exv4w4






Exhibit 4.4



FORM
OF 
REGISTRATION RIGHTS AGREEMENT




     This
Registration Rights Agreement (this “Agreement”) is dated
as of August 13, 2010, by and among
Bond Street Holdings LLC, a Delaware limited liability company (the “Company”) and the signatories
to this Agreement (the “Initial Holders”).



     A. This Agreement is entered into in connection with the offering and sale (the 11
Offering “) of up to 11,900,000 limited liability company interests (or 14,280,000 if the
option granted to Deutsche Bank Securities Inc. (the “Placement Agent”) is exercised in full) of
the Company, consisting of Class A Interests and Class B Non-Voting Interests (collectively, the
“Common Interests”).



     B. In order to induce the Initial Holders who are purchasing the Common Interests in the
Offering to purchase such Common Interests, the Company has agreed to provide the registration
rights provided for in this Agreement.



     C. The execution and delivery of this Agreement is a condition to the closing of the
transactions contemplated by the Subscription Agreements between the Company and each of the
Initial Holders (the “Subscription Agreements”).



     NOW, THEREFORE, in consideration of the premises and the mutual covenants of the parties
hereto, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:



     1. Definitions. As used in this Agreement, the following terms shall have the following
meanings:



     Additional Mandatory Shelf Registration Statement: As defined in Section 2(b )(iv) herein.



     Additional Interests: Common Interests or other securities issued in respect of the Interests
by reason of or in connection with any dividend, distribution, equity split, or similar issuance.



     Agreement: As defined in the Introductory Paragraph of this Agreement.



     Affiliate: As to any specified Person, (i) any Person that directly, or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control with, the



 









 




specified Person, (ii) any executive officer, director, trustee, managing member or general
partner of the specified Person and (iii) any legal entity for which the specified Person acts as
an executive officer, director, trustee, managing member or general partner. For purposes of this
definition, “control” (including the correlative meanings of the terms “controlled by” and “under
common control with”), as used with respect to any Person, shall mean the possession, directly, or
indirectly through one or more intermediaries, of the power to direct or cause the direction of the
management and policies of such Person, whether by contract, through the ownership of voting
securities, partnership interests, membership interests or other equity interests or otherwise.




     best efforts: With respect to any action required to be taken herein that requires best
efforts, it is understood and agreed that complying with regulatory and accounting requirements
that are applicable to the Company shall be taken into account.



     Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New
York are authorized or obligated by applicable law, regulation or executive order to close.



     Commission: The Securities and Exchange Commission.



     Common Interests: As defined in Recital A hereof.



     Company: As defined in the Introductory Paragraph of this Agreement, and any successor
thereto.



     End of Suspension Notice: As defined in Section 5(b) hereof.



     Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission pursuant thereto.



     FINRA: The Financial Industry Regulatory Authority, Inc.



     Founders: Daniel Healy, Vincent Tese and Les Lieberman, the managers and founding members of
Bond Street Management, LLC.



     Holder: Means the Initial Holders and their direct or indirect transferees, so long as such
Initial Holder or transferee owns any Registrable Interests.



2









 





     Indemnified Party: As defined in Section 6(a) hereof.



     Initial Holders: As defined in the Introductory Paragraph of this Agreement, and
any successors thereto.



     Interests: The Regulation D Interests sold pursuant to the terms and conditions of
the Subscription Agreements.



     Mandatory IPO Registration Statement: As defined in Section 2(b) hereof.



     Mandatory Shelf Registration Statement: The Primary Mandatory Shelf Registration
Statement or the Secondary Mandatory Shelf Registration Statement, as the case may be.



     Offering: As defined in Recital A hereof.



     Person: An individual, partnership, corporation, limited liability company, trust,
unincorporated organization, government or agency or political subdivision thereof, or any other
legal entity.



     Primary Mandatory Shelf Registration Statement: As defined in
Section 2(a) hereof.



     Prior Offering Registration Rights Agreement: The Registration Rights Agreement,
dated as of November 12,2009, by and between Bond Street Holdings LLC, Bond Street Investors LLC
and Deutsche Bank Securities Inc.



     Prospectus: The prospectus included in any Registration Statement, including any
preliminary prospectus, and all other amendments and supplements to any such prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such prospectus.



     Qualified IPO: An initial public offering of Common Interests, or shares of common
stock of the Company (to the extent that the Company’s form of organization has been converted into
a corporation), in which (a) the public offering price is at least $20.00 per Common Interest and
(b) at least $100,000,000 of Common Interests are sold to the public.



     Registrable Interests: The Interests and any Additional Interests, upon original
issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the
original holder or any subsequent holder, until the earliest to occur of:



3









 






     (i) the date on which such Interests or Additional Interests have been sold
pursuant to a Registration Statement or distributed to the public pursuant to Rule 144;




     (ii) the date on which, in the opinion of counsel to the Company, such Interests or
Additional Interests not held by “affiliates” (as defined in Rule 144) of the Company are
sellable pursuant to Rule 144; or




     (iii) the date on which such Interests or Additional Interests are sold to the Company
or any of its subsidiaries.



