Document:

ex10_43.htm

    
      

    

    Exhibit
10.43

    

    AMENDMENT,
RESTATEMENT AND JOINDER

    

    THIS IS
AN AMENDMENT, RESTATEMENT AND JOINDER dated as of May 16, 2007 (the “Amendment”) among TSG
Holdings Corp., a Delaware corporation (the “Company”), The
Sheridan Group Holdings (BRS), LLC, a Delaware limited liability company (“BRS”), The Sheridan
Group Holdings (Jefferies), LLC, a Delaware limited liability company (“Jefferies”),
Participatiemaatschappij Neushoorn B.V., a private limited liability company
organized under the laws of the Netherlands (“Neushoorn”),
Participatiemaatschappij Olifant B.V., a private limited liability company
organized under the laws of the Netherlands (“Olifant” and,
together with Neushoorn, the “Euradius Investors”)
to and in respect of the Securities Holders Agreement, dated as August 21, 2003,
as amended (the “Securities Holders
Agreement”), by and among the Company and the shareholders signatory
thereto and the Registration Rights Agreement dated as August 21, 2003, as
amended (the “Registration Rights
Agreement” and together with the Securities Holders Agreement, the “Original
Agreements”), by and among the Company and the shareholders signatory
thereto.

    

    A.           The
parties wish to amend and restate the Original Agreements and to provide for the
joinder of the Euradius Investors.

    

    B.      
     Pursuant to Section 5.1 of the Securities Holders
Agreement and Section 9(a) of the Registration Rights Agreement, an amendment
must be set forth in writing executed by the Company and the Required Holders
(such Required Holders being BRS and Jefferies).

    

    C.        
   The parties agree to amend and restate the Original
Agreements, pursuant to and subject to the conditions set forth
herein.

    

    D.        
   Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in the Securities Holders Agreement (as
amended and restated hereby).

    

    Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

    

    SECTION
1.           Amendment and
Restatement.  Each of the Original Agreements is hereby amended
and restated in its entirety in the form attached hereto as Exhibit A and
Exhibit B, respectively (the “Amended and Restated
Agreements”)

    

    SECTION
2.           Joinder.  Each
Euradius Investor agrees that, as of the date first written above, each Euradius
Investor (i) shall join in and become a party to the Amended and Restated
Agreements and (ii) shall be bound by and subject to the Amended and Restated
Agreements as an “Investor” thereunder.

    

    SECTION
3.           Amended and Restated
Agreements.  Except as otherwise specified, (i) any reference
in the Securities Holders Agreement to the Securities Holders Agreement shall
mean such agreement, as amended and restated hereby and (ii) any reference in
the Registration Rights Agreement to the Registration Rights Agreement shall
mean such agreement, as amended and restated hereby.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
4.           Applicable
Law.  This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of Delaware, without giving
effect to principles of conflicts of laws.

    

    SECTION
5.           Counterparts.  This
Amendment may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute one
agreement.  Delivery of an executed signature page to this Amendment
by facsimile transmission shall be effective as delivery of a manually signed
counterpart of this Amendment.

    

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

    

    
      	 
      	
              TSG
      HOLDINGS CORP.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ John A.
      Saxton

            
	 
      	 
      	
              Name:
      John A. Saxton

            
	 
      	 
      	
              Title:
      President

            
	 
      	 
      	 
      
	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (BRS), LLC

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/Thomas J.
      Baldwin

            
	 
      	 
      	
              Name:
      Thomas J. Baldwin

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      
	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (JEFFERIES), LLC

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Brian P.
      Friedman

            
	 
      	 
      	
              Name:
      Brian P. Friedman

            
	 
      	 
      	
              Title:
      Managing Member of General Partner

            
	 
      	 
      	 
      
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      NEUSHOORN B.V.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Ronald
      Hof

            
	 
      	 
      	
              Name:
      Ronald Hof

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      OLIFANT B.V.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Rombout
      Eikelenboom

            
	 
      	 
      	
              Name:
      Rombout Eikelenboom

            
	 
      	 
      	
              Title:
      Managing Director

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Final

    

    

    

    Exhibit
A

     

    
      

    

     

     

    AMENDED
AND RESTATED SECURITIES HOLDERS AGREEMENT

    

    BY AND
AMONG

    

    TSG
HOLDINGS CORP.,

    

    THE
SHERIDAN GROUP HOLDINGS (BRS), LLC,

    

    THE
SHERIDAN GROUP HOLDINGS (JEFFERIES), LLC,

    

    PARTICIPATIEMAATSCHAPPIJ
NEUSHOORN B.V.,

    

    PARTICIPATIEMAATSCHAPPIJ
OLIFANT B.V.

    

    AND

    

    THE OTHER
INVESTORS NAMED HEREIN

    

    DATED AS
OF MAY 16, 2007

     

     

    
      
        

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    

    
      	 
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              ARTICLE
      I

            	
              RESTRICTIONS
      ON TRANSFER OF SECURITIES

            	
              2

            
	 
      	 
      	 
      	 
      
	 
      	
              1.1.

            	
              Restrictions
      on Transfers of Securities

            	
              2

            
	 
      	 
      	 
      	 
      
	 
      	
              1.2.

            	
              Legend

            	
              5

            
	 
      	 
      	 
      	 
      
	 
      	
              1.3.

            	
              Notation

            	
              6

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      II

            	
              OTHER
      COVENANTS AND REPRESENTATIONS

            	
              6

            
	 
      	 
      	 
      	 
      
	 
      	
              2.1.

            	
              Financial
      Statements and Other Information

            	
              6

            
	 
      	 
      	 
      	 
      
	 
      	
              2.2.

            	
              Sale
      of the Company

            	
              7

            
	 
      	 
      	 
      	 
      
	 
      	
              2.3.

            	
              Tag-Along
      Rights

            	
              9

            
	 
      	 
      	 
      	 
      
	 
      	
              2.4.

            	
              Preemptive
      Rights

            	
              11

            
	 
      	 
      	 
      	 
      
	 
      	
              2.5.

            	
              Corporate
      Opportunity

            	
              12

            
	 
      	 
      	 
      	 
      
	 
      	
              2.6.

            	
              Restrictive
      Covenants

            	
              12

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      III

            	
              CORPORATE
      ACTIONS

            	
              14

            
	 
      	 
      	 
      	 
      
	 
      	
              3.1.

            	
              Third
      Amended and Restated Certificate of Incorporation and Amended and Restated
      Bylaws

            	
              14

            
	 
      	 
      	 
      	 
      
	 
      	
              3.2.

            	
              Directors
      and Voting Agreements

            	
              14

            
	 
      	 
      	 
      	 
      
	 
      	
              3.3.

            	
              Right
      to Remove Certain of the Company’s Directors

            	
              15

            
	 
      	 
      	 
      	 
      
	 
      	
              3.4.

            	
              Right
      to Fill Certain Vacancies in Company’s Board

            	
              15

            
	 
      	 
      	 
      	 
      
	 
      	
              3.5.

            	
              Directors
      of Subsidiaries

            	
              15

            
	 
      	 
      	 
      	 
      
	 
      	
              3.6.

            	
              Amendment
      of Certificate and Bylaws

            	
              15

            
	 
      	 
      	 
      	 
      
	 
      	
              3.7.

            	
              Termination
      of Voting Agreements

            	
              16

            
	 
      	 
      	 
      	 
      
	 
      	
              3.8.

            	
              Officers

            	
              16

            
	 
      	 
      	 
      	 
      
	 
      	
              3.9.

            	
              Committees

            	
              16

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      IV

            	
              ADDITIONAL
      RESTRICTIONS ON TRANSFERS OF MANAGEMENT SECURITIES HELD BY MANAGEMENT
      INVESTORS

            	
              16

            
	 
      	 
      	 
      	 
      
	 
      	
              4.1.

            	
              Certain
      Definitions

            	
              16

            
	 
      	 
      	 
      	 
      
	 
      	
              4.2.

            	
              Restrictions
      on Transfer

            	
              17

            
	 
      	 
      	 
      	 
      
	 
      	
              4.3.

            	
              Purchase
      Option

            	
              18

            
	 
      	 
      	 
      	 
      
	 
      	
              4.4.

            	
              Involuntary
      Transfers

            	
              21

            
	 
      	 
      	 
      	
               
      

            
	 
      	
              4.5.

            	
              Purchaser
      Representative

            	
              22

            

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      	 
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              ARTICLE
      V

            	
              MISCELLANEOUS

            	
              22

            
	 
      	 
      	 
      	 
      
	 
      	
              5.1.

            	
              Amendment
      and Modification

            	
              22

            
	 
      	 
      	 
      	 
      
	 
      	
              5.2.

            	
              Successors
      and Assigns

            	
              23

            
	 
      	 
      	 
      	 
      
	 
      	
              5.3.

            	
              Separability

            	
              23

            
	 
      	 
      	 
      	 
      
	 
      	
              5.4.

            	
              Notices

            	
              23

            
	 
      	 
      	 
      	 
      
	 
      	
              5.5.

            	
              Governing
      Law

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.6.

            	
              Headings

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.7.

            	
              Counterparts

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.8.

            	
              Further
      Assurances

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.9.

            	
              Termination

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.10.

            	
              Remedies

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.11.

            	
              Party
      No Longer Owning Securities

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.12.

            	
              No
      Effect on Employment

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.13.

            	
              Pronouns

            	
              25

            
	 
      	 
      	 
      	 
      
	 
      	
              5.14.

            	
              Future
      Individual Investors

            	
              25

            
	 
      	 
      	 
      	
               
      

            
	 
      	
              5.15.

            	
              Entire
      Agreement

            	
              26

            

    

    
      
         

      

      
        -ii-

        
          

        

      

      
         

      

    

    

    EXHIBITS

    

    
      	
              Exhibit
      A

            	
              Third
      Amended and Restated Certificate of Incorporation of the
      Company

            

    

    
      	
              Exhibit
      B 

            	
              Amended
      and Restated Bylaws of the Company

            

    

    

    

    

    SCHEDULES

    

    
      	
              Schedule
      I

            	
              Investors
      and Securities

            

    

    
      
         

      

      
        -iii-

        
          

        

      

      
         

      

    

    DEFINED
TERMS

    

    
      	
              Affiliate

            	
              5

            
	
              Agreement

            	
              1

            
	
              Approved
      Sale

            	
              8

            
	
              BRS

            	
              1

            
	
              BRS
      Affiliates

            	
              4

            
	
              BRS
      Associates

            	
              4

            
	
              BRS
      Directors

            	
              14

            
	
              BRS
      Fund II

            	
              3

            
	
              BRS
      Partner

            	
              3

            
	
              Common
      Stock

            	
              2

            
	
              Company

            	
              1

            
	
              Designated
      Purchaser

            	
              18

            
	
              Escrow
      Amount

            	
              11

            
	
              Escrow
      Notice

            	
              11

            
	
              Euradius
      Affiliates

            	
              5

            
	
              Euradius
      Directors

            	
              14

            
	
              Euradius
      Investors

            	
              1

            
	
              Exchange
      Act

            	
              4

            
	
              Fair
      Market Value Price

            	
              19

            
	
              Holders

            	
              9

            
	
              ING
      Barings Global

            	
              4

            
	
              ING
      Barings U.S.

            	
              4

            
	
              ING
      Furman Selz

            	
              4

            
	
              Investor

            	
              1

            
	
              Investors

            	
              1

            
	
              Jefferies
      Affiliates

            	
              4

            
	
              Jefferies
      Associates

            	
              4

            
	
              Jefferies
      Directors

            	
              14

            
	
              Jefferies
      Funds

            	
              1,
      4

            
	
              Jefferies
      Partner

            	
              4

            
	
              Jointly
      Designated Directors

            	
              14

            
	
              Management
      Investors

            	
              1

            
	
              Management
      Securities

            	
              16

            
	
              MANAGEMENT
      SECURITIES

            	
              6

            
	
              NASDAQ

            	
              19

            
	
              Neushoorn

            	
              1

            
	
              NYSE

            	
              19

            
	
              Olifant

            	
              1

            
	
              Option
      Purchase Price

            	
              19

            
	
              Option
      Termination Date

            	
              18

            

    

    
      
         

      

      
        -iv-

        
          

        

      

      
         

      

    

     

    
      	
              Original
      Agreement

            	
              1

            
	
              Other
      Investors

            	
              1

            
	
              Permitted
      Transferee

            	
              3

            
	
              Preemptive
      Notice

            	
              12

            
	
              Preemptive
      Reply

            	
              12

            
	
              Preferred
      Stock

            	
              1,
      2

            
	
              Proffered
      Valuation

            	
              20

            
	
              Public
      Offering

            	
              17

            
	
              Purchase
      Number

            	
              19

            
	
              Purchase
      Option

            	
              19

            
	
              Qualified
      Investors

            	
              12

            
	
              Required
      Holders

            	
              8

            
	
              Sale
      Notice

            	
              21

            
	
              Securities

            	
              2

            
	
              Securities
      Act

            	
              3

            
	
              SECURITIES
      ACT

            	
              5

            
	
              SECURITIES
      HOLDERS AGREEMENT

            	
              5

            
	
              Seller

            	
              9

            
	
              Seller’s
      Notice

            	
              9

            
	
              Sheridan

            	
              1

            
	
              Special
      Registration Statement

            	
              17

            
	
              Subsidiary

            	
              17

            
	
              Tag-Along
      Notice

            	
              10

            
	
              Termination
      Date

            	
              18

            
	
              Transfer

            	
              2

            
	
              Transfer
      Date

            	
              22

            
	
              Unit
      Offering

            	
              17

            

    

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    AMENDED AND RESTATED
SECURITIES HOLDERS AGREEMENT

    

    

    THIS IS
AN AMENDED AND RESTATED SECURITIES HOLDERS AGREEMENT, dated as of May 16, 2007
(the “Agreement”), by and
among TSG Holdings Corp., a Delaware corporation (the “Company”), The
Sheridan Group Holdings (BRS), LLC, a Delaware limited liability company (“BRS”) , The Sheridan
Group Holdings (Jefferies), LLC, a Delaware limited liability company (“Jefferies”),
Participatiemaatschappij Neushoorn B.V., a private limited liability company
organized under the laws of the Netherlands (“Neushoorn”),
Participatiemaatschappij Olifant B.V., a private limited liability company
organized under the laws of the Netherlands (“Olifant” and,
together with Neushoorn, the “Euradius Investors”),
the individuals designated as Management Investors on the signature pages hereto
(the “Management
Investors”) and certain other individuals designated as investors on the
signature pages hereto (the “Other Investors”)
..  Each of BRS, Jefferies, the Management Investors, the Euradius
Investors, the Other Investors and any other investor in the Company who becomes
a party to or agrees to be bound by this Agreement are sometimes referred to
herein individually as an “Investor” and
collectively as the “Investors.”

    

    BACKGROUND

    

    A.       
    Certain Investors are parties to the Securities Holders
Agreement dated as of August 1, 2003, as amended, by and among the Company and
the shareholders of the Company (the “Original
Agreement”).

    

    B.        
    The parties wish to amend and restate the Original
Agreement.

    

    C.        
    Pursuant to Section 5.1 of the Original Agreement, an
amendment must be set forth in writing executed by the Company and the Required
Holders (such Required Holders being BRS and Jefferies).

    

    D.            The
parties agree to amend and restate the Original Agreement as provided herein and
to set forth herein certain agreements regarding their future relationships and
their rights and obligations with respect to Securities of the
Company.

    

    E.         
   The Management Investors are employed by or serve as directors
of The Sheridan Group, Inc., a Maryland corporation (“Sheridan”), or its
direct or indirect subsidiaries.

    

    F.             Each
Investor currently owns the number of shares of the Company’s Series A 10%
Cumulative Compounding Preferred Stock, par value $.001 per share (the “Series A Preferred
Stock”), the number of shares of the Company’s Series B 10% Cumulative
Compounding Preferred Stock, par value $.001 per share (the “Series B Preferred
Stock” and, together with the Series A Preferred Stock, the “Preferred Stock”),
and the number of shares of Common Stock, par value $.001 per share (the “Common Stock”), in
each case as set forth opposite such Investor’s name on Schedule I
hereto.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    G.           
 As used herein, the term “Securities” shall
mean Common Stock, Preferred Stock, and any other shares of capital stock of the
Company, and any securities convertible into or exchangeable for such capital
stock, and any options (including any options now or hereafter issued to
Management Investors), warrants or other rights to acquire such capital stock or
securities, now or hereafter held by any party hereto, including all other
securities of the Company (or a successor to the Company) received on account of
ownership of Common Stock or Preferred Stock, including all securities issued in
connection with any merger, consolidation, stock dividend, stock distribution,
stock split, reverse stock split, stock combination, recapitalization,
reclassification, subdivision, conversion or similar transaction in respect
thereof.

