Document:

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                                                                   EXHIBIT 10.14

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement"), effective as of April 1, 2004
(the "Effective Date"), is made between Wright Medical Technology, Inc., a
Delaware corporation (the "Company") and Jeffrey G. Roberts (the "Employee").

      1. Employment. The Company hereby employs the Employee and the Employee
hereby accepts employment all upon the terms and conditions herein set forth.

      2. Duties. The Employee is engaged as the Vice President, Research and
Development of the Company and hereby promises to perform and discharge well and
faithfully the duties which may be assigned to him from time to time by the
President and Chief Executive Officer or the Board of Directors of the Company
(the "Board") in connection with the conduct of the Company's business.

      3. Extent of Services. The Employee shall devote his entire time,
attention, and energies to the business of the Company and shall not without the
approval of the Company, during the term of this Agreement, be engaged in any
other business activity, regardless of whether such activity is pursued for
gain, profit or other pecuniary advantage; but this shall not be construed as
preventing the Employee from investing his personal assets in businesses which
do not compete with the Company in such form or manner as will not require any
services on the part of the Employee in the operation of the affairs of the
companies in which such investments are made and in which his participation is
solely that of an investor, and except that the Employee may purchase securities
in any corporation whose securities are regularly traded on NASDAQ, a national
or regional stock exchange or in the over-the-counter market provided such
purchase shall not result in his collectively owning beneficially at anyone time
one percent (1%) or more of the equity securities of any corporation engaged in
a business competitive to that of the Company. Nothing in this paragraph 3 shall
prevent the Employee from serving on the Board of Directors of any other
company, so long as the Board shall approve each position held by the Employee.

      4. Compensation Matters.

      (a) Base Salary. For services rendered under this Agreement, the Company
shall pay the Employee an aggregate salary of $207,100 per annum (the "Base
Salary"), payable (after deduction of applicable payroll taxes) in accordance
with the customary payroll practices of the Company, as may exist from time to
time.

      (b) Annual Bonus. During the Employee's employment hereunder, in addition
to Base Salary, the Employee shall be eligible to receive an annual performance
bonus (the "Bonus") with a target of 45% of Base Salary for each calendar year
during Employee's employment; provided that, except as otherwise provided in
this Agreement, Employee must be employed on the last day of such calendar year
in order to receive the Bonus attributable thereto. The Employee's entitlement
to the Bonus for any particular calendar year shall be based on the attainment
of performance objectives established by the Compensation Committee of the
Company (the "Committee") and communicated to the Employee in writing at the
beginning of each calendar year. The Committee shall determine the Employee's
entitlement to the Bonus, based on the achievement of the performance objectives
of such year, as determined by the Committee and communicated to the Employee,
in good faith within sixty (60) days after the end of each such calendar year,
which shall be paid by the Company no later than ten (10 days following such
determination. The Employee shall also be eligible for and participate in such
fringe benefits as shall be generally provided to executives of the Company,
including medical insurance and retirement programs which may be adopted from
time to time during the term hereof by the Company. The Employee shall be
responsible for making any generally applicable employee contributions required
under such fringe benefit programs.

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Roberts Employment Agreement
April 1, 2004
Page 2

      (c) Future Option Incentive Grants. During the term of this Agreement, the
Employee shall be eligible for participation in the Amended and Restated Wright
Medical Group, Inc. 1999 Equity Incentive Plan (the "Stock Option Plan"), as may
be amended from time to time, and any other stock option plan administered by
the Compensation Committee of the Board of Directors.

      (d) The Committee shall review the Employee's Compensation at least once
per year and award such bonuses or make such increases to the Base Salary as the
Committee, in its sole discretion, determines are merited, based upon the
Employee's performance and consistent with compensation policies of the Company.

      5. Sick Leave and Vacation. During the term of this Agreement, the
Employee shall be entitled to annual vacation of at least three (3) weeks, or
such greater time period if permitted by Company policy, to be taken at his
discretion, in a manner consistent with his obligations to the Company under
this Agreement. The actual dates of such vacation periods shall be agreed upon
mutual discussions between the Company and Employee; provided, however, that the
Company shall have the ultimate decision with respect to the actual vacation
dates to be taken by Employee, which decision shall not be unreasonable. The
Employee shall also be entitled to sick leave consistent with Company policy.

      6. Expenses; Relocation. During the term of this Agreement, the Company
shall reimburse the Employee for all reasonable out-of-pocket expenses incurred
by the Employee in connection with the business of the Company and in
performance of his duties under this Agreement upon the Employee's presentation
to the Company of an itemized accounting of such expenses with reasonable
supporting data.

      7. Term.

      (a) The Employee employment under this Agreement shall commence on the
Effective Date and shall expire on April 1, 2005. Notwithstanding the foregoing,
the Company may at its election, subject to paragraph 7(b) below, terminate the
obligations of the Company as follows:

                  (i) Upon 30 days' notice if the Employee becomes physically or
mentally incapacitated or is injured so that he is unable to perform the
services required of him hereunder and such inability to perform continues for a
period in excess of six (6) months and is continuing at the time of such notice;
or

                  (ii) For "Cause" upon notice of such termination to the
Employee. For purposes of this Agreement, the Company shall have "Cause" to
terminate its obligations hereunder upon (A) the determination by the President
or Board that the Employee has ceased to perform his duties hereunder (other
than as a result of his incapacity due to physical or mental illness or injury),
which failure amounts to an intentional and extended neglect of his duties
hereunder, (B) the Employee's death, (C) the determination of the President or
Board that the Employee has engaged or is about to engage in conduct materially
injurious to the Company, (D) the Employee's having been convicted of a felony,
or (E) the Employee's participation in activities proscribed by the provisions
of paragraphs 9 or 10 hereof or material breach of any of the other covenants
herein; or

                  (iii) Without Cause upon 30 days' notice of such termination
to the Employee.

            (b) (i) If this Agreement is terminated pursuant to paragraph
7(a)(i) above, the Employee shall receive salary continuation pay from the date
of such termination until April 1, 2005 at the rate of 100% of the Base Salary,
reduced by applicable payroll taxes and further reduced by the amount received
by the Employee during such period under any Company-maintained disability
insurance policy or plan or under Social Security or similar laws. Such salary
continuation payments shall be paid periodically to the Employee as provided in
paragraph 4(a) for the payment of the Base Salary.