     Registration Expenses: Any and all expenses incident to the performance of or
compliance with this Agreement, including, without limitation: (i) all Commission, securities
exchange, FINRA registration, listing, inclusion and filing fees including, if applicable, the fees
and expenses of any “qualified independent underwriter” (and its counsel) that is required to be
retained by any holder of Registrable Interests in accordance with the rules and regulations of
FINRA (ii) all fees and expenses incurred in connection with compliance with international, federal
or state securities or blue sky laws (including, without limitation, any registration, listing and
filing fees and reasonable fees and disbursements of counsel in connection with blue sky
qualification of any of the Registrable Interests and the preparation of a blue sky memorandum and
compliance with the rules ofFINRA), (iii) all expenses of any Persons in preparing or assisting in
preparing, word processing, duplicating, printing, delivering and distributing any Registration
Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements, certificates and any other documents relating to the performance under
and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the
listing or inclusion of any of the Registrable Interests on any securities exchange pursuant to
Section 4(m) of this Agreement, (v) the fees and disbursements of counsel for the Company and of
the independent public accountants of the Company (including, without limitation, the expenses of
any special audit and “cold comfort” letters required by or incident to such performance), and
reasonable fees and disbursements of one counsel for the selling Holders to review the Mandatory
Shelf Registration Statement, any Subsequent Shelf Registration Statement, and, if the Company
notifies the Holders pursuant to Section 2(b) hereof of its intent to file an IPO Registration
Statement within one year of the date of this Agreement, the IPO Registration Statement, and (vi)
any fees and disbursements customarily paid by issuers in issues and sales of securities (including
the fees and expenses of any experts retained by the Company in connection with any Registration
Statement), provided, however, that Registration Expenses shall exclude brokers’ or underwriters’
discounts and commissions and transfer taxes or transfer fees, if any, relating to the sale or
disposition of Registrable Interests by a Holder and the fees and disbursements of any counsel to
the Holders other than as provided for in subparagraph (v) above.



     Registration Statement: Any Shelf Registration Statement or the IPO Registration
Statement (to the extent that it covers the resale of any Registrable Interests), including the
Prospectus, amendments and supplements to such registration statement or Prospectus, including



4









 




pre- and post-effective amendments, all exhibits thereto and all material incorporated
by reference or deemed to be incorporated by reference, if any, in such registration statement.




     Regulation D: Regulation D (Rules 501-508) promulgated by the Commission under the Securities
Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission as a replacement thereto having substantially the same effect as such
regulation.



     Regulation D Interests: Common Interests initially sold by the Company in accordance with the
Subscription Agreements in accordance with Regulation D.



     Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.



     Securities Act: The Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder.



5









 





     Shelf Registration Statement: The Mandatory Shelf Registration Statement, any Subsequent Shelf
Registration Statement or any short-form registration statement filed pursuant to Section 4(a)
hereof.



     Subscription Agreements: As defined in the Recitals of this Agreement.



     Subsequent Shelf Registration Statement: As defined in Section 2( d) hereof.



     Suspension Event: As defined in Section 5(a) hereof.



     Suspension Notice: As defined in Section 5(b) hereof.



     Trigger Date: As defined in Section 2(a) hereof.



     Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters
for reoffering to the public.



     2. Registration Rights.



     (a) Primary Mandatory Shelf Registration. As set forth in Section 4 hereof, the
Company agrees to use its best efforts to file with the Commission within forty five (45) days from
the effective date of the IPO Registration Statement as provided in Section 2(b), a registration
statement on Form S-l or such other form under the Securities Act then available to the Company
providing for the resale pursuant to Rule 415 from time to time by the Holders of any and all
Registrable Interests (including for the avoidance of doubt any Additional Interests that are
issued prior to the effectiveness of such registration statement) (such registration statement,
including the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto and, if the form of registration
statement then in use pursuant to Section 4(a) so allows, all material incorporated by reference or
deemed to be incorporated by reference, if any, in such registration statement, the “Primary
Mandatory Shelf Registration Statement”). The Company shall use its reasonable best efforts to
cause such Primary Mandatory Shelf Registration Statement to be declared effective by the
Commission as promptly as practicable following such filing. Any Primary Mandatory Shelf
Registration Statement shall provide for the resale from time to time, and pursuant to any method
or combination of methods legally available (including, without limitation, an Underwritten
Offering or a sale through brokers or agents), by the Holders of any and all Registrable Interests.



     (b) Mandatory IPO Registration. The Company agrees to use its best efforts to file
with the Commission no later than December 22, 2010, a registration statement on Form S-l or such
other form under the Securities Act then available to the Company in order to effect a



6









 




Qualified IPO (such registration statement, including the Prospectus, amendments and
supplements to such registration statement or Prospectus, including pre- and post-effective
amendments and all exhibits thereto, the “IPO Registration Statement”). If the Company proposes to
file an IPO Registration Statement, the Company shall notify each Holder of the filing (including
notifying each Holder of the identity of the managing underwriters of such initial public
offering), within ten (10) Business Days after such filing, and afford each Holder an opportunity
to include in such IPO Registration Statement all or any part of the Registrable Interests then
held by such Holder, subject to compliance with the terms of this Agreement, the cutback rights
described below and other conditions and limitations that may be imposed by the managing
underwriters for such offering. Each Holder desiring to include in any such IPO Registration
Statement all or part of the Registrable Interests held by such Holder shall, within twenty (20)
days after receipt of the above-described notice by the Company, so notify the Company in writing,
and in such notice shall inform the Company of the number of Registrable Interests such Holder
wishes to include in such IPO Registration Statement. Any election by any Holder to include any
Registrable Interests in such IPO Registration Statement will not affect the inclusion of such
Registrable Interests in the Mandatory Shelf Registration Statement until such Registrable
Interests have been sold under the IPO Registration Statement; provided, however, that at such
time, the Company shall have the right to remove from the Mandatory Shelf Registration Statement
the Registrable Interests sold pursuant to the IPO Registration Statement.





     (i) Right to Terminate IPO Registration. At any time, the Company shall have the right
to terminate or withdraw any IPO Registration Statement referred to in this Section 2(b)
prior to its effectiveness, whether or not any Holder has elected to include Registrable
Interests in such registration; provided, however, the Company must provide each Holder
that elected to include any Registrable Interests in such IPO Registration Statement prompt
written notice of such termination. Furthermore, in the event the IPO Registration
Statement is not declared effective within ninety (90) days following the initial filing of
the IPO Registration Statement, the Company shall promptly provide a new written notice to
all Holders giving them another opportunity to elect to include Registrable Interests in
the pending IPO Registration Statement. Each Holder receiving such notice shall have the
same election rights afforded such Holder as described in clause (b) above.




