Document:

exv10w3

 

Exhibit 10.3

 

 

    REGISTRATION
    RIGHTS AGREEMENT

 

    THIS REGISTRATION RIGHTS AGREEMENT (this
    “Agreement”) is entered into as of the
    [          ] day
    of
    [          ]
    200[          ],
    by and among JK Acquisition Corp., a Delaware corporation (which
    shall be renamed MS Energy Services, Inc. at the Effective Time,
    the “Company”), Catalyst/Hall Growth
    Capital Management Co., LLC, a Texas limited liability company
    (“Catalyst”), and SG-Directional, LLC,
    an Arkansas limited liability company
    (“SG-Directional” and together with
    Catalyst, the “Members’
    Representative”), and the undersigned parties
    listed on the signature page hereto (each a
    “Stockholder” and collectively, the
    “Stockholders”), each of whom was a
    member of Multi-Shot, LLC prior to the Effective Time of the
    Merger. Unless otherwise indicated, capitalized terms not
    defined herein have the meanings set forth in the Merger
    Agreement.

 

    WHEREAS, the Company and the Stockholders are parties to that
    certain Second Amended and Restated Agreement and Plan of
    Merger, dated as of August
              ,
    2007, among the Company, Multi-Shot, Inc., Multi-Shot, LLC,
    Catalyst, SG-Directional and the members of Multi-Shot, LLC (the
    “Merger Agreement”);

 

    WHEREAS, the Stockholders own
    [          ] shares
    of Common Stock of the Company and
    [          ]
    Warrants;

 

    WHEREAS, as a material inducement to enter into the Merger
    Agreement, the Stockholders and the Company desire to enter into
    this Agreement to provide the Stockholders with certain rights
    relating to the registration of such shares of Common Stock and
    such shares of Common Stock issuable upon the exercise of such
    Warrants held by them;

 

    NOW, THEREFORE, in consideration of the mutual covenants and
    agreements set forth herein, and for other good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged, the parties hereto agree as follows:

 

    1.  DEFINITIONS.  The
    following capitalized terms used herein have the following
    meanings:

 

    “Agreement” means this Agreement, as
    amended, restated, supplemented, or otherwise modified from time
    to time.

 

    “Commission” means the Securities and
    Exchange Commission, or any other federal agency then
    administering the Securities Act or the Exchange Act.

 

    “Common Stock” means the common stock,
    par value $0.0001 per share, of the Company.

 

    “Company” is defined in the preamble to
    this Agreement.

 

    “Demand Registration” means a written
    demand for registration under the Securities Act of all or part
    of their Registrable Securities.

 

    “Demanding Holder” means each holder of
    Registrable Securities who wishes to include all or a portion of
    such holder’s Registrable Securities in a Demand
    Registration.

 

    “Disclosure Package” means the
    preliminary prospectus included in the Registration Statement
    immediately prior to the Time of Sale and any additional
    materials distributed in connection with the offering and sale
    of Registrable Securities.

 

    “Escrow Agreement” means the Escrow
    Agreement dated as of
    [          
         ], 200[  ]
    executed and delivered by the Company, the Members’
    Representative, and Zions First National Bank pursuant to
    Section 2.04(b) of the Merger Agreement.

    

    1

 

 

    “Exchange Act” means the Securities
    Exchange Act of 1934, as amended, and the rules and regulations
    of the Commission promulgated thereunder, all as the same shall
    be in effect at the time.

 

    “Form S-3”
    is defined in Section 2.3.

 

    “Indemnified Party” is defined in
    Section 4.3.

 

    “Indemnifying Party” is defined in
    Section 4.3.

 

    “Stockholder Indemnified Party” is
    defined in Section 4.1.

 

    “Maximum Number of Shares” is defined in
    Section 2.1.4.

 

    “Merger Agreement” is defined in the
    recitals to this Agreement.

 

    “Notices” is defined in Section 6.2.

 

    “Piggy-Back Registration” is defined in
    Section 2.2.1.

 

    “Register,” “Registered”
    and “Registration” mean a
    registration effected by preparing and filing a registration
    statement or similar document in compliance with the
    requirements of the Securities Act, and the applicable rules and
    regulations promulgated thereunder, and such registration
    statement becoming effective.

 

    “Registrable Securities” mean all of the
    shares of Common Stock and Warrants owned or held by the
    Stockholders and all of the shares of Common Stock issuable upon
    exercise of the Warrants, whether or not such shares of Common
    Stock or Warrants are then subject to the Escrow Agreement.
    Registrable Securities include any warrants, shares of capital
    stock or other securities of the Company issued as a dividend or
    other distribution with respect to or in exchange for or in
    replacement of such shares of Common Stock. As to any particular
    Registrable Securities, such securities shall cease to be
    Registrable Securities when: (a) a Registration Statement
    with respect to the sale of such securities shall have become
    effective under the Securities Act and such securities shall
    have been sold, transferred, disposed of or exchanged in
    accordance with such Registration Statement; (b) such
    securities shall have been otherwise transferred, new
    certificates for them not bearing a legend restricting further
    transfer shall have been delivered by the Company and subsequent
    public distribution of them shall not require registration under
    the Securities Act; (c) such securities shall have ceased
    to be outstanding, (d) the Securities and Exchange
    Commission makes a definitive determination to the Company that
    the Registrable Securities are salable under Rule 144(k),
    or (e) such securities shall no longer be entitled to
    registration rights pursuant to the terms hereof.

 

    “Registration Statement” means a
    registration statement filed by the Company with the Commission
    in compliance with the Securities Act and the rules and
    regulations promulgated thereunder for a public offering and
    sale of Common Stock (other than a registration statement on
    Form S-4
    or
    Form S-8,
    or their successors, or any registration statement covering only
    securities proposed to be issued in exchange for securities or
    assets of another entity).

 

    “Release Date” means the date that is
    six months after the Effective Time as defined in the Merger
    Agreement.

 

    “Securities Act” means the Securities
    Act of 1933, as amended, and the rules and regulations of the
    Commission promulgated thereunder, all as the same shall be in
    effect at the time.

 

    “Time of Sale” means the time and date
    as of which contracts for sale of Registrable Securities are
    deemed made pursuant to a Registration Statement filed pursuant
    to this Agreement.

 

    “Underwriter” means a securities dealer
    who purchases any Registrable Securities as principal in an
    underwritten offering and not as part of such dealer’s
    market-making activities.

 

    “Warrants” means those Parent Warrants,
    Cash Exercise Warrants and Redemption Warrants issued by
    the Company to the Stockholders as Merger Consideration pursuant
    to the Merger Agreement.

 

    2.  REGISTRATION RIGHTS.

 

    2.1  Demand Registration.

    

    2

 

 

    2.1.1  Request for Registration by the
    Stockholders.  At any time and from time to
    time on or after the Release Date, Members’ Representative
    or, if the Members’ Representative ceases to act as such,
    the holders of a
    majority-in-interest
    of the Registrable Securities held by the Stockholders or the
    transferees of the Stockholders, may make up to four
    (4) written demands for a Demand Registration. The Company
    will notify the Stockholders of its receipt of and intent to act
    upon the demand, and each Stockholder shall notify the Company
    within fifteen (15) days after the receipt by the holder of
    the notice from the Company specifying the number of
    Registerable Securities that such Demanding Holder wishes to
    include in such Demand Registration and the intended method(s)
    of distribution thereof. Upon any such request, the Demanding
    Holders shall be entitled to have their Registrable Securities
    included in the Demand Registration, subject to
    Section 2.1.4 and the provisos set forth in
    Section 3.1.1. The Company shall not be obligated to effect
    more than an aggregate of four (4) Demand Registrations
    under this Section 2.1.1 in respect of Registrable
    Securities.

 

    2.1.2  Effective
    Registration.  A registration will not count
    as a Demand Registration until the Registration Statement filed
    with the Commission with respect to such Demand Registration has
    been declared effective and the Company has complied with all of
    its obligations under this Agreement with respect thereto;
    provided, however, that if, after such Registration Statement
    has been declared effective, the offering of Registrable
    Securities pursuant to a Demand Registration is interfered with
    by any stop order or injunction of the Commission or any other
    governmental agency or court, the Registration Statement with
    respect to such Demand Registration will be deemed not to have
    been declared effective, unless and until, (i) such stop
    order or injunction is removed, rescinded or otherwise
    terminated, and (ii) the Members’ Representative or a
    majority-in-interest
    of the Demanding Holders, whichever is applicable, thereafter
    elect to continue the offering; provided, further, that the
    Company shall not be obligated to file a second Registration
    Statement until a Registration Statement that has been filed is
    counted as a Demand Registration or is terminated.

 

    2.1.3  Underwritten
    Offering.  If the Members’ Representative
    or a
    majority-in-interest
    of the Demanding Holders, whichever is applicable, so elects and
    such holders so advise the Company as part of their written
    demand for a Demand Registration, the offering of such
    Registrable Securities pursuant to such Demand Registration
    shall be in the form of an underwritten offering. In such event,
    the right of any holder to include its Registrable Securities in
    such registration shall be conditioned upon such holder’s
    participation in such underwriting and the inclusion of such
    holder’s Registrable Securities in the underwriting to the
    extent provided herein. All Demanding Holders proposing to
    distribute their securities through such underwriting shall
    enter into an underwriting agreement in customary form with the
    Underwriter or Underwriters selected for such underwriting by
    the Members’ Representative or a
    majority-in-interest
    of the holders initiating the Demand Registration, whichever is
    applicable.