    

    Terms

    

    In
consideration of the mutual covenants contained herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

    

    ARTICLE
I

    

    RESTRICTIONS
ON TRANSFER OF SECURITIES

    

    1.1           Restrictions on Transfers of
Securities.  The following restrictions on Transfer (as defined
in Section 1.1(a) below) shall apply to all Securities owned by any Investor or
Permitted Transferee (as defined in Section 1.1(b) below), except a Permitted
Transferee by virtue of Section 1.1(b)(iv) hereof:

    

    (a)     
      No Investor or Permitted Transferee shall
Transfer (other than in connection with a redemption or purchase by the Company)
any Securities unless (i) such Transfer is to a person approved in advance in
writing by the Required Holders (as defined in Section 2.2(a)), and (ii) such
Transfer complies with the provisions of this Section 1.1, Article II hereof,
and, in addition, in the case of Management Securities (as defined in Section
4.1(a)), Article IV of this Agreement.  Any purported Transfer in
violation of this Agreement shall be null and void and of no force and effect,
and the purported transferee shall have no rights or privileges in or with
respect to the Company.  As used herein, “Transfer” includes
the making of any sale, exchange, assignment, hypothecation, gift, security
interest, pledge or other encumbrance, or any contract therefor, any voting
trust or other agreement or arrangement with respect to the transfer or grant of
voting rights (except for the voting agreement set forth in Article III hereof)
or any other beneficial interest in any of the Securities, the creation of any
other claim thereto or any other transfer or disposition whatsoever, whether
voluntary or involuntary, affecting the right, title, interest or possession in
or to such Securities.

    

     Prior
to any proposed Transfer of any Securities, the holder thereof shall give
written notice to the Company describing the manner and circumstances of the
proposed Transfer, together with, if requested by the Company, a written opinion
of legal counsel, addressed to the Company and the transfer agent for the
Company’s equity securities, if other than the Company, and reasonably
satisfactory in form and substance to the Company, to the effect that the
proposed Transfer of the Securities may be effected without registration under
the Securities Act of 1933, as amended (the “Securities
Act”).  Each certificate evidencing the Securities transferred
shall bear the legends set forth in Section 1.2(a) hereof, except that such
certificate shall not bear the legend contained in the first paragraph of
Section 1.2(a) hereof if the opinion of counsel referred to above is to the
further effect that such legends is not required in order to establish
compliance with any provision of the Securities Act.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     Nothing
in this Section 1.1(a) shall prevent the Transfer, free of any restrictions
under this Agreement, of Securities by an Investor or a Permitted Transferee to
one or more of its Permitted Transferees or to the Company; provided, however, that each
such Permitted Transferee (except a Permitted Transferee by virtue of Section
1.1(b)(iv) hereof) shall take such Securities subject to and be fully bound by
the terms of this Agreement applicable to it with the same effect as if it were
an Investor (or if the Permitted Transferee were a Management Investor, a
Management Investor) hereunder; and provided further, however, that (i) no
person (other than a Permitted Transferee by virtue of Section 1.1(b)(iv)
hereof) shall be a Permitted Transferee unless such transferee executes and
delivers a joinder to this Agreement reasonably satisfactory in form and
substance to the Company which joinder states that such person agrees to be
fully bound by this Agreement as if it were an Investor (or if the Permitted
Transferee were a Management Investor, a Management Investor) hereunder, and
(ii) no Transfer shall be effected except in compliance with the registration
requirements of the Securities Act and any applicable state securities laws or
pursuant to an available exemption therefrom.

    

    (b)           As
used herein, “Permitted Transferee”
shall mean:

    

    (i)        
    in the case of any Investor or Permitted Transferee who
is a natural person, such person’s spouse or children or grandchildren (in each
case, natural or adopted), or any trust for the sole benefit of such person,
such person’s spouse or children or grandchildren (in each case, natural or
adopted), or any corporation, partnership or limited liability company in which
the direct and beneficial owner of all of the equity interest is such individual
person or such person’s spouse or children or grandchildren (in each case,
natural or adopted);

    

    (ii)       
    in the case of any Investor or Permitted Transferee who
is a natural person, the heirs, executors, administrators or personal
representatives upon the death of such person or upon the incompetency or
disability of such person for purposes of the protection and management of such
person’s assets;

    

    (iii)           (A)          
in the case of BRS, (I) Bruckmann, Rosser, Sherrill & Co., II, L.P. (“BRS Fund
II”),  (II) any general partner or managing member of BRS or
BRS Fund II (a “BRS
Partner”) and any corporation, partnership or other entity that is an
Affiliate (as hereinafter defined) of BRS, BRS Fund II or any BRS Partner
(collectively, “BRS
Affiliates”), (III) any present or former managing director, director,
general partner, limited partner, officer or employee of BRS, BRS Fund II, a BRS
Partner or any BRS Affiliate, or any spouse or lineal descendant (natural or
adopted), sibling or parent of any of the foregoing persons in this clause (III)
or any heir, executor, administrator, testamentary trustee, legatee or
beneficiary of any of the foregoing persons described in this clause (III)
(provided that no BRS Affiliate that becomes such an entity primarily for the
purpose of effecting a transfer of Securities shall be considered a Permitted
Transferee) (collectively, “BRS Associates”), and
(IV) any trust, the beneficiaries of which, or any charitable trust, the grantor
of which, or any corporation, limited liability company or partnership, the
stockholders, members or general and limited partners of which, include only
BRS, BRS Fund II, BRS Partners, BRS Affiliates, or BRS Associates; provided, however, that prior
to the Company’s initial Public Offering (as such term is defined in Section
4.1(b) hereof), no limited partner of BRS, BRS Fund II, BRS Partner or BRS
Affiliate shall constitute a Permitted Transferee to the extent that a Transfer
of Securities to such limited partner would cause the Company to be subject to
registration under Section 12(g) of the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”);           hidden
text

    
      
         

      

      
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    (A)           in
the case of Jefferies, (I) ING Furman Selz Investors III L.P., a Delaware
limited partnership (“ING Furman Selz”),
ING Barings Global Leveraged Equity Plan Ltd., a Bermuda corporation “ING Barings Global”)
and ING Barings U.S. Leveraged Equity Plan Ltd., a Delaware limited liability
company (“ING Barings
U.S.” and together with ING Furman Selz and ING Barings Global, the
“Jefferies
Funds”)),  (II) any general partner or managing member of
Jefferies or the Jefferies Fund (a “Jefferies Partner”)
and any corporation, partnership or other entity that is an Affiliate (as
hereinafter defined) of Jefferies, any of the Jefferies Funds or any Jefferies
Partner (including FS Private Investments LLC, the manager of the Jefferies
Funds) (collectively, “Jefferies
Affiliates”), (III) any present or former managing director, director,
general partner, limited partner, member, officer or employee of Jefferies, any
of the Jefferies Funds, a Jefferies Partner or any Jefferies Affiliate, or any
spouse or lineal descendant (natural or adopted), sibling or parent of any of
the foregoing persons in this clause (III) or any heir, executor, administrator,
testamentary trustee, legatee or beneficiary of any of the foregoing persons
described in this clause (III) (provided that no Jefferies Affiliate that
becomes such an entity primarily for the purpose of effecting a transfer of
Securities shall be considered a Permitted Transferee) (collectively, “Jefferies
Associates”), and (C) any trust, the beneficiaries of which, or any
charitable trust, the grantor of which, or any corporation, limited liability
company or partnership, the stockholders, members or general and limited
partners of which, include only Jefferies, Jefferies Funds, Jefferies Partners,
Jefferies Affiliates, or Jefferies Associates; provided, however, that prior
to the Company’s initial Public Offering, no limited partner of Jefferies, any
of the Jefferies Funds, Jefferies Partner, or Jefferies Affiliate shall
constitute a Permitted Transferee to the extent that a Transfer of Securities to
such limited partner would cause the Company to be subject to registration under
Section 12(g) of the Exchange Act.

    

    (B)        
   in the case of any of the Euradius Investors, (I) any
corporation, partnership or other entity that is an Affiliate (as hereinafter
defined) of any of the Euradius Investors (collectively, “Euradius
Affiliates”); provided, however, that prior
to the Company’s initial Public Offering, no Euradius Affiliate shall constitute
a Permitted Transferee to the extent that a Transfer of Securities to such
Affiliate would cause the Company to be subject to registration under Section
12(g) of the Exchange Act.

    
      
         

      

      
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    (iv)           in
the case of any Investor or Permitted Transferee, any person if such person
takes such Securities pursuant to a sale in connection with a Public Offering or
following a Public Offering in open market transactions or under Rule 144 under
the Securities Act.

    

    (c)     
      As used herein, “Affiliate” means,
with respect to any person, any person directly or indirectly controlling,
controlled by or under common control with such person.

    

    1.2.           Legend.  (a)  All
Securities.  Any certificates representing Securities shall
bear the following legend (in addition to any other legend required under
applicable law):

    

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF WITHOUT
REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS
OR THE DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO THE TERMS AND
CONDITIONS OF A SECURITIES HOLDERS AGREEMENT BY AND AMONG THE COMPANY AND THE
HOLDERS SPECIFIED THEREIN, AS AMENDED FROM TIME TO TIME (THE “SECURITIES HOLDERS
AGREEMENT”), A COPY OF WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE
COMPANY.  THE SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF THE
SECURITIES IS SUBJECT TO THE TERMS OF SUCH AGREEMENT AND THE SECURITIES ARE
TRANSFERABLE OR OTHERWISE DISPOSABLE ONLY UPON PROOF OF COMPLIANCE
THEREWITH.

    

    (b)            hidden
text do not remove

    

    (a)        
   Management
Securities.  In addition to the legends required by Section
1.2(a) above, the following legend shall appear on certificates representing
Management Securities (as defined in Section 4.1 hereof); provided, however, that the
Company’s failure to cause certificates representing Management Securities to
bear such legend shall not affect the Company’s Purchase Option described in
Section 4.3:

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A PURCHASE OPTION
OF THE COMPANY APPLICABLE TO “MANAGEMENT SECURITIES” AS DESCRIBED IN THE
SECURITIES HOLDERS AGREEMENT, A COPY OF WHICH AGREEMENT IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY.

    
      
         

      

      
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    1.3          
 Notation.  A
notation will be made in the appropriate transfer records of the Company with
respect to the restrictions on transfer of the Securities referred to in this
Agreement.

    

    ARTICLE
II

    

    OTHER COVENANTS AND
REPRESENTATIONS

    

    2.1.           Financial Statements and
Other Information.  (a) The Company shall deliver (or cause
Sheridan to deliver) to BRS (so long as BRS or its Permitted Transferees (other
than Permitted Transferees pursuant to Section 1.1(b)(iv)) own any Securities),
to Jefferies (so long as  Jefferies or its Permitted Transferees
(other than Permitted Transferees pursuant to Section 1.1(b)(iv)) own any
Securities), and to each of the Euradius Investors (so long as such Euradius
Investor and its Permitted Transferees (other than Permitted Transferees
pursuant to Section 1.1(b)(iv)) own at least 50% of the Securities owned by such
Euradius Investor as of the date hereof and only with respect to clauses (i)
through (iii) below): 

    

    (i)       
     as soon as available and in any event within 15
days after the end of each calendar month, consolidated balance sheets of the
Company and its subsidiaries and of Sheridan and its subsidiaries as of the end
of such calendar month, and consolidated statements of income and cash flows of
the Company and its subsidiaries and of Sheridan and its subsidiaries for the
calendar month then ended, shown in comparison to the budgeted amounts for the
same period and the same monthly period from the prior fiscal year, prepared in
conformity with United States generally accepted accounting principles applied
on a consistent basis, except as otherwise noted therein, and subject to the
absence of notes and to year-end adjustments;

    

    (ii)        
   as soon as available and in any event within 45 days after the
end of each of the first three quarters of each fiscal year of the Company,
consolidated balance sheets of the Company and its subsidiaries and of Sheridan
and its subsidiaries as of the end of such period, and consolidated statements
of income and cash flows of the Company and its subsidiaries and of Sheridan and
its subsidiaries for the period then ended, shown in comparison to the budgeted
amounts for the same period and the same quarterly period from the prior fiscal
year, prepared in conformity with United States generally accepted accounting
principles applied on a consistent basis, except as otherwise noted therein, and
subject to the absence of notes and to year-end adjustments;

    

    (iii)           as
soon as available and in any event within 90 days after the end of each fiscal
year of the Company, a consolidated and consolidating balance sheet of the
Company and its subsidiaries and of Sheridan and its subsidiaries as of the end
of such year, and consolidated and consolidating statements of income and cash
flows of the Company and its subsidiaries and of Sheridan and its subsidiaries
for the year then ended prepared in conformity with United States generally
accepted accounting principles applied on a consistent basis, except as
otherwise noted therein, together with an auditor’s report thereon of a firm of
established national reputation;

    
      
         

      

      
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    (iv)           to
the extent the Company or Sheridan is required by law or pursuant to the terms
of any outstanding indebtedness of the Company to prepare such reports, any
annual reports, quarterly reports and other periodic reports pursuant to Section
13 or 15(d) of the Exchange Act, actually prepared by the Company or Sheridan as
soon as such reports are generally available, together with any other documents
the Company or Sheridan are required to deliver to the holders of any such
indebtedness;

    

    (v)        
   prior to the beginning of each fiscal year, an annual budget
which has been approved by the Board of Directors of the Company, prepared on a
month by month basis for the Company and its subsidiaries and Sheridan and its
subsidiaries for such fiscal year (displaying anticipated statements of income
and cash flow), and promptly upon preparation thereof any other significant
budgets prepared by the Company, and any revisions of such annual or other
budgets; and

    

    (vi)           such
other documents, reports, financial data and other information as BRS or
Jefferies may reasonably request.

    

    (a)       
    Inspection and
Access.  The Company and its subsidiaries shall provide to BRS
(so long as it or its Permitted Transferees (other than Permitted Transferees
pursuant to Section 1.1(b)(iv)) own any Securities) and Jefferies (so long as it
or its Permitted Transferees (other than Permitted Transferees pursuant to
Section 1.1(b)(iv)) own any Securities) true and correct copies of all quarterly
and annual financial reports of the Company and its subsidiaries and Sheridan
and its subsidiaries and budgets prepared by or on behalf of the Company and its
subsidiaries and Sheridan and its subsidiaries, and such other documents,
reports, financial data and other information as such party may reasonably
request.  The Company shall permit any authorized representatives
designated by each such party to visit and inspect any of the properties of the
Company and its subsidiaries (including Sheridan), including its and their books
of account (and to make copies and take extracts therefrom), and to discuss its
and their affairs, finances and accounts with its and their officers and their
current and prior independent public accountants (and by this provision the
Company authorizes such accountants to discuss with such representatives the
affairs, finances and accounts of the Company and its subsidiaries, whether or
not a representative of the Company is present), all at such reasonable times
and as often as such party may reasonably request.

    

    2.2        
   Sale
of the Company.

    

    (a)         
  So long as the Company has not consummated a Public Offering, if the
Required Holders (as defined hereinafter) approve the sale of the Company,
whether by merger, consolidation, sale of outstanding capital stock, sale of all
or substantially all of its assets or otherwise (any of the foregoing, an “Approved Sale”), (i)
each Investor and Permitted Transferee will consent to, vote for and raise no
objections against, and waive dissenters and appraisal rights (if any) with
respect to, the Approved Sale, (ii) if the Approved Sale is structured as a sale
of stock, each Investor and Permitted Transferee will agree to sell and will be
permitted to sell all of such Investor’s or Permitted Transferee’s Common Stock
and/or Preferred Stock on the terms and conditions approved by the Required
Holders, and (iii) if the Approved Sale includes the sale, exchange, redemption,
cancellation or other disposition of securities convertible into or exchangeable
for capital stock of the Company, or options, warrants or other rights to
purchase such capital stock or securities, each Investor or Permitted Transferee
will sell, exchange, redeem, agree to cancel or otherwise dispose of such
securities or options, warrants or other rights on the terms and conditions
approved by the Required Holders.  Each Investor and Permitted
Transferee will take all necessary and desirable actions in connection with the
consummation of an Approved Sale.  As used herein, the term “Required Holders”
means, as of any date, the holders of the majority of the shares of Common Stock
then owned by BRS and the holders of the majority of the shares of Common Stock
then held by Jefferies.