     (ii) Underwriting. The Company shall notify the Holders of the identity of the
managing underwriters for the Underwritten Offering proposed under the IPO Registration
Statement as provided above. The right of any such Holder’s Registrable Interests to be
included in any IPO Registration Statement pursuant to this Section 2(b) shall be
conditioned upon such Holder’s participation in such Underwritten Offering and the
inclusion of such Holder’s Registrable Interests in the Underwritten Offering to the extent
provided herein. All Holders proposing to distribute their Registrable Interests through
such Underwritten Offering shall enter into an underwriting agreement in customary form
with the managing underwriters selected by the Company for such underwriting and complete
and execute any questionnaires, powers of attorney, indemnities, securities escrow
agreements and other documents reasonably required under the terms of such underwriting,
and furnish to the Company such information in



7









 







writing as the Company may reasonably request for inclusion in the Registration
Statement; provided, however, that no Holder shall be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements as are customary and reasonably requested by the underwriters or as
otherwise customary in this type of transaction. Notwithstanding any other provision of this
Agreement, if the managing underwriters determine in good faith that marketing factors require a
limitation on the number of shares to be included, then the managing underwriters may exclude
shares (including Registrable Interests) from the IPO Registration Statement and the Underwritten
Offering and any Common Interests included in the IPO Registration Statement and the Underwritten
Offering shall be allocated:




     (1 ) first, to the Company;




     (2) second, to any Person entitled to the benefits of registration rights pursuant to the
Prior Offering Registration Rights Agreement; and




     (3) third, to each of the Holders requesting inclusion of their Registrable Interests in
such IPO Registration Statement on a pro rata basis based on the total number of Registrable
Interests then held by each such Holder which is requesting inclusion.




If any Holder disapproves of the terms of any Underwritten Offering, such Holder may elect to
withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten
(10) Business Days prior to the effective date of the IPO Registration Statement, provided, that
if, in the opinion of counsel for the Company, such withdrawal would necessitate a re-circulation
of the Prospectus to investors, such Holder shall be required to have delivered such written notice
at least twenty (20) Business Days prior to the effective date of the IPO Registration Statement.
Any Registrable Interests excluded or withdrawn from such Underwritten Offering shall be excluded
and withdrawn from the IPO Registration Statement but shall still be eligible to be included in the
Mandatory Shelf Registration Statement.




     (iii) Hold-Back Agreement. Holders of Registrable Interests who elect to include any such
Registrable Interests for resale in the IPO Registration Statement and the Underwritten Offering
shall agree not to sell any of their Registrable Interests that are not included in such offering
during such periods as reasonably requested by the underwriters of the Underwritten Offering
contemplated thereby (but in no event for a period longer than 90 days following the effective date
of the IPO Registration Statement with respect to Holders of Registrable Interests sold in the
Offering). All Holders, whether or not electing to include Registrable Interests in the IPO
Registration Statement shall be bound by the provisions of Section 7.



8









 






     (iv) Registrable Interests Not Sold Under IPO Registration Statement.
If (w) the Company terminates or withdraws the IPQ Registration Statement prior to
its effectiveness or the distribution of all Registrable Interests, if any, registered
thereunder, (x) the underwriters exercise their right pursuant to Section 2(b)(ii) of this
Agreement to exclude any Registrable Interests from the IPQ Registration Statement, (y) any
Holder elects to withdraw or not to include any Registrable Interests in the IPQ
Registration Statement, or (z) any Registrable Interests are otherwise not registered under
and distributed pursuant to the IPQ Registration Statement, then the Company shall file the
Mandatory Shelf Registration Statement (if not previously filed) or an additional shelf
registration statement (including the Prospectus, amendments and supplements to such
registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such registration statement) (an “Additional Mandatory Shelf
Registration Statement”) relating to any Registrable Interests not registered under and
distributed pursuant to an IPQ Registration Statement and shall use its best efforts to
file no later than (a) in the case of the withdrawal or abandonment of the offering
pursuant to the IPQ Registration Statement, the date which is forty five (45) days after
the earlier of the withdrawal or abandonment of the offering pursuant to the IPQ
Registration Statement or (b) the date which is forty five (45) days from the effective
date of the IPQ Registration Statement.



     (c) Expenses. The Company shall pay all Registration Expenses in connection with
the registration of the Registrable Interests pursuant to this Agreement. Each Holder participating
in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on
the total number of Registrable Interests sold in such registration) of all discounts and
commissions payable to underwriters or brokers and all transfer taxes and transfer fees in
connection with a registration of Registrable Interests pursuant to this Agreement and any other
expense of the Holders not specifically allocated to the Company pursuant to this Agreement
relating to the sale or disposition of such Holder’s Registrable Interests pursuant to any
Registration Statement.



     (d) Subsequent Shelf Registration for Additional Interests Issued after Effectiveness of
the Mandatory Shelf Registration Statement. If any Additional Interests are issued or
distributed to Holders after the effectiveness of the Mandatory Shelf Registration Statement, or
such Additional Interests were otherwise not included in a prior Registration Statement, then the
Company shall as soon as reasonably practicable file an additional shelf registration statement
(including the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto and all material incorporated by
reference or deemed to be incorporated by reference, if any, in such registration statement, a
“Subsequent Shelf Registration Statement”) covering such Additional Interests on behalf of the
Holders thereof in the same manner, and subject to the same provisions in this Agreement as the
Mandatory Shelf Registration Statement, provided that the provisions of Section 2(a) or
2(b) hereof will not apply to any such Subsequent Shelf Registration Statement.



