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Exhibit 10.2  

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACT OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR OFFERED
FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THE SECURITIES BEING SOLD UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND SUCH STATE LAWS AS MAY BE APPLICABLE, OR A WRITTEN
OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER OR SALE MAY BE EFFECTED WITHOUT THE REGISTRATION OF THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES
LAWS.

 
 

SUBORDINATED CONVERTIBLE PROMISSORY NOTE    
  

	Irvine, California	 	September 30, 2002

        FOR VALUE RECEIVED, the undersigned, SSP Solutions, Inc., a Delaware corporation (the "Company"), promises
to pay to Wave Systems Corp., at Attention: Gerry Feeney, 480 Pleasant Street, Lee, Massachusetts 01238 (or at such other place as may, from time to time, be designated from time to time), in lawful
money of the United States of America and in immediately available funds, the principal sum of Two Hundred Seventy Thousand Dollars ($270,000), or, such greater or lesser principal sum as may be
outstanding from time to time under this Subordinated Convertible Promissory Note (this "Note") at the times provided herein (as defined below). 

1.    Terms.  

        This Note is executed and delivered by the Company pursuant and subject to that certain Termination and Mutual Release Agreement between the Company and Wave
Systems Corp. dated effective as of August 31, 2002 (the "Termination Agreement"). 

2.    Payment of Interest.  

        This Note shall not bear interest. 

3.    Maturity of Note.  

        This Note shall mature on December 31, 2005 (the "Maturity Date"); provided that if an Event of Default
occurs (as defined in Section 9), the Maturity Date shall be accelerated as set forth in  Section 10; provided further, that the Maturity Date may
be extended as set forth in  Section 8.1. 

4.    Cancellation.  

        After all principal at any time owed on this Note has been paid in full or converted into Common Stock, this Note shall be surrendered to the Company for
cancellation and shall not be reissued. 

5.    Severability.  

        The illegality or unenforceability of any provision of this Note shall not in any way affect or impair the legality or enforceability of the remaining provisions
of this Note. 

6.    No Prepayment Penalty or Premium.  

        The Company may prepay the whole or any part of the outstanding principal sum of this Note without prepayment penalty or premium. 

7.    Subordination.  

        7.1    Obligations Subordinated to Senior Debt.    Notwithstanding any provision of this Note to the contrary, the
Company covenants and agrees, and the holder of this Note and any subsequent holder of this Note, by accepting this Note, likewise covenants and agrees, that all amounts owing, whether due 

 

or to become due, under this Note (the "Note Obligations") shall be subordinated to the extent set forth in this  Section 7 to the prior payment of the
Senior Debt (as defined below) in full when due, in cash or cash equivalents satisfactory to the holders of
such Senior Debt. This Section 7 shall constitute a continuing offer to and covenant with all persons who become holders of, or continue to hold,
Senior Debt (irrespective of whether such Senior Debt was created or acquired concurrently or after the issuance of this Note). The provisions of this  Section 7 are made for the benefit of all
present and future holders of Senior Debt, if any (and their successors and assigns), and shall be
enforceable by them directly against every holder of this Note. 

        7.2    Priority and Payment Over of Proceeds in Certain Events.    

        (a)  Upon
any payment or distribution of assets of the Company, whether in cash, property, securities or otherwise, in the event of any dissolution, winding up or total or
partial liquidation, reorganization, arrangement, adjustment, protection, relief or composition, or assignment for the benefit of creditors of the Company, whether voluntary or involuntary or in
bankruptcy, insolvency, receivership, reorganization, relief or other proceedings or upon an assignment for the benefit of creditors or any other marshalling of all or part of the assets and
liabilities of the Company, including, but not limited to, upon the occurrence of any of the events described in Sections 9(c), 9(d) or 9(e) (the foregoing events herein collectively referred to as an
"Insolvency Event"), all Senior Debt shall first be paid in full, in cash, or payment provided for in cash equivalents in a manner satisfactory to the
holders of Senior Debt, before the holder of this Note or any subsequent holder of this Note shall be entitled to receive any payment or distribution of assets of the Company for application to any of
the Note Obligations. Upon any Insolvency Event, any payment or distribution of assets of the Company, whether in cash, property, securities or otherwise, to which the holder of this Note or any
subsequent holder of this Note would be entitled on account of the Note Obligations, except for the provisions of this Section 7, shall be made
by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, directly to the holders of the Senior Debt or their
representatives for application to the payment or prepayment of all such Senior Debt in full after giving effect to any concurrent payment or distribution to the holders of such Senior Debt. 

        (b)  If
there has occurred and is continuing a default in (i) the payment of all or any portion of any Senior Debt, or (ii) compliance by the Company with any
covenant under the Senior Debt, unless and until such default shall have been cured or waived, the Company shall not make any payment on or with respect to any Note Obligations or acquire this Note
(or any portion thereof) for cash, property, securities or otherwise and the holder of this Note shall not receive from the Company, directly or indirectly, any payment or distribution on account of
the Note Obligations. The failure to make any payment with respect to the Note Obligations by reason of the provisions of this Section 7.2 shall
not be construed as preventing the occurrence of an Event of Default; provided that any acceleration of payment of the Note Obligations resulting therefrom shall be automatically rescinded if and when
all of the following conditions shall be simultaneously satisfied within 90 days after notice to the Company and the holders of the Senior Debt of the occurrence of such payment default:
(i) the payment, the failure of which gave rise to the Event of Default is made and (ii) no other Event of Default shall have occurred and be continuing. 