    
      
         

      

      
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    (b)          
 The obligations of each of the Investors and Permitted Transferees with
respect to an Approved Sale are subject to the satisfaction of the conditions
that: (i) upon the consummation of the Approved Sale, all of the Investors and
Permitted Transferees holding Common Stock will receive the same form and amount
of consideration per share of Common Stock, or if any holder of Common Stock is
given an option as to the form and amount of consideration to be received in
respect of Common Stock, all Investors and Permitted Transferees holding Common
Stock will be given the same option, (ii) upon the consummation of the Approved
Sale, all of the Investors and Permitted Transferees holding Preferred Stock
will receive the same form and amount of consideration per share of Preferred
Stock (it being understood, however, that the amount of consideration per share
of Preferred Stock may vary to reflect the accrued and unpaid dividends thereon,
to the extent different shares of Preferred Stock have been outstanding for
different periods of time), or if any holder of Preferred Stock is given an
option as to the form or amount of consideration to be received in respect of
Preferred Stock, all Investors and Permitted Transferees holding Preferred Stock
will be given the same option, and (iii) in the case of a holder of any
securities referred to in clause (iii) of paragraph (a) above, (A) (I) in the
event such Securities are vested, the holder shall receive in such Approved
Sale, unless otherwise provided in the terms of any agreement or instrument
governing or evidencing such security, either (x) the same securities or other
property that such holder would have received if such holder had converted,
exchanged or exercised such security immediately prior to such Approved Sale
(after taking into account the conversion, exchange or exercise price applying
to such Security and any applicable tax obligations of the holder in connection
with such conversion, exchange or exercise) or (y) a security convertible or
exchangeable for, or option, warrant or right to purchase, capital stock or
other securities of a successor entity having substantially equivalent value, or
(II) in the case where such securities are not vested, unless otherwise provided
in the terms of any agreement or instrument governing or evidencing such
security, such securities shall be cancelled, or (B) such securities shall
remain outstanding following such Approved Sale.

    

    (c)        
   Each Investor and Permitted Transferee acknowledges that its
or his or her pro rata share (based upon the number of shares of Common Stock
owned (or acquirable pursuant to options, warrants or other rights to purchase
Common Stock, or securities convertible into or exchangeable for Common Stock)
by such holder) of the aggregate proceeds of an Approved Sale may be reduced by
transaction expenses related to such Approved Sale.

    
      
         

      

      
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    2.3.           Tag-Along
Rights.

    

    (a)        
   (i)           
Except as otherwise provided in Section 2.3(a)(iii) below, no Seller (as
hereinafter defined) shall sell any shares of Common Stock in any transaction or
series of related transactions unless all “Holders” (as
hereinafter defined) are offered an equal opportunity to participate in such
transaction or transactions on a pro rata basis based on the number of shares of
Common Stock then owned by each Holder who elects to participate in such
transaction or transactions and, subject to paragraph (ii) below, on identical
terms (including amount and type of consideration paid).  For the
avoidance of doubt, such participation on a pro rata basis shall mean that such
Holder shall be entitled to sell the number of shares of Common Stock proposed
to be sold by the Seller, multiplied by a fraction, the numerator of which is
the number of shares then owned by such Holder and the denominator of which is
the number of shares of outstanding Common Stock.  If any Holder
elects not to participate in full or in part on a pro rata basis, the Seller may
increase the number of shares sold by it by the number of shares any such Holder
elects not to include pursuant to the terms hereof.  As used in this
Section 2.3, a “Seller” shall mean
BRS or Jefferies; “Holders” shall mean
any Investor or any of their Permitted Transferees (other than BRS (in the case
where BRS is the Seller) or Jefferies (in the case where Jefferies is the
Seller) and other than a Permitted Transferee by virtue of Section
1.1(b)(iv)).

    

    (ii)        
   Prior to any sale of shares of Common Stock subject to these
provisions, the Seller shall notify the Company in writing of the proposed
sale.  Such notice (the “Seller’s Notice”)
shall set forth: (A) the number of shares of Common Stock subject to the
proposed sale, (B) the name and address of the proposed purchaser, and (C) the
proposed amount of consideration and terms and conditions of payment offered by
such proposed purchaser.  The Company shall promptly, and in any event
within 30 days of the Company’s receipt of the Seller’s Notice, deliver or cause
to be delivered the Seller’s Notice to each Holder.  A Holder may
exercise the tag-along right by delivery of a written notice (the “Tag-Along Notice”) to
the Seller within 30 days of the date the Company delivered or caused to be
delivered the Seller’s Notice.  The Tag-Along Notice shall state the
number of shares of Common Stock that the Holder proposes to include in the
proposed sale, up to the maximum pro rata share described above.  If a
Holder entitled to participate therein delivers a Tag-Along Notice, such holder
shall be obligated to sell that number of shares of Common Stock specified in
the Tag-Along Notice upon the same terms and conditions as those under which the
Seller is selling, conditioned upon and contemporaneously with completion of the
Seller’s sale of its shares of Common Stock.  If no Tag-Along Notice
is received during the 30-day period referred to above, the Seller shall have
the right for a 120-day period to effect the proposed sale of shares of Common
Stock on terms and conditions no more favorable to the Seller than those stated
in the Seller’s Notice and in accordance with the provisions of this Section
2.3.

    
      
         

      

      
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    (iii)           Notwithstanding
anything herein to the contrary, a Seller may make any of the following
Transfers without offering the Holders the opportunity to participate: (A)
Transfers by a Seller to any Permitted Transferee, provided that the
proposed Permitted Transferee (except a Permitted Transferee by virtue of
Section 1.1(b)(iv) hereof) agrees in writing to be bound by the provisions of
this Agreement; (B) sales pursuant to an effective registration statement under
the Securities Act; and (C) sales in connection with an Approved
Sale.

    

    (iv)           Notwithstanding
anything herein to the contrary, no Seller shall be required to offer any Holder
other than BRS or Jefferies the opportunity to participate in any transaction
pursuant to this Section 2.3 unless such transaction involves sales of Common
Stock to any person other than a Permitted Transferee that, together with any
previous Transfers of Common Stock by BRS or Jefferies to persons other than
Permitted Transferees, aggregate greater than 15% of the Common Stock then
outstanding, and both BRS and Jefferies are Sellers in such
transactions.

    

    (v)           Each
Investor acknowledges for itself and its transferees that BRS or Jefferies may
grant in the future tag-along rights relating to shares of Common Stock to other
holders of Common Stock and such holders will (A) have the same opportunity to
participate in sales by BRS or Jefferies as provided to the parties hereto, and
(B) be included in the calculation of the pro rata basis upon which Holders may
participate in a sale.

    

    (vi)           Each
of the parties hereto acknowledges that the Company (A) may issue Securities to
persons in the future and (B) has adopted an incentive compensation plan
pursuant to which employees of the Company or its subsidiaries or other persons
may be granted, subject to the terms of such plan, options to purchase Common
Stock or other Securities, and that such persons or participants may become
subject to this Agreement and may be “Holders” for purposes of this Section
2.3.

    

    (vii)          The
tag-along obligations of the Sellers provided under this Section 2.3 shall
terminate upon the earlier of (A) the consummation of a Public Offering, (B) as
to BRS, the day after the date on which BRS owns less than 5% of the outstanding
Common Stock and (C) as to Jefferies, the day after the date on which Jefferies
owns less than 5% of the outstanding Common Stock.  Upon the
termination of such obligations, the rights of Holders with respect thereto
shall also terminate.

    

    (viii)         Notwithstanding
the requirements of this Section 2.3, a Seller may sell shares of Common Stock
at any time without complying with the requirements of the above provisions of
this Section 2.3 so long as the Seller deposits into escrow with an independent
third party at the time of the sale that amount of the consideration received in
the sale equal to the Escrow Amount.  The “Escrow Amount” shall
equal the amount of consideration as all the Holders would have been entitled to
receive if they had the opportunity to participate in the sale on a pro rata
basis, determined as if each Holder (A) delivered a Tag-Along Notice to the
Seller in the time period set forth in Section 2.3(a)(ii) and (B) proposed to
include all of its Securities which it would have been entitled to include in
the sale.  No later than the date of the sale, the Seller shall notify
the Company in writing of the proposed sale.  Such notice (the “Escrow Notice”) shall
set forth the information required in the Seller’s Notice, and in addition, such
notice shall state the name of the escrow agent and the account number of the
escrow account.  The Company shall promptly, and in any event within
10 days, deliver or cause to be delivered the Escrow Notice to each
Holder.  A Holder may exercise the tag-along right described in this
clause (viii) by delivery to the Seller, within 15 days of the date the Company
delivered or caused to be delivered the Escrow Notice, of (I) a written notice
specifying the number of shares of Common Stock it proposes to sell, and (II)
the certificates representing such shares of Common Stock, with transfer powers
duly endorsed in blank.  Promptly after the expiration of the 15th day
after the Company has delivered or caused to be delivered the Escrow Notice, (x)
the Seller shall purchase that number of shares of Common Stock as Seller would
have been required to include in the sale had Seller complied with the
provisions of Section 2.3(a) (ii), (y) the Company shall cause to be released
from the escrow to the Holder from whom the Seller purchases shares of Common
Stock pursuant to clause (x) of this paragraph the applicable amount of
consideration due to such Holder together with any interest thereon, and (z) all
remaining funds and other consideration held in escrow shall be released to the
Seller.  If the Seller received consideration other than cash in the
sale, the Seller shall purchase the shares of Common Stock tendered by paying to
the Holders cash and non-cash consideration in the same proportion as received
by the Seller in the sale.

    
      
         

      

      
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    2.4.           Preemptive
Rights.  (a) Except for the issuance of Securities by the
Company (i) pursuant to a Public Offering, (ii) as consideration for the
acquisition of all or any substantial portion of the assets or all or any
portion of the capital stock of any person or that are otherwise issued in
connection with any merger or other business combination that is approved in
accordance with the requirements of Section 2.6 hereof, (iii) in any transaction
in respect of a Security that is available to all holders of such Security on a
pro rata basis, (iv) pursuant to the Company’s 2003 Stock-Based Incentive
Compensation Plan or any other management stock option plan approved in
accordance with the requirements Section 2.6 hereof, (v) to any employee or
director of the Company or any of its Subsidiaries, (vi) as a dividend on the
outstanding Common Stock or Preferred Stock, or (vii) with respect to which BRS
and Jefferies have waived their rights to purchase any Securities pursuant to
this Section 2.4, if, so long as the Company has not consummated a Public
Offering, the Company sells any Securities, the Company will offer to sell to
each of the Qualified Investors (as defined below) a pro rata portion of the
number of such Securities issued equal to the percentage determined by dividing
(x) the number of shares of Common Stock held by such Qualified Investor on a
fully-diluted basis, by (y) the number of shares of Common Stock of the Company
then outstanding on a fully-diluted basis.  Each Qualified Investor
will be entitled to purchase all or part of such Securities at the same price
and on the same terms as such Securities are sold by the Company pursuant to
this Section 2.4.  As used in this Section 2.4, “Qualified Investors”
shall mean BRS, Jefferies, any Euradius Investor and any Management Investor
that has made an initial investment in the Company valued as of the date hereof
at $100,000 or greater.

    

    (b)       
    The Company will cause to be given to each of the
Qualified Investors a written notice setting forth the terms and conditions upon
which such Qualified Investor may purchase Securities from the Company pursuant
to this Section 2.4 (the “Preemptive
Notice”).  After receiving a Preemptive Notice, a Qualified
Investor may agree to purchase the Securities offered to such Qualified Investor
by the Company pursuant to this Section 2.4, on the date specified by the
Company in the Preemptive Notice, by delivery of a written notice to the Company
within 15 days of the date the Company delivered or caused to be delivered the
Preemptive Notice to the Qualified Investor (the “Preemptive
Reply”).

    
      
         

      

      
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    2.5.           Corporate
Opportunity.  To the fullest extent permitted by any applicable
law, the doctrine of corporate opportunity, or any other analogous doctrine,
shall not apply with respect to BRS, BRS Fund II or any BRS Affiliates or
Jefferies, any of the Jefferies Funds or any Jefferies Affiliates or
representatives (including any directors of the Company designated by such
persons).  In particular, (a) BRS, BRS Fund II  and
Jefferies and any of the Jefferies Funds and their respective Affiliates shall
have the right to engage in business activities, whether or not in competition
with the Company or its subsidiaries or the Company’s or its subsidiaries’
business activities, without consulting any other Investor, and (b) none of BRS,
BRS Fund II or, Jefferies or the Jefferies Funds shall have any obligation to
any other Investor with respect to any opportunity to acquire property or make
investments at any time.

    

    2.6.           Restrictive
Covenants.  Notwithstanding anything to the contrary contained
elsewhere in this Agreement, without the prior written consent of the Required
Holders, the Company shall not, and shall cause each of its subsidiaries not to:

    

    (a)       
    except in connection with an Approved Sale pursuant to
Section 2.2 hereof, sell, lease or otherwise dispose of, or permit any of its
subsidiaries to sell, lease or otherwise dispose of, any assets of the Company
and/or its subsidiaries having, in the aggregate, a value of $5 million or more
(computed on the basis of book value, determined in accordance with generally
accepted accounting principles consistently applied, or fair market value,
determined by the Company’s Board of Directors in its reasonable good faith
judgment) in any transaction or series of related transactions;

    

    (b)       
    except in connection with an Approved Sale pursuant to
Section 2.2 hereof, merge or consolidate with any person or, except as permitted
by subparagraph (c) below, permit any of the Company’s subsidiaries to merge or
consolidate with any person (other than any of the Company’s wholly-owned
subsidiaries);

    

    (c)      
     acquire, or permit any of the Company’s
subsidiaries to acquire, any interest in any company or business (whether by a
purchase of assets, purchase of stock, merger or otherwise), or enter into any
joint venture, involving an aggregate consideration (including, without
limitation, the assumption of liabilities whether direct or indirect) exceeding
$5 million in any one transaction or series of related transactions or exceeding
$15 million in the aggregate.

    

    (d)      
     effect an initial Public Offering of Securities of
the Company, any of its subsidiaries, or any successor entity of the Company or
any of its subsidiaries;

    
      
         

      

      
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    (e)     
      liquidate, dissolve, declare or make any
filing in bankruptcy or effect a recapitalization or reorganization in any form
of transaction (including, without limitation, any reorganization of any of the
Company or its subsidiaries into a limited liability company, a partnership or
any other non-corporate entity that is treated as a partnership for federal
income tax purposes);

    

    (f)       
    create, incur, assume or suffer to exist any
indebtedness, or permit any of the Company’s subsidiaries to create, incur,
assume or suffer to exist any indebtedness, exceeding an aggregate principal
amount of $15.0 million (based on outstanding indebtedness plus available
facilities) at any time on a consolidated basis;

    

    (g)       
    issue or sell any shares of the capital stock or other
equity securities, or any securities convertible or exchangeable for such
securities, or warrants, options, or other rights to acquire such stock or
securities, of the Company or any of its subsidiaries to any person other than
the Company or any of its wholly-owned subsidiaries, except for (i) issuances in
connection with the exercise of any warrants, options or other rights to acquire
such equity securities or shares of capital stock, so long as the initial
issuance or sale of such warrants, options or other rights was consented to in
writing by the Required Holders or (ii) any issuance of options (or shares
issued upon exercise thereof) under the Company’s 2003 Stock-Based Incentive
Compensation Plan or otherwise approved by the Board of Directors of the
Company;

    

    (h)     
      adopt or approve any annual business plan or
budget for the Company;

    

    (i)        
    hire, fire, remove or replace any member of the senior
management of the Company or Sheridan, who, if the Company or Sheridan were a
publicly reporting company, would be one of the top five individuals whose
salaries would be required to be disclosed in its Securities and Exchange
Commission reporting documents;

    

    (j)         
   enter into, or permit any of its subsidiaries to enter into,
the ownership, active management or operation of any business other than the
business of the Company and its subsidiaries immediately following the closing
of the transactions contemplated by the Stock Purchase Agreement;

    

    (k)        
   enter into, amend, modify or supplement, or permit any
subsidiary to enter into, amend, modify or supplement, any agreement,
transaction, commitment or arrangement with any of its or any subsidiary’s
officers, advisors, directors, employees, stockholders, or Affiliates or with
any individual related by blood, marriage or adoption to any such individual or
with any entity in which any such person or individual owns a beneficial
interest, except for customary employment arrangements and benefit programs on
reasonable terms approved by the Board of Directors of the Company;

    

    (l)       
     amend, modify or supplement the Amended and
Restated Certificate of Incorporation, Bylaws or any of the other organizational
documents, or any other material agreements, of the Company or any of its
subsidiaries; or

    
      
         

      

      
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    (m)           enter
into any agreement, contract, commitment or arrangement that if completed or
performed would be in contravention of any of the foregoing.

