Document:

exhibit10_2.htm

EXHIBIT 10.2

 

THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE PROMISSORY NOTE

 

	$100,000.00 	 February 23, 2012
	 	 Fort Worth, Texas

 

For value received, Entech Solar, Inc., a Delaware corporation (the “Company”), promises to pay to The Quercus Trust (the “Holder”), the principal sum of One Hundred Thousand Dollars ($100,000.00), without interest.  This Convertible Promissory Note (this “Note”) is subject to the following terms and conditions:

 

1. Demand; Acceleration.  Unless converted as provided in Section 2, this Note shall be due and payable on demand.  Notwithstanding the foregoing, the entire unpaid principal sum of this Note shall become immediately due and payable upon the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more or the appointment of a receiver or trustee to take possession of the property or assets of the Company.  Upon the occurrence of any event resulting in the acceleration of this Note, the Company shall deliver written notice to the Holder within two (2) business days.

 

2. Conversion.

 

(a)           Voluntary Conversion Into Common Stock.  The Holder has the right and option, upon written notice and at any time prior to the payment in full of this Note, to convert, in accordance with Section 2(b) below, the then unpaid principal balance of this Note into shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a rate which shall be equal to the quotient obtained by dividing (A) the entire principal amount of this Note by (B) $0.04 (as adjusted for stock splits, stock dividends, combinations, reorganizations and like transactions), rounded to the nearest whole share.  

 

(b)           Mechanics and Effect of Conversion.  Conversion of this Note shall be made upon surrender of this Note to the Company at its principal offices (or at such other offices as the Company shall designate in writing to the Holder from time to time).  No fractional shares of the Company’s capital stock will be issued upon conversion of this Note.  In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash the amount of the unconverted principal of this Note that would otherwise be converted into such fractional share.  At its expense, the Company will, as soon as practicable thereafter, issue and deliver, or cause to be issued and delivered, to such Holder, a certificate or certificates for the number of shares to which such Holder is entitled upon such conversion, together with any other property to which the Holder is entitled upon such conversion under the terms of this Note, including a check payable to the Holder for any cash amounts payable as described herein.  Upon conversion of this Note, the Company will be forever released from all of its obligations and liabilities under this Note with regard to that portion of the principal amount being converted including, without limitation, the obligation to pay such portion of the principal amount on this Note.

 

(c)           Restrictive Legends.  The certificates of the shares of Common Stock to be issued upon conversion of this Note shall bear substantially the following legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH SECURITIES ACT.

 

3. Payment.  All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing to the Company.  The Company may prepay this Note at any time without the consent of the Holder and without premium or penalty.

 

4. Successors and Assigns; Transfer.  The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer this Note without the prior written consent of the Company, except for transfers to affiliates. An “affiliate” shall include a subsidiary, parent, partner, limited partner, retired partner, member, retired member or holder of capital stock of a Holder, provided, that such affiliate is an accredited investor pursuant to applicable rules and regulations of the Securities and Exchange Commission at the time of such transfer.  Subject to the preceding sentence, this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.  Thereupon, a new note for the same principal amount will be issued to, and registered in the name of, the transferee.  Principal is payable only to the registered holder of this Note.

 

5. Certain Obligations of the Company.  The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock such number of shares of Common Stock as shall be sufficient for the Holder to exercise its conversion rights hereunder.  The Company will not, by amendment of its Certificate of Incorporation or through reorganization, consolidation, merger, dissolution, issuance of capital stock, sale of treasury stock or sale of assets, or by any other voluntary act or deed, avoid or seek to avoid the material performance or observance of any of the covenants, stipulations or conditions in this Note to be observed or performed by the Company.

 

6. Governing Law.  This Note shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.

 

7. Notices.  Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by a nationally-recognized delivery service (such as Federal Express or UPS), or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth below such party’s signature hereto or as subsequently modified by written notice.

 

8. Amendments and Waivers.  Any term of this Note may be amended or waived only with the prior written consent of the Company and the Holder.  Any amendment or waiver effected in accordance with this Section 8 shall be binding upon the Company, the Holder and each transferee of the Note.

 

9. Stockholders, Officers and Directors Not Liable.  In no event shall any stockholder, officer or director of the Company be liable for any amounts due or payable pursuant to this Note.

 

10. Counterparts; Construction and Headings.  This Note may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will constitute a single agreement.  This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof.  The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note.

 

11. Action to Collect on Note.  If action is instituted to collect on this Note, the Company promises to pay all reasonable costs and expenses, including reasonable attorney’s fees, incurred in connection with such action.

 

12. Loss of Note.  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new Note of like tenor.

 

13. Entire Understanding.  This Note is intended by the parties as the final, complete and exclusive statement of the transactions evidenced by this Note.

 

14. Accredited Investor Certificate.  The Holder, and any permitted transferee thereof, shall execute a certificate substantially in the form set forth in Exhibit A.

 

[Remainder of page intentionally blank.]

 

  

  

  

 

 

 

COMPANY:

 

ENTECH SOLAR, INC.

 

 

By:       /s/ Shelley Hollingsworth                                                                  

Name:  Shelley Hollingsworth

Title:    Chief Financial Officer

Address:     13301 Park Vista Blvd., Suite 100

Fort Worth, Texas 76177

 

 

 

AGREED TO AND ACCEPTED:

 

THE QUERCUS TRUST

 

By:           /s/ David Gelbaum                                                     

Name:      David Gelbaum

Title:        Trustee

Address:                1835 Newport Blvd.

A109 - PMB 467

Costa Mesa, California 92627

 

 

 

Signature Page to Convertible Promissory Note

 

  

  

  

Exhibit A

 

February 23, 2012

Entech Solar, Inc.

13301 Park Vista Blvd., Suite 100

Fort Worth, Texas 76177

Attention:  Shelley Hollingsworth, Chief Financial Officer

 

Re: Convertible Promissory Note

 

Dear Shelley:

 

In connection with the issuance by Entech Solar, Inc. (the “Company”) of that certain Convertible Promissory Note (the “Note”), of even date herewith, in the amount of $100,000 to The Quercus Trust (“Quercus”), Quercus hereby represents and warrants to, and agrees with, the Company as follows.  Capitalized terms used but not defined herein have the meanings given to them in the Note.

 

1. Quercus understands that (i) the Common Stock issuable upon conversion of the Note is characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering, (ii) under such laws and applicable regulations such securities may be resold without registration under federal and state securities laws only in certain limited circumstances, and (iii) the Company may require a legal opinion of Quercus’ counsel with respect to unregistered transfers.

