Document:

Restricted Stock Agreement between Novus Capital LLC and John Kirby Bray

 Exhibit 10.4.4 
 RESTRICTED STOCK AGREEMENT 
 THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is entered into as of February 4, 2005, among NewStar Financial, Inc., a Delaware corporation previously know as Novus Capital, Inc. and successor by conversion
of Novus Capital LLC, a Delaware limited liability company (the “Company”), and John Kirby Bray, the holder of the number of shares of Class A Common Stock of the Company set forth under the heading
“Restricted Stock” on Schedule I hereto (such person being referred to as the “Management Stockholder”). 
 WITNESSETH: 
 WHEREAS, as a condition precedent to the Management Stockholder receiving the Restricted Stock (as hereinafter
defined), the Management Stockholder has agreed to enter into this Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Management Stockholder hereby agree as follows: 
 1. Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means (i) with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such first Person, (ii) a partner, member or stockholder of any Stockholder, or (iii) any spouse, domestic partner, child, grandchild, parent, grandparent or sibling of a Stockholder or a trust or other entity for their
benefit; provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of an investment in the Company. For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) means, with respect to any Person, the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. 
 “Aggregate Purchase Price” means $996.33. 
 “Board” means the Board of Directors of the Company. 
 “Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to close. 
 “Cause” means if the Management Stockholder shall have (a) been, subject to indictment or information for, or convicted of, or made a plea of guilty or nolo contendere to, a felony
involving fraud, theft, misappropriation, dishonesty or embezzlement or any other felony involving moral turpitude, or the willful commission of any other act or omission involving dishonesty or fraud, in each case as determined by the Board,
(b) committed any act or acts of gross negligence or willful misconduct within the scope of employment as determined by the Board and has failed to cure (to the extent curable) such act or acts to the reasonable satisfaction 

 RESTRICTED STOCK AGREEMENT 
  

 of the Board within thirty (30) days after receipt of written notice from the Company, specifying such act or
acts, (c) substantially, on more than one occasion, refused to perform his or her material duties as determined by the Board and failed to cure (to the extent curable) such failure to perform to the reasonable satisfaction of the Board within
thirty (30) days after receipt of written notice from the Company specifying such failure to perform, (d) breached his or her obligations under Section 8, (e) breached his or her obligations under Section 9,
(f) been under the influence of illegal drugs, (g) been under the influence of alcohol during normal business hours (except when alcohol is served at a Company sponsored event or while the Management Stockholder is entertaining in
connection with Company business) while performing his duties to any Company Entity, or (h) violated any material written policy of a Company Entity provided to the Management Stockholder during or prior to the term of employment or service as
determined by the Board and failed to cure (to the extent curable) such violation to the reasonable satisfaction of the Board within thirty (30) days after receiving written notice from the Company specifying such violation; provided,
however, that any determination of Cause made by the Board hereunder shall be made in good faith using commercially reasonable judgment, and, provided, further, that the Board shall also (i) have determined in good faith
using commercially reasonable judgment that the continuation of the Management Stockholder’s employment or consultancy arrangement with the Company after the occurrence of a Cause event, other than the Cause events specified in subsections
(a) and (e) hereof, will have a material adverse effect on the goodwill, business, prospects or operations of the Company or any Company Entity and (ii) have notified the Management Stockholder in writing that his or her employment or
consultancy arrangement is being terminated for Cause which notice shall specify the Cause event. 
 “Change of Control Liquidity
Event” means the Transfer of an aggregate of fifty-one percent (51%) of the Preferred Stock (or the Common Stock into which such shares have been converted) in one or more transactions and, in connection with such Transfer, the
termination of the Management Stockholder without Cause (provided that the termination was not for Performance Reasons with respect to which the Management Stockholder received written notice from the Board of such acts or omissions resulting in
Performance Reasons prior to such Transfer and failed to cure the same within the cure period provided by the Board in accordance with the definition of the term “Performance Reasons”), 
 “Class A Common Stock” means the Company’s authorized shares of class A common stock, par value $0.01 per share, and any
stock into which such Class A Common Stock may thereafter be converted, changed, reclassified or exchanged. 
 “Common
Stock” means the Company’s authorized shares of common stock, par value $0.01 per share, and any stock into which such Common Stock may thereafter be converted, changed, reclassified or exchanged. 
 “Company Entity” means the Company or one of its Subsidiaries. 
 “Confidential Information” means any information relating to the business or affairs of the Company Entities or, as provided
below, any of their respective Affiliates, including, but not limited to, customer identities, potential customers, employees, business and financial strategies, methods or practices, business plans, financial models, proposals, documents

  

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 RESTRICTED STOCK AGREEMENT 
  

 or materials owned, developed or possessed by a Company Entity, profit margins or other proprietary information used
by such Company Entity or any of its Affiliates; provided that Confidential Information shall not include (i) information that is or becomes generally known to the public other than as a result of a disclosure by the Management
Stockholder in violation of this Agreement, (ii) information that was known to the Management Stockholder prior to becoming a consultant to or an employee of the Company or (iii) information which becomes known to the Management
Stockholder following a Termination Event, through no wrongful act of the Management Stockholder, by disclosure from a third party unless the Management Stockholder has reason to believe that such third party is under an obligation or duty of
confidentiality or secrecy with respect to such information or is an employee, officer, director or stockholder of the Company; and provided, further, that (A) in such case where any Affiliate has a separate confidentiality
requirement or agreement to which any Company Entity is subject, such confidentiality requirement or agreement shall supercede the requirements herein and (B) unless a confidentiality requirement or agreement referred to in the preceding clause
(A) exists with respect to an Affiliate, Confidential Information for purposes of this definition as it relates to Affiliates shall be deemed to include only Confidential Information of Affiliates, the employees or consultants of which, are
participants or observers at Board meetings of the Company. 
 “Conversion Ratio” means A/(B/C), where: 

A is the Management Common Stock; 
 B is
the Management Common Stock Amount; and 
 C is the IPO Price. 
 “Corporate Transaction” means any exchange, reclassification or other conversion of shares of Class A Common Stock into any cash, securities, or other property pursuant to a merger or
consolidation of the Company or any Subsidiary of the Company with any Person. 
 “Fair Market Value” means, for
purposes of Sections 2(e), 2(g) and 3, the fair market value of the securities as determined by the Board in its good faith commercially reasonable judgment taking into account all factors that might reasonably affect such
value, including the public market price and the Minimum Required Internal Rate of Return; provided, however, that with respect to the Class A Common Stock, any reductions to the values based upon the subordination of the
Class A Common Stock to the Preferred Stock shall not be considered, but all other factors, including the provisions and limitations of, and the restrictions imposed by, this Agreement shall be considered (specifically, for purposes of
Section 3, Fair Market Value shall take into account the discount that would be attendant if Section 2(f) were applicable to the Repurchase Option). If the Management Stockholder objects to the good faith determination of the
Board, then the Board and the Chief Executive Officer of the Company (the “CEO”) shall promptly and in good faith mutually select a nationally or internationally recognized investment banking firm, certified public accountant
or business appraisal firm not providing services for the Company at the time of such selection (the “Independent Appraiser”) to determine Fair Market Value. If the Board and the CEO cannot mutually agree upon the 

 