9









 





     3. Rules 144 and 144A Reporting.



     With a view to making available the benefits of certain rules and regulations of the
Commission that may permit the sale of the Registrable Interests to the public without
registration, the Company agrees to, so long as any Holder owns any Registrable Interests:



     (a) at all times after the effective date of the first registration under the Securities Act
filed by the Company for an offering of its securities to the general public, use its commercially
reasonable efforts to make and keep public information available, as those terms are understood and
defined in Rule 144( c) under the Securities Act;



     (b) use its commercially reasonable efforts to file with the Commission in a timely manner all
reports and other documents required to be filed by the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements); and



     (c) if the Company is not required to file reports and other documents under the Securities
Act and the Exchange Act, it will use its best efforts to make available other information as
required by, and so long as necessary to permit sales of Registrable Interests pursuant to, Rule
144A and in any event shall provide to each Holder a copy of:




     (i) the Company’s annual consolidated financial statements (including at least balance
sheets, statements of profit and loss, statements of stockholders’ equity and statements of
cash flows) prepared in accordance with U.S. generally accepted accounting principles,
accompanied by an audit report of the Company’s independent accountants, no later than
ninety (90) days after the end of each fiscal year of the Company, and




     (ii) the Company’s unaudited quarterly financial statements (including at least
balance sheets, statements of profit and loss, statements of stockholders’ equity and
statements of cash flows) prepared in a manner consistent with the preparation of the
Company’s annual financial statements, no later than forty-five (45) days after the end of
each fiscal quarter of the Company.



     4. Registration Procedures.



     In connection with the obligations of the Company with respect to any registration pursuant to
this Agreement, the Company shall use its reasonable best efforts to effect or cause to be effected
the registration of the Registrable Interests under the Securities Act to permit the resale of such
Registrable Interests by the Holder or Holders in accordance with the Holders’



10









 




intended method or methods of resale and distribution (which methods shall be commercially
reasonable), and the Company shall:




     (a) prepare and file with the Commission, as specified in this Agreement, a Shelf Registration
Statement, which Shelf Registration Statement shall comply in all material respects as to form with
the requirements of the applicable form and include all financial statements required by the
Commission to be filed therewith, and use its reasonable best efforts to cause such Shelf
Registration Statement to become effective as promptly as practicable following such filing and to
remain effective, subject to Section 5 hereof, until the earlier to occur of: (1) such time as all
of the Registrable Interests have been sold in accordance with the intended distribution of such
Interests, (2) such time as all of the Registrable Interests are eligible for sale without any
volume or manner of sale restrictions or compliance by the Company with any current public
information requirements pursuant to Rule 144, (3) there are no Registrable Interests outstanding,
or (4) the second anniversary of the initial effective date of the Shelf Registration Statement
(subject to the certain extension periods and conditions, as applicable, set forth herein);
provided, however, that if the Company has an effective Shelf Registration Statement on
Form S-l under the Securities Act and becomes eligible to use Form S-3 or such other short-form
registration statement under the Securities Act, the Company may, upon 30 Business Days’ prior
written notice to all Holders of Registrable Interests, register any Registrable Interests
registered but not yet distributed under the effective Shelf Registration Statement on such a
short-form shelf registration statement (which shall thereupon constitute a Shelf Registration
Statement hereunder) and, once such short-form Shelf Registration Statement is declared effective,
de-register such Registrable Interests under the previous Registration Statement or transfer filing
fees from the previous Registration Statement pursuant to Rule 429;



     (b) subject to Section 4(i) and Section 5 hereof, (i) prepare and file with the Commission
such amendments and post-effective amendments to the Shelf Registration Statement as may be
necessary to keep the Shelf Registration Statement effective for the period described in Section
4(a) hereof, (ii) cause each Prospectus contained therein to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424, and (iii) comply
with the provisions ofthe Securities Act with respect to the disposition of all securities covered
by the Shelf Registration Statement during the applicable period in accordance with the method or
methods of distribution set forth in the “Plan of Distribution” section of the Prospectus;



     (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each
preliminary Prospectus, and any amendment or supplement thereto and such other documents as such
Holder may reasonably request, in order to facilitate the public sale or other disposition of the
Registrable Interests; the Company consents, subject to Section 5, to the lawful use of such
Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the
offering and sale of the Registrable Interests covered by any such Prospectus;



     (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from
registration or qualification for, all Registrable Interests by the time the applicable



11









 




Registration Statement is declared effective by the Commission under all applicable state
securities or “blue sky” laws of such domestic United States jurisdictions as the representative of
the underwriters, if any, or any Holder covered by a Registration Statement shall reasonably
request in writing, keep each such registration or qualification or exemption effective during the
period such Registration Statement is required to be kept effective pursuant to Section 4(a) and do
any and all other acts and things that may be reasonably necessary or advisable to enable such
Holder to consummate the disposition in each such jurisdiction of such Registrable Interests
covered by the Registration Statement; provided, however, that the Company shall not be required to
take any action to comply with this Section 4( d) if it would require the Company or any of its
subsidiaries to (i) qualify generally to do business in any jurisdiction or to register as a broker
or dealer in such jurisdiction where it would not otherwise be required to qualify but for this
Section 4(d) and except as may be required by the Securities Act, (ii) subject itself to taxation
in any such jurisdiction, or (iii) submit to the general service of process in any such
jurisdiction;




     (e) use its commercially reasonable efforts to cause all Registrable Interests covered by such
Registration Statement to be registered and approved by such other domestic governmental agencies
or authorities, if any, as may be necessary to enable the Holders thereof to consummate the
disposition of such Registrable Interests; provided, however, that the Company shall not be
required to take any action to comply with this Section 4( e) if it would require the Company or
any of its subsidiaries to (i) qualify generally to do business in any jurisdiction or to register
as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but
for this Section 4( e) and except as may be required by the Securities Act, (ii) subject itself to
taxation in any such jurisdiction, or (iii) submit to the general service of process in any such
jurisdiction;



