Document:

Exhibit
4.3

REGISTRATION
RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement” ) is made and entered into as
of September 19, 2006 among NEW PLAN EXCEL REALTY TRUST, INC., a Maryland
corporation (the “Company”) and
the several initial purchasers (the “Initial
Purchasers”) named in Schedule A to the Purchase Agreement (as
defined below), for whom Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Banc of America Securities LLC are acting as
representatives (collectively, the “Representatives”).

This Agreement is made pursuant to the Purchase
Agreement, dated September 13, 2006 (the “Purchase
Agreement”), among the Company, as the issuer of the 3.70%
Convertible Senior Notes Due 2026 (the “Notes”),
and the Initial Purchasers, which provides for, among other things, the sale of
the Notes by the Company to the Initial Purchasers.

In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide to the Initial
Purchasers and their respective direct and indirect transferees the
registration rights set forth in this Agreement.

In consideration of the foregoing, the parties hereto
agree as follows:

1.     Definitions.  Capitalized terms used herein without
definition shall have the respective meanings ascribed to them in the Purchase
Agreement.  As used in this Agreement,
the following capitalized defined terms shall have the following meanings:

“Advice” shall
have the meaning set forth in the last paragraph of Section 3 hereof.

“Affiliate” has
the same meaning as given to that term in Rule 405 under the Securities
Act or any successor rule thereunder.

“Automatic Shelf Registration Statement”
shall mean a Registration Statement filed by a Well-Known Seasoned Issuer which
shall become effective upon filing thereof pursuant to General Instruction
I.D.  of Form S-3.

“Business Day”
means any day other than a Saturday, a Sunday, or a day on which banking
institutions in New York, New York are authorized or required by law or
executive order to remain closed.

“Common Stock”
means the common stock of the Company, par value $0.01 per share, initially
issuable upon conversion of the Notes.

“Company” shall
have the meaning set forth in the preamble to this Agreement and also includes
the Company’s successors and permitted assigns.

“Closing Time” shall
mean the Closing Time as defined in the Purchase Agreement.

 

“Effective Date” shall mean the
date the initial Shelf Registration Statement becomes effective or, in the case
of designation of an Automatic Shelf Registration Statement as the Shelf
Registration Statement, the date a Prospectus is first made available
thereunder for use by the Holders.

“Effectiveness Deadline” shall
mean (i) for purposes of Section 2(a)(i) hereof, the 180th day following the
Issue Date, (ii) for purposes of the filing of any post-effective amendment
pursuant to Section 2(a)(iii) hereof, the 30th day after the obligation to make
such filing arises, (iii) for purposes of the filing of any Shelf Registration
Statement pursuant to Section 2(a)(iii) hereof, the 60th day after the
obligation to make such filing arises, and (iv) for purposes of any filing made
pursuant to Section 2(a)(iv) hereof, the tenth Business Day after the
obligation to make such filing arises.

“Effectiveness Period”
shall have the meaning set forth in Section 2(a)(iv) hereof.

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

“Filing Deadline” shall mean (i)
for purposes of Section 2(a)(i) hereof, the 90th day following the Issue Date,
(ii) for purposes of Section 2(a)(iii) hereof, the tenth Business Day after the
date of receipt by the Company of the information specified therein (or, if a
Suspension Period is then in effect or initiated within five Business Days following
the date of receipt of such information, the tenth Business Day following the
end of such Suspension Period), and (iii) for purposes of Section 2(a)(iv)
hereof, the tenth Business Day after the cessation of effectiveness of any
Shelf Registration Statement (or, if a Suspension Period is then in effect or
initiated within five Business Days following the date of receipt of such
information, the tenth Business Day following the end of such Suspension
Period).

 “Holder” shall mean each
Initial Purchaser, for so long as such Initial Purchaser owns any Registrable
Securities, and each of such Initial Purchaser’s respective successors, assigns
and direct and indirect transferees who become registered owners of Registrable
Securities.

“Indenture”
shall mean the Indenture dated as of January 30, 2004, as supplemented by the
First Supplemental Indenture, dated as of the Closing Time, between the Company
and the Trustee, pursuant to which the Notes are being issued, and in
accordance with which the shares of Common Stock may be issued, as the same may
be amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof.

“Initial Purchasers”
shall have the meaning set forth in the preamble to this Agreement.

“Inspectors” shall
have the meaning set forth in Section 3(l) hereof.

“Issue Date” shall
mean September 19, 2006, the date of original issuance of the Notes.

“Liquidated Damages”
shall have the meaning set forth in Section 2(e) hereof.

“Majority Holders”
shall mean the Holders collectively holding a majority of the aggregate
principal amount of outstanding Notes or the number of outstanding shares of
Common Stock, as the context requires.

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“Notes” shall have
the meaning set forth in the preamble to this Agreement.

“Person” shall
mean an individual, partnership, corporation, trust or unincorporated
organization, limited liability company, or a government or agency or political
subdivision thereof.

“Prospectus” shall
mean the prospectus included in a Shelf Registration Statement, including any
preliminary prospectus, any “issuer free writing prospectus,” as such term is
defined in Rule 433 under the Securities Act, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to a prospectus, including post-effective
amendments, and, in each case, including all documents incorporated by
reference therein.

“Purchase Agreement”
shall have the meaning set forth in the preamble to this Agreement.

“Questionnaire” shall have the
meaning set forth in Section 2(a)(ii) hereof.

“Records” shall
have the meaning set forth in Section 3(l) hereof.

“Registrable Securities”
shall mean the Notes and the shares of Common Stock; provided, however, that (i) the Notes shall cease to be
Registrable Securities upon the earlier of (1) a Shelf Registration
Statement with respect thereto for the resale of the Notes having been declared
effective under the Securities Act and the Notes having been disposed of
pursuant to such Shelf Registration Statement, (2) the Notes having become
eligible to be sold without restriction as contemplated by Rule 144(k)
under the Securities Act by a Person who is not an Affiliate of the Company, or
(3) the Notes having ceased to be outstanding, and (ii) the shares of
Common Stock shall cease to be Registrable Securities upon the earlier of
(1) a Shelf Registration Statement with respect to such shares of Common
Stock for the resale thereof having been declared effective under the
Securities Act and such shares of Common Stock having been disposed of pursuant
to such Shelf Registration Statement, (2) such shares of Common Stock
having become eligible to be sold without restriction as contemplated by Rule
144(k) under the Securities Act by a Person who is not an Affiliate of the
Company, or (3) such shares of Common Stock having ceased to be
outstanding.

“Registration Expenses”
shall mean any and all expenses incident to performance of or compliance by the
Company with this Agreement, including without limitation: (i) all SEC or
National Association of Securities Dealers, Inc. (the “NASD”) registration and filing fees,
including, if applicable, the fees and expenses of any “qualified independent
underwriter” (and its counsel) that is required to be retained by any Holder of
Registrable Securities in accordance with the rules and regulations of the
NASD, (ii) all fees and expenses incurred in connection with compliance
with state securities or blue sky laws (including reasonable fees and
disbursements of one counsel for all underwriters or Holders as a group in
connection with blue sky qualification of any of the Registrable Securities)
and compliance with the rules of the NASD, (iii) all expenses of any
Persons in printing and distributing any Shelf Registration Statement, any
Prospectus and any amendments or supplements thereto, and in preparing or

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assisting in preparing,
printing and distributing any underwriting agreements, securities sales
agreements and other documents relating to the performance of and compliance
with this Agreement, (iv) all rating agency fees, (v) the fees and
disbursements of one counsel for the Company and of the independent certified
public accountants of the Company, including the expenses of any “cold comfort”
letters required by or incident to the performance of and compliance with this
Agreement, and (vi) the reasonable fees and expenses of any special
experts retained by the Company in connection with the Shelf Registration
Statement.