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 RESTRICTED STOCK AGREEMENT 
  

 selection of the Independent Appraiser then each of the Board and the CEO shall promptly and in good faith select a
nationally or internationally recognized investment banking firm, certified public accountant or business appraisal firm (the “IA Selectors”) who shall then mutually select the Independent Appraiser to determine the Fair
Market Value. The Company shall promptly furnish to the Independent Appraiser such information concerning the Company’s operations, assets and properties, financial condition, earnings, capitalization and sales of its capital stock, and any
offers or indication of interest received by the Company, as the Independent Appraiser may request or the parties may deem relevant. The Fair Market Value as determined by the Independent Appraiser (which determination the Independent Appraiser
shall be instructed to render in writing within thirty (30) days following the selection of such Independent Appraiser) shall be binding upon the Management Stockholder and the Company. The fees and expenses of the Independent Appraiser and, if
applicable, the IA Selectors shall be borne by the Company. For purposes of Section 2(f), Fair Market Value has the meaning set forth in Section 2(f). Notwithstanding the foregoing, if a determination of Fair Market Value has
been made by an Independent Appraiser in accordance with the foregoing procedures within ninety (90) days prior to the date of any determination by the Board hereunder and the Company has not effected an IPO, then the Board may determine, in
its sole judgment, that there is no reasonable basis to believe that such prior determination is no longer accurate and no new determination shall be required. 
 “Forfeiture” means the transfer by the Management Stockholder to the Company of Restricted Stock in exchange for the Purchase Price and the forfeiture by the Management Stockholder of any and
all rights, interests and claims in respect of such shares of Restricted Stock upon the occurrence of an event specified in, and to the extent provided in, Section 2. “Forfeited” shall have a corollary meaning when
used herein. 
 “Founders Subscription Agreement” means the Founders Subscription Agreement dated as of June 17,
2004, among the Company and the parties thereto regarding the subscription to purchase shares of Preferred Stock. 
 “Good
Reason” means the occurrence of (i) a reduction by the relevant Company Entity in the Management Stockholder’s annual base salary from such Management Stockholder’s annual base salary then in effect, (ii) a forced
relocation by the relevant Company Entity of the Management Stockholder’s place of employment to a location greater than twenty five (25) miles from his or her initial place of employment or, if the Management Stockholder’s initial
place of employment is in the Rowayton, Connecticut office of the Company, outside of Fairfield County, Connecticut or (iii) a material diminution by the relevant Company Entity in the Management Stockholder’s principal duties and
responsibilities. 
 “Investors” means such Persons that are “Initial Investors” as such term is defined in
the Stockholders Agreement. 
 “IPO” means the initial public offering of the Common Stock. 
 “IPO Price” means the offering price per share of Common Stock to the public in the IPO before giving effect to the Conversion
Ratio. 
  

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 RESTRICTED STOCK AGREEMENT 
  

 “IRR Liquidity Event” means the Transfer of an aggregate of seventy-five
percent (75%) of the Preferred Stock in one or more transactions, 
 “IRR Release Date” means that date on or
after the occurrence of an IRR Liquidity Event at which the Investors shall have received the Minimum Required Internal Rate of Return on that portion of the Preferred Stock (or the Common Stock into which such shares have been converted) which has
been Transferred by the Investors cumulatively to and including the date on which the IRR Release Date occurs. 
 “Management
Common Stock” means the total number of shares of Class A Common Stock (or shares of Common Stock into which such shares are converted) held by the Management Members as of the date of determination. 
 “Management Common Stock Amount” shall be determined as follows: 
 If the IPO Price is less than or equal to Value 1, then “Management Common Stock Amount” shall mean the product of (a)  1/3 multiplied by the Management Common Stock, multiplied by (b) the IPO Price less ($.01 less par value of
$.01); 
 If the IPO Price is greater than Value 1 and less than or equal to Value 2, then “Management Common Stock
Amount” shall mean 
 the sum of: 
 (a) the product of (i)  1/3 multiplied by the Management Common Stock, multiplied
by (ii) the IPO Price less ($.01 less par value of $.01) 
 and 
 (b) the product of (i)  1/3 multiplied by the Management Common Stock, multiplied by (ii) the IPO Price less Value 1; and 
 If the IPO
Price is greater than Value 2, then “Management Common Stock Amount” shall mean 
 the sum of:

 (a) the product of (i)  1/3 multiplied by the Management Common Stock, multiplied by (ii) the IPO Price less ($.01 less par value of $.01) 
 and 
 (b) the product of (i)  1/3 multiplied by the Management Common Stock, multiplied by (ii) the IPO Price less Value 1 
  

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 RESTRICTED STOCK AGREEMENT 
  

 and 
 (c) the product of (i) 1/3 multiplied by the Management Common Stock, multiplied by (ii) the IPO Price less Value 2. 
 “Management Investment Amount” means a per share amount determined as follows: 
 For the first one-third of
Restricted Stock Transferred pursuant to Section 2(f) or held at the time of Forfeiture pursuant to Section 2(g), $.01 less par value of $.01, or zero (0); 
 For the second one-third of Restricted Stock Transferred pursuant to Section 2(f) or held at the time of Forfeiture pursuant to
Section 2(g), Value 1 as of the date of such Transfer or Forfeiture; and 
 For the final one-third of Restricted Stock
Transferred pursuant to Section 2(f) or held at the time of Forfeiture pursuant to Section 2(g), Value 2 as of the date of such Transfer or Forfeiture. 
 “Management Members” means the Management Stockholder and all other Persons that are parties to Restricted Stock Agreements with
the Company. 
 “Minimum Required Internal Rate of Return” means the amount necessary to provide the Investors with
an internal rate of return of ten percent (10%) on capital invested under the Subscription Agreement. This shall be computed using the XIRR function in Microsoft Excel. The inflows for this calculation will be the aggregate amount of capital so
contributed to the Company by the Investors relating to the shares of Preferred Stock (or the Common Stock into which such shares have been converted) that have been Transferred to and including the date of determination. The dates of inflows shall
be the dates that such capital is contributed into the Company by the Investors. The outflows for this calculation shall be the aggregate cash received by the Investors, net of any costs, including, as applicable, underwriting discounts and
commissions, investment banking fees or other broker or similar commissions and costs and legal or other advisor costs incurred by the Company or such Investors (other than the costs of separate counsel for an Investor in the event that the Company
has retained counsel in such Transfer) in connection with the negotiation, preparation and execution of any transaction documentation, incurred in connection with such Transfer, from the Transfer of the shares of Preferred Stock (or the Common Stock
into which such shares have been converted) or from dividends paid thereon (including ordinary and extraordinary dividends). The dates of outflows shall be the dates that shares are Transferred by the Investors or the dates that any dividends are
received by Investors. 
 “Performance Reasons” shall exist (i) when the Management Stockholder fails to meet
commercially reasonable written performance objectives and has failed to cure (if the failure is not due to acts, events or conditions outside of the Management Stockholder’s control) such act or omission or acts or omissions to the reasonable
satisfaction of the Board, within such reasonable time as the Board shall determine and specify in such written notice, but in no case 
  

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 RESTRICTED STOCK AGREEMENT 
  

 less than thirty (30) days after receipt of written notice from the Company, specifying such act or omission, or
(ii) if the Management Stockholder is unwilling to relocate to a location less than twenty-five (25) miles from their initial place of employment or, if the Management Stockholder’s initial place of employment is in the Rowayton,
Connecticut office of the Company, outside of Fairfield County, Connecticut. 
 “Permitted Transferee” means any
spouse, domestic partner, lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of the Management Stockholder or a trust, the beneficiaries of which, or a corporation or partnership, the
stockholders or partners of which, include only the Management Stockholder and any spouse, domestic partner, lineal descendant, sibling, parent or heir of the Management Stockholder. 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Preferred
Stock” means the shares of Series A Convertible Preferred Stock, par value $0.01 per share, of the Company issued to the Investors pursuant to the Subscription Agreement and the Founders Subscription Agreement. 
 “Purchase Price” means, with respect to a Forfeiture, the amount obtained by dividing the Aggregate Purchase Price by the number
of shares of Restricted Stock to be Forfeited. 
 “Released Shares” means those shares of Restricted Stock no longer
subject to Forfeiture in accordance with Section 2 hereof (other than pursuant to Section 2(f), (g) or (h)) at the relevant date of determination. 
 “Restricted Business” means any of the following: (i) the business of extending senior, subordinated or asset-based loans to
middle-market companies as targeted by the Company at the effective date of the Termination Event, (ii) providing real estate financing of the types offered by the Company at the effective date of the Termination Event, (iii) extending
asset-backed loans or investing in asset-backed securities with financial products of the types then offered by the Company at the effective date of the Termination Event or (iv) any other material line of business engaged in by the Company at
the effective date of the Termination Event. 
 “Restricted Stock” means the shares of Class A Common Stock set
forth under the heading “Restricted Stock” on Schedule I hereto and any and all securities that are distributed or paid in respect of Restricted Stock, including as a result of a stock dividend or distribution, stock split,
recapitalization or similar transaction, including a Corporate Transaction. 
 “Stockholders” means the Persons named
on the signature pages to the Stockholders Agreement and any Persons who become a party to the Stockholders Agreement after the date thereof pursuant to the terms thereof. 
 “Stockholders Agreement” means the Stockholders’ Agreement among the Company and the securityholders named therein to be
entered into on or about June 18,2004. 
  

