Document:

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                                                                Exhibit 10.23

                                    LEASE
                          THE LACLEDE GAS BUILDING

                       Lessor: FIRST NATIONAL BANK IN
                             ST. LOUIS, TRUSTEE
                         Lessee: LACLEDE GAS COMPANY

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                                    INDEX

Paragraph                                                                  Page
---------                                                                  ----
1.       Leasing Agreement............................................       1
2.       Option To Renew..............................................       2
3.       Base Rent....................................................       2
4.       Rent Escalation..............................................       3
5.       Total Energy Plant...........................................       7
6.       Services.....................................................       9
7.       Recording....................................................      10
8.       Mortgage by Lessor...........................................      10
9.       Certain Rights Reserved To Lessor............................      11
10.      Insurance....................................................      12
11.      Condition of Premises........................................      13
12.      Alterations..................................................      14
13.      Repairs......................................................      15
14.      Rules and Regulations........................................      15
15.      Fire and Other Casualty......................................      16
16.      Holding Over.................................................      16
17.      Remedies In Event Of Default.................................      16
18.      Building Construction........................................      17
19.      Finishing Premises...........................................      17
20.      Commencement of Term.........................................      18
21.      Heating and Air Conditioning Systems.........................      19
22.      Subletting and Assigning.....................................      20
23.      Notices......................................................      20
24.      Quiet Possession.............................................      21
25.      Liability of Trustee.........................................      21
26.      Miscellaneous................................................      21
27.      Special Provisions...........................................      23
         Endorsements.................................................      24

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Exhibits
--------

Appendix A................. Illustration of Escalation
Exhibits A & A-1........... Space to be Occupied by Lessee
Exhibit B.................. Subordination Non-Disturbance Attornment Agreement
Exhibit C.................. Building Standards
Exhibit D.................. Janitorial Services
Exhibit E.................. Rules and Regulations

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                                    LEASE
                                    -----

         THIS INDENTURE, entered into the 16th day of June, 1967, between First
National Bank in St. Louis, a national banking association organized and
existing under the laws of the United States, 510 Locust Street, St. Louis,
Missouri 63101, not individually but as Trustee under Trust Agreement, dated
as of the 31st day of May, 1967, and known as Trust No. 531-67, hereinafter
referred to as "Lessor," and Laclede Gas Company, a corporation organized
and existing under the laws of the State of Missouri, hereinafter referred
to as "Lessee," WITNESSETH THAT:

         WHEREAS, the parties to a Joint Venture Agreement of even date with the
aforesaid Trust Agreement (and attached to said Trust Agreement as Exhibit
A) have acquired and caused to be transferred to said Trust certain property
located at Eighth and Olive Streets and constituting substantially the West
one-half of City Block 182 of the City of St. Louis; and

         WHEREAS, the parties to said Joint Venture Agreement further propose to
create a leasehold estate by causing said property to be conveyed to a newly
formed trust, which will thereafter lease said property back to Trust No.
531-67, the said property to be thereafter conveyed by said newly formed
trust, subject to said leasehold, to John Hancock Mutual Life Insurance
Company; and

         WHEREAS, Lessor proposes to construct on said property a new, modern 30
floor office building; and

         WHEREAS, Lessee is willing to enter into a long-term lease of
substantial space in the proposed building on the terms and conditions
hereinafter set forth, an agreement having been entered into concurrently
herewith for the purchase for cash of Lessee's interest in the premises at
1017 Olive Street, St. Louis, Missouri;

         NOW, THEREFORE, in consideration of the foregoing recitals and of the
mutual agreements and covenants hereinafter set forth, it is agreed as
follows:

1.       LEASING AGREEMENT
         -----------------

                  Lessor hereby leases to Lessee and Lessee hires from Lessor
the premises hereinafter described, in the building to be erected by Lessor
at the southeast corner of Eighth and Olive Streets, St. Louis, Missouri,
hereinafter referred to as the "Building", for an initial term of thirty
(30) years commencing on the date to be determined in

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accordance with paragraph 20 hereof, unless sooner terminated or extended as
provided herein, to be occupied and used by Lessee solely for executive and
general administrative, office, sales, demonstration, display and other
purposes pertaining to the operation of the business of Lessee and its
subsidiary or affiliated companies.

                  The premises hereby leased to Lessee are part of the
ground floor as shown on Sheet 1 of Exhibit A hereof and the entire tenant
occupancy areas of the ninth, eleventh, twelfth, thirteenth and fourteenth
floors of the Building as shown on the floor plans annexed hereto as Sheet 2
of Exhibit A; plus the entire tenant occupancy area on the fifteenth floor
as shown on Sheet 3 of Exhibit A hereof; having aggregate rental areas of
approximately 93,152 square feet.

                  In addition to the foregoing Lessor hereby leases to
Lessee and Lessee hereby hires from the Lessor approximately 3,935 square
feet of storage space on the tenth (equipment) floor of the Building as
shown on Exhibit A-1.

                  All of the aforesaid premises constitute and are hereinafter
called the "leased premises". The storage space on the tenth floor is
hereinafter sometimes referred to as the "storage space".

2.       OPTION TO RENEW
         ---------------

                  Lessor hereby grants to Lessee the exclusive right and
option to renew or extend this Lease as to the leased premises as then
constituted for a further term of five (5) years at the expiration of the
initial thirty (30) year term for the same rental price and upon the same
terms and conditions as then provided and in effect hereunder; provided,
however, that written notice of the exercise of such option shall be given
by Lessee to Lessor at least one (1) year before the expiration of the
initial term. Lessor also grants to Lessee like options to renew or extend
this Lease for three (3) additional terms of five (5) years each, each such
option to be exercised in the same manner and within the same period of time
before the expiration of the then current extended term.

3.       BASE RENT
         ---------

                  Lessee shall pay to Lessor, at Lessor's office, or to such
other person or such other place as directed from time to time by written
notice to the Lessee from Lessor

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                           (a)      base rent at the annual rates of $12,788.75
                                    for the storage space and $526,308.80 for
                                    the non-storage space (subject to adjustment
                                    at $3.25 per square foot for the storage
                                    space and $5.65 per square foot for the
                                    non-storage space in the event there is
                                    a variation from the square footage as
                                    set forth in Paragraph 1), as increased
                                    or decreased pursuant to the provisions
                                    of Paragraph 4 hereof.

                           (b)      such additional sums as may become due from
                                    and payable by Lessee to Lessor under the
                                    terms of this Lease.

Subject to the provisions of Paragraph 4 hereof, the annual rent provided
for in (a) above shall be payable in twelve (12) equal monthly installments,
each installment being due and payable in advance the first day of the
calendar month. If the term of this Lease shall commence on a date other
than January 1, the initial equal monthly installments shall be computed
from the portion of the annual rental applicable in the first partial
calendar year. In those calendar years of the Lease after annual base rent
has been adjusted under the escalation clause contained in Paragraph 4
hereof, the equal monthly installments for any calendar year shall be based
upon the adjusted annual rental for the second preceding calendar year.

                  Lessee shall pay the annual rent and any additional sums due
from Lessee hereunder promptly as and when the same shall become due and
payable. The equal monthly installments of rent described above shall be
paid without demand therefor.

4.       RENT ESCALATION
         ---------------

                  The annual rental for the leased premises for those
calendar-years during the term of this Lease commencing with the fifth
calendar-year following the base-year, shall be decreased or increased in
accordance with the following provisions of this Paragraph 4. As used in
this Paragraph 4:

                  (a)      Base-year shall be the first full calendar year
(commencing January 1) after the commencement of the term of this Lease, as
provided in Paragraph 20 hereof.

                  (b)      Direct operating costs shall consist of expenses
for maintaining and operating the Building, whether determined for the
base-year or any subsequent year, and shall be deemed to include:

                           (1)      Such expenses incurred during such year
according to accepted principles of sound management and accounting
principles as applied to the

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operation and maintenance of first-class office buildings, including without
limitation, real estate taxes and premiums on insurance carried by Lessor,
plus

                           (2)      Such additional expenses of maintaining
and operating the Building as would have been incurred during such year had
that portion of the Building above the first floor level used for office
space been fully occupied and Lessor had performed the same kind of services
to the tenants in such portions as are required to be furnished to Lessee
hereunder.

                  Provided, however, the following expenses shall not be
included:

                           1.       Capital improvements made to the land or
the Building.

                           2.       Work which Lessor performs for any Lessee
in the Building which is not standard for all lessees therein.

                           3.       Repairs or work due to fire, windstorm or
insurable casualty.

                           4.       Expenses incurred in leasing or procuring
new tenants, including lease commissions, advertising, and renovating of space
for new tenants.

                           5.       Legal or other expenses in enforcing the
terms of any lease.

                           6.       Interest or amortization payments on any
mortgage, mortgages, or deeds of trust, or other indebtedness whether secured
or not.

                           7.       Wages, salaries or other compensation paid
to any employee above the grade of Building Superintendent. However, fees
paid to a managing agent based upon a management contract shall not be
excluded provided that the compensation to such managing agent shall not
exceed five percent (5%) of the gross rentals of the Building, and provided
further that the cost of the managing agent shall be deemed in effect in the
base year and computed on the basis of full occupancy at prevailing rentals.

                           8.       Changes and other special work for
individual tenants.

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                           9.       Expenses caused by a violation by Lessor
or any tenant of the terms of any lease or caused by any use of space in the
Building in violation of any law or regulation.

                           10.      The cost of installing and operating any
specialty, such as an observatory, recreation room, restaurant, etc.

                           11.      Compensation of the Trustee under the
Trust Agreement hereinabove referred to.

                           12.      Ground rent.

                           13.      Legal and auditing fees.

                           14.      Travel and entertainment.

                           15.      Depreciation of building or equipment.

                  (c)      All expenditures scheduled less often than annually
shall be prorated over the period to which such expenditures are applicable.

                  (d)      Taxes for the base year and subsequent calendar
years shall be the general real estate taxes payable in each respective year;
provided that in no event shall the real estate taxes for the base year be
determined on a valuation less than that first placed upon the Building by
the taxing authority after its completion. In the event Lessor's tax
liability for the base year or for any subsequent year is reduced as a
result of any appropriate proceeding, such reduced amount of real estate
taxes shall constitute the taxes for the base year, or for such subsequent
year, as the case may be.

                  (e)      The proportion of the decrease or increase (in
direct operating costs as defined) to be reflected in this escalation for any
calendar-year shall be the proportion computed by dividing the non-storage
area of the leased premises above the first floor level during such
calendar-year by the total non-storage area of the Building above the first
floor level during such calendar-year.

                  (f)      Anything in this Paragraph 4 to the contrary
notwithstanding, no increase or decrease in annual rental for the
non-storage area of the leased premises shall be effective to the extent
that it exceeds, in the fifth calendar-year following the base-year, an
amount equal to 8.8 cents multiplied by the number of square feet included
in the non-storage area of the leased premises and, in each calendar-year
thereafter, an amount equal to 8.8 cents multiplied by the number of square
feet in

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the non-storage area of the leased premises multiplied by the number of
calendar-years after the fifth year to and including the calendar-year in
question.

                  (g)      It is agreed that the application of the escalation
provisions of this Paragraph 4 to the leased premises is correctly
illustrated (on stated assumptions) in Appendix A attached hereto and by
this reference incorporated herein.

                  (h)      The annual rental for the storage space shall be
subject to escalation only in the following manner:

Difference between adjusted annual                   Amount per square foot
rent and base annual rent of the non-                to be added to or sub-
storage area of the leased premises       X 325 =    tracted from base annual
              for any year                  ---      rental of storage space
--------------------------------------      565            for such year
The non-storage area of the leased
premises for such year, in square feet

                  Payments accruing pursuant to this Paragraph and during
the term of this Lease shall be made notwithstanding the fact that an
escalation statement is furnished to the Lessee after the expiration of the
Lease.

                  Lessor agrees to keep books and records reflecting direct
operating costs of the Building and reflecting all expenses which are
estimated pursuant to (b)(2) above, in accordance with a standard method of
accounting recognized and approved for maintaining accounts and records for
large office buildings. On or before March 1 of the first calendar-year
after the base-year Lessor shall deliver to Lessee a statement prepared by a
national firm of certified public accountants showing (a) the direct
operating costs (as defined herein) for the base-year and (b) the amount and
derivation of all "additional expenses" included therein under (b)(2) above.
During the thirty (30) days following receipt of such statement Lessee or
its authorized agent or representative, or a public accounting firm selected
by it, shall have the right to inspect the books and records of the Lessor
(and the work papers of said national firm of certified public accountants
relating to said "additional expenses") during business hours for the
purpose of verifying any information in such statement. Unless Lessee
asserts specific error or errors within thirty (30) days after such receipt,
said statement shall be deemed to be correct.

                  On or before March 1 of the sixth calendar-year after the
base-year and of each calendar-year thereafter, Lessor shall deliver to
Lessee a statement, as described in the next preceding paragraph, relating
to the preceding calendar-year. Such statement shall also include a
computation of the decrease or increase in rental

                                     6

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for said preceding calendar-year in accordance with the provisions of this
Lease. Lessee shall have the same right of inspection as stated above with
respect to each such statement and each such statement shall be deemed to be
correct if Lessee shall assert no specific error within the thirty (30) day
period described. At or prior to the expiration of an additional thirty (30)
day period following the described thirty (30) day period, Lessee shall pay
any additional rent reflected by any statement deemed to be correct, or if
Lessee be entitled to a credit, the same shall be paid in cash to Lessee. In
the event that at the expiration of the two thirty (30) day periods
hereinabove described the accuracy of the statement remains in dispute, the
parties shall submit the dispute to an independent national firm of
certified public accountants (or to an independent St. Louis law firm,
depending upon the nature of the dispute) approved by both parties and the
decision of such firm shall be accepted by the parties as final. Within
thirty (30) days after such decision, payment shall be made in accordance
therewith.

5.       TOTAL ENERGY PLANT
         ------------------

                  Lessor covenants and agrees that:

                  (a)      Lessor will construct or cause to be constructed in
or in connection with the Building a natural gas-fired total energy plant
(hereinafter called the "Plant") adequate in all respects to furnish all
electricity, space heating, domestic hot water and air conditioning services
for the Building, such Plant to include adequate standby and auxiliary
facilities and to be completed and in operation not later than seven days
prior to the date Lessor notifies Lessee of the availability of space for
first occupancy of the leased premises by Lessee pursuant to Paragraph 20
hereof.

                  (b)      During the original term and any extended term of
this Lease, all electricity, space heating, domestic hot water and air
conditioning services used in the Building will be supplied from the Plant
which shall at all said times be operated on natural gas fuel supplied by
Lessee pursuant to any applicable firm service rate schedule of Lessee which
Lessor may select. Space heating, domestic hot water and air conditioning
(except as specified in Paragraph 6) shall be supplied to Lessee without
additional charge. The supplying of electricity to Lessee shall, however, be
on a metered basis and an additional charge shall be made for the total
amount supplied (as though supplied through a single meter whether or not
multiple meters are used) at the regular commercial rate established by the
utility then supplying electricity to office buildings in downtown St.
Louis.

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                  (c)      Lessor shall keep Lessee fully advised of all
designs, plans and specifications for the Plant which shall be prepared by
competent engineers (including local consulting engineers) at Lessor's
expense. The designs, plans and specifications and the local consulting
engineers shall require the approval of Lessee, which approval will not be
arbitrarily withheld.