 

    2.1.4  Reduction of
    Offering.  If the managing Underwriter or
    Underwriters for a Demand Registration that is to be an
    underwritten offering advises the Company and the Demanding
    Holders in writing that the dollar amount or number of shares of
    Registrable Securities which the Demanding Holders desire to
    sell, taken together with all other shares of Common Stock or
    other securities which the Company desires to sell and the
    shares of Common Stock, if any, as to which registration has
    been requested pursuant to written contractual piggy-back
    registration rights held by other stockholders of the Company
    who desire to sell, exceeds the maximum dollar amount or maximum
    number of shares that can be sold in such offering without
    adversely affecting the proposed offering price, the timing, the
    distribution method, or the probability of success of such
    offering (such maximum dollar amount or maximum number of
    shares, as applicable, the “Maximum Number of
    Shares”), then the Company shall include in such
    registration: (i) first, the Registrable Securities as to
    which such Demand Registration has been requested by the
    Demanding Holders (pro rata in accordance with the number of
    shares that each such Person has requested be included in such
    registration, regardless of the number of shares held by each
    such Person (such proportion is referred to herein as
    “Pro Rata”)) that can be sold without
    exceeding the Maximum Number of Shares; (ii) second, to the
    extent that the Maximum Number of Shares has not been reached
    under the foregoing clause (i), the shares of Common Stock or
    other securities that the Company desires to sell that can be
    sold without exceeding the Maximum Number of Shares; and
    (iii) third, to the extent that the Maximum Number of
    Shares have not been reached under the foregoing
    clauses (i) and (ii), the shares of Common Stock or other
    securities for the account of other persons that the Company is
    obligated to register pursuant to written contractual
    arrangements with such persons and that can be sold without
    exceeding the Maximum Number of Shares.

    

    3

 

 

    2.1.5  Withdrawal.  If the
    Members’ Representative or a
    majority-in-interest
    of the Demanding Holders, whichever is applicable, disapprove of
    the terms of any underwriting or are not entitled to include all
    of their Registrable Securities in any offering, the
    Members’ Representative or such
    majority-in-interest
    of the Demanding Holders, whichever is applicable, may elect to
    withdraw from such offering by giving written notice to the
    Company and the Underwriter or Underwriters of their request to
    withdraw prior to the effectiveness of the Registration
    Statement filed with the Commission with respect to such Demand
    Registration. If the Members’ Representative or such
    majority-in-interest
    of the Demanding Holders withdraws from a proposed offering
    relating to a Demand Registration, then such registration shall
    be terminated and withdrawn and shall not count as a Demand
    Registration provided for in Section 2.1.

 

    2.2  Piggy-Back Registration.

 

    2.2.1  Piggy-Back Rights.  If
    at any time on or after the Release Date the Company proposes to
    file a Registration Statement under the Securities Act with
    respect to an offering of equity securities, or securities or
    other obligations exercisable or exchangeable for, or
    convertible into, equity securities, by the Company for its own
    account or for stockholders of the Company for their account (or
    by the Company and by stockholders of the Company including,
    without limitation, pursuant to Section 2.1), other than a
    Registration Statement (i) filed in connection with any
    employee stock option or other benefit plan, (ii) for an
    exchange offer or offering of securities solely to the
    Company’s existing stockholders, (iii) for an offering
    of debt that is convertible into equity securities of the
    Company or (iv) for a dividend reinvestment plan, then the
    Company shall (x) give written notice of such proposed
    filing to the holders of Registrable Securities as soon as
    practicable but in no event less than ten (10) days before
    the anticipated filing date, which notice shall describe the
    amount and type of securities to be included in such offering,
    the intended method(s) of distribution, and the name of the
    proposed managing Underwriter or Underwriters, if any, of the
    offering, and (y) offer to the holders of Registrable
    Securities in such notice the opportunity to register the sale
    of such number of shares of Registrable Securities as such
    holders may request in writing within five (5) days
    following receipt of such notice (a “Piggy-Back
    Registration”). The Company shall cause such
    Registrable Securities to be included in such registration and
    shall use its best efforts to cause the managing Underwriter or
    Underwriters of a proposed underwritten offering to permit the
    Registrable Securities requested to be included in a Piggy-Back
    Registration on the same terms and conditions as any similar
    securities of the Company and to permit the sale or other
    disposition of such Registrable Securities in accordance with
    the intended method(s) of distribution thereof. All holders of
    Registrable Securities proposing to distribute their securities
    through a Piggy-Back Registration that involves an Underwriter
    or Underwriters shall enter into an underwriting agreement in
    customary form with the Underwriter or Underwriters selected for
    such Piggy-Back Registration.

 

    2.2.2  Reduction of
    Offering.  If the managing Underwriter or
    Underwriters for a Piggy-Back Registration that is to be an
    underwritten offering advises the Company and the holders of
    Registrable Securities in writing that the dollar amount or
    number of shares of Common Stock which the Company desires to
    sell, taken together with shares of Common Stock, if any, as to
    which registration has been demanded pursuant to written
    contractual arrangements with persons other than the holders of
    Registrable Securities hereunder, the Registrable Securities as
    to which registration has been requested under this
    Section 2.2, and the shares of Common Stock, if any, as to
    which registration has been requested pursuant to the written
    contractual piggy-back registration rights of other stockholders
    of the Company, exceeds the Maximum Number of Shares, then the
    Company shall include in any such registration:

 

    (i) If the registration is undertaken for the
    Company’s account: (A) first, the shares of Common
    Stock or other securities that the Company desires to sell that
    can be sold without exceeding the Maximum Number of Shares;
    (B) second, to the extent that the Maximum Number of Shares
    has not been reached under the foregoing clause (A), the shares
    of Common Stock or other securities, if any, comprised of
    Registrable Securities, as to which registration has been
    requested pursuant to the applicable written contractual
    piggy-back registration rights of such security holders, Pro
    Rata, that can be sold without exceeding the Maximum Number of
    Shares; and (C) third, to the extent that the Maximum
    Number of shares has not been reached under the foregoing
    clauses (A) and (B), the shares of Common Stock or other
    securities for the account of other persons that the Company is
    obligated to register pursuant to written contractual piggy-back
    registration rights with such persons and that can be sold
    without exceeding the Maximum Number of Shares; and

    

    4

 

 

    (ii) If the registration is a “demand”
    registration undertaken at the demand of persons other than the
    holders of Registrable Securities, (A) first, the shares of
    Common Stock or other securities for the account of the
    demanding persons that can be sold without exceeding the Maximum
    Number of Shares; (B) second, to the extent that the
    Maximum Number of Shares has not been reached under the
    foregoing clause (A), collectively the shares of Common Stock or
    other securities comprised of Registrable Securities, pro rata,
    as to which registration has been requested pursuant to the
    terms hereof, that can be sold without exceeding the Maximum
    Number of Shares; (C) third, to the extent that the Maximum
    Number of Shares has not been reached under the foregoing
    clauses (A) and (B), the shares of Common Stock or other
    securities that the Company desires to sell that can be sold
    without exceeding the Maximum Number of Shares; and
    (D) fourth, to the extent that the Maximum Number of Shares
    has not been reached under the foregoing clauses (A),
    (B) and (C), the shares of Common Stock or other securities
    for the account of other persons that the Company is obligated
    to register pursuant to written contractual arrangements with
    such persons, that can be sold without exceeding the Maximum
    Number of Shares. .

 

    2.2.3  Withdrawal.  Any holder
    of Registrable Securities may elect to withdraw such
    holder’s request for inclusion of Registrable Securities in
    any Piggy-Back Registration by giving written notice to the
    Company of such request to withdraw prior to the effectiveness
    of the Registration Statement. The Company (whether on its own
    determination or as the result of a withdrawal by persons making
    a demand pursuant to written contractual obligations) may
    withdraw a registration statement at any time prior to the
    effectiveness of the Registration Statement. Notwithstanding any
    such withdrawal, the Company shall pay all expenses incurred by
    the holders of Registrable Securities in connection with such
    Piggy-Back Registration as provided in Section 3.3.

 

    2.3  Registrations on
    Form S-3.  The
    holders of Registrable Securities may at any time and from time
    to time, request in writing that the Company register the resale
    of any or all of such Registrable Securities on
    Form S-3
    or any similar short-form registration which may be available at
    such time
    (“Form S-3”);
    provided, however, that the Company shall not be obligated to
    effect such request through an underwritten offering. Upon
    receipt of such written request, the Company will promptly give
    written notice of the proposed registration to all other holders
    of Registrable Securities, and, as soon as practicable
    thereafter, effect the registration of all or such portion of
    such holder’s or holders’ Registrable Securities as
    are specified in such request, together with all or such portion
    of the Registrable Securities or other securities of the
    Company, if any, of any other holder or holders joining in such
    request as are specified in a written request given within
    fifteen (15) days after receipt of such written notice from
    the Company; provided, however, that the Company shall not be
    obligated to effect any such registration pursuant to this
    Section 2.3: (i) if
    Form S-3
    is not available for such offering; or (ii) if the holders
    of the Registrable Securities, together with the holders of any
    other securities of the Company entitled to inclusion in such
    registration, propose to sell Registrable Securities and such
    other securities (if any) at any aggregate price to the public
    of less than $500,000. Registrations effected pursuant to this
    Section 2.3 shall not be counted as Demand Registrations
    effected pursuant to Section 2.1.