        (c)  If,
notwithstanding the foregoing provisions prohibiting payments or distributions, any holder hereof receives any payment of, or on account of, any Note Obligations
that were prohibited by this Section 7, before all Senior Debt shall have been paid in full, then and in such event such payments or
distributions shall be received and held in trust for the holders of the Senior Debt and promptly paid over or delivered to the holders of the Senior Debt remaining unpaid to the extent necessary to
pay in full, in cash or cash equivalents satisfactory to the holders of the Senior Debt, such Senior Debt after giving effect to any concurrent payment or distribution 

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to the holder of such Senior Debt, provided, that any such payment which is, for any reason, not so paid over or delivered shall be held in trust by such holder for the holders of Senior Debt. 

        7.3    Rights of Holders of Senior Debt Not To Be Impaired, etc.    

        (a)  No
right of any present or future holder of any Senior Debt to enforce the subordination and other terms and conditions provided herein shall at any time in any way be
prejudiced or impaired by any act or failure to act in good faith by any such holder, or by any noncompliance by the Company with the terms and provisions and covenants herein regardless of any
knowledge thereof any such holder may have or otherwise be charged with. 

        (b)  This  Section 7 and the provisions of Section 2 may not be
amended without the written consent of each holder of the Senior Debt, if any, and of the holder of this Note, and any purported amendment without such consent shall be void. No holder of Senior Debt
shall be prejudiced in such holder's right to enforce the subordination and other terms and conditions of this Note by any act or failure to act by the Company or anyone in custody of their respective
assets or property. 

        7.4    Subrogation.    No payment of or distribution of or with respect to the Senior Debt pursuant to the provisions
of this Note shall entitle the holder of this Note to exercise any rights of subrogation in respect thereof until the Senior Debt shall have been paid and satisfied in full. After the payment of the
Senior Debt in full and provided no payments are voidable, the holder of this Note shall be subrogated to the rights of the holder or holders of the Senior Debt to receive distributions applicable to
the Senior Debt to the extent the distributions otherwise payable to the holder of this Note have been applied to the payment of the Senior Debt. 

        7.5    Obligations of the Company Unconditional.    Nothing contained in this Note is intended to or shall impair, as
between the Company and the holder of this Note, the obligation of the Company, which is absolute and unconditional, to pay to the holder of this Note all Note Obligations as and when the same shall
become due and payable in accordance with their terms, or to affect the relative rights of the holders of the Senior Debt, the holder of this Note, any subsequent holder of this Note and other
creditors of the Company (other than the holders of Senior Debt). 

        7.6    Additional Rights of Holders of the Senior Debt.    If the Senior Debt has not been paid in full, in cash or
cash equivalents satisfactory to the holders of the Senior Debt, at the time the Company is subject to an Insolvency Event, the holders of the Senior Debt are hereby irrevocably authorized, but shall
have no obligation, to demand, sue for, collect and receive every payment or distribution received in respect of any such Insolvency Proceeding and give acquittance therefor. Furthermore, in
connection with any Insolvency Event, the holders of Senior Debt are irrevocably authorized to file a proof of claim for or collect the holder of this Note's claims for common stock hereunder
hereunder first for the benefit of the holders of Senior Debt to the extent thereof and then for the benefit of holder of this Note (but without creating any duty or liability to the holder of this
Note other than to remit to the holder of this Note distributions, if any, actually received in such proceedings after the Senior Debt has been paid and satisfied in full. 

        7.7    Senior Debt Changes.    "Senior Debt" means an amount owing by
the Company, including principal, interest (including any interest accruing during any bankruptcy proceeding), premium, if any, fees (including, without limitation, any commitment, agency, facility,
structuring, restructuring or other fee), costs, expenses and indemnities, from time to time for indebtedness for borrowed money under notes, debentures or other evidence of indebtedness issued to, or
agreements with, a bank, financial institution, institutional investor, investment fund or other lender for the purpose of obtaining working or permanent capital for the Company
("Senior Debt"). The holder of this Note hereby waives any and all notice of renewal, extension or accrual of any of the Senior Debt, present or future,
and agrees and consents that without notice to or consent of the holder of this Note: (a) the obligations and liabilities 

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of the Company or any other party or parties under the Senior Debt may, from time to time, in whole or in part, be renewed, refinanced, replaced, increased, extended, refunded, modified, amended,
accelerated, compromised, supplemented, terminated, decreased, sold, exchanged, waived, or released; (b) the holders of Senior Debt and their representatives may exercise or refrain from
exercising any right, remedy or power granted by any document creating or evidencing the Senior Debt or at law, in equity, or otherwise, with respect to the Senior Debt or in connection with any
collateral security or lien (legal or equitable) held, given or intended to be given therefor (including, without limitation, the right to perfect any lien or security interest created in connection
therewith); and (c) any and all collateral security and/or liens (legal or equitable) at any time, present or future, held, given or
intended to be given for the Senior Debt, and any rights or remedies of the holders of Senior Debt and their representatives in respect thereof, may, from time to time, in whole or in part, be
exchanged, sold, surrendered, released, modified, perfected, unperfected, waived or extended by the holders of Senior Debt and their representatives. 

        7.8    Execution of Subordination Agreement.    The holder of this Note agrees that, upon the request of any holder of
Senior Debt, it shall execute and deliver a subordination agreement for the benefit of such holder of Senior Debt (in form reasonably acceptable to the holder of this Note and its counsel) reflecting
the terms of this Section 7; provided, however that the foregoing shall not require holder of this Note to execute or deliver any agreement which
provides for additional terms of subordination or otherwise adversely modifying (whether by change, addition or deletion) the terms hereof. 

