Document:

Exhibit 4.3

 

EXECUTION
VERSION

 

THIS SUBORDINATED CONVERTIBLE NOTE PURCHASE AGREEMENT AND THE RIGHTS
EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SUBORDINATED NOTE AND
INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1, 2006, BY AND AMONG OPEN
LINK FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE SUBORDINATED NOTE
HOLDERS SIGNATORY THERETO

 

 

 

SUBORDINATED CONVERTIBLE NOTE
PURCHASE AGREEMENT

Among

 

OPEN LINK FINANCIAL, INC.

as Borrower

 

AND

TA SUBORDINATED DEBT FUND, L.P.

AND

 

TA INVESTORS II, L.P.

as Noteholders

 

Dated as of February 1,
2006

 

 

 

 

OPEN LINK FINANCIAL, INC.

 

Subordinated Convertible Subordinated Note
Purchase Agreement

 

Dated as of February 1, 2006

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I - DEFINITIONS

  	
   

  	
  1

  
	
  Section 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2.

  	
  Accounting Terms

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II -
  AUTHORIZATION, PURCHASE, SALE AND TERMS OF NOTES; PAYMENTS

  	
   

  	
   

  
	
  Section 2.1.

  	
  The Securities

  	
   

  	
  10

  
	
  Section 2.2.

  	
  Purchase of the Convertible Subordinated Notes; Conversion into
  Subordinated Notes and Warrants

  	
   

  	
  10

  
	
  Section 2.3.

  	
  Use of Proceeds

  	
   

  	
  11

  
	
  Section 2.4.

  	
  Payments and Endorsements

  	
   

  	
  11

  
	
  Section 2.5.

  	
  Redemptions and Mandatory
  Repurchase

  	
   

  	
  12

  
	
  Section 2.6.

  	
  Default Rate of Interest

  	
   

  	
  13

  
	
  Section 2.7.

  	
  Maximum Legal Rate of
  Interest

  	
   

  	
  13

  
	
  Section 2.8.

  	
  Payment on Non-Business
  Days

  	
   

  	
  13

  
	
  Section 2.9.

  	
  Transfer and Exchange of
  Notes

  	
   

  	
  13

  
	
  Section 2.10.

  	
  Replacement of Notes

  	
   

  	
  14

  
	
  Section 2.11.

  	
  Other Notices

  	
   

  	
  14

  
	
  Section 2.12.

  	
  Performance of Obligations

  	
   

  	
  14

  
	
  Section 2.13.

  	
  Issue Price; Original
  Issue Discount

  	
   

  	
  15

  
	
  Section 2.14.

  	
  Ranking

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III -
  CONDITIONS TO NOTEHOLDERS’ OBLIGATIONS

  	
   

  	
  15

  
	
  Section 3.1.

  	
  Capitalization

  	
   

  	
  15

  
	
  Section 3.2.

  	
  Prior Debt

  	
   

  	
  15

  
	
  Section 3.3.

  	
  Related Transactions

  	
   

  	
  16

  
	
  Section 3.4.

  	
  Fees

  	
   

  	
  16

  
	
  Section 3.5.

  	
  Delivery of Documents

  	
   

  	
  16

  
	
  Section 3.6.

  	
  Representations and
  Warranties

  	
   

  	
  17

  
	
  Section 3.7.

  	
  Use of Proceeds

  	
   

  	
  17

  
	
  Section 3.8.

  	
  Compliance with this
  Agreement

  	
   

  	
  17

  
	
  Section 3.9.

  	
  Legality of Transactions

  	
   

  	
  17

  
	
  Section 3.10.

  	
  Material Adverse Effect

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV -
  REPRESENTATIONS AND WARRANTIES OF THE  NOTEHOLDERS

  	
   

  	
  18

  
	
  Section 4.1.

  	
  Existence; Power

  	
   

  	
  18

  
	
  Section 4.2.

  	
  Authorization;
  Enforceability

  	
   

  	
  18

  

 

i

 

	
  Section 4.3.

  	
  Own Account

  	
   

  	
  18

  
	
  Section 4.4.

  	
  Investment Intent

  	
   

  	
  18

  
	
  Section 4.5.

  	
  Securities Laws

  	
   

  	
  18

  
	
  Section 4.6.

  	
  No Broker

  	
   

  	
  19

  
	
  Section 4.7.

  	
  No Conflicts; Governmental
  Approvals

  	
   

  	
  19

  
	
  Section 4.8.

  	
  Restrictive Legend

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V -
  REPRESENTATIONS AND WARRANTIES OF BORROWER

  	
   

  	
  19

  
	
  Section 5.1.

  	
  Organization and
  Qualification

  	
   

  	
  19

  
	
  Section 5.2.

  	
  Corporate Authority

  	
   

  	
  20

  
	
  Section 5.3.

  	
  Valid Obligations

  	
   

  	
  20

  
	
  Section 5.4.

  	
  Consents or Approvals

  	
   

  	
  20

  
	
  Section 5.5.

  	
  Title to Properties;
  Absence of Encumbrances

  	
   

  	
  21

  
	
  Section 5.6.

  	
  Location of Records and
  Collateral; Name Change

  	
   

  	
  21

  
	
  Section 5.7.

  	
  Financial Statements

  	
   

  	
  21

  
	
  Section 5.8.

  	
  Changes

  	
   

  	
  22

  
	
  Section 5.9.

  	
  Defaults

  	
   

  	
  22

  
	
  Section 5.10.

  	
  Taxes

  	
   

  	
  22

  
	
  Section 5.11.

  	
  Litigation

  	
   

  	
  22

  
	
  Section 5.12.

  	
  Subsidiaries

  	
   

  	
  22

  
	
  Section 5.13.

  	
  Investment Company Act

  	
   

  	
  22

  
	
  Section 5.14.

  	
  Compliance with ERISA

  	
   

  	
  22

  
	
  Section 5.15.

  	
  Environmental Matters

  	
   

  	
  23

  
	
  Section 5.16.

  	
  Disclosure

  	
   

  	
  24

  
	
  Section 5.17.

  	
  Solvency

  	
   

  	
  24

  
	
  Section 5.18.

  	
  Compliance with Statutes,
  etc.

  	
   

  	
  24

  
	
  Section 5.19.

  	
  Capitalization

  	
   

  	
  25

  
	
  Section 5.20.

  	
  Labor Relations

  	
   

  	
  25

  
	
  Section 5.21.

  	
  Certain Transactions

  	
   

  	
  25

  
	
  Section 5.22.

  	
  Restrictions on the
  Borrower Affiliated Group

  	
   

  	
  26

  
	
  Section 5.23.

  	
  Leases

  	
   

  	
  26

  
	
  Section 5.24.

  	
  Franchises, Patents,
  Copyrights, Etc.

  	
   

  	
  26

  
	
  Section 5.25.

  	
  [Reserved]

  	
   

  	
  26

  
	
  Section 5.26.

  	
  Material Contracts

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI -
  AFFIRMATIVE COVENANTS OF BORROWER

  	
   

  	
  26

  
	
  Section 6.1.

  	
  Financial Statements and
  other Reporting Requirements

  	
   

  	
  26

  
	
  Section 6.2.

  	
  Conduct of Business

  	
   

  	
  28

  
	
  Section 6.3.

  	
  Maintenance and Insurance

  	
   

  	
  29

  
	
  Section 6.4.

  	
  Taxes

  	
   

  	
  29

  
	
  Section 6.5.

  	
  Inspection by the
  Noteholders; Accounts

  	
   

  	
  29

  
	
  Section 6.6.

  	
  Maintenance of Books and
  Records

  	
   

  	
  30

  
	
  Section 6.7.

  	
  [Reserved.]

  	
   

  	
  30

  
	
  Section 6.8.

  	
  Use of Proceeds

  	
   

  	
  30

  
	
  Section 6.9.

  	
  Pension Plans

  	
   

  	
  30

  
	
  Section 6.10.

  	
  Fiscal Year

  	
   

  	
  30

  
	
  Section 6.11.

  	
  Further Assurances

  	
   

  	
  30

  

 

ii

 

	
  ARTICLE VII -
  NEGATIVE COVENANTS OF BORROWER

  	
   

  	
  31

  
	
  Section 7.1.

  	
  Indebtedness

  	
   

  	
  31

  
	
  Section 7.2.

  	
  Contingent Liabilities

  	
   

  	
  32

  
	
  Section 7.3.

  	
  [Reserved.]

  	
   

  	
  32

  
	
  Section 7.4.

  	
  Sale and Leaseback

  	
   

  	
  32

  
	
  Section 7.5.

  	
  Encumbrances

  	
   

  	
  32

  
	
  Section 7.6.

  	
  Merger; Consolidation;
  Sale or Lease of Assets; Acquisitions

  	
   

  	
  33

  
	
  Section 7.7.

  	
  Consolidated Leverage
  Ratio

  	
   

  	
  34

  
	
  Section 7.8.

  	
  Consolidated Fixed Charge
  Coverage Ratio

  	
   

  	
  34

  
	
  Section 7.9.

  	
  [Reserved.]

  	
   

  	
  34

  
	
  Section 7.10.

  	
  Restricted Payments

  	
   

  	
  34

  
	
  Section 7.11.

  	
  Investments

  	
   

  	
  34

  
	
  Section 7.12.

  	
  ERISA

  	
   

  	
  34

  
	
  Section 7.13.

  	
  Transactions with
  Affiliates

  	
   

  	
  35

  
	
  Section 7.14.

  	
  Loans

  	
   

  	
  35

  
	
  Section 7.15.

  	
  No Amendments to Certain
  Documents

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII -
  DEFAULT

  	
   

  	
  36

  
	
  Section 8.1.

  	
  Events of Default

  	
   

  	
  36

  
	
  Section 8.2.

  	
  Cure

  	
   

  	
  39

  
	
  Section 8.3.

  	
  Rights and Remedies on
  Default

  	
   

  	
  39

  
	
  Section 8.4.

  	
  Nature of Remedies

  	
   

  	
  40

  
	
  Section 8.5.

  	
  Set-Off

  	
   

  	
  40

  
	
  Section 8.6.

  	
  Distribution of Proceeds

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX -
  MISCELLANEOUS

  	
   

  	
  40

  
	
  Section 9.1.

  	
  No Waiver; Cumulative
  Remedies

  	
   

  	
  40

  
	
  Section 9.2.

  	
  Amendments, Waivers and
  Consents

  	
   

  	
  41

  
	
  Section 9.3.

  	
  Addresses for Notices, Etc.

  	
   

  	
  41

  
	
  Section 9.4.

  	
  Costs, Expenses and Taxes

  	
   

  	
  42

  
	
  Section 9.5.

  	
  Assignability; Binding
  Agreement

  	
   

  	
  42

  
	
  Section 9.6.

  	
  Payments in Respect of
  Notes

  	
   

  	
  42

  
	
  Section 9.7.

  	
  Indemnification

  	
   

  	
  42

  
	
  Section 9.8.

  	
  Survival of Representations
  and Warranties

  	
   

  	
  43

  
	
  Section 9.9.

  	
  Prior Agreements

  	
   

  	
  43

  
	
  Section 9.10.

  	
  Severability

  	
   

  	
  44

  
	
  Section 9.11.

  	
  Governing Law

  	
   

  	
  44

  
	
  Section 9.12.

  	
  Jury Waiver

  	
   

  	
  44

  
	
  Section 9.13.

  	
  Counterparts

  	
   

  	
  44

  
	
  Section 9.14.

  	
  Further Assurances

  	
   

  	
  44

  
	
  Section 9.15.

  	
  Specific Performance

  	
   

  	
  44

  
	
  Section 9.16.

  	
  Actions by Noteholders

  	
   

  	
  44

  
	
  Section 9.17.

  	
  Limitation of Liability

  	
   

  	
  45

  

 

iii

 

SCHEDULES,
EXHIBITS & ANNEXES

 

	
  Exhibits

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Form of Joinder Agreement

  
	
  Exhibit 2.1

  	
   

  	
  Form of Convertible Subordinated Note

  
	
  Exhibit 2.1(i)

  	
   

  	
  Form of Subordinated Note

  
	
  Exhibit 2.1(ii)

  	
   

  	
  Form of Warrant

  
	
  Exhibit 2.2

  	
   

  	
  Allocation of Convertible Subordinated Note Purchase Amount

  
	
  Exhibit 2.2(i)

  	
   

  	
  Allocation of Subordinated Note Purchase Amount

  
	
  Exhibit 2.2(ii)

  	
   

  	
  Allocation of Warrant Shares

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 5.1

  	
   

  	
  Jurisdiction of Organization

  
	
  Schedule 5.5

  	
   

  	
  Existing Encumbrances

  
	
  Schedule 5.6

  	
   

  	
  Location of Books and Records

  
	
  Schedule 5.11

  	
   

  	
  Litigation

  
	
  Schedule 5.12

  	
   

  	
  Subsidiaries

  
	
  Schedule 5.15

  	
   

  	
  Environmental Liabilities

  
	
  Schedule 5.19

  	
   

  	
  Capitalization

  
	
  Schedule 5.20

  	
   

  	
  Labor Relations

  
	
  Schedule 5.21

  	
   

  	
  Transactions with Affiliates

  
	
  Schedule 5.23

  	
   

  	
  Leases

  
	
  Schedule 5.24

  	
   

  	
  Intellectual Property Exceptions

  
	
  Schedule 5.26

  	
   

  	
  Material Contracts

  
	
  Schedule 7.1

  	
   

  	
  Existing Indebtedness

  
	
  Schedule 7.2

  	
   

  	
  Existing Guarantees

  
	
  Schedule 7.5

  	
   

  	
  Existing Encumbrances

  

 

iv

 

SUBORDINATED
CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This Subordinated Convertible Note Purchase
Agreement is dated as of February 1, 2006 (as amended, restated or
otherwise modified and in effect from time to time, this “Agreement”) by and
among Open Link Financial, Inc., a Delaware corporation (“Borrower”), TA
Subordinated Debt Fund, L.P., a Delaware limited partnership (“TA Debt Fund” or
a “Noteholder”), and TA Investors II, L.P., a Delaware limited partnership (a “Noteholder”
and, together with TA Debt Fund and their successors and assigns, “Noteholders”).

 

In consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

 

ARTICLE I
-DEFINITIONS

 

Section 1.1.           Definitions. As used herein, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):

 

“Account and Accounts Receivable” shall mean,
individually and collectively, all rights to payment for goods sold or leased
or for services rendered, all sums of money or other proceeds due or becoming
due thereon (including, without limitation, all accounts receivable, notes,
bills, drafts, acceptances, instruments, documents, chattel paper and all other
debts, obligations and liabilities in whatever form owing to any Person
for goods sold by it or for services rendered by it), all guaranties and security
therefor, and all right, title and interest of such Person in the goods or
services giving rise thereto and the rights pertaining to such goods, including
rights of reclamation and stoppage in transit, and all related insurance,
whether any of the foregoing be now existing or hereafter arising, now or
hereafter received by or owing or belonging to such Person.

 

“Affiliate” shall mean, with reference to any
Person, (i) any director or officer of that Person, (ii) any other
Person controlling, controlled by or under direct or indirect common control
with that Person, (iii) any other Person directly or indirectly holding
10% or more of any class of the capital stock or other equity interests
(including options, warrants, convertible securities and similar rights) of
that Person, (iv) any other Person that possesses, directly or indirectly,
power to direct or cause the direction of management or policies (whether
through ownership of securities or partnership or other ownership interests, by
contract or otherwise) of that Person, and (v) any other Person in which
such Person holds directly or indirectly 10% or more of any class of the
capital stock or other equity interests (including options, warrants,
convertible securities and similar rights) of such other Person.
Notwithstanding the foregoing, none of the Noteholders shall be deemed to be an
Affiliate of any member of the Borrower Affiliated Group; no portfolio company
controlled by TA Associates or its Affiliates shall be deemed an Affiliate of
any member of the Borrower Affiliated Group as a result of the ownership or
operation of such portfolio company by TA Associates or its Affiliates.

 

“Agreement” shall mean this Agreement as amended,
restated or otherwise modified and in effect from time to time.

 

“Applicable Law” shall mean all applicable laws,
statutes and rules and regulations thereunder and interpretations thereof
by any court of competent jurisdiction or by any

 

 

Governmental Authority or official charged with the
administration or the interpretation thereof and requests, directives,
instructions and notices at any time or from time to time heretofore or
hereafter made upon or otherwise issued to any Noteholder by any central bank
or other fiscal, monetary or other authority, whether or not having the force
of law, including, without limitation, any change according to a prescribed schedule of
increasing requirements.

 

“Borrower” shall have the meaning set forth in the
Preamble.

 

“Borrower Affiliated Group” shall mean,
collectively, (i) the Borrower and (ii) all of its Subsidiaries.

 

“Business Day” shall mean any day other than a
Saturday, Sunday or legal holiday on which banks in Boston, Massachusetts are
open for the conduct of a substantial part of their commercial banking
business.

 

“Capital Expenditures” shall mean, to the extent
capitalized in accordance with GAAP, any expenditure for fixed assets (both
tangible and intangible) including assets being constructed (whether or not
completed), leasehold improvements, capital leases under GAAP, installment
purchases of machinery and equipment, acquisitions of real estate and other
similar expenditures including (i) in the case of a purchase, the entire
purchase price, whether or not paid during the fiscal period in question, (ii) in
the case of a capital lease, the capitalized amount thereof (determined in
accordance with GAAP) and (iii) without duplication, expenditures in or
from any construction-in-progress account of the Borrower or any other member
of the Borrower Affiliated Group.

 

“CERCLA” shall mean the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as the same may from
time to time be supplemented or amended and remain in effect.

 

“Closing” shall have the meaning assigned to that
term in Section 2.2.

 

“Closing Date” shall have the meaning assigned to
that term in Section 2.2.

 

“Code” shall mean the Internal Revenue Code of 1986,
as amended.

 

“Common Stock” includes (i) the voting common
stock of Borrower, par value $0.01 per share, as authorized on the date of this
Agreement, (ii) any other common stock of any class or classes
(however designated) of Borrower, authorized on or after the date hereof, and (iii) any
other securities into which or for which any of the securities described in (i) or
(ii) above may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

 

“Consolidated and Consolidating” shall mean the
terms Consolidated and Consolidating shall have the respective meanings
ascribed to such terms under GAAP.

 

“Consolidated Fixed Charge Coverage Ratio” shall
mean and include, with respect to any fiscal period, the ratio of (a) EBITDA
minus non-financed Capital Expenditures made during such period minus cash
taxes actually paid by Borrower and its Subsidiaries during such period to (b) all
scheduled principal and interest payments on the Total Funded Debt of the
Borrower and its Subsidiaries made during such period.

 

“Consolidated Leverage Ratio” shall mean as at the
end of any fiscal quarter of the Borrower Affiliated Group, the ratio of (i) Consolidated
Total Funded Debt as at the end of such

 

2

 

fiscal
quarter, to (ii) EBITDA for the four consecutive fiscal quarters of the
Borrower Affiliated Group ending on the last day of such fiscal quarter.

 

“Consolidated Net Income” shall mean in relation to
the Borrower Affiliated Group on a Consolidated basis for any period, the net
income of the Borrower Affiliated Group after deduction of all expenses, taxes
and other proper charges, determined in accordance with GAAP (with Inventory
being determined on a “first-in, first-out” basis), for such period, but
without giving effect to any GAAP extraordinary gains or losses.

 

“Controlled Group” shall mean all trades or
businesses (whether or not incorporated) under common control that, together
with the Borrower, are treated as a single employer under Section 414(b) or
414(c) of the Code or Section 4001 of ERISA.

 

“Dollar or $” shall mean dollars in lawful currency
of the United States of America.

 

“EBITDA” shall mean in relation to the Borrower
Affiliated Group on a Consolidated basis for any period, an amount equal to
Consolidated Net Income of the Borrower Affiliated Group for such period, plus
the following to the extent deducted in computing such Consolidated Net Income
for such period: (i) Interest Charges for such period, (ii) taxes on
income for such period, (iii) depreciation for such period, (iv) stock
based compensation expense for such period, (v) any non-cash charges for
such period in an amount not in excess of $750,000, (vi) amortization for
such period, (vii) any Stay Bonus proceeds paid during such period, (viii) expenses
related to non-cash foreign-exchange losses incurred during such period and (viii) non-cash
purchase accounting effects related to the Related Transactions, including loss
of deferred revenue, but solely for the first 18 months following the date of
this Agreement.

 

“Encumbrances” shall have the meaning ascribed
thereto in Section 7.5.

 

“Environmental Laws” shall mean any and all
applicable foreign, federal, state, local and provincial environmental, health
or safety statutes, laws, regulations, ordinances, policies and or common law
(whether now existing or hereafter enacted or promulgated), of all federal,
state, local, provincial or other governmental authorities, agencies,
commissions, boards, bureaus or departments which now or hereafter have
jurisdiction over the Borrower or any other member of the Borrower Affiliated
Group and all applicable, binding and enforceable judicial and administrative
and regulatory decrees, judgments and orders, including common law rulings and
determinations, relating to injury to, or the protection of, human health or
the environment, including, without limitation, all requirements pertaining to
reporting, licensing, permitting, investigation, remediation and removal of
emissions, discharges, releases or threatened releases of Hazardous Materials
into the environment or relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of such Hazardous
Materials.

 

“ERISA” shall mean the Employee Retirement Income
Security Act of 1974 and the rules and regulations thereunder,
collectively, as the same may from time to time be supplemented or amended
and remain in effect.

 

“Equity Securities” shall mean as to any Person, any
shares of any class of capital stock or other equity interests of such
Person, voting or non-voting, or any options, warrants or similar rights with
respect to any such shares or other equity interests.

 

“Event of Default” shall have the meaning assigned
to that term in Section 8.1.

 

3

 

“GAAP” or “generally accepted accounting principles”
shall mean accounting principles that are (a) consistent with the
principles promulgated or adopted by the Financial Accounting Standards Board
and its predecessors, as in effect from time to time, and (b) consistently
applied with past financial statements of Borrower adopting the same
principles; provided that in each case referred to in this definition of “generally
accepted accounting principles” a certified public accountant would, insofar as
the use of such accounting principles is pertinent, be in a position to deliver
an unqualified opinion (other than a qualification regarding changes in
generally accepted accounting principles) as to financial statements in which
such principles have been properly applied.

 

“Governmental Authority” shall mean the government
of any nation, state, city, locality or other political subdivision of any
thereof, any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, and any corporation or
other entity owned or controlled, through stock or capital ownership or
otherwise, by any of the foregoing.

 

“Guarantees” shall mean as applied to any Person,
without duplication, all guarantees, endorsements or other contingent or surety
obligations with respect to obligations of others whether or not reflected on
such Person’s Consolidated balance sheet, including any obligation to furnish
funds, directly or indirectly (whether by virtue of partnership arrangements,
by agreement to keep- well or otherwise), through the purchase of goods,
supplies or services, or by way of stock purchase, capital contribution,
advance or loan, or to enter into a contract for any of the foregoing, for the
purpose of payment of obligations of any other Person.

 

“Hazardous Material” shall mean any substance (i) the
presence of which requires or may hereafter require notification,
investigation or remediation under any Environmental Law; (ii) which is or
becomes defined as a “hazardous waste” or “hazardous material” or “hazardous
substance” or “controlled industrial waste” or “pollutant” or “contaminant”
under any present or future Environmental Law or amendments thereto including,
without limitation, CERCLA, the Canadian Environmental Protection Act (Canada)
and any applicable local or provincial statutes and the regulations promulgated
thereunder; (iii) which is toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and is
or becomes regulated by any governmental authority, agency, department,
commission, board or instrumentality of any foreign country, the United States,
any state of the United States, or any political subdivision thereof to the
extent any of the foregoing has or had jurisdiction over the Borrower or any
other member of the Borrower Affiliated Group; or (iv) which could pose a
danger to the environment or to the health or safety of any person, including,
without limitation, gasoline, diesel fuel, oil or other petroleum products,
asbestos, asbestos containing materials (“ACM”), polychlorinated biphenyls (“PCB’s”),
radon gas, urea formaldehyde, flammable materials or radioactive material.

 

“Holdco” shall mean OLF Acquisition Corp., a
Delaware corporation.

 

“Indebtedness” shall mean as applied to any Person, (i) all
obligations for borrowed money or other extensions of credit whether secured or
unsecured, absolute or contingent, including, without limitation, unmatured
reimbursement obligations with respect to letters of credit or guarantees
issued for the account of or on behalf of such Person, and all obligations
representing the deferred purchase price of property, other than accounts
payable arising in the ordinary course of business, (ii) all obligations
evidenced by bonds, notes, debentures or other similar instruments, (iii) all
obligations secured by any mortgage, pledge, security interest or other lien on
property

 

4

 

owned or acquired by such Person, whether or not the
obligations secured thereby shall have been assumed, (iv) all obligations
under synthetic leases, (v) that portion of all obligations arising under
capital leases that is required to be capitalized on the Consolidated balance
sheet of such Person, and (vi) all Guarantees.

 

“Initial Financial Statement” Shall have the meaning
ascribed thereto in Section 5.7.

 

“Insolvent or Insolvency” shall mean the occurrence
of one or more of the following events with respect to a Person: dissolution;
termination of existence; insolvency within the meaning of the United States
Bankruptcy Code or other foreign or domestic applicable statutes; such Person’s
inability to pay its debts generally as they come due; appointment of a
receiver of any substantial part of the property of, execution of a trust
mortgage or an assignment for the benefit of creditors generally by, or the
entry of an order for relief or the filing of a petition in bankruptcy or the
commencement of any proceedings under any bankruptcy or insolvency laws, or any
laws relating to the relief of debtors or readjustment of indebtedness
generally, or the offering of a plan to creditors for composition or extension,
except for an involuntary proceeding commenced against such Person which is
dismissed within 60 days after the commencement thereof without the entry or an
order for relief or the appointment of a trustee.

 

“Interest Charges” shall mean for any period, means,
without duplication, all interest, both expensed and capitalized, and all
amortization of debt discount and expense (including commitment fees, letter of
credit fees and similar expenses) on any particular Indebtedness (including
outstanding letters of credit) for which such calculations are being made, all
as determined in accordance with GAAP. Computations of Interest Charges on a pro
forma basis for Indebtedness having a variable
interest rate shall be calculated at the rate in effect on the date of any
determination.

 

“Inventory” shall mean goods, merchandise and other
personal property, now owned or hereafter acquired by a Person, which are held
for sale or lease or are furnished or to be furnished under a contract of
service or are raw materials, work in process or materials used or consumed or
to be used or consumed in such Person’s business.

 

“Investment” shall mean as applied to any Person, (i) the
purchase or acquisition of any share of capital stock, partnership interest,
limited liability company membership interest or other Equity Security, of any
other Person, or the contribution to the capital of any other Person (ii) any
loan, advance or extension of credit to, or the purchase of any evidence of
indebtedness of any other Person, (iii) any real estate held for sale or
investment, (iv) any commodities futures contracts held other than in
connection with bona fide hedging transactions, (v) any other investment
in any other Person, and (vi) the making of any written commitment or
acquisition of any option to make an Investment.

 

“Investment Documents” shall mean collectively, (i) the
Major Stockholder Contribution and Exchange Agreement, dated as of the date
hereof, among Holdco, Coleman Fung, and the Investors named therein, (ii) the
Contribution and Exchange Agreement, dated as of the date hereof, among Holdco
and the holders of shares of the Borrower’s Common Stock named therein, and (iii) each
of the other documents, instruments and agreements executed and delivered in
connection with the Investment Transaction.

 

“Investment Transaction” shall mean the investment
by TA Equity of at least $45,000,000 of new cash equity in Holdco, which will be
contributed to the Borrower upon and as a result of the

 

5

 

consummation
of the Merger Transaction, and the contribution by certain current stockholders
of the Borrower of common stock in the Borrower in exchange for cash and common
stock in Holdco.

 

“Leases or Lease” shall mean any agreement granting
a Person the right to occupy space in a structure or real estate for any period
of time or any capital lease, operating lease or other lease of or agreement to
use personal property including, but not limited to, machinery, equipment,
furniture and fixtures, whether evidenced by written or oral lease, contract,
sales agreement or other agreement no matter how characterized.

 

“Mandatory Repurchase Event” shall mean the
occurrence of any one of any of the following events: (a) the stockholders
of Borrower immediately after giving effect to the consummation of the Related
Transactions, shall collectively cease to, directly or indirectly, own and
control a majority of the outstanding equity interests of Borrower; (b) a
majority of Borrower’s board of directors (or similar governing body) shall
cease to consist of the directors (or similar parties) of Borrower on the
Closing Date (after giving effect to the Related Transactions) and other
directors (or similar parties) whose nomination for election to Borrower’s
board of directors (or similar governing body) is recommended by at least a
majority of the foregoing described directors (or similar parties), (c) any
change in equity ownership of the Borrower which would result in TA ceasing at
any time to, directly or indirectly, have the power to elect a majority of the
Board of Directors of the Borrower, (d) there shall be consummated (i) any
consolidation or merger of Borrower where the equity interest holders of
Borrower, immediately prior to the consolidation or merger, would not,
immediately after the consolidation or merger, beneficially own, directly or
indirectly, shares or other equity interests representing a majority of the
voting power of the corporation or other entity issuing cash or securities in
the consolidation or merger (or of its ultimate parent corporation or other
entity, if any), (ii) any sale or transfer of all or substantially all of
the assets of Borrower and its Subsidiaries, taken as a whole, and (iii) any
plan or proposal for the liquidation, winding up or dissolution of Borrower or
any material Subsidiary (as the case may be) or (e) Borrower’s
initial public offering of its equity interests.

 

“Material Adverse Effect” shall mean with respect to
any event or occurrence of whatever nature (including any adverse determination
in any litigation, arbitration or governmental investigation or proceeding),
which, taken together with all other then existing events could reasonably be
expected to result in:

 

(a)                                       a material adverse effect on the business,
financial condition or results of operations of the Borrower Affiliated Group,
taken as a whole;

 

(b)                                      an adverse effect on the ability of the
Borrower or the Borrower Affiliated Group, taken as a whole, to perform any
of their respective Obligations under any of the Subordinated Notes Documents
to which such Person is a party; or

 

(c)                                       any impairment of the validity, binding
effect or enforceability of this Agreement or any of the other Subordinated
Notes Documents, or any material impairment of the rights, remedies or benefits
available to the Noteholders under any Subordinated Notes Document.