 

    3.  REGISTRATION PROCEDURES.

 

    3.1  Filings;
    Information.  Whenever the Company is required
    to effect the registration of any Registrable Securities
    pursuant to Section 2, the Company shall use its best
    efforts to effect the registration and sale of such Registrable
    Securities in accordance with the intended method(s) of
    distribution thereof as expeditiously as practicable, and in
    connection with any such request:

 

    3.1.1  Filing Registration
    Statement.  The Company shall, as
    expeditiously as possible and in any event within sixty
    (60) days after receipt of a request for a Demand
    Registration pursuant to Section 2.1, prepare and file with
    the Commission a Registration Statement on any form for which
    the Company then qualifies or which counsel for the Company
    shall deem appropriate and which form shall be available for the
    sale of all Registrable Securities to be registered thereunder
    in accordance with the intended method(s) of distribution
    thereof, and shall use its best efforts to cause such
    Registration Statement to become and remain effective for the
    period required by Section 3.1.3; provided, however, that
    the Company shall have the right to defer any Demand
    Registration for up to thirty (30) days, and any Piggy-Back
    Registration for such period as may be applicable to deferment
    of any demand registration to which such Piggy-Back Registration
    relates, in each case if the Company shall furnish to the
    holders a certificate signed by the Chief Executive Officer or
    President of the Company stating that, in the good faith

    

    5

 

     judgment of the Board of Directors of the Company, it would be
    materially detrimental to the Company and its stockholders for
    such Registration Statement to be effected at such time;
    provided further, however, that the Company shall not have the
    right to exercise the right set forth in the immediately
    preceding proviso more than once in any
    365-day
    period in respect of a Demand Registration hereunder.

 

    3.1.2  Copies.  The Company
    shall, prior to filing a Registration Statement or prospectus,
    or any amendment or supplement thereto, furnish without charge
    to the holders of Registrable Securities included in such
    registration, and such holders’ legal counsel, copies of
    such Registration Statement as proposed to be filed, each
    amendment and supplement to such Registration Statement (in each
    case including all exhibits thereto and documents incorporated
    by reference therein), the prospectus included in such
    Registration Statement (including each preliminary prospectus),
    and such other documents as the holders of Registrable
    Securities included in such registration or legal counsel for
    any such holders may request in order to facilitate the
    disposition of the Registrable Securities owned by such holders.

 

    3.1.3  Amendments and
    Supplements.  The Company shall prepare and
    file with the Commission such amendments, including
    post-effective amendments, and supplements to such Registration
    Statement and the prospectus used in connection therewith as may
    be necessary to keep such Registration Statement effective and
    in compliance with the provisions of the Securities Act until
    all Registrable Securities and other securities covered by such
    Registration Statement have been disposed of in accordance with
    the intended method(s) of distribution set forth in such
    Registration Statement (which period shall not exceed the sum of
    one hundred eighty (180) days plus any period during which
    any such disposition is interfered with by any stop order or
    injunction of the Commission or any governmental agency or
    court) or such securities have been withdrawn.

 

    3.1.4  Notification.  After
    the filing of a Registration Statement, the Company shall
    promptly, and in no event more than two (2) business days
    after such filing, notify the holders of Registrable Securities
    included in such Registration Statement of such filing, and
    shall further notify such holders promptly and confirm such
    advice in writing in all events within two (2) business
    days of the occurrence of any of the following: (i) when
    such Registration Statement becomes effective; (ii) when
    any post-effective amendment to such Registration Statement
    becomes effective; (iii) the issuance or threatened
    issuance by the Commission of any stop order (and the Company
    shall take all actions required to prevent the entry of such
    stop order or to remove it if entered); and (iv) any
    request by the Commission for any amendment or supplement to
    such Registration Statement or any prospectus relating thereto
    or for additional information or of the occurrence of an event
    requiring the preparation of a supplement or amendment to such
    prospectus so that, as thereafter delivered to the purchasers of
    the securities covered by such Registration Statement, such
    prospectus will not contain an untrue statement of a material
    fact or omit to state any material fact required to be stated
    therein or necessary to make the statements therein not
    misleading, and promptly make available to the holders of
    Registrable Securities included in such Registration Statement
    any such supplement or amendment; except that before filing with
    the Commission a Registration Statement or prospectus or any
    amendment or supplement thereto, including documents
    incorporated by reference, the Company shall furnish to the
    holders of Registrable Securities included in such Registration
    Statement and to the legal counsel for any such holders, copies
    of all such documents proposed to be filed sufficiently in
    advance of filing to provide such holders and legal counsel with
    a reasonable opportunity to review such documents and comment
    thereon, and the Company shall not file any Registration
    Statement or prospectus or amendment or supplement thereto,
    including documents incorporated by reference, to which such
    holders or their legal counsel shall object.

 

    3.1.5  State Securities Laws
    Compliance.  The Company shall use its best
    efforts to (i) register or qualify the Registrable
    Securities covered by the Registration Statement under such
    securities or “blue sky” laws of such jurisdictions in
    the United States as the holders of Registrable Securities
    included in such Registration Statement (in light of their
    intended plan of distribution) may request and (ii) take
    such action necessary to cause such Registrable Securities
    covered by the Registration Statement to be registered with or
    approved by such other Governmental Authorities as may be
    necessary by virtue of the business and operations of the
    Company and do any and all other acts and things that may be
    necessary or advisable to enable the holders of Registrable
    Securities included in such Registration Statement to consummate
    the disposition of such Registrable Securities in such
    jurisdictions; provided, however, that the Company shall not be
    required to qualify generally to do business in any jurisdiction
    where it would not otherwise be required to qualify but for this
    paragraph or subject itself to taxation in any such jurisdiction.

    

    6

 

 

    3.1.6  Agreements for
    Disposition.  The Company shall enter into
    customary agreements (including, if applicable, an underwriting
    agreement in customary form) and take such other actions as are
    reasonably required in order to expedite or facilitate the
    disposition of such Registrable Securities. The representations,
    warranties and covenants of the Company in any underwriting
    agreement which are made to or for the benefit of any
    Underwriters, to the extent applicable, shall also be made to
    and for the benefit of the holders of Registrable Securities
    included in such Registration Statement. No holder of
    Registrable Securities included in such Registration Statement
    shall be required to make any representations or warranties in
    the underwriting agreement except, if applicable, with respect
    to such holder’s organization, good standing, authority,
    title to Registrable Securities, lack of conflict of such sale
    with such holder’s material agreements and organizational
    documents, and with respect to written information relating to
    such holder that such holder has furnished in writing expressly
    for inclusion in such Registration Statement.

 

    3.1.7  Cooperation.  The
    principal executive officer of the Company, the principal
    financial officer of the Company, the principal accounting
    officer of the Company and all other officers and members of the
    management of the Company shall cooperate fully in any offering
    of Registrable Securities hereunder, which cooperation shall
    include, without limitation, the preparation of the Registration
    Statement with respect to such offering and all other offering
    materials and related documents, and participation in meetings
    with Underwriters, attorneys, accountants and potential
    investors.

 

    3.1.8  Records.  The Company
    shall make available for inspection by the holders of
    Registrable Securities included in such Registration Statement,
    any Underwriter participating in any disposition pursuant to
    such Registration Statement and any attorney, accountant or
    other professional retained by any holder of Registrable
    Securities included in such Registration Statement or any
    Underwriter, all financial and other records, pertinent
    corporate documents and properties of the Company, as shall be
    necessary to enable them to exercise their due diligence
    responsibility, and cause the Company’s officers, directors
    and employees to supply all information requested by any of them
    in connection with such Registration Statement.

 

    3.1.9  Opinions and Comfort
    Letters.  The Company shall furnish to each
    holder of Registrable Securities included in any Registration
    Statement a signed counterpart, addressed to such holder, of
    (i) any opinion of counsel to the Company delivered to any
    Underwriter and (ii) any comfort letter from the
    Company’s independent public accountants delivered to any
    Underwriter. In the event no legal opinion is delivered to any
    Underwriter, the Company shall furnish to each holder of
    Registrable Securities included in such Registration Statement,
    at any time that such holder elects to use a prospectus, an
    opinion of counsel to the Company to the effect that the
    Registration Statement containing such prospectus has been
    declared effective and that no stop order is in effect.

 

    3.1.10  Earnings
    Statement.  The Company shall comply with all
    applicable rules and regulations of the Commission and the
    Securities Act, and make available to its stockholders, as soon
    as practicable, an earnings statement covering a period of
    twelve (12) months, beginning within three (3) months
    after the effective date of the registration statement, which
    earnings statement shall satisfy the provisions of
    Section 11(a) of the Securities Act and Rule 158
    thereunder.

 

    3.1.11  Listing.  The Company
    shall use its best efforts to cause all Registrable Securities
    included in any registration to be listed on such exchanges or
    otherwise designated for trading in the same manner as similar
    securities issued by the Company are then listed or designated
    or, if no such similar securities are then listed or designated,
    in a manner satisfactory to the holders of a majority of the
    Registrable Securities included in such registration.

 

    3.2  Obligation to Suspend
    Distribution.  Upon receipt of any notice from
    the Company of the happening of any event of the kind described
    in Section 3.1.4(iv), or, in the case of a resale
    registration on
    Form S-3
    pursuant to Section 2.3 hereof, upon any suspension by the
    Company, pursuant to a written insider trading compliance
    program adopted by the Company’s Board of Directors, of the
    ability of all “insiders” covered by such program to
    transact in the Company’s securities because of the
    existence of material non-public information, each holder of
    Registrable Securities included in any registration shall
    immediately discontinue disposition of such Registrable
    Securities pursuant to the Registration Statement covering such
    Registrable Securities until such holder receives the
    supplemented or amended prospectus contemplated by
    Section 3.1.4(iv) or the restriction on the ability of
    “insiders” to transact in the Company’s
    securities is removed, as applicable, and, if so directed by the
    Company,

    

    7

 

     each such holder will deliver to the Company all copies, other
    than permanent file copies then in such holder’s
    possession, of the most recent prospectus covering such
    Registrable Securities at the time of receipt of such notice.

