Document:

exv10w10

 

Exhibit 10.10

EXECUTION COPY

STOCKHOLDERS’
AGREEMENT

     THIS
STOCKHOLDERS’ AGREEMENT (the “Agreement”) is made and entered into effective as of the
10th day of February, 2004, by and among CROSMAN ACQUISITION CORPORATION, a Delaware
corporation (the “Company”), COMPASS CROSMAN PARTNERS, L.P., a Bahamian limited partnership
(“Compass”), NORWEST MEZZANINE PARTNERS I, LP, a Minnesota
limited partnership (“Norwest”), KEN
D’ARCY, an individual (“D’Arcy”), STEVE
UPHAM, an individual (“Upham”), DAN SCHULTZ, an individual
(“Schultz”), ROBERT BECKWITH, an individual
(“Beckwith”), and each additional holder (if any) of
Shares (as defined herein) signing an Additional Holder Signature Page in the form attached as
Exhibit A hereto (each, a “New Holder”
and, collectively, the “New Holders”). D’Arcy,
Upham, Schultz and Beckwith are sometimes referred to herein as the
“Management Stockholders”.
Compass, Norwest, the Management Stockholders and the New Holders (if any) are sometimes referred
to herein individually as a “Stockholder” and
collectively as the “Stockholders”.

RECITALS:

     The following recitals are representations of the parties hereto with respect to certain
factual matters that form the basis of this Agreement and are an integral part of this Agreement:

     A. The Company is authorized to issue one million five hundred thousand (1,500,000)
shares of Common Stock, par value $0.01 per share (collectively, the “Shares”), 558,473 of which
are currently issued and outstanding (the “Outstanding Shares”).

     B. The Company may hereafter authorize the issuance of and/or issue up to 75,000 Shares to
its directors and certain designated employees pursuant to the terms of one or more stock option
plans and/or stock option agreements and any related buy/sell
agreements (collectively, the “Stock Options”).

     C. The Company, Compass, Norwest, the Management Stockholders and certain other persons
named therein are parties to that certain Stock Purchase and Redemption Agreement of even date
herewith (the “Stock Purchase Agreement”), pursuant to which Compass purchased from certain
stockholders 440,310 Shares, and Norwest purchased 77,909 Shares.

     D. The Company, Crosman Corporation, a Delaware corporation and a wholly owned subsidiary of
the Company (“Crosman”), and Norwest, as Purchaser, are parties to a certain Subordinated Note
Purchase Agreement of even date herewith (the “Note Purchase Agreement”), pursuant to which Norwest
has, among other things,
agreed to purchase certain Notes (as defined therein) in the original principal amount of
$14,000,000 from Crosman (the “Notes”).

     E. The Company and the Stockholders desire to set forth their agreement with respect to
ownership of Shares and establish consistent policies with respect to the management of the Company
and the transfer of Shares.

 

 

AGREEMENT:

     In consideration of the forgoing Recitals and the mutual promises contained in this Agreement and
other good and valuable consideration, the adequacy, sufficiency and receipt of which is hereby
acknowledged, the parties hereto agree as follows:

SECTION 1 — GENERAL RESTRICTION ON TRANSFER

     In order to assure the Company and the Stockholders the benefit of this Agreement, no
Stockholder shall sell, exchange, give, transfer, assign, pledge, encumber, hypothecate or
otherwise dispose (“transfer”) of any Shares or any legal, beneficial or other interest in any
Shares (including, without limitation, transfers by way of intestacy, will, gift, bankruptcy,
execution, seizure and sale by legal process, by operation of law or otherwise) except as expressly
provided in this Agreement.

SECTION 2 — PERMITTED TRANSFERS

     (a) Without
first complying with the provisions of Section 3, below, and
subject to the provisions of the Stock Options, the Stockholders may transfer legal and/or
beneficial ownership of Shares only (i) in an Open Market Transaction (as defined below), (ii)
pursuant to Section 4 hereof, (iii) pursuant to Section 5 hereof (provided that
Compass shall be required to comply with Section 3 prior to offering the Tag-Along Rights
set forth in said Section 5), or (iv)(A) among themselves, (B) to any Affiliate (defined below) of
Compass or Norwest, and/or (C) in the case of a Management Stockholder, to such Management
Stockholder’s spouse, lineal descendants or trusts for the benefit of any of them or any
partnership, corporation or other entity that is and remains owned or controlled by them; provided
that the transferring Management Stockholder shall retain voting control over the Shares
transferred through a voting trust or similar arrangement (each transferee described in any of
clauses (iv)(A), (B) or (C), a “Permitted Transferee”). Any Shares transferred by a Stockholder to
a Permitted Transferee shall remain subject to the provisions of this Agreement. Notwithstanding
anything in this Agreement to the contrary, however, if any term or provision contained in this
Agreement relating to the rights and/or obligations of Stockholders to transfer Shares shall be
inconsistent with any term or provision contained in the Stock Options, the terms of the Stock
Options, as applicable, shall control.

     (b) As used in this Agreement, “Affiliate” of a Person shall mean any other Person directly
or indirectly controlling, under common control with, or controlled by such
Person. An Affiliate of any Person shall include any officer, director, manager, employee or
(direct or indirect) record or beneficial owner of any equity interest in such Person. For purposes
of the definition of Affiliate, “control” when used with respect to any specific Person, means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings relative to the foregoing. As used herein, “Person” shall mean any
individual, sole proprietorship, or other entity of any kind or nature including without limitation
any corporation, partnership, trust, unincorporated organization, limited liability company, mutual
company, joint stock company, estate, union, employee organization, government or any agency or
political subdivision thereof.

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     (c) As
used in this Section 2, the term “Open Market Transaction” means the sale of
Shares in an open market transaction at such time as there exists a bona fide public market for
such Shares, such transaction including, without limitation a sale pursuant to a registration
statement filed under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to
Rule 144 (or any successor rule, which shall not include Rule 144A) under such Securities Act.

     (d) Except as expressly permitted in Section 2(f) below, nothing in this Section
2 shall be deemed to permit the Company to repurchase any of its Shares from a Management
Stockholder or any other Stockholder. If the Company desires to effect any such purchase, it
shall send notice to all of the Stockholders describing (i) the Stockholder from whom it desires to
make such repurchase and, if applicable, the event giving rise to the request to make such
repurchase, (ii) the number of Shares which are the subject of the repurchase, (iii) the proposed
repurchase price and (iv) the fair market value of the subject Shares as determined by the
Company’s Board of Directors in its sole discretion. Each of Compass and Norwest shall have the
right to consent or withhold its consent to such repurchase in its sole discretion.

     (e) Notwithstanding any provision of this Agreement to the contrary, without first complying
with the provisions of Section 3, below, and without obtaining the consent of Norwest or any other
Stockholder, Compass shall be permitted to sell and transfer up to an aggregate of 30,000 Shares to
directors, officers and employees of the Company or any subsidiary thereof; provided that in the
case of a sale to officers or employees of the Company or any subsidiary of the Company, such sale
is made with in 90 days of the date hereof.

     (f) Notwithstanding any provision of this Agreement to the contrary, without first complying
with the provisions of Section 3, below, and without obtaining the consent of Norwest or any other
Stockholder, the Company, Compass and/or Norwest, in their sole discretion, shall be permitted to
purchase from any Management Stockholder, or any other director, officer or employee of the Company
or any subsidiary thereof, upon termination of employment (in the case of an officer or employee),
or upon such person ceasing to be a director, any Shares sold to such individual on or before the
date hereof or pursuant to the provisions of Section 2(e) hereof; provided, however, that in no
event shall the Company purchase any such Shares at a price greater than the fair market value of
such Shares on the date of such purchase, as determined by the Company’s Board of Directors.

     (g) As security for the payment and performance of each New Holder’s obligations under this
Agreement, such New Holder hereby pledges and grants to the Company a security interest in all of
such New Holder’s rights, title and interest in, to and under all of its Shares, the stock
certificates evidencing the same and all dividends, distributions and other proceeds therefrom.
In order to perfect such security interest, upon the request of the Company or Compass from time to
time, each New Holder shall promptly deliver to the Company all stock certificates evidencing the
Shares of such new Holder, together with a stock power executed in blank in a form acceptable to
the Company and its counsel. Upon a breach of any covenant or agreement of such New Holder under
this Agreement and the failure of such New Holder to cure the same within five (5) days after
receipt of written notice thereof from the Company or

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Compass, the Company shall have all of the rights and remedies of a secured party under the Uniform
Commercial Code as adopted in the State of Delaware.

SECTION
3 — RIGHTS OF FIRST REFUSAL

     (a) Company’s
Right. If a Stockholder or any Permitted Transferee (a
“Selling
Stockholder”) desires to dispose of all or any part of the Shares owned by such Selling Stockholder
(“Offered Shares”) in a privately-negotiated transaction pursuant to a bona fide offer (the
“Offer”) from a person or entity other than a Permitted Transferee, then:

     (i) The Selling Stockholder first shall offer in writing to sell all of the Offered Shares to the
Company on the same terms as set forth in the Offer, and remit written notice to the Company of the
material terms of the Offer (the “Offered Terms”); and

     (ii) The Company may elect to purchase all of the Offered Shares on the Offered Terms by providing
written notice to the Selling Stockholder within thirty (30) days after receiving the notice of
offer, otherwise the offer will be deemed declined by the Company. The determination by the Company
shall be made by a majority of the directors, excluding the Selling Stockholder (if such Selling
Stockholder is a director).

