Document:

Filed by Automated Filing Services Inc. (604)609-0244 - Fronteer Development Group Inc. - Exhibit 4.3

 EXHIBIT 4.3

 STOCK OPTION

THIS AGREEMENT made as of the Ï day of Ï,
  200Ï.

 BETWEEN

FRONTEER DEVELOPMENT GROUP INC.

  (hereinafter referred to as the “Corporation”)

 OF THE FIRST PART;

 -and-

<>

  (hereinafter referred to as the “Optionee”)

 OF THE SECOND PART.

      WHEREAS the Optionee
  is a key and valuable director of the Corporation;

     NOW THEREFORE THIS AGREEMENT WITNESSETH that for and in consideration of the mutual covenants and agreements herein contained and other lawful and valuable consideration, the receipt of which is hereby
acknowledged, it is agreed by and between the parties hereto as follows:

	
1. 		
The Corporation hereby grants to the Optionee an irrevocable
        option to purchase <>common shares (the said shares being hereinafter
        called the “Optioned Shares”) at the price of $<>
        per Optioned Share exercisable until 5:00 p.m., on [date].

	
	 	 
	
2. 		
The Optioned Shares shall vest as follows: [NTD: Vesting provisions to be added as applicable]

	
	 	 
	
3. 		
All matters relating to the Optioned Shares shall be otherwise governed by the Corporation’s existing Stock Option Plan which received shareholder approval on May 2, 2007.

	
	 	 
	
4. 		
This agreement may be signed in counterparts, each of which so executed shall be deemed to be an original document and such counterparts, taken together, shall constitute one and the same document.

	

IN WITNESS WHEREOF this Agreement has been executed
  by the parties hereto.

SIGNED, SEALED & DELIVERED

                
  In the presence of:

	 	_______________________________________
	 	 [Name] 
	 	 FRONTEER DEVELOPMENT GROUP INC. 

	 	 By: ___________________________Exhibit 4.1

STOCKHOLDERS’ AGREEMENT

THIS
STOCKHOLDERS’ AGREEMENT (this “Agreement”) is entered into as of September 21,
2007 among Universal American Financial Corp., a New York corporation (the “Company”), and the
securityholders listed on the signature pages hereto (or which become a party
to this Agreement after the date hereof pursuant to the terms hereof) (each, a “Stockholder” and,
collectively, the “Stockholders”).

WHEREAS,
this is the Stockholders Agreement referred to in that certain Securities Purchase
Agreement, dated as of May 7, 2007, among the Company and certain of the
entities comprising the Investors relating to an aggregate of 125,000 shares of
Preferred Stock of the Company (the “Securities Purchase Agreement”).

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein,
the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE 1

DEFINITIONS

SECTION 1.01.      Definitions.

(a)           The following terms, as used herein, have the following
meanings:

“Affiliate” means with
respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such first Person.  The terms “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”)
means, with respect to any Person, the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of
such Person, whether through ownership of voting securities, by contract or
otherwise.

“Board” means the
board of directors of the Company.

“Business Day” means
any day except a Saturday, Sunday or other day on which commercial banks in New
York City are authorized by law to close.

“Capital Z/Union Square”
means Capital Z Financial Services Fund II, L.P., Capital Z Financial Services
Private Fund II, L.P. and Union Square Universal Partners, L.P. collectively, or, any of such limited
partnerships in the event only one such limited partnership remains a
Stockholder.

“Common Stock” means
the Company’s authorized shares of common stock, par value $0.01 per share, and
any stock into which such common stock may hereafter be converted, changed or
reclassified.

“Common Stock Equivalents”
means, without duplication, any rights, warrants, options, convertible
securities or exchangeable securities (including, in each case, the Preferred
Shares and NVC Shares), in each case, exercisable for or convertible or
exchangeable into, directly or indirectly, Common Stock, whether at the time of
issuance, upon the passage of time, or the occurrence of some future event.

                 
  
 

“Company Securities”
means (i) the Common Stock (or any other capital stock) issued by the Company
and (ii) Common Stock Equivalents issued by the Company.

“Conversion Limitation”
means the limitations on conversion of Preferred Shares and NVC Shares, as
applicable, set forth in the Certificate of Amendment to the Certificate of
Incorporation of the Company for such shares.

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

“Exempt Transfer”
means:

(a) any sale by a
Stockholder of Company Securities:

(i)
in a public offering pursuant to a registration statement that was filed with
the SEC and declared effective under the Securities Act;

(ii)
in a sale to the public under Rule 144 under the Securities Act;

(iii)
in a block sale to a financial institution in the ordinary course of such
financial institution’s securities business, or in a private sale transaction
pursuant to an available exemption from Securities Act registration
requirements, in each case, in circumstances where, to the knowledge (after
reasonable inquiry) of the Stockholder on whose behalf such sale is being made,
such sale will not result in the acquisition by any other Person of beneficial
ownership of any such Company Securities to the extent that, after giving
effect to such acquisition, such acquiring Person (other than any underwriter
acting in such capacity in an underwritten public offering of Company
Securities) would beneficially own Company Securities entitled to in excess of
5% of the total number of votes that may be cast generally in the election of
directors of the Company (assuming conversion in full of all outstanding
Preferred Shares and NVC Shares, and irrespective of the Conversion
Limitation); or

(iv)
into a tender or exchange offer for more than 50% of the outstanding shares of
Common Stock, or pursuant to a merger agreement to which the Company is a party
providing for the conversion of the outstanding shares of Common Stock into
other securities, cash or other property;

(b) a Transfer of Company Securities to the Company
pursuant to any tender offer or exchange offer made by the Company that is open
to substantially all holders of the class of Company Securities so Transferred;

(c) a Transfer by a Stockholder, of shares of Common
Stock acquired by such Stockholder pursuant to the MH Merger Agreement, back to
the Company if and as required pursuant to the terms of the MH Merger
Agreement;

(d) in the case of an Investor, a bona fide pro rata Transfer by such Investor of
Company Securities to its direct or indirect partners, limited partners,
members or stockholders; and

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(e) in the case of a Stockholder that is an officer of
the Company, a sale pursuant to bona fide
written “Rule 10b5-1 trading plans” adopted by such officer as part of his or
her long-term strategy for achieving asset diversification and liquidity, provided that such plans shall have been adopted and shall
operate in accordance with all applicable provisions of the Exchange Act and
the Company’s securities trading policy for officers, and provided
further that, for purposes of qualifying as an “Exempt Transfer”
under this Agreement, such plans may not cover, in the aggregate, more than 35%
of the Common Stock beneficially owned by such officer unless the Board
provides otherwise.

For purposes hereof, the
terms “beneficial ownership” or “beneficially own” are used within
the meaning of Rules 13d-3 and 13d-5 under the Exchange Act, provided that a Person shall be deemed to beneficially own
any securities that such Person has the right to acquire, whether or not such
right is exercisable immediately.

“Investor” means each
of Capital Z/Union Square, Lee, Perry and WCAS.

“Lee” means Lee-Universal
Holdings, LLC.

“MH
Merger Agreement” means that certain Agreement and Plan of
Merger and Reorganization, dated as of May 7, 2007, among the Company, MHRx
LLC, MemberHealth, Inc. and the other parties thereto.

“NVC
Shares” means shares of non-voting common stock of the Company
that are convertible into shares of Common Stock.

“Permitted Transferee”
means, (a) with respect to any Stockholder that is an entity, any entity that
is an Affiliate of such Stockholder (and, with respect to any such Stockholder
that is an Investor, (i) without limiting the foregoing, (A) any funds
under common management with such Investor and (B) any individual who is a managing member of
the general partner of such Investor as well as any individuals who are
employees of the manager of such Investor and any other related or similar
co-investors of such Investor (and, with respect to any such individual, any
Person of the type referred to in clause (b) of this definition), and (ii) any
Person (“Pre-Closing Assignee”) to
which such Investor (the “Syndicating Investor”)
syndicated a portion of its equity commitment under the Securities Purchase
Agreement prior to the closing thereunder and which purchased Preferred Shares
from the Company at the closing thereunder, but such Pre-Closing Assignee shall
constitute a Permitted Transferee of such Syndicating Investor only for so long
as such Syndicating Investor maintains beneficial ownership (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act) of all Company Securities
directly or indirectly owned by such Pre-Closing Assignee through such
Syndicating Investor maintaining voting discretion and voting control over such
Company Securities pursuant to a written agreement), and (b) with respect to
any Stockholder that is an individual, any spouse, lineal descendant, sibling,
parent, executor or administrator of such Stockholder, or a trust, the
beneficiaries of which, or a corporation or partnership, the stockholders or
partners of which, include only such Stockholder and any spouse, lineal
descendant, sibling or parent of such Stockholder.

“Perry”
means Perry Partners, L.P., Perry Partners International, Inc., Perry
Commitment Fund, L.P., Perry Commitment Master Fund, L.P., Perry Private
Opportunities Fund, L.P. and

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Perry Private
Opportunities Offshore Fund, L.P., collectively, or, either of such entities in the event only one of such
entities remains a Stockholder.

“Person” means an
individual, corporation, limited liability company, partnership, association,
trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

“Preferred Shares”
means the shares of Series A Preferred Stock and Series B Preferred Stock of
the Company.