    

    ACTICLE
III

    

    CORPORATE
ACTIONS

    

    3.1.           Third Amended and Restated
Certificate of Incorporation and Amended and Restated
Bylaws.  Each Investor has reviewed the Third Amended and
Restated Certificate of Incorporation and the Amended and Restated Bylaws of the
Company in the forms attached hereto as Exhibits A and B, respectively, and
hereby approves and ratifies the same.  

    

    3.2           Directors and Voting
Agreements.

    

    (a)         
  Each Investor and Permitted Transferee agrees that it shall take, at
any time and from time to time, all action necessary (including voting the
Common Stock entitled to vote owned by him, her or it, calling special meetings
of stockholders and executing and delivering written consents) to ensure that
the Board of Directors of the Company is composed at all times of ten
individuals as follows: (i) four individuals designated by BRS (who shall
initially be Thomas J. Baldwin, Gary T. DiCamillo, J. Rice Edmonds and John A.
Saxton) (collectively, the “BRS Directors”), (ii)
four individuals designated by Jefferies (who shall initially be Nicholas
Daraviras, Craig H. Deery, James L. Luikart and George A. Whaling) (the “Jefferies
Directors”), and (iii) two individuals who are designated by the Euradius
Investors (who shall initially be Anne Ringsma and Rainer Hampp) and any
successors acceptable to BRS and Jefferies in their reasonable discretion (the
“Euradius
Directors”).

    

    (b)      
     Each Investor and Permitted Transferee agrees to
take all necessary action to cause the composition of the Board of Directors of
the Company to remain in accordance with Section 3.2(a) hereof (including,
without limitation, voting or causing to vote or acting by written consent with
respect to, all shares of Common Stock entitled to vote thereon or any other
voting capital stock of the Company now or hereafter owned or held by such
Investor or Permitted Transferee in favor of such persons) and to act itself (if
a member of the Board of Directors) or cause its designee (if any) on the Board
of Directors to vote or act by written consent to cause the Board of Directors
of the Company to be in accordance with Section 3.2(a) hereof.

    

    (c)       
    Any of the rights to designate directors of the Company
of BRS set forth in paragraph (a) above shall terminate on such date as BRS,
together with its respective Affiliates and Permitted Transferees, collectively
own less than 5% of the outstanding Common Stock.  Any of the rights
to designate directors of the Company of Jefferies set forth in paragraph (a)
above shall terminate on such date as Jefferies, together with its respective
Affiliates and Permitted Transferees, collectively own less than 5% of the
outstanding Common Stock.  Likewise, any of the rights to designate
directors of the Company of the Euradius Investors set forth in paragraph (a)
above shall terminate on such date as the Euradius Investors, together with
their respective Affiliates and Permitted Transferees, collectively own less
than 5% of the outstanding Common Stock.

    
      
         

      

      
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    3.3.           Right to Remove Certain of
the Company’s Directors.  Each of BRS and Jefferies may request
that any director subject to designation by it or them be removed (with or
without cause) by written notice to the other Investors, and, in any such event,
each Investor and Permitted Transferee shall promptly consent in writing or vote
or cause to be voted all shares of Common Stock entitled to vote thereon now or
hereafter owned or controlled by it for the removal of such person as a
director.  Each of Euradius, BRS and Jefferies may request that any
Euradius Director be removed (with or without cause) by written notice to the
other Investors, and, in any such event, each Investor and Permitted Transferee
shall promptly consent in writing or vote or cause to be voted all shares of
Common Stock entitled to vote thereon now or hereafter owned or controlled by it
for the removal of such Euradius Director as a director.

    

    3.4.           Right to Fill Certain
Vacancies in Company’s Board.  In the event that a vacancy is
created on the Company’s Board of Directors at any time by the death,
disability, retirement, resignation or removal (with or without cause) of a BRS
Director, a Jefferies Director or a Euradius Director, or if otherwise there
shall exist or occur any vacancy on the Company’s Board of Directors of a BRS
Director, a Jefferies Director or a Euradius Director, such vacancy shall not be
filled by the remaining members of the Company’s Board of Directors, but each
Investor and Permitted Transferee hereby agrees promptly to consent in writing
or vote or cause to be voted all shares of Common Stock entitled to vote thereon
or any other voting capital stock of the Company now or hereafter owned or
controlled by it to elect that individual designated to fill such vacancy and
serve as a director, as shall be designated by the Investor or Investors then
entitled to designate such director under Section 3.2 hereof in accordance with
the terms of such section.

    

    3.5.           Directors of
Subsidiaries.  The Company shall cause the Board of Directors
of Sheridan to be identical to the Board of Directors of the
Company.  In addition, if requested by BRS, Jefferies or the Euradius
Investors (so long as the requesting party, together with its or their
respective Affiliates or Permitted Transferees, owns not less than 5% of the
outstanding Common Stock) the Company shall take, and each of the Investors and
Permitted Transferees agrees that it shall cause the Company to take, at any
time and from time to time, all action necessary (including voting all shares of
capital stock or other voting equity interests of any subsidiary owned by the
Company, calling special meetings of stockholders and executing and delivering
written consents) to ensure that the Board of Directors of any other Subsidiary
(as defined in Section 4.1) is identical to the Board of Directors of the
Company.

    

    3.6.           Amendment of Certificate and
Bylaws.  Each Investor and Permitted Transferee agrees that it
shall not consent in writing or vote or cause to be voted any shares of Common
Stock now or hereafter owned or controlled by it in favor of any amendment,
repeal, modification, alteration or rescission of, or the adoption of any
provision in the Company’s Third Amended and Restated Certificate of
Incorporation or Amended and Restated Bylaws inconsistent with Article III of
this Agreement unless BRS and Jefferies consent in writing
thereto.

    
      
         

      

      
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    3.7.           Termination of Voting
Agreements.  If not earlier terminated under Section 3.2, the
voting agreements in Sections 3.2, 3.3, 3.4, 3.5 and 3.6 hereof shall terminate
on the date the Company consummates a Public Offering (if requested by the
underwriter with respect to such offering).

    

    3.8.           Officers.  Each
Investor approves the election of such officers as may be elected or appointed
by the Company or its Board of Directors.

    

    3.9.           Committees.  BRS
and Jefferies each have the right to appoint not less than one director to any
committee of the Board of Directors.  

    

    ARTICLE
IV

    

    ADDITIONAL
RESTRICTIONS ON TRANSFERS OF

    MANAGEMENT SECURITIES HELD
BY MANAGEMENT INVESTORS

    

    4.1.           Certain
Definitions.  The terms defined below shall have the following
meanings when used in this Article IV:

    

    (a)      
     “Management
Securities” means the shares of Preferred Stock or Common Stock or other
Securities now or hereafter owned by a Management Investor, and all other
securities of the Company (or a successor to the Company) received on account of
ownership of the Management Securities, including any and all management
securities issued in connection with any merger, consolidation, stock dividend,
stock distribution, stock split, reverse stock split, stock combination,
recapitalization, reclassification, subdivision, conversion or similar
transaction in respect thereof.

    

    (b)      
     “Public Offering”
means a successfully completed firm commitment underwritten public offering
pursuant to an effective registration statement under the Securities Act (other
than a Special Registration Statement) in respect of the offer and sale of
shares of Common Stock for the account of the Company resulting in aggregate net
proceeds to the Company and any stockholder selling shares of Common Stock in
such offering of not less than $50,000,000.

    

    (c)        
   “Special Registration
Statement” means (i) a registration statement on Form S-8 or S-4 or any
similar or successor form or any other registration statement relating to an
exchange offer or an offering of securities solely to the Company’s employees or
security holders or to security holders of a corporation or other entity being
acquired by, or merged with, the Company or (ii) a registration statement
registering a Unit Offering;

    
      
         

      

      
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    (d)       
    “Subsidiary” means a
corporation, partnership, limited liability or other business entity with
respect to which the Company (or another Subsidiary) owns 50% or more of the
total combined voting power of all classes of stock (or other voting
interests).

    

    (e)           “Unit Offering” means
a public offering of a combination of debt and equity securities of the Company
in which (i) not more than 10% of the gross proceeds received from the sale of
such securities is attributed to such equity securities, and (ii) after giving
effect to such offering, the Company does not have a class of equity securities
required to be registered under the Exchange Act.

    

    4.2.           Restrictions on
Transfer.  In addition to the restrictions imposed by Section
1.1 hereof, and notwithstanding anything to the contrary contained herein, none
of the Management Investors (it being understood that, any reference to a
Management Investor in this Article IV as a holder of Management Securities
shall also include such Management Investor’s heirs, executors, administrators,
transferees, successors and assigns, as the case may be) shall effect a Transfer
of any Management Securities other than (a) pursuant to Section 2.2 hereof in
connection with an Approved Sale, (b) pursuant to Section 4.3 hereof in
connection with an exercise of the Purchase Option (as such term is hereinafter
defined), (c) with the consent of the Company (as evidenced by a resolution duly
adopted by at least a majority of the non-employee members of the Company’s
Board of Directors) and the Required Holders, (d) to a Permitted Transferee of
such Management Investor in question or (e) in connection with a Public Offering
in which such Management Investor is permitted to participate.  In
exercising the consent and approval provided for in clause (c), each of the
Company and the Required Holders may employ their sole discretion in evaluating
the nature of the proposed transferee and each of the Company and the Required
Holders may impose such conditions on Transfer as they deem appropriate in their
sole discretion, including, but not limited to, requirements that the transferee
be an employee or director of the Company or a Subsidiary and that the
transferee purchase such Management Investor’s Management Securities as a
“Management Investor” subject to the restrictions of this Article
IV.  In the event any Transfer is authorized pursuant to clause (c)
above to an employee or director of the Company or a majority-owned direct or
indirect subsidiary of the Company as a “Management Investor,” such employee or
director shall execute an agreement, in form and substance reasonably
satisfactory to the Company, pursuant to which such employee or director shall
agree to be bound by the terms and conditions of this Agreement, and such other
provisions as the Company may determine, and upon such execution, such employee
or director shall be entitled to the benefit of such provisions hereof and such
other provisions as the Company determines and are set forth in such
agreement.  Any purported Transfer in violation of this Agreement
shall be null and void and of no force and effect, and the purported transferees
shall have no rights or privileges in or with respect to the
Company.  Notwithstanding the foregoing provisions, each Management
Investor agrees that he or she will not effect a Transfer of any Management
Securities prior to the lapse of such period of time following acquisition
thereof as may be required to comply with applicable securities
laws.

     

     For
the purposes of this Agreement, the “Permitted Transferees” of any of the
Management Investors shall be as set forth in Section 1.1(b)(i) or (ii) hereof;
provided, however, that as a
condition to a Transfer to any Permitted Transferee, such Permitted Transferee
shall agree, in writing and in form and substance reasonably satisfactory to the
Company, to become bound, and thereby shall become bound, by all the terms of
this Agreement applicable to the Management Investor transferring such
Management Securities.  The Termination Date (as hereinafter defined)
for a Permitted Transferee shall be the Termination Date with respect to the
Management Investor who first acquired the Management Securities held by such
Permitted Transferee pursuant to this Agreement.

    
      
         

      

      
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    4.3.           Purchase
Option.

    

    (a)        
   General
Terms.  In the event that any Management Investor who is an
employee of the Company or a Subsidiary shall cease to be employed by the
Company or a Subsidiary for any reason (including, but not limited to, death,
temporary or permanent disability, retirement at age 65 or more under normal
retirement policies, resignation or termination by the Company or a Subsidiary)
or any Management Investor who is a director shall cease to serve as a member of
the Board of Directors of the Company or a Subsidiary for any reason (including,
but not limited to, death, resignation or removal), other than by reason of a
leave of absence approved by the Company or a Subsidiary, such Management
Investor (or his or her heirs, executors, administrators, transferees,
successors or assigns) shall give prompt notice to the Company of such
termination or cessation of service (except in the case of termination of
employment or service by the Company or a Subsidiary, in which case no notice
need be given), and the Company or one or more designee(s) selected by the
Required Holders (a “Designated
Purchaser”), shall have the right and option by written notice given at
any time, within 180 days after the later of the effective date of such
termination of employment or cessation of service (the “Termination Date”) or
the date of the Company’s receipt of the aforesaid notice (the later of such
dates, the “Option
Termination Date”), to purchase from such Management Investor and his or
her Permitted Transferees, or his or her heirs, executors, administrators,
transferees, successors or assigns, as the case may be, any or all of the
Management Securities then owned by such Management Investor (and his or her
Permitted Transferees), at a purchase price equal to the Option Purchase Price
(as hereinafter defined).  The right of the Company and the Company’s
designee(s) set forth in this Section 4.3 to purchase a terminated Management
Investor’s Management Securities is hereinafter referred to as the “Purchase
Option”.

    

    (i)          
  Exercise
of Purchase Option.  The Purchase Option shall be exercised by
written notice to the Management Investor (or his or her heirs, executors,
administrators, transferees, successors or assigns, as the case may be) executed
by the Company or the Designated Purchaser, as the case may be, given at any
time not later than the Option Termination Date.  Such notice shall
set forth the number and type of Management Securities desired to be purchased
and shall set forth a time and place of closing which shall be no earlier than
10 days and no later than 60 days after the date such notice is
sent.  At such closing, the seller shall deliver, or cause to be
delivered, the certificates evidencing the number of Management Securities to be
purchased by the Company and/or its Designated Purchaser, accompanied by stock
powers duly endorsed in blank or duly executed instruments of transfer, and any
other documents that are necessary to transfer to the Company and/or its
Designated Purchaser, as the case may be, good title to such of the Management
Securities to be transferred, free and clear of all pledges, security interests,
liens, charges, encumbrances, equities, claims and options of whatever nature,
other than those imposed under this Agreement, and concurrently with such
delivery, the Company and/or its Designated Purchaser, as the case may be, shall
deliver to the seller the full amount of the Option Purchase Price (or the
portion thereof to be paid by such party) for such Management Securities in cash
by certified or bank cashier’s check.

    
      
         

      

      
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    (ii)        
   Option Purchase
Price.  The “Option Purchase
Price” for the Management Securities to be purchased from such Management
Investor, and his or her Permitted Transferees, or his or her heirs, executors,
administrators, transferees, successors and assigns, pursuant to the Purchase
Option (the number of Management Securities to be so purchased being the “Purchase Number”)
shall equal the Fair Market Value Price multiplied by the Purchase
Number.

