Document:

ex10-37.htm

    
      

    

    
      Exhibit
10.37

    

     

    
      
        
          
            
              	
                      AMENDED
      AND RESTATED

                    
	
                      EMPLOYMENT
      AGREEMENT

                    

            

          

        

      

    

     

              AMENDED AND RESTATED EMPLOYMENT AGREEMENT dated
as of the 31st day of March, 2008, by and between BENIHANA INC., a Delaware
corporation (the “Company”), and TAKA YOSHIMOTO (the “Executive”).

     

    R
E C I T A L

     

              Executive
and the Company entered into an Employment Agreement dated as of April 1, 2006
(the "Employment Agreement").

     

              Certain
revisions to the Employment Agreement have been necessitated by the enactment of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
the final Treasury Regulations promulgated thereunder. As a result, the Company
and Executive have agreed to amendments to the Employment Agreement and to the
restatement of the Employment Agreement, as so amended, as set forth in its
entirety herein.

     

              NOW, THEREFORE, the Employment
Agreement is hereby amended and restated in its entirety as
follows:

     

              1.          Engagement
and Term. The Company hereby continues to employ Executive and Executive
hereby accepts such continued employment by the Company on the terms and
conditions set forth herein, for a period commencing on April 1, 2006 (the
“Effective Date”) and ending, unless sooner terminated in accordance with the
provisions of Section 4 or 7 hereof, on March 31, 2009 (the “Employment
Period”).

     

              2.          Scope of
Duties. Executive shall be employed by the Company as its Executive Vice
President - Operations. In such capacity, Executive shall have such authority,
powers and duties customarily attendant upon such office. If elected or
appointed, Executive shall also serve, without additional compensation, in one
or more offices and, if and when elected, as a director of the Company or any
subsidiary or affiliate of the Company, provided that his duties and
responsibilities are not inconsistent with those pertaining to his position as
stated above. Executive shall faithfully devote his full business time and
efforts so as to advance the best interests of the Company. During the
Employment Period, Executive shall not be engaged in any other business
activity, whether or not such business activity is pursued for profit or other
pecuniary advantage, unless same is only incidental and is in no way, directly
or indirectly, competitive with, or opposed to the best interests of the
Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

              3.          Compensation.

     

                        
  3.1          Basic
Compensation. In respect of services to be performed by Executive during
the Employment Period, the Company agrees to pay Executive an annual salary at
the rate of Two Hundred Eleven Thousand Eighty-Eight Dollars ($211,088) for the
portion of the Employment Period that is prior to March 31, 2008 and at the rate
of Two Hundred Thirty-Two Thousand Eighty-Eight Dollars ($232,088) thereafter
(“Basic Compensation”), payable in accordance with the Company’s customary
payroll practices for executive employees.

     

                     
     3.2          Cost of
Living Adjustments. The Basic Compensation shall be increased by an
amount established by reference to the Consumer Price Index for Urban Wage
Earners and Clerical Workers, New York, New York- Northern New Jersey area
published by the Bureau of Labor Statistics of the United States Department of
Labor (the “Consumer Price Index”). The base period shall be the month ended
December 31, 2007 (the “Base Period”). If the Consumer Price Index for the month
of December in any year, commencing in 2008, is greater than the Consumer Price
Index for the Base Period, Basic Compensation shall be increased, commencing on
April 1 of the next following year, to the amount obtained by multiplying Basic
Compensation by a fraction, the numerator of which is the Consumer Price Index
for the month of December of the year in which such determination is being made
and the denominator of which is the Consumer Price Index for the Base
Period.

     

                        
  3.3          Discretionary
Increases and Bonuses. Executive shall also be entitled to such
additional increments and bonuses as shall be determined from time to time by
the Board of Directors of the Company. Any such bonus will be payable within 21⁄2
months after the end of the fiscal year of the Company to which it relates but
in no event later than the end of the calendar year in which such fiscal year
ends.

     

                        
  3.4          Other
Benefits.

     

    
      
        	 
      	
                             
      (a)          During the
      Employment Period, Executive shall be entitled to participate, at the
      Company’s expense, in the major medical health insurance plan, and all
      other health, insurance or other benefit plans applicable generally to
      executive officers of the Company.

              
	 
      	 
      
	 
      	
                             
      (b)          During the
      Employment Period, Executive will be entitled to paid vacations and
      holidays consistent with the Company’s policy applicable to executives
      generally. All vacations shall be scheduled at the mutual convenience of
      the Company and
Executive.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

                         
 3.5          No
Designation of Year. In no event may Executive, directly or indirectly,
designate the calendar
year of any payment under this Agreement.

     

              4.          Termination
of Employment. The provisions of Section 1 of this Agreement
notwithstanding, the Company may terminate this Agreement and Executive’s
employment hereunder in the manner and for the causes hereinafter set forth, in
which event the Company shall be under no further obligation to Executive other
than as specifically provided herein:

     

                         
 4.1          If
Executive is absent from work or otherwise substantially unable to assume his
normal duties for a period of sixty (60) successive days or an aggregate of
ninety (90) business days during any consecutive twelve-month period during the
Employment Period because of physical or mental disability, accident, illness,
or any other reason other than vacation or approved leave of absence, the
Company may thereupon, or any time thereafter while such absence or disability
still exists, terminate the employment of Executive hereunder upon ten (10)
days’ written notice to Executive.

     

                        
  4.2          In
the event of the death of Executive during the Employment Period, this Agreement
shall automatically terminate on the date thereof.

     

                       
   4.3          If
Executive materially breaches or violates any material term of his employment
hereunder, or commits any criminal act or an act of dishonesty or moral
turpitude, in the reasonable judgment of the Company’s Board of Directors, then
the Company may, in addition to other rights and remedies available at law or
equity, immediately terminate this Agreement upon written notice to Executive
with the date of such notice being the termination date and such termination
being deemed for “cause.”