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of May 7, 2007, with the
Company, as such Registration Rights Agreement may hereafter be amended or
otherwise modified in accordance with its terms.

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

“Subsidiary” means,
with respect to any Person, any corporation, limited liability company,
partnership or other entity of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary
voting power (or, in the case of a partnership, more than 50% of the general
partnership interests) are, as of such date, owned by such Person or one or
more Subsidiaries of such Person or by such Person and one or more of its
Subsidiaries.

“Transfer” means, with respect to any Company
Securities, (i) when used as a verb, to sell, assign, dispose of, exchange,
pledge, encumber, hypothecate or otherwise transfer such Company Securities or
any participation or interest therein, whether directly or indirectly, or
permit, agree or commit to do, any of the foregoing, and (ii) when used as a
noun, a direct or indirect sale, assignment, disposition, exchange, pledge,
encumbrance, hypothecation or other transfer of such Company Securities or any
participation or interest therein, or any agreement or commitment to do any of
the foregoing.

“WCAS” means Welsh,
Carson, Anderson & Stowe IX, L.P. and Welsh, Carson, Anderson & Stowe
X, L.P. collectively, or, either of such limited partnerships in the event only
one such limited partnership remains a Stockholder.

(b)           Other Definitional and Interpretive Matters.  Unless otherwise expressly provided, for
purposes of this Agreement the following rules of interpretation shall
apply:  (i) When calculating the period
of time before which, within which or following which any act is to be done or
step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded. 
If the last day of such period is a non-Business Day, the period in
question shall end on the next succeeding Business Day.  (ii) The division of this Agreement into
Articles, Sections and other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect or be utilized in construing
or interpreting this Agreement.  (iii)
The word “including” shall be deemed followed by “(but not limited to)”. (iv)
The word “it” shall include references to the male and female gender as the
context requires.

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ARTICLE 2

CORPORATE GOVERNANCE

SECTION 2.01.      Composition of the Board.

(a)           Subject
to Section 2.01(b), commencing on the date of this Agreement, the Board shall
consist of thirteen directors, comprised as follows:

(i)            two directors designated by Capital Z/Union Square;

(ii)           two directors designated by WCAS;

(iii)          one director designated by Lee;

(iv)          one director designated by Perry (the directors referenced
in sub-clauses (i), (ii), (iii) and (iv) of this Section 2.01(a) are sometimes
referred to herein each as an “Investor Designee”);

(v)           one director who shall be the then current Chief Executive
Officer of the Company; and

(vi)          six additional directors who shall each satisfy the
criteria for “independent director” under the rules of the principal stock
exchange on which the Common Stock is listed.

(b)           Going
forward, (i) with respect to any Investor that is entitled, pursuant to Section
2.01(a), to designate more than one director, (A) at such time as such
Investor, together with its Permitted Transferees, holds a number of shares of
Common Stock that is less than 50% of the number (the “Start Number”) of
shares of Common Stock that such Investor holds on the date of this Agreement,
such Investor shall lose the right under this Agreement to designate one of its
Investor Designees, and (B) at such time as such Investor, together with its
Permitted Transferees, holds a number of shares of Common Stock that is less
than 25% of such Investor’s Start Number, such Investor shall no longer have a
right under this Agreement to designate any Investor Designees, and (ii) with
respect to any Investor that is entitled, pursuant to Section 2.01(a), to
designate one director, at such time as such Investor, together with its
Permitted Transferees, holds a number of shares of Common Stock that is less
than 50% of such Investor’s Start Number, such Investor shall no longer have a
right under this Agreement to designate any Investor Designees.  For purposes of the foregoing sentence,
shares of Common Stock held by a Person shall include shares issuable directly
or indirectly through conversion or exchange of outstanding Preferred Shares
and NVC Shares held by such Person, and irrespective of the Conversion
Limitation.  The foregoing calculations
shall be appropriately adjusted to take into account any stock
reclassification, recapitalization or split, exchange of shares or similar
transaction.

(c)                      Each
Stockholder agrees that, if at any time it is entitled to vote for the election
of directors to the Board, it shall vote all of its Company Securities that are
entitled to vote or execute proxies or written consents, as the case may be,
and take all other necessary action

 5
 

(including causing the Company to call a special meeting of
stockholders) in order to ensure that the composition of the Board is as set
forth in this Section 2.01.

(d)                      If,
as a result of the death, retirement, resignation or, subject to the other
provisions of this Section 2.01, removal, of an Investor Designee there shall
exist or occur any vacancy on the Board, the Investor entitled to designate
such director pursuant to this Section 2.01 shall have the power to designate a
person to fill such vacancy, whereupon each of the Stockholders agrees to take
such action as is necessary to promptly elect such person to fill such vacancy
(including, if necessary, causing the Company to call a special meeting of
stockholders (or effecting a written consent in lieu thereof) and voting all
Company Securities that are entitled to vote or execute proxies or written
consents to accomplish such result).

(e)                      Directors
may resign at any time.  An Investor
Designee may be removed at any time for any reason or no reason upon the
written direction of the Investor that designated such Investor Designee,
effective upon the delivery of such written direction.  If any Investor entitled to designate any
directors request that any of their respective Investor Designees be removed as
a director, each of the Stockholders shall vote all of its Company Securities
that are entitled to vote or execute proxies or written consents, as the case
may be, and take all other necessary action, to remove such Investor
Designee.  Each Stockholder agrees that
it shall not vote any of its Company Securities in favor of, or take any other
action related to, the removal of any Investor Designee who shall have been
designated for election to the Board by an Investor pursuant to this Section
2.01 unless the Investor entitled to designate such director shall have
consented to such removal in writing or unless such Investor shall have lost
the right to designate such director to the Board pursuant to this Section
2.01.  If any Investor’s right to
designate directors shall be reduced by one or more directors, such Investor
shall, if so requested by any member of the Board, promptly cause a number of
Investor Designees designated by such Investor equal to the number by which
such right to designate was reduced to resign from the Board.

(f)                       If
any person serving as the Chief Executive Officer of the Company (“CEO”) shall cease to
be the CEO, then, unless otherwise determined by a majority of the other
members of the Board, such former CEO shall cease to be a member of the Board
and the new CEO shall be appointed as a member of the Board in place of the former
CEO.

(g)                      The
Company agrees to cause each individual designated for director pursuant to
this Section 2.01 to be nominated, by all necessary and appropriate action, to
serve as a director on the Board (including, to the extent required, by the
Nominating Committee of the Board recommending that such designees be included
in each slate of director nominees and by the Board presenting such slate for
election to the Board) and to take all other actions as may be necessary to
ensure that the composition of the Board is as set forth in this Section 2.01.

(h)                      To
the extent permitted by applicable law and the rules of the principal stock
exchange on which the Common Stock is listed, each Investor with an Investor
Designee serving on the Board shall be entitled to have at least one of its
Investor Designees serve on all committees of the Board.

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(i)                       Any
vacancies on the Board not filled pursuant to the forgoing principles shall be
filled by an individual to be nominated by the Nominating Committee of the
Board.

(j)                       Subject
to the provisions of Section 4.01, an Investor Designee shall be entitled to
supply details of any business transacted at Board meetings, and any other
information obtained by him or her in his or her capacity as a director of the
Company, to the Investor that designated such director to the Board and to that
Investor’s Affiliates and professional advisers.

(k)                      The
Company shall reimburse all reasonable out-of-pocket expenses incurred by the
members of the Board in connection with traveling to and from and attending
meetings of the Board and while conducting business at the request of the
Company.

(l)                       The
Company shall use its reasonable best efforts to purchase and maintain, at its
expense, insurance, from reputable carriers and in an amount determined in good
faith by the Board to be appropriate, on behalf of and covering the individuals
who at any time on and after the date of this Agreement are or become directors
or officers of the Company, or serve at the request of the Company as a director,
officer, employee or agent of another company, joint venture, trust or other
enterprise, against any expense, liability or loss asserted against or incurred
by such individual in any such capacity, or arising out of such individual’s
status as such, subject to customary exclusions.

(m)                     The
rights granted to a Stockholder hereunder are in addition to all rights to
which such Stockholder is entitled as a security holder of the Company under
the Company’s certificate of incorporation and by-laws, as in effect from time
to time, and applicable law.

(n)                      In
addition, subject to the last sentence of this clause, WCAS shall be entitled
to designate one individual as a non-voting Board observer (“Non-Voting Observer”).  With the exception of meetings of the Board (or
portions thereof) at which an Investor Designee designated by WCAS pursuant to
Section 2.01(a)(ii) is recused, such Non-Voting Observer shall be allowed to
attend and observe meetings of the Board, provided that
such Non-Voting Observer shall agree with the Company to maintain the
confidentiality, in accordance with Section 4.01, of all non-public information
obtained in connection with being a Non-Voting Observer.  For the avoidance of doubt, the Non-Voting
Observer is not a director of the Company and shall have no right to vote on
any matter coming to a vote of the Board. 
At such time as WCAS, together with its Permitted Transferees, holds a
number of shares of Common Stock that is less than 25% of WCAS’s Start Number,
WCAS shall no longer have a right to designate a Non-Voting Observer (for
purposes of this sentence, shares of Common Stock held by a Person shall
include shares issuable directly or indirectly through conversion or exchange
of outstanding Preferred Shares and NVC Shares held by such Person, and
irrespective of the Conversion Limitation; and the foregoing calculation shall
be appropriately adjusted to take into account any stock reclassification,
recapitalization or split, exchange of shares or similar transaction).

