Document:

Exhibit 10.34

 

LEAPFROG ONLINE MEDIA
PROVIDER AGREEMENT

 

THIS AGREEMENT (“Agreement”) is made and is effective as of
this 7th day of April, 2005, (“Effective Date”)
by and between Leapfrog Online Customer Acquisition, LLC (“Leapfrog Online”), a Limited Liability
Company organized under the laws of the State of Delaware, and CREDITCARDS.COM,
LP (“Media Provider”), a
Partnership organized under the laws of the State of Texas.

 

	
  1.         Media Provider Information.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Company:
  CREDITCARDS.COM, LP 

  	
   

  	
  Site Name: CreditCards.com

  
	
   

  	
   

  	
   

  
	
  Address:
  7301 RR 620 North Ste 155-150 

  	
   

  	
  Site URL: www.creditcards.com

  
	
   

  	
   

  	
   

  
	
  City,
  State, Zip: Austin, TX, 78726

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Tax
  ID: 

  	
   

  	
   

  

 

2.                          Term.
This Agreement shall commence on the Effective Date and shall continue for a
period of one (1)year. This Agreement
shall automatically renew annually thereafter for consecutive one-year terms on
the same terms and conditions unless otherwise agreed to in writing by the
parties.

 

3.                          Insertion
Order(s). All services delivered by Media Provider and the related
compensation for such services shall be described in one or more Insertion
Orders (IO), in the same form as that attached hereto as Exhibit A. Once
executed by Leapfrog Online and the Media Provider, each IO shall be governed
by the terms and conditions of this Agreement.

 

4.                          Termination.

 

(a)                     Without Cause. Either party may terminate
this Agreement or any individual IO upon giving a minimum of fifteen (15) days’
advance written notice to the other party.

 

(b)                    With Cause. If a party seeks to terminate
this Agreement as a result of a material breach by the other party, the
non-breaching party shall give written notice of the breach to the breaching
party. If the breach is not cured by the breaching party within ten (10) days
after such notice is given, the non-breaching party may immediately terminate
the Agreement by subsequent written notice to the party in breach.

 

(c)                     The
termination of this Agreement pursuant to Section 4(a) or 4(b) will result in
the termination of all IO’s executed between the parties and made a part of
this Agreement. However, the termination of any individual IO pursuant to
Section 4(a) shall not result in the termination of this Agreement or any other
outstanding IO’s executed between the parties.

 

5.                          Leapfrog
Online Obligations.

 

(a)                     Client Campaigns and Unique Tags. For each
IO executed by the parties pursuant to this Agreement, Leapfrog Online will
provide Media Provider with an unique Universal Resource Locator (“Unique Tag”), artwork, and related
advertisement materials (collectively referred to as the “Ad Materials”) which shall be affixed
appropriately by Media Provider to its Web pages, e-mails, affiliate Web pages
and/or other content segments (collectively, “Media
Provider Properties”) as mutually agreed upon by the parties. The
services to be provided pursuant to any given IO shall be referred to as “Client Campaigns.” If the elements of any particular Client
Campaign change during the term of this Agreement (including, but not limited
to, the creative content, the client offer, Media Provider compensation and/or
placement), Leapfrog Online will provide Media Provider with a modified Unique
Tag for the Client Campaign. Media Provider acknowledges that the Unique Tag is
Leapfrog Online’s mechanism for tracking the volume of client offers under each
Client Campaign. Consequently, Media Provider’s failure to use the correct

 

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Unique Tag can result in
understated volume, which may directly affect Media Provider’s compensation under
this Agreement.

 

(b)                    Leapfrog
Online will provide Media Provider with access to reports that will disclose
the volume of client offers delivered and the revenue produced therefrom.
Frequency of the Media Provider reports will be determined by the Client
Campaign.

 

6.                          Media
Provider Obligations.

 

(a)                     Media
Provider shall maintain its Web site and the pages of its Web site, in a manner
consistent with the intent and purpose of the Web site as it existed on the
date of this Agreement and in compliance with all federal, state, and local
laws relating to web-based communications.

 

(b)                    Media Provider
shall use its best efforts to place the Client Campaign on Media Provider
Properties in a manner to ensure that the Client Campaign offers are clearly
and conspicuously visible.

 

(c)                     Media
Provider shall not place a Client Campaign on any Media Provider Properties
which promote, contain, or link to another media property promoting or
containing: (i) violence or hatred, (ii) criminal or illegal activities, (iii)
sexually explicit or obscene material, (iv) discrimination based on race,
color, sex, religion, nationality, disability, sexual orientation or age, (v)
libelous or other defamatory content, (vi) material that infringes on
trademark, copyright, patent or other proprietary rights of another person and
or entity, or (vii) false or misleading content. In the event that Leapfrog
Online notifies Media Provider, or Media Provider has knowledge on their own,
that any content or activity on a Media Provider Property violates this Section
5(d), Media Provider will promptly remove all Client Campaigns from such Media
Provider Property. If Media Provider fails to remove all Client Campaigns
affected by this Section, Leapfrog Online shall be entitled to terminate the Unique
Tag until the violation has been remedied.

 

(d)                    Media Provider
shall not display or publish any materials related to a “Client” (as that term is defined in any
IO) or its products, or alter, modify, edit, or resize any of the Ad Materials
associated with any particular Client Campaign without the written consent of
Leapfrog Online.

 

(e)                     Media
Provider shall implement all Unique Tags in a timely manner so that they are
functional in all respects.

 

7.                          Nondisclosure,
Data Ownership, and Privacy.

 

(a)                     Any information
and proprietary data provided by one party, including, but not limited to, the
advertisement description and pricing, set forth in the IO, shall be deemed “Confidential Information” of the
disclosing party. Confidential Information shall be kept by the receiving party
in the strictest confidence and shall be protected by all reasonable and
necessary security measures. Confidential Information shall not be released by
the receiving party to any other party without prior written approval by the disclosing
party. Neither party will use any portion of Confidential Information provided
by the other party hereunder for any purpose other than as set forth in this
Agreement.

 

(b)                    All personally
identifiable information regarding individual Web users, gathered by Leapfrog
Online and/or Media Provider pursuant to this Agreement is the property of the
Client, and is considered Confidential Information.

 

8.                          Intellectual
Property.

 

(a)                     Notwithstanding
the coordination of professional services and the sharing of proprietary
technology, each patty shall retain all right, title and interest, including,
but not limited to, its copyright, in and to its respective intellectual
property, whether existing now or created in the future. Any intellectual
property rights created pursuant to this Agreement shall be the property of the
creating party, unless otherwise specifically stated in writing and signed by
both parties.

 

(b)                    Media Provider
will not use Leapfrog Online’s or Client’s name, trademarks, domain names,
logos, Advertisements or other proprietary materials, or any variations
thereto, in any form without Leapfrog Online’s prior written approval.

 

(c)                     Except as
specifically set forth in this Agreement, no right or license is granted by the
parties, either express or implied, for any trademark, trade name or domain
name, or any copyright, or other intellectual property right owned, possessed,
or licensed by or to the party. All use of trademarks herein and all goodwill
existing, acquired or developed in the trademarks herein shall inure solely to
the benefit of the owner of such trademarks. Any rights to a party’s
intellectual property not specifically granted in this Agreement are expressly
reserved by such party.

