Document:

<PAGE>   1

                                                                Exhibit (10)(18)

                           2001 ANNUAL INCENTIVE PLAN
                                     SUMMARY

                  GENERAL:

                  o 2001 Plan will cover the performance period January 1 -
                  December 31, 2001 (March 2002 payout)

                  o Eligibility includes regular employees who do not
                  participate in a local sales or manufacturing plan

                  o A Target incentive opportunity level will be established for
                  each participant, expressed as percentage of base pay.

                       o Target awards range from 7.5% of pay for entry level
                       roles to 70% of pay for the CEO

                  o Various performance levels are approved by the Board
                  Committee with a payout level associated with each level of
                  performance:
                  <TABLE>
                  <CAPTION>
                  -----------------------------------------------------------------------------
                                                              POTENTIAL PAYOUT
                                                     AS A PERCENT OF TARGET OPPORTUNITY
                                                     ----------------------------------
                    PERFORMANCE LEVEL                  OFFICERS          NON-OFFICERS
                  -----------------------------------------------------------------------------
                  <S>                                             <C>                      <C>
                    Threshold                                     50%                      50%

                    Target                              75%                       100%

                    Above Target                       100%                       150%

                    Outstanding                        200%                       200%
                  -----------------------------------------------------------------------------
                  </TABLE>

                  FINANCIAL GOALS:

                  o The Board People Committee approves Threshold, Target, Above
                  Target and Outstanding levels of performance for 2001 relating
                  to:

                       o Sales Growth (25% weighting)
                       o Earnings per Share (50% weighting)
                       o Cash Flow (25% weighting)

                                       1
<PAGE>   2

                  o Following the end of the performance year, the Board People
                  Committee evaluates attainment of pre-established goals
                  relative to Target

                  o Funding and Payout of Awards

                       o The Board People Committee will determine the funding
                       for the plan based on performance against the financial
                       goals. The Committee may, in its judgment, adjust this
                       amount

                       o The available funding is then allocated within Monsanto
                       based on Goal achievement

                       o Individual awards are based on team and individual
                       performance

                            o People Managers: 50% of award based on development
                            of people, team and personal development; 50% based
                            on business results

                            o Non-managers: 75% of award based on business
                            results; 25% on personal development

                  INCENTIVE AWARD POOL AVAILABLE FOR AWARDS

                  o A "Target incentive award pool" equal to the sum of base
                  salaries of all plan participants multiplied by their Target
                  annual incentive opportunities is established

                  o The amount of money available for awards is determined by
                  multiplying the Target pool by the percent of Target
                  performance achieved. If performance exceeds outstanding, the
                  pool may exceed outstanding

                  o The Internal People Committee allocates the available
                  funding among the different business areas based on their
                  annual results. The total amount of awards cannot exceed the
                  amount of the annual incentive award pool

                  EVENTS AFFECTING PAYOUT OF INDIVIDUAL ANNUAL INCENTIVES

                  o If an employee commences employment during the performance
                  year, he/she is eligible for an award reflecting actual months
                  of participation to the nearest whole month

                  o If a participant's incentive opportunity changes during the
                  performance year, he/she is eligible for an award reflecting
                  the incentive opportunity at year-end

                                       2
<PAGE>   3

                  o If a participant's pay increases during the performance year
                  as a result of change in position or increase in
                  responsibilities, any incentive award received is based on
                  base pay at year-end

                  o If a participant transfers within the company, his/her award
                  will come from the unit in which he/she is working at
                  year-end, but performance for the whole year will be
                  considered

                  o A participant who:

                       o voluntarily resigns may be considered for an award only
                       if the resignation occurs after the end of the year

                       o involuntarily separates without cause, is eligible for
                       an award reflecting participation to the nearest whole
                       month if he/she has already worked more than three months
                       in the year

                       o retires, dies, or becomes permanently disabled, is
                       eligible for an award reflecting actual participation to
                       the nearest whole month. (Retirement is defined as
                       termination at or after age 50.)

                       o terminates for cause, forfeits all rights to any award

                  Any award will be paid in March following the participant's
                  separation

                                       3SHAREHOLDERS' AGREEMENT

                                 By and between

                           New Mountain Partners, L.P.

                                       and

                           DB Capital Investors, L.P.