 

2. Quercus represents that it is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended.

 

3. The securities will be acquired for investment for Quercus’ own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the federal or state securities laws, and Quercus has no present intention of selling, granting any participation in, or otherwise distributing the same. Quercus further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the securities.

 

Very truly yours,

 

The Quercus Trust

 

 

 

	By:	/s/ David Gelbaum
	Name:	David Gelbaum
	Title:	TrusteeExhibit 4.12

XL Capital Ltd 

(n/k/a XLIT Ltd.)

Extract of the Minutes of a Meeting of 

the Board of Directors held on October 27, 2006

Series D Preference Ordinary Shares

RESOLVED that,
a class of up to 350,000 ordinary shares in the capital of the Company be
re-designated as “Series D Preference Ordinary Shares” and that the Series D
Preference Ordinary Shares be issued on the terms of and in accordance with the
XL Preference Share Agreement;

FURTHER
RESOLVED that the Series D Preference Ordinary Shares (i) will have, on the
date the Transaction is consummated (the “Closing Date”), an aggregate
liquidation preference up to US$350,000,000 (the “Aggregate Available
Liquidation Preference”), and (ii) be non-cumulative preference ordinary shares
with a nominal par value of US$0.01 per share; and

FURTHER
RESOLVED that the Series D Preference Ordinary Shares have, subject to the
Memorandum and Articles of Association of the Company and the provisions of,
and restrictions contained in, the Companies Law (2004 Revision) and every
statutory modification or re-enactment thereof for the time being in force (the
“Law”), the following preferences and rights and be subject to the following
restrictions.

	
  

 	
  

 
	
 (a)

 	
 Liquidation Preference.

 
	
  

 	
  

 
	
  

 	
 Upon any
 voluntary or involuntary liquidation, dissolution, winding-up or otherwise of
 the Company, the assets of the Company legally available for distribution
 among shareholders shall be applied first in repaying to the holders of the
 Series D Preference Ordinary Shares (the “Holders”) an amount equal to
 US$1,000 per Series D Preference Ordinary Share (inclusive of the nominal
 amount thereof) plus any accrued but unpaid dividends with respect to the
 then-current Dividend Period (whether or not declared) to the date fixed for
 distribution, in preference to the repayment of such nominal amount of and
 any share premium or other amounts paid on ordinary shares (the “Ordinary
 Shares”) or any other shares ranking junior in right of payment to the Series
 D Preference Ordinary Shares as to the voluntary or involuntary return of
 assets on liquidation, dissolution, winding-up or otherwise of the Company or
 as to dividends (including the Ordinary Shares, the “Junior Shares”) to the
 holders of such Junior Shares, without interest on such unpaid dividends and
 without accumulation of dividends for any prior Dividend Period to the extent
 not declared and payable in respect of such Dividend Period. In the event
 that upon any such voluntary or involuntary liquidation, dissolution,
 winding-up or otherwise, the assets of the Company available are insufficient
 to pay the amount of the liquidation distributions on all outstanding Series
 D Preference Ordinary Shares as referred to above and the corresponding
 amounts payable on all other shares ranking pari passu on a pro rata basis
 with the Series D Preference Ordinary Shares with respect to the payment of
 dividends and amounts upon any voluntary or involuntary liquidation,
 dissolution, winding-up or otherwise of the Company (including, without
 limitation, the Series A Preference Ordinary Shares, the Series B Preference
 Ordinary 

 

	
  

 	
  

 
	
  

 	
 Shares and,
 if issued, the Class C Preference Ordinary Shares) (“Parity Shares”), then
 the Holders of the Series D Preference Ordinary Shares; and all such Parity
 Shares shall share on a pro rata basis in any such distribution of assets in
 proportion to the full liquidating distributions to which they would
 otherwise be respectively entitled. The Preference D Ordinary Shares will not
 be convertible into, exchangeable for or carry rights or options to purchase,
 any ordinary shares or any other class or series of securities of the Company
 or any other entity. For purposes of this Section 3.3(a), a consolidation,
 merger, arrangement or reconstruction involving the Company or the sale or transfer
 of all or substantially all of the shares or property or business of the
 Company will not be deemed to constitute a liquidation, dissolution or
 winding-up.

 

	
  

 	
  

 	
  

 
	
 (b)

 	
 Dividend Rights.

 
	
  

 	
  

 
	
  

 	
 (i)

 	
 Until
 October 15, 2011, Holders of the Series D Preference Ordinary Shares, if any,
 will be entitled to receive, when, as and if declared by the Board of
 Directors, cash dividends at a rate per annum of 6.868%. From and after
 October 15, 2011, Holders of the Series D Preference Ordinary Shares will be
 entitled to receive, when, as and if declared by the Board of Directors, cash
 dividends at a rate per annum equal to 3-Month LIBOR for the applicable
 Dividend Period plus 3.120%:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “3-Month
 LIBOR” means, with respect to any Dividend Period or calculation period, a
 rate determined by the Company as calculation agent on the basis of the
 offered rates for U.S. dollar deposits for a period of three months,
 commencing on the first day of such Dividend Period or calculation period,
 which appears on US LIBOR Telerate Page 3750 as of approximately 11:00 a.m.,
 London time, on the LIBOR Determination Date for such Dividend Period or
 calculation period. If on any LIBOR Determination Date no rate appears on US
 LIBOR Telerate Page 3750 as of approximately 11:00 a.m., London time, the
 Company will on such LIBOR Determination Date request four major banks in the
 London interbank market selected by the Company to provide the Company with a
 quotation of the rate at which U.S. dollar deposits for a three-month period,
 commencing on the first day of such Dividend Period or calculation period,
 are offered by them to prime banks in the London interbank market as of
 approximately 11:00 a.m., London time, on such LIBOR Determination Date and
 in a principal amount equal to US$1 million or more. If at least two
 such quotations are provided, 3-Month LIBOR for such Dividend Period or
 calculation period will be the arithmetic mean (rounded upward if necessary
 to the nearest .00001 of 1%) of such quotations as calculated by the Company.
 If fewer than two quotations are provided, 3-Month LIBOR for such Dividend
 Period or calculation period will be the arithmetic mean (rounded upward if
 necessary to the nearest .00001 of 1%) of the rates quoted as of
 approximately 11:00 a.m., New York time, on the first day of such Dividend
 Period or calculation period by major banks in New York City, New York
 selected by the Company for loans in U.S. dollars to leading European banks,
 for a three-month period commencing on the first day of such Dividend Period or
 calculation period and in a principal amount of not less than US$1,000,000.