     (b) Compass’
Right. If the Company does not elect to purchase the Offered Shares
within the applicable time period, the Selling Stockholder next shall (i) offer in writing to sell
all of the Offered Shares to Compass and (ii) remit written
notice to Compass of the Offered Terms.
Compass may elect to purchase the Offered Shares on the Offered Terms by providing written notice
to the Selling Stockholder within twenty (20) days after receipt of the notice of offer, otherwise
the offer will be deemed declined by Compass. If Compass elects to purchase all or part of the
Offered Shares, then the Selling Stockholder shall sell such number of Offered Shares with respect
to which Compass exercised such option to Compass in accordance with the provisions of this
Section 3.

     (c) Other
Stockholders’ Rights. If Compass elects to purchase all of the Offered Shares,
then the remaining Stockholders shall not have the option or right to purchase any of the Offered
Shares. However, if Compass elects not to purchase any of the
Offered Shares or to purchase less than all of the Offered Shares, then the Selling Stockholder
shall (i) offer in writing to sell the Offered Shares not
purchased by Compass (the “ROFR Shares”)
to the remaining Stockholders as provided below and (ii) remit written notice to such Stockholders
of the Offered Terms. Each such Stockholder may elect to purchase ROFR Shares on the Offered Terms
by providing written notice to the Selling Stockholder within twenty (20) days after receipt of the
notice of offer, otherwise the offer will be deemed declined by such Stockholder. If more than one
such Stockholder elects to purchase ROFR Shares, then each such Stockholder shall have the right to
purchase only that proportion of the ROFR Shares which the number of Shares then owned by such
Stockholder bears to the total number of Shares then held by all of the Stockholders which
exercised their purchase options hereunder.

     (d) Requirements
for Sale. Notwithstanding anything herein to the contrary, a Selling
Stockholder shall not be required to sell any Offered Shares to the Company, Compass or

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the other Stockholders hereunder unless the Company, Compass and the other Stockholders, together,
purchase all but not less than all of such Offered Shares.

     (e) Closing
Date. If the Company, Compass or any other Stockholders elect to
purchase all of the Offered Shares on the Offered Terms in accordance with the provisions of this
Section 3, then the transaction(s) contemplated by this Section 3 shall be
consummated and payment made in accordance with the Offered Terms on the date which is the later
of: (i) the date specified in the offer; or (ii) thirty (30) days after the Company, Compass or
the other Stockholders, as the case may be, exercise their option to purchase the Offered Shares.

     (f) Sale
to Original Offeror; Renewal of Right of First Refusal. If the Company,
Compass and the other Stockholders together do not elect to purchase all of the Offered Shares
within the time period specified in paragraph (a), (b) or (c), as applicable, of this Section
3, then the Selling Stockholder may sell such Offered Shares to the person or entity making the
Offer if, but only if: (i) the sale of the Offered Shares is consummated within sixty (60) days
following the last day on which Compass or the other Stockholders could exercise their respective
rights to purchase the Offered Shares; and (ii) the Company shall have received an original
Additional Holder Signature Page in the form attached as Exhibit A hereto executed by the
purchaser of the Offered Shares. If the Selling Stockholder fails to sell the Offered Shares in
accordance with this paragraph, then the provisions of this Section 3 shall automatically
renew and the Selling Stockholder must again comply with all of the requirements contained in this
Section 3.

     (g) Effect
of Change in Offered Terms. Each time the Offered Terms are altered in any
fashion, including, but not limited to, changes in the proposed purchaser or the consideration to
be paid or manner of payment, then the provisions of this Section 3 shall automatically
renew as if a totally new transaction were proposed.

SECTION
4 — DRAG-ALONG RIGHTS

     (a) Notwithstanding
the provisions of Section 3, above, but subject to the following
provisions of this Section 4, if at any time following the date hereof, a majority of the
Company’s Board of Directors and holders of a majority of the voting rights with respect to the
Shares then outstanding (voting as a single class) (the “Majority Stockholders”) shall vote or
otherwise enter into an agreement to (A) sell in a bona fide arms’ length transaction all of the
Shares owned by the Majority Stockholders to any independent third party, person or group of
persons who are not affiliated with the Majority Stockholders (an “Outsider”), or (B) an agreement
to enter into a bona fide arms’ length transaction pursuant to which the Company agrees to merge
with or into another entity or agrees to sell all or substantially all of the assets of the Company
to another independent, third party entity that is not affiliated with the Majority Stockholders
(in each case, a “Corporate Transaction”), then the Majority Stockholders may require that each
Stockholder sell all of the Shares owned by such Stockholder to such independent third party,
person or group of persons at the same price per share and on the same terms and conditions as are
applicable to the proposed sale by such Majority Stockholders and/or vote such securities in favor
of the Corporate Transaction. Each Stockholder hereby grants to Compass or its designee an
irrevocable proxy, coupled with an interest, to vote all shares of capital stock owned by the
Stockholder and to take such other actions to the extent necessary to

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carry out the provisions of this Section 4 in the event of any breach by the Stockholder of
its obligations hereunder.

     (b) In
order to exercise the rights under this Section 4, the Majority Stockholders
must give notice to each Stockholder (other than the Majority Stockholders) not less than thirty
(30) days prior to the proposed date upon which the contemplated Corporate Transaction is to be
effected.

     (c) The obligations of the Stockholders pursuant to this Section 4 are subject to the
satisfaction of the following conditions:

     (i) upon the consummation of the Corporate Transaction, each Stockholder shall receive the same
proportion of the aggregate consideration from such Corporate Transaction (including in such
aggregate consideration the amount of any non-competition payments or finders, brokers, consulting
or similar fees to be received by the Majority Stockholders) that such Stockholder would have
received if such aggregate consideration had been distributed by the Company in complete
liquidation pursuant to the rights and preferences set forth in the Company’s certificate of
incorporation as in effect immediately prior to the entrance into the first agreement entered into
in connection with, and prior to, such Corporate Transaction (giving effect to applicable orders of
priority);

     (ii) if any holders of a class or series of capital stock are given an option as to the form and of
consideration to be received, each other holder of such class or series shall be given the same
option;

     (iii) the Corporate Transaction must be a bona fide, arms’ length transaction;

     (iv) the purchaser, acquirer or similar counterparty in the Corporate Transaction must not be
affiliated with any of the Majority Stockholders, including, without limitation, that the
purchaser, acquirer or similar counterparty must not, directly or indirectly, be a stockholder,
officer, director, partner, member or manager of any of the Majority Stockholders;

     (v) prior to the Corporate Transaction, the purchaser, acquirer or similar counterparty in the
Corporate Transaction must not, directly or indirectly, control, be controlled by, or be under
common control with, any of the Majority Stockholders;

     (vi) if any Stockholder obtains in connection with the Corporate Transaction any contractual
rights, such as registration rights, rights of co-sale, preemptive rights, and the like, each other
Stockholder shall receive substantially commensurate contractual rights in connection with such
Corporate Transaction;

     (vii) each Stockholder shall only be obligated to make representations or warranties in any such
Corporate Transaction as to such Person’s (A) title and ownership of the Shares to be sold by such
Person, (ii) authorization, execution and delivery of relevant documents by such Person, and (iii)
the enforceability of relevant documents against such Person; and

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     (viii) in the event that all of the Stockholders are required to provide any representations or
indemnities in connection with the Corporate Transaction, each Stockholder shall not be liable for
more than such person’s pro rata share (based upon the amount of consideration received) of any
liability for misrepresentation or indemnity and such liability shall not exceed both the total
purchase price or consideration received by such Stockholder for such person’s Shares in such
Corporate Transaction and such Stockholders’ pro rata share of any escrow established in connection
with any such Corporate Transaction.

SECTION
5 — TAG-ALONG RIGHTS

     (a) With respect to any proposed transfer, sale or other disposition (as used in this
Section 5, collectively, a “proposed transfer”) of Shares by Compass (Compass and any of
its transferees permitted hereunder being hereinafter referred to collectively as the “Control
Group”) to a person (such other person being hereafter referred to in this Section 5 as the
“proposed purchaser”), other than pursuant to a transfer by a member of the Control Group to
another member of the Control Group or to one or more Permitted Transferees, each other Stockholder
shall have the right (the “Tag-Along Right”) to sell to the proposed purchaser up to a pro rata
portion of the Shares subject to the proposed transfer based on the relative number of Shares owned
by Compass and each Stockholder that exercises its Tag-Along Right hereunder. Any Shares purchased
from a Stockholder pursuant to this Section 5 shall be for the same consideration and upon
the same terms and conditions as such proposed transfer by the Control Group. A representative of
the Control Group (the “Control Group Representative”) shall, not less than thirty (30) nor more
than ninety (90) calendar days prior to each proposed transfer, notify, or cause to be notified,
each other Stockholder in writing of each such proposed transfer, setting forth in such notice (the
“Control Group Transfer Notice”): (A) the name of the transferor and the number of Shares
proposed to be transferred; (B) the name and address of the proposed purchaser; (C) the proposed
amount and form of consideration and terms and conditions of payment offered by such proposed
purchaser; and (D) that the proposed purchaser has been informed of the Tag-Along Right provided
for in this Section 5.