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Roberts Employment Agreement
April 1, 2004
Page 3

                            (ii) If this Agreement is terminated pursuant
7(a)(ii) above, the Employee shall receive no salary continuation pay or
severance pay.

                            (iii) If this Agreement is terminated pursuant to
paragraph 7(a)(iii) above, the Employee shall receive salary continuation pay
for a period of twelve (12) months from and after the date of such termination
(the "Salary Continuation Period) equal to the Base Salary. Such salary
continuation payments (less applicable payroll taxes) shall be paid periodically
to the Employee as provided in paragraph 4(a) for the payment of the Base
Salary. During the Salary Continuation Period, the Employee shall also be
eligible to receive continued coverage under all of the Company's current health
benefit and life insurance programs at the same rates that were applicable to
the Employee prior to the commencement of the Salary Continuation Period.

            (c) During the Salary Continuation Period, the Employee shall be
under no obligation to mitigate any of the costs to the Company of the salary
continuation payments.

      8. Representations. The Employee hereby represents to the Company that (a)
he is legally entitled to enter into this Agreement and to perform the services
contemplated herein, and (b) he has the full right, power and authority, subject
to no rights of third parties, to grant to the Company the rights contemplated
by paragraph 10 hereof.

      9. Disclosure of Information. The Employee recognizes and acknowledges
that the Company's and its predecessors' trade secrets, know-how and proprietary
processes as they may exist from time to time are valuable, special and unique
assets of the Company's businesses, access to and knowledge of which are
essential to the performance of the Employee's duties hereunder. The Employee
will not, during or after the term of his employment by any of the Company, in
whole or in part, disclose such secrets, know-how or processes to any person,
firm, corporation, association or other entity for any reason or purpose
whatsoever, nor shall the Employee make use of any such property for his own
purposes or for the benefit of any person, firm, corporation or other entity
(except the Company) under any circumstances during or after the term of his
employment, provided that after the term of his employment these restrictions
shall not apply to such secrets, know-how and processes which are then in the
public domain (provided further that the Employee was not responsible, directly
or indirectly, for such secrets, know-how or processes entering the public
domain without the Company's consent).

      10. Inventions. The Employee hereby sells, transfers and assigns to the
Company or to any person, or entity designated by the Company all of the entire
right, title and interest of the Employee in and to all inventions, ideas,
disclosures and improvements, whether patented or unpatented, and copyrightable
material, made or conceived by the Employee, solely or jointly, during the term
hereof which relate to methods, apparatus, designs, products, processes or
devices, sold, leased, used or under consideration or development by the Company
or any of its predecessors, or which otherwise relate to or pertain to the
business, functions or operations of the Company or any of its predecessors or
which arise from the efforts of the Employee during the course of his employment
for the Company or any of its predecessors. The Employee shall communicate
promptly and disclose to the Company, in such form as the Company requests, all
information, details and data pertaining to the aforementioned inventions,
ideas, disclosures and improvements; and the Employee shall execute and deliver
to the Company such formal transfers and assignments and such other papers and
documents as may be necessary or required of the Employee to permit the Company
or any person or entity designated by the Company to file and prosecute the
patent applications and, as to copyrightable material, to obtain copyright
thereof. Any invention relating to the business of the Company and disclosed by
the Employee within one year following the termination of this Agreement shall
be deemed to fall within the provisions of this paragraph unless proved to have
been first conceived and made following such termination.

      11. Covenants Not To Compete or Interfere. During the term of this
Agreement, including any

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Roberts Employment Agreement
April 1, 2004
Page 4

extensions, and for a period ending twelve (12) months from and after the
termination of the Employee's employment hereunder, the Employee shall not
(whether as an officer, director, owner, employee, partner or other direct or
indirect participant) engage in any in Competitive Business. "Competitive
Business" shall mean the manufacturing, supplying, producing, selling,
distributing or providing for sale of any orthopaedic product, device or
instrument manufactured or sold by the Company or its subsidiaries or in
clinical development sponsored by the Company or its subsidiaries, in each case,
as of the date of termination of the Employee's employment. For such period, the
Employee shall also not interfere with, disrupt or attempt to disrupt the
relationship, contractual or otherwise, between the Company or its subsidiaries
and any customer, supplier, lessor, lessee or employee of the Company or its
subsidiaries. It is the intent of the parties that the agreement set forth in
this paragraph 11 apply in all parts of the world.

      Employee agrees that a monetary remedy for a breach of the agreement set
forth in this paragraph 11 will be inadequate and impracticable and further
agrees that such a breach would cause the Company irreparable harm, and that the
Company shall be entitled to temporary and permanent injunctive relief without
the necessity of proving actual damages. In the event of such a breach, Employee
agrees that the Company shall be entitled to such injunctive relief, including
temporary restraining orders, preliminary injunctions and permanent injunctions
as a court of competent jurisdiction shall determine.

      It is the desire and intent of the parties that the provisions of this
paragraph 11 shall be enforced to the fullest extent permissible under the laws
and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any particular portion of this paragraph 11 shall be adjudicated
to be invalid or unenforceable, this paragraph 11 shall be deemed curtailed,
whether as to time or location, to the minimum extent required for its validity
under the applicable law and shall be binding and enforceable with respect to
the Employee as so curtailed, such curtailment to apply only with respect to the
operation of this paragraph in the particular jurisdiction in which such
adjudication is made. If a court in any jurisdiction, in adjudicating the
validity of this paragraph 11, imposes any additional terms or restrictions
which respect to the agreement set forth in this paragraph 11, this paragraph 11
shall be deemed amended to incorporate such additional terms or restrictions.

      12. Injunctive Relief. If there is a breach or threatened breach of the
provisions of paragraphs 9, 10 or 11 of this Agreement, the Company shall be
entitled to an injunction restraining the Employee from such breach. Nothing
herein shall be construed as prohibiting the Company from pursuing any other
remedies for such breach or threatened breach.