                           Dated as of March 16, 2001

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

DEFINITIONS...................................................................1

                                   ARTICLE II

TRANSFER RESTRICTIONS.........................................................3

Section 2.1.  General Restrictions on Transfer................................3
Section 2.2.  Certain Permitted Transfers.....................................3
Section 2.3.  Termination of Restrictions on Transfer.........................4
Section 2.4.  Sale of Shares to a Third Party.................................4

                                   ARTICLE III

CORPORATE GOVERNANCE..........................................................5

Section 3.1.  Directors.......................................................5

                                   ARTICLE IV

REGISTRATION RIGHTS...........................................................6

Section 4.1.  Rights of Investors.............................................6

                                    ARTICLE V

MISCELLANEOUS.................................................................7

Section 5.1.  Recapitalizations, Exchanges, Etc. Affecting Shares.............7
Section 5.2.  Waiver and Amendment............................................7
Section 5.3   Purchasers' Agent; Consultation.................................7
Section 5.4.  Additional Investors............................................8
Section 5.5.  Notices.........................................................8
Section 5.6.  Applicable Law and Time of Essence..............................9
Section 5.7.  Integration.....................................................9
Section 5.8.  Descriptive Headings............................................9
Section 5.9.  Counterparts....................................................9
Section 5.10. Successors, Assigns and Transferees.............................9
Section 5.11. Severability....................................................9
Section 5.12. Expenses........................................................9
Section 5.13. Interpretation; Absence of Presumption.........................10
Section 5.14. Further Assurances.............................................10
Section 5.15. Specific Performance...........................................10
Section 5.16. Termination....................................................10
Section 5.17. Public Announcements and Confidentiality.......................10

<PAGE>

                             SHAREHOLDERS' AGREEMENT

          THIS SHAREHOLDERS' AGREEMENT (the "Agreement"),  dated as of March 16,
2001,  is by and  between New  Mountain  Partners,  L.P.  ("NMP") and DB Capital
Investors,   L.P.   ("DB,"  together  with  NMP,  the   "Investors,"   and  each
individually,  an "Investor").  Capitalized  terms not otherwise  defined herein
shall have the meanings  ascribed to such terms in that certain  Preferred Stock
Purchase  Agreement,  dated  as of  November  28,  2000,  by and  among  Strayer
Education, Inc., a Maryland corporation (the "Company"), NMP and DB (as the same
may be amended from time to time as needed, the "Purchase Agreement").

                             W I T N E S S E T H:

          WHEREAS,  the  Company,  NMP and DB have  entered  into  the  Purchase
Agreement, pursuant to which the Company is issuing and selling, and NMP, DB and
any additional Purchasers (as defined in the Purchase Agreement) are purchasing,
the Series A Preferred Stock on the Closing Date; and

          WHEREAS,  the parties  believe it to be in their best  interests  that
they enter into this  Agreement  and provide for certain  rights with respect to
the investment by the Investors and the corporate governance of the Company;

          NOW,   THEREFORE,   in   consideration  of  the  premises  and  mutual
agreements,  covenants  and  provisions  contained  herein,  and other  good and
valuable  consideration,   the  receipt  and  sufficiency  of  which  is  hereby
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          As used in this Agreement, the following terms shall have the meanings
ascribed to them below:

          "Agreement" shall have the meaning specified in the preamble hereto.

          "Affiliate" of any specified Person means any other Person directly or
indirectly  controlling  or  controlled  by or under  direct or indirect  common
control  with  such  specified  Person.  For the  purposes  of this  definition,
"control"  when used with  respect to any  specified  Person  means the power to
direct the management and policies of such Person, whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

          "Board of Directors" shall mean the board of directors of the Company.

          "Company" shall have the meaning specified in the preamble hereto.

          "Company  Investment" means the total value of all Subject  Securities
held by an Investor  or by all  Investors  in the  Company  valuing the Series A
Preferred  Stock  at  its  Liquidation   Amount  (as  defined  in  the  Articles
Supplementary)  plus  accrued and unpaid  dividends  and  valuing any  Converted
Shares at their Conversion Price (as defined in the Articles Supplementary).

          "Converted  Shares"  shall have the meaning  specified  in Section 2.1
hereof.

          "Drag-Along  Right"  shall have the meaning  specified  in Section 2.4
hereof.

          "Initial  Appointment"  shall have the  meaning  specified  in Section
3.1(a) hereof.

          "Investor",  "Investors"  shall  have the  meanings  specified  in the
preamble  hereto and the Permitted  Transferees  (as defined herein) of any such
Investor.

          "Majority Investor" means whichever of NMP or DB is the holder, at any
time, of a larger Company Investment than the other.

          "Minority  Investor"  means, at any time, each Investor other than the
Majority Investor.

          "New Investor" shall have the meaning specified in Section 3.1 hereof.