     (b) The Tag-Along Right may be exercised by a Stockholder by delivery of a written notice to
the Control Group Representative (the
“Tag-Along
Notice”) within twenty (20) days following its
receipt of the Control Group Transfer Notice. The Tag-Along Notice shall state the number of Shares
that such Stockholder proposes to include in such transfer to the proposed purchaser. In the
event that the proposed purchaser does not purchase Shares from such Stockholder on the same terms
and conditions as specified in the Control Group Transfer Notice, then the Control Group shall not
be permitted to sell any Shares to the proposed purchaser in the proposed transfer. If no Tag-Along
Notice is received during the 20-day period referred to above (or if such Tag-Along Notices do not
cover all the Shares proposed to be transferred), the Control Group shall have the right, for a
period of ninety (90) days after the expiration of the 20-day period referred to above, to
transfer the Shares specified in the Control Group Transfer Notice (or the remaining Shares) on
terms and conditions no more favorable than those stated in the Tag-Along Notice and in accordance
with the provisions of this Section 5.

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     (c) The Company agrees not to affect any transfer of Shares by any member of the Control Group
until it has received evidence reasonably satisfactory to it that the Tag-Along Right, if
applicable to such transfer, has been complied with.

SECTION
6 — UNAUTHORIZED TRANSFERS

     If a party hereto or transferee of a party hereto fails to act in conformity with this Agreement,
or if any Shares are held in any manner contrary to the terms of this Agreement, then the other
parties to this Agreement may avail themselves of all remedies afforded at law, in equity or in
this Agreement and, in addition, any dividends otherwise to be paid upon such Shares shall be
retained by the Company and such breaching party shall have no right to vote on any matters in
respect to Company. When the breach is cured, the Company shall deliver the withheld distributions,
without interest, and the breaching party shall be entitled to vote on any matters properly
presented to a vote of the holders of the Shares subsequent to the date such breach is cured. Any
purported transfer of Shares in violation of this Agreement shall not affect the beneficial
ownership of such Shares and shall not be recognized in the books and records of the Company.

SECTION
7 — CERTAIN RIGHTS OF NORWEST

     (a) Norwest
Director. The parties hereto acknowledge and agree that Section 2.5 of
the Note Purchase Agreement provides that, as long as Norwest holds no less than 25% of the Shares
held by it on the date hereof, Norwest shall have the right to designate one (1) member of the
Board of Directors of the Company and one (1) member of the Board of Directors of Crosman (the
“Norwest Director”). The Company, Compass and the other Stockholders shall vote all of their
respective Shares and shares of capital stock of Crosman, as applicable, (i) to elect as a director
of the Company and Crosman the person designated in writing by Norwest to serve as the Norwest
Director and (ii) if and to the extent directed by Norwest, for the removal of the Norwest
Director. In the event of the death, resignation or removal of the Norwest Director, the Company,
Compass and the other Stockholders shall vote all of their respective Shares and shares of capital
stock of Crosman, as applicable, to replace that director by another person designated by Norwest.
Notwithstanding any provision hereof to the contrary, for so long as Norwest holds no less than
25% of the Shares held by it on the date hereof, the provisions of this Section 7 may only
be amended with the prior written consent of Norwest.

     (b) Preemptive
Rights. (i) So long as Norwest owns any Shares, except for
Excluded Issuances (as defined below), if the Company authorizes or issues to any Person (the
“Proposed Purchaser”) any Shares or any other equity securities, debt securities containing equity
features or other securities or other rights convertible into or containing options or rights to
acquire any such debt or equity securities (collectively, “Securities”), the Company shall, at
least 90 days prior to such authorization or issuance, offer to sell by written notice (a “Proposal
Notice”) to Norwest a portion of such Securities equal to the quotient determined by dividing (A)
the number of Shares then held by Norwest by (B) the total number of Shares then outstanding (in
each case, calculated assuming the exercise of all outstanding warrants and options to purchase
Shares to the extent such warrants and options are then exercisable by their respective terms). The
Proposal Notice shall describe the terms of the offering and shall set forth in reasonable detail
the Securities being offered, the purchase price thereof, the payment terms

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and Norwest’s percentage allotment. Norwest shall be entitled to purchase for cash such
Securities at the most favorable price and on the most favorable terms as such Securities are to be
offered to any Proposed Purchaser.

     (ii) In order to exercise its purchase rights hereunder, Norwest must deliver a written notice to
the Company describing its election hereunder within 15 days after receipt of the Proposal Notice
from the Company; provided that any such election may be subject to the consummation of the sale of
the Securities described in the Proposal Notice on the terms set forth therein.

     (iii)
If Norwest fails to timely exercise its rights pursuant to Section 7(b)(ii), the
Company shall be entitled to sell such Securities which Norwest has not elected to purchase to the
Proposed Purchaser during the 90 days following such expiration on terms and conditions no more
favorable to the Proposed Purchaser thereof than those offered to Norwest. Any Securities offered
or sold by the Company to the Proposed Purchaser after such 90-day period must be reoffered to
Norwest pursuant to the terms of this Section 7(b).

     (iv) Notwithstanding the foregoing, the Company may issue and sell Securities without first
complying with Section 7(b)(i) provided that the following conditions are met: (a) the Board has
determined in good faith that (x) the Company needs an immediate cash investment; (y) no
alternative financing is available under reasonable timing and on reasonable terms for the Company;
and (z) the delay caused by compliance with Section 7(b)(i) in connection with such investment
would be reasonably likely to cause severe and immediate harm to the Company; (b) the Company gives
prompt notice to Norwest of such investment, which notice shall describe in reasonable detail the
Securities being purchased by the Person making such purchase; and (c) as promptly as practical
following the issuance of Securities as provided above (but in any event within 30 days following
such issuance), the Company shall take all steps reasonably necessary to enable Norwest to
effectively exercise its preemptive rights under Section 7(b)(i) with respect to the Securities.

     (v) For purposes of the foregoing, “Excluded Issuances” means (A) issuances of equity securities
pursuant to a Public Offering or Stock Options, (B) equity securities issued in connection with the
acquisition of another Person by the Company or any of its subsidiaries, whether by merger,
purchase of all or substantially all assets or other acquisition of stock, recapitalization or
reorganization as a result of which the Company shall become the owner of more than 50% of the
voting power of the securities of such corporation, provided that such equity securities are issued
to the equity holders of the acquired Person and not to any other Person, (C) up to an aggregate of
30,000 Shares issued by the Company to any director, officer, manager or employee of the Company or
of any subsidiary of the Company, (D) equity securities issued in connection with any stock split,
stock dividend, recombination, or reclassification of Shares distributable on a pro rata basis to
all holders of Shares, and (E) up to 100,000 Shares to Compass and/or Norwest in accordance with
the provisions of that certain Warrant Agreement dated as of February 10, 2004 among the Company,
Compass and Norwest and the warrants issued pursuant thereto.

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     (c) Termination. Notwithstanding any other provision hereof to the contrary, (i) all of the
rights and benefits of Norwest under this Section 7 shall terminate and be of no further
force and effect from and after the date that Norwest ceases to own any Shares and (ii) the rights
and benefits of Norwest under this Section 7 shall not be assignable by Norwest to any
other party, without the prior written consent of the Company and Compass, which consent may be
withheld in the sole discretion of such parties, and any attempted assignment thereof contrary to
the provisions hereof shall be void and of no force and effect.

SECTION
8 — CONFIDENTIAL INFORMATION

     Norwest hereby acknowledges its obligations with respect to confidentiality as set forth in Section
9.13 of the Note Purchase Agreement, which obligations are incorporated by reference herein and
made a part hereof to the same extent as if they were set forth herein in their entirety. Such
obligations shall survive the termination of the Note Purchase Agreement and Norwest shall be bound
by the same for so long as it shall own any Shares. Each other Stockholder acknowledges that, as a
Stockholder of the Company, he, she or it may become privy to confidential information regarding
the Company and its subsidiaries and the financial condition, business or operations of the Company
and its subsidiaries. Each other Stockholder agrees that he, she or it will maintain in strict
confidence and will not, directly or indirectly, divulge, transmit, publish, release, or otherwise
use or cause to be used in any manner to compete with or contrary to the interests of the Company
and its subsidiaries, any confidential information relating to the Company’s or its subsidiaries’
systems, operations, processes, computer programs and data bases, records, development data and
reports, cost analyses, flow charts, know how, customer lists, supplier lists, marketing data,
personnel data, or any information relating to sales, financial structure, pricing, or other
information of like nature. Each other Stockholder acknowledges that all information regarding the
Company and its subsidiaries compiled or obtained by or furnished to him, her or it in connection
with
his, her or its association with the Company or any subsidiary thereof is confidential information
and the Company’s and such subsidiary’s exclusive property. Upon demand by the Company, any
Stockholder shall surrender to the Company all original and facsimile records, documents, data, and
other materials in his possession pertaining to the Company, except to the extent such Stockholder
is required to retain such information by law or regulatory authority. Notwithstanding the
foregoing, this provision does not apply to the extent, and only to the extent, such information is
clearly obtainable in the public domain.

