Document:

Exhibit 4.5

 

FOUNDER STOCK PURCHASE
AGREEMENT

 

This Founder Stock Purchase Agreement (this “Agreement”) dated as of December 28, 2005 (the “Effective Date”) is entered into by and
between DeMarseCo, Inc., a Delaware corporation (the “Company”), and Philip Siegel (“Founder,” which term includes his or her
heirs, personal representatives, successors, and assigns).

 

In consideration of the mutual promises and covenants contained in this
Agreement, the parties agree as follows:

 

Section 1.                SALE OF SHARES; CLOSING.

 

1.1                   Sale of Shares.
Subject to the terms and conditions of this Agreement, at the Closing (as
defined below), the Company shall issue and sell to Founder, and Founder shall
purchase, 202,548 shares of the Company’s common stock, par value $0.001 per share
(the “Common Stock”), at the
purchase price of $0.001 per share. The shares of Common Stock being sold and
purchased under this Agreement are referred to as the “Shares.”

 

1.2                   Closing. The
closing of the issuance, sale, and purchase of the Shares (the “Closing”) shall take place at the offices
of Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100,
Austin, Texas at 10:00 a.m., local time, on the Effective Date or at such other
place or such other time as the Company and Founder may agree. At the Closing,
the Company shall deliver to Founder a certificate representing the Shares
being purchased by Founder, registered in the name of Founder, against payment
to the Company of the purchase price for such Shares by wire transfer, check,
or other method acceptable to the Company.

 

Section 2.                DEFINITIONS.

 

For purposes of this Agreement:

 

“Act” means the Securities Act of 1933, as amended.

 

“Austin Ventures” or “AV”
means Austin Ventures VIII, L.P.

 

“Cause” means “cause” as defined
in Founder’s employment or service agreement or in the absence of such an
agreement or such a definition, “Cause”
shall mean a determination by the Company’s board of directors that Founder (a)
has engaged in personal dishonesty, willful violation of any law, rule, or regulation
(other than minor traffic violations or similar offenses), or breach of
fiduciary duty involving personal profit, (b) is unable to satisfactorily
perform or has failed to satisfactorily perform Founder’s duties and
responsibilities for the Company or any affiliate, (c) has been convicted of,
or plead nolo contendere to, any
felony or a crime involving moral turpitude, (d) has engaged in negligence or
willful misconduct in the performance of his or her duties, including but not
limited to willfully refusing without proper legal reason to perform Founder’s
duties and responsibilities, (e) has materially breached any corporate policy
or code of conduct established by the Company or any affiliate as such policies
or codes may be adopted from time to time, (f) any violation by Founder of the
terms of the Proprietary Information and Inventions Agreement or any other
agreement between Founder and the Company related to Founder’s employment or
other service with the Company, or (g) has engaged in conduct that is

 

 

likely
to have a deleterious effect on the Company or any affiliate or their
legitimate business interests, including but not limited to their goodwill and
public image.

 

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

 

“Corporate Transaction” means either (i) the Company shall not be the
surviving entity in any merger, share exchange, or consolidation (or survives
only as a subsidiary of an entity), (ii) the Company sells, leases, or
exchanges, or agrees to sell, lease, or exchange, all or substantially all of
its assets to any other person or entity, (iii) the Company is to be dissolved
and liquidated, (iv) any person or entity, including a “group” as contemplated by Section
13(d)(3) of the Securities Exchange Act of 1934, acquires or gains ownership or
control (including, without limitation, power to vote) of more than 50% of the
outstanding shares of the Company’s voting stock (based upon voting power), or
(v) at such time as the Company becomes a reporting company under the Securities
Exchange Act of 1934, as a result of or in connection with a contested election
of directors, the persons who were directors of the Company before such
election shall cease to constitute a majority of the board of directors; provided
that a Corporate Transaction shall not include (A) any reorganization, merger,
consolidation, sale, lease, exchange, or similar transaction, which involves
solely the Company and one or more entities wholly-owned, directly or
indirectly, by the Company immediately prior to such event or (B) the
consummation of any transaction or series of integrated transactions
immediately following which the record holders of the voting stock of the
Company immediately prior to such transaction or series of transactions
continue to hold 50% or more of the voting stock (based upon voting power) of
(1) any entity that owns, directly or indirectly, the stock of the Company, (2)
any entity with which the Company has merged, or (3) any entity that owns an
entity with which the Company has merged.

 

“Lien” means any lien, security interest, pledge,
mortgage, deed of trust, charge, or encumbrance in real, personal, or mixed
property, tangible or intangible, and wherever located.

 

“Qualified Financing” means the issuance or sale of any preferred
stock, common stock or other stock or similar securities of the Company or any
security convertible or exchangeable into or for preferred stock, common stock
or other stock or similar securities of the Company for cash in a single
transaction or series of related transactions for which Austin Ventures serves
as the lead investor and in which the outstanding indebtedness of the Company
to Austin Ventures is converted into such equity securities.

 

“Termination of Founder’s Service” means (i)the
termination of Founder’s employment or other service with the Company for any
reason, with or without cause, voluntarily or involuntarily, and (ii) Founder
no longer continues to serve as a consultant, officer, employee or other
capacity approved by the board of directors of the Company.

 

“Unvested Shares” means Shares that are not Vested Shares (as
defined below). On the Effective Date, all Shares are Unvested Shares.

 

“Vested Shares” means Shares that have vested in accordance
with the provisions of Section 3.3. On the Effective Date, no Shares are
Vested Shares.

 

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Section 3.                RESTRICTIONS ON SHARES.

 

3.1                   Transfer Restrictions.

 

(a)                      Founder shall not sell, assign, transfer,
pledge, encumber, or otherwise dispose of (each, a “transfer”) any Shares or any
interest in any Shares, except as provided in this Agreement.

 

(b)                     Any attempted transfer of Shares other than in
accordance with this Agreement and any Transfer Restriction Agreements (as
defined below) shall be null and void, and the Company shall refuse to
recognize any such transfer and shall not reflect on its records any change in
record ownership of Shares pursuant to any such transfer.

 

(c)                      Founder acknowledges that the Shares may be
subjected to further transfer restrictions, including, but not limited to,
rights of first refusal and co-sale in connection with one or more transactions
in which the Company issues shares of its preferred stock, par value $0.001 per
share, and Founder agrees to execute such agreements (“Transfer Restriction Agreements”)
evidencing such restrictions as the Company may reasonably request.

 

3.2                   Repurchase Option. The Company shall have a right and option
(the “Repurchase
Option”) to purchase Unvested Shares from Founder in accordance with
the following provisions:

 

(a)                      The Company may exercise the Repurchase Option
at any time during the 45-day period following the Termination of Founder’s
Service. Failure of the Company to exercise its Repurchase Option within such
45-day period shall be deemed to constitute a notification to Founder of the
Company’s decision not to exercise its Repurchase Option.

 

(b)                     The purchase price for Unvested Shares
purchased upon exercise of the Repurchase Option shall be $0.001 per share.

 

(c)                      The Repurchase Option shall be exercisable by
the Company by written notice delivered to Founder or his or her personal
representative prior to the expiration of the 45-day period specified in Subsection
3.2(a). Such notice shall indicate the number of Unvested Shares to be purchased
and the date (not later than 10 days after the date of expiration of the
Repurchase Option) on which the purchase is to be effected. To the extent one
or more certificates representing Unvested Shares may have been previously
delivered out of escrow to Founder, Founder, prior to the close of business on
the date specified for the repurchase, shall deliver to the Company the
certificate(s) representing the Unvested Shares to be purchased, each
certificate to be properly endorsed for transfer and free and clear of any
restrictions (other than the restrictions imposed under this Agreement and any
Transfer Restriction Agreements), Liens, or claims, against payment of the
purchase price for the Unvested Shares by check payable to the order of
Founder.