     

               
           4.4          In
the event Executive’s employment is terminated by reason of the provisions of
Section 4.1 or 4.2, then in such event, the Company shall pay to Executive, if
living, or to such other person or persons as Executive may from time to time
designate in writing as the beneficiary of such payment, the Basic Compensation
then in effect at the time of such termination, such payment to continue for
three months after such termination, and the Company shall have no further
obligation with respect to the payment of Basic Compensation hereunder.
Notwithstanding the foregoing, if any securities of the Company are publicly
traded on an “established securities market” and Executive is a “specified
employee” (as such terms are defined in Section 409A of the Code and the
regulations thereunder) at the time of any termination of Executive’s employment
by reason of the provisions of Section 4.1, then the amount due to Executive
hereunder on account of a termination of employment under Section 4.1 shall
instead be paid to Executive in a lump sum and without interest on the date that
is six months plus one day after such termination of employment, but only if
such delay shall be necessary to prevent any accelerated or additional tax under
Section 409A of the Code.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

                        
  4.5          In
the event Executive’s employment is terminated other than in accordance
with Section 4.1, 4.2 or 4.3, Executive shall be entitled to receive an amount
(the “Termination Payment”) computed in the same manner as the Severance Payment
not later than forty-five (45) days after any such termination. Notwithstanding
the foregoing, if any securities of the Company are publicly traded on an
“established securities market” and Executive is a “specified employee” (as such
terms are defined in Section 409A of the Code and the regulations thereunder) at
the time of such termination of employment, then the portion of the Termination
Payment that may be payable to Executive prior to the date that is six months
plus one day from the date of such termination (the “Delayed Payment Date”)
shall not exceed the lesser of (A) two times Executive’s Basic Compensation for
the calendar year preceding the termination, or (B) two times the amount
specified in Section 401(a)(17) of the Code for the calendar year of such
termination, but only if and to the extent that such limitation is necessary to
prevent any accelerated or additional tax under Section 409A of the Code. To the
extent any Termination Payment would be due to Executive hereunder during such
six-month period in excess of that amount, such excess shall be paid to
Executive, without interest, on the Delayed Payment Date. The Termination
Payment shall constitute liquidated damages and not a penalty, and Executive
shall not be obligated to seek employment to mitigate his damages; nor shall any
compensation Executive receives from any party subsequent to such termination be
an offset to the amount of such payment.

     

             
             4.6          Upon
any termination of this Agreement or Executive’s employment hereunder, Executive
shall be entitled to be paid only (i) any earned but unpaid Basic Compensation
due to Executive at the time of such termination, (ii) any amounts due to him
under (and in accordance with the terms of) any employee benefit or bonus plans
in which he was a participant, and (iii) the amounts, if any, payable to him
pursuant to the terms of this Section 4 or Section 7, and such payments are in
lieu of any severance or similar payments which may be provided by the Company
from time to time. Executive shall not be entitled to receive any other or
additional compensation of any kind. Notwithstanding anything to the contrary
contained therein, Executive’s right to receive any payments provided for under
Section 7 or in connection with a termination under Section 4.1 shall be
conditioned upon and subject to Executive’s execution and delivery to the
Company (not later than 30 days after any termination of his employment) of a
general release, substantially in the form of that attached hereto as Exhibit
A.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

              5.          Disclosure
of Confidential Information and Covenant Not to Compete. Executive
acknowledges that the Company possesses confidential information, know-how,
customer lists, purchasing, merchandising and selling techniques and strategies,
and other information used in its operations of which Executive will obtain
knowledge, and that the Company will suffer serious and irreparable damage and
harm if this confidential information were disclosed to any other party or if
Executive used this information to compete against the Company. Accordingly,
Executive hereby agrees that except as required by Executive’s duties to the
Company, Executive shall not, without the consent of the Company’s Board of
Directors, at any time during or after the term of this contract disclose or use
any secret or confidential information of the Company, including, without
limitation, such business opportunities, customer lists, trade secrets,
formulas, techniques and methods of which Executive shall become informed during
his employment, whether learned by him as an executive of the Company, as a
member of its Board of Directors or otherwise, and whether or not developed by
Executive, unless such information shall be or become public knowledge other
than as a result of Executive’s direct or indirect disclosure of the
same.

     

             Executive
further agrees that for a period of one year following the termination of
Executive’s employment, except as a result of the breach by the Company of any
material term or condition hereof, Executive will not, directly or indirectly,
alone or with others, individually or through or by a corporate or other
business entity in which he may be interested as a partner, shareholder, joint
venturer, officer or director or otherwise, engage in the United States in “any
business which is competitive with that of the Company or any of its
subsidiaries” as hereinafter defined, without the prior consent of the Company’s
Board of Directors provided, however, that the foregoing shall not be deemed to
prevent the ownership by Executive of up to five percent of any class of
securities of any corporation which is regularly traded on any stock exchange or
over-the-counter market. For the purpose of this Agreement, a “business which is
competitive with that of the Company or any of its subsidiaries” shall include
only (i) the operation of franchise restaurants selling Japanese, or other Asian
food, or restaurants of a type then being operated by the Company or any of its
subsidiaries; and (ii) the sale at wholesale or retail of Asian food
products.

     

              6.          Reimbursement
of Expenses; Use of Automobile.

     

                      
    6.1.          The
Company shall further pay directly, or reimburse Executive, for all other
reasonable and necessary expenses and disbursements incurred by him for and on
behalf of the Company in the performance of his duties during the Employment
Period upon submission of vouchers or other evidence thereof in accordance with
the Company’s usual policies of expense reimbursement.

     

                       
   6.2.          In
addition to the reimbursement described in Section 6.1, during the Employment
Period Executive shall receive an allowance of $300.00 per month for automobile
expenses, including lease costs or purchase price, gasoline, oil and
garaging.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

              7.          Change in
Control.

     

                       
   7.1.          In
the event at any time after the Effective Date, a majority of the Board of
Directors is composed of persons who are not “Continuing Directors,” as
hereinafter defined, which event is defined to mean a “Change in Control,”
Executive shall have the option, to be exercised by written notice to the
Company, to resign as an employee and terminate this Agreement, effective as of
such date specified in the notice of exercise and to receive payment of a sum
equal to the product of (A) the Basic Compensation in effect on the date of such
termination, multiplied by (B) the number of years (both full and partial)
remaining in the term hereof had such termination not occurred. The payment
calculated in accordance with the provisions of the preceding sentence is
defined as the “Severance Payment.” The Severance Payment shall be made to
Executive not later than forty-five (45) days after the termination of
Executive’s employment. Notwithstanding the foregoing, if any securities of the
Company are publicly traded on an “established securities market” and Executive
is a “specified employee” (as such terms are defined in Section 409A of the Code
and the regulations thereunder) at the time of such termination of employment,
then the amount, if any, due to Executive pursuant to the preceding sentence
shall instead be paid to Executive in a lump sum and without interest on the
date that is six months plus one day after such termination of employment, to
the extent and in the event that such limitation is necessary to prevent any
accelerated or additional tax under Section 409A of the Code. The Severance
Payment shall constitute liquidated damages and not a penalty, and Executive
shall not be obligated to seek employment to mitigate his damages; nor shall any
compensation Executive receives from any party subsequent to such termination be
an offset to the amount of the Severance Payment.