      13. [Reserved].

      14. [Reserved].

      15. Insurance. The Company may, at its election and for its benefit,
insure the Employee against accidental loss or death, and the Employee shall
submit to such physical examination and supply such information as may be
required in connection therewith.

      16. Notices. Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing and if sent by registered mail to
9470 Johnson Road Extd., Germantown, TN 38139, in the case of the Employee, or
to Wright Medical Technology, Inc., 5677 Airline Road, Arlington, TN 38002,
Attn: General Counsel, in the case of the Company, or to such other address as
either party shall notify the other.

      17. Waiver of Breach. A waiver by the Company or Employee of a breach of
any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach of the other party.

      18. Governing Law. This Agreement shall be governed by and construed by
and enforced in

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Roberts Employment Agreement
April 1, 2004
Page 5

accordance with the laws of the state of Tennessee, without reference to the
conflicts of laws principles therein.

      19. Assignment. This Agreement may be assigned, without the consent of the
Employee, by the Company to any person, partnership, corporation, or other
entity which has purchased substantially all the assets of such Company,
provided such assignee assumes all the liabilities of such Company hereunder.

      20. Entire Agreement. This instrument contains the entire agreement of the
parties with respect to the subject matter referred to herein and supersedes any
and all agreements, letters of intent or understandings between the Employee and
the Company, its subsidiaries, or any of the Company's principal shareholders
with respect thereto. These Agreements may be changed only by an agreement or
agreements in writing signed by a party against whom enforcement of any waiver,
change, modification, extension, or discharge is sought.

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date.

                              AGREED AND ACCEPTED:

WRIGHT MEDICAL TECHNOLOGY, INC.                     EMPLOYEE

By:    /s/ F. Barry Bays                            /s/ Jeffrey G. Roberts
       -----------------                            -----------------------
Title: President & CEO                              Jeffrey G. RobertsEX-4.1 FORM OF REGISTRATION RIGHTS AGREEMENT

 

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of the ___
day of February, 2005, by and among VERSO TECHNOLOGIES, INC., a Minnesota corporation (the
“Purchaser”), JACKSONVILLE TECHNOLOGY ASSOCIATES, INC., a Delaware corporation now known as WSECI,
Inc. (the “Seller”), and each of the shareholders of the Seller signatory hereto (each a
“Shareholder” and, collectively, the “Shareholders”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in that certain Asset Purchase
Agreement dated as of February 23, 2005, by and among the Seller, the Shareholders and the
Purchaser (the “Purchase Agreement”).

     IN CONSIDERATION of the mutual promises and covenants set forth herein, and intending to be
legally bound, the parties hereto hereby agree as follows:

1. RESTRICTIONS ON TRANSFERABILITY OF SECURITIES; REGISTRATION RIGHTS.

     1.1 Certain Definitions. As used in this Agreement, the following terms shall have
the meanings set forth below:

          (a) “Additional Filing Date” shall mean the date which is twenty-four months after the Closing
Date.

          (b) “Additional Registrable Securities” shall mean the shares of Common Stock issued by the
Purchaser to the Seller pursuant to Sections 1.7 or 1.8 of the Purchase Agreement, provided that an
Additional Registrable Security ceases to be an Additional Registrable Security when (i) it is
registered under the Securities Act; (ii) it is sold or transferred in accordance with the
requirements of Rule 144 (or similar provisions then in effect) promulgated by the SEC under the
Securities Act (“Rule 144”); (iii) it is eligible to be sold or transferred under Rule 144 without
holding period or volume limitations; or (iv) it is sold in a private transaction in which the
transferor’s rights under this Agreement are not assigned.

          (c) “Common Stock” shall mean the Purchaser’s common stock, $.01 par value per share.

          (d) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

          (e) “Initial Filing Date” shall mean the 90th day following the Closing Date;
provided, however, that if the Purchaser is obligated by any other agreement to which the Purchaser
is a party to file by a date that is no more than six months after the end of such 90-day period a
registration statement pursuant to the Securities Act by which the Initial Registrable Securities
could be registered for resale thereunder, then, if the Purchaser elects to include the Initial
Registrable Securities therein, the Initial Filing Date shall be the date the Purchaser is
obligated to file such registration statement.

 

 

          (f) “Holder” shall mean the (i) Seller; (ii) any Shareholder to whom the Seller transfers in
compliance with Section 1.2(b) hereof a portion of the Registrable Securities after the Closing
Date; and (iii) any other holder of Registrable Securities to whom the rights conferred by this
Agreement have been transferred in compliance with Section 1.2 hereof.

          (g) “Initial Registrable Securities” shall mean the shares of Common Stock issued by the
Purchaser to the Seller pursuant to Section 1.6 of the Purchase Agreement, provided that an Initial
Registrable Security ceases to be an Initial Registrable Security when (i) it is registered under
the Securities Act; (ii) it is sold or transferred in accordance with the requirements of Rule 144
(or similar provisions then in effect); (iii) it is eligible to be sold or transferred under Rule
144 without holding period or volume limitations; or (iv) it is sold in a private transaction in
which the transferor’s rights under this Agreement are not assigned.

          (h) “Other Shareholders” shall mean persons who, by virtue of agreements with the Purchaser
other than this Agreement, are entitled to include their securities in certain registrations
hereunder.

          (i) The terms “register,” “registered” and “registration” shall refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act of
1933, as amended (the “Securities Act”), and applicable rules and regulations thereunder and the
declaration or ordering of the effectiveness of such registration statement.

          (j) “Registrable Securities” shall mean, collectively, the Initial Registrable Securities and
the Additional Registrable Securities.

          (k) “Registration Expenses” shall mean all expenses incurred in effecting any registration
pursuant to this Agreement, including, without limitation, all registration, qualification, and
filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Purchaser
and one counsel selected to represent the Holders, which counsel shall be reasonably satisfactory
to the Purchaser, blue sky fees and expenses, and expenses of any regular or special audits
incident to or required by any such registration, but shall not include (i) Selling Expenses; (ii)
the compensation of regular employees of the Purchaser, which shall be paid in any event by the
Purchaser; and (iii) blue sky fees and expenses incurred in connection with the registration or
qualification of any Registrable Securities in any state, province or other jurisdiction in a
registration pursuant to Section 1.3 hereof to the extent that the Purchaser shall otherwise be
making no offers or sales in such state, province or other jurisdiction in connection with such
registration.