 

(d)                     If the Company shall make available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Unvested Shares to be repurchased in accordance with the
provisions of this Agreement, then from and after such time,

 

3

 

Founder
shall no longer have any rights as a holder of such Unvested Shares (other than
the right to receive payment of such consideration in accordance with this
Agreement), and such Unvested Shares shall be deemed purchased in accordance
with the applicable provisions of this Agreement and the Company shall be
deemed the owner and holder of such shares, whether or not the certificates for
such shares have been delivered as required by this Agreement.

 

(e)                      In the event of any stock dividend, stock
split, recapitalization, or other change affecting the outstanding Common Stock
as a class effected without consideration, then any new, substituted, or
additional securities or other property (including money paid other than as a
regular cash dividend) that is by reason of any such transaction distributed
with respect to the Unvested Shares shall be immediately subject to the
Repurchase Option to the extent the Unvested Shares are at the time covered by
such Repurchase Option. Appropriate adjustments to reflect the distribution of
such securities or property shall be made to the number of Unvested Shares
under this Agreement and to the price per share to be paid upon the exercise of
the Repurchase Option in order to reflect the effect of any such transaction
upon the Company’s capital structure.

 

3.3                   Vesting; Termination of Repurchase Option.

 

(a)                      Unvested Shares shall vest in cumulative
increments according to the following schedule: 50% of all Unvested Shares (i.e.,
101,274 shares) shall vest upon the closing of the Qualified Financing, and the
remaining 50% shall vest over the following 60 months at the rate of 1,688
shares per month. In addition, all Unvested Shares shall immediately vest upon
the consummation of any Corporate Transaction that occurs following the
Qualified Financing.

 

(b)                     Notwithstanding anything in this Agreement to
the contrary, the Unvested Shares shall cease to vest immediately upon
Termination of Founder’s Service.

 

(c)                      Upon the vesting of Unvested Shares, the
Repurchase Option shall automatically terminate with respect to such Shares,
and such Shares shall become Vested Shares and shall no longer be subject to
the Repurchase Option, but shall nevertheless remain subject to the other provisions
of this Agreement and to any Transfer Restriction Agreements.

 

3.4                   Company’s Right of First Refusal.

 

(a)                      Except for the Company’s Repurchase Option set
forth in Section 3.2, Founder shall not transfer any Unvested Shares.
Founder agrees that if Founder intends to transfer any or all of the Vested
Shares, Founder will first give the Company notice in writing of such proposed
transfer. Such notice (the “Notice”) will contain (1) the name
and address of Founder and the proposed transferee, (2) the terms and
conditions of such transfer, including, in the event that any third party offer
has been received by Founder and Founder intends to accept such offer, the
purchase price, and if such price is to be paid in whole or in part in
consideration other than cash, a full and complete description of such non-cash
consideration, and (3) an offer (the “Required Offer”) to sell such
Vested Shares to the Company at a price per share equal to the proposed
consideration for the transfer of such Vested Shares. The board of directors of
the Company will determine the fair cash equivalent of any proposed
consideration that is other than

 

4

 

cash. At any time during
the 30-day period immediately following the delivery of the Notice to the
Company, the Company will have the exclusive right and option, but not the
obligation, to accept the Required Offer and proceed with the purchase of such
Vested Shares pursuant to such Required Offer. In the event the Company does
not exercise its rights as set forth in this Section, Founder will be free to
transfer such Vested Shares under the terms and conditions stated in the
Notice; provided, however, that if such transfer does not take
place within 60 days following the delivery of the Notice to the Company, the
terms of this Section must once again be followed prior to the transfer of the
Vested Shares. Any Vested Shares that are transferred pursuant to the preceding
provisions of this Section will continue to be subject to the right of first
refusal set forth in this Section subsequent to any such transfer. If at any
time a proposed transfer by Founder applies to less than all of the Vested
Shares of Founder, the right of first refusal granted in this Agreement to the
Company will remain in full force and effect as to the remainder of such Vested
Shares, regardless of whether it is exercised with respect to such initial
portion. Founder may not pledge or otherwise encumber any of the Vested Shares
without the written consent of the Company.

 

(b)                     The right of
first refusal stated in this Agreement will survive the termination of this
Agreement. The Company also has the right to assign the right of first refusal
stated in this Agreement. The right of first refusal stated in this Agreement
will not apply to transfers of Vested Shares pursuant to the laws of descent
and distribution; provided,  however, that any such Vested Shares
will be subject to the right of first refusal set forth in this Section
subsequent to any such transfer. The right of first refusal stated in this
Agreement will not apply to the exchange of Vested Shares pursuant to a plan of
merger, consolidation, recapitalization, or reorganization of the Company, but
any stock, securities or other property received in exchange therefor will be
subject to the right of first refusal set forth in this Agreement; provided,
however, that any such stock or securities received in any such merger,
consolidation, recapitalization, or reorganization will not be subject to the
right of first refusal set forth in this Section if the stock or securities
received in such merger, consolidation, recapitalization, or reorganization are
registered under the Securities Exchange Act of 1934. A dissolution or
liquidation of the Company will not trigger the right of first refusal set
forth in this Agreement; provided, however, that a dissolution or
a liquidation of the Company within one year following the sale of all or
substantially all of the assets of the Company in exchange for stock or
securities will be considered a reorganization of the Company. The right of
first refusal set forth in this Section will terminate upon the consummation by
the Company of a public offering of Common Stock pursuant to an effective
registration statement under the Act.

 

Section
4.                ESCROW.

 

4.1                   Deposit. Certificates representing the
Unvested Shares shall be deposited in escrow with the Company to be held in
accordance with the provisions of this Section. Each deposited certificate
shall be accompanied by a duly executed assignment separate from certificate in
the form attached as Exhibit A. The deposited certificates, together
with any other assets or securities from time to time deposited with the
Company pursuant to the requirements of this Agreement, shall remain in escrow
until such time or times as the certificates (or other assets and securities)
are to be released or otherwise surrendered for cancellation in accordance with
Section 4.3. Upon delivery of the certificates (or other assets and
securities) to the

 

5

 

Company, the holder shall
be issued a deposit receipt acknowledging the number of Unvested Shares or
other assets and securities delivered in escrow to the Company.

 

4.2                   Recapitalization. Any cash dividends on
the Unvested Shares (or other securities at the time held in escrow) shall be
paid directly to the holder and shall not be held in escrow. However, in the
event of any stock dividend, stock split, recapitalization, or other change
affecting the Company’s outstanding Common Stock as a class effected without
consideration, any new, substituted, or additional securities or other property
that by reason of such transaction is distributed with respect to the Unvested
Shares shall be immediately delivered to the Company to be held in escrow under
Section 4, but only to the extent the Unvested Shares are at the time
subject to the escrow requirements of Section 4.1.

 

4.3                   Release; Surrender.

 

(a)                      If the
Company exercises the Repurchase Option with respect to any Unvested Shares,
then the escrowed certificates for such Unvested Shares or the certificates
representing such Unvested Shares (together with any other assets or securities
issued with respect to such Unvested Shares) shall be delivered to the Company
for cancellation, concurrently with the payment to Founder of the amount
provided for in Section 3.2(a) above, as applicable, and Founder shall
cease to have any further rights or claims with respect to such Unvested Shares
(or other assets or securities).