 

9.                          Representations
and Warranties.

 

(a)                     Media Provider. Media Provider represents
and warrants to Leapfrog Online that: (1) it, and the officer executing this
Agreement, has sufficient legal authority and capacity to create legally
binding obligations, as set forth in this Agreement; (2) Media Provider will perform
its obligations and the services under this Agreement in a timely, competent,
and workmanlike manner in accordance with generally accepted professional
standards; (3) Media Provider’s execution, delivery and performance of this
Agreement will not violate the terms of any agreement or understanding between
Media Provider and any third party; (4) the Web site and all materials created
or provided by Media Provider under this Agreement and all materials posted in
or through its Media Provider Properties will not infringe any trademark,
copyright, trade secret or other proprietary or moral right of any third party;
(5) Media Provider shall comply with all applicable laws, rules, regulations
and policies of the United States of America and other domestic and foreign
jurisdictions including, but not limited to, anti-spamming laws; (6) Media
Provider has all

 

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necessary permits,
licenses, and clearances to operate Media Provider’s Web site and post all
content contained therein or as given for use outside the Web site; and (7)
Media Provider’s collection, sharing, and use of user email addresses and other
personal information of user under this Agreement was, and will continue to be,
permission-based.

 

(b)                    Leapfrog Online. Leapfrog Online
represents and warrants to Media Provider that: (1) it, and the respective
officer executing this Agreement, has sufficient legal authority and capacity
to create legally binding obligations, as set forth in this Agreement; and, (2)
Leapfrog Online’s execution, delivery and performance of this Agreement will
not violate the terms of any agreement or understanding between Leapfrog Online
and any third party.

 

10.                    Content
Disclaimer. Media Provider is solely responsible for the development,
operation, and maintenance of its Web site and all Media Provider Properties.
Media Provider is also responsible for ensuring that materials posted on or
through its Media Provider Properties: (a) do not violate or infringe upon the
rights of any third party; and that (b) such materials are consistent with and
comply with the content standards set forth in Section 6(c)(i) through (vii).

 

11.                    Indemnity.

 

(a)                     Media Provider. Media Provider will
indemnify, defend, and hold harmless Leapfrog its parent, affiliated and
subsidiary companies and their officers, directors, employees, agents,
representatives, against any and all liabilities, judgments, damages, claims,
causes of action, demands, costs, expenses (including reasonable attorneys’
fees) or losses arising out of Media Provider negligence, breach of warranty or
covenant, failure to perform in accordance with this Agreement, or the failure
to comply with or violation of or the alleged failure to comply with or
violation of any federal, state, county and local laws, including but not
limited to, any anti-spamming laws or statues in connection with the services
provided to Leapfrog and Leapfrog clients pursuant to this Agreement.

 

(b)                    Leapfrog. Leapfrog will indemnify and hold
harmless Media Provider its parent, affiliated and subsidiary companies and
their officers, directors, employees, agents, and representatives, against any
and all liabilities, judgments, damages, claims, demands, costs, expenses
(including reasonable attorneys’ fees) or losses, arising out of Leapfrog’s
breach of warranty, or failure to perform in accordance with the terms of this
agreement.

 

12.                    Client
Marketing. The parties agree that Client is a customer of Leapfrog Online.
Media Provider will not directly or indirectly contact or contract with Client
during the term of the Agreement and for a period of at least six (6) months
after this Agreement has expired or otherwise terminated. Exceptions to this
are Leapfrog Online’s insolvency and/or termination of Leapfrog Online’s Agreement
with the Client.

 

13.                    Publicity.
Neither party shall issue a press release or public announcement or otherwise
make any disclosure concerning this Agreement or the terms hereof without prior
written approval by the other party. Prior to issuing any press release, public
announcement or disclosure, each party will deliver a draft of such press
release, public announcement or disclosure to the other party for written
approval prior to its release.

 

14.                    General.

 

(a)                     Force Majeure. Neither party shall be
liable for delay or default in the performance of its obligations under this
Agreement if such delay or default is caused by conditions beyond its
reasonable control, including but not limited to, fire, flood, accident,
earthquakes, telecommunications line failures, electrical outages, network
failures, acts of God, terrorism or labor disputes. In such event, Media
Provider shall make every reasonable effort within five (5) business days, to
recommend a substitute transmission for the Advertisement or time period for
the transmission. To the extent that a force majeure has continued for five (5)
business days or more, either party has the right to cancel the IO.

 

(b)                    Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Illinois, without reference to its Conflict of Law principles. The parties
irrevocably submit to the personal jurisdiction of the Federal and State courts
located in the State of Illinois.

 

(c)                     Independent Contractor Relationship. Nothing
in this Agreement shall be construed or have effect as constituting any
relationship of partnership between the parties. The relationship between the
parties shall be that of independent contractors.

 

(d)                    Waiver/Severability. The failure to
enforce any of the terms and conditions of this Agreement by any of the parties
shall not be deemed a waiver of any other right or privilege under this
Agreement or a waiver of the right to thereafter claim damages for any
deficiencies resulting from any misrepresentation, breach of warranty, or
nonfulfillment of any obligation of any other party to this. To be a waiver of
any term or condition of this Agreement, the waiver must be in writing and
signed by the party making the waiver. If any provision of this Agreement shall
be deemed illegal or otherwise unenforceable, it shall be severed or altered to
render it enforceable, and the remainder of the Agreement shall remain in full
force and effect.

 

(e)                     Entire Agreement. This Agreement together
with the exhibits, the IOs, and any written amendments hereto constitutes the
entire understanding between the parties hereto with respect to the subject
matter hereof and supercedes all prior written or oral representations. This
Agreement may not be modified, amended or otherwise changed in any manner
except by a written instrument executed by the party against whom enforcement
is sought. In

 

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the event of an ambiguity
or other conflict between the terms and conditions of this Agreement and any IO
or exhibit hereto, the terms and conditions of this Agreement shall prevail.

 

(f)                      Notices. Any
notice, request, demand or other communication required or permitted hereunder
shall be in writing and shall be deemed to have been given if delivered or sent
by facsimile transmission, upon confirmed receipt, or if sent by overnight
commercial delivery service, upon the next business day after sending, or if by
international courier, upon the second business day after sending. All notices
to a party will be sent to the addresses set forth below or to such other
address or person as such party may designate by notice to each other party
hereunder:

 

	
  Leapfrog Online

  	
   

  	
  CREDITCARDS.COM, LP

  
	
  807 Greenwood Street

  	
   

  	
  7301 RR 620 North Ste. 155-150

  
	
  Evanston, IL. 60201

  	
   

  	
  Austin, TX. 78726

  

 

Any notice given
hereunder may be given on behalf of any party by his counsel or other
authorized representatives.

 

(g)                   No Assignment. This Agreement may not be
assigned by Media Provider without the prior express written consent of
Leapfrog Online.

 

(h)                   Survival. The obligations of the parties
hereto which, by their nature, should survive expiration or termination of this
Agreement shall survive such expiration or termination.

 

(i)                       Counterparts. This Agreement may be signed
in two or more counterparts, each of which shall be an original.

 

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed as of the Effective Date by their duly authorized
representatives.

 

 

	
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  ONLINE:

  	
   

  	
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  PROVIDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
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4EXHIBIT 4.2

 

SECOND AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS SECOND AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of September 25, 2003, is by and among RELIANT PHARMACEUTICALS, LLC, a
Delaware limited liability company (the “Company”), and
the members of the Company listed on Exhibit A hereto (the “Members”). For the purposes of this Agreement, the term “Company”
shall be deemed to include and refer to any successor in interest to the
Company, whether by means of statutory conversion, merger, consolidation or
otherwise.

