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Exhibit 10.3.1    
    

 
 

EXECUTION COPY    
    

REGISTRATION RIGHTS AGREEMENT  

REGISTERED EXCHANGE OFFER  

FOUNDATION PA COAL COMPANY  

 
 

EXECUTION COPY    
    

$300,000,000 71/4% Senior Notes due 2014  

REGISTRATION
RIGHTS AGREEMENT 

July 30,
2004 

Citigroup
Global Markets Inc.

Credit Suisse First Boston LLC

UBS Securities LLC

ABN AMRO Incorporated

Bear, Stearns & Co. Inc.

Harris Nesbitt Corp.

Natexis Bleichroeder Inc.

SG Americas Securities, LLC 

c/o
Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013 

Ladies
and Gentlemen: 

        Foundation
PA Coal Company, a corporation organized under the laws of Delaware (the "Company"), proposes to issue and sell to
(a) certain purchasers (the "Initial Purchasers"), for whom Citigroup Global
Markets Inc., Credit Suisse First Boston LLC, UBS Securities LLC, ABN AMRO Incorporated, Bear, Stearns & Co. Inc., Harris Nesbitt Corp., Natexis Bleichroeder Inc. and SG
Americas Securities, LLC (collectively, the "Representatives") are acting as representatives, $300,000,000 aggregate principal amount of its
71/4% Senior Notes due 2014 (the "Notes") upon the terms set forth in the Purchase Agreement among the Company, the Guarantors named
therein and the Representatives, dated July 21, 2004 (the "Purchase Agreement"), relating to the initial placement (the
"Initial Placement") of the Notes. As of the date hereof, the Company's obligations under the Notes will be guaranteed (the
"Guarantees") by its parent, Foundation Coal Corporation ("Holdings"), and Holdings' direct and indirect
domestic subsidiaries that guarantee its obligations under the Credit Agreement (as defined in the Indenture) (collectively, together with Holdings, the
"Guarantors"). References herein to the "Issuers" refer to the Company and the Guarantors, collectively.
References herein to the "Securities" refer to the Notes and the Guarantees, collectively. To induce the Initial Purchasers to enter into the Purchase
Agreement and to satisfy a condition to your obligations thereunder, the Issuers agree with you for your benefit and the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each a "Holder" and, collectively, the "Holders"), as follows: 

        1.    Definitions.    Capitalized terms used herein without definition shall have their respective meanings set forth
in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 

        "Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Affiliate" shall have the meaning specified in Rule 405 under the Act and the term "controlling" shall have a meaning correlative
thereto. 

        "Broker-Dealer" shall mean any broker or dealer registered as such under the Exchange Act. 

        "Business Day" shall mean a day other than a Saturday, a Sunday or a legal holiday or day on which banking institutions or trust companies
are authorized or required by law to close in New York City. 

        "Closing Date" shall mean the date of the first issuance of the Securities. 

 

        "Commission" shall mean the Securities and Exchange Commission. 

        "Company" shall have the meaning set forth in the preamble hereto. 

        "Deferral Period" shall have the meaning set forth in Section 4(k)(ii) hereof. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder. 

        "Exchange Offer Registration Period" shall mean the period of 180 days following the consummation of the Registered Exchange Offer,
exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

        "Exchange Offer Registration Statement" shall mean a registration statement of the Issuers on an appropriate form under the Act with
respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein. 

        "Exchanging Dealer" shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from any Issuer or any Affiliate of any Issuer) for
New Securities. 

        "Final Memorandum" shall mean the offering memorandum, dated July 21, 2004, relating to the Securities, including any and all
exhibits thereto and any information incorporated by reference therein as of such date. 

        "Guarantee" shall have the meaning set forth in the preamble hereto. 

        "Guarantors" shall have the meaning set forth in the preamble hereto. 

        "Holder" shall have the meaning set forth in the preamble hereto. 

        "Holdings" shall have the meaning set forth in the preamble hereto. 

        "Indenture" shall mean that certain Indenture relating to the Securities, dated as of July 30, 2004, among the Issuers and Bank of
New York, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 

        "Initial Placement" shall have the meaning set forth in the preamble hereto. 

        "Initial Purchasers" shall have the meaning set forth in the preamble hereto. 

        "Losses" shall have the meaning set forth in Section 6(d) hereof. 

        "Majority Holders" shall mean, on any date, Holders of a majority of the aggregate principal amount of Securities and New Securities
registered under a Registration Statement. 

        "Managing Underwriters" shall mean the investment banker or investment bankers and manager or managers who administer an underwritten
offering, if any, under a Registration Statement. 

        "NASD Rules" shall mean the Conduct Rules and the By-laws of the National Association of Securities Dealers, Inc. 

        "New Securities" shall mean debt securities of the Company and Guarantees by the Guarantors, in each case identical in all material
respects to the Securities (except that the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under the New Securities Indenture. 

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        "New Securities Indenture" shall mean the Indenture or an indenture among the Issuers and the New Securities Trustee, identical in all
material respects to the Indenture (except that the transfer
restrictions shall be modified or eliminated, as appropriate), which may be the Indenture if in the terms thereof appropriate provision is made for the New Securities. 

        "New Securities Trustee" shall mean the Trustee or a bank or trust company reasonably satisfactory to the Initial Purchasers, as trustee
with respect to the New Securities under the New Securities Indenture. 

        "Notes" shall have the meaning set forth in the preamble hereto. 

        "Prospectus" shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto,
including any and all exhibits thereto and any information incorporated by reference therein. 

        "Purchase Agreement" shall have the meaning set forth in the preamble hereto. 

        "Registered Exchange Offer" shall mean the proposed offer of the Issuers to issue and deliver to the Holders of the Securities that are
not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 

        "Registrable Securities" shall mean (i) Securities other than those that have been (A) registered under a Registration
Statement and disposed of in accordance therewith or (B) distributed to the public pursuant to Rule 144 under the Act or any successor rule or regulation thereto that may be adopted by
the Commission and (ii) any New Securities the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act. 

        "Registration Default Damages" shall have the meaning set forth in Section 8 hereof. 

        "Registration Statement" shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the
Securities or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each
case including the Prospectus contained therein), all exhibits thereto and all material incorporated by reference therein. 

        "Securities" shall have the meaning set forth in the preamble hereto. 

        "Shelf Registration Period" shall have the meaning set forth in Section 3(b)(ii) hereof. 

        "Shelf Registration" shall mean a registration effected pursuant to Section 3 hereof. 

        "Shelf Registration Statement" shall mean a "shelf" registration statement of the Issuers pursuant to the provisions of Section 3
hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the
Commission, amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein. 

        "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated
thereunder. 

        "Trustee" shall mean the trustee with respect to the Securities under the Indenture. 

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        "Underwriter" shall mean any underwriter of Securities in connection with an offering thereof under a Shelf Registration Statement. 

        2.    Registered Exchange Offer.    (a) The Issuers shall prepare and, not later than 210 days
following the Closing Date (or if such 210th day is not a Business Day, the next succeeding Business Day), shall use commercially reasonable efforts to file with the Commission the Exchange Offer
Registration Statement with respect to the Registered Exchange Offer. The Issuers shall use commercially reasonable efforts to cause the Exchange Offer Registration Statement to become effective under
the Act within 270 days of the Closing Date (or if such 270th day is not a Business Day, the next succeeding Business Day). 

        (b)   Upon
the effectiveness of the Exchange Offer Registration Statement, the Issuers shall promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder (i) is not an Affiliate of any of the Issuers, (ii) acquires
the New Securities in the ordinary course of such Holder's business, (iii) has no arrangements with any person to participate in the distribution of the New Securities, (iv) is not
prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer and (v) is not an Initial Purchaser holding Securities that have the status of an unsold
allotment remaining from the initial distribution of the Securities) to trade such New Securities from and after their receipt without any limitations or restrictions under the Act and without
material restrictions under the securities laws of a substantial proportion of the several states of the United States. 

        (c)   In
connection with the Registered Exchange Offer, the Issuers shall: 

        (i)    mail
or cause to be mailed to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of
transmittal and related documents; 

        (ii)   keep
the Registered Exchange Offer open for not less than 20 Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required
by applicable law); 

        (iii)  use
their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required
under the Act, to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 

        (iv)  utilize
the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee, the New
Securities Trustee or an Affiliate of either of them; 

        (v)   permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer
is open; 

        (vi)  prior
to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that the Issuers are conducting
the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988),  Morgan Stanley and Co.,
 Inc. (pub. avail. June 5, 1991) and (B) including a representation that the Issuers have not entered into
any arrangement or understanding with any person to distribute the New Securities to be received in the Registered Exchange Offer and that, to the best of the Issuers' information and belief, each
Holder participating in the Registered Exchange Offer is acquiring the
New Securities in the ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the New Securities; and 

        (vii) comply
in all respects with all laws applicable to the Registered Exchange Offer. 

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        (d)   As soon as practicable after the close of the Registered Exchange Offer, the Issuers shall: 

          (i)  accept
for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 

         (ii)  deliver
to the Trustee for cancellation in accordance with Section 4(s) hereof all Securities so accepted for exchange; and 

        (iii)  cause
the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of New Securities equal to the principal amount
of the Securities of such Holder so accepted for exchange. 