 

“Material Contracts” shall have the meaning ascribed
thereto in Section 5.26.

 

6

 

“Merger Documents” shall mean collectively, (i) the
Certificate of Ownership and Merger, (ii) the Stockholders Agreement,
dated as the date hereof, among the Borrower, the Management Stockholders
therein defined, and the Investors therein defined, (iii) the Registration
Rights Agreement, dated as of the date hereof, among the Borrower, the
Investors defined therein, and the Management Stockholders defined therein, (iv) the
Stock Restriction Agreement, dated as of the date hereof, among the Borrower,
the Stockholders defined therein, and the Investors defined therein, (v) the
employment agreements of Coleman Fung and Kevin Hesselbirg, (vi) the
option termination agreements with each option holder, and (vii) all other
agreements, instruments and documents entered into in connection with the
Merger Transaction.

 

“Merger Transaction” shall mean the merger of Holdco
with and into the Borrower immediately prior to the closing hereunder.

 

“Notes” shall mean, (i) prior to the Conversion
Date, the Convertible Subordinated Notes and (ii) after the Conversion
Date, the Subordinated Notes.

 

“Obligations” shall mean all now existing or
hereafter arising debts, obligations, covenants, and duties of payment or performance
of every kind, matured or unmatured, direct or contingent, owing, arising, due,
or payable to the Noteholders, by or from Borrower, whether existing on the
date of this Agreement or arising thereafter, whether arising out of this
Agreement or any other Subordinated Notes Documents or any other instrument or
agreement arising in connection herewith, including, without limitation, all
obligations to repay principal of and interest on the Notes, and to pay
interest, fees, costs, charges, expenses, professional fees, and all sums
chargeable to Borrower, under the Subordinated Notes Documents, whether or not
evidenced by any note or other instrument.

 

“Opening Balance Sheet” shall mean the Consolidated
and Consolidating balance sheet of the Borrower Affiliated Group dated as of
the day the Related Transactions are consummated (and after giving effect
thereto), prepared in accordance with GAAP and reflecting actual Consolidated
and Consolidating figures for the Borrower Affiliated Group after the consummation
of the Related Transactions and the Notes issued hereunder.

 

“PBGC” shall mean the Pension Benefit Guaranty
Corporation or any entity succeeding to any or all of its functions under
ERISA.

 

“PCB” shall have the meaning ascribed thereto in the
definition of Hazardous Material.

 

“Permitted Encumbrances” shall have the meaning
ascribed thereto in Section 7.5.

 

“Person” shall mean any individual, corporation,
partnership, limited liability company, trust, unincorporated association,
business, or other legal entity, and any government or any governmental agency
or political subdivision thereof.

 

“Plan” shall mean at any time, an employee pension
or other benefit plan that is subject to Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code and is either (i) maintained
by the Borrower or any member of the Controlled Group for employees of the
Borrower or any member of the Controlled Group or (ii) if such Plan is
established or maintained pursuant to a collective bargaining agreement or any
other arrangement under which more than one employer makes contributions and to
which the Borrower or any member of the Controlled Group is then making or
accruing an obligation to make contributions or has within the preceding five
Plan years made contributions.

 

7

 

“Pro Forma Financial Statement” shall have the
meaning ascribed thereto in Section 5.7.

 

“Qualified Investments” shall mean as applied to the
Borrower or any other member of the Borrower Affiliated Group, investments in (i) notes,
bonds or other obligations of the United States of America or any agency
thereof that as to principal and interest constitute direct obligations of or
are guaranteed by the United States of America, (ii) certificates of
deposit or other deposit instruments or accounts of banks or trust companies
organized under the laws of the United States or any state thereof that have
capital and surplus of at least $100,000,000, (iii) commercial paper that
is rated not less than prime-one or A-1 or their equivalents by Moody’s
Investors Service, Inc. or Standard & Poor’s Corporation,
respectively, or their successors, and (iv) any auction-rate preferred
securities rated AAA or its equivalent by Moody’s or S&P or their successors,
and (v) any repurchase agreement secured by any one or more of the
foregoing.

 

“Related Agreements” shall mean the Merger
Documents, Investment Documents and the Senior Debt Documents.

 

“Related Transactions” shall mean the transactions
contemplated by the Related Agreements.

 

“Reportable Event” shall have the meaning ascribed
thereto in Section 6.1(g).

 

“Restricted Payment” shall mean (i) any cash or
property dividend, distribution or other payment, direct or indirect, by the
Borrower or any of its Subsidiaries to any Person who now holds, or who at the
relevant time of reference holds, an equity interest in the Borrower or any of
its Subsidiaries, whether evidenced by a security or not, other than (x) compensation
and bonuses paid to employees of the Borrower and its Subsidiaries in the
ordinary course of business, (y) dividends payable solely in shares of any
class of capital stock to holders of that class, and (z) loans and
advances made to employees for taxes incurred by such employees in connection
with the Related Transactions (ii) any payment on account of the purchase,
redemption, retirement or other acquisition for value of any capital stock of
the Borrower or its Subsidiaries, or any other payment or distribution made in
respect thereof, either directly or indirectly, (iii) any management or
similar fees paid or payable by any member of the Borrower Affiliated Group to
any Person who now holds, or in the future holds, directly or indirectly, an
equity interest in the Borrower or any of its Subsidiaries, (iv) any
payment on or in respect of any Subordinated Debt, and (v) any payment
made in respect of any Stay Bonus.

 

“Securities” shall mean, collectively, the
Convertible Subordinated Notes, the Subordinated Notes, the Warrants and the
Warrant Shares.

 

“Securities Act” shall mean the Securities Act of
1933, as amended, or any similar successor federal statute, and the rules and
regulations of the Securities and Exchange Commission thereunder, all as the
same shall be in effect at the time.

 

“Senior Lender” shall mean Bank of America, N.A. and
its successors and assigns as permitted under the Senior Loan Agreement.

 

“Senior Loan Agreement” shall mean that certain
Revolving Credit and Term Loan Agreement dated as of the date hereof between
Borrower and Senior Lender, as amended, supplemented, replaced or otherwise
modified from time to time.

 

“Senior Debt Documents” shall mean the “Loan
Documents” as such term is defined in the Senior Loan Agreement.

 

8

 

“Solvency Certificates” shall mean the solvency
certificate dated as of the date hereof and executed and delivered by the chief
financial officer of the Borrower to the Noteholders on behalf of the Borrower
Affiliated Group on a Consolidated basis.

 

“Stay Bonus” shall mean, proceeds of the Related
Transactions representing (i) option exercise stay bonuses for certain
unvested option shares, which shall be paid out in accordance with the vesting schedule for
those option shares and the terms of any applicable stay bonus agreement, and (ii) management
stay bonuses, which shall be held in escrow and paid out in accordance with the
terms of the Retention Bonus Plan of the Borrower and any applicable
participation letters dated as of the date hereof.

 

“Subordinated Debt” means debt or other obligations
of Borrower that is subordinated to the Obligations on terms and conditions
that are satisfactory to the Noteholders in their sole discretion.

 

“Subordinated Notes Documents” shall mean this
Agreement, the Notes and the Warrants and any certificate, instrument or
agreement delivered in connection therewith.

 

“Subsidiary” shall mean any corporation,
association, joint stock company, business trust or other similar organization
of which 50% or more of the ordinary voting power for the election of a
majority of the members of the board of directors or other governing body of
such entity is held or controlled by a Person or a Subsidiary of such Person;
or any other such organization the management of which is directly or
indirectly controlled by a Person or a Subsidiary of such Person through the
exercise of voting power or otherwise; or any joint venture, whether
incorporated or not, in which a Person has a 50% or more ownership interest.

 

“TA Associates” shall mean TA Associates, Inc.,
a Delaware corporation.

 

“TA Subordination Agreement” shall mean the
Subordinated Note Intercreditor and Subordination Agreement dated as of the
date hereof among the Noteholders, the Senior Lender and the Borrower.

 

“Total Funded Debt” shall mean as at any date of
determination, on a Consolidated basis for the Borrower Affiliated Group, the
sum of (i) the aggregate principal amount of the Notes (including any
accrued but unpaid interest) outstanding on such date, plus (ii) the
stated amount of any letters of credit issued for the account of the Borrower
Affiliated Group outstanding on such date, plus (iii) the aggregate amount of the Loans (as defined in the Senior
Loan Agreement) outstanding under the Senior Debt Documents on such date, plus (iv) all principal obligations arising under capital leases in
effect on such date required to be capitalized in accordance with GAAP, plus (v) all other Guarantees and Indebtedness for borrowed money of
the Borrower Affiliated Group outstanding on such date.

 

Section 1.2.           Accounting Terms. All accounting terms not specifically
defined herein shall be construed in accordance with GAAP, and all financial
data submitted pursuant to this Agreement and all financial tests to be
calculated in accordance with this Agreement shall be prepared and calculated
in accordance with GAAP. All financial tests relating to Borrower or any of its
Subsidiaries shall be calculated with respect to Borrower and its Subsidiaries
on a consolidated basis.

 

9

 

ARTICLE II
-AUTHORIZATION, PURCHASE, SALE AND TERMS OF NOTES; PAYMENTS

 

Section 2.1.           The Securities. Borrower has authorized the issuance of
senior subordinated convertible notes due December 31, 2011 in the
aggregate original principal amount of $20,000,000 (individually, a “Convertible
Subordinated Note”, collectively, and together with any notes delivered in
exchange or replacement therefor, the “Convertible Subordinated Notes”). The
Convertible Subordinated Notes shall be in the form set forth as Exhibit 2.1
attached hereto and shall (a) be payable on December 31, 2011 and (b) bear
interest compounded quarterly (based on a 360-day year of twelve 30-day months)
on the unpaid principal amount thereof until paid in full at the rate of 12%
per annum, payable in cash quarterly in arrears on March 31, June 30,
September 30 and December 31 in each year, commencing March 31,
2006, and at maturity or prior prepayment of the Convertible Subordinated Notes
in whole or in part (in the event of any partial prepayment, the Borrower
shall pay, on the date of such partial prepayment, all accrued but unpaid
interest on such prepaid amount). The Convertible Subordinated Notes shall be
convertible at any time, in whole but not in part, upon the Noteholders’
delivery of notice to Borrower of their intent to convert, into (i) senior
subordinated notes due December 31, 2011 in the aggregate principal amount
outstanding on the Convertible Subordinated Notes at the time of conversion and
the Borrower shall pay all accrued but unpaid interest on the Convertible
Subordinated Notes on the date of conversion, in the form set forth as Exhibit 2.1(i) attached
hereto (each referred to herein individually as a “Subordinated Note” and
collectively, together with any notes delivered in exchange or replacement
thereof, as the “Subordinated Notes”), and (ii) common stock purchase
warrants of Borrower for right to purchase an aggregate of 955,773 shares of
Common Stock (subject to adjustment as provided in the Warrant) (the “Warrant
Shares”) exercisable upon the conversion of the Convertible Subordinated Notes
at a price per share of $.01 (subject to adjustment as provided in the
Warrant), in the form set forth as Exhibit 2.1(ii) attached
hereto (referred to herein individually as a “Warrant” and collectively,
together any warrants delivered in exchange or replacement therefore, as the “Warrants”).
The Subordinated Notes shall (a) be payable on December 31, 2011, and
(b) from the date of conversion, bear interest compounded quarterly (based
on a 360-day year of twelve 30-day months) on the unpaid principal amount
thereof outstanding from time to time until paid in full at the rate of 12% per
annum, payable in cash quarterly in arrears on March 31, June 30, September 30
and December 31 in each year, commencing on the Conversion Date, and at
maturity or prior payments of the Subordinated Notes in whole or in part (in
the event of any partial prepayment, the Borrower shall pay, on the date of
such partial prepayment, all accrued but unpaid interest on such prepaid
amount). Borrower has authorized the issuance to the Noteholders of the
Convertible Subordinated Notes, and upon conversion thereof, the Subordinated
Notes and the Warrants, and, upon exercise of the Warrants, the issuance and
sale of the Warrant Shares.

 

Section 2.2.           Purchase of the Convertible
Subordinated Notes; Conversion into Subordinated Notes and Warrants. Subject to and in reliance upon the
representations and warranties of Borrower contained in this Agreement and upon
the other terms and conditions hereof, each Noteholder severally agrees to
purchase Convertible Subordinated Notes from Borrower in the principal amount
set forth opposite such Noteholder’s name on Exhibit 2.2 attached hereto.
The Convertible Subordinated Notes shall be purchased at a closing (the “Closing”)
to be held at such location as agreed to by Borrower and the Noteholders, at
10:00 a.m.

 

10

 

local
time on the date on which this Agreement is executed and delivered and the
conditions described in Article III hereof have been satisfied (the “Closing
Date”). At the Closing, Borrower will initially issue one Convertible
Subordinated Note to each Noteholder, payable to such Noteholder or its registered
assigns, in the principal amount set forth opposite such Noteholder’s name on Exhibit 2.2,
against receipt of immediately available funds by wire transfer to an account
or accounts designated by Borrower prior to the Closing in the amount set forth
next to such Noteholder’s name on Exhibit 2.2 (or in such other manner as
is set forth on Exhibit 2.2). On the date that the Noteholders deliver
notice to the Company of their intent to convert the Convertible Subordinated
Notes (the “Conversion Date”), each such Convertible Subordinated Note shall be
deemed as of such date to be converted into (a) a Subordinated Note in the
principal amount set forth opposite such Noteholder’s name on Exhibit 2.2(a) attached
hereto, and (b) a Warrant to purchase the number of Warrant Shares set
forth opposite such Noteholder’s name on Exhibit 2.2(b) attached
hereto. No less than the full principal amount of Convertible Subordinated
Notes outstanding immediately prior to such Conversion Date shall be converted
on such Conversion Date in accordance with this Section 2.2. On the
Conversion Date, Borrower will immediately execute and deliver the Subordinate
Note(s) and the Warrant(s) to the applicable Noteholder(s), and the
holder of any Convertible Subordinated Note shall deliver such Convertible
Subordinated Note to the Borrower to be canceled and of no further force or
effect.

 

Section 2.3.           Use of Proceeds. Borrower agrees to use the full proceeds of
the Convertible Subordinated Notes to consummate the transactions contemplated
in the Merger Documents and the Investment Documents.

 

Section 2.4.           Payments and Endorsements.

 

(a)                                       Payments of principal, interest and premium,
if any, on the Notes shall be made without set off or counterclaim, directly by
wire transfer to an account designated in writing by each Noteholder, without
any presentment or notation of payment, except that prior to any transfer of
any Note, the holder thereof shall endorse on such Note a record of the date to
which interest has been paid and all payments made on account of principal of
such Note. All payments and prepayments of principal of, and interest on, the
Notes shall be applied (to the extent thereof) to all of the Notes pro rata
based on the principal amount outstanding and held by each holder thereof.

 

(b)                                      Anything herein to the contrary
notwithstanding, if any changes in present or future Applicable Law shall
impose on Borrower any obligation with respect to any amount payable by it
hereunder or under any of the other Related Agreements to withhold or deduct
any taxes, levies, imposts, duties, charges, fees, deductions or withholdings,
Borrower will pay to the Noteholders, on the date on which such amount is due
and payable hereunder or under such other Related Agreements, such additional
amount in United States dollars as shall be necessary to enable the Noteholders
to receive the same net amount which the Noteholders would have received on
such due date if no such obligation had been imposed upon Borrower.

 

(c)                                       The obligations of Borrower under this Section 2.4
shall survive the payment in full of all amounts due hereunder or under the
Notes.

 

11

 

Section 2.5.           Redemptions and Mandatory
Repurchase.

 

2.5.1        Required
Redemption. On the stated or
accelerated maturity of the Notes, Borrower will pay the principal amount of
the Notes then outstanding together with all accrued and unpaid interest
thereon. No redemption of less than all of the Notes shall affect the
obligation of Borrower to make the redemption required by this sub-Section.

 

2.5.2        Optional
Redemptions. In addition to
the redemption of the Notes required under sub-Section 2.5.1, Borrower
may, at any time, voluntarily redeem the Notes, in whole or in part (in
integral multiples of Five Hundred Thousand Dollars ($500,000)), together with
all accrued and unpaid interest on the amount so redeemed through the date of
redemption, at a redemption price equal to:

 

(a)             if such voluntary redemption, including a
redemption pursuant to sub-Section 2.5.4, occurs on or prior to the first
anniversary of the date of this Agreement, one hundred six percent (106%) of
the sum of the principal amount to be redeemed plus any accrued but unpaid
interest thereon;

 

(b)             if such voluntary redemption, including a
redemption pursuant to sub-Section 2.5.4, occurs after the first
anniversary of this Agreement but on or prior to the second anniversary of this
Agreement, one hundred four percent (104%) of the sum of the principal amount
to be redeemed plus any accrued but unpaid interest thereon;

 

(c)             if such voluntary redemption, including a
redemption pursuant to sub-Section 2.5.4, occurs after the second
anniversary of this Agreement but on or prior to the third anniversary of this
Agreement, one hundred two percent (102%) of the sum of the principal amount to
be redeemed plus any accrued but unpaid interest thereon; or

 

(d)             if such voluntary redemption, including a
redemption pursuant to sub-Section 2.5.4, occurs after the third
anniversary of this Agreement, one hundred percent (100%) of the sum of the
principal amount to be redeemed plus any accrued but unpaid interest thereon;

 

2.5.3          Notice
of Redemptions: Pro Rata Redemptions. Written notice of any redemption pursuant to sub-Section 2.5.1
or sub-Section 2.5.2 shall be given to all holders of the Notes at least
thirty (30) Business Days prior to the date of any such redemption and if any
such redemption relates to the Convertible Subordinated Notes such notice shall
also state that the Noteholders have the right to convert the Convertible
Subordinated Notes at any time prior to such redemption. Each redemption of the
Notes pursuant to sub-Sections 2.5.1 and 2.5.2 shall be made so that the Notes
then held by each holder shall be redeemed in a principal amount which shall
bear the same ratio to the total unpaid principal amount being redeemed on all
the Notes as the unpaid principal amount of the Notes then held by such holder bears
to the aggregate unpaid principal amount of the Notes then outstanding.

 

2.5.4          Mandatory
Repurchase of Notes. As soon
as possible, and provided that the Borrower has such advance notice, no less
than twenty (20) Business Days prior to the occurrence of a Mandatory
Repurchase Event, Borrower shall furnish to each Noteholder written notice
setting forth in reasonable detail the facts and circumstances underlying such
Mandatory

 

12

 

Repurchase
Event. The occurrence of any such Mandatory Repurchase Event shall constitute
an irrevocable offer by Borrower to purchase all of the Notes held by such
Noteholder at the prices specified in sub-Section 2.5.2 above with respect
to voluntary redemptions, in any case, on the date of such Mandatory Repurchase
Event (or, to the extent no advance notice was possible, the date which is 10
Business Days after the delivery of such notice), together with all accrued and
unpaid interest on the amount so purchased through the date of purchase and
together with any amounts otherwise payable pursuant to sub-Section 2.5.2.
Following receipt of any notice constituting an offer to purchase the Notes
hereunder, each Noteholder shall advise Borrower, by written notice, within ten
(10) Business Days after receipt of such offer, as to whether it desires
to sell all or any of the Notes, as applicable, held by it (in integral
multiples of Five Hundred Thousand Dollars ($500,000)), specifying the
principal amount of the Notes to be sold by it. If a Noteholder accepts such
offer but does not specify an amount it wishes to receive, it will be deemed to
have elected to sell all of the Notes held by it. If a Noteholder fails to
respond to such offer by Borrower within the ten (10) Business Day acceptance
period, such offer shall expire in accordance with its terms.

 

Section 2.6.           Default Rate of Interest. If an Event of Default has occurred and is
continuing, from and after the date such Event of Default has occurred the
entire outstanding unpaid principal balance of the Notes and any unpaid
interest from time to time in default shall bear interest, payable on demand in
cash, at the rate of fifteen percent (15%) per annum, compounded quarterly, or
such lower rate as then may be the maximum rate permitted by Applicable
Law; provided, however, that upon the cessation or cure of such Event of
Default, if no other Event of Default is then continuing, the Notes shall again
bear interest at the rate of twelve percent (12%) per annum as set forth in Section 2.1.

 

Section 2.7.           Maximum Legal Rate of
Interest. Nothing in this
Agreement or in the Notes shall require Borrower to pay interest at a rate in
excess of the maximum rate permitted by Applicable Law.

 

Section 2.8.           Payment on Non-Business Days. Whenever any payment to be made shall be due
on a day which is not a Business Day, such payment may be made on the next
succeeding Business Day, and such extension of time shall in such case be
included in the computation of payment of interest due.

 

Section 2.9.           Transfer and Exchange of
Notes. The holder of any Note, as applicable, may,
prior to maturity or prepayment thereof, surrender such Note at the principal
office of Borrower for transfer or exchange, in accordance with applicable law.
Any holder desiring to transfer or exchange any Note shall first notify
Borrower in writing at least five (5) days in advance of such transfer or
exchange. Within a reasonable time after such notice to Borrower from a holder
of its intention to make such exchange and without expense (other than transfer
taxes, if any) to such holder, Borrower shall issue in exchange therefor
another Note in denominations of One Hundred Thousand Dollars ($100,000) and
multiples thereof, except in the case of a Note for the balance of the
aggregate amount of the Note, or Notes so transferred which shall be in a
minimum denomination of One Hundred Thousand Dollars ($100,000), all as
requested by the holder, for the same aggregate principal amount, as of the
date of such issuance, as the unpaid principal amount of the Note or Notes so
surrendered and having the same maturity and rate of interest, containing the
same provisions and subject to the same terms and conditions

 

13

 

as
the Note or Notes so surrendered (provided that no minimum shall apply to a
liquidating distribution of Notes to investors in a Noteholder and any Notes so
distributed may be subsequently transferred by such investor and its
successors in the original denomination thereof without restriction under this
sentence). Each new Note shall be made payable to such Person or Persons, or
assigns, as the holder of such surrendered Note may designate, and such
transfer or exchange shall be made in such a manner that no gain or loss of
principal or interest shall result therefrom. Borrower shall have no obligation
hereunder or under any Note to any person other than the registered holder of
each such Note. Notwithstanding anything to the contrary contained herein, no
Noteholder shall be permitted to transfer any of its Notes unless such Noteholder’s
transferee has agreed in writing to be bound by the terms of this Agreement and
the other Subordinated Notes Documents, including the representations and
warranties set forth in Article IV hereof, by executing a joinder
substantially in the form of Exhibit A attached hereto. Each
transferee under this Section 2.9 shall deliver a Form W-8/W-9 in
respect of itself and, if the transferee is a non-U.S. person that is a
partnership for U.S. federal income tax purposes, a Form W-8/W-9 from each
of its partners to the Borrower; provided, however, that if any transferee for
any reason fails or is unable to deliver a Form W-8/W-9 in respect of
itself or its partners, such transferee may nonetheless receive a transfer
of Notes but shall be subject to withholding to the extent required by law.

 

Absent the continuance of a Default or an Event of
Default at the time of any transfer hereunder, any out of pocket costs incurred
by the Borrower in connection with such transfer, shall be for the account of
the transferor.

 

Section 2.10.        Replacement of Notes. Upon surrender and cancellation of any
mutilated Note, Borrower will issue a new Note of like tenor and amount and
dated the date to which interest has been paid, in lieu of such mutilated Note.
If any Note of which a Noteholder, or any of its partners is the holder is
lost, stolen or destroyed, the affidavit of an authorized partner or officer of
the holder setting forth (i) the circumstances with respect to such loss, theft
or destruction and (ii) an indemnification by the holder of such lost,
stolen or destroyed Note in favor of the Borrower with respect to such Note,
shall be accepted as satisfactory evidence of such loss, theft or destruction,
and Borrower will issue a new Note of like tenor and amount and dated the date
to which interest has been paid, in lieu of such loss, stolen or destroyed
Note.

 

Section 2.11.        Other Notices. So long as any Notes are outstanding,
Borrower shall provide (if legally permitted to do so) written notice to each
Noteholder at least thirty (30) Business Days prior to the occurrence or
closing of a Mandatory Repurchase Event or a public offering of securities by
Borrower setting forth in reasonable detail the facts and circumstances underlying
such Mandatory Repurchase Event or public offering.

 

Section 2.12.        Performance of Obligations. Borrower agrees that its obligations
hereunder shall not be discharged until payment and performance, in full, of
the Obligations has occurred, and that its obligations under this Section 2.12
shall be absolute and unconditional, irrespective of, and unaffected by,

 

2.12.1 the genuineness, validity, regularity,
enforceability or any future amendment of, or change in, this Agreement, any
other Subordinated Notes Document or any other agreement, document or
instrument to which Borrower is or may become a party;

 

14

 

2.12.2 the absence of any action to enforce this
Agreement (including this Section 2.12) or any other Subordinated Notes
Document or the waiver or consent with respect to any of the provisions
thereof;

 

2.12.3 the existence, value or condition of, or any
Noteholder’s failure to perfect its Lien against, any security for the
Obligations or any action, or the absence of any action, by any Noteholder in
respect thereof (including the release of any such security); or

 

2.12.4 the insolvency of any Noteholder.

 

Section 2.13.        Issue Price; Original Issue
Discount. Borrower and each
Noteholder recognize and agree that (i) the Convertible Subordinated Notes
will not be issued with original issue discount within the meaning of Section 1273
of the Code, and (ii) the issue price of any Note issued by the Company,
within the meaning of Section 1273 of the Code, will be determined in
accordance with the rules in Section 1273(b)(3) or 1273(b)(4),
as applicable, at the time of the conversion of the Convertible Subordinated
Note in respect of which such Note is issued. Borrower and each Noteholder
agree to comply with all tax, accounting, regulatory and other reporting
requirements in a manner which is consistent with the foregoing.

 

Section 2.14.        Ranking. The Obligations and the rights and remedies
of the Noteholders under the Subordinated Notes Documents shall be senior in
right of payment to all Subordinated Debt of Borrower and its Subsidiaries.

 

Section 2.15.        Withholding and Tax Form Delivery . Each Noteholder (including any transferee
hereunder) shall deliver to the Borrower a duly completed Form W-8/W-9 in
respect of itself (and periodic updates thereof following expiration of the
validity of any previously delivered Form W-8/W-9) and, if the Noteholder
is a non-U.S. person that is a partnership for U.S. federal income tax
purposes, a duly completed Form W-8/W-9 from each of its partners (and
periodic updates thereof following expiration of the validity of any previously
delivered Form W-8/W-9); provided, however, that if any Noteholder for any
reason fails or is unable to deliver such a form in respect of itself or
its partners, payments to such Noteholder shall be subject to withholding to
the extent required by law; provided, further, the Borrower shall not be
responsible for grossing up any payments to a Noteholder made in connection
with the Subordinated Debt Documents which are subject to withholding.

 

ARTICLE III
- CONDITIONS TO NOTEHOLDERS’ OBLIGATIONS

 

The obligation of each Noteholder to purchase its
Convertible Subordinated Notes at the Closing is subject to the following
conditions precedent, all or any of which may be waived by the unanimous
written agreement of the Noteholders:

 

Section 3.1.           Capitalization. Borrower shall have
received cash  equity contributions from TA Associates and
its Affiliates in an amount not less than $45,000,000.

 

Section 3.2.           Prior Debt. There shall be no existing Indebtedness,
other than the Indebtedness incurred by the Borrower under the Senior Debt
Documents or as set forth on Schedule 7.1 hereto.

 

15

 

Section 3.3.           Related Transactions Borrower has completed (or concurrently with
the purchase of the Convertible Subordinated Notes hereunder will complete) the
Related Transactions in accordance with the terms of the Related Agreements
(without any amendment thereto or waiver unless consented to by the
Noteholders).

 

Section 3.4.           Fees. Borrower shall have paid all fees, costs and
expenses due and payable on the Closing Date.

 

Section 3.5.           Delivery of Documents. Borrower shall have delivered the following
documents in form and substance satisfactory to the Noteholders (and, as
applicable, duly executed and dated the Closing Date or an earlier date
satisfactory to the Noteholders):

 

3.5.1        Agreement. This Agreement.

 

3.5.2        Notes. Convertible Subordinated Notes for each
Noteholder purchasing a Convertible Subordinated Note hereunder.

 

3.5.3        Warrants. Warrants representing the right to purchase
955,773 shares of the Common Stock of the Borrower for the Noteholders
purchasing Convertible Subordinated Notes hereunder.

 

3.5.4        Related
Agreements. Copies of the
executed Related Agreements certified by Borrower’s secretary or an assistant
secretary.

 

3.5.5        Letter
of Direction. A letter of
direction containing funds flow information, with respect to the proceeds of
the Convertible Subordinated Notes on the Closing Date.

 

3.5.6        Authorization
Documents. Borrower’s (i) charter,
certified by the appropriate Governmental Authority, (ii) (A) good
standing certificate in its state of incorporation and (B) certificates of
qualification to do business from any jurisdictions in which the Borrower is
required to be qualified, except (for purposes of this sub-clause (B)) to the
extent failure to do so could not reasonably be expected to result in a
Material Adverse Effect, (iii) bylaws, (iv) resolutions of its board
of directors approving and authorizing the execution, delivery and performance
of the Subordinated Notes Documents and the Related Agreements and the
transactions contemplated hereby and thereby, and (v) signature and
incumbency certificates of its officers executing any of the Subordinated Notes
Documents, all certified by the secretary or any assistant secretary of
Borrower as being in full force and effect without modification.

 

3.5.7        [Reserved.]

 

3.5.8        Consents. Evidence that all necessary consents, permits
and approvals (governmental or otherwise) required for the execution, delivery
and performance by Borrower of the Subordinated Notes Documents and the Related
Transactions have been duly obtained and are in full force and effect.