SECTION
9 — LEGEND; COMPLIANCE WITH SECURITIES LAWS

     (a) Legend. In order to effectuate this Agreement, each certificate evidencing Shares
shall bear the following legend (or a legend of similar import):

“Ownership, encumbrance, pledge, assignment, transfer, or other disposition of this share
certificate, or any shares issued in lieu hereof, are restricted by a Stockholders’ Agreement to
which the Company and the original purchaser or holder of these shares are parties, a copy of which
Agreement is on file in the office of the Company. A copy of said Agreement will be mailed by the

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Company to any stockholder without charge within five (5) days after its receipt of a written
request therefor.”

The failure of the Company to place the foregoing legend on share certificates shall not affect the
validity or enforceability of this Agreement as among the parties.

     (b) Investment
Representation. Each Stockholder represents to all
other Stockholders and to the Company that all Shares have been acquired for investment and not
with a view to the sale or distribution thereof within the meaning of the Securities Act; that such
Stockholder has no present intention of selling or otherwise disposing of any of such Shares for
its own account and no one else has or will have a beneficial ownership in any of such Shares; and
that such Stockholder has been advised that the Shares have not been registered with the Securities
and Exchange Commission and may not be offered, sold or otherwise transferred except in compliance
with the Securities Act.

     (c) Covenant
to Comply with Securities Laws. By acceptance of a certificate
evidencing shares of the Company, each party hereto agrees that at no time shall any of the Shares
be transferred in the absence of (i) an effective registration statement under the Securities Act
and applicable state securities laws with respect to such Shares at such time, or (ii) upon the
request of the Company, an opinion of counsel in form and substance satisfactory to the Company and
its counsel, to the effect that the proposed transfer at such time will not violate the Securities
Act or applicable state securities laws.

SECTION
10 — MISCELLANEOUS

     (a) This Agreement shall terminate upon the earliest to occur of the following: (i) the sale
of all of the Shares to an Outsider pursuant to
Section 4, above; (ii) closing of any
public offering by the Company of its equity securities pursuant to an effective registration
statement filed by the Company pursuant to the Securities Act (other than pursuant to a
registration statement on Form S-8 or any successor Form thereto) resulting in net proceeds to the
Company or its stockholders of at least $50,000,000; provided that if the Company does not on such
date have a total market equity value of its publicly traded securities of at least $50,000,000,
then this Agreement shall not terminate pursuant to this clause (ii) until such later date as of
which the Company has a total market equity value of its publicly traded securities of at least
$50,000,000; (iii) the dissolution of the Company; or (iv) the date upon which there is only one
(1) holder of Shares.

     (b) Nothing expressed or implied in this Agreement is intended or shall be construed to
confer on any person or entity, other than the parties hereto, any rights
hereunder.

     (c) This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware.

     (d) Section headings are not to be considered part of this Agreement. They are included
solely for convenience and are not intended to be full or accurate descriptions of the contents
hereof.

- 11 -

 

     (e) All of the terms and words used in this Agreement shall be deemed and construed to
include any other number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context of this Agreement or any paragraph or clause herein may require, the same as if such
terms and words had been fully and properly written in the number and gender.

     (f) All provisions of this Agreement are distinct and severable. If any provision shall be
held to be unenforceable, the other provisions of this Agreement shall not be affected but shall
remain in full force. The Company and the Stockholders agree that any unenforceable provision or
restriction in this Agreement shall be deemed modified so it shall be enforced to the greatest
extent permissible under law.

     (g) This Agreement may be executed in multiple counterparts, all of which together shall
constitute one and the same instrument.

     (h) All notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given when (a)
delivered personally to the recipient, (b) telecopied to the recipient (with hard copy sent to the
recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied
before 5:00 p.m., Westport, Connecticut time on a business day, and otherwise on the next business
day, or (c) one business day after being sent to the recipient by reputable overnight courier
service (charges prepaid). Such notices, demands and other communications shall be sent to the
Company at the address set forth below and to any Stockholder at the address indicated below such
Stockholder’s signature hereto, or at such address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party. The Company’s address
is:

Crosman Acquisition Corporation

c/o The Compass Group

61 Wilton Road, 2nd Floor

Westport, CT 06880

Attention: I. Joseph Massoud

Telephone: (203) 221-1703

Telecopy: (203) 221-8253

with copies to:

Compass Crosman Partners, L.P.

c/o The Compass Group

61 Wilton Road, 2nd Floor

Westport, CT 06880

Attention: Alan Offenberg

Telephone: (203) 221-1703

Telecopy: (203) 221-8253

- 12 -

 

and

Squire, Sanders & Dempsey L.L.P.

321 Walnut Street, Suite 3500

Cincinnati, OH 45202

Attention: Stephen C. Mahon, Esq.

Telephone: (513) 361-1230

Telecopy: (513) 361-1200

     (i) The parties covenant and agree to execute and deliver such further instruments, agreements and
other documents reasonably requested by any other party in order to effectuate the terms of this
Agreement.

     (j) This Agreement supersedes all previous stockholders’ or similar agreements among the
Company and any one or more of the Stockholders, including, without limitation, that certain
Amended and Restated Stockholders Agreement dated as of October 15, 1999 among the Company and the
other parties named therein.

     (k) This Agreement may be amended only by the affirmative vote or written consent of (i) the
holders of more than fifty percent (50%) of all issued and outstanding Shares, (ii)
for so long as Compass or any Affiliate thereof is a Stockholder, Compass, and (iii) for so long as
Norwest is the holder of no less than 67% of the Shares held by it as of the date hereof, Norwest;
provided, however, that (A) for so long as Norwest shall own no less than 25% of the Shares held by
it as of the date hereof, Section 7 hereof may only be amended with the prior written
consent of Norwest, (B) if any amendment to this Agreement would alter any other provision
applicable to a specific party such provision may only be amended with such party’s consent, and
(C) if any amendment to this Agreement materially adversely affects the rights of any Stockholder
differently from the persons approving such amendment as provided herein, then the consent of such
adversely affected Stockholder shall be required. If this Agreement is amended by the consent of
the holders of fewer than all Shares, the secretary of the Company shall mail a copy of the
amendment to each Stockholder who did not so consent.

     (1) This Agreement shall be binding upon and shall inure to the benefit of the Company its
successors and assigns, and shall be binding upon and inure to the benefit of the Stockholders and
any holders of any Shares issued by the Company subsequent to the adoption of this Agreement and
during the term of this Agreement, as well as their respective heirs, representatives, successors
and permitted assigns.

- 13 -

 

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

	 	 	 	 	 	 	 
	 	 	CROSMAN ACQUISITION CORPORATION,	 	 
	 	 	   a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alan B. Offenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	COMPASS CROSMAN PARTNERS, L.P.,
	 	 
	 	 	   a Bahamian limited partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Navco Management, Inc.,	 	 
	 

	 	 	 	Its General Partner	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:
	 	/s/ I. Joseph Massoud	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Attorney-in-Fact	 	 

(440,310 Shares)

Address: c/o The Compass Group

                61 Wilton Road, 2nd Floor

                Westport, CT 06880

                Attention: Alan Offenberg

                Telephone: (203) 221-1703

                Telecopy: (203) 221-8253

 

 

NORWEST MEZZANINE PARTNERS I, L P,

    a Minnesota limited partnership

By: Itasca Mezzanine Partners I, LLP,

       a Minnesota limited liability partnership,

       its General Partner

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:
	 	[ILLEGIBLE]	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	(77,426 Shares)	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

							
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telecopy:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 
	 

	 	KEN D’ ARCY, an individual	 	 	 
	 

	 	([30,043] Shares)	 	 	 
	 

	 	Address:	 	 	 
	 

	 	 
	 	 
	 

	 	 
	 	 

							
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telecopy:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 

	 	STEVE UPHAM, an individual
	 	 
	 	 	([3,527] Shares)	 	 
	 	 	Address:	 	 
	 

	 	 	 	 
	 	 
	 

	 	 	 	 
	 	 

							
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telecopy:	 	 	 	 
	 

	 	 	 	 	 	 

- 2 -

 

NORWEST MEZZANINE PARTNERS I, L P,

    a Minnesota limited partnership

By: Itasca Mezzanine Partners I, LLP,

       a Minnesota limited liability partnership,

       its General Partner

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 
	 

	 	Name:	 	 	 	 
	 