 

    3.3  Registration
    Expenses.  The Company shall bear all costs
    and expenses incurred in connection with any Demand Registration
    pursuant to Section 2.1, any Piggy-Back Registration
    pursuant to Section 2.2, and any registration on
    Form S-3
    effected pursuant to Section 2.3, and all expenses incurred
    in performing or complying with its other obligations under this
    Agreement, whether or not the Registration Statement becomes
    effective, including, without limitation: (i) all
    registration and filing fees; (ii) fees and expenses of
    compliance with securities or “blue sky” laws
    (including fees and disbursements of counsel in connection with
    blue sky qualifications of the Registrable Securities);
    (iii) printing expenses; (iv) the Company’s
    internal expenses (including, without limitation, all salaries
    and expenses of its officers and employees); (v) the fees
    and expenses incurred in connection with the listing of the
    Registrable Securities as required by Section 3.1.11;
    (vi) National Association of Securities Dealers, Inc. fees;
    (vii) fees and disbursements of counsel for the Company and
    fees and expenses for independent certified public accountants
    retained by the Company (including the expenses or costs
    associated with the delivery of any opinions or comfort letters
    requested pursuant to Section 3.1.9); (viii) the fees
    and expenses of any special experts retained by the Company in
    connection with such registration and (ix) the fees and
    expenses of one legal counsel selected by the Members’
    Representative or the holders of a
    majority-in-interest
    of the Registrable Securities included in such registration,
    whichever is applicable. The Company shall have no obligation to
    pay any underwriting discounts or selling commissions
    attributable to the Registrable Securities being sold by the
    holders thereof, which underwriting discounts or selling
    commissions shall be borne by such holders. Additionally, in an
    underwritten offering, all selling stockholders and the Company
    shall bear the expenses of the underwriter pro rata in
    proportion to the respective amount of shares each is selling in
    such offering.

 

    3.4  Information.  The holders
    of Registrable Securities shall provide such information as may
    reasonably be requested by the Company, or the managing
    Underwriter, if any, in connection with the preparation of any
    Registration Statement, including amendments and supplements
    thereto, in order to effect the registration of any Registrable
    Securities under the Securities Act pursuant to Section 2
    and in connection with the Company’s obligation to comply
    with federal and applicable state securities laws.

 

    3.5  Form S-3
    Availability.  For so long as any Registerable
    Securities are outstanding, the Company will (a) not
    incorporation or reincorporate in any jurisdiction other than
    one of the United States; (b) maintain its principal place
    of business in the United States; (c) maintain a class of
    securities registered under Section 12(b) or 12(g) of the
    Exchange Act; (d) timely file when due all reports required
    to be filed by it under Section 13, 14 or 15(d) of the
    Exchange Act (other than reports required pursuant to
    Items 1.01, 1.02, 2.03, 2.04, 2.05, 2.06, 4.02(a), 6.01,
    6.03 or 6.05 of
    Form 8-K);
    (e) pay when due all dividends and installments of any
    sinking fund relating to preferred stock, (f) not default
    on (i) any installments of principal and interest on any
    indebtedness or (ii) any rents under any long-term lease
    such that any such defaults in the aggregate would be material
    to the consolidated financial position of the Company and its
    subsidiaries, taken as a whole; and (g) maintain the Common
    Stock as listed and registered on a national securities exchange
    or quoted on the automated quotation system of a national
    securities association in accordance with General
    Instruction I.B.3. to
    Form S-3.

 

    3.6  Outstanding
    Agreements.  The Company has provided the
    Stockholders with copies of all outstanding agreements providing
    for the demand registration or piggyback registration of
    securities issued by the Company.

 

    4.  INDEMNIFICATION AND CONTRIBUTION.

 

    4.1  Indemnification by the
    Company.  The Company agrees to indemnify and
    hold harmless each Stockholder and each other holder of
    Registrable Securities, and each of their respective officers,
    employees, affiliates, directors, partners, members, attorneys
    and agents, and each person, if any, who controls a Stockholder
    and each other holder of Registrable Securities (within the
    meaning of Section 15 of the Securities Act or
    Section 20 of the Exchange Act) (each, an
    “Stockholder Indemnified Party”), from
    and against any expenses, losses, judgments, claims, damages or
    liabilities, whether joint or several, arising out of or based
    upon any untrue statement (or allegedly untrue statement) of a
    material fact contained in any Registration Statement under
    which the sale of such Registrable Securities was registered
    under the Securities Act, any preliminary prospectus, final
    prospectus, summary prospectus or Disclosure Package contained
    in the Registration Statement, or any amendment or supplement to
    such Registration Statement or Disclosure Package, or arising
    out of or based upon any omission

    

    8

 

     (or alleged omission) to state a material fact required to be
    stated therein or necessary to make the statements therein not
    misleading, or any violation by the Company of the Securities
    Act or any rule or regulation promulgated thereunder applicable
    to the Company and relating to action or inaction required of
    the Company in connection with any such registration; and the
    Company shall promptly reimburse the Stockholder Indemnified
    Party for any legal and any other expenses reasonably incurred
    by such Stockholder Indemnified Party in connection with
    investigating and defending any such expense, loss, judgment,
    claim, damage, liability or action; provided, however, that the
    Company will not be liable in any such case to the extent that
    any such expense, loss, claim, damage or liability arises out of
    or is based upon any untrue statement or allegedly untrue
    statement or omission or alleged omission made in such
    Registration Statement, preliminary prospectus, final
    prospectus, summary prospectus or Disclosure Package, or any
    such amendment or supplement, in reliance upon and in conformity
    with information furnished to the Company, in writing, by such
    selling holder expressly for use therein. The Company also shall
    indemnify any Underwriter of the Registrable Securities, their
    officers, affiliates, directors, partners, members and agents
    and each person who controls such Underwriter on substantially
    the same basis as that of the indemnification provided above in
    this Section 4.1.

 

    4.2  Indemnification by Holders of Registrable
    Securities.  Each selling holder of
    Registrable Securities will, in the event that any registration
    is being effected under the Securities Act pursuant to this
    Agreement of any Registrable Securities held by such selling
    holder, indemnify and hold harmless the Company, each of its
    directors and officers and each underwriter (if any), and each
    other selling holder and each other person, if any, who controls
    another selling holder or such underwriter within the meaning of
    the Securities Act, against any losses, claims, judgments,
    damages or liabilities, whether joint or several, insofar as
    such losses, claims, judgments, damages or liabilities (or
    actions in respect thereof) arise out of or are based upon any
    untrue statement or allegedly untrue statement of a material
    fact contained in any Registration Statement or Disclosure
    Package under which the sale of such Registrable Securities was
    registered under the Securities Act, any preliminary prospectus,
    final prospectus or summary prospectus contained in the
    Registration Statement or Disclosure Package, or any amendment
    or supplement to the Registration Statement, or arise out of or
    are based upon any omission or the alleged omission to state a
    material fact required to be stated therein or necessary to make
    the statement therein not misleading, if the statement or
    omission was made in reliance upon and in conformity with
    information furnished in writing to the Company by such selling
    holder expressly for use therein, and shall reimburse the
    Company, its directors and officers, and each other selling
    holder or controlling person for any legal or other expenses
    reasonably incurred by any of them in connection with
    investigation or defending any such loss, claim, damage,
    liability or action. Each selling holder’s indemnification
    obligations hereunder shall be several and not joint and shall
    be limited to the amount of any net proceeds actually received
    by such selling holder.

 

    4.3  Conduct of Indemnification
    Proceedings.  Promptly after receipt by any
    person of any notice of any loss, claim, damage or liability or
    any action in respect of which indemnity may be sought pursuant
    to Section 4.1 or 4.2, such person (the
    “Indemnified Party”) shall, if a claim
    in respect thereof is to be made against any other person for
    indemnification hereunder, notify such other person (the
    “Indemnifying Party”) in writing of the
    loss, claim, judgment, damage, liability or action; provided,
    however, that the failure by the Indemnified Party to notify the
    Indemnifying Party shall not relieve the Indemnifying Party from
    any liability which the Indemnifying Party may have to such
    Indemnified Party hereunder, except and solely to the extent the
    Indemnifying Party is actually prejudiced by such failure. If
    the Indemnified Party is seeking indemnification with respect to
    any claim or action brought against the Indemnified Party, then
    the Indemnifying Party shall be entitled to participate in such
    claim or action, and, to the extent that it wishes, jointly with
    all other Indemnifying Parties, to assume control of the defense
    thereof with counsel satisfactory to the Indemnified Party.
    After notice from the Indemnifying Party to the Indemnified
    Party of its election to assume control of the defense of such
    claim or action, the Indemnifying Party shall not be liable to
    the Indemnified Party for any legal or other expenses
    subsequently incurred by the Indemnified Party in connection
    with the defense thereof other than reasonable costs of
    investigation; provided, however, that in any action in which
    both the Indemnified Party and the Indemnifying Party are named
    as defendants, the Indemnified Party shall have the right to
    employ separate counsel (but no more than one such separate
    counsel) to represent the Indemnified Party and its controlling
    persons who may be subject to liability arising out of any claim
    in respect of which indemnity may be sought by the Indemnified
    Party against the Indemnifying Party, with the fees and expenses
    of such counsel to be paid by such Indemnifying Party if, based
    upon the written opinion of counsel of such Indemnified Party,
    representation of both parties by the same counsel would be
    inappropriate due to

    

    9

 

     actual or potential differing interests between them. No
    Indemnifying Party shall, without the prior written consent of
    the Indemnified Party, consent to entry of judgment or effect
    any settlement of any claim or pending or threatened proceeding
    in respect of which the Indemnified Party is or could have been
    a party and indemnity could have been sought hereunder by such
    Indemnified Party, unless such judgment or settlement includes
    an unconditional release of such Indemnified Party from all
    liability arising out of such claim or proceeding.