                  (d)      At all the times described in (b) above, Lessor
shall properly maintain and operate the Plant or cause the same to be
properly maintained and operated. In the event that the maintenance and/or
operation of the Plant is undertaken by someone other than Lessor, such
undertaking and the terms and conditions of the contract entered into with
respect thereto shall be subject to the approval of Lessee. Lessee shall at
all reasonable times have right of access to the Plant and shall be
entitled, upon its request, to information concerning the maintenance and
operation of the Plant.

                  (e) The foregoing covenants of this Paragraph 5 shall
constitute covenants running with the Plant, the Building and the land on
which it is situated, and all liens or charges attaching to said land or
Building, or Plant, either before or after the execution of this Lease,
shall be expressly subordinated to said covenants; provided, however, that
                                                   --------  -------
in the event the interest of the Lessor in the Building, and the land on
which it is situated, and in the Plant is terminated by John Hancock Mutual
Life Insurance Company or by its successors or assigns (all herein called
"Hancock"), either by termination of the ground lease or by foreclosure of
the lien of the mortgage or deed of trust on Lessor's interest in the ground
lease, then Hancock may, at its election by giving the written notice
provided for below, on or after five (5) years from the date of commencement
of the term of the Lease, abandon the use of the Plant for the supplying of
services to the Building and obtain all of such services from another source
if the supplying of the services from the Plant is found to be economically
disadvantageous to Hancock. The supplying of services from the Plant shall
not be deemed to be economically disadvantageous unless the cost of
supplying all of such services from the Plant, on an annual basis, is more
than ten per cent (10%) greater than the cost of obtaining all of such
services from some other source, the determination of cost to include
consideration of new costs and unrecovered first costs as well as operating,
maintenance, and fuel costs (however, the foregoing proviso shall be null
and void during any period of time in which, by reason of Lessee's
participation in the financing of all or a part of the cost of the Plant,
Lessee shall have a continuing participation in such financing or an
interest in the revenues derived from operation of the Plant.) In the event
Hancock shall be entitled to and shall elect to abandon the use of the
Plant, as above provided, written notice of such election shall promptly be
delivered by Hancock to Lessee whereupon

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Lessee shall have the absolute right to terminate the Lease as of any date
within five (5) years after receipt of such notice, upon giving to Hancock
not less than twelve (12) months prior notice in writing.

6.       SERVICES
         --------

                  The Lessor shall provide the following services:

                  (a)      Janitor service and cleaning as outlined in
Exhibit D hereto attached and made a part hereof.

                  (b)      All electrical energy requirements of Lessee for
its use of the leased premises for the purposes specified in Paragraph 1
hereof, subject, however, to the charges therefor provided in Paragraph
5(b).

                  (c)      Heat daily, each day of the year, whenever heat
shall be required for the comfortable occupancy of the leased premises.
While any portion of the leased premises is unoccupied by personnel, the
heat level in such portion need not exceed 65 degrees F., except as provided
in Paragraph 21(b). It is anticipated that the data processing area and the
telephone contact area will be occupied by personnel 24 hours each day.

                  (d)      Air conditioning (cooling) daily during the
business week, Monday through Friday (holidays excepted, as determined from
Lessee's union contract) from 8:00 a.m. to 6:00 p.m., and on Saturday from
8:00 a.m. to 1:00 p.m., whenever air conditioning shall be required for the
comfortable occupancy of the leased premises, except that air conditioning
for the telephone contact and data processing areas shall be provided on a
24-hour basis each day of the year and shall be available on a 24-hour basis
any day of the year for the Kitchen and Auditorium-Home Service Department.
While any portion of the leased premises is unoccupied by personnel the
cooling level in such portion need not be less than 85 degrees F., except as
provided in Paragraph 21(b). The amount to be paid by Lessee to Lessor for
supplying air conditioning during periods beyond the normal business hours
and normal business days specified above and for furnishing the auxiliary
service required by Paragraph 21 hereof shall be determined as provided in
Exhibit C to this Lease.

                  (e)      Water required by Lessee for the purposes referred
to in Paragraph 1, drawn through fixtures installed and maintained by
Lessor. In the event that Lessee shall make additional uses of water over
and above those now required in the operation of its business, the cost of
the water required for such additional uses shall be paid by it.

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                  (f)      Operatorless elevator service in common with other
tenants at all times.

                  (g)      Window-washing of all windows in the leased
premises, both inside and out, weather permitting, at least 6 times per year.

                  (h)      Painting of interior walls a minimum of once each
5 years, washing of walls at least once each three years, and spot washing
and touch-up painting as frequently as necessary to maintain a neat appearance.

                  Lessor does not warrant that any of the service above
mentioned will be free from interruptions caused by repairs, renewals,
improvements, alterations, strikes, lockouts, accidents, inability of the
Lessor to obtain fuel or supplies, or any other cause or causes beyond the
reasonable control of Lessor. Any such interruption of service from causes
beyond the control of Lessor shall not be deemed an eviction or disturbance
of Lessee's use and possession of the leased premises or any part thereof,
or render Lessor liable to Lessee for damages, and shall not relieve Lessee
from performance of its obligations under this Lease. Lessor shall, however,
use reasonable efforts to prevent such interruptions and, in the event of
their occurrence, to terminate them as rapidly as practical.

7.       RECORDING
         ---------

                  Lessor covenants and agrees that promptly following the
execution of this Lease, it will cause a Memorandum of this Lease to be
recorded at Lessee's expense, which Memorandum will be sufficient to give
general notice of Lessee's interests hereunder and to give specific notice
of the covenants and subordination requirements provided for in Paragraph 5
and in subparagraph (a) of Paragraph 26 hereof. Promptly following the
commencement date of the term of this Lease, the parties hereto shall enter
into a recordable supplemental agreement fixing the dates of the
commencement date and the expiration date of this Lease.

8.       MORTGAGE BY LESSOR
         ------------------

                  From time to time either before or after the execution of
this Lease and before the termination of the term hereof, Lessor may execute
a ground lease (as Lessee), mortgage or deed of trust in the nature of a
mortgage against the Building and/or the land and Lessor's interest therein,
whether leasehold or fee. In such event:

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                  (a) If requested by the ground lessee, the mortgagee or
trustee, Lessee will (except with respect to Paragraphs 5, 7, 26(a) and 27
hereof subordinate its interest in this Lease to said ground lease, mortgage
or deed of trust and will execute a Subordination Non-Disturbance Attornment
Agreement substantially in the form attached hereto as Exhibit B.

                  (b) Lessor agrees promptly to notify Lessee of the placing
of any mortgage or deed of trust against the Building of which the leased
premises form a part, or against Lessor's interest therein, and Lessee
agrees in the event of any act or omission by Lessor which would give Lessee
the right to terminate this Lease or to claim a partial or total eviction,
Lessee shall not, except in the case of violation by Lessor of Paragraphs 5
or 7 hereof, exercise any such right (1) until it has notified in writing
the holder of any mortgage which at the time shall be a lien on the leased
premises, if the name and address of such holder shall have previously been
furnished by written notice to Lessee, of such act or omission, and (2)
until a reasonable period, not exceeding sixty (60) days, for commencing the
remedying of such act or omission shall have elapsed following the giving of
such notice, and (3) such holder, with reasonable diligence, shall not have
so commenced and continued to remedy such act or omission or to cause the
same to be remedied. During the period between the giving of such notice and
the remedying of such act or omission, the rental herein recited shall be
bated and apportioned to the extent that any part of the premises shall be
untenantable.

                  (c) If such ground lease be terminated or cancelled or
such mortgage be foreclosed, upon request of the ground lessor, mortgagee or
trustee, Lessee will, provided the conditions of Paragraphs 5 and 7 hereof
are met, attorn to the owner of the fee or to the purchaser at any
foreclosure sale under such mortgage and will execute such instruments as
may be necessary or appropriate to evidence such attornment.

9.       CERTAIN RIGHTS RESERVED TO THE LESSOR
         -------------------------------------

                  The Lessor reserves the following rights:

                  (a)      Access to mail-chutes. To have access for the
Lessor and the other tenants of the Building to any mail-chute located on
the leased premises according to the rules of the United States Post Office.

                  (b)      Occupancy. During the last ninety (90) days of
the term of this Lease, if during or prior to that time the Lessee vacates
the leased premises, to decorate, remodel, repair, alter or otherwise
prepare the leased premises for re-occupancy.

                  (c)      Pass-keys. To have pass-keys to the leased premises.

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                  (d)      Access for repairs, etc. To have access to the
leased premises to make inspections thereof and to make repairs,
alterations, additions, and improvements to the leased premises or to the
Building as may be necessary or desirable in the operation of the Building.

                  (e)      Show leased premises. To show the leased premises
to prospective tenants or brokers during the last year of the term of this
Lease as extended, and to prospective purchasers at all reasonable times,
provided prior to notice is given to Lessee in each case and the Lessee's
use and occupancy of the leased premises is not materially inconvenienced by
any such action of Lessor.

                  (f)      Heavy equipment. To approve the weight, size,
and location of safes or other heavy equipment or articles and such articles
may be moved in, about, or out of the Building or the leased premises only
at such times and in such manner as Lessor shall direct, but in all events
at Lessee's sole risk and responsibility.

                  (g)      Close Building. To close the Building after
regular working hours and on legal holidays subject, however, to Lessee's
right to admittance, under such reasonable regulations as Lessor may
prescribe from time to time, which may include by way of example but not of
limitation, that persons entering or leaving the Building identify
themselves to a watchman by registration or otherwise and that said persons
establish their right to enter or leave the Building.

                  The Lessor may enter upon the leased premises and may
exercise any or all of the foregoing rights hereby reserved without being
deemed guilty of an eviction or disturbance of Lessee's use or possession
and without being liable in any manner to Lessee.

10.      INSURANCE
         ---------

                  Lessee will secure and maintain general liability and
property damage insurance from financially responsible insurance companies
covering the leased premises in the amount of at least $500,000.00 provided,
however, that Lessee's obligation with respect to such insurance shall be
applicable only to liability in excess of Lessee's policy of self-insurance
in effect from time to time. Lessor, the fee owner of the Building and the
land, and the leasehold mortgagee, shall be named as insureds in all
policies of insurance required hereunder and certificates evidencing such
insurance shall be furnished to the Lessor. Lessee agrees to hold the
Lessor, the fee owner of the Building and the land, and the leasehold
mortgagee harmless from claims against them by reason of injuries to persons
or property occurring in the

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leased premises, not resulting in whole or in part from their negligence, to
the extent that protection against such claims is not afforded by policies
of insurance then in force, and will defend them against such claims unless
such defense is provided for in such policies of insurance. If any damage to
the Building results from any act or neglect of Lessee and Lessee does not
repair the same within a reasonable time, Lessor may, at Lessor's option,
repair such damage, and Lessee shall thereupon pay to Lessor the total cost
of such repairs and damages to the Building to the extent necessary to
return the same to the condition existing prior to the damage as nearly as
practicable. Lessor and Lessee hereby release each other from any and all
liability or responsibility to the other, or anyone claiming through or
under them by way of subrogation or otherwise, for any loss or damage to
property caused by fire or other casualty included in extended coverage,
even if such fire or casualty shall have been caused by negligence of the
other party or anyone for whom such other party may be responsible;
provided, however, that this release shall apply only with respect to such
loss or damage occurring during the time releasor's insurance coverage shall
contain a provision that such release shall not impair such coverage or
prejudice the right of the releasor to recover thereunder. The Lessor and
the Lessee each agree that each of their respective policies for such
coverage shall include such provision so long as the same shall be
obtainable without extra cost or if extra cost shall be charged therefor,
provided the other party shall pay such extra cost. If extra cost shall be
chargeable therefor, each party shall advise the other thereof and of the
amount of the extra cost and the other party, at its election, may pay the
same but shall not be obliged to do so. At the request of either party, made
from time to time, a copy of such provision shall be furnished to the party
requesting the same together with a letter form the other party specifying
the insurance policies containing such provision. The Lessee shall not be
relieved from any liability to the Lessor or its insurers in connection with
any damage to the leased premises by fire or other casualty except as
provided in this section.

11.      CONDITION OF PREMISES
         ---------------------

                  Lessor shall complete or cause the construction of the
Plant and related facilities to be completed in accordance with Paragraph 5,
complete or cause the construction of the Building to be completed in
accordance with Paragraph 18, perform or cause the finishing work provided
for in Paragraphs 19 and 21 to be performed in accordance with said
Paragraphs, shall turn over the leased premises to Lessee in good order and
first-class condition, and shall maintain in first-class condition (i) the
Building, (ii) the Plant, and (iii) all facilities necessary to render the
services required to be rendered by Lessor, all in accordance with the terms
of this Lease.

                                     13

<PAGE>
<PAGE>

                  Possession of the leased premises by Lessee prior to
completion of the Building or the finishing work by Lessor shall not relieve
Lessor from completing or causing said work to be completed in accordance
with the requirements of this Lease, and possession of the leased premises
by Lessee prior to completion of said work shall not constitute a waiver by
Lessee of Lessor's obligation to perform or cause said work to be performed
in full. During the term of this Lease, Lessee shall (except for repairs and
maintenance for which Lessor is responsible hereunder), maintain the leased
premises in as good condition as when Lessee took possession, or as when
completed after possession, loss or damage caused by action of the elements,
acts of God and public enemy, structural defects, ordinary wear, and fire
and other casualty insured against by Lessor excepted, failing which Lessor
may restore the leased premises to such condition and Lessee shall pay the
cost thereof. At the termination of this Lease, Lessee shall surrender the
leased premises to Lessor in good condition as just above described,
provided, however, that Lessee may remove any floor-covering, removable
fixtures other than light-fixtures, and other equipment installed by Lessee.
Such removal shall be done in a good and workmanlike manner and all surfaces
shall be restored to a smooth condition.

                  Lessee as to the leased premises shall at all times comply
with all applicable laws and ordinances, and all lawful requirements of
governmental or other authorities including lawful requirements of any Board
of Fire Underwriters or similar body.

12.      ALTERATIONS
         -----------

                  Lessee may not make alterations in or additions to the
leased premises unless Lessee has obtained Lessor's permission to do so, and
Lessee shall, if requested by Lessor, furnish Lessor with plans and
specifications, names and addresses of contractors, copies of contracts,
necessary permits and indemnification in form and amounts satisfactory to
Lessor against any and all claims, costs, damages, liabilities, and expenses
which may arise in connection with the alternations or additions. Whether
the Lessee shall have furnished Lessor the foregoing or not, Lessee hereby
agrees to hold Lessor harmless from any and all liabilities of every kind
and description which may arise out of or be connected in any way with said
alterations or additions. Before commencing any work in connection with
alterations or additions in or to the leased premises, Lessee, if requested
by Lessor, shall furnish Lessor with certificates of insurance from all
contractors performing labor or furnishing materials, insuring Lessor
against any and all liabilities which may arise out of or be connected in
any way with said additions or alterations. Lessee shall pay the cost of all
such alterations and additions and also the cost of decorating the leased
premises occasioned by such alterations and

                                     14

<PAGE>
<PAGE>

additions. Nothing in this Lease shall be construed to authorize Lessee as
an agent of Lessor to place a mechanic's lien upon Lessor's interest in the
land and/or the Building.