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 RESTRICTED STOCK AGREEMENT 
  

 “Subscription Agreement” means the Subscription Agreement dated as of
June 17, 2004, among the Company and the parties thereto regarding the subscription to purchase shares of Preferred Stock. 
 “Subsidiary” means, with respect to the Company, any Person in which the Company owns at least fifty-one percent (51%) of the voting control or economic interests and which is an operating subsidiary of the
Company. 
 “Tax Adjustment Percentage” means the amount, if any, expressed as a percentage, by which (a) the
quotient obtained by dividing (i) 1 less the Federal capital gains tax rate in effect on the date of conversion of the Preferred Stock into Common Stock in connection with an IPO by (ii) 1 less the Federal ordinary income tax rate in
effect on such date, exceeds (b) 1. For purposes of the preceding sentence, (A) the Federal capital gains tax rate, subject to clause (C) of this sentence, shall be the maximum rate set forth in Section 1(h)(1)(C) of the Internal
Revenue Code (the “Code”) or successor provision (15% as of the date hereof), (2) the Federal ordinary income tax rate shall be the maximum rate set forth in Section 1(i)(B) of the Code or successor
provision (35% as of the date hereof), and (C) the Federal capital gains tax rate utilized shall not be a rate more than 25 percentage points below the Federal ordinary income tax rate. 
 “Termination Event” means the termination of employment or consultancy of the Management Stockholder with the relevant Company
Entity. 
 “Termination Non-Forfeitable Shares” means the shares of Restricted Stock which are no longer subject to
Forfeiture under Section 2(a) or Section 2(c)(i). 
 “Transfer” means, with respect to any shares
of capital stock of the Company, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such shares or any participation or interest therein, whether directly or indirectly, or agree
or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such shares or any participation or interest therein or
any agreement or commitment to do any of the foregoing; provided, however, that any pledge of such shares to the Company or to a lender of a Company Entity as security for such Company Entity’s obligations shall not constitute a
Transfer for purposes hereof. 
 “Value 1” means $10.00 per share, subject to adjustment for stock splits,
combinations and other similar transactions and occurrences with respect to the Class A Common Stock, less par value of $0.01 per share, less an amount equal to three times the aggregate per share amount of dividends paid by the Company with
respect to the Preferred Stock to and including the date of determination, but in no case shall Value 1 be less than $0. 
 “Value
2” means: 
 To the extent Value 1 is greater than $0, then “Value 2” means $15.00 per share, subject to
adjustment for stock splits, combinations and other similar transactions and occurrences with respect to the Class A Common Stock less par value of $0.01 per share; 
  

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 RESTRICTED STOCK AGREEMENT 
  

 To the extent Value 1 is $0, then “Value 2” means: 
 $15.00 per share, subject to adjustment for stock splits, combinations and other similar transactions and occurrences with respect to the Class A
Common Stock, less par value of $0.01 per share, less an amount equal to three times the aggregate per share amount of dividends paid by the Company with respect to the Preferred Stock after Value 1 is $0, including that portion of such dividends
attributable following reduction of Value 1 to $0, to and including the date of determination, but in no case shall Value 2 be less than $0. 
 2. Release
or Forfeiture of Restricted Stock. The Restricted Stock is fully vested subject to Forfeiture as provided in this Section 2. 
 (a)
General Termination Forfeiture. Subject to Section 2(b) and Section 2(c), the Restricted Stock shall be subject to Forfeiture as follows: 
 (i) eighty percent (80%) of the Restricted Stock is Forfeited if a Termination Event occurs after the date hereof and prior to the
first anniversary of the date hereof; 
 (ii) sixty percent (60%) of the Restricted Stock is Forfeited if a Termination
Event occurs on or after the first anniversary hereof and prior to the second anniversary of the date hereof; 
 (iii) forty
percent (40%) of the Restricted Stock is Forfeited if a Termination Event occurs on or after the second anniversary hereof and prior to the third anniversary of the date hereof; 
 (iv) twenty percent (20%) of the Restricted Stock is Forfeited if a Termination Event occurs on or after the third anniversary hereof
and prior to the fourth anniversary of the date hereof; and 
 (v) zero percent (0%) of the Restricted Stock is Forfeited if a
Termination Event occurs on or after the fourth anniversary of the date hereof. 
 (b) IRR Liquidity Event and Change of Control Liquidity
Event. Notwithstanding the provisions of Section 2(a), upon the occurrence of either an IRR Liquidity Event or a Change of Control Liquidity Event, one hundred percent (100%) of the Restricted Stock shall constitute Termination
Non-Forfeitable Shares. 
 (c) Forfeiture Upon Certain Termination Events. 
 (i) Notwithstanding Section 2(a), if the employment of the Management Stockholder was terminated (A) by the Management
Stockholder for Good Reason or (B) by the Company without Cause (provided that the termination was not for Performance Reasons) or (C) due to the Management Stockholder’s death or disability, then only those shares of Restricted Stock
that would not be Termination Non-Forfeitable Shares pursuant to Section 2(a) on the first anniversary of the effective date of the 
  

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 RESTRICTED STOCK AGREEMENT 
  

 Termination Event (as if such Termination Event occurred on such first anniversary) will be
Forfeited. However, if the Termination Event was for Performance Reasons, the Management Stockholder shall Forfeit those shares of Restricted Stock that are not Termination Non-Forfeitable Shares on the effective date of the Termination Event.

 (ii) Notwithstanding Section 2(a), if the employment or consultancy of the Management Stockholder was
terminated by any Company Entity for Cause, then all of the Restricted Stock, whether or not such shares are Termination Non-Forfeitable Shares, will be Forfeited on the effective date of the Termination Event. 
 (d) IRR Release Date. 
 (i) Upon the occurrence of the IRR Release Date, if it occurs, the Restricted Stock shall become Released Shares hereunder and shall cease to be subject to Forfeiture, except for the portion of such Released Shares, if any, which thereafter
becomes subject to Forfeiture pursuant to and in accordance with Section 2(f), (g) or (h). Upon the IRR Release Date, the Released Shares shall be fully transferable by the Management Stockholder (provided that shares
then subject to Forfeiture pursuant to Section 2(f) or (g) may not be Transferred other than pursuant to Section 2(f) or (g)), except as otherwise provided in the Stockholders Agreement or in any other
contract then in effect entered into by the Management Stockholder which restricts transferability of shares by the Management Stockholder or as otherwise required by law. 
 (ii) If, following the Transfer of all of the Preferred Stock (or the Common Stock into which such shares have been converted) held by the
Investors in one or more transactions, the IRR Release Date has not occurred, then all shares of Restricted Stock shall be immediately Forfeited. 
 (e) Forfeiture on the Tenth Anniversary. If the IRR Release Date has not occurred on or prior to the tenth (10th) anniversary of the date hereof, then immediately upon the tenth (10th) anniversary, the Restricted Stock
shall be Forfeited as follows: 
 (i) If the Fair Market Value of a share of Preferred Stock (or the Common Stock into which
such shares have been converted) is less than or equal to Value 1 per share, then two-thirds of the Restricted Stock shall be Forfeited; 
 (ii) If the Fair Market Value of a share of Preferred Stock (or the Common Stock into which such shares have been converted) is less than or equal to Value 2 per share but more than Value 1 per share, then
one-third of the Restricted Stock shall be Forfeited; and 
 (iii) If the Fair Market Value of a share of Preferred Stock (or
the Common Stock into which such shares have been converted) is more than Value 2 per share, then none of the Restricted Stock shall be Forfeited pursuant to this Section 2(e). 
 (f) Forfeiture of Released Shares in Connection with Transfers. Concurrently with the Transfer of any shares of Released Shares by the Management
Stockholder (other than to a Permitted Transferee), the Management Stockholder will Forfeit that number of Released 
  