(o)                      To
the extent, if any, that any of the principles of this Article 2 conflict with
any applicable law or any rules of the principal stock exchange on which the
Common Stock is at the time listed and that are applicable to and binding upon
the Company, the Company and

 7
 

the Stockholders shall make such elections under such rules and take
any and all other actions as may be necessary in order to enable the purposes
and intents of this Article 2 to be carried out to the fullest extent in
compliance with such laws and rules.

SECTION 2.02.      Corporate
Opportunities.  Each Investor Designee
(other than any Investor Designee who may also be an officer or employee of the
Company or of any of the Company’s Subsidiaries) shall have no duty to present corporate opportunities to the Company unless
such opportunity was expressly offered to such Investor Designee in writing
solely in his or her capacity as a director of the Company, and any Investor
Designee who complies with this provision shall be deemed to have fully
satisfied and fulfilled the fiduciary duty of such director to the Company and
its stockholders with respect to such opportunity.

SECTION 2.03.      Charter
and By-law Provisions.  Each
Stockholder agrees to vote all of its Company Securities that are entitled to
vote or execute proxies or written consents, as the case may be, and to take
all other actions necessary, to ensure that the Company’s certificate of
incorporation and by-laws (a) facilitate, and do not at any time conflict with,
any provision of this Agreement and (b) permit each Stockholder to receive the
benefits to which each such Stockholder is entitled under this Agreement.

ARTICLE 3

RESTRICTIONS ON TRANSFER

SECTION
3.01.      General Restrictions on
Transfer.

(a)           Each Stockholder understands and agrees that the Company
Securities held by it on the date hereof may not have been registered under the
Securities Act and may be restricted securities under the Securities Act.  Each Stockholder agrees that it shall not
Transfer any Company Securities (or solicit any offers in respect of any
Transfer of any Company Securities), except in compliance with the Securities
Act, any other applicable securities or “blue sky” laws, and the restrictions
on Transfer contained in this Agreement.

(b)           No Stockholder shall Transfer, other than pursuant to
Section 3.04, any Company Securities acquired by such Stockholder from the
Company pursuant to the MH Merger Agreement, until after 180 days following the
closing date of such acquisition.

(c)           No Stockholder shall Transfer, other than pursuant to Section
3.04, any Preferred Shares acquired by such Stockholder from the Company
pursuant to the Securities Purchase Agreement (or any shares of Series B
Preferred Stock or NVC Shares issued in exchange therefor, or any shares of
Common Stock or NVC Shares issued upon conversion of any thereof) until after
the first anniversary of the closing of the acquisition of such Preferred
Shares pursuant to the Securities Purchase Agreement.

(d)           No Stockholder shall Transfer, other than pursuant to
Section 3.04, any Preferred Shares acquired by such Stockholder from the
Company pursuant to the Securities Purchase Agreement dated as of May 7, 2007
among the Company and certain of the entities comprising the Investors relating
to an aggregate of 50,000 Preferred Shares (or any shares of Series B Preferred
Stock or NVC Shares issued in exchange therefor, or any shares of Common Stock
or NVC Shares

 8
 

issued upon conversion of any thereof) until after the first
anniversary of the closing of the acquisition of such Preferred Shares pursuant
to such Purchase Agreement.

(e)           No Stockholder shall Transfer, other than pursuant to
Section 3.04, any shares of Common Stock acquired by such Stockholder from
Capital Z pursuant to the Share Purchase Agreement, dated as of May 7, 2007,
among certain of the entities comprising the Investors, until after the first
anniversary of the closing of such acquisition.

(f)            The 180-day period referred to in Section 3.01(b), and
the respective one-year periods referred to in Sections 3.01(c), 3.01(d) and
3.01(e), respectively, are each herein referred to as the respective “Lock-Up Period” with respect to the
respective Company Securities to which such periods relate under such
Sections.  After the applicable Lock-Up
Period, with respect to the Company Securities referred to in Sections 3.01(b),
3.01(c), 3.01(d) and 3.01(e), respectively, and with respect to all other
Company Securities owned by a Stockholder, any proposed Transfer by a
Stockholder of such Company Securities (or any shares of Series B Preferred
Stock or NVC Shares issued in exchange therefor, or any shares of Common Stock
or NVC Shares issued upon conversion of any thereof), other than Transfers
pursuant to Section 3.04 or Exempt Transfers, shall be subject to the rights of
first offer and tag-along rights as set forth in Section 3.02 and Section 3.03,
as applicable.  Sections 3.01(b)-(f)
are not intended to prohibit exchanges by a Stockholder of shares of Series A
Preferred Stock for shares of Series B Preferred Stock or NVC Shares, or conversions
of Preferred Shares or NVC Shares into Common Stock.

(g)           Sections 3.01(b), 3.01(c), 3.01(d) and 3.01(e) are not
intended to prohibit Transfers pursuant to a merger agreement to which the
Company is a party providing for the conversion of the outstanding shares of
Common Stock into other securities, cash or other property.

(h)           Notwithstanding anything to the contrary in Section
3.01(b), a Stockholder will not be prohibited under Section 3.01(b)
from:

(i)            exercising “piggy-back”
registration rights under, and subject to the provisions of, the Registration
Rights Agreement with respect to the shares referred to in Section 3.01(b) in
any underwritten offering that occurs during the Lock-Up Period referred to in
Section 3.01(b) and that is initiated by the Company or a Company stockholder
exercising demand registration rights with respect to Company Securities; and

 

(ii)           Transferring shares of Common
Stock acquired by such Stockholder pursuant to the MH Merger Agreement back to
the Company if and as required pursuant to the terms of the MH Merger
Agreement.

 

(i)            Any attempt to Transfer any Company Securities not in
compliance with this Agreement shall be null and void, and the Company shall
not, and shall cause any transfer agent retained by it not to, give any effect
in the Company’s records to such purported Transfer.

(j)            Without limiting the other provisions of this Agreement,
no Stockholder shall make or permit any Transfer of its Company Securities
indirectly through any means that would not be permitted directly, in order to
avoid the provisions of this Agreement.

 

 9

(k)           Each certificate for Company Securities issued to any
Stockholder shall bear a legend in substantially the form set forth below (in
addition to any legend that may be required by applicable securities laws):

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO  TRANSFER RESTRICTIONS PURSUANT TO A
STOCKHOLDERS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE ISSUER OF THIS
CERTIFICATE).

SECTION
3.02.      Right of First Offer.

(a)           If any Stockholder or Stockholders acting in concert (a “Transferor”) desire
to Transfer (other than pursuant to an Exempt Transfer) Company Securities that
represent, in the aggregate, more than 5% of the then outstanding shares of
Common Stock (assuming conversion in full of all outstanding Preferred Shares
and NVC Shares, and irrespective of the Conversion Limitation), such Transferor
shall give each Stockholder (other than the Transferor and its Permitted
Transferees, as applicable) that, together with its Permitted Transferees,
holds more than 5% of the then outstanding shares of Common Stock (for this
purpose, shares of Common Stock held by a Person shall include shares issuable
upon exercise of Company stock options, or directly or indirectly through
conversion or exchange of outstanding Preferred Shares and NVC Shares, held by
such Person, and irrespective of the Conversion Limitation) and the Company
(collectively, the “Option
Holders”) prior written notice of such proposed Transfer, which
notice shall (i) specify the amount and type of Company Securities to be
Transferred (the “Subject
Securities”), the consideration to be received therefor, and the
other material terms on which the Transferor proposes to Transfer the Subject
Securities and (ii) contain the offer described below (collectively, the “Transferor’s Notice”).  The Transferor’s Notice shall contain an
offer to sell (the “Option”)
the Subject Securities to the Option Holders in accordance with this Article 3
for the consideration and on the other terms specified in the Transferor’s
Notice; provided that to the extent
such consideration shall consist of anything other than cash, each Option
Holder shall be entitled, at its option, to instead pay in cash the value of
such consideration as determined by mutual agreement of all such Option Holders
so electing to pay cash and the Transferor, or if such agreement is not reached
within 5 days of receipt of the Transferor’s Notice, as determined by an
investment banker or appraiser of national reputation reasonably acceptable to
both the Transferor and such Option Holders (the fees and expenses of which
shall be shared equally by the Transferor, on the one hand, and all such Option
Holders requesting such valuation, on the other hand), in which case the date
of the Transferor’s Notice shall be deemed the date the cash value of such
consideration is so determined.