 

(b)                     When the
Unvested Shares (or any other assets or securities issued with respect to such
Unvested Shares) vest in accordance with Section 3.3, the certificates
for such Vested Shares shall, at Founder’s request, no more than once in any
six month period be promptly released from escrow and delivered to Founder.

 

(c)                      All shares
released from escrow in accordance with the provisions of Section 4.3(b)
nevertheless remain subject to the other provisions of this Agreement and to
any Transfer Restriction Agreements.

 

Section
5.                LEGENDS; STOP TRANSFER.

 

5.1                   Restrictive Legends. In order to
reflect the restrictions on the transfer of the Shares set forth or referred to
in this Agreement, the certificates representing Shares shall be endorsed with
legends to the following effect:

 

“THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION
PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE
EXEMPTIONS THEREFROM.”

 

“THE SHARES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR IN
ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS

 

6

 

OF A FOUNDER STOCK
PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER OF THE SHARES.
THE FOUNDER STOCK PURCHASE AGREEMENT GRANTS CERTAIN PURCHASE OPTIONS TO THE
COMPANY AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE SHARES. A COPY OF THE
FOUNDER STOCK PURCHASE AGREEMENT IS ON DEPOSIT AT THE PRINCIPAL OFFICE OF THE
COMPANY AND WILL BE FURNISHED BY THE COMPANY TO THE REGISTERED HOLDER HEREOF
UPON WRITTEN REQUEST.”

 

5.2                   Enforcement; Stop Transfer. No Shares
shall be transferred on the books of the Company nor shall any attempted sale,
transfer, assignment, pledge, or other disposition of any Shares be effective
unless and until the terms and provisions of this Agreement and any Transfer
Restriction Agreements are first complied with. Any attempted sale, transfer,
assignment, pledge, or other disposition of any Shares that does not comply
with the provisions of this Agreement and Transfer Restriction Agreements shall
be invalid and of no effect.

 

Section
6.                GENERAL PROVISIONS.

 

6.1                   Exemption from Registration. The Shares
have not been registered under the Act or the securities laws of any state and
are being issued to Founder in reliance upon exemptions from such registration
under the Act or the securities laws of any state. Founder understands and
agrees that the Shares may not be resold or transferred without registration
under the Act and applicable state securities laws unless an exemption from
such registration is available. Accordingly, Founder acknowledges that he or
she is prepared to hold the Shares for an indefinite period and that he or she
is aware that Rule 144 of the Securities and Exchange Commission under the Act
is not currently available to exempt the sale of the Shares from the
registration requirements of the Act and may not be available at the time
Founder wishes to sell the Shares. Prior to acquiring the Shares, Founder
obtained sufficient information about the Company to reach an informed decision
to acquire the Shares. Founder has such knowledge and experience in financial
and business matters as to make him or her capable of utilizing such
information to evaluate the risks of the prospective investment and to make an
informed investment decision. Founder is able to bear the economic risk of his
or her investment in the Shares.

 

6.2                   Stockholder Rights. For so long as
Founder holds shares, Founder shall have all the rights of a stockholder
(including voting and dividend rights) with respect to the Shares, subject in
all respects to the provisions of any Transfer Restriction Agreement.

 

6.3                   Market Stand-Off. In connection with
any underwritten public offering by the Company of its equity securities
pursuant to an effective registration statement filed under the Act, including
the Company’s initial public offering, Founder shall not sell, make any short
sale of, loan, pledge, grant any option for the purchase of, or otherwise
dispose or transfer for value or otherwise agree to engage in any of the
foregoing transactions with respect to, any shares of Common Stock without the
prior written consent of the Company or its underwriters,

 

7

 

for such period of time
(not to exceed 180 days) from and after the effective date of such registration
statement as may be requested by the Company or such underwriters.

 

6.4                   Section 83(b) Election. Founder
understands that, under Section 83 of the Code, the difference between the
purchase price paid for the Shares and its fair market value at the time any
forfeiture restrictions applicable to such shares lapse may be reportable as
ordinary income at that time. For this purpose, the term “forfeiture restrictions” includes the
right of the Company to repurchase the Shares pursuant to its Repurchase Option.
Founder understands that he or she may elect to be taxed at the time the Shares
are acquired under this Agreement to the extent the fair market value of the
Shares differs from the purchase price, rather than when and as such Shares
cease to be subject to such forfeiture restrictions, by filing an election
under Section 83(b) of the Code with the Internal Revenue Service within 30
days after the Effective Date. If the fair market value of the Shares at the
time of purchase equals the purchase price paid or if it is likely that the
fair market value of the Shares at the time any forfeiture restrictions lapse
shall exceed the fair market value of the time of purchase, the election may
avoid adverse tax consequences in the future. A form for making this election
is attached as Exhibit B. Founder understands that the failure to make
this filing within said 30-day period shall result in the recognition of
ordinary income by Founder (in the event the fair market value of the Shares
increases after the date of purchase) as the forfeiture restrictions lapse. Founder acknowledges that it is his or her sole
responsibility, and not the Company’s, to file a timely election under Section
83(b), even if Founder requests the Company or its representative to make this
filing on his or her behalf.

 

6.5                   Company Counsel. Founder acknowledges
that Vinson & Elkins L.L.P., counsel for the Company, represented the
Company in the transaction contemplated by this Agreement, including the
formation and initial capitalization of the Company, and has not represented
the Founder or any individual shareholder or employee of the Company in
connection with such transactions.

 

6.6                   Assignment. The Company may assign its
Repurchase Option to any person, including, without limitation, one or more
stockholders of the Company.

 

6.7                   No Employment Contract. Nothing in this
Agreement shall confer upon Founder any right to continue in the employment of
the Company for any period of time or interfere with or restrict in any way the
rights of the Company or Founder, which rights are hereby expressly reserved by
each, to terminate the employment of Founder at any time for any reason
whatsoever, with or without cause.

 

6.8                   Notices. All notices, requests,
consents, and other communications under this Agreement shall be in writing and
shall be deemed effectively given when delivered personally or by facsimile
transmission or by overnight delivery service or 72 hours after having been
mailed by first class certified or registered mail, return receipt requested,
postage prepaid:

 

If to the Company,
at 300 West 6th Street, Suite 2300, Austin, Texas 78701, Attention: President
(fax (512) 476-3952), or at such other address or addresses as may have been
furnished in writing by the Company to Founder, with a copy to Vinson &
Elkins L.L.P.,

 

8

 

The Terrace 7, 2801 Via
Fortuna, Suite 100, Austin, Texas 78746, Attention: Kyle K. Fox, Esq. (fax
(512) 236-3340).

 

If to Founder, at
the address set forth on the signature page below or at such other address as
may have been furnished in writing by Founder to the Company.

 

6.9                   No Waiver. The failure of the Company
to exercise any Repurchase Option shall not constitute a waiver of any other
Repurchase Option or similar rights that may subsequently arise under the
provisions of this Agreement. No waiver of any breach or condition of this
Agreement shall be deemed to be a waiver of any other or subsequent breach or
condition, whether of like or different nature.

 

6.10            Entire Agreement. This Agreement
constitutes the entire contract between the parties to this Agreement with
regard to the subject matter of this Agreement.

 

6.11            GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS, AND NOT THE
LAW OF CONFLICTS, OF THE STATE OF DELAWARE.

 

6.12            Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same instrument.

 

6.13            Successors and Assigns. The provisions
of this Agreement shall inure to the benefit of and be binding upon the Company
and its respective successors and assigns, and Founder and his or her legal
representatives, heirs, legatees, distributees, assigns, and transferees by
operation of law, whether or not any such person shall have become a party to
this Agreement.