        (e)   Each
Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the New
Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters and (y) must comply with the registration and prospectus
delivery requirements of the Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from any Issuer or any Affiliate of any Issuer. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuers that, at the time
of the consummation of the Registered Exchange Offer: 

          (i)  any
New Securities received by such Holder shall be acquired in the ordinary course of business; 

         (ii)  such
Holder shall have no arrangement or understanding with any person to participate in the distribution within the meaning of the Act of the Securities or the New
Securities; 

        (iii)  such
Holder is not an Affiliate of any Issuer; and 

        (iv)  if
such Holder is an Exchanging Dealer, then such Holder will deliver a Prospectus in connection with a sale of any New Securities received by such Holder pursuant to
the Registered Exchange Offer. 

        (f)    If
any Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any
portion of an unsold allotment, at the request of such Initial Purchaser, the Issuers shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Issuers shall use their
reasonable best efforts to cause the CUSIP Service Bureau to issue the same CUSIP number and International Securities Identification Number ("ISIN") for such New Securities as for New Securities
issued pursuant to the Registered Exchange Offer. 

        3.    Shelf Registration.    (a) If (i) due to any change in law or applicable interpretations thereof
by the Commission's staff, the Issuers determine upon advice of their outside counsel that they are not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof;
(ii) for any other reason the Registered Exchange Offer is not consummated within 270 days of the Closing Date; (iii) any Initial Purchaser so requests with respect to Securities
that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it following consummation of the Registered Exchange Offer; (iv) any Holder (other
than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer; or (v) in the case of any Initial Purchaser that 

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participates
in the Registered Exchange Offer or acquires New Securities pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely tradeable New Securities in exchange for
Securities constituting any portion of an unsold allotment (it being understood that (x) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by
Item 507 or 508 of Regulation S-K under the Act in connection with sales of New Securities acquired in exchange for such Securities shall result in such New Securities being not
"freely tradeable;" and (y) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in exchange for
Securities acquired as a result of market-making activities or other trading activities shall not result in such New Securities being not "freely tradeable"), the Issuers shall file and use their
commercially reasonable efforts to cause to become and keep effective a Shelf Registration Statement in accordance with subsection (b) below. 

        (b)   (i) The
Issuers shall as promptly as practicable use their commercially reasonable efforts to file with the Commission and shall use their commercially
reasonable efforts to cause to be declared effective under the Act within 270 days, a Shelf Registration Statement relating to the offer and sale of the Securities or the New Securities, as
applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that
no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of
the provisions of this Agreement applicable to such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any
portion of an unsold allotment, the Issuers may, if permitted by current interpretations by the Commission's staff, file a post-effective amendment to the Exchange Offer
Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their obligations under this subsection with
respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 

        (ii)   The
Issuers shall use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the
Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period from the date the Shelf Registration Statement is declared effective by the Commission until the
earliest of: (A) the second anniversary of the Closing Date, (B) the date upon which all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have
been sold pursuant to the Shelf Registration Statement or (C) the date upon which the Securities or New Securities, as applicable, covered by the Shelf Registration Statement become eligible
for resale, without regard to volume, manner of sale or other restrictions contained in Rule 144 under the Act pursuant to paragraph (k) thereof (in any such case, the
"Shelf Registration Period"). The Issuers shall be deemed not to have used their reasonable best efforts to keep the Shelf Registration Statement
effective during the Shelf Registration Period if they voluntarily take any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities at any
time during the Shelf Registration Period, unless such action is (x) required by applicable law or otherwise taken by the Issuers in good faith and for valid business reasons (not including
avoidance of the Issuers' obligations hereunder), including the acquisition or divestiture of assets and (y) permitted pursuant to Section 4(k) (ii) hereof. 

        (iii)  The
Issuers shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf
Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable requirements of the Act and (B) not to contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the circumstances
under which they were made) not misleading. 

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        4.    Additional Registration Procedures.    In connection with any Shelf Registration Statement and, to the extent
applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 

        (a)   The
Issuers shall: 

          (i)  furnish
to counsel for the Representatives and to counsel for the Holders, not less than two (2) Business Days prior to the filing thereof with the Commission, a
copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein
(including all documents incorporated by reference therein after the initial filing) and shall use their commercially reasonable efforts to reflect in each such document, when so filed with the
Commission, such comments as counsel to the Holders or counsel for the Representatives reasonably propose; 

         (ii)  include
the information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange
Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange
Offer Registration Statement and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 

        (iii)  if
requested by an Initial Purchaser, include the information required by Item 507 or 508, as applicable, of Regulation S-K in the Prospectus
contained in the Exchange Offer Registration Statement or Shelf Registration Statement; and 

        (iv)  in
the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling
security holders. 

        (b)   The
Issuers shall use their commercially reasonable efforts to ensure that: 

          (i)  any
Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects
with the Act; and 

         (ii)  any
Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading. 

        (c)   The
Issuers shall advise the Representatives, the Holders of Securities covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer
Registration Statement that has provided in writing to the Issuers a telephone or facsimile number and address for notices, and, if requested by any Representative or any such Holder or Exchanging
Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Issuers
shall have remedied the basis for such suspension): 

          (i)  when
a Registration Statement and any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective; 

         (ii)  of
any request by the Commission after the effective date for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution of any proceeding for that purpose; 

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        (iv)  of
the receipt by any Issuer of any notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or
the institution or threatening of any proceeding for such purpose; and 

         (v)  of
the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, they (A) do not contain any
untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the
light of the circumstances under which they were made) not misleading. 

        (d)   The
Issuers shall use their commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the
qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible the withdrawal thereof. 

        (e)   The
Issuers shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one (1) copy of such Shelf
Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto
(including exhibits incorporated by reference therein). 

        (f)    The
Issuers shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration Statement, without charge, as many copies
of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Issuers
consent to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the
Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

        (g)   The
Issuers shall furnish to each Exchanging Dealer which so requests, without charge, at least one (1) conformed copy of the Exchange Offer Registration
Statement and any post-effective amendments thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto
(including exhibits incorporated by reference therein). 

        (h)   The
Issuers shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer
Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendments or supplements thereto as any such person may reasonably
request. The Issuers consent to the use of the Prospectus or any amendments or supplements thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to
deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included
in the Exchange Offer Registration Statement. 

        (i)    Prior
to the Registered Exchange Offer or any other offering of Securities pursuant to any Registration Statement, the Issuers shall arrange, if necessary, for the
registration or qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request and shall maintain such qualification in
effect so long as required; provided that in no event shall any Issuer be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to take any action that would
subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such
jurisdiction where it is not then so subject or to subject itself to taxation in excess of a nominal amount in respect of doing business in such jurisdiction. 

        (j)    The
Issuers shall cooperate with the Holders of Securities to facilitate the timely preparation and delivery of certificates representing New Securities or Securities to
be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in 

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such
names as Holders may request in writing at least three (3) Business Days prior to the closing date of any sales of New Securities. 

        (k)   (i) Upon
the occurrence of any event contemplated by subsections (c) (ii) through (v) above, the Issuers shall promptly (or within the time period
provided for by clause (ii) hereof, if applicable) prepare a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related
Prospectus or file any other required document so that, as thereafter delivered to the Initial Purchasers of the Securities included therein, the Prospectus shall not include an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 hereof shall be extended by the number of days from and
including the date of the giving of a notice of suspension pursuant to Section 4(c) hereof to and including the date when the Initial Purchasers, the Holders of the Securities and any known
Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section 4(k). 

        (ii)   Upon
the occurrence or existence of any pending corporate development or any other material event that, in the reasonable judgment of the Issuers, makes it appropriate
to suspend the availability of a Shelf Registration Statement and the related Prospectus, the Issuers shall give notice (without notice of the nature or details of such events) to the Holders that the
availability of the Shelf Registration is suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such
Holder's receipt of copies of the supplemented or amended Prospectus provided for in Section 3(a)(i) hereof, or until it is advised in writing by the Issuers that the Prospectus may be
used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which the availability of the
Shelf Registration and any Prospectus is suspended (the "Deferral Period") (1) shall not exceed 60 consecutive days, (2) shall not occur
more than three (3) times during any calendar year and (3) shall extend the number of days the Shelf Registration or any Prospectus is available by an amount equal to the Deferral
Period. Any Registration Default Damages payable pursuant to Section 8(a)(iii) shall cease to accrue during any Deferral Period. 

        (l)    Not
later than the effective date of any Registration Statement, the Issuers shall provide a CUSIP number and ISIN for the Securities or the New Securities, as the case
may be, registered under such Registration Statement, and provide the Trustee with printed certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust
Company. 

        (m)  The
Issuers shall comply in all material respects with all applicable rules and regulations of the Commission and shall make generally available to their security
holders earnings statements satisfying the provisions of Section 11(a) of the Act as soon as practicable after the effective date of the applicable Registration Statement. 

        (n)   The
Issuers shall cause the New Securities Indenture to be qualified under the Trust Indenture Act as required by applicable law in a timely manner. 