(b)           The Company, at the election of the Board (acting by
majority vote, excluding, for purposes of this Section (i) if the Transferor is
an Investor (or Permitted Transferee thereof), any Investor Designee designated
to the Board by such Investor pursuant to Article 2 hereof (and if such
Transferor is WCAS (or Permitted Transferee thereof), also excluding Charles
Halberg if he is then an Investor Designee of WCAS), and (ii) if the Transferor
is Richard Barasch or any of his Permitted Transferees or Affiliates, and
Richard Barasch is then a director of the Company, Richard Barasch), shall have
the first right and option, exercisable at any time within the first 10 days
following the date of the Transferor’s Notice, to exercise the Option to
purchase from the Transferor the Subject Securities pursuant to the
Option.  If the Option is not exercised
by the Company within the first 10 days after the date of the Transferor’s
Notice, then the other Option

 10
 

 

Holders shall have the right and option, exercisable
at any time within the first 20 days following the date of the Transferor’s
Notice, to exercise the Option and purchase from the Transferor the Subject
Securities pursuant to the Option, in which event, such other Option Holders
may elect to purchase the Subject Securities in the proportions upon which they
mutually agree or, if they are unable to agree upon an allocation of such
Subject Securities among themselves, then in the proportion that the number of
shares of Common Stock held by each such Option Holder which desires to
participate in the purchase of such Company Securities pursuant to the Option
bears to the aggregate number of shares of Common Stock held by all such Option
Holders that desire to participate in the purchase of such Company Securities
pursuant to the Option.  For purposes of
the foregoing sentence, shares of Common Stock held by a Person shall include
shares issuable upon exercise of Company stock options, or directly or
indirectly through conversion or exchange of outstanding Preferred Shares and
NVC Shares, held by such Person, and irrespective of the Conversion
Limitation.  Acceptance of the Option by
an Option Holder shall be in a writing delivered to the Transferor and the
Company, which shall deliver copies thereof to the other Option Holders.

(c)           If the Option is accepted in a manner such that all
Company Securities covered by the Transferor’s Notice are to be purchased by
the Option Holders, the Transferor shall, subject to Section 3.03, Transfer
such Company Securities free of all liens and encumbrances (other than
restrictions imposed by this Agreement) to the respective Option Holder
purchasers thereof against delivery by the Option Holder purchaser of the
applicable consideration payable to the Transferor therefor.  Unless, through exercise of the Option, all
the Company Securities proposed to be transferred in the Transferor’s Notice
are to be acquired by one or more Option Holders, the Transferor may, subject
to Section 3.03, either (i) Transfer the Company Securities subscribed for
by the Option Holders at the applicable purchase price therefor to the Option
Holders or (ii) Transfer the Subject Securities that were subject to the
Option to a third party Transferee at the same purchase price set forth in the
Transferor’s Notice (or at a higher price) and on terms and conditions no less
favorable to the Transferor than the terms and conditions set forth in the
Transferor’s Notice; provided, however,
that such Transfer shall occur no later than 90 days after the date of the
Transferor’s Notice.  If such Transfer
does not occur within such 90 day period, then the Company Securities shall be
re-offered to the Option Holders under this Section 3.02 prior to any
subsequent Transfer otherwise covered by this Section 3.02.  The transactions contemplated by this Section
3.02 shall be consummated in accordance with Section 3.03.

SECTION 3.03.      Tag-Along Rights.

(a)           In connection with each Option pursuant to
Section 3.02, the Stockholders shall have the “tag along rights” set forth
in this Section 3.03.  Upon
expiration or waiver of the rights of first offer under Section 3.02 and at
least 20 days prior to any Transfer of any Company Securities to any proposed
third party Transferee (“Proposed Transferee”)
or Option Holder, as contemplated by Section 3.02(c), the Transferor shall
deliver a notice (the “Sale
Notice”) to each of the Company and the Stockholders stating
(i) in reasonable detail the identity of the prospective transferee(s),
the Subject Securities to be Transferred and the terms and conditions of such
Transfer, and (ii) whether or not Option Holders elected pursuant to
Section 3.02 to purchase all of the Subject Securities (the “Electing Stockholders”).  If Electing Stockholders elect to purchase
all of the Subject Securities pursuant to Section 3.02, the other
Stockholders shall have the “tag along rights” under this Section 3.03
with respect to the Transfer to Electing Stockholders, and, if

 11
 

 

Electing Stockholders did not so elect to purchase all
of the Subject Securities, such other Stockholders shall also have “tag along
rights” under this Section 3.03 with respect to the proposed Transfer to
the Proposed Transferee (the Stockholders that are entitled to exercise their “tag
along rights” hereunder are referred to as the “Eligible Stockholders”).

(b)           Each Eligible Stockholder may elect to participate in the
contemplated Transfer on the same conditions and terms (including selling the
percentage of its Company Securities specified below in this Section 3.03),
and at the same price as the Transferor, by delivering written notice to the
Transferor, with a copy to the other Stockholders, within 10 days after the
delivery of the Sale Notice.  Each
Eligible Stockholder that elects to participate in such Transfer (a “Tag Along Electing Stockholder”)
shall be entitled to sell in the contemplated Transfer, on the same conditions,
terms and at the price described above, a portion of its Company Securities
equal to the lesser of 100% of its Company Securities and such number of its
Company Securities that represent the product of (A) the number of shares
of Common Stock represented by the Subject Securities multiplied by (B) a fraction the
numerator of which is the number of shares of Common Stock held by such Tag
Along Electing Stockholder and the denominator of which is the aggregate number
of shares of Common Stock held by all Stockholders electing to participate in
the Transfer; provided that in
order to be entitled to exercise its right pursuant to this Section 3.03
to Transfer Company Securities to the Proposed Transferee or the Electing
Stockholders, as the case may be, a Tag Along Electing Stockholder must agree
to make to the Proposed Transferee or the Electing Stockholders, as the case
may be, the same representations and warranties (to the extent applicable to
such Tag Along Electing Stockholder), and the same covenants, indemnities and
agreements, in each case, as the Transferor agrees to make in connection with
the proposed Transfer of its Subject Securities; provided,
however, that (i) no Tag Along Electing Stockholder shall be
required to become subject thereby to a covenant not to compete or similar
restrictive covenant without such Stockholder’s consent, (ii) each Tag Along
Electing Stockholder shall be obligated to join, severally but not jointly, on
a pro rata basis (based on each
such Tag Along Electing Stockholder’s share of the aggregate proceeds paid with
respect to the Company Securities included in such Transfer) in any
indemnification obligation to the Proposed Transferee that the Proposed
Transferee requires of the Transferor in connection with the proposed Transfer,
other than any such obligations that relate specifically to a particular
Stockholder, such as indemnification with respect to representations and
warranties given by a Stockholder regarding such Stockholder’s title to and
ownership of Company Securities, and (iii) each Tag Along Electing Stockholder’s
aggregate liability under such agreements shall be limited to no more than the
aggregate proceeds received by such Tag Along Electing Stockholder from the
acquirer(s) in such Transfer; and provided
further, however, that if the Proposed Transferee refuses to
purchase (x) the total amount of Company Securities offered by the Tag Along
Electing Stockholders and (y) the Subject Securities, the amount of
Company Securities to be Transferred by the Tag Along Electing Stockholders and
the Transferor shall be reduced to the amount of the Subject Securities or (if
greater) such amount of the sum of the Company Securities in clauses (x)
and (y) above as the Proposed Transferee may agree to purchase, which
amount of Company Securities shall be allocated among the Tag Along Electing
Stockholders and the Transferor pro rata,
in proportion to the relative amount of Common Stock held by them.  For purposes of the preceding sentence,
shares of Common Stock held by a Person shall include shares issuable upon
exercise of Company stock options, or directly or indirectly through conversion
or exchange of outstanding Preferred Shares and NVC Shares, held by such
Person, and irrespective of the Conversion Limitation.  If any Tag Along Electing Stockholder elects
to exercise its right to participate in a Transfer

 12
 

 

pursuant to this Section 3.03, the Transferor
shall use reasonable efforts to obtain the agreement of the Proposed Transferee
to the participation of such Tag Along Electing Stockholder(s) in the
contemplated Transfer.  The Transferor
shall not Transfer any of its Company Securities to any prospective
transferee(s) if such prospective transferee(s) decline(s) to allow the
participation of such Tag Along Electing Stockholders in accordance with this
Section 3.03.

(c)           The closing of any purchase and sale of Company Securities
pursuant to Section 3.02 and Section 3.03 shall take place on the
first Business Day 20 days after delivery of the Sale Notice; provided that such period may be extended
for up to an additional 90 days solely to the extent necessary to obtain any
required governmental regulatory approvals. 
At such closing, the Proposed Transferee(s) or Electing Stockholders, as
the case may be, shall deliver to the Transferor and, if applicable, each Tag
Along Electing Stockholder a wire transfer or a certified check in the entire
amount of the applicable purchase price against delivery of instrument(s)
evidencing the Company Securities, in each case duly endorsed for Transfer to,
such third party transferee(s) or Electing Stockholders, as the case may
be.  At or prior to the closing of any
such purchase or sale to any third party transferee, such third party
transferee shall execute and deliver to the Company all agreements and
instruments required by Section 3.05.

SECTION 3.04.      Certain Transfers Excluded.  Sections 3.01(b)-(e), 3.02 and 3.03 shall not
apply to any Transfer by a Stockholder of Company Securities to a Permitted
Transferee of such Stockholder. 
Notwithstanding the foregoing, if, while a Permitted Transferee holds
any Company Securities, such Person would cease to qualify as a Permitted
Transferee in relation to the initial transferring Stockholder from whom or
which such Permitted Transferee or any previous Permitted Transferee of such
initial transferring Stockholder received such securities (an “Unwinding Event”),
then the relevant initial transferor Stockholder shall forthwith notify the
other Stockholders and the Company of the pending occurrence of such Unwinding
Event and, prior to such Unwinding Event, such initial transferor Stockholder
and such transferee shall take all actions necessary to effect a Transfer of
all the Company Securities held by such transferee either back to such initial
Stockholder or to another Person that qualifies as a Permitted Transferee of
such initial Stockholder.