 

R E C I T A L S

 

WHEREAS, the Company is a
party to that certain First Amended and Restated Registration Rights Agreement,
dated as of December 17, 2000 (the “Original Agreement”),
among the Company, holders of the Company’s Series A Convertible Preferred
Units (the “Series A Preferred Units”),
holders of the Company’s Series B Convertible Preferred Units (the “Series B Preferred Units” and, collectively, with the Series
A Preferred Units, sometimes referred to herein as the “Series A/B
Preferred Units”), and holders of the Company’s Series C Convertible
Preferred Units (the “Series C Preferred Units”);

 

WHEREAS, pursuant to the
Series D Preferred Unit Subscription Agreement, dated as of September 25, 2003
(the “Subscription Agreement”), among the
Company and the purchasers identified therein (the “Investors”),
the Company has agreed to issue and sell to the Investors, and the Investors
have agreed to subscribe for and purchase from the Company, the Company’s
Series D Convertible Preferred Units (“Series D Preferred Units”
and, collectively with the Series A Preferred Units, the Series B Preferred
Units and the Series C Preferred Units, the “Preferred
Units”);

 

WHEREAS, to induce the
Investors to enter into the Subscription Agreement, the Company and the
signatories hereto (including, without limitation, the signatories required
pursuant to Section 11.3 of the Original Agreement) deem it desirable to amend
and restate the Original Agreement in its entirety by entering into this
Agreement.

 

NOW,
THEREFORE, in consideration of the recitals and the mutual premises, covenants
and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree to amend and restate the Original Agreement in its entirety as
follows:

 

1.                                       Definitions. In addition to capitalized terms
defined elsewhere in this Agreement, the following capitalized terms shall have
the following meanings when used in this Agreement:

 

“Commission”
means the Securities and Exchange Commission and any successor agency
performing comparable functions.

 

 

“Common Units”
means the Company’s Class One common units.

 

“Business Day”
means each day other than a Saturday, a Sunday or any other day on which
banking institutions in the city of New York, New York are authorized or
obligated by law or executive order to be closed.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor federal
statute, and the rule and regulations of the Commission thereunder, as the same
shall be in effect from time to time.

 

“Operating
Agreement” means the Third Amended and Restated Operating Agreement
of the Company, dated as of the date hereof, as the same may be amended from
time to time.

 

“Person”
means an individual, partnership, corporation, limited liability company,
association, joint stock company, trust, joint venture, unincorporated
organization or other entity, or a governmental entity or any department,
agency or political subdivision thereof.

 

“Public
Offering” means any offering by the Company of its equity securities
to the public pursuant to an effective registration statement under the
Securities Act or any comparable statement under any comparable federal statute
then in effect (other than any registration statement on Form S-8 or Form S-4
or any successor forms thereto).

 

“Registrable
Securities” means at any time, any of the following owned by any
equity holder of the Company  party to
this Agreement: (i) any common equity securities of the Company issuable upon
conversion or exchange of the Preferred Units, or issuable or issued upon
conversion or exchange of other equity securities of the Company into which the
Preferred Units shall be reclassified or changed, including by reason of a
merger, consolidation, reorganization, recapitalization or statutory conversion
then outstanding which are then owned by any Member, including any other Person
who is a permitted transferee of such holder under the terms of the Operating
Agreement; (ii) any common equity securities of the Company then outstanding
which were issued as, or were issued directly or indirectly upon the
conversion, exchange or exercise of other equity securities issued or issuable
as a dividend, stock split or other distribution with respect or in replacement
of any equity securities referred to in (i) of this definition; (iii) any
common equity securities of the Company then issuable directly or indirectly
upon the conversion, exchange or exercise of other equity securities which were
issued as a dividend or other distribution with respect to or in replacement of
any equity securities referred to in clause (i) of this definition and (iv) any
common equity securities of the Company issued upon the exercise of the Warrant
Units and any other common equity securities which were issued as a dividend or
other distribution with respect to or in replacement of any equity securities
issued upon exercise of the Warrant Units; provided, however,
that Registrable Securities shall not include any equity securities which have
been registered pursuant to the Securities Act or which have been sold to the
public pursuant to Rule 144 of the Commission under the Securities Act.

 

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“Securities
Act” means the Securities Act of 1933, as amended, or any successor
federal statute, and the rule and regulations of the Commission thereunder, as
the same shall be in effect from time to time.

 

“Series A/B  Registrable Securities”
means at any time, any of the following owned by any equity holder of the
Company party to this Agreement: (i) any common equity securities of the
Company issuable upon conversion or exchange of the Series A Preferred Units and/or
the Series B Preferred Units, or issuable or issued upon conversion or exchange
of other equity securities of the Company into which the Series A/B Preferred
Units shall be reclassified or changed, including by reason of a merger,
consolidation, reorganization, recapitalization or statutory conversion then
outstanding which are then owned by any Member, including any other Person who
is a permitted transferee of such holder under the terms of the Operating
Agreement; (ii) any common equity securities of the Company then outstanding
which were issued as, or were issued directly or indirectly upon the
conversion, exchange or exercise of other equity securities issued or issuable
as a dividend, stock split or other distribution with respect or in replacement
of any equity securities referred to in (i) of this definition.

 

“Series C Registrable Securities” means at any time, any of
the following owned by any equity holder of the Company party to this
Agreement: (i) any common equity securities of the Company issuable upon
conversion or exchange of the Series C Preferred Units, or issuable or issued
upon conversion or exchange of other equity securities of the Company into
which the Series C Preferred Units shall be reclassified or changed, including
by reason of a merger, consolidation, reorganization, recapitalization or
statutory conversion then outstanding which are then owned by any Member,
including any other Person who is a permitted transferee of such holder under
the terms of the Operating Agreement; (ii) any common equity securities of the
Company then outstanding which were issued as, or were issued directly or
indirectly upon the conversion, exchange or exercise of other equity securities
issued or issuable as a dividend, stock split or other distribution with
respect or in replacement of any equity securities referred to in (i) of this
definition.

 

“Series D  Registrable Securities”
means at any time, any of the following owned by any equity holder of the
Company party to this Agreement: (i) any common equity securities of the
Company issuable upon conversion or exchange of the Series D Preferred Units,
or issuable or issued upon conversion or exchange of other equity securities of
the Company into which the Series D Preferred Units shall be reclassified or
changed, including by reason of a merger, consolidation, reorganization,
recapitalization or statutory conversion then outstanding which are then owned
by any Member, including any other Person who is a permitted transferee of such
holder under the terms of the Operating Agreement; (ii) any common equity
securities of the Company then outstanding which were issued as, or were issued
directly or indirectly upon the conversion, exchange or exercise of other
equity securities issued or issuable as a dividend, stock split or other
distribution with respect or in replacement of any equity securities referred
to in (i) of this definition.

