Document:

Exhibit 4.3

 

[FACE OF NOTE]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

 

CUSIP 00912XAF1

ISIN US00912XAF15

 

GLOBAL NOTE

 

5.625% Senior Notes due 2017

 

	
No. R-3
    	
Up to   $132,046,000
    

 

AIR LEASE CORPORATION

 

promises to pay to CEDE & CO. or registered assigns the principal sum set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on April 1, 2017.

 

Interest Payment Dates:  April 1 and October 1

 

Record Dates:  March 15 and September 15

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

 

	
 
    	
AIR LEASE   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gregory B.   Willis
    
	
 
    	
 
    	
Name:
    	
Gregory B. Willis
    
	
 
    	
 
    	
Title:
    	
Senior Vice   President and Chief Financial Officer
    

 

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as the Trustee

 

	
By:
    	
/s/   Diana Vasconez
    	
 
    
	
 
    	
Authorized   Officer
    	
 
    
	
 
    	
Diana   Vasconez
    	
 
    
	
 
    	
Associate
    	
 
    

 

 

[Reverse Side of Note]

 

5.625% Senior Notes due 2017

 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.             INTEREST.  Air Lease Corporation, a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 5.625% per annum until but excluding maturity and shall pay Special Interest, if any, payable pursuant to the Indenture referred to below.  The Company shall pay interest semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).  Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including April 1, 2013; provided that the first Interest Payment Date shall be October 1, 2013.  The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes to the extent lawful.  Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

2.             METHOD OF PAYMENT.  The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business on the March 15 or September 15 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.  Principal of, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of interest and premium, if any, may be made by check mailed to the Holders at their registered addresses set forth in the Note Register; provided that payment by wire transfer of immediately available funds shall be required with respect to principal of, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days prior to the applicable payment date.  Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

3.             PAYING AGENT AND REGISTRAR.  Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, shall act as Paying Agent and Registrar.  The Company may change any Paying Agent or Registrar without notice to the Holders.  The Company or any of its Subsidiaries may act in any such capacity.

 

4.             INDENTURE.  The Company issued the Notes under an Indenture, dated as of March 16, 2012, as supplemented (the “Indenture”), between the Company and the Trustee.  This Note is one of a duly authorized issue of notes of the Company designated as its 5.625% Senior Notes due 2017.  The Company shall be entitled to issue Additional Notes pursuant to Section 2.01 of the Indenture.  The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended.  The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms.  Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in

 

 

the Indenture.  To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

5.             REDEMPTION AND REPURCHASE.  The Notes are subject to optional redemption, and may be the subject of Change of Control Offer, as further described in the Indenture.  The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

6.             DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents acceptable to the Registrar, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture.  The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption or tendered for repurchase in connection with a Change of Control Offer, except for the unredeemed portion of any Note being redeemed or repurchased in part.

 

7.             PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated as its owner for all purposes.

 

8.             AMENDMENT, SUPPLEMENT AND WAIVER.  The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9.             DEFAULTS AND REMEDIES.  The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture.  Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

10.          AUTHENTICATION.  This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

 

11.          [RESERVED]

 

12.          GOVERNING LAW.  THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

13.          CUSIP AND ISIN NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to the Company at the following address:

 

c/o Air Lease Corporation
 2000 Avenue of the Stars, Suite 1000N
 Los Angeles, California 90067
 Fax No.: (310) 553-0999
 Email: legalnotices@airleasecorp.com
 Attention: Legal Department

 

 

ASSIGNMENT FORM

 

	
To assign this Note, fill in the form   below:
    
	
 
    
	
(I) or (we) assign and transfer   this Note to:
    	
 
    
	
 
    	
(Insert   assignee’s legal name)
    
	
 
    
	
 
    
	
(Insert   assignee’s soc. sec. or tax I.D. no.)
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
(Print or   type assignee’s name, address and zip code)
    
	
and irrevocably   appoint                                                                                                                                                   to   transfer this Note on the books of the Company. The agent may substitute   another to act for him.
    