8.    Conversion.  

        8.1    Automatic Conversion.    Subject to the conversion restrictions contained in subsection 6(d) of the Termination
Agreement ("Conversion Restrictions"), if and to the extent the principal amount of this Note has not been repaid or voluntarily converted on or prior
to the Maturity Date, as the same may be accelerated or extended, then the principal amount of this Note automatically will convert on the Maturity Date into such number of shares of Common Stock as
is equal to the number determined by dividing the outstanding principal amount of this Note by the Conversion Rate (as defined below) in effect on the date of conversion and then adjusting such
quotient, if necessary, pursuant to Section 8.6 below. If and to the extent the entire principal balance of this Note cannot be converted under
this provision at the Maturity Date due to the Conversion Restrictions, then the greatest portion of the principal balance that may be converted without violating the Conversion Restrictions
automatically will convert, and the Maturity Date of this Note shall then be extended for an additional five years. 

        8.2    Optional Conversion.    Subject to the Conversion Restrictions, the holder of this Note and the Company each
shall have the right, at any time or from time to time, to convert this Note, in whole or in part, into such number of shares of Common Stock as is equal to the number determined by dividing the
principal amount of this Note to be converted by the Conversion Rate in effect on the date of conversion and then adjusting such quotient, if necessary, pursuant to  Section 8.6 below. Each optional
conversion shall be effected by delivery of written notice to the Company or the holder, as the case may be, by
the party electing to effect the optional conversion, stating the amount of principal desired to be converted. 

        8.3    Conversion Procedure in the Event of Conversion.    In the event of automatic conversion pursuant to  Section 8.1, the
outstanding principal amount of this Note will convert automatically without any further action by the Company whether or not
this Note is surrendered to the Company or its transfer agent. In the event of elected conversion pursuant to Section 8.2, on the effective date
of the notice of conversion, the portion of this Note specified in such notice to be converted shall be deemed converted. The Company will not be obligated to issue certificates evidencing the
securities issuable
upon any automatic or elected conversion of this Note unless this Note is either delivered to the Company or its transfer agent, or the holder of this Note notifies the Company or its transfer agent 

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that this Note has been lost, stolen, or destroyed and executes an agreement reasonably satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with this Note.
At its expense and without charge for any issuance tax, the Company will, as soon as practicable thereafter, issue and deliver to the holder of this Note a certificate or certificates for the
number of shares to which the holder of this Note will be entitled upon such conversion (bearing such legends as are required by applicable state and federal securities laws in the opinion of counsel
to the Company) in the name of the holder and in such denomination or denominations as the holder has specified in writing, together with a check payable to the holder of this Note for any cash
amounts payable as described in Section 8.4. Upon conversion of this Note, the Company shall take all such actions as are necessary in order to
insure that the securities issuable with respect to such conversion will be validly issued, fully paid and non-assessable. The Company will not close its books against the transfer of the
securities issued or issuable upon conversion of this Note in any manner that interferes with the timely conversion of this Note. 

        8.4    Fractional Shares.    No fractional shares shall be issued upon conversion of this Note. In lieu of the Company
issuing any fractional shares to the holder of this Note upon the conversion of this Note, the Company shall pay to the holder of this Note an amount in cash equal to the product obtained by
multiplying the Conversion Rate applied to effect such conversion by the fraction of a share not issued pursuant to the previous sentence. Upon conversion of this Note in full and the payment of the
amounts specified in this Note, the Company shall be released from all its obligations and liabilities under this Note. 

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        8.5    Adjustments to Conversion Rate.    

        For
purposes of this Note, the "Conversion Rate" shall initially be $1.35 and shall be adjusted from time to time in accordance with the
provisions of this Section 8.5. "Capital Stock" means any and all shares, rights to purchase, warrants, options, convertible securities,
participation or other equivalents of or interests (other than security interests) in (however designed and whether voting or nonvoting) corporate stock.
"Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a
government or any department or agency thereof. 

        (a)
If the Company (i) declares a dividend, or makes a distribution in shares of Common Stock, on any Common Stock, (ii) subdivides or reclassifies any outstanding Common
Stock into a greater number of shares, (iii) combines any series of outstanding Common Stock into a smaller number of shares, (iv) pays a dividend or makes a distribution on any Common
Stock in shares of Capital Stock other than Common Stock or (v) issues by reclassification of Common Stock shares of Capital Stock, the conversion privilege and the Conversion Rate in effect
immediately prior thereto shall be adjusted so that the holder of the Note thereafter surrendered for conversion shall be entitled to receive the number of shares of Common Stock or other Capital
Stock that such holder would have owned or have been entitled to receive after the happening of any of the events described above had the Note been converted immediately prior to the happening of such
event. An adjustment made pursuant to this Section 8.5(a) shall become effective immediately after the record date in the case of a dividend or distribution and shall become effective
immediately after the effective date in the case of subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event referred to above shall occur. If such
dividend, distribution, subdivision, reclassification or combination is not so made, the conversion privilege and the Conversion Rate then in effect shall be readjusted to the conversion privilege and
the Conversion Rate that would then be in effect if such dividend, distribution, subdivision, reclassification or combination had not been declared or made, but such readjustment shall not affect the
number of shares of Common Stock or other shares of Capital Stock delivered upon any conversion prior to the date such readjustment is made. In any case in which this Section 8.5 provides that
an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) issuing to the holder of the Note converted after
such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above the
Common Stock issuable upon such conversion before giving effect to such adjustment, and (ii) paying to such holder any amount in cash in lieu of any fractional share of Common Stock. 