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        (o)   The Issuers may require each Holder of Securities to be sold pursuant to any Shelf Registration Statement to furnish to the Issuers such information regarding the Holder
and the distribution of such Securities as the Issuers may from time to time reasonably require for inclusion in such Registration Statement. The Issuers may exclude from such Shelf Registration
Statement the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 

        (p)   In
the case of any Shelf Registration Statement, upon the request of the Majority Holders, the Issuers shall enter into customary agreements (including, if requested,
one underwriting agreement in customary form) and take all other appropriate actions, if any, as the Majority Holders shall reasonably request in order to expedite or facilitate the registration or
the disposition of the Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than
those set forth in Section 6 hereof. 

        (q)   In
the case of any Shelf Registration Statement, the Issuers shall: 

        (i)    make
reasonably available for inspection at a location where they are normally kept and during normal business hours by the Majority Holders of Securities to be
registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by such Holders or any such
underwriter all relevant financial and other records and pertinent corporate documents of the Issuers and their subsidiaries; 

        (ii)   use
its commercially reasonable efforts to cause its officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by
the Holders or any such underwriter, attorney, accountant or agent (each, an "Inspector") in connection with any such Registration Statement as is
customary for similar due diligence examinations; provided, however, that such Inspector shall first
agree in writing with the Issuers that any information that is reasonably and in good faith designated by the Issuers in writing as confidential at the time of delivery of such information shall be
kept confidential by such Inspector, unless (1) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities,
(2) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of such Registration Statement or
the use of any Prospectus), (3) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard such information by such person or
(4) such information becomes available to such Inspector from a source other than the Issuers and such source is not known, after due inquiry, by the relevant Holder to be bound by a
confidentiality agreement or is not otherwise under a duty of trust to the Issuers; 

        (iii)  make
such representations and warranties to the Holders of Securities registered thereunder and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in primary underwritten offerings; 

        (iv)  obtain
opinions of counsel to the Issuers and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the
Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such
other matters as may be reasonably requested by such Holders and underwriters; 

        (v)   obtain
"comfort" letters and updates thereof from the independent certified public accountants of Holdings (and, if necessary, any other independent certified public
accountants of any subsidiary of Holdings or of any business acquired by Holdings for which financial statements and financial data are, or are required to be, included in the Registration Statement),
addressed to 

10

 

each
selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily covered in "comfort" letters in connection with
primary underwritten offerings; and 

        (vi)  deliver
such documents and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters, if any, including those to evidence
compliance with Section 4(k) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Issuers. 

        (r)   If
a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Company (or to such other person as directed by the Company) in
exchange for the New Securities, the Company shall mark, or caused to be marked, on the Securities so exchanged that such Securities are being cancelled in exchange for the New Securities. In no event
shall the Securities be marked as paid or otherwise satisfied. 

        (s)   The
Issuers shall use their commercially reasonable best efforts to take all other steps necessary to effect the registration of the Securities or the New Securities, as
the case may be, covered by a Registration Statement. 

        5.    Registration Expenses.    The Issuers shall bear all expenses incurred in connection with the performance of
their obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, shall reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Cahill Gordon & Reindel llp, but which may be another nationally recognized law firm experienced in securities matters designated by the Majority Holders) to
act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, shall reimburse the Initial Purchasers for the reasonable fees and disbursements
of counsel acting in connection therewith, in each case which counsel shall be approved by the Issuer (such approval not to be unreasonably withheld). Each Holder shall pay all expenses of its counsel
other than as set forth in the preceding sentence, underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder's Securities or New Securities. 

        6.    Indemnification and Contribution.    (a) The Issuers, jointly and severally, agree to indemnify and hold
harmless each Holder of Securities or New Securities, as the case may be, covered by any Registration Statement, each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in
Section 4(h) hereof, each Exchanging Dealer, the directors, officers and Affiliates of each such Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder,
Initial Purchaser or Exchanging Dealer within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of
them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any
amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under
which they were made) not misleading, and agree (subject to the limitations set forth in the provisos to this sentence) to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided,  however, that
the Issuers will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Issuers by or on
behalf of the party claiming indemnification 

11

 

specifically
for inclusion therein; provided, further, that with respect to any such untrue statement or alleged untrue statement or omission or alleged omission from any preliminary Prospectus, the
indemnity agreement contained in this paragraph (a) shall not inure to the benefit of any Holder, Initial Purchaser or Exchanging Dealer or any of their respective directors, officers and
Affiliates or control persons, from whom such person asserting such loss, claim, damage or liability purchased the New Securities concerned, to the extent that both (i) a copy of the final
Prospectus was not sent or given to such person at or prior to the written confirmation of the sale of the Securities or New Securities to such person and (ii) the untrue statement in or
omission from such preliminary Prospectus was corrected in the final Prospectus unless, in either case, such failure to deliver the final Prospectus was a result of non-compliance by the
Issuer with the provisions of Section 4 hereof. This indemnity agreement shall be in addition to any liability that the Issuers may otherwise have. The Issuers shall not be liable under this
Section 6 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in
respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent is consented to by the Issuers, which consent shall not be unreasonably withheld. 

        (b)   Each
Holder of securities covered by a Registration Statement (including each Initial Purchaser that is a Holder, in such capacity) severally and not jointly agrees to
indemnify and hold harmless the Issuers, each of their respective directors, each of their respective officers who sign such Registration Statement and each person who controls any Issuer within the
meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuers to each such Holder, but only with reference to written information relating to such
Holder furnished to the Issuers by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any
liability that any such Holder may otherwise have. 

        (c)   Promptly
after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than
the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party's choice
at the indemnifying party's expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for
the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below);  provided,
however, that such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party's election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest (based on the advice of counsel to the indemnified person); (ii) such action
includes both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded (based on the advice of counsel to the indemnified person) that there may be
legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified 

12

 

party
to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. It is understood and agreed that the indemnifying party shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all indemnified parties. Any such separate firm for any Initial
Purchaser, its directors, officers and Affiliates and any control person shall be designated in writing by CGMI and any such separate firm for any of the Issuers, its respective directors, officers
and Affiliates and any control person shall be designated in writing by the Company. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise
or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether
or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising out of such claim, action, suit or proceeding and does not include any statement as to, or any concessions of, fault, culpability or failure to act by or on behalf of any
indemnified party. 

        (d)   In
the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or insufficient to hold harmless an indemnified party for any
reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses
reasonably incurred in connection with investigating or defending any loss, claim, liability, damage or action) (collectively "Losses") to which such indemnified party may be subject in such
proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the
Registration Statement which resulted in such Losses; provided, however, that in no case shall any
Initial Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the
Security that was exchangeable into such New Security, as set forth in the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or
commission applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the
Final Memorandum. Benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions as set forth on the cover page of the Final Memorandum, and
benefits received by any other Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter
shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such
Losses. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be
just and equitable if the amount of such contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which
does not 

13

 

take
account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each person who controls a
Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person
who controls any Issuer within the meaning of either the Act or the Exchange Act, each officer of any Issuer who shall have signed the Registration Statement and each director of any Issuer shall have
the same rights to contribution as the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d). 

        (e)   The
provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Issuers or any of the
indemnified persons referred to in this Section 6, and will survive the sale by a Holder of securities covered by a Registration Statement. 

        7.    Underwritten Registrations.    (a) If any of the Securities or New Securities, as the case may be,
covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters, if any, shall be selected by the Majority Holders subject to the consent of the
Issuer (which shall not be unreasonably withheld), and the Holders of Securities or New Securities covered by such Shelf Registration Statement shall be responsible for all underwriting commissions
and discounts. 

        (b)   No
person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such person's
Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 

        8.    Registration Defaults.    (a) If any of the following events shall occur, then the Company shall pay
liquidated damages (the "Registration Default Damages") to the Holders of Securities in respect of the Securities as follows: 

        (i)    if
(a) neither (x) the Registered Exchange Offer is completed, nor (y) if required, the Shelf Registration Statement is declared effective, within,
in each case, 270 days of the Closing Date, then Registration Default Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum on the principal amount of such Registrable
Securities for the first 90 days from and including such specified date and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter;  provided that
Registration Default Damages in the aggregate under this Section 8 may not exceed 1.0% per annum of the principal amount of such
Registrable Securities; or 

        (ii)   subject
to the last sentence of Section 4(k)(i) above, if the Shelf Registration Statement required by Section 3(a) of this Agreement has been
declared effective but thereafter ceases to be effective at any time at which it is required to be effective under this Agreement and such failure to remain effective exists for more than 30
consecutive days or more than 60 days (whether or not consecutive) during the period for which the Shelf Registration Statement is required, then commencing on the 31st day or 61st day, as
applicable, following the date on which such Shelf Registration Statement ceases to be effective, Registration Default Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum
of the principal amount of such Registrable Securities for the first 90 days from and including such 31st day or 61st day, as applicable, following the date on which such Shelf Registration
Statement ceases to be effective and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter; 

14

 

 provided that Registration Default Damages in the aggregate under this Section 8 may not exceed 1.0% per annum of the principal amount of such Registrable Securities; 

provided, however, that upon (1) the completion of the Exchange Offer (in the case of
paragraph (i) above) and (2) the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of paragraph (ii) above), Registration Default
Damages shall cease to accrue. 