 

“Warrant Registrable Securities” means at any time, any of
the following owned by any equity holder of the Company party to this
Agreement: (i) any common equity securities of the Company issuable upon the
exercise or exchange of the Warrants, or issuable or

 

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issued upon conversion or
exchange of other equity securities of the Company into which the Warrants
shall be reclassified or changed, including by reason of a merger,
consolidation, reorganization, recapitalization or statutory conversion then
outstanding which are then owned by any Member, including any other Person who
is a permitted transferee of such holder under the terms of the Operating
Agreement and the applicable Warrant; (ii) any common equity securities of the
Company then outstanding which were issued as, or were issued directly or
indirectly upon the conversion, exchange or exercise of other equity securities
issued or issuable as a dividend, stock split or other distribution with
respect or in replacement of any equity securities referred to in (i) of this
definition.

 

“Warrants”
means (a) the Common Unit Purchase Warrant dated July 6, 2000 issued by the
Company to The Bay City Capital Fund II, L.P. for the purchase of up to
2,181,016 Class One Common Units (which warrant was exercised in full on July
24, 2000); (b) the Common Unit Purchase Warrant dated December 18, 2001 issued
by the Company to PharmBay Investors, L.L.C. for the purchase of up to 416,667
Class One Common Units; (c) the Common Unit Purchase Warrant dated December 18,
2001 issued by the Company to The Bay City Capital Fund III, L.P. for the purchase
of up to 399,209 Class One Common Units; and/or (d) the Common Unit Purchase
Warrant dated December 18, 2001 issued by the Company to Bay City Capital Fund
III Coinvestment Fund, L.P. for the purchase of up to 17,458 Class One Common
Units.

 

2.                                       Demand Registration.

 

2.1                                 Long-Form Registrations.

 

(a)                                  Subject to the terms of this
Agreement, at any time after the earlier to occur of (i) July 21, 2007 or (ii)
180 days following the consummation of initial Public Offering of the Company’s
common equity, the holders of at least a majority of the Series A/B Registrable
Securities and the Warrant Registrable Securities, taken together, may request
registration under the Securities Act of all or part of their then outstanding
Registrable Securities represented by such Series A/B Registrable Securities
and the Warrant Registrable Securities on Form S-1 or S-2 or any similar
long-form registration.

 

(b)                                 Subject to the terms of this
Agreement, commencing at anytime following the 180th day after initial Public
Offering of the Company’s common equity, the holders of at least forty percent
(40%), in each case, calculated on a fully-diluted basis, of either the Series
C Registrable Securities or the Series D Registrable Securities may request
registration under the Securities Act of all or part of their then outstanding
Registrable Securities on Form S-1 or S-2 or any similar long-form
registration; provided, that with respect to
any demands under this clause (b) the anticipated aggregate offering price of
the Registrable Securities covered by such registration exceeds $25,000,000.

 

(c)                                  Within ten (10) days after receipt
of any written request pursuant to this Section 2.1, the Company will give
written notice of such request to all other holders of Registrable Securities
and will use its reasonable best efforts to include in such registration all
Registrable Securities with respect to which the Company has received written
requests for inclusion within thirty (30) days after delivery of the Company’s
notice, and, thereupon the

 

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Company will use its reasonable best efforts to effect, at
the earliest possible date, the registration under the Securities Act . All
registrations requested pursuant to this Section 2.1 are referred to herein as “Long-Form Demand Registrations.”  The Company shall not be obligated to effect
more than five (5) Long-Form Demand Registrations pursuant to this Section 2.1
(three (3) of which shall be allocated to the holders of the Series A/B
Registrable Securities and Warrant Registrable Securities, one (1) of which
shall be allocated to the holders of Series C Registrable Securities, and one
(1) of which shall be allocated to the holders of Series D Registrable
Securities).

 

2.2                                 Short-Form Registrations. In addition to the Long-Form
Demand Registrations provided pursuant to Section 2.1 above, commencing the
date on which the Company becomes eligible to register securities issued by it
on a Form S-3 or any similar short-form registration, the holders of at least
thirty  percent (30%) of the Registrable
Securities then outstanding will be entitled to request registrations under the
Securities Act of all or part of their Registrable Securities on Form S-3, if
available to the Company, or any similar short-form registration (“Short-Form Demand Registrations” and, together with the
Long-Form Demand Registrations, “Demand Registrations”);
provided, however, that the
anticipated aggregate offering amount of the Registrable Securities included in
any such Short Form Registration exceeds $2,000,000. Within ten (10) days after
receipt of any request pursuant to this Section 2.2, the Company will give
written notice of such request to all other holders of Registrable Securities
and will use reasonable best efforts to include in such registration all
Registrable Securities with respect to which the Company has received written
requests for inclusion within ten (10) days after delivery of the Company’s
notice. Once the Company has become subject to the reporting requirements of
the Exchange Act, the Company will use its reasonable best efforts to make
Short-Form Demand Registrations available for the sale of Registrable
Securities. Demand Registrations will be Short-Form Demand Registrations
whenever the Company is permitted to use any applicable short form. If a
Short-Form Demand Registration is to be an underwritten Public Offering, and if
the underwriters for marketing or other reasons request the inclusion in the
registration statement of information which is not required under the
Securities Act to be included in a registration statement on the applicable
form for the Short-Form Demand Registration, the Company will provide such
information as may be reasonably requested for inclusion by the underwriters in
the Short-Form Demand Registration.

 

2.3                                 Payment of Expenses for Demand
Registrations.
The Company will pay all Registration Expenses (as defined in Section 6 below)
for the Demand Registrations permitted under Sections 2.1 and 2.2. A
registration will not count as a Demand Registration (i) unless a registration
statement with respect thereto has become effective and remained effective in
compliance with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by such registration
statement until the earlier of (x) such time as all of such Registrable
Securities have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof set forth in such registration
statement and (y) 180 days after the effective date of such registration
statement, (ii) if after it has become effective, such registration is
interfered with by any stop order, injunction or other order or requirement of
the Commission or other governmental agency or court for any reason not
attributable to the Selling Holders and has not thereafter become effective, or
(iii) if the conditions to closing specified in the underwriting agreement, if
any, entered into in connection with such registration are not satisfied or
waived, other than by reason of a failure on the part of the holders of the

 

5

 

Registrable Securities to be
registered thereunder. Notwithstanding anything herein to the contrary, the
Company will pay all Registration Expenses in connection with any registration
initiated as a Demand Registration for which the Company was obligated to pay.

 

2.4                                 Priority. The Company will not include in
any Demand Registration any securities which are not Registrable Securities
without the written consent of the holders of a majority of the Registrable
Securities to be included in such Demand Registration. If a Demand Registration
is an underwritten Public Offering and the managing underwriters advise the
Company in writing that in their opinion the inclusion of the number of
Registrable Securities and other securities requested to be included creates a
substantial risk that the price per security will be reduced, the Company will
include in such registration, prior to the inclusion of any securities which
are not Registrable Securities, the number of Registrable Securities requested
to be included which in the opinion of such underwriters can be sold without
creating such a risk, pro rata among the respective holders of such Registrable
Securities on the basis of the number of Registrable Securities requested by
such holders to be included in the applicable Demand Registration. In no event
will a Demand Registration pursuant to Section 2.1 count as a Long Form Demand
Registration for purposes of Section 2.1 unless at least forty percent (40%)  of all Registrable Securities requested to be registered in
such Demand Registration by the initiating holders are, in fact, registered and
sold in such registration.