“SEC” shall mean
the Securities and Exchange Commission.

“Securities” shall
mean the Notes and the Common Stock.

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

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(a) hereof.

“Shelf Registration Statement”
shall mean a “shelf” registration statement of the Company pursuant to the
provisions of Section 2(a) hereof which covers all of the Registrable
Securities on Form S-3 or, if not then available to the Company, on another
appropriate form under Rule 415 under the Securities Act, or any similar
rule that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

“Suspension Period” shall have
the meaning set forth in Section 2(a)(iv).

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

“Well-Known Seasoned
Issuer” shall
have the meaning set forth in Rule 405 under the Securities Act.

2.     Registration
Under the Securities Act.

(a)           Shelf Registration.

(i)            The Company shall
file or cause to be filed (or otherwise designate an existing Automatic Shelf
Registration Statement previously filed with the SEC as) a Shelf Registration
Statement providing for the sale by the Holders of all of the Registrable
Securities, as promptly as practicable but in any event on or prior to the
Filing Deadline.  If the Shelf
Registration Statement is not an Automatic Shelf Registration Statement, the
Company shall use its reasonable best efforts to have such Shelf Registration
Statement declared effective by the SEC as promptly as practicable after filing
thereof, but in any event on or prior to the Effectiveness Deadline.  If the Shelf Registration Statement is an
Automatic Shelf Registration Statement, the Company shall use its reasonable
best efforts to prepare and file a supplement to the Prospectus to cover resales
of the Registrable Securities by the Holders as promptly as practicable after
filing thereof, but in any event on or prior to the Effectiveness Deadline.

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(ii)           Notwithstanding any
other provision hereof, no Holder of Registrable Securities shall be entitled
to include any of its Registrable Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder agrees in
writing to be bound by all of the provisions of this Agreement applicable to
such Holder and the Holder furnishes to the Company a fully completed notice
and questionnaire in the form attached as Appendix A to the Offering Memorandum
(the “Questionnaire”)
and such other information in writing as the Company may reasonably request in
writing for use in connection with the Shelf Registration Statement or
Prospectus included therein and in any application to be filed with or under
state securities laws.  The Company shall
issue a press release through a reputable national newswire service of its
filing (or intention to designate an Automatic Shelf Registration Statement as)
the Shelf Registration Statement and of the anticipated Effective Date
thereof.   In order to be named as a
selling securityholder in the Prospectus at the time it is first made available
for use, each Holder must furnish the completed Questionnaire and such other
information that the Company may reasonably request in writing, if any, to the
Company in writing no later than the tenth Business Day prior to the
anticipated Effective Date as announced in the press release.  Each Holder as to which any Shelf
Registration is being effected agrees to furnish to the Company all information
with respect to such Holder necessary to make the information previously furnished
to the Company by such Holder not materially misleading.

(iii)          From and after the
Effective Date, upon receipt of a completed Questionnaire and such other
information that the Company may reasonably request in writing, if any, the
Company will use its reasonable best efforts to file as promptly as reasonably
practicable but in any event on or prior to the Filing Deadline either (i) if
then permitted by the Securities Act or the rules and regulations thereunder
(or then-current SEC interpretations thereof), a supplement to the Prospectus
naming such Holder as a selling securityholder and containing such other
information as necessary to permit such Holder to deliver the Prospectus to
purchasers of the Holder’s Securities, or (ii) if it is not then permitted
under the Securities Act or the rules and regulations thereunder (or
then-current SEC interpretations thereof) to name such Holder as a selling
securityholder in a supplement to the Prospectus, a post-effective amendment to
the Shelf Registration Statement or an additional Shelf Registration Statement
as necessary for such Holder to be named as a selling securityholder in the
Prospectus contained therein to permit such Holder to deliver the Prospectus to
purchasers of the Holder’s Securities (subject, in the case of either clause
(i) or clause (ii), to the Company’s right to suspend use of the Shelf
Registration Statement as described in Section 2(a)(iv) hereof).  If a post-effective amendment or additional
Shelf Registration Statement is required to be filed, the Company shall use its
reasonable best efforts to have such post-effective amendment or additional
Shelf Registration Statement declared effective by the SEC as promptly as
practicable after filing thereof, but in any event on or prior to the
Effectiveness Deadline.  The Company shall
not be required to file more than three supplements to the Prospectus,
post-effective amendments or additional Shelf Registration Statements in any
fiscal quarter for all such Holders.

(iv)          The Company agrees
to use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective and the Prospectus usable for resales until there are no
Registrable Securities outstanding (the “Effectiveness
Period”); provided, however,
that for 30 days or less (whether or not consecutive) in any three-month
period, and for 90 days or less in any 12-month period, the Company shall be
permitted, by giving written notice to the Holders of Registrable Securities,
to suspend sales thereof if the Shelf Registration Statement is

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no longer
effective or usable for resales due to circumstances relating to pending
developments, public filings with the SEC and similar events, or because the
Prospectus contains an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary in order to make
statements therein not misleading (any period of suspension hereunder, a “Suspension Period”). 
If any Shelf Registration Statement ceases to be effective or usable for
resales by Holders for any reason  (other
than by reason of any such Holder’s failure to provide a Questionnaire, in
which case the provisions of Section 2(a)(ii) or 2(a)(iii) hereof shall apply)
at any time during the Effectiveness Period, the Company shall, subject to the
proviso contained in the immediately preceding sentence, use its reasonable
best efforts to promptly cause such Shelf Registration Statement to become
effective under the Securities Act, and in any event shall, within ten Business
Days of such cessation of effectiveness or usability, (i) file with the SEC one
or more supplements to the Prospectus, post-effective amendments or reports
under the Exchange Act in a manner reasonably expected to obtain the withdrawal
of any order suspending the effectiveness of such Shelf Registration Statement,
or (ii) file with the SEC an additional Shelf Registration Statement.  If a post-effective amendment or an
additional Shelf Registration Statement is filed, the Company shall use its
reasonable best efforts to (A) cause such post-effective amendment or Shelf
Registration Statement to become effective under the Securities Act as promptly
as practicable after such filing, but in no event later than the applicable
Effectiveness Deadline, and (B) keep such post-effective amendment or Shelf
Registration Statement continuously effective until the end of the
Effectiveness Period.

(v)           If the Shelf
Registration Statement is not an Automatic Shelf Registration Statement, the
Company shall not permit any securities other than (i) the Company’s
issued and outstanding securities currently possessing similar registration
rights and (ii) the Registrable Securities to be included in the Shelf
Registration.  The Company will provide
to each Holder named therein a reasonable number of copies of the Prospectus
that is a part of the Shelf Registration Statement, notify each such Holder of
the Effective Date and take such other actions as are required to permit
unrestricted resales of the Registrable Securities by such Holder.  The Company further agrees to supplement or
amend the Shelf Registration Statement or supplement the Prospectus if and as
required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or
by the Securities Act or by any other rules and regulations thereunder for
shelf registrations, and the Company agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

(b)           Listing.  The Company shall use its reasonable
best efforts to maintain the approval of the Common Stock for listing on the
New York Stock Exchange.

(c)           Expenses. 
The Company shall pay all Registration Expenses in connection with any
Shelf Registration Statement filed pursuant to Section 2(a) hereof
(including the reasonable fees and disbursements of one counsel for the Holders
of the Registrable Securities in connection with the review of any Shelf
Registration Statement, Prospectus or amendment or supplement thereto in accordance
with the provisions of Section 3(a) hereof, which counsel shall be reasonably
satisfactory to the Company).  Except as
provided herein, each Holder shall pay all expenses of its counsel,
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder’s Registrable Securities pursuant to the
Shelf Registration Statement.