                  Upon completing any alterations or additions, Lessee, if
requested by Lessor, shall furnish Lessor with contractors' affidavits in
full and final waivers of lien and receipted bills covering all labor and
material expended and used. All alterations and additions shall comply with
all insurance requirements and with all lawful ordinances and regulations of
the City of St. Louis, or any department or agency thereof, and with the
requirements of all statutes and lawful regulations of the State of Missouri
or of any department or agency thereof. All alterations and additions shall
be constructed in a good and workmanlike manner and only good grades of
materials shall be used. All additions, excluding fixtures other than light
fixtures, shall become Lessor's property and shall remain upon the leased
premises at the termination of this Lease by lapse of time or otherwise
without compensation or allowance or credit to the Lessee. Any alterations
or repairs which are undertaken by Lessee shall be performed by union labor.

13.      REPAIRS
         -------

                  At all times, Lessor, either voluntarily or pursuant to
governmental requirement or the requirements of this Lease, may at Lessor's
own expense, make repairs, alterations or improvements in or to the Building
or any part thereof, including the leased premises, and during such
operations, may close entrances, doors, corridors, elevators and other
facilities, all without any liability to Lessee by reason of interference,
inconvenience or annoyance; provided, however, that if such work should
reduce the area rented by Lessee, the rent paid by Lessee shall be
proportionately reduced, and provided, further, that such work shall be done
in such a manner as to cause the least possible interference, inconvenience
and annoyance to Lessee.

14.      RULES AND REGULATIONS
         ---------------------

                  Lessee shall abide by the rules and regulations annexed
hereto as Exhibit E and such reasonable changes therein (whether by
modification, elimination or addition) as Lessor shall hereafter make. If
any rules and regulations are contrary to the terms of this Lease, the terms
of this Lease shall govern.

                  Lessor shall use its best efforts to compel observance of
such rules by other tenants, but shall not be liable to Lessee for breaches
thereof by such tenants or their employees, agents, or visitors, unless such
breaches shall constitute a breach of the covenant contained in Paragraph 24
hereof.

                                     15

<PAGE>
<PAGE>

15.      FIRE AND OTHER CASUALTY
         -----------------------

                  If the leased premises or the Building are made
untenantable by fire or casualty, including damage or casualties of war,
Lessor shall immediately take such action as is necessary to reconstruct,
repair, restore and rehabilitate the leased premises and the Building;
provided, however, that if said fire or other casualty results in the total
destruction of the Building, this Lease shall automatically terminate as of
the date of said fire or other casualty. In case of fire or other casualty
not resulting in termination of this Lease, rent shall be abated on a
perdiem basis as to that portion of the leased premises made untenantable
during the time that such part of the leased premises shall be untenantable.
In case of termination of this Lease, rent shall be apportioned on a
per-diem basis and be paid to the date of the fire or other casualty.

16.      HOLDING OVER
         ------------

                  If Lessee without Lessor's consent retains possession of
the leased premises or any part thereof after termination of the term or any
extension thereof, by lapse of time or otherwise, Lessee shall pay Lessor
rent at double the rate payable for the year immediately preceding said
hold-over, computed on a per-month basis for the time Lessee thus remains in
possession. The provisions of this Paragraph do not waive Lessor's rights of
re-entry or any other right hereunder. Any retention of the leased premises
after the termination of this Lease or any extension thereof shall be
considered as a month-to-month hold-over unless otherwise agreed to in
writing by both parties.

17.      REMEDIES IN EVENT OF DEFAULT
         ----------------------------

                  If Lessee defaults in the payment of rent and if the
default is not remedied within thirty (30) days after written demand is
delivered by Lessor, then Lessor may, if Lessor so elects but not otherwise,
either forthwith terminate this Lease and Lessee's right to possession of
the leased premises or, without terminating this Lease, forthwith terminate
Lessee's right to possession of the leased premises. If Lessee defaults in
the performance of any other covenant or agreement herein and such default
is not cured within thirty (30) days after a court of competent jurisdiction
has, by final order, determined such default to exist, Lessor shall have the
right to terminate this Lease.

                  It is agreed that the performance by Lessor of its
obligations under this Lease are of unique importance to Lessee and that the
remedy of specific performance shall be available to Lessee in the event of
breach of any of such obligations whether or not the remedy of money damages
might otherwise be the only remedy available under the then existing law.

                                     16

<PAGE>
<PAGE>

18.      BUILDING CONSTRUCTION
         ---------------------

                  Lessor will construct or cause to be constructed on the
southeast corner of Eighth and Olive Streets, St. Louis, Missouri, a new
first-class office building, including the Plant hereinabove referred to,
with refinements of design and quality of construction and improvements in
accordance with these requirements, substantially in accordance with the
Specifications, revised February 4, 1966 (to be amended to provide for total
energy plant) and Drawings No. 7 and No. 9 each dated July 8, 1966, all
prepared by EMERY ROTH AND SONS, Architects, and in accordance with all
appropriate laws, ordinances, rules, regulations and building codes. It is
understood, however, that said specifications and drawings may be revised by
Lessor for the purpose of redesigning the Building from a steel to a
concrete structure and to relocate the Plant, provided such redesigning
shall not change the character of the Building or the space leased to Lessee
hereunder.

                  The times specified in Paragraph 5(a) and in this
paragraph are of the essence of this Lease. Lessor agrees that, unless
prevented by force majeure or strikes, firm contracts for construction of
the Building and the Plant will be executed not later than September 30,
1967, and that the entire leased premises will be ready for occupancy by
Lessee not later than December 31, 1969.

19.      FINISHING PREMISES
         ------------------

                  On or before December 31, 1967 Lessee shall furnish to
Lessor the location of all areas of the leased premises which Lessee elects
to take in an unfinished condition. Lessor shall furnish building standard
finishing in all other areas of the leased premises (except the storage
area) as provided in Exhibit C.

                  Lessor shall pay to Lessee (a) the sum of $4.50 per square
foot of floor area of the leased premises (exclusive of the storage space)
which Lessee shall elect to take in an unfinished condition, and (b) in any
event, an additional sum of $175,000.

                  In addition to the foregoing payments, Lessor shall give
to Lessee all applicable credits arising out of substitutions in finished
areas as provided in Part IV of Exhibit C.

                  Credits arising out of substitutions shall be given at the
times specified in Exhibit C.

                  The sum of $175,000 and the sum determined at the rate of
$4.50 per square foot as above provided shall be disbursed by Lessor to
Lessee as follows:

                  (a) Payments for excess cost (after applicable credits, if
         any) of substitutions for Lessee by Lessor in building standard
         areas of the leased

                                     17

<PAGE>

         premises shall be charged against the aforesaid sums as such
         payments become due and payable by Lessee.

                  (b) If Lessor shall contract to perform or cause to be
         performed for Lessee any work in the areas Lessee elects to take in
         an unfinished condition, payments under such contract shall be
         charged against the aforesaid sums as such payments become due and
         payable by Lessee.

                  (c) If any work for Lessee in the areas Lessee elects to
         take in an unfinished condition shall be performed other than
         pursuant to contract with Lessor, Lessor shall pay to Lessee in
         cash, at the times when Lessee's payments for such work are
         payable, amounts equivalent to those so payable by Lessee.

                  (d) If the aggregate of the charges pursuant to (a) and
         (b) above and the cash payments pursuant to (c) above is less than
         the total amount payable by Lessor to Lessee hereunder ($175,000
         plus $4.50 per square foot), the balance shall be paid by Lessor to
         Lessee in cash on the date when Lessee certifies to Lessor that the
         finishing of the leased premises has been completed.

                  Lessee shall not have the right to terminate this Lease by
reason of Lessor's failure to make a cash payment provided for in this
Paragraph 19, but in such event Lessee shall have the right to deduct the
amount of such payments not paid, together with interest thereon at the rate
of 8% per annum, from the rents for the leased premises.

                  If Lessee's finishing work shall be done by contract with
Lessor, then the leased premises shall not be deemed to be substantially and
reasonably ready for occupancy by Lessee for the purposes of Paragraph 20
hereof until such work is completed and the notice required by said
Paragraph 20 has been given. If Lessee shall cause all or a portion of its
finishing work to be done by other than Lessor, the fact that such work is
not completed at the time the leased premises are otherwise substantially
and reasonably ready for occupancy by Lessee shall not defer the
commencement of rental for the area not completed unless completion by
Lessee has been prevented by force majeure or strikes, in which event rental
of such uncompleted area shall be deferred for a period of time equivalent
to the delay caused by such force majeure or strikes.

20.      COMMENCEMENT OF TERM.
         --------------------

                  The term of this Lease and the rental called for herein
shall not commence until the leased premises are substantially and reasonably
ready for

                                     18

<PAGE>
<PAGE>

occupancy by Lessee, including all the work which Lessor may contract to do
for Lessee as provided in Paragraph 19 hereof, but excluding any uncompleted
work Lessee does for itself (unless Lessee is delayed by force majeure or
strikes as referred to in said Paragraph 19) and Lessor has given Lessee at
least thirty (30) days prior notice in writing, specifying the day on which
possession of the leased premises may be taken by Lessee. Payment of rent
shall commence on the day designated in the aforesaid notice, but the term
of this Lease shall commence on the first day of the month following the
date specified by Lessor as the date on which Lessee may take possession of
the leased premises.

                  If portions of the leased premises are made ready for
occupancy in advance of others and Lessor has given Lessee at least thirty
(30) days prior written notice of the availability date, Lessee will occupy
such completed portions as and to the extent that it can do so without undue
inconvenience or interruption of its business. Payment of rent in such case
shall be on a pro rata basis. The occupancy of such completed portions shall
not affect the provisions for the commencement of the term of this Lease,
nor shall such occupancy affect any right of Lessee to terminate this Lease
pursuant to Paragraph 27 hereof.

                  If delay is caused by Lessee, either in submitting plans
to Lessor for the work hereunder, or in requiring changes or additional
work, Lessee shall pay rental for the period caused by such delay. The date
provided for the completion of the Building as set forth in Paragraph 18
hereof shall be extended for a period of time equivalent to the delay; and
the term of this Lease shall be deemed to have commenced on the date that
commencement would have occurred, except for such delay.

21.      HEATING AND AIR CONDITIONING SYSTEMS
         ------------------------------------

                  Lessor will supply, install, maintain and operate a building
standard heating and air conditioning system as described in Exhibit C.
In addition, Lessor will:

                           (a)      Supply, install and maintain additional
                  controls for regulating temperature and exhaust in (i) all
                  conference rooms, (ii) Kitchen Home Service Department,
                  (iii) Auditorium-Home Service Department, and (iv)
                  Executive floor, as tenant's extras.

                           (b)      Supply, install, maintain and operate
                  additional heating and air conditioning equipment for
                  auxiliary use in Lessee's data

                                     19

<PAGE>
<PAGE>

                  processing area, said auxiliary equipment to be used to
                  provide a guarantee that temperature and humidity levels
                  in said area will remain, twenty-four hours a day
                  each day of the year, within the limits of 72 degrees F. -
                  78 degrees F. and 45% - 50% humidity.

22.      SUBLETTING AND ASSIGNING
         ------------------------

                  Lessee shall have the right to assign this Lease or to
sublet all or any part of the leased premises on the following conditions:

                  (a)      Approval by Lessor must first be obtained.
Such approval shall not be unreasonably or arbitrarily withheld.

                  (b)      In any case of a request for permission to assign or
sublet substantially all of the leased premises for all or substantially all
of the remaining term of the Lease, other than to a majority-owned or
wholly-owned subsidiary of Lessee or to a company into which Lessee may
hereafter have been merged or consolidated, Lessor shall have the right, in
its sole discretion, to cancel this Lease for the leased premises or the
portion sought to be assigned or sublet; provided, however, that Lessee may
instead withdraw such request, without thereby relieving Lessee from its
obligations or liabilities accrued prior thereto.

                  (c)      No assignment or sublease shall relieve Lessee of
its obligations hereunder and, if Lessor so requires, the assignee shall
assume all of said obligations with full privity of contract between it and
the Lessor.

23.      NOTICES
         -------

                  All notices to be given by one party to the other party
under this Lease shall be given in writing, mailed or delivered as follows:

                  (a)      To Lessor - care of Myron Moss, 515 Olive Street,
St. Louis, Missouri, 63101, or to such other person or persons at such other
address or addresses designated by Lessor by written notice sent to Lessee
and, after commencement of the term, at the address at which rent is
payable.

                  (b)      To Lessee - at 1017 Olive Street, St. Louis,
Missouri 63101, until Lessee takes possession of the executive floor of the
leased premises, and thereafter at the leased premises or at such other
address designated by written notice sent to Lessor by Lessee.

                  Mailed notices shall be sent by United States certified or
registered mail, postage prepaid. Such notice shall be deemed to have been
given upon posting in the United States mail.

                                     20

<PAGE>
<PAGE>

24.      QUIET POSSESSION
         ----------------

                  So long as Lessee shall observe and perform the covenants
and agreements binding on it hereunder, Lessee shall at all times during the
term herein granted and any extension thereof peacefully and quietly have
and enjoy possession of the leased premises without any encumbrance or
hindrance by, from or through Lessor, its successors or assigns, or any
other party whomsoever.

25.      LIABILITY OF TRUSTEE
         --------------------

                  This Lease is being executed by Lessor as Trustee under
the terms of the aforesaid Trust No. 531-67 and it is expressly understood
and agreed by and between the parties hereto that no covenants, undertakings
or agreements by Lessor herein are personal covenants, undertakings or
agreements of Lessor but are for the purpose of binding the property held by
the Lessor as such Trustee, and this Lease is executed by the Trustee solely
in the exercise of the powers conferred upon it as such Trustee, and no
personal liability is assumed by nor at any time may be asserted or enforced
against the Trustee or any agent or employee of said Trustee, all such
personal liability, if any, being expressly waived and released by Lessee.
The provisions of this paragraph shall inure to the benefit of any successor
trustee under the aforesaid Trust No. 531-67.

26.      MISCELLANEOUS
         -------------

                  (a)      In order that the covenants of Lessor contained in
Paragraph 5 of this Lease shall constitute covenants running with the west
half of City Block 182 and the Building and Plant to be erected thereon and
that said covenants shall have priority against all persons now or hereafter
having or claiming an interest in said lands, Building and Plant, all
persons and entities now having or who will have any such interest at the
time of recording of the Memorandum of Lease referred to in Paragraph 7 of
this Lease shall endorse this Lease in a manner appropriate to effect such
priority.

                  (b)      From the date of execution of this Lease to and
including the date of commencement of the term pursuant to Paragraph 20,
each provision of this Lease shall bind and inure to the benefit of Lessor
and Lessee and their respective heirs, legal representatives, successors and
assigns and shall bind the interest of Trust No. 531-67 in the West half of
City Block 182 and all improvements hereafter erected thereon. There shall
be furnished to Lessee a written guarantee, satisfactory to Lessee as to
form and signatories, that the Building and the Plant will be completed in
accordance with the terms of this Lease. If said guarantee is not furnished
to Lessee at the time of the execution of the construction loan mortgage, or
on December 31, 1967, whichever is sooner, this Lease shall terminate, and
in such event, if Lessee shall have received liquidated damages provided for
in separate

                                     21

<PAGE>
<PAGE>

agreement of even date, neither party shall have any further obligations
under this Lease.