 

2.5                                 Restrictions. The Company will not be obligated
to effect any Demand Registration within one hundred eighty (180) days after
the effective date of a previous Demand Registration. With respect to any
Demand Registration, if (a) the Board of Managers (or similar governing body)
of the Company reasonably and in good faith determines that such filing would
be materially detrimental to the Company or require a disclosure of a material
fact that might reasonably be expected to have a material adverse effect on the
Company or any plan or proposal by the Company or any of its subsidiaries to
engage in any acquisition or disposition of assets or equity securities (other
than in the ordinary course of business) or any merger, consolidation, tender
offer, material financing or other significant transaction and (b) the Company
shall furnish the holders of Registrable Securities who have requested a Demand
Registration a certificate signed by an executive officer of the Company to
such effect, the Company may postpone for up to one hundred twenty (120) days
the filing or the effectiveness of a registration statement for a Demand
Registration; provided, that the Company may
not postpone the filing or effectiveness of a registration statement for a
Demand Registration for more than one hundred twenty (120) days during any
twelve (12) month period.

 

2.6                                 Selection of Underwriters. The holders of a majority of the
Registrable Securities with respect to which a Demand Registration (other than
a Demand Registration in respect of the Company’s initial Public Offering) has
been initiated shall have the right to select the investment banker(s) and
manager(s) to administer the offering, subject to the Company’s approval which
will not be unreasonably withheld or delayed

 

2.7                                 Shelf Registration. In addition to the Demand
Registrations and commencing the date on which the Company becomes eligible to
register securities issued by it on a Form S-3 or any similar short-form
registration, holders of at least 1,750,000 units/shares of Registrable
Securities upon the completion of the initial Public Offering of the Company’s
common equity, shall be entitled to request that the Company file a shelf
registration statement

 

6

 

with respect to all or part of their
Registrable Securities pursuant to Rule 415 under the Securities Act (the “Shelf Registration”). The Company shall use its reasonable
best efforts to have the Shelf Registration declared effective as soon as
practicable after such filing, and shall use its reasonable best efforts to
keep the Shelf Registration effective and updated, from the date such Shelf
Registration is declared effective until the earliest to occur of (a) such time
as all of the Registrable Securities registered thereunder shall cease to be Registrable
Securities, (b) such time as such Registrable Securities may be sold without
restrictive legend under the applicable provisions of Rule 144 promulgated
under the Securities Act, (c) such time as the holder requesting the Shelf
Registration beneficially owns less than one percent (1%) of the issued and
outstanding equity securities of the Company, and (d) three (3) years from the
date such Shelf Registration is declared effective (such period, the “Shelf Registration Effectiveness Period”). The
Company shall supplement or amend, if necessary, the Shelf Registration, as
required by the instructions applicable to such registration form or by the
Securities Act or as reasonably requested by the holders of (or any underwriter
for) not less than 51% of the Registrable Securities registered thereunder and
the Company shall furnish to the holders of the Registrable Securities to which
the Shelf Registration relates copies of any such supplement or amendment prior
to its being used and/or filed with the Commission. The Company shall pay all
Registration Expenses in connection with the Shelf Registration, whether or not
it becomes effective, and whether all, none or some of the Registrable
Securities are sold pursuant to the Shelf Registration. A Shelf Registration
pursuant to this Section 2.7 shall not be deemed to have been effected
(i) unless a Shelf Registration has become effective and remained
effective in compliance with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities covered thereby and for the
Shelf Registration Effectiveness Period or (ii) if after it has become
effective, the Shelf Registration is interfered with by any stop order,
injunction or other order or requirement of the Commission or other governmental
agency or court for any reason not attributable to the holders of Registrable
Securities and has not thereafter become effective.

 

3.                                       Piggyback Registration.

 

3.1                                 Right to Piggyback. At any time following an initial
Public Offering of the Company’s equity securities, whenever the Company
proposes to register any of its equity securities (or securities that are
convertible into equity securities) under the Securities Act for its own
account or otherwise, and the registration form to be used may be used for the
registration of any Registrable Securities (a “Piggyback
Registration”) (except for the registrations on Form S-8 or Form S-4
or any successor form thereto), the Company will give written notice, at least
thirty (30) days prior to the proposed filing of such registration statement,
to all holders of the Registrable Securities of its intention to effect such a
registration and will use reasonable best efforts to include in such
registration all Registrable Securities (in accordance with the priorities set
forth in Sections 3.2 and 3.3 below) with respect to which the Company has
received written requests for inclusion specifying the number of equity
securities desired to be registered, which request shall be delivered within
fifteen (15) days after the delivery of the Company’s notice.

 

3.2                                 Priority on Primary Registrations. If a Piggyback Registration is an
underwritten primary registration on behalf of the Company and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in the registration creates a substantial
risk that the price per share or unit of such

 

7

 

securities will be reduced, then the
managing underwriter may exclude securities (including Registrable Securities)
from the registration and the underwriting, and the number of securities that
may be included in such registration and underwriting shall include first, any
securities that the Company proposes to sell, second, the Registrable
Securities requested to be included in such registration, pro rata among the
holders of such Registrable Securities on the basis of the total number of
Registrable Securities which are requested by such holders to be included in such
registration, and third, other equity securities requested to be included in
such registration to be allocated pro rata among the holders thereof.

 

3.3                                 Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of holders of the Company’s
securities and the managing underwriters advise the Company in writing that in
their opinion the number of securities requested to be included in the
registration creates a substantial risk that the price per share of securities
offered thereby will be reduced, the Company will include in such registration
first, the equity securities requested to be included therein by the holders
requesting such registration and the Registrable Securities requested to be
included in such registration, pro rata among the holders of such equity
securities and Registrable Securities on the basis of the total number of
equity securities and Registrable Securities which are which are requested by
such holders to be included in such registration, and second, other equity
securities requested to be included in such registration.

 

3.4                                 Other Registrations. If the Company has previously
filed a registration statement with respect to Registrable Securities pursuant
to this Section 3, and if such previous registration has not been withdrawn or
abandoned, the Company will not file or cause to be effected any other
registration of any of its equity securities or securities convertible or
exchangeable into or exercisable for its equity securities under the Securities
Act (except on Form S-8 or Form S-4 or any successor forms thereto), whether on
its own behalf or at the request of any holder or holders of such securities,
until a period of at least one hundred eighty (180) days has elapsed from the
effective date of such previous registration.

 

3.5                                 Selection of Underwriters. In connection with any Piggyback
Registration, the Company will have such right to select the managing
underwriters (subject to the approval of the holders of a majority of the Registrable
Securities requested to be included in such registration, which approval shall
not be unreasonably withheld or delayed).

 

4.                                       Holdback Agreements.

 

4.1                                 Holders’ Agreements. To the extent not inconsistent
with applicable law, each holder of Registrable Securities agrees that upon
request of the Company or the underwriters managing any underwritten offering
of the Company’s securities, it will (a) not sell, make any short sale of,
loan, grant any option for the purchase of, otherwise dispose of, hedge or
transfer any of the economic interest in (or agree or commit to do any of the
foregoing) any Registrable Securities (other than those included in the
registration, if any) without the prior written consent of the Company or such
underwriters, as the case may be, for up to fourteen (14) days prior to, and
during the ninety (90) day period (one hundred eighty (180) day period in the
case of the Company’s initial Public Offering) following, the effective date of
a registration statement of the Company filed under the Securities Act, and (b)
enter into and be bound by such

 

8

 

form of agreement with respect to the
foregoing as the Company or such managing underwriter may reasonably request;
provided that each officer and director and each third party who holds 3.0% or
more of the outstanding equity securities of the Company also agrees to such
restrictions. Nothing herein shall prevent a holder of Registrable Securities
from transferring Registrable Securities to a permitted Transferee (as defined
under and pursuant to Article IX of the Operating Agreement); provided, that
the Transferees of such Registrable Securities agree to be bound by the
provisions of this Agreement to the extent the transferor would be so bound.

