Document:

carg-ex43_423.htm

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

 

The following description sets forth certain material terms and provisions of CarGurus, Inc.’s (“CarGurus,” “we,” “us,” and “our”) securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

DESCRIPTION OF CAPITAL STOCK

 

The following description is a summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our Fourth Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Amended and Restated Bylaws (our “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part.  The terms of these securities also may be affected by Delaware law. 

 

Authorized Capital Stock

 

We are authorized to issue a total of 610,000,000 shares of capital stock consisting of 500,000,000 shares of Class A common stock, par value $0.001 per share, 100,000,000 shares of Class B common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. Our common stock is listed on the Nasdaq Global Select Market under the trading symbol “CARG.” 

 

Class A and Class B Common Stock

 

Voting Rights

         

Holders of our Class A common stock and Class B common stock have identical rights, provided that, except as otherwise expressly provided in our Certificate of Incorporation or required by applicable law, on any matter that is submitted to a vote of our stockholders, holders of our Class A common stock are entitled to one vote per share of Class A common stock and holders of our Class B common stock are entitled to 10 votes per share of Class B common stock. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law. Delaware law could require either our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances:

 

	
 
	
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if we propose to amend our certificate of incorporation to increase or decrease the par value of the shares of a class of our stock; or

 

	
 
	
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if we propose to amend our certificate of incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of stock in a manner that affected its holders adversely.

          

We have not provided for cumulative voting for the election of directors in our Certificate of Incorporation.

 

 

 

Economic Rights

          

Except as otherwise expressly provided in our Certificate of Incorporation or required by applicable law, shares of Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters, including, without limitation, those described below.

          

Dividends and Distributions.    Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. We have never declared or paid cash dividends on any of our capital stock and currently do not anticipate paying any cash dividends in the foreseeable future.

          

Right to Receive Liquidation Distributions.    Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

          

No Preemptive or Similar Rights.    Holders of our Class A common stock and Class B common stock are not entitled to preemptive rights and are not subject to redemption or sinking fund provisions.

 

Conversion

          

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer of such share, which is defined to include entering into a voting agreement, whether or not for value, except for certain transfers described in our Certificate of Incorporation, including, without limitation, transfers to certain family members of the transferor stockholder. Finally, all shares of Class B common stock automatically convert into shares of Class A common stock, on a share for share basis, upon the date falling after the first to occur of (1) the death of Langley Steinert, our founder, Chief Executive Officer and Chairman, (2) Mr. Steinert’s voluntary termination of all employment with us and service on our board of directors, or (3) the sum of the number of shares of our capital stock held by Mr. Steinert, by any Family Member of Mr. Steinert, and by any Permitted Entity of Mr. Steinert (as such terms are defined in our Certificate of Incorporation), assuming the exercise and settlement in full of all outstanding options and convertible securities and calculated on an as-converted to Class A common stock basis, being less than 9,091,484. Shares of Class B common stock will not automatically convert into shares of Class A common stock upon the termination of Mr. Steinert’s status as an officer and director, unless such termination is either made voluntarily by Mr. Steinert or due to Mr. Steinert’s death. Once converted into Class A common stock, the converted shares of Class B common stock will not be reissued. In addition, if all shares of Class B common stock are converted into Class A common stock, then any outstanding options or convertible securities with the right to purchase or acquire shares of Class B common stock shall become a right to purchase or acquire shares of Class A common stock.

 

Fully Paid and Non-Assessable

          

All of the outstanding shares of our Class A common stock and Class B common stock are fully paid and non-assessable.

 

 

 

Preferred Stock

 

Our board of directors has the authority to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, and restrictions thereof, provided that, prior to the Threshold Date (as such term is defined in our Certificate of Incorporation and described below), such designation is subject to the approval of holders of at least a majority of the combined voting power of our outstanding capital stock. These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of preferred stock by us could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change of control of our company or other corporate action. We have no present plan to issue any shares of preferred stock.