        (b)
If any of the following events occurs, namely (i) any reclassification or change of outstanding shares of Common Stock issuable upon conversion of the Note (other than a
change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation or merger of the Company with another Person shall be effected
as a result of which holders of Common Stock issuable upon conversion of the Note shall be entitled to receive stock, securities or other property or assets (including cash) with respect to or in
exchange for such Common Stock, or (iii) any sale or conveyance of the properties and assets of the Company as, or substantially as, an entirety to any other Person, then the Company or such
successor or purchasing Person, as the case may be, shall provide that the principal of the Note then outstanding shall be convertible into the kind and amount of shares of stock and other securities
or property or assets (including cash) receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock issuable upon
conversion of the Note immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. Such provisions shall provide for adjustments that shall be as nearly equivalent
as may be practicable to the adjustments provided for in this subsection 8.5(b). The above provisions of this subsection 8.5(b) shall similarly apply to successive reclassifications, consolidations,
mergers and sales. 

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        (c)
If after an adjustment the holder of the Note may, upon conversion of the Note, receive shares of two or more classes of Capital Stock, the Company shall determine on a fair basis
the allocation of the adjusted Conversion Rate between the classes of Capital Stock. After such allocation, the conversion privilege and the Conversion Rate of each class of Capital Stock shall
thereafter be subject to adjustment on terms comparable to those applicable to Common Stock set forth in this Section 8.5. 

        8.6    Adjustments to Number of Shares Issuable Upon Conversion.    

        If
on the date of a conversion there are one or more Dilution Percentages in effect under Section 6 of the Termination Agreement (i.e., there are one or more Dilution Percentages
that became effective but were not the subject of a readjustment pursuant to Section 6(c)(vii) of the Termination Agreement), then adjustment(s) to the number of shares issuable upon the
conversion shall be made successively in the order in which the Dilution Percentages then in effect became effective, in the manner described in the following examples. 

        (a)
For example, if $135,000 of the $270,000 principal balance of the Note was to be converted at a Conversion Rate of $1.35 per share and if one Dilution Percentage of 20% was in effect
on the date of the conversion, then the number of shares issuable upon the conversion without taking into account any adjustments pursuant to this Section 8.6 ("Basic
Shares Number") would be 100,000 shares, and the Basic Shares Number would be adjusted by adding to the Basic Shares Number a number of a shares equal to the Dilution
Percentage then in effect multiplied by the Basic Shares Number (i.e., 20% multiplied by 100,000), so that the adjusted number of shares to be issued upon the conversion would be 120,000 shares (i.e.,
100,000 plus 20,000). 

        (b)
As a further example, if $135,000 of the $270,000 principal balance of the Note was to be converted at a Conversion Rate of $1.35 per share and a first Dilution Percentage of 20% and
a subsequent Dilution Percentage of 6.25% were in effect on the date of the conversion, then the 120,000 shares calculated for the Dilution Percentage of 20% in the example in Section 8.6(a)
would be further adjusted for the 6.25% Dilution Percentage by adding to the 120,000 shares the product of the 120,000 shares multiplied by 6.25%, so that the adjusted number of shares to be issued
upon the conversion in this example would be 127,500 shares (i.e., 120,000 plus 7,500). 

9.    Events of Default.  

        The occurrence of any one of the following shall constitute an "Event of Default" hereunder: 

        (a)
the failure of the Company to pay any part of the principal on this Note when due, whether at stated maturity, by acceleration, or otherwise, which such failure shall continue for a
period of ten days following such due date; 

        (b)
the default by the Company in the performance or observance in any material respect of any covenant, agreement or condition contained in the Termination Agreement or this Note which
default shall continue for a period of 30 days following the date of delivery of a notice by the holder of this Note to the Company that such default has occurred and is continuing; 

        (c)
the Company (i) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its property, (ii) makes a general assignment for the benefit of its creditors, (iii) commence a voluntary case under any bankruptcy or similar law (as now or
hereafter in effect), (iv) files a petition seeking to take advantage of any other law providing for the relief of debtors, (v) fails to controvert in a timely manner, or acquiesce in
writing to, any petition filed against it in an involuntary case under any bankruptcy or similar law, or (vi) takes any action under the laws of its jurisdiction of organization analogous to
any of the foregoing; 

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        (d)
a proceeding or case is commenced against the Company in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, dissolution, winding up or
composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all of any substantial part of its assets, or
(iii) similar relief in respect of it, under any bankruptcy or similar law and such proceeding or case shall continue undismissed, or unstayed and in effect, for a period of 60 days; or
any action under the laws or the jurisdiction of organization of such entity analogous to any of the foregoing shall be taken with respect to such entity and shall continue undismissed, or unstayed
and in effect, for a period of 60 days; or 

        (e)
all or substantially all of the assets of the Company or any material portion thereof, are attached, seized, subject to a writ of distress warrant, or levied upon, or comes into the
possession of any receiver, trustee, custodian or assignee for the benefit of creditors, and the same is not vacated, stayed, dismissed or set aside within 30 days after the occurrence thereof. 

        10.    Remedies Upon an Event of Default.    

        If
any Event of Default occurs and is continuing, the holder of this Note may send a notice to the Company and, if any Senior Debt shall then be outstanding, a copy to the holders of the
Senior Debt, stating that such notice is a "Notice of Intent to Accelerate" and declaring that the Maturity Date of this Note (if not then due and
payable) shall be accelerated as provided in the next sentence. If at the time such notice is given, there is no Senior Debt outstanding, the Maturity Date shall be the date such notice is given. If
at the time such Notice is given, there is Senior Debt outstanding, and the holders of the Senior Debt have not otherwise agreed, the Maturity Date of this Note shall be accelerated to the 180th day
after such notice is given, provided that if such Event of Default is cured or duly waived on or before such 180th day, such notice and its consequences shall be deemed to be rescinded and annulled. 