	
 
    
	
Date:
    	
 
    	
 
    
	
 
    
	
 
    	
Your Signature:
    	
 
    
	
 
    	
 
    	
(Sign exactly as   your name appears on the face of this Note)
    
	
 
    
	
 
    
	
Signature   Guarantee*:
    	
 
    	
 
    
	
 
    
							

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.16 of the Indenture, check the box below:

 

o Section 4.16

 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.16 of the Indenture, state the amount you elect to have purchased:

 

	
$                        
    	
(integral   multiples of $1,000, provided that   the unpurchased portion must be in a minimum principal amount of $2,000)
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Your Signature:
    	
 
    
	
 
    	
 
    	
(Sign exactly as your name appears on the face of this Note)
    
	
 
    	
Tax Identification No.:
    	
 
    
	
 
    	
 
    	
 
    
	
Signature Guarantee*:
    	
 
    	
 
    
									

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

 

The initial outstanding principal amount of this Global Note is $132,046,000.  The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	
Date of Exchange
    	
 
    	
Amount of decrease
   in Principal Amount of
   this Global Note
    	
 
    	
Amount of
   increase
   in Principal
   Amount of
   this
   Global Note
    	
 
    	
Principal
   Amount of
   this Global
   Note
   following
   such
   decrease or
   increase
    	
 
    	
Signature of
   authorized signatory
   of Trustee,
   Depositary or
   CustodianExhibit 10.1

 

PAN AMERICAN GOLDFIELDS LTD.

 

TRANSITION AND SETTLEMENT AGREEMENT

 

This Transition and Settlement Agreement (this “Agreement”) is effective as of June 24, 2013 (the “Effective Date”) by and among Pan American Goldfields Ltd. (“Pan American”), Messrs. Neil Maedel, Hernan Celorrio, George Young, Randy Buchamer and Gary Parkison (collectively, the “Departing Directors”), Vortex Capital Ltd., Vortex Capital Global Precious Metals Fund, Vortex Capital Asset Management Limited (collectively, the “Vortex Group”), and each of Messrs. Laurent Deydier, Balbir Bindra, William R. Majcher, Emilio Alvarez, Bruno Le Barber (the “Vortex Nominees”, and collectively with the Vortex Group, the “Vortex Parties”).  Pan American, each of the Departing Directors, each of the Vortex Parties, and Mr. Touche shall each be referred to herein as a “Party” and collectively, as the “Parties.”

 

RECITALS

 

Pan American and the Vortex Group jointly submitted an Order Setting Meeting Date and Quorum Rule (the “Order”), which the Delaware Court of Chancery entered on March 1, 2013.

 

Under the Order, the Parties agreed that Pan American would hold an annual meeting of stockholders on June 17, 2013 (the “Annual Meeting”) and that all Board seats would be up for election at the Annual Meeting.

 

On March 19, 2013, the Vortex Group submitted a Notice of Stockholder Nomination (the “Notice”) to Pan American in which it nominated five (5) directors.

 

On May 20, 2013, Pan American filed its definitive proxy statement with the Securities and Exchange Commission (“SEC”) in which Pan American nominated the following seven (7) directors: (i) George Young and Hernan Celorrio to hold office until the 2014 Annual Meeting, (ii) Randy Buchamer, Ricardo Ernesto Marcos Touche and Robert Knight to hold office until the 2015 Annual Meeting, and (iii) Gary Parkison and Neil Maedel to hold office until the 2016 Annual Meeting.

 

On June 11, 2013, counsel for Pan American delivered a letter to the Vortex Group questioning the sufficiency of the Notice (the “June 11 Letter”).