 

3.5.9        Financial
Statements. The Noteholders
shall have received and reviewed the following financial statements (including
the notes thereto) of the Borrower Affiliated Group: (i)

 

16

 

the
Consolidated and Consolidating balance sheet of the Borrower Affiliated Group
as of December 31, 2004 and the related Consolidated and Consolidating
statements of income, changes in stockholders’ equity and cash flow of the
Borrower Affiliated Group for the fiscal years then ended, and related footnotes,
audited and certified by PricewaterhouseCoopers LLP, (ii) the unaudited
balance sheet and statement of income of the Borrower Affiliated Group as of
the fiscal quarter ended September 30, 2005, prepared in accordance with
GAAP subject, however, to normal, yearend audit adjustments that shall not in
the aggregate be materially adverse, and (iii) an opening pro  forma
balance sheet, prepared on a Consolidated and Consolidating basis in accordance
with GAAP, assuming the issuance of the Notes had been made and the Related
Transactions had been consummated. The Noteholders shall be reasonably
satisfied that there has been no material adverse change in the fmancial
condition, business, or results of operations of the Borrower Affiliated Group
taken as a whole since the most recent financial statements referred to in Section 5.7.

 

3.5.10      Solvency. The Noteholders shall have received
reasonably satisfactory evidence that the Borrower and the other members of the
Borrower Affiliated Group, taken as a whole, are solvent, and will be solvent,
after giving effect to the Related Transactions and the issuance of the Notes
hereunder.

 

3.5.11      Compliance
Certificate. The Noteholders
shall have received from the Borrower a compliance certificate, in form and
substance satisfactory to the Noteholders, evidencing pro  forma compliance
with the financial covenants set forth herein, determined in accordance with
GAAP and after giving effect to the Related Transactions and the Notes to be
issued on the Closing Date.

 

3.5.12      Other
Documents. Such other
certificates, documents and agreements as any Noteholder may reasonably
request.

 

Section 3.6.           Representations and
Warranties. Each of the
representations and warranties of Borrower and its Subsidiaries set forth in Article V
hereof shall be true and correct in all respects at the time of, and
immediately after giving effect to, the purchase of the Convertible
Subordinated Notes.

 

Section 3.7.           Use of Proceeds. Borrower shall have used, or simultaneously
with the Closing shall use, funds from the sale of the Convertible Subordinated
Notes for the purposes described in Section 2.3.

 

Section 3.8.           Compliance with this
Agreement. Borrower shall have
performed and complied with all of their agreements and satisfied the
conditions set forth or contemplated herein that are required to be performed
or complied with or satisfied by it on or before the Closing Date.

 

Section 3.9.            Legality of Transactions. No change in applicable law or regulation
shall have occurred as a consequence of which it shall have become and continue
to be unlawful (i) for any Purchaser to perform any of its agreements
or obligations under any of the Subordinated Notes Documents to which it is a
party on the Closing Date, or (ii) for the Senior Lender, the Borrower,
any other member of the Borrower Affiliated Group, or any of the other parties
thereto, to perform

 

17

 

any
of its agreements or obligations under any of the Senior Debt Documents or
other Related Agreements to which it is a party on the Closing Date.

 

Section 3.10.        Material Adverse Effect. No event shall have occurred or condition
shall exist not disclosed in the December 31, 2004 audited financial
statements of the Borrower delivered to the Noteholders that could reasonably
be expected to have a Material Adverse Effect.

 

ARTICLE IV
-REPRESENTATIONS AND WARRANTIES OF THE NOTEHOLDERS

 

Each Noteholder, for itself only, hereby represents
and warrants, which representations and warranties shall survive the closing, that:

 

Section 4.1.           Existence; Power Such Noteholder is duly organized, validly
existing and in good standing under the laws of its jurisdiction of
organization and has all requisite power and authority under its governing
organizational documents to own its properties and conduct its business as now
conducted and has full power and authority under such governing organizational
documents to execute and deliver this Agreement and each Related Agreement to
which such Noteholder is a party and to consummate the transactions
contemplated hereby and thereby in accordance with the terms hereof and
thereof.

 

Section 4.2.           Authorization;
Enforceability. Such
Noteholder has duly authorized, executed and delivered this Agreement and such
of the Related Agreements as require execution by such Noteholder, and each
constitutes the valid and binding obligation of such Noteholder enforceable in
accordance with its terms, except as the enforceability thereof may be
limited by (i) bankruptcy, insolvency, reorganization, moratorium or other
laws relating to or affecting generally the enforcement of creditors’ rights
and except to the extent that availability of the remedy of specific
performance; (ii) injunctive relief is subject to the discretion of the
court before which any proceeding therefor may be brought or (iii) is
subject to general principles of equity.

 

Section 4.3.           Own Account. Such Noteholder is acquiring the Convertible
Subordinated Notes for its own account, and not as nominee or agent. Such
Noteholder is an “accredited investor” as defined in Rule 501(a) of
the Securities Act.

 

Section 4.4.           Investment Intent. The Convertible Subordinated Notes are being
and will be acquired for the purpose of investment and not with a view to
distribution or resale thereof; subject, nevertheless, to the condition that,
except as otherwise provided herein and subject to compliance with applicable
securities laws, the disposition of the property of such Noteholder shall at
all times be within its control. Such Noteholder was not formed solely for the
purpose of making an investment in Borrower or its Subsidiaries.

 

Section 4.5.           Securities Laws. Such Noteholder can bear the economic risk
of its investment for an indefinite period of time. Such Noteholder understands
that the Notes are not, and will not be, registered under the Securities Act or
any applicable state securities laws, except as may be provided in this
Agreement, and may not be resold unless subsequently registered under the
Securities Act and such other laws or unless an exemption from such
registration is available. Such Noteholder acknowledges that, in issuing the
Convertible Subordinated Notes

 

18

 

and
making the representations and warranties contained in Section 5.4 hereof,
Borrower is relying on the representations and warranties of such Noteholder in
this Article IV.

 

Section 4.6.           No Broker. No Person has or will have, as a result of
the transactions contemplated by this Agreement, any rights, interest or valid
claim against or upon Borrower or any of its Subsidiaries for any commission,
fee or other compensation as a finder or broker because of any act or omission
by such Noteholder or any agent of such Noteholder.

 

Section 4.7.           No Conflicts; Governmental
Approvals. The execution,
delivery and performance by each Noteholder of this Agreement and each other
Related Document to which such Noteholder is a party and the transactions
contemplated hereby and thereby do not and will not: (a) violate, conflict
with or constitute a default (whether after the giving of notice, lapse of time
or both) under, any provision of any law, regulation or rule, or any order of
any court or other governmental agency applicable to such Noteholder; (b) require
from such Noteholder any notice to, declaration or filing with, or consent or
approval of any Governmental Authority or other third party; or (c) accelerate
any obligation under or give rise to a right of termination of any agreement or
instrument to which such Noteholder is a party or by which the property of such
Noteholder is bound which has had or could reasonably be expected to have a
material adverse effect on the Noteholder or its ability to perform its
obligations under the Related Agreements.

 

Section 4.8.           Restrictive Legend. Such Noteholder hereby acknowledges that the
Convertible Subordinated Notes (unless no longer required in the opinion of
counsel, which opinion and counsel shall be reasonably satisfactory to
Borrower) shall bear a legend substantially in the following form (in addition
to any other legend required by the Related Agreements):

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION
STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE ACT OR (2) PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT RELATING TO THE
DISPOSITION OF SECURITIES AND (3) IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES AND BLUE SKY LAWS.

 

The acquisition by such Noteholder of the
Convertible Subordinated Notes shall constitute a confirmation by it of the
foregoing representations.

 

ARTICLE V
-REPRESENTATIONS AND WARRANTIES OF BORROWER

 

To induce the Noteholders to enter into this
Agreement, Borrower represents and warrants to the Noteholders as follows,
after giving effect to the Related Transactions:

 

Section 5.1.           Organization and
Qualification. The
Borrower and each other member of the Borrower Affiliated Group (a) is a
Person duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization as indicated on Schedule 5.1

 

19

 

hereto,
(b) has all requisite corporate, limited liability company and partnership
power, as applicable, to own its property and conduct its business as now
conducted and as presently contemplated, and (c) is duly qualified and in
good standing as a foreign corporation, limited liability company or
partnership, as applicable, and is duly authorized to do business in each
jurisdiction where the nature of its properties or business requires such
qualification, except where the failure to be so qualified could not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.2.           Corporate Authority. The execution, delivery and performance of
each of the Subordinated Notes Documents and Related Agreements to which the
Borrower or any other member of the Borrower Affiliated Group is or is to
become a party and the transactions contemplated hereby and thereby (including,
without limitation, the Related Transactions) are within the corporate, limited
liability company and partnership power, as applicable, and authority of the
Borrower or such member of the Borrower Affiliated Group and have been
authorized by all necessary corporate, limited liability company or partnership
proceedings, as applicable, and do not and will not (a) require any consent
or approval of any creditors (which term, for purposes of this Section 5.2,
shall not be deemed to include trade creditors), trustees for creditors (which
term, for purposes of this Section 5.2, shall not be deemed to include
trade creditors) or shareholders, member or partners, as applicable of the
Borrower or such member of the Borrower Affiliated Group (other than any such
consent that has been obtained prior to the Closing Date and delivered to the
Noteholders), (b) contravene any provision of the charter documents or
by-laws, or the formation documents or limited liability company or partnership
agreements, as applicable, of the Borrower or of such member of the Borrower
Affiliated Group, (c) contravene in any material respect any provision of
any law, rule or regulation applicable to the Borrower or such member of
the Borrower Affiliated Group and material to the operation of its business, or
(d) contravene any provision of, or constitute an event of default or
event that, but for the requirement that time elapse or notice be given, or
both, would constitute an event of default under, any other agreement,
instrument, order or undertaking binding on the Borrower or such member of the
Borrower Affiliated Group, except to the extent such contravention could not
reasonably be expected to result in a Material Adverse Effect.

 

Section 5.3.           Valid Obligations. Each of the Subordinated Notes Documents and
Related Agreements to which the Borrower or any other member of the Borrower
Affiliated Group is or is to become a party and all of their respective terms
and provisions are the legal, valid and binding obligations of the Borrower or
such member of the Borrower Affiliated Group enforceable in accordance with
their respective terms, except as limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting the enforcement of creditors’
rights generally, and except as the remedy of specific performance or of
injunctive relief is subject to the discretion of the court before which any
proceeding therefor may be brought.

 

Section 5.4.           Consents or Approvals. The execution, delivery and performance of
each of the Subordinated Notes Documents and Related Agreements to which the
Borrower or any other member of the Borrower Affiliated Group is or is to
become a party and the transactions contemplated herein and therein do not
require any approval or consent of, or filing or registration with, any
governmental or other agency or authority, or any other party, except such
consents as have been obtained prior to the Closing Date and delivered to the
Noteholders.

 

20

 

Section 5.5.           Title to Properties; Absence
of Encumbrances. The
Borrower and each other member of the Borrower Affiliated Group has good and
marketable title to all of the properties, assets and rights of every name and
nature now purported to be owned or leased by it, including, without
limitation, such properties, assets and rights as are reflected in the Initial
Financial Statement (except such properties, assets or rights as have been
disposed of since the date thereof and which are not material to its business
or the disposition of which have been approved by the Noteholders), free from
all Encumbrances except Permitted Encumbrances, and, except as disclosed to the
Noteholders, free from all defects of title that could reasonably be expected
to result in a Material Adverse Effect. All such properties and assets and all
properties which are leaseholds are free and clear of all title defects or objections,
liens, claims, charges, security interests and other Encumbrances (except
Permitted Encumbrances) of any nature whatsoever except, with respect to all
such properties and assets, (i) provisions of existing building and zoning
laws, provided that such provisions would not materially
interfere with the Borrower’s or any other member of the Borrower Affiliated
Group’s use of such properties, (ii) liens for current taxes not yet due,
and (iii) as otherwise disclosed on Schedule 5.5
hereto. The rights, properties and other assets presently owned, leased or
licensed by each of the Borrower and each other member of the Borrower
Affiliated Group and described elsewhere in this Agreement include all rights,
properties and other assets necessary to permit the Borrower and such member of
the Borrower Affiliated Group to conduct its businesses in all material
respects in the same manner as its businesses have been conducted prior to the
date hereof. Neither the Borrower nor any other member of the Borrower Affiliated
Group owns any real property.

 

Section 5.6.           Location of Records and
Books; Name Change. The
Borrower shall give the Noteholders written notice of each location at which
books and records is or will be kept and each office of the Borrower and each domestic
Subsidiary of the Borrower. Except as such notice is given, all books and
records of the Borrower and each domestic Subsidiary are and shall be kept, at
such location as appears on Schedule 5.6 hereto. The Borrower shall give the
Noteholders prompt written notice of any change in its name or corporate form or
any change in the name or names under which the Borrower’s or any domestic
Subsidiary’s business is transacted.

 

Section 5.7.           Financial Statements. The Borrower has furnished to the
Noteholders the Consolidated and Consolidating balance sheet of the Borrower
Affiliated Group as of December 31, 2004 and the related Consolidated and
Consolidating statements of income, changes in stockholders’ equity and cash
flow of the Borrower Affiliated Group for the fiscal year then ended, and
related footnotes, audited and certified by PricewaterhouseCoopers LLP. The
Borrower has also furnished to the Noteholders the unaudited balance sheet and
statement of income of the Borrower Affiliated Group as of the fiscal quarter
ended September 30, 2005, prepared in accordance with GAAP subject,
however, to normal, year-end audit adjustments that shall not in the aggregate
be materially adverse (collectively, the “Initial Financial Statement”). The
Borrower has also furnished to the Noteholders an opening pro forma balance sheet in accordance with Section 3.5.9 (the “Pro Forma
Financial Statement”). The Borrower has also furnished to the Noteholders the
unaudited pro  forma Consolidated and Consolidating projected
balance sheets of the Borrower Affiliated Group for the next 5 fiscal years (it
being recognized by the Noteholders that projections as to future results are
not to be viewed as facts and that the actual results for the period or periods
covered by the projections may differ from the projected results), and its
related unaudited Consolidated and Consolidating projected statements of

 

21

 

income,
changes in stockholders’ equity and cash flow for the next 5 fiscal years, in
each case prepared as if the Notes had been issued and the Related Transactions
had occurred as of the Closing Date. All such financial statements were
prepared in accordance with GAAP and present fairly in all material respects
the financial position of the Borrower Affiliated Group as of such dates and
the results of the operations of the Borrower Affiliated Group for such
periods. There are no material liabilities, contingent or otherwise, not
disclosed in any of such financial statements.

 

Section 5.8.           Changes. Since the date of the Initial Financial
Statement, there have been no changes in the assets, liabilities, financial
condition or business of the Borrower Affiliated Group taken as a whole, the
effect of which has, individually or in the aggregate, been materially adverse.

 

Section 5.9.           Defaults. As of the date of this Agreement, no Default
or Event of Default exists.

 

Section 5.10.        Taxes. The Borrower and each other member of the
Borrower Affiliated Group has filed or has caused to be filed all federal,
state and other material tax returns required to be filed, and all taxes,
assessments and other governmental charges due from the Borrower or such other
member of the Borrower Affiliated Group have been fully paid or adequate
reserves have been established therefor. Neither the Borrower nor any other
member of the Borrower Affiliated Group has executed any waiver of limitations
in respect of tax liabilities. Each member of the Borrower Affiliated Group has
established on its books reserves adequate for the payment of all federal,
state and other material tax liabilities.

 

Section 5.11.        Litigation. Except as set forth on Schedule 5.11
hereto, there is no litigation, arbitration, claim, proceeding or investigation
pending or threatened in writing against the Borrower or any other member of
the Borrower Affiliated Group that, if adversely determined, could reasonably
be expected to result in a Material Adverse Effect, or could otherwise
reasonably be expected to materially adversely affect the ability of the
Borrower and the Guarantors taken as a whole to pay and perform the
Obligations.

 

Section 5.12.        Subsidiaries. As of the date of this Agreement, no member
of the Borrower Affiliated Group has any Subsidiaries except as set forth on Schedule 5.12
hereto with respect to such member of the Borrower Affiliated Group.

 

Section 5.13.        Investment Company Act. Neither the Borrower nor any other member of
the Borrower Affiliated Group is subject to regulation under the Investment
Company Act of 1940, as amended.

 

Section 5.14.        Compliance with ERISA. The Borrower and each other member of the
Borrower Affiliated Group and each member of the Controlled Group have
fulfilled their obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan and are in compliance in all material
respects with the applicable provisions of ERISA and the Code, and have not
incurred any liability to the PBGC (other than for the payment of premiums)
under Title IV of ERISA or to a Plan under Section 412(1) of the Code
and are not liable to the imposition of any lien (and no such lien has been
imposed) under Section 412(n) of the Code with

 

22

 

respect
to any Plan; and no non-exempt “prohibited transaction” or “reportable event”
(other than those for which the notice requirement has been waived) (as such
terms are defined in ERISA) has occurred with respect to any Plan.

 

Section 5.15.          Environmental Matters.

 

(a)             The Borrower and each other member of the
Borrower Affiliated Group has obtained all permits, licenses and other
authorizations which are required in connection with the conduct of its
business under any applicable Environmental Laws, except to the extent failure
to have any such permit, license or authorization could not reasonably be
expected to have a Material Adverse Effect. The Borrower and each other member
of the Borrower Affiliated Group is in compliance with the terms and conditions
of all such permits, licenses and authorizations, and is also in compliance
with all other limitations, restrictions, conditions, standards, prohibitions,
requirements, obligations, schedules and timetables contained in any applicable
Environmental Law or in any applicable regulation, code, order, decree,
judgment, injunction, notice or demand letter issued, entered, promulgated or
approved thereunder, except to the extent failure to comply could not
reasonably be expected to have a Material Adverse Effect.

 

(b)             No written notice, demand, request for
information, citation, summons or order has been issued, no complaint has been
filed, no penalty has been assessed and no investigation or review is pending
or, to the knowledge of the Borrower, threatened by any governmental or other
entity: (i) with respect to any alleged failure by the Borrower or any
other member of the Borrower Affiliated Group to have any permit, license or
authorization required in connection with the conduct of its business under any
applicable Environmental Laws, or (ii) alleging any violation of any
applicable Environmental Laws by the Borrower or any other member of the
Borrower Affiliated Group. Neither the Borrower nor any other member of the
Borrower Affiliated Group has received written notice that it is a potentially
responsible party (as that term has been construed pursuant to CERCLA, or any
similar foreign, state or local laws) at any site other than the sites listed
and described in Schedule 5.15.

 

(c)             No material oral or written notification of a
release of a Hazardous Material has been given to, or filed with, a
governmental authority by or on behalf of the Borrower or any other member of
the Borrower Affiliated Group and, to the knowledge of the Borrower, no
property now or previously owned, leased or operated by the Borrower or any other
member of the Borrower Affiliated Group is listed or proposed for listing on
the National Priorities List under CERCLA, or on any similar foreign, state or
local list of sites requiring investigation or clean-up.

 

(d)             Except as could not reasonably be expected to
have a Material Adverse Effect with respect to any property now or previously
owned, leased or operated by the Borrower or any other member of the Borrower
Affiliated Group, neither the Borrower nor any other member of the Borrower
Affiliated Group, nor, to the knowledge of the Borrower Affiliated Group, any
previous owner, tenant, occupant or user of any property owned, leased or
operated by the Borrower or any other member of the Borrower Affiliated Group
has (i) engaged in any operations or activities upon or any use or
occupancy of such

 

23

 

property, or any portion thereof, for the purpose of
or in any way involving the handling, manufacture, treatment, storage, use,
generation, release, discharge, refining, dumping or disposal of any Hazardous
Materials on, under, in or about such property, except to the extent commonly
used in day-to-day operations of such property and in such case only in
compliance with all Environmental Laws, or (ii) transported any Hazardous
Materials to, from or across such property except to the extent commonly used
in day-to-day operations of such property and, in such case, in material
compliance with all Environmental Laws; nor to the knowledge of any member of
the Borrower Affiliated Group have any Hazardous Materials migrated from other
properties upon, about or beneath such property, nor, to the knowledge of the
Borrower Affiliated Group, are any Hazardous Materials presently constructed,
deposited, stored or otherwise located on, under, in or about such property
except to the extent commonly used in day-to-day operations of such property
and, in such case, in material compliance with all Environmental Laws.

 

Section 5.16.        Disclosure. No representations and warranties made by
each member of the Borrower Affiliated Group in this Agreement, any other
Subordinated Notes Document or in any other agreement, instrument, document,
certificate, statement or letter furnished to the Noteholders by or on behalf
of any member of the Borrower Affiliated Group, and no other factual
information heretofore or contemporaneously furnished by or on behalf of any
member of the Borrower Affiliated Group to the Noteholders, in connection with
any of the transactions contemplated by any of the Subordinated Notes Documents
or Related Agreements, when taken as a whole, contains any untrue statement of
material fact or omits to state a material fact necessary in order to make the
statements contained therein not materially misleading in light of the
circumstances in which they were or are made. Except as disclosed herein, there
is no fact known to any member of the Borrower Affiliated Group which could
reasonably be expected to have a Material Adverse Effect.

 

Section 5.17.        Solvency. Both before  and after giving effect to the transactions contemplated by the Related
Agreements, and all Indebtedness incurred by the Borrower and its domestic
Subsidiaries on the Closing Date, neither the Borrower nor any such domestic
Subsidiary (i) is Insolvent, or will be rendered Insolvent by the
Indebtedness incurred in connection therewith, (ii) will be left with
unreasonably small capital with which to engage in its business, even allowing
for a reasonable margin of error in the projections of the future performance
of the Borrower and such domestic Subsidiaries, (iii) will have incurred
Indebtedness beyond its ability to pay such Indebtedness as it matures, or (iv) will
fail to have assets (both tangible and intangible) having a present fair
salable value in excess of the amount required to pay the probable liability on
its then existing debts (whether matured or unmatured, liquidated or
unliquidated, absolute fixed or contingent), in each case after giving effect
to all rights of indemnification and contribution of such Person to or from any
Affiliate of such Person.

 

Section 5.18.        Compliance with Statutes,
etc. The Borrower and each other member of the
Borrower Affiliated Group is in compliance with all applicable laws, statutes,
rules, regulations and orders of, and all applicable restrictions imposed by,
all governmental bodies, domestic or foreign, in respect of the conduct of its
business and the ownership of its property, except for such non-compliances as
could not reasonably be expected to have a Material Adverse Effect. Without
limitation of the foregoing, each member of the Borrower Affiliated Group is in
compliance with, and neither the entering into of the Subordinated Notes
Documents or the use

 

24

 

of
the proceeds of the Notes will violate: any law, rule, or regulation relating
to anti-terrorism or money laundering, including the Anti-Terrorism Order, the
Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) or any enabling legislation or executive
order relating thereto.

 

Section 5.19.        Capitalization. On and as of the Closing Date (and after
giving effect to the Related Transactions), (i) the authorized capital
stock of the Borrower consists of (x) 27,000,000 shares of Common Stock,
of which 4,423,650 shares are issued and outstanding and are held by the
Persons and in the amounts set forth in Schedule 5.19, and (y) 16,248,136 shares of Preferred
Stock, of which 16,248,136 shares are issued and outstanding and are held by
the Persons and in the amounts set forth in Schedule 5.19. The authorized capital stock of each other
member of the Borrower Affiliated Group, and the number of issued and
outstanding shares, membership interests and partnership interests thereof, is
set forth in Schedule 5.19 hereto. All such outstanding shares,
membership interests and partnership interests of each member of the Borrower
Affiliated Group have been duly and validly issued and are fully paid and
non-assessable. No member of the Borrower Affiliated Group has outstanding any
other securities convertible into or exchangeable for its capital stock or
other equity interests or outstanding any rights to subscribe for or to
purchase, or any options for the purchase of, or any agreements providing for
the issuance (contingent or otherwise) of, or any calls, commitments or claims
of any character relating to, its capital stock or other equity interests, in
each case except as set forth in Schedule 5.19
with respect to such member of the Borrower Affiliated Group.

 

Section 5.20.        Labor Relations. Neither the Borrower nor any other member of
the Borrower Affiliated Group is engaged in any unfair labor practice. Except
as disclosed on Schedule 5.20,
there is (i) no unfair labor practice complaint pending or threatened
against the Borrower or any other member of the Borrower Affiliated Group
before the National Labor Relations Board, and no grievance or arbitration
proceeding arising out of or under any collective bargaining agreement is so
pending against the Borrower or any other member of the Borrower Affiliated
Group or, to the knowledge of the Borrower Affiliated Group, threatened in
writing against it, (ii) no labor dispute, slowdown or stoppage pending
against the Borrower or any other member of the Borrower Affiliated Group or,
to the knowledge of the Borrower Affiliated Group, threatened against the
Borrower or any other member of the Borrower Affiliated Group, and (iii) to
the knowledge of the Borrower Affiliated Group, no union representation
question exists with respect to the employees of the Borrower or any other
member of the Borrower Affiliated Group and no union organizing activities are
taking place.

 

Section 5.21.        Certain Transactions. Except as set forth on Schedule 5.21, none of the officers, partners, directors,
or employees of the Borrower or any other member of the Borrower Affiliated
Group is presently a party to any transaction with the Borrower or any other
member of the Borrower Affiliated Group (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or otherwise requiring payments to or from any
officer, partner, director or such employee or, to the knowledge of the Borrower
Affiliated Group, any corporation, partnership, trust or other entity in which
any officer, partner, director, or any such employee or natural person related
to such officer, partner, director or employee or other Person in which such
officer, partner, director or employee has a

 

25

 

direct
or indirect beneficial interest, has a substantial direct or indirect
beneficial interest or is an officer, director, trustee or partner.

 

Section 5.22.        Restrictions on the Borrower
Affiliated Group. Neither
the Borrower nor any other member of the Borrower Affiliated Group is a party
to or bound by any contract, agreement or instrument, or subject to any charter
or other corporate restriction, which could reasonably be expected to have a
Material Adverse Effect.

 

Section 5.23.        Leases. Schedule 5.23 hereto contains a complete list of all
leases, occupancy agreements and all amendments thereto and all other documents
affecting rights and obligations thereunder, including without limitation,
assignments and subleases pursuant to which the Borrower or any other member of
the Borrower Affiliated Group leases real property, and license agreements
pursuant to which a third party would have the right to enter upon the leased
premises (herein individually referred to, together with any other Lease
entered into from time to time, as a “Lease” and collectively referred to as
the “Leases”). There are no leases, occupancy agreements or other documents,
other than the Leases, affecting the properties or the interests of the
Borrower or any other member of the Borrower Affiliated Group. The copies of
the Leases heretofore delivered by the Borrower to the Noteholders are true,
correct and complete copies thereof and each of such Leases is in full force
and effect in accordance with the terms thereof. Neither the tenant nor, to the
knowledge of the Borrower Affiliated Group, the landlord, under any Lease is in
default under the applicable Lease or has given or received any notice of
cancellation or termination of such Lease or condemnation of the leased
premises. Each of the tenants under the Leases is in possession of its
respective premises, and no such tenant has assigned any of its interest in any
of the Leases, as collateral or otherwise or sublet all or any portion of the
premises covered by any Lease or granted any license with respect thereto,
except as may be otherwise disclosed on Schedule 5.23 hereto.

 

Section 5.24.        Franchises, Patents,
Copyrights, Etc. Except
as otherwise set forth on Schedule 5.24 hereto, to the knowledge of
the Borrower and each member of the Borrower Affiliated Group, the Borrower and
each other member of the Borrower Affiliated Group possesses all franchises,
patents, copyrights, trademarks, trade names, service marks, licenses and
permits, and rights in respect of the foregoing, adequate for the conduct of
its business as substantially now conducted without known conflict with any
rights of others, except for such conflicts as could not reasonably be expected
to have a Material Adverse Effect, and, in each case, free of any Encumbrance
that is not a Permitted Encumbrance.

 

Section 5.25.        [Reserved].

 

Section 5.26.       Material
Contracts. Schedule 5.26 sets forth each of the contracts, agreements
and licenses which is material to the operations or business of the Borrower or
any other member of the Borrower Affiliated Group (the “Material Contracts”).