 

Certain Anti-Takeover Provisions of Delaware Law and Our Certificate of Incorporation and Bylaws

 

The provisions of Delaware law and of our Certificate of Incorporation and Bylaws may have the effect of delaying, deferring or discouraging another person from acquiring control of our company. These provisions, which are summarized below, may have the effect of discouraging takeover bids, coercive of otherwise. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

 

Delaware Law

 

We are governed by the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed manner. A “business combination” includes mergers, asset sales or other transactions resulting in a financial benefit to the stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years of the date on which it is sought to be determined whether such person is an interested stockholder, did own, 15% or more of the corporation’s outstanding voting stock. These provisions may have the effect of delaying, deferring, or preventing a change in our control.

 

Certificate of Incorporation and Bylaws 

 

Our Certificate of Incorporation and Bylaws include a number of provisions, some of which will become effective only from and after the date, which we refer to as the “Threshold Date”, on which the votes applicable to the Class A common stock and Class B common stock controlled by Mr. Steinert represent less than a majority of the aggregate votes applicable to all shares of the outstanding Class A common stock and Class B common stock, which could deter hostile takeovers or delay or prevent changes in control of our management team, including the following:

 

	
 
	
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Board Vacancies.  Our Certificate of Incorporation and Bylaws provide that, from and after the Threshold Date only our board of directors will be authorized to fill vacant directorships, including newly created seats, and that the number of directors constituting our board of directors will be permitted to be set only by a resolution adopted by our board of directors. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. These provisions make it more difficult to change the composition of our board of directors but promote continuity of management.

 

 

 

	
 
	
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Classified Board.  Our Certificate of Incorporation and Bylaws provide that our board of directors is classified into three classes of directors. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors. 

 

	
 
	
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Stockholder Action; Special Meeting of Stockholders.  Our Certificate of Incorporation and Bylaws provide that from and after the Threshold Date our stockholders may not take action by written consent, but may only take action at an annual or special meetings of our stockholders. As a result, from and after the Threshold Date a holder controlling a majority of our capital stock would not be able to amend our Bylaws or remove directors without holding a meeting of our stockholders called in accordance with our Bylaws. Our Certificate of Incorporation further provides that special meetings of our stockholders may be called only by a majority of our board of directors, the chairman of our board of directors (if one has been appointed) or, prior to the Threshold Date, by the holders of a majority of the combined voting power of our outstanding capital stock, thus prohibiting from and after the Threshold Date a stockholder from calling a special meeting. These provisions might, from and after the Threshold Date, delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.

 

	
 
	
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Advance Notice Requirements for Stockholder Proposals and Director Nominations.  Our Bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our Bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

 

	
 
	
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No Cumulative Voting.  The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our Certificate of Incorporation does not provide for cumulative voting.

 

	
 
	
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Directors Removed Only for Cause.  Our Certificate of Incorporation provides that from and after the Threshold Date stockholders may remove directors only for cause.

 

	
 
	
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Amendment of Certificate of Incorporation Provisions.  Any amendment of the above provisions in our Certificate of Incorporation from and after the Threshold Date will require approval by holders of at least 662/3% of the combined voting power of our then outstanding capital stock.

 

	
 
	
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Issuance of Undesignated Preferred Stock.  Our board of directors has the authority to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors, provided that prior to the Threshold Date such designation is subject to the approval of holders of a majority of the combined voting power of our outstanding common stock. The existence of authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest, or other means.