 

On June 12, 2013, the Vortex Group filed its revised definitive proxy statement with the SEC in which the Vortex Group nominated the Vortex Nominees as follows (i) Laurent Deydier to hold office until the 2014 Annual Meeting, (ii) Balbir Bindra and William R. Majcher to hold office until the 2015 Annual Meeting, and (iii) Emilio Alvarez and Bruno Le Barber to hold office until the 2016 Annual Meeting.

 

On June 13, 2013, counsel for the Vortex Group delivered a letter to counsel for Pan American disagreeing with the allegations set forth in the June 11 Letter and reasserting the position of the Vortex Group that the Notice was valid.

 

At the Annual Meeting, the following actions occurred: (i) Pan American took the position that the Vortex Nominees should be excluded from consideration at the Annual Meeting and (ii) the Vortex Group objected to Pan American’s purported exclusion and asserted the nomination of the Vortex Nominees was valid and sufficient.

 

 

IVS Associates, Inc., the independent inspector of elections was asked to prepare a report of the preliminary results of the voting at the Annual Meeting (the “IVS Report”).

 

Based on the IVS Report, the following were the six individuals receiving the most votes from stockholders at the Annual Meeting: Laurent Deydier, Balbir Bindra, William R. Majcher, Emilio Alvarez, Bruno Le Barber and Ricardo Ernesto Marcos Touche.

 

The Parties have determined that the interests of Pan American and its stockholders would be best served at this time by, among other things, (i) avoiding litigation concerning actions taken by the Parties at the Annual Meeting and the expense and disruption that may result therefrom, (ii) determining the composition of the Pan American Board of Directors (the “Board”) and (iii) setting forth the treatment of the Departing Directors, and to come to an agreement with respect to these and certain other matters, as provided in this Agreement

 

AGREEMENT

 

NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.                                      Annual Meeting Matters.

 

a.                                                                                                        Each of the Parties agrees for purposes of this Agreement the Notice will be deemed valid and the nomination of the Vortex Nominees was submitted for a vote of stockholders at the Annual Meeting.

 

b.                                                                                                        Each of the Parties agrees that the six individuals receiving the most votes from stockholders at the Annual Meeting — Laurent Deydier, Balbir Bindra, William R. Majcher, Emilio Alvarez, Bruno Le Barber and Ricardo Ernesto Marcos Touche — were elected to the Board at the Annual Meeting.

 

c.                                                                                                         Each of the Parties agrees for purposes of this Agreement the votes reported at the Annual Meeting are as set forth in the IVS Report dated June 19, 2013.

 

2.                                      Board Matters.

 

a.                                                                                                        Board Composition:  Each of the Parties agrees that the Board shall consist of Laurent Deydier, Balbir Bindra, William R. Majcher, Emilio Alvarez, Bruno Le Barber and Ricardo Ernesto Marcos Touche and that such individuals shall be placed into existing classes of the Board as follows: (i) Laurent Deydier and Ricardo Ernesto Marcos Touche serving in the class of directors holding office until Pan American’s 2014 Annual Meeting of stockholders, (ii) Balbir Bindra and William R. Majcher serving in the class of directors holding office until Pan American’s 2015 Annual Meeting of stockholders and (iii) Emilio Alvarez and Bruno Le Barber serving in the class of directors holding office until Pan American’s 2016 Annual Meeting of stockholders.  Each of the Parties further agrees that there is one vacancy in the class of directors holding office until Pan American’s 2015 Annual Meeting of stockholders (collectively, the “New Board”).

 

b.                                                                                                        Departing Directors:  Each of the Departing Directors to confirm that they are no longer members of the Board has agreed to execute and deliver as of the Effective Date a Resignation Agreement substantially in the form attached hereto as Exhibit A (the “Resignation Agreement”).