 

ARTICLE VI
-AFFIRMATIVE COVENANTS OF BORROWER

 

Borrower covenants and agrees that so long as any of
the Securities are outstanding:

 

Section 6.1.           Financial Statements and
other Reporting Requirements.
The Borrower shall furnish to the Noteholders:

 

26

 

(a)           as soon as available, but in any event within 120 days after the end of
each fiscal year of the Borrower Affiliated Group, a Consolidated and
(unaudited) Consolidating balance sheet as of the end of, and a related
Consolidated and (unaudited) Consolidating statement of income, changes in
stockholders’ equity and cash flow for, such year, prepared in accordance with
GAAP and audited and certified by an independent public accounting firm
reasonably satisfactory to the Noteholders; and, concurrently with such
financial statements, a copy of said certified public accountants’ management
letter (if any) and a written statement by such accountants that, in the making
of the audit necessary for their letter and opinion upon such financial
statements they have obtained no knowledge of any Default or Event of Default
under Sections 7.7, 7.8 or 7.9 or, if in the opinion of such accountants any
such Default or Event of Default exists, they shall disclose in such written
statement the nature and status thereof;

 

(b)           as soon as available, but in any event within 45 days after the end of
each fiscal quarter of the Borrower Affiliated Group, a Consolidated and
Consolidating balance sheet as of the end of, and a related Consolidated and
Consolidating statement of income, changes in stockholders’ equity and cash
flow for, the portion of the fiscal year then ended and for the fiscal quarter
then ended, prepared in accordance with GAAP (without footnotes) and certified
by the chief financial officer of the Borrower, but subject, however, to
normal, year-end audit adjustments that shall not in the aggregate be
materially adverse;

 

(c)           on or before the first day of each fiscal year of the Borrower
Affiliated Group, (i) an annual operating budget presented on a quarterly
basis for the next succeeding fiscal year, and (ii) Consolidated and
Consolidating pro  forma projections of the Borrower Affiliated
Group for the next five succeeding fiscal years in form reasonably
acceptable to the Noteholders (it being recognized by the Noteholders that
projections as to future results are not to be viewed as facts and that the
actual results for the period or periods covered by the projections may differ
from the projected results); provided, however, that such requirement shall
only be in effect for so long as any Senior Loan Agreement remains outstanding;

 

(d)           concurrently with the delivery of each financial statement pursuant to
subsections (a) and (b) of this Section 6.1, a report in
substantially the form of Exhibit F hereto signed on behalf of
the Borrower by the chief financial officer of the Borrower, and including,
without limitation, computations in reasonable detail evidencing compliance
with the covenants contained in Sections 7.7 through 7.9, inclusive;

 

(e)           as soon as practical and, in any event, within 15 days after the
Closing Date, the Opening Balance Sheet, which shall be reviewed by the chief
financial officer of the Borrower, which Opening Balance Sheet shall not differ
in any material respect from the Pro Forma Financial Statement;

 

(f)            promptly after the receipt thereof by the
Borrower or any domestic Subsidiary, copies of any reports submitted to any
such Person by independent public

 

27

 

accountants in connection with any interim review of
the accounts of such Person made by such accountants;

 

(g)           if and when the Borrower or any domestic Subsidiary gives or is
required to give notice to the PBGC of any “Reportable Event” (as defined in Section 4043
of ERISA) with respect to any Plan that might constitute grounds for a
termination of such Plan under Title IV of ERISA, or knows that any member of
the Controlled Group or the plan administrator of any Plan has given or is
required to give notice of any such Reportable Event, a copy of the notice of
such Reportable Event given or required to be given to the PBGC or, if such
notice is not given to the PBGC, a description of the content of the notice
that would be required to be given;

 

(h)           immediately upon becoming aware of the existence of any condition or
event (i) that constitutes a Default or Event of Default, written notice
thereof specifying the nature and duration thereof and the action being or
proposed to be taken with respect thereto or (ii) affecting the Borrower
or any other member of the Borrower Affiliated Group which could reasonably be
expected to have a Material Adverse Effect, written notice thereof specifying
the nature thereof and the action being or proposed to be taken with respect
thereto;

 

(i)            promptly upon becoming aware of any
litigation or of any investigative proceedings by any Person, including,
without limitation, any governmental agency or authority commenced or
threatened against the Borrower or any other member of the Borrower Affiliated
Group of which it has notice, or of a material change in any such existing
litigation or proceedings, the outcome of which could reasonably be expected to
have a Material Adverse Effect, written notice thereof and the action being or
proposed to be taken with respect thereto;

 

(j)            promptly upon becoming aware of any
investigative proceedings by a governmental agency or authority commenced or
threatened in writing against the Borrower or any other member of the Borrower
Affiliated Group regarding any potential violation of Environmental Laws or any
spill, release, discharge or disposal of any Hazardous Material, written notice
thereof, copies of all material correspondence, reports and other materials
furnished to or prepared by any member of the Borrower Affiliated Group (or its
representatives) in connection therewith and the action being or proposed to be
taken with respect thereto; and

 

(k)           from time to time, with reasonable promptness, such other financial
data and other information or documents (financial or non-financial) about the
Borrower and each other member of the Borrower Affiliated Group as the
Noteholders may reasonably request.

 

Section 6.2.           Conduct of Business. The Borrower and each other member of the
Borrower Affiliated Group shall:

 

(a)           duly observe and comply in all material respects with all applicable laws
and requirements of any governmental authorities relative to its corporate
existence,

 

28

 

rights and franchises, to the conduct of its
business and to its property and assets (including without limitation all
Environmental Laws and ERISA), and shall maintain and keep in full force and
effect all licenses and permits necessary in any material respect to the proper
conduct of its business;

 

(b)           maintain its corporate existence (except as otherwise permitted by Section 7.6)
and give prompt notice to the Noteholders of any change to its jurisdiction of
organization as of the date hereof; and

 

(c)           remain engaged in substantially the same fields of business as those in
which it is now engaged (and reasonable extensions or expansions thereof),
except that the Borrower or any other member of the Borrower Affiliated Group may withdraw
from any business activity which its Board of Directors reasonably deems unprofitable
or unsound, provided that promptly after such withdrawal, the Borrower
shall provide the Noteholders with written notice thereof.

 

Section 6.3.           Maintenance and Insurance. The Borrower shall, and shall cause each
other member of the Borrower Affiliated Group to, maintain its properties in
good repair, working order and condition (normal wear and tear and casualty
excepted) as required for the normal conduct of its business and shall maintain
or cause to be maintained (or to be replaced as needed) all Leases as may be
required for the conduct of the Borrower’s and each other member of the
Borrower Affiliated Group’s business. The Borrower shall and shall cause each
other member of the Borrower Affiliated Group to at all times maintain
liability and casualty insurance with financially sound and reputable insurers
in such amounts as the officers of the Borrower and such other member of the
Borrower Affiliated Group in the exercise of their reasonable judgment deem to
be adequate. The Borrower shall, and shall cause each domestic Subsidiary to,
from time to time, upon written request, furnish to the Noteholders with
reasonable promptness certificates or other evidence reasonably satisfactory to
the Noteholders of compliance with the foregoing insurance provisions.

 

Section 6.4.           Taxes. The Borrower shall, and shall cause each
other member of the Borrower Affiliated Group to, pay or cause to be paid all
federal, state and other material taxes, assessments or governmental charges on
or against it or its properties on or prior to the time when they become due; provided
that this covenant shall not apply to any tax, assessment or charge that is
being contested in good faith by appropriate proceedings and with respect to
which adequate reserves have been established and are being maintained in
accordance with GAAP if no lien shall have been filed to secure such tax,
assessment or charge.

 

Section 6.5.           Inspection by the
Noteholders; Accounts. The
Borrower shall, and shall cause each other member of the Borrower Affiliated
Group to, permit the Noteholders or the Noteholders’ designee, at such
reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to such Person, to (i) visit
and inspect the properties of the Borrower and such other members of the
Borrower Affiliated Group and conduct field examinations (provided that
unless a Default or Event of Default has occurred and is continuing, the
Noteholders will not conduct more than 1 inspection in any fiscal year of the
Borrower), (ii) examine and make copies of and take abstracts from the
books and records of the Borrower and such other members of the Borrower
Affiliated Group, and (iii) discuss the

 

29

 

affairs,
finances and accounts of the Borrower and such other members of the Borrower
Affiliated Group with its appropriate officers, employees and accountants (with
a representative of the Borrower Affiliated Group present, at Borrower’s
election); provided, however, when a Default or Event of Default exists,
the Noteholders may do any of the foregoing at the expense of such Person
at any time during normal business hours and without advance notice. In
handling such information the Noteholders shall exercise the same degree of
care that each exercises with respect to its own proprietary information of the
same types to maintain the confidentiality of any non-public information
thereby received, except that disclosure of such information may be made
(w) to the subsidiaries or affiliates of the Noteholders in connection with
their present or prospective business relations with the Borrower Affiliated
Group, (x) to prospective transferees or purchasers of an interest in the
Securities, (y) as required by law, regulation, rule or order, subpoena,
judicial order or similar order and (z) as may be required in connection
with the examination, audit or similar investigation of the Noteholders.

 

Section 6.6.           Maintenance of Books and
Records. The Borrower shall,
and shall cause each other member of the Borrower Affiliated Group to, keep
adequate books and records of account, in which true and complete entries will
be made reflecting its business and financial transactions in accordance with
GAAP or international accounting standards, as applicable, and applicable law.

 

Section 6.7.           [Reserved.]

 

Section 6.8.           Use of Proceeds. The proceeds of the issuance of the Notes
will be used by the Borrower solely as set forth in Section 2.3 hereof. No
portion of the proceeds of the issuance of the Notes shall be used for the
purpose of purchasing or carrying any “margin security” or “margin stock” as
such terms are used in Regulations U, T or X of the Board of Governors of the
Federal Reserve System.

 

Section 6.9.           Pension Plans. With respect to any Plan, the benefits under
which are guaranteed, in whole or in part, by the PBGC or any governmental
authority succeeding to any or all of the functions of the PBGC, the Borrower
will, and will cause each other member of the Borrower Affiliated Group to, (i) fund
each Plan as required by the provisions of Section 412 of the Code; (ii) cause
each Plan to pay all benefits when due (other than those in dispute); and (iii) furnish
the Noteholders (a) promptly with a copy of any notice of each Plan’s
termination sent to the PBGC and (b) no later than the date of submission
to the Department of Labor or to the Internal Revenue Service, as the case may be,
a copy of any request for waiver from the funding standards or extension of the
amortization periods required by Section 412 of the Code.

 

Section 6.10.        Fiscal Year. The Borrower and each other member of the
Borrower Affiliated Group shall have a fiscal year ending on December 31
of each year and shall notify the Noteholders of any change in such fiscal year
(whereupon, in accordance with Section 9.2 hereof, the Noteholders shall
have the right to modify the timing of the financial covenants hereunder
accordingly in order to correspond to any such change in fiscal year).

 

Section 6.11.        Further Assurances. At any time and from time to time the
Borrower shall, and shall cause each of the domestic Subsidiaries to, execute
and deliver such further

 

30

 

instruments
and take such further action as may reasonably be requested by the
Noteholders to effect the purposes of the Subordinated Notes Documents.

 

ARTICLE VII
-NEGATIVE COVENANTS OF BORROWER

 

Borrower hereby agrees that, until all Obligations
(other than contingent indemnification obligations to the extent no claim
giving rise thereto has been asserted) are indefeasibly paid in full, without
the prior written consent of the Noteholders, it will not, and it will not
permit any Subsidiary, to:

 

Section 7.1.           Indebtedness. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, create, incur, assume,
guarantee or be or remain liable with respect to any Indebtedness other than
the following:

 

(a)           Indebtedness of the Borrower to the Senior Lender under any Senior Debt
Document;

 

(b)           Indebtedness in respect of current liabilities, other than for borrowed
money, of the Borrower Affiliated Group incurred in the ordinary course of
business and of a type and magnitude consistent with past practices;

 

(c)           Indebtedness in respect of capital leases and purchase money security
interests of the Borrower Affiliated Group incurred in the ordinary course of
business; provided, that the aggregate principal amount of Indebtedness
permitted by this clause (c) shall not exceed $2,000,000 at any one time
outstanding;

 

(d)           Indebtedness existing on the date of this Agreement and disclosed on Schedule 7.1
hereto (including any replacements, refinancings or refundings thereof which do
not have the effect of increasing the principal amount thereof, fees thereon
(other than reasonable and customary fees), or of shortening the maturity date
thereof other than, if as a result of such shortening, the maturity date of
such Indebtedness is a date after the date which is 6 months after the maturity
date of the Notes hereunder);

 

(e)           The Indebtedness of the Borrower to the Noteholders hereunder;

 

(f)            Indebtedness secured by Encumbrances
permitted by Section 7.5;

 

(g)           Indebtedness of any domestic Subsidiary in favor of the Borrower;

 

(h)           Unsecured Indebtedness of any member of the Borrower Affiliated Group
to another member of the Borrower Affiliated Group; and

 

(i)            Guarantees by any member of the Borrower
Affiliated Group with respect to any Indebtedness of another member of the
Borrower Affiliated Group permitted by this Section 7.1 or Section 7.2.

 

31

 

Section 7.2.           Contingent Liabilities. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, create, incur, assume or
remain liable with respect to any Guarantees other than the following:

 

(a)           Guarantees in favor of the Senior Lender under any Senior Debt Document;

 

(b)           Guarantees existing on the date of this Agreement and disclosed on Schedule 7.2 hereto;

 

(c)           Guarantees resulting from the endorsement of negotiable instruments for
collection in the ordinary course of business;

 

(d)           Guarantees with respect to surety, performance and return-of-money and
other similar obligations incurred in the ordinary course of business
(exclusive of obligations for the payment of borrowed money) not exceeding in
the aggregate at any time $200,000; and

 

(e)           Guarantees of Indebtedness permitted under Section 7.1.

 

Section 7.3.           [Reserved.]

 

Section 7.4.           Sale and Leaseback. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, enter into any arrangement,
directly or indirectly, whereby it shall sell or transfer any property owned by
it in order to lease such property or lease other property that the Borrower or
such other member of the Borrower Affiliated Group intends to use for
substantially the same purpose as the property being sold or transferred.

 

Section 7.5.           Encumbrances. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, create, incur, assume or
suffer to exist any mortgage, pledge, security interest, lien or other charge
or encumbrance, including the lien or retained security title of a conditional
vendor upon or with respect to any of its property or assets (including,
without limitation, any of its intellectual property) (“Encumbrances”), or assign or otherwise convey any right to
receive income, including the sale or discount of Accounts Receivable with or
without recourse, except the following (“Permitted Encumbrances”):

 

(a)           Encumbrances in favor of the Senior Lender under any Senior Debt
Document;

 

(b)           Encumbrances existing on the date of this Agreement and disclosed in Schedule 7.5 hereto securing Indebtedness described
therein;

 

(c)           Liens for taxes, fees, assessments and other governmental charges to
the extent that payment of the same may be postponed or is not required to
be paid in accordance with the provisions of Section 6.4;

 

(d)           Landlords’ and lessors’ liens arising by statute, so long as the
obligations of the Borrower or other member of the Borrower Affiliated Group
under the

 

32

 

applicable lease are not overdue, or liens in
respect of pledges or deposits under workmen’s compensation, unemployment
insurance, social security laws, or similar legislation (other than ERISA) or
in connection with appeal and similar bonds incidental to litigation; mechanics’,
laborers’, carriers’, warehousemans’, materialmen’s and similar liens, if the
obligations secured by such liens are not then delinquent; liens securing the performance
of bids, tenders, contracts (other than for the payment of money); and
statutory obligations incidental to the conduct of its business and that do not
in the aggregate materially detract from the value of its property or
materially impair the use thereof in the operation of its business;

 

(e)           Judgment liens that shall not have been in existence for a period
longer than 30 days after the creation thereof or, if a stay of execution shall
have been obtained, for a period longer than 30 days after the expiration of
such stay;

 

(f)            Easements, rights of way, restrictions, minor
defects or irregularities in title and other similar charges or Encumbrances
relating to real property and not interfering in a material way with the
ordinary conduct of its business;

 

(g)           Encumbrances securing the purchase price of capital assets (including
rights of lessors under capital leases) to the extent such purchase is not
otherwise prohibited hereunder, provided, however, that (A) each such Encumbrance is given
solely to secure the purchase price of, or the lease obligations relating to,
such property, does not extend to any other property and is given at the time
of the acquisition of the property, and (B) the Indebtedness secured
thereby does not exceed the lesser of the cost of such property or its fair
market value at the time such security interest attaches, and in any event,
such Indebtedness does not exceed $1,000,000 in the aggregate outstanding at
any time;

 

(h)           Any interest of title of a lessor under, and Encumbrances arising from,
Uniform Commercial Code financing statements (or equivalent filings,
registrations or agreements in foreign jurisdictions) relating to equipment
leases not otherwise prohibited by this Agreement;

 

(i)            Normal and customary rights of setoff upon
deposits of cash in favor of banks or other depository institutions;

 

(j)            Encumbrances of a collection bank arising
under Section 4-210 of the Uniform Commercial Code on items in the
course of collection; and

 

(k)           Rights of service or indemnity payment setoffs customarily required in
software license agreements; and

 

(l)            Any exception included in a title insurance
policy approved by the Noteholders.

 

Section 7.6.           Merger; Consolidation; Sale
or Lease of Assets; Acquisitions.
The Borrower shall not, nor shall it permit any other member of the Borrower
Affiliated Group to, sell, lease or otherwise dispose of assets or properties
(valued at the lower of cost or fair market

 

33

 

value),
other than (i) sales of inventory and non-exclusive licenses of
intellectual property in the ordinary course of business, and (ii) sales
of assets not in the ordinary course of business in an aggregate amount not to
exceed $1,000,000 in any fiscal year of the Borrower or such other member of
the Borrower Affiliated Group; or liquidate, merge or consolidate into or with
any other Person or enter into or undertake any plan or agreement of
liquidation, merger or consolidation with any other Person, provided that any
wholly-owned Subsidiary of the Borrower may merge or consolidate into or
with (x) the Borrower if no Default or Event of Default has occurred and is
continuing or would result from such merger and if the Borrower is the
surviving company, or (y) any other wholly-owned Subsidiary of the Borrower.
The Borrower will not, without the prior written consent of the Noteholders,
acquire all or substantially all of the assets (or a division) or capital stock
(or other equity) of any Person.

 

Section 7.7.           Consolidated Leverage Ratio. The Borrower shall not at any time permit
the Consolidated Leverage Ratio of the Borrower Affiliated Group as at the last
day of any fiscal period to be greater than 5 to 1.

 

Section 7.8.           Consolidated Fixed Charge
Coverage Ratio. The
Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio of the
Borrower Affiliated Group, as at the end of any fiscal quarter, to be less than
1 to 1 for the fiscal quarter then ending.

 

Section 7.9.           [Reserved].

 

Section 7.10.        Restricted Payments. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, pay, make or declare any
Restricted Payment. Notwithstanding the foregoing, the Borrower (i) may make
payments on Subordinated Debt to the extent permitted in any related
intercreditor or subordination agreement, and (ii) may make payments
of the Stay Bonus in accordance with the terms of the applicable Stay Bonus
agreements and the Retention Bonus Plan, provided the aggregate amount
of all such Stay Bonus payments shall not exceed $2,225,000 in any fiscal year
and $6,750,000 during the term of this Agreement. Neither the Borrower nor any
other member of the Borrower Affiliated Group will enter into any agreement,
contract or arrangement (other than the Senior Debt Documents or Subordinated
Notes Documents) restricting the ability of any other member of the Borrower
Affiliated Group to pay or make dividends or distributions in cash or kind, to
make loans, advances or other payments of any nature or to make transfers or
distributions of all or any part of its assets to the Borrower or any
other member of the Borrower Affiliated Group.

 

Section 7.11.        Investments. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, make or maintain any
Investments other than Qualified Investments and loans and advances to
employees of the Borrower or such other member of the Borrower Affiliated Group
permitted under Section 7.14(i) below.

 

Section 7.12.        ERISA. Neither the Borrower nor any member of the
Controlled Group shall permit any Plan maintained by it to (i) engage in
any non-exempt “prohibited transaction” (as defined in Section 4975 of the
Code, (ii) incur any “accumulated funding deficiency” (as defined in Section 302
of ERISA) whether or not waived, or (iii) terminate any Plan in a manner
that could reasonably be expected to result in the imposition of a lien or
encumbrance on the

 

34

 

assets
of the Borrower or any other member of the Borrower Affiliated Group pursuant
to Section 4068 of ERISA.

 

Section 7.13.        Transactions with Affiliates. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, enter into or participate in
any agreements or transactions of any kind with any Affiliate (for purposes of
this Section 7.13, only, TA Associates and its Affiliates shall be deemed “Affiliates”
of the Borrower) , except (i) transfer-pricing agreements in the ordinary
course of business and consistent with past practices, (ii) agreements or
transactions contemplated, required or allowed by any Subordinated Notes
Document or any Related Agreement as in effect on the date of this Agreement, provided
that such agreements or transactions are not otherwise prohibited by this
Agreement, any other Subordinated Notes Documents or any of the Related
Agreements; (iii) agreements or transactions (in each case) in the
ordinary course of business and on an arms-length basis which (A) include
only terms which are fair and equitable to the Borrower or such other member of
the Borrower Affiliated Group and are no less favorable than would be found in
a similar agreement or transaction with an unaffiliated third party
counterpart, (B) do not violate or otherwise conflict with any of the
terms of any of the Subordinated Notes Documents or Senior Debt Documents, (C) require
the payment of no fees, charges or commissions by the Borrower or such member
of the Borrower Affiliated Group to any Affiliate except those which are
reasonable and disclosed to the Noteholders, and (D) are disclosed on the
books, accounts and records of the Borrower or such other member of the
Borrower Affiliated Group,; and (iv) the loans permitted by Section 7.14.
Neither the Borrower nor any other member of the Borrower Affiliated Group will
enter into any agreement containing any provision which would be violated or
breached by the performance by the Borrower or such other member of the
Borrower Affiliated Group of its obligations hereunder or under any of the
other Subordinated Notes Documents.

 

Section 7.14.        Loans. The Borrower shall not, nor shall permit any
other member of the Borrower Affiliated Group to, make to any Person any loan,
advance or other transfer with the anticipation of repayment, except for (i) loans
and advances to employees of the Borrower or such other member of the Borrower
Affiliated Group not exceeding $2,225,000 in the aggregate at any time
outstanding for taxes incurred by such employees in connection with the Related
Transactions; provided that such loans and advances shall be on terms
reasonably satisfactory to the Noteholders, and (ii) loans and advances to
employees of the Borrower or such other member of the Borrower Affiliated
Group, made in the ordinary course of business and consistent with past
practices, not exceeding $2,000,000 in the aggregate at any time outstanding; provided,
that no such advances to any single employee shall exceed $400,000 in the
aggregate.

 

Section 7.15.        No Amendments to Certain
Documents. The Borrower shall
not, nor shall permit any other member of the Borrower Affiliated Group to, at
any time cause or permit any of the Related Agreements, the Material Contracts,
or charter or other incorporation documents or by-laws of the Borrower or such
other member of the Borrower Affiliated Group, to be modified, amended or
supplemented in any respect whatever, except for such modification or amendment
as would not, in the Noteholders’ reasonable discretion, effect any change adverse
to the Noteholders, or have a Material Adverse Effect, without (in each case)
the express prior written agreement, consent or approval of the Noteholders.

 

35

 

Notwithstanding the foregoing, the Senior Debt
Documents may be amended in accordance with the terms of the TA
Subordination Agreement.

 

ARTICLE VIII
-DEFAULT

 

Section 8.1.           Events of Default. Each of the following events shall
constitute an event of default (“Event of Default”) and the Noteholders shall
thereupon have the option to declare the Obligations immediately due and
payable, all without further demand, notice, presentment or protest or further
action of any kind (it also being understood that the occurrence of any of the
events or conditions set forth in any of sub-Sections (f) or (g) shall
automatically cause an acceleration of the Obligations):

 

(a)           the Borrower shall fail to pay (i) any amount of principal of any
Notes within 2 days of the date when due, or (ii) any amount of interest thereon
or any fees or expenses payable hereunder or under any Note or any other
Subordinated Notes Document within 7 days after the due date therefor; or

 

(b)           the Borrower or any other member of the Borrower Affiliated Group shall
fail to perform, comply with or observe or shall otherwise breach any one or
more of the terms, obligations, covenants or agreements contained in Sections
6.1, 6.2(d), 6.5, 6.7, 6.8, 6.10, 6.11, or in Article VII and such failure
shall continue for 20 days; or

 

(c)           (i) the Borrower or any other member of the Borrower Affiliated
Group shall fail to perform, comply with or observe or shall otherwise breach
any one or more of the terms, obligations, covenants or agreements or contained
this Agreement or in any other Subordinated Notes Document and such failure
shall continue for 45 days; or

 

(d)           any representation or warranty of the Borrower or any other member of
the Borrower Affiliated Group made in any Subordinated Notes Document or any
other documents or agreements delivered in connection with the transactions
contemplated by this Agreement or in any certificate delivered hereunder shall
prove to have been false in any material respect upon the date when made or
deemed to have been made; or

 

(e)           other than with respect to the Senior Loan Agreement, the Borrower or
any other member of the Borrower Affiliated Group shall fail to pay at
maturity, or within any applicable period of grace (not to exceed 45 days), any
obligations in excess of $500,000 in the aggregate for borrowed monies or
advances, or fail to observe or perform any term, covenant or agreement
evidencing or securing such obligations for borrowed monies or advances, the
result of which failure is to permit the holder or holders of such Indebtedness
to cause such Indebtedness to become due prior to its stated maturity upon
delivery of required notice, if any, or to permit any party to any agreement
evidencing such obligations to terminate or cancel such agreement; or

 

(f)            the Borrower or any other member of the
Borrower Affiliated Group shall (i) apply for or consent to the
appointment of, or the taking of possession by, a receiver, custodian, trustee,
liquidator or similar official of itself or of all or a substantial part of
its property, (ii) be Insolvent, (iii) fail to contest in a timely or

 

36

 

appropriate manner, or acquiesce in writing to, any
petition filed against it in an involuntary case under the Federal Bankruptcy
Code (as now or hereafter in effect) or other law or (iv) pass any board
resolution or take any corporate action for the purpose of effecting any of the
foregoing; or

 

(g)           a proceeding or case shall be commenced, without the application or
consent or acquiescence of the Borrower or other applicable member of the
Borrower Affiliated Group in any court of competent jurisdiction, seeking (i) the
liquidation, reorganization, dissolution, winding up, or composition or
readjustment of its debts, (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of it or of all or any substantial part of
its assets, or (iii) similar relief in respect of it, under any law
relating to bankruptcy, insolvency, reorganization, winding-up or composition
or adjustment of debts or any other law providing for the relief of debtors,
and such proceeding or case shall continue undismissed, or unstayed and in
effect, for a period of 60 days; or an order for relief shall be entered in an
involuntary case under the Federal Bankruptcy Code (as now or hereafter in
effect), against the Borrower or any other member of the Borrower Affiliated
Group; or action under the laws of the jurisdiction of incorporation or
organization of the Borrower or any other member of the Borrower Affiliated
Group similar to any of the foregoing shall be taken with respect to the
Borrower or any such member of the Borrower Affiliated Group and shall continue
unstayed and in effect for any period of 60 days; or

 

(h)           judgments or orders for the payment of money shall be entered against
the Borrower or any other member of the Borrower Affiliated Group by any court,
or a warrant of attachment or execution or similar process shall be issued or
levied against property of the Borrower or any other member of the Borrower
Affiliated Group, that in the aggregate exceed $500,000 in value and such
judgments, orders, warrants or process shall continue undischarged or unstayed
for 60 days; or

 

(i)            the Borrower, any other member of the
Borrower Affiliated Group or any member of the Controlled Group shall fail to
pay when due amounts which it shall have become liable to pay to the PBGC or to
a Plan under Title IV of ERISA that in the aggregate exceed $200,000; or notice
of intent to terminate a Plan or Plans shall be filed under Title IV of ERISA
by the Borrower, any other member of the Borrower Affiliated Group or any
member of the Controlled Group, any plan administrator or any combination of
the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA
to terminate or to cause a trustee to be appointed to administer any such Plan
or Plans or a proceeding shall be instituted by a fiduciary of any such Plan or
Plans against the Borrower or any other member of the Borrower Affiliated Group
and such proceedings shall not have been dismissed within 45 days thereafter;
or a condition shall exist by reason of which the PBGC would be entitled to
obtain a decree adjudicating that any such Plan or Plans must be terminated; or

 

(j)            [Reserved.]

 

(k)           any change in equity ownership of any Subsidiary of the Borrower, except
to the extent permitted by Section 7.6; or

 

37

 

(l)            Coleman Fung shall cease to be the Chief
Executive Officer of the Borrower or Kevin Hesselbirg shall cease to be the
Chief Financial Officer of the Borrower, or shall cease to perform substantially
all of his duties and responsibilities as such officer for a period of more
than thirty 30 days (exclusive of vacations not in excess of such officer’s
normal annual vacation allowance) and such Person shall not be replaced within
180 days of such event or circumstance; or

 

(m)          the Borrower or any other member of the Borrower Affiliated Group shall
be enjoined, restrained or in any way prevented by the order of any court or
any administrative or regulatory agency from conducting any material part of
its business and such order shall continue in effect for more than 60 days, or
the Borrower or any other member of the Borrower Affiliated Group shall be
indicted for a state, federal, provincial (or similar foreign jurisdiction)
crime, or any civil or criminal action shall otherwise have been brought or
threatened in writing against the Borrower or any other member of the Borrower
Affiliated Group, a punishment for which in any such case could include
forfeiture of any assets of the Borrower Affiliated Group having a fair market
value in excess of $500,000; or

 

(n)           there shall occur any material damage to, or loss, theft or destruction
of, any Collateral, whether insured or not insured, or any strike, lockout, labor
dispute, embargo, condemnation, act of God or public enemy, or other casualty,
which in any such case causes, for more than 45 consecutive days, any material
cessation or substantial curtailment of revenue producing activities at any
facility of the Borrower or any other member of the Borrower Affiliated Group
if such event or circumstance is not covered by business interruption
insurance; or

 

(o)           there shall occur the loss, suspension or revocation of, or failure to
renew, any license or permit now held or hereafter acquired if such loss,
suspension, revocation or failure to renew could reasonably be expected to have
a Material Adverse Effect; or

 

(p)           any covenant, agreement or obligation of the Borrower or any other
member of the Borrower Affiliated Group contained in or evidenced by any
Security Document or any Ancillary Document to which the Borrower or such
member of the Borrower Affiliated Group is a party shall, prior to the date on
which such document terminates, cease in any material respect to be legal,
valid, binding or enforceable in accordance with the terms thereof, which
cessation (in the case of an Related Agreement only) can reasonably be expected
to have a Material Adverse Effect; or

 

(q)           any Related Agreement shall be canceled, terminated, revoked or
rescinded (or any notice of such cancellation, termination, revocation or
rescission given) other than with the express prior written agreement, consent
or approval of the Noteholders; or any action at law, suit in equity or other
legal proceeding to cancel, revoke, or rescind any Related Agreement shall be
commenced by or on behalf of the Borrower or any other member of the Borrower
Affiliated Group, or by any court or any other governmental or regulatory
authority or agency of competent jurisdiction; or any

 

38

 

court or any other governmental or regulatory
authority or agency of competent jurisdiction shall make a determination that,
or shall issue a judgment, order, decree or ruling to the effect that, any one
or more of the Security Documents or Ancillary Documents or any one or more of
the obligations of the Borrower or any other member of the Borrower Affiliated
Group under any one or more of the Related Agreements are illegal, invalid or unenforceable
in accordance with the terms thereof; or

 

(r)            any default or event of default shall occur
and be continuing under any under any Related Agreement (other than the Senior
Debt Documents) and the required Noteholders determine, in the exercise of their
reasonable discretion, that such default or event of default could reasonably
be expected to have a Material Adverse Effect.

 

Section 8.2.           Cure. Other than with respect to a cure of an Event
of Default accomplished within a stated cure period hereunder, nothing
contained in this Agreement, the Notes or the Related Agreements shall be
deemed to compel the Noteholders to accept a cure of any Event of Default
hereunder.

 

Section 8.3.           Rights and Remedies on
Default.