     

                   
       7.2          “Continuing
Directors” shall mean (i) the directors of the Company at the close of business
on April 1, 2006, and (ii) any person who was or is recommended to (A) succeed a
Continuing Director or (B) become a director as a result of an increase in the
size of the Board, in each case, by a majority of the Continuing Directors then
on the Board.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

                         
 7.3          If
during the term hereof Executive owns any options to purchase securities of the
Company which securities are publicly traded and which options were granted to
him in connection with his service as an employee, officer or director of the
Company, Executive shall have the right at any time within twelve months
following the date of any “Change in Control” to cause the Company to repurchase
such options from him (but only to the extent that such options are then
exercisable by him in accordance with their terms) at a purchase price equal to
the difference between (i) the closing price of the appropriate security of the
Company (if traded on the New York or American Stock Exchange or quoted in the
NASDAQ National Market) or the average between the closing bid and asked prices
(if traded on the over-the-counter market) on the date immediately prior to the
date on which Executive exercises such right and (ii) the exercise price of such
option; provided however, that in no fiscal year of the Company shall the
aggregate purchase price of such options exceed five percent (5%) of the total
stockholders equity (net worth) of the Company as shown on its audited financial
statements for the fiscal year immediately preceding the year in which such
right is exercised. Such right shall be exercised by Executive giving the
Company written notice thereof and the purchase and sale shall be consummated
not more than ten (10) business days after receipt by the Company of the notice
of exercise. The Company shall withhold all applicable withholding taxes from
any amounts due to Executive under this Section 7.3.

     

                
          7.4          Executive
acknowledges that any payments to be made to Executive under this Agreement upon
the termination of his employment may be made only in connection with a
“separation from service” as determined under Section 409A of the Code (if in
effect at the time of such termination of employment).

     

              8.          Miscellaneous
Provisions.

     

                    
      8.1          Section
headings are for convenience only and shall not be deemed to govern, limit,
modify or supersede the provisions of this Agreement.

     

                     
     8.2          This
Agreement is entered into in the State of Florida and shall be governed pursuant
to the laws of the State of Florida. If any provision of this Agreement shall be
held by a court of competent jurisdiction to be invalid, illegal or
unenforceable, the remaining provisions hereof shall continue to be fully
effective.

     

                    
      8.3          This
Agreement contains the entire agreement of the parties regarding this subject
matter. There are no contemporaneous oral agreements, and all prior
understandings, agreements, negotiations and representations are merged herein.
This Agreement replaces and supercedes all prior employment agreements between
the parties.

     

                  
        8.4          This
Agreement may be modified only by means of a writing signed by the party to be
charged with such modification.

     

                    
      8.5          Notices
or other communications required or permitted to be given hereunder shall be in
writing and shall be deemed duly given upon receipt by the party to whom sent at
the respective addresses set forth below or to such other address as any party
shall hereafter designate to the other in writing delivered in accordance
herewith:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          	 
      	
                  If
      to the Company:

                
	 
      	 
      
	 
      	 
      	
                  Benihana
      Inc.

                
	 
      	 
      	
                  8685
      NW 53rd Terrace

                
	 
      	 
      	
                  Miami,
      Florida 33166-0120

                
	 
      	 
      	 
      
	 
      	
                  If
      to Executive:

                
	 
      	 
      	 
      
	 
      	 
      	
                  Taka
      Yoshimoto

                
	 
      	 
      	
                  c/o
      Benihana Inc.

                
	 
      	 
      	
                  8685
      Northwest 53rd
      Terrace

                
	 
      	 
      	
                  Miami,
      Florida 33166-0120

                

        

      

    

     

                      
    8.6          This
Agreement shall inure to the benefit of, and shall be binding upon, the Company,
its successors and assigns, including, without limitation, any entity that may
acquire all or substantially all of the Company’s assets and business or into
which the Company may be consolidated or merged. This Agreement may not be
assigned by Executive.

     

                      
    8.7          This
Agreement may be executed in separate counterparts, each of which shall
constitute the original hereof.

     

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

              IN
WITNESS WHEREOF, the parties have set their hands as of the date first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	BENIHANA
      INC.	 
      
	 	 	 	 
	 
      	
                                  By:

                                	/s/
      Joel A. Schwartz	 
      
	 
      	 
      	Name:  Joel
      A. Schwartz	 
	 
      	 
      	Title:    Chief
      Executive Officer	
                                   

                                
	 	 	 	 
	 
      	 
      	/s/
      Taka Yoshimoto	 
      
	 
      	 
      	Taka
      Yoshimoto	
                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A—FORM OF GENERAL RELEASE

     

                        Taka
Yoshimoto (“Executive”) acknowledges and agrees that, for and in consideration
of the benefits payable to him under Section 7 or in connection with a
termination under Section 4.1 of that certain Amended and Restated Employment
Agreement (the “Employment Agreement”) between Executive and Benihana Inc. (the
“Company”) dated as of _________, 2008 and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, for
himself and for his heirs, executors, administrators, trustees, legal
representatives, successors and assigns (collectively referred to for purposes
of this General Release as the “Executive Releasors”), hereby forever releases
and discharges the Company and any and all of the Company’s past, present and
future parent entities, subsidiaries, divisions, affiliates or related business
entities, assets, employee benefit and/or pension plans or funds, successors and
assigns and any of their and/or the Company’s past, present and future owners,
directors, officers, attorneys, fiduciaries, agents, trustees, administrators,
executives, successors and assigns, whether acting as agents for the Company or
in their individual capacities (collectively referred to as the “Company
Releasees”), from all claims, demands, causes of action, and liabilities of any
kind whatsoever (upon any legal or equitable theory, whether based on any
federal, state or local constitution, statute, ordinance, regulation, common
law, court decision or otherwise), whether known or unknown, asserted or
unasserted, which any of the Executive Releasors ever had, now have, or
hereafter may have against any of the Company Releasees by reason of any actual
or alleged act, omission, transaction, practice, policy, conduct, occurrence
and/or other matter from the beginning of the world up to and including the date
that Executive signs this General Release.