                  (c)      After the commencement of the term of this Lease,
each provision thereof shall bind and inure to the benefit of Lessor and
Lessee and their respective beneficiaries, heirs, legal representatives,
successors and assigns and shall continue to bind the interest of Trust No.
531-67 in the West half of City Block 182 and all improvements hereafter
erected thereon. However, after the commencement of the term of this Lease,
no covenant, agreement, condition or provision of this Lease which creates
an obligation on the part of the Lessor shall be binding upon the Lessor
with respect to any period subsequent to the transfer of his interest in the
land and the Building (a lease of such interest being for this purpose
deemed to be a transfer of his interest) and in the event of any such
transfer all of the covenants, agreements, conditions and provisions of this
Lease shall be binding upon the transferee, but only with respect to the
period from the effective date of such transfer to the effective date of any
subsequent such transfer, and such transferee, by accepting such interest,
shall be deemed to have assumed such obligations. If at any time after the
commencement of the term of this Lease an entity in the form of an
individual, trust, joint venture, copartnership, tenancy in common,
unincorporated association or a group of such entities constitutes the
Lessor (or is a part thereof), then (i) the Lessee shall look solely to such
entity's estate and property in the Land, Building and Plant (or the
proceeds thereof) for the satisfaction of the Lessee's remedies for the
collection of a judgment (or other judicial process) arising out of or
related to this Lease, and (ii) no other property or assets of such entity
shall be subject to levy, execution or other enforcement procedure for the
satisfaction of Lessee's remedies.

                  (d)      All amounts owed to Lessor hereunder, for which the
date of payment is not expressly fixed herein, shall be deemed payable as
additional rental and shall be paid within ten days from the date Lessor
renders statements of account therefor and shall bear interest at the rate
of six per cent (6%) per annum thereafter until paid.

                  (e)      Upon request of Lessor from time to time, Lessee
shall issue a certificate to Lessor for transmittal to its auditors,
mortgagees, or prospective mortgagees or purchasers indicating that Lessors
are in compliance with this Lease, or if not, specifying the particulars in
which Lessee claims that Lessor is not in compliance.

                  (f)      In any instance in which this Lease requires the
consent or approval of a party hereto or of persons employed by a party
hereto, such consent or approval will not be withheld arbitrarily or
capriciously.

                  (g)      Paragraph headings are inserted for convenience
of reference only and do not control or limit the text of any paragraph or
provision.

                                     22

<PAGE>
<PAGE>

27.      SPECIAL PROVISIONS
         ------------------

                  The entire Building shall be known and designated as "The
Laclede Gas Building" throughout the initial and any extended term of this
Lease. Lessee shall have the exclusive right to place appropriate signs on
the Building designating the name of the Building, including but not limited
to a large illuminated sign on the roof, such signs to be paid for and
maintained by Lessee. Any repairs to the roof made necessary due to the
Lessee's signs, shall be repaired at Lessee's cost.

                  It is understood and agreed that Lessee has executed this
Lease in reliance upon the express representations of the parties to the
aforesaid Joint Venture Agreement (including Arlen Operating Company, a
general partnership), individually and through the Lessor named herein, that
the Building and the Plant will be constructed at the times and in the
manner herein provided. In the event of a breach (actual or anticipatory) of
the agreements herein contained to construct the Building and the Plant,
Lessee shall have the absolute right, subject only to the provisions of
subparagraph (b) of Paragraph 8 hereof, in addition to any other right or
remedy available to it, to declare this Lease null and void from and after
the date of such declaration. Such right may be exercised by Lessee at any
time within sixty (60) days after acquiring knowledge of all the facts
necessary to a determination of the existence of such breach.

                  Commencing with the first occupancy by Lessee of the
leased premises and continuing thereafter throughout the initial and any
extended term of this Lease, Lessee shall be entitled to the exclusive use
of a minimum of 50 parking spaces in the Building, the rental therefor to be
an extra charge to Lessee at Lessor's rates for such parking spaces in
effect from time to time.

                  IN WITNESS WHEREOF, the parties have executed this Lease
the day and year first above mentioned.

                                Lessor:

                                FIRST NATIONAL BANK IN ST. LOUIS,
                                Not Individually but as Trustee as aforesaid,
ATTEST:
                                By /s/ William H. Harrison
                                   -----------------------------------------
                                       Senior Vice President

/s/ L. A. Ruebling
---------------------------
     Cashier

(CORPORATE SEAL)

                                     23

<PAGE>
<PAGE>

                                            Lessee:

                                            LACLEDE GAS COMPANY

                                            By  /s/ H. Reid Derrick
                                               -------------------------------

                                            (Title)  President
                                                     -------------------------

ATTEST:

/s/ D. L. Gardner
---------------------------
    Secretary

(CORPORATE SEAL)

         In consideration of Laclede Gas Company executing the foregoing
Lease, the undersigned, being all the persons and entities (other than First
National Bank in St. Louis, Trustee, as Lessor) who now have or claim, and
who will have or claim, an interest in the West half of City Block 182 at
the time of recording of the Memorandum of Lease required by Paragraph 7 of
the foregoing Lease, do hereby, for themselves, their successors, assigns,
and all persons claiming by, through or under them, consent to and join in
said Lease for the purpose of establishing the priority of the covenants
contained in Paragraph 5 of said Lease, all as required by subparagraph (a)
of Paragraph 26 of said Lease.

                                            /s/ Myron Moss
                                    ------------------------------------------
                                            MYRON MOSS

                                    ARLEN OPERATING COMPANY, a Partnership

                                    By: /s/ Arthur G. Cohen
                                        --------------------------------------
                                            Arthur G. Cohen, Partner

                                           /s/ Arthur N. Levien
                                           -----------------------------------
                                               Arthur N. Levien, Partner

                                     24

<PAGE>
<PAGE>

                                    /s/ Henry G. Willers
                                    -----------------------------------------
                                    HENRY G. WILLERS, as Trustee under
                                    Deeds of Trust recorded, respectively,
                                    January 29, 1965 as Daily No. 169,
                                    January 15, 1965 as Daily No. 116,
                                    and May 5, 1965 as Daily No. 96, in
                                    the Recorder's Office, City of St. Louis

ATTEST:                             FIRST NATIONAL BANK IN ST. LOUIS, as
                                    owner and holder of the promissory notes
                                    secured by the Deeds of Trust of which
                                    Henry G. Willers is Trustee as described
                                    above

/s/ L. A. Ruebling
-----------------------
     Cashier                        By /s/ William H. Harrison
                                       --------------------------------------
                                           Senior Vice President
(CORPORATE SEAL)

                                     25

<PAGE>
<PAGE>

         In consideration of Laclede Gas Company executing the foregoing
Lease, the undersigned hereby agree that their interests in said land and in
the Building and Plant shall be bound as provided in Paragraph 26(c) of said
Lease and further agree to be bound by each and every provision of the
foregoing Lease as and to the extent that they are personally bound as
therein provided.

                                                     /s/ Myron Moss
                                            ----------------------------------
                                                     MYRON MOSS

                                            ARLEN OPERATING COMPANY, a
                                              Partnership

                                            By: /s/ Arthur G. Cohen
                                                ------------------------------
                                                    Arthur G. Cohen, Partner

                                                /s/ Arthur N. Levien
                                                -----------------------------
                                                    Arthur N. Levien, Partner

                                     26

<PAGE>
<PAGE>

                               ADDENDUM NO. 1

                                     to

                         LEASE dated June 16, 1967,
                     between First National Bank in
                     St. Louis, Trustee, as Lessor, and
                       Laclede Gas Company, as Lessee
                       ------------------------------

         THIS ADDENDUM, entered into this 4th day of December, 1967,

WITNESSETH THAT:

         WHEREAS, under date of June 16, 1967, Laclede Gas Company, Arlen
Operating Company, Myron Moss, and First National Bank in St. Louis entered
into an Agreement relating to financing of the total energy plant ("Plant")
to be installed in the proposed Laclede Gas Building ("Building") at 8th and
Olive Streets, St. Louis, Missouri; and

         WHEREAS, Laclede Gas Company ("Laclede") has this day entered into
an agreement with John Hancock Mutual Life Insurance Company ("Hancock")
which provides, among other things, for amendment of the aforesaid Lease to
provide for Laclede offsetting certain sums against rent under certain
conditions; and

         WHEREAS, all parties and signatories hereto have knowledge of the
terms and conditions of such offsets and are desirous of causing the
aforesaid provision of said Laclede-Hancock agreement to become effective;

         NOW, THEREFORE, in consideration of the premises, it is mutually
agreed by the parties and signatories to said Lease and this Addendum that
said Lease is hereby amended by incorporating herein by this reference the
provisions of said Laclede-

                                     27

<PAGE>
<PAGE>

Hancock agreement relating to the right of Laclede to offset against rents
the sums therein described at the times therein described.

         IN WITNESS WHEREOF, the parties and signatories to said Lease have
executed this Addendum the day and year first above written.

                                  Lessor:

                                  FIRST NATIONAL BANK IN ST. LOUIS,
                                  Not individually but as Trustee as aforesaid,
ATTEST:

/s/ L. H. Meyer                   By /s/ William H. Harrison
---------------------------          -----------------------------------------
    Cashier                              Senior Vice-President

(CORPORATE SEAL)

                                  Lessee:

ATTEST:                           LACLEDE GAS COMPANY

/s/ C. M. Rainey                  By /s/ H. Reid Derrick
---------------------------          -----------------------------------------
 Asst. Secretary                            President

(CORPORATE SEAL)

         In consideration of Laclede Gas Company executing the Addendum No.
1 to Lease, the undersigned, being all the persons and entities (other than
First National Bank in St. Louis, Trustee, as Lessor) who now have or claim,
and who will have or claim, an interest in the West half of City Block 182
as of the date hereof, do hereby, for themselves, their successors, assigns,
and all persons claiming by, through or under them, consent to and join in
this Addendum to said Lease for the purpose of confirming the

                                     28

<PAGE>
<PAGE>

priority of the covenants contained in Paragraph 5 of said Lease, all as
required by subparagraph (a) of Paragraph 26 of said Lease.

                                            /s/ Myron Moss
                                    ------------------------------------------
                                            MYRON MOSS

                                    ARLEN OPERATING COMPANY, a Partnership

                                    By: /s/ Arthur G. Cohen
                                        --------------------------------------
                                            Arthur G. Cohen, Partner

                                        /s/ Arthur N. Levien
                                        --------------------------------------
                                            Arthur N. Levien, Partner

                                        /s/ Henry G. Willers
                                        --------------------------------------
                                        HENRY G. WILLERS, as Trustee under
                                        Deeds of Trust recorded, respectively,
                                        January 29, 1965 as Daily No. 169,
                                        January 15, 1965 as Daily No. 116,
                                        and May 5, 1965 as Daily No. 96, in
                                        the Recorder's Office, City of
                                        St. Louis

ATTEST:                                 FIRST NATIONAL BANK IN ST. LOUIS, as
                                        owner and holder of the promissory
                                        notes secured by the Deeds of Trust
                                        of which Henry G. Willers is Trustee
                                        as described above

/s/ L. H. Meyer
---------------------------
          Cashier                       By /s/ William H. Harrison
                                           -----------------------------------
                                               Senior Vice President

(CORPORATE SEAL)

         In consideration of Laclede Gas Company executing the Addendum No.
1 to Lease, the undersigned hereby agree that their interests in said land
and in the Building and Plant shall be bound as provided in Paragraph 26(c)
of said Lease and further agree

                                     29

<PAGE>
<PAGE>

to be bound by each and every provision of the foregoing Lease as amended by
this Addendum as and to the extent that they are personally bound as therein
provided.

                                            /s/ Myron Moss
                                    ------------------------------------------
                                            MYRON MOSS

                                    ARLEN OPERATING COMPANY, a Partnership

                                    By: /s/ Arthur G. Cohen
                                        --------------------------------------
                                            Arthur G. Cohen, Partner

                                        /s/ Arthur N. Levien
                                        --------------------------------------
                                            Arthur N. Levien, Partner

                                     30

<PAGE>
<PAGE>

                              ADDENDUM NUMBER 2
                                     to
                          LEASE dated June 16, 1967
                         between First National Bank
                      in St. Louis, Trustee, as Lessor,
                     and Laclede Gas Company, as Lessee
                     ----------------------------------

         THIS ADDENDUM, entered into as of the 1st day of March, 1968,
WITNESSETH THAT:

         WHEREAS, under date of December 4, 1967, the parties and
signatories to the aforesaid Lease executed and delivered Addendum No. 1
providing for Laclede Gas Company, Lessee, offsetting certain sums against
rent under certain conditions; and

         WHEREAS, the Lessor and the Lessee have now agreed upon additional
changes in and additions to said Lease which the parties and signatories
wish to make effective;

         NOW THEREFORE, in consideration of the premises, it is mutually
agreed by the parties and signatories to said Lease and Addendum No. 1
thereto and this Addendum No. 2 as follows:

         1.       Paragraph 1 (LEASING AGREEMENT) of said Lease is hereby
deleted and in lieu thereof there is inserted a new Paragraph 1 as follows:

         "1.  LEASING AGREEMENT
              -----------------
                  Lessor hereby leases to Lessee and Lessee hires from
         Lessor the premises hereinafter described, in the building to be
         erected by Lessor at the southeast corner of Eighth and Olive
         Streets, St. Louis, Missouri, hereinafter referred to as the
         "Building", for an initial term of thirty (30) years commencing on
         the date to be determined in accordance with paragraph 20 hereof,
         unless sooner terminated or extended as provided herein, to be
         occupied and used by Lessee solely for executive and general
         administrative, office, sales, demonstration, display and other
         purposes pertaining to the operation of the business of Lessee and
         its subsidiary or affiliated companies.

                  The premises hereby leased to Lessee consist of a part of
         the ground floor and all of the eighth, ninth, eleventh, twelfth,
         thirteenth, fourteenth and fifteenth floors of the Building as
         shown on the floor plans annexed hereto as Exhibit A. The aggregate
         net rentable area of the storage space so leased and shown on said
         floor plans is 5,072 square feet, and the aggregate net rentable
         area of the remaining space so leased and shown on said floor plans
         is 102,906 square feet all as detailed on Sheet 6 of Exhibit A. All
         of the aforesaid premises constitute and are hereinafter called the
         "leased premises",

                                     31

<PAGE>
<PAGE>

         except that the storage space is sometimes referred to as such and
         the remaining space is sometimes referred to as the "non-storage
         space" or "non-storage area". Lessee shall not cause an unsightly
         appearance from the exterior windows of any storage space."

         2.       Paragraph 3 (BASE RENT) of said Lease is hereby deleted
and in lieu thereof there is inserted a new Paragraph 3 as follows:

         "3.  BASE RENT
              ---------
                  Lessee shall pay to Lessor, at Lessor's office, or to such
         other person or such other place as directed from time to time by
         written notice to the Lessee from Lessor:
                  (a) base rent at the annual rates of $17,905.25 for the
                  storage space and $581,418.90 for the non-storage space,
                  as increased or decreased pursuant to the provisions of
                  Paragraph 4 hereof.
                  (b) such additional sums as may become due from and
                  payable by Lessee to Lessor under the terms of this Lease.
         Subject to the provisions of Paragraph 4 hereof, the annual rent
         provided for in (a) above shall be payable in twelve (12) equal
         monthly installments, each installment being due and payable in
         advance the first day of the calendar month. If the term of this
         Lease shall commence on a date other than January 1, the initial
         equal monthly installments shall be computed from the portion of
         the annual rental applicable in the first partial calendar year. In
         those calendar years of the Lease after annual base rent has been
         adjusted under the escalation clause contained in Paragraph 4
         hereof, the equal monthly installments for any calendar year shall
         be based upon the adjusted annual rental for the second preceding
         calendar year.