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 RESTRICTED STOCK AGREEMENT 
  

 Shares having a Fair Market Value (which shall be determined by reference to the price per share of Released Shares
to be received by the Management Stockholder, including with respect to securities to be received in exchange therefor, the fair market value of such securities) equal to the aggregate Management Investment Amount applicable to the Released Shares
then being Transferred. 
 (g) Forfeiture of Released Shares in Connection with Termination without Good Reason. If a Termination
Event occurs prior to an IRR Release Date and the termination was by the Management Stockholder without Good Reason and the Company does not exercise the Repurchase Option, then on the later to occur of (i) the ninety-first (91st) day
following the Termination Event or (ii) the third (3rd) Business Day following the determination of Fair Market Value, the Management Stockholder will automatically Forfeit a number of shares of Restricted Stock with an aggregate Fair
Market Value equal to the aggregate Management Investment Amount applicable to the shares of Restricted Stock then held by such Management Stockholder, provided that such number of shares shall in no event exceed two-thirds (2/3) of the total
number of shares of Restricted Stock held by such Management Stockholder. If a Termination Event occurs following an IRR Release Date and the termination was by the Management Stockholder without Good Reason, then on the later to occur of
(i) the thirty-first (31st) day following the Termination Event or (ii) the third (3rd) Business Day following the determination of Fair Market Value, the Management Stockholder will automatically Forfeit a number of shares of
Restricted Stock with an aggregate Fair Market Value equal to the aggregate Management Investment Amount applicable to the shares of Restricted Stock then held by such Management Stockholder, provided that such number of shares shall in no event
exceed two-thirds (2/3) of the total number of shares of Restricted Stock held by such Management Stockholder. 
 (h) IRR Release
Date Partial Forfeiture Election. The Management Stockholder may elect by written notice to the Company to Forfeit such portion of such Management Stockholder’s shares of Restricted Stock, which, together with any such shares elected to be
so Forfeited by other Management Members, are sufficient to cause the IRR Release Date to occur. 
 (i) Management Equity Incentive
Pool. All shares of Class A Common Stock which are Forfeited by a Management Member pursuant to Section 2(a) or Section 2(c) (or any successor sections of similar meaning) of a restricted stock agreement
substantially similar to this Agreement or which are repurchased by the Company pursuant to Section 3 thereof or which are subject to the exercise of remedies under any stock pledge agreement from a Management Member to the Company will
be added to the amount of equity incentives available to be granted to senior management of the Company. 
 3. Company Repurchase Option. 

(a) If, prior to an IRR Release Date, a Termination Event occurs and the termination was by the Management Stockholder without Good Reason, the Company
shall have an irrevocable option (the “Repurchase Option”) for a period of sixty (60) days (or such longer period as determined by the Board in good faith if the Board has retained an Independent Appraiser and such
Independent Appraiser is proceeding to determine Fair Market Value, 
  

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 RESTRICTED STOCK AGREEMENT 
  

 however, in such instance, no more than five (5) Business Days after such determination of Fair Market Value)
from the effective date of such Termination Event to repurchase all or any portion of the Termination Non-Forfeitable Shares for a per share price equal to seventy percent (70%) (or ninety percent (90%) if the effective date of the
Termination Event occurs following the sixth anniversary of the date hereof) of the Fair Market Value of the Termination Non-Forfeitable Shares (the “Repurchase Price”). 
 (b) The Repurchase Option, upon approval by the Board, shall be exercised by the Company by written notice to the Management Stockholder and, after
determination of Fair Market Value in accordance with the definition thereof, by delivery to the Management Stockholder or his executor with such notice a check in the amount of the Repurchase Price for the Termination Non-Forfeitable Shares being
repurchased. Upon delivery of such notice and the payment of the Repurchase Price, the Company shall become the legal and beneficial owner of the Termination Non-Forfeitable Shares being repurchased and all rights and interests therein or relating
thereto, and the Company shall have the right to retain and transfer to its own name the number of Termination Non-Forfeitable Shares being repurchased by the Company. 
 4. Granting of Options Upon an Initial Public Offering. 
 (a) Concurrently with an IPO and the
automatic conversion of the Preferred Stock thereupon into Common Stock in accordance with the Company’s Certificate of Incorporation, the Company shall grant the Management Stockholder options to purchase Common Stock
(“Options”) as follows: 
 (i) If the IPO Price is greater than or equal to Value 2, the Management
Stockholder will receive such number of Options calculated using the formula [A*D]-E, with an exercise price equal to the IPO Price; 
 (ii) If the IPO Price is less than Value 2 and greater than Value 1, the Management Stockholder will receive such number of Options calculated using the formula [A*D]-[E+F], with an exercise price equal to the IPO Price and such number
of Options calculated using the formula [A/3]*D, with an exercise price of Value 2; and 
 (iii) If the IPO Price is equal to
or less than Value 1, the Management Stockholder will receive such number of Options calculated using the formula [A/3]*D, with an exercise price of Value 2 and such number of Options calculated using the formula [A/3]*D, with an exercise price of Value 1. 
 For purposes of calculating the preceding formulas: 
 A shall be the Management Common Stock; 
 D shall be the Conversion Ratio; 
 E shall be determined using the formula [Management Common Stock Amount/IPO Price] *D; and 
 F shall be determined using the formula [A/3*D]. 
  

 12 

 RESTRICTED STOCK AGREEMENT 
  

 (b) In addition to the Options granted pursuant to Section 4(a), the Company shall grant
the Management Stockholder options to purchase Common Stock determined by multiplying the Tax Adjustment Percentage by the number of Options granted pursuant to and in accordance with Section 4(a) (“Tax Adjustment
Options”). 
 (c) To the extent the price per share of Common Stock after giving effect to the Conversion Ratio is different
from the IPO Price, the exercise price of the Options and the Tax Adjustment Options shall be similarly adjusted. 
 5. Dividends. The Management
Stockholder will have the right to receive all ordinary cash dividends as the Board may pay with respect to the Class A Common Stock in accordance with the terms of the Company’s Certificate of Incorporation. 
 6. Voting. 
 (a) Until such time as the shares of
Restricted Stock become Released Shares, the Management Stockholder agrees to vote or execute a written consent in respect of all of his shares of Restricted Stock that are entitled to vote in accordance with the recommendation of a majority of the
Board, except that the Management Stockholder shall retain the right to vote or execute a written consent with respect to any amendments to paragraph B.2, B.3 and B.5 of Article FOURTH of the Company’s Certificate of Incorporation (or successor
provisions thereof) that amends the terms of the Preferred Stock in a manner which materially adversely affects the rights of the holders of Class A Common Stock and with respect to any matters on which, pursuant to the Delaware General
Corporation Law, a class vote of the Class A Common Stock is required. The Company shall not amend Sections B.2. (Dividends), B.3. (Liquidation Preference) or B.5. (Conversion) of Article FOURTH of the Company’s Amended and Restated
Certificate of Incorporation in a manner that materially and adversely affects the holders of the Class A Common Stock without the consent of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the Class A Common Stock held by the Management Members other than in connection with a bona fide
capital restructuring approved in good faith by the Board; provided that such consent shall be deemed to have been obtained, notwithstanding the failure of holders of at least sixty-six and two-thirds percent (66 2/3%) of the Class A Common Stock held by the Management Members to consent thereto, unless at least four
(4) Management Members notify the Company in writing that they will not consent after receiving written notice of the request for such consent. 
 (b) In furtherance of Section 6(a), until such time as the Restricted Stock becomes Released Shares, the Management Stockholder hereby irrevocably appoints the Company or its designee as the Management
Stockholder’s agent, attorney and proxy, to vote (or cause to be voted) the shares of Restricted Stock owned by the Management Stockholder in accordance with Section 6(a). 
 7. Prohibited Transfers. Unless and until the IRR Release Date has occurred, the Management Stockholders shall not Transfer any Restricted Stock other than (a) to the Company as permitted or required under
this Agreement as it relates to any Forfeiture, (b) as permitted below, to a Permitted Transferee, (c) pursuant to the “Defaulting Investor” provisions contained in Section 2.3 of the Founders Subscription Agreement or upon
the Company’s exercise of 
  