SECTION 3.05.      Transferees Bound.  No Stockholder shall Transfer any Company
Securities pursuant to Section 3.04, or to a Proposed Transferee pursuant to
Sections 3.02-3.03, unless (in each case) as a condition to the effectiveness
of such Transfer, the Stockholder shall cause the proposed transferee to agree,
pursuant to a written joinder agreement to this Agreement (which joinder
agreement shall be in form and substance reasonably satisfactory to the
Company), to take and hold such Company Securities subject to the obligations
and restrictions applicable to a Stockholder under this Agreement and to be
bound by the provisions of this Agreement. 
Any Person that hereafter becomes a Stockholder shall provide its
contact details to the Company, which shall promptly provide such information
to each other Stockholder.  This Section
3.05 shall not apply to Exempt Transfers.

ARTICLE 4

CERTAIN OTHER PROVISIONS

SECTION 4.01.      Confidentiality.  Unless otherwise approved by the Board, each
Stockholder shall maintain the confidentiality of any and all non-public
information

 13
 

 

furnished by the Company and received by such
Stockholder pursuant to this Agreement, by using the same degree of care, but
no less than a reasonable degree of care, as such Stockholder uses to protect
its own confidential information, except:

(a)                      to
the extent such information shall have become publicly available otherwise than
through a breach of this Agreement by such Stockholder or any of its
Affiliates;

(b)                      to
the extent required (i) to comply with any subpoena or similar demand to which
a Stockholder becomes subject or (ii) by applicable law or regulation, or stock
exchange rule; provided that in
each such case such Stockholder shall give the Company prompt notice of such
requirement or demand (as applicable), to the extent practicable, so that the
Company may seek an appropriate protective order or similar relief (and the
Stockholder shall cooperate reasonably with such efforts by the Company, at the
Company’s expense);

(c)                      in
the case of an Investor, to Affiliates of such Investor and its and their
respective directors, officers, employees, counsel, accountants and other
professional advisors with whom such Investor reasonably determines it is
necessary to share such information in connection with such Investor’s
investment in the Company and that are informed of the confidential nature of
the information and agree to keep it confidential (and such Investor shall be
liable for any disclosure made by such Persons that is not permitted
hereunder), in each case, subject to any limitations under applicable law; or

(d)                      in
the case of an Investor, to a bona fide
prospective purchaser of such Investor’s Company Securities if such prospective
purchaser shall have first executed and delivered to the Company a
non-disclosure agreement in favor of the Company and in form and substance
reasonably acceptable to the Company.

Nothing in this Section 4.01 or elsewhere in this Agreement is intended
to limit any duties, covenants or other obligations that a Stockholder who is
an officer or employee of the Company or its Subsidiaries may have pursuant to
any agreement with the Company or any of its Subsidiaries or any applicable
law.

SECTION 4.02.      Information
Rights; VCOC Rights.

(a)                      The
Company shall, for so long as an Investor (together with its Permitted
Transferees) shall continue to hold at least 5% of the outstanding shares of
Common Stock, (i) afford such Investor (or Affiliate or Permitted Transferee
thereof), during normal business hours and upon reasonable notice, reasonable
access and consultation rights at all reasonable times to its officers, offices
and books and records, and (ii) afford such Investor (or Affiliate or Permitted
Transferee thereof) the opportunity to discuss the Company’s affairs, finances
and accounts with the Company’s officers from time to time as such Investor (or
Affiliate or Permitted Transferee thereof) may reasonably request.

(b)                      Any
Investor (or Affiliate or Permitted Transferee thereof) that is intended to
qualify as a “venture capital operating company” within the meaning of 29
C.F.R. 2510.3-101(d) (each such entity, a “VCOC Investor”) shall have the right, for so
long as such Investor (together with its Permitted Transferees) holds at least
5% of the outstanding shares of Common Stock, to receive from the Company any written
information or written materials

 14
 

 

provided by the Company to members of the Board; provided that the VCOC Investor receiving
such information shall agree to maintain the confidentiality of such
information in accordance with Section 4.01.

(c)                      For
purposes of this Section, shares of Common Stock held by a Person shall include
shares issuable upon exercise of Company stock options, or directly or
indirectly through conversion or exchange of outstanding Preferred Shares and
NVC Shares, held by such Person, and irrespective of the Conversion Limitation.

SECTION 4.03.      Additional
Covenant.

No Investor or Affiliate thereof, nor Richard Barasch or Affiliate of
Richard Barasch, shall acquire beneficial ownership (within the meaning of
Rules 13d-3 and 13d-5(b)(1) under the Exchange Act, without regard to the
60-day limit in Rule 13d-3(d)(1)(i), but in each case excluding any beneficial
ownership solely by reason of the express terms of this Agreement) of any
additional shares of Common Stock except:

(i)            if such acquisition is pursuant to a
tender offer or exchange offer for outstanding shares of Common Stock, or a
merger pursuant to a merger agreement with the Company, that in each case (A)
is approved by not less than a majority of the members of the Board then in
office (x) who have not recused themselves from the vote of the Board in
respect of such approval, (y) who satisfy the criteria for “independent
director” under the rules of the principal stock exchange on which the Common
Stock is listed, and (z) who are not Investor Designees (such tender offer or
exchange offer, an “Approved Offer”, and such
merger, an “Approved Merger”), and (B) in
such Approved Offer, not less than a majority of the Subject Shares (as defined
below) are tendered into such Approved Offer and not withdrawn prior to the
final expiration of such Approved Offer, or in such Approved Merger, not less
than a majority of the Subject Shares that are affirmatively voted (in person
or by proxy) on the related merger proposal (and not withdrawn) are voted for
(i.e., in favor) of such proposal.  As
used in this Section 4.03, “Subject Shares”
means, where such an offer or acquisition referred to in this clause (i) is
made by or on behalf one or more Investors or Richard Barasch or any of their
respective Affiliates or any combination of the foregoing (each such Person
making such offer or acquisition or on whose behalf such offer or acquisition
is made, together with its Affiliates, a “Subject Person”),
the then outstanding shares of Common Stock not owned by any such Subject
Person or Affiliate thereof;

(ii)           acquisitions of Company Securities
issued or sold to such Investor or its Affiliates pursuant to the Merger
Agreement or any of the Purchase Agreements referred to in Section 3.01 or
directly or indirectly through conversion or exchange of Preferred Shares or
NVC Shares issued to such Investor or its Affiliates pursuant to any of such
Purchase Agreements;

(iii)          acquisitions of shares issued
(including pursuant to exercise of stock options granted) with the approval of
a majority of the Board or the Compensation Committee of the Board to any
Investor Designee of such Investor in respect of such Investor Designee’s
service on the Board;

(iv)          acquisitions of shares pursuant to any
stock split, stock dividend or the like effected by the Company;

 15
 

 

(v)           acquisitions by an Investor or any of
its Affiliates that would not result in such Investor (together with its
Affiliates) owning a percentage of the then outstanding Common Stock that is
greater than such Investor’s Cap Percentage (as hereafter defined) (assuming
for this purpose conversion in full of all Preferred Shares and NVC Shares
(irrespective of the Conversion Limitation), and it being understood that no
Person shall be in violation of this Section as a result of any reacquisition
by the Company of any Company Securities provided that
such reacquisition shall have been approved by not less than a majority of the
members of the Board then in office who (x) have not recused themselves from
the vote of the Board in respect of such approval, (y) are not Investor
Designees and (z) satisfy the criteria for “independent director” under the
rules of the principal stock exchange on which the Common Stock is listed
(each, an “Approved Reacquisition Transaction”));

(vi)          in the case of Richard Barasch,
acquisitions of equity based compensation awards, including stock option grants
and restricted stock grants, that have been approved by a majority of the Board
or the Compensation Committee of the Board, and shares acquired upon exercise
of such awards; or

(vii)         acquisitions by an Investor or
Affiliates thereof of securities of companies (each, a “Portfolio
Company”) that own shares of Common Stock, provided
that (A) the purpose of such acquisition by such Investor or its Affiliates was
not the acquisition of beneficial ownership of additional shares of Common
Stock and (B) such Portfolio Company owns no more than 0.5% of the outstanding
shares of Common Stock.

As used in this Section 4.03:

“Base Cap Percentage” means (1) in
respect of CapitalZ/Union Square 24%, (2) in respect of Lee, 7%, (3) in respect
of Perry, 14%, and (4) in respect of WCAS, 18%.