          (l) “Restricted Securities” shall mean any Registrable Securities required to bear the legend
set forth in Section 1.2(c) hereof.

          (m) “Rule 145” shall mean Rule 145 as promulgated by the SEC under the Securities Act, as such
Rule may be amended from time to time, or any similar successor rule that may be promulgated by the
SEC.

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          (n) “SEC” shall mean the Securities and Exchange Commission.

          (o) “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock
transfer taxes applicable to the sale of Registrable Securities.

     1.2 Restrictions on Transfer.

          (a) Except as otherwise set forth herein, each Holder agrees not to make any disposition or
transfer of all or any portion of the Registrable Securities unless and until (i) there is then in
effect a registration statement under the Securities Act covering such proposed disposition and
such disposition is made in accordance with such registration statement; or (ii) (A) such Holder
shall have notified the Purchaser of the proposed disposition and shall have furnished the
Purchaser with a detailed statement of the circumstances surrounding the proposed disposition and
(B) if reasonably requested by the Purchaser, such Holder shall have furnished the Purchaser with
an opinion of counsel, reasonably satisfactory to the Purchaser, that such disposition will not
require registration of such shares under the Securities Act.

          (b) Notwithstanding the provisions of paragraph (a) above, no such registration statement or
opinion of counsel shall be necessary for a disposition or transfer (i) by the Seller to any
Shareholder in accordance with such Shareholder’s equity interest in the Seller prior to the
Closing; provided, however that each such Shareholder has executed this Agreement as of the date
hereof; or (ii) by a Holder which is (A) a partnership to its partners in accordance with their
partnership interests; (B) a limited liability company to its members in accordance with their
member interests; or (C) to the Holder’s family member or a trust for the benefit of an individual
Holder or one or more of his family members, provided that the transferee will be subject to the
terms of this Section 1.2 to the same extent as if it were an original Holder hereunder.

          (c) Each certificate representing Registrable Securities shall (unless otherwise permitted by
the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially
similar to the following (in addition to any legend required under applicable state securities
laws):

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR
OFFERED FOR SALE OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

          (d) The Purchaser shall be obligated to promptly reissue unlegended certificates at the
request of any Holder thereof if the Holder shall have obtained an opinion of counsel (which
counsel may be counsel to the Purchaser) reasonably acceptable to the Purchaser to the effect that
the securities proposed to be disposed of may lawfully be so disposed of in compliance with the
Securities Act without registration, qualification or legend.

3

 

          (e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the
stop-transfer instructions with respect to such securities shall be removed upon receipt by the
Purchaser of an order of the appropriate blue sky authority authorizing such removal or if the
Holder shall request such removal and shall have obtained and delivered to the Purchaser an opinion
of counsel reasonably acceptable to the Purchaser to the effect that such legend and/or
stop-transfer instructions are no longer required pursuant to applicable state securities laws.

     1.3 Purchaser Registration.

          (a) Filing of Registration Statement. On or prior to the Initial Filing Date, the
Purchaser shall prepare and file with the SEC a registration statement under the Securities Act
covering the resale of all Initial Registrable Securities for an offering to be made on a
continuous basis pursuant to Rule 415 of the Securities Act. On or prior to the Additional Filing
Date, the Purchaser shall prepare and file with the SEC a registration statement under the
Securities Act covering the resale of all Additional Registrable Securities not already covered by
an existing and effective registration for an offering to be made on a continuous basis pursuant to
Rule 415 of the Securities Act.

          (b) Right to Piggyback. If at any time prior to the Additional Filing Date the
Purchaser shall determine to register any shares of Common Stock for its own account or for the
account of any shareholder of the Purchaser, other than a registration relating solely to employee
benefit plans, or a registration relating solely to a Rule 145 transaction, or a registration on
any registration form that does not permit secondary sales, then the Purchaser will:

               (i) promptly give to each Holder written notice thereof, which notice briefly describes the
Holders’ rights under this Section 1.3(b) (including notice deadlines); and

               (ii) use its best efforts to include in such registration (and any related filing or
qualification under applicable blue sky laws), except as set forth in Section 1.3(d) below, and in
any underwriting involved therein, all the Additional Registrable Securities not already covered by
an existing and effective registration and specified in a written request or requests, made by any
Holder and received by the Purchaser within ten (10) days after the written notice from the
Purchaser described in clause (i) above is mailed or delivered by the Purchaser; provided, however,
that such Holders shall have requested for inclusion in such registration at least ten percent
(10%) of the aggregate number of the Additional Registrable Securities which have been issued or
transferred to the Holders prior to the date of such written request and which are not already
covered by an existing and effective registration. Such written request may specify all or a part
of a Holder’s Additional Registrable Securities.

          (c) Period of Effectiveness. With respect to any registration statement filed
pursuant to Sections 1.3(a) or 1.3(b) hereof, the Purchaser shall use its reasonable best efforts
to cause such registration statement to be declared effective under the Securities Act as soon as
possible and shall use its reasonable best efforts to keep such registration continuously effective
under the Securities Act until the date which is the earlier of (i) one year after the date the SEC

4

 

declares such registration statement effective; (ii) such time as all of the Registrable
Securities have been publicly sold by the Holders; or (iii) such time as all of the Registrable
Securities may be sold pursuant to Rule 144(k).