     

                        Without in any way
limiting the generality of the foregoing, the Executive Releasors so release and
discharge the Company Releasees from, including but not limited to: (a) any and
all claims arising under Title VII of the Civil Rights Act of 1964, as amended,
the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act, 42 U.S.C. § 1981, the Americans With Disabilities Act,
the Family and Medical Leave Act, the Executive Retirement Income Security Act
(except for any vested benefits, which are not affected by this General
Release), the Fair Labor Standards Act, the Equal Pay Act, the National Labor
Relations Act, (b) any and all other claims for employment discrimination,
harassment, and/or retaliation (whether based on a federal, state or local
constitution, statute, ordinance, code, common law, court decision or
otherwise); (c) any and all claims relating to Executive’s employment by the
Company (and/or by any of the other of the Company Releasees), the terms and
conditions of such employment and/or the termination of such employment; (d) any
and all claims relating to, or arising out of, the making of the Employment
Agreement and this General Release; (e) any and all claims for damages or
personal injury of any type whatsoever (whether arising by virtue of any
constitution, statute, ordinance, common law, court decision or otherwise); (f)
any and all claims of breach of
implied or express contract, misrepresentation, negligence, fraud, wrongful
discharge, constructive discharge, infliction of emotional distress, intentional
infliction of emotional distress, battery, defamation, libel, slander,
compensatory and/or punitive damages; and (g) any and all claims for attorneys’
fees, costs, disbursements and the like.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

                        This
General Release specifically excludes and does not apply to any of Executive’s
(i) claims for any payments due to him under Section 7 or in connection with a
termination under Section 4.1 of the Employment Agreement , (ii) any rights he
may have under any stock option agreement, restricted stock award or similar
agreement entered into between Executive and the Company, (iii) claims arising
under the provisions of any employee benefit plans of the Company , if any,
which are applicable generally to former employees of the Company, and (iv)
claims for indemnification arising under any contract between the Company and
Executive or under the provisions of the Company’s Certificate of Incorporation
or By-laws, or the Delaware General Corporation Law.

     

                         Executive
acknowledges and agrees that: (a) he has carefully read and fully understands
all of the provisions of this General Release; (b) he has not relied upon any
representations or statements, written or oral, not set forth in this General
Release or in the Employment Agreement; (c) he executes this General Release
freely, voluntarily and with full knowledge of its terms and consequences; (d)
he has been afforded sufficient time and opportunity to consult with an attorney
and is hereby advised to consult with an attorney prior to signing this General
Release; (e) he has been given at least twenty-one (21) days within which to
consider this General Release and that if he signs this General Release in less
than twenty-one days he does so voluntarily and without any pressure or coercion
of any nature from the Company; (f) for a period of seven (7) days following his
execution of this General Release, he may revoke this General Release by
providing written notice of such revocation to Company and that this General
Release shall not become effective or enforceable until the seven (7) day
revocation period has expired; and (g) that if he timely revokes this General
Release, he will forfeit his entitlement to any additional payments under the
Employment Agreement.

     

                      
  IN WITNESS WHEREOF, Executive has executed this General Release on
the ____ day of ________, 20__.

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 	 	 	 
	 
      	 
      	 	 
      
	 
      	 
      	Taka
      YoshimotoRegistration Rights Agreement, dated as of December 31, 2008

 Exhibit 4.21 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated effective as of
December 31, 2008 (this “Agreement”), is between Plains Capital Corporation, a Texas corporation (the “Company”), and Hill A. Feinberg, as Stockholders’ Representative
(“Stockholders’ Representative”) on behalf of each of the entities and individuals listed on Schedule I hereto (each, a “Holder” and, collectively, the “Holders”).

 W I T N E S S E T H: 
 WHEREAS, concurrently with the execution of this Agreement, the Company, PlainsCapital Bank, a Texas banking association and a wholly-owned subsidiary of the Company (the “Bank”), FSWH Acquisition LLC, a
Delaware limited liability company and a wholly-owned subsidiary of the Bank (“Merger Sub”), First Southwest Holdings, Inc., a Delaware corporation (“FSH”) and Hill A. Feinberg are consummating
the transactions contemplated by that certain Agreement and Plan of Merger, dated as November 7, 2008 (as amended, supplemented, restated or otherwise modified from time to time, the “Merger Agreement”) pursuant to
which, among other things, FSH will merge with and into Merger Sub, and each outstanding share of the common stock, par value $0.005 per share of FSH (“FSH Common Stock”), will be converted into the right to receive the
merger consideration specified in the Merger Agreement. 
 WHEREAS, concurrently with the execution of this Agreement, PlainsCapital
Equity, LLC, a Texas limited liability company (“PCEquity”), and FSW are consummating the transactions contemplated by that certain Stock Purchase Agreement, dated as of October 31, 2008 (as amended, supplemented,
restated or otherwise modified from time to time, the “Stock Purchase Agreement”), pursuant to which, among other things, PC Equity will purchase all of the outstanding common stock of First Southwest Capital Investments,
Inc. 
 WHEREAS, as of the date hereof, each Holder is the record and beneficial owner, in the aggregate, of the number of outstanding
shares of FSH Common Stock set forth opposite such Holder’s name on Schedule I hereto, and in accordance with the Merger Agreement, each share of FSH Common Stock shall be converted into and represent the right to receive 0.94198695
shares of fully paid and non-assessable shares of the Company’s common stock, par value $10.00 per share (“Company Common Stock”). 
 WHEREAS, it is a condition to the closing of the transactions contemplated by the Merger Agreement that the Company shall have executed and delivered this Agreement. 
 WHEREAS, in order to fulfill such condition, the Company wishes to execute and deliver this Agreement and grant to the Holders the registration
rights set forth herein with respect to the shares of Registrable Securities (as defined below) from time to time held by the Holders. 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 Section 1. Certain Definitions. For
purposes of this Agreement, the following terms have the meanings set forth below: 
 “Affiliate” means any Person
that, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, control of a Person means the power, direct or indirect, to direct
or cause the direction of the management and policies of such Person, whether by contract, through the ownership of voting securities, or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing; provided, that in no event shall any Holder be deemed an Affiliate of the Company. 
 “Commission”
means the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 
 “Exchange Act” means the Securities Exchange Act of 1934, or any successor federal statute, and the rules and regulations of the Commission thereunder, as the same may be amended from time to time. 
 “IPO Date” means the first date on which Company Common Stock shall have been sold by the Company in a Public Offering.

 “Person” means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any
unincorporated organization, or a government or political subdivision thereof. 
 “Public Offering” means the
underwritten sale of shares of Company Common Stock for cash to the public pursuant to an effective registration statement (other than a registration statement on Form S-4 or S-8 or any successor form) filed under the Securities Act. 
 “Qualified IPO” means a firm commitment underwritten public offering of shares of Company Common Stock with gross proceeds to the
Company in the aggregate of at least $50,000,000 (without deduction of commissions). 
 “Registrable Securities”
means, at any time, (x) all shares of Company Common Stock now or hereafter held by the Holders and any shares of Company Common Stock issuable with respect to the foregoing by way of stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. As to any particular Registrable Securities, such shares shall cease to be Registrable Securities (i) when a registration statement with
respect to the sale of such shares shall have been declared effective under the Securities Act and such shares shall have been disposed of in accordance with such registration statement, (ii) when such shares shall have been sold (other 

  

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than in a privately negotiated sale) pursuant to Rule 144 (or any successor provision) promulgated under the Securities Act, or (iii) when such
shares become eligible to be sold pursuant to Rule 144 (or any successor provision ) promulgated under the Securities Act without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to
Rule 144. 
 “Securities Act” means the Securities Act of 1933, or any successor federal statute, and the rules and
regulations of the Commission thereunder, as the same may be amended from time to time. 
 Section 2. Piggyback Registration.