 

    4.4  Contribution.

 

    4.4.1  If the indemnification provided for in the
    foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any
    Indemnified Party in respect of any loss, claim, damage,
    liability or action referred to herein, then each such
    Indemnifying Party, in lieu of indemnifying such Indemnified
    Party, shall contribute to the amount paid or payable by such
    Indemnified Party as a result of such loss, claim, damage,
    liability or action in such proportion as is appropriate to
    reflect the relative fault of the Indemnified Parties and the
    Indemnifying Parties in connection with the actions or omissions
    which resulted in such loss, claim, damage, liability or action,
    as well as any other relevant equitable considerations. The
    relative fault of any Indemnified Party and any Indemnifying
    Party shall be determined by reference to, among other things,
    whether the untrue or alleged untrue statement of a material
    fact or the omission or alleged omission to state a material
    fact relates to information supplied by such Indemnified Party
    or such Indemnifying Party and the parties’ relative
    intent, knowledge, access to information and opportunity to
    correct or prevent such statement or omission.

 

    4.4.2  The parties hereto agree that it would not be
    just and equitable if contribution pursuant to this
    Section 4.4 were determined by pro rata allocation or by
    any other method of allocation which does not take account of
    the equitable considerations referred to in the immediately
    preceding Section.

 

    4.4.3  The amount paid or payable by an Indemnified
    Party as a result of any loss, claim, damage, liability or
    action referred to in the immediately preceding paragraph shall
    be deemed to include, subject to the limitations set forth
    above, any legal or other expenses incurred by such Indemnified
    Party in connection with investigating or defending any such
    action or claim. Notwithstanding the provisions of this
    Section 4.4, no holder of Registrable Securities shall be
    required to contribute any amount in excess of the dollar amount
    of the net proceeds (after payment of any underwriting fees,
    discounts, commissions or taxes) actually received by such
    holder from the sale of Registrable Securities which gave rise
    to such contribution obligation. 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 such fraudulent misrepresentation.

 

    5.  UNDERWRITING AND DISTRIBUTION.

 

    5.1  Rule 144.  The
    Company covenants that it shall file any reports required to be
    filed by it under the Securities Act and the Exchange Act and
    shall take such further action as the holders of Registrable
    Securities may reasonably request, all to the extent required
    from time to time to enable such holders to sell Registrable
    Securities without registration under the Securities Act within
    the limitation of the exemptions provided by 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.

 

    6.  MISCELLANEOUS.

 

    6.1  Assignment; No Third Party
    Beneficiaries.  This Agreement and the rights,
    duties and obligations of the Company hereunder may not be
    assigned or delegated by the Company in whole or in part. This
    Agreement and the rights, duties and obligations of the holders
    of Registrable Securities hereunder may be freely assigned or
    delegated by such holder of Registrable Securities in
    conjunction with and to the extent of any transfer of
    Registrable Securities by any such holder. This Agreement and
    the provisions hereof shall be binding upon and shall inure to
    the benefit of each of the parties and their respective
    successors, and the permitted assigns of the Stockholder or
    holder of Registrable Securities or of any assignee of the
    Stockholder or holder of Registrable Securities. The Company
    acknowledges that the Registerable Securities may be held from
    time to time by an escrow agent pursuant to the Escrow Agreement
    and specifically consents to the exercise of the rights of the
    Stockholders under this Agreement in the manner described in the
    Escrow Agreement. This Agreement is not intended to confer any
    rights or benefits on any persons that are not party hereto
    other than as expressly set forth in Article 4 and this
    Section 6.1.

    

    10

 

 

    6.2  Notices.  All notices,
    demands, requests, consents, approvals or other communications
    (collectively, “Notices”) required or
    permitted to be given hereunder or which are given with respect
    to this Agreement shall be in writing and shall be personally
    served, delivered by reputable air courier service with charges
    prepaid, or transmitted by hand delivery, telegram, telex or
    facsimile, addressed as set forth below, or to such other
    address as such party shall have specified most recently by
    written notice. Notice shall be deemed given on the date of
    service or transmission if personally served or transmitted by
    telegram, telex or facsimile; provided, that if such service or
    transmission is not on a business day or is after normal
    business hours, then such notice shall be deemed given on the
    next business day. Notice otherwise sent as provided herein
    shall be deemed given on the next business day following timely
    delivery of such notice to a reputable air courier service with
    an order for
    next-day
    delivery.

 

    To the Company:

 

    JK Acquisition Corp.

    4400 Post Oak Parkway, Suite 2530

    Houston, Texas 77057

    Facsimile No.:
    (713) 552-9226

    Attn: President

 

    with a copy to:

 

    Patton Boggs LLP

    2001 Ross Avenue, Suite 3000

    Dallas, Texas 75201

    Facsimile No.:
    (214) 758-1550

    Attn: Fred S. Stovall, Esq.

 

    To a Stockholder, to:

 

    The address of such Stockholder as set forth on the signature
    pages hereto

 

    with a copy to:

 

    Catalyst/Hall Growth Capital Management Co., LLC

    2 Riverway, Suite 1710

    Houston, Texas 77056

    Facsimile No.:
    (713) 623-0473

    Attention: Ron Nixon and Rick Herrman

 

    SG-Directional, LLC

    P.O. Box 3417

    Little Rock, Arkansas
    72203-3417

    Facsimile No.:
    (501) 377-3463

    Attention: Ronald M. Clark

 

    Franklin, Cardwell & Jones, P.C.

    1001 McKinney, Suite 1800

    Houston, Texas 77002

    Facsimile No.:
    (713) 623-0478

    Attention: Randolph Ewing, Esq.

 

    6.3  Severability.  This
    Agreement shall be deemed severable, and the invalidity or
    unenforceability of any term or provision hereof shall not
    affect the validity or enforceability of this Agreement or of
    any other term or provision hereof. Furthermore, in lieu of any
    such invalid or unenforceable term or provision, the parties
    hereto intend that there shall be added as a part of this
    Agreement a provision as similar in terms to such invalid or
    unenforceable provision as may be possible that is valid and
    enforceable.

 

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

    

    11

 

 

    6.5  Entire Agreement.  This
    Agreement (including all agreements entered into pursuant hereto
    and all certificates and instruments delivered pursuant hereto
    and thereto) constitute the entire agreement of the parties with
    respect to the subject matter hereof and supersede all prior and
    contemporaneous agreements, representations, understandings,
    negotiations and discussions between the parties, whether oral
    or written.

 

    6.6  Modifications and
    Amendments.  No amendment, modification or
    termination of this Agreement shall be binding upon any party
    unless executed in writing by such party.

 

    6.7  Titles and
    Headings.  Titles and headings of sections of
    this Agreement are for convenience only and shall not affect the
    construction of any provision of this Agreement.

 

    6.8  Waivers and
    Extensions.  Any party to this Agreement may
    waive any right, breach or default which such party has the
    right to waive, provided that such waiver will not be effective
    against the waiving party unless it is in writing, is signed by
    such party, and specifically refers to this Agreement. Waivers
    may be made in advance or after the right waived has arisen or
    the breach or default waived has occurred. Any waiver may be
    conditional. No waiver of any breach of any agreement or
    provision herein contained shall be deemed a waiver of any
    preceding or succeeding breach thereof or of any other agreement
    or provision herein contained. No waiver or extension of time
    for performance of any obligations or acts shall be deemed a
    waiver or extension of the time for performance of any other
    obligations or acts.

 

    6.9  Remedies Cumulative.  In
    the event that the Company fails to observe or perform any
    covenant or agreement to be observed or performed under this
    Agreement, the Stockholder or any other holder of Registrable
    Securities may proceed to protect and enforce its rights by suit
    in equity or action at law, whether for specific performance of
    any term contained in this Agreement or for an injunction
    against the breach of any such term or in aid of the exercise of
    any power granted in this Agreement or to enforce any other
    legal or equitable right, or to take any one or more of such
    actions, without being required to post a bond. None of the
    rights, powers or remedies conferred under this Agreement shall
    be mutually exclusive, and each such right, power or remedy
    shall be cumulative and in addition to any other right, power or
    remedy, whether conferred by this Agreement or now or hereafter
    available at law, in equity, by statute or otherwise.

 

    6.10  Governing Law.  This
    Agreement shall be governed by, interpreted under, and construed
    in accordance with the internal laws of the State of New York
    applicable to agreements made and to be performed within the
    State of New York, without giving effect to any choice-of-law
    provisions thereof that would compel the application of the
    substantive laws of any other jurisdiction.

 

    6.11  Waiver of Trial by
    Jury.  Each party hereby irrevocably and
    unconditionally waives the right to a trial by jury in any
    action, suit, counterclaim or other proceeding (whether based on
    contract, tort or otherwise) arising out of, connected with or
    relating to this Agreement, the transactions contemplated
    hereby, or the actions of the Stockholders in the negotiation,
    administration, performance or enforcement hereof.

 

    [Remainder
    of this page intentionally left blank; signature pages
    follows.]

    

    12

 

 

    IN WITNESS WHEREOF, the parties have caused this Registration
    Rights Agreement to be executed and delivered by their duly
    authorized representatives as of the date first written above.

 

    JK ACQUISITION CORP.