“Cap Percentage” means, in respect of
any Investor, a percentage equal to such Investor’s Base Cap Percentage plus such Investor’s Intra-Investor Buy Percentage (as
hereafter defined) and less such
Investor’s Intra-Investor Sale Percentage (as hereafter defined), provided that no Investor’s Cap Percentage shall exceed 25%
(the “Ceiling Percentage”), provided further, however, that an Investor’s Cap
Percentage, and the Ceiling Percentage, shall be equitably increased for (A)
acquisitions permitted under clauses (iii) and (vii) above and (B) Approved
Reacquisition Transactions.  “Intra-Investor Buy Percentage” of
any Investor means the percentage of the outstanding Common Stock acquired by
such Investor (or any Affiliate of such Investor) in an Intra-Investor Private
Transfer (as hereafter defined), determined as of the time of such acquisition
(assuming for this purpose conversion in full of all Preferred Shares and NVC
Shares (irrespective of the Conversion Limitation)).  “Intra-Investor Private
Transfer” means any sale by an Investor (or Affiliates thereof)
to one or more of the other Investors (or Affiliates of such other Investor) in
a private transaction, including a sale pursuant to the right of first offer or
tag-along rights contemplated by Sections 3.02-3.03.  “Intra-Investor Sell
Percentage” of any Investor means the percentage of the
outstanding Common Stock sold by such Investor (or any Affiliate of such
Investor) in an Intra-Investor Private Transfer, determined as of the time of
such sale (assuming for this purpose conversion in full of all Preferred Shares
and NVC Shares (irrespective of the Conversion Limitation)).

 

 16

 

For purposes of
this Section 4.03, an Associate (as defined in Rule 12b-2 under the Exchange
Act) of Richard Barasch shall be deemed an Affiliate of Richard Barasch.

The agreements of the several Investors and Richard Barasch hereunder
are several and not joint.

All of the restrictions set forth above in this Section 4.03 shall
terminate upon the earliest to occur of:

(A)          June 30, 2010;

(B)           the entry by the
Company into a definitive agreement with any Person (other than such an
agreement with a Subject Person made in contravention of this Section 4.03)
providing for: (x) a recapitalization, merger, share exchange, business
combination or similar extraordinary transaction as a result of which the
Persons possessing, immediately prior to the consummation of such transaction,
beneficial ownership of voting securities of the Company entitling them to
exercise at 100% of the voting power of all outstanding securities entitled to
vote generally in elections of directors of the Company, would cease to
possess, immediately after consummation of such transaction, beneficial
ownership of voting securities entitling them to exercise at least 60% of the
total voting power of all outstanding securities entitled to vote generally in
elections of directors of the Company (or, if the Company is not the surviving
or resulting entity from such transaction, in elections of directors (or
equivalent governing body) of such surviving or resulting entity); (y) a sale
of all or substantially all of the assets the Company (determined on a
consolidated basis), in one transaction or series of related transactions; or
(z) the acquisition (by purchase, merger or otherwise) by any such Person
(including any syndicate or group deemed to be a “person” under Section
13(d)(3) of the Exchange Act) of beneficial ownership of voting securities of
the Company entitling that Person to exercise 50% or more of the total voting
power of all outstanding securities entitled to vote generally in elections of
directors of the Company (for purposes of this subsection, “beneficial
ownership” shall be determined in accordance with Rules 13d-3 and 13d-5 under
the Exchange Act, provided that a Person shall be
deemed to beneficially own any securities that such Person has the right to
acquire, whether or not such right is exercisable immediately) (the
transactions described in clauses (x), (y) and (z) of this subsection being
each hereinafter referred to as a “Transaction Agreement”);

(C)           the commencement (within the meaning
of the Exchange Act) by any Person of a tender offer or exchange offer for
voting securities of the Company entitling the holders thereof to exercise more
than 50% of the total voting power of all outstanding securities entitled to
vote generally in elections of directors of the Company (other than a tender
offer or exchange offer (i) pursuant to a Transaction Agreement or (ii) made by
or on behalf of an Investor (or Affiliate thereof) in violation of this Section
4.03 or that would be in violation of this Section 4.03 if such tender offer or
exchange offer were consummated), which offer is not withdrawn within 5 days
after it is commenced; or

(D)          at such time as the Investors and
their respective Affiliates, collectively, own in the aggregate less than 20%
of the then outstanding Common Stock (assuming for this purpose conversion in
full of all Preferred Shares and NVC Shares (irrespective of the Conversion
Limitation)), provided that at such time no
Investor (or Affiliate thereof) has disclosed in a 

 17
 

Schedule 13D filing with
the Securities and Exchange Commission that it or any of its Affiliates has any
specific plan or proposal to acquire additional securities of the Company entitled to vote generally in elections of
directors of the Company that is required to be disclosed under Item 4 of Schedule
13D.

Notwithstanding
anything to the contrary in Section 5.03, neither the provisions of this
Section 4.03 nor the penultimate sentence of Section 5.04 may be amended unless
such amendment is approved by not less than a majority of the members of the Board
then in office who (x) have not recused themselves from the vote of the Board
in respect of such approval, (y) are not Investor Designees and (z) satisfy the
criteria for “independent director” under the rules of the principal stock
exchange on which the Common Stock is listed.

ARTICLE 5

MISCELLANEOUS

SECTION
5.01.      Binding Effect;
Assignability; Benefit.

(a)           This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors, legal
representatives, heirs and permitted assigns; provided
that rights granted to any Stockholder hereunder may only be assigned in
connection with a Transfer of Company Securities in accordance with the terms
of this Agreement, and provided further
that an Investor’s right to designate Investor Designees (or a Non-Voting
Observer) pursuant to Article 2 hereof are only assignable with the written
consent of the Company in connection with a Transfer of Company Securities by
such Investor to the purported assignee. Any purported assignment not in
accordance with this Agreement shall be null and void. Except as may otherwise
be expressly provided in this Agreement, any Stockholder that ceases to hold
any Company Securities shall cease to be entitled to the benefits of this
Agreement.

(b)           Nothing in this Agreement, expressed or implied, is
intended to confer on any Person other than the parties hereto, and their
respective successors, legal representatives, heirs and permitted assigns, any
rights, remedies, obligations or liabilities under or by reason of this
Agreement.

SECTION 5.02.      Notices. All notices, requests and
other communications to any party shall be in writing and shall be delivered in
person, sent by reputable overnight courier service, or sent by facsimile
transmission,

if to the Company, to
Universal American Financial Corp., 6 International Drive, Rye Brook, NY
10573-1068; Attention: General Counsel; Facsimile: (914) 934-0700,

if to Stockholders, at their
respective addresses set forth in Schedule I,

or, in each case, at such other address or fax number as such party may
hereafter specify for the purpose of notices hereunder by written notice to the
other parties hereto. All notices, requests and other communications shall be
deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. in the place of receipt and such day is a Business Day in
the place of receipt. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding Business Day
in the place of receipt. Any notice, request or 

 18
 

other written communication sent by facsimile transmission shall be
confirmed by personal delivery or by reputable overnight courier, made within
two Business Days after the date of such facsimile transmissions.

SECTION
5.03.      Waiver; Amendment.

(a)                      Except as otherwise provided herein, no failure
or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise
thereof or the exercise of any other right, power or privilege. No provision of
this Agreement may be waived except by an instrument in writing executed by the
party against whom the waiver is to be effective.

(b)                      Except as otherwise provided herein, no
provision of this Agreement may be amended or otherwise modified except by an
instrument in writing executed by the Company and Stockholders holding more
than 50% of the Common Stock held by the Stockholders (for this purpose, shares
of Common Stock held by the Stockholders shall include shares issuable upon
exercise of Company stock options, or directly or indirectly through conversion
or exchange of outstanding Preferred Shares and NVC Shares, held by the
Stockholders, and irrespective of the Conversion Limitation); provided, however, that (i) any amendment
or modification of this Agreement that treats a Stockholder individually in an
inconsistent and materially adverse manner in relation to all other
Stockholders shall require the consent of such Stockholder, (ii) any amendment
of (A) Investors’ rights to designate Investor Designees (or a Non-Voting
Observer) pursuant to Article 2 or (B) Investors’ information rights under
Section 4.02, shall require the consent of all affected Investors, and (iii)
any amendment of clause (v) or (vi) of Section 2.01(a) shall require the
consent of the Company.

SECTION 5.04.      Termination.  This Agreement shall terminate upon the first to occur of
any of the following events:

(a)                      consummation
of the acquisition of “beneficial ownership” (within the meaning of Rules 13d-3
and 13d-5 under the Exchange Act), by any Person, of all of the Company
Securities subject to this Agreement without violation of this Agreement (provided that no Person shall be deemed to beneficially own
another Person’s Company Securities for these purposes solely by fact of the
existence of the voting and transfer covenants contained in this Agreement);

(b)                      if
the Company shall admit in writing its general inability to pay its debts as
they become due, shall make a written assignment for the benefit of creditors,
or the appointment of a liquidator, bankruptcy receiver or similar occurrence
under applicable law shall have occurred with respect to the Company and such
proceeding shall not have been dismissed or stayed within 60 days after the
commencement thereof;

(c)                      duly
authorized winding up, liquidation or dissolution of the Company; or

(d)                      the
written consent to such termination by Stockholders holding not less than 70%
of the Common Stock held by all the Stockholders (for this purpose, shares of
Common Stock held by the Stockholders shall include shares issuable upon
exercise of Company 

 19
 

stock options, or directly or indirectly through conversion or exchange
of outstanding Preferred Shares and NVC Shares, held by the Stockholders, and
irrespective of the Conversion Limitation);

provided
that, (i) without the
consent of the affected Investors, (A) an Investor’s right to designate
Investor Designees (or a Non-Voting Observer) pursuant to Article 2 and (B) an
Investor’s information rights under Section 4.02, shall survive any termination
under clause (b), (c) or (d) of this Section, and (ii) without the consent of
the Company, the provisions of clauses (v) and (vi) of Section 2.01(a) shall
survive any termination under clause (b), (c) or (d) of this Section.