 (a) At any time after the receipt by the Holders of the shares of Company Common Stock issued to the Holders pursuant to the Merger
Agreement, if the Company proposes to file a registration statement under the Securities Act with respect to a Public Offering, whether such offering is for its own account or for the account of other security holders or both (other than a
registration statement (i) on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto; (ii) filed solely in connection with a dividend reinvestment plan or employee benefit plan covering officers or
directors of the Company or its Affiliates; or (iii) on any other form not available for registering the Registrable Securities for sale to the public), the Company shall promptly provide each Holder with written notice (which notice shall be
given not less than thirty (30) days prior to the expected effective date of such registration statement) of such registration (a “Piggyback Registration”), which notice shall offer such Holder the opportunity to
register such amount of Registrable Securities as it shall request. Each Holder of Registrable Securities shall have twenty (20) days from the date of receipt of the Company’s notice to deliver to the Company a written request for
inclusion of such Holder’s Registrable Securities, specifying the number of such Registrable Securities to be included in the registration. Any Holder shall have the right to withdraw such Holder’s request for inclusion by sending a
written withdrawal to the Company. The Company shall use commercially reasonable efforts to include in such registration all the Registrable Securities requested to be included by any Holder in accordance with this Section 2(a). 

(b) If the Company intends for the Company Common Stock being registered pursuant to any Piggyback Registration to be distributed pursuant to an
underwriting (an “Underwritten Piggyback Registration”), the notice provided by the Company to each Holder pursuant to Section 2 shall state that such registration will be underwritten. In connection with an
Underwritten Piggyback Registration, the Board of Directors of the Company shall select the institution or institutions that shall manage or lead such offering (the “Underwriter”). 
 (c) Notwithstanding anything to the contrary in Section 2, the right of any Holder to participate in an Underwritten Piggyback Registration shall
be conditioned upon such Holder agreeing to (i) sell all of its Registrable Securities included in such registration on the basis provided in any underwriting arrangements approved by the Company and (ii) complete and execute all
reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
  

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 (d) If in connection with any Underwritten Piggyback Registration the Underwriter advises the Company
that in its opinion the number of securities requested to be included in such registration exceeds the number that can reasonably be sold in such offering, then the Company shall include in such registration: (i) first, all of the securities
that the Company proposes to sell; (ii) second, all of the securities requested to be included therein by any Persons exercising demand registration rights granted by the Company; (iii) third, all of the securities requested to be included
therein by the United States Department of Treasury, if any; and (iv) fourth, the Pro Rata Amount (as defined below) of Registrable Securities requested by the Holders to be included therein; provided, that, except with respect to a
Qualified IPO or an Underwritten Piggyback Registration pursuant to which the United States Department of Treasury requests to have securities registered, at least one-half of the Registrable Securities requested by the Holders to be included in any
Underwritten Piggyback Registration shall be included therein. With respect to any Holder, the “Pro Rata Amount” of Registrable Securities shall be equal to the product of (x) the maximum number of Registrable Securities
that the Underwriter estimates can be underwritten in connection with such registration and (y) a fraction, the numerator of which shall equal the number of Registrable Securities that such Holder requested be included in such registration, and
the denominator of which shall equal the total number of Registrable Securities that were requested to be included in such registration by all Holders. If the number of Registrable Securities that any Holder requested be included in an Underwritten
Piggyback Registration is to be reduced as a result of this Section 2(d), the Company shall promptly notify such Holder of any such reduction and the number of Registrable Securities of such Holder that will be included in such registration.

 (e) If in connection with any Underwritten Piggyback Registration any Holder disapproves of the terms of the underwriting, such Holder may
elect to withdraw from such underwriting by delivering written notice to the Company and the Underwriter at least seven (7) days prior to the effective date of the Registration Statement. Any Registrable Securities withdrawn from such
underwriting shall also be withdrawn from such registration. 
 (f) In connection with any Piggyback Registration, the Company shall exercise
its commercially reasonable efforts to register and qualify the Registrable Securities included in such registration in each jurisdiction reasonably requested by each Holder of Registrable Securities included in such registration. 
 (g) Nothing in this Section 2 shall create any liability on the part of the Company to the Holders if the Company in its sole discretion should
decide not to file a registration statement proposed to be filed pursuant to Section 2 or to withdraw such registration statement subsequent to its filing, regardless of any action whatsoever that a Holder may have taken, whether as a result
of the issuance by the Company of any notice hereunder or otherwise. 
 (h) The Company shall be entitled to suspend the rights of selling
Holders to make sales pursuant to a registration statement otherwise required to be kept effective hereunder if the Company determines in good faith that there exists a material proposed transaction (including any proposed acquisition or
disposition) that would be required to be disclosed in such registration statement and the disclosure of which would either have a material adverse effect on such proposed transaction or the Company. 
  

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 (i) Upon receipt of written notice from the Company that a registration statement or prospectus contains
a misstatement, each Holder of Registrable Securities shall forthwith discontinue disposition of Registrable Securities until the Holder has received copies of the supplemented or amended prospectus that corrects such misstatement, or until such
Holder is advised in writing by the Company that the use of the prospectus may be resumed, and, if directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies of the prospectus covering such
Registrable Securities current at the time of receipt of such notice. 
 Section 3. Holdback Agreement. Notwithstanding anything
to the contrary contained in this Agreement, with respect to any Underwritten Piggyback Registration or any other underwritten offering by the Company, upon request of the Underwriter of such offering, each Holder shall refrain from selling or
otherwise transferring Registrable Securities (other than pursuant to Section 2 above) during the ten (10) days prior to the effective date of such registration statement and until the earliest of (i) the abandonment of such
offering; (ii) one-hundred eighty (180) days from the effective date of such registration statement; and (iii) the termination in whole or in part of any “hold back” period obtained by the Underwriter in such offering from
the Company in connection therewith. If requested by the Underwriter of such offering, each Holder shall execute a customary lock-up agreement consistent with the foregoing. 
 Section 4. Registration Procedures. 
 (a) In the case of each registration by the Company pursuant to this Agreement, the Company shall use its commercially reasonable efforts to: 
 (i) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and keep
such registration statement effective for a period of up to ninety (90) days or until the distribution contemplated in the registration statement has been completed; 
 (ii) Prepare and file with the SEC such amendments, supplements and post-effective amendments to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement; 