                  Lessee shall pay the annual rent and any additional sums
         due from Lessee hereunder promptly as and when the same shall
         become due and payable. The equal monthly installments of rent
         described above shall be paid without demand therefor.

                  Any of the foregoing to the contrary notwithstanding,
         Lessee shall be entitled to offset, against the aforesaid monthly
         installments of rent, the monthly installments of rent payable by
         Lessor to Lessee under any sublease of the leased premises by
         Lessee to Lessor.

                  It is understood that the base rent set out in (a) above
         have been determined as follows: 102,906 square feet of net
         rentable area of non-storage space at $5.65 per square foot per
         annum; 3,935 square feet of net rentable area of storage space at
         $3.25 per square foot per annum; and 1,137 square feet of the net
         rentable area of the storage space on the eighth floor at $4.50 per
         square foot per annum.

                                     32

<PAGE>
<PAGE>

         3.       Subparagraph (h) of Paragraph 4 (RENT ESCALATION) of said
Lease is hereby deleted and in lieu thereof there is inserted a new
subparagraph (h) as follows:

                  "(h) The annual rental for the storage space (exclusive of
         1,137 square feet of storage space on the eighth floor) shall be
         subject to escalation only in the following manner:

         Difference between adjusted annual            Amount per square foot
         rent and base annual rent of the non-         to be added to or sub-
         storage area of the leased premises   X 325 = tracted from base annual
                     for any year                ---   rental of such storage
         --------------------------------------  565   space for such year
         The non-storage area of the leased
         premises for such year, in square feet

         In determining escalation of rental for 1,137 square feet of
         storage space on the eighth floor, 450 shall be substituted for 325
         in the foregoing formula."         ---                          ---
                                            565                          565

         4.       Paragraph 19 (FINISHING PREMISES) of said Lease is hereby
deleted and in lieu thereof there is inserted a new Paragraph 19 as follows:

                  "19.  FINISHING PREMISES.
                        ------------------

                  On or before February 29, 1968, Lessee shall furnish to
         Lessor the location of all areas of the leased premises which
         Lessee elects to take in an unfinished condition. Lessor shall
         furnish building standard finishing (in accordance with Exhibit C)
         in all other areas of the leased premises, except the storage area
         and except omissions and substitutions specified in Lessee's
         detailed plans and specifications.

                  Lessor shall pay to Lessee (a) the sum of $4.50 per square
         foot of floor area of the leased premises (exclusive of storage
         space) which Lessee shall elect to take in an unfinished condition,
         (b) the sum of $175,000, (c) $1.75 per square foot of rentable area
         in the Telephone Contact Department (5,400 square feet), and (d)
         the amount of the credit determined in accordance with Paragraph 2
         of Division IV of Exhibit C if non-standard items are furnished and
         installed by others than Lessor.

                  If the non-standard items are furnished and installed by
         Lessor, the payments described in the preceding paragraph shall be
         credited by lessor against sums becoming due and payable by Lessee
         to Lessor for such non-standard work. If in such event the total of
         the payments described in the preceding paragraph shall exceed the
         payments to be made by Lessee to

                                     33

<PAGE>
<PAGE>

         Lessor for non-standard work, the difference shall be paid by Lessor
         to Lessee in cash on the date when Lessor completes such non-standard
         work.

                  If the non-standard items are furnished and installed by
         others than Lessor, the total of the payments described in the
         second preceding paragraph shall be paid by Lessor to Lessee in
         cash within ten (10) days after Lessee's acceptance of a bid by
         others for furnishing and installing such non-standard items.

                  Lessee shall not have the right to terminate this Lease by
         reason of Lessor's failure to make a cash payment provided for in
         this Paragraph 19, but in such event Lessee shall have the right to
         deduct the amount of such payments not paid, together with interest
         thereon at the rate of 8% per annum, from the rents for the leased
         premises.

                  If Lessee's finishing work shall be done by contract with
         Lessor, then the leased premises shall not be deemed to be
         substantially and reasonably ready for occupancy by Lessee for the
         purposes of Paragraph 20 hereof until such work is completed and
         the notice required by said Paragraph 20 has been given. If Lessee
         shall cause all or a portion of its finishing work to be done by
         other than Lessor, the fact that such work is not completed at the
         time the leased premises are otherwise substantially and reasonably
         ready for occupancy by Lessee shall not defer the commencement of
         rental for the area not completed unless completion by Lessee has
         been prevented by force majeure or strikes, in which event rental
         of such uncompleted area shall be deferred for a period of time
         equivalent to the delay caused by such force majeure or strikes."

         5.       Exhibits A and A-1 of said Lease are hereby deleted and in
lieu thereof there is inserted a new Exhibit A consisting of the following
six sheets which are numbered as Pages 5 through 10 of this Addendum No. 2:

         6.       Exhibit C of said Lease is hereby deleted and in lieu
thereof there is inserted a new Exhibit C consisting of the following
thirteen sheets which are numbered as Pages 12 through 24 of this Addendum
No. 2.

         7.       Said Lease shall continue in full force and effect as
amended by the aforesaid Addendum No. 1 and by this Addendum No. 2.

         IN WITNESS WHEREOF, the parties and signatories to said Lease have
executed this Addendum the day and year first above written.

                                     34

<PAGE>
<PAGE>

                                        Lessor:

ATTEST:                                 FIRST NATIONAL BANK IN ST. LOUIS
                                        Not Individually but as Trustee as
                                        aforesaid,

                                        By
------------------------------------      ----------------------------------
  Asst. Cashier                                 Senior Vice President

(CORPORATE SEAL)

                                        Lessee

ATTEST:                                 LACLEDE GAS COMPANY

                                        By
------------------------------------      ----------------------------------
            Secretary                                President

(CORPORATE SEAL)

         In consideration of Laclede Gas Company executing the Addendum No.
2 to Lease, the undersigned, being all the persons and entities (other than
First National Bank in St. Louis, Trustee, as Lessor) who now have or claim,
and who will have or claim, an interest in the West half of City Block 182
as of the date hereof, do hereby, for themselves, their successors, assigns,
and all persons claiming by, through or under them, consent to and join in
this Addendum to said Lease for the purpose of confirming the priority of
the covenants contained in Paragraph 5 of said Lease, all as required by
subparagraph (a) of Paragraph 26 of said Lease.

                                     35

<PAGE>
<PAGE>

                                        ------------------------------------
                                        MYRON MOSS

                                        ARLEN OPERATING COMPANY, a
                                        Partnership

                                        By
                                          ----------------------------------
                                               Arthur G. Cohen, Partner

                                          ----------------------------------
                                               Arthur N. Levien, Partner

                                        ------------------------------------
                                        HENRY G. WILLERS, as Trustee
                                        under Deeds of Trust recorded,
                                        respectively, January 29, 1965
                                        as Daily No. 169, January 15, 1965
                                        as Daily No. 116, and May 5, 1965
                                        as Daily No. 96 in the Recorder's
                                        Office, City of St. Louis

                                        FIRST NATIONAL BANK IN ST. LOUIS
                                        as owner and holder of the promissory
                                        notes secured by the Deeds of Trust
                                        of which Henry G. Willers is Trustee
                                        as described above
ATTEST:

                                        By
------------------------------------      ------------------------------------
         Asst. Cashier                             Senior Vice-President

         In consideration of Laclede Gas Company executing the Addendum No.
2 to Lease, the undersigned hereby agree that their interests in said land
and in the Building and Plant shall be bound as provided in Paragraph 26(c)
of said Lease and further agree to be bound by each and every provision of
the foregoing Lease as amended by this Addendum as and to the extent that
they are personally bound as therein provided.

                                     36

<PAGE>
<PAGE>

                                        MYRON MOSS
                                        ARLEN OPERATING COMPANY, a
                                        Partnership

                                        By
                                          ------------------------------------
                                                Arthur G. Cohen, Partner

                                          ------------------------------------
                                               Arthur N. Levien, Partner

                                     37

<PAGE>
<PAGE>

                             LACLEDE GAS COMPANY
                              720 Olive Street
                          St. Louis, Missouri 63101
                               (314) 342-0783

   Douglas H. Yaeger
       President
         and
Chief Operating Officer

                                              February 1, 1999

CERTIFIED MAIL
RETURN RECEIPT REQUESTED
AND
PERSONAL DELIVERY

Nooney, Inc.
500 North Broadway, Suite 1200
St. Louis, Missouri  63102

         Re: Lease - The Laclede Gas Building dated June 16,
             1967, as amended and supplemented (the "Lease"),
             between John Hancock Mutual Life Insurance
             Company, as successor lessor, and Laclede Gas
             Company, as lessee

Dear Sirs:

         In accordance with the terms and provisions of Section 2 of the
Lease, Laclede Gas Company hereby exercises its option to renew the Lease
for a further term of five (5) years commencing at the expiration of the
initial term, which initial term expires on February 29, 2000.

                                             Sincerely,

                                             /s/ Douglas H. Yaeger
                                             Douglas H. Yaeger

cc: David Peverly
    G. T. McNeive, Jr.
    Kenneth J. Neises
    Peter J. Palumbo, Jr.
    Ellen L. Theroff

                                     38Exhibit 4.1

SECURITIES PURCHASE AGREEMENT

This Securities

Purchase Agreement (this “Agreement”) is dated as of December 2, 2002,

among SureBeam Corporation, a Delaware corporation (the “Company”), and

the purchasers identified on the signature pages hereto (each a “Purchaser”

and collectively the “Purchasers”).

WHEREAS, subject

to the terms and conditions set forth in this Agreement and pursuant to Section

4(2) of the Securities Act of 1933 (the “Securities Act”), and Rule 506

promulgated thereunder, the Company desires to issue and sell to the

Purchasers, and the Purchasers, severally and not jointly, desire to purchase

from the Company, shares of the Company’s Class A common stock, $.001 par

value, and certain Warrants (as defined below) for an aggregate purchase price

of up to $30,000,000 but not less than $20,000,000, as more fully described in

this Agreement.

NOW, THEREFORE, IN

CONSIDERATION of the mutual covenants contained in this Agreement, and for

other good and valuable consideration the receipt and adequacy of which are

hereby acknowledged, the Company and the Purchasers agree as follows:

ARTICLE I.

DEFINITIONS

1.1           Definitions.  In addition to the terms defined elsewhere

in this Agreement, the following terms have the meanings indicated:

“Affiliate” means

any Person that, directly or indirectly through one or more intermediaries,

controls or is controlled by or is under common control with a Person, as such

terms are used in and construed under Rule 144 under the Securities Act.  With respect to a Purchaser, any investment

fund or managed account that is managed on a discretionary basis by the same

investment manager as such Purchaser will be deemed to be an Affiliate of such

Purchaser.

“Business Day”

means any day except Saturday, Sunday and any day which shall be a federal

legal holiday or a day on which banking institutions in the State of New York

are authorized or required by law or other governmental action to close.

“Closing” means

the closing of the purchase and sale of the Securities pursuant to Section 2.1

“Closing Date”

means the date of the Closing.

“Commission” means

the Securities and Exchange Commission.

“Common Stock”

means the Class A common stock of the Company, $.001 par value, and any

securities into which such common stock may hereafter be converted.

 

“Common Stock Equivalents” means

any securities of the Company or the Subsidiaries which would entitle the

holder thereof to acquire shares of Common Stock, including, without

limitation, any debt, preferred stock or other instrument that is at any time

convertible into or exchangeable for, or otherwise entitles the holder thereof

to receive, shares of Common Stock.

“Company Counsel”

means Luce, Forward, Hamilton & Scripps LLP, counsel to the Company.

“Effective Date”

means the date that the Registration Statement is first declared effective by

the Commission.

“Eligible Market”

means any of the New York Stock Exchange, the American Stock Exchange, the

Nasdaq National Market or the Nasdaq SmallCap Market.

“Exchange Act”

means the Securities Exchange Act of 1934, as amended.

“knowledge”  references to the Company’s “knowledge” when

used herein, shall mean the actual and/or constructive knowledge of Messrs.

Lawrence A. Okberfell, President and Chief Executive Officer and David A. Rane,

Senior Vice President and Chief Financial Officer as well as any other

executive officer of the Company.

“Nasdaq” means the

Nasdaq National Market.

“Per Unit Purchase

Price” shall be $4.75.

“Person” means an

individual or corporation, partnership, trust, incorporated or unincorporated

association, joint venture, limited liability company, joint stock company,

government (or an agency or subdivision thereof) or other entity of any kind.

“Proceeding” means

an action, claim, suit, investigation or proceeding (including, without

limitation, an investigation or partial proceeding, such as a deposition),

whether commenced or threatened.

“Registration

Statement” means a registration statement meeting the requirements set

forth in the Registration Rights Agreement and covering the resale by the

Purchasers of the Shares and the Warrant Shares.

“Registration Rights

Agreement” means the Registration Rights Agreement, dated as of the date of

this Agreement, among the Company and the Purchasers, in the form of Exhibit

B hereto.

“Rule 144,” means

Rule 144 promulgated by the Commission pursuant to the Securities Act, as such

Rules may be amended from time to time, or any similar rule or 

 

2

 

regulation

hereafter adopted by the Commission having substantially the same effect as

such Rule.

“Securities” means

the Shares, the Warrants and Warrant Shares.

“Securities Act”

means the Securities Act of 1933, as amended.

“Shares” means the

shares of Common Stock issued to the Purchasers pursuant to this Agreement.

“Strategic Transaction”

means a transaction or relationship in which the Company issues shares of

Common Stock to a Person which is, itself or through its Subsidiaries, an

operating company in a business synergistic with the business of the Company

and in which the Company receives benefits in addition to the investment of

funds, but shall not include a transaction in which the Company is issuing

securities primarily for the purpose of raising capital or to an entity whose

primary business is investing in securities.

“Subsidiary” means

any subsidiary of the Company that is listed in the SEC Reports.

“Trading Day”

means: (a) a day on which the shares of Common Stock are traded on an

Eligible Market, or (b) if the shares of Common Stock are not listed on an

Eligible Market, a day on which the shares of Common Stock are traded in the

over–the–counter market, as reported by the OTC Bulletin Board, or

(c) if the shares of Common Stock are not quoted on the OTC Bulletin

Board, a day on which the shares of Common Stock are quoted in the over–the–counter

market as reported by the National Quotation Bureau Incorporated (or any

similar organization or agency succeeding its functions of reporting prices); provided,

that in the event that the shares of Common Stock are not listed or quoted as

set forth in (a), (b) and (c) hereof, then Trading Day shall mean a business

day.

“Transaction Documents”

means this Agreement, the Registration Rights Agreement, the Transfer Agent

Instructions, the Warrants and any other documents or agreements executed in

connection with the transactions contemplated hereunder.

“Transfer Agent

Instructions” means the Company’s 

Transfer Agent Instructions in the form of Exhibit C.

“Warrant” means a

Common Stock purchase warrant, in the form of Exhibit A.

“Warrant Shares”

means the shares of Common Stock issuable upon exercise of the Warrants.

 

3

 

ARTICLE II.