 

[Signature Pages Follow]

 

9

 

IN WITNESS WHEREOF, the parties to this Agreement have executed this
Agreement as of the date first written above.

 

 

	
   

  	
   

  	
  DEMARSECO,
  INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
    Elisabeth
  DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
    President
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FOUNDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Philip Siegel

  	
   

  
	
   

  	
   

  	
  Philip Siegel

  	
   

  

 

 

Signature Page to Founder Stock Purchase Agreement

 

 

EXHIBIT A

 

Assignment Separate from
Certificate

 

Philip
Siegel assigns and transfers to DEMARSECO,
INC. (the “Company”)
                       shares of the Common Stock, par value $0.001
per share, of the Company standing in
his or her name on the books of the Company and represented by certificate
number(s)                 
and irrevocably appoints                         
agent to transfer such shares on the books of the Company. The agent
may substitute another to act for him or her.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Philip Siegel

  
	
   

  	
   

  	
  Philip Siegel

  

 

 

Instructions:
Please do not fill in any blanks other than the signature line. Please sign
exactly as you would like your name to appear on the issued stock certificate.
The purpose of this assignment is to enable the Company to exercise the
Repurchase Option without requiring additional signatures on the parts of
Founder.

 

A-1

 

EXHIBIT B

 

Section 83(b) Election

 

This
statement is made under Section 83(b) of the Internal Revenue Code of 1986, as
amended, pursuant to Treasury Regulations Section 1.83-2.

 

(1)                     The taxpayer who performed the services is:

	
  Name:

  	
  Philip Siegel

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  
				

 

(2)                     The property
with respect to which the election is made is 202,548 shares of the common
stock of DEMARSECO, INC.

 

(3)                     The property
was transferred on December 28, 2005.

 

(4)                     The taxable
year for which the election is made is the calendar year 2005.

 

(5)                     The property
is subject to a repurchase right pursuant to which the issuer has the right to
acquire the property at the original purchase price if for any reason taxpayer’s
service with the issuer is terminated. The issuer’s repurchase right lapses in
a series of installments over a five-year period following the closing of the
Company’s next issuance of preferred stock.

 

(6)                     The fair
market value of such property at the time of transfer (determined without
regard to any restriction other than a restriction that, by its terms, shall
never lapse) is $.001 per share.

 

(7)                     The amount
paid for such property is 0.001 per share.

 

(8)                     A copy of
this statement was furnished to DEMARSECO,
INC., for whom taxpayer rendered the services underlying the
transfer of such property.

 

(9)                     This statement
is executed on December 28, 2005.

 

	
   

  	
   

  	
   

  
	
  /s/ Spouse

  	
   

  	
  /s/ Philip Siegel

  
	
  Signature
  of Spouse (if any)

  	
   

  	
  Signature
  of Taxpayer

  

 

Within 30 days after the date of purchase, this
election must be filed with the Internal Revenue Service Center where the Purchaser
files his or her federal income tax returns. The filing should be made by
registered or certified mail, return receipt requested. The Purchaser must (a)
file a copy of the completed form with his or her federal tax return for the
current tax year and (b) deliver an additional copy to the Company.

 

B-1

 

FIRST AMENDMENT TO FOUNDER STOCK PURCHASE AGREEMENT

 

This FIRST AMENDMENT (this “Amendment”)
to that certain Founder Stock Purchase Agreement (the “Agreement”), dated as of December 28,
2005, by and between DeMarseCo, Inc., a Delaware corporation (the “Company”), and Philip Siegel (“Founder,” which term
includes his or her heirs, personal representatives, successors and assigns) is
entered into as of September 20, 2006.

 

The Company has determined that it is in the best interests of the
Company and the stockholders of the Company that the Company effect a
2.01598140-for-1 stock split (the “Stock
Split”) with respect to shares of its common stock, par value $0.001
per share (“Common Stock”), such
that the number of Shares (as defined in the Agreement) subject to the
Agreement will be 408,333 after giving effect to the Stock Split; and

 

In connection with the Stock Split and a restructuring of the Company,
the Company and Founder desire to amend the Agreement to modify the vesting
provisions applicable to the Shares.

 

For and in consideration of the premises and the mutual benefits to the
parties arising out of this Amendment, the receipt and sufficiency of which are
hereby acknowledged by the parties’ execution and delivery hereof, the parties
hereto agree as follows:

 

Section 1.                DEFINITIONS. Capitalized terms used in this Amendment and not defined in this
Amendment have the meanings assigned them in the Agreement.

 

Section
2.                 AMENDMENT  TO  SECTION 3.3(a) OF
 THE AGREEMENT. Effective upon the consummation of the Stock
Split (at which time 408,333 shares of Common Stock will be subject to the
Agreement), Section 3.3(a) of the Agreement is amended and restated in its
entirety as follows:

 

“(a)                Unvested
Shares shall vest in cumulative increments according to the following schedule:
(i) 50% of all Unvested Shares (i.e., 204,166 shares) shall vest upon the
closing of the Qualified Financing, (ii) 25% of the then remaining Unvested
Shares (i.e., 51,041 shares) shall vest upon the first anniversary of the
closing of the Qualified Financing (the “Qualified
Financing Anniversary”), and (iii) 1/36 of the then remaining
Unvested Shares (i.e., 4,253 shares) shall vest on the last day of the first
month following the Qualified Financing Anniversary and monthly thereafter
until the last day of the 36th month following the Qualified Financing
Anniversary when all remaining Unvested Shares shall vest. In addition, all
Unvested Shares shall immediately vest upon the consummation of any Corporate
Transaction that occurs following the Qualified Financing (other than any
Corporate Transaction entered into in connection with such Qualified
Financing).”

 

Section 3.                WAIVER.
In connection with the Stock Split, Founder hereby forfeits any fractional
shares to which such Founder may be entitled as a result of such Stock Split
and waives the right to receive payment of the fair value of such fractional
shares in lieu of such fractional shares.

 

1

 

Section 4.                NO OTHER CHANGES/PROMISES. Except as specifically set forth in this
Amendment, the terms and provisions of the Agreement shall remain unmodified
and the Agreement is hereby confirmed by the parties as being in full force and
effect as amended herein. This Amendment and the Agreement constitute the
entire understanding of the parties with respect to the subject matter thereof,
and no other covenants have been made by either party to the to the other.

 

Section 5.                COUNTERPARTS. This Amendment may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not
sign the same counterpart.

 

[Signature
Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties have caused this Amendment to the
Agreement to be executed and delivered by their respective officers thereunto
duly authorized, all as of the date first above written.

 

	
   

  	
  COMPANY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DEMARSECO, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elisabeth DeMarse

  	
   

  	
   

  
	
   

  	
   

  	
  Elisabeth DeMarse

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FOUNDER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     /s/ Philip Siegel

  	
   

  	
   

  
	
   

  	
  Philip Siegel

  	
   

  	
   

  

 

 

SIGNATURE PAGE TO

PHILIP SIEGEL’S

FIRST AMENDMENT TO FOUNDER STOCK PURCHASE AGREEMENTExhibit 4.6

 

RESTRUCTURING AGREEMENT

 

This Restructuring Agreement (this “Agreement”),
dated September 20, 2006, is by and between DeMarseCo, Inc., a Delaware
corporation (“DI”), DeMarseCo
Holdings, Inc., a Delaware corporation (“DII”),
Austin Ventures VIII, L.P., a Delaware limited partnership (“AV”), Philip Siegel, David Lack, Elisabeth
DeMarse and Brett Shobe.