 

8.3.1        Upon
the occurrence and during the continuance of an Event of Default, the
Noteholders holding greater than fifty percent (50%), voting together as a
single class, in principal amount of the Notes may, by notice to Borrower,
declare the entire unpaid principal amount of the Notes plus all interest
accrued and unpaid thereon and all other amounts payable under this Agreement
to be forthwith due and payable, whereupon the Notes, all such accrued interest
and all such amounts shall become and be forthwith due and payable (unless
there shall have occurred an Event of Default under sub-Sections (f) or (g) of
Section 8.1, in which case all such amounts shall automatically become due
and payable), without presentment, demand, protest or further notice of any
kind, all of which are hereby expressly waived by Borrower.

 

8.3.2        Upon
the occurrence and during the continuance of an Event of Default, each
Noteholder may proceed to protect and enforce its rights by suit in
equity, action at law and/or other appropriate proceeding either for specific
performance of any covenant, provision or condition contained or incorporated
by reference in this Agreement or in aid of the exercise of any power granted
in this Agreement.

 

8.3.3        Upon
the occurrence and during the continuance of an Event of Default, if any Convertible
Subordinated Notes are outstanding on such date, the Noteholders may elect
to convert such Notes in accordance with Section 2.2 hereof.

 

8.3.4        If any
Event of Default shall have occurred and be continuing, and whether or not the
Noteholders shall have accelerated the maturity of the Notes pursuant to sub-Section 8.3.1,
each Noteholder, if owed any amount with respect to the Notes may proceed
to protect and enforce its rights by suit in equity, action at law or other
appropriate proceeding, whether for the specific performance of any covenant or
agreement contained in this Agreement and the other Subordinated Notes
Documents or any instrument pursuant to which the Obligations to such
Noteholder are evidenced, including to the extent permitted by Applicable

 

39

 

Law
by obtaining the ex parte appointment of a receiver, and, if such amount shall
have become due, by declaration or otherwise, by proceeding to enforce the
payment thereof or any other legal or equitable right of such Noteholder. No
remedy herein conferred upon any Noteholder is intended to be exclusive of any
other remedy and each and every remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at
law or in equity or by statute or any other provision of law.

 

Section 8.4.           Nature of Remedies. All rights and remedies granted to the
Noteholders hereunder and under the Notes and the Related Agreements, or
otherwise available at law or in equity, shall be deemed concurrent and
cumulative, and not alternative remedies, and the Noteholders may proceed
with any number of remedies at the same time until all Obligations are
satisfied in full. The exercise of any one right or remedy shall not be deemed
a waiver or release of any other right or remedy, and the Noteholders, upon or
at any time after the occurrence and during the continuance of an Event of
Default, may proceed against Borrower at any time with any available
remedy and in any order.

 

Section 8.5.           Set-Off. If any bank account or other Property held by
or with the Noteholders or any Affiliate of the Noteholders is attached or
otherwise liened or levied upon by any third party, the Noteholders shall have
and be deemed to have, without notice to Borrower, the immediate right of
set-off and may apply the funds or other amounts or property thus set off
against any of the Obligations hereunder then due and payable.

 

Section 8.6.           Distribution of Proceeds. In the event that, following the occurrence
and during the continuance of any Event of Default, any Noteholder receives any
monies with respect to the amounts due hereunder, such monies shall be
distributed for application as follows:

 

8.6.1        First,
to the payment of, or (as the case may be) the reimbursement of the
Noteholders for or in respect of all reasonable costs, expenses, disbursements
and losses which shall have been incurred or sustained by the Noteholders in
connection with the collection of such monies by the Noteholders, for the exercise,
protection or enforcement by the Noteholders of all or any of the rights,
remedies, powers and privileges of the Noteholders under this Agreement or any
of the other Subordinated Notes Documents pro rata based on the relative
amounts so incurred or sustained by the Noteholders (subject, with respect to
fees and expenses of counsel to Section 9.8 hereof);

 

8.6.2        Second,
to all other Obligations in such order or preference as the Noteholders may determine;
provided, however, that distributions shall be made among the Noteholders pro
rata; and

 

8.6.3        Third,
to Borrower or to such other Persons as are entitled thereto.

 

ARTICLE IX
-MISCELLANEOUS

 

Section 9.1.           No Waiver; Cumulative
Remedies. No failure or delay
on the part of any Noteholder, in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy hereunder.

 

40

 

The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

Section 9.2.           Amendments, Waivers and Consents. Any provision in this Agreement or the Notes
or the other Subordinated Notes Documents to the contrary notwithstanding,
changes in or additions to this Agreement may be made, and compliance with
any covenant or provision herein set forth may be omitted or waived, if
Borrower shall, as long as any Notes are outstanding, obtain consent thereto in
writing from the holder or holders of greater than fifty percent (50%),
considered together as a single class, of the aggregate principal amount of all
Notes then outstanding, and shall, in any case, deliver copies of such consent
in writing to all other holders of Notes; provided that no such consent shall
be effective to reduce or to postpone the date fixed for the payment of the
principal (including any required redemption) or interest payable on any Note
without the written consent of the holder thereof, or to alter or amend the
terms governing prepayments, mandatory purchase or the terms of subordination
contained in this Agreement and the other Subordinated Notes Documents, or to
alter or amend the consent mechanism provided for under this Section 9.2
unless all of the Noteholders shall have consented thereto in writing. Any
amendment or waiver effected in accordance with this Section 9.2 shall be
binding upon each Noteholder and the Borrower.

 

Section 9.3.           Addresses for Notices, Etc. All  notices, requests, demands and other communications provided for
hereunder shall be in writing and mailed (by first class registered or
certified mail, postage prepaid), sent by express overnight courier service or
electronic facsimile transmission with a copy by mail, or delivered to the
applicable party at the addresses indicated below:

 

If to Borrower:

 

Open Link Financial, Inc.

1502 Reckson Plaza

West Tower -15th Floor

Uniondale, NY 11556-1502

Attention: Kevin Hesselbirg

Telecopy No.: (516) 394-1193

 

If to the Noteholders:

 

TA Associates, Inc.

125 High Street, Suite 2500

Boston, MA 02110

Attention: Jonathan Meeks

Telecopy No.: (617) 574-6728

 

If to any other holder of the Notes:

 

at such holder’s address for notice as set forth in
the transfer records of Borrower

 

or,
as to each of the foregoing, at such other address as shall be designated by
such Person in a written notice to the other party complying as to delivery
with the terms of this Section 9.3. All

 

41

 

such
notices, requests, demands and other communications shall, when mailed or sent,
respectively, be effective (i) three (3) days after being deposited
in the mails or (ii) one Business Day after being deposited with the
express overnight courier service or sent by electronic facsimile transmission
(with receipt confirmed), respectively, addressed as aforesaid.

 

Section 9.4.           Costs, Expenses and Taxes. Borrower agrees to pay on demand all
reasonable out-of-pocket costs and expenses of the Noteholders in connection
with the preparation, execution and delivery of this Agreement, the Notes, the
other Subordinated Notes Documents and other instruments and documents to be
delivered hereunder, and in connection with the consummation of the
transactions contemplated hereby and thereby, as well as all reasonable
out-of-pocket costs and expenses of the Noteholders in connection with the
amendment, waiver (whether or not such amendment or waiver becomes effective)
or enforcement of this Agreement, the Notes, the other Subordinated Notes
Documents, and other instruments and documents to be delivered hereunder and
thereunder; including, without limitation, the expenses of the Noteholders
incurred under Section 8.3 hereof at any time after an Event of Default
has occurred and is continuing. The Borrower shall be responsible, during any
enforcement action, for the costs and expenses of a single counsel to the
Noteholders (excluding any special or local counsel required in connection with
any such enforcement action).

 

Section 9.5.           Assignability; Binding
Agreement. This Agreement may not
be assigned by any party hereto without the prior written consent of each other
party hereto; provided, however, that any Noteholder may assign this
Agreement freely without consent to any transferee in accordance with the
provisions of Section 2.9. This Agreement shall be binding upon and
enforceable by, and shall inure to the benefit of, the parties hereto and their
respective successors and permitted assigns, and no others. Notwithstanding the
foregoing, nothing in this Agreement is intended to give any Person not named
herein the benefit of any legal or equitable right, remedy or claim under this
Agreement.

 

Section 9.6.           Payments in Respect of Notes. Each Noteholder and any successor holder of
any Notes, by their acceptance thereof, agree that, with respect to all sums
received by them applicable to the payment of principal of or interest on the
Notes, equitable adjustment will be made among them so that, in effect, all
such sums shall be shared ratably by all of the holders of the Notes, whether
received by voluntary payment, by the exercise of the right of set off, by
counterclaim or cross-action or by the enforcement of any or all of the Notes.
If any holder of the Notes receives any payment on its Notes in excess of its
pro rata portion, then such holder receiving such excess payment shall purchase
for cash from the other holders an interest in their Notes in such amounts as
shall result in a ratable participation by all of the holders in the aggregate
unpaid amount of Notes then outstanding. Borrower shall not have any obligation
to any Person under this Section 9.6.

 

Section 9.7.           Indemnification. The Borrower agrees (a) to pay,
indemnify and hold each Noteholder harmless from any and all recording and
filing fees and any and all liabilities with respect to, or resulting from any
delay in paying, stamp, excise and other similar taxes, if any, that may be
payable or determined to be payable in connection with the execution and delivery
of, or consummation or administration of any of the transactions contemplated
by, or any amendment, supplement or modification of, or any waiver or consent
under or in respect of, this Agreement or the other Subordinated Notes
Documents, and (b) to the fullest extent

 

42

 

permitted
by law, and in addition to any such rights which any Noteholder may have
under this Section 9.7, pursuant to statute, the Borrower’s certificate of
incorporation or by laws, or otherwise, to pay, indemnify and hold each
Noteholder, and their respective officers, directors, employees, affiliates,
agents and controlling persons (each, an “Indemnitee”), and to indemnify and
hold harmless each Indemnitee from and against any and all losses, claims,
damages, obligations, expenses, liens, assessments, judgments and liabilities,
joint or several (including, without limitation, interest, penalties and any
investigation, legal and other expenses, incurred in connection with, and any
amount paid in settlement of, any action, suit or proceeding or any claim
asserted, as the same are incurred) of any kind or nature whatsoever which may be
sustained or suffered by any such Indemnitee, based upon, arising out of, by
reason of or otherwise in respect of or in connection with (i) any breach
of any covenant or agreement made by the Borrower in this Agreement or in any
agreement or instrument delivered pursuant to this Agreement, or (ii) to
which any Indemnitee, or any of them, may become subject by reason of, in
their capacity as or as a result of any action taken or omitted to be taken by
them as a security holder, creditor, director, board observer, agent,
representative or controlling person of the Borrower or otherwise relating to
their involvement with the Borrower, including, without limitation, any and all
losses, claims, damages, expenses and liabilities, joint or several (including
any investigation, legal and other expenses incurred in connection with, and
any amount paid in settlement of, any action, suit or proceeding or any claim
asserted) under any federal or state statutory law or regulation, at common law
or otherwise, which relates directly or indirectly to the registration,
purchase, sale or ownership of any securities of the Borrower or to any
fiduciary obligation owed with respect thereto, including, without limitation,
in connection with any third party or governmental action or claim relating to
any action taken or omitted to be taken or alleged to have been taken or
omitted to have been taken by any Indemnitee as a shareholder, director, agent,
representative or controlling person of the Borrower or otherwise, alleging so
called control person liability, lender liability or securities law liability;
provided, however, that the Borrower will not be liable to the extent that such
loss, claim, damage, expense or liability arises from and is based on an untrue
statement or omission or alleged untrue statement or omission in a registration
statement or prospectus which is made in reliance on and in conformity with
written information furnished to the Borrower in an instrument duly executed by
or on behalf of such Indemnitee specifically stating that it is for use in the
preparation thereof or as a result of the gross negligence or willful
misconduct of an Indemnitee, or breach of an Indemnitee’s obligations
hereunder, in each case as determined by a final, non-appealable judgment of a
court of competent jurisdiction; provided, however, with respect to this clause
(ii), to the extent any provisions of this clause (ii) conflict with the
provisions of Section 7.8 of the Stockholders Agreement, Section 7.8
of the Stockholders Agreement shall control.

 

Section 9.8.           Survival of Representations
and Warranties All
representations and warranties made to the Noteholders in this Agreement, the
other Subordinated Notes Documents, the Related Agreements and any other
instrument or document delivered in connection herewith or therewith, shall
survive the execution and delivery hereof and thereof, regardless of any
investigation made by the Noteholders or on behalf of the Noteholders.

 

Section 9.9.           Prior Agreements. This Agreement and the Related Agreements
constitute the entire agreement between the parties and supersede any prior
understandings or agreements concerning the subject matter hereof or thereof.

 

43

 

Section 9.10.                    Severability. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

 

Section 9.11.                    Governing Law. This Agreement is to be construed and
enforced in accordance with by the laws of the Commonwealth of Massachusetts.

 

Section 9.12.                    Jury Waiver. EACH PARTY TO THIS AGREEMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE
TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND
EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO
THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

Section 9.13.                    Counterparts. This Agreement may be executed
simultaneously in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original, but such counterparts shall
together constitute but one and the same document.

 

Section 9.14.                         Further Assurances. From and after the date of this Agreement,
upon the request of the Noteholders, Borrower and its Subsidiaries shall
execute and deliver such instruments, documents and other writings as may be
reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of the Subordinated Notes Documents.

 

Section 9.15.                         Specific Performance. Upon breach or default by Borrower with respect
to any obligation hereunder or under the Notes, each Noteholder shall be
entitled to protect and enforce its rights at law, or in equity or by other
appropriate proceedings for specific performance of such obligation, or for an
injunction against such breach or default, or in aid of the exercise of any
power or remedy granted hereby or thereby or by law.

 

Section 9.16.                         Actions by Noteholders. Except as provided in Section 9.2,
wherever in this Agreement action is required or permitted to be taken by, or
consent is required of, or a matter requires the satisfaction of, the
Noteholders, such action may be taken by, such consent may be
obtained from, or such satisfaction may be expressed by, the holders of a
majority, considered together as a single class, of the aggregate principal
amount of all Notes then outstanding.

 

44

 

Section 9.17.                         Limitation of Liability. No Noteholder
shall have any liability to Borrower or Borrower’s Subsidiaries (whether sounding
in tort, contract, or otherwise) for consequential damages suffered by Borrower
or its Subsidiaries in connection with, arising out of, or in any way related
to the transactions or relationships contemplated by the Subordinated Notes
Documents, or any act, omission or event occurring in connection therewith, or
for any special exemplary or punitive damages, and Borrower and its
Subsidiaries hereby waive, to the maximum extent not prohibited by law, any
right they may have to claim or recover any of the foregoing.

 

[The remainder of this page has been
left blank intentionally]

 

45

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman Fung

  
	
   

  	
  Name:

  	
  Coleman Fung

  
	
   

  	
  Its:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NOTEHOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TA SUBORDINATED DEBT FUND, L.P.

  
	
   

  	
  By: TA Associates SDF LLC, its General Partner 

  
	
   

  	
  By: TA Associates, Inc., its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
  Name:

  	
  Jonathan Meeks

  
	
   

  	
  Its:

  	
  Principal

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TA INVESTORS II, L.P.

  
	
   

  	
  By: TA Associates, Inc., its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
  Name:

  	
  Jonathan Meeks

  
	
   

  	
  Its:

  	
  Principal

  
				

 

 

Open
Link Subordinated Convertible Note Purchase Agreement

 

 

EXHIBIT A

 

Form of Joinder Agreement

 

The
undersigned hereby agrees, effective as of the date hereof, to become a party
to that certain Subordinated Convertible Note Purchase Agreement (the “Agreement”)
dated as of February 1, 2006 by and among Open Link Financial, Inc.
and the parties named therein, as a Noteholder thereunder. The undersigned
hereby agrees to be bound by the terms of the Agreement and the other
Subordinated Notes Documents, including the representations and warranties set
forth in Article IV of the Agreement. Capitalized terms used herein but
not defined herein shall have the meanings ascribed thereto in the Agreement.

 

The
address and facsimile number to which notices may be sent to the
undersigned is as follows:

 

[Name]

 

[Address]

 

Facsimile
No.:                  

 

Attention:               

 

 

	
   

  	
   

  
	
   

  	
  [NAME
  OF UNDERSIGNED]

  

 

2

 

EXHIBIT 2.1

 

Form of Note

 

 

3

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

 

THIS
NOTE AND THE RIGHTS EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN
SUBORDINATED NOTE AND INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY     ,
2006, BY AND AMONG OPEN LINK FINANCIAL, INC., BANK OF AMERICA, N.A. AND
THE SUBORDINATED NOTE HOLDERS SIGNATORY THERETO, AND ANY TRANSFEREE BY
ACCEPTANCE OF SUCH TRANSFER AGREES TO BE BOUND BY THE TERMS THEREOF.

 

SUBORDINATED NOTE

 

	
  $                     

  	
                   ,
  200   

  

 

FOR
VALUE RECEIVED, the undersigned, Open Link Financial, Inc., a Delaware
corporation (“Borrower”), HEREBY
PROMISES TO PAY to the order of [Name of Holder], a [entity type/jurisdiction
of organization] (the “Noteholder”), the
principal sum of $                          ,
together with interest on the unpaid principal amount from time to time outstanding
at the rate or rates and computed and payable at the times as described in the
Note Purchase Agreement (as hereinafter defined). Payments of the principal
hereof shall be made as provided in the Note Purchase Agreement.
Notwithstanding any other provision of this note, the entire balance of
principal and accrued and unpaid interest shall be paid in full on December 31,
2011.

 

This
note is one of the Subordinated Notes referred to in the Subordinated Convertible
Note Purchase Agreement dated as of February     ,
2006 (as the same may be amended, modified or supplemented from time to
time, the “Note Purchase Agreement”)  by
and among Borrower and the Noteholders named therein. This note has been issued
by Borrower to the Noteholder in connection with a conversion of the
Convertible Subordinated Note due December 31, 2011 issued by Borrower to
the Noteholder on February    , 2006 pursuant to the
terms of the Note Purchase Agreement. Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Note Purchase
Agreement.

 

Subject
to, and at all times in accordance with, the provisions of the Note Purchase Agreement
(i) Borrower shall have the right, at any time, to voluntarily prepay all
or any part of

 

 

the
outstanding principal amount of this note and (ii) the Noteholder shall
have the right to require Borrower to repurchase this note upon the occurrence
of a Mandatory Repurchase Event.

 

In
addition to the payment of interest as provided above, Borrower shall, on
demand, pay interest on any overdue installments of principal and, to the
extent permitted by applicable law, on overdue installments of interest at the
rate set forth in, and in accordance with the provisions of, the Note Purchase
Agreement.

 

The
holder of this note is entitled to all the benefits and rights of a Noteholder
under the Note Purchase Agreement to which reference is hereby made for a
statement of the terms and conditions under which the entire unpaid balance of
this note, or any portion thereof, shall become immediately due and payable.
Notwithstanding anything in this note to the contrary, the terms and provisions
of this note shall at all times be governed by and subject to all of the terms
and provisions of the Note Purchase Agreement. To the extent that there is any
conflict with, or inconsistency between, the terms and provisions of this note
and the terms and provisions of the Note Purchase Agreement, the terms and
provisions of the Note Purchase Agreement shall at all times govern and
control.

 

Borrower
hereby waives presentment, demand, notice, protest and other demands and
notices in connection with the delivery, acceptance or enforcement of this
note.

 

No
delay or omission on the part of the holder of this note in exercising any
right hereunder shall operate as a waiver of such right or of any other right
under this note, and a waiver, delay or omission on any one occasion shall not
be construed as a bar to or waiver of any such right on any future occasion.

 

The
terms and provisions of this note are subject to the terms and provisions of
the Note Purchase Agreement, including, without limitation, its dispute
resolution provisions.

 

 

This
note shall be deemed to be under seal, and all rights and obligations hereunder
shall be governed by the laws of the Commonwealth of Massachusetts (without
giving effect to any conflicts of law provisions contained therein).

 

 

	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Open Link Subordinated Note

 

 

EXHIBIT 2.2

Allocation of Note Purchase Amount

 

	
  TA Subordinated Debt Fund, L.P.

  	
   

  	
  $

  	
  19,607,843.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TA Investors II, L.P.

  	
   

  	
  $

  	
  392,156.86

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  20,000,000

  	
   

  

 

EXHIBIT 2.2(i)

Allocation of Subordinated Note Purchase Amount

 

	
  TA
  Subordinated Debt Fund, L.P.

  	
   

  	
  $19,607,843.14
  (subject to adjustment for any partial prepayment of the Convertible
  Subordinated Notes)

  
	
   

  	
   

  	
   

  
	
  TA
  Investors II, L.P.

  	
   

  	
  $392,156.84
  (subject to adjustment for any partial prepayment of the Convertible
  Subordinated Notes)

  
	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $20,000,000
  (subject to adjustment for any partial prepayment of the Convertible
  Subordinated Notes)

  

 

EXHIBIT 2.2(ii)

Allocation of Warrant Shares

 

	
  TA Subordinated Debt Fund, L.P.

  	
   

  	
  937,032

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TA Investors II, L.P.

  	
   

  	
  18,741

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  955,773

  	
   

  

 

4Exhibit 4.4

 

	
  Warrant No. 1

  	
   

  	
  June 28, 2007

  

 

WARRANT TO PURCHASE COMMON STOCK

OF

OPEN LINK FINANCIAL, INC.

 

THIS WARRANT AND
THE UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO
SUCH SECURITIES THAT IS EFFECTIVE UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT RELATING TO THE
DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

 

THIS WARRANT AND
THE UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO
THE PROVISIONS OF A CERTAIN STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006.  A COMPLETE AND CORRECT COPY OF SUCH AGREEMENT
IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

THIS WARRANT AND THE RIGHTS EVIDENCED HEREBY ARE SUBJECT TO THE TERMS
OF THAT CERTAIN SUBORDINATED NOTE AND INTERCREDITOR AGREEMENT DATED AS OF
FEBRUARY 1, 2006, BY AND AMONG OPEN LINK FINANCIAL, INC., BANK OF AMERICA, N.A.
AND THE SUBORDINATED NOTE HOLDERS SIGNATORY THERETO, AND ANY TRANSFEREE BY
ACCEPTANCE OF SUCH TRANSFER AGREES TO BE BOUND BY THE TERMS THEREOF.

 

Open Link Financial, Inc., a Delaware corporation
(together with its successors, the “Company”),
hereby certifies that, for value received, TA
Subordinated Debt Fund, L.P.,
a Delaware limited partnership  (together
with its successors and assigns and any transferee of this Warrant, and its
successors and assigns, the “Holder”),
is entitled, subject to the terms and conditions set forth in this warrant
(this “Warrant”), to purchase from
the Company, at any time or times on or after the date hereof, but not after
5:00 P.M., New York, New York time on June     , 2017 (the “Expiration Date”), nine hundred thirty
seven thousand thirty two (937,032) duly authorized, validly issued, fully
paid, nonassessable shares of Common Stock (as defined below) (as further
defined below, the “Warrant Shares”),
which shall be adjusted or readjusted from time to time as provided in this Warrant,
at an initial purchase price per share equal to

 

 

$0.01, which shall be adjusted or readjusted from time to time in
connection with any stock splits, stock dividends, recapitalizations or like
transactions affecting the Common Stock (as adjusted, the “Warrant Price”); provided; however,
that notwithstanding the foregoing, in no event shall the Warrant Price be
reduced to a number that is less than the par value of the Common Stock at the
date of exercise of this Warrant.

 

This Warrant is a Common Stock purchase warrant issued
in connection with the conversion of the Senior Subordinated Convertible Notes
due December 31, 2011 issued
by the Company (the “Convertible Notes”)
to the Holder pursuant to that certain Subordinated Convertible Note Purchase Agreement
dated as of February 1,
2006 (the “Closing Date”) (as it may be amended from time to time, the “Purchase Agreement”) by and among the
Company and the Noteholders named therein (this Warrant, together with the
other warrants issuable upon conversion of the Convertible Notes, the “Warrants”).  The
Warrants represent a right to purchase an aggregate of 955,773 shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to adjustment as
provided herein.  For purposes of this
Warrant Certificate, “Holders” shall mean the holders of the Warrants and “Warrant
Shares” shall mean shares of Common Stock; provided, however,
that if, in accordance with Section 2 hereof, the securities
issuable upon exercise of the Warrants are issued by an entity other than the
Company or there is a change in the class of securities so issuable, then the “Warrant
Shares” shall mean the securities so issuable by such entity or the securities
of the class of securities so issuable.

 

All capitalized terms used herein that are not
otherwise defined shall have the meanings set forth in the Purchase Agreement.

 

Section 1.                  Exercise; Exchange of Warrant

 

1.1.              Manner
of Exercise; Exchange.

 

(a)          Exercise.  The Holder may exercise this Warrant, in
whole or in part (except as to a fractional share), at any time and from time
to time during normal business hours on any Business Day on or after the
conversion date of the Convertible Notes prior to the Expiration Date, by (i) delivering
to the Company a written notice, in the form attached hereto as Exhibit A
(the “Exercise Notice”), duly
executed by the Holder, specifying the number of Warrant Shares (determined
without any regard to any adjustment thereto) to be issued to the Holder as a
result of such exercise, (ii) surrendering this Warrant to the Company,
properly endorsed by the Holder (or if this Warrant has been destroyed, stolen
or has otherwise been misplaced, by delivering to the Company an affidavit of
loss duly executed by the Holder), and (iii) tendering payment for the
shares of Common Stock designated by the Exercise Notice in lawful money of the
United States in the form of cash, bank or certified check made payable to the
order of the Company, or by wire transfer of immediately available funds, or by
the cancellation of indebtedness of the Company owed to the Holder, including
by surrender of any of the Senior Subordinated Notes due February 1, 2011,
or in any combination thereof, of an amount equal to the product of (A) the
Warrant Price and (B) the number of Warrant Shares (determined without any
regard to any adjustment thereto) as to which this Warrant is being exercised.

 

2

 

(b)                                 Net
Exchange.  The Holder may, in lieu of
exercising or converting this Warrant pursuant to the terms of Section 1.1(a),
elect to exchange this Warrant, in whole or in part (except as to a fractional
share), at any time and from time to time during normal business hours on any
Business Day on or prior to the Expiration Date by (i) delivering to the
Company a written notice, in the form attached hereto as Exhibit B
(the “Exchange Notice”), duly
executed by the Holder, specifying the number of Warrant Shares (without giving
effect to any adjustment thereto) to be issued to the Holder as a result of
such exchange, and (ii) surrendering this Warrant to the Company, properly
endorsed by the Holder (or if this Warrant has been destroyed, stolen or has
otherwise been misplaced, by delivering to the Company an affidavit of loss duly
executed by the Holder), and the Holder shall thereupon be entitled to receive
the number of Warrant Shares equal to the product of (A) the number of
Warrant Shares issuable upon exercise of this Warrant (or, if only a portion of
this Warrant is being exercised, issuable upon the exercise of such portion)
for cash, determined as provided in Section 2, and (B) a
fraction, the numerator of which is the Fair Market Value per share of Common
Stock at the time of such exercise minus
the Warrant Price in effect at the time of such exercise, and the denominator
of which is the Fair Market Value per share of Common Stock at the time of such
exercise, such number of shares so issuable upon such exchange to be rounded up
or down to the nearest whole number of shares of Common Stock.

 

(c)                                  The
“exchange” of this Warrant pursuant to Section 1.1(b) is
intended to qualify as a recapitalization within the meaning of Section 368(a)(1)(E) of
the Code.

 

(d)                                 For
all purposes of this Warrant (other than this Section 1.1), any
reference herein to the “exercise” of this Warrant shall be deemed to include a
reference to the exchange of this Warrant into Common Stock in accordance with
the terms of Section 1.1(b), and any reference to an “Exercise Notice” shall be deemed to include
a reference to an Exchange Notice in accordance with the terms of Section 1.1(b).

 

1.2.                            When Exercise Effective. 
Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the Business Day on which this
Warrant shall be deemed to have been surrendered to the Company as provided in Section 1.1,
and at such time the Person or Persons in whose name or names any certificate
or certificates for shares of Common Stock shall be issuable upon such exercise
as provided in Section 1.3 shall be deemed to have become the
Holder or Holders of record thereof.

 

1.3.                            Delivery of Stock Certificates Upon Exercise.  As soon as practicable after exercise of this
Warrant in accordance with this Section 1, but in no event later
than five (5) Business Days after such exercise, the Company shall at its
expense cause to be issued in the name of and delivered to the Holder or,
subject to Section 5 of this Warrant, as the Holder may direct: (a) a
certificate or certificates for the number of Warrant Shares, determined as
provided in Section 2 of this Warrant, to which the Holder shall be
entitled upon such exercise and, (b) unless this Warrant has expired or
has been exercised in full, a new Warrant (or Warrants) substantially in the
form of, and on the terms in, this Warrant, for the number of Warrant Shares
remaining following such exercise (determined without any regard to any
adjustment thereto), and shall be subject to adjustment as provided for in this
Warrant as of the date hereof.  Exercise
of the Warrant shall be subject to compliance, if necessary, with applicable
provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), and the

 

3

 

Company shall make and cooperate with the Holder in making any filings
required thereunder.  The Company agrees
to reimburse the Holder for all expenses incurred in connection with the
exercise of the Warrant (excluding payment of the Warrant Price); provided,
however, that the Company (i) shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the
issuance of any Warrants or any certificates representing Warrant Shares in a
name other than that of a Holder, and the Company shall not be required to
issue or deliver such Warrant or certificate for Warrant Shares unless and
until the Person requesting the issuance thereof shall have paid to the Company
the amount of such tax or shall have established to the reasonable satisfaction
of the Company that such tax has been paid and (ii) and the Holder shall
each pay half of any reasonable fees paid or expenses incurred by the Holder in
connection with any filings required under the HSR Act.