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(d)           Effective Shelf Registration Statement. 
If, after the Effective Date the offering of Registrable
Securities pursuant to a Shelf Registration Statement is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Shelf Registration Statement will be deemed
not to have been effective during the period of such interference, until the
offering of Registrable Securities pursuant to such Shelf Registration
Statement may legally resume.  The
Company will be deemed not to have used its reasonable best efforts to cause a
Shelf Registration Statement to become, or to remain, effective during the
requisite period if it voluntarily takes any action that would result in any
such Shelf Registration Statement not being declared effective or that would
result in the Holders of Registrable Securities covered thereby not being able
to offer and sell such Registrable Securities during that period, unless such
action is required by applicable law.

(e)           Liquidated Damages.  In
the event that:

(i)            a Shelf
Registration Statement is not filed with the SEC or designated as such by the
Company on or prior to the Filing Deadline pursuant to Section 2(a)(i), then
liquidated damages (“Liquidated Damages”)
shall accrue on the principal amount of the Securities at a rate equal to 0.25%
per annum for the first 90-day period from the day following such Filing
Deadline, and thereafter at a rate per annum of 0.50% of the principal amount
of the Securities;

(ii)           (x) a Shelf
Registration Statement is not declared effective by the SEC, or (y) if the
Company shall have designated a previously filed and effective Automatic Shelf
Registration Statement as the Shelf Registration Statement for purposes of this
Agreement, the Company shall not have filed a supplement to the Prospectus to
cover resales of the Registrable Securities by the Holders, in the case of
either (x) or (y), on or prior to the Effectiveness Deadline pursuant to
Section 2(a)(i), then Liquidated Damages shall accrue on the principal amount
of the Securities at a rate equal to 0.25% per annum for the first 90-day
period from the day following such Effectiveness Deadline, and thereafter at a
rate per annum of 0.50% of the principal amount of the Securities;

(iii)          following the
Effective Date, (A) the Company fails to make any filing required pursuant to
Section 2(a)(iii) hereof prior to the Filing Deadline applicable thereto, or
(B) in the event such filing is a post-effective amendment or additional Shelf
Registration Statement, such post-effective amendment or Shelf Registration
Statement fails to become effective on or prior to the Effectiveness Deadline
applicable thereto, then Liquidated Damages shall accrue on the principal
amount of the Securities at a rate equal to 0.25% per annum for the first
90-day period from the day following such Filing Deadline or Effectiveness
Deadline, as applicable, and thereafter at a rate per annum of 0.50% of the
principal amount of the Securities;

(iv)          following the
Effective Date, a Shelf Registration Statement ceases to be effective (without
being succeeded immediately by an additional Shelf Registration Statement that
is filed and immediately becomes effective) or usable for the offer and sale of
the Registrable Securities, other than in connection with (A) a Suspension
Period or (B) as a result of a requirement to file a post-effective amendment or
supplement to the Prospectus to make changes to the information regarding
selling securityholders or the plan of distribution provided for therein, and
the Company does not cure the lapse of effectiveness or usability within ten

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Business Days
(or, if a Suspension Period is then in effect, within ten Business Days
following the expiration of such Suspension Period), then Liquidated Damages
shall accrue on the principal amount of the Securities at a rate equal to 0.25%
per annum for the first 90-day period from the day following such tenth
Business Day, and thereafter at a rate per annum of 0.50% of the principal
amount of the Securities;

(v)           any Suspension
Period or Periods exceed 30 days in any three-month period or 90 days in any
12-month period, then, commencing with the 31st day in such three-month period
or the 91st day in such 12-month period, as the case may be, then Liquidated
Damages shall accrue on the principal amount of the Securities at a rate equal
to 0.25% per annum for the first 90-day period from the day following the 31st
or 91st day, as the case may be, and thereafter at a rate per annum of 0.50% of
the principal amount of the Securities; or

(vi)          if the Company fails
to name as a selling securityholder any Holder that had complied timely with
its obligations hereunder in a manner to entitle such Holder to be so named in
(A) any Shelf Registration Statement at the time it first becomes effective or
(B) any Prospectus at the later of time of filing thereof or the time the Shelf
Registration Statement of which the Prospectus forms a part becomes effective,
then Liquidated Damages will accrue on the principal amount of Securities held
by such Holder at a rate equal to 0.25% per annum for the first 90-day period
from the day following the effective date of such Shelf Registration Statement
or the time of filing of such Prospectus, as the case may be, and thereafter at
a rate per annum of 0.50% of the principal amount of the Securities held by
such Holder;

provided, however, that in
no event shall Liquidated Damages accrue at a rate per annum exceeding 0.50% of
the principal amount of the Securities; and provided further
that Liquidated Damages on the principal amount of the Securities as a result
thereof shall cease to accrue:

(1)           upon the filing or
designation of a Shelf Registration Statement (in the case of clause (i)
above);

(2)           upon the Effective
Date (in the case of clause (ii) above);

(3)           upon the filing of a
supplement to the Prospectus (in the case of clause (iii)(A) above) or upon the
Effective Date (in the case of clause (iii)(B) above);

(4)           upon such time as
the Shelf Registration Statement which had ceased to remain effective or usable
for resales again becomes effective and usable for resales (in the case of
clause (iv) above);

(5)           upon such time as
the Shelf Registration Statement which had ceased to remain effective or usable
for resales again becomes effective and usable for resales (in the case of
clause (v) above); or

(6)           upon the time such
Holder is permitted to sell its Registrable Securities pursuant to any Shelf
Registration Statement and Prospectus in accordance with applicable law (in the
case of clause (vi) above).

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Any amounts of Liquidated Damages due pursuant to this
Section 2(e) will be payable in cash on the next succeeding interest payment date to Holders entitled to receive such
Liquidated Damages on the relevant record dates for the payment of interest.

Notwithstanding any provision in this Agreement, in no
event shall Liquidated Damages accrue to holders of shares of Common Stock
issued upon conversion of Notes.  If any
Note ceases to be outstanding during any period for which Liquidated Damages
are accruing, the Company will prorate the Liquidated Damages payable with
respect to such Note.

(f)            Specific Enforcement.  Without
limiting the remedies available to the Holders, the Company acknowledges that
any failure by it to comply with its obligations under Section 2(a) hereof
may result in material irreparable injury to the Holders for which there is no
adequate remedy at law, that it would not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, any Holder
may obtain such relief as may be required to specifically enforce the Company’s
obligations under Section 2(a) hereof.

(g)             Certain
Representations and Agreements of the Company.  The Company represents and agrees that,
unless it obtains the prior consent of the Holders of a majority of the
Registrable Securities that are registered under the Shelf Registration
Statement at such time or the approval of the counsel for the holders of
Registrable Securities or the consent of the Initial Purchasers in connection
with any underwritten offering of Registrable Securities, and each Holder
represents and agrees that, unless it obtains the prior consent of the Company
and the Initial Purchasers, it will not make any offer relating to the
Registrable Securities that would constitute an “issuer free writing
prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that
would otherwise constitute a “free writing prospectus,” as defined in Rule 405,
required to be filed with the SEC.  The
Company represents that any Issuer Free Writing Prospectus, when taken together
with the information in the Shelf Registration Statement and the Prospectus,
will not include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.