        (b)   The
Issuers shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Registration Default Damages are
required to be paid and within one Business Day after such Registration Default Damages cease to accrue. Any amounts of Registration Default Damages due pursuant to paragraphs (i) or
(ii) of this Section 8(a) will be payable in cash on each interest payment date specified by the Indenture to the record holder entitled to receive the interest payment to be made on
such date, commencing with the first such date occurring after any such Registration Default Damages commences to accrue. 

        (c)   The
parties hereto agree that the liquidated damages in the form of Registration Default Damages provided for in this Section 8 constitute a reasonable estimate
of and are intended to constitute the sole damages payable under this Agreement that will be suffered by Holders of Securities by reason of the failure of (i) the Registered Exchange Offer to
be completed; (ii) the Shelf Registration Statement, if required hereby, to be declared effective, or (iii) the Shelf Registration Statement to remain effective (and the prospectus
contained therein to remain usable), in each case to the extent required by this Agreement. 

        9.    No Inconsistent Agreements.    No Issuer has entered into, and each Issuer agrees not to enter into, any
agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 

        10.    Amendments and Waivers.    The provisions of this Agreement may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers have obtained the written consent of the Holders of a majority of the aggregate
principal amount of the Registrable Securities outstanding; provided that, with respect to any matter that directly or indirectly affects the rights and
obligations of any Initial Purchaser hereunder, the Issuers shall obtain the written consent of each such Initial Purchaser against which such amendment, qualification, supplement, waiver or consent
is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent
with respect to Section 8 hereof shall be effective as against any Holder of Registered Securities unless consented to in writing by such Holder; and  provided, further, that the provisions of this Article 10 may not be amended, qualified, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers have obtained the written consent of the Initial Purchasers and each Holder.
Notwithstanding the foregoing (except the foregoing provisos), a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose
Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the
Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement. 

        11.    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 

        (a)   if
to a Holder, at the most current address given by such Holder to the Issuers in accordance with the provisions of this Section 11, which address initially is,
with respect to each Holder, the address of such Holder maintained by the Registrar (as such term is defined in the Indenture) under the Indenture; 

15

 

        (b)   if
to the Representatives, initially at the address or addresses set forth in the Purchase Agreement; and 

        (c)   if
to any Issuer, initially at its address set forth in the Purchase Agreement. 

        All
such notices and communications shall be deemed to have been duly given when received. 

        The
Initial Purchasers or the Issuers by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 

        12.    Remedies.    Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the
Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Issuers
agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement and hereby agree to waive in any action for
specific performance the defense that a remedy at law would be adequate. 

        13.    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the parties hereto,
their respective successors and assigns, including, without the need for an express assignment or any consent by the Issuers thereto, subsequent Holders of Securities and the New Securities, and the
indemnified persons referred to in Section 6 hereof. The Issuers hereby agree to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder
may specifically enforce the provisions of this Agreement as if an original party hereto. 

        14.    Counterparts.    This Agreement may be signed in one or more counterparts which may be delivered in original
form or by telecopier, each of which when so executed shall constitute an original and all of which together shall constitute one and the same agreement. 

        15.    Headings.    The section headings used herein are for convenience only and shall not affect the construction
hereof. 

        16.    Applicable Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed in the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising
out of or relating to this Agreement. 

        17.    Severability.    In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent
permitted by law. 

        18.    Securities Held by any Issuer, etc.    Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by any Issuer or their Affiliates (other than subsequent Holders of Securities
or New Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 

[Signature
pages follow.] 

16

   
        If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement by and among the Issuers and the several Initial Purchasers. 

	 	 	Very truly yours,
	

 	
 	
FOUNDATION PA COAL COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
FOUNDATION COAL CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Thomas R. Denison

Title: President
	

 	
 	

By:	

 
	 	 	 	
 Name: David I. Foley

Title: Secretary
	

 	
 	
ALLIANCE POWER MARKETING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
BARBARA HOLDINGS INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
CASTLE GATE HOLDING COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	 	 	 	 

17

 

	

 	
 	
COAL GAS RECOVERY, LP

BY: PENNSYLVANIA SERVICES CORPORATION,

as General Partner
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
DELTA MINE HOLDING COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
ENERGY DEVELOPMENT CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
KINGSTON MINING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
KINGSTON PROCESSING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
KINGSTON RESOURCES, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	 	 	 	 

18

 

	

 	
 	
LAUREL CREEK CO., INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
MAPLE MEADOW MINING COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
NEWEAGLE COAL SALES CORP.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
NEWEAGLE DEVELOPMENT CORP.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
NEWEAGLE INDUSTRIES, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
NEWEAGLE MINING CORP.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
ODELL PROCESSING INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	 	 	 	 

19

 

	

 	
 	
PAYNTER BRANCH MINING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
PENNSYLVANIA LAND HOLDINGS CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
PENNSYLVANIA SERVICES CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
PIONEER FUEL CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
PIONEER MINING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
PLATEAU MINING CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG AMERICAN COAL COMPANY, LLC
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	 	 	 	 

20

 

	

 	
 	
RAG COAL DEVELOPMENT CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG AMERICAN COAL HOLDING, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name: Frank J. Wood

Title: Senior Vice President

21

  

	

 	
 	
RAG CONSOLIDATED LAND CORPORATION
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG CUMBERLAND RESOURCES, LP
	

 	
 	

BY: PENNSYLVANIA SERVICES CORPORATION,

as General Partner
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG EMERALD RESOURCES, LP
	

 	
 	

BY: PENNSYLVANIA SERVICES CORPORATION,

as General Partner
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG ENERGY SALES, INC.
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG EQUIPMENT COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	 	 	 	 

22

 

	

 	
 	
RAG FREEPORT MINING, LP
	

 	
 	

BY: PENNSYLVANIA SERVICES CORPORATION,

as General Partner
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG FREEPORT RESOURCES CORPORATION
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG MIDWEST HOLDING COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG RIVER PROCESSING CORPORATION
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG ROYALTY COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
RAG WYOMING LAND COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	 	 	 	 

23

 

	

 	
 	
RED ASH SALES COMPANY, INC.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
RIVEREAGLE CORP.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
RIVERTON CAPITAL VENTURES I,

LIMITED LIABILITY COMPANY
	

 	
 	

By:	

 Name: Randy D. Hansford

Title: Manager
	

 	
 	
RIVERTON CAPITAL VENTURES II,

LIMITED LIABILITY COMPANY
	

 	
 	

By:	

 Name: Randy D. Hansford

Title: Manager
	

 	
 	
RIVERTON COAL PRODUCTION, INC.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
RIVERTON COAL SALES, INC.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
ROCKSPRING DEVELOPMENT, INC.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	 	 	 	 

24

 

	

 	
 	
RUHRKOHLE TRADING CORPORATION
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
SIMMONS FORK MINING, INC.
	

 	
 	

By:	

 Name: Gary G. Pearson

Title: Treasurer
	

 	
 	
SOUTHERN RESOURCES, INC.
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
WABASH MINE HOLDING COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President
	

 	
 	
WARRICK HOLDING COMPANY
	

 	
 	

By:	

 Name: Frank J. Wood

Title: Vice President

The
foregoing Agreement is hereby confirmed and

accepted as of the date first above written: 

Citigroup
Global Markets Inc.

Credit Suisse First Boston LLC

UBS Securities LLC

ABN AMRO Incorporated

Bear, Stearns & Co. Inc.

Harris Nesbitt Corp.

Natexis Bleichroeder Inc.

SG Americas Securities, LLC 

        As
Representatives of the Initial Purchasers 

	

By:	
 	

Citigroup Global Markets Inc.	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 

25

QuickLinks

Exhibit 10.3.1

EXECUTION COPY

EXECUTION COPYFiled by Automated Filing Services Inc. (604) 609-0244 - EYI Industries Inc. - Exhibit 10.49

JOINT VENTURE AGREEMENT 

AGREEMENT BY AND AMONG “EYI INDUSTRIES, INC.”, A CORPORATE BODY, HEREINAFTER REFERRED TO AS “EYI”, WORLD WIDE BUYERS’ CLUB INC., A CORPORATE BODY, HEREINAFTER REFERRED TO AS ”WWBC” AND “SUPRA GROUP,
INC.”, A CORPORATE BODY, HEREINAFTER REFERRED TO AS “SG”, UNDER THE FOLLOWING RECITALS AND ARTICLES: 

RECITALS 

 The background facts upon which this Agreement is based are as follows:

	A. 	EYI markets products through various marketing distribution channels,
        including multi level marketing schemes whereby members of the marketing
        schemes are paid commission with respect to the sale of products and with
    respect to bringing other persons in to the marketing systems; 

	 	
	

	B. 	EYI has sophisticated information and marketing systems, legal and
        commercial knowledge, and technological resources, all of which SG would
    like to obtain the benefit of;

	 	
	

	C. 	SG is a marketing company which sells products throughout various
    Latin American countries; 

	 	
	

	D. 	SG has numerous business relationships and contacts throughout Latin
        America and has specific legal and commercial knowledge relating to doing
    business in Latin America, which EYI would like to obtain the benefit of;

	 	
	

	E. 	EYI and SG have agreed that they will work together and use 

	 	 	 
	 	(i) 	The general marketing knowledge and the USA distribution channels
    of EYI; and 