 

Section 2.  Adjustments to Number and Type of Warrant
Shares

 

2.1.                            General.  The
number of Warrant Shares that the Holder shall be entitled to receive upon
exercise of this Warrant shall be determined by multiplying the number of
Warrant Shares that would otherwise (but for the provisions of this Section 2)
be issuable upon such exercise, as designated by the Holder in the Exercise
Notice, by a fraction, (i) the numerator of which shall be $2.7696 (the “Target Price”), and (ii) the
denominator of which shall be the “Antidilution Price” in effect for this Warrant on the date of such
exercise.  The initial Antidilution Price for this Warrant
shall be the Target Price, which Antidilution
Price shall be subject to adjustment as provided in this Section 2.  If any of the events as described in this Section 2
(other than those events in Section 2.2(d)(vii)) shall occur after the
Closing Date, but prior to the issuance of this Warrant upon conversion of the
Convertible Notes held by the Holder, the number of Warrant Shares or other
securities purchasable upon exercise of the Warrant shall be adjusted to the
same extent as if this Warrant was outstanding as of the Closing Date.

 

2.2.                            Adjustments.

 

(a)                                  Subdivision
or Combination of Common Stock.  If
the Company shall at any time after the Closing Date subdivide its outstanding
shares of Common Stock into a greater number of shares (by any stock split,
stock dividend or otherwise), then the Antidilution
Price in effect immediately prior to such subdivision shall be proportionately
reduced, and, conversely, if the Company shall at any time after the Closing
Date combine its outstanding shares of Common Stock into a smaller number of
shares (by any reverse stock split or otherwise), then the Antidilution Price in effect
immediately prior to such combination shall be proportionately increased.

 

4

 

(b)                                 Reorganization
or Reclassification.  If at any time
after the Closing Date any capital reorganization or reclassification of the
capital stock of the Company shall be effected in such a way that holders of
Common Stock shall be entitled to receive stock, securities or assets with
respect to or in exchange for Common Stock, then, as a condition of such
reorganization or reclassification, lawful and adequate provisions shall be
made whereby the Holder shall thereupon have the right to receive, upon the
basis and upon the terms and conditions specified herein and in lieu of the
Warrant Shares immediately theretofore receivable upon the exercise of this Warrant
in full, as the case may be, such shares of stock, securities or assets as may
be issued or payable with respect to or in exchange for a number of outstanding
shares of such Common Stock equal to the number of shares of such Common Stock
immediately theretofore receivable upon such exercise of this Warrant in full
had such reorganization or reclassification not taken place, and in any such
case appropriate provisions shall be made with respect to the rights and
interests of the Holder to the end that the provisions hereof (including,
without limitation, provisions for adjustments of the Antidilution Price) shall thereafter be applicable, as nearly as
may be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise of such conversion rights.

 

(c)                                  Dividends
and Distributions.

 

(i)                                     Stock
Dividends.  If the Company at any
time or from time to time after the Closing Date declares a dividend or makes
any other distribution upon any stock of the Company (other than its Common
Stock) that is payable in Common Stock, Options or Convertible Securities, then
any such Common Stock, Options or Convertible Securities, as the case may be,
issuable in payment of such dividend or distribution shall be deemed to have
been issued or sold without consideration, and the Antidilution Price shall be adjusted pursuant to Section 2.2(d);
provided, that no adjustment shall be made to the Antidilution Price as a result of such
dividend or distribution if holders of not less than two-thirds of the Warrant
Shares then issuable with respect to outstanding Warrants or Warrants issuable
upon conversion of the Convertible Notes (a “Two-Thirds
Interest”), on behalf of themselves and all other Holders, each of
whom shall be bound thereby, elect to receive and actually receive such
dividend or distribution; provided, further, that if any
adjustment is made to the Antidilution
Price as a result of the declaration of a dividend and such dividend is not
effected, the Antidilution Price
shall be appropriately readjusted.

 

(ii)                                  Other
Dividends and Distributions.  If the
Company at any time or from time to time after the Closing Date makes or
issues, or fixes a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in:

 

(A)                              securities or other property of the
Company other than shares of Common Stock, Options or Convertible Securities,
then in each such event provision shall be made so that the Holder shall
receive upon exercise of this Warrant, in addition to the Common Stock issuable
upon such exercise, the amount of such other securities or the value of such
other property that the Holder would have received had this Warrant been
exercised on the record date of such event and had the Holder thereafter,
during the period from the date of such event to and including the exercise
date, retained such securities or other property

 

5

 

receivable by the Holder
during such period giving application to all adjustments called for during such
period under Section 2 with respect to the rights of the holders of
Warrants; provided, that no such provision shall be made if the Holder
receives, upon the election of a Two-Thirds Interest, simultaneously with all
other recipients a dividend or other distribution of such securities or other
property in an amount equal to the amount of such securities or other property
as the Holder would have received if this Warrant had been exercised for Common
Stock on the record date of such event and; and

 

(B)                                Common Stock, Options or Convertible
Securities, then a Two-Thirds Interest shall be entitled to elect to receive
such dividend or distribution as if the Holders had exercised all of the
Warrants in full on the date such record is taken; provided, that in the
event a Two-Thirds Interest so elects and all of the Holders actually receive
such dividend or distribution, the Antidilution
Price shall not be adjusted pursuant to the provisions of Section 2.2
with respect to such dividend or distribution. 
In the event no such election is made, the provisions of Section 2.2(d) shall
apply with respect to such dividend or distribution.

 

(d)                                 Issuances.  Except as provided in Sections 2.2(c) and
2.2(d)(vii) and except in the case of an event described in Section 2.2(a),
if at any time after the Closing Date, the Company issues or sells, or is, in
accordance with this Section 2.2(d), deemed to have issued or sold,
any shares of Common Stock for a consideration per share less than the Antidilution Price in effect
immediately prior to such issuance or sale, then, upon such issuance or sale
(or deemed issuance or sale), the Antidilution
Price shall be reduced to the price determined by dividing (x) the sum of (A) the
Common Stock Deemed Outstanding (as defined below) immediately prior to such
issuance or sale (or deemed issuance or sale) multiplied by the Antidilution Price then in effect and (B) the
consideration, if any, received by the Company upon such issuance or sale (or
deemed issuance or sale) by (y) the Common Stock Deemed Outstanding
immediately after such issuance or sale (or deemed issuance or sale).

 

For purposes of this Section 2.2(d), the
following shall also be applicable:

 

(i)                                     Issuance
of Rights or Options.  If the
Company, at any time after the Closing Date, in any manner, grants (whether
directly or by assumption in a merger or otherwise) any warrants or other
rights to subscribe for or to purchase, or any options to purchase, shares of
Common Stock or any stock or security convertible into or exercisable or
exchangeable for Common Stock (such warrants, rights or options being called “Options” and such convertible or
exercisable or exchangeable stock or securities being called “Convertible Securities”), in each case for
consideration per share (determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Antidilution Price
then in effect, whether or not such Options or Convertible Securities are
immediately exercisable, convertible or exchangeable, then the total maximum
number of shares of Common Stock issuable upon the exercise of such Options, or
upon conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon exercise of such Options, shall be deemed to have been
issued as of the date of granting of such Options, at a price per share equal
to the amount determined by dividing (A) the total amount, if any,
received or receivable by the Company as consideration for the

 

6

 

issuance of such Options, plus the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of all such Options, plus, in the case of such Options that
relate to Convertible Securities, the minimum aggregate amount of additional
consideration, if any, payable upon the issuance or sale of such Convertible
Securities and upon the conversion or exchange of Convertible Securities, by (B) the
total maximum number of shares of Common Stock deemed to have been so
issued.  Except as otherwise provided in Section 2.2(d)(iii),
no adjustment of the Antidilution
Price shall be made upon the actual issuance of such Common Stock or of such
Convertible Securities upon exercise of such Options or upon the actual
issuance of such Common Stock upon conversion or exchange of such Convertible
Securities.

 

(ii)                                  Issuance
of Convertible Securities.  If the
Company, at any time after the Closing Date, in any manner, issues or sells any
Convertible Securities for consideration per share (determined as provided in
this paragraph and in Section 2.2(d)(iv)) less than the Antidilution Price then in effect,
whether or not the right to exchange or convert any such Convertible Securities
is immediately exercisable, then the total maximum number of shares of Common
Stock issuable upon conversion or exchange of all such Convertible Securities
shall be deemed to have been issued as of the date of the issuance or sale of
such Convertible Securities, at a price per share equal to the amount
determined by dividing (A) the total amount, if any, received or
receivable by the Company as consideration for the issuance or sale of such
Convertible Securities, plus the
minimum aggregate amount of additional consideration, if any, payable to the
Company upon the conversion or exchange thereof, by (B) the total maximum
number of shares of Common Stock deemed to have been so issued; provided,
that (1) except as otherwise provided in Section 2.2(d)(iii),
no adjustment of the Antidilution
Price shall be made upon the actual issuance of such Common Stock upon
conversion or exchange of such Convertible Securities and (2) if any such
issuance or sale of such Convertible Securities is made upon exercise of any
Options to purchase any such Convertible Securities, no further adjustment of
the Antidilution Price shall be
made by reason of such issuance or sale.

 

(iii)                               Change
in Option Price or Conversion Rate; Termination of Options or Convertible
Securities.  If at any time after the
Closing Date a change occurs in (A) the maximum number of shares of Common
Stock issuable in connection with any Option referred to in Section 2.2(d)(i) or
any Convertible Securities referred to in Section 2.2(d)(i) or
(ii), (B) the purchase price provided for in any Option referred to
in Section 2.2(d)(i), (C) the additional consideration, if
any, payable upon the conversion or exchange of any Convertible Securities
referred to in Section 2.2(d)(i) or (ii), or (D) the rate
at which Convertible Securities referred to in Section 2.2(d)(i) or
(ii) are convertible into or exchangeable for Common Stock (in each
case, other than in connection with an event described in Section 2.2(a)(vii)),
then the Antidilution Price in
effect at the time of such event shall be readjusted to the Antidilution Price that would have
been in effect at such time had such Options or Convertible Securities that
remain outstanding provided for such changed maximum number of shares, purchase
price, additional consideration or conversion rate, as the case may be, at the
time initially granted, issued or sold, but only if as a result of such
adjustment the Warrant Price then in effect is thereby reduced.  Upon the termination of any such Option or
any such right to convert or exchange such Convertible Securities, the Antidilution Price then in effect
hereunder shall be increased to the Antidilution
Price that would have been in effect at the time of such termination had such
Option or Convertible Securities, to the extent outstanding immediately prior
to such termination (i.e., to the extent that fewer than the number of shares
of Common Stock deemed to

 

7

 

have been issued in connection with such Option or
Convertible Securities were actually issued), never been issued or been issued
at such higher price, as the case may be.

 

(iv)                              Consideration
for Stock.  In case any shares of
Common Stock are issued or sold, or deemed issued or sold, at any time after
the Closing Date for cash, the consideration received therefor shall be deemed
to be the amount received or to be received by the Company therefor (determined
with respect to deemed issuances and sales in connection with Options and
Convertible Securities in accordance with clause (A) of Section 2.2(d)(i) or
Section 2.2(d)(ii), as appropriate) determined in the manner set
forth below in this Section 2.2(d)(iv).  If any shares of Common Stock are issued or
sold, or deemed issued or sold, for a consideration other than cash, the amount
of the consideration other than cash received by the Company shall be deemed to
be the fair value of such consideration received or to be received by the
Company (determined with respect to deemed issuances and sales in connection
with Options and Convertible Securities in accordance with clause (A) of
Section 2.2(d)(i) or Section 2.2(d)(ii), as
appropriate) as determined in good faith by the Board of Directors of the
Company (the “Board of Directors”)
and a Two-Thirds Interest.  If any
Options are issued in connection with the issuance and sale of other securities
of the Company, together comprising one integral transaction in which no
specific consideration is allocated to such Options by the parties thereto,
such Options shall be deemed to have been issued for such consideration as
determined in good faith by the Board of Directors and a Two-Thirds Interest. If the Company and a Two-Thirds
Interest are unable to reach agreement as to the value of such consideration,
then the value thereof will be determined by an independent appraisal by a
mutually agreed to investment banker, the fees of which shall be paid by the
Company.

 

(v)                                 Other
Issuances or Sales; Indeterminable Amounts. 
In calculating any adjustment to the Antidilution Price pursuant to this Section 2.2(d) any
Options or Convertible Securities that provide, as of the effective date of
such adjustment, for the issuance upon exercise or conversion thereof of an
indeterminable number of shares of Common Stock shall (together with the shares
of Common Stock issuable upon exercise or conversion thereof) be disregarded
for purposes of the calculation of Common Stock Deemed Outstanding; provided,
that at such time as a number of shares of Common Stock issuable upon exercise
or conversion of such Options or Convertible Securities becomes determinable,
then the Antidilution Price
shall be adjusted as provided in Section 2.2(d)(iii).

 

(vi)                              Common
Stock Deemed Outstanding.  The term “Common Stock Deemed Outstanding” shall mean
the sum of (A) the number of shares of Common Stock outstanding
immediately following the Closing Date (including for this purpose all shares
of Common Stock issuable upon exercise or conversion of any outstanding Options
or Convertible Securities outstanding immediately after the Closing Date), plus (B) the number of shares of
Common Stock issued or sold (or deemed issued or sold) after the Closing Date; provided,
that Common Stock Deemed Outstanding shall not include shares of Convertible
Preferred Stock of the Company or any shares of Common Stock issuable upon
exercise of the Convertible Preferred Stock or the Warrants.

 

(vii)                           Certain
Issues of Common Stock Excepted. 
Anything herein to the contrary notwithstanding, the Corporation shall
not be required to make any adjustment to the Antidilution Price in the case of
the issuance from and after the Closing Date of (i) shares of

 

8

 

Common Stock upon conversion of shares of Convertible Preferred Stock
or exercise of the Warrants; (ii) up to 3,131,127 (such amount to be
appropriately adjusted for stock splits, stock dividends, recapitalizations and
the like) shares of Common Stock or options therefor to directors, officers,
employees or consultants of the Corporation in connection with their service as
directors of the Corporation, their employment by the Corporation or their
retention as consultants by the Corporation, in each case authorized by the
Board of Directors and issued pursuant to the Corporation’s 2006 Stock Option
and Grant Plan; (iii), up to 1,793,105 (such amount to be appropriately
adjusted for stock splits, stock dividends, recapitalizations and the like)
shares of Common Stock or options therefor to directors, officers, employees or
consultants of the Corporation in connection with their service as directors of
the Corporation, their employment by the Corporation or their retention as
consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s Amended and Restated 1995
Stock Option Plan; (iv) securities issued as consideration for the
purchase of stock or assets in any acquisition, merger, joint venture, partnership
or other strategic alliance; (v) shares of Common Stock issued pursuant to
a stock split, stock dividend or other transaction contemplated by Section A.7(c) of
the Company’s certificate of incorporation; and (vi) shares of Common
Stock issued in a public offering registered under the Securities Act or (v) securities
issued that are deemed in writing by a Two-Thirds Interest to constitute
Excluded Shares  (collectively, “Excluded
Shares”).

 

(e)           Adjustment
for Merger or Consolidation, etc.

 

(i)            Upon the election of a Two-Thirds
Interest made in connection with any merger or consolidation of the Company
with or into another corporation (or other legal entity), any sale of all or
substantially all of the assets of the Company to another corporation (or other
legal entity), this Warrant shall thereafter be exercisable (or shall be
converted into a security that shall be exercisable) for the kind and amount of
shares of stock or other securities or property to which a Holder of the number
of shares of Common Stock of the Company deliverable upon the exercise of this
Warrant in full would have been entitled upon such merger, consolidation, or
asset sale (and any distribution of assets to stockholders following such asset
sale); and, in such case, appropriate adjustment (as determined in good faith
by the Board of Directors) shall be made in the application of the provisions
in Section 2.2 set forth with respect to the rights and interests
thereafter of the Holder, to the end that the provisions set forth in Section 2.2
(including provisions with respect to changes in and other adjustments of the Antidilution Price) shall thereafter
be applicable, as nearly as possible, in relation to any shares of stock or
other securities or property thereafter deliverable upon the exercise of this
Warrant.  Any election by a Two-Thirds
Interest pursuant to this Section 2.2(e) shall be made by
written notice to the Company and the other Holders at least five (5) Business
Days prior to the closing of the relevant transaction.  Upon the election of such Two-Thirds Interest
hereunder, the Holder shall be deemed to have elected to adjust the Warrant as
provided in this Section 2.2(e) and such election shall bind
the Holder.  Notwithstanding anything to
the contrary contained herein, the Holder shall have the right to elect to
exercise the Warrant immediately prior to or simultaneously with the
consummation of such merger, consolidation or asset sale in accordance with the
provisions of Section 1, if applicable, instead of giving effect to
the provisions contained in this Section 2.2(e).

 

9

 

(ii)           The Company shall not effect any such
consolidation, merger or sale, unless prior to or simultaneously with the
consummation thereof, the successor (if other than the Company) resulting from
such consolidation or merger or the person purchasing such assets shall assume
by written instrument executed and delivered to the Holder, the obligation to
deliver to the Holder such shares, securities or assets as, in accordance with
the foregoing provisions, the Holder may be entitled to receive upon the
exercise of this Warrant (or the security into which such Warrant is to be
converted in connection with the consummation of such transaction).

 

(f)            Record
Date.  If the Company takes a record
of the Holders of its Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities, or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have
been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

 

(g)           Other
Dilutive Events.  In case any event
shall occur after the Closing Date as to which, but for this Section 2.2(g),
the provisions of this Section 2 are not directly applicable, and
the failure to make any adjustment would not in the reasonable opinion of a
Two-Thirds Interest fairly protect the purchase rights represented by this
Warrant in accordance with the essential intent and principles of such
sections, then, in each case, at the request of a Two-Thirds Interest, the
Company shall appoint an independent investment bank of recognized national
standing (which shall be completely independent of the Company and shall be
reasonably satisfactory to a Two-Thirds Interest), which shall give its opinion
upon the adjustment, if any, on the basis consistent with the essential intent
and principles established in this Section 2, necessary to
preserve, without dilution, the purchase rights by this Warrant.  Upon receipt of such opinion, the Company
shall promptly mail a copy thereof to the Holder and shall make the
adjustments, if any, described therein.

 

Section 3. 
Redemption and Cancellation of Warrants

 

3.1.         Put Right. 

 

(a)           At any time after the earlier of (i) a
Liquidity Event (as defined in the Charter), (ii) the first firm
commitment underwritten public offering of Common Stock and (iii) February 1,
2011, the Holder may require that the Company purchase this Warrant in whole at
the Redemption Price (as defined below) by delivery of a written notice to the
Company (the date such notice is delivered to the Company shall hereinafter be
referred to as, the “Put Demand Date”).  The Company shall pay the Redemption Price to
the Holder as soon as reasonably practicable (the “Put Payment Date”), but in no event later than thirty (30)
days after the Put Demand Date (the “Put
Demand Period”), upon surrender of this Warrant to the Company or,
if requested by the Holder without surrender of this Warrant, by wire transfer
of immediately available funds to an account or accounts designated in writing
by the Holder.

 

(b)          Upon surrender of this Warrant in
accordance with the procedures set forth in Section 3.1(a), the
right to purchase shares of Common Stock represented by this Warrant shall
terminate, and this Warrant shall represent the right of the Holder to receive
only

 

10

 

the applicable Redemption Price from the Company in accordance with Section 3.1.
The Holder’s right to demand redemption of this Warrant pursuant to this Section 3.1
shall be referred to herein as the Holder’s “Put
Right.”

 

3.2.         Default;
Automatic Conversion into Debt.  In the event that the Company fails to
purchase this Warrant prior to the expiration of the Put Demand Period, then
the exercise by the Holder of the Put Right pursuant to this Section 3
shall automatically be rescinded; provided that, the Redemption Price
ultimately paid to the Holder shall equal the greater of (a) the
Redemption Price with respect to the first Put Right exercise and (b) the
Redemption Price with respect to the Put Right exercise that is not rescinded
pursuant to this Section 3.2.

 

Section 4.  Covenants
of the Company

 

4.1.     The Company covenants and agrees that:

 

(a)               all
shares of Common Stock that may be issued upon the exercise of the rights
represented by this Warrant shall, upon issuance, be duly authorized, validly
issued, fully paid and nonassessable;

 

(b)              during
the period within which this Warrant may be exercised, it will at all times
have authorized and reserved a sufficient number of shares of Common Stock to
provide for the exercise of rights represented by this Warrant;

 

(c)               if
any shares of Common Stock reserved or to be reserved to provide for the
exercise of this Warrant require registration with or approval of any
governmental or self-regulatory authority under any federal or state law or
stock exchange or NASDAQ rule before such shares may be validly issued,
then it shall in good faith and as expeditiously as possible endeavor to secure
such registration or approval, as the case may be;

 

(d)              if
it shall have filed a registration statement pursuant to the requirements of Section 12
of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or a registration statement pursuant to the
requirements of the Securities Act, the Company shall comply with the reporting
requirements of Sections 13 and 15(d) of the Exchange Act and will comply
with all other public information reporting requirements the securities and
exchange commission (including Rule 144 promulgated by such commission
under the Securities Act) from time to time in effect and relating to the
availability of an exemption from the Securities Act for the sale of any
restricted securities; and

 

(e)               it
shall not, by amendment to its certificate of incorporation (whether by way of
merger, operation of law, or otherwise) or reorganization, transfer of assets,
consolidation, merger, dissolution, issuance or sale of securities, agreement
or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the
Company and shall at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder against
impairment as if the Holder was a stockholder of the Company entitled to the
benefit of fiduciary duties afforded to

 

11

 

stockholders under Delaware law. 
Any successor to the Company shall agree in writing, as a condition to
such succession, to carry out and observe the obligations of the Company
hereunder with respect to this Warrant.

 

Section 5. 
Transfer

 

5.1.     Registration.

 

(a)    Registration.  The Company shall number and register the
Warrants in a register maintained at the principal office of the Company (the “Office”). The Company shall be entitled to treat the Holder
of the Warrants as the owner thereof for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in such Warrants on the
part of any other person.  Any Warrant
may be transferred or endorsed to another party in whole or in part by surrendering
to the Company, or its duly authorized agent, for cancellation the existing
warrant certificate evidencing the Warrant to be transferred, endorsed or
accompanied by a written instrument of transfer, in form reasonably
satisfactory to the Company, duly executed by the Holder thereof in person or
by a duly authorized representative, agent or attorney-in-fact appointed in
writing.

 

5.2.     Restrictive Legend.

 

(a)     This Warrant and the Warrant Shares
issuable upon exercise thereof, are subject to the terms of that certain
Stockholders Agreement, dated as of the date hereof, by and among the Company
and the Stockholders and Investors party thereto (the “Stockholders
Agreement”).  Each certificate
representing shares of Common Stock issued upon exercise of this Warrant and
each certificate representing shares of Common Stock issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted
with a legend in substantially the form as follows:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION
STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE
SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT
RELATING TO THE DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.

 

THIS SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE
PROVISIONS OF A CERTAIN STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006.  A COMPLETE AND CORRECT COPY OF SUCH AGREEMENT
IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

12

 

THE  ISSUER WILL
FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE  POWERS, DESIGNATIONS, PREFERENCES AND
RELATIVE PARTICIPATING, OPTIONAL OR 
OTHER  SPECIAL  RIGHTS OF EACH CLASS OF STOCK OR SERIES
THEREOF AND THE QUALIFICATIONS, 
LIMITATIONS  OR  RESTRICTIONS 
OF  SUCH PREFERENCES AND/OR
RIGHTS.

 

(b)           If at any time any securities other
than shares of Common Stock shall be issuable upon the exercise of this
Warrant, such securities shall bear a legend similar to the one set forth
above.  Whenever the legend requirement
imposed by the Stockholders Agreement shall terminate, the Holder shall be
entitled to receive within five (5) Business Days from the Company, at the
Company’s expense, a new Warrant certificate or certificates and new stock
certificates representing Common Stock issued upon exercise of this Warrant, in
each case, without such legends.

 

5.3.         Registration
of Warrants and Common Stock.   The shares of Common Stock issuable upon
exercise of this Warrant shall constitute Registrable Securities (as such term
is defined in the Registration Rights Agreement dated as of the date hereof by
and among the parties therein).  Each
holder of any shares of Common Stock (and other securities) issued upon
exercise of this Warrant shall be entitled to all of the benefits afforded to a
holder of any such Registrable Securities under the Registration Rights
Agreement and such holder, by its acceptance of this Warrant, agrees to be
bound by and to comply with the terms and conditions of the Registration Rights
Agreement applicable to such holder as a holder of such Registrable
Securities.  At any such time as Common
Stock is listed on any national securities exchange, the Company will, at its
sole expense, obtain promptly and maintain the approval for listing on each
such exchange, upon official notice of issuance, the shares of Common Stock
issuable upon exercise of the then outstanding Warrants and maintain the listing
of such shares after their issuance; and the Company will also list on such
national securities exchange, and will maintain such listing of, any other
securities that at any time are issuable upon exercise of the Warrants, if and
at the time that any securities of the same class shall be listed on such
national securities exchange by the Company.

 

Section 6.  Miscellaneous

 

6.1.         Notice of Adjustments.

 

(a)           In
each case of any adjustment or readjustment in the Antidilution Price, and the
Warrant Shares issuable upon exercise of this Warrant, the Company shall
promptly thereafter compute such adjustment or readjustment in accordance with
the terms of this Warrant and provide a written report thereof certified by the
Chief Financial Officer or Treasurer of the Company to the Holder stating the
number of Warrant Shares and the Antidilution Price, after giving effect to
such adjustment or readjustment, and setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based.

 

13

 

(b)           The
Company shall, within ten (10) days of receipt of a written request by a
Two-Thirds Interest, cause independent certified public accountants of
recognized national standing, which may be the regular auditors of the Company,
selected by the Company to verify such computations reported pursuant to Section 6.1(a),
other than any computation that pursuant to the provisions of this Warrant are
to be determined reasonably and in good faith by the Board of Directors.  The Company shall promptly prepare, and remit
to the Holder, a copy of such independent accountant’s report setting forth
such adjustment or readjustment, showing in reasonable detail the method of
calculation thereof and the facts upon which such adjustment or readjustment is
based, including a statement of:

 

(i)            the consideration received or to be
received by the Company for any shares of Common Stock, Options, or Convertible
Securities issued or sold or deemed to have been issued;

 

(ii)           the Common Stock Deemed Outstanding;
and

 

(iii)          the Antidilution Price in effect
immediately prior to such issuance or sale and as adjusted or readjusted.

 

(c)           The
Company shall also keep copies of all such reports generated pursuant to this Section 6.1
at its principal offices and will cause the same to be available for inspection
at such offices during normal business hours by the Holder or any prospective
purchaser of this Warrant designated by Holder.

 

6.2.         Notice of
Certain Events.  In case at any time:

 

(a)           the
Company shall pay any dividend upon, or make any distribution in respect of,
its stock of the Company;

 

(b)           the
Company shall propose to register any of its equity securities under the
Securities Act in connection with a public offering;

 

(c)           there
shall be any proposed capital reorganization, or reclassification of the
capital stock, of the Company, or consolidation or merger of the Company with,
or sale of all or substantially all of its assets to, another person; or

 

(d)           there
shall be a voluntary or involuntary dissolution, liquidation or winding up of
the Company;

 

then, in any one (1) or more of said cases, the Company shall give
notice to the Holder of the date on which (i) the books of the Company
shall close or a record shall be taken for such dividend, distribution or
subscription rights, or (ii) such public offering, reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up shall take place, as the case may be.  Such notice shall be given not less than ten (10) days
prior to the record date or the date on which the transfer books of the Company
are to be closed in respect thereto in the case of an action specified in
clause (i) and at least twenty (20) days prior to the action in question in
the case of an action specified in clause (ii).

 

14

 

6.3.         Notice.  Any notice that is required or provided to be
given under this Warrant shall be deemed to have been sufficiently given and
received for all purposes when delivered in writing by hand, telecopy, telex or
other method of facsimile, or five (5) days after being sent by certified
or registered mail, postage and charges prepaid, return receipt requested, or
two (2) days after being sent by overnight delivery providing receipt of
delivery, to the following addresses:  if
to the Company, OpenLink Financial, Inc., 1502 Reckson Plaza, West Tower
-15th Floor, Uniondale, NY 
11556-1502, Attention:  Kevin
Hesselbirg, Facsimile:  (516) 394-1193,
or at any other address designated by the Company to Holder; if to Holder, c/o
TA Associates, Inc., 125 High Street, Suite 2500, Boston, MA  02110, Attention:  Jonathan W. Meeks, Facsimile:  (617) 574-6728, or at any other
address designated by Holder to the Company in writing.

 

6.4.         No Change in
Warrant Terms on Adjustment.  Irrespective of any adjustment in the
Antidilution Price or the number of shares of Common Stock, this Warrant,
whether theretofore or thereafter issued or reissued, may continue to express
the same price and number of shares of Common Stock as are stated herein and
the Antidilution Price and such number of Common Stock shares specified herein
shall be deemed to have been so adjusted.

 

6.5.         Issuance and
Transfer Taxes. 
The issuance of certificates for shares of Common Stock  upon any exercise of this Warrant shall be
made without charge to Holder for any issuance tax in respect thereto.

 

6.6.         Exchange of
Warrant.  This
Warrant is exchangeable at no cost to the Holder upon the surrender hereof by the
Holder at such office or agency of the Company, for a new warrant of like tenor
representing in the aggregate the right to subscribe for and purchase the
number of shares that may be subscribed for and purchased hereunder from time
to time after giving effect to all the provisions hereof, each of such new
warrants to represent the right to subscribe for and purchase such number of
shares as shall be designated by said Holder hereof at the time of such
surrender.

 

6.7.         Lost,
Stolen, Mutilated or Destroyed Warrant.  If this Warrant is lost, stolen, mutilated or
destroyed, the Company shall at no cost to the Holder, on such terms as to
indemnity or otherwise as the Company may in its discretion impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new warrant of like denomination and tenor as the Warrant so lost,
stolen, mutilated or destroyed.  Any such
new warrant shall constitute an original contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall
be at any time enforceable by anyone.

 

6.8.         Governing
Law.  This Warrant
shall be deemed to be a contract made under, and shall be construed in
accordance with, the laws of the State of New York, without giving effect to
conflict of laws principles thereof.