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A “LIBOR
 Determination Date” means, with respect to any Dividend Period or calculation
 period, the date that is two LIBOR Business Days prior to the first day of
 such Dividend Period or calculation period and a “LIBOR Business Day” means
 any day on which commercial banks are open for general business (including
 dealings in deposits in U.S. dollars) in London.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The dividend
 rates applicable during the Fixed Rate Period and the Floating Rate Period
 are referred to collectively as the “Dividend Rate.” The rights of the
 Holders of the Series D Preference Shares to receive dividends are
 non-cumulative. Accordingly, to the extent dividends are neither declared nor
 paid in respect of any Dividend Period, except as otherwise expressly
 provided herein in the case of a redemption or a voluntary or involuntary
 liquidation, dissolution, winding-up up or otherwise of this Company, Holders
 of the Series D Preference Shares will have no right to receive dividends in
 respect of that Dividend Period and the Company will have no obligation to
 pay dividends in respect of that Dividend Period, whether or not dividends
 are payable in respect of any future Dividend Period. Dividends will be payable
 semi-annually, during the Fixed Rate Period, and quarterly, during the
 Floating Rate Period, in each case when, as and if declared by the Company’s
 Board of Directors, in arrears, on April 15 and October 15 (or if such date
 is not a Business Day, on the Business Day immediately after such date),
 during the Fixed Rate Period, and on January 15, April 15, July 15, and
 October 15 (or if such date is not a Business Day, on the Business Day
 immediately after such date), during the Floating Rate Period, of each year
 (each such date during the Fixed Rate Period or the Floating Rate Period a
 “Dividend Payment Date”). The first dividend will represent the period of
 time from and including the date of original issuance to but excluding the
 following Dividend Payment Date, calculated as described below.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Subject to
 the next paragraph, during the Fixed Rate Period, the amount of the dividend
 that is to be payable to the Holder of each Series D Preference Ordinary
 Share with respect to each Dividend Period will be calculated as follows: the
 product of (i) 6.868%%, (ii) US$1,000 and (iii) a fraction,
 (A) the numerator of which will be 180 (or, in the case of a long or
 partial Dividend Period, the actual number of days elapsed in such Dividend
 Period), and (B) the denominator of which will be 360.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 However, if
 all or a portion of the Series D Preference Ordinary Shares are issued during
 the Fixed Rate Period, unless such shares are issued on a Dividend Payment
 Date, the amount of the dividend that is to be payable to the Holder of each
 Series D Preference Ordinary Share with respect to the Dividend Period during
 which the Series D Preference Ordinary Shares are so issued will be
 calculated as follows: the product of (i) 6.868%, (ii) a fraction, (x) the numerator
 of which is the product of (1) the number of days during which such share is
 outstanding during such Dividend Period and (2) US$1,000 and (y) the
 denominator of which is the total number of days in such Dividend Period and
 (iii) a fraction (x) the numerator of which will be 180 and (y) the
 denominator of which will be 360.

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each
 Dividend Period during the Fixed Rate Period will commence on and include
 each April 15 and October 15 (whether or not a Business Day) and will end on
 and exclude the first day of the next Dividend Period (whether or not a
 Business Day).

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Subject to
 the next paragraph, during the Floating Rate Period, the amount of the
 dividend that is to be payable to the Holder of each Series D Preference
 Ordinary Share with respect to each Dividend Period will be calculated as
 follows: the product of (i) 3-Month LIBOR for such Dividend Period plus
 3.120%, (ii) US$1,000 and (iii) a fraction, (A) the numerator of which will
 be the actual number of days in the Dividend Period, and (B) the denominator
 of which will be 360.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 However, if
 all or a portion of the Series D Preference Ordinary Shares are issued during
 the Floating Rate Period, unless such shares are issued on a Dividend Payment
 Date, the amount of the dividend that is to be payable to the Holder of each
 Series D Preference Ordinary Share with respect to the Dividend Period during
 which the Series D Preference Ordinary Shares are so issued will be
 calculated as follows: the product of (i) 3-Month LIBOR for such Dividend
 Period plus 3.120%, (ii) a fraction, (x) the numerator of which is the
 product of (1) the number of days during which such share is outstanding
 during such Dividend Period and (2) US$1,000 and (y) the denominator of which
 is the total number of days in such Dividend Period and (iii) a fraction, (A)
 the numerator of which will be the actual number of days in the Dividend
 Period, and (B) the denominator of which will be 360.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each
 Dividend Period during the Floating Rate Period will commence on and include
 the Dividend Payment Date for the preceding period and end on and exclude the
 then-current Dividend Payment Date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notwithstanding
 the foregoing, if the Series D Preference Ordinary Shares are issued pursuant
 to Section 1(ii)(a) and (b) hereof on a date that is not a Dividend Payment
 Date, the first Dividend Period will begin on and include the Dividend
 Payment Date for the preceding period and will end on and exclude the
 then-current Dividend Payment Date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dividends
 will be payable to Holders of record as they appear in the Company’s register
 of members at the close of business on the applicable record date, which will
 be one day prior to the Dividend Payment Date as long as all of the Series D
 Preference Ordinary Shares remain in book-entry form. If any of the Series D
 Preference Ordinary Shares are not in book-entry form, the record date will
 be 15 days prior to the Dividend Payment Date (whether or not such date is a
 Business Day). Holders will not be entitled to any dividends other than as
 described above. Dividends on the Series D Preference Ordinary Shares will be
 non-cumulative, but will be payable only if there are funds legally available
 for the payment of such dividends and such dividends are declared. No
 interest or sum of money in lieu of interest will be payable on any dividend
 payment.

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “Business
 Day” shall mean a day on which commercial banks and foreign exchange markets
 settle payments and are open for general business (including dealings in
 foreign exchange and foreign currency deposits) in Bermuda, the Cayman
 Islands, New York City and London.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “Dividend
 Period” shall mean the period from and including a Dividend Payment Date (or
 the date of the original issuance if there has not been a Dividend Payment
 Date) to but excluding the immediately succeeding Dividend Payment Date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “Fixed Rate
 Period” means the period from and including the Closing Date to but excluding
 October 15, 2011.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “Floating
 Rate Period” means the period from and after October 15, 2011.