 

 

 

Exclusive Jurisdiction

 

Our Certificate of Incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us; (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees or agents to us or to our stockholders; (iii) any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law or our Certificate of Incorporation and Bylaws; (iv) any action to interpret, apply, enforce or determine the validity of our Certificate of Incorporation and Bylaws; or (v) any action asserting a claim against us or any of our directors, officers, or other employees or agents governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection with any action, a court could find the choice of forum provisions contained in our Certificate of Incorporation to be inapplicable or unenforceable in such action.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our Class A common stock is Broadridge Corporate Issuer Solutions. The transfer agent and registrar’s address is 1717 Arch Street, Suite 1300, Philadelphia, Pennsylvania 19103.EX-10.1

 Exhibit 10.1 

PRODUCT SUPPLY AND SALES AGREEMENT 

This Product Supply and Sales Agreement (the “Contract”) is made and entered into on this 7th day of February 2020, by and between PGT Innovation, Inc., (“Buyer” or “PGTI”) and Kuraray America, Inc. (“Seller” or “Kuraray”), as the
supplier. 
 WHEREAS, Seller desires to sell the interlayer products described in this Agreement to Buyer and Buyer desires to purchase
those products from Seller, all pursuant to the terms and conditions set forth in this Agreement and the attachments hereto; and 
 WHEREAS,
Seller and Buyer (each a “Party” and collectively the “Parties”) desire to memorialize their agreement with respect to the aforementioned product supply and sales arrangement; 

NOW THEREFORE, in exchange for the agreements, benefits and promises described herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and agreed to by the Parties, Buyer and Seller, intending to be legally bound, agree as follows: 
 1.
PRODUCTS/QUANTITY. Seller shall sell to Buyer and Buyer shall purchase from Seller all of Buyer’s requirements for TrosifolTM polyvinyl butyral interlayer and SentryGlas® ionoplast interlayer products (the “Product(s)”). Buyer agrees that, throughout the Term (defined below) of this Contract it will purchase one hundred percent (100%) of its laminated
glass interlayer requirements for Buyer’s branded window and door products (“Buyer’s Products”) from Seller, and Seller agrees that it will supply the Products to Buyer in the quantities set forth in accepted purchase orders.
Seller agrees that it will use commercially reasonable efforts to supply to Buyer in a timely manner all of Buyer’s requirements for the Products, as ordered by Buyer. 

2. TERM OF CONTRACT; TERMINATION RIGHTS. This Contract shall be effective from January 1, 2020 to December 31, 2022, the date of its
expiration, unless it is terminated earlier in accordance with the terms of this Section 2. Either Party shall have the right to terminate this Contract for cause in the event that the other Party breaches any of the provisions of this Contract
in any material respect, and fails to cure the breach within ninety (90) days after written notice from the non-breaching Party, describing the nature of the breach and requesting a cure of the breach. In
addition, Buyer shall have the right to terminate this Contract in the event that Seller announces any price increase applicable to the Products that Buyer refuses to accept, pursuant to the terms of Section 3 below. Neither Party hereto shall
have the right to terminate this Contract without cause or for convenience. 
 3. PRICE. Buyer shall pay Seller the prices listed in Annex A to this
Contract for the Products it purchases from Seller for all of calendar year 2020. The prices stated in Annex A may be changed by Seller only in accordance with the price increase provision set forth in Annex A. Any such changes in the Product prices
shall be applicable to all Products shipped to Buyer hereunder on and after the date the price changes become effective, unless those Product prices are subsequently revised by Seller again before the prior price change becomes effective, but only
if that subsequent price change is made in accordance with the terms of this Contract, including Annex A hereto. In 