 

RECITALS

 

WHEREAS, DI is party to that certain Note Purchase Agreement, dated December 28,
2005, by and between DI and AV (the “Original
Purchase Agreement”), pursuant to which DI can sell and AV can
subscribe for and purchase up to $1,500,000 aggregate principal amount of DI’s
Convertible Promissory Notes;

 

WHEREAS, in accordance with the Original Purchase Agreement, DI sold to AV and
AV subscribed for and purchased that certain Convertible Promissory Note of DI,
dated December 28, 2005 in the principal amount of $500,000 (the “Original Note”) and on September 15, 2006,
DI sold to AV and AV subscribed for and purchased that certain Convertible Promissory
Note of DI in the principal amount of $500,000 (the “Second Note”);

 

WHEREAS, Philip Siegel purchased 202,548 shares of common stock, par value
$0.001 per share, of DI (“DI Common Stock”)
pursuant to that certain Founder Stock Purchase Agreement, dated December 28,
2005, by and between Philip Siegel and DI (the “DI Siegel Purchase Agreement”);

 

WHEREAS, David Lack purchased 202,548 shares of DI Common Stock pursuant to that
certain Founder Stock Purchase Agreement, dated December 28, 2005, by and between
David Lack and DI (the “DI Lack Purchase
Agreement”);

 

WHEREAS, Elisabeth DeMarse purchased 586,636 shares of DI Common Stock pursuant
to that certain Founder Stock Purchase Agreement, dated December 28, 2005, by
and between Elisabeth DeMarse and DI (the “DI
DeMarse Purchase Agreement”);

 

WHEREAS, Brett Shobe purchased 8,267 shares of DI Common Stock pursuant to that
certain Founder Stock Purchase Agreement, dated December 28, 2005, by and
between Brett Shobe and DI (the “DI Shobe
Purchase Agreement”);

 

WHEREAS, DI has formed a wholly-owned subsidiary, DII, and is the holder of
1,000,000 shares of common stock, par value $0.001 per share, of DII (“DII Common Stock”);

 

WHEREAS, DI has identified a proposed acquisition opportunity as described in
that certain Letter of Intent and that certain Exclusivity Letter, each dated
August 25, 2006, each by and between Austin Ventures, L.P., DI and
CreditCard.com, L.P. (the “Credit Card
Opportunity”) that are of interest to DII;

 

WHEREAS, DII desires to pursue the Credit Card Opportunity, which is the
property of DI, and DI desires to assign the Credit Card Opportunity to DII in
accordance with this

 

 

Agreement
and in connection with such assignment, DI and DII will fairly divide DI’s
expenses incurred to date;

 

WHEREAS, AV, DI, DII, Elisabeth DeMarse, Philip Siegel, David Lack and Brett
Shobe desire that DII pursue the Credit Card Opportunity as a fully separate
entity in which Elisabeth DeMarse, Philip Siegel, David Lack and Brett Shobe
are the stockholders;

 

WHEREAS, each of the following transactions shall occur pursuant to or in
connection with this Agreement (such transactions, collectively, the “Restructuring Transactions”):

 

1.                          AV will approve the Restructuring Transactions in accordance with Section
4.9 of the Original Purchase Agreement;

 

2.                          DI will assign the Credit Card Opportunity and related business plans
and/or ideas to DII;

 

3.                          in order to fairly divide the expenses incurred by DI to date, DI will
assign to DII, and DII will assume, $250,000 plus accrued but unpaid interest
of the Original Note and $250,000 plus accrued but unpaid interest of the
Second Note and DI will transfer $150,000 in immediately available funds to DII
by:

 

(a)                      DII and AV will enter into a Note Purchase
Agreement, in the form attached hereto as Exhibit A (the “DII Purchase Agreement”), pursuant to
which DI can sell and AV can subscribe for and purchase up to $750,000
aggregate principal amount of Convertible Promissory Notes of DII;

 

(b)                     AV returning the Original Note and the Second
Note to DI for cancellation and replacement;

 

(c)                      DII issuing to AV (i) a Convertible Promissory
Note under the DII Purchase Agreement in the principal amount of $250,000, in
the form attached hereto as Exhibit B, to evidence the assumption of the
$250,000 principal amount of the Original Note (the “First DII Note”) and (ii) a Convertible Promissory Note under
the DII Purchase Agreement in the principal amount of $250,000, in the form
attached hereto as Exhibit C, to evidence the assumption of the $250,000
principal amount of the Second Note (the “Second
DII Note”);

 

(d)                     DI and AV will amend and restate the Original
Purchase Agreement, in the form attached hereto as Exhibit D (the “Amended and Restated Purchase Agreement”),
pursuant to which DI can sell and AV can subscribe for and purchase up to
$750,000 aggregate principal amount of DI’s Convertible Promissory Notes;

 

(e)                      DI issuing to AV (i) an amended and restated
Convertible Promissory Note under the Amended and Restated Purchase Agreement
in the principal amount of $250,000, in the form attached hereto as Exhibit
E, as the replacement note for the Original Note (the “Amended and Restated Original DI Note”)
and (ii) an amended and restated Convertible Promissory Note under

 

2

 

the
Amended and Restated Purchase Agreement in the principal amount of $250,000, in
the form attached hereto as Exhibit F, as the replacement note for the
Second Note (the “Amended and Restated Second
DI Note”);

 

(f)                        DI will transfer $150,000 in immediately
available funds to DII; and

 

4.                          Elisabeth DeMarse’s employment will be transferred from DI to DII and in
connection with the transfer:

 

(a)                      Elisabeth DeMarse and DII will enter into a
Stock Restriction Agreement, in the form attached hereto as Exhibit G
(the “DII DeMarse Restriction Agreement”),
and in accordance with this Agreement and subject to the DII DeMarse
Restriction Agreement: (i) DI will release 503,963 shares of Elisabeth DeMarse’s
DI Common Stock from escrow under the DI DeMarse Purchase Agreement, (ii)
Elisabeth DeMarse will surrender such 503,963 shares of her DI Common Stock to
DI, such shares to be retired by DI, (iii) DI will waive the transfer
restrictions contained in the DI DeMarse Purchase Agreement as to the transfer
of such DI Common Stock and (iv) in exchange for such shares of DI Common
Stock, DI will transfer 577,779 shares of DII Common Stock owned by DI to
Elisabeth DeMarse; and

 

(b)                     Elisabeth DeMarse and DII will enter into a
Proprietary Information and Inventions Assignment Agreement, in the form
attached hereto as Exhibit H (the “DII
DeMarse PIIA Agreement”);

 

5.                          following the transfers of shares of DI Common Stock and DII Common
Stock described in subparagraph 4(a) and in accordance with resolutions
of the Board of Directors of DI adopted on 

September 19, 2006 and attached hereto as Exhibit I, DI will distribute
in the form of a dividend the remaining 422,221 shares of DII Common Stock
owned by DI to the holders of the issued and outstanding shares of DI Common
Stock pro rata in accordance with such stockholder’s ownership of DI Common
Stock, resulting in Philip Siegel receiving 172,407 shares of DII Common Stock,
David Lack receiving 172,407 shares of DII Common Stock, Elisabeth DeMarse
receiving 70,370 shares of DII Common Stock and Brett Shobe receiving 7,037
shares of DII Common Stock, with:

 