          (d) Underwriting. If the registration of which the Purchaser gives notice pursuant to
Section 1.3(b)(i) is for a registered public offering involving an underwriting, the Purchaser
shall so advise the Holders as a part of such written notice. In such event, the right of any
Holder to registration pursuant to Section 1.3(b) hereof shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Additional Registrable
Securities in the underwriting to the extent provided herein. All Holders proposing to distribute
their securities through such underwriting shall (together with the Purchaser and the other holders
of securities of the Purchaser with registration rights to participate therein distributing their
securities through such underwriting) enter into an underwriting agreement in customary form with
the representative of the underwriter or underwriters selected by the Purchaser. Notwithstanding
any other provision of Section 1.3(b) hereof, if the representative of the underwriters advises the
Purchaser in writing that marketing factors require a limitation on the number of shares to be
underwritten, then the representative may (subject to the limitations set forth below) exclude all
Additional Registrable Securities from, or limit the number of Additional Registrable Securities to
be included in, the registration and underwriting. The Purchaser shall so advise all Holders of
securities requesting registration, and the number of shares of securities that are entitled to be
included in the registration and underwriting shall be allocated first to the Purchaser for
securities being sold for its own account and thereafter as set forth in Section 1.10 hereof. If
any person does not agree to the terms of any such underwriting, then such person shall be excluded
therefrom by written notice from the Purchaser or the underwriter. Any Additional Registrable
Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from
such registration. If shares are so withdrawn from the registration and if the number of shares of
Additional Registrable Securities to be included in such registration was previously reduced as a
result of marketing factors, then the Purchaser shall then offer to all persons who have retained
the right to include securities in the registration the right to include additional securities in
the registration in an aggregate amount equal to the number of shares so withdrawn, with such
shares to be allocated among the persons requesting additional inclusion in accordance with Section
1.10 hereof.

     1.4 Expenses of Registration. All Registration Expenses incurred in connection with
any registration, qualification or compliance pursuant to Section 1.3 hereof shall be borne by the
Purchaser. All Selling Expenses relating to securities so registered shall be borne by the Holders
of such securities pro rata on the basis of the number of shares of securities so registered on
their behalf.

     1.5 Registration Procedures. In the case of each registration effected by the
Purchaser pursuant to Section 1.3 hereof, the Purchaser will keep each Holder advised in writing as
to the initiation of each registration and as to the completion thereof. At its expense, the
Purchaser will use its best efforts to:

          (a) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as

5

 

may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement;

          (b) furnish such number of prospectuses and other documents incident thereto, including any
amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request;

          (c) notify each Holder of Registrable Securities covered by such registration statement 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,
as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading or
incomplete in the light of the circumstances then existing, and at the request of any such Holder,
prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment
of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading or incomplete in the light of the circumstances then existing;
provided, however, the Purchaser shall not be obligated to prepare and furnish any
such prospectus supplements or amendments relating to any material nonpublic information at any
such time as the Board of Directors of the Purchaser has determined that, for good business
reasons, the disclosure of such material nonpublic information at that time is contrary to the best
interests of the Purchaser in the circumstances and is not otherwise required under applicable law
(including applicable securities laws);

          (d) cause all such Registrable Securities hereunder to be listed on each securities exchange
and/or included in any national quotation system on which similar securities issued by the
Purchaser are then listed or included;

          (e) provide a transfer agent and registrar for all Registrable Securities registered pursuant
to such registration statement and a CUSIP number for all such Registrable Securities, in each case
not later than the effective date of such registration; and

          (f) otherwise use its best efforts to comply with all applicable rules and regulations of the
SEC, and make available to its security holders, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve (12) months, but not more than eighteen months,
beginning with the first month after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act.

1.6 Indemnification.

          (a) The Purchaser will indemnify each Holder, each of such Holder’s officers, directors,
partners, legal counsel and accountants and each person controlling such Holder within the meaning
of Section 15 of the Securities Act, as applicable, with respect to which registration,
qualification, or compliance has been effected pursuant to this Section 1, and

6

 

each underwriter, if any, and each person who controls within the meaning of Section 15 of the
Securities Act any underwriter, against all expenses, claims, losses, damages, and liabilities (or
actions, proceedings, or settlements in respect thereof) arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any prospectus, offering
circular, or other document (including any related registration statement, notification, or the
like) incident to any such registration, qualification, or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, or any violation by the Purchaser of the Securities Act
or any rule or regulation thereunder applicable to the Purchaser or relating to action or inaction
required of the Purchaser in connection with any such registration, qualification, or compliance,
and will reimburse each such Holder, each of its officers, directors, partners, legal counsel and
accountants and each person controlling such Holder, each such underwriter, and each person who
controls any such underwriter, for any legal and any other expenses reasonably incurred in
connection with investigating and defending or settling any such claim, loss, damage, liability, or
action, provided that the Purchaser will not be liable in any such case to the extent that any such
claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or
omission based upon written information furnished to the Purchaser by such Holder or underwriter
and stated to be specifically for use therein. It is agreed that the indemnity agreement contained
in this Section 1.6(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability, or action if such settlement is effected without the consent of the Purchaser
(which consent shall not be unreasonably withheld).

          (b) Each Holder will, if Registrable Securities held by him are included in the securities as
to which such registration, qualification, or compliance is being effected, indemnify the
Purchaser, each of its directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Purchaser’s securities covered by such a registration statement, each
person who controls the Purchaser or such underwriter within the meaning of Section 15 of the
Securities Act, each other such Holder and Other Shareholder, and each of their officers,
directors, and partners, and each person controlling such Holder or Other Shareholder, against all
claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on
any untrue statement (or alleged untrue statement) of a material fact contained in any such
registration statement, prospectus, offering circular, or other document, or any omission (or
alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse the Purchaser and such Holders,
Other Shareholders, directors, officers, partners, legal counsel, and accountants, persons,
underwriters, or control persons for any legal or any other expenses reasonably incurred in
connection with investigating or defending any such claim, loss, damage, liability, or action, in
each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus,
offering circular or other document in reliance upon and in conformity with written information
furnished to the Purchaser by such Holder and stated to be specifically for use therein;
provided, however, (i) that the obligations of such Holder hereunder shall not
apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions
in respect thereof) if such settlement is effected without the consent of such Holder (which
consent shall not be unreasonably withheld) and (ii) that in no event shall any indemnity under
this Section 1.6(b) exceed the gross proceeds from the offering received by such Holder.