 13 

 RESTRICTED STOCK AGREEMENT 
  

 remedies under the stock pledge agreement executed by the Management Stockholder pursuant to the Founders
Subscription Agreement, (d) following a Change of Control Liquidity Event, as contemplated by and in accordance with Section 4.04 of the Stockholders Agreement, and (e) in a Corporate Transaction, provided that the proceeds received
in such Corporate Transaction shall be deemed to be Restricted Stock for purposes of this Agreement and subject to the terms and provisions of this Agreement. Additionally, the Management Stockholder shall not Transfer any shares of Restricted Stock
except in compliance with the terms of the Stockholders Agreement. As a condition to any Transfer to a Permitted Transferee, each Permitted Transferee to whom shares of Restricted Stock are transferred must, as a condition precedent to such
Transfer, acknowledge in writing to the Company that such person agrees to be bound by the terms and conditions of this Agreement to the same extent as such shares would be so subject if retained by the Management Stockholder. The Company shall not
transfer on its books any shares of its capital stock that are subject to this Agreement unless the provisions of this Agreement and the Stockholders Agreement applicable thereto have been complied with in full. Any purported transfer by a
Management Stockholder of capital stock of the Company without full compliance with such provisions hereof and thereof shall be null and void. 
 8.
Confidentiality. The Management Stockholder agrees that Confidential Information was and shall be made available in connection with the Management Stockholder’s employment by or consultancy with the Company Entities. The Management
Stockholder acknowledges that the Confidential Information that he or she develops or invents in connection with his or her employment by or services to a Company Entity or has obtained or will obtain in connection therewith is the property of such
Company Entity. The Management Stockholder agrees that he or she will not disclose any Confidential Information to any other Person, except that Confidential Information may be disclosed: (i) to the extent required by applicable law, rule or
regulation (including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which the Management Stockholder is subject); provided that
the Management Stockholder gives such Company Entity prompt notice of such requests, to the extent practicable, so that such Company Entity may seek an appropriate protective order or similar relief (and the Management Stockholder shall cooperate
with such efforts by such Company Entity at Company expense, and shall in any event make only the minimum disclosure required by such law, rule or regulation unless the Management Stockholder reasonably believes that other disclosure is necessary or
advisable in order to avoid adverse consequences to the Management Stockholder), (ii) if the prior written consent of the Board shall have been obtained, or (iii) to such Persons to the extent necessary in the reasonable judgment of the
Management Stockholder to perform his duties as an employee of or consultant to a Company Entity and, in his reasonable judgment, such disclosure is not harmful to the Company. 
 9. Restrictive Covenants. 
 (a) During the term of employment and for a period of one (1) year
after the effective date of the Termination Event (i) the Management Stockholder shall not, directly or indirectly, (A) alone or as a partner, officer, director, shareholder, member, sole proprietor, employee or consultant of any other
firm or entity personally engage or participate in any Restricted Business as a material portion of his or her responsibilities, (B) cause, solicit, induce or encourage any employees, consultants or contractors of the Company Entities to leave
such 
  

 14 

 RESTRICTED STOCK AGREEMENT 
  

 employment or service, or hire, employ or otherwise engage any such individual, or (C) cause, induce or
encourage any customer, supplier or licensor of the Company Entities, or any other Person who has a material business relationship with the Company Entities, to terminate or modify any such relationship, and (ii) the Management Stockholder
shall direct to the Company all business opportunities brought to the Management Stockholder for his consideration related to a Restricted Business if such business opportunities become known to the Management Stockholder in the course of conducting
a Restricted Business in violation of the provisions of clause (i)(A) above; provided, however, that if the Termination Event was either (X) by the Management Stockholder with Good Reason or (Y) by the Company (other than a
termination for Cause or for Performance Reasons), then the Management Stockholder shall not be subject to the provisions of (i)(A) or (ii) above to the extent (I) such Management Stockholder irrevocably waives any right to receive
severance in accordance with the Company’s severance plan within thirty (30) days after the effective date of the Termination Event, (II) promptly returns any amount of severance received either prior to or after the date of such waiver
and (III) the Management Stockholder executes such releases and waivers as are contemplated by the Company’s severance plan. 
 (b) The
parties hereto agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that a specified time period, a specified business limitation or any other relevant feature of this Section 9 is unreasonable,
arbitrary or against public policy, then a lesser time period, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against the applicable party. 

10. Conflicting Agreements. The Management Stockholder represents and agrees that, except as provided in this Agreement and the Stockholders Agreement, he
shall not, without Board consent, (a) grant any proxy or enter into or agree to be bound by any voting trust or agreement with respect to the Restricted Stock or (b) enter into any agreement or arrangement of any kind with any Person with
respect to its shares of Restricted Stock inconsistent with the provisions of this Agreement, 
 11. Specific Performance. The rights of the parties
under this Agreement are unique and, accordingly, the parties shall, in addition to such other remedies as may be available to any of them at law or in equity, have the right to enforce their rights hereunder by actions for specific performance to
the extent permitted by law. 
 12. Notices. All notices and other communications hereunder shall be given in accordance with Section 7.02
of the Stockholders Agreement. 
 13. Custody; Legend. The certificates representing the Restricted Stock and bearing such legends as may be required
by the Company to evidence the restrictions specified herein will be issued in the Management Stockholder’s name but will be held in custody by the Company. At such time that the Class A Common Stock is converted into Common Stock pursuant
to the terms of the Company’s Certificate of Incorporation, the Company shall, without the need for any further action by the Management Stockholder, exchange the certificate or certificates representing the shares of Class A Common Stock
for a certificate or certificates for the number of shares of Common Stock into which the shares of Class A Common Stock were convertible 
  

 15 

 RESTRICTED STOCK AGREEMENT 
  

 on the date on which such conversion occurs. The Management Stockholder shall receive certificates representing the
Restricted Stock at such time that the shares of Restricted Stock have become Released Shares. At such time as the restrictions imposed by this Agreement are no longer applicable, the legend referred to in the preceding sentence shall be removed.

 14. Entire Agreement. This Agreement and the Stockholders Agreement (including any and all exhibits, schedules and other instruments contemplated
thereby) constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings between them or any of them as to such subject matter. 
 15. No Right To Continued Employment. This Agreement is not a contract of employment and the terms of the Management Stockholder’s employment or service with
the Company shall not be affected by, or construed to be affected by, this Agreement, except to the extent specifically provided herein. Nothing herein shall impose, or be construed as imposing, an obligation (i) on the part of the Company to
continue the Management Stockholder’s employment or service with the Company or (ii) on the part of the Management Stockholder to remain in the employ of or service to the Company. 
 16. Further Agreements. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as any other
party may reasonably require in order to effectuate the terms and purposes of this Agreement. 
 17. Waiver and Amendment. Any of the provisions of
this Agreement may be waived by an instrument in writing executed by (i) the Company and (ii) the Management Stockholder. This Restricted Stock Agreement may not be amended except by an instrument in writing executed by (i) the
Company and (ii) the Management Stockholder. Notwithstanding the foregoing, except as otherwise expressly set forth in the proviso in this sentence, in the event that Management Members holding not less than sixty-six and two-thirds percent
(66 2/3%) of the Class A Common Stock held by all such Management Members waive any provision of, or execute
an amendment to, their respective Restricted Stock Agreement (or such smaller percentage equal to 100% minus the aggregate percentage of the Class A Common Stock held by such notifying non-consenting Management Members if fewer than four
(4) Management Members notify the Company in writing that they will not agree to such waiver or amendment after receiving notice of the request for such waiver or amendment), the Management Stockholder hereby agrees, upon the request therefor
from the Company, to waive such provision or execute such amendment to this Agreement on the same terms, provided that the Management Stockholder shall not be required to waive or amend (i) any term of this Agreement that would treat such
Management Stockholder in an inconsistent manner with respect to all other Management Members or (ii) any amendment to the terms of Sections 2(a), 6, 9 or this Section 17 or to the definition of the term
“Minimum Required Internal Rate of Return.” Notwithstanding the foregoing, the Company may amend this Agreement without the consent of the Management Stockholder or any other Management Member to the extent that the Board in its good faith
judgment determines necessary to correct a manifest error in any term hereof. 
 18. Assignment; Successors and Assigns. Except as otherwise
expressly provided herein, the Restricted Stock and the rights and obligations of the parties herein may not be assigned without the prior written consent of the other party. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective heirs, executors, legal representatives, successors and permitted assigns. 
  

 16 

 RESTRICTED STOCK AGREEMENT 
  

 19. Severability. In case any one or more of the provisions contained in this Agreement shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and such invalid, illegal and unenforceable provision shall be reformed and
construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 20. Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 21.
Section Headings. The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 22. Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of Delaware. 
  

 17 

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

			
	COMPANY:
	
	NEWSTAR FINANCIAL, INC.
		