 

4.2                                 Company’s Agreements. The Company agrees not to effect,
and, to the extent not inconsistent with applicable laws, to cause each holder
of its equity securities purchased from the Company at any time after the date
of this Agreement (except in a registered public officering) not to effect, any
public sale or distribution of its equity securities, or any securities
convertible into or exchangeable or exercisable for such securities, during the
ninety (90) day period (one hundred eighty (180) day period in the case of the
Company’s initial Public Offering) following, the effective date of a
registration statement of the Company filed under the Securities Act (except as
part of any such underwritten registration or pursuant to registrations on Form
S-8 or Form S-4 or any successor forms thereto), unless the underwriters
managing the Public Offering otherwise agree.

 

4.3                                 Waiver. The Company agrees that any
waivers of the restrictions set forth in Section 4.1 that are applicable to
less than all of the Registrable Securities restricted pursuant to Section 4.1
shall be allocated pro rata among the holders of Registrable Securities on the
basis of the number of Registrable Securities owned by such holders.

 

5.                                       Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will use its reasonable best
efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended method of disposition thereof and, pursuant
thereto, the Company will as expeditiously as possible:

 

(a)                                  prepare and, as soon as practicable
after the end of the period within which requests for registration may be given
to the Company, file with the Commission a registration statement with respect
to such Registrable Securities and use its reasonable best efforts to cause
such registration statement to become effective (provided that before filing a
registration statement or prospectus, or any amendments or supplements thereto,
the Company will furnish copies of all such documents proposed to be filed to
one counsel designated by holders of a majority of the Registrable Securities
covered by such registration statement);

 

(b)                                 prepare and file with the Commission
such amendments and supplements to such registration statement and the
prospectus(es) used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than one (1) year,
and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during
such period in accordance with the intended methods of disposition by the
sellers thereof set forth in such registration statement;

 

(c)                                  furnish to each seller of
Registrable Securities such number of copies of such registration statement,
each amendment and supplement thereto, the

 

9

 

prospectus(es) included in such registration statement
(including each preliminary prospectus) and such other documents as such seller
may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller;

 

(d)                                 use its reasonable best efforts to
register or qualify such Registrable Securities under such other securities or
blue sky laws of such jurisdictions as Investor reasonably requests and do any
and all other acts and things which may be reasonably necessary or advisable to
enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller (provided that the Company will not
be required to (i) qualify generally to do business in any jurisdiction where
it would not otherwise be required to qualify but for this subparagraph, (ii)
consent to general service of process in any such jurisdiction, or (iii)
subject it to taxation in any such jurisdiction);

 

(e)                                  promptly notify each seller of such
Registrable Securities, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any
event as a result of which the prospectus included in such registration
statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading, and, at the request of
any such seller, the Company will prepare a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain any untrue statement
of a material fact or omit to state any fact necessary to make the statements
therein not misleading;

 

(f)                                    cause all such Registrable
Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed or if no such securities are then listed,
such securities exchange as the holders of a majority of the Registrable
Securities included in such registration may request;

 

(g)                                 provide a transfer agent, registrar
and CUSIP number for all such Registrable Securities not later than the
effective date of such registration statement;

 

(h)                                 enter into such customary agreements
(including underwriting agreements in customary form) and take all such other
customary actions as the holders of a majority of the Registrable Securities
being sold or the underwriters, if any, reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities;

 

(i)                                     make available for inspection by any
seller of Registrable Securities, any underwriter participating in any
disposition pursuant to such registration statement, and any attorney,
accountant or other agent retained by any such seller or underwriter, all
financial and other records, pertinent corporate documents and properties of
the Company, and cause the Company’s officers, directors, employees and
independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such
registration statement; provided, however,
that any records, information or documents that are furnished by the Company
and that are non-public shall be used only in connection with such registration
and shall be kept strictly confidential by any seller of Registrable Securities
except to the extent disclosure of such records, information or

 

10

 

documents is required by written order of a court or other
governmental authority having jurisdiction;

 

(j)                                     advise each seller of such Registrable
Securities, promptly after it shall receive notice or obtain knowledge thereof,
of the issuance of any stop order by the Commission suspending the
effectiveness of such registration statement or the initiation or threatening
of any proceeding for such purpose and promptly use its best efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such stop order
should be issued;

 

(k)                                  at least forty-eight (48) hours
prior to the filing of any registration statement or prospectus, or any
amendment or supplement to such registration statement or prospectus, furnish a
copy thereof to each seller of such Registrable Securities and refrain from
filing any such registration statement, prospectus, amendment or supplement to
which counsel selected by the holders of a majority of the Registrable
Securities being registered shall have reasonably objected on the grounds that
such document does not comply in all material respects with the requirements of
the Securities Act or the rules and regulations thereunder, unless, in the case
of an amendment or supplement, in the opinion of counsel for the Company the
filing of such amendment or supplement is reasonably necessary to protect the
Company from any liabilities under any applicable federal or state law and such
filing will not violate applicable laws;

 

(l)                                     at the request of any seller of such
Registrable Securities in connection with an underwritten offering, furnish on
the date or dates provided for in the underwriting agreement:  (i) an opinion of counsel, addressed to the
underwriters and the sellers of Registrable Securities, covering such matters
as such counsel, underwriters and the sellers may reasonably agree upon,
including such matters as are customarily furnished in connection with an underwritten
offering, and (ii) a letter or letters from the independent certified public
accountants of the Company addressed to the underwriters and the sellers of
Registrable Securities, covering such matters as such accountants, underwriters
and sellers may reasonably agree upon, in which letter(s) such accountants
shall state, without limiting the generality of the foregoing, that they are
independent certified public accountants within the meaning of the Securities
Act and that in their opinion the financial statements and other financial data
of the Company included in the registration statement, the prospectus(es), or
any amendment or supplement thereto, comply in all material respects with the
applicable accounting requirements of the Securities Act; and

 

(m)                               make senior executives of the
Company reasonably available to assist the underwriters with respect to, and
accompany the underwriters on, the so-called “road show” in connection with the
marketing efforts for, and the distribution and sale of Registrable Securities
pursuant to a registration statement.

 

6.                                       Registration Expenses.

 

6.1                                 Company’s Expenses. All expenses incident to the
Company’s performance of or compliance with this Agreement, including, but not
limited to, all registration and filing fees, fees and expenses of compliance
with securities or blue sky laws, printing expenses, messenger and delivery
expenses, and fees and disbursements of counsel for the

 

11

 

Company, reasonable fees and disbursements
of one counsel chosen by the holders of a majority of the Registrable
Securities included in such registration to represent all holders of
Registrable Securities included in any registration and all independent
certified public accountants, underwriters (excluding underwriting discounts
and selling commissions) and other Persons retained by the Company (all such
expenses being herein called “Registration Expenses”),
will be borne by the Company. In addition, the Company will pay its internal expenses
(including, but not limited to, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance obtained by
the Company and the expenses and fees for listing the securities to be
registered on each securities exchange; provided, however,
that if a request for Demand Registration is subsequently withdrawn at the
request of a majority of the holders of Registrable Securities requested to be
registered, the holders of Registrable Securities who have withdrawn such
request for Demand Registration shall forfeit such Demand Registration unless
the holders of Registrable Securities to be registered pay (or reimburse the
Company) for all of the Registration Expenses with respect to such withdrawn
registration.