     (f) notify the representative ofthe underwriters, if any, and each Holder with Registrable
Interests covered by a Registration Statement promptly and, if requested by the representative of
the underwriters, if any, or any such Holder, confirm such advice in writing at the address
determined in accordance with Section 9(b), (i) when such Registration Statement has become
effective and when any post-effective amendments thereto become effective or upon the filing of a
supplement to any prospectus, (ii) of the issuance by the Commission or any state securities
authority of any stop order suspending the effectiveness of such Registration Statement or the
initiation of any proceedings for that purpose, and (iii) of the happening of any event during the
period such Registration Statement is effective as a result of which such Registration Statement or
the related Prospectus or any document incorporated by reference therein contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading or, in the case of the Prospectus, contains
any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading (which information shall be accompanied by an instruction to suspend the
use of the Registration Statement and the Prospectus (such instruction to be provided in the same
manner as a Suspension Notice) until the requisite changes have been made, at which time notice of
the end of suspension shall be delivered in the same manner as an End of Suspension Notice);



12









 





     (g) during the period oftime referred to in Section 4(a) above, use its commercially
reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order
enjoining or suspending the use or effectiveness of the Shelf Registration Statement or suspending
the qualification (or exemption from qualification) of any of the Registrable Interests for sale in
any jurisdiction, as promptly as practicable;



     (h) upon request, furnish to each requesting Holder with Registrable Interests covered by a
Registration Statement, without charge, at least one (1) conformed copy of such Registration
Statement and any post-effective amendment or supplement thereto (without documents incorporated
therein by reference or exhibits thereto, unless requested);



     (i) except as provided in Section 5, upon the occurrence of any event contemplated by Section
4(f)(iii) hereof, use its commercially reasonable efforts to promptly prepare a supplement or
post-effective amendment to the Shelf Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Interests, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, and, upon request, promptly furnish to each requesting Holder
a reasonable number of copies each such supplement or post-effective amendment;



     (j) if requested by any Holders of Registrable Interests being sold in connection
with an Underwritten Offering, (i) as promptly as practicable incorporate in a Prospectus
supplement or post-effective amendment such material information as such Holders indicate in
writing relates to them and (ii) use its commercially reasonable efforts to make all required
filings of such Prospectus supplement or such post-effective amendment as soon as practicable after
the Company has received written notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment;



     (k) use its commercially reasonable efforts to make available for inspection by one
representative appointed by the Holders of a majority of the Registrable Interests covered by a
Registration Statement and one law firm retained by each representative of such Holders during
normal business hours and upon reasonable notice, all financial and other records, pertinent
corporate documents and properties of the Company and cause the respective officers, directors and
employees of the Company to supply all information reasonably requested by any such representative
of the Holders, the representative of the underwriters or counsel thereto in connection with a
Registration Statement; provided, however, that such records, documents or information
that the Company determines, in good faith, to be confidential and notifies such representative of
the Holders, representative of the underwriters or counsel thereto are confidential shall not be
disclosed by the representative of the Holders, representative of the underwriters or counsel
thereto unless (i) the disclosure of such records, documents or information is necessary to avoid
or correct a material misstatement or omission in a Registration Statement or Prospectus, (ii) the
release of such records, documents or information is ordered



13









 




pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such
records, documents or information have been generally made available to the public by the Company;
provided,Jurther, that to the extent practicable, the foregoing inspection and
information gathering shall be coordinated on behalf of the Holders and the other parties entitled
thereto by one law firm designated by and on behalf of the Holders and the other parties, which
counsel the Company reasonably determines to be acceptable; and provided,Jurther that
any such party shall enter into any confidentiality agreement reasonably requested by the Company;




     (1) use its commercially reasonable efforts (including, without limitation,
seeking to cure in the Company’s listing or inclusion application any deficiencies cited by the
exchange or market) to list or include all Registrable Interests on the New York Stock Exchange or
the Nasdaq Stock Market;



     (m) use its commercially reasonable efforts to prepare and file in a timely manner all
documents and reports required by the Exchange Act and, to the extent the Company’s obligation to
file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of
the effectiveness period of the Registration Statement as required by Section 4(a) hereof, the
Company shall register the Registrable Interests under the Exchange Act and shall maintain such
registration through the effectiveness period required by Section 4(a) hereof;



     (n) provide a CUSIP number for all Registrable Interests, not later than the effective date of
the Registration Statement;



     (o) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the Commission, (ii) make generally available to its stockholders, as soon as
reasonably practicable, earnings statements covering at least twelve (12) months that satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated
under the Securities Act) thereunder, no later than ninety (90) days after the end of each fiscal
year of the Company and (iii) delay the effectiveness of any Registration Statement to which any
Holder of Registrable Interests covered by such Registration Statement shall have, based upon the
written opinion of counsel, objected on the grounds that such Registration Statement does not
comply in all material respects with the requirements of the Securities Act, such Holder having
been furnished with a copy thereof at least two (2) Business Days prior to the effectiveness
thereof, provided that the Company may request effectiveness of such Registration
Statement following such time as the Company shall have used its commercially reasonable efforts to
resolve any such issue with the objecting Holder and shall have advised the Holder in writing of
its reasonable belief that such filing complies with the requirements of the Securities Act;



     (p) provide and cause to be maintained a registrar and transfer agent for all
Registrable Interests covered by any Registration Statement from and after a date not later
than the effective date of such Registration Statement;



14









 





     (q) in connection with any sale or transfer of the Registrable Interests (whether or not
pursuant to a Registration Statement) that will result in the security being delivered no longer
being Registrable Interests, cooperate with the Holders and the representative of the underwriters,
if any, to facilitate the timely preparation and delivery of certificates representing the
Registrable Interests to be sold, which certificates shall not bear any transfer restrictive
legends (other than as required by the Company’s charter or applicable law) and to enable such
Registrable Interests to be in such denominations and registered in such names as the Holders may
reasonably request at least two (2) Business Days prior to any sale of the Registrable Interests;



     (r) upon effectiveness of the first Registration Statement filed by the Company, the Company
will take such actions and make such filings as are necessary to effect the registration of the
Common Interests under the Exchange Act simultaneously with or as soon as practicable following the
effectiveness of the Registration Statement;