	By:	 	 /s/ Timothy J. Conway

	Name:	 	Timothy J. Conway
	Title:	 	Chief Executive Officer

 SIGNATURE PAGE TO RESTRICTED STOCK AGREEMENT 

  

	
	MANAGEMENT STOCKHOLDER:
	
	 /s/ John Kirby Bray

	John Kirby Bray

 SIGNATURE PAGE TO RESTRICTED STOCK AGREEMENT 

 SCHEDULE I 
 SCHEDULE OF RESTRICTED STOCK 
  

			
	 MANAGEMENT STOCKHOLDER
	  	 SHARES OF CLASS A COMMON

		
	John Kirby Bray	  	99,633

 JOINDER AGREEMENT 
 This JOINDER AGREEMENT (this “Agreement”), dated as of the 4th day of February, 2005, is entered into by and between NewStar Financial,
Inc., a Delaware corporation (formerly known as Novus Capital, Inc.) (the “Company”), and John Kirby Bray, 
 All defined
terms not otherwise defined herein shall have the meaning ascribed to such terms in the Stockholders Agreement (as hereinafter defined). 
 BACKGROUND 
 WHEREAS, the Company and certain other stockholders (the “Original Stockholders”) are parties
to a Stockholders’ Agreement dated June 18, 2004, pursuant to which the Company granted the Original Stockholders certain rights (the “Stockholders Agreement”); 
 WHEREAS, in accordance with the terms of the Stockholders Agreement, as a condition to the issuance of Company Securities, the Company shall cause any
proposed transferee to agree to join the Stockholders Agreement as a party thereto; 
 WHEREAS, John Kirby Bray has agreed to purchase shares
of Class A Common Stock of the Company and has agreed to be bound by the terms of a Restricted Stock Agreement between John Kirby Bray and the Company dated as of even date herewith; and 
 WHEREAS, John Kirby Bray desires to be bound by and enjoy the benefits of the Stockholders Agreement as a Management Stockholder. 
 NOW, THEREFORE, for good and valuable consideration, receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally
bound hereby, agree as follows: 
 1. John Kirby Bray acknowledges receipt of a copy of the Stockholders Agreement and, after review and
examination thereof, agrees to be bound by the restrictions and agreements contained therein applicable to Management Stockholders and Stockholders. 
 2. The Company hereby (a) accepts John Kirby Bray’s agreement to be bound by the Stockholders Agreement and (b) agrees that the Stockholders Agreement is hereby amended to include John Kirby Bray as a
Management Stockholder party thereto. 

			
	MANAGEMENT STOCKHOLDER
		
	By:	 	 /s/ John Klrby Bray

	Name:	 	John Klrby Bray

 SIGNATURE PAGE TO 
 JOINDER AGREEMENT 

 Exhibit A 
 Investor Qualification 
  

	1.	Accredited Investor. Shares will be sold only to investors (each, an “Investor”) who are “accredited investors” (as defined in Regulation D promulgated by
the SEC pursuant to the Securities Act). Please indicate the basis of “accredited investor” status of the Investor by checking the applicable statement or statements. 

  

	 	(a)	Is the Investor a natural person whose individual net worth1 (or joint net worth with the Investor’s spouse) exceeds $1,000,000? 

 x  Yes             ̈  No 

 

	 	(b)	Is the Investor a director, executive officer, or general partner of the Company? 

 x  Yes              ̈  No 
  

	 	(c)	Is the Investor a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint annual income with the Investor’s spouse in
excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year? 

 x  Yes             ̈  No 
  

	2.	Qualified Purchaser. Shares will be sold only to Investors who are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment Company Act).
Please indicate the basis of “qualified purchaser” status of the Investor by checking the applicable statement or statements. 

  

	 	 ̈	The Investor is a natural person (including any person who holds a joint, community property or other similar shared ownership interest in the partnership with that person’s
qualified purchaser spouse) who owns not less than $5,000,000 in “investments.” 

  

	 	x	The Investor is a “knowledgeable employee” because he or she is an executive officer or director of the Company, or is an employee of the Company or of an
affiliate2 of the Company (other than an employee performing solely clerical, secretarial or administrative
functions with 

  

	1	As used herein, “net worth” means total assets (including principal residence) at
fair market value less total liabilities (including mortgage). 

	2	For this purpose, an “affiliate” of the Company is an entity or person that directly or indirectly controls, is controlled by, or is under common control with, the Company, an entity or person that owns 5% or more of
the voting securities of the Company, an officer, partner or employee of the Company or an investment adviser to the Company. 

 regard to such affiliate or its investments), who, in connection with his or her regular functions or
duties, participates in the investment activities of the Company or affiliated investment companies, provided that such employee has been performing such functions and duties for or on behalf of the Company or its affiliates, or substantially
similar functions or duties for or on behalf of another company, for at least 12 months. 

 John Kirby Bray 
 375 Larchwood Drive 
 Warwick, RI 02886 
 February 4, 2005 
 NewStar Financial, Inc. 
 500 Boylston St., Suite 1600 
 Boston, Massachusetts 02116 
 Gentlemen: 
 I hereby
confirm my offer to purchase 99,633 shares of Class A Common Stock, par value $.01 per share (the “Shares”), of NewStar Financial, Inc., a Delaware corporation (the “Company”), at a cash price of $.01 per share
(the “Purchase Price”). I enclose my check in the amount of $996.33 payable to your order for the purchase price of the Shares. 
 The undersigned represents that he is acquiring the Shares for his own account for investment and not with a view to, or sale in connection with, any distribution thereof. The undersigned understands that the shares of Common Stock have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”) or applicable state securities laws in reliance upon exemptions therefrom and may not be transferred or sold without registration under the
Securities Act or applicable state securities laws or an opinion of counsel, satisfactory to the Company, that such registration is not required. The undersigned further represents that he is (a) an “accredited investor”, as that term
is defined in Rule 501(a) of Regulation D under the Securities Act, and (b) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act and/or a “knowledgeable employee” as defined in Rule
3c-5(4) promulgated under the Investment Company Act, and the undersigned has completed the questionnaire attached hereto as Exhibit A that addresses these issues. 
 The undersigned further understands and agrees that: 
  

	 	1.	the Shares are subject to restrictions and forfeiture requirements contained in the Restricted Stock Agreement dated as of the date hereof. 

  

	 	2.	the certificates representing the Shares will bear the following legend: 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE 

 “ACT”), OR ANY UNITED STATES STATE OR FOREIGN SECURITIES LAW. SUCH SECURITIES MAY NOT BE
TRANSFERRED, RESOLD OR OTHERWISE DISPOSED OF UNLESS SUCH TRANSFER, RESALE OR DISPOSITION IS MADE IN ACCORDANCE WITH THE ACT AND ANY APPLICABLE UNITED STATES STATE OR FOREIGN SECURITIES LAWS. 
 IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS CONTAINED IN
THE STOCKHOLDERS’ AGREEMENT DATED AS OF JUNE 18, 2004 AND THE RESTRICTED STOCK AGREEMENT DATED AS OF FEBRUARY 4, 2005 EACH AS MAY BE AMENDED FROM TIME TO TIME, WHICH ARE AVAILABLE FOR EXAMINATION BY HOLDERS OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE AT THE PRINCIPAL OFFICE OF NEWSTAR FINANCIAL, INC.” 

 Please register the certificate for such 99,633 Shares in my name and record my address on your stock books as 375
Larchwood Drive Warwick, RI 02886. 
  

	
	Sincerely yours,
	
	 /s/ John Kirby Bray

	John Kirby Bray

 The undersigned hereby accepts the offer hereinabove set forth. Receipt of the check of John Kirby Bray in the amount of
$996.33 is hereby acknowledged. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	 /s/ John Frishkopf.

		 	John Frishkopf, Secretary

 Dated: February 4, 2005Form of Stock Pledge Agreement between certain institutional investors and Novus

 Exhibit 10.5.1 
 STOCK PLEDGE AGREEMENT 
 STOCK PLEDGE AGREEMENT, dated as of June     , 2004
between [                    ] (the “Pledgor”) and Novus Capital, Inc., a Delaware corporation (the
“Company”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Subscription Agreement by and among the Company, the Pledgor and the other investors named therein dated as of the date hereof (as at any time amended, modified or supplemented, the
“Subscription Agreement”), the Pledgor has subscribed for              shares of Series A Convertible Preferred Stock of the Company (the “Subscription
Shares”); 
 WHEREAS, pursuant to the Subscription Agreement, the Pledgor has agreed to purchase and make payment for the
Subscription Shares from time to time as directed by the Company (the “Subscription Obligations”); and 
 WHEREAS, in
connection with the Subscription Obligations under the Subscription Agreement and as security for all of the Secured Obligations (as defined herein) of the Pledgor hereunder, the Company is requiring that the Pledgor execute and deliver this
Agreement and grant the security interest contemplated hereby. 
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and to induce the Company to issue the Subscription Shares to the Pledgor under the Subscription Agreement, it is agreed as follows: 
 Section 1. Definitions. Unless otherwise defined herein, terms defined in the Subscription Agreement are used herein as therein defined, and the following shall have the following respective meanings (such
meanings being equally applicable to both the singular and plural form of the terms defined): 
 “Agreement” shall mean this
Stock Pledge Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing, and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative.