3.     Registration Procedures.  In connection with the
obligations of the Company with respect to the Shelf Registration Statement
pursuant to Section 2(a) hereof, the Company shall use its reasonable best
efforts to:

(a)           prepare and file
with the SEC or designate a Shelf Registration Statement as prescribed by
Section 2(a)(i) hereof within the relevant time period specified in
Section 2(a)(i) hereof on the appropriate form under the Securities Act,
which form shall (i) be selected by the Company, (ii) be available for the
sale of the Registrable Securities by the selling Holders thereof, and
(iii) comply as to form in all material respects with the requirements of
the applicable form and include all financial statements required by the SEC to
be filed therewith; the Company shall use its reasonable best efforts to cause
such Shelf Registration Statement to become effective and remain effective and
the Prospectus usable for resales in accordance with Section 2 hereof; provided, however, that, before filing any Shelf Registration
Statement or Prospectus or any amendments or supplements thereto, the Company
shall furnish to and afford the Holders of the Registrable Securities covered
by such Shelf Registration Statement, their counsel and the managing
underwriters, if any, a reasonable opportunity to review copies of all

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such documents
(including copies of any documents to be incorporated by reference therein and
all exhibits thereto) proposed to be filed; and the Company shall not file any
Shelf Registration Statement or Prospectus or any amendments or supplements
thereto in respect of which the Holders must be afforded an opportunity to
review prior to the filing of such document if the Majority Holders, their
counsel or the managing underwriters, if any, shall reasonably object in a
timely manner;

(b)           prepare and file
with the SEC such amendments and post-effective amendments to the Shelf
Registration Statement as may be necessary to keep such Shelf Registration
Statement effective for the Effectiveness Period, and cause each Prospectus to
be supplemented, if so determined by the Company or requested by the SEC, by
any required prospectus supplement and as so supplemented to be filed pursuant
to Rule 424 (or any similar provisions then in force) under the Securities
Act, and comply with the provisions of the Securities Act, the Exchange Act and
the rules and regulations promulgated thereunder applicable to it with respect
to the disposition of all securities covered by a Shelf Registration Statement
during the Effectiveness Period in accordance with the intended method or
methods of distribution by the selling Holders thereof described in this
Agreement;

(c)           (i) furnish to each
Holder of Registrable Securities included in the Shelf Registration Statement
and to each underwriter of an underwritten offering of Registrable Securities,
if any, without charge, as many copies of each Prospectus, including each
preliminary prospectus, and any amendment or supplement thereto, and such other
documents as such Holder or underwriter may reasonably request, in order to
facilitate the public sale or other disposition of the Registrable Securities
and (ii) consent to the use of the Prospectus or any amendment or
supplement thereto by each of the selling Holders of Registrable Securities included
in the Shelf Registration Statement in connection with the offering and sale of
the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

(d)           register or qualify
the Registrable Securities under all applicable state securities or “blue sky”
laws of such jurisdictions by the time the applicable Shelf Registration
Statement has become effective under the Securities Act as any Holder of
Registrable Securities covered by a Shelf Registration Statement and each
underwriter of an underwritten offering of Registrable Securities shall
reasonably request in writing in advance of such date of effectiveness, and do
any and all other acts and things which may be reasonably necessary or
advisable to enable such Holder and underwriter to consummate the disposition
in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to
(i) qualify as a foreign entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 3(d), (ii) file any general consent to service of process in
any jurisdiction where it would not otherwise be subject to such service of
process or (iii) subject itself to taxation in any such jurisdiction if it
is not then so subject;

(e)           promptly notify each
Holder of Registrable Securities, its counsel and the managing underwriters, if
any, and promptly confirm such notice in writing (i) when a Shelf
Registration Statement has become effective and when any post-effective
amendments thereto become effective, (ii) of any request by the SEC or any
state securities authority for amendments and supplements to a Shelf
Registration Statement or Prospectus or for additional information after the Shelf
Registration Statement has become effective, (iii) of the issuance by the
SEC or

 10
 

 

any state
securities authority of any stop order suspending the effectiveness of a Shelf
Registration Statement or the qualification of the Registrable Securities in
any jurisdiction described in Section 3(d) hereof or the initiation of any
proceedings for that purpose, (iv) if, between the Effective Date and the
closing of any sale of Registrable Securities covered thereby, any of the
representations and warranties of the Company contained in any purchase
agreement, securities sales agreement or other similar agreement entered into
after the date hereof in relation to the sale of the Registrable Securities
cease to be true and correct in all material respects, (v) of the happening
of any event or the failure of any event to occur or the discovery of any
facts, during the Effectiveness Period, which makes any statement made in a
Shelf Registration Statement or the related Prospectus untrue in any material
respect or which causes such Shelf Registration Statement or Prospectus to omit
to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, and
(vi) of the reasonable determination of the Company that a post-effective
amendment to the Shelf Registration Statement would be appropriate;

(f)            obtain the
withdrawal of any order suspending the effectiveness of the Shelf Registration
Statement at the earliest possible moment;

(g)           if requested,
furnish to each Holder of Registrable Securities included within the coverage
of a Shelf Registration Statement, without charge, at least one conformed copy
of the Shelf Registration Statement relating to such Shelf Registration and any
post-effective amendment thereto (without documents incorporated therein by
reference or exhibits thereto, unless requested);

(h)           cooperate with the
selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and
not bearing any restrictive legends and registered in such names as the selling
Holders or the underwriters may reasonably request at least two Business Days
prior to the closing of any sale of Registrable Securities pursuant to the
Shelf Registration Statement;

(i)            promptly after the
occurrence of any event specified in Section 3(e)(ii), 3(e)(iii), 3(e)(v)
(subject to the respective grace periods set forth in Section 2(a)(iv)) or
3(e)(vi) hereof, prepare a supplement or post-effective amendment to the Shelf
Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities, such Prospectus will
not include any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and the Company shall
notify each Holder to suspend use of the Prospectus as promptly as practicable
after the occurrence of such an event, and each Holder hereby agrees to suspend
use of the Prospectus until the Company has amended or supplemented the
Prospectus to correct such misstatement or omission;

(j)            subject to Section
5 hereof, enter into such agreements (including underwriting agreements) as are
customary in underwritten offerings and take all such other appropriate actions
in connection therewith as are reasonably requested by the Holders collectively
holding at least 25% in aggregate principal amount or number, as the context
requires, of the Registrable Securities in order to expedite or facilitate the
registration or the disposition of the Registrable Securities;

 11
 

 

(k)           whether or not an
underwriting agreement is entered into and whether or not the registration is
an underwritten registration, if requested by (x) any Initial Purchaser, in the
case where such Initial Purchaser holds Securities acquired by it as part of
its initial placement and (y) Holders collectively holding at least 25% in
aggregate principal amount or number, as the context requires, of the
Registrable Securities covered thereby: (i) make such representations and
warranties to Holders of such Registrable Securities and the underwriters (if
any), with respect to the business of the Company and its subsidiaries as then
conducted and with respect to the Shelf Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings, and confirm the same if and when requested;
(ii) obtain opinions of counsel to the Company and updates thereof (which
may be in the form of a reliance letter) in form and substance reasonably
satisfactory to the managing underwriters (if any) and the Holders collectively
holding a majority in aggregate principal amount or number, as the context
requires, of the Registrable Securities being sold, addressed to each selling
Holder and the underwriters (if any) covering the matters customarily covered
in opinions requested in underwritten offerings and such other matters as may
be reasonably requested by such underwriters (it being agreed that the matters
to be covered by such opinion may be subject to customary qualifications and
exceptions); (iii) obtain “cold comfort” letters and updates thereof in
form and substance reasonably satisfactory to the managing underwriters from
the independent certified public accountants of the Company (and, if necessary,
any other independent certified public accountants of any business acquired by
the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in “cold comfort” letters in connection with
underwritten offerings and such other matters as reasonably requested by such
underwriters in accordance with Statement on Auditing Standards No.  72; and (iv) if an underwriting
agreement is entered into, the same shall contain indemnification provisions
and procedures no less favorable than those set forth in Section 4 hereof
(or such other provisions and procedures acceptable to Holders collectively
holding a majority in aggregate principal amount or number, as the context
requires, of Registrable Securities covered by such Shelf Registration
Statement and the managing underwriters) customary for such agreements with
respect to all parties to be indemnified pursuant to said Section (including,
without limitation, such underwriters and selling Holders); and in the case of
an underwritten registration, the above requirements shall be satisfied at each
closing under the related underwriting agreement or as and to the extent
required thereunder;