In addition, Richard
Barasch and his Permitted Transferees shall cease to the bound by, and shall
cease to be entitled to rights and benefits under, this Agreement at such time
as Richard Barasch shall cease to be the Chief Executive Officer of the
Company; provided that, for the avoidance of
doubt, even after Richard Barasch ceases to be the Chief Executive Officer of
the Company, if he shall remain a member of the Board he shall nonetheless not
constitute an “independent director” for purposes of any of the matters
requiring approval of “independent directors” under Section 4.03.

Notwithstanding the foregoing, Section 5.05 shall survive any
termination of this Agreement.

SECTION 5.05.      Fees and Expenses. Each party shall
pay its own costs and expenses incurred in connection with the preparation and
execution of this Agreement, or any amendment or waiver hereof, and (except as
otherwise provided herein or separately agreed in writing) the transactions
contemplated hereby and all matters related hereto. In any action or proceeding
brought to enforce any provision of this Agreement, or where any provision
hereof or thereof is validly asserted as a defense, the successful party shall
be entitled to recover reasonable attorneys’ fees in addition to any other
available remedy.

SECTION 5.06.      Governing Law; Consent to Jurisdiction;
Waiver of Jury Trial; Etc. All issues and questions concerning the
construction, validity, interpretation and enforceability of this Agreement
shall be governed by, and construed in accordance with, the laws of the State
of New York, without giving effect to any choice of law or conflict of law
rules or provisions (whether of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than New York. Each
of the parties hereto irrevocably agrees that any legal action or proceeding
that may be based upon, arise out of or relate to this Agreement or the
negotiation, execution or performance hereof, shall be brought and determined
exclusively in any state courts of New York County of the State of New York, or
in the event (but only in the event) that such court does not have subject
matter jurisdiction over such action or proceeding, in any federal District
Court sitting in New York City. Each of the parties hereto hereby irrevocably
submits with regard to any such action or proceeding for itself and in respect
of its property, generally and unconditionally, to the exclusive personal
jurisdiction of the aforesaid courts and agrees that it will not bring any such
action in any court other than the aforesaid courts. Each of the parties hereto
hereby irrevocably waives, and agrees not to assert, by way of motion, as a
defense, counterclaim or otherwise, in any action or proceeding with respect to
this Agreement, (a) any claim that it is not personally subject to the
jurisdiction of the above named courts for any reason other than the failure to
serve in accordance with this Section, (b) any claim that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process 

 20
 

commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (c) to the fullest extent permitted by the
applicable law, any claim that (i) the suit, action or proceeding in such court
is brought in an inconvenient forum, (ii) the venue of such suit, action or
proceeding is improper or (iii) this Agreement, or the subject mater hereof,
may not be enforced in or by such courts. Each of the parties hereto
irrevocably consents to process being served by any party to this Agreement in
any legal action or proceeding by delivery of a copy thereof in accordance with
the provisions of Section 5.02 without prejudice to the right of any party to
serve process pursuant to applicable laws. The consents to jurisdiction set
forth in this paragraph shall not constitute general consents to service of
process in the State of New York and shall have no effect for any purpose
except as provided in this paragraph and shall not be deemed to confer rights
on any Person other than the parties hereto. Each
of the parties hereto hereby irrevocably waives any and all rights to trial by
jury in any legal proceeding arising out of or related to this Agreement.

SECTION 5.07.      Specific Enforcement; Cumulative
Remedies. The parties hereto acknowledge that money damages may not be an
adequate remedy for violations of this Agreement and that any party, in
addition to any other rights and remedies which the parties may have hereunder
or at law or in equity, may, in its sole discretion, apply to a court of
competent jurisdiction for specific performance or injunction (without any
requirement to post a bond or other security) or such other relief as such
court may deem just and proper in order to enforce this Agreement or prevent
any violation hereof and, to the extent permitted by applicable law, each party
waives any objection to the imposition of such relief. All rights, powers and
remedies provided under this Agreement or otherwise available in respect hereof
at law or in equity shall be cumulative and not alternative, and the exercise
or beginning of the exercise of any thereof by any party shall not preclude the
simultaneous or later exercise of any other such rights, powers or remedies by
such party.

SECTION 5.08.      Entire Agreement. This Agreement,
together with the Securities Purchase Agreement and the Registration Rights
Agreement, constitute the entire agreement and understanding among the parties
hereto in respect of the subject matter hereof and thereof and, except as
otherwise expressly agreed in writing, supersede all prior agreements and
understandings (including that certain Shareholders Agreement dated as of July
30, 1999) and contemporaneous agreements and understandings, both oral and
written, among the parties hereto, or between any of them, with respect to the
subject matter hereof and thereof.

SECTION 5.09.      Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner so that
the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

SECTION 5.10.      Drafting.
The parties hereto have participated jointly in the negotiation and drafting of
this Agreement and, in the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as jointly drafted by
the parties hereto and 

 21
 

no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

SECTION 5.11.      Counterparts; Effectiveness. This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

[SIGNATURE PAGE FOLLOWS]

 

 22

IN
WITNESS WHEREOF, the parties hereto have caused this Stockholders Agreement to
be duly executed by their respective authorized officers as of the day and year
first above written.

	
  

  	
  UNIVERSAL AMERICAN FINANCIAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert A. Waegelein

  	
   

  
	
   

  	
   

  	
  Name: Robert A. Waegelein

  
	
   

  	
   

  	
  Title:   Executive Vice President and
  Chief Financial Officer

  

 

STOCKHOLDERS:

	
  

  	
  LEE-UNIVERSAL HOLDINGS,
  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph B. Rotberg

  	
   

  
	
   

  	
   

  	
  Name: Joseph B. Rotberg

  
	
   

  	
   

  	
  Title:   CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  WELSH, CARSON, ANDERSON
  & STOWE, IX, L.P.,

  
	
   

  	
  By: WCAS IX ASSOCIATES
  LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean M. Traynor

  	
   

  
	
   

  	
   

  	
  Name: Sean M. Traynor

  
	
   

  	
   

  	
  Title:   Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  WELSH, CARSON, ANDERSON
  & STOWE, X, L.P.,

  
	
   

  	
  By: WCAS X ASSOCIATES LLC,
  its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean M. Traynor

  	
   

  
	
   

  	
   

  	
  Name: Sean M. Traynor

  
	
   

  	
   

  	
  Title:   Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPITAL Z FINANCIAL
  SERVICES FUND II, L.P.

  
	
   

  	
  By: Capital Z Partners,
  L.P., its General Partner

  
	
   

  	
  By: Capital Z Partners,
  Ltd., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Fisher

  	
   

  
	
   

  	
   

  	
  Name: Craig Fisher

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPITAL Z FINANCIAL
  SERVICES PRIVATE FUND II, L.P.

  
	
   

  	
  By: CAPITAL Z PARTNERS,
  L.P., its General Partner

  
	
   

  	
  By: CAPITAL Z PARTNERS,
  LTD., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Fisher

  	
   

  
	
   

  	
   

  	
  Name: Craig Fisher

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
	
   

  	
   

  

 

 

Signature Page to
Stockholders’ Agreement

 

 

	
  

  	
  UNION SQUARE UNIVERSAL
  PARTNERS, L.P.

  
	
   

  	
  By: UNION SQUARE UNIVERSAL
  GP, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Fisher

  	
   

  
	
   

  	
   

  	
  Name: Craig Fisher

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
	
   

  	
   

  
	
   

  	
  PERRY PARTNERS, L.P.,

  
	
   

  	
  By: PERRY CORP., its
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael C. Neus

  	
   

  
	
   

  	
   

  	
  Name: Michael C. Neus

  
	
   

  	
   

  	
  Title:   General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  PERRY PARTNERS INTERNATIONAL,
  INC.

  
	
   

  	
  By: PERRY CORP., its
  Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael C. Neus

  	
   

  
	
   

  	
   

  	
  Name: Michael C. Neus

  
	
   

  	
   

  	
  Title:   General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Richard Barasch

  	
   

  
	
   

  	
  Richard Barasch

  

 

 

	
  

  	
  PERRY PRIVATE
  OPPORTUNITIES OFFSHORE FUND, L.P.

  
	
   

  	
  By:
  PERRY PRIVATE OPPORTUNITIES OFFSHORE FUND (CAYMAN) GP, L.L.C., its General
  Partner,

  
	
   

  	
  By: PERRY CORP., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael C. Neus

  	
   

  
	
   

  	
   

  	
  Name: Michael C. Neus

  
	
   

  	
   

  	
  Title:   General Counsel

  
	
   

  	
   

  
	
   

  	
  PERRY PRIVATE
  OPPORTUNITIES FUND, L.P.