 “Event of Default” shall mean the failure of the Pledgor to pay any purchase price as required under Section 2.1(a)
of the Subscription Agreement and the declaration by the Board of Directors of the Company that the Pledgor is a Defaulting Stockholder under and as defined in Section 2.3(a) of the Subscription Agreement. 
 “Other Pledge Agreements” is defined in Section 15(f) hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2 hereof. 
 “Pledged Shares” shall mean the shares of the Company’s capital stock set forth 

 on Schedule I hereto, which schedule shall be amended from time to time to reflect the Pledgor’s
acquisition of any additional shares of the Company’s capital stock in any Subsequent Closing (as defined in the Subscription Agreement), any shares of Series A Convertible Preferred Stock of the Company purchased pursuant to the exercise
of any warrant issued as of the date hereof to the Pledgor, and any shares of the Company’s capital stock into which such shares may therefor be converted, changed, reclassified or exchanged. 
 “Secured Obligations” shall have the meaning assigned to such term in Section 3 hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended (or any similar statute then in effect). 
 “Stockholders Agreement” shall mean the Stockholders’ Agreement, dated as of June 18, 2004, among the Company and the
securityholders party thereto. 
 “Termination Date” shall mean the date on which all Secured Obligations have been paid in
full. 
 Section 2. Pledge. Subject to Sections 12, 13 and 14 hereof, the Pledgor hereby pledges and grants to the Company a
first priority security interest in all of the following (the “Pledged Collateral”): the Pledged Shares and the certificates representing the Pledged Shares. Subject to Section 7 hereof, dividends paid or other distributions
made with respect to the Pledged Shares shall not constitute Pledged Collateral. 
 Section 3. Security for Company Obligations.
This Agreement secures, and the Pledged Collateral is security for, the prompt performance of the Subscription Obligations, including the payment in full of any purchase price thereunder, and all reasonable costs and expenses associated with the
enforcement of this Agreement by the Company (collectively, the “Secured Obligations”). 
 Section 4. Delivery of
Pledged Collateral. All certificates representing or evidencing the Pledged Shares shall be delivered to and held by the Company pursuant hereto and shall be accompanied by duly executed instruments of transfer or assignment in favor of the
Company in form and substance reasonably satisfactory to the Company. The Company shall have the right at any time to exchange certificates or instruments representing or evidencing Pledged Shares for certificates or instruments of smaller or larger
denominations. At such time that any of the Pledged Shares are converted into the common stock of the Company, par value $.01 per share (the “Common Stock”), pursuant to the terms of the Company’s Certificate of Incorporation,
the Company shall, without the need for any further action by the Pledgor, exchange the certificate or certificates representing the Pledged Shares for a certificate or certificates for the number of shares of Common Stock into which the Pledged
Shares were convertible on the date on which such conversion occurs. 
  

 2 

 Section 5. Representations and Warranties. The Pledgor represents and warrants to the Company
that: 
 (a) The Pledgor is, and at the time of delivery of the Pledged Shares to the Company pursuant to Section 4 hereof will be, the
sole holder of record and the sole beneficial owner of the Pledged Collateral free and clear of any lien or encumbrances thereon or affecting the title thereto except for any lien created by this Agreement, the Subscription Agreement or the
Stockholders Agreement. 
 (b) No consent, approval, authorization or other order of any Person and no consent, authorization, approval, or
other action by, and no notice to or filing with, any governmental authority or regulatory body is required either (i) for the pledge of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this
Agreement by the Pledgor or (ii) for the exercise by the Company of its rights and the remedies pursuant to this Agreement. 
 (c) This
Agreement has been duly authorized, executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium or other laws affecting the enforcement of creditors’ rights generally, and general principles of equity, and except as the remedy of specific performance or injunctive relief is subject to the discretion of the court before which
any proceeding therefor may be brought. 
 Section 6. Covenants. The Pledgor covenants and agrees that until the Termination
Date: 
 (a) Without the prior written consent of the Company, subject to Sections 12, 13 and 14, the Pledgor will not sell, assign, transfer,
pledge, grant a lien with respect to or otherwise encumber any of its rights in or to the Pledged Collateral (other than liens or encumbrances imposed pursuant to this Agreement, the Subscription Agreement or the Stockholders Agreement). 

(b) The Pledgor will, at its expense, promptly execute, acknowledge and deliver all such instruments and take all such action as the Company from time
to time may reasonably request in order to ensure to the Company the benefits of the liens in and to the Pledged Collateral intended to be created by this Agreement. 
 (c) The Pledgor will defend its title to the Pledged Collateral and the liens of the Company thereon against the claim of any other Person and will maintain and preserve the liens granted to the Company in the Pledged
Collateral under and in accordance with this Agreement until the Termination Date. 
 Section 7. Company’s Rights Upon an Event
of Default. 
 (a) So long as an Event of Default shall have occurred and be continuing hereunder, the Company (personally or through an
agent) is hereby authorized and empowered, in accordance with applicable law, to transfer and register in its name 
  

 3 

 the whole or any part of the Pledged Collateral, to exercise the voting rights with respect thereto, to collect and
receive all cash dividends and other distributions made thereon, to sell in one or more sales after ten (10) days’ prior notice of the time and place of any public sale or of the time after which a private sale is to take place (which
notice the Pledgor agrees is commercially reasonable), but without any other previous notice or advertisement, the whole or any part of the Pledged Collateral and to otherwise act and to exercise any and all rights with respect to the Pledged
Collateral as though the Company was the outright owner thereof, the Pledgor hereby irrevocably constituting and appointing the Company as the proxy and attorney-in-fact of the Pledgor, with full power of substitution to do so; provided,
however, that the Company shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do so or for any delay in doing so. Any such sale shall be made at a public or private sale at the
Company’s place of business, or at any public building in the city where the Company’s place of business is located or elsewhere any other location named in the notice of sale, either for cash or upon credit or for future delivery at such
price as the Company may deem fair, and the Company may be the purchaser of the whole or any part of the Pledged Collateral so sold and hold the same thereafter in its own right free from any claim of the Pledgor or any right of redemption. Each
such sale shall be made to the highest bidder, but the Company reserves the right to reject any and all bids at such sale which, in its discretion, it shall reasonably deem inadequate. Except to the extent permitted by applicable law, demands of
performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by an auctioneer or any officer or agent of the
Company. 
 (b) If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral under this
Section 7, the highest bid, if there be but one sale, shall be inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered
for sale would indicate to the Company, in its reasonable discretion, the unlikelihood of the proceeds of the sales of the whole of the Pledged Collateral being sufficient to discharge all the Secured Obligations, the Company may, on one or more
occasions and in its reasonable discretion, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any
other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after ten (10) days’ prior notice to the Pledgor. 
 (c) In the event of any sales under this Section 7, the Company shall, after deducting all reasonable costs or expenses of every kind (including
reasonable attorneys’ fees and disbursements) for care, safekeeping, collection, sale, delivery or otherwise, apply the residue of the proceeds of the sales to the payment or reduction, either in whole or in part, of the Secured Obligations
then due and unpaid in accordance with the Subscription Agreement, returning the surplus, if any, to the Pledgor. 
 (d) If, at any time when
the Company shall determine to exercise its rights to sell the whole or any part of the Pledged Collateral under this Section 7 
  

 4 

 including, without limitation, the requirement of 10 days notice of any sale to the Pledgor, such Pledged Collateral or
the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, the Company may, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof
by private sale in such manner and under such circumstances as the Company may deem necessary or advisable, but subject to the other requirements of this Section 7, and shall not be required to effect such registration or to cause the same to
be effected. Without limiting the generality of the foregoing, in any such event the Company in its discretion (i) may, in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration
statement for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under the Securities Act (or similar statute), (ii) may approach and negotiate with a single possible purchaser to effect such
sale and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Pledged Collateral or part thereof.
In addition to a private sale as provided above in this Section 7, if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Securities Act (or similar statute) at the time of any proposed
sale pursuant to this Section 7, then the Company shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable requirements of law), may require that any sale hereunder
(including a sale at auction) be conducted subject to restrictions (A) as to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale, (B) as to the content of legends to be placed upon any
certificates representing the Pledged Collateral sold in such sale, including restrictions on future transfer thereof, (C) as to the representations required to be made by each Person bidding or purchasing at such sale relating to that
Person’s access to financial information about the Pledgor and such Person’s intentions as to the holding of the Pledged Collateral so sold for investment, for its own account, and not with a view of the distribution thereof and
(D) as to such other matters as the Company may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Uniform Commercial Code and other laws
affecting the enforcement of creditors’ rights and the Securities Act and all applicable state securities laws. 
 (e) The Pledgor
recognizes that the Company may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof. The Pledgor also acknowledges any such private sale (conducted in a
commercially reasonable manner for private sales) may result in prices and other terms less favorable to the seller than if such sale were a public sale made in accordance with this Section 7, and, notwithstanding such circumstances, agrees
that any such private sale shall not be deemed to have been made in a commercially unreasonable manner for such reason. The Company shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to
permit the registrant to register such securities for public sale under the Securities Act, or under applicable state securities laws. 
 (f)
The Pledgor agrees that following the occurrence and during the 
  