 

     By: Keith D. Spickelmier, President

 

    CATALYST/HALL GROWTH CAPITAL MANAGEMENT CO., LLC (as the
    Members’ Representative)

 

     By: Rick Herrman, President

 

    SG-DIRECTIONAL, LLC

     (as the Members’ Representative)

 

    By: The Stephens Group, LLC,

              Its
    Manager

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Ronald M. Clark

    

    Title: Senior Vice President

    

 

    STOCKHOLDERS:

 

    SG-DIRECTIONAL, LLC

 

			
	 	    By: 
	
    The Stephens Group, LLC

     Its Manager

 

			
	 	    By: 
	
        

    

			
	 	     Name: 
	
    Ronald M. Clark

    

			
	 	    Title: 
	
    Senior Vice President

    

 

    Address for Notices:

 

    Registration Rights Agreement — Signature Pages

    

 

 

    SG-Directional, LLC

    P.O. Box 3417

    Little Rock, Arkansas
    72203-3417

    Facsimile No.:
    (501) 377-3463

    Attention: Ronald M. Clark

 

    CATALYST/HALL GROWTH CAPITAL, LP

 

			
	 	    By:  
	
    Catalyst/Hall Growth Capital Management

     Co., LLC

     Its sole general partner

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Rick Herrman

    

			
	 	    Title: 
	
    President

    

 

    Address for Notices:

 

    c/o Catalyst/Hall
    Growth Capital Management

    Co., LLC

    2 Riverway, Suite 1710

    Houston, Texas 77056

    Facsimile No.:
    (713) 623-0473

    Attention: Ron Nixon and Rick Herrman

 

    CATALYST/HALL PRIVATE EQUITY, LP

 

			
	 	    By:  
	
    Catalyst/Hall Private Equity Management

     Company, LLC

     Its sole general partner

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Rick Herrman

    

			
	 	    Title: 
	
    President

    

 

    Address for Notices:

 

    Registration Rights Agreement — Signature Pages

    

 

 

    c/o Catalyst/Hall
    Growth Capital Management

    Co., LLC

    2 Riverway, Suite 1710

    Houston, Texas 77056

    Facsimile No.:
    (713) 623-0473

    Attention: Ron Nixon and Rick Herrman

 

    CATALYST CAPITAL PARTNERS I, LTD.

 

			
	 	    By:  
	
    The Catalyst Group, Inc.

     Its sole general partner

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Rick Herrman

    

			
	 	    Title: 
	
    Vice President

    

 

    Address for Notices:

 

    c/o Catalyst/Hall
    Growth Capital Management

    Co., LLC

    2 Riverway, Suite 1710

    Houston, Texas 77056

    Facsimile No.:
    (713) 623-0473

    Attention: Ron Nixon and Rick Herrman

 

    CATALYST CAPITAL PARTNERS II, LTD.

 

			
	 	    By:  
	
    The Catalyst Group II, Inc.

     Its sole general partner

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Rick Herrman

    

			
	 	    Title: 
	
    Vice President

    

 

    Address for Notices:

 

    c/o Catalyst/Hall
    Growth Capital Management

    Co., LLC

    2 Riverway, Suite 1710

    Houston, Texas 77056

    Facsimile No.:
    (713) 623-0473

    Attention: Ron Nixon and Rick Herrman

 

    Registration Rights Agreement — Signature Pages

    

 

 

    CRF AIR, LLC

 

			
	 	    By: 
	
        

    

			
	 	    Name: 
	
    Jay C. Jimerson

    

			
	 	    Title: 
	
    Manager

    

 

    Address for Notices:

 

    [Address]

    [Address]

    [Facsimile No:]

 

    
ROBERT
    P. VILYUS

 

    Address for Notices:

 

    [Address]

    [Address]

    [Facsimile No:]

 

    
ALLEN
    NEEL

 

    Address for Notices:

 

    [Address]

    [Address]

    [Facsimile No:]

 

    
DAVID
    CUDD

 

    Address for Notices:

 

    [Address]

    [Address]

    [Facsimile No:]

 

    Registration Rights Agreement — Signature Pages

    

 

 

    
PAUL
    CULBRETH

 

    Address for Notices:

 

    [Address]

    [Address]

    [Facsimile No:]

 

    Registration Rights Agreement — Signature Pagesexv10w4

 

Exhibit 10.4

SETTLEMENT AGREEMENT

Effective August 27, 2007, (1) JK Acquisition Corp. (“JKA”) and (2) Multi-Shot, LLC (“Multi-Shot”),
The Stephens Group, LLC, SG-Directional, LLC, Catalyst/Hall Growth Capital Management Co., LLC,
Catalyst/Hall Growth Capital, LP, Catalyst/Hall Private Equity, LP, Catalyst Capital Partners I,
Ltd., Catalyst Capital Partners II, Ltd., CRF Air, LLC, Robert P. Vilyus, Allen Neel, Paul
Culbreth, and David Cudd (the parties listed under this category #2 collectively referred to herein
as the “MS Parties”) have agreed to settle all disputes between them as follows.

I. Definitions

	A.	 	The parties to this Settlement Agreement are JKA, James P. Wilson, Keith Spickelmier, Herbert
C. Williamson, Michael H. McConnell, Multi-Shot, The Stephens Group, LLC, SG-Directional, LLC,
Catalyst/Hall Growth Capital Management Co., LLC, Catalyst/Hall Growth Capital, LP,
Catalyst/Hall Private Equity, LP, Catalyst Capital Partners I, Ltd., Catalyst Capital Partners
II, Ltd., CRF Air, LLC, Robert P. Vilyus, Allen Neel, Paul Culbreth, and David Cudd (the
“Parties”).

	 	1.	 	“JK Acquisition” or “JKA” means JK Acquisition Corp., a Delaware corporation
with its principal place of business located in Texas, and its officers, directors,
principals, employees, subsidiaries, affiliates, parent entities, owners,
representatives, predecessors, successors, assigns, and all persons under its direction
or control.
	 
	 	2.	 	“Mr. Wilson” means James P. Wilson, a Texas resident, and any successors,
assigns, representatives, insurers, agents, employers, attorneys, and all persons under
his direction or control.
	 
	 	3.	 	“Mr. Spickelmier” means Keith Spickelmier, a Texas resident, and any
successors, assigns, representatives, agents, employers, attorneys, and all persons
under his direction or control.
	 
	 	4.	 	“Mr. Williamson” means Herbert C. Williamson, a Texas resident, and any
successors, assigns, representatives, agents, employers, attorneys, and all persons
under his direction or control.
	 
	 	5.	 	“Mr. McConnell” means Michael H. McConnell, a Texas resident, and any
successors, assigns, representatives, agents, employers, attorneys, and all persons
under his direction or control.
	 
	 	6.	 	“Multi-Shot” means Multi-Shot, LLC, a Texas limited liability company with its
principal place of business located in Texas, and its officers, directors, principals,
employees, subsidiaries, affiliates, parent entities, owners, representatives,
predecessors, successors, assigns, and all persons under its direction or control.

 

 

	 	7.	 	“The Stephens Group” means The Stephens Group, LLC, an Arkansas limited
liability company with its principal place of business located in Arkansas, and its
officers, directors, principals, employees, subsidiaries, affiliates, parent entities,
owners, representatives, predecessors, successors, assigns, and all persons under its
direction or control.
	 
	 	8.	 	“SG-Directional” means SG-Directional, LLC, an Arkansas limited liability
company with its principal place of business located in Arkansas, and its officers,
directors, principals, employees, subsidiaries, affiliates, parent entities, owners,
representatives, predecessors, successors, assigns, and all persons under its direction
or control.
	 
	 	9.	 	“Catalyst/Hall Growth Capital Management” means Catalyst/Hall Growth Capital
Management Co., LLC, a Delaware limited liability company with its principal place of
business located in Texas, and its officers, directors, principals, employees,
subsidiaries, affiliates, parent entities, owners, representatives, predecessors,
successors, assigns, and all persons under its direction or control.
	 
	 	10.	 	“Catalyst/Hall Growth Capital” means Catalyst/Hall Growth Capital, LP, a
Delaware partnership with its principal place of business located in Texas, and its
officers, directors, principals, employees, subsidiaries, affiliates, parent entities,
owners, representatives, predecessors, successors, assigns, and all persons under its
direction or control.
	 
	 	11.	 	“Catalyst/Hall Private Equity” means Catalyst/Hall Private Equity, LP, a
Delaware partnership with its principal place of business located in Texas, and its
officers, directors, principals, employees, subsidiaries, affiliates, parent entities,
owners, representatives, predecessors, successors, assigns, and all persons under its
direction or control.
	 
	 	12.	 	“Catalyst Capital Partners I” means Catalyst Capital Partners I, Ltd., a Texas
partnership with its principal place of business located in Texas, and its officers,
directors, principals, employees, subsidiaries, affiliates, parent entities, owners,
representatives, predecessors, successors, assigns, and all persons under its direction
or control.
	 
	 	13.	 	“Catalyst Capital Partners II” means Catalyst Capital Partners II, Ltd., a
Texas partnership with its principal place of business located in Texas, and its
officers, directors, principals, employees, subsidiaries, affiliates, parent entities,
owners, representatives, predecessors, successors, assigns, and all persons under its
direction or control.
	 
	 	14.	 	“CRF” means CRF Air, LLC, an Oklahoma limited liability company with its
principal place of business located in Oklahoma, and its officers, directors,
principals, employees, subsidiaries, affiliates, parent entities, owners,
representatives, predecessors, successors, assigns, and all persons under its direction
or control

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	 	15.	 	“Mr. Vilyus” means Robert P. Vilyus, a Texas resident, and any successors,
assigns, representatives, insurers, agents, employers, attorneys, and all persons under
his direction or control.
	 
	 	16.	 	“Mr. Neel” means Allen Neel, a Texas resident, and any successors, assigns,
representatives, insurers, agents, employers, attorneys, and all persons under his
direction or control.
	 
	 	17.	 	“Mr. Culbreth” means Paul Culbreth, a Texas resident, and any successors,
assigns, representatives, insurers, agents, employers, attorneys, and all persons under
his direction or control.
	 
	 	18.	 	“Mr. Cudd” means David Cudd, a Texas resident, and any successors, assigns,
representatives, insurers, agents, employers, attorneys, and all persons under his
direction or control.

	B.	 	“MIPA” means the Agreement and Plan of Merger among JKA, Multi-Shot, Inc., Multi-Shot,
Catalyst/Hall Growth Capital Management as Member Representative and members of Multi-Shot
dated as of September 6, 2006.
	 
	C.	 	“FARMA” means the First Amended and Restated Agreement and Plan of Merger between the Parties
dated February 14, 2007.
	 