        11.    Certain Waivers.    

        The
Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any
payment hereunder, may be extended from time to time and that the holder hereof may accept security for this Note or release security for this Note, all without in any way affecting the liability of
the Company hereunder. 

        12.    Amendment.    

        The
provisions of this Note may not be changed, altered or modified except in a writing signed by the Company and the holder of this Note. 

        13.    Transfer.    

        This
Note may not be assigned by the holder without prior written consent of the Company. 

        14.    Applicable Law.    

        This
instrument and the rights and obligations of all parties hereunder shall be governed by and construed under the laws of the State of California without regard to the conflicts of
law principles of such state. 

        15.    Waiver of Jury Trial.    

        The
Company and the holder of this Note each hereby irrevocably and unconditionally waives any and all rights to trial by jury with respect to any legal proceeding arising out of or
relating to this Note or the Termination Agreement or any other instrument or document delivered hereunder or any transaction contemplated thereby. 

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        16.    Notices.    

        Any
notice, demand, request, waiver or other communication required or permitted to be given under this Note shall be made in the manner set forth in the Termination Agreement. 

        IN
WITNESS WHEREOF, the Company has caused this Subordinated Convertible Promissory Note to be signed as of the date first written above. 

	 	 	SSP SOLUTIONS, INC.,

a Delaware corporation
	

 	
 	

By:	
 	

/s/  RICHARD M. DEPEW      
 Richard M. Depew, President
	

 	
 	

By:	
 	

/s/  THOMAS E. SCHIFF      
 Thomas E. Schiff, Chief Financial Officer

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Exhibit 4.1    
  

 
 

FORM OF CERTIFICATE OF DESIGNATIONS, NUMBER,    
    
    VOTING POWERS, PREFERENCES AND RIGHTS    
    
    OF    
    
    9% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK    
    
    OF    

    THE MILLS CORPORATION    
    
    Pursuant to Section 151 of the
  General Corporation Law of the State of Delaware    

        The
undersigned DOES HEREBY CERTIFY that the following resolution was duly adopted by a duly authorized committee of the Board of Directors of The Mills Corporation, a Delaware
corporation (hereinafter called the "Corporation"), with the preferences and rights set forth therein relating to dividends, conversion, redemption, dissolution and distribution of assets of the
Corporation having been fixed by the Board of Directors pursuant to authority granted to it under Article IV of the Corporation's Amended and Restated Certificate of Incorporation, as amended
(the "Certificate of Incorporation"), and in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware: 

        RESOLVED:
That, pursuant to authority conferred upon the Board of Directors by the Amended and Restated Certificate of Incorporation of the Corporation, the Board of Directors hereby
authorizes the issuance of four million six hundred thousand (4,600,000) shares of 9% Series B Cumulative Redeemable Preferred Stock, $.01 par value, of the Corporation, and hereby fixes the
designations, powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of such shares, in addition to those set
forth in such Certificate of Incorporation, as follows: 

        1.    Designation
and Amount. 

        The
shares of such series shall be designated "9% Series B Cumulative Redeemable Preferred Stock" (the "Series B Preferred Stock") and the number of shares constituting
such series shall be four million six hundred thousand (4,600,000). The designations, powers, preferences and relative, participating, optional or other special rights, and the qualifications,
limitations or restrictions thereof, of the Series B Preferred Shares shall be subject in all cases to the provisions of Article XII of the Certificate of Incorporation regarding
limitations on beneficial and constructive ownership of the Corporation's capital stock. 

        2.    Dividends
and Distributions. 

        (a)    Subject
to the preferential rights of the holders of any class or series of capital stock of the Corporation ranking senior to the Series B Preferred Stock as to
dividends, the holders of the Series B Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors of the Corporation (the "Board of Directors"), out of
assets of the Corporation legally available for the payment of dividends, cumulative cash dividends at the rate of 9% per annum of the $25.00 per share liquidation preference of the Series B
Preferred Stock (equivalent to the annual rate of $2.25 per share of the Series B Preferred Stock). Such dividends shall accrue and be cumulative from October 9, 2002 (the "Original
Issue Date") and shall be payable quarterly in arrears on the first day of February, May, August and November of each year (each, a "Dividend Payment Date"), commencing November 1, 2002;
provided, however, that if any Dividend Payment Date is not a Business Day (as defined herein), then the dividend which would otherwise have been payable on such Dividend Payment Date may be paid on
the next succeeding Business Day with the same force and effect as if paid on such Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so 

 

payable from such Dividend Payment Date to such next succeeding Business Day. The amount of any dividend payable on the Series B Preferred Stock for any full dividend period or any partial
dividend period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months (it being understood that the dividend payable on
November 1, 2002 will be for less than a full dividend
period). A "dividend period" shall mean the period from and excluding the Original Issue Date to and including the first Dividend Payment Date, and each subsequent period from and excluding a Dividend
Payment Date to and including the next succeeding Dividend Payment Date or other date as of which accrued dividends are to be calculated. Dividends will be payable to holders of record as they appear
in the stockholder records of the Corporation at the close of business on the applicable record date, which shall be the date designated by the Board of Directors for the payment of dividends that is
not more than 30 nor less than 10 days prior to the applicable Dividend Payment Date (each, a "Dividend Record Date"). 

        (b)    No
dividends on the Series B Preferred Stock shall be declared by the Board of Directors or paid or set apart for payment by the Corporation at such time as the
terms and provisions of any agreement of the Corporation, including any agreement relating to its indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such
declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 

        (c)    Notwithstanding
anything contained herein to the contrary, dividends on the Series B Preferred Stock shall accrue whether or not the Corporation has earnings,
whether or not there are funds legally available for the payment of such dividends, and whether or not such dividends are declared. 