 

6.2                                 Holder’s Expenses. To the extent that any expenses
incident to any registration are not required to be paid by the Company, each
holder of Registrable Securities included in a registration will pay all such
expenses which are clearly and solely attributable to the registration of such
holder’s Registrable Securities so included in such registration, and any other
expenses not so attributable to one holder will be borne and paid by all
sellers of securities included in such registration in proportion to the number
of securities so included by each such seller.

 

7.                                       Indemnification.

 

7.1                                 By the Company. The Company agrees to indemnify,
to the extent permitted by law, each holder of Registrable Securities, its
members, managers, officers, employees and directors and each Person who
controls such holder (within the meaning of the Securities Act) against all
losses, claims, damages, liabilities and expenses (including, but not limited to,
attorneys’ fees and expenses) caused by any untrue or alleged untrue statement
of material fact contained in any registration statement, prospectus or
preliminary prospectus, or any amendment thereof or supplement thereto, or any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as
the same are caused by or contained in any information furnished in writing to
the Company by such holder expressly for use therein or by such holder’s
failure to deliver a copy of the prospectus or any amendments or supplements
thereto after the Company has furnished such holder with a sufficient number of
copies of the same. In connection with an underwritten offering, the Company
will indemnify such underwriters, their officers and directors and each Person
who controls such underwriters (within the meaning of the Securities Act) to
the same extent as provided above with respect to the indemnification of the
holders of Registrable Securities. The payments required by this Section 7.1
will be made periodically during the course of the investigation or defense, as
and when bills are received or expenses incurred.

 

7.2                                 By Each Holder of Registrable
Securities. In
connection with any registration statement in which a holder of Registrable
Securities is participating, each such

 

12

 

holder will furnish to the Company in
writing such information as is reasonably necessary for use in connection with
any such registration statement or prospectus and, to the extent permitted by
law, will indemnify the Company, its members, managers, directors, employees
and officers and each Person who controls the Company (within the meaning of
the Securities Act) against any losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of material fact
contained in the registration statement, prospectus or preliminary prospectus,
or any amendment thereof or supplement thereto, or any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in or omitted from any information so
furnished in writing by such holder for the acknowledged purpose of inclusion
in such registration statement, prospectus or preliminary prospectus; provided
that the obligation to indemnify will be several, not joint and several, among
such holders of Registrable Securities and the liability of each such holder of
Registrable Securities will be in proportion to and limited in all events to
the net amount received by such holder from the sale of Registrable Securities
pursuant to such registration statement.

 

7.3                                 Procedure. Each party entitled to
indemnification under this Section 7 (the “Indemnified Party”)
shall give written notice to the party required to provide indemnification (the
“Indemnifying Party”) promptly after
such Indemnified Party has received written notice of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom, provided such
counsel for the Indemnifying Party, who shall conduct the defense of such claim
or litigation, shall be approved by the Indemnified Party (whose approval shall
not be unreasonably withheld or delayed). The Indemnified Party may participate
in such defense at such Indemnified Party’s expense; provided,
however, that the Indemnifying Party shall bear the expense of such
defense of the Indemnified Party if (i) the Indemnifying Party has agreed in
writing to pay such expenses, (ii) the Indemnifying Party shall have failed to
assume the defense of such claim or employ counsel reasonably satisfactory to
the Indemnified Party, or (iii) in the reasonable judgment of the Indemnified
Party, based upon the written advice of such Indemnified Party’s counsel,
representation of both parties by the same counsel would be inappropriate due
to actual or potential conflicts of interest; provided,
however, that in no event shall the Indemnifying Party be liable for
the fees and expenses of more than one counsel (excluding one local counsel per
jurisdiction as necessary) for all Indemnified Parties in connection with any
one action or separate but similar or related actions in the same jurisdiction
arising out of the same event, allegations or circumstances. The Indemnified
Party shall not make any settlement without the prior written consent of the
Indemnifying Party, which consent shall not be unreasonably withheld or delayed.
The failure of any Indemnified Party to give notice as provided herein shall
relieve the Indemnifying Party of its obligations under this Section 7 only to
the extent that such failure to give notice shall materially adversely
prejudice the Indemnifying Party in the defense of any such claim or any such
litigation. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the prior written consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement (A) which
does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation in form and substance reasonably satisfactory to
such Indemnified Party or (B) which includes an admission of fault, culpability
or a failure to act, by or on behalf of any Indemnified Party.

 

13

 

7.4                                 Survival. The indemnification provided for
under this Agreement will remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Party or any officer,
director or controlling Person of such Indemnified Party and will survive the
transfer of securities.

 

8.                                       Contribution.

 

8.1                                 Contribution. If the indemnification provided
for in Section 7 from the Indemnifying Party is unavailable to or unenforceable
by the Indemnified Party in respect to any costs, fines, penalties, losses,
claims, damages, liabilities or expenses referred to herein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such costs, fines, penalties, losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party and Indemnified Parties in connection with the actions
which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Parties shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made by, or relates to information supplied by,
such Indemnifying Party or Indemnified Parties, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such action. The amount paid or payable by a party as a result of the costs,
fines, penalties, losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in
Section 7, any legal or other fees or expenses reasonably incurred by such
party in connection with any investigation or proceeding.

 

8.2                                 Equitable Considerations; Etc. The Company and the holders of
Registrable Securities agree that it would not be just and equitable if
contribution pursuant to this Section 8 were determined by pro rata allocation
or by any other method of allocation which does not take into account the
equitable considerations referred to in the immediately preceding paragraph. 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.

 

9.                                       Compliance with Rule 144 and Rule
144A. In the
event that the Company (a) registers a class of securities under Section 12 of
the Exchange Act, (b) issues an offering circular meeting the requirements of
Regulation A under the Securities Act or (c) commences to file reports under
Section 13 or 15(d) of the Exchange Act, then at the request of any holder of
Registrable Securities who proposes to sell securities in compliance with Rule
144 of the Commission, the Company will (i) forthwith furnish to such holder a
written statement of compliance with the filing requirements of the Commission
as set forth in Rule 144, as such rule may be amended from time to time and
(ii) make available to the public and such holders such information, and take
such action as is reasonably necessary, to enable the holders of Registrable
Securities to make sales pursuant to Rule 144. Unless the Company is subject to
Section 13 or 15(d) of the Exchange Act, the Company will provide to the holder
of Registrable Securities and to any prospective purchaser of Registrable
Securities under Rule 144A of the Commission, the information described in Rule
144A(d)(4) of the Commission.