 

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3.                                      Treatment of Departing Directors.  Each of the Parties agrees to, and to take all actions necessary to: (i) maintain in effect the Director Indemnification Agreements entered into with the Departing Directors, (ii) maintain the levels of protection accorded the Departing Directors under the current exculpation and indemnification provisions of Pan American’s Certificate of Incorporation or By-Laws and (iii) ensure any insurance coverage for director and officer liability that Pan American decides to maintain in its sole discretion following the Effective Date also covers the Departing Directors.

 

4.                                      Related Party Transactions.  The Company will, following the Effective Date, take all actions necessary to, make sure that a committee of independent directors evaluates and approves any potential transaction involving Pan American and any of its directors, officers, beneficial holders of more than 5% of its voting securities or any of their respective affiliates, including, but not limited to, Mario Ayub Touche.

 

5.                                      Consulting Agreement.  Mr. Maedel has resigned as Executive Chairman as of the Effective Date and agrees to enter into a Consulting Agreement substantially in the form attached hereto as Exhibit B (the “Consulting Agreement”), pursuant to which he shall serve as senior advisor to the Board for the period from the Effective Date until December 31, 2013, for a monthly advisory fee equal to US$5,000 (the “Advisory Fee”).

 

6.                                      Option and Warrant Exchange and Share Issuance Agreement.

 

a.                                                                                                        Pan American and each of the Departing Directors shall enter into an Option and Warrant Exchange and Share Issuance Agreements substantially in the form attached hereto as Exhibit C (the “Issuance Agreement”), which shall be effective as of the Effective Date.

 

b.                                                                                                        Pan American shall (i) hereby instruct its transfer agent, American Stock Transfer, to issue the shares issuable pursuant to the Option and Warrant Exchange and Share Issuance Agreement, and that such shares issuable thereunder shall be issued pursuant to Rule 4(2), or other applicable exemption, under the Securities Act of 1933 or rules promulgated thereunder and (ii) take such actions as are necessary for such shares to be issued to the Departing Directors.

 

7.                                      Transition Period.

 

a.                                                                                                        Each of Parties hereto shall reasonably cooperate to smoothly transition management of Pan American, including without limitation, (a) preservation and transfer of all corporate documents, (b) transfer of control of the bank accounts (and all account information) and replacement of authorized signatories, (c) resignations and appointments of board members and/or legal representatives of Pan American’s Subsidiaries, (d) identify, pay and collection payables and receivables, and (e) all such other matters with respect to the transition of the business reasonably requested by the New Board.

 

b.                                                                                                        Each of the Parties agrees that Pan American shall file with the SEC a Form 8-K in a form mutually agreeable to the Parties describing the provisions of this Agreement and disclosing the vote count of the Annual Meeting.

 

8.                                      Payment of Fees.  Each of Parties agrees that DLA Piper LLP and MacKenzie Partners, Inc. shall be reimbursed by Pan American for their outstanding reasonable, documented out-of-pocket fees and expenses for services rendered for Pan American that were incurred through the Effective Date, including any expenses that were incurred in connection with the proxy solicitation and Annual Meeting.  Such amounts, which the Departing Directors represent and warrant to, are set forth on Schedule I.  Such reimbursement shall take place in three installments to be paid every two months over the six months following the Effective Date.

 

3

 

9.                                      Mutual Release.  To the fullest extent permitted by applicable law (i) Pan American shall forever fully release, discharge and hold harmless each of the Departing Directors and each of the Vortex Parties, (ii) each of the Departing Directors shall forever fully release, discharge and hold harmless Pan American and each of the Vortex Parties, and (iii) each of the Vortex Parties shall forever fully release, discharge and hold harmless each of the Departing Directors and Pan American, in each case from and against any and all known or unknown, present or future, fixed or contingent claims of any nature whatsoever arising out of actions, events or omissions occurring on or prior to the Effective Date excluding for the sake of clarity any claims arising out of the performance of this Agreement, provided, however, that the releases contemplated by this Section 9 shall not cover any claims relating to or arising from possible fraud, breach of the duty of loyalty or willful misconduct.