        (d)    Except
as provided in Section 2(e) below, no dividends shall be declared or paid or set apart for payment and no other distribution of cash or other property may
be declared or made, directly or indirectly, on or with respect to any shares of Common Stock or shares of any other class or series of capital stock of the Corporation ranking, as to dividends, on a
parity with or junior to the Series B Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of any other class or series of capital stock ranking junior to the
Series B Preferred Stock as to dividends and upon liquidation) for any period, nor shall any shares of Common Stock, or any other shares of capital stock of the Corporation ranking junior to or
on a parity with the Series B Preferred Stock as to dividends or upon liquidation, be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available
for a sinking fund for the redemption of any such shares) by the Corporation (except by conversion into or exchange for other shares of capital stock of the Corporation ranking junior to the
Series B Preferred Stock as to dividends and upon liquidation and except for the acquisition of shares made pursuant to the provisions of Article XII of the Certificate of
Incorporation), unless full cumulative dividends on the Series B Preferred Stock for all past dividend periods and the then current dividend period shall have been or contemporaneously are
(i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

        (e)    When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series B Preferred Stock and the shares of any other
series of preferred stock ranking on a parity as to dividends with the Series B Preferred Stock, all dividends declared upon the Series B Preferred Stock and any other series of
preferred stock ranking on a parity as to dividends with the Series B Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series B Preferred
Stock and such other series of preferred stock shall in all cases bear to each other the same ratio that accrued dividends per share on the Series B Preferred Stock and such other series of
preferred stock (which shall not include any accrual in respect of unpaid dividends on such other
series of preferred stock for prior dividend periods if such other series of preferred stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, 

2

 

shall be payable in respect of any dividend payment or payments on the Series B Preferred Stock which may be in arrears. 

        (f)    Holders
of shares of Series B Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or shares of stock, in excess of full
cumulative dividends on the Series B Preferred Stock as provided above. Any dividend payment made on the Series B Preferred Stock shall first be credited against the earliest accrued but
unpaid dividends due with respect to such shares which remains payable. Accrued but unpaid distributions on the Series B Preferred Stock will accumulate as of the Distribution Payment Date on
which they first become payable. 

        3.    Liquidation
Preference. 

        Upon
any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation, the holders of shares of Series B Preferred Stock shall be
entitled to be paid out of the assets of the Corporation legally available for distribution to its stockholders a liquidation preference of $25.00 per share, plus an amount equal to any accrued and
unpaid dividends to the date of payment (whether or not declared), before any distribution or payment shall be made to holders of shares of Common Stock or any other class or series of capital stock
of the Corporation ranking junior to the Series B Preferred Stock as to liquidation rights. In the event that, upon such voluntary or involuntary liquidation, dissolution or
winding-up, the available assets of the Corporation are insufficient to pay the amount of the liquidating distributions on all outstanding shares of Series B Preferred Stock and the
corresponding amounts payable on all shares of other classes or series of capital stock of the Corporation ranking on a parity with the Series B Preferred Stock in the distribution of assets,
then the holders of the Series B Preferred Stock and all other such classes or series of shares of capital stock ranking on a parity with the Series B Preferred Stock shall share ratably
in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Written notice of any such liquidation, dissolution or
winding up of the Corporation, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class
mail, postage pre-paid, not less than 30 or more than 60 days prior to the payment date stated therein, to each record holder of shares of Series B Preferred Stock at the
respective addresses of such holders as the same shall appear on the stock transfer records of the Corporation. After payment of the full amount of the liquidating distributions to which they are
entitled, the holders of Series B Preferred Stock will have no right or claim to any of the remaining assets of the Corporation. The consolidation or merger of the Corporation with or into any
other corporation, trust or entity or of any other corporation, trust or other entity, or the sale, lease or conveyance of all or substantially all of the property or business of the Corporation shall
not be deemed to constitute a liquidation, dissolution or winding-up of the Corporation. 

        4.    Redemption. 

        (a)    Shares
of Series B Preferred Stock shall not be redeemable prior to October 9, 2007; provided,
however, that the Corporation also may purchase shares of Series B Preferred Stock prior to such date in accordance with the terms of Article XII of the
Certificate of Incorporation. 

        (b)    On
or after October 9, 2007, the Corporation, at its option upon not less than 30 nor more than 60 days' written notice, may redeem the Series B
Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends (except as provided in
Section 4(f) below), if any (whether or not declared) thereon to the date fixed for redemption, without interest. If fewer than all of the outstanding shares of Series B Preferred Stock
are to be redeemed, the shares of Series B Preferred Stock to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional shares) or by lot or by any
other equitable method determined by the Corporation. Holders of Series B Preferred Stock to be redeemed shall surrender such Series B Preferred Stock at the place designated in such
notice and shall be entitled to the redemption price and any accrued and unpaid dividends payable upon such 

3

 

redemption following such surrender. If (i) notice of redemption of any shares of Series B Preferred Stock has been given, (ii) the funds necessary for such redemption and, if
the redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, such amount of cash as necessary to pay the dividends payable on such Dividend Payment Date
in respect of the shares of Series B Preferred Stock so called for redemption, have been irrevocably set aside by the Corporation in trust for the benefit of the holders of any shares of
Series B Preferred Stock so called for redemption and (iii) irrevocable instructions have been given to pay such redemption price, and if applicable, such dividend, then from and after
the redemption date dividends shall cease to accrue on such shares of Series B Preferred Stock, such shares of Series B Preferred Stock shall no longer be deemed outstanding and all
rights of the holders of such shares will terminate, except the right to receive the redemption price plus (except as provided in Section 4(f) below) any accrued and unpaid dividends payable
upon such redemption, without interest. Nothing herein shall prevent or restrict the Corporation's right or ability to purchase, from time to time either at a public or a private sale, all or any part
of the Series B Preferred Stock at such price or prices as the Corporation may determine, subject to the provisions of applicable law. 