7

 

          (c) Each party entitled to indemnification under this Section 1.6 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”)
promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may
be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct
the defense of such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party
may participate in such defense at such party’s expense, and provided further that the failure of
any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Section 1.6, to the extent such failure is not prejudicial. No
Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent
of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof the giving by the claimant or plaintiff of a release
to such Indemnified Party from all liability in respect to such claim or litigation. Each
Indemnified Party shall furnish such information regarding itself or the claim in question as an
Indemnifying Party may reasonably request in writing and as shall be reasonably required in
connection with defense of such claim and litigation resulting therefrom.

          (d) If the indemnification provided for in this Section 1.6 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim,
damage, or expense referred to therein, then the Indemnifying Party, in lieu of indemnifying such
Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the
Indemnified Party on the other in connection with the conduct, statements or omissions that
resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the
Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement or omission.

          (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into by the Indemnifying Party and the
Indemnified Party in connection with the underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control.

     1.7 Information by Holder. Each Holder of Registrable Securities shall furnish to the
Purchaser such information regarding such Holder and the distribution proposed by such Holder as
the Purchaser may reasonably request in writing and as shall be reasonably required in connection
with any registration, qualification, or compliance referred to in this Section 1.

8

 

     1.8 Rule 144 Reporting. With a view to making available the benefits of certain rules
and regulations of the SEC that may permit the sale of the Restricted Securities to the public
without registration, the Purchaser agrees to use its best efforts to:

          (a) make and keep adequate public information regarding the Purchaser available as those terms
are understood and defined in Rule 144;

          (b) file with the SEC in a timely manner all reports and other documents required of the
Purchaser under the Securities Act and the Exchange Act; and

          (c) so long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon
written request a written statement by the Purchaser as to its compliance with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, a copy of the most recent annual
or quarterly report of the Purchaser, and such other reports and documents so filed as a Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing a Holder to
sell any such securities without registration.

     1.9 Notice to Discontinue; Notice by Holders.

          (a) Notice to Discontinue. Each Holder agrees by acquisition of Registrable
Securities that, upon receipt of any notice from the Purchaser of any event of the kind described
in Section 1.5(c), the Holder will discontinue disposition of Registrable Securities until the
Holder receives copies of the supplemented or amended prospectus contemplated by Section 1.5(c).
In addition, if the Purchaser requests, the Holder will deliver to the Purchaser (at the
Purchaser’s expense) all copies, other than permanent file copies then in the Holder’s possession,
of the prospectus covering the Registrable Securities current at the time of receipt of such
notice. If the Purchaser gives any such notice, then the time period mentioned in Section 1.3(c)
shall be extended by the number of days elapsing between the date of notice and the date that each
Holder who has included Registrable Securities in such registration receives the copies of the
supplemented or amended prospectus contemplated in Section 1.5(c).

          (b) Notice by Holders. The Holders for whom any Registrable Securities are registered
pursuant to this Agreement shall notify the Purchaser, at any time when a prospectus relating to
such registration is required to be delivered under the Securities Act, of the happening of any
event, which as to any Holder is (i) to its respective knowledge; (ii) solely within its respective
knowledge; and (iii) solely as to matters concerning that Holder, as a result of which the
prospectus included in the registration statement, then in effect, contains an untrue statement of
a material fact or omits to state any material fact necessary to make the statements therein, in
light of the circumstances then existing, not misleading.

     1.10 Allocation of Registration Opportunities. In any circumstance in which all of
the Additional Registrable Securities and other shares of the Purchaser with registration rights
(the “Other Shares”) requested to be included in a registration contemplated by Section 1.3(b)
cannot be so included as a result of limitations of the aggregate number of shares of Additional
Registrable Securities and Other Shares that may be so included, the number of shares of Additional
Registrable Securities and Other Shares that may be so included shall be allocated,

9

 

subject to the registration rights applicable to the Other Shares which shall control in event of a
conflict with provisions hereof, among the Holders and Other Shareholders requesting inclusion of
shares pro rata on the basis of the number of shares of Additional Registrable Securities and Other
Shares held by such Holders and Other Shareholders; provided, however, that such
allocation shall not operate to reduce the aggregate number of Additional Registrable Securities
and Other Shares to be included in such registration, if any Holder or Other Shareholder does not
request inclusion of the maximum number of shares of Additional Registrable Securities and Other
Shares allocated to such Holder or Other Shareholder pursuant to the above-described procedure,
then the remaining portion of such allocation shall be reallocated among those requesting Holders
and Other Shareholders whose allocations did not satisfy their requests pro rata on the basis of
the number of shares of Additional Registrable Securities and Other Shares which would be held by
such Holders and Other Shareholders, and this procedure shall be repeated until all of the shares
of Additional Registrable Securities and Other Shares which may be included in the registration on
behalf of the Holders and Other Shareholders have been so allocated.

2. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER, THE SELLER AND THE SHAREHOLDERS.

     2.1 Representations and Warranties of the Purchaser. The Purchaser represents and
warrants to the Shareholders as follows:

          (a) The execution, delivery and performance of this Agreement by the Purchaser have been duly
authorized by all requisite corporate action and will not violate any provision of law, any order
of any court or other agency of government, the Articles of Incorporation or Bylaws of the
Purchaser, each as amended, or any provision of any material indenture, agreement or other
instrument to which it or any of its properties or assets is bound, or conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default under any such
material indenture, agreement or other instrument, or result in the creation or imposition of any
lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the
Purchaser.

          (b) This Agreement has been duly executed and delivered by the Purchaser and constitutes the
legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in
accordance with its terms, subject to applicable bankruptcy, insolvency and other similar laws
affecting the enforceability of creditors’ rights generally, general equitable principles, the
discretion of courts in granting equitable remedies and public policy considerations.

     2.2 Representations and Warranties of the Seller. The Seller represents and warrants
to the Purchaser as follows:

          (a) The execution, delivery and performance of this Agreement by the Seller have been duly
authorized by all requisite corporate action and will not violate any provision of law, any order
of any court or other agency of government, the Articles of Incorporation or Bylaws of the Seller,
each as amended, or any provision of any material indenture, agreement or

10

 

other instrument to which it or any of its properties or assets is bound, or conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any such
material indenture, agreement or other instrument, or result in the creation or imposition of any
lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the
Seller.