(iii) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
 (iv) Use its commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration statement
under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition thereto (A) to qualify
generally to do business in any jurisdiction where it 

  

 - 5 - 

 
would not otherwise be required to qualify but for this Section 4(a)(iv); (B) subject itself to taxation but for this Section 4(a)(iv); or
(C) consent to general service of process in any jurisdiction in which it would not otherwise be subject to general service of process but for this Section 4(a)(iv); 
 (v) Use its commercially reasonable efforts to cause the Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agencies or authorities as may be required by virtue of the business and operations of the Company to enable the Holder or Holders thereof to consummate the disposition of such Registrable Securities;

 (vi) Immediately notify the managing underwriter, if any, and each Holder under such registration statement at any time
when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event which comes to the Company’s attention if as a result of such event the prospectus included in such registration statement,
as then in effect, contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances (and upon receipt of any
such notice, each selling Holder agrees to suspend sales of Registrable Securities covered by such prospectus until such time as the Company notifies each Holder that the prospectus (as supplemented or amended) no longer includes any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing), and the Company shall promptly prepare and
furnish to such Holder a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances; 
 (vii) Use its commercially reasonable efforts to cause all such Registrable Securities covered by the registration statement to be listed on each securities exchange or quotation system on which similar securities
issued by the Company are then listed, and enter into such customary agreements, including a listing application; provided, that the applicable listing requirements are satisfied; 
 (viii) Make available for inspection during normal business hours by any Holder of Registrable Securities covered by such registration
statement, any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such Holder or underwriter (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively, “Records”), if any, as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s and its subsidiaries’ officers, directors and employees to supply all information and respond to all inquiries reasonably requested by any such Inspector in connection with such registration
statement. Notwithstanding the foregoing, the Company shall have no obligation to disclose any Records to the Inspectors in the event the Company determines that such disclosure is reasonably likely to have an adverse effect on the Company’s
ability to assert the existence of an attorney-client privilege with respect thereto; 
  

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 (ix) If the offering is underwritten, enter into such agreements (including an
underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other appropriate and reasonable actions requested by the Holders of a majority (by number of shares) of the Holders of Registrable
Securities being sold in connection therewith (including those reasonably requested by the managing underwriters) in order to expedite or facilitate the disposition of such Registrable Securities, and in such connection, (1) use its
commercially reasonable efforts to obtain an opinion of counsel to the Company addressed to each selling Holder of Registrable Securities covered by such registration statement and each of the underwriters as to the matters customarily covered in
opinions requested in underwritten offerings; and (2) use its commercially reasonable efforts to obtain a “comfort” letter from the independent public accountant of the Company, addressed to each selling Holder of Registrable
Securities covered by such registration statement (unless such accountants shall be prohibited from so addressing such letter by applicable standards of the accounting profession) and each of the underwriters, such letter to be in customary form and
covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings; and 
 (x) Comply, and continue to comply during the period that such registration statement is effective under the Securities Act, in all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations
of the SEC with respect to the disposition of all Registrable Securities covered by such registration statement, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months, but not more than eighteen (18) months, beginning with the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act. 
 (b) In connection with any registration statement in which Holders are participating, each seller of Registrable
Securities shall furnish to the Company in writing such information and affidavits with respect to itself and its proposed distribution of Registrable Securities as shall be reasonably necessary in order to assure compliance with federal and
applicable state securities laws. 
 Section 5. Registration Expenses. 
 (a) Subject to Section 5(b), all expenses incident to the Company’s performance of or compliance with this Agreement, including, without
limitation, all registration, qualification and filing fees, fees and expenses of compliance with federal and applicable state securities laws, printing expenses, escrow fees, messenger and delivery expenses, and fees and disbursements of counsel
for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons, retained by the Company (all such expenses being herein called “Registration Expenses”),
will be borne by the Company. 
  

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 (b) If the Holders choose to be represented by separate counsel in connection with the registration of
the Registrable Securities, then the Holders will bear the cost of such separate legal counsel. 
 Section 6. Indemnification.

 (a) In the event of a registration of any of the Registrable Securities under the Securities Act pursuant to Section 2 of this
Agreement, the Company agrees to indemnify and hold harmless (i) each seller of Registrable Securities and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) such seller of Registrable Securities (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees,
representatives and agents of any seller of Registrable Securities or any controlling person, to the fullest extent permitted by law, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including
without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
including the reasonable fees and expenses of counsel to any such party) directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in
any registration statement under which such Registrable Securities were registered under the Securities Act (or any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof), or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, that the Company shall not be liable in any such case insofar as such losses, claims, damages,
liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any seller of Registrable Securities that is furnished in
writing to the Company by such seller or any controlling person of such seller specifically for use in such registration statement or prospectus; provided, further, that the indemnity agreement contained in this Section 6(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, judgment, action or expense if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

(b) In the event of a registration of any of the Registrable Securities under the Securities Act pursuant to Section 2 of this Agreement, each
seller of Registrable Securities thereunder agrees, severally and not jointly, to indemnify and hold harmless the Company, and its respective directors, officers, and each Person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) the Company, and the respective officers, directors, partners, employees, representatives and agents of each such Person, each Underwriter and each Person, if any, who controls any Underwriter
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and each other seller of Registrable Securities and each Person who controls any such other seller of Registrable Securities, to the fullest extent
permitted by law, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or
defending any claim or action, or any investigation or proceeding by any governmental agency 

  

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or body, commenced or threatened, including the reasonable fees and expenses of counsel to any such party) directly or indirectly caused by, related to,
based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any registration statement under which such Registrable Securities were registered under the Securities Act (or any
preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading; provided, that such seller of Registrable Securities will be liable hereunder in any such case if and only to the extent that any such loss, claim, damage, liability, judgment, action or expense arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information pertaining to such seller furnished in writing to the Company by such seller or any controlling person of such
seller specifically for use in such registration statement or prospectus; provided, further, that the liability of each seller of Registrable Securities hereunder shall be limited to the proceeds (net of underwriting discounts and
commissions) received by such seller from the sale of Registrable Securities covered by such registration statement; provided, further, that the indemnity agreement contained in this Section 6(b) shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability, judgment, action or expense if such settlement is effected without the consent of such seller (which consent shall not be unreasonably withheld). 
 (c) Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to promptly notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party under this Section 6. In case any such action shall be brought against any indemnified party and it shall promptly notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to
participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election to
assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 6 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof
other than reasonable costs of investigation and of liaison with counsel so selected; provided, that if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall
have reasonably concluded in writing that there may be reasonable defenses available to it which are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, the indemnified party shall have the right to select a separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses
and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding the foregoing, any indemnified party shall have the right to retain its own counsel in any
such action, but the fees and disbursements of such counsel shall be at the expense of such indemnified party; provided, that such fees and expenses shall be at the expense of the indemnifying party if (i) the indemnifying party shall
have failed to retain counsel for the indemnified party in accordance with this Section 6(c) or (ii) the indemnifying party and such indemnified party shall have mutually agreed to the retention of such counsel. It is understood 