        (c)    In
the event of any redemption of the Series B Preferred Stock pursuant to Article XII (or any similar provision) of the Certificate of Incorporation in
order to preserve the status of the Corporation as a REIT for federal income tax purposes, such redemption shall be made on the terms and subject to the conditions set forth in Article XII of
the Certificate of Incorporation and in accordance with the further terms and conditions set forth in this Section 4 of this Certificate of Designation. If the Corporation calls for redemption
any shares of Series B Preferred Stock pursuant to and in accordance with such provisions of Article XII of the Certificate of Incorporation and this Section 4(c), then, anything
in the Certificate of Incorporation to the contrary notwithstanding, the redemption price for such shares will be an amount in cash equal to $25.00 per share together with (except as provided in
Section 4(f) below) all accrued and unpaid dividends to the date fixed for redemption. Anything in this Certificate of Designation to the contrary notwithstanding, the provisions of this
Section 4(c) shall apply only to the redemption of Series B Preferred Stock pursuant to Article XII (or any similar provisions) of the Certificate of Incorporation and not to any
other purchase or acquisition of shares of Series B Preferred Stock. 

        (d)    Unless
full cumulative dividends on all Series B Preferred Stock shall have been or contemporaneously are declared and paid in cash or declared and a sum
sufficient for the payment thereof in cash set apart for payment for all past dividend periods and the then current dividend period, no Series B Preferred Stock shall be redeemed unless all
outstanding shares of Series B Preferred Stock are simultaneously redeemed and the Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series B
Preferred Stock (except by exchange for shares of capital stock of the Corporation ranking junior to the Series B Preferred Stock as to dividends and amounts upon liquidation);
provided, however, that the foregoing shall not prevent the purchase by the Corporation in accordance with the terms of Article XII of
the Certificate of Incorporation or the purchase or acquisition of Series B Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares
of Series B Preferred Stock. 

        (e)    Notice
of redemption shall be given by publication in a newspaper of general circulation in the City of New York, such publication to be made once a week for two
successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date. A similar notice shall be mailed by the Corporation, postage prepaid, not less than 30 nor more
than 60 days prior to the redemption date, addressed to the respective holders of record of the shares of Series B Preferred Stock to be redeemed at their respective addresses as they
appear on the share transfer records of the Corporation. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the sufficiency of notice or validity of the
proceedings for the redemption of any Series B Preferred Stock except as to a holder to whom notice was defective or not given. A redemption notice which has been mailed in the 

4

 

manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or not the holder received the redemption notice. Each notice shall state (i) the
redemption date; (ii) the redemption price; (iii) the number of shares of Series B Preferred Stock to be redeemed; (iv) the place or places where certificates for shares of
Series B Preferred Stock are to be surrendered for payment of the redemption price; and (v) that dividends on the Series B Preferred Stock to be redeemed shall cease to accrue on
such redemption date. If fewer than all of the shares of Series B Preferred Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of shares
of Series B Preferred Stock held by such holder to be redeemed. 

        (f)    If
a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series B Preferred at
the close of business of such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares
before such Dividend Payment Date. Except as provided above and, except to the extent the redemption price includes all accrued and unpaid dividends, the Corporation shall make no payment or allowance
for unpaid dividends, whether or not in arrears, on Series B Preferred Stock for which a notice of redemption has been given. 

        (g)    All
shares of the Series B Preferred Stock redeemed or repurchased pursuant to this Section 4 shall be retired and shall be restored to the status of
authorized but unissued shares of Series B Preferred Stock. 

        (h)    The
Series B Preferred Stock shall have no stated maturity and shall not be subject to any sinking fund or mandatory redemption;
provided, however, that the Series B Preferred Stock owned by a stockholder in excess of the Ownership Limit (as defined in the
Certificate of Incorporation) shall be subject to the provisions of Article XII of the Certificate of Incorporation. 

        5.    Voting
Rights. 

        (a)    Holders
of the Series B Preferred Stock shall not have any voting rights, except as provided by applicable law and as set forth in this Section 5. 

        (b)    Whenever
dividends on any shares of Series B Preferred Stock shall be in arrears for six or more consecutive or non-consecutive quarterly periods (a
"Preferred Dividend Default"), the holders of such Series B Preferred Stock (voting separately as a class with all other series of parity preferred stock of the Corporation upon which like
voting rights have been conferred and are exercisable ("Parity Preferred")) shall be entitled to vote for the election of a total of two additional directors of the Corporation (the "Preferred
Directors") at the next annual meeting of stockholders and at each subsequent meeting until all dividends accumulated on such Series B Preferred Stock and Parity Preferred for the past dividend
periods and the then current dividend period shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. In such case, the entire Board of Directors will
be increased by two directors. If and when all accumulated dividends and the accrued dividend for the then current dividend period shall have been paid on such Series B Preferred Stock and all
series of Parity Preferred upon which like voting rights have been conferred and are exercisable, the term of office of each Preferred Director so elected shall terminate and the entire Board of
Directors shall be reduced accordingly. So long as a Preferred Dividend Default shall continue, any vacancy in the office of a Preferred Director may be filled by written consent of the Preferred
Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding Series B Preferred Stock when they have the voting rights
described above (voting separately as a class with all other series of Parity Preferred upon which like voting rights have been conferred and are exercisable). Each of the Preferred Directors shall be
entitled to one vote on any matter. 