	 	 	

	 	(ii) 	the international marketing knowledge and distribution channels
        of SG in the Hispanic community in the USA and generally in the Latin American
    Countries, 

	 	 	 
	 	to enhance the business prospects of both of them as hereinafter provided; 

	 	
	

	F. 	 WWBC has been incorporated by EYI but shall be owned 51/49 by EYI
    and SG, respectively, and shall be managed as hereinafter provided; 

	 	
	

	G. 	 WWBC intends to carry
        on a product marketing business under the name “The
        Hispanic Buyers’ Club” and the businesses of WWBC are expected
    to include the following activities: 

	 	 	 
	 	(i) 	 persons who subscribe as members to the club will be able to buy
    goods at discounted prices;

 2

	 	(ii) 	persons who are not club members may buy goods from WWBC at retail
    prices; and 

	 	 	

	 	(iii) 	 WWBC may be used as a vehicle to carry out other common marketing
    activities as agreed from time to time; 

	 	 	 
	H. 	 A large part of the initial profits relating to the business of WWBC
        will be the sale of HBC Memberships, and each of EYI and SG have agreed
        to participate in the sale of such memberships in the matter set out in
    this Agreement; 

	 	 	 
	I. 	 EYI and SG have also agreed that they will work together to determine
        ways to possibly earn additional profits through their joint ownership
    of WWBC in one or more of the following ways: 

	 	 	 
	 	(i) 	 SG will sell SG Products to WWBC so that WWBC can
        resell them to the Hispanic community in the USA, and eventually to the
        Latin American
    Countries, all through the Hispanic Buyers’ Club;

	 	 	

	 	(ii) 	 SG will act as an agent for WWBC with respect to
        the purchase of SG Sourced Products so that WWBC can resell them to the
        Hispanic community
        in the USA, and eventually to the Latin American Countries, all through
    the Hispanic Buyers’ Club;

	 	 	

	 	(iii) 	EYI will sell EYI Products to WWBC so that WWBC
        can resell them to the Hispanic community in the USA, and eventually
        to the Latin American
        Countries,
  all through the Hispanic Buyers’ Club; and

	 	 	

	 	(iv)	  EYI will act as the agent for WWBC with respect
        to the sale of EYI Sourced Products to the Hispanic community in the
        USA, and eventually
        to the Latin American Countries, all through the marketing services of
    WWBC and the Hispanic Buyers’ Club; 

	 	 	 
	J. 	In addition to combining their resources to earn profits through WWBC: 
	 	 	 
	 	(i) 	 SG may sell its existing products through the existing EYI distribution
    system; and 
	 	 	 
	 	(ii) 	 EYI may sell its existing products through the existing SG distribution
    system, 
	 	 	 
	 	 all on the terms hereinafter set out. 
	 	 	 
	 HAVING REGARD TO THE FOREGOING FACTS, the contracting parties
        express their full consent and agree to assume the rights and obligations
        derived from the execution of this contract, and thus they agree to be
    subject to the following: 

 3

	1. 	INTERPRETATION.
	 	 	 
	1.1 	 In this Agreement the following words and phrases shall have the
    following meanings: 
	 	 	 
	 	(a) 	 “Distribution Channel” means the various
        ways that products may be sold to customers, whether directly or indirectly
        through an intermediary,
        and includes sales through retail stores, multi-level associates, direct
        marketing,
  internet sales or other form of electronic commerce; 

	 	 	

	 	(b) 	 “EYI Products” means any item or good
        that is provided or distributed by EYI and in respect of which they own
        the trademark under
    which such items or goods are sold; 

	 	 	

	 	(c) 	“EYI Sourced Products” means any item
    or good that is not an EYI Product but is sourced or distributed by EYI; 

	 	 	

	 	(d) 	 “HBC Memberships” means the Hispanic Buyers’ Club
    memberships, as described in recital G above; 

	 	 	

	 	(e) 	 “Hispanic Buyers’ Club” means
        the relationship to be developed by WWBC with its customers whereby the
        customers of WWBC
        (anticipated to be Spanish speaking) will pay an annual fee to WWBC to
        enable them to buy goods from WWBC at discounted prices, provided that
        other customers who do not pay an annual fee will be able to buy products
        at retail prices, all pursuant to a marketing plan developed for WWBC
    by EYI;

	 	 	

	 	(f) 	 “Latin American Countries” means Argentina,
        Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Suriname,
        Uruguay, Venezuela,
        Belize, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua,
    Panama, Spain and Portugal; 

	 	 	

	 	(g) 	 “SG Products” means any item or good
        that is provided or distributed by SG and in respect of which they own
        the trademark under
    which such items or goods are sold; 

	 	 	

	 	(h) 	 “SG Sourced Products” means any item
        or good that is not an SG Product but is sourced or distributed by SG
        pursuant to paragraph
    6.2;

	 	 	

	 	(i) 	 “USA” means the Unites States of America,
    and shall include Puerto Rico. 

	 	 	 
	1.2 	 Any other term defined in this Agreement shall throughout this Agreement
    have the meaning so defined. 

 4

	2. 	EXCLUSIVITY AND INTENT TO BE BOUND 
	 	 	 	 
	2.1 	 Throughout the term of this Agreement (as hereafter defined), EYI
        covenants and agrees with SG that it will not directly or indirectly: 

    
	 	 	 	

	 	(a) 	 participate in the marketing of any products to residents of the
      Latin American Countries using any marketing system similar to: 

    
	 	 	 	

	 	 	(i) 	 the existing multi-level marketing scheme utilized by EYI; or 

	 	 	 	

	 	 	(ii) 	 the marketing scheme proposed to be utilized by
    WWBC herein described as the Hispanic Buyers’ Club, 

	 	 	 	

	 	 	 other than through WWBC; or 

    
	 	 	 	

	 	(b) 	target the sale of EYI Products or EYI Sourced Products to residents
        of the USA who are Spanish speaking (and in particular any marketing activities
        in the USA conducted in the Spanish language shall be deemed to be targeted
        at such persons),
  other than through WWBC. 

    
	 	 	 	

	 	 The parties agree that incidental sales to residents of the USA who
        are Spanish speaking pursuant to existing distribution channels utilized
    by EYI are not intended to be prohibited by clause (b) above. 

    
	 	 	 	

	2.2 	 Throughout the term of this Agreement (as hereafter defined), each
        of SG and Daniel Matos (on behalf of himself and on behalf of his closest
        business associates) each jointly and severally covenant and agree with
        EYI that they will not directly
  or indirectly: 

    
	 	 	 	

	 	(a) 	 participate in the marketing of any products to residents of the
      Latin American Countries using any marketing scheme similar to: 

    
	 	 	 	

	 	 	(i)	 the existing marketing scheme utilized by EYI; or

	 	 	 	

	 	 	(ii) 	 the marketing scheme proposed to be utilized by
    WWBC herein described as the Hispanic Buyers’ Club, 

	 	 	 	

	 	 	other than through WWBC, 

    
	 	 	 	

	 	(b) 	 target the sale of SG Products or SG Sourced Products to residents
        of the USA who are Spanish speaking (and in particular any marketing activities
        in the USA conducted in the Spanish language shall be deemed to be targeted
        at such persons),
  other than through WWBC.

    
	 	 	 	

	2.3 	 In addition to the restrictions set out above, in any situation
        where SG wishes to market any SG Products or SG Sourced Products in the
    USA pursuant to any Distribution Channels then it shall: 

    

 5

	 	(a) 	first, grant to WWBC a right of first refusal to
        market the products, on terms acceptable to both parties and WWBC shall
        act reasonably in determining
    what constitutes “acceptable terms”; and 

	 	 	

	 	(b) 	 second, if WWBC does not wish to participate in the marketing of
        such products, then SG shall grant a similar right of first refusal to
    EYI. 

	 	 	

	 	 In either case the parties shall act reasonably to negotiate the terms
        of the involvement of either WWBC or EYI, as applicable, provided that
        if an acceptable agreement cannot be worked out within 30 days then SG
        shall be free to market the SG Products or the SG Sourced Products through
        the proposed Distribution Channels in the USA, provided further that SG
        shall not grant to any third party any distribution rights within the USA
        on terms more favourable than those terms granted to WWBC
  or EYI, as applicable. 

    
	 	 	

	2.4 	 In addition to the restrictions set out above, in any situation
        where EYI wishes to market any EYI Products or EYI Sourced Products to
        any residents of the Latin American Countries pursuant to any Distribution
    Channels then it shall: 

    
	 	 	

	 	(a) 	 first, grant to WWBC a right of first refusal to market the products,
    on terms acceptable to both parties; and 

	 	 	

	 	(b) 	 second, if WWBC does not wish to participate in the marketing of
        such products, then EYI shall grant a similar right of first refusal to
    SG. 

	 	 	

	 	In either case the parties shall act reasonably to negotiate the terms
        of the involvement of either WWBC or EYI, as applicable, provided that
        if an acceptable agreement cannot be worked out within 30 days then EYI
        shall be free to market the EYI Products or the EYI Sourced Products through
        the proposed Distribution Channels in the Latin American Countries, provided
        further that EYI shall not grant to any third party any distribution rights
        within the Latin American Countries on terms more favourable than those
    granted to WWBC or to SG, as applicable. 