(a)                      (i) Philip Siegel’s receipt of the 172,407
shares of DII Common Stock being conditioned upon (A) Philip Siegel and DII
entering into a Stock Restriction Agreement, in the form attached hereto as Exhibit
J (the “DII Siegel Restriction Agreement”),
and (B) Philip Siegel and DII entering into a Proprietary Information and
Inventions Assignment Agreement, in the form attached hereto as Exhibit K
(the “DII Siegel PIIA Agreement”),
and (ii) such 172,407 shares being subject to the DII Siegel Restriction
Agreement;

 

(b)                     (i) David Lack’s receipt of the 172,407 shares
of DII Common Stock being conditioned upon (B) David Lack and DII entering into
a Stock Restriction Agreement, in the form attached hereto as Exhibit L
(the “DII Lack

 

3

 

Restriction
Agreement”), and (C) David Lack and DII entering into a
Proprietary Information and Inventions Assignment Agreement, in the form
attached hereto as Exhibit M (the “DII
Lack PIIA Agreement”), and (ii) such 172,407 shares being subject to
the DII Lack Restriction Agreement;

 

(c)                      (i) Elisabeth DeMarse’s receipt of the 70,370
shares of DII Common Stock being conditioned upon (A) Elisabeth DeMarse’s and
DII’s entry into the DII DeMarse Restriction Agreement and (B) Elisabeth
DeMarse and DII entering into the DII DeMarse PIIA Agreement, and (ii) such
70,370 shares being subject to the DII DeMarse Restriction Agreement;

 

(d)                     (i) Brett Shobe’s receipt of the 7,037 shares
of DII Common Stock being conditioned (A) upon Brett Shobe and DII entering
into a Stock Restriction Agreement, in the form attached hereto as Exhibit N
(the “DII Shobe Restriction Agreement”),
and (B) Brett Shobe and DII entering into a Proprietary Information and
Inventions Assignment Agreement, in the form attached hereto as Exhibit O
(the “DII Shobe PIIA Agreement”),
and (ii) such 7,037 shares being subject to the DII Shobe Restriction
Agreement; and

 

(e)                      DI will waive (i) the operation of Section
4.2 of the DI Siegel Purchase Agreement as to the shares of DII Common
Stock distributed in the form of a dividend to Philip Siegel, (ii) the
operation of Section 4.2 of the DI Lack Purchase Agreement as to the
shares of DII Common Stock distributed in the form of a dividend to David Lack,
(iii) the operation of Section 4.2 of the DI DeMarse Purchase Agreement
as to the shares of DII Common Stock distributed in the form of a dividend to
Elisabeth DeMarse, and (iv) the operation of Section 4.2 of the DI Shobe
Purchase Agreement as to the shares of DII Common Stock distributed in the form
of a dividend to Brett Shobe;

 

6.                          subsequent to the surrender of shares of DI Common Stock by Elisabeth
DeMarse and the retirement of such shares by DI as described in subparagraph
4(a), DI will do a 2.0159814 for 1 stock split of the issued and
outstanding DI Common Stock in accordance with resolutions of the Board of
Directors of DI adopted on September 19, 2006 and attached hereto as Exhibit
P, resulting in Philip Siegel holding 408,333 shares of DI Common Stock,
David Lack holding 408,333 shares of DI Common Stock, Elisabeth DeMarse holding
166,667 shares of DI Common Stock and Brett Shobe holding 16,667 shares of DI
Common Stock;

 

7.                          DI and Philip Siegel will amend the DI Siegel Purchase Agreement, in the
form attached hereto as Exhibit O (the “First
Amendment to DI Siegel Purchase Agreement”), in order to, among
other things, change the vesting provisions;

 

8.                          DI and David Lack will amend the DI Lack Purchase Agreement, in the form
attached hereto as Exhibit R (the “First
Amendment to DI Lack Purchase Agreement”), in order to, among other
things, change the vesting provisions;

 

4

 

9.                           DI and Elisabeth DeMarse will amend the DI
DeMarse Purchase Agreement, in the form attached hereto as Exhibit S
(the “First Amendment to DI DeMarse Purchase
Agreement”), in order to, among other things, change the vesting
provisions; and

 

10.                     DI and Brett Shobe will amend the DI Shobe
Purchase Agreement, in the form attached hereto as Exhibit T (the “First Amendment to DI Shobe Purchase Agreement”),
in order to, among other things, change the vesting provisions.

 

AGREEMENTS

 

NOW, THEREFORE, in consideration of the foregoing premises
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and the covenants and agreements in this Agreement, the
parties hereto hereby agree as follows:

 

Section 1.               Approval of the Restructuring
Transactions. Pursuant to Section
4.9 of the Original Purchase Agreement, AV has the right to approve or
disapprove of a Business Transaction (as defined in the Original Purchase
Agreement) involving DI. Pursuant to that right, AV hereby approves of the
Restructuring Transactions in all respects.

 

Section 2.               Assignment of Credit Card
Opportunity. DI hereby sells,
assigns, transfers, conveys and delivers to DII all of its right, title and
interest in, to and under the Credit Card Opportunity, and DII hereby accepts
all of the right, title and interest of DI in, to and under the Credit Card
Opportunity.

 

Section 3.               Note Purchase Agreements;
Assumption of Debt.

 

3.1                  Assumption of Debt of DI by DII. Concurrently with this Agreement:

 

(a)                      DII and AV have entered into and delivered the
DII Purchase Agreement;

 

(b)                     AV has delivered the Original Note and the
Second Note to DI for cancellation and replacement as described herein;

 

(c)                      (i) DII hereby assumes and undertakes to pay,
discharge and perform all obligations, debts and liabilities of DI relating to
$250,000 plus accrued but unpaid interest of the Original Note, (ii) AV hereby
consents to such assumption and undertaking, and (iii) DII has issued and
delivered to AV the First DII Note under the DII Purchase Agreement in
principal amount of $250,000 plus accrued but unpaid interest due on such
amount under the Original Note, which note evidences such assumption and
undertaking and has been accepted by AV in full satisfaction of $250,000
principal amount of the Original Note;

 

(d)                     (i) DII hereby assumes and undertakes to pay,
discharge and perform all obligations, debts and liabilities of DI relating to
$250,000 plus accrued but unpaid interest of the Second Note, (ii) AV hereby
consents to such assumption and undertaking, and (iii) DII has issued and
delivered to AV the

 

5

 

Second
DII Note under the DII Purchase Agreement in principal amount of $250,000 plus
accrued but unpaid interest due on such amount under the Second Note, which
note evidences such assumption and undertaking and has been accepted by AV in
full satisfaction of $250,000 principal amount of the Second Note;

 

(e)                      Concurrently with this Agreement, DI and AV
have entered into and delivered the Amended and Restated Purchase Agreement;

 

(f)                        DI has issued and delivered to AV the Amended
and Restated DI Original Note under the Amended and Restated Purchase
Agreement, in replacement of the Original Note, in principal amount of
$250,000;

 

(g)                     DI has issued and delivered to AV the Amended
and Restated DI Second Note under the Amended and Restated Purchase Agreement,
in replacement of the Second Note, in principal amount of $250,000; and

 

(h)                     DI has transferred $150,000 in immediately
available funds to DII;

 

(i)                         DI and DII each hereby represent, agree and
confirm that as a result of the transactions contemplated by this Section
3.1, DI and DII have fairly divided DI’s expenses incurred to date and that
upon consummation of this division of expenses, there will be no obligations
remaining between DI and DII other than as contemplated in this Agreement.

 

Section 4.               Transfer of Employment; Share
Exchange.