          "Original  Investment  Amount"  shall have the  meaning  specified  in
Section 2.1 hereof.

          "Original  Majority  Investor" shall mean NMP or any of its Affiliates
or Subsidiaries.

          "Original Minority Investor" shall mean DB or any of its Affiliates or
Subsidiaries.

          "Permitted Transferee" shall have the meaning specified in Section 2.2
hereof.

          "Permitted  Transfers" shall have the meaning specified in Section 2.2
hereof.

          "Person"  shall  mean  an  individual,   partnership,  joint  venture,
corporation,  limited liability company, trust,  unincorporated  organization or
government or any department or agency thereof.

          "Purchase  Agreement"  shall have the meaning  specified  in the first
paragraph of this Agreement.

          "Registration  Rights  Agreement" shall have the meaning  specified in
Section 4.1 hereof.

          "Sell-Down" shall have the meaning specified in Section 2.2(a).

          "Subject  Securities"  shall have the meaning specified in Section 2.1
hereof.

          "Shareholders"  shall  mean  the  beneficial  owners  of the  Series A
Preferred Stock collectively,  and each such individual holder shall be referred
to as a "Shareholder."

          "Tag-Along  Right"  shall have the  meaning  specified  in Section 2.4
hereof.

          "Third Party" shall have the meaning specified in Section 2.4 hereof.

          "Transfer  Restriction Lapse Date" shall have the meaning specified in
Section 2.1 hereof.

                                   ARTICLE II

                              TRANSFER RESTRICTIONS

          Section 2.1. General Restrictions on Transfer. Prior to the earlier of
(a) the date on which the Original Majority Investor has a Company Investment of
less than 33% of the Original  Investment  Amount (as defined below) in the form
of the Series A Preferred  Stock and/or  shares  issuable on  conversion  of the
Series A Preferred Stock (the "Converted Shares"), and (b) the date on which the
Series A Preferred Stock becomes redeemable by the Company pursuant to Section 4
of the  Articles  Supplementary  of the Company  (the earlier of (a) or (b), the
"Transfer Restriction Lapse Date") the Minority Investors shall not, without the
prior written  consent of the Majority  Investor,  directly or indirectly  sell,
offer,  transfer,  assign,  pledge,  hypothecate  or  otherwise  dispose  of any
interest in ("Transfer") any securities of the Company purchased pursuant to the
Purchase  Agreement  or issued  upon  conversion  of such  securities  ("Subject
Securities"),  except  for  transfers  or  sales  made in  accordance  with  the
provisions of Sections 2.2 or 2.4 hereof and which are made in  compliance  with
the federal  securities laws and all applicable  state  securities or "blue sky"
laws  (or  pursuant  to  exemptions  therefrom).  No  transfer  of  the  Subject
Securities in violation of this Agreement shall be made or recorded on the books
of the  Company  and any  such  transfer  shall be void  and of no  effect.  For
purposes of this Agreement, the term "Original Investment Amount" shall mean the
original  investment of the Original  Majority  Investor through the purchase of
shares of Series A Preferred Stock representing an aggregate  Liquidation Amount
of $115 million; provided, that if the Original Majority Investor sells a number
of shares of Series A Preferred  Stock  representing  an  aggregate  Liquidation
Amount of up to $35 million to one or more co-investors,  in accordance with the
terms set forth in  Section  2.3(c) of the  Purchase  Agreement,  such  Original
Investment  Amount  will be reduced by the amount  which the  Original  Majority
Investor sells, up to $35 million.

          Section  2.2.  Certain  Permitted  Transfers.  Each  of the  Investors
acknowledges  and  agrees  that  any  of  the  following  transfers  of  Subject
Securities (collectively,  the "Permitted Transfers") are deemed to be permitted
transfers of such securities:

          (a) a  transfer  or sale of a number of  shares of Series A  Preferred
Stock  representing an aggregate  Liquidation Amount of up to $35 million by the
Original Majority  Investor to one or more  co-investors  effected in accordance
with the  terms set  forth in  Section  2.3(c)  of the  Purchase  Agreement  and
approved by DB, such approval not to be unreasonably withheld (the "Sell-Down"),
provided,  that no approval of DB will be required for a Sell-Down of $5 million
or  greater  aggregate  Liquidation  Amount  of Series A  Preferred  Stock to an
institutional limited partner of NMP that is not an Affiliate of NMP;