    
	 	 	

	2.5 	 Neither SG nor EYI will approach other companies, clients, entities,
      or consultants whose activities may compete with the purpose of this Agreement.

    
	 	 	

	 	 However, for greater certainty, if not in violation of sections 2.1
        or 2.2 (as applicable) and having satisfied the obligations in sections
        2.3 or 2.4 (as applicable), either SG or EYI may enter into an independent
        negotiation or agreement in circumstances where the activities might compete
        with the purpose of this Agreement if the other party cannot reasonably
        cover or distribute the products of interest over the specified Distribution
        Channels. Any such approaches to other companies, clients, entities or
    consultants shall be disclosed in a written manner to the other party.

    
	 	 	

	2.6 	 EYI’s Executive Vice-President and Chief Operations Officer,
        Dori O’Neill or any other person appointed to that position or
        similar responsibility, will work as the liaison between EYI and SG for
        the set
        up of the systems necessary to begin operations and or professional management
        from an operations stand point to achieve the purpose of this Agreement,
    however in case of death or partial or 

    

 6

	 	total disability of this person, EYI and SG will name a successor that
    may continue with such assignment. 

	 	

	2.7 	 EYI and SG will schedule monthly reports and continuous communications
        to explore ways to achieve marketing objectives. Both parties will define
    the mechanisms and formats to do so. 

	 	

	3. 	 RELATIONSHIP AMONG THE PARTIES 

	 	

	3.1 	 Except as specifically set out herein, no party will be the agent
        of any other party and no party will have the authority or power to bind
        any other party in any manner whatsoever. The relationship among the parties
        is that of independent contractors, and notwithstanding that some of the
        compensation payable by WWBC may be based on a portion of its revenues
        or profits the parties expressly declare that they are not partners and
    they do not intend to create a partnership.

	 	

	3.2 	All parties agree that the personnel and professionals employed or
        engaged by any of them in order to perform the marketing and distribution
        activities contemplated herein shall be employed or engaged only and exclusively
        by the party actually employing or engaging them. For greater certainty
        it is expressly understood that there is not any labor or professional
        relationship between EYI and SG personnel or professionals or vice versa,
        who are directly hired by each of them. In accordance with this provision,
        each party shall be responsible for the personnel and professionals hired
        by them, whether in respect of labor, tax, administrative, civil or social
        security claims or liabilities, or any other claim or liability of any
        other nature whatsoever. Each of EYI and SG hereby declares that it has
        sufficient economic and financial resources to discharge and satisfy such
        obligations and liabilities. In case that any of the parties are notified
        about any action of labor, tax, administrative, civil, social security
        or any other nature filed against the other party by any member of its
        personnel or by the professionals hired by them, the party shall provide
        immediate notice to the other, and each party agrees to indemnify the other
        of them from and against liability that may be imposed to such party either
    by a judiciary order or out of court settlement. 

	 	

	3.3 	 EYI shall indemnify and hold harmless SG from and against any and
        all claims, demands, losses, damages, costs, liabilities and expenses of
        whatever kind or character to which SG might incur or be put to, on account
        of any actual or alleged loss, injury or damage to any person, firm or
        corporation or to any property, arising out of or in connection with the
    negligent activities of EYI. 

	 	

	3.4 	 SG shall indemnify and hold harmless EYI from and against any and
        all claims, demands, losses, damages, costs, liabilities and expenses of
        whatever kind or character to which EYI might incur or be put to, on account
        of any actual or alleged loss, injury or damage to any person, firm or
        corporation or to any property, arising out of or in connection with the
    negligent activities of SG. 

 7

	3.5 	EYI and SG jointly agree that neither will engage in activities which
        will harm the reputation of the other. Both parties agree to indemnify
    and hold, harmless the other of them from and against any such harm. 

    
	 	 	

	3.6 	 Each party shall be responsible for payment of all local, state
        and federal taxes in regard to any benefits received by it pursuant to
        the terms of this Agreement, and each party hereby indemnifies and save
        harmless the other parties from all
  claims in this regard. 

    
	 	 	

	4. 	 TERM AND TERMINATION 

    
	 	 	

	4.1 	 The term of this Agreement shall be ten years,
      commencing on May 6, 2004 and continuing until May 5, 2014 (the “Term”). 

    
	 	 	

	4.2 	This Agreement may only be renewed by written agreement among the
        parties. 4.3 This Agreement shall only terminate before the expiry of the
    Term upon: (a) the winding up or bankruptcy of any of the parties; 

    
	 	 	

	 	(b) 	 any material breach of the parties under the Agreement
        and where such breach continues for a period of Thirty (30) days after
        written notice
        from the non-defaulting / non-breaching party, with the exception of
        the case when the breaching or the defaulting party may prove that there
        is
        no breach or default if reasonable efforts have been conducted to comply
        with this agreement (“Fair Cause”); in order to terminate
        the Agreement under this condition it is important that the non-breaching
        or
        non-defaulting party keeps proof of written communications and notices
        and showing reasonable efforts and suggestions to correct the breaching
    or default generated by the other party.

	 	 	

	 	(c) 	 the agreement of both parties to do so in writing. 

	 	 	

	4.4 	 Notwithstanding the foregoing, the bankruptcy or winding up of WWBC
        or any material default of WWBC resulting from its financial circumstances
        will not affect the applicable exclusivity covenants of EYI and SG set
        out in section 2, which shall
  in any event continue throughout the Term. 

    
	 	 	

	4.5 	In the case of termination pursuant to clause 4.3(b) above, a court
      order confirming termination must first be obtained. 

    
	 	 	

	4.6 	 In the event of an alleged breach by one party, the other parties
        may provide any recommendations to the party in alleged breach to remedy
    the alleged breach or minimize the damage. 

    

 8

	5. 	OWNERSHIP AND CONTROL OF WWBC 

    
	 	 	

	5.1 	 EYI shall cause all issued and outstanding shares of WWBC to be
      issued as follows: 

    
	 	 	

	 	(a) 	 EYI – 51%; 

	 	 	

	 	(b) 	 SG – 49% 

	 	 	

	5.2 	Although EYI shall have the right to appoint a majority of the directors
        of WWBC, EYI agrees that at all times one or more nominees of SG shall
    be appointed as directors of WWBC. 

    
	 	 	

	5.3 	 No director of WWBC shall be liable to either SG or EYI by reason
        of having a direct or indirect interest in EYI or SG or by reason of being
    directors or officers of SG or EYI. 

    
	 	 	

	5.4 	 On an annual basis all profits of WWBC not required for working
        capital purposes will be paid out as dividends to the shareholders, on
    the 51:49 basis in accordance with their shareholdings.

    
	 	 	

	6. 	      BUSINESS OF WWBC 

    
	 	 	

	6.1 	 The business of WWBC shall be as described in the recitals to this
      Agreement.

    
	 	 	

	6.2 	 EYI shall actively promote the sale of the HBC
        Memberships on behalf of WWBC. EYI shall use its “Essentially Yours” distribution
    network to sell HBC Memberships. 

    
	 	 	

	6.3 	 SG shall actively promote the sale of HBC Memberships, and it shall
        have the right to do so either directly or indirectly through affiliated
    companies Group.

    
	 	 	

	6.4 	 WWBC shall pay: 

    
	 	 	

	 	(a)	  to SG or to its assigns a commission of up to 50% of all membership
        fees received by WWBC upon the sale of HBC memberships by SG or by its
    affiliates 

	 	 	

	 	(b)	 to EYI or to its assigns a commission of up to 50% of all membership
        fees received by WWBC upon the sale of HBC memberships by EYI or by its
    affiliates or associates. 

	 	 	

	 	 For greater certainty commissions shall not be paid on annual membership
      renewals. 

    

 9

	6.5 	The parties agree that WWBC
        will acquire products for resale from the following sources: 

	 	 	

	 	(a) 	 SG Products will be acquired from SG at prices agreed
        between WWBC and SG from time to time, provided that such prices will
        not exceed the prices charged by SG to its high volume distributors; 

	 	 	

	 	(b) 	 EYI Products will be acquired from EYI at prices
        agreed between WWBC and EYI from time to time, provided that such prices
        will not exceed the prices charged by EYI to its high volume distributors;
      

	 	 	

	 	(c) 	 SG Sourced Products will be acquired from such manufacturers
        as may be identified by SG from time to time in its capacity as agent
        for WWBC; 

	 	 	

	 	(d) 	 EYI Sourced Products will be acquired from such
        manufacturers as may be identified by EYI from time to time in its capacity
        as agent for WWBC; 

	 	 	

	 	All products to be acquired
        by WWBC for resale will be priced FOB the Halo facility in Kentucky. 

	 	 	

	 	 It is understood that currently
        the SG Products and the EYI Products are related with the health and beauty
        care industry; however this scope of products to be sold by WWBC can be
        broadened upon the agreement of both parties. Each of EYI and SG will
        be responsible for identifying prospective manufacturers of products to
        be sold by WWBC. Neither SG nor EYI nor any person related to either of
        them will obtain any secret commissions or profits or other benefits by
        reason of acting as agent for WWBC in relation to the purchase of SG Sourced
        Products or EYI Sourced Products. 