    

    As used
herein:

    

    (A)           “Fair Market Value
Price” for each share of Common Stock or Preferred Stock (or option to
purchase Common Stock) means, the amount determined as follows:  the
average of the high and low sales prices per share of Preferred Stock or Common
Stock (or their equivalent) as reported either on the National Association of
Security Dealers, Inc. Automated Quotation System (“NASDAQ”) or the New
York Stock Exchange (“NYSE”) for the five
business days immediately preceding the Termination Date or, if not reported on
the NASDAQ or NYSE, a valuation based upon the price that would be paid for the
shares of Preferred Stock and Common Stock in an acquisition of all outstanding
shares of capital stock of the Company on a stand alone basis in a privately
negotiated arm’s length transaction between a willing seller under no compulsion
to sell and a willing buyer under no compulsion to buy, (I) without regard to
the restrictions upon transfer of Securities contained in this Agreement or in
any other agreement, (II) without regard to any discount for illiquidity, or
other factors affecting the transferability of any of the capital stock of the
Company, if applicable, (III) taking into account the aggregate amount of the
Company’s indebtedness for borrowed money (including all acquisition and working
capital indebtedness incurred by the Company after the date hereof), (IV) taking
into account the aggregate amount payable in respect of the liquidation
preference of any capital stock of the Company having a liquidation preference
senior to Common Stock, and (V) taking into account the aggregate amount payable
in respect of any accrued and unpaid dividends on any capital stock of the
Company whose holders have rights to dividends that are senior to the rights of
holders of Common Stock (the valuation hereinafter referred to as the “Proffered
Valuation”).  If the Company or its Designated Purchaser is
considering exercising the Purchase Option, then within 60 days after the
Termination Date, the Company or the Designated Purchaser, as the case may be,
shall prepare and deliver to the Management Investor its calculation of the Fair
Market Value Price per share and, if applicable, the Company’s or its Designated
Purchaser’s Proffered Valuation.  If the Management Investor does not
agree with the Company’s or its Designated Purchaser’s Proffered Valuation and
the Company or its Designated Purchaser and the Management Investor are unable
to agree on the Fair Market Value Price per share within ten days after delivery
of the Company’s or its Designated Purchaser’s Proffered Valuation, then the
Management Investor shall prepare his own Proffered Valuation, a copy of which
shall be delivered to the Company or its Designated Purchaser within 20 days
after delivery of the Company’s or its Designated Purchaser’s Proffered
Valuation, as the case may be.  The parties shall then select a
mutually acceptable investment banking or other firm to choose either the
Company’s or its Designated Purchaser’s Proffered Valuation, or the Management
Investor’s Proffered Valuation.  Such firm (x) shall not be an
Affiliate of the Company or the Management Investor; and (y) shall have
demonstrable skills and expertise in the valuation of equity securities in
relevant industries.  If the parties are unable to agree on a mutually
acceptable investment banking or other firm within ten days after delivery of
the Management Investor’s Proffered Valuation, each party shall select its own
investment banking or other firm and the two selected firms shall select a
mutually acceptable investment banking or other firm (meeting the criteria set
forth in the preceding sentence) for the purpose of determining the Fair Market
Value Price per share.  If either party fails to select its own
investment banking or other firm, which is to select the determining firm,
within five days after the expiration of such ten day period, the other party’s
selected firm shall act as the determining firm.  The determination of
an investment banking or other firm will be set forth in writing and will be
conclusive and binding on the parties.  The parties shall instruct the
selected firm to select, within 20 days thereafter, such of the two Proffered
Valuations as more accurately reflects the Fair Market Value Price per share,
and the Company or its Designated Purchaser and the Management Investor hereby
agrees to be bound by such decision.  The fees and expenses of the
determining firm shall be borne by the party whose Proffered Valuation was not
selected by the investment banking or other firm.  The Company or its
Designated Purchaser and the Management Investor shall be responsible for their
own fees and expenses, including the fees and expenses of their respective
counsel and, if applicable, their own investment banking or other
firm.  Notwithstanding anything to the contrary contained herein, the
termination of the exercise period set forth in this Section 4.3 shall be tolled
during the pendency of and until ten days following the conclusion of any
negotiation or arbitration of the Fair Market Value Price.  In the
event of such negotiation or arbitration of the Fair Market Value Price, the
Company or its Designated Purchaser shall have the right to revoke any notice of
exercise of the Purchase Option previously given by such
party.  Notwithstanding the foregoing, the parties agree that in the
case of any security convertible into or exchangeable for Common Stock or
option, warrant or other right to purchase Common Stock, the Fair Market Value
Price for such security shall be based upon the Fair Market Value Price of the
underlying Common Stock, after taking into account the conversion exchange or
exercise price applying to such security and any applicable tax obligations of
the holder in connection with such conversion, exercise or
exchange.

    
      
         

      

      
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    (b)       
    Right of First
Refusal.  In the event that, after receiving the consent of the
Company and the Required Holders as required by Section 4.2 hereof, on or prior
to the Company’s initial Public Offering, any Management Investor proposes to
sell any or all of such Management Investor’s Management Securities, such
Management Investor shall do so only pursuant to a bona fide written offer from
an unaffiliated third party.  Prior to accepting such offer, the
Management Investor will first offer to sell such Management Securities to the
Company pursuant to this Section 4.3(b).

    
      
         

      

      
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     Such
Management Investor shall deliver a written notice of any such bona fide offer
(a “Sale
Notice”) to the Company describing in reasonable detail the Management
Securities proposed to be sold, the name of the transferee, the purchase price
and all other material terms of the proposed Transfer.  Upon receipt
of the Sale Notice, the Company, or one or more designee(s) selected by a
majority of the non-employee members of the Board of Directors of the Company,
shall have the right and option to purchase all, but not less than all, of the
Management Securities proposed to be sold by the Management Investor at the
price and on the terms of the proposed Transfer set forth in the Sale
Notice.  Within 30 days after receipt of the Sale Notice, the Company
shall notify such Management Investor whether or not it or its designee wishes
to purchase all of the offered Management Securities.  In any case
where non-fungible property such as real estate constitutes part of the purchase
price included in the bona fide offer or where any aspect of the terms of such
offer depend on the unique attributes of the proposed transferee or otherwise
cannot be precisely and reasonably duplicated by someone other than such
transferee, purchases by the Company or its designee(s) shall be made on terms
that constitute the reasonable economic equivalent of the price and terms of
such bona fide offer.  If the Company or its designee(s) elects to
purchase the offered Management Securities, the closing of the purchase and sale
of such Management Securities shall be held at the place and on the date
established by the buyer in its notice to such Management Investor in response
to the Sale Notice, which in no event shall be less than 10 or more than 60 days
from the date of such notice.

    

     In
the event that the Company or its designee does not elect to purchase all the
offered Management Securities, such Management Investor may, subject to the
other provisions of this Agreement, sell the offered Management Securities to
the transferee specified in the Sale Notice at a price no less than the price
specified in the Sale Notice and on other terms no more favorable to the
transferee(s) thereof than specified in the Sale Notice during the 180-day
period immediately following the last date on which the Company or its designee
could have elected to purchase the offered Management Securities; provided, however, that no such
sale shall be made unless the transferee executes and delivers a joinder to this
Agreement satisfactory in form and substance to the Company which joinder states
that such transferee agrees to be fully bound by this Agreement as if it were a
party hereto.  Any such Management Securities not transferred within
such 180-day period will be subject to the provisions of this Section 4.3(b)
upon subsequent Transfer.

    

    4.4.           Involuntary
Transfers.  In the event that the Management Securities owned
by any Management Investor shall be subject to sale or other Transfer (the date
of such sale or transfer shall hereinafter be referred to as the “Transfer Date”) by
reason of (i) bankruptcy or insolvency proceedings, whether voluntary or
involuntary, or (ii) distraint, levy, execution or other involuntary Transfer,
then such Management Investor shall give the Company written notice thereof
promptly upon the occurrence of such event stating the terms of such proposed
Transfer, the identity of the proposed transferee, the price or other
consideration, if readily determinable, for which the Management Securities are
proposed to be transferred, and the number of Management Securities to be
transferred.  After its receipt of such notice or, failing such
receipt, after the Company otherwise obtains actual knowledge of such a proposed
Transfer, the Company or one or more designee(s) selected by a majority of the
non-employee members of the Board of Directors of the Company shall have the
right and option to purchase any or all of such Management Securities which
right shall be exercised by written notice given by the Company (or its
designee) to such proposed transferor within 60 days following the Company’s
receipt of such notice or, failing such receipt, the Company’s obtaining actual
knowledge of such proposed Transfer.  Any purchase pursuant to this
Section 4.4 shall be at the price and on the terms applicable to such proposed
Transfer.  If the nature of the event giving rise to such involuntary
Transfer is such that no readily determinable consideration is to be paid for
the Transfer of the Management Securities, the price to be paid by the buyer
shall be the Option Purchase Price that would have been applicable hereunder had
such Management Investor incurred a Termination Date as of the date of such
proposed Transfer for the Management Securities.  The closing of the
purchase and sale of Management Securities shall be held at the place and the
date to be established by the buyer, which in no event shall be less than 10 or
more than 60 days from the date on which the buyer gives notice of its election
to purchase the Management Securities.  At such closing, such
Management Investor shall deliver the certificates evidencing the number of
Management Securities to be purchased by the buyer, accompanied by stock powers
duly endorsed in blank or duly executed instruments of transfer, and any other
documents that are necessary to transfer to the buyer good title to such of the
securities to be transferred, free and clear of all pledges, security interests,
liens, charges, encumbrances, equities, claims and options of whatever nature
other than those imposed under this Agreement, and concurrently with such
delivery, the buyer shall deliver to such Management Investor the full amount of
the purchase price for such Management Securities in cash by certified or bank
cashier’s check.

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    4.5.           Purchaser
Representative.  If the Company or any Investor enters into any
negotiation or transaction for which Rule 506 (or any similar rule then in
effect) promulgated by the Securities and Exchange Commission under the
Securities Act may be available with respect to such negotiation or transaction
(including a merger, consolidation or other reorganization), each of the
Management Investors will, at the request of the Company, appoint a purchaser
representative (as such term is defined in Rule 501(h) promulgated by the
Securities and Exchange Commission under the Securities Act) reasonably
acceptable to the Company.  If each of the Management Investors
appoints the purchaser representative designated by the Company, the Company
will pay the fees of such purchaser representative, but if a Management Investor
declines to appoint the purchaser representative designated by the Company, such
Management Investor will appoint another purchaser representative (reasonably
acceptable to the Company), and such Management Investor will be responsible for
the fees of the purchaser representative so appointed.

    

    ARTICLE
V

    

    MISCELLANEOUS

    

    5.1.           Amendment and
Modification.  This Agreement may be amended or modified, or
any provision hereof may be waived, provided that such amendment, modification
or waiver is set forth in a writing executed by the Company and the Required
Holders; provided, however, that any
amendment of this Agreement which materially adversely affects any Investor in a
manner materially different from other Investors (other than due to any
difference in the number of shares owned by any such Investor) shall require the
prior written consent of such Investor.  No course of dealing between
or among any persons having any interest in this Agreement will be deemed
effective to modify, amend or discharge any part of this Agreement or any rights
or obligations of any person under or by reason of this
Agreement.

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    5.2.           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the successors and permitted assigns and
executors, administrators and heirs of each party hereto.  Except as
contemplated hereby in connection with Transfers of Securities, this Agreement,
and any rights or obligations existing hereunder, may not be assigned or
otherwise transferred by any party without the prior written consent of the
other parties hereto.

    

    5.3.           Separability.  In
the event that any provision of this Agreement or the application of any
provision hereof is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, the remaining provisions shall remain in
full force and effect unless deletion of such provision causes this Agreement to
become materially adverse to any party, in which event the parties shall use
reasonable efforts to arrive at an accommodation which best preserves for the
parties the benefits and obligations of the offending provision.

    

    5.4.           Notices.  All
notices provided for or permitted hereunder shall be made in writing by
hand-delivery, registered or certified first-class mail, fax or reputable
courier guaranteeing overnight delivery to the other party at the following
addresses (or at such other address as shall be given in writing by any party to
the others):

    

    If to the
Company, to:

    

    TSG
Holdings Corp.

    11311
McCormick Road

    Suite
260

    Hunt
Valley, MD  21031-1437

    Attention:  John
A. Saxton

    Fax:  (410)
785-7217

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    If to
BRS, to:

    

    c/o
Bruckmann, Rosser, Sherrill & Co., L.P.

    126 East
56th
Street, 29th
Floor

    New York,
NY 10022

    Attention:  Harold
O. Rosser, II

    Fax:  (212)
521-3799

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    

    If to
Jefferies, to:

    

    c/o
Jefferies Capital Partners

    520
Madison Avenue

    8th
Floor

    New York,
NY  10022

    Attention:  James
Luikart

    Fax:  (212)
284-1717

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    

     If
to any of the Management Investors or Euradius Investors, to such Investor’s
address as set forth on the signature pages hereto or such other address as may
be specified from time to time in writing to the Company by any
Investor.

    

    All such
notices shall be deemed to have been duly given: when delivered by hand, if
personally delivered; four business days after being deposited in the mail,
postage prepaid, if mailed; when confirmation of transmission is received, if
faxed during normal business hours (or, if not faxed during normal business
hours, the next business day after confirmation of transmission); and on the
next business day, if timely delivered to a reputable courier guaranteeing
overnight delivery.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    5.5.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware, without giving
effect to principles of conflicts of law.

    

    5.6.           Headings.  The
headings preceding the text of the sections and subsections of this Agreement
are for convenience of reference only and shall not constitute a part of this
Agreement, nor shall they affect its meaning, construction or
effect.

    

    5.7.           Counterparts.  This
Agreement may be executed in two or more counterparts and by the parties hereto
in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which taken together shall constitute one and the same
instrument.

    

    5.8.           Further
Assurances.  Each party shall cooperate and take such action as
may be reasonably requested by another party in order to carry out the
provisions and purposes of this Agreement and the transactions contemplated
hereby.

    

    5.9.           Termination.  This
Agreement shall terminate on the written agreement of the Investors who are
parties hereto or when all the Investors except any one Investor no longer hold
any Securities.

    

    5.10.         Remedies.  In
the event of a breach or a threatened breach by any party to this Agreement of
its obligations under this Agreement, any party injured or to be injured by such
breach, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its
rights under this Agreement.  The parties agree that the provisions of
this Agreement shall be specifically enforceable, it being agreed by the parties
that the remedy at law, including monetary damages, for breach of such provision
will be inadequate compensation for any loss and that any defense in any action
for specific performance that a remedy at law would be adequate is
waived.

    

    5.11.         Party No Longer Owning
Securities.  If a party hereto ceases to own any Securities,
such party will no longer be deemed to be an Investor or Management Investor for
purposes of this Agreement.

    

    5.12.         No Effect on
Employment.  Nothing herein contained shall confer on the
Management Investor the right to remain in the employ or service of the Company
or any of its subsidiaries or Affiliates.

    

    5.13.         Pronouns.  Whenever
the context may require, any pronouns used herein shall be deemed also to
include the corresponding neuter, masculine or feminine forms.

    

    5.14.         Future Individual
Investors.  The parties hereto agree that any current or future
employee of the Company or other person who purchases Securities from the
Company subsequent to the date hereof may become a signatory to this Agreement
by executing a written instrument setting forth that such person agrees to be
bound by the terms and conditions of this Agreement and this Agreement will be
deemed to be amended to include such person as a Management Investor (or
Investor, as the case may be) and the number of Securities purchased by him or
her.

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    5.15          Entire
Agreement.  This Agreement sets forth the entire agreement and
understanding among the parties and supersedes all prior agreements and
understandings, written or oral, relating to the subject matter of this
Agreement, it being understood the Investors are also entering into other
agreements and instruments on the date hereof, including an Amended and Restated
Registration Rights Agreement, dated as of the date hereof, among the Company
and the Investors.

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Securities Holders
Agreement the day and year first above written.

    

    
      	 
      	
              TSG
      HOLDINGS CORP.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (BRS), LLC

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (JEFFERIES), LLC

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      NEUSHOORN B.V.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      OLIFANT B.V.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              MANAGEMENT
      INVESTORS:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              John
      A. Saxton

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              G.
      Paul Bozuwa

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Robert
      M. Jakobe

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Joan
      B. Davidson

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              John
      M. Elliot

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Chris
      M. Azbill

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Douglas
      R. Ehmann

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              J.
      Kenneth Garner

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Michael
      E. Klauer

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Patricia
      A. Stricker

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Robert
      M. Moore

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Gary
      J. Kittredge

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Arthur
      R. Myers

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Jennifer
      A. Bedell

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Michael
      J. Sartorelli

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Jeffrey
      S. Cohen

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              J.
      Dennis Smith

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Catherine
      R. Budd

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              George
      A. Whaling

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Gary
      T. DiCamillo

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Craig
      H. Deery

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Christopher
      A. Peirce

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Eric
      D. Lane

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Kenneth
      R. Stickley

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              William
      P. Walters

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              OTHER
      INVESTORS:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              J.M.
      Dryden Hall, Jr.