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 As long as
 any Series D Preference Ordinary Shares are outstanding, no dividends or
 other distributions may be declared or paid or set apart for payment on any
 class or series of Parity Shares for any period unless either (1) full
 dividends have been or contemporaneously are declared and paid or declared
 and a sum sufficient for the payment thereof set apart for such payments on
 the Series D Preference Ordinary Shares for the then-current Dividend
 Period or (2) all dividends declared upon the Series D Preference Ordinary
 Shares and any Parity Shares are declared pro rata so that the amount of
 dividends declared per share on the Series D Preference Ordinary Shares and
 any Parity Shares will in all cases bear to each other the same ratio that accrued
 but unpaid dividends per share on the Series D Preference Ordinary Shares
 (with respect to the then-current Dividend Period) and such Parity Shares
 bear to each other.

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 As long as
 any Series D Preference Ordinary Shares are outstanding (1) no dividends
 (other than those paid in Ordinary Shares or other shares ranking junior in
 right of payment to the Series D Preference Ordinary Shares as to dividends
 and the distribution of assets upon any voluntary or involuntary liquidation,
 dissolution, winding-up or otherwise of the Company (including the Ordinary
 Shares, “Fully Junior Shares”)), may be declared or paid or set apart for
 payment upon any Junior Shares, (2) no other distribution (other than those
 paid in Fully Junior Shares) may be declared or paid or set apart for payment
 upon any Junior Shares and (3) no Junior Shares will be redeemed, purchased
 or otherwise acquired (other than a redemption, purchase or other acquisition
 of Ordinary Shares made for purposes of any employee incentive, stock,
 benefit or any similar plan of the Company or any of its subsidiaries) for
 any consideration (or any moneys be paid to or made available for a sinking
 fund or the redemption of any Junior Shares) by the Company (except by
 conversion into or exchange for Fully Junior Shares), unless, in any such
 case, full dividends on the Series D Preference Ordinary Shares and any
 Parity Shares have been or contemporaneously are declared and paid, or declared and a sum
 sufficient for the payment thereof set apart for payment, for the
 then-current Dividend Period in the case of the Series D Preference
 Ordinary Shares and for all Dividend Periods in the case of any Parity

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Shares terminating on or prior to the date such dividends or distributions are declared
 or paid on the Junior Shares, or
 such Junior Shares are redeemed, purchased or otherwise acquired.

 
	
  

 	
  

 	
  

 
	
 (c)

 	
 Voting Rights.

 
	
  

 	
  

 
	
  

 	
 (i)

 	
 Subject to
 paragraphs (ii) and (iii) below, and unless required by law or court order,
 the Holders shall not be entitled to receive notice of nor to attend nor to
 vote at any general meeting of the Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 Subsequent
 to the issuance of the Series D Preference Ordinary Shares, the Holders shall
 be entitled to one vote for each share held at any separate general meeting
 of that class or series (i.e., preference ordinary shares or Series D
 Preference Ordinary Shares, respectively), subject to the provisions of
 Article 41 of the Articles. Subject to the applicable provisions of the
 Articles and the Law, unless the Series D Preference Ordinary Shares have
 been previously redeemed or called for redemption (and funds necessary for
 such redemption have been set apart by the Company in trust for the benefit
 of the Series D Preference Ordinary Shares so called for redemption), the
 Company may not take any action which would vary the rights attached to the
 Series D Preference Ordinary Shares and no class or series of shares may be
 created which ranks senior to the Series D Preference Ordinary Shares as to
 dividend rights or as to the liquidation, dissolution, winding-up or
 otherwise of the Company, in each case, without the approval of a special
 resolution in writing by the Holders of 100% of the Series D Preference
 Ordinary Shares or the sanction of a special resolution passed by the votes
 of at least two-thirds of the outstanding Series D Preference Ordinary Shares
 cast at a separate general meeting of the Holders. At every separate meeting
 of the Holders, the necessary quorum shall be any one or more persons present
 in person or by proxy holding not less than 50% of the issued shares of that
 class. Notwithstanding the foregoing and subject to the applicable provisions
 of the Articles and the Law, Holders are not entitled to vote on any sale of
 all or substantially all of the assets of the Company, and the issuance of
 any shares that are in parity with the Series D Preference Ordinary Shares
 with respect to payment of dividends and the distribution of assets upon the
 liquidation, dissolution or winding up of the Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 If at any
 time dividends payable on the Series D Preference Ordinary Shares shall be in
 arrears (whether or not such dividends shall have been declared) in an
 aggregate amount equivalent to dividends for six or more full quarterly
 periods, which, during the Fixed Rate Period, shall mean three or more
 Dividend Periods and, during the Floating Rate Period, shall mean six or more
 Dividend Periods (in each case, whether or not consecutive), then during such
 period until all such arrearages in dividends shall have been paid in full,
 and only during such period (the “Voting Period”), the Holders voting
 together with any other series or classes of preference ordinary shares also
 in arrears and having such right shall be entitled by ordinary resolution at
 a separate meeting of such Holders to elect two persons and nominate such
 elected persons for appointment by the Board of 

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Directors as
 additional Directors of the Company. In no event shall there be more than two
 Directors elected by the holders of the preference ordinary shares (whether
 voting alone as a series or class or with another series or class so in
 arrears and having such right). The right of the holders of the Series D
 Preference Ordinary Shares will cease (subject always to the same provision for
 the vesting of such rights if dividends on the Series D Preference
 Ordinary Shares are not paid in future periods) until the earlier to occur of
 (i) the first date as of which full dividends on the Series D
 Preference Ordinary Shares have been paid for at least four consecutive
 quarterly periods and (ii) the redemption of all Series D
 Preference Ordinary Shares. Dividends on the Series D Preference Ordinary
 Shares may not be deemed due and payable and in arrears for any reason unless
 and until Series D Preference Ordinary Shares are issued and outstanding and
 such an arrearage shall thereafter have occurred.

 
	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 Any Director
 who shall have been elected pursuant to paragraph 3.3(c)(iii) above may
 be removed at any time during a Voting Period, either for or without cause,
 by, and only by, ordinary resolution of the holders of the outstanding
 preference ordinary shares of the relevant class or series at a special
 separate general meeting of such holders called for that purpose. Any vacancy
 thereby created may be filled during such Voting Period by ordinary
 resolution of the holders of preference ordinary shares of all relevant
 series at such a meeting. Any Director elected by holders of preference
 ordinary shares pursuant to this provision, or by any Director so elected as
 herein contemplated, who dies, resigns or otherwise ceases to be a Director
 during a Voting Period shall, except as otherwise provided in the preceding
 sentence, be replaced by the remaining Director theretofore elected by the
 holders of preference ordinary shares nominating a replacement for
 appointment by the Board of Directors; provided that, if no remaining
 additional Director is then in office, additional Directors will be elected
 in accordance with the procedures described above. At the end of the Voting
 Period, the holders of preference ordinary shares of all the relevant series
 shall be automatically divested of all voting powers vested in them by the
 provision, but subject always to subsequent vesting of such voting power in the
 holders of preference ordinary shares in the event of any similar cumulated
 arrearage in payment of quarterly dividends occurring thereafter. The term of
 all Directors elected and appointed pursuant to this provision shall in all
 events expire at the end of the applicable Voting Period and if the size of
 the Board was increased for the purpose of the additional Directors, the
 number of Directors constituting the Board shall be reduced accordingly. The
 provisions of the Articles relating to general meetings and the provisions of
 Article 41 of the Articles shall apply, mutatis mutandis, to every such separate
 meeting, except that the necessary quorum shall be any one or more persons
 present in person or by proxy holding not less than fifty percent (50%) of the
 issued preference ordinary shares of the relevant series.