  
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the event Buyer desires to terminate this Contract early as a result of any price increase announced by Seller, Buyer shall have the option to terminate the Contract within thirty (30) days
after the price increase announcement. If Buyer elects to terminate the Contract, Buyer will provide Seller thirty (30) days prior written notice of its intent to terminate upon receiving the price increase notification. Notwithstanding any
such termination, Buyer will be obligated to purchase any inventory of Products made to fill purchase orders issued by Buyer, Product in transit that is covered by a prior purchase order issued by Buyer, or Product reasonably made specifically for
Buyer, based upon the Product-requirements forecasts provided by Buyer to Seller from time to time, up to the amount of Average Demand Inventory (defined below). Buyer acknowledges that Seller will manufacture and store Product for Buyer based on
expected use or forecasts and should Buyer terminate this Contract for any reason, Buyer will purchase any Product made specifically for Buyer even if not yet ordered, so long as the quantity of such Products made by Seller was reasonable, based
upon the Product-requirements forecasts provided by Buyer to Seller from time to time, up to the amount of Average Demand Inventory (defined below). Buyer also acknowledges that demand variability exists and the Seller will manufacture and store
Product to attempt to cover said demand variability at up to 45 days of average demand (the “Average Demand Inventory”) and should Buyer terminate this Contract for any reason Buyer will purchase any Product made for Buyer up to the
Average Demand Inventory. 
 4. TERMS OF PAYMENT. Buyer shall pay Seller for all undisputed invoices for Products within thirty (30) days of the
date of Seller’s invoice. A 1% discount will be applied if paid within ten (10) days of the date of Seller’s invoice. In the event that Buyer disputes any Seller invoice as being inaccurate or incorrect, Buyer will provide Seller with
prompt written notice of that dispute, along with a reasonably detailed description of the reason(s) why Buyer believes the invoice is inaccurate or incorrect, and thereafter, the Parties will negotiate in good faith to resolve the invoice dispute.
Any invoice dispute that the Parties are not able to promptly resolve shall be resolved through the dispute resolution methods set forth in this Contract. 

5. DELIVERY TERMS. Delivery will be made within the 48 contiguous United States and Canada, to the Buyer delivery destinations specified by Buyer
within that permissible delivery area. Transportation will be by the method, route and carrier selected by Seller unless Seller is notified in writing by Buyer that any such method, route or carrier is unacceptable. In the event that Buyer desires
for any Product delivery to be made by any alternate method, route, or carrier selected by Buyer, Buyer will be responsible for paying any cost of such delivery that is in excess of the cost Seller would have incurred using Seller’s method,
route and carrier for completing such delivery. Buyer will be provided a freight credit or discount for any material backhauled from Seller on Buyer’s equipment. 

6. USER PROTECTION. Buyer acknowledges that it has received and is familiar with Seller’s labeling and literature concerning the Products and will
communicate such information to its employees who handle, use, or process such Products. 
 7. ENTIRE AGREEMENT. This Contract along with
Seller’s Terms and Conditions for Sale, set forth on Exhibit A hereto, the pricing terms set forth in Annex A hereto, the Warranty set forth in Annex B hereto, the Project Description set forth in Annex C hereto, and the Key Performance
Indicators set forth in Annex D, constitute the entire agreement between the Parties regarding the 

  
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subject matter described herein, and supersede all prior agreements, contracts, negotiations and understandings, whether written or oral, between the Parties about that subject matter. All sales
of Products to Buyer are subject to Seller’s Standard Terms and Conditions of Sale attached hereto as Exhibit A, which are expressly incorporated into and made a part of this Contract. There are no other agreements, warranties, terms or
conditions, expressed or implied, between the Patties about the subject matter of this Contract. 
 8. ASSIGNMENT/AMENDMENT/WAIVER. This Contract is
neither assignable nor transferable, in whole or in part, by either Party hereto, without the prior written consent of the other Party, which consent shall not be unreasonably conditioned, delayed or denied. This Contract may not be amended except
by a written amendment that references this Contract and that is signed by both Parties. No waiver of any provision of this Contract by either Party shall be enforceable against that Party unless it is in writing and signed by both Parties. 

9. NOTICES. All notices required hereunder shall be sent by United States mail or by a nationally recognized next-day or overnight carrier to the Party to be notified at the addresses provided in the signature blocks to this Contract. 