          (b) a  transfer  of Subject  Securities  made in  compliance  with the
federal  and  all  applicable  state  securities  laws by an  Investor  to (i) a
controlled  Affiliate  of the  Investor  or (ii) to any other  Affiliate  of the
Investor  other than a controlled  Affiliate  with the  permission of NMP, whose
permission shall not be unreasonably withheld; and

          (c) a transfer of Subject  Securities  made  pursuant to the piggyback
registration rights of an Investor in accordance with Section 4.1 hereof and the
Registration Rights Agreement (as defined below)

provided,  that no  transfers  pursuant  to  Sections  2.2(a)  and (b)  shall be
permitted  (and any such  transfer  shall be void and of no  effect)  unless and
until the Affiliate or co-investor,  as the case may be, shall agree in writing,
in form and substance reasonably satisfactory to the Investors, to become bound,
and  becomes  bound,  by all the  terms  of this  Agreement.  The  Affiliate  or
co-investor,  as the  case  may  be,  to  whom  the  Subject  Securities  may be
transferred  or  pledged  pursuant  to  Section  2.2(a)  or (b)  is  hereinafter
sometimes referred to as a "Permitted Transferee."

          Section  2.3.  Termination  of  Restrictions  on  Transfer.  After the
Transfer   Restriction   Lapse  Date,   transfers  of  the  Subject   Securities
beneficially  owned by the  Investors or their  Permitted  Transferees  shall be
permitted,  to the extent not already permitted,  subject to compliance with all
applicable  federal  and state  securities  or "blue sky" laws (or  pursuant  to
exemptions therefrom).

          Section 2.4. Sale of Subject  Securities  to a Third Party.  (a) Until
the  Transfer  Restriction  Lapse  Date,  if at any time the  Original  Majority
Investor  proposes  to  sell,  for  its  own  account,  in one or  more  private
transactions,  Subject  Securities  of the Company to a party which is not,  and
following  such  sale  will not be,  an  Affiliate  of such  Investor  (a "Third
Party"),  the  Minority  Investors  shall  have  the  right  to  participate  (a
"Tag-Along  Right") in such sale with respect to any Subject  Securities held by
them on a pro rata basis  (based on the  percentage  of the  Subject  Securities
being sold to the Third Party  corresponding  to the relationship of the Company
Investment owned by each Investor to the aggregate  Company  Investment owned by
all of the Investors) for the same  consideration  per Security and otherwise on
the same terms as the Original Majority Investor sells; provided,  however, that
no  Tag-Along  Rights  shall  exist with  respect to a  Permitted  Transfer.  If
circumstances  occur which give rise to the Tag-Along  Right,  then the Original
Majority  Investor shall give written notice (a "Sales  Notice") to the Minority
Investors  at least ten  business  days prior to such sale,  which Sales  Notice
shall describe the class and number of shares of Subject  Securities to be sold,
the  purchase  price of each such share of Subject  Securities  to be sold,  the
material  details of such sale  transaction and the anticipated  closing date of
such sale, and shall advise the Minority  Investors of their  Tag-Along  Rights.
Each Minority Investor may exercise its Tag-Along Right by written notice to the
Original  Majority  Investor  given  not more  than  five  business  days  after
receiving the notice from the Original  Majority  Investor stating the number of
Subject  Securities  that it wishes to sell, up to the maximum number  permitted
(being its pro rata amount  referred to above and as  disclosed in the notice to
be given to it). If a Minority  Investor gives written notice indicating that it
wishes to sell, it shall be obligated to sell that number of Subject  Securities
specified in its written acceptance notice upon the same terms and conditions as
the Original  Majority  Investor is selling to the Third Party  conditional upon
and contemporaneous with completion of the transaction of purchase and sale with
the Third Party.

          (b)  Until  the  Transfer  Restriction  Lapse  Date,  if the  Original
Majority Investor  proposes to sell for its own account,  in one or more private
transactions,  Subject  Securities of the Company to a Third Party, the Original
Majority  Investor shall,  upon written request at least ten business days prior
to such sale,  have the right to require the  Minority  Investors  (without  the
consent of the Minority  Investors or the exercise of appraisal  rights, if any,
which are hereby waived) to participate (a "Drag-Along Right") in such sale with
respect to any Subject  Securities  held by them on a pro rata basis (as defined
in clause (a) above) for the same  consideration  per Security and  otherwise on
the same terms as the Original Majority  Investor sells its Subject  Securities;
provided,  however,  that no Drag-Along Rights shall exist (1) with respect to a
Permitted  Transfer or (2) if the Series A  Preferred  Stock is sold for a price
less than the Liquidation  Amount per share, as adjusted and provided,  further,
that proper allowance is made to implement the provisions of Section 3.1(c)(ii).