 

6.9.         Section Headings;
Construction.  The
descriptive headings in this Warrant have been inserted for convenience only
and shall not be deemed to limit or otherwise affect the construction of any
provision thereof or hereof.  The parties
have participated jointly in the negotiation and drafting of this Warrant and
the other agreements, documents and instruments executed and delivered in
connection herewith with counsel sophisticated in investment

 

15

 

transactions.  In the event an
ambiguity or question of intent or interpretation arises, this Warrant shall be
construed as if drafted jointly by the parties and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Warrant and the agreements, documents and instruments
executed and delivered in connection herewith.

 

6.10.       Dispute
Resolution. (a)      All
disputes, claims, or controversies arising out of or relating to this Warrant,
or any other agreement executed and delivered pursuant to or in connection with
this Warrant or the negotiation, breach, validity, termination or performance
hereof and thereof or the transactions contemplated hereby and thereby, that
are not resolved by mutual agreement shall be resolved solely and exclusively
by binding arbitration to be conducted before Judicial Arbitration and
Mediation Services, Inc. (“JAMS”) in New York, New York before a single
independent arbitrator (the “Arbitrator”).  The parties
understand and agree that this arbitration shall apply equally to claims of
fraud or fraud in the inducement.

 

(b)           The
parties covenant and agree that the arbitration shall commence within 120 days
of the date on which a written demand for arbitration is filed by any party
hereto (the “Filing
Date”).  In connection with the
arbitration proceeding, the Arbitrator shall have the power to order the
production of documents by each party and any third-party witnesses.  In addition, each party may take up to three
depositions as of right, and the Arbitrator may in his or her discretion allow
additional depositions upon good cause shown by the moving party.  However, the Arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission.  In connection with any
arbitration, each party shall provide to the other, no later than seven days
before the date of the arbitration, the identity of all persons that may
testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witnesses or
experts.  The Arbitrator’s decision and
award shall be made and delivered within 180 days of the Filing Date.  The Arbitrator’s decision shall set forth a
reasoned basis for any award of damages or finding of liability.  The Arbitrator shall not have power to award
damages in excess of actual compensatory damages and shall not multiply actual
damages or award punitive damages or any other damages that are specifically
excluded under this Warrant, and each party hereby irrevocably waives any claim
to such damages.

 

(c)           The
parties covenant and agree that they will participate in the arbitration in
good faith and that they will (i) bear their own attorneys’ fees, costs
and expenses in connection with the arbitration, and (ii) share equally in
the fees and expenses charged by the Arbitrator.  Any party unsuccessfully refusing to comply
with an order of the Arbitrators shall be liable for costs and expenses,
including attorneys’ fees, incurred by the other party in enforcing the
award.  This Section 6.10 applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm.

 

6.11.       Consent to
Jurisdiction. 
Except as provided in Section 6.10(c) each of the parties
hereto irrevocably and unconditionally consents to the jurisdiction of JAMS to
resolve all disputes, claims or controversies arising out of or relating to
this Warrant or any other agreement executed and delivered pursuant to or in
connection with this Warrant or the negotiation, breach, 

 

16

 

validity, termination or performance hereof and thereof or the
transactions contemplated hereby and thereby, and further consents to the sole
and exclusive jurisdiction of the state and federal courts located in the State
of New York and the city of  New York for
the purposes of enforcing the arbitration provisions of Section 6.10 of
this Warrant.  Each party further
irrevocably waives any objection to proceeding before the Arbitrator based upon
lack of personal jurisdiction or to the laying of venue and further irrevocably
and unconditionally waives and agrees not to make a claim in any court that
arbitration before the Arbitrator has been brought in an inconvenient forum.  Each of the parties hereto hereby consents to
service of process by registered mail at the address to which notices are to be
given as provided in Section 6.3. 
Each of the parties hereto agrees that its or his submission to
jurisdiction and its or his consent to service of process by mail is made for
the express benefit of the other parties hereto.

 

6.12.       Remedies;
Severability. 
Notwithstanding Sections 6.10 and 6.11, it is specifically
understood and agreed that any breach of the provisions of this Warrant by any
person subject hereto will result in irreparable injury to the other parties
hereto, that the remedy at law alone will be an inadequate remedy for such
breach, and that, in addition to any other remedies which they may have, such
other parties may enforce their respective rights by actions for specific
performance (to the extent permitted by law). 
Whenever possible, each provision of this Warrant shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be deemed prohibited or invalid under such
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, and such prohibition or invalidity shall not
invalidate the remainder of such provision or the other provisions of this
Warrant.

 

6.13.       Integration.  This Warrant, the Stockholders Agreement, the
Registration Rights Agreement and the Purchase Agreement, including the
exhibits referred to herein and therein, constitute the entire agreement and
supersede all other prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

 

6.14.       No Rights or
Liabilities as Stockholder.  Except as expressly set forth herein, nothing
contained in this Warrant shall be construed as conferring upon the Holder any
rights as a stockholder of the Company or as imposing any obligation on the
Holder to purchase any securities or as imposing any liabilities on the Holder
as a stockholder of the Company, whether such obligation or liabilities are
asserted by the Company or creditors of the Company.

 

6.15.       Waivers
and Consents; Amendments.

 

(a)           For
the purposes of this Warrant and all documents executed pursuant hereto, no
course of dealing between or among any of the parties hereto and no delay on
the part of any party hereto in exercising any rights hereunder or thereunder
shall operate as a waiver of the rights hereof or thereof.  No covenant or provision hereof may be waived
otherwise than by a written instrument signed by the party or parties so
waiving such covenant or other provision contemplated herein.

 

(b)           No
amendment to this Warrant may be made without the written consent of the
Company and the Holder.

 

17

 

6.16.       Certain Definitions.  The following terms as used in this Warrant
shall have the following meanings:

 

(a)           “Appraiser” means an independent nationally
recognized investment bank or other qualified financial institution acceptable
to the Company and the Noteholders (as such term is defined in the Purchase]
Agreement).

 

(b)           “Business Day” means any day other than a
Saturday or a Sunday or a day on which commercial banking institutions in the
State of New York are authorized or obligated by law or executive order to be closed.  Any reference to “days” (unless Business Days
are specified) shall mean calendar days.

 

(c)           “Charter” means the Amended and Restated Certificate of
Incorporation of the Company, as may be amended and/or restated from time to
time

 

(d)           “Closing” means the closing of the transaction contemplated
by the Purchase Agreement on the Closing Date.

 

(e)           “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)            “Fair Market Value” means either (i) the
Market Price, if any, of a share of Common Stock or (ii) if no Market
Price exists, the value (which shall not take into effect any minority or
illiquidity discounts) of a share of Common Stock as determined by a nationally
recognized investment banking firm or accounting firm designated by a
Two-Thirds Interest and reasonably acceptable to the Company; provided that if
the parties cannot agree on such a firm, each party shall choose a nationally
recognized investment banking firm, which shall choose a third nationally
recognized firm and that third firm shall determine the Fair Market Value,
which determination shall be final and binding. 
The cost relating to retaining any such firm(s) pursuant to this
definition shall be borne by the Company.

 

(g)           “Market Price” of any security means the
value determined in accordance with the following provisions:

 

(i)            if such security is listed on a
national securities exchange registered under the Exchange Act, a price equal
to the average of the closing sales prices for such security on such exchange
for each day during the twenty (20) consecutive trading days immediately
preceding the date in question; and

 

(ii)           not so listed, and such security is
quoted on NASDAQ, a price equal to the average of the closing bid and asked
prices for such security quoted on such system each day during the 20
consecutive trading days immediately preceding the date in question.

 

(h)           “Redemption Price” means the Fair Market
Value of the Warrant as of the applicable Put Demand Date, as determined by an
Appraiser (as defined above) and based upon on independent valuation of the
Company.  In arriving at its
determination, the Appraiser shall base any valuation upon, in the case of the
Market Price of the Common Stock, the Market Price of the Company assuming (A) 
the exercise of all outstanding vested warrants, options or

 

18

 

 rights to subscribe for or
purchase Common Stock (or other securities) of the Company or other securities
immediately exercisable or convertible into Common Stock (or other securities)
of the Company and (B) the Company were sold as a going concern, without
regard to the existence of any control block, the anticipated impact upon
current market prices of any such sale, any discount for minority ownership or
the lack or depth of a market for the Common Stock, the Warrants or other
securities of the Company, or any other factors concerning the liquidity or
marketability of the Common Stock, the Warrants, or other securities of the
Company.

 

6.17.       Other Definitional Provisions.

 

(a)           Except
as otherwise specified herein, all references herein:

 

(i)            to any person other than the
Company, shall be deemed to include such person’s successors and assigns;

 

(ii)           to
the Company shall be deemed to include the Company’s successors; and

 

(iii)          to any applicable law defined or
referred to herein, shall be deemed references to such applicable law as the
same may have been or may be amended or supplemented from time to time.

 

(b)           When
used in this Warrant, the words “herein”, “hereof’ and “hereunder”, and words
of similar import, shall refer to this Warrant as a whole and not to any
provision of this Warrant, and the words “Section” and “Exhibit” shall refer to
Sections of, and Exhibits to, this Warrant unless otherwise specified.

 

(c)           Whenever
the context so requires the neuter gender includes the masculine or feminine,
and the singular number includes the plural, and vice versa.

 

[Execution
page follows]

 

19

 

IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized as of the date first written above.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  OPEN LINK FINANCIAL,
  INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Kevin J. Hesselbirg

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Kevin J. Hesselbirg

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  COO

  

 

 

EXHIBIT A

FORM OF EXERCISE NOTICE

 

[To be executed only upon exercise of Warrant pursuant to Section 1.1(a)]

 

To
Open Link Financial, Inc.:

 

The
undersigned registered Holder of the within Warrant hereby irrevocably
exercises such Warrant for, and purchases thereunder,
         shares of the Common Stock and
herewith makes payment of
$                      therefor, and requests that the certificates
for such shares be issued in the name of, and delivered to
                                          ,
whose address
is                                                                          .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must conform in all respects to name

  
	
   

  	
  of
  Holder as specified on the face of Warrant.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Street
  Address)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (City)

  	
  (State)

  	
  (Zip
  Code)

  

 

 

EXHIBIT B

FORM OF EXCHANGE NOTICE

 

[To be executed only upon net exchange of the Warrant pursuant to Section 1.1(b)]

 

To
Open Link Financial, Inc.:

 

The
undersigned registered Holder of the within Warrant hereby irrevocably
exchanges such Warrant with respect to                   
shares of the Common Stock which such Holder would be entitled to receive upon
the exercise hereof, and requests that the certificates for such shares be issued
in the name of, and delivered to
                                          ,
whose address is
                                                  .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must conform in all respects to name

  
	
   

  	
  of
  Holder as specified on the face of Warrant.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Street
  Address)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (City)

  	
  (State)

  	
  (Zip
  Code)

  

 

 

 

	
  Warrant No. 2

  	
   

  	
  June 28,
  2007

  

 

WARRANT TO
PURCHASE COMMON STOCK

OF

OPEN LINK
FINANCIAL, INC.

 

THIS WARRANT AND THE UNDERLYING SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT RELATING TO THE DISPOSITION OF SECURITIES
AND (2) IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

THIS WARRANT AND THE UNDERLYING SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE PROVISIONS OF A
CERTAIN STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006.  A
COMPLETE AND CORRECT COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND
WITHOUT CHARGE.

 

THIS
WARRANT AND THE RIGHTS EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT
CERTAIN SUBORDINATED NOTE AND INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 1,
2006, BY AND AMONG OPEN LINK FINANCIAL, INC., BANK OF AMERICA, N.A. AND THE
SUBORDINATED NOTE HOLDERS SIGNATORY THERETO, AND ANY TRANSFEREE BY ACCEPTANCE
OF SUCH TRANSFER AGREES TO BE BOUND BY THE TERMS THEREOF.

 

Open
Link Financial, Inc., a Delaware corporation (together with its
successors, the “Company”), hereby
certifies that, for value received, TA
Investors II, L.P., a
Delaware limited partnership  (together
with its successors and assigns and any transferee of this Warrant, and its
successors and assigns, the “Holder”),
is entitled, subject to the terms and conditions set forth in this warrant
(this “Warrant”), to purchase from
the Company, at any time or times on or after the date hereof, but not after
5:00 P.M., New York, New York time on June     , 2017 (the “Expiration Date”), eighteen thousand seven
hundred forty one (18,741) duly authorized, validly issued, fully paid,
nonassessable shares of Common Stock (as defined below) (as further defined
below, the “Warrant Shares”),
which shall be adjusted or readjusted from time to time as provided in this
Warrant, at an initial purchase price per share equal to $0.01, which shall be

 

 

adjusted or readjusted from time to time in connection
with any stock splits, stock dividends, recapitalizations or like transactions
affecting the Common Stock (as adjusted, the “Warrant
Price”); provided; however, that notwithstanding the
foregoing, in no event shall the Warrant Price be reduced to a number that is
less than the par value of the Common Stock at the date of exercise of this
Warrant.

 

This
Warrant is a Common Stock purchase warrant issued in connection with the
conversion of the Senior Subordinated Convertible Notes due December 31, 2011 issued by the
Company (the “Convertible Notes”)
to the Holder pursuant to that certain Subordinated Convertible Note Purchase
Agreement dated as of February 1,
2006 (the “Closing Date”) (as it may be amended from time to time, the “Purchase Agreement”) by and among the
Company and the Noteholders named therein (this Warrant, together with the
other warrants issuable upon conversion of the Convertible Notes, the “Warrants”).  The
Warrants represent a right to purchase an aggregate of 955,773 shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to adjustment as
provided herein.  For purposes of this
Warrant Certificate, “Holders” shall mean the holders of the Warrants and
“Warrant Shares” shall mean shares of Common Stock; provided, however,
that if, in accordance with Section 2 hereof, the securities
issuable upon exercise of the Warrants are issued by an entity other than the
Company or there is a change in the class of securities so issuable, then the
“Warrant Shares” shall mean the securities so issuable by such entity or the
securities of the class of securities so issuable.

 

All
capitalized terms used herein that are not otherwise defined shall have the
meanings set forth in the Purchase Agreement.

 

Section 1.  Exercise; Exchange of Warrant

 

1.1.         Manner
of Exercise; Exchange.

 

(a)           Exercise.  The Holder
may exercise this Warrant, in whole or in part (except as to a fractional
share), at any time and from time to time during normal business hours on any
Business Day on or after the conversion date of the Convertible Notes prior to
the Expiration Date, by (i) delivering to the Company a written notice, in
the form attached hereto as Exhibit A (the “Exercise Notice”), duly executed by the
Holder, specifying the number of Warrant Shares (determined without any regard
to any adjustment thereto) to be issued to the Holder as a result of such
exercise, (ii) surrendering this Warrant to the Company, properly endorsed
by the Holder (or if this Warrant has been destroyed, stolen or has otherwise
been misplaced, by delivering to the Company an affidavit of loss duly executed
by the Holder), and (iii) tendering payment for the shares of Common Stock
designated by the Exercise Notice in lawful money of the United States in the
form of cash, bank or certified check made payable to the order of the Company,
or by wire transfer of immediately available funds, or by the cancellation of
indebtedness of the Company owed to the Holder, including by surrender of any
of the Senior Subordinated Notes due February 1, 2011, or in any
combination thereof, of an amount equal to the product of (A) the Warrant
Price and (B) the number of Warrant Shares (determined without any regard
to any adjustment thereto) as to which this Warrant is being exercised.

 

2

 

(b)           Net Exchange. 
The Holder may, in lieu of exercising or converting this Warrant
pursuant to the terms of Section 1.1(a), elect to exchange this
Warrant, in whole or in part (except as to a fractional share), at any time and
from time to time during normal business hours on any Business Day on or prior
to the Expiration Date by (i) delivering to the Company a written notice,
in the form attached hereto as Exhibit B (the “Exchange Notice”), duly executed by the
Holder, specifying the number of Warrant Shares (without giving effect to any
adjustment thereto) to be issued to the Holder as a result of such exchange,
and (ii) surrendering this Warrant to the Company, properly endorsed by
the Holder (or if this Warrant has been destroyed, stolen or has otherwise been
misplaced, by delivering to the Company an affidavit of loss duly executed by the
Holder), and the Holder shall thereupon be entitled to receive the number of
Warrant Shares equal to the product of (A) the number of Warrant Shares
issuable upon exercise of this Warrant (or, if only a portion of this Warrant
is being exercised, issuable upon the exercise of such portion) for cash,
determined as provided in Section 2, and (B) a fraction, the
numerator of which is the Fair Market Value per share of Common Stock at the
time of such exercise minus the
Warrant Price in effect at the time of such exercise, and the denominator of
which is the Fair Market Value per share of Common Stock at the time of such
exercise, such number of shares so issuable upon such exchange to be rounded up
or down to the nearest whole number of shares of Common Stock.

 

(c)           The
“exchange” of this Warrant pursuant to Section 1.1(b) is intended to
qualify as a recapitalization within the meaning of Section 368(a)(1)(E) of the
Code.

 

(d)           For
all purposes of this Warrant (other than this Section 1.1), any
reference herein to the “exercise” of this Warrant shall be deemed to include a
reference to the exchange of this Warrant into Common Stock in accordance with
the terms of Section 1.1(b), and any reference to an “Exercise Notice” shall be deemed to include a reference to
an Exchange Notice in accordance with the terms of Section 1.1(b).

 

1.2.         When Exercise Effective. 
Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the Business Day on which this
Warrant shall be deemed to have been surrendered to the Company as provided in Section 1.1,
and at such time the Person or Persons in whose name or names any certificate
or certificates for shares of Common Stock shall be issuable upon such exercise
as provided in Section 1.3 shall be deemed to have become the
Holder or Holders of record thereof.

 

1.3.         Delivery of Stock
Certificates Upon Exercise.  As soon as
practicable after exercise of this Warrant in accordance with this Section 1,
but in no event later than five (5) Business Days after such exercise, the
Company shall at its expense cause to be issued in the name of and delivered to
the Holder or, subject to Section 5 of this Warrant, as the Holder
may direct: (a) a certificate or certificates for the number of Warrant Shares,
determined as provided in Section 2 of this Warrant, to which the
Holder shall be entitled upon such exercise and, (b) unless this Warrant
has expired or has been exercised in full, a new Warrant (or Warrants)
substantially in the form of, and on the terms in, this Warrant, for the number
of Warrant Shares remaining following such exercise (determined without any
regard to any adjustment thereto), and shall be subject to adjustment as
provided for in this Warrant as of the date hereof.  Exercise of the Warrant shall be subject to
compliance, if necessary, with applicable provisions of the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the 

 

3

 

Company shall make and cooperate with the Holder in
making any filings required thereunder. 
The Company agrees to reimburse the Holder for all expenses incurred in
connection with the exercise of the Warrant (excluding payment of the Warrant
Price); provided, however, that the Company (i) shall not be
required to pay any tax or taxes which may be payable in respect of any
transfer involved in the issuance of any Warrants or any certificates
representing Warrant Shares in a name other than that of a Holder, and the
Company shall not be required to issue or deliver such Warrant or certificate
for Warrant Shares unless and until the Person requesting the issuance thereof
shall have paid to the Company the amount of such tax or shall have established
to the reasonable satisfaction of the Company that such tax has been paid and
(ii) and the Holder shall each pay half of any reasonable fees paid or
expenses incurred by the Holder in connection with any filings required under
the HSR Act.

 

Section 2.  Adjustments to Number and Type of Warrant
Shares

 

2.1.         General. 
The number of Warrant Shares that the Holder shall be entitled to
receive upon exercise of this Warrant shall be determined by multiplying the
number of Warrant Shares that would otherwise (but for the provisions of this Section 2)
be issuable upon such exercise, as designated by the Holder in the Exercise
Notice, by a fraction, (i) the numerator of which shall be $2.7696 (the “Target Price”), and (ii) the
denominator of which shall be the “Antidilution Price” in effect for this Warrant on the date of such
exercise.  The initial Antidilution Price for this Warrant
shall be the Target Price, which Antidilution
Price shall be subject to adjustment as provided in this Section 2.  If any of the events as described in this Section 2
(other than those events in Section 2.2(d)(vii)) shall occur after the
Closing Date, but prior to the issuance of this Warrant upon conversion of the
Convertible Notes held by the Holder, the number of Warrant Shares or other
securities purchasable upon exercise of the Warrant shall be adjusted to the
same extent as if this Warrant was outstanding as of the Closing Date.

 

2.2.         Adjustments.

 

(a)           Subdivision or Combination of Common
Stock.  If the Company shall at any time after the
Closing Date subdivide its outstanding shares of Common Stock into a greater
number of shares (by any stock split, stock dividend or otherwise), then the Antidilution Price in effect
immediately prior to such subdivision shall be proportionately reduced, and,
conversely, if the Company shall at any time after the Closing Date combine its
outstanding shares of Common Stock into a smaller number of shares (by any
reverse stock split or otherwise), then the Antidilution Price in effect immediately prior to such combination
shall be proportionately increased.

 

4

 

(b)           Reorganization or Reclassification. 
If at any time after the Closing Date any capital reorganization or
reclassification of the capital stock of the Company shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as
a condition of such reorganization or reclassification, lawful and adequate
provisions shall be made whereby the Holder shall thereupon have the right to
receive, upon the basis and upon the terms and conditions specified herein and
in lieu of the Warrant Shares immediately theretofore receivable upon the
exercise of this Warrant in full, as the case may be, such shares of stock,
securities or assets as may be issued or payable with respect to or in exchange
for a number of outstanding shares of such Common Stock equal to the number of
shares of such Common Stock immediately theretofore receivable upon such
exercise of this Warrant in full had such reorganization or reclassification
not taken place, and in any such case appropriate provisions shall be made with
respect to the rights and interests of the Holder to the end that the
provisions hereof (including, without limitation, provisions for adjustments of
the Antidilution Price) shall
thereafter be applicable, as nearly as may be, in relation to any shares of
stock, securities or assets thereafter deliverable upon the exercise of such
conversion rights.

 

(c)           Dividends and Distributions.

 

(i)            Stock Dividends. 
If the Company at any time or from time to time after the Closing Date
declares a dividend or makes any other distribution upon any stock of the
Company (other than its Common Stock) that is payable in Common Stock, Options
or Convertible Securities, then any such Common Stock, Options or Convertible
Securities, as the case may be, issuable in payment of such dividend or
distribution shall be deemed to have been issued or sold without consideration,
and the Antidilution Price shall
be adjusted pursuant to Section 2.2(d); provided, that no
adjustment shall be made to the Antidilution
Price as a result of such dividend or distribution if holders of not less than
two-thirds of the Warrant Shares then issuable with respect to outstanding
Warrants or Warrants issuable upon conversion of the Convertible Notes (a “Two-Thirds Interest”), on behalf of
themselves and all other Holders, each of whom shall be bound thereby, elect to
receive and actually receive such dividend or distribution; provided, further,
that if any adjustment is made to the Antidilution
Price as a result of the declaration of a dividend and such dividend is not
effected, the Antidilution Price
shall be appropriately readjusted.

 

(ii)           Other Dividends and Distributions. 
If the Company at any time or from time to time after the Closing Date
makes or issues, or fixes a record date for the determination of holders of
Common Stock entitled to receive, a dividend or other distribution payable in:

 

(A)          securities or other property of the Company other than
shares of Common Stock, Options or Convertible Securities, then in each such
event provision shall be made so that the Holder shall receive upon exercise of
this Warrant, in addition to the Common Stock issuable upon such exercise, the
amount of such other securities or the value of such other property that the
Holder would have received had this Warrant been exercised on the record date
of such event and had the Holder thereafter, during the period from the date of
such event to and including the exercise date, retained such securities or
other property

 

5

 

receivable by the Holder
during such period giving application to all adjustments called for during such
period under Section 2 with respect to the rights of the holders of
Warrants; provided, that no such provision shall be made if the Holder
receives, upon the election of a Two-Thirds Interest, simultaneously with all
other recipients a dividend or other distribution of such securities or other
property in an amount equal to the amount of such securities or other property
as the Holder would have received if this Warrant had been exercised for Common
Stock on the record date of such event and; and

 

(B)           Common Stock, Options or Convertible Securities, then
a Two-Thirds Interest shall be entitled to elect to receive such dividend or
distribution as if the Holders had exercised all of the Warrants in full on the
date such record is taken; provided, that in the event a Two-Thirds
Interest so elects and all of the Holders actually receive such dividend or
distribution, the Antidilution
Price shall not be adjusted pursuant to the provisions of Section 2.2
with respect to such dividend or distribution. 
In the event no such election is made, the provisions of Section 2.2(d) shall
apply with respect to such dividend or distribution.

 

(d)           Issuances.  Except as
provided in Sections 2.2(c) and 2.2(d)(vii) and except in
the case of an event described in Section 2.2(a), if at any time
after the Closing Date, the Company issues or sells, or is, in accordance with
this Section 2.2(d), deemed to have issued or sold, any shares of
Common Stock for a consideration per share less than the Antidilution Price in effect immediately
prior to such issuance or sale, then, upon such issuance or sale (or deemed
issuance or sale), the Antidilution
Price shall be reduced to the price determined by dividing (x) the sum of
(A) the Common Stock Deemed Outstanding (as defined below) immediately
prior to such issuance or sale (or deemed issuance or sale) multiplied by the Antidilution Price then in effect and
(B) the consideration, if any, received by the Company upon such issuance
or sale (or deemed issuance or sale) by (y) the Common Stock Deemed
Outstanding immediately after such issuance or sale (or deemed issuance or
sale).

 

For purposes of this Section 2.2(d), the
following shall also be applicable:

 

(i)            Issuance of Rights or Options. 
If the Company, at any time after the Closing Date, in any manner,
grants (whether directly or by assumption in a merger or otherwise) any
warrants or other rights to subscribe for or to purchase, or any options to
purchase, shares of Common Stock or any stock or security convertible into or
exercisable or exchangeable for Common Stock (such warrants, rights or options
being called “Options” and such
convertible or exercisable or exchangeable stock or securities being called “Convertible Securities”), in each case for
consideration per share (determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Antidilution Price
then in effect, whether or not such Options or Convertible Securities are
immediately exercisable, convertible or exchangeable, then the total maximum
number of shares of Common Stock issuable upon the exercise of such Options, or
upon conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon exercise of such Options, shall be deemed to have been
issued as of the date of granting of such Options, at a price per share equal
to the amount determined by dividing (A) the total amount, if any,
received or receivable by the Company as consideration for the

 

6

 

issuance of such Options, plus the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of all such Options, plus, in the case of such Options that
relate to Convertible Securities, the minimum aggregate amount of additional
consideration, if any, payable upon the issuance or sale of such Convertible
Securities and upon the conversion or exchange of Convertible Securities, by
(B) the total maximum number of shares of Common Stock deemed to have been
so issued.  Except as otherwise provided
in Section 2.2(d)(iii), no adjustment of the Antidilution Price shall be made upon
the actual issuance of such Common Stock or of such Convertible Securities upon
exercise of such Options or upon the actual issuance of such Common Stock upon
conversion or exchange of such Convertible Securities.

 

(ii)           Issuance of Convertible Securities. 
If the Company, at any time after the Closing Date, in any manner,
issues or sells any Convertible Securities for consideration per share
(determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Antidilution Price
then in effect, whether or not the right to exchange or convert any such
Convertible Securities is immediately exercisable, then the total maximum
number of shares of Common Stock issuable upon conversion or exchange of all
such Convertible Securities shall be deemed to have been issued as of the date
of the issuance or sale of such Convertible Securities, at a price per share
equal to the amount determined by dividing (A) the total amount, if any,
received or receivable by the Company as consideration for the issuance or sale
of such Convertible Securities, plus
the minimum aggregate amount of additional consideration, if any, payable to
the Company upon the conversion or exchange thereof, by (B) the total
maximum number of shares of Common Stock deemed to have been so issued; provided,
that (1) except as otherwise provided in Section 2.2(d)(iii),
no adjustment of the Antidilution
Price shall be made upon the actual issuance of such Common Stock upon
conversion or exchange of such Convertible Securities and (2) if any such
issuance or sale of such Convertible Securities is made upon exercise of any
Options to purchase any such Convertible Securities, no further adjustment of
the Antidilution Price shall be
made by reason of such issuance or sale.

 

(iii)          Change
in Option Price or Conversion Rate; Termination of Options or Convertible
Securities.  If at any time after the Closing Date a
change occurs in (A) the maximum number of shares of Common Stock issuable
in connection with any Option referred to in Section 2.2(d)(i) or
any Convertible Securities referred to in Section 2.2(d)(i) or
(ii), (B) the purchase price provided for in any Option referred to
in Section 2.2(d)(i), (C) the additional consideration, if
any, payable upon the conversion or exchange of any Convertible Securities
referred to in Section 2.2(d)(i) or (ii), or (D) the rate
at which Convertible Securities referred to in Section 2.2(d)(i) or
(ii) are convertible into or exchangeable for Common Stock (in each
case, other than in connection with an event described in Section 2.2(a)(vii)),
then the Antidilution Price in
effect at the time of such event shall be readjusted to the Antidilution Price that would have
been in effect at such time had such Options or Convertible Securities that
remain outstanding provided for such changed maximum number of shares, purchase
price, additional consideration or conversion rate, as the case may be, at the
time initially granted, issued or sold, but only if as a result of such
adjustment the Warrant Price then in effect is thereby reduced.  Upon the termination of any such Option or
any such right to convert or exchange such Convertible Securities, the Antidilution Price then in effect
hereunder shall be increased to the Antidilution
Price that would have been in effect at the time of such termination had such
Option or Convertible Securities, to the extent outstanding immediately prior
to such termination (i.e., to the extent that fewer than the number of shares
of Common Stock deemed to

 

7

 

have been issued in connection with such Option or
Convertible Securities were actually issued), never been issued or been issued
at such higher price, as the case may be.