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              David
      C. Hewitt

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Edward
      H. Hartman

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Cynthia
      L. Beauchamp

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Kenneth
      W. Raker

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              Schedule
      I

            

    

    

    Investors and Securities as
of May 16, 2007

    

    

    
      	
              
                Investor

              

            	 	
              
                Number
      of Shares

                of
      Series A Preferred Stock

              

            	 	
              
                Number
      of Shares

                of
      Series B Preferred Stock

              

            	 	
              
                Number
      of Shares

                of
      Common Stock

              

            
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
B

     

    
      

    

    
 

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

    

    by and
among

    

    TSG
HOLDINGS CORP.,

    

    THE
SHERIDAN GROUP HOLDINGS (BRS), LLC,

    

    THE
SHERIDAN GROUP HOLDINGS (JEFFERIES), LLC,

    

    PARTICIPATIEMAATSCHAPPIJ
NEUSHOORN B.V.,

    

    PARTICIPATIEMAATSCHAPPIJ
OLIFANT B.V.

    

    and

    

    THE OTHER
INVESTORS NAMED HEREIN

    

    Dated as
of May 16, 2007

     

     

      
        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

    

    

    
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      
	
              1.

            	
              Definitions.

            	
              1

            
	 
      	 
      	 
      
	
              2.

            	
              Registrable
      Securities.

            	
              3

            
	 
      	 
      	 
      
	
              3.

            	
              Incidental
      Registration.

            	
              3

            
	 
      	 
      	 
      
	
              4.

            	
              Demand
      Registration.

            	
              5

            
	 
      	 
      	 
      
	
              5.

            	
              Registration
      Procedures.

            	
              6

            
	 
      	 
      	 
      
	
              6.

            	
              Indemnification.

            	
              9

            
	 
      	 
      	 
      
	
              7.

            	
              Hold-Back
      Agreements.

            	
              11

            
	 
      	 
      	 
      
	
              8.

            	
              Underwritten
      Registration.

            	
              11

            
	 
      	 
      	 
      
	
              9.

            	
              Miscellaneous.

            	
              12

            

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

     

    
      	
              1.

            	
              Definitions

            	
              1

            
	 
      	 
      	 
      
	
              2.

            	
              Registrable
      Securities

            	
              3

            
	 
      	 
      	 
      
	
              3.

            	
              Incidental
      Registration.

            	
              3

            
	 
      	 
      	 
      
	
              4.

            	
              Demand
      Registration.

            	
              5

            
	 
      	 
      	 
      
	
              5.

            	
              Registration
      Procedures

            	
              6

            
	 
      	 
      	 
      
	
              6.

            	
              Indemnification

            	
              9

            
	 
      	 
      	 
      
	
              7.

            	
              Hold-Back
      Agreements

            	
              11

            
	 
      	 
      	 
      
	
              8.

            	
              Underwritten
      Registration

            	
              11

            
	 
      	 
      	 
      
	
              9.

            	
              Miscellaneous

            	
              12

            

    

    
      
         

      

      
        -ii-

        
          

        

      

      
         

      

    

    DEFINED
TERMS

    

    

    
      	
              Additional
      Party

            	
              12

            
	
              Affiliate

            	
              1

            
	
              Agreement

            	
              1

            
	
              BRS

            	
              1

            
	
              Commission

            	
              1

            
	
              Common
      Stock

            	
              1

            
	
              Company

            	
              1

            
	
              Damages

            	
              9

            
	
              Demand
      Registration

            	
              2

            
	
              Demand
      Registration Request

            	
              2

            
	
              Euradius
      Investors

            	
              1

            
	
              Exchange
      Act

            	
              2

            
	
              Incidental
      Registration

            	
              4

            
	
              Inspector

            	
              8

            
	
              Inspectors

            	
              8

            
	
              Investor

            	
              1

            
	
              Investors

            	
              1

            
	
              Jefferies
      Funds

            	
              1

            
	
              Management
      Investors

            	
              1

            
	
              Neushoorn

            	
              1

            
	
              Notice

            	
              3

            
	
              Olifant

            	
              1

            
	
              Original
      Agreement

            	
              1

            
	
              Person

            	
              2

            
	
              Prospectus

            	
              2

            
	
              Public
      Offering

            	
              2

            
	
              Records

            	
              8

            
	
              Registrable
      Securities

            	
              3

            
	
              Registration
      Expenses

            	
              2

            
	
              Registration
      Statement

            	
              2

            
	
              S-3
      Registration

            	
              5

            
	
              S-3
      Registration Request

            	
              5

            
	
              Securities
      Act

            	
              3

            
	
              Securities
      Holders Agreement

            	
              3

            
	
              Special
      Registration Statement

            	
              3

            
	
              Underwritten
      Offering

            	
              3

            
	
              Underwritten
      Registration

            	
              3

            

    

    
      
         

      

      
        -iii-

        
          

        

      

      
         

      

    

    REGISTRATION RIGHTS
AGREEMENT

    

    THIS IS A
REGISTRATION RIGHTS AGREEMENT, dated as of May 16, 2007 (the “Agreement”), by and
among TSG Holdings Corp., a Delaware corporation (the “Company”), The
Sheridan Group Holdings (BRS), LLC, a Delaware limited liability company (“BRS”)  The
Sheridan Group Holdings (Jefferies), LLC, a Delaware limited liability company
(“Jefferies”),
Participatiemaatschappij Neushoorn B.V., a private limited liability company
organized under the laws of the Netherlands (“Neushoorn”),
Participatiemaatschappij Olifant B.V., a private limited liability company
organized under the laws of the Netherlands (“Olifant” and,
together with Neushoorn, the “Euradius Investors”)
and the individuals designated as Management Investors on the signature pages
hereto (the “Management
Investors”).  Each of BRS, Jefferies, the Management Investors,
the Euradius Investors and any other investor in the Company who becomes a party
to or agrees to be bound by this Agreement are sometimes referred to herein
individually as an “Investor” and
collectively as the “Investors.”

    

    Certain
Investors are parties to the Registration Rights Agreement dated as of August 1,
2003, as amended, by and among the Company and the shareholders of the Company
(the “Original
Agreement”).  This parties hereto desire to amend and restate
the Original Agreement.   Pursuant to Section 9(a) of the
Original Agreement, an amendment must be set forth in writing executed by the
Company and the Required Holders (such Required Holders being BRS and
Jefferies).

    

    The
parties agree to amend and restate the Original Agreement as provided herein and
to set forth herein certain agreements regarding their future relationships and
their rights and obligations with respect to securities of the
Company.

    

    In
consideration of the mutual covenants contained herein and intending to be
legally bound hereby, the parties agree as follows:

    

    1.          
   Definitions.

    

    As used
in this Agreement, the following capitalized terms shall have the following
meanings:

    

    “Affiliate” has the
meaning set forth in Rule 12b-2 of the Rules promulgated under the Exchange
Act.

    

    “Commission” means the
Securities and Exchange Commission.

    

    “Common Stock” means
the Common Stock, par value $.001 per share, of the Company, as adjusted for any
stock dividend or distribution payable thereon or stock split, reverse stock
split, recapitalization, reclassification, reorganization, exchange, subdivision
or combination thereof.

    

    “Demand Registration”
has the meaning set forth in Section 4(a) of this Agreement.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “Demand Registration
Request” has the meaning set forth in Section 4(a) of this
Agreement.

    

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time.

    

    “Person” means an
individual, partnership, limited liability company, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof or any other entity of any kind.

    

    “Prospectus” means the
prospectus included in any Registration Statement, as amended or supplemented by
any prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by such Registration Statement and
all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference in such
Prospectus.

    

    “Public Offering”
means a successfully completed firm commitment underwritten public offering
pursuant to an effective registration statement under the Securities Act (other
than a Special Registration Statement) in respect of the offer and sale of
shares of Common Stock for the account of the Company resulting in aggregate net
proceeds to the Company and any stockholder selling shares of Common Stock in
such offering of not less than $50,000,000.

    

    “Registration
Expenses” means the costs and expenses of all registrations and
qualifications under the Securities Act, and of all other actions the Company is
required to take in order to effect the registration of Registrable Securities
under the Securities Act pursuant to this Agreement (including all federal and
state registration and filing fees, printing expenses, fees and disbursements of
counsel for the Company and the fees and expenses of the Company’s independent
public accountants (including the expenses of any special audit and “cold
comfort” letters required by or incident to such registration)) other than the
costs and expenses of any Investors whose Registrable Securities are to be
registered pursuant to this Agreement comprising underwriters’ commissions,
brokerage fees, transfer taxes or the fees and expenses of any accountants or
other representatives retained by any Investor; provided, however, that the
term “Registration Expenses” shall include the fees and expenses of one counsel
for the holders of Registrable Securities designated by the holder of a majority
of Registrable Securities being registered, or proposed to be registered, in any
offering that is the subject of this Agreement.

    

    “Registration
Statement” means any registration statement of the Company which covers
any of the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits and all material
incorporated by reference in such Registration Statement.

    

    “Registrable
Securities” has the meaning set forth in Section 2 of this
Agreement.

    

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

    

    “Securities Holders
Agreement” means the Amended and Restated Securities Holders Agreement,
dated as of the date hereof, among the Company and the
Investors.

    
      
         

      

      
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    “Special Registration
Statement” means a registration statement on Form S-8 or S-4 or any
similar or successor form or any other registration statement relating to an
exchange offer or an offering of securities solely to the Company’s employees or
security holders or to security holders of a corporation or other entity being
acquired by, or merged with, the Company or used to offer or sell a combination
of debt and equity securities of the Company in which (i) not more than 10% of
the gross proceeds from such offering is attributable to the equity securities
and (ii) after giving effect to such offering, the Company does not have a class
of equity securities required to be registered under the Securities Exchange Act
of 1934, as amended.

    

    “Underwritten
Registration” or “Underwritten
Offering” means a registration in which securities of the Company are
sold to an underwriter for reoffering to the public.

    

    2.           Registrable
Securities.  The securities entitled to the benefits of this
Agreement are the Registrable Securities.  As used herein, “Registrable
Securities” means the shares of Common Stock owned by the Investors or
their Affiliates that are issued and outstanding on the date hereof and the
shares of Common Stock that become issued and outstanding after the date hereof
that are owned by the Investors or their Affiliates; provided, however, that any
share of Common Stock shall cease to be a Registrable Security when (a) it has
been effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering such Common Stock; (b) it is
distributed to the public pursuant to Rule 144 (or any similar provisions then
in force) under the Securities Act; or (c) it has otherwise been transferred and
a new certificate or other evidence of ownership for such Common Stock not
bearing or required to bear a legend as set forth in Section 1.2 of the
Securities Holders Agreement (or other legend of similar import) and not subject
to any stop transfer order has been delivered by or on behalf of the Company and
no other restriction on transfer exists under the Securities
Act.  

    

    3.          
   Incidental
Registration. 

    

    (a)       
    Right to Include Common
Stock.  If at any time after the completion of the Company’s
initial Public Offering the Company at any time proposes to register any offer
or sale of its Common Stock under the Securities Act (other than on a Special
Registration Statement, but expressly including a Demand Registration pursuant
to Section 4(a) hereof or an S-3 Registration under Section 4(c) hereof),
whether or not for sale for its own account, it will give at least 30 days prior
written notice (the “Notice” (which
request shall specify the aggregate number of the Registrable Securities to be
registered and will also specify the intended method of disposition thereof) to
all holders of Registrable Securities of its intention to file a registration
statement under the Securities Act and of such holders’ rights under this
Section 3.  Upon the written request of any such holders of
Registrable Securities made within 20 days of the date of the Notice, the
Company will use its best efforts to effect the registration under the
Securities Act of the offer and sale of all Registrable Securities which the
Company has been so requested to register by the holders thereof (an “Incidental
Registration”), to the extent required to permit the public disposition
(in accordance with such intended methods thereof) of the Registrable Securities
subject to such requests; provided, however, that (i) if,
any time after giving written notice of its intention to register the offer and
sale of shares of Common Stock and prior to the effective date of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register the Company’s Common Stock, the
Company shall give written notice of such determination to each holder of
Registrable Securities and, thereupon, shall be relieved of its obligation to
register any offer and sale of Registrable Securities in connection with such
registration (but not from its obligation to pay the Registration Expenses in
connection therewith); (ii) if a registration undertaken pursuant to this
Section 3 shall involve an Underwritten Offering, any holder of Registrable
Securities requesting to be included in such registration may elect, in writing
at least 20 days prior to the effective date of the registration statement filed
in connection with such registration, not to register the offer and sale of such
holder’s Registrable Securities in connection with such registration; and (iii)
if, at any time after the 180-day or shorter period specified in Section 5(b),
the sale of the securities has not been completed, the Company may withdraw from
the registration on a pro rata basis (based on the number of Registrable
Securities requested by each holder of Registrable Securities to be subject to
such registration) of the offer and sale of the Registrable Securities of which
the Company has been requested to register and which have not been
sold.

    
      
         

      

      
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    (b)      
     Priority in Incidental
Registrations.  If a registration pursuant to Section 3(a)
(other than a Demand Registration or S-3 Registration, it being understood the
priority for such registrations is set forth in Section 4(d)) involves an
Underwritten Offering and the managing underwriter or underwriters advise the
Company in writing that, in its or their opinion, the total number of shares of
Common Stock to be included in such registration, including the Registrable
Securities requested to be included pursuant to this Section 3, exceeds the
maximum number of shares of Common Stock specified by the managing underwriter
or underwriters that may be distributed without materially and adversely
affecting the price, timing or distribution of such shares of Common Stock, then
the Company shall include in such registration only such maximum number of
Registrable Securities which, in the reasonable opinion of such underwriter or
underwriters, can be sold in the following order of priority:  (i)
first, all of the shares of Common Stock that the Company proposes to sell for
its own account, if any, (ii) second, the Registrable Securities of BRS,
Jefferies and the Euradius Investors, and (iii) third, the Registrable
Securities of any of the Management Investors and any other holder of
Registrable Securities that are requested to be included in such Incidental
Registration.  To the extent that shares of Common Stock to be
included in the Incidental Registration must be allocated among the holder(s) of
Registrable Securities pursuant to clause (ii) or clause (iii) above, such
shares shall be allocated pro rata among the applicable holder(s) of Registrable
Securities based on the number of shares of Common Stock that such holder(s) of
Registrable Securities shall have requested to be included therein.

    

    (c)       
    Expenses.  The
Company will pay all Registration Expenses in connection with any registration
of Registrable Securities requested pursuant to this Section 3.

    

    (d)            Liability for
Delay.  The Company shall not be held responsible for any delay
in the filing or processing of a registration statement which includes any
Registrable Securities due to requests by holders of Registrable Securities
pursuant to this Section 3 nor for any delay in requesting the effectiveness of
such registration statement.

    
      
         

      

      
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    (e)    
       Participation in
Underwritten Registrations.  No holder of Registrable
Securities may participate in any Underwritten Registration hereunder unless
such holder (i) agrees to sell his, her or its Common Stock on the basis
provided in any underwriting arrangements approved by the persons who have
selected the underwriter and (ii) accurately completes in a timely manner and
executes all questionnaires, powers of attorney, escrow agreements, underwriting
agreements and other documents customarily required under the terms of such
underwriting arrangements; provided, however, that no
holder of Registrable Securities will be required to provide representations and
warranties or indemnities or otherwise become subject to liabilities or
obligations in any such underwriting agreement that are not customary for
investors of its type in such transaction.

    

    4.        
     Demand Registration.

    

    (a)       
    Right to Demand
Registration.  Subject to Section 4(b) below, each of (i) BRS
and (ii) Jefferies shall be entitled to make written request (a “Demand Registration
Request”) (which Demand Registration Request shall specify the intended
number of Registrable Securities to be disposed of by such holder or holders and
the intended method of disposition thereof) to the Company for registration with
the Commission under and in accordance with the provisions of the Securities Act
of the offer and sale of all or part of the Registrable Securities owned by it
or them (a “Demand
Registration”).