     (s) in the case of an Underwritten Offering, use its commercially reasonable efforts to
furnish or cause to be furnished to each Holder (to the extent customary in transactions of this
type), addressed to the Holders of: (i) an opinion of counsel for the Company, dated the date of
each closing under the underwriting agreement, in customary form reasonably acceptable to the
Company and counsel for the Company; and (ii) a “comfort” letter, dated the effective
date of such Registration Statement and the date of each closing under the underwriting agreement,
signed by the independent public accountants who have certified the Company’s financial statements
included in such Registration Statement, covering substantially the same matters with respect to
such Registration Statement (and the Prospectus included therein) and with respect to events
subsequent to the date of such financial statements, as are customarily covered in accountants’
letters delivered to underwriters in Underwritten Offerings of securities and such other financial
matters as such Holder and the underwriters may reasonably request and customarily obtained by
underwriters in Underwritten Offerings;



     (t) in the case of an Underwritten Offering, use its commercially reasonable efforts to
cooperate and assist in any filings required to be made with FINRA and in the performance of any
due diligence investigation by any underwriter and its counsel (including any “qualified
independent underwriter,” if applicable) that is required to be retained in accordance with the
rules and regulations of FINRA).



     The Company may require the Holders to furnish to the Company such information regarding the
proposed distribution by such Holder as the Company may from time to time reasonably request in
writing or as shall be required to effect the registration of the Registrable Interests and no
Holder shall be entitled to be named as a selling stockholder in any Registration Statement and no
Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not
provide such information to the Company. Any Holder that sells Registrable Interests pursuant to a
Registration Statement or as a selling stockholder pursuant to an Underwritten Offering shall be
required to be named as a selling stockholder in the related prospectus and to deliver a prospectus
to purchasers. Each Holder further agrees to furnish



15









 




promptly to the Company in writing all information required from time to time to make the
information previously furnished by such Holder not misleading.




     Each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 4(f)(ii) or 4(f)(iii) hereof, such Holder will immediately
discontinue disposition of Registrable Interests pursuant to a Registration Statement until such
Holder’s receipt of copies of the supplemented or amended Prospectus. If so directed by the
Company, such Holder will deliver to the Company (at the reasonable expense of the Company) all
copies in its possession, other than permanent file copies then in such Holder’s possession, of the
Prospectus covering such Registrable Interests current at the time of receipt of such notice.



     5. Black-Out Period.



     (a) Subject to the provisions of this Section 5, the Company shall have the right, but
not the obligation, from time to time to suspend the use of the Registration Statement following
the effectiveness of a Registration Statement (and the filings with any international, federal or
state securities commissions), if any of the following occurs (each, a “Suspension Event”): (i) the
representative of the underwriters of an Underwritten Offering of Common Interests by the Company
has advised the Company that the sale of Interests under the Registration Statement would have a
material adverse effect on such Underwritten Offering; (ii) the Company determines in good faith
that (1) the offer or sale of any Interests under Registration Statement would materially impede,
delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger,
tender offer, business combination, corporate reorganization or other significant transaction
involving the Company, (2) after the advice of counsel, the sale of Registrable Interests pursuant
to the Registration Statement would require disclosure of non-public material information not
otherwise required to be disclosed under applicable law, and (3) either (x) the Company has a bona
fide business purpose for preserving the confidentiality of the proposed transaction or
information, (y) disclosure would have a material adverse effect on the Company or its ability to
consummate the proposed transaction, or (z) the proposed transaction renders the Company unable to
comply with the requirements of the Commission, in each case under circumstances that would make it
impractical or inadvisable to cause the Registration Statement (or such filings) to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis,
as applicable; or (iii) the Company determines in good faith, after the advice of counsel, that it
is required by law, rule or regulation, or that it is in its best interests, to supplement
Registration Statement or file a post-effective amendment to the Registration Statement in order to
incorporate information into the Registration Statement for the purpose of: (1) including in the
Registration Statement any Prospectus required under Section 10(a)(3) of the Securities Act; (2)
reflecting in the Prospectus any facts or events arising after the effective date of Registration
Statement or any misstatement or omission in the Prospectus (or of the most recent post-effective
amendment) that, individually or in the aggregate, represents a fundamental change in the
information set forth in the Prospectus; or (3) including in the Prospectus any material
information with respect to the plan of distribution not disclosed in the Registration Statement or
any material change to such information. Upon the occurrence of any



16









 




Suspension Event, the Company shall use its commercially reasonable efforts to cause
the Registration Statement to become effective or to promptly amend or supplement the Registration
Statement or to take such action as is necessary to make resumed use of the Registration Statement
compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume
sales of the Registrable Interests as soon as practicable. In no event shall the Company be
permitted to suspend the use of a Registration Statement in any twelve (12) month period for more
than an aggregate of one hundred twenty (120) days, and, furthermore, not more than ninety (90)
days in any rolling l20-day period, except as a result of a refusal by the Commission to declare
any post-effective amendment to the Registration Statement effective after the Company has used all
commercially reasonable efforts to cause such post-effective amendment to be declared effective, in
which case the Company shall terminate the suspension of the use of the Registration Statement
immediately following the effective date of the post-effective amendment. If the Company elects to
suspend the effectiveness and/or use of a
Registration Statement following the occurrence of a Suspension Event, the Company, by written
notice to the Holders as provided for herein (a “Suspension Notice”), shall notify the Holders,
that the effectiveness of the Registration Statement has been suspended and shall direct the
Holders to suspend sales of the Registrable Interests pursuant to the Registration Statement until
the Suspension Event has ended.