 
	
  

 	
  

 	
  

 
	
 (d)

 	
 Redemption.

 
	
  

 	
  

 
	
  

 	
 The Company
 shall be entitled to redeem all or any of the Series D Preference Ordinary
 Shares as follows:

 

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 General. Subject
 to Section 3.3(j) and paragraphs (ii), (iii), (iv) and (v) below, the Series
 D Preference Ordinary Shares shall not be redeemable by the Company prior to
 October 15, 2011. On or after such date, but subject to paragraph (v), below,
 the Company shall be entitled at any time in whole or from time to time in
 part by not less than thirty (30) days nor more than sixty (60) days’ prior
 written notice to the relevant Holders, in such form and given in such manner
 as the Directors shall from time to time determine and in accordance with
 paragraph (e) below, to redeem all or any of the Series D Preference Ordinary
 Shares pursuant to this paragraph for cash at a redemption price of US$1,000
 per share being redeemed (inclusive of the nominal value thereof) plus any
 accrued but unpaid dividends, if any, with respect to the then-current
 Dividend Period to the date of redemption, without interest on such unpaid
 dividends and without accumulation of dividends for any prior Dividend Period
 to the extent not declared and payable in respect of such Dividend Period.

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 Redemption upon the Submission of Certain
 Shareholder Proposals. At any time prior to
 October 15, 2011, and provided that at such time, some or all of the Series D
 Preference Ordinary Shares are outstanding, if the Company shall have submitted
 to the holders of Ordinary Shares a proposal for an amalgamation,
 consolidation, merger, arrangement, reconstruction, reincorporation,
 deregistration or any other similar transaction involving the Company that
 requires, or shall have submitted any proposal for any other matter that, as
 a result of any change in Cayman Islands law after the date of the final
 Offering Memorandum of the SPV relating to the issuance and sale of the SPV
 Preference Shares (whether by enactment or official interpretation), requires,
 in each case, a vote of the Holders voting separately as a single class
 (alone or with one or more class or series of preference ordinary shares,
 including, without limitation, the Company’s Series A Preference Ordinary
 Shares, Series B Preference Ordinary Shares and Series C Preference Ordinary
 Shares), the Company shall be entitled by not less than thirty (30) days nor
 more than sixty (60) days prior written notice to the relevant Holders, in
 such form and given in such manner as the Directors shall from time to time
 determine and in accordance with paragraph (e) below, to redeem all
 outstanding Series D Preference Ordinary Shares pursuant to this paragraph for cash at a redemption price equal to the
 Make Whole Amount for the Series D Preference Ordinary Shares, plus all
 accrued but unpaid dividends, if any, with respect to the then-current
 Dividend Period whether or not declared to the date of redemption, without
 interest on such unpaid dividends and without accumulation of dividends for
 any prior Dividend Period to the extent not declared and payable in respect
 of such Dividend Period.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With respect
 to the Series D Preference Ordinary Shares, the “Make Whole Amount” will be
 in US $and will be equal to the greater of (i) the aggregate liquidation
 preference of the Series D Preference Ordinary Shares and (ii) the sum
 of the present values of the aggregate liquidation preference of the Series D
 Preference Ordinary Shares and the remaining scheduled payments of dividends
 on the Series D Preference Ordinary Shares to be redeemed up to but excluding
 October 15, 2011 discounted to the redemption date on a semi-annual basis 

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (assuming a
 360-day year consisting of twelve 30-day months) at a rate equal to the
 Treasury Rate (as defined below) plus 50 basis points. For purposes of this
 definition, if the redemption date is not on a Dividend Payment Date, the
 amount of the immediately succeeding scheduled dividend payment will be
 reduced by the amount of accrued but unpaid dividends with respect to the
 then current Dividend Period (whether or not declared) to the redemption
 date, without interest on such unpaid dividends and without accumulation of
 dividends for any prior Dividend Period to the extent not declared and
 payable in respect of such Dividend Period.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 For the
 purposes of the preceding paragraph:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “Comparable
 Treasury Issue” means the United States Treasury security selected by the
 Reference Treasury Dealer as having a maturity comparable to the period from
 and including the redemption date to but excluding October 15, 2011 that
 would be utilized, at the time of selection and in accordance with customary
 financial practice, in pricing new issues of corporate debt securities of
 comparable maturity to such period of time. If no United States Treasury
 security has a maturity which is within a period from three months before to
 three months after the remaining life, the two most closely corresponding
 United States Treasury securities, as selected by the Reference Treasury
 Dealer, shall be used as the Comparable Treasury Issue, and the adjusted
 Treasury Rate shall be interpolated or extrapolated on a straight-line basis,
 rounding to the nearest month, using such securities.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “Comparable
 Treasury Price” means, with respect to any redemption date, (i) the
 average of the bid and asked prices for the Comparable Treasury Issue
 (expressed in each case as a percentage of its principal amount) on the third
 Business Day preceding such distribution date, as set forth in the H.15 Daily
 Update published on such Business Day or (ii) if such release (or any
 successor release) is not published or does not contain prices on such
 Business Day, the Reference Treasury Dealer Quotation actually obtained by
 the calculation agent for such redemption date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “H.15 (519)”
 means the weekly statistical release entitled “H.15 (519) Selected Interest
 Rates,” or any successor publication, published by the Board of Governors of
 the Federal Reserve System.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “H.15-Daily
 Update” means the daily update of H.15 (519) available through the world wide
 website of the Board of Governors of the Federal Reserve System or any
 successor site or publication.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “Reference
 Treasury Dealer” means a nationally recognized investment bank that is a primary
 U.S. government securities dealer in New York City selected by the Company.