    

    (b)     
      Number of Demand
Registrations.  BRS, on the one hand, and Jefferies, on the
other, shall each be entitled to make two Demand Registration Requests under
Section 4(a) above provided that no such Demand Registration Request is made
within six months of any Incidental Registration or Demand
Registration.  In any Demand Registration, all Registration Expenses
shall be borne by the Company.

    

    (c)       
    In addition to the rights under paragraph (a) above,
upon the written request (a “S-3 Registration
Request”) by BRS or Jefferies, the Company shall use its best efforts to
effect the registration of all of the Registrable Securities held by the holder,
or holders making a request pursuant to this paragraph (c) (a “S-3 Registration”);
provided, however, that the
Company shall be obligated to use best efforts to effect a registration
requested pursuant to this paragraph (c) only if the Company is then eligible to
file the related registration statement on Form S-3 (or any successor form)
under the Securities Act.  The Company shall pay all Registration
Expenses related to each registration requested pursuant to this Section
4(c).  If and to the extent that any holder or holders of any
Registrable Securities shall have, at the time of delivery of the written
request referred to in this paragraph, no present intention of selling or
distributing such Registrable Securities, the Company shall be obligated to
effect the registration of such Registrable Securities of such holder or holders
only if and to the extent, in each case, that such registration is at the time
permitted by the applicable statutes or rules and regulations thereunder or the
practices of the governmental authority concerned.

    

    (d)       
    Priority on Demand
Registration.  If any of the Registrable Securities subject to
a Demand Registration or an S-3 Registration are to be sold in a firm commitment
Underwritten Offering and the managing underwriter or underwriters of a Demand
Registration or a S-3 Registration advise the Company and the holders of such
Registrable Securities in writing that in its or their opinion the number of
shares of Common Stock proposed to be sold in such Demand Registration or a S-3
Registration exceeds the maximum number of shares specified by the managing
underwriter that may be distributed without materially and adversely affecting
the price, timing or distribution of the Common Stock, the Company shall include
in such registration only such maximum number of Registrable Securities which,
in the reasonable opinion of such managing underwriter can be sold in the
following order of priority:  (i) first, the Registrable Securities
requested to be included in such Demand Registration or S-3 Registration, as the
case may be, by BRS, Jefferies and the Euradius Investors, (ii) second, the
Registrable Securities that are requested to be included in such Demand
Registration or S-3 Registration, as the case may be, of any other holder of
Registrable Securities, and (iii) third, shares of Common Stock to be offered by
the Company in such Demand Registration or S-3 Registration.  To the
extent that shares of Common Stock to be included in the Demand Registration or
S-3 Registration must be allocated among the holder(s) of Registrable Securities
pursuant to clauses (i), (ii) or (iii) above, such shares shall be allocated pro
rata among the applicable holder(s) of Registrable Securities based on the
number of shares of Common Stock that such holder(s) of Registrable Securities
shall have requested to be included therein.

    
      
         

      

      
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    (e)      
     A Demand Registration or S-3 Registration
requested pursuant to this Section 4 will not be deemed to have been effected
unless it has become effective under the Securities Act; provided, however, that if
after a Demand Registration or S-3 Registration has so become effective, the
offering of Registrable Securities pursuant to such Demand Registration or S-3
Registration is terminated, suspended or interfered with (so as to prevent the
sale of more than 25% of the Registrable Securities requested to be registered
thereunder) by any stop order, injunction or other order or requirement of the
Commission or other governmental agency or court, such Demand Registration or
S-3 Registration will be deemed not to have been effected.

    

    5.          
   Registration
Procedures.  If and whenever the Company is required to use its
best efforts to effect or cause the registration of any Registrable Securities
under the Securities Act as provided in this Agreement (including pursuant to a
Demand Registration Request given under Section 4(a)), the Company will, as
expeditiously as reasonably possible:

    

    (a)         
  prepare and file with the Commission a registration statement with
respect to such Registrable Securities, and use its best efforts to cause such
registration statement to become effective and to keep the sellers of
Registrable Securities advised in writing of the initiation and progress of
proceedings regarding such registration, provided, however, that the
Company may discontinue any registration of its securities which is being
effected pursuant to Sections 3 or 4 herein at any time prior to the effective
date of the registration statement relating thereto (but only to the extent set
forth in the proviso contained in Section 3(a));

    

    (b)     
      prepare and file with the Commission such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration
statement effective for a period of not less than 180 days or such shorter
period which will terminate when all Registrable Securities covered by such
registration statement have been sold (but not before the expiration of the
90-day period referred to in Section 4(3) of the Securities Act and Rule 174
thereunder, if applicable) and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the seller or sellers thereof set forth in such registration
statement; provided, however, that prior
to filing with the Commission any such registration statement, prospectus or
amendment or supplement thereto, the Company shall furnish copies thereof to
counsel for the sellers of Registrable Securities under such registration
statement, which document will be subject to reasonably prompt review by such
counsel;

    
      
         

      

      
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    (c)       
    furnish to each seller of such Registrable Securities
such number of copies of such registration statement and of each such amendment
and supplement thereof (in each case including all exhibits), such number of
copies of the prospectus included in such registration statement (including each
preliminary prospectus and summary prospectus), in conformity with the
requirements of the Securities Act, and such other documents as such seller may
reasonably request in order to facilitate the disposition of the Registrable
Securities by such seller;

    

    (d)       
    use its best efforts to register or qualify such
Registrable Securities covered by such registration statement under such other
securities or blue sky laws of such jurisdictions as each seller shall request,
and do any and all other acts and things which may be necessary or advisable to
enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller; provided, however, that the
Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process in any such jurisdiction where it is
not then so subject or subject itself to general taxation in any jurisdiction
where it is not then so subject;

    

    (e)      
     immediately notify each seller of any Registrable
Securities covered by such registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Act within the
appropriate period mentioned in clause (b) of this Section 5, of the Company
becoming aware that the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing, and within ten days prepare and furnish to all sellers a reasonable
number of copies of an amended or supplemental prospectus as may be necessary so
that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing;

    

    (f)       
     use its best efforts to list such Registrable
Securities on any securities exchange on which the Common Stock is then listed
or NASDAQ if the Common Stock is then quoted on NASDAQ, if such Registrable
Securities are not already so listed or quoted and if such listing is then
permitted under the rules of such exchange or NASDAQ, and provide an independent
transfer agent and registrar for such Registrable Securities covered by such
registration statement not later than the effective date of such registration
statement;

    

    (g)       
    furnish to each seller of Registrable Securities covered
by such registration statement a signed counterpart, addressed to such seller
(and the underwriters, if any) of:

    
      
         

      

      
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    (i)            
an opinion of counsel for the Company, dated the effective date of such
registration statement (or, if such registration involves an underwritten public
offering, dated the date of the closing under the underwriting agreement),
reasonably satisfactory in form and substance to the sellers of not less than
50% of such Registrable Securities (and the managing underwriter, if any);
and

    

    (ii)       
    a “comfort” letter, dated the effective date of such
registration statement (or, if such registration involves an underwritten Public
Offering, dated the date of the underwriting agreement and a “bring down” letter
dated the date of the closing under the underwriting agreement), signed by the
independent public accountants who have certified the Company’s financial
statements included in such registration statement, covering such matters with
respect to such registration statement as are customarily covered in
accountants’ letters delivered to the underwriters in Underwritten Offerings of
securities as may reasonably be requested by the sellers of not less than 50% of
such Registrable Securities (and the managing underwriter, if any);
and

    

    (h)       
    make available for inspection by any seller of such
Registrable Securities covered by such registration statement, by any
underwriter participating in any disposition to be effected pursuant to such
registration statement and by any attorney, accountant or other agent retained
by any such seller or any such underwriter (individually, an “Inspector” and
collectively, the “Inspectors”), all
pertinent financial and other records, pertinent corporate documents and
properties of the Company as shall be reasonably necessary to enable them to
exercise their due diligence responsibilities (collectively, the “Records”), and cause
all of the Company’s officers, directors and employees to supply all information
reasonably requested by any such seller, underwriter, or Inspector in connection
with such registration statement; provided that any
Records that are designated by the Company in writing as confidential shall be
kept confidential by the Inspectors unless (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission of material fact in
such registration statement or (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction or
by any regulatory authority having jurisdiction.  Each Investor agrees
that non-public information obtained by it as a result of such Inspections shall
be deemed confidential and acknowledges its obligations under the Federal
securities laws not to trade any securities of the Company on the basis of
material non-public information.

    

    The
Company may require each seller of Registrable Securities as to which any
registration is being effected promptly to furnish to the Company (i) an opinion
of counsel for such seller dated the effective date of the registration
statement relating to such seller’s Registrable Securities (or, if such
registration involves an underwritten Public Offering, dated the date of the
closing under the underwriting agreement), reasonably satisfactory in form and
substance to the Company (and the managing underwriter, if any) and (ii) such
information regarding the distribution of such Registrable Securities as may be
legally required.  Such information shall be furnished in writing and
shall state that it is being furnished for use in the registration
statement.

    

    Each
holder of Registrable Securities agrees by acquisition of such Registrable
Securities that, upon receipt of any notice from the Company of the happening of
any event of the kind described in clause (e) of this Section 5, such holder
will forthwith discontinue disposition of Registrable Securities pursuant to the
registration statement covering such Registrable Securities until such holder’s
receipt of the supplemented or amended prospectus contemplated by clause (e) of
this Section 5, and, if so directed by the Company, such holder will deliver to
the Company (at the Company’s expense) all copies, other than permanent file
copies then in such holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of the Company’s
notice.  In the event the Company shall give any such notice, the
period mentioned in clause (b) of this Section 5 shall be extended by the number
of days during the period from and including the date of the giving of such
notice pursuant to clause (e) of this Section 5 and including the date when each
seller of Registrable Securities covered by such registration statement shall
have received the copies of the supplemented or amended prospectus contemplated
by clause (e) of this Section 5.

    
      
         

      

      
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    6.           
  Indemnification.

    

    (a)      
     Indemnification by the
Company.  The Company hereby agrees to indemnify and hold
harmless each holder of Registrable Securities which shall have been registered
under the Securities Act, and such holder’s officers, directors, employees and
agents and each other Person, if any, who controls such holder within the
meaning of the Securities Act and each other Person (including underwriters) who
participates in the offering of such Registrable Securities against any losses,
claims, damages, liabilities, reasonable attorneys’ fees, costs or expenses
(collectively, the “Damages”), joint or
several, to which such holder or controlling Person or participating Person may
become subject under the Securities Act or otherwise, insofar as such Damages
(or proceedings in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact made by the Company
or its agents contained in any registration statement under which such
Registrable Securities are registered under the Securities Act, in any
preliminary prospectus or final prospectus contained therein, or in any
amendment or supplement thereof, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will
reimburse such holder of Registrable Securities or such controlling Person or
participating Person in connection with investigating or defending any such
Damages or proceeding; provided, however, that the
Company will not be liable in any such case to the extent that any such Damages
arise out of or are based upon (i) an untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
said preliminary or final prospectus or said amendment or supplement thereto in
reliance upon and in conformity with written information furnished to the
Company by such holder or such controlling or participating Person, as the case
may be, specifically for use in the preparation thereof; or (ii) an untrue
statement or alleged untrue statement, omission or alleged omission in a
prospectus if such untrue statement or alleged untrue statement, omission or
alleged omission is corrected in an amendment or supplement to the prospectus
which amendment or supplement is delivered to such holder in a timely manner and
such holder thereafter fails to deliver such prospectus as so amended or
supplemented prior to or concurrently with the sale of such Registrable
Securities to the Person asserting such Damages.

    

    (b)      
     Indemnification by the
Holders of Registrable Securities Which Are Registered.  It
shall be a condition of the Company’s obligations under this Agreement to effect
any registration under the Securities Act that there shall have been delivered
to the Company an agreement or agreements duly executed by each holder of
Registrable Securities to be so registered, whereby each such holder agrees to
indemnify and hold harmless the Company, its directors, officers, employees and
agents and each other Person, if any, which controls the Company within the
meaning of the Securities Act against any Damages, joint or several, to which
the Company, or such other Person or such Person controlling the Company may
become subject under the Securities Act or otherwise, but only to the extent
that such Damages (or proceedings in respect thereof) arise out of or are based
upon any untrue statements or alleged untrue statement of any material fact
contained, on the effective date thereof, in any registration statement under
which such Registrable Securities are registered under the Securities Act, in
any preliminary prospectus or final prospectus contained therein or in any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, which, in
each such case, has been made in or omitted from such registration statement,
said preliminary or final prospectus or said amendment or supplement in reliance
upon, and in conformity with, written information furnished to the Company by
such holder of Registrable Securities specifically for use in the preparation
thereof.  The Company shall be entitled to receive indemnities from
underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, to the same extent as provided
above, with respect to information furnished in writing by such Persons
specifically for inclusion in any prospectus or registration
statement.

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    (c)        Conduct of Indemnification
Proceedings.  Any Person entitled to indemnification hereunder
shall (i) give prompt written notice to the indemnifying party of the
commencement of any action or proceeding involving a claim referred to in the
preceding paragraphs of this Section 6 (provided the failure of any indemnified
party to give such notice shall not relieve the indemnifying party of its
obligations under this Section 6 except to the extent of any damages caused
solely by such failure), and (ii) unless the indemnified party has been advised
by its counsel that a conflict of interest exists or may exist between such
indemnified and indemnifying parties under applicable standards of professional
responsibility, with respect to such claim, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party.  Whether or not such defense is assumed by the
indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent (but such consent will not be
unreasonably withheld).  No indemnifying party will consent to the
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or
litigation; provided, however, that no
indemnifying party will consent to the entry of any judgment or enter into any
settlement (other than for the payment of money only) without the consent of the
indemnified party (which consent will not be unreasonably
withheld).  An indemnifying party who is not entitled to, or elects
not to, assume the defense of the claim, will not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest exists or may exist between such
indemnified party and any other such indemnified parties with respect to such
claim, in which event the indemnifying party shall be obligated to pay the fees
and expenses of such additional counsel or counsels.

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    (d)        
   Contribution.  If
for any reason the indemnification provided for in the preceding Sections 6(a)
or 6(b) is unavailable to an indemnified party in respect of any Damages
referred to therein, the indemnifying party shall contribute to the amount paid
or payable by the indemnified party as a result of such Damages in such
proportion as is appropriate to reflect the relative benefits received by, and
the relative fault of, the indemnified party and the indemnifying party, as well
as any other appropriate equitable considerations; provided, however, that in no
event shall the liability of any selling holder of Registrable Securities
hereunder (whether in respect of indemnification or contribution obligations) be
greater in amount than the difference between the dollar amount of the proceeds
received by such holder upon the sale of the Registrable Securities giving rise
to such contribution obligation and all amounts previously contributed by such
holder with respect to such Damages.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of
fraudulent misrepresentation.

    

    7.          
   Hold-Back
Agreements.

    

    (a)         
  Restrictions on Public Sale
by Holder of Registrable Securities.  Each holder of
Registrable Securities whose Registrable Securities are eligible for inclusion
in a Registration Statement filed pursuant to Sections 3 or 4 agrees, if
requested by the managing underwriter or underwriters in an Underwritten
Offering of any Registrable Securities, not to effect any public sale or
distribution of Registrable Securities, including a sale pursuant to Rule 144
(or any similar provision then in force) under the Securities Act (except as
part of such Underwritten Registration), during the 10-day period prior to, and
during the 180-day period (in the case of the Company’s initial Public Offering)
or 90-day period (in the case of an offering after the initial Public Offering)
beginning on the effective date of such Registration Statement, to the extent
timely notified of such offering in writing by the Company or the managing
underwriter or underwriters.