(l)            make reasonably
available for inspection by any selling Holder of Registrable Securities who
certifies to the Company that it has a current intention to sell Registrable
Securities pursuant to the Shelf Registration, any underwriter participating in
any such disposition of Registrable Securities, if any, and any attorney,
accountant or other agent retained by any such selling Holder or underwriter
(collectively, the “Inspectors”),
at the offices where normally kept, during the Company’s normal business hours,
all financial and other records, pertinent organizational and operational
documents and properties of the Company and its subsidiaries (collectively, the
“Records”) as shall be reasonably
necessary to enable them to

 12
 

 

exercise any
applicable due diligence responsibilities, and cause the officers, directors
and employees of the Company and its subsidiaries to supply all relevant
information in each case reasonably requested by any such Inspector in
connection with such Shelf Registration Statement; Records and information
which the Company, in good faith, deems to be confidential and any Records and
information which it notifies the Inspectors are confidential shall not be
disclosed to any Inspector except where (i) the disclosure of such Records
or information is necessary to avoid or correct a material misstatement or
omission in such Shelf Registration Statement, (ii) the release of such
Records or information is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction or is necessary in connection with any action,
suit or proceeding or (iii) such Records or information previously has
been made generally available to the public; each selling Holder of such
Registrable Securities will be required to agree in writing that Records and
information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it as the basis for any market
transactions in the securities of the Company unless and until such is made
generally available to the public through no fault of an Inspector or a selling
Holder; and each selling Holder of such Registrable Securities will be required
to further agree in writing that it will, upon learning that disclosure of such
Records or information is sought in a court of competent jurisdiction, or in
connection with any action, suit or proceeding, give notice to the Company and
allow the Company at its expense to undertake appropriate action to prevent
disclosure of the Records and information deemed confidential;

(m)          comply with all
applicable rules and regulations of the SEC so long as any provision of this
Agreement shall be applicable and make generally available to its
securityholders earning statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any
similar rule promulgated under the Securities Act) no later than 45 days
after the end of any twelve-month period (or 90 days after the end of any
twelve-month period if such period is a fiscal year) (i) commencing at the
end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering and
(ii) if not sold to underwriters in such an offering, commencing on the
first day of the first fiscal quarter of the Company after the Effective Date,
which statements shall cover said twelve-month periods, provided that the
obligations under this Section 3(m) shall be satisfied by the timely
filing of quarterly and annual reports on Forms 10-Q and 10-K under the
Exchange Act;

(n)           cooperate with each
seller of Registrable Securities covered by a Shelf Registration Statement and
each underwriter, if any, participating in the disposition of such Registrable
Securities and its respective counsel in connection with any filings required
to be made with the NASD;

(o)           take all other steps
necessary to effect the registration of the Registrable Securities covered by a
Shelf Registration Statement contemplated hereby; and

(p)           the Company may
require each seller of Registrable Securities as to which any registration is
being effected to furnish to it such information regarding such seller as may
be required by the staff of the SEC to be included in a Shelf Registration
Statement; the Company may exclude from such registration the Registrable
Securities of any seller who unreasonably fails to furnish such information
within a reasonable time after receiving such request; and the Company shall
have no obligation to register under the Securities Act the Registrable
Securities of a seller who so fails to furnish such information.

 

 13

 

 

Each Holder agrees that, upon receipt of any notice
from the Company of the occurrence of any event specified in Section 3(e)(ii),
3(e)(iii), 3(e)(v) or 3(e)(vi) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to a Shelf Registration
Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3(i) hereof or until it is
advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus may be resumed, and,
if so directed by the Company, such Holder will deliver to the Company (at its
expense) all copies in such Holder’s possession, other than permanent file
copies then in such Holder’s possession, of the Prospectus covering such Registrable
Securities current at the time of receipt of such notice.  If the Company shall give any such notice to
suspend the disposition of Registrable Securities pursuant to a Shelf
Registration Statement, the Company shall use its reasonable best efforts to
file and have declared effective (if an amendment) as soon as practicable after
the resolution of the related matters an amendment or supplement to the Shelf
Registration Statement and related Prospectus.

4.     Indemnification and Contribution.  (a)  The Company hereby agrees to indemnify and
hold harmless the Initial Purchasers, each Holder, each underwriter who
participates in an offering of the Registrable Securities, each Person, if any,
who controls any of such parties within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act and each of their
directors, officers, employees and agents, as follows:

(i)            against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, arising out
of any untrue statement or alleged untrue statement of a material fact
contained in a Shelf Registration Statement (or any amendment thereto) or the
Prospectus (or any amendment or supplement thereto) or the omission or alleged
omission therefrom of a material fact required to be stated therein, in the
light of the circumstances under which they were made, not misleading;

(ii)           against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, to the
extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, provided that
(subject to Section 4(d) hereof) such settlement is effected with the written
consent of the Company; and

(iii)          against any and all
expenses whatsoever, as incurred (including, without limitation, the reasonable
fees and disbursements of counsel chosen by the Initial Purchasers or such
Holder), reasonably incurred in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (i) or
(ii) of this Section 4(a);

 14
 

 

provided, however, that
this indemnity does not apply to any loss, liability, claim, damage or expense
to the extent arising out of an untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished in writing to the Company by any Initial Purchaser
through the Representatives or such Holder or underwriter expressly for use in
the Shelf Registration Statement (or any amendment thereto) or any Prospectus
(or any amendment or supplement thereto).

(b)           Each Initial
Purchaser and each Holder or underwriter, severally and not jointly, agrees to
indemnify and hold harmless the Company, its directors and officers (including
each officer of the Company who signed the Shelf Registration Statement), and
each Person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all loss, liability, claim, damage and expense whatsoever
described in the indemnity contained in Section 4(a) hereof, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Shelf Registration Statement (or any
amendment thereto) or the Prospectus (or any amendment or supplement thereto)
in reliance upon and in conformity with written information furnished to the
Company by such Holder expressly for use in such Shelf Registration Statement
(or any amendment thereto) or such Prospectus (or any amendment or supplement
thereto); provided, however,
that no Holder shall be liable for any claims hereunder in excess of the amount
of net proceeds received by such Holder from the sale of Registrable
Securities.

(c)           Each indemnified
party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability which it may
have under this Section 4 to the extent that it is not materially
prejudiced by such failure as a result thereof, and in any event shall not
relieve it from liability which it may have otherwise on account of this
indemnity agreement.  In the case of
parties indemnified pursuant to Section 4(a) or (b) above, counsel to the
indemnified parties shall be selected by such parties.  An indemnifying party may participate at its
own expense in the defense of such action; provided, however, that counsel to
the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party.  In no event shall the indemnifying parties be
liable for the fees and expenses of more than one counsel (in addition to local
counsel), separate from their own counsel, for all indemnified parties in
connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same general allegations or
circumstances.  No indemnifying party
shall, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 4
(whether or not the indemnified parties are actual or potential parties
thereto), unless (x) such settlement, compromise or consent (i) includes
an unconditional written release of each indemnified party from all liability arising
out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party and (y) the
indemnifying part confirms in writing its indemnification obligations hereunder
with respect to such settlement, compromise or judgment.