PURCHASE AND SALE

2.1           Closing.  Subject to the terms and conditions set

forth in this Agreement, at the Closing the Company shall issue and sell to the

Purchasers, and the Purchasers shall, severally and not jointly, purchase from

the Company, the Shares and the Warrants, for the aggregate purchase price set

forth below such Purchaser’s address on the signature pages to this

Agreement.  The Closing shall take place

at the offices of the Company on the date hereof or at such other location or

time as the parties may agree, provided, that the Closing shall not take

place and this Agreement shall be null and void ab initio unless at least

$20,000,000 in immediately available funds has been deposited by some or all of

the Purchasers in an escrow account created pursuant to that certain escrow

agreement between the Company, Roth Capital Partners, LLC and Pacific

Mercantile Bank, prior to 5:00 p.m. eastern standard time on December 3, 2002.

2.2           Closing

Deliveries.  (a)  At the

Closing, the Company shall deliver or cause to be delivered to each Purchaser

the following:

(i)            a certificate evidencing a number of

Shares equal to the subscription amount indicated below such Purchaser’s name

on the signature page of this Agreement divided by the Per Unit Purchase Price,

registered in the name of such Purchaser;

(ii)           a Warrant, registered in the name of

such Purchaser, pursuant to which such Purchaser shall have the right to

acquire the number of shares of Common Stock equal to 25% of the Shares to be

issued to such Purchaser at the Closing;

(iii)          a legal opinion of Company Counsel, in

agreed form, addressed to the Purchasers;

(iv)          a Registration Rights Agreement duly

executed by the Company; and

(v)           the Transfer Agent Instructions

executed by the Company and delivered to and acknowledged by the Company’s

transfer agent.

(b)           At the Closing, each Purchaser shall

deliver or cause to be delivered to the Company the following:

(i)            the subscription amount indicated

below such Purchaser’s name on the signature page of this Agreement, in United

States dollars and in immediately available funds, by wire transfer to an

account designated in writing by the Company for such purpose; and

(ii)           a Registration Rights Agreement duly

executed by such Purchaser.

 

4

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1           Representations

and Warranties of the Company.  The

Company hereby makes the following representations and warranties to the

Purchasers:

(a)           Subsidiaries.  The Company has no direct or indirect

subsidiaries other than those listed in the SEC Reports.  Except as disclosed in the SEC Reports, the

Company owns, directly or indirectly, all of the capital stock of each

Subsidiary free and clear of any lien, charge, security interest, encumbrance,

right of first refusal or other restriction (collectively, “Liens”), and

all the issued and outstanding shares of capital stock of each Subsidiary are

validly issued and are fully paid, non-assessable and free of preemptive and

similar rights.  If the Company has no

subsidiaries, then references in the Transaction Documents to the Subsidiaries

will be disregarded.

(b)           Organization and Qualification.  Each of the Company and the Subsidiaries is

an entity duly incorporated or otherwise organized, validly existing and in

good standing under the laws of the jurisdiction of its incorporation or

organization (as applicable), with the requisite power and authority to own and

use its properties and assets and to carry on its business as currently

conducted.  Neither the Company nor any

Subsidiary is in violation of any of the provisions of its respective

certificate or articles of incorporation, bylaws or other organizational or

charter documents.  Each of the Company

and the Subsidiaries is duly qualified to conduct business and is in good

standing as a foreign corporation or other entity in each jurisdiction in which

the nature of the business conducted or property owned by it makes such

qualification necessary, except where the failure to be so qualified or in good

standing, as the case may be, would not, individually or in the aggregate, have

or reasonably be expected to result in: (i) a material adverse effect on the

legality, validity or enforceability of any Transaction Document, (ii) a

material adverse effect on the results of operations, assets, prospects,

business or financial condition of the Company and the Subsidiaries, taken as a

whole, or (iii) a material adverse impairment to the Company’s ability to

perform fully on a timely basis its obligations under any Transaction Document

(any of (i), (ii) or (iii), a “Material Adverse Effect”).

(c)           Authorization; Enforcement.  The Company has the requisite corporate

power and corporate authority to enter into and to consummate the transactions

contemplated by each of the Transaction Documents and otherwise to carry out

its obligations thereunder.  The

execution and delivery of each of the Transaction Documents by the Company and

the consummation by it of the transactions contemplated thereby have been duly

authorized by all necessary action on the part of the Company and no further

action is required by the Company.  Each

Transaction Document has been (or upon delivery will have been) duly executed

by the Company and, when delivered in accordance with the terms hereof, will

constitute the valid and binding obligation of the Company enforceable against

the Company in accordance with its terms. 

Neither the Company nor any Subsidiary is in violation of any of the

provisions of its respective certificate or articles of incorporation, by–laws

or other organizational or charter documents.

 

5

 

(d)           No Conflicts.  Except as set forth in Schedule 3.1(d),

the execution, delivery and performance of the Transaction Documents by the

Company and the consummation by the Company of the transactions contemplated

thereby do not and will not (i) conflict with or violate any provision of the

Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws

or other organizational or charter documents, or (ii) conflict with, or

constitute a default (or an event that with notice or lapse of time or both

would become a default) under, or give to others any rights of termination,

amendment, acceleration or cancellation (with or without notice, lapse of time

or both) of, any agreement, credit facility, debt or other instrument

(evidencing a Company or Subsidiary debt or otherwise) or other understanding

to which the Company or any Subsidiary is a party or by which any property or

asset of the Company or any Subsidiary is bound or affected, or (iii) result in

a violation of any law, rule, regulation, order, judgment, injunction, decree

or other restriction of any court or governmental authority to which the

Company or a Subsidiary is subject (including federal and state securities laws

and regulations), or by which any property or asset of the Company or a

Subsidiary is bound or affected; except as do not, individually or in the

aggregate, have or are reasonably be expected to result in a Material Adverse

Effect.

(e)           Filings, Consents and Approvals.  The Company is not required to obtain any

consent, waiver, authorization or order of, give any notice to, or make any

filing or registration with, any court or other federal, state, local or other

governmental authority or other Person in connection with the execution,

delivery and performance by the Company of the Transaction Documents, other

than the filing with the Commission of the Registration Statement, the

application(s) to the Nasdaq for the listing of the Shares and Warrant Shares

for trading thereon in the time and manner required thereby, and applicable

Blue Sky filings.

(f)            Issuance of the Securities.  The Securities are duly authorized and, when

issued and paid for in accordance with the Transaction Documents, will be duly

and validly issued, fully paid and nonassessable, free and clear of all

Liens.  The Company has reserved from

its duly authorized capital stock the maximum number of shares of Common Stock

issuable pursuant to this Agreement and the Warrants.

(g)           Capitalization.  The number of shares and type of all

authorized, issued and outstanding capital stock of the Company is set forth in

Schedule 3.1(g).  No securities

of the Company are entitled to preemptive or similar rights, and no Person has

any right of first refusal, preemptive right, right of participation, or any

similar right to participate in the transactions contemplated by the

Transaction Documents.  Except as a

result of the purchase and sale of the Securities and except as disclosed in Schedule

3.1(g), there are no outstanding options, warrants, scrip rights to

subscribe to, calls or commitments of any character whatsoever relating to, or

securities, rights or obligations convertible into or exchangeable for, or

giving any Person any right to subscribe for or acquire, any shares of Common

Stock, or contracts, commitments, understandings or arrangements by which the

Company or any Subsidiary is or may become bound to issue additional shares of

Common Stock, or securities or rights convertible or exchangeable into shares

of Common Stock.  The issue and sale of

the Securities will not, immediately or with the passage of time, obligate the

Company to issue shares of Common Stock

 

6

 

or other securities to any Person (other than the Purchasers)

and will not result in a right of any holder of Company securities to adjust

the exercise, conversion, exchange or reset price under such securities.

(h)           SEC Reports; Financial Statements.  The Company has filed all reports required

to be filed by it under the Securities Act and the Exchange Act, including

pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the

date hereof (or such shorter period as the Company was required by law to file

such material) (the foregoing materials being collectively referred to herein

as the “SEC Reports” and, together with the Schedules to this Agreement,

the “Disclosure Materials”) on a timely basis or has received a valid

extension of such time of filing and has filed any such SEC Reports prior to

the expiration of any such extension. 

The Company has delivered to the Purchasers a copy of all SEC Reports

filed within the 10 days preceding the date hereof.  As of their respective dates, the SEC Reports complied in all

material respects with the requirements of the Securities Act and the Exchange

Act and the rules and regulations of the Commission promulgated thereunder, and

none of the SEC Reports, when filed, contained any untrue statement of a

material fact or omitted to state a material fact required to be stated therein

or necessary in order to make the statements therein, in light of the

circumstances under which they were made, not misleading.  The financial statements of the Company

included in the SEC Reports comply in all material respects with applicable

accounting requirements and the rules and regulations of the Commission with

respect thereto as in effect at the time of filing.  Such financial statements have been prepared in accordance with

generally accepted accounting principles applied on a consistent basis during

the periods involved (“GAAP”), except as may be otherwise specified in

such financial statements or the notes thereto, and fairly present in all

material respects the financial position of the Company and its consolidated subsidiaries

as of and for the dates thereof and the results of operations and cash flows

for the periods then ended, subject, in the case of unaudited statements, to

normal, immaterial, year-end audit adjustments.

(i)            Material Changes.  Since the date of the latest audited

financial statements included within the SEC Reports, except as specifically

disclosed in the SEC Reports, (i) there has been no event, occurrence or

development that has had or that could result in a Material Adverse Effect,

(ii) the Company has not incurred any liabilities (contingent or otherwise)

other than (A) trade payables and accrued expenses incurred in the ordinary

course of business consistent with past practice and (B) liabilities not

required to be reflected in the Company’s financial statements pursuant to GAAP

or required to be disclosed in filings made with the Commission, (iii) the

Company has not altered its method of accounting or the identity of its

auditors, (iv) the Company has not declared or made any dividend or distribution

of cash or other property to its stockholders or purchased, redeemed or made

any agreements to purchase or redeem any shares of its capital stock, and (v)

the Company has not issued any equity securities to any officer, director or

Affiliate, except pursuant to existing Company stock option plans. The Company

does not have pending before the Commission any request for confidential

treatment of information.

 

7

 

(j)            Litigation.  There is no action, suit, inquiry, notice of

violation, proceeding or investigation pending or, to the knowledge of the

Company, threatened against or affecting the Company, any Subsidiary or any of

their respective properties before or by any court, arbitrator, governmental or

administrative agency or regulatory authority (federal, state, county, local or

foreign) (collectively, an “Action”) which (i) adversely affects or

challenges the legality, validity or enforceability of any of the Transaction

Documents or the Securities or (ii) would, if there were an unfavorable

decision, individually or in the aggregate, have or result in a Material

Adverse Effect.  Neither the Company nor

any Subsidiary, nor any director or officer thereof, is or has been the subject

of any Action involving a claim of violation of or liability under federal or

state securities laws or a claim of breach of fiduciary duty.  There has not been, and to the knowledge of

the Company, there is not pending or contemplated, any investigation by the

Commission involving the Company or any current or former director or officer

of the Company.  The Commission has not

issued any stop order or other order suspending the effectiveness of any

registration statement filed by the Company or any Subsidiary under the

Exchange Act or the Securities Act.

(k)           Labor Relations.  No material labor dispute exists or, to the

knowledge of the Company, is imminent with respect to any of the employees of

the Company.

(l)            Compliance.  Neither the Company nor any Subsidiary: (i)

is in default under or in violation of (and no event has occurred that has not

been waived that, with notice or lapse of time or both, would result in a

default by the Company or any Subsidiary under), nor has the Company or any

Subsidiary received notice of a claim that it is in default under or that it is

in violation of, any indenture, loan or credit agreement or any other agreement

or instrument to which it is a party or by which it or any of its properties is

bound (whether or not such default or violation has been waived), (ii) is in

violation of any order of any court, arbitrator or governmental body, or (iii)

is or has been in violation of any statute, rule or regulation of any

governmental authority, including without limitation all foreign, federal,

state and local laws relating to taxes, environmental protection, occupational

health and safety, product quality and safety and employment and labor matters,

except in each case as does not, individually or in the aggregate, have or

reasonably be expected to result in a Material Adverse Effect.

(m)          Regulatory Permits.  The Company and the Subsidiaries possess all

certificates, authorizations and permits issued by the appropriate federal,

state, local or foreign regulatory authorities necessary to conduct their respective

businesses as described in the SEC Reports, except where the failure to possess

such permits would not, individually or in the aggregate, have or result in a

Material Adverse Effect (“Material Permits”), and neither the Company

nor any Subsidiary has received any notice of proceedings relating to the

revocation or modification of any Material Permit.

(n)           Title to Assets.  Except as otherwise set forth in the SEC

Reports, the Company and the Subsidiaries have good and marketable title in fee

simple to all real property owned by them that is material to the business of

the Company and the Subsidiaries and good and marketable title in all personal

property owned by them that is material to the business of the

 

8

 

Company and the Subsidiaries, in each case free and

clear of all Liens, except for Liens created by the Titan Credit Facility (as

defined in Section 4.11) and as do not materially affect the value of such

property and do not materially interfere with the use made and proposed to be

made of such property by the Company and the Subsidiaries. Any real property

and facilities held under lease by the Company and the Subsidiaries are held by

them under valid, subsisting and enforceable leases of which the Company and

the Subsidiaries are in compliance.

(o)           Patents and Trademarks.  To the knowledge of the Company, the Company

and the Subsidiaries have, or have rights to use, all patents, patent

applications, trademarks, trademark applications, service marks, trade names,

copyrights, licenses and other similar rights that are necessary or material

for use in connection with their respective businesses as described in the SEC

Reports and which the failure to so have could have a Material Adverse Effect

(collectively, the “Intellectual Property Rights”).  Neither the Company nor any Subsidiary has

received a written notice that the Intellectual Property Rights used by the

Company or any Subsidiary violates or infringes upon the rights of any Person.

To the knowledge of the Company, all such Intellectual Property Rights are

enforceable and there is no existing infringement by another Person of any of

the Intellectual Property Rights.

(p)           Transactions With Affiliates and

Employees.  Except as set forth in

SEC Reports, none of the officers or directors of the Company and, to the

knowledge of the Company, none of the employees of the Company is presently a

party to any transaction with the Company or any Subsidiary (other than for

services as employees, officers and directors), including any contract,

agreement or other arrangement providing for the furnishing of services to or

by, providing for rental of real or personal property to or from, or otherwise

requiring payments to or from any officer, director or such employee or, to the

knowledge of the Company, any entity in which any officer, director, or any

such employee has a substantial interest or is an officer, director, trustee or

partner.

(q)           Certain Fees.  Except as described in Schedule 3.1(q),

no brokerage or finder’s fees or commissions are or will be payable by the

Company to any broker, financial advisor or consultant, finder, placement

agent, investment banker, bank or other Person with respect to the transactions

contemplated by this Agreement.  The

Purchasers shall have no obligation with respect to any fees or with respect to

any claims made by or on behalf of other Persons for fees of a type

contemplated in this Section that may be due in connection with the

transactions contemplated by this Agreement.  The Company shall indemnify and hold harmless the Purchasers,

their employees, officers, directors, agents, and partners, and their

respective Affiliates, from and against all claims, losses, damages, costs

(including the costs of preparation and attorney’s fees) and expenses suffered

in respect of any such claimed or existing fees, as such fees and expenses are

incurred.