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “Reference
 Treasury Dealer Quotation” means, with respect to the Reference Treasury
 Dealer and redemption date, the average, as determined by the calculation
 agent, of the bid and asked prices for the Comparable Treasury Issue
 (expressed in each case as a percentage of its principal amount) quoted in
 writing to the calculation agent by the Reference Treasury Dealer at
 5:00 p.m., New York City time, on the third Business Day preceding such
 redemption date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 •

 	
 “Treasury
 Rate” means, with respect to any redemption date, the rate per annum equal to
 the semi-annual equivalent yield to maturity of the Comparable Treasury
 Issue, assuming a price for the Comparable Treasury Issue (expressed as a
 percentage of its principal amount) equal to the Comparable Treasury Price
 for such redemption date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 Redemption on Tax Event.
 If there is a “change in tax law” that would require the Company or any
 successor company to pay additional amounts with respect to any then issued and outstanding Series D Preference
 Ordinary Shares, and the payment of those additional amounts cannot be
 avoided by the use of any reasonable measures available to the Company or any
 successor company, the Company shall be entitled at any time thereafter by
 not less than thirty (30) days nor more than sixty (60) days prior written
 notice to the relevant Holders, in such form and given in such manner as the
 Directors shall from time to time determine and in accordance with paragraph
 (e) below, to redeem any or all Series D Preference Ordinary Shares pursuant
 to this paragraph for cash at a redemption price of US$1,000 per share being
 redeemed (inclusive of the nominal value thereof) plus accrued but unpaid
 dividends, if any, with respect to the then-current Dividend Period to the
 date of redemption, without interest on such unpaid dividends and without
 accumulation of dividends for any prior Dividend Period to the extent not
 declared in respect of such Dividend Period.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 For the
 purpose of this provision a “change in tax law” shall be (a) a change in or
 amendment to laws, regulations or rulings of any jurisdiction, political
 subdivision or taxing authority described in the next sentence, (b) a change
 in the official application or interpretation of those laws, regulations or
 rulings, or (c) any execution of or amendment to any treaty affecting
 taxation to which any jurisdiction, political subdivision or taxing authority
 described in the next sentence is party after the date of the final Offering
 Memorandum. The jurisdictions, political subdivisions and taxing authorities
 referred to in the previous sentence are (a) the Cayman Islands or any
 political subdivision or governmental authority of or in the Cayman Islands
 with the power to tax, (b) any jurisdiction from or through which the Company
 or its paying agent is making payments on the Series D Preference Ordinary
 Shares or any political subdivision or governmental authority of or in that
 jurisdiction with the power to tax, or (c) any other jurisdiction in which
 the Company or its successor company is organized or generally subject to
 taxation or any political subdivision or governmental authority of or in that
 jurisdiction with the power to tax.

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 Tax Event on Consolidation. If the entity to be formed by a consolidation, merger or
 amalgamation involving the Company or the entity to which the Company
 proposes to convey, transfer or lease substantially all of its properties and
 assets would be required to pay additional amounts in respect of any tax,
 assessment or governmental charge imposed on any Holder as a result of a
 change in tax law that occurred after the date of the consolidation, merger,
 amalgamation, conveyance, transfer or lease, and the payment of those amounts cannot be avoided by the use
 of any reasonable measures available to the Company or any successor company,
 the Company shall be entitled to at any time thereafter by not less than
 thirty (30) days nor more than sixty (60) days prior written notice to the
 relevant Holders, in such form and given in such manner as the Directors
 shall from time to time determine and in accordance with paragraph (e) below
 to redeem any or all Series D Preference Ordinary Shares outstanding at such
 time, if any, pursuant to this paragraph for cash at a redemption price of US
 $1,000 per share being redeemed, (inclusive of the nominal value thereof),
 plus all accrued but unpaid dividends, if any, with respect to the
 then-current Dividend Period (whether or not declared) to the date of
 redemption, without interest on such unpaid dividends and without
 accumulation of dividends for any prior Dividend Period to the extent not
 declared and payable in respect of such Dividend Period.

 
	
  

 	
  

 	
  

 
	
  

 	
 The Company
 shall be required to redeem all or any of the Series D Preference Ordinary
 Shares as follows:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (v)

 	
 Redemption on Breach of Covenant. If
 the Series D Preference Ordinary Shares are issued as a result of the failure
 of the Company to obtain the prior consent of the SPV, given in accordance
 with the Paying Agency Agreement, to an amendment to the Company’s Memorandum
 of Association, Articles of Association or the Resolutions in a manner that
 would adversely affect the rights of the Holders, the Holders (including the
 SPV, to the extent that it holds Series D Preference Ordinary Shares, but in
 such case acting at the direction of the holders of the SPV Preference
 Shares), will have the right (subject to applicable legal requirements) to
 have their Series D Preference Ordinary Shares redeemed by the Company for
 cash at a redemption price equal to the Make Whole Amount, plus all accrued
 but unpaid dividends, if any, with respect to the then-current Dividend
 Period thereon to the date of redemption, without interest on such unpaid
 dividends and without accumulation of dividends for any prior Dividend Period
 to the extent not declared and payable in respect of such Dividend Period.

 
	
  

 	
  

 	
  

 
	
 (e)

 	
 Notices of Redemption.

 
	
  

 	
  

 	
  

 
	
  

 	
 Notice of
 any redemption at the option of the Company described herein will be mailed
 at least thirty (30) days but not more than sixty (60) days before the
 redemption date to each Holder of record of Series D Preference Ordinary
 Shares to be redeemed at the address shown in the register of members of the
 Company. Each notice will state as appropriate: (1) the redemption date; (2)
 the number of Series D Preference Ordinary Shares to be redeemed; (3) the
 redemption price; (4) the place or places where certificates for Series D
 Preference Ordinary Shares are to be surrendered for payment of the
 redemption price if

 

	
  

 	
  

 
	
  

 	
 any such
 certificates are outstanding; and (5) where applicable, that dividends on the
 Series D Preference Ordinary Shares to be redeemed will cease to accrue on
 such redemption date. If fewer than all Series D Preference Ordinary Shares
 are to be redeemed, the notice mailed to each such Holder thereof will also
 specify the number of Series D Preference Ordinary Shares to be redeemed from
 such Holder. The notice shall contain (i) the name and address of the
 relevant bank or trust company to be used for purposes of redemption (if any)
 and (ii) a statement as to the deposit or intent to deposit the redemption
 funds in such trust account.