 15
 

 

(d)           If at any time an
indemnified party shall have validly requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 4(a)(ii) effected without its written
consent if (i) such settlement is entered into more than 45 days
after receipt by such indemnifying party of the aforesaid request,
(ii) such indemnifying party shall have received notice of the terms of
such settlement at least 30 days prior to such settlement being entered
into and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.

(e)           In order to provide
for just and equitable contribution in circumstances in which the indemnity
agreement set forth in this Section 4 is for any reason held to be
unenforceable by an indemnified party although applicable in accordance with
its terms, the Company, on the one hand, and the Holders, on the other hand,
shall contribute to the aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by such indemnity agreement incurred by the
Company and the Holders, as incurred; provided,
however, that 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 that was not guilty of such fraudulent
misrepresentation.  As between the
Company, on the one hand, and the Holders, on the other hand, such parties
shall contribute to such aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by such indemnity agreement in such
proportion as shall be appropriate to reflect the relative fault of the
Company, on the one hand, and the Holders, on the other hand, with respect to
the statements or omissions which resulted in such loss, liability, claim,
damage or expense, or action in respect thereof, as well as any other relevant
equitable considerations.  The relative
fault of the Company, on the one hand, and of the Holders, on the other hand,
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 the Company, on the
one hand, or by or on behalf of the Holders, on the other, and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.  The
Company and the Holders of the Registrable Securities agree that it would not
be just and equitable if contribution pursuant to this Section 4 were to
be determined by pro rata allocation or by any other method of allocation that
does not take into account the relevant equitable considerations.  For purposes of this Section 4, each Affiliate
of a Holder, and each director, officer and employee and Person, if any, who
controls a Holder or such Affiliate within the meaning of Section 15 of
the Securities Act shall have the same rights to contribution as such Holder,
and each director and officer of the Company and each Person, if any, who
controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Company.

5.     Underwritten Registration; Participation Therein.  (a) In
no event will the method of distribution of the Registrable Securities take the
form of an underwritten offering without the prior written consent of the
Company.  No Holder may participate in an
underwritten registration hereunder unless such Holder (i) agrees to sell such
Holder’s Registrable Securities on the basis provided in the underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (ii) completes and executes all reasonable
questionnaires, powers

 16
 

 

of attorney, indemnities, underwriting agreements,
lock-up letters and other documents reasonably required under the terms of such
underwriting arrangements.

(b)           Selection of Underwriters.  The
Holders of Registrable Securities covered by the Shelf Registration Statement
who desire to do so may sell the Securities covered by such Shelf Registration
in an underwritten offering, subject to the provisions of Sections 3(k)
and 5(a) hereof.  In any such
underwritten offering, the underwriter or underwriters and manager or managers
that will administer the offering will be selected by the Holders of a majority
in aggregate principal amount or number, as the context requires, of the
Registrable Securities included in such offering;  provided, however, that such underwriters and managers must be
reasonably satisfactory to the Company.

6.     Miscellaneous.

(a)           Rule 144 and Rule 144A. 
For so long as it is subject to the reporting requirements of
Section 13 or 15 of the Exchange Act and any Registrable Securities remain
outstanding, the Company will file the reports required to be filed by it under
the Securities Act and Section 13(a) or 15(d) of the Exchange Act and the
rules and regulations adopted by the SEC thereunder; provided,
however, that if the Company ceases to be so required to file such reports,
it will, upon the request of any Holder of Registrable Securities (a) make
publicly available such information as is necessary to permit sales of its
securities pursuant to Rule 144 under the Securities Act, (b) deliver
such information to a prospective purchaser as is necessary to permit sales of
its securities pursuant to Rule 144A under the Securities Act, and
(c) take such further action that is reasonable in the circumstances, in
each case, to the extent required from time to time to enable such Holder to
sell its Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such rule may be amended from time to time,
(ii) Rule 144A under the Securities Act, as such rule may be amended
from time to time, or (iii) any similar rules or regulations hereafter
adopted by the SEC.  Upon the request of
any Holder of Registrable Securities, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements.

(b)           No Inconsistent Agreements.  The Company has not entered into, and
will not enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. 
The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the
Company’s other issued and outstanding securities under any such agreements.

(c)           Amendments and Waivers.  The
provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Company has obtained
the written consent of the Holders holding at least a majority of the aggregate
principal amount of the Registrable Securities outstanding and affected by such
amendment, modification, supplement, waiver or departure; provided that
no amendment, modification or supplement or waiver or consent to the departure
with respect to the provisions of Section 4 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by
such Holder of Registrable Securities. 
Notwithstanding the foregoing sentence, (i) this Agreement 

 17
 

 

may be
amended, without the consent of any Holder of Registrable Securities, by
written agreement signed by the Company and the Initial Purchasers, to cure any
ambiguity, correct or supplement any provision of this Agreement that may be
inconsistent with any other provision of this Agreement or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with other provisions of this Agreement, (ii)
this Agreement may be amended, modified or supplemented, and waivers and
consents to departures from the provisions hereof may be given, by written
agreement signed by the Company and the Initial Purchasers to the extent that
any such amendment, modification, supplement, waiver or consent is, in their
reasonable judgment, necessary or appropriate to comply with applicable law
(including any interpretation of the Staff of the SEC) or any change therein
and (iii) to the extent any provision of this Agreement relates to the
Initial Purchasers, such provision may be amended, modified or supplemented,
and waivers or consents to departures from such provisions may be given, by
written agreement signed by the Initial Purchasers and the Company.

(d)           Notices.   All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing
overnight delivery (i) if to a Holder, at the most current address given
by such Holder to the Company by means of a notice given in accordance with the
provisions of this Section 6(d), which address initially is, with respect
to the Initial Purchasers, the addresses of the Representatives set forth in
the Purchase Agreement; and (ii) if to the Company, initially at the
Company’s address set forth in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 6(d).

All such notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and on the next Business Day, if timely delivered to an air courier
guaranteeing overnight delivery.

(e)           Successors and Assigns.  This
Agreement shall inure to the benefit of and be binding upon the successors, assigns
and transferees of the Initial Purchasers, including, without limitation and
without the need for an express assignment, subsequent Holders;  provided, however, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement, the Indenture relating to
the Notes or the articles of incorporation of the Company.  If any transferee of any Holder shall acquire
Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Securities,
such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement and such Person shall
be entitled to receive the benefits hereof.

(f)            Third Party Beneficiaries.  Each
Holder shall be a third party beneficiary of the agreements made hereunder
between the Company and the Initial Purchasers, and each Initial Purchaser
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.

 18
 

 

(g)           Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

(h)           Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

(i)            GOVERNING LAW.  THIS
AGREEMENT SHALL BE DEEMED TO HAVE BEEN MADE IN THE STATE OF NEW YORK.  THE VALIDITY AND INTERPRETATION OF THIS
AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF LAWS.  EACH OF THE PARTIES HERETO AGREES TO SUBMIT
TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OF THE MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF
PERSONAL JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT.  EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW,
ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

(j)            Severability.  In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

(k)           Securities Held by the Company or its Affiliates.  Whenever the consent or approval
of Holders of a specified percentage of Registrable Securities is required
hereunder, Registrable Securities held by the Company or any Affiliates shall
not be counted in determining whether such consent or approval was given by the
Holders of such required percentage.