  
	
   

  	
  By: PERRY PRIVATE
  OPPORTUNITIES FUND GP, L.L.C., its General Partner,

  
	
   

  	
  By: PERRY CORP., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael C. Neus

  	
   

  
	
   

  	
   

  	
  Name: Michael C. Neus

  
	
   

  	
   

  	
  Title:   General Counsel

  

 

 

 

	
  

  	
  Russell L. Carson

  Thomas E. McInerney

  Robert A. Minicucci

  Anthony J. de Nicola

  Paul B. Queally

  Sanjay Swani

  D. Scott Mackesy

  John D. Clark

  James R. Matthews

  John Almedia, Jr.

  Sean M. Traynor

  Thomas Scully

  Michael E. Donovan

  Eric J. Lee

  Brian T. Regan

  Lucas Garman

  David Mintz

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan M. Rather

  	
   

  
	
   

  	
   

  	
  Name: Jonathan M. Rather

  
	
   

  	
   

  	
  Title:   Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
  WCAS MANAGEMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan M. Rather

  	
   

  
	
   

  	
   

  	
  Name: Jonathan M. Rather

  
	
   

  	
   

  	
  Title:   Treasurer

  

 

 

	
   

  	
  THE BRUCE K. ANDERSON

  
	
   

  	
  2004 IRREVOCABLE TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary R. Anderson

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Mary R. Anderson

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

	
   

  	
  THE PATRICK WELSH

  
	
   

  	
  2004 IRREVOCABLE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carol Welsh

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Carol Welsh

  
	
   

  	
   

  	
  Title: Trustee

  

 

 

 

 

 

 

 

	
  

  	
  DE NICOLA HOLDINGS L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony J. de Nicola

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Anthony J. de Nicola

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

 

 

 

 

 

 

 

	
  

  	
  SELECT GLOBAL INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rocco A. Ortenzio

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Rocco A. Ortenzio

  
	
   

  	
   

  	
  Title: General Partner

  

 

 

 

 

 

 

 

 

	
  

  	
  JONATHAN M. RATHER — IRA CHARLES

  SCHWAB & CO., INC. CUSTODIAN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan M. Rather

  
	
   

  	
   

  	
  Jonathan M. Rather

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Norman Brownstein

  
	
   

  	
   

  	
  Norman Brownstein

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Charles E. Hallberg

  
	
   

  	
   

  	
  Charles E. Hallberg

  

 

 

 

 

 

 

 

 

 

 

SCHEDULE I

	
  

  	
  STOCKHOLDER NAME

  	
   

  	
   

  	
   

  	
  CONTACT DETAILS

  	
   

  
	
  LEE-UNIVERSAL HOLDINGS,
  LLC

  	
   

  	
  767 Fifth Avenue

  
	
   

  	
   

  	
  6th Floor

  
	
   

  	
   

  	
  New York, New York
  10153

  
	
   

  	
   

  	
  Phone: (212) 888-1500

  
	
   

  	
   

  	
  Fax: (212) 702-3787

  
	
   

  	
   

  	
  Attention: Mark
  Gormley/ Benjamin Hochberg

  
	
   

  	
   

  	
   

  
	
  WELSH, CARSON, ANDERSON
  & STOWE, 

  	
   

  	
  320 Park Avenue

  
	
  IX, L.P.

  	
   

  	
  Suite 2500

  
	
   

  	
   

  	
  New York, New York
  10022-6815

  
	
   

  	
   

  	
  Phone: (212) 893-9500

  
	
   

  	
   

  	
  Fax: (212) 893-9575

  
	
   

  	
   

  	
  Attention: Sean M.
  Traynor

  
	
   

  	
   

  	
   

  
	
  WELSH, CARSON, ANDERSON
  & STOWE, 

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  X, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CAPITAL Z FINANCIAL
  SERVICES FUND 

  	
   

  	
  230 Park Avenue South

  
	
  II, L.P.

  	
   

  	
  11th Floor

  
	
   

  	
   

  	
  New York, New York
  10003

  
	
   

  	
   

  	
  Phone: (212) 965-2400

  
	
   

  	
   

  	
  Fax: (212) 965-2301

  
	
   

  	
   

  	
  Attention: Robert
  Spass/ Eric Leathers

  
	
   

  	
   

  	
   

  
	
  CAPITAL Z FINANCIAL
  SERVICES 

  	
   

  	
  230 Park Avenue South

  
	
  PRIVATE FUND II, L.P.

  	
   

  	
  11th Floor

  
	
   

  	
   

  	
  New York, New York
  10003

  
	
   

  	
   

  	
  Phone: (212) 965-2400

  
	
   

  	
   

  	
  Fax: (212) 965-2301

  
	
   

  	
   

  	
  Attention: Robert
  Spass/ Eric Leathers

  
	
   

  	
   

  	
   

  
	
  UNION SQUARE UNIVERSAL
  PARTNERS, 

  	
   

  	
  230 Park Avenue South

  
	
  L.P.

  	
   

  	
  11th Floor

  
	
   

  	
   

  	
  New York, New York
  10003

  
	
   

  	
   

  	
  Phone: (212) 965-2400

  
	
   

  	
   

  	
  Fax: (212) 965-2301

  
	
   

  	
   

  	
  Attention: Robert
  Spass/ Eric Leathers

  
	
   

  	
   

  	
   

  
	
  PERRY PARTNERS, L.P.

  	
   

  	
  767 Fifth Avenue

  
	
   

  	
   

  	
  19th Floor

  
	
   

  	
   

  	
  New York, New York
  10153

  
	
   

  	
   

  	
  Phone: (212) 583-4000

  
	
   

  	
   

  	
  Fax: (212) 583-4144

  
	
   

  	
   

  	
  Attention: Michael C.
  Neus

  
	
   

  	
   

  	
   

  
	
  PERRY PARTNERS
  INTERNATIONAL, 

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PERRY PRIVATE
  OPPORTUNITIES FUND, 

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  L.P.

  	
   

  	
   

  

 

 

	
  PERRY PRIVATE OPPORTUNITIES 

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  OFFSHORE FUND, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  RICHARD BARASCH

  	
   

  	
  c/o Universal American
  Financial Corp.

  
	
   

  	
   

  	
  6 International Drive

  
	
   

  	
   

  	
  Rye Brook, NY
  10573-1068

  
	
   

  	
   

  	
  Phone: (914) 934-5200

  
	
   

  	
   

  	
  Fax: (914) 934-0700

  
	
   

  	
   

  	
   

  
	
  Russell L. Carson

  	
   

  	
  c/o Welsh, Carson,
  Anderson & Stowe

  
	
  Thomas E. McInerney

  	
   

  	
  320 Park Avenue

  
	
  Robert A. Minicucci

  	
   

  	
  Suite 2500

  
	
  Anthony J. de Nicola

  	
   

  	
  New York, New York
  10022-6815

  
	
  Paul B. Queally

  	
   

  	
  Phone: (212) 893-9500

  
	
  Sanjay Swani

  	
   

  	
  Fax: (212) 893-9575

  
	
  D. Scott Mackesy

  	
   

  	
  Attention: Sean M.
  Traynor

  
	
  John D. Clark

  	
   

  	
   

  
	
  James R. Matthews

  	
   

  	
   

  
	
  John Almedia, Jr.

  	
   

  	
   

  
	
  Sean M. Traynor

  	
   

  	
   

  
	
  Thomas Scully

  	
   

  	
   

  
	
  Michael E. Donovan

  	
   

  	
   

  
	
  Eric J. Lee

  	
   

  	
   

  
	
  Brian T. Regan

  	
   

  	
   

  
	
  Lucas Garman

  	
   

  	
   

  
	
  David Mintz

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WCAS MANAGEMENT
  CORPORATION

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
   

  	
   

  	
   

  
	
  THE BRUCE K. ANDERSON

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  2004 IRREVOCABLE TRUST

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE PATRICK WELSH

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  2004 IRREVOCABLE TRUST

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DE NICOLA HOLDINGS L.P.

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
   

  	
   

  	
   

  
	
  JONATHAN M. RATHER—IRA
  CHARLES 

  	
   

  	
  SAME AS IMMEDIATELY
  ABOVE.

  
	
  SCHWAB &CO., INC.
  CUSTODIAN

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SELECT GLOBAL
  INVESTORS, L.P.

  	
   

  	
  c/o Select Medical
  Corporation

  
	
   

  	
   

  	
  4718 Old Gettysburg
  Road

  
	
   

  	
   

  	
  Suite 405

  
	
   

  	
   

  	
  Mechanicsburg,
  Pennsylvania 17055

  
	
   

  	
   

  	
  Attention: Rocco
  Ortenzio

  
	
   

  	
   

  	
  Facsimile: (717)
  972-1050

  
	
   

  	
   

  	
   

  
	
  Norman Brownstein

  	
   

  	
  66 Sedgwick Place

  
	
   

  	
   

  	
  Englewood, Colorado
  80113

  
	
   

  	
   

  	
  Facsimile: (303)
  223-0336

  
	
   

  	
   

  	
   

  
	
  Charles E. Hallberg

  	
   

  	
  c/o MemberHealth, LLC

  
	
   

  	
   

  	
  29100 Aurora Road

  
	
   

  	
   

  	
  Suite 301

  
	
   

  	
   

  	
  Solon, Ohio 44139

  
	
   

  	
   

  	
  Facsimile: (440) 248-9644

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