	 	 
	 
	 

	 	Title:	 	 	 	 
	 

	 	 
	 
	 	 	(77,909 Shares)	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

							
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telecopy:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	/s/ Ken D’Arcy	 	 
	 	 	 	 	 
	 	 	KEN D’ARCY, an individual	 	 
	 	 	(29,157 Shares)	 	 
	 	 	Address: 7851 Royal Woods	 	 

Pittsford, NY 14534

Telephone: (585) 924-7025

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	/s/ Steve Upham	 	 
	 

	 	 
	 	 	 	 
	 	 	STEVE UPHAM, an individual	 	 
	 	 	(3,699 Shares)	 	 
	 	 	Address: 1398 New Seabury Lane	 	 

Victor,
NY 14564

Telephone: (585)724-2441

 

 

	 	 	 	 	 
	 

	 	/s/ Dan Schultz
	 	 
	 

	 	 	 	 
	 

	 	DAN SCHULTZ, an individual	 	 
	 

	 	(3,699 Shares)	 	 
	 

	 	Address: 11397 Wickles Road	 	 
	 

	 	Prattsburg, NY 14873	 	 
	 

	 	Telephone: (607) 522-3746	 	 

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	/s/ Robert Beckwith	 	 
	 

	 	 	 	 
	 

	 	ROBERT BECKWITH, an individual	 	 
	 

	 	(3,699 Shares)	 	 
	 

	 	Address: 107 Country Downs Circle	 	 

Fairport, NY 14450

Telephone: (585) 485-9539exv10w11

 

Exhibit 10.11

STOCKHOLDERS’ AGREEMENT

OF

COMPASS AC HOLDINGS, INC.

          THIS STOCKHOLDERS’ AGREEMENT (the “Agreement”) is made as of September 20, 2005, by and
among Compass AC Holdings, Inc., a Delaware corporation (the “Company”), Compass Advanced Partners,
L.P., a Bahamian limited partnership (“Compass”), Madison Capital Funding LLC, a Delaware limited
liability company (“Madison”), Allied Capital Corporation, a Maryland corporation (“Allied” and,
together with Madison, the “Institutional Investors”), John Yacoub, an individual (“John Yacoub”),
Ashraf Yacoub, an individual (“Ashraf Yacoub”), Dan Chouinard, an individual (“Chouinard”), Jim
Hellmer, an individual (“Hellmer”), and Larry McQuinn, an individual (“McQuinn”, and together with
John Yacoub, Ashraf Yacoub, Chouinard and Hellmer, the “Management Stockholders”), and the
Additional Holders from time to time a party hereto.

RECITALS

          WHEREAS, Compass owns beneficially and of record 904,000 shares of the Company’s Series
B Common Stock, $0.01 par value; and

          WHEREAS, Madison and Allied each own beneficially and of record 40,000 shares of the
Company’s Series A Common Stock, $0.01 par value; and

          WHEREAS, the Management Stockholders own beneficially and of record 152,364 shares of the
Company’s Series A Common Stock, $0.01 par value; and

          WHEREAS, Compass, the Institutional Investors and the Management Stockholders hold all of the
issued and outstanding shares of capital stock of the Company, and desire to set forth certain
rights, preferences, privileges, obligations and restrictions accorded to and imposed on the
Stockholders.

          NOW, THEREFORE, in consideration of the forgoing recitals and the mutual promises herein
contained, and for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

AGREEMENT

     Section 1. Definitions. Whenever used in this Agreement, the following terms
shall have the following respective meanings:

          1.1. “Additional Holder” and “Additional Holders” mean the additional holder or holders, as
the case may be, of Shares that become a party to this Agreement from time to time by signing an
Additional Holder Signature Page in the form attached hereto as Exhibit A. Specifically
excepted from this definition is any holder that is a successor-in-interest to all or some of the
Shares held by Compass, notwithstanding that any successor-in-interest shall sign an Additional
Holder Signature Page (any reference to Compass herein shall be a reference to any

- 1 -

 

such successor-in-interest, excluding Section 2.4 which rights shall remain solely vested
in Compass for so long as Compass shall hold Shares).

          1.2. “Affiliate” of any particular Person means any other Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with such particular Person.

          1.3. “Control” (Including the terms “controls,” “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management policies of a Person, whether through the ownership of
voting securities, by contract or credit arrangement, as trustee or executor, or otherwise.

          1.4. “Original Issue Price” means, for each series of each class of capital
stock of the Company, the per share issue price on the first date on which each respective
series
of capital stock was issued.

          1.5. “Person” means an individual, corporation, partnership, bank, limited
liability company, trust, association, unincorporated organization, other entity or group (as
defined in Section 13(d)(3) of the Exchange Act).

          1.6. “Securities Act” means the Securities Act of 1933, as amended, or any
similar successor federal statute, all as the same shall be in effect from time to time.

          1.7. “Shares” means the issued and outstanding shares of Series A Common
Stock, Series B Common Stock and such other series of capital stock of the Company which may
from time to time come into existence.

          1.8. “Stockholder” means any person who owns Shares which were not
acquired in violation of this Agreement.

     Section 2. Shares Subject to Agreement; Restrictions.

          2.1. Shares Subject to Agreement. All Shares, whether currently outstanding
or hereafter issued, shall be subject to this Agreement and to all the rights, privileges,
preferences, obligations and restrictions hereof.

          2.2.
No Transfers. Except as provided in this Section 2, no Stockholder shall
sell, assign, convey, transfer, encumber or in any other manner dispose of any or all of the Shares
held or owned by him. Notwithstanding the preceding sentence, a Management Stockholder
may encumber his or her Shares pursuant to a loan, note or other indebtedness if Compass or
the Company is the creditor and the encumberance is in favor of Compass or the Company, as the
case may be. Any sale, assignment, conveyance, transfer, encumbrance or other disposition of
the Shares in violation of this Agreement is void ab initio.

          2.3.
Exempt Transfers. Notwithstanding Section 2.2, a Stockholder may make
an Exempt Transfer. The following transactions shall constitute “Exempt Transfers” as that
term is used in this Agreement: (i) an inter vivos transfer by a Stockholder to his or her
spouse
or lineal descendants; (ii) an inter vivos transfer to a trust for the benefit of such
Stockholder

- 2 -

 

and/or the benefit of one or more of his or her spouse or lineal descendants; (iii) a transfer by
will or intestate succession to a Stockholder’s spouse or lineal descendants or such Stockholder’s
executor, administrator or testamentary trustee for the benefit of one or more of such
Stockholder’s spouse or lineal descendants; (iv) a transfer from a trust for the benefit of a
Stockholder and/or one or more of his or her spouse or lineal descendants to such Stockholder’s
spouse and/or lineal descendants; (v) a transfer to any members of the Board of Directors of the
Company that are nominees of Compass; (vi) a transfer to any director, officer or employee of The
Compass Group International LLC; (vii) a transfer to a Person in which a Compass Affiliate is
directly or indirectly the beneficial owner of five percent or more of the equity securities of
such Person, (viii) a transfer by Madison to The New York Life Insurance Company or any of its
majority-owned subsidiaries, provided that Madison shall provide the Company with written notice of
such transfer within sixty (60) days of the transfer, and (ix) a transfer by Allied to an Allied
Affiliate with the prior written consent of Compass, which consent shall not be unreasonably
withheld. The Shares transferred to any such permitted transferee shall remain subject to the
provisions of this Agreement and such permitted transferee shall become a Stockholder for purposes
of this Agreement. Every such transferee shall observe and comply with this Agreement and with all
obligations and restrictions imposed hereby and shall, at the request of Compass or any
Stockholder, execute an Additional Holder Signature Page.

          2.4. Drag Along/Tag Along Rights. Compass shall be permitted to sell, assign, convey,
transfer, encumber or in any other manner dispose of any or all of the Shares held or owned by it,
subject, however, (i) that Shares transferred to any person shall remain subject to the provisions
of this Agreement and such transferee shall become a Stockholder for purposes of this Agreement
and (ii) in the case of sales or other transfers for value, to the following restrictions:

          (a) Disposition Notice. If Compass proposes at any time to sell or otherwise
transfer for value, whether in a single transaction or in a series of transactions,
including any redemption or repurchase of Shares by the Company, but excluding Exempt
Transfers, (i) in the context of Section 2.4(b), substantially all of its Shares,
or (ii) in the context of Section 2.4(c), more than 5% of the then outstanding
Shares of the Company (each a “Proposed Sale”) to any person, Compass shall send written
notice (the “Disposition Notice”) to the other Stockholders specifying the identity and
address of such person, the number of Shares to be sold, the proposed per Share sale price,
the form of consideration to be paid, any other material terms and conditions of the
Proposed Sale, and, for bona fide sales subject to Section 2.4(b), below, whether
Compass is thereby exercising its Section 2.4(b) Drag Along Rights. The Disposition
Notice shall be deemed effective with respect to each such Stockholder in accordance with
Section 7.2.