  

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that the indemnifying party shall not, in connection with any action or related actions in the same jurisdiction, be liable for the fees and disbursements of
more than one separate firm qualified in such jurisdiction to act as counsel for the indemnified party. No indemnifying party, in the defense of any such claim or litigation, shall, except with the written consent of such indemnified party, which
consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity was sought hereunder
by such indemnified party unless such judgment or settlement includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation and does
not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of the indemnified party. The indemnification procedures of Underwriters provided for in this Section 6 shall be on such other terms and
conditions as are at the time customary and reasonably required by such Underwriter as provided in Section 2(c). 
 (d) If the
indemnification provided for in Section 6(a) and Section 6(b) above is unavailable or insufficient to hold harmless an indemnified party under such sections in respect of any losses, claims, damages, liabilities, judgments, actions or
expenses in respect thereof referred to therein, then each indemnifying party shall in lieu of indemnifying such indemnified party contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
liabilities, judgments, actions or expenses in such proportion as appropriate to reflect the relative fault of the Company, on the one hand, and the Underwriters or the sellers of such Registrable Securities, on the other, in connection with the
statements or omissions which resulted in such losses, claims, damages, liabilities, judgments, actions or expenses as well as any other relevant equitable considerations, including, without limitation, the failure to give any notice under
Section 6(c) above. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact relates to information supplied by the Company, on the one hand, or the
Underwriter or the sellers of such Registrable Securities, on the other, and to the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each of the Holders
agrees that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if all of the sellers of such Registrable Securities were treated as one entity for such purpose) or by
any other method of allocation which did not take account of the equitable considerations referred to above in this section. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities, judgments,
actions or expenses in respect thereof, referred to in this Section 6(d), shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 6(d), the sellers of such Registrable Securities shall not be required to contribute any amount in excess of the amount, if any, by which the total price at which the Registrable
Securities sold by each of them was offered to the public (net of underwriting, discounts and commissions) exceeds the amount of any damages which they are otherwise required to pay by reason of such untrue or alleged untrue statement or omission.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 
  

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 Section 7. Rule 144. The Company agrees with the Holders that, from and after the IPO Date,
it shall file any and all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, or, if the Company is not thereafter required to file any such reports, it
shall, upon the written request of any Holder, make publicly available such information as is necessary to permit sales pursuant to Rule 144 under the Securities Act. Upon the written request of any Holder, the Company shall promptly furnish to such
Holder a written statement by the Company as to its compliance with the reporting requirements set forth in this Section 7. 
 Section 8. TARP Funding. Notwithstanding anything herein to the contrary, the rights granted pursuant to this Agreement shall be subject to any rights granted to the United States Department of Treasury pursuant to any TARP
Funding (as such term is defined in the Merger Agreement). 
 Section 9. Transfers of Registration Rights. The rights of a Holder
hereunder may be transferred or assigned in connection with a transfer of Registrable Securities to (i) any Affiliate of a Holder, (ii) any subsidiary, parent, general partner, limited partner, stockholder or member of a Holder,
(iii) any family member or trust for the benefit of any Holder, or (iv) any Person for which the Company has provided its prior written consent. Notwithstanding the foregoing, such rights may only be transferred or assigned;
provided, that all of the following additional conditions are satisfied: (a) such transfer or assignment is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing to become subject
to the terms of this Agreement; and (c) the Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to
which such rights are being transferred or assigned. 
 Section 10. Duration of Agreement. Except as provided in Section
3, all provisions of this Agreement shall survive so long as any Holder owns any Registrable Securities or for ten (10) years from the effective date of the Company’s first Qualified IPO, whichever occurs earlier. 
 Section 11. Headings. The underlined headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a
part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. 
 Section 12. Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof
or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or
unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power
granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other
purposes of such invalid or unenforceable term. 
  

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 Section 13. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their successors and assigns (if any). No party may assign this Agreement or any rights, interests or obligations hereunder (in whole or in part, by operation of law or otherwise) to any Person without the prior
written consent of the other party, and any attempt to make such assignment without such consent shall be null and void ab initio. 
 Section 14. Entire Agreement; Modification. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral and written,
between the parties hereto with respect to the subject matter hereof. None of the provisions of this Agreement may be amended, modified or supplemented, and waivers or consents to departures from the provisions thereof may not be given, unless the
Company has obtained the written consent of Holders holding a majority of the Registrable Securities; provided, that a waiver or consent to departure from the provisions of this Agreement that relates exclusively to the rights of Holders
whose Registrable Securities are being sold pursuant to a registration statement and that does not directly or indirectly adversely affect the rights of any other Holders may be given by the holders of a majority of the Registrable Securities being
sold. Notwithstanding the foregoing, no Holder’s rights under Section 6 may be adversely affected without the consent of such Holder. 
 Section 15. Notices. All notices, requests, instructions and other documents that are required to be or may be given or delivered pursuant to the terms of this Agreement shall be in writing and shall be sufficient in all
respects if delivered by hand or national overnight courier service, transmitted by facsimile (subject to electronic confirmation of such facsimile transmission) or electronic mail (subject to electronic confirmation of receipt of such mail), or
mailed by registered or certified mail, postage prepaid, as follows: 
  

			
	If to the Company, to it at:	    	Plains Capital Corporation
		    	2911 Turtle Creek Blvd., Suite 700
		    	Dallas, TX 75219
		    	Attention: Alan B. White
		    	Facsimile: (214) 252-4147
		
	with a copy to:	    	Haynes and Boone, LLP
		    	2323 Victory Avenue, Suite 700
		    	Dallas, TX 75219
		    	Attention: Greg R. Samuel
		    	Facsimile: (214) 200-0577
	
	If to the Stockholders’ Representative, to it at:
		
		    	First Southwest Holdings, Inc.
		    	325 North St. Paul Street, Suite 800
		    	Dallas, TX 75201
		    	Attention: Hill A. Feinberg

  