 

14

 

10.                                 Participation in Underwritten
Registrations.
No Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell its securities on the basis provided in
any underwriting arrangements approved by such Person or Persons entitled
hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, custody agreements, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

 

11.                                 Miscellaneous.

 

11.1                           No Inconsistent Agreements; Most
Favored Nation.
The Company has not entered, and will not hereafter enter, into any agreement
with respect to its securities which is inconsistent with the rights granted to
the holders of Registrable Securities in this Agreement. To the extent that the
Company, on or after the date hereof, grants any superior or more favorable
rights or terms to any Person with respect to the rights granted hereunder and
terms provided herein than those provided to the holders of Registrable
Securities as set forth herein, any such superior or more favorable rights or
terms shall also be deemed to have been granted simultaneously to the holders
of Registrable Securities, and the Company shall promptly prepare and execute
such documents to reflect and provide such holders with the benefit of such
superior or more favorable rights and/or terms with respect to their
Registrable Securities.

 

11.2                           Adjustments Affecting Registrable
Securities. The
Company will not take any action, or permit any change to occur, with respect
to its Certificate of Formation, Operating Agreement or other governing
documents, as appropriate, which could reasonably be expected to adversely
affect the ability of the holders of Registrable Securities to include such
Registrable Securities in a registration undertaken pursuant to this Agreement
or which would reasonably be expected to adversely affect the marketability of
such Registrable Securities in any such registration.

 

11.3                           Amendments and Waivers. Except as otherwise expressly
provided herein, the provisions of this Agreement may be amended or waived at
any time only by the written agreement of the Company and the holders of at
least a majority of the Registrable Securities; provided,
however, that the provisions of this Agreement may not be amended or
waived without the consent of the holders of all the Registrable Securities
adversely affected by such amendment or waiver if such amendment or waiver
adversely affects a portion of the Registrable Securities but does not so
adversely affect all of the Registrable Securities. Any waiver, permit, consent
or approval of any kind or character on the part of any such holders of any
provision or condition of this Agreement must be made in writing and shall be
effective only to the extent specifically set forth in writing. Any amendment
or waiver effected in accordance with this paragraph shall be binding upon each
holder of Registrable Securities and the Company.

 

11.4                           Successors and Assigns. Except as otherwise expressly
provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto will bind and inure to the benefit of
the respective successors and assigns of the parties hereto, whether so
expressed or not. In addition, and whether or not any express assignment has
been made, the provisions of this Agreement which are for the benefit of
holders of Registrable Securities are also for the benefit of, and enforceable
by, any permitted Transferee (as defined

 

15

 

under and pursuant to Article IX of
the Company’s Operating Agreement) of such Registrable Securities.

 

11.5                           Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience of reference only and do not constitute
a part of and shall not be utilized in interpreting this Agreement.

 

11.6                           Notices. Any notices required or permitted
to be sent hereunder shall be delivered personally, via facsimile transmission
(with confirmation), or mailed, via certified mail (return receipt requested),
or delivered by overnight courier service to the following addresses, or such
other address as any party hereto designates by written notice to the Company,
and shall be deemed to have been given upon delivery, if delivered personally
or via facsimile, three (3) Business Days after mailing, if mailed, or one (1)
Business Day after delivery to the courier, if delivered by overnight courier
service:

 

if to the
Company to:

 

Reliant Pharmaceuticals, LLC

110 Allen Road

Liberty Corner, New Jersey  07938

Attention:  Chief Executive Officer

Telecopy:   (908) 542-9405

 

with
copies sent concurrently to:

 

Reliant Pharmaceuticals, LLC

110 Allen Road

Liberty Corner, New Jersey  07938

Attention:  General Counsel

Telecopy:   (908) 542-9405

 

Latham & Watkins LLP

5800 Sears Tower

233 South Wacker Drive

Chicago, Illinois 60606

Attention: Michael A. Pucker

Telecopy: (312) 993-9767

 

if to any
holder of Registrable Securities:

 

to the address of such
holder as the same appears on

the signature page hereto
(with copies to any parties

identified thereon) or,
otherwise on the books and

 

16

 

records of the Company(1).

 

11.7                           GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES).

 

11.8                           CONSENT
TO JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ANY SUIT, ACTION,
PROCEEDING OR CLAIM AGAINST IT ARISING OUT OF OR IN ANY WAY RELATING TO THIS
AGREEMENT OR ANY OF THE RELATED AGREEMENTS, OR ANY JUDGMENT ENTERED BY ANY
COURT IN RESPECT THEREOF, MAY BE BROUGHT OR ENFORCED IN THE STATE OR FEDERAL
COURTS LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW YORK, AND
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
PROCEEDING BROUGHT IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW YORK AND
FURTHER IRREVOCABLY WAIVES ANY CLAIMS THAT ANY SUCH PROCEEDING HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

11.9                           WAIVER OF
JURY TRIAL.
EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHT, POWER, OR REMEDY UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF
THE RELATED AGREEMENTS OR UNDER OR IN CONNECTION WITH ANY AMENDMENT,
INSTRUMENT, DOCUMENT, OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP
EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED AGREEMENT, AND AGREE
THAT ANY SUCH ACTION SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE
TERMS AND PROVISIONS OF THIS SECTION CONSTITUTE A MATERIAL INDUCEMENT FOR THE
PARTIES ENTERING INTO THIS AGREEMENT.

 

11.10                     Reproduction of Documents. This Agreement and all documents
relating hereto, including, but not limited to, (i) consents, waivers,
amendments and modifications which may hereafter be executed, and (ii)
certificates and other information previously or hereafter furnished, may be
reproduced by any photographic, photostatic, microfilm, optical disk,
micro-card, miniature photographic or other similar process. The parties agree
that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the
original is in existence and whether or not such reproduction was

 

(1)                                  Any
notices given hereunder to Alkermes, Inc. shall also be copied to Ballard Spahr
Andrews & Ingersoll, LLP, 1735 Market Street, 51st floor, Philadelphia,
Pennsylvania 19103, (facsimile: 215/864-8999); Attention: Morris Cheston, Jr.

 

17

 

made by a party in the regular course
of business, and that any enlargement, facsimile or further reproduction of
such reproduction shall likewise be admissible in evidence.

 

11.11                     Remedies. Each of the parties to this
Agreement will be entitled to enforce its rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights existing in its favor. The
parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party
shall be entitled to immediate injunctive relief or specific performance
without bond or the necessity of showing actual monetary damages in order to
enforce or prevent any violations of the provisions of this Agreement.

 

11.12                     Severability. Whenever possible, each provision
of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement.

 

11.13                     Entire Agreement. This Agreement, together with the
Operating Agreement and all other agreements entered into by the parties hereto
in connection therewith, constitutes the complete and final agreement of the
parties concerning the matters referred to herein, and supersedes all prior
agreements and understandings, including, without limitation, the Original
Agreement.

 

11.14                     Execution in Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed and delivered shall
be deemed an original, and such counterparts together shall constitute one
instrument.

 

(Signature pages follow.)

 

18

 

IN WITNESS WHEREOF, the
parties hereto have executed this Second Amended and Restated Registration
Rights Agreement as of the date first above written.

 

	
   

  	
  RELIANT PHARMACEUTICALS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PHARMBAY INVESTORS, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BAY CITY CAPITAL FUND II, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Bay City Capital
  Management II, LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Bay City Capital, LLC

  
	
   

  	
   

  	
  Its: 

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BAY CITY CAPITAL FUND III, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Bay City Capital
  Management III, LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Bay City Capital, LLC

  
	
   

  	
   

  	
  Its: 

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
							

 

 

[SIGNATURE PAGE TO SECOND AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT]

 

 

EXHIBIT A

 

Intentionally Omitted

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