 
	
  

 	
  

 
	
  

 	
 Notice of
 any redemption at the option of the Holders described herein will be mailed
 by the Company at least thirty (30) days but not more than sixty (60) days
 before the redemption date to each Holder of record of Series D Preference
 Ordinary Shares at the address shown in the register of members of the
 Company. Each notice will state as appropriate: (1) the redemption date; (2)
 the address to which the Holders should send any requested response to the
 notice; (3) the redemption price; (4) the place or places where certificates
 for Series D Preference Ordinary Shares are to be surrendered for payment of
 the redemption price if any such certificates are outstanding; (5) where
 applicable, that dividends on the Series D Preference Ordinary Shares to be
 redeemed will cease to accrue on such redemption date; and (6) such other
 matters as the Company may deem relevant. The notice shall contain (i) the
 name and address of the relevant bank or trust company to be used for
 purposes of redemption (if any) and (ii) a statement as to the deposit or
 intent to deposit the redemption funds in such trust account.

 
	
  

 	
  

 
	
 (f)

 	
 Directors Determine Shares Redeemed.

 
	
  

 	
  

 
	
  

 	
 If fewer
 than all of the Series D Preference Ordinary Shares are to be redeemed at the
 option of the Company, the number of shares to be redeemed will be determined by the Directors
 in their absolute discretion and such Series D Preference Ordinary Shares may
 be redeemed pro rata from the Holders of record in proportion to the
 number of Series D Preference Ordinary Shares held by such Holders (with
 adjustments to avoid redemption of fractional shares), or by lot.

 
	
  

 	
  

 
	
 (g)

 	
 Dividends Cease.

 
	
  

 	
  

 
	
  

 	
 If notice of
 redemption of any Series D Preference Ordinary
 Shares has been given and if the funds necessary for such redemption have been set apart by the
 Company in trust for the benefit of the Holders so called for redemption,
 then from and after the redemption date, dividends will cease to accrue on
 the Series D Preference Ordinary Shares being redeemed, the Series D
 Preference Ordinary Shares so redeemed will
 no longer be deemed to be outstanding and all rights of the Holders of
 such shares will terminate, except the right to receive the redemption price.

 
	
  

 	
  

 
	
 (h)

 	
 Dividends Payable to Record Date.

 
	
  

 	
  

 
	
  

 	
 If a
 redemption date falls after a dividend record date and prior to the
 corresponding Dividend Payment Date, the Holders at the close of business on
 the dividend record date will be
 entitled to receive the dividend payable with respect to such Series D
 Preference

 

	
  

 	
  

 
	
  

 	
 Ordinary
 Shares on the corresponding Dividend Payment Date notwithstanding the
 redemption thereof between the dividend record date and the corresponding
 Dividend Payment Date or a default in the payment of the dividend due on such
 Dividend Payment Date.

 
	
  

 	
  

 
	
 (i)

 	
 Dividends Paid.

 
	
  

 	
  

 
	
  

 	
 Unless full
 dividends on the Series D Preference Ordinary Shares and all Parity Shares
 for the then-current Dividend Period shall have been declared and paid, or
 declared and a sum sufficient for the payment thereof set apart for payment
 for all such dividends on or prior to the date of a redemption, purchase or
 other acquisition, no Series D Preference Ordinary Shares or Parity Shares
 may be redeemed, purchased or otherwise acquired by the Company unless all
 outstanding Series D Preference Ordinary Shares and any Parity Shares are
 redeemed; provided that, the Company may acquire fewer than all of the outstanding
 Series D Preference Ordinary Shares or any Parity Shares pursuant to a
 purchase or exchange offer made on the same terms to Holders of all
 outstanding Series D Preference Ordinary Shares and Parity Shares as
 determined in good faith by the Board of Directors of the Company.

 
	
  

 	
  

 
	
 (j)

 	
 Right to Purchase Series D Preference Ordinary Shares.

 
	
  

 	
  

 
	
  

 	
 Subject to
 (1) certain limitations contained in the Company’s Articles of Association,
 (2) the special rights granted to any of the Company’s issued and outstanding
 shares, (3) applicable law and (4) the Company’s requirement pursuant to
 paragraph 3.3(i) to make a purchase or exchange offering on the same terms to
 Holders of all outstanding Series
 D Preference Ordinary Shares and Parity Shares, the Company may, at any time
 and from time to time, purchase outstanding Series D Preference Ordinary
 Shares. Any such purchase made by the Company may be made in the open market,
 by tender to all Holders, by private agreement or otherwise as the Directors
 see fit. Any Series D Preference Ordinary Shares purchased by the Company for
 its own account (other than in the ordinary course of business of dealing in
 securities) will be cancelled by the Company and will no longer be issued and
 outstanding.

 
	
  

 	
  

 
	
 (k)

 	
 Redemption Proceeds.

 
	
  

 	
  

 
	
  

 	
 The Series D
 Preference Ordinary Shares may be purchased or redeemed by the Company either
 out of profits or from the proceeds of a new issue of shares made for the
 purpose of the redemption or purchase out of capital or the share premium
 account.

 
	
  

 	
  

 
	
 (l)

 	
 Cancellation of Share Certificates.

 
	
  

 	
  

 
	
  

 	
 Payment of
 the redemption amount shall only be effected upon surrender to the Company
 for cancellation of any share certificate in respect of the Series D
 Preference Ordinary Shares (to the extent such certificates are outstanding)
 to be redeemed and shall be made as promptly as practicable. If any
 certificate so surrendered includes Series D Preference Ordinary Shares not
 being redeemed, a new certificate for the remaining Series D Preference
 Ordinary Shares shall be issued to the Holder in accordance with the Articles
 of Association of the Company without charge to such Holder.

 

	
  

 	
  

 	
  

 
	
 (m)

 	
 Redemption Process.

 
	
  

 	
  

 	
  

 
	
  

 	
 The
 Directors may make such further
 regulations concerning the administerial process of redemption as they shall
 from time to time deem necessary so long as the rights of the Holders are not
 varied.

 
	
  

 	
  

 	
  

 
	
 (n)

 	
 Rights Not Varied.

 
	
  

 	
  

 	
  

 
	
  

 	
 The rights
 conferred upon the Holders of the Series D Preference Ordinary Shares shall
 not be deemed to be varied by the creation or issue of any Parity Shares,
 Junior Shares or Fully Junior Shares.

 
	
  

 	
  

 	
  

 
	
 (o)

 	
 Payments of Additional Amounts.