10. HARDSHIP. The Parties agree that it is not their intention that the effect or consequences of entering into this Contract should cause an economic
or operational hardship on either of them but, despite the Parties’ best intentions and as a result of significant, unanticipated changes in economic or market conditions, such a hardship may be incurred by either Party in complying with the
terms of this Contract at the negotiated prices. If such a hardship arises, either Party may give notice in writing to the other Party that it wishes to review the provisions of this Contract in light of such changed economic or market conditions.
The Parties agree that, within thirty (30) days after the giving of such notice by either Party, the Parties shall negotiate in good faith to modify this Contract to relieve any such hardship in a manner that is equitable to both Parties. If,
within forty-five (45) days after the giving of such notice, the Parties are unable to agree upon such a modification to this Contract, the Parties will refer the dispute to their respective executive officers, and those officers will then meet
in person to attempt to resolve the dispute in good faith. If within thirty (30) days after the date the dispute was referred to both Parties’ executive officers, the Parties are still unable to resolve the dispute, the dispute shall be
referred to arbitration and settled by binding arbitration in accordance with the rules of the American Arbitration Association. 
 11. CONFIDENTIALITY.
To the extent not covered by another non-disclosure obligation between the Parties, which other NDA shall control in the event of a conflict with this Section 11, any knowledge or information
disclosed between the Parties which relates in any way to the Products and services of this Contract, to Buyer’s Products, or to the prices contained within the Contract, or the fact of this Contract, unless otherwise agreed to in writing, or
required by a governmental agency, shall be deemed proprietary and confidential and shall not be disclosed by either Party to any third party. Both Parties shall keep confidential any technical, process, or economic information derived from the
other in connection with this Contract and shall not divulge such information, directly or indirectly, for the benefit of any Party unless previously agreed to in writing by the other Party to whom such information belongs. Each Party will use
commercially reasonable efforts to safeguard and protect any of the other Party’s confidential information from any unauthorized disclosure to or discovery by any third party. The non-disclosure, non-use and 

  
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safekeeping obligations set forth in this Section 11 shall not apply to any information that: (a) is or becomes publicly available or known other than due to a breach of this non-disclosure obligation by the Party who was the receiving party of such information; (b) is disclosed to the Party who receives such information by a third party who is not under any legal or contractual
duty to refrain from disclosing the information; or (c) is independently developed by either Party hereto without the use of any of the other Party’s confidential information. 

IN WITNESS WHEREOF, each Party hereto acknowledges that the representative named below has the authority to execute this Contract on behalf of
the respective party to form a legally binding contract and has caused this Contract to be duly executed on its behalf as of the date first written above. 
  

			
	“BUYER”
	
	PGT Innovation, Inc.
	1070 Technology Drive
	Nokomis, Florida 34275
		
	By:	 	 /s/ Robert A. Keller

	Printed Name: Robert A. Keller
	Title: President of SEBU
	
	“SELLER”
	
	Kuraray America, Inc.
	2625 Bay Area Blvd., Suite 600
	Houston, Texas 77058
		
	By:	 	 /s/ Stephen L. Cox

	Printed Name: Stephen L. Cox
	Title: General Manager

  
 

 

  
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 EXHIBIT A 

STANDARD CONDITIONS OF SALE 
 These terms and
conditions represent a part of the Contract under which Seller agrees to provide to Buyer the Products identified in the Buyer’s purchase orders or as otherwise requested by Buyer. Seller’s provision of the Products is conditioned on the
Buyer’s agreement that any terms different from or in addition to those in this Contract, whether communicated orally or contained in any purchase order, request, confirmation, payment, or other written correspondence, irrespective of timing,
shall not form a part of the Contract, even if Buyer purports to condition its acceptance of any purchase order on Seller’s agreement to such different or additional terms. Notwithstanding the foregoing, if any term or condition contained in
this Contract conflicts or is inconsistent with the terms and conditions contained in an authorized, signed Material Supply Agreement or other definitive sales agreement which is in place at the time of shipment of the Products the terms and
conditions contained in the Material Supply Agreement or other definitive sales agreement shall prevail over any conflicting or inconsistent terms herein. 