          (b) Drag Along Rights. In the event that the Proposed Sale is a bona fide
sale or other bona fide transfer for value to a non-affiliated third party (a “Third Party
Purchaser”), Compass shall have the right to require each of the other Stockholders to
sell, and each of the Stockholders hereby agrees to sell, an equal percentage of his
Shares (the “Drag Along Right”) to such Third Party Purchaser on the same terms and
conditions, and at the same time as, the Proposed Sale. If Compass has by way of the
Disposition Notice exercised its Drag Along Rights, then, promptly upon receipt of such
Disposition Notice, each Stockholder (each a “Drag Along Stockholder”) shall deliver to
Compass (or such other person as may be agreed upon

- 3 -

 

between Compass and each such Drag Along Stockholder) to be held by Compass (or such other
agreed upon person) in escrow for sale or return upon the terms of this Section
2.4, the certificate or certificates representing the Shares to be sold pursuant to
this Section 2.4(b), duly endorsed or accompanied by executed stock powers,
together with a limited power-of-attorney authorizing Compass to sell such Shares in
accordance with the terms of this Section 2.4(b). To the fullest extent of the law,
the Stockholders and any Additional Holders expressly waive any appraisal rights conferred
under the Delaware General Corporation Law.

          (c) Tag Along Rights. Upon receipt of any Disposition Notice from
Compass, each of the other Stockholders shall have, as a condition to closing the
Proposed Sale, the right to require (the “Tag Along Right”) that the same percentage of
his or its Shares be sold as part of, and upon the same terms and conditions as, the
Proposed Sale. The rights referred to in this Section 2.4(c) shall be exercised
by written
notice to Compass (the “Tag Along Notice”). The Tag Along Notice shall only be
deemed effective if received by Compass from the electing Stockholder (each a “Tag
Along Stockholder”) within the period ending 30 days after the Disposition Notice was
received by such Tag Along Stockholder. Promptly upon giving the Tag Along Notice,
each Tag Along Stockholder shall deliver to Compass (or such other person as may be
agreed upon between Compass and such Tag Along Stockholder) to be held by Compass
(or such other person) in escrow for sale or return upon the terms of this Section
2.4(c), the certificate or certificates representing his Shares to be sold as part of the
Proposed
Sale, duly endorsed or accompanied by executed stock powers, together with a limited
power-of-attorney authorizing Compass to sell such Shares in accordance with the terms
of this Section 2.4.

          (d) Promptly upon the consummation of any Proposed Sale, and, in
any event not later than 5 days after such consummation, Compass shall deliver to each
Drag Along Stockholder or Tag Along Stockholder, as the case may be, the total sale
price of his or its Shares sold as part of the Proposed Sale (after deduction of his
proportionate share, based on number of Shares sold, of the reasonable out-of-pocket
expenses associated with such Proposed Sale), together with evidence of the expenses
associated with, and the completion and time of completion of, such Proposed Sale.

          (e) Notwithstanding anything herein to the contrary, Compass shall
have 90 days from the date of receipt of any Disposition Notice during which to
consummate the Proposed Sale to which such Disposition Notice relates. If, at the end
of
such 90 day period, Compass has not consummated the Proposed Sale, all certificates
representing Shares delivered by either a Drag Along Stockholder or Tag Along
Stockholder, as the case may be, to Compass for sale or other disposition as part of
such
Proposed Sale shall be returned to such Drag Along Stockholder or Tag Along
Stockholder, as the case may be, and the transaction contemplated by the Proposed Sale
shall be deemed to be a new Proposed Sale and shall again be subject to the provisions
of
this Section 2.4.

- 4 -

 

          (f) Limitations.

          (i) Notwithstanding anything herein to the contrary, in the event that all of
the Stockholders are required to provide any indemnities in connection with the
Proposed Sale, each Stockholder shall not be liable for more than such Person’s pro
rata share (based upon the amount of consideration received) of any liability for
indemnity, and such liability shall not exceed (A) the total purchase price or
consideration received by such Stockholder for such Person’s Shares in the Proposed
Sale plus (B) such Stockholders’ pro rata share of any escrow established in
connection with any such Proposed Sale.

          (ii) Notwithstanding anything herein to the contrary, the Institutional
Investors shall only be obligated to make representations or warranties in any
such Proposed Sale as to such Person’s (i) title and ownership of the Shares to be
sold by such Person, including the absence of liens or encumbrances on such Shares,
(ii) authorization, execution and delivery of the relevant documents by such
Person, and (iii) the enforceability of the relevant documents against such
Person.

          2.5. Expiration of Restrictions. All restrictions imposed pursuant to this
Section 2 shall terminate:

          (a) at any time upon the written agreement of the Company and all the
Stockholders then signatory to this Agreement as it may be amended or revised from time to
time;

          (b) immediately upon the dissolution of the Company or the bankruptcy or
insolvency of the Company;

          (c) immediately upon the closing of the first underwritten offering by the
Company to the public pursuant to an effective registration statement under the Securities
Act;
provided that such registration statement covers the offer and sale of Common Stock of which
the aggregate net proceeds attributable to sales for the account of the Company exceed
$50,000,000; provided, further, that the Stockholders shall be required to enter into
customary
lock-up agreements in such form as is generally required from company insiders by the lead
underwriter in such offering; or

          (d) upon the acquisition by merger of the Company by an existing publicly
traded company; provided that the Stockholders receive cash or
publicly-tradeable securities
in
exchange for their Shares pursuant to such acquisition.

     Section 3. Pre-Emptive Rights.

          3.1. Rights to Purchase Additional Securities. So long as the restrictions imposed
by Section 2 apply to the Stockholders and have not terminated pursuant to Section 2.5, except
for Excluded Issuances (as defined in Section 3.3 below), if the Company authorizes or issues to
any Person (the “Proposed Purchaser”) any of its Shares or other equity securities, debt
securities containing equity features or other securities or other rights convertible into or

- 5 -

 

containing options or rights to acquire any such debt or equity securities (collectively,
“Securities”), the Company shall, within 90 days of such authorization or issuance, offer to sell
by written notice (the “Offer Notice”) to each holder of record of Shares on the date of such
authorization or issuance a portion of such Securities equal to the number of Securities to be so
issued multiplied by the quotient determined by dividing (A) the number of Shares held by such
holder of Shares by (B) the number of Shares then outstanding (calculated assuming that all
convertible securities shall be converted into Shares, to the extent then exercisable, immediately
prior to such issuance). The Offer Notice shall describe the terms of the offering, including,
without limitation, the Securities offered and the price and other terms of sale, and shall set
forth in reasonable detail the payment terms and such
Stockholder’s percentage allotment.

          3.2. Notice of Acceptance. In order to exercise his or its preemptive rights
hereunder, each holder of Shares must deliver a written notice to the Company within 15 days
of
receipt of the Offer Notice, describing his or its election to purchase the Securities. If a
holder of
Shares fails to timely exercise such holder’s rights pursuant to this Section, the Company
shall be
entitled to sell such Securities which any holder of Shares has not elected to purchase to the
Proposed Purchaser following such expiration on terms and conditions no more favorable to the
Proposed Purchaser thereof than those offered to the holders of
Shares.

          3.3. Excluded Issuances. “Excluded Issuances” means any Shares or any
security exercisable, convertible or exchangeable for Shares that may be issued or sold (i)
pursuant to stock options or restricted stock or similar arrangements issued or provided to
managers, consultants, directors and/or key employees of the Company (up to twenty percent
(20%) of the Company’s total outstanding share capital), (ii) other than for cash or cash
equivalents as part of an arms’ length transaction in which the Company is acquiring control
of
an unaffiliated third-party from a person to whom such Shares are issued, (iii) pursuant to a
public offering of the Company’s securities, or (iv) to institutional lenders lending money to
the
Company (but no more than a cumulative aggregate of five percent (5%) of the Company’s total
outstanding share capital).

     Section 4. Legend on Certificates. Each certificate representing Shares shall (unless
otherwise permitted by the provisions of this Agreement be stamped or otherwise imprinted with a
legend (in addition to any legends as may be required pursuant to applicable state securities
laws) substantially similar to the following:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
ASSIGNED, PLEDGED OR HYPOTHECATED BY A HOLDER UNLESS AND UNTIL THE SECURITIES ARE
REGISTERED UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE AND, IF
REQUIRED BY THE COMPANY, THE HOLDER HAS DELIVERED TO THE COMPANY AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

- 6 -

 

THIS CERTIFICATE AND THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND ALL RIGHTS
HEREIN ARE SUBJECT TO AND TRANSFERABLE (INCLUDING WITHOUT LIMITATION BY WAY OF PLEDGE
OR OTHER GRANT OF A SECURITY INTEREST THEREIN) ONLY IN ACCORDANCE WITH THE PROVISIONS
OF THAT CERTAIN STOCKHOLDERS’ AGREEMENT, DATED AS OF SEPTEMBER 20, 2005 AMONG THE
COMPANY’S STOCKHOLDERS. A COPY OF SUCH STOCKHOLDERS’ AGREEMENT, AS MAY BE AMENDED FROM
TIME TO TIME, IS ON FILE AND AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE
COMPANY. ANY SALE, PLEDGE, GIFT, BEQUEST, TRANSFER, ASSIGNMENT, ENCUMBRANCE OR OTHER
DISPOSITION OF THIS CERTIFICATE AND THE SECURITIES REPRESENTED HEREBY IN VIOLATION OF
SAID STOCKHOLDERS’ AGREEMENT SHALL BE INVALID.