[Signature Page
Follows]

 19
 

 

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

 

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NEW PLAN EXCEL REALTY TRUST, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Steven F. Siegel

  
	
   

  	
   

  	
   

  	
   

  	
  Title:  Executive Vice President

  

 

CONFIRMED AND ACCEPTED, as of the date first above
written:

 

MERRILL LYNCH & CO.

MERRILL LYNCH, PIERCE, FENNER
& SMITH

                               INCORPORATED

 

	
  By:

  	
   

  	
  /s/ Douglas W. Sesler

  	
   

  
	
   

  	
   

  	
  Name:  Douglas W. Sesler

  	
   

  
	
   

  	
   

  	
  Title:    Managing Director

  	
   

  

 

 

	
  BANC OF AMERICA SECURITIES LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Derek Dillon

  	
   

  
	
   

  	
   

  	
  Name:  Derek Dillon

  	
   

  
	
   

  	
   

  	
  Title:    Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For themselves and as Representatives of the Initial
  Purchasers named in Schedule A to the Purchase Agreement

  	
   

  

 

 20Exhibit 10.1

HF FINANCIAL CORP.

2002 STOCK OPTION AND INCENTIVE PLAN

STOCK APPRECIATION RIGHTS
AGREEMENT

(Stock
Settled)

HF
Financial Corp., a Delaware corporation (the “Company”), hereby grants to _____________,
(the “Recipient”), a Stock Appreciation Right (the “SAR”) with respect to a
total of             
shares of Common Stock, at the price determined as provided herein, and in all
respects subject to the terms, definitions and provisions of the 2002 Stock
Option and Incentive Plan (the “Plan”) adopted by the Company, which is
incorporated herein by reference. Unless otherwise defined herein, the terms
defined in the Plan shall have the same defined meanings herein.

1.    Exercise Price.  The Exercise Price is the price at which
Shares subject to this SAR may be exercised. The Exercise Price under this
Agreement shall be the Market Value (as that term is defined in the Plan) on
the date of Grant, _______________, that being «Price Spelled Out ($_______)».

2.    Exercise of SAR.  This SAR shall be exercisable during its term
in accordance with the provisions of Section 7 of the Plan as follows:

(i)  Right to Exercise.

(a)        Subject to subsections
2(i)(b), (c) and (d) below, this SAR shall be exercisable cumulatively, to the
extent of twenty five percent (25%) of the Shares subject to the SAR,
commencing on ______________, and an additional twenty five percent (25%) of
the Shares subject to the SAR each consecutive                    
as more completely described in Exhibit A.

(b)        This SAR may not be
exercised for a fraction of a share.

(c)        In the event of
Recipient’s death, disability or other termination of employment, the
exercisability of the SAR is governed by Sections 6, 7and 8 below, subject to
the limitations contained in subsection 3(i)(c).

(d)        In no event may this SAR
be exercised after the date of expiration of the term of this SAR as set forth
in Section 10 below.

(ii)  Method
of Exercise.  This SAR shall be
exercisable by written notice which shall state the election to exercise the
SAR, the number of Shares in respect of which the SAR is being exercised, and
such other representations and agreements as to the holder’s investment intent
with respect to the Shares to be issued as may be required by the Company
pursuant to the provisions of the Plan. 
An example of such written notice is attached as Exhibit B, which
example remains subject to changes by the Company.  Such written notice shall be signed by the
Recipient and shall be delivered in person or by certified mail to the
Secretary of the Company.  Until
certificates for Shares are issued to the Recipient, such Recipient shall not
have any rights as a Shareholder of the Company with respect to the Shares
subject to the SAR.

No
Shares will be issued pursuant to the exercise of the SAR unless such issuance
and such exercise shall comply with all relevant provisions of law and the
requirements of any stock exchange upon which the Shares may then be
listed.  Assuming such compliance, for
income tax purposes the Shares shall be considered transferred to the Recipient
on the date on which the SAR is exercised with respect to such Shares.

3.    Recipient’s Representations.  In the event the Shares purchasable pursuant
to the exercise of this SAR have not been registered under the Securities Act
of 1933, as amended, at the time this SAR is exercised, Recipient shall,
concurrently with the exercise of all or any portion 

 6
 

 

of this SAR,
deliver to the Company an Investment Representation Statement in the form
attached hereto as Exhibit C.  The
Company shall not be required to deliver any shares upon exercise of this SAR
prior to (i) the admission of such shares to listing on any stock exchange on
which the shares of Common Stock may then be listed, and (ii) the completion of
such registration as the Committee shall determine to be necessary or
advisable.

4.    Payment to Recipient.  The payment to Recipient upon the exercise of
the SAR shall be made solely in Shares. 
Upon the exercise of the SAR, the Recipient shall receive from the
Company the number of Shares with an aggregate Market Value equal to (i) the
excess of the Market Value of a share of Common Stock on the date of exercise
over the Exercise Price times (ii) the number of shares with respect to which
the SAR has been exercised.

5.    Restrictions on Exercise.  This SAR may not be exer­cised if such
exercise would constitute a violation of any applicable federal or state
securities or other law or regulation. 
As a condition to the exercise of this SAR, the Company may require
Recipient to make any representation and warranty to the Company as may be
required by any applicable law or regulation.

6.    Termination of Status as an Employee.  In the event of termination, Recipient may,
but only within three months after the date of such termination (but in no
event later than the date of expiration of the term of this SAR as set forth in
Section 10 below), exercise this SAR to the extent that Recipient was entitled
to exercise it at the date of such termination. To the extent that Recipient
was not entitled to exercise this SAR at the date of such termination (as in
the event of Recipient’s termination of employment for cause), or if Recipient
does not exercise this SAR within the time specified herein, the SAR shall
terminate.

7.    Disability of Recipient.  Notwithstanding the provisions of Section 6
above, in the event of termination of Recipient’s status as an employee as a
result of Recipient’s partial or total disability, Recipient may, but only
within three months from the date of termination of employment (but in no event
later than the date of expiration of the term of this SAR as set forth in
Section 10 below), exercise his SAR to the extent Recipient was entitled to
exercise it at the date of such termination. 
To the extent that Recipient was not entitled to exercise the SAR at the
date of termination, or if Recipient does not exercise such SAR (which
Recipient was entitled to exercise) within the time specified herein, the SAR
shall terminate.

8.    Death
of Recipient.  In the event of the
death of Recipient:

(i)           during the term of this SAR and
while an employee of the Company and having been in continuous employment (as
determined by the Board in its sole discretion) since the date of grant of the
SAR, the SAR may be exercised, at any time within one (1) year following the date
of death (but in no event later than the date of expiration of the term of this
SAR as set forth in Section 10 below), by Recipient’s estate or by a person who
acquired the right to exercise the SAR by bequest or inheritance, but only to
the extent Recipient was entitled to exercise the SAR at the date of death; or

(ii)          within three months after
termination, the SAR may be exercised, at any time within twelve (12) months
following the date of death (but in no event later than the date of expiration
of the term of this SAR as set forth in Section 10 below), by Recipient’s
estate or by a person who acquired the right to exercise the SAR by bequest or
inheritance, but only to the extent of the right to exercise that had accrued
at the date of termination.

9.    Non-Transferability of SAR.  This SAR may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be
exercised during the lifetime of Recipient only by Recipient.  The terms of this SAR shall be binding upon
the Recipient and his or her personal representatives, heirs, successors and
assigns.

10.   Term of SAR.  This SAR may not be exercised after __________________,
and may be exercised only in accordance with the Plan and the terms of this
SAR.

 7
 

 

11.   Effect of Merger Combination or
Consolidation.  In the event of a
merger, combination or consolidation, this SAR is subject to the agreement
governing such transaction in accordance with Section 13 of the Plan.