1. FAILURE TO GIVE NOTICE OF A CLAIM WITHIN ONE HUNDRED AND EIGHTY (180) DAYS FROM DATE OF DELIVERY, OR THE DATE FIXED FOR DELIVERY (IN CASE OF
NONDELIVERY) SHALL CONSTITUTE A WAIVER BY BUYER OF ALL CLAIMS IN RESPECT OF SUCH PRODUCTS, PRODUCTS SHALL NOT BE RETURNED TO SELLER WITHOUT SELLER’S PRIOR WRITTEN PERMISSION, WHICH PERMISSION SHALL NOT BE UNREASONABLY CONDITIONED, DELAYED OR
DENIED. NO CHARGE OR EXPENSE INCIDENT TO ANY CLAIMS WILL BE ALLOWED UNLESS APPROVED BY AN AUTHORIZED REPRESENTATIVE OF SELLER BUT SUCH APPROVAL SHALL NOT BE UNREASONABLY CONDITIONED, DELAYED OR DENIED, AND SHALL BE BASED UPON THE TERMS OF THIS
AGREEMENT. IN ADDITION, AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO WAIVES ANY CLAIM TO INDIRECT, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR MULTIPLIED DAMAGES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROVISION OF
ANY PRODUCTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES WAIVE AND AGREE NOT TO ASSERT NON-CONTRACTUAL CLAIMS ARISING UNDER STATE LAW RELATING TO THIS AGREEMENT OR THE PROVISION OF ANY PRODUCTS
COVERED BY THIS AGREEMENT, AND THIS AGREEMENT SHALL BE DEEMED TO INCLUDE SUCH LANGUAGE AS MAY BE REQUIRED TO EFFECT SUCH WAIVER. WAIVER BY EITHER PARTY OF ANY DEFAULT BY THE OTHER HEREUNDER SHALL NOT BE DEEMED A WAIVER BY SUCH PARTY OF ANY DEFAULT
BY THE OTHER WHICH MAY THEREAFTER OCCUR. 
 2. No liability shall result from delay in performance or nonperformance, directly or indirectly caused by
circumstances beyond the control of the party affected, including, but not limited to, act of God, fire, explosion, flood, war, act of or authorized by any Government, labor trouble or shortage, pandemic, inability to obtain material, equipment or
transportation, failure to obtain or hardship in obtaining supplies of materials, or failure of usual transportation mode. Quantities so affected may be eliminated from this Agreement without liability, but this Agreement shall remain otherwise
unaffected. Seller shall have no obligation to purchase supplies of the Products specified herein to enable it to perform this Agreement. 
 3. If for any
reason including but not limited to force majeure Seller is unable to supply the total demand for Products specified herein, Seller may distribute its available supply among any or all purchasers, as well as departments and divisions of Seller, on
such basis as it may deem fair and practical, without liability for any failure of performance which may result therefrom. 
 4. Seller may furnish such
technical assistance and information as it has available with respect to the use of the Products covered by this Agreement. Unless otherwise agreed in writing, all such information will be provided gratis. Buyer agrees to evaluate such information,
to make an independent decision regarding the suitability of such information and Products for Buyer’s application, and only use such Products and information pursuant to the then current good product stewardship principles and all regulatory
requirements applicable to Buyer’s business. 

  
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 5. Buyer acknowledges that it has received and is familiar with Seller’s labeling and literature
concerning the Products and its properties. Buyer will forward such information to its employees, contractors and customers who may distribute, handle, process, sell or use such Products, and advise such parties to familiarize themselves with such
information. Buyer agrees that Products sold hereunder will not knowingly be resold or given in sample form to persons using or proposing to use the Products for purposes contrary to recommendations given by Seller or prohibited by law, but will be
sold or given as samples only to persons who can handle, use and dispose of the Products safely. Unless agreed to by Seller in a written agreement covering such use, in no event shall Buyer use Products or resell Products for use in the manufacture
of any implanted medical device. Buyer agrees to comply with all applicable laws, regulations and ordinances including all applicable export and import laws. To the extent Seller exports the Products the following Destination Control Statement
applies: “These items are controlled by the U.S. Government and authorized for export only to the country of ultimate destination for use by the ultimate consignee or end-user(s) herein identified.
They may not be resold, transferred, or otherwise disposed of to any other country or to any person other than the authorized ultimate consignee or end-user(s), either in the their original form or after being
incorporated into other items, without first obtaining approval from the U.S. Government or as otherwise authorized by U.S. law and regulations.” 