	D.	 	“SARMA” means the Second Amended and Restated Agreement and Plan of Merger, into which the
Parties agree to enter as consideration for this Agreement.
	 
	E.	 	The “Lawsuit” means the litigation styled as Cause No. 200742384, JK Acquisition Corp. vs.
Multi-Shot, LLC (“Multi-Shot”); The Stephens Group, LLC, SG-Directional, LLC; Catalyst/Hall
Growth Capital Management Co., LLC; Catalyst/Hall Growth Capital, LP; Catalyst/Hall Private
Equity, LP; Catalyst Capital Partners I, Ltd.; Catalyst Capital Partners II, Ltd.; CRF Air,
LLC; Robert P. Vilyus; Allen Neel; Paul Culbreth; and David Cudd, in the 234th Judicial
District in the District Court of Harris County, Texas.
	 
	F.	 	“Claims” shall mean all claims or counterclaims that the Parties asserted or could have
asserted in the Lawsuit. “Claims” also includes any and all past, present, future, legal,
equitable, fixed, contingent, matured, unmatured, liquidated, unliquidated, known, unknown,
foreseeable or unforeseeable claims, allegations, demands, rights, suits, actions, causes of
action, proceedings, damages, costs, or obligations that were asserted or could have been
asserted by any Person against any of the Parties arising from the transaction, occurrence or
series of transactions or occurrences made the basis of the Lawsuit, regardless of the basis
for the assertion or theory of recovery employed by the Person with respect to such claims,
allegations, demands, rights, suits, actions, causes of action, proceedings, damages, costs or
obligations. The “Claims” of JKA include, but are not limited to, claims or requests under
both Delaware law, Texas law, and/or the law of any other jurisdiction, including claims for
breach of contract (including breach of the MIPA, and/or FARMA); requests for any temporary
restraining order or temporary injunction (including requests to restrain or enjoin any Party
from invoking sections 9.01(a) or 9.01(c) of the MIPA, and/or FARMA); requests to restrain or
enjoin any Party

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	 	 	from selling, mortgaging, transferring, encumbering, diluting, or otherwise disposing of the
stock or assets of Multi-Shot other then in the usual course of business; requests to
restrain or enjoin any Party from failing to cooperate or use commercially reasonable best
efforts to satisfy all conditions to closing of the acquisition at issue in the Lawsuit
and/or timely consummate that acquisition; claims for or entitlements to specific
performance, actual or consequential damages, and attorneys’ fees; and, any other claims,
equitable or legal, asserted in the Lawsuit. “Claims” shall also include all claims,
equitable or legal, that Mr. Wilson or Mr. Spickelmier could have asserted in the Lawsuit
against any of the Multi-Shot Parties, including, but not limited to, claims for breach of
contract, breach of implied contract, promissory estoppel, tortious interference with
business relationships and expectancy, breach of the duty of good faith and fair dealing
breach of fiduciary duty negligence misrepresentation; intentional misrepresentation or
fraud, or claims for or entitlements to punitive or treble damages, or pre-judgment
interest. Notwithstanding any suggestion above to the contrary, “Claims” as defined herein
specifically include all claims arising out of any acts or omissions that occurred on or
prior to the date this Settlement Agreement was executed, and specifically exclude claims
arising out of the Parties’ obligations under the SARMA and any breaches thereof based upon
acts or omissions that occur after the date of this Settlement Agreement.
	 
	G.	 	“Person” shall mean any individual, administrator, heir, executor, assign, successor,
trustee, legal representative, corporation, partnership or any partner thereof, association,
trust, governmental unit, agency or any other entity recognized in law or fact to have rights
or obligations.
	 
	H.	 	With regard to all definitions herein, whenever the context so requires, the singular use of
a defined term shall include the plural and vice versa.

II. Agreement

	A.	 	Settlement Consideration

	 	1.	 	By August 27, 2007, the Parties, other than Mr. Wilson, Mr. Spickelmier, Mr.
Williamson, and Mr. McConnell will have executed a Second Amended and Restated
Agreement and Plan of Merger (the “SARMA”) in the form attached as Exhibit “A” to this
Settlement Agreement.
	 
	 	2.	 	Notwithstanding anything in this Agreement to the contrary, this Settlement
Agreement shall be construed in conjunction with the SARMA. Except as to any provision
of this Settlement Agreement relating to the mutual releases of the Parties for acts or
omissions occurring prior to the date of this Settlement Agreement, any conflict
between this Agreement and the SARMA shall be resolved in favor of the SARMA.
Execution of this Settlement Agreement by all parties is a condition precedent to
performance under the SARMA. Execution of the SARMA by all parties thereto, is a
condition precedent to performance under this Agreement. If either this Agreement or
the SARMA is not executed by all parties thereto, this Agreement and the SARMA shall be
null and void.

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	 	3.	 	On August 28, 2007, the parties who have appeared in Cause No 2007-42384,
currently pending in the 234th Judicial District Court of Harris County,
Texas (the “Lawsuit”), will file an Agreed Motion to Abate the Lawsuit (in the form
attached as Ex. B to this Settlement Agreement). The MS Parties agree not to submit
for hearing, submission, or adjudication any motion(s) for summary judgment or any
other instrument(s) requesting formal dismissal of the Lawsuit based on the mutual
releases set forth in Paragraphs II(C)-(G), infra, before March 1, 2008.
	 
	 	4.	 	It is expressly understood that the act of entering into the SARMA, together
with the mutual releases described below and the Motion to Abate attached hereto as
Exhibit “B” (and any other rights or obligations stated herein) is the complete
consideration that the Parties shall ever have to exchange among one another as a
result of, arising out of or in connection with the transaction, occurrence or series
of transactions or occurrences and/or Claims which were, or could have been made, the
basis of the Lawsuit. Notwithstanding any statement in this Agreement to the contrary,
it is the Parties’ intent that the effect of this Settlement Agreement is to waive and
release all Claims arising out of the MIPA, the FARMA, or any act by any of the Parties
that occurred prior to the execution of the SARMA. Furthermore, none of the releases
given in this Settlement Agreement are intended to release JKA from any contractual or
statutory obligations owed by it to insure and/or indemnify any of JKA’s officers or
directors for such individuals’ acts or omissions in their capacity as officers and/or
directors of JKA.

	B.	 	The Parties are entitled to disclose and comment on this settlement
through a press release, a Form 8-K or other SEC filing, and through
other normal means. Each party will bear its own attorneys’ fees,
expenses, and costs of any kind related to the Lawsuit, except to the
extent otherwise set forth in the SARMA.
	 
	C.	 	JKA (on its own behalf and on behalf of its subsidiaries, affiliates,
divisions, partners, agents, principals, officers, directors,
shareholders, employees, predecessors, successors, and assignees)
forever, irrevocably, and unconditionally releases, discharges, and
acquits the MS Parties (including their subsidiaries, affiliates,
divisions, partners, co-venturers, agents, members, principals,
auditors, insurers, lenders, and any past or present officers,
directors, shareholders, employees, predecessors, successors,
assignees, representatives, heirs, executors, administrators,
representatives, attorneys, and permitted assigns) for, from and of
any and all Claims, as well as all demands, suits, judgments and/or
causes of action of any kind whatsoever, whether known or unknown,
asserted or unasserted, suspected or unsuspected, regardless of the
legal theory, arising out of any acts or omissions which occurred
prior to the date this Settlement Agreement was executed.
	 
	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.

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	D.	 	Mr Wilson (on his own behalf and on behalf of its subsidiaries, affiliates, divisions,
partners, agents, principals, officers, directors, shareholders, employees, predecessors,
successors, and assignees) forever, irrevocably, and unconditionally releases, discharges, and
acquits the MS Parties (including their subsidiaries, affiliates, divisions, partners,
co-venturers, agents, members, principals, auditors, insurers, lenders, and any past or
present officers, directors, shareholders, employees, predecessors, successors, assignees,
representatives, heirs, executors, administrators, representatives, attorneys, and permitted
assigns) for, from and of any and all Claims, as well as all demands, suits, judgments and/or
causes of action of any kind whatsoever, whether known or unknown, asserted or unasserted,
suspected or unsuspected, regardless of the legal theory, arising out of any acts or omissions
which occurred prior to the date this Settlement Agreement was executed.
	 
	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.
	 
	E.	 	Mr. Spickelmier (on his own behalf and on behalf of its subsidiaries, affiliates, divisions,
partners, agents, principals, officers, directors, shareholders, employees, predecessors,
successors, and assignees) forever, irrevocably, and unconditionally releases, discharges, and
acquits the MS Parties (including their subsidiaries, affiliates, divisions, partners,
co-venturers, agents, members, principals, auditors, insurers, lenders, and any past or
present officers, directors, shareholders, employees, predecessors, successors, assignees,
representatives, heirs, executors, administrators, representatives, attorneys, and permitted
assigns) for, from and of any and all Claims, as well as all demands, suits, judgments and/or
causes of action of any kind whatsoever, whether known or unknown, asserted or unasserted,
suspected or unsuspected, regardless of the legal theory, arising out of any acts or omissions
which occurred prior to the date this Settlement Agreement was executed.
	 
	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.
	 
	F.	 	Mr. Williamson (on his own behalf and on behalf of its subsidiaries, affiliates, divisions,
partners, agents, principals, officers, directors, shareholders, employees, predecessors,
successors, and assignees) forever, irrevocably, and unconditionally releases, discharges, and
acquits the MS Parties (including their subsidiaries, affiliates, divisions, partners,
co-venturers, agents, members, principals, auditors, insurers, lenders, and any past or
present officers, directors, shareholders, employees, predecessors, successors, assignees,
representatives, heirs, executors, administrators, representatives, attorneys, and permitted
assigns) for, from and of any and all Claims, as well as all demands, suits, judgments and/or
causes of action of any kind whatsoever, whether known or unknown, asserted or unasserted,
suspected or unsuspected, regardless of the legal theory, arising

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out of any acts or omissions which occurred prior to the date this Settlement Agreement was
executed.