12.   Plan Interpretation.  Recipient hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Board of
Directors and, where applicable, the Plan Committee, upon questions arising
under the Plan.

13.   Withholding Taxes.  The Recipient authorizes the Company to
withhold in accordance with applicable law from the cash payable to Recipient
pursuant to the exercise of the SAR any taxes required to be withheld by the
Company under federal or state law as a result of his exercise of this SAR.

14.   Notices.  Any notice to the Company hereunder shall be
delivered or mailed to the Secretary of HF Financial Corp., 225 South Main
Avenue, Sioux Falls, South Dakota 57102. 
Any notice to the Recipient shall be mailed or personally delivered to
the address listed below, unless the Company receives notice of an address
change.

	
  DATE OF GRANT:

  	
   

  	
   

  

 

	
  

  	
  HF FINANCIAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Curtis L. Hage

  
	
   

  	
   

  	
  Chairman, President & CEO

  
	
   

  	
   

  	
   

  

 

 8
 

 

RECIPIENT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF THIS SARE PURSUANT TO SECTION 3
HEREOF IS EARNED ONLY BY CONTINUING EMPLOY­MENT AT THE WILL OF THE COMPANY (NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS SAR OR ACQUIRING SHARES
HEREUNDER).  RECIPIENT FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN WHICH
IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON RECIPIENT ANY RIGHT WITH
RESPECT TO CONTINUATION OF EMPLOYMENT BY THE COMPANY, NOR SHALL IT INTERFERE IN
ANY WAY WITH HIS RIGHT OR THE COMPANY’S RIGHT TO TERMINATE HIS EMPLOYMENT AT
ANY TIME, WITH OR WITHOUT CAUSE.

Recipient
acknowledges receipt of a copy of the Plan and certain information related
thereto and represents that Recipient is familiar with the terms and provisions
thereof, and hereby accepts this SAR subject to all of the terms and provisions
thereof.  Recipient has reviewed the Plan
and this SAR in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this SAR and fully understands all provisions of the
SAR.  Recipient hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under the Plan.  Recipient further agrees to notify the
Company upon any change in the residence address indicated below.

	
  DATE OF GRANT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Recipient:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Residence Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

 9

 

EXHIBIT A

EMPLOYEE SAR AND VESTING DATA

	
  Name of Employee:

  	
   

  	
   

  
	
   

  
	
  Date of Commencement of Employment:

  	
   

  	
   

  
	
   

  
	
  Number of Shares Subject to SAR:

  	
   

  	
   

  
	
   

  
	
  Date of Grant:

  	
   

  	
   

  
									

 

STOCK APPRECIATION RIGHT VESTING SCHEDULE

	
  

  	
  NO. OF
  SHARES

  	
   

  
	
   

  	
  DATE

  	
  EXERCISABLE

  	
   

  
				

 

The
above vesting schedule assumes continuous employment.  Your rights to exercise the unvested portion
of your SAR will cease upon termination of employment.  Reference is made to Sections 6, 7 and 8 of
this Stock Appreciation Rights Agreement for your rights to exercise the vested
portion of your SAR in the event of termination of employment during lifetime
or upon death.  The above vesting
schedule is in all respects subject to the terms of the Plan.

 A-1

 

EXHIBIT B

HF FINANCIAL CORPORATION

2004 STOCK OPTION AND INCENTIVE PLAN

STOCK APPRECIATION RIGHTS

NOTICE OF EXERCISE

 

Corporate Secretary

HF Financial Corp.

225 South Main Avenue

Sioux Falls, South Dakota 57104

Phone:  (605) 333-7620

Fax: 
(605) 333-7621

I hereby exercise _________________
vested SARs pursuant to the SAR Agreement dated                                          ,
            at an
exercise price of $__________ per share.

	
  Dated:

  	
   

  	
   

  
	
   

  
	
  Recipient’s Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Recipient’s Name

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 B-1

 

EXHIBIT C

INVESTMENT REPRESENTATION STATEMENT

	
  RECIPIENT

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ISSUER

  	
  :

  	
  HF Financial Corp.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECURITY

  	
  :

  	
  COMMON STOCK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  AMOUNT

  	
  :

  	
   

  	
   STOCKS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DATE OF GRANT

  	
  :

  	
   

  	
   

  
					

 

In
connection with the issuance of the Common Stock (“Securities”) of HF FINANCIAL
CORP. (the “Company”), the undersigned represents to the Company the following:

(a)                             I am aware of the Company’s business
affairs and financial condition, and have acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the
Securities.  I am purchasing these
Securities for my own account for investment purposes only and not with a view
to, or for the resale in connection with, any “distribution” thereof for
purposes of the Securities Act of 1933, as amended (the “Securities Act”)

(b)                             I understand that the Securities
have not been registered under the Securities Act in reliance upon a specific
exemption therefrom, which exemption depends upon, among other things, the bona
fide nature of my investment intent as expressed herein. In this connection, I
understand that, in the view of the Securities and Exchange Commission (the “SEC”),
the statutory basis for such exemption may be unavailable if my representation
was predicated solely upon a present intention to hold these Securities for the
minimum capital gains period specified under tax statutes, for a deferred sale,
for or until an increase or decrease in the market price of the Securities, or
for a period of one year or any other fixed period in the future.

(c)                             I further understand that the
Securities must be held indefinitely unless subsequently registered under the
Securities Act or unless an exemption from registration is otherwise
available.  Moreover, I understand that
the Company is under no obligation to register the Securities.  In addition, I understand that the
certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel for the Company.

(d)                             I am familiar with the provisions of
Rule 701 and Rule 144, each promulgated under the Securities Act, which, in
substance, permit limited public resale of “restricted securities” acquired, directly
or indirectly, from the issuer thereof, in a non-public offering subject to the
satisfaction of certain conditions.  Rule
701 provides that if the issuer qualifies under Rule 701 at the time of
issuance of the Securities, such issuance will be exempt from registration
under the Securities Act.  In the event
the Company later becomes subject to the reporting requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter the
securities exempt under Rule 701 may be resold, subject to the satisfaction of
certain of the conditions specified by Rule 144, including among other
things:  (1) the sale being made through
a broker in an unsolicited “broker’s transaction” or in transactions directly
with a market maker (as said term is defined under the Securities Exchange Act
of 1934); and, in the case of an affiliate, (2) the availability of certain
public information about the Company, and the amount of securities being sold
during any three month period not exceeding the limitations specified in Rule
144(e), if applicable.  Notwithstanding
this paragraph (d), I acknowledge and agree to the restrictions set forth in
paragraph (e) hereof.

 

In
the event that the Company does not qualify under Rule 701 at the time of
issuance of the Securities, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which requires
among other things:  (1) the availability
of certain public information about the Company, (2) the resale occurring not
less than two years after the party has purchased, and made full payment for,
within the meaning of Rule 144, the securities to be sold; and, in the case of
an affiliate, or of a non-affiliate who has held the securities less than three
years, (3) the sale being made through a broker in an unsolicited “broker’s
transaction” or in transactions directly with a market maker (as said term is
defined under the Securities Exchange Act of 1934) and the amount of securities
being sold during any three month period not exceeding the specified
limitations stated therein, if applicable.

(e)                             I further understand that in the
event all of the applicable requirements of Rule 144 or Rule 701 are not
satisfied, registration under the Securities Act, compliance with Regulation A,
or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 and Rule 701 are not exclusive, the
Staff of the SEC has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 or Rule 701 will have a substantial burden of proof
in establishing that an exemption from registration is available for such
offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk.

	
  

  	
  Signature of Purchaser:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name

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