    

    (b)         
  Restrictions on Public Sale
by the Company and Others.  The Company shall (i) not effect
any public sale or distribution of any of its Common Stock for its own account
during the 10-day period prior to, and during the 180-day period (in the case of
the Company’s initial Public Offering) or 90-day period (in the case of an
offering after the initial Public Offering) beginning on, the effective date of
a Registration Statement filed pursuant to Sections 3 or 4 (except as part of a
Special Registration Statement), and (ii) use reasonable efforts to cause each
holder of Common Stock purchased from the Company at any time after the date of
this Agreement (other than in a registered public offering) to agree not to
effect any public sale or distribution of any such securities during such
period, including a sale pursuant to Rule 144 under the Securities Act (except
as part of such Underwritten Registration, if permitted).

    

    8.         
    Underwritten
Registration.

    

    If any of
the Registrable Securities covered by any Incidental Registration that is not
also a Demand Registration or S-3 Registration are to be sold in an Underwritten
Offering, the investment banker or investment bankers and manager or managers
that will administer and underwrite the offering will be selected by the
Company.  In any Demand Registration or S-3 Registration, such
underwriters shall be selected by the holders of a majority of the Registrable
Securities being registered.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    Notwithstanding
anything herein to the contrary, no Person may participate in any Underwritten
Registration hereunder unless such Person (a) agrees to sell such Person’s
securities on the basis provided in any underwritten arrangements approved by
the Persons entitled hereunder to approve such arrangement and (b) accurately
completes and executes all questionnaires, powers of attorney, indemnities,
custody agreements, underwriting agreements and other customary documents
required under the terms of such underwriting arrangements; provided, however, that no
holder of Registrable Securities will be required to provide representations and
warranties or indemnities or otherwise become subject to liabilities or
obligations in any such underwriting agreement that are not customary for
investors of its type in such transaction.

    

    9.          
   Miscellaneous.

    

    (a)       
    Amendment and
Modification.  This Agreement may be amended or modified, or
any provision hereof may be waived, provided that such amendment or waiver is
set forth in a writing executed by (i) the Company, (ii) the Required Holders
(as defined in the Securities Holders Agreement) and (iii) in the case of any
amendment which materially and adversely affects any Investor differently from
any other Investor (other than due to any difference in the number of shares
owned by any such Investor), such Investor.  No course of dealing
between or among any persons having any interest in this Agreement will be
deemed effective to modify, amend or discharge any part of this Agreement or any
rights or obligations of any person under or by reason of this
Agreement.

    

    (b)         
  Additional
Parties.  The Board of Directors of the Company shall be
entitled, but not obligated, with the consent of Person(s) holding at least 70%
of the Registrable Securities, to allow any purchaser or acquirer of equity
securities (or securities or rights convertible or exercisable into equity
securities), of the same type and class of the Registrable Securities, to
execute a counterpart to this Agreement and become a party hereto (each, an
“Additional
Party”), in which case the equity securities issued or issuable to any
such Additional Party shall be deemed to be “Registrable Securities” subject to
the terms and conditions hereof and such Additional Party shall be deemed to be
a holder of “Registrable Securities” for purposes hereof.  Except as
set forth in this Section 9(b), the Company will not grant to any other persons
any registration rights.

    

    (c)      
     Survival of Representations
and Warranties.  All representations, warranties, covenants and
agreements set forth in this Agreement will survive the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby,
regardless of any investigation made by an Investor or on its
behalf.

    

    (d)      
     Successors and
Assigns.  This Agreement and all of the provisions hereof shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns and executors, administrators and
heirs.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    (e)         
  Separability.  In
the event that any provision of this Agreement or the application of any
provision hereof is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, the remainder of this Agreement shall not
be affected except to the extent necessary to delete such illegal, invalid or
unenforceable provision unless that provision held invalid shall substantially
impair the benefits of the remaining portions of this Agreement.

    

    (f)        
   Notices.  All
notices provided for or permitted hereunder shall be made in writing by
hand-delivery, registered or certified first-class mail, fax, telex or air
courier guaranteeing overnight delivery to the other party at the following
addresses (or at such other address as shall be given in writing by any party to
the others):

    

    If to the
Company:

    

    TSG
Holdings Corp.

    11311
McCormick Road

    Suite
260

    Hunt
Valley, MD  21031-1437

    Attention:  John
A. Saxton

    Fax:  (410)
785-7217

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    

    If to
BRS, to:

    

    c/o
Bruckmann, Rosser, Sherril & Co., L.P.

    126 East
56th
Street, 29th
Floor

    New York,
NY 10022

    Attention:  Harold
O. Rosser, II

    Fax:  (212)
521-3799

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    If to
Jefferies, to:

    

    c/o
Jefferies Capital Partners

    520
Madison Avenue

    8th
Floor

    New York,
NY  10022

    Attention:  James
Luikart

    Fax:  (212)
284-1717

    

    with a
required copy to:

    

    Dechert
LLP

    Cira
Centre

    2929 Arch
Street

    Philadelphia,
PA 19104

    Attention:  Carmen
J. Romano, Esq.

    Fax:  (215)
994-2222

    

    If to any
of the Management Investors or Euradius Investors, to such Investor’s address as
set forth on the signature pages hereto or such other address as may be
specified from time to time in writing to the Company by any
Investor.

    

    All such
notices shall be deemed to have been duly given: when delivered by hand, if
personally delivered; five business days after being deposited in the mail,
postage prepaid, if mailed; when transmission is confirmed, if faxed during
normal business hours (or if not, on the next succeeding business day); when
answered back, if telexed; and on the next business day, if timely delivered to
an air courier guaranteeing overnight delivery.

    

    (g)       
    Governing
Law.  The validity, performance, construction and effect of
this Agreement shall be governed by and construed in accordance with the
internal laws of the State of Delaware, without giving effect to principles of
conflicts of law.

    

    (h)       
    Headings.  The
headings in this Agreement are for convenience of reference only and shall not
constitute a part of this Agreement, nor shall they affect their meaning,
construction or effect.

    

    (i)          
  Counterparts.  This
Agreement may be executed in two or more counterparts and by the parties hereto
in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which taken together shall constitute one and the same
instrument.

    

    (j)       
     Further
Assurances.  Each party shall cooperate and take such action as
may be reasonably requested by another party in order to carry out the
provisions and purposes of this Agreement and the transactions contemplated
hereby.

    

    (k)      
     Termination.  Unless
sooner terminated in accordance with its terms, this Agreement shall terminate
on the fifteenth anniversary of the date of this Agreement; provided that the
indemnification rights and obligations set forth in Section 6 hereof shall
survive the termination of this Agreement.

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    (l)         
   Remedies.  In
the event of a breach or a threatened breach by any party to this Agreement of
its obligations hereunder, any party injured or to be injured by such breach, in
addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Agreement, it being agreed by the parties that the remedy at law,
including monetary damages, for breach of such provision will be inadequate
compensation for any loss and that any defense in any action for specific
performance that a remedy at law would be adequate is waived.

    

    (m)           Party No Longer Owning
Securities.  If a party hereto ceases to own any Common Stock,
such party will no longer be deemed to be an Investor for purposes of this
Agreement; provided that the indemnification rights and obligations set forth in
Section 6 hereof shall survive any such cessation of ownership.

    

    (n)      
     Pronouns.  Whenever
the context may require, any pronouns used herein shall be deemed also to
include the corresponding neuter, masculine or feminine forms.

    

    (o)       
    No Effect on
Employment.  Nothing herein contained shall confer on any
Investor the right to remain in the employ or service of the Company or any of
its subsidiaries or Affiliates.

    

    (p)        
   Attorneys’
Fees.  In the event any party hereto commences any action to
enforce any rights of such party hereunder, the prevailing party in such action
shall be entitled to recover such party’s costs and expenses incurred in such
action, including, without limitation, reasonable attorneys’ fees.

    

    (q)       
    Current Public
Information.  At all times after the Company has filed a
registration statement with the Commission pursuant to the requirements of
either the Securities Act or the Exchange Act, and as long as the Investors
shall hold any Registrable Securities, the Company will file all reports
required to be filed by it under the Securities Act and the Exchange Act and the
rules and regulations adopted by the Commission thereunder, and will take such
further action as any holder or holders of Registrable Securities may reasonably
request, all to the extent required to enable such holders to sell Registrable
Securities pursuant to Rule 144 under the Securities Act (as such rule may be
amended from time to time) or any similar rule or regulation hereafter adopted
by the Commission.

    

    (r)     
       Entire
Agreement.  This Agreement sets forth the entire agreement and
understandings among the parties as to the subject matter hereof and merges and
supersedes all prior discussions and understandings of any and every nature
among them, it being understood the Investors are also entering into other
agreements and instruments on the date hereof, including the Securities Holders
Agreement.

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

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

    

    
      	 
      	
              TSG
      HOLDINGS CORP.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (BRS), LLC

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              THE
      SHERIDAN GROUP HOLDINGS (JEFFERIES), LLC

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      NEUSHOORN B.V.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      OLIFANT B.V.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Execution
Version

    

    

    
      	 
      	
              MANAGEMENT
      INVESTORS:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              John
      A. Saxton

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              David
      C. Hewitt

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              G.
      Paul Bozuwa

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Robert
      M. Jakobe

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Joan
      B. Davidson

            	 
      
	 
      	 
      	 
      
	 
      	
              Address:

            	 
      
	 	 	 
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              John
      M. Elliot

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Chris
      M. Azbill

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Douglas
      R. Ehmann

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              J.
      Kenneth Garner

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Michael
      E. Klauer

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Patricia
      A. Stricker

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Robert
      M. Moore

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Gary
      J. Kittredge

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Edward
      H. Hartman

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Arthur
      R. Myers

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Jennifer
      A. Bedell

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Cynthia
      L. Beauchamp

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              Michael
      J. Sartorelli

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Kenneth
      W. Raker

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Jeffrey
      S. Cohen

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              J.
      Dennis Smith

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Catherine
      R. Budd

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              George
      A. Whaling

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              J.M.
      Dryden Hall, Jr.

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Gary
      T. DiCamillo

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Craig
      H. Deery

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Christopher
      A. Peirce

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Eric
      D. Lane

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Kenneth
      R. Stickley

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              William
      P. Walters

            	 
      
	 	 	 
	 
      	
              Address:

            	 
      
	 
      	 
      	 
      
	 
      	
              Telephone
      No.:ex10_44.htm

    
      

    

    Exhibit
10.44

    

    JOINDER
TO INVESTOR AGREEMENT

    

    THIS
JOINDER (this “Joinder”) is made and entered into as of January 15, 2008 by and
among Euradius Acquisition Co., a Delaware corporation (the “Company”), TSG
Holdings Corp., a Delaware corporation (the “Parent”) and
Participatiemaatschappij Giraffe B.V., a limited liability company organized
under the laws of The Netherlands (the “Investor”).  Capitalized terms
used herein but not otherwise defined shall have the meanings set forth in the
Investor Agreement, dated as of May 16, 2007 by and among the Company, Parent
and Participatiemaatschappij Neushoorn B.V., a limited liability company
organized under the laws of The Netherlands (“Neushoorn”),
Participatiemaatschappij Olifant B.V., a limited liability company organized
under the laws of The Netherlands (“Olifant” and together with Neushoorn, the
“Euradius Investors”) (the “Investor Agreement”).

    

    WHEREAS,
as of October 21, 2007, each of the Euradius Investors merged with and into the
Investor, with the Investor being the surviving company.  As a result
of the merger, the Investor has acquired 6,545.70 shares of the Company’s Series
A 8% Cumulative Compounding Preferred Stock (the “Series A Preferred Stock”)
from Neushoorn and 2,454.30 shares of Series A Preferred Stock from Olifant (the
“Transferred Interest”).  The Company requires that the Investor, as a
condition to the Investor being a Permitted Transferee of the Euradius
Investors, execute an agreement expressly agreeing to become bound by and a
party to the provisions of the Investor Agreement.

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Joinder hereby agree as follows:

    

    1.          
  Agreement
to be Bound.  The Investor hereby agrees that upon execution of
this Joinder by Investor, the Investor shall become a party to the Investor
Agreement and shall be fully bound by and subject to, and have all of the rights
and benefits of, all of the covenants, terms and conditions of the Investor
Agreement.

    

    2.          
  Representations and
Warranties of the Investor.  The Investor hereby represents and
warrants to the Company as follows:

    

    (a)           The
Investor is a Permitted Transferee of the Euradius Investors.

    

    (b)           The
Investor is a private limited liability company duly organized, validly
existing, and in good standing under the laws of the Netherlands and has all
requisite power and authority to execute this Joinder and to perform its
obligations hereunder without the need for the consent of any other person
(other than such consents as have heretofore been obtained).

    

    (c)           This
Joinder has been duly authorized by all necessary action, has been duly executed
and delivered by the Investor and constitutes the legal, valid and binding
obligation of the Investor enforceable against the Investor in accordance with
its terms.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    (d)           No
action, suit, proceeding or investigation is pending or, to the Investor’s
knowledge, threatened, against the Investor with respect to the execution and
delivery of this Joinder or the consummation by the Investor of the transactions
contemplated hereby.

    

    (e)           The
Investor is an “accredited investor” as such term is defined in Rule 501(a)
promulgated under the Securities Act of 1933, as amended.

    

    (f)         
  The Investor is acquiring the Transferred Interest for its own
account for investment purposes only and not with a view to any further resale
or distribution of the Transferred Interest that would violate the Securities
Act of 1933, as amended (the “Securities Act”) or the applicable state
securities laws of any state.  The Investor will not distribute the
Transferred Interest in violation of the Securities Act or the applicable
securities laws of any state.

    

    (g)           The
Investor has sufficient investment experience as to be able to understand the
merits and risks of an investment in the Company.  The Investor
understands the Transferred Interest has not been registered under the
Securities Act or applicable state securities laws, must be held indefinitely
unless subsequently registered under the Securities Act and any applicable state
securities laws or unless an exemption from such registration becomes or is
available and may not be sold or transferred without the consent of the
Company.

    

    (h)           The
Investor has received a copy of and has had an opportunity to review the
Securities Holders Agreement and the Registration Rights
Agreement.  The Investor has also received or has been afforded access
to such other information concerning the Company and its business as the
Investor has deemed necessary to make an informed investment
decision.  The Investor has had an opportunity to ask questions and
receive answers to any questions Investor may have to be able to evaluate the
merits and risks of an investment in the Company.

    

    3.           
 Notices.  All
notices and other communications which are required or permitted hereunder shall
be delivered in accordance with Section 5.4 of the Securities Holders Agreement
except that notices to the Investor, as successor in interest to the Euradius
Investors, shall be delivered to:

    

    If to the
Investor:

    

    Participatiemaatschappij
Giraffe B.V.

    Koestraat
44

    Zwolle,
Netherlands

    Attn:

    Fax:

    

    4.             
Successors and
Assigns.  Subject to the provisions of the Investor Agreement,
this Joinder shall bind and inure to the benefit of and be enforceable by the
Company and the Investor and their respective successors and
assigns.

    

    5.             
Counterparts.  This
Joinder may be executed in separate counterparts each of which shall be an
original and all of which taken together shall constitute one and the same
agreement.

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    6.             
Governing
Law.  This Joinder shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to its
choice of law or conflict of law provisions thereof

    

    7.             
Descriptive
Headings.  The descriptive headings of this Joinder are
inserted for convenience only and do not constitute a part of this
Joinder.

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

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

    

    
      	 
      	
              EURADIUS
      ACQUISITION CO.

            
	 
      	 
      	 
      
	 	 	 
	 
      	
              By:  

            	
              /s/ John A.
      Saxton

            
	 
      	 
      	
              Name:  John
      A. Saxton

            
	 
      	 
      	
              Title:  President

            
	 
      	 
      	 
      
	 	 	 
	 
      	
              TSG
      HOLDINGS CORP.

            
	 
      	 
      	 
      
	 	 	 
	 
      	
              By:  

            	
              /s/ John A.
      Saxton

            
	 
      	 
      	
              Name:
      John A. Saxton

            
	 
      	 
      	
              Title:
      President

            
	 
      	 
      	 
      
	 	 	 
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      GIRAFFE B.V.

            
	 
      	 
      	 
      
	 	 	 
	 
      	
              By:

            	
              /s/ Ronald
      Hof

            
	 
      	 
      	
              Name:
      Ronald Hof

            
	 
      	 
      	
              Title:
      Managing Director

            

    

    

     

    A-4

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