     (b) If
the Company gives a Suspension Notice to the Holders to suspend sales of the Registrable
Interests following a Suspension Event, the Holders shall not effect any sales of the Registrable
Interests pursuant to such Registration Statement (or such filings) at any time after it has
received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice
(as defined below). If so directed by the Company, each Holder will deliver to the Company (at the
expense of the Company) all copies other than permanent file copies then in such Holder’s
possession of the Prospectus covering the Registrable Interests at the time of receipt of the
Suspension Notice. The Holders may recommence effecting sales of the Registrable Interests pursuant
to the Registration Statement (or such filings) upon delivery by the Company of notice that the
Suspension Event or its potential effects are no longer continuing (an “End of Suspension Notice”),
which End of Suspension Notice shall be given by the Company to the Holders and the representative
of the underwriters, if any, in the same manner as the Suspension Notice promptly following the
conclusion of any Suspension Event and its effect.



     (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 5 (or a suspension instruction pursuant to Section 4(f),
the Company agrees that it shall extend the period of time during which the applicable Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the
period from the date of the giving of the Suspension Notice to and including the date when Holders
shall have received the End of Suspension Notice (or similar notice pursuant to Section 4(f) and
copies of the supplemented or amended Prospectus necessary to resume sales; provided
that such period of time shall not be extended beyond the date that securities are no longer
Registrable Interests.



     6. Indemnification and Contribution.



17









 





     (a) The Company agrees to indemnify and hold harmless (i) each Holder, (ii) each person, if
any, who controls a Holder within the meaning of the Securities Act or the Exchange Act and (iii)
the respective officers, directors, partners, employees, representatives and agents of each Holder
or any person who controls any of the foregoing (each person referred to in clause (i), (ii) or
(iii) are referred to collectively as the “Indemnified Parties”), from and against any losses,
claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but
not limited to, any losses, claims, damages, judgments, expenses, liabilities or actions relating
to purchases and sales of the Securities) to which each Indemnified Party may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages,
judgments, expenses, liabilities or actions arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in such Registration Statement or Prospectus
including any document incorporated by reference therein, or in any amendment or supplement thereto
or in any preliminary Prospectus relating to such Registration Statement, or arise out of, or are
based upon, the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any reasonably documented legal or reasonably documented
other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or
liability arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in such Registration Statement or Prospectus or in any amendment
or supplement thereto or in any preliminary Prospectus relating to such Registration Statement in
reliance upon and in conformity with written information pertaining to such Holder or furnished to
the Company by or on behalf of such Holder or any participating underwriter specifically for
inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue
statement or omission made in any preliminary Prospectus relating to such Registration Statement,
the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any
Holder from whom the person asserting any such losses, claims, damages or liabilities purchased the
Interests or Additional Interests concerned, to the extent that a prospectus relating to such
Interests or Additional Interests was required to be delivered by such Holder under the Securities
Act in connection with such purchase and any such loss, claim, damage or liability results from the
fact that there was not sent or given to such person, at or prior to the written confirmation of
the sale of such Interests or Additional Interests to such person, a copy of the final Prospectus
if the Company had previously furnished copies thereof to such Holder, and (iii) in the case of a
Suspension Event, the Company shall not be liable for any loss, claim, damage or liability
resulting from a sale of Interests or Additional Interests by any Holder occurring prior to
delivery by the Company of an End of Suspension Notice; provided,Jurther, however, that
this indemnity agreement will be in addition to any liability which the Company may otherwise have
to such Indemnified Party.



     (b) In connection with any Registration Statement in which a Holder is participating and as a
condition to such participation, each Holder, severally and not jointly, will indemnify and hold
harmless the Company, its officers, directors, partners, employees, representatives, agents and
investment advisers and each person, if any, who controls any of the foregoing within the meaning
of the Securities Act or the Exchange Act (the “Company Indemnified Persons”) from and against any
losses, claims, damages or liabilities or any actions in respect thereof, to



18









 




which the Company or any such controlling person may become subject under the Securities Act,
the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in such Registration Statement or Prospectus or in any amendment or supplement thereto or
in any preliminary Prospectus relating to such Registration Statement, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, but in each case only to the
extent that the untrue statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such Holder or furnished to
the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company
or any Company Indemnified Person for any reasonably documented legal or reasonably documented
other expenses reasonably incurred by the Company or such Company Indemnified Person in connection
with investigating or defending any loss, claim, damage, liability or action in respect thereof.
This indemnity agreement will be in addition to any liability which such Holder may otherwise have
to the Company or any Company Indemnified Person. Notwithstanding any other provision of this
Section 6(b), the Holders shall not be required to contribute any amount in excess of the amount of
the net proceeds received by such Holders from the sale of the Interests or Additional Interests
pursuant to such Registration Statement.




     (c) Promptly after receipt by an indemnified party under this Section 6 of notice of the
commencement of any action or proceeding (including a governmental investigation), such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 6, notify the indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve it from any liability that it may have under subsection (a) or
(b) above except to the extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided,Jurther that the failure
to notify the indemnifying party shall not relieve it from any liability that it may have to an
indemnified party otherwise than under subsection (a) or (b) above. In case any such action is
brought against any indemnified party, and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein and, to the extent that
it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party (who may,
unless in the reasonable judgment of counsel to the indemnifying party a potential conflict of
interest exists, be counsel to the indemnifying party), and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof the indemnifying
party will not be liable to such indemnified party under this Section 6 for any legal or other
expenses, other than reasonable costs and expenses incurred at the request of the indemnifying
party. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened action in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes any unconditional release of such indemnified party from
all liability on any claims that are the subject matter of such action, and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.



19









 





     (d) If the indemnification provided for in this Section 6 is unavailable or insufficient
to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection
(a) or (b) above in such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof) as well as any other relevant equitable considerations. The relative
fault of the parties shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company on the one hand or such Holder or such other
indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The amount
paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to
in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
action or claim which is the subject of this subsection (d).
Notwithstanding any other provision of this Section 6(d), the Holders shall not be required to
contribute any amount in excess of the amount of the net proceeds received by such Holders from the
sale of the Interests or Additional Interests pursuant to such Registration Statement. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls
such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as such indemnified party and each person, if any, who controls the
Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Company.



     (e) The agreements contained in this Section 6 shall survive the sale of the Interests or
Additional Interests pursuant to such Registration Statement and shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made
by or on behalf of any indemnified party.