          (b) This Agreement has been duly executed and delivered by the Seller and constitutes the
legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance
with its terms, subject to applicable bankruptcy, insolvency and other similar laws affecting the
enforceability of creditors’ rights generally, general equitable principles, the discretion of
courts in granting equitable remedies and public policy considerations.

          (c) The Seller has been advised that the shares of Common Stock which the Seller receives
pursuant to the Purchase Agreement will not be registered with, or reviewed by, the SEC because the
offer and sale by the Purchaser of such shares of Common Stock to the Seller is intended to be a
non-public offering pursuant to Section 4(2) of the Securities Act and that such shares must be
held indefinitely by the Seller unless a subsequent transfer by the Seller is registered under the
Securities Act or is exempt from such registration.

          (d) The Seller understands that no securities administrator of any state has made any finding
or determination relating to the fairness of the offer or sale of the shares of Common Stock by the
Purchaser to the Seller pursuant to the Purchase Agreement, and that no securities administrator of
any state has recommended or endorsed, or will recommend or endorse, such offer and sale or
transfer.

          (e) The Seller understands that the sale, pledge, hypothecation or transfer of any shares of
Common Stock which the Purchaser offers and sells to the Seller pursuant to the Purchase Agreement
is subject to the provisions of the Securities Act restricting such sales, pledges, hypothecation
or transfers, unless they are registered under the Securities Act and applicable state laws or are
exempt from the registration requirements thereof. Legends in substantially the form set forth in
Section 1.2(c) hereof shall be placed on all such shares and appropriate notations thereof will be
made in the Purchaser’s stock records.

          (f) The Purchaser has made available to the Seller the opportunity to ask questions of, and
receive answers from the Purchaser with respect to the activities and operations of the Purchaser,
and otherwise to obtain any additional information, to the extent that the Purchaser possesses the
information or could acquire it without unreasonable effort or expense, which the Seller deems
necessary in order to make its investment decision.

          (g) The Seller acknowledges that no general solicitation or general advertising (including
communications published in any newspaper, magazine or other broadcast) has been received by the
Seller in connection with any shares of Common Stock which the Purchaser offers and sells to the
Seller pursuant to the Purchase Agreement and that no public solicitation or advertisement with
respect to any such shares of has been made to the Seller.

11

 

     2.3 Representations and Warranties of the Shareholders. Each Shareholder (severally
and not jointly) represents and warrants to the Purchaser and the Seller as follows:

          (a) If the Shareholder is not a natural person, the Shareholder represents and warrants that:
(i) the execution, delivery and performance of this Agreement by the Shareholder have been duly
authorized by all requisite action and will not violate any provision of law, any order of any
court or other agency of government, the governing documents of the Shareholder, as amended, or any
provision of any material indenture, agreement or other instrument to which the Shareholder or any
of its properties or assets is bound, or conflict with, result in a breach of or constitute (with
due notice or lapse of time or both) a default under any such material indenture, agreement or
other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any
nature whatsoever upon any of the properties or assets of the Shareholder; and (ii) this Agreement
has been duly executed and delivered by the Shareholder and constitutes the legal, valid and
binding obligation of the Shareholder, enforceable against the Shareholder in accordance with its
terms, subject to applicable bankruptcy, insolvency and other similar laws affecting the
enforceability of creditors’ rights generally, general equitable principles, the discretion of
courts in granting equitable remedies and public policy considerations.

          (b) If the Shareholder is a natural person, the Shareholder represents and warrants that: (i)
the execution, delivery and performance of this Agreement by the Shareholder will not violate any
provision of law, any order of any court or any agency or government, or any provision of any
material indenture or agreement or other instrument to which the Shareholder or any of its
properties or assets is bound, or conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any such material indenture, agreement or other
instrument, or result in the creation or imposition of any lien, charge, or encumbrance of any
nature whatsoever upon any of the properties or assets of the Shareholder; and (ii) this Agreement
has been duly executed and delivered by the Shareholder and constitutes the legal, valid and
binding obligation of the Shareholder, enforceable against the Shareholder in accordance with its
terms, subject to applicable bankruptcy, insolvency and other similar laws affecting the
enforceability of creditors’ rights generally, general equitable principles, the discretion of
courts in granting equitable remedies and public policy considerations.

          (c) The Shareholder has been advised that any disposition or transfer pursuant to Section
1.2(b) hereof by the Seller to the Shareholder of any shares of Common Stock which the Seller
receives pursuant to the Purchase Agreement will not be registered with, or reviewed by, the SEC
because the offer and sale by the Purchaser of such shares of Common Stock to the Seller, and any
such subsequent disposition or transfer by the Seller of such shares of Common Stock to the
Shareholder, is intended to be a non-public offering pursuant to Section 4(2) of the Securities Act
and that such shares must be held indefinitely by the Shareholder unless a subsequent disposition
or transfer by the Shareholder is registered under the Securities Act or is exempt from such
registration.

          (d) The Shareholder understands that no securities administrator of any state has made any
finding or determination relating to the fairness of the offer or sale of the shares of Common
Stock by the Purchaser to the Seller pursuant to the Purchase Agreement or the

12

 

subsequent disposition or transfer pursuant to Section 1.2(b) hereof by the Seller to the
Shareholder of any such shares, and that no securities administrator of any state has recommended
or endorsed, or will recommend or endorse, such offer and sale or disposition or transfer.

          (e) Any shares of Common Stock which the Purchaser offers and sells to the Seller pursuant to
the Purchase Agreement and which are subsequently transferred pursuant to Section 1.2(b) by the
Seller to the Shareholder shall be held by the Shareholder for the Shareholder’s own account, for
investment purposes only and not with a view to any distribution or resale thereof.

          (f) The Shareholder understands that the sale, pledge, hypothecation or transfer of any shares
of Common Stock which the Purchaser offers and sells to the Seller pursuant to the Purchase
Agreement and which are subsequently transferred pursuant to Section 1.2(b) by the Seller to the
Shareholder is subject to the provisions of the Securities Act restricting such sales, pledges,
hypothecation or transfers, unless they are registered under the Securities Act and applicable
state laws or are exempt from the registration requirements thereof. Legends in substantially the
form set forth in Section 1.2(c) hereof shall be placed on all such shares and appropriate
notations thereof will be made in the Purchaser’s stock records.