5

 

        (c)    So
long as any shares of Series B Preferred Stock remain outstanding, the Corporation shall not, without the affirmative vote or consent of the holders of
two-thirds of the shares of Series B Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (such series voting separately as a
class): (i) authorize or create, or increase the authorized or issued amount of, any class or series of shares of capital stock ranking senior to the Series B Preferred Stock with
respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding-up of the Corporation or reclassify any authorized shares of capital stock of the
Corporation into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such capital stock; or (ii) amend, alter
or repeal the provisions of the Certificate of Incorporation or this Certificate of Designations, whether by merger, consolidation, transfer or conveyance of substantially all of its assets, or
otherwise (an "Event"), so as to materially and adversely
affect any right, preference, privilege or voting power of the Series B Preferred Stock or the holders thereof; provided however, with
respect to the occurrence of any of the Events set forth in (ii) above, so long as the Series B Preferred Stock remains outstanding with the terms thereof materially unchanged, taking
into account that, upon the occurrence of an Event, the Corporation may not be the surviving entity, the occurrence of such Event shall not be deemed to materially and adversely affect such rights,
preferences, privileges or voting power of holders of Series B Preferred Stock and provided further that (A) any increase in
amount of the authorized Series B Preferred Stock or the creation or issuance of any other series of preferred stock or (B) any increase in the number of authorized shares of
Series B Preferred Stock or any other series of Preferred Stock, in each case ranking on a parity with or junior to the Series B Preferred Stock of such series with respect to the
payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting
powers. 

        (d)    The
foregoing voting provisions of this Section 6 shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be
required shall be effected, all outstanding shares of Series B Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds, in cash, shall have
been deposited in trust to effect such redemption. 

        (e)    In
any matter in which the Series B Preferred Stock may vote (as expressly provided herein or as may be required by law), each share of Series B Preferred
Stock shall be entitled to one vote, except that when any other series of preferred stock of the Corporation shall have the right to vote with the Series B Preferred Stock as a single class on
any matter, the Series B Preferred Stock and such other series shall have with respect to such matters one vote per each $25.00 of stated liquidation preference. 

        6.    Conversion.

        The
shares of Series B Preferred Stock shall not be convertible into or exchangeable for any other property or securities of the Corporation. 

        7.    Ranking.

        In
respect of rights to the payment of dividends and the distribution of assets in the event of any liquidation, dissolution or winding up of the Corporation, the Series B
Preferred Stock shall rank (i) senior to the Corporation's Common Stock and to any other class or series of capital stock of the Corporation other than any class or series referred to in
clauses (ii) and (iii) of this sentence, (ii) on a parity with any class or series of capital stock of the Corporation the terms of which specifically provide that such class or
series of capital stock ranks on a parity with the Series B Preferred Stock as to the payment of dividends and the distribution of assets in the event of any liquidation, dissolution or winding
up of the Corporation, and (iii) junior to the Corporation's outstanding Series A Cumulative Convertible Preferred Stock, par value $0.01 per share ("Series A Preferred Stock")
and any other class or series of capital stock of the Corporation, the terms of which specifically provide that such class or 

6

 

series ranks senior to the Series B Preferred Stock as to the payment of dividends and the distribution of assets in the event of any liquidation, dissolution or winding up of the Corporation.
For avoidance of doubt, debt securities of the Corporation which are convertible into or exchangeable for shares of capital stock of the Corporation or any other debt securities of the Corporation
shall not constitute a class or series of capital stock of the Corporation. 

        8.    Exclusion
of Other Rights. 

        The
Series B Preferred Stock shall not have any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or
terms or conditions of redemption other than expressly set forth in the Certificate of Incorporation and this Certificate of Designations. 

        9.    Headings
of Subdivisions. 

        The
headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions hereof. 

        10.    Severability
of Provisions. 

        If
any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the
Series B Preferred Stock set forth in the Certificate of Incorporation and this Certificate of Designations are invalid, unlawful or incapable of being enforced by reason of any rule of law or
public policy, all other preferences or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of Series B Preferred
Stock set forth in the Certificate of Incorporation which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect and
no preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series B Preferred
Stock herein set forth shall be deemed dependent upon any other provision thereof unless so expressed therein. 

        11.    No
Preemptive Rights. 

        No
holder of Series B Preferred Stock shall be entitled to any preemptive rights to subscribe for or acquire any unissued shares of capital stock of the Corporation (whether now
or hereafter authorized)
or securities of the Corporation convertible into or carrying a right to subscribe to or acquire shares of capital stock of the Corporation. 

7

        IN WITNESS WHEREOF, The Mills Corporation has caused this Certificate of Designations to be duly executed by its Executive Vice President and Corporate Secretary this 7th day of
October 2002. 

	 	The Mills Corporation
	

	

 
	 	
 Thomas Frost

Executive Vice President

and Corporate Secretary
	

	

 
	Witness	 
	

	

 
	
 Name:

Title:

	 

        THE
UNDERSIGNED, Executive Vice President and Corporate Secretary of THE MILLS CORPORATION, who executed on behalf of the Corporation this Certificate of Designations hereby acknowledges
in the name and on behalf of said Corporation the foregoing Certificate of Designations to be the official act of the Board of Directors of the Corporation and hereby certifies that the matters and
facts set forth herein with respect to the authorization and approval thereof are true in all material respects under the penalties of perjury. 

	 	The Mills Corporation
	

	

 
	 	
 Thomas Frost

Executive Vice President

and Corporate Secretary

QuickLinks

Exhibit 4.1

FORM OF CERTIFICATE OF DESIGNATIONS, NUMBER, VOTING POWERS, PREFERENCES AND RIGHTS OF 9% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK OF THE MILLS CORPORATION Pursuant to Section 151 of the General Corporation
Law of the State of Delaware

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