 

4.1                  Transfer of Employment. (a) Elisabeth DeMarse’s employment by DI is
hereby transferred to DII, (b) DII hereby accepts such transfer and (c)
Elisabeth DeMarse hereby consents to and approves of the transfer of her
employment from DI to DII and accepts employment with DII, and as a result, as
of the execution of this Agreement, Elisabeth DeMarse is employed by DII on the
same terms and conditions as were in place between Elisabeth DeMarse and DI
immediately prior to the execution of this Agreement.

 

4.2                  Share Exchange. In connection with the transfer of Elisabeth
DeMarse’s employment and concurrently with this Agreement:

 

(a)                      Elisabeth DeMarse and DII have entered into
and delivered the DII DeMarse Restriction Agreement and in accordance with this
Agreement and subject to the DII DeMarse Restriction Agreement:

 

(i)                          DI hereby releases 503,963 shares of Elisabeth
DeMarse’s DI Common Stock from escrow under the DI DeMarse Purchase Agreement;

 

(ii)                       Elisabeth DeMarse hereby surrenders and delivers such 503,963 shares of
her DI Common Stock to DI, which shares are retired by DI;

 

6

 

(iii)                    DI hereby waives the transfer restrictions on such shares of DI Common
Stock contained in the DI DeMarse Purchase Agreement with respect to, and in
all other ways consents to, such transfer; and

 

(iv)                   In exchange for such shares of DI Common Stock, DI hereby transfers and
delivers to Elisabeth DeMarse, subject to the DII DeMarse Restriction
Agreement, 577,779 shares of DII Common Stock owned by DI; and

 

(b)                    Elisabeth DeMarse and DII have entered into
and delivered the DII DeMarse PIIA Agreement.

 

Section 5.               Dividend of DII Common Stock;
Waivers.

 

5.1                   Dividend of DII Common Stock. Immediately following the completion of the transactions described in Section
4.2, DI will cause to occur the distribution in the form of a dividend of
the remaining 422,221 shares of DII Common Stock owned by DI to the holders of
the issued and outstanding shares of DI Common Stock pro rata in accordance
with each stockholder’s ownership of DI Common Stock. As a result of such
distribution and subject to the conditions described in Sections 5.1(a),
5.1(b), 5.1(c), and 5.1(d), Philip Siegel will receive
172,407 shares of DII Common Stock, David Lack will receive 172,407 shares of
DII Common Stock, Elisabeth DeMarse will receive 70,370 shares of DII Common
Stock and Brett Shobe will receive 7,037 shares of DII Common Stock.

 

(a)                      (i) Philip Siegel’s receipt of the 172,407
shares of DII Common Stock as described in Section 5.1 is conditioned
upon (A) Philip Siegel and DII entering into the DII Siegel Restriction
Agreement, which such parties have entered into and delivered concurrently with
this Agreement, and (B) Philip Siegel and DII entering into the DII Siegel PIIA
Agreement, which such parties have entered into and delivered concurrently with
this Agreement, and (ii) such 172,407 shares of DII Common Stock upon
distribution by DI will be subject to the DII Siegel Restriction Agreement.

 

(b)                     (i) David Lack’s receipt of the 172,407 shares
of DII Common Stock as described in Section 5.1 is conditioned upon (A)
David Lack and DII entering into the DII Lack Restriction Agreement, which such
parties have entered into and delivered concurrently with this Agreement, and
(B) David Lack and DII entering into the DII Lack PIIA Agreement, which such
parties have entered into and delivered concurrently with this Agreement, and
(ii) such 172,407 shares of DII Common Stock upon distribution by DI will be
subject to the DII Lack Restriction Agreement.

 

(c)                      (i) Elisabeth DeMarse’s receipt of the 70,370
shares of DII Common Stock as described in Section 5.1 is conditioned
upon (A) Elisabeth DeMarse and DII entering into the DII DeMarse Restriction
Agreement, which such parties have entered into and delivered concurrently with
this Agreement, and (B) Elisabeth DeMarse and DII entering into the DII DeMarse
PIIA

 

7

 

Agreement,
which such parties have entered into and delivered concurrently with this
Agreement, and (ii) such 70,370 shares of DII Common Stock upon distribution by
DI will be subject to the DII DeMarse Restriction Agreement.

 

(d)                     (i) Brett Shobe’s receipt of the 7,037 shares
of DII Common Stock as described in Section 5.1 is conditioned upon (A)
Brett Shobe and DII entering into the DII Shobe Restriction Agreement, which
such parties have entered into and delivered concurrently with this Agreement,
and (B) Brett Shobe and DII entering into the DII Shobe PIIA Agreement, which
such parties have entered into and delivered concurrently with this Agreement,
and (ii) such 7,037 shares of DII Common Stock upon distribution by DI will be
subject to the DII Shobe Restriction Agreement.

 

5.2                  Waiver as to Dividend to Philip Siegel. DI hereby waives in all respects the
operation of Section 4.2 of the DI Siegel Purchase Agreement as to the
172,407 shares of DII Common Stock distributed in the form of a dividend to
Philip Siegel as described in Section 5.1.

 

5.3                  Waiver as to Dividend to David Lack. DI hereby waives in all respects the
operation of Section 4.2 of the DI Lack Purchase Agreement as to the
172,407 shares of DII Common Stock distributed in the form of a dividend to
David Lack as described in Section 5.1.

 

5.4                   Waiver as to Dividend to Elisabeth DeMarse. DI hereby waives in all respects the
operation of Section 4.2 of the DI DeMarse Purchase Agreement as to the
70,370 shares of DII Common Stock distributed in the form of a dividend to
Elisabeth DeMarse as described in Section 5.1.

 

5.5                  Waiver as to Dividend to Brett Shobe. DI hereby waives in all respects the
operation of Section 4.2 of the DI Shobe Purchase Agreement as to the
7,037 shares of DII Common Stock distributed in the form of a dividend to Brett
Shobe as described in Section 5.1.

 

Section 6.               Stock Split. Following the completion of the transactions
described in Sections 4.2 and 5.1, DI shall complete a 2.0159814
for 1 stock split of the issued and outstanding shares of DI Common Stock by
filing with the Secretary of State of the State of Delaware the Certificate of
Amendment to Certificate of Incorporation of DI, in the form attached hereto as
Exhibit U. As a result of such stock split:

 

6.1                  Philip Siegel will hold 408,333 shares of DI
Common Stock. Following such stock split, Philip Siegel and DI hereby agree
that (a) DI will release the certificate representing the pre-split shares of
Philip Siegel’s DI Common Stock from escrow under the DI Siegel Purchase
Agreement, (b) Philip Siegel will surrender and deliver such certificate to DI;
(c) DI shall, upon such surrender and delivery, issue a new certificate
representing the 408,333 shares of DI Common Stock to which Philip Siegel is
entitled as a result of the stock split and (d) Philip Siegel will deposit such
new certificate representing the 408,333 shares of DI Common Stock with the
Company in accordance with Section 4.1 of the DI Siegel Purchase
Agreement.

 

6.2                  David Lack will hold 408,333 shares of DI
Common Stock. Following such stock split, David Lack and DI hereby agree that
(a) DI will release the certificate

 

8

 

representing
the pre-split shares of David Lack’s DI Common Stock from escrow under the DI
Lack Purchase Agreement, (b) David Lack will surrender and deliver such
certificate to DI; (c) DI shall, upon such surrender and delivery, issue a new
certificate representing the 408,333 shares of DI Common Stock to which David
Lack is entitled as a result of the stock split and (d) David Lack will deposit
such new certificate representing the 408,333 shares of DI Common Stock with
the Company in accordance with Section 4.1 of the DI Lack Purchase
Agreement.