          (g) The Purchaser has made available to the Shareholder the opportunity to ask questions of,
and receive answers from, the Purchaser with respect to the activities and operations of the
Purchaser and otherwise to obtain any additional information, to the extent that the Purchaser
possesses the information or could acquire it without unreasonable effort or expense, which the
Shareholder deems necessary in order to make its investment decision.

          (h) The Shareholder acknowledges that no general solicitation or general advertising
(including communications published in any newspaper, magazine or other broadcast) has been
received by the Shareholder in connection with any shares of Common Stock which the Purchaser
offers and sells to the Seller pursuant to the Purchase Agreement and which are subsequently
transferred pursuant to Section 1.2(b) by the Seller to the Shareholder and that no public
solicitation or advertisement with respect to the any such shares has been made to the Shareholder.

          (i) The Shareholder has knowledge and experience in business and financial matters sufficient
to enable the Shareholder to understand and evaluate the risks of an investment in the Common Stock
and to make an investment decision with respect thereto, and the Shareholder is able to bear the
risk of such investment for an indefinite period and to afford a complete loss thereof.

          (j) If any Shareholder is a resident of the State of Florida, such Shareholder acknowledges
and understands that, if the Seller transfers any shares of Common Stock which the Purchaser
offered and sold to the Seller pursuant to the Purchase Agreement to five or more Shareholders in
the State of Florida, then any Shareholder which is a resident of the State of Florida may void
such sale either within three (3) days after the first tender of consideration is made by the
Seller to the Purchaser, an agent of the Purchaser, or an escrow agent or within three

13

 

(3) days after the availability of this privilege communicated to such Shareholder, whichever
occurs later.

3. MISCELLANEOUS.

     3.1 Delay of Registration. No Holder shall have any right to take any action to
restrain, enjoin, or otherwise delay any registration as the result of any controversy that might
arise with respect to the interpretation or implementation of Section 1 hereof.

     3.2 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns,
heirs, executors and administrators of the parties hereto.

     3.3 Entire Agreement; Amendment; Waiver. This Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the subject hereof. Neither
this Agreement nor any term hereof may be amended, waived, discharged or terminated, except by a
written instrument signed by the Purchaser and the Holders of at least fifty-one percent (51%) of
the Registrable Securities then outstanding and any such amendment, waiver, discharge or
termination shall be binding on all the Holders, but in no event shall the obligation of any Holder
hereunder be materially increased, except upon the written consent of such Holder.

     3.4 Notices, etc. All notices and other communications required or permitted hereunder
shall be in writing and shall be mailed by United States first-class mail, postage prepaid, or
delivered personally by hand or nationally recognized courier addressed (a) if to a Holder, as
indicated in the stock records of the Purchaser or at such other address as such Holder shall have
furnished to the Purchaser in writing, or (b) if to the Purchaser, at 400 Galleria Parkway, Suite
300, Atlanta, Georgia 30339, Attn: Chief Financial Officer, or at such other address as the
Purchaser shall have furnished to each Holder in writing, together with a copy to Rogers & Hardin
LLP, 2700 International Tower, 229 Peachtree Street, Atlanta, Georgia 30303, Attn: Robert C.
Hussle, Esq. All such notices and other written communications shall be effective on the date of
mailing or delivery.

     3.5 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any Holder, upon any breach or default of the Purchaser under this Agreement shall
impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of
any other breach or default therefore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any Holder of any breach or default under this
Agreement or any waiver on the part of any Holder of any provisions or conditions of this Agreement
must be made in writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise afforded to any Holder,
shall be cumulative and not alternative.

     3.6 Rights; Severability. Unless otherwise expressly provided herein, a Holder’s
rights hereunder are several rights, not rights jointly held with any of the other Holders. In
case

14

 

any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

     3.7 Information Confidential. Each Holder acknowledges that the information received
by them pursuant hereto may be confidential and for its use only, and it will not use such
confidential information in violation of the Exchange Act or reproduce, disclose or disseminate
such information to any other person (other than its employees or agents having a need to know the
contents of such information, and its attorneys), except in connection with the exercise of rights
under this Agreement, unless the Purchaser has made such information available to the public
generally or such Holder is required to disclose such information by a governmental body.

     3.8 Titles and Subtitles. The titles of the paragraphs and subparagraphs of this
Agreement are for convenience of reference only and are not to be considered in construing this
Agreement.

     3.9 Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission) in any number of counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original,
but all of which together shall constitute one and the same instrument.

     3.10 Governing Law; Jurisdiction. This Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Georgia without reference to
Georgia’s choice of law rules and each of the parties hereto hereby consents to personal
jurisdiction in any federal or state court in the State of Georgia.

[Signature Page Follows]

15

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement or have caused this
Agreement to be duly executed on its behalf by an officer or representative thereto duly
authorized, all as of the date first above written.

	 	 	 	 
	

	VERSO TECHNOLOGIES, INC.
	 
	

	By: 	 
	

	Name: 	 
	

	Title: 	 

	 	 	 	 
	

	WSECI, INC.
	 
	

	By: 	 
	

	Name: 	 
	

	Title: 	 

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement or have caused this
Agreement to be duly executed on its behalf by an officer or representative thereto duly
authorized, all as of the date first above written.

	 	 	 
	

	 	SHAREHOLDER:
	 
	 
	

	 	Printed Name of Shareholder or Name of Entity (if
applicable)
	 
	 	 
	 
	

	 	Signature of Shareholder or Authorized Representative
of Shareholder
	 
	 	 
	 
	

	 	Printed Name of Authorized Representative of
Shareholder (if applicable)
	 
	 	 
	 
	

	 	Title of Authorized Representative of Shareholder (if
applicable)
	 
	 	 
	

	 	Address of Shareholder:
	 
	 	 
	

	 	 
	

	 	 
	 

	 	 

[Signature Page to Registration Rights Agreement]

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