 

(iv)          Consideration for Stock. 
In case any shares of Common Stock are issued or sold, or deemed issued
or sold, at any time after the Closing Date for cash, the consideration
received therefor shall be deemed to be the amount received or to be received by
the Company therefor (determined with respect to deemed issuances and sales in
connection with Options and Convertible Securities in accordance with
clause (A) of Section 2.2(d)(i) or Section 2.2(d)(ii),
as appropriate) determined in the manner set forth below in this Section 2.2(d)(iv).  If any shares of Common Stock are issued or
sold, or deemed issued or sold, for a consideration other than cash, the amount
of the consideration other than cash received by the Company shall be deemed to
be the fair value of such consideration received or to be received by the
Company (determined with respect to deemed issuances and sales in connection
with Options and Convertible Securities in accordance with
clause (A) of Section 2.2(d)(i) or Section 2.2(d)(ii),
as appropriate) as determined in good faith by the Board of Directors of the
Company (the “Board of Directors”)
and a Two-Thirds Interest.  If any
Options are issued in connection with the issuance and sale of other securities
of the Company, together comprising one integral transaction in which no
specific consideration is allocated to such Options by the parties thereto,
such Options shall be deemed to have been issued for such consideration as
determined in good faith by the Board of Directors and a Two-Thirds Interest. If the Company and a Two-Thirds
Interest are unable to reach agreement as to the value of such consideration,
then the value thereof will be determined by an independent appraisal by a
mutually agreed to investment banker, the fees of which shall be paid by the
Company.

 

(v)           Other Issuances or Sales; Indeterminable
Amounts.  In calculating any adjustment to the Antidilution Price pursuant to this Section 2.2(d) any
Options or Convertible Securities that provide, as of the effective date of
such adjustment, for the issuance upon exercise or conversion thereof of an
indeterminable number of shares of Common Stock shall (together with the shares
of Common Stock issuable upon exercise or conversion thereof) be disregarded
for purposes of the calculation of Common Stock Deemed Outstanding; provided,
that at such time as a number of shares of Common Stock issuable upon exercise
or conversion of such Options or Convertible Securities becomes determinable,
then the Antidilution Price
shall be adjusted as provided in Section 2.2(d)(iii).

 

(vi)          Common Stock Deemed Outstanding. 
The term “Common Stock Deemed
Outstanding” shall mean the sum of (A) the number of shares of
Common Stock outstanding immediately following the Closing Date (including for
this purpose all shares of Common Stock issuable upon exercise or conversion of
any outstanding Options or Convertible Securities outstanding immediately after
the Closing Date), plus
(B) the number of shares of Common Stock issued or sold (or deemed issued
or sold) after the Closing Date; provided, that Common Stock Deemed
Outstanding shall not include shares of Convertible Preferred Stock of the
Company or any shares of Common Stock issuable upon exercise of the Convertible
Preferred Stock or the Warrants.

 

(vii)         Certain
Issues of Common Stock Excepted.  Anything
herein to the contrary notwithstanding, the Corporation shall not be required
to make any adjustment to the Antidilution Price in the case of the issuance
from and after the Closing Date of (i) shares of

 

8

 

Common Stock upon conversion of shares of Convertible
Preferred Stock or exercise of the Warrants; (ii) up to 3,131,127 (such
amount to be appropriately adjusted for stock splits, stock dividends,
recapitalizations and the like) shares of Common Stock or options therefor to
directors, officers, employees or consultants of the Corporation in connection
with their service as directors of the Corporation, their employment by the
Corporation or their retention as consultants by the Corporation, in each case
authorized by the Board of Directors and issued pursuant to the Corporation’s
2006 Stock Option and Grant Plan; (iii), up to 1,793,105 (such amount to be
appropriately adjusted for stock splits, stock dividends, recapitalizations and
the like) shares of Common Stock or options therefor to directors, officers,
employees or consultants of the Corporation in connection with their service as
directors of the Corporation, their employment by the Corporation or their retention
as consultants by the Corporation, in each case authorized by the Board of
Directors and issued pursuant to the Corporation’s Amended and Restated 1995
Stock Option Plan; (iv) securities issued as consideration for the
purchase of stock or assets in any acquisition, merger, joint venture,
partnership or other strategic alliance; (v) shares of Common Stock issued
pursuant to a stock split, stock dividend or other transaction contemplated by
Section A.7(c) of the Company’s certificate of incorporation; and
(vi) shares of Common Stock issued in a public offering registered under
the Securities Act or (v) securities issued that are deemed in writing by
a Two-Thirds Interest to constitute Excluded Shares  (collectively, “Excluded Shares”).

 

(e)           Adjustment for Merger or Consolidation,
etc.

 

(i)            Upon the election of a Two-Thirds Interest made in
connection with any merger or consolidation of the Company with or into another
corporation (or other legal entity), any sale of all or substantially all of
the assets of the Company to another corporation (or other legal entity), this
Warrant shall thereafter be exercisable (or shall be converted into a security
that shall be exercisable) for the kind and amount of shares of stock or other
securities or property to which a Holder of the number of shares of Common
Stock of the Company deliverable upon the exercise of this Warrant in full
would have been entitled upon such merger, consolidation, or asset sale (and
any distribution of assets to stockholders following such asset sale); and, in
such case, appropriate adjustment (as determined in good faith by the Board of
Directors) shall be made in the application of the provisions in Section 2.2
set forth with respect to the rights and interests thereafter of the Holder, to
the end that the provisions set forth in Section 2.2 (including
provisions with respect to changes in and other adjustments of the Antidilution Price) shall thereafter
be applicable, as nearly as possible, in relation to any shares of stock or
other securities or property thereafter deliverable upon the exercise of this
Warrant.  Any election by a Two-Thirds
Interest pursuant to this Section 2.2(e) shall be made by
written notice to the Company and the other Holders at least five
(5) Business Days prior to the closing of the relevant transaction.  Upon the election of such Two-Thirds Interest
hereunder, the Holder shall be deemed to have elected to adjust the Warrant as
provided in this Section 2.2(e) and such election shall bind
the Holder.  Notwithstanding anything to
the contrary contained herein, the Holder shall have the right to elect to
exercise the Warrant immediately prior to or simultaneously with the
consummation of such merger, consolidation or asset sale in accordance with the
provisions of Section 1, if applicable, instead of giving effect to
the provisions contained in this Section 2.2(e).

 

9

 

(ii)           The Company shall not effect any such consolidation,
merger or sale, unless prior to or simultaneously with the consummation
thereof, the successor (if other than the Company) resulting from such
consolidation or merger or the person purchasing such assets shall assume by
written instrument executed and delivered to the Holder, the obligation to deliver
to the Holder such shares, securities or assets as, in accordance with the
foregoing provisions, the Holder may be entitled to receive upon the exercise
of this Warrant (or the security into which such Warrant is to be converted in
connection with the consummation of such transaction).

 

(f)            Record Date. 
If the Company takes a record of the Holders of its Common Stock for the
purpose of entitling them (A) to receive a dividend or other distribution
payable in Common Stock, Options or Convertible Securities, or (B) to
subscribe for or purchase Common Stock, Options or Convertible Securities, then
such record date shall be deemed to be the date of the issuance or sale of the
shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the
granting of such right of subscription or purchase, as the case may be.

 

(g)           Other Dilutive Events. 
In case any event shall occur after the Closing Date as to which, but
for this Section 2.2(g), the provisions of this Section 2
are not directly applicable, and the failure to make any adjustment would not
in the reasonable opinion of a Two-Thirds Interest fairly protect the purchase
rights represented by this Warrant in accordance with the essential intent and
principles of such sections, then, in each case, at the request of a Two-Thirds
Interest, the Company shall appoint an independent investment bank of
recognized national standing (which shall be completely independent of the Company
and shall be reasonably satisfactory to a Two-Thirds Interest), which shall
give its opinion upon the adjustment, if any, on the basis consistent with the
essential intent and principles established in this Section 2,
necessary to preserve, without dilution, the purchase rights by this
Warrant.  Upon receipt of such opinion,
the Company shall promptly mail a copy thereof to the Holder and shall make the
adjustments, if any, described therein.

 

Section 3.  Redemption and Cancellation of Warrants

 

3.1.         Put Right. At
any time after the earlier of (i) a Liquidity Event (as defined in the
Charter), (ii) the first firm commitment underwritten public offering of
Common Stock and (iii) February 1, 2011, the Holder may require that
the Company purchase this Warrant in whole at the Redemption Price (as defined
below) by delivery of a written notice to the Company (the date such notice is
delivered to the Company shall hereinafter be referred to as, the “Put Demand Date”).  The Company shall pay the Redemption Price to
the Holder as soon as reasonably practicable (the “Put Payment Date”), but in no event later than thirty (30)
days after the Put Demand Date (the “Put
Demand Period”), upon surrender of this Warrant to the Company or,
if requested by the Holder without surrender of this Warrant, by wire transfer
of immediately available funds to an account or accounts designated in writing
by the Holder.

 

(b)           Upon
surrender of this Warrant in accordance with the procedures set forth in Section
3.1(a), the right to purchase shares of Common Stock represented by this
Warrant shall terminate, and this Warrant shall represent the right of the
Holder to receive only

 

10

 

the applicable Redemption
Price from the Company in accordance with Section 3.1. The Holder’s
right to demand redemption of this Warrant pursuant to this Section 3.1
shall be referred to herein as the Holder’s “Put
Right.”

 

3.2.         Default;
Automatic Conversion into Debt. 
In the event that the Company fails to purchase this Warrant prior to
the expiration of the Put Demand Period, then the exercise by the Holder of the
Put Right pursuant to this Section 3 shall automatically be rescinded;
provided that, the Redemption Price ultimately paid to the Holder shall equal
the greater of (a) the Redemption Price with respect to the first Put
Right exercise and (b) the Redemption Price with respect to the Put Right
exercise that is not rescinded pursuant to this Section 3.2.

 

Section 4.  Covenants of
the Company

 

4.1.         The
Company covenants and agrees that:

 

(a)           all
shares of Common Stock that may be issued upon the exercise of the rights
represented by this Warrant shall, upon issuance, be duly authorized, validly
issued, fully paid and nonassessable;

 

(b)           during
the period within which this Warrant may be exercised, it will at all times
have authorized and reserved a sufficient number of shares of Common Stock to
provide for the exercise of rights represented by this Warrant;

 

(c)           if
any shares of Common Stock reserved or to be reserved to provide for the
exercise of this Warrant require registration with or approval of any
governmental or self-regulatory authority under any federal or state law or
stock exchange or NASDAQ rule before such shares may be validly issued,
then it shall in good faith and as expeditiously as possible endeavor to secure
such registration or approval, as the case may be;

 

(d)           if
it shall have filed a registration statement pursuant to the requirements of Section 12
of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or a registration statement
pursuant to the requirements of the Securities Act, the Company shall comply
with the reporting requirements of Sections 13 and 15(d) of the Exchange
Act and will comply with all other public information reporting requirements
the securities and exchange commission (including Rule 144 promulgated by
such commission under the Securities Act) from time to time in effect and
relating to the availability of an exemption from the Securities Act for the
sale of any restricted securities; and

 

(e)           it
shall not, by amendment to its certificate of incorporation (whether by way of
merger, operation of law, or otherwise) or reorganization, transfer of assets,
consolidation, merger, dissolution, issuance or sale of securities, agreement
or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the
Company and shall at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder against
impairment as if the Holder was a stockholder of the Company entitled to the
benefit of fiduciary duties afforded to 

 

11

 

stockholders under Delaware law. 
Any successor to the Company shall agree in writing, as a condition to
such succession, to carry out and observe the obligations of the Company
hereunder with respect to this Warrant.

 

Section 5.  Transfer

 

5.1.         Registration.

 

(a)           Registration.  The Company shall number and register the
Warrants in a register maintained at the principal office of the Company (the “Office”). The Company shall be entitled to
treat the Holder of the Warrants as the owner thereof for all purposes and
shall not be bound to recognize any equitable or other claim to or interest in
such Warrants on the part of any other person. 
Any Warrant may be transferred or endorsed to another party in whole or
in part by surrendering to the Company, or its duly authorized agent, for
cancellation the existing warrant certificate evidencing the Warrant to be
transferred, endorsed or accompanied by a written instrument of transfer, in
form reasonably satisfactory to the Company, duly executed by the Holder
thereof in person or by a duly authorized representative, agent or
attorney-in-fact appointed in writing.

 

5.2.         Restrictive
Legend.

 

(a)           This Warrant and the
Warrant Shares issuable upon exercise thereof, are subject to the terms of that
certain Stockholders Agreement, dated as of the date hereof, by and among the
Company and the Stockholders and Investors party thereto (the “Stockholders Agreement”).  Each certificate representing shares of
Common Stock issued upon exercise of this Warrant and each certificate
representing shares of Common Stock issued to any subsequent transferee of any
such certificate, shall be stamped or otherwise imprinted with a legend in
substantially the form as follows:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT
BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER THE SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (2) IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

THIS SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF A CERTAIN STOCKHOLDERS
AGREEMENT, DATED AS OF FEBRUARY
1, 2006.  A COMPLETE AND CORRECT COPY OF
SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE
COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

12

 

THE ISSUER WILL FURNISH
WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS
OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.

 

(b)           If
at any time any securities other than shares of Common Stock shall be issuable
upon the exercise of this Warrant, such securities shall bear a legend similar
to the one set forth above.  Whenever the
legend requirement imposed by the Stockholders Agreement shall terminate, the
Holder shall be entitled to receive within five (5) Business Days from the
Company, at the Company’s expense, a new Warrant certificate or certificates
and new stock certificates representing Common Stock issued upon exercise of
this Warrant, in each case, without such legends.

 

5.3.         Registration of Warrants and Common Stock.   The shares of Common Stock issuable upon
exercise of this Warrant shall constitute Registrable Securities (as such term
is defined in the Registration Rights Agreement dated as of the date hereof by
and among the parties therein).  Each
holder of any shares of Common Stock (and other securities) issued upon
exercise of this Warrant shall be entitled to all of the benefits afforded to a
holder of any such Registrable Securities under the Registration Rights
Agreement and such holder, by its acceptance of this Warrant, agrees to be
bound by and to comply with the terms and conditions of the Registration Rights
Agreement applicable to such holder as a holder of such Registrable
Securities.  At any such time as Common
Stock is listed on any national securities exchange, the Company will, at its
sole expense, obtain promptly and maintain the approval for listing on each
such exchange, upon official notice of issuance, the shares of Common Stock
issuable upon exercise of the then outstanding Warrants and maintain the
listing of such shares after their issuance; and the Company will also list on
such national securities exchange, and will maintain such listing of, any other
securities that at any time are issuable upon exercise of the Warrants, if and
at the time that any securities of the same class shall be listed on such
national securities exchange by the Company.

 

Section 6.  Miscellaneous

 

6.1.         Notice of
Adjustments.

 

(a)           In
each case of any adjustment or readjustment in the Antidilution Price, and the
Warrant Shares issuable upon exercise of this Warrant, the Company shall
promptly thereafter compute such adjustment or readjustment in accordance with
the terms of this Warrant and provide a written report thereof certified by the
Chief Financial Officer or Treasurer of the Company to the Holder stating the
number of Warrant Shares and the Antidilution Price, after giving effect to
such adjustment or readjustment, and setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based.

 

13

 

(b)           The
Company shall, within ten (10) days of receipt of a written request by a
Two-Thirds Interest, cause independent certified public accountants of
recognized national standing, which may be the regular auditors of the Company,
selected by the Company to verify such computations reported pursuant to Section 6.1(a),
other than any computation that pursuant to the provisions of this Warrant are
to be determined reasonably and in good faith by the Board of Directors.  The Company shall promptly prepare, and remit
to the Holder, a copy of such independent accountant’s report setting forth
such adjustment or readjustment, showing in reasonable detail the method of
calculation thereof and the facts upon which such adjustment or readjustment is
based, including a statement of:

 

(i)            the consideration
received or to be received by the Company for any shares of Common Stock,
Options, or Convertible Securities issued or sold or deemed to have been
issued;

 

(ii)           the Common Stock Deemed
Outstanding; and

 

(iii)          the Antidilution Price
in effect immediately prior to such issuance or sale and as adjusted or
readjusted.

 

(c)           The
Company shall also keep copies of all such reports generated pursuant to this Section 6.1
at its principal offices and will cause the same to be available for inspection
at such offices during normal business hours by the Holder or any prospective
purchaser of this Warrant designated by Holder.

 

6.2.         Notice of Certain Events.  In case at any time:

 

(a)           the
Company shall pay any dividend upon, or make any distribution in respect of,
its stock of the Company;

 

(b)           the
Company shall propose to register any of its equity securities under the
Securities Act in connection with a public offering;

 

(c)           there
shall be any proposed capital reorganization, or reclassification of the
capital stock, of the Company, or consolidation or merger of the Company with,
or sale of all or substantially all of its assets to, another person; or

 

(d)           there
shall be a voluntary or involuntary dissolution, liquidation or winding up of
the Company;

 

then, in any one (1) or more of said cases, the Company shall give
notice to the Holder of the date on which (i) the books of the Company
shall close or a record shall be taken for such dividend, distribution or
subscription rights, or (ii) such public offering, reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up shall take place, as the case may be.  Such notice shall be given not less than ten (10) days
prior to the record date or the date on which the transfer books of the Company
are to be closed in respect thereto in the case of an action specified in
clause (i) and at least twenty (20) days prior to the action in question
in the case of an action specified in clause (ii).

 

14

 

6.3.         Notice.  Any
notice that is required or provided to be given under this Warrant shall be
deemed to have been sufficiently given and received for all purposes when
delivered in writing by hand, telecopy, telex or other method of facsimile, or
five (5) days after being sent by certified or registered mail, postage
and charges prepaid, return receipt requested, or two (2) days after being
sent by overnight delivery providing receipt of delivery, to the following
addresses:  if to the Company, OpenLink
Financial, Inc., 1502 Reckson Plaza, West Tower -15th Floor, Uniondale,
NY  11556-1502, Attention:  Kevin Hesselbirg, Facsimile:  (516) 394-1193, or at any other address
designated by the Company to Holder; if to Holder, c/o TA Associates, Inc.,
125 High Street, Suite 2500, Boston, MA 
02110, Attention:  Jonathan W. Meeks,
Facsimile:  (617) 574-6728,
or at any other address designated by Holder to the Company in writing.

 

6.4.         No Change in Warrant Terms on Adjustment.  Irrespective of any adjustment in the
Antidilution Price or the number of shares of Common Stock, this Warrant,
whether theretofore or thereafter issued or reissued, may continue to express
the same price and number of shares of Common Stock as are stated herein and
the Antidilution Price and such number of Common Stock shares specified herein
shall be deemed to have been so adjusted.

 

6.5.         Issuance and Transfer Taxes.  The issuance of certificates for shares of
Common Stock upon any exercise of this Warrant shall be made without charge to
Holder for any issuance tax in respect thereto.

 

6.6.         Exchange of Warrant. 
This Warrant is exchangeable at no cost to the Holder upon the surrender
hereof by the Holder at such office or agency of the Company, for a new warrant
of like tenor representing in the aggregate the right to subscribe for and
purchase the number of shares that may be subscribed for and purchased
hereunder from time to time after giving effect to all the provisions hereof,
each of such new warrants to represent the right to subscribe for and purchase
such number of shares as shall be designated by said Holder hereof at the time
of such surrender.

 

6.7.         Lost, Stolen, Mutilated or Destroyed Warrant.  If this Warrant is lost, stolen, mutilated or
destroyed, the Company shall at no cost to the Holder, on such terms as to
indemnity or otherwise as the Company may in its discretion impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new warrant of like denomination and tenor as the Warrant so lost,
stolen, mutilated or destroyed.  Any such
new warrant shall constitute an original contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall
be at any time enforceable by anyone.

 

6.8.         Governing Law. 
This Warrant shall be deemed to be a contract made under, and shall be
construed in accordance with, the laws of the State of New York, without giving
effect to conflict of laws principles thereof.

 

6.9.         Section Headings; Construction.  The descriptive headings in this Warrant have
been inserted for convenience only and shall not be deemed to limit or
otherwise affect the construction of any provision thereof or hereof.  The parties have participated jointly in the
negotiation and drafting of this Warrant and the other agreements, documents
and instruments executed and delivered in connection herewith with counsel
sophisticated in investment

 

15

 

transactions.  In the event an
ambiguity or question of intent or interpretation arises, this Warrant shall be
construed as if drafted jointly by the parties and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Warrant and the agreements, documents and instruments
executed and delivered in connection herewith.

 

6.10.       Dispute Resolution. (a)      All disputes, claims, or controversies arising
out of or relating to this Warrant, or any other agreement executed and
delivered pursuant to or in connection with this Warrant or the negotiation,
breach, validity, termination or performance hereof and thereof or the
transactions contemplated hereby and thereby, that are not resolved by mutual
agreement shall be resolved solely and exclusively by binding arbitration to be
conducted before Judicial Arbitration and Mediation Services, Inc. (“JAMS”)
in New York, New York before a single independent arbitrator (the “Arbitrator”).  The parties understand and agree that this
arbitration shall apply equally to claims of fraud or fraud in the inducement.

 

(b)           The parties
covenant and agree that the arbitration shall commence within 120 days of the
date on which a written demand for arbitration is filed by any party hereto
(the “Filing
Date”).  In connection with the
arbitration proceeding, the Arbitrator shall have the power to order the
production of documents by each party and any third-party witnesses.  In addition, each party may take up to three
depositions as of right, and the Arbitrator may in his or her discretion allow
additional depositions upon good cause shown by the moving party.  However, the Arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission.  In connection with any
arbitration, each party shall provide to the other, no later than seven days
before the date of the arbitration, the identity of all persons that may
testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witnesses or
experts.  The Arbitrator’s decision and
award shall be made and delivered within 180 days of the Filing Date.  The Arbitrator’s decision shall set forth a
reasoned basis for any award of damages or finding of liability.  The Arbitrator shall not have power to award
damages in excess of actual compensatory damages and shall not multiply actual
damages or award punitive damages or any other damages that are specifically
excluded under this Warrant, and each party hereby irrevocably waives any claim
to such damages.

 

(c)           The
parties covenant and agree that they will participate in the arbitration in
good faith and that they will (i) bear their own attorneys’ fees, costs
and expenses in connection with the arbitration, and (ii) share equally in
the fees and expenses charged by the Arbitrator.  Any party unsuccessfully refusing to comply
with an order of the Arbitrators shall be liable for costs and expenses,
including attorneys’ fees, incurred by the other party in enforcing the
award.  This Section 6.10 applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm.

 

6.11.       Consent to Jurisdiction. 
Except as provided in Section 6.10(c) each of the parties
hereto irrevocably and unconditionally consents to the jurisdiction of JAMS to
resolve all disputes, claims or controversies arising out of or relating to
this Warrant or any other agreement executed and delivered pursuant to or in
connection with this Warrant or the negotiation, breach, 

 

16

 

validity, termination or performance hereof and thereof or the
transactions contemplated hereby and thereby, and further consents to the sole
and exclusive jurisdiction of the state and federal courts located in the State
of New York and the city of New York for the purposes of enforcing the
arbitration provisions of Section 6.10 of this Warrant.  Each party further irrevocably waives any
objection to proceeding before the Arbitrator based upon lack of personal
jurisdiction or to the laying of venue and further irrevocably and
unconditionally waives and agrees not to make a claim in any court that arbitration
before the Arbitrator has been brought in an inconvenient forum.  Each of the parties hereto hereby consents to
service of process by registered mail at the address to which notices are to be
given as provided in Section 6.3. 
Each of the parties hereto agrees that its or his submission to
jurisdiction and its or his consent to service of process by mail is made for
the express benefit of the other parties hereto.

 

6.12.       Remedies; Severability. 
Notwithstanding Sections 6.10 and 6.11, it is specifically
understood and agreed that any breach of the provisions of this Warrant by any
person subject hereto will result in irreparable injury to the other parties
hereto, that the remedy at law alone will be an inadequate remedy for such
breach, and that, in addition to any other remedies which they may have, such
other parties may enforce their respective rights by actions for specific
performance (to the extent permitted by law). 
Whenever possible, each provision of this Warrant shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be deemed prohibited or invalid under such
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, and such prohibition or invalidity shall not
invalidate the remainder of such provision or the other provisions of this
Warrant.

 

6.13.       Integration.  This
Warrant, the Stockholders Agreement, the Registration Rights Agreement and the
Purchase Agreement, including the exhibits referred to herein and therein,
constitute the entire agreement and supersede all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.

 

6.14.       No Rights or Liabilities as Stockholder.  Except as expressly set forth herein, nothing
contained in this Warrant shall be construed as conferring upon the Holder any
rights as a stockholder of the Company or as imposing any obligation on the
Holder to purchase any securities or as imposing any liabilities on the Holder
as a stockholder of the Company, whether such obligation or liabilities are
asserted by the Company or creditors of the Company.

 

6.15.       Waivers and
Consents; Amendments.

 

(a)           For
the purposes of this Warrant and all documents executed pursuant hereto, no
course of dealing between or among any of the parties hereto and no delay on
the part of any party hereto in exercising any rights hereunder or thereunder
shall operate as a waiver of the rights hereof or thereof.  No covenant or provision hereof may be waived
otherwise than by a written instrument signed by the party or parties so
waiving such covenant or other provision contemplated herein.

 

(b)           No
amendment to this Warrant may be made without the written consent of the Company
and the Holder.

 

17

 

6.16.       Certain Definitions. 
The following terms as used in this Warrant shall have the following
meanings:

 

(a)           “Appraiser” means an independent nationally
recognized investment bank or other qualified financial institution acceptable
to the Company and the Noteholders (as such term is defined in the Purchase]
Agreement).

 

(b)           “Business Day” means any day other than a
Saturday or a Sunday or a day on which commercial banking institutions in the
State of New York are authorized or obligated by law or executive order to be
closed.  Any reference to “days” (unless
Business Days are specified) shall mean calendar days.

 

(c)           “Charter” means the Amended and Restated Certificate of
Incorporation of the Company, as may be amended and/or restated from time to
time

 

(d)           “Closing” means the closing of the transaction contemplated
by the Purchase Agreement on the Closing Date.

 

(e)           “Code” means the Internal Revenue Code of
1986, as amended.

 

(f)            “Fair Market Value” means either (i) the
Market Price, if any, of a share of Common Stock or (ii) if no Market
Price exists, the value (which shall not take into effect any minority or
illiquidity discounts) of a share of Common Stock as determined by a nationally
recognized investment banking firm or accounting firm designated by a
Two-Thirds Interest and reasonably acceptable to the Company; provided that if
the parties cannot agree on such a firm, each party shall choose a nationally
recognized investment banking firm, which shall choose a third nationally
recognized firm and that third firm shall determine the Fair Market Value,
which determination shall be final and binding. 
The cost relating to retaining any such firm(s) pursuant to this
definition shall be borne by the Company.

 

(g)           “Market Price” of any security means the
value determined in accordance with the following provisions:

 

(i)            if such security is
listed on a national securities exchange registered under the Exchange Act, a
price equal to the average of the closing sales prices for such security on
such exchange for each day during the twenty (20) consecutive trading days
immediately preceding the date in question; and

 

(ii)           not so listed, and such
security is quoted on NASDAQ, a price equal to the average of the closing bid
and asked prices for such security quoted on such system each day during the 20
consecutive trading days immediately preceding the date in question.

 

(h)           “Redemption Price” means the Fair Market
Value of the Warrant as of the applicable Put Demand Date, as determined by an
Appraiser (as defined above) and based upon on independent valuation of the
Company.  In arriving at its
determination, the Appraiser shall base any valuation upon, in the case of the
Market Price of the Common Stock, the Market Price of the Company assuming (A) 
the exercise of all outstanding vested warrants, options or

 

18

 

rights to subscribe for or purchase Common Stock (or other securities)
of the Company or other securities immediately exercisable or convertible into
Common Stock (or other securities) of the Company and (B) the Company were
sold as a going concern, without regard to the existence of any control block,
the anticipated impact upon current market prices of any such sale, any
discount for minority ownership or the lack or depth of a market for the Common
Stock, the Warrants or other securities of the Company, or any other factors
concerning the liquidity or marketability of the Common Stock, the Warrants, or
other securities of the Company.

 

6.17.       Other
Definitional Provisions.

 

(a)           Except
as otherwise specified herein, all references herein:

 

(i)            to any person other
than the Company, shall be deemed to include such person’s successors and assigns;

 

(ii)           to the Company shall be
deemed to include the Company’s successors; and

 

(iii)          to any applicable law
defined or referred to herein, shall be deemed references to such applicable
law as the same may have been or may be amended or supplemented from time to
time.

 

(b)           When
used in this Warrant, the words “herein”, “hereof’ and “hereunder”, and words
of similar import, shall refer to this Warrant as a whole and not to any
provision of this Warrant, and the words “Section” and “Exhibit” shall refer to
Sections of, and Exhibits to, this Warrant unless otherwise specified.

 

(c)           Whenever
the context so requires the neuter gender includes the masculine or feminine,
and the singular number includes the plural, and vice versa.

 

[Execution
page follows]

 

19

 

IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized as of the date first written above.

 

 

	
   

  	
  OPEN LINK FINANCIAL,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin J. Hesselbirg

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Hesselbirg

  
	
   

  	
   

  	
  Title:

  	
  COO

  

 

 

EXHIBIT A

FORM OF EXERCISE NOTICE

 

[To be executed only upon exercise of Warrant pursuant to Section 1.1(a)]

 

To
Open Link Financial, Inc.:

 

The
undersigned registered Holder of the within Warrant hereby irrevocably exercises
such Warrant for, and purchases
thereunder,         shares of the
Common Stock and herewith makes payment of
$                      therefor, and requests that the certificates
for such shares be issued in the name of, and delivered to
                                    ,
whose address
is                                     .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must conform in all respects to name

  
	
   

  	
  of
  Holder as specified on the face of Warrant.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Street
  Address)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (City)

  	
  (State)

  	
  (Zip
  Code)

  

 

 

20

 

EXHIBIT B

FORM OF EXCHANGE NOTICE

 

[To be executed only upon net exchange of the Warrant pursuant to Section 1.1(b)]

 

To
Open Link Financial, Inc.:

 

The
undersigned registered Holder of the within Warrant hereby irrevocably
exchanges such Warrant with respect to
                  
shares of the Common Stock which such Holder would be entitled to receive upon
the exercise hereof, and requests that the certificates for such shares be
issued in the name of, and delivered to
                                          ,
whose address is                                                     .

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature
  must conform in all respects to name

  
	
   

  	
  of
  Holder as specified on the face of Warrant.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Street
  Address)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (City)

  	
  (State)

  	
  (Zip
  Code)

  

 

 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]