     7. Market Stand-off Agreement.



     Each Holder hereby agrees that it shall not, to the extent requested by the Company or an
underwriter of securities of the Company, directly or indirectly, sell, offer to sell (including
without limitation any short sale), grant any option or otherwise transfer or dispose of any
Registrable Interests or other Common Interests of the Company or any securities convertible into
or exchangeable or exercisable for Common Interests of the Company then owned by such Holder (other
than to donees, partners or other transferees of the Holder who agree to be similarly bound) for a
period of up to 90 days following the effective date of the IPO Registration Statement of the
Company filed under the Securities Act or up to 90 days following the date of an Underwritten
Offering by the Company pursuant to a Shelf Registration Statement



20









 




of the Company filed under the Securities Act; provided, however, that such agreement shall
not be applicable to Registrable Interests sold pursuant to such IPO Registration Statement or such
Shelf Registration Statement, as the case may be.




     In order to enforce the foregoing covenant, the Company shall have the right to place
restrictive legends on the certificates representing the securities subject to this Section 7 and
to impose stop transfer instructions with respect to the Registrable Interests and such other
securities of each Holder (and the securities of every other Person subject to the foregoing
restriction) until the end of such period.



     8. Termination of the Company’s Obligations.



     The Company shall have no further obligations pursuant to this Agreement at such time as no
Registrable Interests are outstanding, provided, however, that the Company’s obligations under
Sections 3, 6 and 9 of this Agreement shall remain in full force and effect following such time.



     9. Miscellaneous.



     (a) Amendments and Waivers. Other than as expressly set forth herein, the provisions of
this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given,
without the written consent of the Company and Holders beneficially owning not less than fifty
percent (50%) of the then outstanding Registrable Interests. Notwithstanding the foregoing, a
waiver or consent to or departure from the provisions hereof with respect to a matter that relates
exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders may be given by such Holder; provided that the provisions of this sentence may not
be amended, modified or supplemented except in accordance with the provisions of the immediately
preceding sentence.



     (b) Notices. All notices and other communications, provided for or permitted hereunder shall
be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or
registered or certified mail, return receipt requested, or by telegram:




     (i) if to a Holder, at the most current address given by the transfer agent and
registrar of the Common Interests to the Company; and




     (ii) if to the Company, at the offices of the Company at 5301 Blue Lagoon Drive, Suite
200, Miami, Florida 33126.



21









 





     (c) Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the parties hereto and
shall inure to the benefit of each Holder. The Company agrees that in the event that any transferee
of any Holder shall acquire Registrable Interests and become a Holder hereunder, such Holder shall,
without any further action of any kind by such Holder, the Company or any other Holder, be deemed a
third-party beneficiary to the agreements made hereunder by the Initial Holders and the Company,
and each such Holder shall have the right to enforce such agreements directly as if it were an
Initial Holder to the extent it deems such enforcement necessary or advisable to protect its rights
hereunder; provided, however, that no Holder shall have the right to enforce such agreements unless
and until such Holder fulfills all of its obligations hereunder.



     (d) Legend. In addition to any other legend that may appear on the stock certificates
evidencing the Registrable Interests, for so long as any Interests or Additional Interests remain
Registrable Interests, each certificate evidencing such Registrable Interests shall contain a
legend to the following effect: “THE INTERESTS EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND
ENTITLED TO THE BENEFITS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED [•], 2010.”



     (e) Proprietary Nature of Holder List. The Company (or its agent) shall maintain a schedule
with the names and addresses of all of the Holders. Such information, including the counterpart
signatures to this Agreement of the Holders, shall be kept confidential by the Company and shall
not be disclosed to any other Person (including to other Holders) except (i) the name and address
of any Holder may be disclosed to any other Person, with the prior written consent of such Holder,
(ii) to the Company’s agents, consultants, advisors and employees, (iii) as may be required by
applicable law, rule or regulation or as may be required in any filing with the SEC, (iv) in
connection with any judicial process or proceeding or (v) at the direction of the Placement Agent.



     (f) Counterparts. This Agreement will be executed in separate counterparts by the parties
hereto, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.



     (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED EXCLUSIVELY BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY
OTHER STATE..



     (h) Severability. If any term, provision, covenant or restriction of this Agreement is held by
a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to



22









 




achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties hereto that they would have executed the remaining terms, provisions, covenants and
restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.




     (i) Entire Agreement. This Agreement, together with the Subscription Agreements, are intended
by the parties hereto as a final expression of their agreement, and are intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein.



     (j) Registrable Interests Held by the Company or its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable Interests is required
hereunder, Registrable Interests held by the Company or its Affiliates shall not be counted in
determining whether such consent or approval was given by the Holders of such required percentage.



     (k) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the provisions of this Agreement. All references made in this
Agreement to “Section” refer to such Section of this Agreement, unless expressly stated otherwise.



     (1) Attorneys’ Fees. In any action or proceeding brought to enforce any provision
of this Agreement, or where any provision hereof is validly asserted as a defense, the prevailing
party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in
addition to any other available remedy.



Remainder of this Page Intentionally Left Blank







23









 








     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.



	 	 	 	 	 
	 	BOND STREET HOLDINGS LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INITIAL HOLDER
 	 
	 
	 	 	 
	 	Print name of Initial Holder

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 



Signature Page to Registration Rights Agreement





 









 








Schedule I




Initial Holder Information




	 	 	 	 	 

	 
	Name
	 	 	 	 
	 
	 	 	 	 
	 
	Address — Line 1	 	 
	 
	 	 	 	 
	 
	Address — Line 2	 	 
	 
	 	 	 	 
	 
	City

	 	State
	 	Zip Code
	 
	 	 	 	 
	 
	Phone

	 	 	 	Fax
	 
	 	 	 	 
	 
	Email
	 	 	 	 






Schedule I - Initial Holder Information