	 	 	

	6.6 	 SG will have the right
        to sell SG Products through WWBC, subject to the approval of WWBC, which
        may not be unreasonably withheld. It will not be unreasonable for WWBC
        to refuse to market any SG Product if it reasonably believes that such
        marking will not be profitable or if it involves products of insufficient
        quality or if the SG Products do not comply with any applicable law. For
        greater certainty, if WWBC refuses to market the SG Product then the provisions
        of article 2 will be applicable. 

	 	 	

	6.7 	EYI will have the right
        to sell EYI Products through WWBC, subject to the approval of WWBC, which
        may not be unreasonably withheld. It will not be unreasonable for WWBC
        to refuse to market any EYI Product if it reasonably believes that such
        marking will not be profitable or if it involves products of insufficient
        quality or if the EYI Products do not comply with any applicable law.
        For greater certainty, if WWBC refuses to market the EYI Product then
        the provisions of article 2 will be applicable. 

	 	 	

	6.8 	 WWBC shall pay for all
        EYI Products, SG Products, EYI Sourced Products and SG Sourced Products
        at the later of 30 days from receipt of products, or 30 days from receipt
        of invoices in respect thereof, or on such other terms as may be agreed
        between WWBC and the applicable vendor. 

 10

	6.9 	SG will endeavor, for no additional consideration, to introduce one
        or more persons who shall subscribe for shares in the capital of EYI. EYI
        agrees that it shall make the net proceed of such financing, after paying
        all costs associated therewith, as a loan to WWBC to enable it to establish
        its business and purchase the required inventory from EYI, SG or from the
        manufacturers or other suppliers of the EYI Sourced Products or the SG
    Sourced Products. 

    
	 	 	

	7. 	 INFRASTRUCTURE OFWWBC AND SERVICES PROVIDED BY SG AND EYI  

    
	 	 	

	7.1 	The business of WWBC will initially be operated out of the premises
      of EYI, free of rent, provided that: 

    
	 	 	

	 	(a) 	 if a dedicated area is made available in respect of the business
        and affairs of WWBC, then the applicable portion of rent shall be charged,
    without markup, by EYI to WWBC; and 

	 	 	

	 	(b)	  in due course the directors of WWBC may elect to secure separate
        premises, whether in the USA or elsewhere, in which case WWBC will be solely
    responsible for all rent charges. 

	 	 	

	 	 If WWBC uses any of the premises of SG with respect to the conduct of
        its business in the Latin American Countries then the foregoing provisions
    will also apply to the use of such SG premises by WWBC. 

    
	 	 	

	7.2 	EYI will track all product purchases for WWBC. EYI
        will also provide its Pick n’ Pack operational system to WWBC at
        a fee to be mutually agreed
  by both parties, and failing agreement to be determined by arbitration. 

    
	 	 	

	7.3 	 EYI will provide any operational or logistic systems, legal and
        commercial knowledge, marketing requirements and technological resources
        required by WWBC. In particular, EYI will be responsible for providing
        the accounting systems required by
  WWBC in the conduct of its business. 

    
	 	 	

	7.4 	 EYI and SG shall provide customer services to WWBC as follows: 

    
	 	 	

	 	(a) 	with respect to assistance required by HBC in respect of persons
        who have acquired SG Products or SG Sourced Products, SG will provide such
    customer services on behalf of WWBC; and 

	 	 	

	 	(b) 	 with respect to assistance required by EYI in respect of persons
        who have acquired EYI Products or EYI Sourced Products, EYI will provide
    such customer services on behalf of WWBC, 

	 	 	

	 	 in either case WWBC will pay an amount equal to “cost plus 5%”,
      to be agreed by the parties and failing agreement to be determined by arbitration. 

    

 11

	7.5 	EYI will work with SG and WWBC to make the necessary changes to the
        current SG Products which will be sold by WWBC so that such products comply
        with all labeling, licensing, importation, registering and other procedural
        and packaging requirements within the USA, and in consideration therefore
        WWBC will pay to EYI the direct cost of employee time which was dedicated
    to such activities. 

    
	 	 	

	7.6 	 SG will work with EYI and WWBC to make the necessary changes to
        the current EYI Products which will be sold by WWBC in any of the Latin
        American countries so that such products comply with all labeling, licensing,
        importation, registering and other procedural and packaging requirements
        within such countries, and in consideration therefore WWBC will pay to
    SG the direct cost of employee time which was dedicated to such activities.

    
	 	 	

	7.7	  SG will maintain the quality control of all SG Products and all
        SG Sourced Products acquired by WWBC, and EYI will maintain the quality
    control of all EYI 

    
	 	 	

	 	Products and all EYI Sourced Products acquired by WWBC. 

    
	 	 	

	7.8 	 The shipping infrastructure utilized by WWBC within
        the continental USA will go to Halo Distribution LLC. (“Halo”),
        which is affiliated with EYI, provided that if SG establishes that the
        rates of Halo are materially
        in excess of other carriers supplying similar services and if the profits
        of WWBC are diminished for that reason then SG may require competitive
        bidding, provided further that Halo shall have the right to match any
    lower bid.

    
	 	 	

	7.9 	 To the extent that the directors of WWBC and/or the directors, officers
        or senior employees of either EYI or SG provide any of the following basic
        management services to WWBC, then each of EYI and SG shall pay the cost
        of their own directors, officers, senior employees or nominee directors
        of WWBC, and except as expressly stated herein WWBC shall not pay for any
    such basic management services:

    
	 	 	

	 	(a) 	 product evaluation, planning and analysis; 

	 	 	

	 	(b) 	 directing and focusing organizational, financial, logistic and marketing
    efforts and activities; 

	 	 	

	 	(c) 	 defining resources to be applied to successfully implement distribution
    channels, and the general marketing of products and services; 

	 	 	

	 	(d) 	controlling and accounting for all sales, costs and benefits;

	 	 	

	 	(e)	  auditing internal procedures and policies that may affect directly
    or indirectly the benefits received by any of the parties. 

	 	 	

	7.10 	 The parties anticipate that over time WWBC will engage its own
        employees, in which case it shall directly pay all wages and benefits attributable
        to such employees. For greater certainty, WWBC shall pay the cost of any
        employee, who is engaged by WWBC on a full time basis (whether or not a
        former employee or director of officer of EYI or SG and whether or not
        they provided the basic management services described in paragraph 7.9)
    . 

    

 12

	7.11 	Subject to any other express terms of this Agreement setting out
        specific pricing terms, as a general rule WWBC shall reimburse to each
    of EYI and SG the following amounts as applicable: 

    
	 	 	

	 	(a)	  the direct cost of employees, and to the extent
        that employees work for both WWBC and either EYI or SG then WWBC shall
        pay the pro-rated portion
        of any employee based on an allocation of such employee’s time
        between the business and affairs of WWBC and the business and affairs
        of EYI or
    SG, as applicable; 

	 	 	

	 	(b)	  any out of pocket costs incurred in connection with supplying goods
    or services to WWBC;

	 	 	

	8.	 OTHER SG/EYI MARKETING RIGHTS NOT INVOLVING WWBC 

    
	 	 	

	8.1 	 The parties shall negotiate in good faith to finalize the terms
        pursuant to which EYI shall use its existing distribution network to sell
        SG Products to the customers of EYI or through the market channels presently
    utilized by EYI. 

    
	 	 	

	8.2 	EYI will work with SG to make the necessary changes to the current
        SG Products which may be sold by EYI, so that such products comply with
        all labeling, licensing, importation, registering and other procedural
        and packaging requirements within the USA, and in consideration therefore
        SG will pay to EYI the direct cost of employee time which is dedicated
    to such activities. 

    
	 	 	

	8.3	  SG will reserve and hold the right to market the EYI product line
        in the Latin American Countries through any Distribution Channel it desires,
        including but not limited to: wholesale, retail, door to door, internet,
        response TV/radio and the military corps, subject to the provisions of
    paragraph 2.4. 

    
	 	 	

	8.4	  SG will develop a marketing plan and time schedule
        to market EYI’s
        products into the Latin American Countries. Both parties will determine
        the feasibility of marketing products, whether through f WWBC or otherwise,,
        giving priority to the most profitable and strategically convenient markets
        and products that will bring the higher benefits to both parties. Under
        a case by case basis, both parties will analyze and evaluate the benefits,
        costs, relations, facilities and easiness of realization involved to
    incorporate products and services into markets or distribution channels. 

    
	 	 	

	8.5	 SG will work with EYI to make the necessary changes to the current
        EYI Products which may be sold by SG, so that such products comply with
        all labeling, licensing, importation, registering and other procedural
        and packaging requirements within the Latin American Countries, and in
        consideration therefore EYI will pay to SG the direct cost of employee
    time which is dedicated to such activities. 

    

 13

	8.6 	Should SG request EYI to provide its e-commerce and operational systems
        and knowledge to enable SG to sell EYI Products in the Latin American Countries
        it will be with the understanding that SG will only pay for any additional
        customization that may be required to make the system work within any particular
    jurisdiction in which SG markets products.

    
	 	 	

	8.7 	 Unless otherwise agreed to by EYI, SG agrees that any EYI Products
        sold to it for distribution into the Latin American Countries will not
    be sold or distributed into any other countries. 

