

 

2.3                                 As of the Effective Date the
Parties will make adjustments to the interest bearing shareholders loans as
follows:

 

2.3.1                        The following loan agreements in
Scanraff and Scancracker will be redeemed:

 

4

 

(a)                                  Floating-rate loans
in Scanraff as of 1998-10-30 with maturity 2003-10-30 and amounting to MSEK 157
from Preem and MSEK 43 from Hydro;

(b)                                 Floating-rate loans
in Scanraff as of 2001-06-27 and 2001-06-29 with maturity 2006-06-30 and
amounting to MSEK 471 from Preem and MSEK 129 from Hydro;

(c)                                  Floating-rate loans
in Scancracker as of 2001-06-27 and 2001-08-01 with maturity 2006-07-31 and
amounting to MSEK 37,5 from Preem and MSEK 37,5 from Hydro;

(d)                                 Floating-rate loans
in Scancracker as of 2002-01-02 with maturity 2006-12-31 and amounting to MSEK
50 from Preem and MSEK 50 from Hydro.

 

2.3.2                        New floating-rate loans from
Hydro and Preem to Scanraff will be established as of April 1, 2002, with 5
year term to maturity, quarterly amortisation and amounting to MSEK 712.5 from
Preem and MSEK 237.5 from Hydro.

 

 

2.3.3                        Existing
fixed-rate loan in Scanraff with maturity 2008-06-30 from Hydro will be
extended with MSEK 14.

 

3.                                      Governing law
and disputes

 

3.1                                 This
Agreement and any right or obligation arising herefrom shall be governed by and
construed in accordance with Swedish law.

 

3.2                                 Any
dispute, controversy or claim arising out of or in connection with this Agreement
shall be finally settled by arbitration in accordance with the Rules of The
Arbitration Institute of the Stockholm Chamber of Commerce.

 

5

 

The arbitral tribunal shall be composed by three arbitrators. The place
of arbitration shall be in Stockholm.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed as of the date first
above written, in three originals, one for each party concerned.

 

	
  Preem Petroleum
  AB

  	
   

  	
  Hydro Aluminium
  Conductor AB (changing its corporate name to Hydro R&M Holding AB)

  
	
   

  	
   

  	
   

  
	
  /s/Lars Nelson,
  /s/Per Höjgård

  	
   

  	
  /s/Pål Sunde

  
	
   

  	
   

  	
   

  
	
  Skandinaviska Raffinaderi AB Scanraff

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/Lars Nelson, /s/Pål Sunde

  	
   

  	
   

  

 

6<Page>

                                                                   Exhibit 4.1

                         AMENDMENTS TO RIGHTS AGREEMENT

1.   GENERAL BACKGROUND. In accordance with Section 27, Supplements and
     Amendments of the Rights Agreement between Fleet National Bank (the
     "Rights Agent") and Pennichuck Corporation ("Pennichuck") dated April
     20, 2000 (the "Agreement"), the Rights Agent and Pennichuck desire to
     amend the Agreement to appoint EquiServe Trust Company, N.A.

2.   EFFECTIVENESS. This Amendment shall be effective as of October 10, 2001
     (the "Amendment") and all defined terms and definitions in the Agreement
     shall be the same in the Amendment except as specifically revised by
     the Amendment.

3.   REVISION. The section in the Agreement entitled "Change of Rights Agent"
     is hereby deleted in its entirety and replaced with the following:

     CHANGE OF RIGHTS AGENT. The Rights Agent or any successor Rights Agent
     may resign and be discharged from its duties under this Agreement upon
     30 days' notice in writing mailed to the Company and to each transfer
     agent of the Common Shares or Preferred shares by registered or certified
     mail and to the holders of the Right Certificates by first-class mail.
     The Company may remove the Rights Agent or any successor Rights Agent
     upon 30 days' notice in writing mailed to the Rights Agent or successor
     Rights Agent, as the case may be, and to each transfer agent of the
     Common Shares or Preferred Shares by registered or certified mail, and to
     the holders of the Right Certificates by first-class mail. If the Rights
     Agent shall resign or be removed or shall otherwise become incapable of
     acting, the Company shall appoint a successor to the Rights Agent. If the
     Company shall fail to make such appointment within a period of 30 days
     after giving notice of such removal or after it has been notified in
     writing of such resignation or incapacity by the resigning or
     incapacitated rights Agent or by the holder of a Right Certificate (who
     shall, with such notice, submit such holder's Right Certificate for
     inspection by the company), then the registered holder of any Right
     Certificate may apply to any court of competent jurisdiction for the
     appointment of a new Rights Agent. Any successor Rights Agent, whether
     appointed by the Company or by such a court, shall be a corporation or
     trust company organized and doing business under the laws of the United
     States, in good standing, which is authorized under such laws to exercise
     corporate trust or stock transfer powers and is subject to supervision
     or examination by federal or state authority and which has individually
     or combined with an affiliate at the time of its appointment as Rights
     Agent a combined capital and surplus of at least $100 million dollars.
     After appointment, the successor Rights Agent shall be vested with the
     same powers, rights, duties and responsibilities as if it had been
     originally named as Rights Agent without

<Page>

     further act or deed; but the predecessor Rights Agent shall deliver and
     transfer to the successor Rights Agent any property at the time held by
     it hereunder, and execute and deliver any further assurance, conveyance,
     act or deed necessary for the purpose. Not later than the effective date
     of any such appointment the Company shall file notice thereof in writing
     with the predecessor Rights Agent and each transfer agent of the Common
     Shares or Preferred Shares, and mail a notice thereof in writing to the
     registered holders of the Right Certificates. Failure to give any notice
     provided for in this Section 21, however, or any defect therein, shall
     not affect the legality or validity of the resignation or removal of the
     Rights Agent or the appointment of the successor Rights Agent, as the
     case may be.

4.   Except as amended hereby, the Agreement and all schedules or exhibits
     thereto shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed in their names and on their behalf by and through their duly
authorized officers, as of this 10th day of October, 2001.

PENNICHUCK CORPORATION                  FLEET NATIONAL BANK

/s/ Charles J. Staab                    /s/ Carol Mulvey-Eori
---------------------------------       ----------------------------------
By: Charles J. Staab                    By: Carol Mulvey-Eori
Title: Vice President, Treasurer        Title: Managing Director,
       and Chief Financial Officer             Client Administration

                                        EQUISERVE TRUST COMPANY, N.A.

                                        /s/ Carol Mulvey-Eori
                                        ----------------------------------
                                        By: Carol Mulvey-Eori
                                        Title: Managing Director,
                                               Client Administration

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