6. a. Each Party, as a recipient of the other Party’s Confidential Information, understands and agrees that it will not, for itself or in conjunction
with others, test, modify, manipulate, research, reverse engineer or replicate the disclosing Party’s Confidential Information in an effort to understand the disclosing Party’s proprietary technology or learn information not explicitly
stated in the disclosing Party’s Confidential Information, except as strictly required for performance under any agreement between the parties that incorporates the terms and conditions of this Contract. Any such understanding of the disclosing
Party’s proprietary technology not explicitly stated in the disclosing Party’s Confidential Information shall be treated as the disclosing Party’s Confidential Information under this Contract. 

b. Unless otherwise agreed upon between the parties hereto, the recipient Party agrees that it will not use the disclosing Party’s Confidential
Information, or any improvement or other modification of the disclosing Party’s Confidential Information, or any data derived from the disclosing Party’s Confidential Information, for securing any intellectual property rights. No license
or other rights to the disclosing Party’s Confidential Information or other intellectual property is granted or implied hereby. Neither party shall have the right to use the other party’s name, or any trademarks or trade names of the other
party, without express advance written permission. 
 7. Buyer shall reimburse Seller for all taxes (excluding income taxes and any property or similar
taxes on the raw or other materials, work in process or finished goods inventory of Products located in any of Seller’s facilities), excises or other charges which Seller may be required to pay to any Government (National, State or Local) upon
the sale, or transportation to Buyer of the Products sold hereunder. For jurisdictions where taxes are imposed by statute upon Buyer and for which Seller has a responsibility to collect and remit such taxes, Seller shall separately itemize the taxes
on each invoice for which the taxes are applicable. In the alternative, Buyer may timely provide Seller with the required documentation to exempt the Products from the taxes or to evidence Buyer’s authority to remit the taxes directly. Seller
will rely on such documentation as provided to Seller in good faith and therefore will not be responsible for such taxes. Buyer will indemnify and hold harmless Seller for any taxes assessed upon and paid by Seller following reliance upon
Buyer’s documentation. 
 8. In the event Buyer repeatedly fails to fulfill Seller’s terms of payment, Seller may decline to make further
deliveries except upon receipt of cash or satisfactory security. 
 9. Except for undisputed, unpaid invoices owed by Buyer, Buyer and Seller agree to
arbitrate all disputes, claims or controversies whether based on contract, tort, statute, or any other legal or equitable theory, arising out of or relating to this Contract, including the scope and validity of this paragraph. Any such claim or
controversy which cannot be resolved amicably by the parties shall be finally resolved by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association then currently in effect. Such arbitration
shall be conducted in Wilmington, Delaware. Any judgment upon the award rendered by the arbitrator(s) may be entered by any court having jurisdiction thereof. 

  
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 10. All matters arising out of or relating to this Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law provisions thereof, and the terms of the United Nations Convention on Contracts for the International Sale of Goods, shall not apply. 

11. Title, liability for and risk of loss to Products sold hereunder passes to Buyer upon delivery to Buyer’s specified delivery location. 

12. Except as expressly provided in any other term or condition of this Agreement, any provision hereof which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 13. Buyer acknowledges, agrees and represents that it is not relying upon, and it has not been induced by, any representation, warranty,
statement made by, or other information provided by Seller in connection with its decision to purchase or use any Products, other than the representations and warranties made by Seller as and only to the extent expressly provided in this Agreement.
No modification of this Agreement shall be binding upon Seller unless separately contracted in writing and executed by a duly authorized representative of Seller. No modification shall be effected by the acknowledgment or acceptance of purchase
order forms stipulating different conditions. 

  
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