    
	 	 	

	8.8 	 Both parties agree that all EYI Product that will be resold by SG,
        or and all SG Products that will be resold by EYI will require a written
        purchase order, approved and confirmed by both parties, on which they will
        establish the terms and conditions: quantity and description of products,
        product size or presentation, payment terms, delivery point, required date,
    special pre-payment and returning policies.

    
	 	 	

	8.9 	SG agrees that the shipping infrastructure utilized
        by SG in respect of any other of its marketing activities within the
        continental USA will
        go to Halo Distribution LLC. (“Halo”), which is affiliated
        with EYI, provided that if SG establishes that the rates of Halo are
        materially in excess of other carriers supplying similar services then
        SG may require
        competitive bidding, provided further that Halo shall have the right
        to match
  any lower bid. 

    
	 	 	

	9.	 REPRESENTATIONS AND WARRANTIES OF EACH PARTY 

    
	 	 	

	9.1 	 EYI represents and warrants to SG and WWBC as follows: 

    
	 	 	

	 	(a) 	that it is a corporation duly incorporated and existing in accordance
    with the laws of the State of Nevada, in the United States of America; 

	 	 	

	 	(b)	  that either Jay Sargeant or Dori O’Neill
        are empowered with sufficient capabilities to represent it in this Agreement
        and to bind it
        under the terms of this Agreement, which powers have not been revoked
    or limited in any way; 

	 	 	

	 	(c)	  that EYI has the exclusive right to market and
    distribute health products under the “EYI” brand;

	 	 	

	 	(d) 	 that WWBC is a corporation duly incorporated and existing in accordance
    with the laws of the State of Nevada, in the United States of America; 

	 	 	

	 	(e)	  that either Jay Sargeant or Dori O’Neill
        are empowered with sufficient capabilities to represent WWBC in this
        Agreement and to bind
        it under the terms of this Agreement, which powers have not been revoked
    or limited in any way. 

 14

	9.2 	SG represents and warrants to EYI and WWBC as follows: 

    
	 	 	

	 	(a)	  that it is a corporation duly incorporated and existing in accordance
    with the laws of the State of Florida, in the United States of America; 

	 	 	

	 	(b) 	 That Daniel Matos is empowered with sufficient capabilities to represent
        it in this Agreement and to bind it under the terms of this Agreement,
    which powers have not been revoked or limited in any way. 

	 	 	

	10. 	DISPUTE RESOLUTION 

    
	 	 	

	10.1	  This Agreement shall be governed by the laws of the State of Nevada
      and the parties waive their right to assert jurisdiction in any other venue. 

    
	 	 	

	10.2	  In the event of any disagreement as to amounts owing pursuant to
        this Agreement, the parties agree that they will use their best efforts
        to arrive at an amicable resolution, and failing agreement, shall refer
        to the matter to arbitration in accordance with the laws of the State of
    Nevada. 

    
	 	 	

	11. 	 CONFIDENTIALITY 

    
	 	 	

	11.1 	 The provisions of this Agreement constitute confidential information
        and neither EYI nor SG shall, without the prior written consent of the
        other, disclose the terms or conditions of this Agreement to a third party,
        either directly or indirectly, save and except to a professional advisor,
        in confidence, or as required by law (including securities disclosure regulations).
        Any party required to issue a news release will give the other party advance
        notice and a draft of the proposed news release and will give the other
    party an opportunity to comment on the draft news release. 

    
	 	 	

	11.2 	 All confidential information
        generated and shared between both parties and their associates shall
        be treated and protected as their own
    confidential information. The information about employees, associates, interest,
        consultant and or any other relevant matters, will remain confidential
        and will require
        written consent to be disclosed. This restriction will not apply to the
        information that is available to the public or which must be disclosed
        as a result of the activities in relation to the marketing of products
        as contemplated herein. From time to time, both parties may enter into
        confidentiality agreements with its business partners whereby information
        provided by those business partners to on of the parties is the confidential
        and proprietary information of such business partners and must be treated
        in the same manner as both parties are bound to treat the confidential
        and proprietary information of any of the parties, and both parties agree
    to be bound by any such confidentiality agreement.

    
	 	 	

	11.3 	All parties agree to return to the others all confidential information
        provided by them by the others and any copies of such material in its possession
    forthwith upon demand. 

    

 15

	11.4 	Except as expressly provided herein, this Agreement shall not give
        SG or WWBC or any other person any proprietary right in and in to marketing
        software and systems owned by EYI, or the right to receive copies of the
    source codes relating to any such software.

    
	 	 	 	 	

	12. 	 GENERAL TERMS 

    
	 	 	 	 	

	12.1 	 Both parties agree that if any of the terms and articles of this
        Agreement could represent a contradiction, a breach or violation of the
        agreement itself, or the laws applicable to this document, both parties
        will conduct all necessary efforts in order to correct such deficiencies,
    violations or breaches. 

    
	 	 	 	 	

	12.2 	This Agreement constitutes the complete Agreement between the parties
        pertaining to their joint marketing activities and superseded any prior
        and contemporaneous agreements and/or addendum of the parties in connection
        herewith whether written or oral. Only a written agreement signed by the
    affected parties will amend this Agreement. 

    
	 	 	 	 	

	12.3 	 Any notice required or permitted to be given hereunder shall be
      in writing and shall be effectively given if: 

    
	 	 	 	 	

	 	(a) 	 delivered personally; 

    
	 	 	 	 	

	 	(b) 	sent by prepaid courier service or mail at the address shown for
      that party at the beginning of this Agreement; or 

    
	 	 	 	 	

	 	(c) 	 sent prepaid by fax or other similar means of electronic communication
        (confirmed on the same or the following day by prepaid mail) addressed
        to the relevant party at the address shown for that party at the beginning
    of this Agreement. 

    
	 	 	 	 	

	 	 Any notice so given shall be deemed conclusively to have been given
      and received when: 

    
	 	 	 	 	

	 	(d) 	 personally delivered; 

    
	 	 	 	 	

	 	(e) 	 sent by fax or other electronic communications, on the first business
      day thereafter. 

    
	 	 	 	 	

	12.4 	 Notice shall be given to the parties at the following addresses,
      or to such other address of which notice is given as provided herein: 

    
	 	 	 	 	

	EYI:	 	 	 	  EYI Industries, Inc.

      3960 Howard Hughes Parkway, Suite
    500

    Las Vegas, Nevada 89109

    Ph: (702) 296-8034 Fax: (604) 502-5144

 16

	 	 	 	 	With a copy to: 
	 	 	 	 	 
	 	 	 	 	 EYI Industries, Inc. 

      #201 – 8322 130th Street 

      Surrey, B.C.
      

      V3W 8J9
      

    Ph: (604) 502-5131 Fax: (604) 502-5144 
	 	 	 	 	 
	SG: 	 	 	 	Supra Group, Inc. 

      200 South Biscayne Blvd 

      Miami, Florida 

      33131
      

    Ph: (305) 372-2345 
	 	 	 	 	 
	WWBC 	 	 	 	 World Wide Buyers’ Club Inc.
      

      3960 Howard Hughes Parkway, Suite 500   

      Las Vegas, Nevada 89109    

      Ph: (702)
    296-8034 Fax: 604-502-5144   
	 	 	 	 	 
	 	 	 	 	 With a copy to: 
	 	 	 	 	 
	 	 	 	 	World Wide Buyers’ Club Inc. 

      #201 – 8322 130th Street 

      Surrey,
    B.C.
      

      V3W 8J9
      

    Ph: (604) 502-5131 Fax: (604) 502-5144 

 17

	12.5 	This Agreement may be executed in counterparts, each of which, when
        executed, shall be considered an original for all purposes, provided that
    all counterparts shall, together, constitute one and the same document. 

IN WITNESS WHEREOF the parties have executed this document as of the
  ______day of May, 2004. 

	
EYI INDUSTRIES INC., in the 
		
) 
		 

	
	
Presence of: 
		
) 
		 

	
	 

		
) 
		 

	
	 

		
) 
		 

	
	
Signature of Witness 
		
) 
		 

	
	 

		
) 
		 

	
	 

		
) 
		 

	
	
Print Name of Witness 
		
) 
		
Jay Sargeant, President 
	
	 

		
) 
		
EYI INDUSTRIES, INC. 

	
WORLD WIDE BUYERS’ CLUB INC., 
		
) 
		 
	
in the presence of: 
		
) 
		 
	 

		
) 
		 
	 

		
) 
		 
	
Signature of Witness 
		
) 
		 
	 

		
) 
		 
	 

		
) 
		 
	
Print Name of Witness 
		
)  
		Dori O’Neill, Authorized Signatory
	 

		
) 	WORLD WIDE BUYERS’ CLUB INC.  

	
SUPRA GROUP, INC. in the presence 
		
) 
		 

	
	
Of: 
		
) 
		 

	
	 

		
) 
		 

	
	 

		
) 
		 

	
	
Signature of Witness 
		
) 
		 

	
	 

		
) 
		 

	
	 

		
) 
		 

	
	
Print Name of Witness 
		
) 
		
Authorized Signatory, 
	
	 

		
) 
		
SUPRA GROUP, INC.

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