(r)            Private Placement. Assuming

the accuracy of the Purchasers representations and warranties set forth in

Section 3.2(b)-(e), no registration under the Securities Act is required for

the offer and sale of the Securities by the Company to the Purchasers as

contemplated hereby.  The issuance and

sale of the Securities hereunder does not contravene the

 

9

 

rules and regulations of the Nasdaq and no shareholder

approval is required for the Company to fulfill its obligations under the

Transaction Documents.

(s)           Form S-3 Eligibility. The

Company is eligible to register the resale of its  Common Stock for resale by the Purchasers under Form S-3

promulgated under the Securities Act.

(t)            Listing and Maintenance

Requirements.  The Company has not,

in the two years preceding the date hereof, received notice (written or oral)

from any Eligible Market on which the Common Stock is or has been listed or

quoted to the effect that the Company is not in compliance with the listing or

maintenance requirements of such Eligible Market. The Company is, and has no

reason to believe that it will not in the foreseeable future continue to be, in

compliance with all such listing and maintenance requirements.

(u)           Investment Company.  The Company is not, and is not an Affiliate

of, an “investment company” within the meaning of the Investment Company Act of

1940, as amended.

(v)           Registration Rights.  Except for the Company’s registration

obligations pursuant to the Registration Rights Agreement, the Company has not

granted or agreed to grant to any Person any rights (including “piggy–back”

registration rights) to have any securities of the Company registered with the

Commission or any other governmental authority that have not been satisfied in

full.

(w)          Application of Takeover Protections.  The Company has taken all necessary action,

if any, in order to render inapplicable any control share acquisition, business

combination, poison pill (including any distribution under a rights agreement)

or other similar anti–takeover provision under the Company’s Certificate

of Incorporation (or similar charter documents) or the laws of its state of

incorporation that is or could become applicable to the Purchasers as a result

of the Purchasers and the Company fulfilling their obligations or exercising

their rights under the Transaction Documents, including without limitation the

Company’s issuance of the Securities and the Purchasers’ ownership of the

Securities.

(x)            Disclosure.  The Company confirms that neither it nor any

other Person acting on its behalf has provided any of the Purchasers or their

agents or counsel with any information that constitutes or might constitute

material, non-public information.  The

Company understands and confirms that the Purchasers will rely on the foregoing

representations in effecting transactions in securities of the Company.  All disclosure provided to the Purchasers

regarding the Company, its business and the transactions contemplated hereby,

including the Schedules to this Agreement, furnished by or on behalf of the

Company are true and correct and do not contain any untrue statement of a

material fact or omit to state any material fact necessary in order to make the

statements made therein, in light of the circumstances under which they were

made, not misleading.

 

10

 

3.2           Representations

and Warranties of the Purchasers. 

Each Purchaser hereby, for itself and for no other Purchaser, represents

and warrants to the Company as follows:

(a)           Organization; Authority.  Such Purchaser is an entity duly organized,

validly existing and in good standing under the laws of the jurisdiction of its

organization with the requisite corporate or partnership power and authority to

enter into and to consummate the transactions contemplated by the Transaction

Documents and otherwise to carry out its obligations thereunder. The execution,

delivery and performance by such Purchaser of the transactions contemplated by

this Agreement has been duly authorized by all necessary corporate action on

the part of such Purchaser.  Each of

this Agreement and the Registration Rights Agreement has been duly executed by

such Purchaser, and when delivered by such Purchaser in accordance with terms

hereof, will constitute the valid and legally binding obligation of such

Purchaser, enforceable against it in accordance with its terms.

(b)           Investment Intent.  Such Purchaser is acquiring the Securities

as principal for its own account for investment purposes only and not with a

view to or for distributing or reselling such Securities or any part thereof,

without prejudice, however, to such Purchaser’s right at all times to sell or

otherwise dispose of all or any part of such Securities in compliance with

applicable federal and state securities laws. 

Nothing contained herein shall be deemed a representation or warranty by

such Purchaser to hold Securities for any period of time.  Such Purchaser is acquiring the Securities

hereunder in the ordinary course of its business. Such Purchaser does not have

any agreement or understanding, directly or indirectly, with any Person to

distribute any of the Securities.

(c)           Purchaser Status.  At the time such Purchaser was offered the

Securities, it was, and at the date hereof it is, and on each date on which it

exercises the Warrants, it will be an “accredited investor” as defined in Rule

501(a) under the Securities Act.  Such

Purchaser is not a registered broker-dealer under Section 15 of the Exchange

Act.

(d)           Experience of such Purchaser.  Such Purchaser, either alone or together

with its representatives, has such knowledge, sophistication and experience in

business and financial matters so as to be capable of evaluating the merits and

risks of the prospective investment in the Securities, and has so evaluated the

merits and risks of such investment. 

Such Purchaser is able to bear the economic risk of an investment in the

Securities and, at the present time, is able to afford a complete loss of such

investment.

(e)           General Solicitation.  To the knowledge of such Purchaser, such

Purchaser is not purchasing the Securities as a result of any advertisement,

article, notice or other communication regarding the Securities published in

any newspaper, magazine or similar media or broadcast over television or radio

or presented at any seminar or any other general solicitation or general

advertisement.

(f)            Access to Information.  Such Purchaser acknowledges that it has

reviewed the Disclosure Materials and has been afforded (i) the opportunity to

ask such questions as it has

 

11

 

deemed necessary of, and to receive answers from, representatives

of the Company concerning the terms and conditions of the offering of the

Securities and the merits and risks of investing in the Securities; (ii) access

to information about the Company and the Subsidiaries and their respective

financial condition, results of operations, business, properties, management

and prospects sufficient to enable it to evaluate its investment; and (iii) the

opportunity to obtain such additional information that the Company possesses or

can acquire without unreasonable effort or expense that is necessary to make an

informed investment decision with respect to the investment.  Neither such inquiries nor any other

investigation conducted by or on behalf of such Purchaser or its representatives

or counsel shall modify, amend or affect such Purchaser’s right to rely on the

truth, accuracy and completeness of the Disclosure Materials and the Company’s

representations and warranties contained in the Transaction Documents.

(g)           No Violations.  During the past ten (10) years, no federal

or state securities regulatory authority nor any self-regulatory organization

has, to the knowledge of such Purchaser: (i) found that such Purchaser or any

of its Affiliates has committed a violation of investment-related rules,

regulations or statutes, (other than a violation designated as a “minor rule

violation” under a plan approved by the Commission), or (ii) entered an order

against such Purchaser or any of its Affiliates as a result of, or in

connection with, an investment-related activity.

The Company

acknowledges and agrees that each Purchaser does not make or has not made any

representations or warranties with respect to the transactions contemplated

hereby other than those specifically set forth in this Section 3.2.

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

4.1           Transfer

Restrictions. 

(a)  Securities may only be disposed of in compliance with

state and federal securities laws.  In

connection with any transfer of Securities other than pursuant to an effective

registration statement, to the Company , to an Affiliate of a Purchaser or in

connection with a pledge as contemplated in Section 4.1(b), the Company may

require the transferor thereof to provide to the Company an opinion of counsel

selected by the transferor, the form and substance of which opinion shall be

reasonably satisfactory to the Company, to the effect that such transfer does

not require registration of such transferred Securities under the Securities

Act.  As a condition of transfer, any

such transferee shall agree in writing to be bound by the terms of this

Agreement and shall have the rights of a Purchaser under this Agreement and the

Registration Rights Agreement.

(b)           The Purchasers agree to the

imprinting, so long as is required by this Section 4.1(b), of the

following legend on any the Securities:

[NEITHER] THESE

SECURITIES [NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE]

HAVE [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION

 

12

 

OR THE SECURITIES

COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER

THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,

ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE

EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION

REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE

SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO

SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE

COMPANY.  THESE SECURITIES [AND THE

SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES] MAY BE PLEDGED IN

CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH

SECURITIES.

The Company acknowledges and agrees that a Purchaser may from time to

time pledge pursuant to a bona fide margin agreement or grant a security

interest in some or all of the Securities and, if required under the terms of

such arrangement, such Purchaser may transfer pledged or secured Securities to

the pledgees or secured parties.  Such a

pledge or transfer would not be subject to approval of the Company and no legal

opinion of the pledgee, secured party or pledgor shall be required in

connection therewith.  Further, no

notice shall be required of such pledge. 

At the appropriate Purchaser’s expense, the Company will execute and

deliver such reasonable documentation as a pledgee or secured party of

Securities may reasonably request in connection with a pledge or transfer of

the Securities, including the preparation and filing of any required prospectus

supplement under Rule 424(b)(3) of the Securities Act or other applicable

provision of the Securities Act to appropriately amend the list of Selling

Stockholders thereunder.

(c)           Certificates evidencing Securities

shall not contain any legend (including the legend set forth in Section

4.1(b)): (i) while a registration statement (including the Registration

Statement) covering the resale of such security is effective under the

Securities Act, or (ii) following any sale of such Securities pursuant to Rule

144, or (iii) if such Securities are eligible for sale under Rule 144(k), or

(iv) if such legend is not required under applicable requirements of the

Securities Act (including judicial interpretations and pronouncements issued by

the Staff of the Commission).  The

Company shall cause its counsel to issue the legal opinion included in the

Transfer Agent Instructions to the Company’s transfer agent on the Effective

Date.  If all or any portion of a

Warrant is exercised at a time when there is a effective registration statement

to cover the resale of the Warrant Shares, such Warrant Shares shall be issued

free of all legends.  The Company agrees

that following the Effective Date or at such time as such legend is no longer

required under this Section 4.1(c), it will, no later than three Trading Days

following the delivery by a Purchaser to the Company or the Company’s transfer

agent of a certificate representing Securities issued with a restrictive

legend, deliver or cause to be delivered to such Purchaser a certificate

representing such Securities that is free from all

 

13

 

restrictive and other legends.  The Company may not make any notation on its

records or give instructions to any transfer agent of the Company that enlarge

the restrictions on transfer set forth in this Section.

4.2           Furnishing

of Information.  As long as any

Purchaser owns Securities, the Company covenants to timely file (or obtain

extensions in respect thereof and file within the applicable grace period) all

reports required to be filed by the Company after the date hereof pursuant to

the Exchange Act.  Upon the request of

any such Person, the Company shall deliver to such Person a written

certification of a duly authorized officer as to whether it has complied with

the preceding sentence. As long as any Purchaser owns Securities, if the

Company is not required to file reports pursuant to such laws, it will prepare

and furnish to the Purchasers and make publicly available in accordance with

Rule 144(c) such information as is required for the Purchasers to sell the

Securities under Rule 144. The Company further covenants that it will take such

further action as any holder of Securities may reasonably request, all to the

extent required from time to time to enable such Person to sell such Securities

without registration under the Securities Act within the limitation of the

exemptions provided by Rule 144.

4.3           Integration.  The Company shall not, and shall use its

best efforts to ensure that no Affiliate of the Company shall, sell, offer for

sale or solicit offers to buy or otherwise negotiate in respect of any security

(as defined in Section 2 of the Securities Act) that would be integrated with

the offer or sale of the Securities in a manner that would require the

registration under the Securities Act of the sale of the Securities to the

Purchasers, or that would be integrated with the offer or sale of the

Securities for purposes of the rules and regulations of the Nasdaq.

4.4           No

Subsequent Issuances or Registrations. 

Prior to the 90th day following the Effective Date (such 90th

day, the “Record Date”), the Company will not, directly or indirectly:

(i) except pursuant to a Strategic Transaction, offer, sell, grant any option

to purchase, or otherwise dispose of (or announce any offer, sale, grant or any

option to purchase or other disposition of) shares of Common Stock or Common

Stock Equivalents, at a price per share less than $7.00 (the “Record Price,”

subject to equitable adjustment for stock splits, recombinations and similar

transactions) (if the holder of the Common Stock or Common Stock Equivalent so

issued shall at any time, whether by operation of purchase price adjustments,

reset provisions, floating conversion, exercise or exchange prices or

otherwise, or due to warrants, options or rights issued in connection with such

issuance, be entitled to receive shares of Common Stock at a price less than

the Record Price, such issuance shall be deemed to have occurred for less than

the Record Price) or (ii) file a registration statement with the Commission

(other than on Form S-8 or pursuant to the Registration Rights Agreement) with

respect to any securities of the Company. 

The foregoing issuance and registration restrictions shall not apply to:

(i) the issuance of securities upon the exercise or conversion of the Company’s

options, warrants or other convertible securities outstanding as of the date

hereof, (ii) the grant of options or warrants, or the issuance of additional

securities, under any duly authorized Company stock option, restricted stock

plan or stock purchase plan currently in existence, (iii) Common Stock

Equivalents issued in connection with the Company’s acquisition of a business

or assets, (iv) Common Stock Equivalents issued in connection with capital

equipment leasing transactions, (v) Common Stock

 

14

 

Equivalents issued to bona fide consultants to the Company,

(vi) Common Stock Equivalents issued in one or more instances for any purpose

so long as such issuance or the aggregate of such issuances does not result in

issuance by the Company of more than an aggregate of 100,000 shares of Common

Stock on a fully diluted basis, or (vii) the issuance of Common Stock

Equivalents pursuant to a Strategic Transaction.

4.5           Right

of Participation.  During the period

from the date hereof until the first year anniversary of the Closing Date, in

the event that the Company, directly or indirectly and other than pursuant to a

Strategic Transaction, offers, sells, grants any option to purchase, or

otherwise disposes of (or announces any offer, sale, grant or any option to

purchase or other disposition of) shares of Common Stock or Common Stock

Equivalents (any such offer, sale, grant, disposition or announcement being

referred to as a “Subsequent Placement”), then Company shall deliver to

the Purchasers a written notice (a “Subsequent Placement Notice”) of its

intention to effect such Subsequent Placement. 

Each Purchaser or Affiliate thereof shall have the right to participate

on pro-rata basis (with respect to other participating Purchasers and the

number of Shares purchased by them on the Closing Date) in up to 50% of each

Subsequent Placement on the same terms and conditions as the other investor(s)

in the Subsequent Placement, up to a maximum of $15,000,000 for all

participating Purchasers in each Subsequent Placement.  The right of the Purchasers to participate

in a Subsequent Placement pursuant to this Section shall not apply to: (i) the

issuance of securities upon the exercise or conversion of the Company’s

options, warrants or other convertible securities outstanding as of the date

hereof, (ii) the grant of options or warrants, or the issuance of additional

securities, under any duly authorized Company stock option, restricted stock

plan or stock purchase plan currently in existence, (iii) Common Stock

Equivalents issued in connection with the Company’s acquisition of a business

or assets, (iv) Common Stock Equivalents issued in connection with capital

equipment leasing transactions, (v) Common Stock Equivalents issued to bona

fide consultants to the Company, (vi) Common Stock Equivalents issued in one or

more instances for any purpose so long as such issuance or the aggregate of

such issuances does not result in issuance by the Company of more than an

aggregate of 100,000 shares of Common Stock on a fully diluted basis, (vii) the

issuance of Common Stock Equivalents pursuant to a Strategic Transaction, or

(viii) a bona fide underwritten public offering of securities of the Company

pursuant to which the Company receives net proceeds of at least $25 million,

other than an equity line of credit or similar financing transaction.