 

6.3                  Elisabeth DeMarse will hold 166,667 shares of
DI Common Stock. Following such stock split, Elisabeth DeMarse and DI hereby
agree that (a) DI will release the certificate representing the pre-split
shares of Elisabeth DeMarse’s DI Common Stock from escrow under the DI DeMarse
Purchase Agreement, (b) Elisabeth DeMarse will surrender and deliver such
certificate to DI; (c) DI shall, upon such surrender and delivery, issue a new
certificate representing the 166,667 shares of DI Common Stock to which
Elisabeth DeMarse is entitled as a result of the stock split and (d) Elisabeth
DeMarse will deposit such new certificate representing the 166,667 shares of DI
Common Stock with the Company in accordance with Section 4.1 of the DI
DeMarse Purchase Agreement.

 

6.4                  Brett Shobe will hold 16,667 shares of DI
Common Stock. Following such stock split, Brett Shobe and DI hereby agree that
(a) DI will release the certificate representing the pre-split shares of Brett
Shobe’s DI Common Stock from escrow under the DI Shobe Purchase Agreement, (b)
Brett Shobe will surrender and deliver such certificate to DI; (c) DI shall,
upon such surrender and delivery, issue a new certificate representing the
16,667 shares of DI Common Stock to which Brett Shobe is entitled as a result
of the stock split and (d) Brett Shobe will deposit such new certificate
representing the 16,667 shares of DI Common Stock with the Company in
accordance with Section 4.1 of the DI Shobe Purchase Agreement.

 

Section 7.               First Amendments to DI Purchase
Agreements.

 

7.1                  First Amendment to DI Siegel Purchase
Agreement. Concurrently with
this Agreement, DI and Philip Siegel have entered into and delivered the First
Amendment to DI Siegel Purchase Agreement.

 

7.2                  First Amendment to DI Lack Purchase Agreement. Concurrently with this Agreement, DI and
David Lack have entered into and delivered the First Amendment to DI Lack
Purchase Agreement.

 

7.3                  First Amendment to DI DeMarse Purchase
Agreement. Concurrently with
this Agreement, DI and Elisabeth DeMarse have entered into and delivered the
First Amendment to DI DeMarse Purchase Agreement.

 

7.4                  First Amendment to DI Shobe Purchase Agreement. Concurrently with this Agreement, DI and
Brett Shobe have entered into and delivered the First Amendment to DI Shobe Purchase
Agreement.

 

Section 8.               Further Assurances. From time to time after the date hereof, and
without further consideration, each of the parties to this Agreement shall
execute, acknowledge and deliver all such additional instruments, certificates,
notices and other documents, and will do all

 

9

 

such
other acts and things, all in accordance with applicable law, as may be
necessary or appropriate to more fully and effectively carry out the purposes
and intent of this Agreement.

 

Section 9.               Waiver of Conflicts. Each party to this Agreement acknowledges
that Vinson & Elkins LLP, counsel for DI, has in the past and may continue
to perform legal services for AV in matters unrelated to the transactions
described in this Agreement, including the representation of AV in venture
capital financings and other matters. Accordingly, each party to this Agreement
(1) acknowledges that they have had an opportunity to ask for information
relevant to this disclosure; (2) acknowledges that Vinson & Elkins LLP
represented DI in the transactions contemplated by this Agreement and has not
represented AV or any of the other parties to this Agreement in connection with
such transactions; and (3) gives its informed consent to Vinson & Elkin LLP’s
representation of AV in such unrelated matters and to Vinson & Elkins LLP’s
representation of DI in connection with this Agreement and the transactions
contemplated by this Agreement.

 

Section 10.        Miscellaneous.

 

10.1            Headings;
References; Interpretation.
All section headings in this Agreement are for convenience only and shall not
be deemed to control or affect the meaning or construction of any of the
provisions hereof. The words “hereof,” “herein” and “hereunder” and words of
similar import, when used in this Agreement, shall refer to this Agreement as a
whole, including all exhibits attached hereto, and not to any particular
provision of this Agreement. All references herein to sections and exhibits
shall, unless the context requires a different construction, be deemed to be
references to the sections and exhibits of this Agreement, respectively, and
all such exhibits attached hereto are hereby incorporated herein and made a
part hereof for all purposes. All personal pronouns used in this Agreement,
whether used in the masculine, feminine or neuter gender, shall include all
other genders, and the singular shall include the plural and vice versa. The
use herein of the word “including” following any general statement, term or
matter shall not be construed to limit such statement, term or matter to the
specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without
limitation,” “but not limited to,” or words of similar import) is used with
reference thereto, but rather shall be deemed to refer to all other items or
matters that could reasonably fall within the broadest possible scope of such
general statement, term or matter.

 

10.2           Successors and Assigns. The Agreement shall be binding upon and
inure to the benefit of the parties signatory hereto and their respective
successors and assigns.

 

10.3           No Third Party Rights. The provisions of this Agreement are
intended to bind the parties signatory hereto as to each other and are not
intended to and do not create rights in any other person or confer upon any
other person any benefits, rights or remedies and no person is or is intended
to be a third party beneficiary of any of the provisions of this Agreement.

 

10.4           Counterparts. This Agreement may be executed in any number of counterparts, all of
which together shall constitute one agreement binding on the parties hereto.

 

10

 

10.5           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 to be performed wholly within such state without giving
effect to conflict of law principles thereof, except to the extent that it is
mandatory that the law of some other jurisdiction, shall apply.

 

10.6           Severability. If any of the provisions of this Agreement are held by any court of
competent jurisdiction to contravene, or to be invalid under, the laws of any
political body having jurisdiction over the subject matter hereof, such
contravention or invalidity shall not invalidate the entire Agreement. Instead,
this Agreement shall be construed as if it did not contain the particular
provision or provisions held to be invalid, and an equitable adjustment shall
be made and necessary provision added so as to give effect to the intention of
the parties as expressed in this Agreement at the time of execution of this
Agreement.

 

10.7           Amendment or Modification. This Agreement may be amended or modified from
time to time only by the written agreement of all the parties hereto.

 

10.8           Integration. This Agreement, together with the other agreements, documents and
certificates described herein of even date herewith or to be entered into by
and among any of the parties to this Agreement, supersedes all previous
understandings or agreements between the parties, whether oral or written, with
respect to its subject matter. This document is an integrated agreement which
contains the entire understanding of the parties. No understanding,
representation, promise or agreement, whether oral or written is intended to be
or shall be included in or form part of this Agreement unless it is contained
in a written amendment hereto executed by the parties hereto after the date of
this Agreement.

 

[Signature Pages Follow]

 

11

 

IN WITNESS
WHEREOF, the parties to this Agreement have executed this Agreement as of the
date first written above.

 

	
   

  	
  DEMARSECO, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
    Elisabeth DeMarse

    President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DEMARSECO HOLDINGS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
    Elisabeth DeMarse

    President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AUSTIN VENTURES VIII, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  A V Partners VIII, L.P.,

  its general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Kenneth P. DeAngelis

  	
   

  
	
   

  	
   

  	
   

  	
    Kenneth P. DeAngelis

  	
   

  
	
   

  	
   

  	
   

  	
    General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Philip Siegel

  	
   

  
	
   

  	
  Philip Siegel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ David Lack

  	
   

  
	
   

  	
  David Lack

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
    /s/ Elisabeth DeMarse

  	
   

  
	
   

  	
  Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Brett Shobe

  	
   

  
	
   

  	
  Brett Shobe

  	
   

  

 

Signature Page to Restructuring
Agreement

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