                                  ARTICLE III

                              CORPORATE GOVERNANCE

          Section  3.1.  Directors.  (a) Pursuant to Section 5.4 of the Purchase
Agreement,  at the Escrow Date, one-half of the Company's Board of Directors (or
six  directors) are to be comprised of persons  nominated by the Investors,  who
shall serve as directors of the Company until their  successors are duly elected
and qualified (the "Initial Appointment"). Of the Investors' initial appointees,
(i) four of the directors on the Company's Board of Directors shall be nominated
by NMP, in its sole discretion, (ii) one of the directors on the Company's Board
of Directors  shall be nominated by DB, in its sole  discretion and (iii) one of
the  directors  on the  Company's  Board of  Directors  shall be  nominated by a
purchaser of shares of Series A Preferred  Stock in the Sell-Down  designated by
NMP (the "New Investor"),  if any, in its sole discretion, or if (x) there is no
Sell-Down prior to the Initial Appointment or (y) there is no New Investor,  the
sixth director shall be chosen by mutual agreement of NMP and DB; provided, that
such mutually agreed director will resign his or her  directorship or NMP and DB
shall vote to remove such  director  upon the  closing of the  purchase by a New
Investor.  All of the Investors agree to vote their Subject  Securities in favor
of the directors  nominated  pursuant to this Section 3.1 and Section 5.4 of the
Purchase  Agreement  and to cause the  directors  designated  by them to vote in
favor of the initial  management  team  specified in Section 5.4 of the Purchase
Agreement.  The failure of any Investor entitled to nominate  directors pursuant
to this Section 3.1 to fully exercise its respective nomination rights shall not
constitute  a waiver or  diminution  of such  rights,  nor shall it prevent such
Investor from fully exercising such rights prospectively.

          (b) After  the  Initial  Appointment,  (i) NMP  shall be  entitled  to
nominate  2/3rds (rounded to the nearest whole number) of the directors that the
Investors are entitled to nominate pursuant to the Articles Supplementary,  (ii)
DB shall be entitled to appoint 1/6th  (rounded to the nearest whole number with
0.5 being rounded up to 1) of the  directors  that the Investors are entitled to
nominate pursuant to the Articles  Supplementary and (iii) the New Investor,  if
any,  or if none NMP and DB by mutual  agreement,  shall be  entitled to appoint
1/6th  (rounded to the nearest whole number with 0.5 being rounded down to 0) of
the  directors  that the  Investors  are  entitled to  nominate  pursuant to the
Articles  Supplementary;  provided, that such mutually agreed upon director will
resign his or her  directorship  or NMP and DB will vote to remove such director
upon the closing of the purchase by the New Investor, if any.

          (c)  Notwithstanding  the foregoing,  (i) if (x) one Investor converts
Series A  Preferred  Stock  and as a result  of such  conversion  the  number of
directors which can be appointed by the Investors in the aggregate is decreased,
the ability of such Investor to nominate  director(s)  shall be adjusted so that
such Investor will lose its ability to nominate one director (or more  directors
depending on the size of the decrease in the aggregate number of directors which
can be  appointed  by the  Investors)  and (y) such  reduction  in the number of
directors  that may be appointed by the Investors is occasioned by conversion of
Series A  Preferred  Stock by more  than one  Investor,  then the  Investor  (or
Investors)  that  converted  the greatest  proportion of its (or their) Series A
Preferred Stock shall first lose their right to designate one or more directors;
and (ii) if the number of directors  which can be appointed by the  Investors in
the aggregate is decreased as a result of a sale of less than all of the Subject
Securities held by the Original Majority Investor and in which sale the Original
Majority  Investor  exercises its Drag-Along  Right, then so long as NMP retains
the right to appoint at least one  director,  NMP shall  first lose its right to
designate one director (or more directors  depending on the size of the decrease
in the aggregate  number of directors  which can be appointed by the  Investors)
before DB loses its right to designate a director. Should any of the individuals
elected as  directors  pursuant to this  Section 3.1 be  unwilling  or unable to
serve, or otherwise cease to serve  (including by means of removal in accordance
with the following  sentence),  then subject to applicable  law, the Investor(s)
who nominated such individual shall be entitled to fill the resulting  vacancies
on the Board of Directors by nominating or designating  any  replacement for any
director  originally  nominated by it pursuant to this  Section 3.1.  Subject to
applicable  law,  if any  Investor  proposes  to  remove  any  of its  nominated
directors,  the other Investor or Investors,  if any, agree to cooperate in such
removal  (including  voting with such removing  Investor,  if necessary) and any
resulting vacancy shall be filled in accordance with the preceding sentence.