 
	
  

 	
  

 	
  

 
	
  

 	
 All payments
 on the Series D Preference Ordinary Shares shall be made free and clear of
 and without deduction or withholding for or on account of any present or
 future taxes, assessments or other governmental charges imposed by any
 jurisdiction, political subdivision or taxing authority described in
 paragraph 3.3 (d) (iii) of these Resolutions, unless the deduction or
 withholding of such taxes, assessments or other governmental charges is
 required by law, regulations or rulings or the application or official
 interpretation of such law, regulations or rulings. In that event, the
 Company shall pay or cause to be paid additional amounts to the registered
 Holders as additional dividends
 to make up for any deduction or withholding for any present or future taxes,
 assessments or other governmental charges imposed by any jurisdiction,
 political subdivision or taxing authority described in paragraph 3.3 (d)
 (iii) of these Resolutions in respect of any amounts that the Company or a
 successor company must pay with
 respect to the Series D Preference Ordinary Shares, so that the
 net amounts paid to the Holders, after that deduction or withholding, shall
 equal the respective amounts that would have been receivable by such Holders
 had no such withholding or deduction been required. However, the Company
 shall not be obligated to pay additional amounts to any Holder that:

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 resides in
 or is a citizen of the jurisdiction, political subdivision or taxing
 authority imposing the taxes, assessments or other governmental charges that
 would otherwise trigger the Company’s obligation to pay additional amounts;
 or

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 is a
 fiduciary, partnership, limited liability company or other pass-through
 entity if, and to the extent that, the payment of additional amounts would be
 required by a jurisdiction, political subdivision or taxing authority
 described in paragraph 3.3 (d) (iii) of these Resolutions to be included in
 the income for tax purposes of a beneficiary or settlor with respect to that
 fiduciary or a member of that partnership, limited liability company or other
 pass-through entity who would not have been entitled to any additional
 amounts had that beneficiary, settlor or member held those Series D
 Preference Ordinary Shares directly.

 

	
  

 	
  

 	
  

 
	
 (p)

 	
 No Payment of Additional Amounts.

 
	
  

 	
  

 	
  

 
	
  

 	
 In addition,
 the Company shall not be obligated to pay any additional amounts to a Holder
 on account of:

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 any tax,
 assessment or other governmental charge that would not have been imposed but
 for the existence of any present or former connection between a Holder, or
 certain other persons, and the taxing jurisdiction or political subdivision,
 or any Series D Preference Ordinary Share presented for payment more than
 thirty (30) days after the relevant date, which means, in respect of any
 payment, the date on which such payment first becomes due and payable, but if
 the full amount of moneys payable has not been received by the depositary on
 or prior to such due date, it means the first date on which the full amount
 of such moneys having been so received and being available for payments to
 Holders, and notice to that effect shall have been duly given to the Holders;

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 any estate,
 inheritance, gift, sales, transfer, personal property or similar tax,
 assessment or other governmental charge;

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 any tax,
 assessment or other governmental charge that is payable other than by
 withholding or deduction from payment of the liquidation preference of or any
 dividends on the Series D Preference Ordinary Shares;

 
	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 any tax,
 assessment or other governmental charge that is imposed or withheld by reason
 of the failure by the Holder or the beneficial owner of the Series D
 Preference Ordinary Shares to promptly comply with a request by the Company
 to (a) provide information, documents, certifications or other evidence
 concerning the nationality, residence or identity of the Holder or beneficial
 owner of such Series D Preference Ordinary Shares or (b) make and deliver any
 declaration or other similar claim, other than a claim for refund of a tax,
 assessment or other governmental charge withheld by the Company, or satisfy
 any information or reporting requirements, which, in the case of clauses (a)
 or (b) of this subparagraph, is required or imposed by a statute, treaty,
 regulation or administrative practice of the taxing jurisdiction as a
 precondition to exemption from all or part of that tax, assessment or other
 governmental charge; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (v)

 	
 any
 combination of the items identified by the subparagraphs above.

 
	
  

 	
  

 	
  

 
	
 (q)

 	
 No Preemptive Rights.

 
	
  

 	
  

 	
  

 
	
  

 	
 The Series D
 Preference Ordinary Shares shall not be entitled to the benefits of any
 sinking fund. No Holder, solely by reason of being a Holder, has or will have
 any preemptive right to subscribe for any additional issue of the Company’s
 shares of any class or series or to any security convertible into or carrying
 rights or options to purchase any such shares.

 

	
  

 	
  

 
	
 (r)

 	
 Ranking.

 
	
  

 	
  

 
	
  

 	
 Any class or
 series of shares of the Company shall be deemed to rank (1) prior to the
 Series D Preference Ordinary Shares, as to the payment of dividends and as to
 any voluntary or involuntary return of assets on liquidation, dissolution,
 winding-up or otherwise of the Company, if the holders of such class or
 series shall be entitled to the receipt of dividends or of amounts
 distributable upon any voluntary or involuntary return of assets on
 liquidation, dissolution, winding-up or otherwise, as the case may be, in
 preference or priority to the Holders and the Parity Shares, (2) on a parity
 with the Series D Preference Ordinary Shares and the Parity Shares as to the
 payment of dividends and as to distribution of assets upon any voluntary or involuntary
 return of assets on liquidation, dissolution, winding-up or otherwise of the
 Company, whether or not the dividend rates, dividend payment dates or
 redemption or liquidation prices per share thereof shall be different from
 those of the Series D Preference Ordinary Shares, if the holders of such
 class or series and the Series D Preference Ordinary Shares shall be entitled
 to the receipt of dividends and of amounts distributable upon any voluntary
 or involuntary return of assets on liquidation, dissolution, winding-up or
 otherwise of the Company in proportion to their respective amounts of accrued
 but unpaid dividends per share or liquidation preferences, without preference
 or priority of one over the other or (3) junior to the Series D Preference Ordinary
 Shares and the Parity Shares, as to the payment of dividends or as to
 distribution of assets upon any voluntary or involuntary return of assets on
 liquidation, dissolution, winding-up or otherwise of the Company, if such
 class or series is ordinary shares or other shares ranking junior in right of
 payment to the Series D Preference Ordinary Shares and the Parity Shares as
 to dividends or as to the distribution of assets upon any voluntary or
 involuntary return of assets on liquidation, dissolution, winding-up or
 otherwise of the Company. The Series D Preference Ordinary Shares will
 therefore rank pari passu with the Series A Preference Ordinary Shares, the
 Series B Preference Ordinary Shares and, if issued, the Series C Preference
 Ordinary Shares, including as to the payment of dividends and as to a
 distribution of assets upon any voluntary or involuntary return of assets on
 liquidation, dissolution, winding-up or otherwise of the Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]