 

10.                               Covenants Not to Sue.  Each of Pan American, the Departing Directors and the Vortex Parties further promises and agrees not to sue any of the other Parties with respect to any claim covered by the release provisions of this Agreement.

 

11.                               Nondisparagement.  The Parties agree they will not make any voluntary statements, written or verbal, or cause or encourage others to make any such statements that defame, disparage or in any way criticize the reputation, business practices or conduct of any other Party hereto.

 

12.                               Further Assurance.  The Parties agree to co-operate, perform all such further acts and things and execute and deliver all such other agreements, instruments and documents as reasonably necessary to implement each of the items agreed in this Agreement.

 

13.                               Governing Law.  This Agreement is governed by Delaware law and all legal proceedings regarding its terms, the Parties rights hereunder, or any alleged breach, shall be brought exclusively in Delaware, with each Party agreeing to consent to personal jurisdiction, to waive any defense of inconvenient forum, to accept service of process via first class mail and Federal Express and further agreeing to waive trial by jury.  Each of the Parties agrees that, in the event of a breach or threatened breach of this Agreement by any other Party, the other Parties shall be entitled, in addition to any other remedies to which they may be entitled at law, to equitable relief, including a right to rescind or set aside agreements executed or actions taken in violation of this Agreement, and an injunction or injunctions, to prevent any breaches and to enforce specifically this Agreement’s terms and provisions.  In the event of litigation concerning this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees and expenses.

 

14.                               Integrated Agreement.  The Parties acknowledge and agree that no promises or representations were made to them concerning the subject matter of this Agreement which do not appear written herein and that this Agreement contains the entire agreement of the Parties on the subject matter thereof.  The Parties further acknowledge and agree that parol evidence shall not be required to interpret the intent of the Parties.

 

15.                               Voluntary Execution.  The Parties hereby acknowledge that they have read and understand this Agreement and that they sign this Agreement voluntarily and without coercion.

 

16.                               Waiver, Amendment and Modification of Agreement; Assignment.  The Parties agree that no waiver, amendment or modification of any of the terms of this Agreement shall be effective unless in writing and signed by all Parties affected by the waiver, amendment or modification.  No waiver of any term, condition or default of any term of this Agreement shall be construed as a waiver of any other term,

 

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condition or default.  The rights and liabilities of the Parties hereto shall bind and inure to the benefit of their respective successors, heirs, executors and administrators, as the case may be.

 

17.                               Survival.  Sections 8 through 22 shall survive termination or expiration of this Agreement.

 

18.                               Drafting.  The Parties agree that this Agreement shall be construed without regard to the drafter of the same and shall be construed as though each party to this Agreement participated equally in the preparation and drafting of this Agreement.

 

19.                               Counterparts.  This Agreement may be signed in counterparts and said counterparts shall be treated as though signed as one document.

 

20.                               Attorneys’ Fees.  Each Party shall be responsible for its own legal fees incurred in connection with the entering into of this Agreement, provided, however, nothing in this Agreement shall limit the ability of the Vortex Parties to seek reimbursement from Pan American for its costs and expenses relating to their proxy solicitation and the Annual Meeting.

 

21.                               Injunctive Relief.  Each Party acknowledges and agrees that damages will not be an adequate remedy in the event of a breach of any of the other Party’s obligations under this Agreement.  Each Party therefore agrees that other Party shall be entitled (without limitation of any other rights or remedies otherwise available to such Party and without the necessity of posting a bond) to obtain an injunction from any court of competent jurisdiction prohibiting the continuance or recurrence of any breach of this Agreement.

 

22.                               Notice.  Any notices provided hereunder must be in writing and such notices or any other written communication shall be deemed effective: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient or, if not sent during normal business hours, then on the next business day; (iii) three days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.

 

[Remainder of Page Left Intentionally Blank]

 

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IN WITNESS WHEREOF this Agreement has been executed as of the date first written above.