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 If to any Holder, to such Holder at its address set forth on Schedule I hereto, as the case may
be; or such other address or addresses or facsimile number or numbers as any party hereto shall have designated by notice in writing to the other parties hereto. Such notices, requests, instructions and other documents shall be deemed given or
delivered (i) five (5) business days following sending by registered or certified mail, postage prepaid, (ii) three business days following sending by national overnight courier service, (iii) the day of sending, if sent by
facsimile or electronic mail prior to 5:00 p.m. (Dallas, Texas time) on any business day or the next succeeding business day if sent by facsimile or electronic mail after 5:00 p.m. (Dallas, Texas time) on any business day or on any day other than a
business day, or (iv) when delivered, if delivered by hand. 
 Section 16. Counterparts. This Agreement may be executed in
several counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one agreement. The exchange of a fully executed Agreement (in counterparts or otherwise) by fax or email (in .pdf or .tif
format) transmission shall be sufficient to bind the parties to the terms and conditions of this Agreement. No party to this Agreement will raise the use of a fax or email to deliver a signature or the fact that any signature or agreement or
instrument was transmitted or communicated through the use of a fax or email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense. 
 Section 17. Changes in Registrable Securities. If, and as often as, there are any changes in the Registrable Securities by way of stock
split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof as may be required so that the rights
and privileges granted hereby shall continue with respect to the Registrable Securities as so changed and the Company shall make appropriate provision in connection with any merger, consolidation, reorganization or recapitalization that any
successor to the Company (or resulting parent thereof) shall agree, as a condition to the consummation of any such transaction, to expressly assume the Company’s obligations hereunder. 
 Section 18. Specific Performance. Each party hereto agrees that a remedy at law for any breach or threatened breach by such party of this
Agreement would be inadequate and therefore agrees that any other party hereto shall be entitled to specific performance of this Agreement in addition to any other available rights and remedies in case of any such breach or threatened breach.

 Section 19. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas
applicable to Contracts made and performed in such state (regardless of the laws that might be applicable under principles of conflicts of law). 
 Section 20. Interpretation. As used herein, the words “hereof”, “herein”, “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole
and not to any particular provision of this Agreement, and the word “Section” refers to a Section of this Agreement unless otherwise specified. Whenever the words “include”, “includes” or “including” are used
in this Agreement they shall be deemed to be 

  

 - 13 - 

 
followed by the words “without limitation”. The definitions contained in this Agreement are applicable to the singular as well as the plural forms
of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 [SIGNATURE PAGE FOLLOWS] 

 

 - 14 - 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as an instrument under
seal as of the date and year first above written. 
  

			
	PLAINS CAPITAL CORPORATION
		
	By:	 	 /s/ Alan B. White

	Name:	 	Alan B. White
	Title:	 	Chairman and CEO
	
	 HILL A. FEINBERG,
 as
Stockholders’ Representative

	
	 /s/ Hill A. Feinberg

	Hill A. Feinberg

 Signature Page to 
 Registration Rights Agreement 

 SCHEDULE I 
 HOLDERS 
  

			
	 Name of Holder
	  	FSH Shares Owned
	 Addams, Jack A.
	  	27,000
	 Alexander, Laura B.
	  	27,000
	 Bankhead, Elizabeth T.
	  	10,000
	 Bartolotta, Michael G.
	  	100,050
	 Bashus, Paul M.
	  	1,000
	 Bass, Paul M. Jr.
	  	44,000
	 Bolander, Robin G.
	  	1,400
	 Brawner, Joseph L.
	  	1,400
	 Brayshaw, David R.
	  	11,500
	 Cash, Warren P. III
	  	5,000
	 Colesar, Jane
	  	1,000
	 Commons, David A.
	  	12,500
	 Custard, W. Allen III
	  	41,000
	 DeLong, Richard
	  	26,000
	 Donner, Leland P.
	  	5,000
	 The Leland P. Donner Trust
	  	15,000
	 Dorotik, Kevin
	  	27,000
	 Dunda, Mary Ann
	  	2,800
	 Entrekin, Ann Burger
	  	38,000
	 Feinberg, Hill A.
	  	708,428
	 Fox, Richard A.
	  	58,760
	 Frazier, Peter B.
	  	12,000
	 Giles, Carl
	  	1,000
	 Gurghigian, Maureen
	  	18,000
	 Gusnowski (Callaway), Linda
	  	14,500
	 Hughes, Jason L.
	  	2,000
	 Janning, Christopher J.
	  	9,000
	 Johnson, Robert W.
	  	22,000
	 Kantor, Steven J.
	  	2,000
	 Karas, Donald G.
	  	13,500
	 Kavanaugh, Cliff L.
	  	37,800
	 Landherr, Janie J.
	  	18,800
	 London, W. Boyd, Jr.
	  	100,000
	 Marquez, Edward
	  	5,000
	 Marz, Michael J.
	  	154,000

 Schedule I 
  

			
	 Name of Holder
	  	FSH Shares Owned
	 Massey, Elizabeth S.
	  	191,800
	 Masterson, Drew K.
	  	41,800
	 Mathis, James T.
	  	8,000
	 McIntyre, Scott D.
	  	4,000
	 McNerney, Cynthia F.
	  	11,000
	 Medanich, David K.
	  	72,500
	 Menninger, James
	  	1,000
	 Miller, Robin
	  	28,000
	 Moran, Anthea W.
	  	6,300
	 Morrow, Joseph W.
	  	3,850
	 Muschalek, John R.
	  	37,000
	 Newman, Michael
	  	1,000
	 Pabor, Louis L.
	  	6,000
	 Palma, Eugene L.
	  	50,000
	 Palmer, Terrell C.
	  	12,500
	 Peak, Julie J.
	  	53,000
	 Peterson, Timothy C.
	  	8,000
	 Pfenninger, Pamela J.
	  	1,000
	 Placide, Wayne B.
	  	10,000
	 Ripley, Charles P.
	  	44,300
	 Robert, Jeff W.
	  	8,400
	 Roe, Robert E.
	  	10,000
	 Roney, Glen E. and Rita, Joint Tenants
	  	80,100
	 Sabonis, James S.
	  	45,000
	 Sauer, Henry A., Jr.
	  	40,000
	 Schmidt, Amy P.
	  	2,000
	 Shelton, Deborah L.
	  	5,000
	 Stull, Edward D. Jr.
	  	3,900
	 Topel, Randy W.
	  	7,500
	 Utkov, Gary S.
	  	3,500
	 Villasenor, Raul
	  	3,400
	 Warner, Gregory T.
	  	1,000
	 Williams, Mary M.
	  	1,400
	 Williford, George H.
	  	25,200
	 Wills, James D.
	  	2,000

 Schedule I

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