 5 

 continuance of an Event of Default, it will not at any time plead, claim or take the benefit of any appraisal, valuation,
stay, extension, moratorium or redemption law now or hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any
purchaser at any sale hereunder in accordance with the terms hereof, and the Pledgor waives the benefit of all such laws to the extent it lawfully may do so. The Pledgor agrees that it will not interfere with any right, power and remedy of the
Company provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Company of any one or more of such rights, powers, or remedies. No failure or
delay on the part of the Company to exercise any such right, power or remedy and no notice or demand which may be given to or made upon the Pledgor by the Company with respect to any such remedies shall operate as a waiver thereof, or limit or
impair the Company’s right to take any action or to exercise any power or remedy hereunder, without notice (except as otherwise expressly required in this Agreement) or demand, or prejudice its rights as against the Pledgor in any respect.

 (g) Without in any way limiting the provisions of this Section 7, upon the occurrence and during the continuance of an Event of
Default, the Company may exercise in addition to all other rights and remedies granted to it in this Agreement and in the Subscription Agreement, all rights and remedies of a secured party under the Uniform Commercial Code. 
 Section 8. Application of Proceeds. So long as an Event of Default shall have occurred and be continuing, all cash proceeds received by the
Company in respect of any sale of, liquidation of, or other realization upon all or any part of the Pledged Collateral shall be applied by the Company as follows: 
 (a) First, to the payment of the reasonable costs and expenses of such sale, liquidation or other realization, including reasonable compensation to the Company’s agents and counsel, and all expenses, liabilities
and advances made or incurred by the Company in connection therewith; 
 (b) Next, to the payment of the Secured Obligations then due and
unpaid; and 
 (c) Finally, after payment in full of all Secured Obligations then due and unpaid, to the payment to the Pledgor, or its
successors or assigns, or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus then remaining from such proceeds. 
 Section 9. Assignment. If the Company assigns the Subscription Agreement in accordance with the terms thereof, the Company may assign this
Agreement to the assignee of the Subscription Agreement. 
 Section 10. Termination. Immediately following the Termination Date,
the Company shall deliver to the Pledgor the Pledged Collateral subject to this Agreement 
  

 6 

 and all instruments of assignment executed in connection therewith, free and clear of the liens hereof, and any
assignment required to be executed by the Company to effect such redelivery and, except as otherwise provided herein, all of the Pledgor’s obligations hereunder shall at such time terminate. 
 Section 11. Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should the Pledgor become
insolvent or make an assignment for the benefit of creditors and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned, and in any such case, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 Section 12. Transferability of Capital Stock. Notwithstanding anything to the contrary contained herein, in connection with
any sale or transfer of greater than fifty percent (50%) of the then outstanding capital stock of the Company in a Tag Sale, Drag Sale or Corporate Transaction (each as defined in the Stockholders Agreement), the Pledgor shall be entitled to
transfer his or its, as the case may be, Series A Shares in accordance with the provisions of the Stockholders Agreement as part of any such Tag Sale, Drag Sale or Corporate Transaction to the extent that the Pledgor would otherwise be entitled to
do so under the Stockholders Agreement and such shares shall no longer constitute Pledged Shares. 
 Section 13. Substitute
Collateral. For so long as an Event of Default has not occurred, subject to the terms of the Stockholders Agreement, the Pledgor shall be entitled to transfer his or its, as the case may be, Series A Shares and such shares shall no longer
constitute Pledged Shares, provided that the Pledgor pledges to the Company, prior to or concurrently with such transfer, subject to this Agreement, cash equal to the then remaining Subscription Obligations (the “Substitute
Collateral”). 
 Section 14. Release Upon Repurchase. Notwithstanding anything to the contrary contained herein, the
Pledgor shall be entitled to transfer its Pledged Shares following an Event of Default pursuant to Section 2.3 of the Subscription Agreement and, following such transfer, such shares shall no longer constitute Pledged Shares. 
 Section 15. Miscellaneous. 
 (a)
The Company may execute any of its duties hereunder by or through agents or employees and shall be entitled to advice of counsel concerning all matters pertaining to its duties hereunder. 
 (b) The Pledgor agrees to promptly reimburse the Company for actual and reasonable out-of-pocket expenses, including, without limitation, reasonable
counsel fees, incurred by the Company in connection with the enforcement of this Agreement. 
 (c) Neither the Company nor any of its
officers, directors, employees, 
  

 7 

 agents or counsel shall be liable for any action lawfully taken or omitted to be taken by it or them hereunder or in
connection herewith, except for its or their own gross negligence or willful misconduct. 
 (d) This Agreement shall be binding upon the
Pledgor and its permitted successors and assigns, and shall inure to the benefit of, and be enforceable by, the Company and its permitted successors and assigns, and shall be governed by, and construed and enforced in accordance with, the internal
laws in effect in the State of New York without giving effect to principles of choice of law, and none of the terms or provisions of this Agreement may be waived, altered, modified or amended except in writing duly signed for and on behalf of the
Company and by the Pledgor, provided that Schedule I hereto may be amended from time to time solely by the Company in accordance with the definition of Pledged Shares. 
 (e) At any time and from time to time, upon written request of the Company, and at the sole expense of the Pledgor, the Pledgor shall promptly and duly
execute and deliver any and all such further instruments and documents and take such further action as the Company may reasonably deem desirable to obtain the full benefits of this Agreement and of the rights and powers herein granted. 

(f) This Pledge Agreement is in the same form as each pledge agreement entered into as of the date hereof between the Company and each of the
Investors (as defined in the Subscription Agreement) (all such pledge agreements, the “Other Pledge Agreements”). The Company shall not consent to the revision, amendment or alteration of any of the Other Pledge Agreements or waive
any of its rights pursuant to any Other Pledge Agreement unless (i) the same revision, amendment, alteration or waiver of rights shall apply to this Pledge Agreement or (ii) such revision, amendment, alteration or waiver of rights will not
have the effect of establishing rights or reducing obligations for any other Investor in a manner more favorable in any material respect to such Investor than the rights and obligations of the Pledgor pursuant to this Agreement. 
 Section 16. Severability. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under
applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable. 
 Section 17. Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give or serve upon any other a communication with respect to this Agreement, each such
notice, demand, request, consent, approval, declaration or other communication shall be in writing and either shall be delivered in accordance with the provisions of Section 9.3 of the Subscription Agreement. 
  

 8 

 Section 18. Section Titles. The Section titles contained in this Agreement are and shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 
 Section 19. Counterparts. This Agreement may be executed in any number of counterparts, which shall, collectively and separately, constitute one agreement. 
 Section 20. Conflict of Terms. Except as otherwise explicitly provided in this Agreement, if any provision contained in this Agreement is in
conflict with or inconsistent with any provision in the Subscription Agreement, the provision contained in the Subscription Agreement shall govern and control, to the extent of such conflict or inconsistency. 
 [INTENTIONALLY LEFT BLANK] 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge Agreement to be duly executed as of
the date first written above. 
  

			
	  
 
	
	NOVUS CAPITAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE I 
 to the Stock Pledge Agreement 
  

					
	 Class
 of Stock
	  	Certificate No(s).	  	 Number
 of Shares

 STOCK POWER 
 FOR VALUE RECEIVED, the undersigned hereby assigns and transfers unto Novus Capital, Inc., an aggregate of
[                                    ]
(                    ) shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Shares”), of Novus Capital,
Inc., a Delaware corporation (the “Company”), represented by Certificate No.                     , and does hereby irrevocably
constitute and appoint                      as attorney-in-fact to transfer the Shares in the books of the Company with full power of
substitution in the premises. 
 Dated:
                         , 2004 
  

			
	[                                      
                                        
                                        
              ]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Witness:

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