     Section 5. Covenant Not To Compete.

          5.1. During the period (the “Non-Compete Period”) beginning on the date hereof and ending on
the second anniversary of the closing date of the Disposition or, if an Employment Termination
shall occur prior to the Disposition, the date that is the later to occur of (i) the one year
anniversary of the Employment Termination and (ii) the end of the period during which any severance
payments are paid under any employment agreement with the Company in connection with such
Employment Termination, each Management Stockholder and each Additional Holder that is an employee,
officer or director of the Company agrees and covenants that, in connection with the sale,
assignment, conveyance, transfer, encumbrance or other disposition of all the Shares owned by such
Management Stockholder or Additional Holder (the “Disposition”) or, if such Management Stockholder
or Additional Holder is an officer or employee of the Company or its subsidiaries, such
individual’s termination of employment with the Company or its subsidiaries, as applicable (the
“Employment Termination”), he or she:

          (a) shall not own, manage, operate, join, control or participate in the ownership,
management, operation or control of, or be connected as a stockholder, member, manager,
director, officer, employee, partner, consultant with, any for profit business, firm,
entity or organization, which competes with the Company and its subsidiaries in the
manufacturing, marketing and selling of printed circuit boards (the “Business”) in any
state in the United States or anywhere else in the world (each a
“Competing Concern”); provided, however, the forgoing shall not prohibit such holder from beneficially owning up
to five percent (5%) of the outstanding equity securities of a for profit business, firm,
entity or organization the equity securities of which are traded on a national securities
exchange, the Nasdaq Stock market, or the London Stock Exchange. Each such Stockholder
expressly acknowledges and agrees that such restriction is reasonable with respect to
subject matter. Each such Stockholder expressly acknowledges and agrees that because the
Company and its subsidiaries do business throughout the world, such restriction is
reasonable as to geographic area. Each such Stockholder expressly acknowledges and agrees
that because the Company is likely to continue to conduct a like business during the
Non-Compete Period, such restriction is reasonable as to time.

- 7 -

 

          (b) shall not, during the period beginning on the closing date of the
Disposition and ending on the second anniversary thereof, directly or indirectly,

          (i) contact, approach or solicit for the purpose of offering employment to or
hiring (whether as an employee, consultant, agent, independent contractor or
otherwise) or actually hire any person employed by the Company or any of its
subsidiaries at any time prior to the closing date of the disposition or during
the Non-Compete Period, without the prior written consent of Compass;

          (ii) solicit or attempt to induce any customer or other business relation of
the Company or any of its subsidiaries into any business relationship (including
the termination or rescission of the relationship) which might materially harm the
Company or any related, affiliated or subsidiary organization of Company; or

          (iii) participate or concur in any remarks or actions that are disparaging or
detrimental in any way to the business or personal reputation of the Company and
any related, affiliated or subsidiary organization of Company, or any directors,
officers, employees or representatives thereof.

          5.2. Whenever possible each provision and term of this Section 5 will be interpreted
in a manner to be effective and valid but if any provision or term of this Section 5 is
held to be prohibited or invalid, then such provision or term will be ineffective only to the
extent of such prohibition or invalidity, without invalidating or affecting in any manner
whatsoever the remainder of such provision or term or the remaining provisions or terms of this
Section 5. If any of the covenants set forth in this Section 5 are held to be
unreasonable, arbitrary or against public policy, such covenants will be considered divisible with
respect to scope, time and geographic area, and in such lesser scope, time and geographic area,
will be effective, binding and enforceable against each Seller.

     Section 6. Custody of Shares by Company.

          To facilitate the enforcement of the rights and obligations agreed to herein by the parties,
each Stockholder and each Additional Holder, other than the Institutional Investors, acknowledges
such rights and obligations and agrees that the Company or its designee shall hold each such
Stockholder’s and Additional Holder’s Shares (other than the Institutional Investors’ shares),
for the benefit of such Stockholder, subject to any rights granted to another party as permitted
herein. Each Stockholder and Additional Holder (other than the Institutional Investors) shall
promptly deliver to the Company all stock certificates evidencing the Shares of such holder,
together with a stock power executed in blank in a form acceptable to the Company and its
counsel. So long as the Company shall hold the Shares on behalf of a Stockholder, the Stockholder
shall be entitled to exercise such holder’s right to vote such Shares and shall be entitled to
receive any dividend (ordinary or extraordinary, whether paid in cash or property) or other
distribution with respect to such Shares.

- 8 -

 

     Section 7. Miscellaneous.

          7.1.  Effectiveness of Transfers. No Shares shall be transferred on the
Company’s books and records, and transfers of Shares shall be otherwise ineffective, unless
any
such transfer is made pursuant to and in accordance with the terms and conditions of this
Agreement.

          7.2. Notices. Any and all notices or consents required or permitted to be given
under any of the provisions of this Agreement shall be in writing and shall be deemed to have
been received (i) on the date of delivery if delivered in person or by facsimile copy and
confirmed, (ii) on the date received if sent by Federal Express or other similar overnight
delivery
service which requires a signed receipt or (iii) upon three days after the date of mailing, if
mailed
first class by registered or certified mail, return receipt requested, to the party entitled
to receive
the same at the following addresses:

	 	 	 	 	 
	 

	 	Company:
	 	Compass AC Holdings, Inc.
	 

	 	 	 	c/o The Compass Group International, LLC
	 

	 	 	 	61 Wilton Road, 2nd Floor

	 

	 	 	 	Westport, Connecticut 06880
	 

	 	 	 	Attn: I. Joseph Massoud
	 

	 	 	 	Facsimile No.: (203) 221-8253
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Squire, Sanders & Dempsey L.L.P.
	 

	 	 	 	312 Walnut Street, Suite 3500
	 

	 	 	 	Cincinnati, Ohio 45202
	 

	 	 	 	Attention: Stephen C. Mahon
	 

	 	 	 	Facsimile No.: (513) 361-1201
	 
	 	 	 	 
	 

	 	Compass:
	 	Compass Advanced Partners, L.P.
	 

	 	 	 	c/o The Compass Group International, LLC
	 

	 	 	 	24422 Avenida de la Carlota
	 

	 	 	 	Suite 370
	 

	 	 	 	Laguna Hills, California 92653
	 

	 	 	 	Attn: Elias J. Sabo
	 

	 	 	 	Facsimile No.: (949) 420-0771
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Squire, Sanders & Dempsey L.L.P.
	 

	 	 	 	312 Walnut Street, Suite 3500
	 

	 	 	 	Cincinnati, Ohio 45202
	 

	 	 	 	Attention: Stephen C. Mahon
	 

	 	 	 	Facsimile No.: (513) 361-1201
	 
	 	 	 	 
	 

	 	Madison:
	 	Madison Capital Funding LLC
	 

	 	 	 	30 South Wacker Drive, Suite 3700
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Attention: Advanced Circuits Account Manager
	 

	 	 	 	Facsimile No: (312) 596-6950

- 9 -

 

	 	 	 	 	 
	 

	 	with a copy to:
	 	Winston & Strawn LLP
	 

	 	 	 	35 W. Wacker Drive
	 

	 	 	 	Chicago, Illinois 60302
	 

	 	 	 	Attention: John M. Schloerb
	 

	 	 	 	Facsimile No.: (312) 558-5700
	 
	 	 	 	 
	 

	 	Allied:
	 	Allied Capital Corporation
	 

	 	 	 	1919 Pennsylvania Avenue, NW, 3rd floor
	 

	 	 	 	Washington, DC 20006
	 

	 	 	 	Attention George Ferris, Principal
	 

	 	 	 	Facsimile No: (202) 659- 2053
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Dickstein Shapiro Morin & Oshinsky LLP
	 

	 	 	 	2101 L Street, NW
	 

	 	 	 	Washington, DC 20037
	 

	 	 	 	Attn: David P. Parker
	 

	 	 	 	Facsimile No: (202) 887-0689
	 
	 	 	 	 
	 

	 	Management Stockholders:
	 	To the address of each Management Stockholder as set forth on the signature page hereto.
	 
	 	 	 	 
	 

	 	Additional Holders:
	 	As applicable, to the address of each Additional Holder as set forth on the Additional Holder
Signature Page.

          Any party hereto may change his, her or its address for notice by giving notice to the
other parties stating his, her or its new address, all in the manner provided herein. Commencing on
the fifth day after giving such notice, such newly designated address shall be such party’s address
for the purpose of all notices or other communications required or permitted to be given pursuant
to this Agreement

          7.3. Specific Performance. Due to the fact that the Shares cannot be readily
purchased or sold in the open market, and for other reasons, the parties will be irreparably
damaged in the event that this Agreement is not specifically enforced. In the event of a
breach or
threatened breach of any of the terms, covenants and conditions of this Agreement by any of
the
parties hereto, the other parties shall, in addition to all other remedies, be entitled to a
temporary
or permanent injunction, without showing any actual damage, and/or a decree for specific
performance in accordance with the provisions hereof.