	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.
	 
	G.	 	Mr. McConnell (on his own behalf and on behalf of its subsidiaries, affiliates, divisions,
partners, agents, principals, officers, directors, shareholders, employees, predecessors,
successors, and assignees) forever, irrevocably, and unconditionally releases, discharges, and
acquits the MS Parties (including their subsidiaries, affiliates, divisions, partners,
co-venturers, agents, members, principals, auditors, insurers, lenders, and any past or
present officers, directors, shareholders, employees, predecessors, successors, assignees,
representatives, heirs, executors, administrators, representatives, attorneys, and permitted
assigns) for, from and of any and all Claims, as well as all demands, suits, judgments and/or
causes of action of any kind whatsoever, whether known or unknown, asserted or unasserted,
suspected or unsuspected, regardless of the legal theory, arising out of any acts or omissions
which occurred prior to the date this Settlement Agreement was executed.
	 
	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.
	 
	H.	 	The MS Parties (on their own behalf and on behalf of their subsidiaries, affiliates,
divisions, partners, agents, principals, officers, directors, shareholders, employees,
predecessors, successors, and assignees) forever, irrevocably, and unconditionally release,
discharge, and acquit JKA, Mr. Wilson, Mr. Spickelmier, Mr. Williamson, and Mr. McConnell
(including their subsidiaries, affiliates, divisions, partners, co-venturers, agents, members,
principals, auditors, insurers, lenders, and any past or present officers, directors,
shareholders, employees, predecessors, successors, assignees, representatives, heirs,
executors, administrators, representatives, attorneys, and permitted assigns) for, from and of
any and all Claims, as well as all demands, suits, judgments and/or causes of action of any
kind whatsoever, whether known or unknown, asserted or unasserted, suspected or unsuspected,
regardless of the legal theory, arising out of any acts or omissions which occurred prior to
the date this Agreement was executed.
	 
	 	 	This broad release is intended to include, but not necessarily be limited to, a release of
all claims of any kind arising out of the Parties’ obligations under the MIPA and/or the
FARMA. This release is not intended to include a release of any claims arising out of the
Parties’ obligations under the SARMA.
	 
	I.	 	Notwithstanding the broad mutual releases in paragraphs II(C)-(H) above, the parties agree
that the Lawsuit will be abated and not dismissed. This abatement mechanism is for the sole
purpose of providing access to the 234th Judicial District Court of Harris

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	 	 	County, Texas so to resolve future disputes (if any) arising out of any alleged breach of
the SARMA for acts occurring after the date of this Settlement Agreement. This abatement
mechanism in no way acts as a modification of the broad mutual releases in paragraphs II(C)
 — (H), for acts occurring on or prior to the date of this Settlement Agreement. If the
merger occurs, JKA shall upon the effective date of the merger file notices of non-suit and
dismissal with prejudice as to all defendants in the Lawsuit. To the extent the merger does
not occur due to any alleged breach of the SARMA by any party relating to acts occurring
after the date of this Settlement Agreement, then the parties may file any instruments
available to them under Texas law and procedural rules so to adjudicate such alleged
breaches. In the event that no party has filed such an instrument on or before February 1,
2010, then on that date, JKA shall file a notice of non-suit with prejudice. All parties
agree that any claim alleging a breach of the SARMA must be filed by February 1, 2010, and
all parties expressly acknowledge and agree that the statutory limitations period for
bringing any claim alleging a breach of the SARMA shall expire on February 1, 2010.
	 
	J.	 	If one or more disputes arise with regard to the interpretation or performance of any part of
this Settlement Agreement while the Lawsuit is still pending, any such dispute will be
resolved exclusively by the 234th Judicial District Court of Harris County, Texas.
If one or more disputes arise with regard to the interpretation or performance of any part of
this Settlement Agreement while the Lawsuit is no longer still pending, then just as with the
SARMA, (i) the Parties irrevocably and unconditionally consent and submit to the exclusive
jurisdiction and venue of either the state courts located in Harris County, Texas or the
United States District Court for the Southern District of Texas and (ii) each of the Parties
irrevocably consents to service of process by first class certified mail, return receipt
requested, postage prepaid to the counsel signing below.
	 
	K.	 	The Parties acknowledge and agree that neither party has admitted nor shall be construed as
having admitted any liability to the other, nor any violation of rights, law statute, duty or
contract. The Parties deny any such admission, liability or violation.
	 
	L.	 	This Settlement Agreement, along with the SARMA and its own exhibits, set forth the entire
fully integrated agreement between the Parties and fully supersedes any and all prior written
or oral agreements, understandings, promises, or representations between the Parties.
	 
	M.	 	The Parties jointly drafted this Settlement Agreement and it shall not be construed against
either party.
	 
	N.	 	This Settlement Agreement was negotiated and drafted in Texas, with the involvement of Texas
counsel. This Settlement Agreement shall be governed by and interpreted in accordance with
Texas law.
	 
	O.	 	This Settlement Agreement may be signed in counterparts, and the signature pages may be
exchanged via fax or pdf/email.

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          IN WITNESS WHEREOF the parties hereby execute this Settlement Agreement to be effective as of
this the 27th day of August 2007.

	 	 	 	 	 	 	 
	 	 	JK Acquisition Corp.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ James P. Wilson
	 	 	 	 	 
	 	 	Printed Name:	 	James P. Wilson
	 

	 	 	 	 	 	 
	 	 	Its:	 	CEO
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	August 27, 2007
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Multi-Shot, LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Allen Neel
	 	 	 	 	 
	 	 	Printed Name:	 	Allen Neel
	 

	 	 	 	 	 	 
	 	 	Its:	 	President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	The Stephens Group, LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Ronald M. Clark
	 	 	 	 	 
	 	 	Printed Name:	 	Ronald M. Clark
	 

	 	 	 	 	 	 
	 	 	Its:	 	Sr. Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	8/27/07
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	SG-Directional, LLC
	 
	 	 	 	 	 	 
	 	 	By: The Stephens Group, LLC

Its Manager
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Ronald M. Clark
	 	 	 	 	 
	 	 	Printed Name:	 	Ronald M. Clark
	 

	 	 	 	 	 	 
	 	 	Its:	 	Sr. Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	8/27/07
	 	 	 	 	 

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	 	 	Catalyst/Hall Growth Capital, LP
	 
	 	 	 	 	 	 
	 	 	By: Catalyst/Hall Growth Capital Management Co., LLC
	 	 	Its: Sole General Partner

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rick Herrman
	 	 	 	 	 
	 	 	Printed Name:	 	Rick Herrman
	 

	 	 	 	 	 	 
	 	 	Its:	 	President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	Catalyst/Hall Private Equity, LP
	 
	 	 	 	 	 	 
	 	 	By: Catalyst/Hall Private Equity Management LLC
	 	 	Its: Sole General Partner

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rick Herrman
	 	 	 	 	 
	 	 	Printed Name:	 	Rick Herrman
	 

	 	 	 	 	 	 
	 	 	Its:	 	President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	Catalyst Capital Partners I, Ltd.
	 
	 	 	 	 	 	 
	 	 	By: The Catalyst Group, Inc.
	 	 	Its: Sole General Partner

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rick Herrman
	 	 	 	 	 
	 	 	Printed Name:	 	Rick Herrman
	 

	 	 	 	 	 	 
	 	 	Its:	 	Vice-President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 

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	 	 	Catalyst Capital Partners II, Ltd.
	 
	 	 	 	 	 	 
	 	 	By: The Catalyst Group II, Inc.
	 	 	Its: Sole General Partner

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Rick Herrman
	 	 	 	 	 
	 	 	Printed Name:	 	Rick Herrman
	 

	 	 	 	 	 	 
	 	 	Its:	 	Vice-President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	CRF Air, LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Jay C. Jimerson
	 	 	 	 	 
	 	 	Printed Name:	 	Jay C. Jimerson
	 

	 	 	 	 	 	 
	 	 	Its:	 	President/Manager
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	August 27, 2007
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Robert P. Vilyus
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Robert P. Vilyus
	 	 	 
	 	 	Printed Name:	 	Robert P. Vilyus
	 

	 	 	 	 	 	 
	 	 	Date:	 	8/27/07
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Allen Neel
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Allen Neel
	 	 	 
	 	 	Printed Name:	 	Allen Neel
	 

	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Paul Culbreth
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Paul Culbreth
	 	 	 
	 	 	Printed Name:	 	Paul Culbreth
	 

	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 

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	 	 	David Cudd
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ David Cudd
	 	 	 
	 	 	Printed Name:	 	David Cudd
	 

	 	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	James P. Wilson
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ James P. Wilson
	 	 	 
	 	 	Printed Name:	 	James P. Wilson
	 

	 	 	 	 	 	 
	 	 	Date:	 	8-27-07
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Keith Spickelmier
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Keith Spickelmier
	 	 	 
	 	 	Printed Name:	 	Keith Spickelmier
	 

	 	 	 	 	 	 
	 	 	Date:	 	8-27-07
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Herbert C. Williamson
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Herbert C. Williamson, III
	 	 	 
	 	 	Printed Name:	 	Herbert C. Williamson, III
	 

	 	 	 	 	 	 
	 	 	Date:	 	8-26-07
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Michael H. McConnell
	 
	 	 	 	 	 	 
	 	 	 	 	/s/ Michael H. McConnell
	 	 	 
	 	 	Printed Name:	 	Michael H. McConnell
	 

	 	 	 	 	 	 
	 	 	Date:	 	8-26-07
	 	 	 	 	 

12

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