          (d) With respect to all matters on which the Series A Preferred  Stock
shall vote as a class,  each Share of Series A Preferred Stock shall be entitled
to one vote.

                                   ARTICLE IV

                               REGISTRATION RIGHTS

          Section 4.1. Rights of Investors.  The Original Majority Investor will
have the right to exercise the Investors'  rights  pursuant to Section 2 (Demand
Registration)  of the  Registration  Rights  Agreement to be entered into by the
Company,  NMP, DB and any  additional  Purchasers  (as  defined in the  Purchase
Agreement) on or prior to the Closing Date (the "Registration Rights Agreement")
as Covered  Holders (as defined in the  Registration  Rights  Agreement) and the
other  Investors  shall take such  actions as may be necessary to allow for such
exercise by the Original Majority Investor; provided, however, that beginning on
the Transfer Restriction Lapse Date, DB and its Permitted  Transferees,  so long
as they hold at least 10% of the outstanding  Series A Preferred Stock or shares
of common stock issued upon the conversion thereof,  may require on one occasion
during the term of their investment,  the Company to register for offer and sale
pursuant to a Registration Statement on Form S-3, if the Company is S-3 Eligible
and such  S-3  registration  right  is  otherwise  available,  and the  Original
Majority  Investor  shall take  reasonable  efforts to allow for such  exercise.
Nothing in the preceding sentence shall be deemed to limit the ability of either
the  Minority  Investors  or the Original  Minority  Investor to exercise  their
rights  pursuant  to Section 3  (Piggy-back  Registration)  of the  Registration
Rights  Agreement.  Notwithstanding  the  foregoing,  if the  amount of  Subject
Securities  to be  registered  in any  offering is cut back because the managing
underwriters  for such offering  determine that the full amount  requested to be
distributed  cannot be included without  adversely  affecting the offering,  the
Investors  shall  be cut  back on a pro  rata  basis  (based  on  their  Company
Investments  at the time they exercised such  "piggyback"  registration  rights,
irrespective of who made the original registration demand).

                                   ARTICLE V

                                  MISCELLANEOUS

          Section 5.1. Recapitalizations,  Exchanges, Etc. Affecting Shares. The
provisions of this Agreement regarding the Subject Securities shall apply to any
and all shares of capital stock of the Company or any successor or assign of the
Company (whether by merger,  consolidation,  sale of assets,  reorganization  or
otherwise)  which  may  be  issued  in  respect  of,  in  exchange  for,  or  in
substitution of the Subject  Securities by reason of any stock  dividend,  stock
split,  stock  issuance,  reverse  stock split,  combination,  recapitalization,
reclassification, merger, consolidation or otherwise. Upon the occurrence of any
of such events, amounts hereunder shall be appropriately adjusted.  Subject only
to the provisions of the preceding sentence, nothing contained in this Agreement
shall  prohibit  or  restrict  the Company  from  taking any  corporate  action,
including, without limitation, declaring any dividend (whether in cash or stock)
or  engaging  in any  corporate  transaction  of any  kind,  including,  without
limitation, any merger, consolidation, liquidation or sale of assets.

          Section  5.2.  Waiver and  Amendment.  Any party  hereto may waive its
rights  under this  Agreement at any time,  and no such waiver shall  operate to
waive such  party's  rights  under this  Agreement  on any other  occasion.  Any
agreement  on the part of any such party to any such waiver  shall be valid only
if set forth in an instrument in writing  signed by such party.  This  Agreement
may be amended only by a written instrument signed by all Investors.

          Section 5.3. Purchasers' Agent; Consultation. The Investors agree that
NMP shall be the Purchasers' Agent under the Purchase  Agreement for purposes of
responding to Company  requests for and providing to the Company those  required
consents or waivers to be provided by the Purchasers' Agent prior to the Closing
Date; provided,  that NMP shall consult with the other Investors with respect to
all such  decisions  and shall not waive  any  closing  conditions  or grant any
material  consents to the Company  without  either (i)  obtaining  the  Original
Minority  Investor's  prior  approval or (ii) if the matter is one which  would,
under the Purchase  Agreement,  otherwise permit the Original  Minority Investor
not to proceed with the  investment,  entering into  arrangements to replace the
Original  Minority  Investor  as  a  Purchaser  under  the  Purchase  Agreement.
Notwithstanding  the  forgoing,  nothing in this  Section  5.3 shall  affect the
ability of each  Investor  to vote its  Subject  Securities  in a manner that it
deems appropriate,  or as specified in this Agreement and the Purchase Agreement
and the transactions contemplated hereby and thereby.