 

 

	
PAN AMERICAN GOLDFIELDS LTD.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/  Neil Maedel
    	
 
    	
 
    
	
Name: Neil   Maedel
    	
 
    	
 
    
	
Title:   Executive Chairman
    	
 
    	
 
    

 

[Signature Page to Transition and Settlement Agreement]

 

 

	
VORTEX CAPITAL LTD.
    	
 
    
	
 
    	
 
    
	
/s/ Emilio Alvarez,   /s/ Bruno Le Barber
    	
 
    
	
Name:
    	
Emilio Alvarez, Bruno Le Barber
    	
 
    
	
Title:
    	
Managing   Directors
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
VORTEX CAPITAL GLOBAL PRECIOUS METALS FUND
    	
 
    
	
 
    	
 
    
	
By:
    	
Vortex Capital Asset Management Limited, its   investment manager
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Vortex Capital Ltd., its investment advisor
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Emilio Alvarez, /s/ Bruno Le Barber
    	
 
    
	
 
    	
Emilio Alvarez, Bruno Le Barber
    	
 
    
	
 
    	
Managing   Directors
    	
 
    
	
 
    	
 
    
	
VORTEX CAPITAL ASSET MANAGEMENT LIMITED
    	
 
    
	
 
    	
 
    
	
By:
    	
Vortex Capital Ltd., its investment advisor
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Emilio Alvarez, /s/ Bruno Le Barber
    	
 
    
	
 
    	
Emilio Alvarez, Bruno Le Barber
    	
 
    
	
 
    	
Managing   Directors
    	
 
    

 

[Signature Page to Transition and Settlement Agreement]

 

 

	
/s/ Neil Maedel
    	
 
    
	
Neil Maedel
    	
 
    
	
 
    	
 
    
	
/s/ Hernan Celorrio
    	
 
    
	
Hernan Celorrio
    	
 
    
	
 
    	
 
    
	
/s/ George Young
    	
 
    
	
George Young
    	
 
    
	
 
    	
 
    
	
/s/ Randy Buchamer
    	
 
    
	
Randy Buchamer
    	
 
    
	
 
    	
 
    
	
/s/ Gary Parkison
    	
 
    
	
Gary Parkison
    	
 
    

 

[Signature Page to Transition and Settlement Agreement]

 

 

	
/s/ Laurent Deydier
    	
 
    
	
Name: Laurent Deydier
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Balbir Bindra
    	
 
    
	
Name: Balbir Bindra
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ William R. Majcher
    	
 
    
	
Name: William R. Majcher
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Emilio Alvarez
    	
 
    
	
Name: Emilio Alvarez
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Bruno Le Barber
    	
 
    
	
Name: Bruno Le Barber
    	
 
    

 

[Signature Page to Transition and Settlement Agreement]

 

 

Exhibit A
 Form of Director Resignation

 

June       , 2013

 

Pan American Goldfields Ltd.
 570 Granville Street, Suite 1200
 Vancouver, BC

 

Attn: Board of Directors

 

Re: Resignation Notice

 

To the Board of Directors of Pan American Goldfields Ltd.:

 

I hereby resign from the Board of Directors (the “Board”) of Pan American Goldfields Ltd. (the “Company”), with my resignation to be effective upon the Board’s acceptance of such resignation.  There were no disagreements between the Company and me relative to this resignation.

 

I would like to take this opportunity to thank the Company and the other Board members for the opportunity to serve on the Board.  I also wish you all the success going forward.

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name]
    

 

 

Exhibit B
 Form of Consulting Agreement

 

 

Exhibit C
 Form of Option and Warrant Exchange and Share Issuance Agreements

 

 

Schedule I

Professional Fees

 

	
1. DLA Piper LLP   (US):
    	
 
    	
$
    	
350,000
    	
 
    
	
2. MacKenzie   Partners, Inc.:
    	
 
    	
$
    	
100,000

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