          7.4. Entire Agreement. This Agreement cancels and supersedes any and all
oral or written agreements and understandings made between the parties relating to the subject
matter hereof, and contains the entire agreement of the parties with respect to the subject
matter
hereof.

          7.5. Amendments; Termination. This Agreement may not be modified,
amended or, except as herein provided, terminated by a written agreement signed by all of the
parties hereto.

- 10 -

 

          7.6. Waiver. Any party may waive compliance by any other with any of the
covenants or conditions herein, but no waiver shall be binding unless executed in writing by
the
party making the waiver. No waiver of any of the provisions of this Agreement shall be deemed,
or shall constitute, a waiver of any other provision, whether or not similar, nor shall any
waiver
constitute a continuing waiver. No waiver of any breach or default hereunder shall be
considered
valid unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach
or
default of the same or similar nature.

          7.7. Assignment. Except as otherwise expressly provided herein, this
Agreement shall be binding upon and inure to the benefit of Compass, its successors and
permitted assigns, and the other Stockholders, their heirs, personal representatives,
successors
and permitted assigns; provided, however, that nothing contained herein shall be construed as
granting any Stockholder the right to transfer his or its Shares except as expressly provided
in
this Agreement.

          7.8. Headings. The headings contained herein are for the purposes of
convenience only and are not intended to define or limit the contents hereof.

          7.9. Further Assurances. Each party hereto shall cooperate and shall take such
further action and shall execute and deliver such further documents as may be reasonably
requested by any other party in order to carry out the provisions and purposes of this
Agreement.

          7.10. Interpretations. When the context in which words are used in this
Agreement indicates that such is the intent, words used in the singular shall have a
comparable
meaning when used in the plural and vice versa; pronouns stated in the masculine, feminine or
neuter shall include each other gender; and, the term “person” shall include any individual,
partnership, joint venture, corporation, trust, unincorporated organization or government or
any
department or agency thereof.

          7.11. Counterparts. This Agreement may be executed in one or more
counterparts, all of which taken together shall be deemed one original.

          7.12. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without regard to the principles of
conflicts of
law of such State.

          7.13. No Effect Upon Lending Relationship. Notwithstanding anything herein to the
contrary, nothing contained in this Agreement shall affect, limit or impair the rights and
remedies of Madison, any of its affiliates or any other lender in their capacity as lenders to
the Company or any of its Subsidiaries pursuant to any agreement under which the Company or such
Subsidiary has borrowed money. Without limiting the generality of the foregoing, neither Madison
nor any such Person, in exercising its rights as a lender, including making its decision on
whether to foreclose on any collateral security, will have any duty to consider (a) its status as
a direct or indirect Stockholder of the Company, (b) the interests of the Company or any of its
Subsidiaries or (c) any duty it may have to any other direct or indirect Stockholder of the
Company, except as may be required under the applicable loan documents.

- 11 -

 

          7.14.
Confidentiality. Each Institutional Investors hereby
acknowledges it
obligations with respect to confidentiality as set forth in Section 10.9 of the Credit Agreement,
which obligations are incorporated by reference herein and made a part hereof to the same extent
as if they were set forth herein in their entirety. Such obligations shall survive the termination
of the Credit Agreement and the Institutional Investors shall be bound by the same for so long as
it shall own any Shares. Each other Stockholder acknowledges that, as a Stockholder of the
Company, he, she or it may become privy to confidential information regarding the Company and its
subsidiaries and the financial condition, business or operations of the Company and its
subsidiaries. Each other Stockholder agrees that he, she or it will maintain in strict confidence
and will not, directly or indirectly, divulge, transmit, publish, release, or otherwise use or
cause to be used in any manner to compete with or contrary to the interests of the Company and its
subsidiaries, any confidential information relating to the Company’s or its subsidiaries’ systems,
operations, processes, computer programs and data bases, records, development data and reports,
cost analyses, flow charts, know how, customer lists, supplier lists, marketing data, personnel
data, or any information relating to sales, financial structure, pricing, or other information of
like nature. Each other Stockholder acknowledges that all information regarding the Company and
its subsidiaries compiled or obtained by or furnished to him, her or it in connection with his,
her or its association with the Company or any subsidiary thereof is confidential information and
the Company’s and such subsidiary’s exclusive property. Upon demand by the Company, any
Stockholder shall surrender to the Company all original and facsimile records, documents, data,
and other materials in his possession pertaining to the Company, except to the extent such
Stockholder is required to retain such information by law or regulatory
authority. Notwithstanding the foregoing, this provision does not apply to the extent, and only to
the extent, such information is clearly obtainable in the public domain.

[Remainder of Page Intentionally Left Blank]

- 12 -

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	COMPASS AC HOLDINGS, INC.	 	 	 	COMPASS ADVANCED PARTNERS, L.P.	 	 
	 	 	 	 	 	 	By:	 	Navco Management, Inc.,	 	 
	 	 	 	 	 	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Elias J. Sabo
	 	 	 	 	 	By:
	 	/s/ Elias J. Sabo	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Elias J. Sabo
	 	 	 	 	 	Name:
	 	Elias J. Sabo	 	 
	Title:

	 	President
	 	 	 	 	 	Title:
	 	Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Address for notices:	 	 	 	 	 	Address for notices:	 	 
	61 Wilton Road	 	 	 	 	 	61 Wilton Road	 	 
	Westport, Connecticut 06880	 	 	 	 	 	Westport, Connecticut 06880	 	 
	Attention: I. Joseph Massoud	 	 	 	 	 	Attention: I. Joseph Massoud	 	 
	Facsimile: (203) 221-8253	 	 	 	 	 	Facsimile: (203) 221-8253	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	JOHN YACOUB	 	 	 	ASHRAF YACOUB	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ John Yacoub
	 	 	 	 	 	By:
	 	/s/ Ashraf Yacoub	
	 

	 	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Address for notices:	 	 	 	 	 	Address for notices:	 	 
	5579 S. Helena St	 	 	 	 	 	5478 S. Helena St	 	 
	Aurora Co 80015	 	 	 	 	 	Centenial Co 80015	 	 
	Facsimile:	 	 	 	 	 	Facsimile:	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DAN CHOUINARD	 	 	 	JAMES HELLMER	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Dan Chouinard
	 	 	 	 	 	By:
	 	/s/ James Hellmer	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 
	 
	Address for notices:	 	 	 	 	 	Address for notices:	 	 
	6164 South Fundy G	 	 	 	 	 	5451 S. HOCKBERRY LANE	 	 
	Aurora, Co 80016	 	 	 	 	 	HIGHLANDS RANCH, Co 80129	 	 
	Facsimile:	 	 	 	 	 	Facsimile:	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 	 

- 13 -

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LARRY MCQUINN	 	 	 	MADISON CAPITAL FUNDING LLC  
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BY:	 	/s/ Larry Mcquinn	 	 	 	 	 	By:	/s/ Tom Klinacak	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name:
	 Tom Klinacak	 	 
	 

	 	 	 	 	 	 	 	 	 	Title:
	 Managing Director	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Address for notices:	 	 	 	 	 	Address for notices:	 	 
	 	 	9916 S. Ramshead Ct.	 	 	 	 	 	30 South Wacker Drive, Suite 3700
	 	 	Highlands Ranch, Co 80130	 	 	 	 	 	Chicago, Illinois 60606	 	 
	 	 	Facsimile:	 	 	 	 	 	Attn: Advanced Circuits Account Manager	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Facsimile No: (312) 596-6950	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ALLIED CAPITAL CORPORATION	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George Ferris	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 GEORGE FERRIS	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	 PRINCIPAL	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Address for notices:	 	 	 	 	 	 	 	 	 	 
	 	 	1919 Pennsylvania
Avenue, NW, 3rd Floor	 	 	 	 	 	 	 	 	 	 
	 	 	Washington, DC 20006	 	 	 	 	 	 	 	 	 	 
	 	 	Attention George Ferris, Principal	 	 	 	 	 	 	 	 
	 	 	Facsimile No: (202) 659-2053	 	 	 	 	 	 	 	 	 	 

- 14 -

 

EXHIBIT A

ADDITIONAL HOLDER SIGNATURE PAGE

     The undersigned, desiring to become a Stockholder of Compass AC Holdings, Inc., a Delaware
corporation (the “Company”), hereby agrees to all of the terms of the foregoing Stockholders’
Agreement and agrees to be bound by the terms and provisions
thereof.

     Executed by the undersigned as a
Stockholder of the Company.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series and Number

	 	 	 	 	 	 	 	 	 	 	 	 
	of Shares:
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	STOCKHOLDER:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Print	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Tax ID No.:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Date :
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

-15-

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