          Section 5.4. Additional  Investors.  The Investors agree that upon the
Sell-Down,  each new investor shall execute counterpart  signature pages to this
Agreement and such new investors  will,  upon delivery to the Original  Majority
Investor and the Original  Minority  Investor of such  signature  pages,  become
parties to, and bound by, this Agreement, each to the same extent as if they had
been an Investor and Minority Investor at the Closing Date.

          Section 5.5. Notices.  All notices and other  communications  provided
for herein  shall be dated and in writing  and shall be deemed to have been duly
given and  effective  (1) when  delivered,  if  delivered  personally;  (2) when
transmitted  via  telecopy (or other  facsimile  device) to the number set forth
below;  (3) the day  following  the day on which  the  same  has been  delivered
prepaid to a reputable  overnight courier service; or (4) the fifth business day
after its being  deposited in the mail if sent by registered or certified  mail,
return receipt requested, postage prepaid, to the party to whom it is directed:

                  New Mountain Partners, L.P.
                  712 Fifth Avenue, 23rd Floor
                  New York, NY  10019
                  Attn:  Steve B. Klinsky
                  Telecopy:  (212) 582-1816

            with a copy to:

                  Wachtell, Lipton, Rosen & Katz
                  51 West 52nd Street
                  New York, New York  10019
                  Attn: Trevor S. Norwitz, Esq.
                  Telecopy No.:  (212) 403-2000

                  DB Capital Investors, L.P.
                  c/o DB Capital Partners, Inc.
                  One Market Plaza
                  Steuart Tower, Suite 2400
                  San Francisco, California  94105
                  Attn:  Steven K. Dollinger
                  Telecopy:  (415) 217-4288

            with a copy to:

                  White & Case LLP
                  1155 Avenue of the Americas
                  New York, NY 10036-2787
                  Attn: Oliver C. Brahmst, Esq.
                  Telecopy No.:  (212) 354-8113

If to any other  Investor to the address of such  Investor as shown in the stock
record book of the Company or at such other address as the parties  hereto shall
have specified by notice in writing to the other parties.

          Section 5.6.  Applicable  Law. The laws of the State of New York shall
govern  the  interpretation,  validity  and  performance  of the  terms  of this
Agreement, without regard to the application of principles of conflicts of law.

          Section 5.7. Integration.  This Agreement,  the Support Agreement, the
Purchase Agreement and the documents referred to herein and therein or delivered
pursuant  hereto or thereto  which form a part  hereof or  thereof  contain  the
entire  understanding  of the parties with respect to its subject matter.  There
are  no  restrictions,   agreements,  promises,   representations,   warranties,
covenants or  undertakings  with respect to the subject matter hereof other than
those  expressly  set forth  herein and  therein.  This  Agreement,  the Support
Agreement and the Purchase  Agreement  and the documents  referred to herein and
therein  supersede all prior agreements and  understandings  between the parties
with respect to its subject matter.

          Section 5.8. Descriptive Headings.  The headings in this Agreement are
for  convenience of reference  only and shall not limit or otherwise  affect the
meaning of terms contained herein.

          Section 5.9. Counterparts.  This Agreement may be executed in multiple
counterparts,  each of which shall be deemed an original, but all of which shall
constitute one and the same instrument,  and it shall not be necessary in making
proof  of  this  Agreement  to  produce  or  account  for  more  than  one  such
counterpart.

          Section 5.10.  Successors,  Assigns and  Transferees.  This  Agreement
shall be binding  upon and shall inure to the benefit of the parties  hereto and
their respective  successors,  assigns and transferees except to the extent that
the terms of this Agreement limit or otherwise  restrict the  transferability of
any rights or obligations hereunder.

          Section  5.11.  Severability.  If any term or other  provision of this
Agreement is invalid,  illegal or incapable of being enforced by any rule of law
or public policy,  all other  conditions and provisions of this Agreement  shall
nevertheless  remain in full force and effect so long as the  economic  or legal
substance of the transactions  contemplated hereby is not affected in any manner
materially  adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall  negotiate  in good  faith to modify  this  Agreement  so as to effect the
original  intent of the parties as closely as  possible  to the  fullest  extent
permitted  by  applicable  law in an  acceptable  manner  to the  end  that  the
transactions contemplated hereby are fulfilled to the extent possible.