4.6           Securities

Laws Disclosure; Publicity.  The

Company shall (i) on the Closing Date, issue a press release reasonably

acceptable to the Purchasers disclosing the transactions contemplated hereby

and (ii) make such other filings and notices in the manner and time required by

the Commission.  The Company and the

Purchasers shall consult with each other in issuing any press releases with

respect to the transactions contemplated hereby, and neither party shall issue

any such press release or otherwise make any such public statement without the

prior consent of the other, which consent shall not unreasonably be withheld,

except if such disclosure is required by law, in which case the disclosing

party shall promptly provide the other party with prior notice of such public

statement or communication. 

Notwithstanding the foregoing, the Company shall not publicly disclose

the name of any Purchaser, or include the name of any

 

15

 

Purchaser in any filing with the Commission or any regulatory

agency or the Nasdaq, without the prior written consent of such Purchaser,

except to the extent such disclosure (but not any disclosure as to the

controlling Persons thereof) is required by law or Nasdaq regulations, in which

case the Company shall provide the Purchasers with prior notice of such

disclosure.

4.7           Reimbursement.  If any Purchaser becomes involved in any

capacity in any Proceeding by or against any Person who is a stockholder of the

Company, solely as a result of such Purchaser’s acquisition of the Securities

under this Agreement and without causation by any other activity, obligation,

condition or liability pertaining to such Purchaser and not to the transactions

contemplated by this Agreement, the Company will reimburse such Purchaser for

its reasonable legal and other expenses (including the cost of any

investigation preparation and travel in connection therewith) incurred in

connection therewith, as such expenses are incurred.  The reimbursement obligations of the Company under this paragraph

shall be in addition to any liability which the Company may otherwise have,

shall extend upon the same terms and conditions to any Affiliates of the

Purchasers who are actually named in such action, proceeding or investigation,

and partners, directors, agents, employees and controlling persons (if any), as

the case may be, of the Purchasers and any such Affiliate, and shall be binding

upon and inure to the benefit of any successors, assigns, heirs and personal

representatives of the Company, the Purchasers and any such Affiliate and any

such Person.  The Company also agrees

that neither the Purchasers nor any such Affiliates, partners, directors,

agents, employees or controlling persons shall have any liability to the

Company or any Person asserting claims on behalf of or in right of the Company

solely as a result of acquiring the Securities under this Agreement.

4.8           Indemnification

of Purchasers.  The Company will

indemnify and hold the Purchasers and their directors, officers, shareholders,

partners, employees and agents (each, a “Purchaser Party”) harmless from

any and all losses, liabilities, obligations, claims, contingencies, damages,

costs and expenses, including all judgments, amounts paid in settlements, court

costs and reasonable attorneys’ fees and costs of investigation (collectively,

“Losses”) that any such Purchaser Party may suffer or incur as a result

of or relating to (a) any misrepresentation, breach or inaccuracy, or any

allegation by a third party that, if true, would constitute a breach or

inaccuracy, of any of the representations, warranties, covenants or agreements

made by the Company in the Transaction Documents; or (b) any cause of action,

suit or claim brought or made against such Purchaser Party and arising solely

out of or solely resulting from the execution, delivery, performance or

enforcement of this Agreement or any of the other Transaction Documents and

without causation by any other activity, obligation, condition or liability

pertaining to such Purchaser and not to the transactions contemplated by this

Agreement. The Company will reimburse such Purchaser for its reasonable legal

and other expenses (including the cost of any investigation, preparation and

travel in connection therewith) incurred in connection therewith, as such

expenses are incurred.  Notwithstanding

the foregoing, such indemnification shall not cover any liability of an

indemnified party arising solely out of such indemnified party’s gross

negligence, willful misconduct or fraudulent actions.

4.9           Shareholders

Rights Plan.  No claim will be made

or enforced by the Company or any other Person that any Purchaser is an

“Acquiring Person” under any shareholders rights plan

 

16

 

or similar plan or arrangement in effect or hereafter adopted

by the Company, or that any Purchaser could be deemed to trigger the provisions

of any such plan or arrangement, by virtue of receiving Securities under the

Transaction Documents or under any other agreement between the Company and the

Purchasers.

4.10         Non-Public

Information.  The Company covenants

and agrees that neither it nor any other Person acting on its behalf will

provide any Purchaser or its agents or counsel with any information that the

Company believes constitutes material non-public information, unless prior

thereto such Purchaser shall have executed a written agreement regarding the

confidentiality and use of such information. 

The Company understands and confirms that each Purchaser shall be

relying on the foregoing representations in effecting transactions in

securities of the Company.

4.11         Use

of Proceeds.  The Company shall use

the net proceeds from the sale of the Securities hereunder for working capital

purposes or other proper corporate purposes and not for the satisfaction of any

portion of the Company’s debt (other than payment of trade receivables and

accrued expenses in the ordinary course of the Company’s business and prior

practices), to redeem any Company equity or equity-equivalent securities or to

settle any outstanding litigation. 

Notwithstanding the foregoing, the Purchasers acknowledge that any use

of proceeds described herein in excess of $25,000,000 shall be subject at all

times to the terms of that certain Senior

Secured Credit Agreement, dated as of August 2, 2002, between The Titan

Corporation, as the Lender, and the Company, as the Borrower (the “Titan

Credit Facility”).

4.12         Certain

Trading Limitations. Each Purchaser agrees that prior to the earlier to

occur of (x) the 90th day following the Closing Date and (y) the

Effective Date, it will not enter into any Short Sales.  For purposes of this Section 4.11, a “Short

Sale” by a Purchaser means a sale of Common Stock that is marked as a short

sale and occurs at a time when such Purchaser has no equivalent offsetting long

position in the Common Stock.  For

purposes of determining whether there is an equivalent offsetting long position

in the Common Stock held by a Purchaser on any date of computation, all Warrant

Shares issuable upon exercise in full of the Warrants issued to such Purchaser

shall be deemed to be held long by such Purchaser.

ARTICLE V.

MISCELLANEOUS

5.1           Fees

and Expenses.  At  the Closing, the Company shall, in addition

to any other fees due to Roth Capital Partners, LLC,  reimburse Roth Capital Partners, LLC for $20,000 of its legal

fees and due diligence expenses in connection with the preparation and

negotiation of the Transaction Documents. 

Except as specified in the immediately preceding sentence and as

contemplated in the Registration Rights Agreement, each party shall pay the

fees and expenses of its advisers, counsel, accountants and other experts, if

any, and all other expenses incurred by such party incident to the negotiation,

preparation, execution, delivery and performance of this Agreement.  The Company shall pay all stamp and other

taxes and duties levied in connection with the sale of the Shares.

 

17

 

5.2           Entire

Agreement.  The Transaction

Documents, together with the Exhibits and Schedules thereto, contain the entire

understanding of the parties with respect to the subject matter hereof and

supersede all prior agreements and understandings, oral or written, with

respect to such matters, which the parties acknowledge have been merged into

such documents, exhibits and schedules.

5.3           Notices.  Any and all notices or other communications

or deliveries required or permitted to be provided hereunder shall be in

writing and shall be deemed given and effective on the earliest of (a) the date

of transmission, if such notice or communication is delivered via facsimile at

the facsimile number specified in this Section prior to 6:30 p.m. (New York

City time) on a Trading Day, (b) the next Trading Day after the date of

transmission, if such notice or communication is delivered via facsimile at the

facsimile number specified in this Section on a day that is not a Trading Day

or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the

Trading Day following the date of mailing, if sent by U.S. nationally

recognized overnight courier service, or (d) upon actual receipt by the party

to whom such notice is required to be given. 

The address for such notices and communications shall be as follows:

If to the Company:                                                                                       SureBeam Corporation
9276 Scranton Road, Suite 600

San Diego, CA 92121

Attn: Chief Financial Officer

Fax No.: (858) 795-6231

With a copy to:                                                                                                       Luce, Forward,

Hamilton & Scripps LLP

11988 El Camino Real,

Suite 200

San Diego, CA 92130

Attn: Ed Arledge                    

Fax No.:  (858) 720-6306

If to a Purchaser:                                                                                                To the address set forth under such

Purchaser’s name

on the signature pages hereof.

With a copy to:                                                                                                       Bryan Cave LLP.

                                                                                                                                                                                          1290 Avenue of the Americas

New York, NY 10104

Attn: Eric L. Cohen, Esq.

Fax No.: 212-541-1432 and 212-541-4630

                or such other address as may be designated in writing

hereafter, in the same manner, by such Person.

5.4           Amendments;

Waivers.  No provision of this

Agreement may be waived or amended except in a written instrument signed, in

the case of an amendment, by the Company and each of the Purchasers or, in the

case of a waiver, by the party against whom enforcement of any such waiver is

sought.  No waiver of any default with

respect to any provision, condition or

 

18

 

requirement of this Agreement shall be deemed to be a

continuing waiver in the future or a waiver of any subsequent default or a

waiver of any other provision, condition or requirement hereof, nor shall any

delay or omission of either party to exercise any right hereunder in any manner

impair the exercise of any such right.

5.5           Construction.  The headings herein are for convenience

only, do not constitute a part of this Agreement and shall not be deemed to

limit or affect any of the provisions hereof. 

The language used in this Agreement will be deemed to be the language

chosen by the parties to express their mutual intent, and no rules of strict

construction will be applied against any party.  This Agreement shall be construed as if drafted jointly by the

parties, and no presumption or burden of proof shall arise favoring or

disfavoring any party by virtue of the authorship of any provisions of this

Agreement or any of the Transaction Documents.

5.6           Successors

and Assigns.  This Agreement shall

be binding upon and inure to the benefit of the parties and their successors

and permitted assigns.  The Company may

not assign this Agreement or any rights or obligations hereunder without the

prior written consent of the Purchasers. Any Purchaser may assign any or all of

its rights under this Agreement to any Person to whom such Purchaser assigns or

transfers any Securities, provided such transferee agrees in writing to be

bound, with respect to the transferred Securities, by the provisions hereof

that apply to the “Purchasers.”

5.7           No

Third-Party Beneficiaries.  This

Agreement is intended for the benefit of the parties hereto and their

respective successors and permitted assigns and is not for the benefit of, nor

may any provision hereof be enforced by, any other Person, except as otherwise

set forth in Section 4.6 and 4.7.

5.8           Governing

Law.  All questions concerning the

construction, validity, enforcement and interpretation of the Transaction

Documents  shall be governed by and

construed and enforced in accordance with the internal laws of the State of New

York, without regard to the principles of conflicts of law thereof.  Each party agrees that all legal proceedings

concerning the interpretations, enforcement and defense of the transactions

contemplated by this Agreement and any other Transaction Documents (whether

brought against a party hereto or its respective affiliates, directors,

officers, shareholders, employees or agents) shall be commenced exclusively in

the state and federal courts sitting in the City of New York, Borough of

Manhattan.  Each party hereto hereby

irrevocably submits to the exclusive jurisdiction of the state and federal

courts sitting in the City of New York, Borough of Manhattan for the adjudication

of any dispute hereunder or in connection herewith or with any transaction

contemplated hereby or discussed herein (including with respect to the

enforcement of the any of the Transaction Documents), and hereby irrevocably

waives, and agrees not to assert in any suit, action or proceeding, any claim

that it is not personally subject to the jurisdiction of any such court, that

such suit, action or proceeding is improper. 

Each party hereto (including its affiliates, agents, officers, directors

and employees) hereby irrevocably waives, to the fullest extent permitted by

applicable law, any and all right to trial by jury in any legal proceeding

arising out of or relating to this Agreement or the transactions contemplated

hereby.  If either party shall commence

an action or proceeding to

 

19

 

enforce any provisions of a Transaction Document, then the

prevailing party in such action or proceeding shall be reimbursed by the other

party for its attorneys fees and other costs and expenses incurred with the

investigation, preparation and prosecution of such action or proceeding.

5.9           Survival.  The representations, warranties, agreements

and covenants contained herein shall survive the Closing and the delivery and

exercise of the Warrants, as applicable.

5.10         Execution.  This Agreement may be executed in two or

more counterparts, all of which when taken together shall be considered one and

the same agreement and shall become effective when counterparts have been

signed by each party and delivered to the other party, it being understood that

both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile

transmission, such signature shall create a valid and binding obligation of the

party executing (or on whose behalf such signature is executed) with the same

force and effect as if such facsimile signature page were an original thereof.

5.11         Severability.  If any provision of this Agreement is held

to be invalid or unenforceable in any respect, the validity and enforceability

of the remaining terms and provisions of this Agreement shall not in any way be

affected or impaired thereby and the parties will attempt to agree upon a valid

and enforceable provision that is a reasonable substitute therefor, and upon so

agreeing, shall incorporate such substitute provision in this Agreement.

5.12         Rescission

and Withdrawal Right. 

Notwithstanding anything to the contrary contained in (and without

limiting any similar provisions of) the Transaction Documents, whenever any

Purchaser exercises a right, election, demand or option under a Transaction

Document and the Company does not timely perform its related obligations within

the periods therein provided, then such Purchaser may rescind or withdraw, in

its sole discretion from time to time upon written notice to the Company, any

relevant notice, demand or election in whole or in part without prejudice to

its future actions and rights.

5.13         Replacement

of Securities.  If any certificate

or instrument evidencing any Securities is mutilated, lost, stolen or

destroyed, the Company shall issue or cause to be issued in exchange and

substitution for and upon cancellation thereof, or in lieu of and substitution

therefor, a new certificate or instrument, but only upon receipt of evidence

reasonably satisfactory to the Company of such loss, theft or destruction and

customary and reasonable indemnity (which may include a reasonable surety

bond), if requested.  The applicants for

a new certificate or instrument under such circumstances shall also pay any

reasonable third-party costs associated with the issuance of such replacement

Securities.

5.14         Remedies.  In addition to being entitled to exercise

all rights provided herein or granted by law, including recovery of damages,

each of the Purchasers and the Company will be entitled to specific performance

under the Transaction Documents.  The

parties agree that monetary damages may not be adequate compensation for any

loss incurred by reason of any breach of obligations described in the foregoing

sentence and hereby agrees to waive in any

 

20

 

action for specific performance of any such obligation the

defense that a remedy at law would be adequate.

5.15         Independent

Nature of Purchasers’ Obligations and Rights.  The obligations of each Purchaser under any Transaction Document

are several and not joint with the obligations of any other Purchaser, and no

Purchaser shall be responsible in any way for the performance of the

obligations of any other Purchaser under any Transaction Document.  Nothing contained herein or in any

Transaction Document, and no action taken by any Purchaser pursuant thereto,

shall be deemed to constitute the Purchasers as a partnership, an association,

a joint venture or any other kind of entity, or create a presumption that the

Purchasers are in any way acting in concert or as a group with respect to such

obligations or the transactions contemplated by the Transaction Document.  Each Purchaser shall be entitled to

independently protect and enforce its rights, including without limitation the

rights arising out of this Agreement or out of the other Transaction Documents,

and it shall not be necessary for any other Purchaser to be joined as an additional

party in any proceeding for such purpose.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

21

 

IN WITNESS

WHEREOF, the parties hereto have caused this Securities Purchase Agreement to

be duly executed by their respective authorized signatories as of the date

first indicated above.

SUREBEAM

CORPORATION

______________________________________

Name:       

Title:         

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOR PURCHASERS FOLLOW]

 

22

 

IN WITNESS

WHEREOF, the parties have executed this Agreement as of the date first written

above.

PURCHASER:

 

 

 

By:_____________________________________

Name:

Title:

 

                                                                                                Subscription

Amount:  $[ ]

 

23

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