          Section 5.12.  Expenses.  Expenses  related to this  Agreement and the
Purchase Agreement and the actions contemplated hereby and thereby shall be paid
in  accordance  with  Section 12.2 of the  Purchase  Agreement,  and the Closing
Amount (and any other  transaction  fees received from the Company in connection
with the  transactions  contemplated  hereby  and  thereby)  shall be divided in
accordance  with the percentages  set forth in the Allocation  Notice  presented
immediately  prior to the Closing Date, once all of the unreimbursed  reasonable
out-of-pocket expenses of each of the Purchasers have been paid.

          Section  5.13.  Interpretation;  Absence of  Presumption.  (a) For the
purposes  hereof,  (i) words in the singular shall be held to include the plural
and vice versa and words of one gender shall be held to include the other gender
as the context requires,  (ii) the terms "hereof",  "herein", and "herewith" and
words of similar import shall, unless otherwise stated, be construed to refer to
this Agreement as a whole  (including all of the Schedules and Exhibits  hereto)
and not to any particular  provision of this  Agreement,  and Article,  Section,
paragraph,  Schedule  and  Exhibit  references  are to the  Articles,  Sections,
paragraphs, Schedules and Exhibits to this Agreement unless otherwise specified,
(iii)  the word  "including"  and  words of  similar  import  when  used in this
Agreement  shall  mean  "including,  without  limitation,"  unless  the  context
otherwise requires or unless otherwise  specified,  (iv) the word "or" shall not
be exclusive,  and (v) provisions shall apply, when  appropriate,  to successive
events and transactions.

          (b)  This  Agreement   shall  be  construed   without  regard  to  any
presumption or rule requiring  construction or interpretation  against the party
drafting or causing any instrument to be drafted.

          Section 5.14. Further Assurances. Each Investor agrees that, from time
to time,  each of them will,  and will cause  their  respective  Affiliates  to,
execute and deliver such further  instruments  and take such other action as may
be necessary to carry out the purposes and intents hereof.

          Section 5.15. Specific  Performance.  Each Investor acknowledges that,
in view of the uniqueness of arrangements  contemplated  by this Agreement,  the
parties hereto would not have an adequate remedy at law for money damages in the
event that this Agreement were not performed in accordance  with its terms,  and
therefore  agrees  that  the  parties  hereto  shall  be  entitled  to  specific
enforcement  of the terms  hereof in addition  to any other  remedy to which the
parties hereto may be entitled at law or in equity.

          Section  5.16.  Termination.  This  Agreement may be terminated at any
time by the mutual  consent of all of the Investors  hereto and shall  terminate
upon the earlier of (x) the  termination of the Purchase  Agreement  pursuant to
Article 10 thereof and (y) March 16, 2011.

          Section 5.17.  Public  Announcements  and  Confidentiality.  Except as
contemplated in this Agreement,  the Support  Agreement,  the Purchase Agreement
and the documents referred to herein and therein or delivered pursuant hereto or
thereto,  no  party  hereto  will  make  any  public   announcement   concerning
transactions  contemplated by this Agreement prior to reaching an agreement with
the  other  parties  hereto,  unless  required  to do so by  applicable  law  or
regulation.  The parties hereto agree, except as contemplated in this Agreement,
the Support  Agreement,  the Purchase  Agreement and the  documents  referred to
herein  and  therein  or  delivered  pursuant  hereto or  thereto  and as may be
required by applicable law or regulation  (including the rules of any applicable
stock exchange) or disclosed to a potential Permitted Transferee, not to further
disclose any terms of this Agreement or any of the transactions or other matters
contemplated hereby or related hereto.

<PAGE>

          IN  WITNESS  WHEREOF,  each  of  the  undersigned  has  executed  this
Agreement  or caused this  Agreement to be executed on its behalf as of the date
first above written.

                                    NEW MOUNTAIN PARTNERS, L.P.

                                    By:  New Mountain Investments, L.P., its
                                            general partner

                                    By:  New Mountain GP, LLC, its
                                            general partner

                                    By:  /s/ Steven B. Klinsky
                                       ----------------------------------
                                    Name:  Steven B. Klinsky
                                    Title:  Member

                                    DB CAPITAL INVESTORS, L.P.

                                    By:  DB Capital Partners, L.P., its
                                            general partner

                                    By:  DB Capital Partners, Inc., its
                                            general partner

                                    By:  /s/ Steven K. Dollinger
                                       ----------------------------------
                                    Name:  Steven K. Dollinger
                                    Title:  Director

                 [SIGNATURE PAGE TO SHAREHOLDERS' AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]